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Tesco wins
Buffett seal
of approval
WARREN BUFFETT, the US investor
known as the Sage of Omaha for his
stock-picking prowess, has given Tesco
his vote of confidence by raising his
stake in the embattled supermarket,
which shocked markets last week with
its first profit warning in 20 years.
Buffetts investment vehicle
Berkshire Hathaway has snapped up
about 350m worth of shares, a regula-
tory filing showed yesterday, increas-
ing his firms holding in the
supermarket giant from 3.21 per cent
to 5.08 per cent.
In November, Buffett who first
bought shares in Tesco in 2006
pledged to buy up more stock in the
retailer if its share price fell.
He has stayed true to his word after
Tesco posted weak Christmas trading
figures last week, sending its share
price plunging 16 per cent.
Chief executive
Philip Clarke admit-
ted the firm needed
to spend hundreds
of millions of
pounds on revamp-
ing its UK stores. It
is also trying to
revive its Big Price
Drop cam-
paign by
of feri ng
n e w
in its

SIR Fred Goodwin looks set to lose his

knighthood, after the Prime Minister
said the former Royal Bank of
Scotland chief executive had been
referred to a panel with the power to
strip him of the honour.
David Cameron said the Honours
Forfeiture Committee would look at
what went wrong at RBS and who
was responsible. A highly critical
report authored by City watchdog the
FSA would also be taken into account,
he said.
Goodwin was honoured for services
to banking in 2004, but five years
later RBS nearly collapsed in the wake
of the biggest ever annual loss in
British corporate history.
If he does lose the honour, he will
join the likes of Zimbabwean dictator
Robert Mugabe, as well as convicted
criminals such as tax fraudster jockey
Lester Piggott and dangerous driver
Prince Naseem Hamed.
The former bank boss caused con-
troversy by refusing to hand back his
700,000 a year pension, although he
did eventually agree to cut it to
342,500 per year.
Shadow chancellor Ed Balls said
there will be no complaints from the
Labour Party if the title is removed.
Liberal Democrats also welcomed
the announcement. The thousands
of other people who deserve the hon-

Issue 1,553 Friday 20 January 2012 FREE

ours they have been given are tar-
nished by the fact that Fred Goodwin
still has his knighthood, said Lib
Dem MP Lorely Burt.
Honours are bestowed on individ-
uals who have given up their time to
work for the public good if he is
allowed to keep his, it devalues the
good work of others.
However, Mark Field, the MP for
the Cities of London and
Westminster, said he was concerned
the real problems with Sir Freds
rewards for failure are still not
being addressed.
The public will be far more con-
cerned that Fred Goodwin has a huge
pension for the rest of his life than
about this bauble of a knighthood,
he said.
His very lucrative pension deal is a
much more egregious example of
rewarding those at the top no matter
what they have done, which the
Treasury under a previous adminis-
tration signed off.
In a speech designed to step up the
governments anti-bank rhetoric
ahead of the politically-sensitive
bonus season, Cameron confirmed
the cash element of bonuses at state-
owned banks will remain capped at
2,000 and said current RBS boss
Stephen Hester would collect a small-
er bonus than last year.
Certified Distribution
28/11/11 till 01/01/12 is 92,879
Fred Goodwin
looks set to
exchange Sir
for Mr
Picture: MCP/REX
2 CITYA.M. 20 JANUARY 2012
US swoops on
internet firm
MEGAUPLOAD, one the biggest online
content hosting websites, has been
charged by US authorities for a mas-
sive copyright infringement scheme,
the latest skirmish in Americas battle
against piracy of movies and music.
Four company executives have been
arrested in New Zealand and will face
extradition hearings, accused of
engaging in a scheme that took more
than $500m away from copyright
holders and generated over $175m in
proceeds, according to the indictment
unsealed yesterday. was shut down
last night, after a federal court in
Virginia ordered that 18 domain
names associated with the group be
seized. Some 20 search warrants were
executed in the United States and
eight other countries and about $50m
in assets and targeted sites were also
The move sparked online protests,
with internet activists Anonymous
claiming credit for felling a number of
websites including that the Recording
Industry Association of America.
A Justice Department official said
the timing of the arrests and unseal-
ing of the case were not related to the
battle in Congress over the Protect IP
Act and Stop Online Privacy Act, which
sparked widespread online campaign-
ing earlier in the week.


Proposals to force all lobbyists to join
a compulsory register will be set out
on Friday as the government moves to
toughen the regime for the industry.
Launching a consultation on the sec-
tors governance, ministers will also
take views on opening up the register
to include other groups that seek
influence in Whitehall, such as
unions, law firms and consultants.
Ladbrokes has bought a Las Vegas-
based gambling company in anticipa-
tion of the US moving towards
allowing a regulated sports betting
market. The betting operator paid
$3m for a 65 per cent stake in
Stadium Technology Group, which
specialises in sports betting technolo-
gy. Sports betting is illegal in all but
four US states.
Carrefour is to scale back the deploy-
ment of its flagship new-style hyper-
markets, citing challenging
pressures on household spending.
The group also said that 2011 profits
would be at the bottom of its forecast
range. Carrefour reported fourth-
quarter sales only slighter weaker
than expectations.
The backers of Barbican Insurance
have launched a fresh indicative
takeover bid for rival Omega
Insurance, calling on it to begin talks
to create a merger of equals
between the two Lloyds underwrit-
ers. In a letter dated Thursday to
Omegas directors, obtained by the
Financial Times, Carlson Capital the
Texan hedge fund behind Barbican
sought to ratchet up the pressure on
the targets board. Omega declined to
The failure of banks to hand out their
usual bumper bonuses has con-
tributed to a sharp drop in confi-
dence in the housing market.
Research out today from Markit and
Knight Frank, the estate agent, sug-
gests that people working in the busi-
ness and financial services sectors are
gloomier than others about the
prospect of house price increases.
The Labour chairman of the Business
Select Committee has pledged to
keep a close watch on the way Kraft
treats its Cadbury workers at the
Bournville factory in Birmingham
after staff complained that the
American food giant was breaking its
promises. Adrian Bailey said that he
would be in regular contact with
union representatives.
It has revolutionised the worlds of
computing and music - now Apple is
after the staid old world of school text
books. The US technology giant has
taken aim at the worlds classrooms
with a new product designed to
encourage schools to load up on iPads.
Known as iBooks2, the free app is
designed to make school textbooks
easier to search and more interactive
for students.
US investment bank Jefferies has
emerged as the most likely buyer of
corporate broker Hoare Govett from
Royal Bank of Scotland as the state-
backed lender looks to shrink its
investment banking business. Jefferies
is understood to have made an offer
for Hoare Govett.
Returning to Texas after a lackluster
campaign for president, Governor
Rick Perry faces a diminished role on
the national stage as well as trouble
at home from unhappy voters and
Republican upstarts eyeing his once
unassailable hold on power. His cam-
paign was marred by numerous
gaffes most memorably in a live debate.
Increased exports of U.S. natural gas
could drive up domestic gas prices as
much as 54 per cent in 2018, federal
officials said yesterday, in a projec-
tion that could complicate efforts by
more than a half-dozen companies
hoping to spend billions of dollars on
new export terminals. Higher levels
of exports would certainly impact the
manufacturing recovery, said George
Biltz of Dow Chemical.
Goodwin must lose his knighthood
IT is time for Sir Fred to become once
again plain Mr Goodwin. He should be
stripped of his knighthood, awarded in
2004 for services to banking at a time
when the Labour party and the
Scottish establishment thought he was
a genius and a great business hero. He
was no such thing and ended up doing
banking, shareholders and taxpayers a
disastrous disservice. That is the dan-
ger in awarding people who are still in
their jobs an honour: there is nothing
harsher than the verdict of history.
But this move should be handled
carefully. It is absurd to believe that
Goodwin was solely or primarily
responsible for the crisis. Yet everybody
else that shares responsibility will
retain titles and awards, including Sir
Alan Greenspan (another Brown
knighthood) who did infinitely more
to destroy the global economy than
Goodwin ever did.
In this instance, however, better
selective justice than none at all. But in
future the rules governing the British
honours system should be tightened
so that more people who subsequently
discredit themselves lose their titles.
But while that will hopefully deal with
rewards for failure in the private sector
or if people commit crimes, it is
unlikely to solve the hugely prevalent
system of honours-for-failure in the
public sector, including when politi-
cians who destroy the country and are
thrown out by electors are subsequent-
ly rewarded by their party, or when
civil servants award each other hon-
ours on retirement, regardless of per-
formance. But that is not a reason to
forgive Goodwin.
THERE are two ways a human being
can get another to do something. The
first is to use force or the threat of
force; the second is to persuade them
to do so voluntarily. Capitalism,
defined to include all non-state action,
is part of the second system. If you
dont do what a government wants
you to do, it will take money from you
(a fine), deprive you of your liberty
(prison) or worse. If you dont want to
do what your boss tells you, you can
quit; if you dont want to buy goods in
a particular shop, you can take your
custom elsewhere; if you dont want to
give money to a charity, you can keep it
or find another deserving cause.
The critical distinction between
these two ways of organising human
relationships is often overlooked. This
is partly because the status quo an
economy partly free and partly con-
trolled by government, and where bar-
riers to entry, quasi-monopolies,
bailouts, subsidies and other forcible
redistribution are rife is wrongly con-
flated with a real market economy.
The fact that proper capitalism is
based on voluntary action makes it
inherently more moral than systems
based on coercion. Compulsory kind-
ness is amoral; it is not true kindness.
Not all voluntary actions are moral;
and of course fraud, lies and dishon-
esty are wrong. But these failings are
inherent to the human condition. In
any case, the states primary duty is to
crack down on people who cheat and
try to defraud others.
Beyond that, the best way to tackle
cronyism, rip-offs, sharp practices, irre-
sponsibility and unaccountability is to
reduce the sphere of human action
based on coercion and increase that
based on voluntary action. It means
empowering consumers and making it
easier for new, cheaper or more honest
companies to enter markets. Choice
real choice, not the saccharin variety
that is often currently on offer is the
answer to many of our problems.
Follow me on Twitter: @allisterheath
CHANCELLOR George Osbornes visit
to China appears to have paid divi-
dends for UK companies, as sovereign
wealth fund China Investment
Corporation looks to buy a stake in
Thames Water.
CIC is understood to be poised to
snap up a 10 per cent stake in Kemble
Water, the holding company that owns
the utility. Macquarie Bank will retain
its 40 per cent holding if and when the
sale goes through.
Osborne embarked on a tour of
China last week that saw London ear-
marked for a new centre for trading
the renminbi.
Thames Water will by no means be
the first UK utility to receive cash from
Asia Li Ka Shing, Hong Kongs rich-
est man, bought Northumbrian Water
last summer for 4.7bn.
Thames Water
to get Chinese

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Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
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Head of Distribution Nick Owen
CREDIT SUISSE has won an auction to
buy a $7bn mortgage securities port-
folio once owned by AIG.
The Federal Reserve Bank of New
York, which did not reveal the sale
price, was selling the assets it
acquired through the bailout of
American International Group in
Goldman, Barclays Capital and
Bank of America Merrill Lynch also
participated in the auction for the
Maiden Lane II portfolio, the New
York Fed said.
The sale to Credit Suisse is a blow
to Goldman, which sparked the auc-
tion process last month by making an
unsolicited bid for the assets.
Credit Suisses purchase is a sign of
growing confidence in the US hous-
ing market. The New York Fed
scrapped an earlier auction a year ago
as the property market and wider
economy appeared to teeter on the
edge of a fresh downturn.

NY Fed sells AIG assets

Credit Suisse, run by Brady Dougan, won the auction for securities once owned by AIG
Megaupload has
boasted of having
more than 150m
registered users and
50m daily visitors
LAW firms Pinsent Masons and
McGrigors yesterday confirmed they
are in merger talks over a deal that
could create one of the largest UK law
firms by revenue.
A tie-up between the groups, both
known for their strong project finance
practices, would result in a business
with a turnover of more than 300m,
earning it a place among the UK legal
sectors top 20.
In a statement yesterday afternoon,
the firms said: We can confirm that
Pinsent Masons and McGrigors have
been in discussions about ways in
which both firms can work together.
Both firms complement each other
well, being leaders in the field of con-
struction, energy and infrastructure,
they added.
Based on the firms current net-
works, a combined group would have
more than 1,250 lawyers across 14
offices, including more than 350 at
partner level.
Last November Pinsent, the larger of
the two, reported half-year revenues of
105m, a six per cent increase on the
previous year. At the time, managing
partner David Ryan said that the firm
was well placed to grow, despite being
under no illusions that the next six
months will be difficult.
Pinsents made a profit per equity
partner (PEP) of 400,000 in 2010-11,
compared to 247,000 at McGrigors,
which is led by managing partner
Richard Masters.
The firms said they would continue
discussing plans with their partners,
which could lead to a vote on the
merger in the coming weeks.
Pinsent and
McGrigors set
for a merger
PROFITS at BlackRock plunged 16 per
cent in the fourth quarter as fees from
investment advisory work fell away
amid the global turmoil.
The worlds largest money manager
said net income dropped to $555m
(358.7m), or $3.05 per share, from
$657m, or $3.35 per share, a year earli-
er. The New York group has managed
the movement of investors away from
active products towards passive prod-
ucts, which follow an index.
Its level of assets under manage-
ment (AUM) reflected the turbulence
of the last year. In the final quarter the
AUM figure was down 1.4 per cent on
the same period last year to $3.51 tril-
lion, but up 4.78 per cent on the end of
the third quarter.
The increase reflected a $143.3bn
improvement in market and invest-
ment performance as stock indices
rose in the quarter, and an inflow of
$23.8bn of new investor cash to long-
term products like equity and bond
funds, particularly index products.
BlackRocks iShares ETF business had
an inflow of $20.1bn in the quarter.
Chief executive Laurence Fink said
market stability had improved at the
start of this year but warned of the
impact of regulation, low interest rates
and market volatility over the coming
12 months.
Profits plunge
at BlackRock
after fees fall
The Banks Andrew Haldane reckons accounting rules need reform


Pinsent Masons has around 250 partners in

offices across the UK, the Gulf and Asia
McGrigors has around 90 partners, with a
focus on financial services, energy and infra-
3 CITYA.M. 20 JANUARY 2012
Haldane: Asset valuation
may have worsened crisis
ACCOUNTING and reporting rules for
banks assets and liabilities have in
part contributed to financial crises
and can lead to confusion, Andrew
Haldane, the Bank of Englands exec-
utive director for financial stability,
said yesterday.
Fair value accounting can lead
banks to overestimate profits in
boom years, he said, because their
assets are inflated in a way which will
not help them in a later bust.
He argued that it may be better for
regulators to know how banks bal-
ance sheets look when assets are val-
ued at fire sale prices, showing the
authorities how safe a bank would be
if it had to sell illiquid assets urgently.
Haldane also raised the question of
the presentation of auditors reports.
A clean verdict runs the risk of
that judgment being quickly invali-
dated if maturity mismatches are
exposed by a liquidity run, he said,
whilst any other verdict could itself
cause a run on the bank.
A less binary approach may be
needed to avoid the problem, he said.

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ITALIAN banks were forced to plug a
funding gap of at least 51.4bn
(42.9bn) in December by taking out
three-year loans from the European
Central Bank (ECB).
The revelation comes from calcula-
tions by Morgan Stanley analysts, who
compiled data about which European
lenders made use of the unprecedent-
ed offering of long-term cash by the
Eurozones central bank.
Spanish banks borrowed at least
24.5bn, although several, including
Santander and Bankia, refused to dis-
close how much they have taken out
in loans.
French banks, which are also heavi-
ly reliant on wholesale funding, simi-
larly refused to disclose their use of
loans from the long term refinancing
operation (LTRO).
The biggest single borrower to dis-
close its reliance on ECB funds was
UniCredit, which took out loans worth
just under half its annual funding tar-
get of 25.4bn.
The lender, which is Italys largest, is
currently mired in a tumultuous rights
issue that has seen its shares plummet
in value since the start of the year.
Of UK banks, only RBS admitted
using the funds, to the tune of 5bn,
which it said were for its subsidiary in
the Netherlands. Lloyds was the only
UK bank to state that it definitively did
not draw on ECB money.
came out of the red last year, posting
profits of $1.4bn compared to a loss of
$2.2bn in 2010.
The bank was boosted by a large
improvement in the credit quality of
loans in its cards business and rising
investment bank profits.
But in a sign that the US banking
behemoth is still suffering the fallout
of a vast portfolio of toxic property
loans, pre-tax losses in its consumer
real estate division surged from $13bn
in 2010 to $29.5bn last year.
BoA MLs investment bank saw its
full year pre-tax profits fall from
$10.6bn in 2010 to $5.7bn, but stayed
well out of the red, unlike some rivals.
On a quarterly basis, it posted a bot-
tom-line loss of $433m for the latter
part of last year, but that was due to an
accounting vagary based on the value
of its debt.
In fact, the investment bank made a
net profit of $41m in the fourth quar-
ter on revenues of $1.9bn down by
$565m during the same period the pre-
vious year. In stark contrast to rivals, it
made returns of eight per cent.
The investment bank also boosted
its revenues across both its equities
and fixed income, currency and com-
modities (FICC) division at the end of
last year, unlike competitors.
Excluding the accounting adjust-
ment, equities brought in $640m in
the fourth quarter, while FICC generat-
ed $1.2bn in revenues. That compares
to negative revenues for both divisions
Its quarterly investment banking
fees revenue also came out of negative
territory, rising to $1bn.
The bank has also generated more
capital, in part by selling of assets such
as its stake in China Construction
Bank. Its tier one common equity ratio
rose to 9.9 per cent versus 8.6 per cent
the end of 2010.
Better credit
brings BAML
out of the red
MORGAN Stanley sank into the red at
the end of last year, losing 15 cents
per share in the fourth quarter and
delivering dismal shareholder
returns of just 3.9 per cent for the
whole of 2011.
The bank was hammered by a
series of hefty one-off charges and a
collapse in underwriting revenues at
the end of the year, which fell by
more than half compared to the
fourth quarter of 2010.
Like its rivals, Morgan Stanleys
equities business was hit particularly
hard as investors tried to sit out the
crisis and trading volumes shrank.
Revenues from underwriting in equi-
ties in the fourth quarter plunged by
71 per cent and were down 22 per
cent for the year to $1.1bn.
Fixed income underwriting vol-
umes were, by contrast, little
changed for the year, although they
fell 22 per cent in the fourth quarter
compared to a particularly busy peri-
od in 2010 that had seen issuers rush
to sell high-yield debt.
The bank posted a full-year pre-tax
profit of $1.25 per share, but that was
less than half of 2010 earnings.
Despite its end-of-year slowdown,
the bank let its payroll expenses
rise unlike its rivals. Pay costs rose
three per cent last year to $16.4bn,
but have yet to reflect a new round of
lay-offs begun this month.
Morgan Stanley slumps to
fourth quarter loss in 2011
Italian banks rely on ECB for
over 51bn in long-term funds



5 CITYA.M. 20 JANUARY 2012
ANALYSIS l Bank of America Corp
13Jan 16Jan 17Jan 18Jan 19Jan
19 Jan
Bank of America
Merrill Lynch, led by
Brian Moynihan,
reversed losses last
KODAKS moment has come to an end,
as the company yesterday admitted
defeat in the face of an increasingly
digital age by filing for chapter 11
bankruptcy protection.
Citigroup has thrown the dwin-
dling company a $950m (614m) life-
line to support Kodak through its
ongoing operations, which will con-
tinue despite the bankruptcy applica-
Kodak subsidiaries outside of the US
are not included in the bankruptcy.
After 131 years in the camera indus-
try, the pioneering business warned at
the end of last year it would run out of
cash unless it were able to sell the
1,100 digital patents it has been trying
to offload since the summer.
Despite inventing the digital cam-
era, the New York based company has
struggled to keep up with the chang-
ing consumer market since demand
for photographic film, its core prod-
uct, has waned.
The bankruptcy will help Kodak
develop its printing technologies and
enhance revenues from its digital
patents, the company said in a state-
To this end Kodak has already axed
47,000 jobs in the last decade and shut
down 13 factories and 130 labs.
Chief executive Antonio Perez said:
Kodak is taking a significant step
toward enabling our enterprise to
complete its transformation. [We]
believe that this is a necessary step
and the right thing to do for the
future of Kodak.
The camera company also
announced a legal challenge against
Samsung, Apple and HTC on claims
they infringed several digital patents.
Kodak snaps
and files for

When the first American astronaut orbited

Earth in 1962, Kodak film recorded his journey.
Kodaks pervasiveness of the camera industry
was such that the phrase Kodak moment has
entered the common lexicon.
6 CITYA.M. 20 JANUARY 2012
The Eastman Kodak
Company is founded
by George Eastman in
Rochester, NY
Kodak launches
its $1 camera, the
Brownie, with the
slogan You push
the button, we do
the rest
Kodak introduces
Kodachrome, its
first 35mm
colour film
using its new
cartridge film.
More than 50m
were produced by
Eastman Chemical, a
subsidiary founded to
provide Kodaks chemical
supplies, is spun off into
a separate company
Kodak stops
selling traditional
film camera in
Europe and North
America, and cuts
its total workforce
at the time by
around a fifth
Jan 2006
The company launches the worlds
first dual-lens digital camera at the
Consumer Electronics Show, the
Kodak EasyShare V570 Dual Lens
Digital Camera
August 2006
Kodak sells its digital
camera manufacturing
operations to Flextronics,
but retains all patents and
intellectual property rights
Kodak released the Kodak
Theatre HD Player, which means
photos and videos stored on a
computer can be displayed on a
high-definition TV
Kodak reports a fourth-quarter
loss of a $137m and says it will
cut up to 4,500 jobs. It also
stops manufacturing
Kodachrome film after 74 years
Engineer Steve
Sasson invents
the first digital
After Kodak shares fall more
than 80 per cent over the year,
the company hires law firm
Jones Day to advise on a
19 January 2012
Eastman Kodak, under chief
executive Antonio Perez,
files for Chapter 11
bankruptcy protection
December 2010
Standard & Poor's
removes Kodak
from its S&P 500
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It was useful to learn about your variety of products and how accessible they are.
Really interesting, Stevenson always says what he thinks
I came because I wanted to see the star whose columns I enjoy (and wasnt disappointed)
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GOOGLE shares dropped nine per cent
in after-hours trading last night on the
back of worse than expected results
from the technology giant.
Shares sunk to around $583 despite
the firm announcing an increase in
net revenue to $8.13bn (5.25bn) for
the fourth quarter, compared to
$6.37bn a year earlier.
Analysts had wanted more from the
firm after it beat Wall Street estimates
in the past eight quarters.
The majority of Googles income
comes from its Adsense programme
and although the number of clicks on
search adverts increased sharply dur-
ing the last three months of the year,
the money that Google charges adver-
tisers for the ads decreased eight per
Executives told investors on a con-
ference call that foreign exchange
movements were also to blame for the
earnings miss.
The Californian company has spent
heavily on portable devices, turning its
Android operating system into the
market leader for mobile phones.
Operating expenses increased two
percentage points to 32 per cent of rev-
enue during the fourth quarter.
But the firm was tight-lipped about
its plans for Motorola, which it bought
for $12.5bn last year.
Google drops
as earnings

IBM beat fourth quarter profit esti-

mates last night and said it aims to
grow earnings by at least 10 per cent in
2012. The company brought in rev-
enues of $29.5bn (19bn) in the fourth
quarter, up from $29bn in the same
period last year. Shares were up 2.6 per
cent in extended trading.
And American Expresss benefited
from an increase in average customer
spend to achieve quarterly income of
$1.19bn compared with $1.06bn last
But Microsofts second quarter prof-
it fell very slightly as lagging computer
sales to cash-strapped consumers in
the United States and Europe hurt its
core business.
The companys Windows unit
reported a six per cent dip in sales to
$4.7bn and shows no immediate signs
of improvement.
IBM and American Express up
as Microsofts profits struggle

INTEL beat expectations to hit record

full year revenues of $54bn (34.9bn),
it said yesterday, despite a challenging
PC market and late entry in the
mobile sector.
The chip manufacturer also
announced that it would increase cap-
ital expenditure to $12.5bn in 2012, up
from $10.7bn in 2011, in an attempt to
catch up with rivals in the booming
market for smartphone and tablet
The companys PC division con-
tributed revenues of $35.4bn, up 17
per cent on last year, despite sluggish
demand in the sector and damage
caused by flooding in Thai hard drive
Graham Palmer, Intels UK manag-
ing director, told City A.M. that the PC
sector retained opportunities for
growth as penetration in the emerg-
ing markets is still very low.
The hard drive situation has creat-
ed additional complexity for the first
quarter but were looking for high sin-
gle digit growth throughout the year
and were bullish about our new prod-
Our offer in the smartphone mar-
ket will be very strong and our part-
nerships with Lenovo and Motorola
Mobility show our intent.
Intel posts revenue surge but
faces weak mobile reception

7 CITYA.M. 20 JANUARY 2012
Googles executive chairman Eric Schmidt watched shares plummet Picture: REUTERS
ANALYSIS l Google Inc
12Jan 13Jan 17Jan 18Jan 19Jan
19 Jan
I, Richard Branson, am superfast.
Thats why Im doubling your broadband
speeds and making the UKs fastest
even faster.
Find out when at or pop in store.
INVESTORS enthusiastically bought
Spanish and French debt in auctions
yesterday, prompting a mild euro rally
and positive stock market moves.
France sold 7.97bn (6.66bn) medi-
um-term debt. The yield on its two-
year debt came in at 1.05 per cent, the
three-year at 1.5 per cent and the four-
year at 1.89 per cent.
Those yields are lower than in simi-
lar auctions last year, despite the
Standard & Poors decision to remove
Frances triple-A credit rating.
Spain also tapped the markets, sell-
ing 6.61bn in four, seven and 10-year
bonds substantially more than the
4.5bn planned.
The four-year debt sold at a yield of
4.021 per cent, slightly up on the 3.912
per cent paid earlier in the month,
whilst yields fell from 5.11 per cent to
4.541 per cent on the seven-year bonds
and from 6.975 per cent to 5.403 per
cent on the benchmark 10-year bonds.
The successful auctions pushed
yields up slightly for safe haven
countries yields on 10-year UK gilts
rose 0.089 percentage points to 2.05
per cent, while 10-year bunds edged up
0.075 to 1.86 per cent.
Stocks received a boost, with the
French CAC40 index jumping 1.96 per
cent, the German DAX up 0.97 per
cent and the FTSE 100 up 0.68 per cent.
The euro rose 0.635 per cent against
the dollar. And volatility has fallen to
19.9 on the VIX near its long-term
average of 19.04.
Stocks rise as
investors lap
up risky debt
Chief executive Martin Blessing thinks earnings can plug the gap Picture: REUTERS

8 CITYA.M. 20 JANUARY 2012
COMMERZBANK plans to retain earn-
ings and cut risky assets to plug a
5.3bn (4.4bn) capital shortfall rather
than seek a government bailout,
although analysts warned it may still
need state help if the economy wors-
Germanys second largest lender
said yesterday it had already set aside
3bn worth of the capital it needs to
raise by June to shore up its balance
Chief executive Martin Blessing said
the bank planned to decrease the need
for Core Tier 1 capital by up to a fur-
ther 3.3bn to meet the full capital
need, driving up its shares on hopes it
might avoid state support.
Analysts had feared Commerzbank
would have to resort to government
help if it could not find ways to gener-
ate the capital.
Whether Commerzbank chief exec-
utive Martin Blessing really copes
without a state bailout wont become
clear until June, said Kepler Equities
analyst Dirk Becker.
A key question is whether
Commerzbank can maintain the same
level of profitability it saw in 2011, as
Eurozone recession fears are stoked by
the blocs debt crisis. If it cannot, then
it will not be able to retain more of
earnings to build capital.
Commerzbank to rely on
profits for capital raising

ED Balls, the shadow chancellor, yes-

terday said the IMF should not be
asked to prop up countries such as
Italy and Spain, arguing the European
Central Bank should support them
His comments were interpreted as a
sign that Labour could join with Tory
backbenchers in voting against an
increase in Britains contributions to
the IMF.
Balls hit out at Germany for prevent-
ing the ECB from buying up unlimited
quantities of Italian and Spanish debt,
arguing this was the proper role a
central bank should play.
He said: If IMF money were going in
and taking over playing the role that
the central bank should be playing
then the IMF money would be making
things worse not better.
If Osborne thinks the IMF can
come in and do what the ECB should
be doing then thats massively coun-
Balls said he supported IMF contri-
butions to the Greek and Irish bailouts
but that the contagion spreading to
Italy and Spain was a matter for the
If Labour were to ally itself with
Conservative backbenchers over a hike
in IMF contributions then it could
inflict a devastating defeat on the gov-
IMF must not
let ECB off the
hook, says Balls
ANALYSIS l French stocks (CAC) yesterday
3:00 5:00 7:00 9:00 11:00
Eastern time

9 CITYA.M. 20 JANUARY 2012
LONDON would be the biggest victim by far of a pan-European financial transactions
tax, according to a graph (above) published by the Alternative Investment Management
Association (AIMA). Nearly three quarters (71 per cent) of the hit from a proposed Tobin
tax would fall on the UK. The data, produced by the Austrian Institute of Economic
Research, shows that the knock to France would be less than a tenth as strong. Even the
second most affected economy, Germany, would only face 16 per cent of the burden. The
data reflects the vast size of the UKs financial sector, relative to neighbouring states.
FRESH claims for unemployment
benefits dropped to a near four-year
low in the US last week, boosting
hopes for a strong recovery in the
jobs market.
Yet bullish economic news contin-
ues to elude the ailing American
housing market. Housing starts fell
in December as groundbreaking on
rental property posted a big decline.
The Commerce Department said
yesterday that housing starts fell 4.1
per cent to a seasonally adjusted
annual rate of 657,000 units.
Nonetheless, some analysts are
upbeat. Decembers fall reversed
only half of the rise in starts in the
previous month, noted Capital
Economics. With demand set to
improve this year, we think that
homebuilding is past the low-water
mark and will rise modestly in 2012.
Meanwhile, the US Labour
Department said initial claims for
state unemployment benefits
dropped 50,000 to 352,000 last
week, the lowest level since April
2008 and the biggest drop since
September 2005.
And a separate survey by the
Federal Reserve Bank of Philadelphia
showed that pace of factory activity
in the US mid-Atlantic region ticked
up in January, though it was not as
strong as expected.
benefit claims
drop in the US

THE EUROZONEs economy may have

stopped getting worse, European
Central Bank (ECB) boss Mario Draghi
announced yesterday, claiming that
the situation appears to be stabilis-
However, he did warn that such an
optimistic outlook may be at
risk from the ongoing political
wrangling over the sovereign
debt crisis.
Tentative signs of stabilisa-
tion of economic activity at
low levels are emerging,
Draghi (pictured) told a press
conference after meeting Gulf
central bankers.
The ongoing gov-
ernment spend-
ing cuts across
much of the
E ur o z o ne ,
combi ned
with the
promises of future fiscal discipline
and reforms of inefficient labour
markets mean the economy should
be in better shape through 2012.
The ECBs efforts have helped ease
the credit crunch which was develop-
ing through the end of 2011, he said.
The Bank is reasonably satisfied
with the impact of its three-year loan
of almost half a trillion euros, which
was credited with helping
high-risk countries issue
debt at by the standards
of recent months relative-
ly low yields.
However, serious worries
We see a softening busi-
ness cycle in Europe with
significant downside risk,
Draghi said, acknowl-
edging the
intense uncer-
tainty around
current eco-
nomic fore-
Eurozone may
be stabilising,
Draghi hopes

FUND manager Jupiter yesterday

reported its first quarter of net out-
flows since returning to the London
Stock Exchange in June 2010,
The group said it lost 225m in
assets in its fourth quarter, after a
worsening environment for its core UK
customer base and the loss of an insti-
tutional mandate hit its flows.
The redemptions included 93m
from its mutual funds, the largest part
of Jupiters business, the firm said in a
trading statement yesterday
The London-based funds house,
which invests the bulk of its assets in
equities, said positive markets offset
the loss of client money. Assets rose to
22.8bn at 31 December, up 2.2 per
cent from three months earlier.
However the fund group, which is
run by Edward Bonham Carter,
warned of a tough outlook for the
Given economic headwinds and
deteriorating public and household
finances across the Eurozone and the
UK, financial markets are likely to
remain volatile and flows subdued,
the group said.
Investors, rattled by volatile mar-
kets, have shirked riskier investments
across the fund management industry,
often plumping instead for cash or pas-
sive products.
Jupiter suffers
some outflows
but assets rise
Jude Law settled for 130,000 plus legal costs from News Group Newspapers Pic: REX

10 CITYA.M. 20 JANUARY 2012
BP is likely to agree to pay the US
Department of Justice $20-$25bn
(16.1bn) to settle all charges around
the Gulf of Mexico oil spill, according
to a leading analyst a prediction that
is at least twice what the company has
set aside.
Martijn Rats, head of European oil
research at Morgan Stanley, said he
saw a 70-80 per cent chance that the
two sides would agree a deal on civil
and criminal charges surrounding the
2010 disaster sometime between BPs
full year results on 7 February, and
the scheduled start of legal hearings
in New Orleans on 27 February.
BP sources have said that talks are
ongoing with the Department of
Justice about a possible settlement
and that the London-based companys
board has shifted to weekly meetings
to discuss progress.
The estimated level of settlement in
the Morgan Stanley note is much
higher than other analysts have pre-
dicted, and around double the
amount BP has taken a provision for.
Chief executive Bob Dudley has said
BP would like to settle, although not
at any price.
BP has officially made no comment
over the likelihood or size of a settle-
ment of the charges surrounding the
blast on the Deepwater Horizon and
subsequent spill. BP has the money to
pay a $20-25bn settlement it is sit-
ting on cash pile of more than $20bn
and has billions of dollars worth of
assets on the block as part of its
BP in line to
pay $25bn in
US spill case

13Jan 16Jan 17Jan 18Jan 19Jan
19 Jan
sidiary of News International, will
dole out hundreds of thousands of
pounds in compensation to targets
of the phone hacking spree that led
to the closure of the News of the
The Murdoch-owned company
settled with 37 claimants yesterday,
and a total payout of 645,000 was
disclosed from the 15 defendants
who were happy to reveal their com-
pensation sum.
When the other settlements are
added, plus legal costs for each vic-
tim, this figure soars into the mil-
Jude Law pocketed the most with
130,000, while his ex-wife Sadie
Frost was awarded 50,000 and Lord
John Prescott settled for 40,000
all with legal costs on top.
There are ten cases outstanding
in this round of legal proceedings
including those of Charlotte
Church, Steve Coogan and Pete
Doherty which will go to trial on
13 February if they have not been

News Group compensates 37

of its phone hacking victims
HEDGE fund Tell Investments is
pulling down the shutters on 15 years
of trading after three years of disap-
pointing performance.
The fund, which has offices in
Switzerland, London and Malta, is clos-
ing its two principal funds -- the
William and the Tell -- and has started
returning 600m (500m) to investors.
The third fund, the Walter, is being
spun off into an independent firm,
Walter Capital Management, which
will be run from Switzerland by Tell
partner Olivier Laime. The fund will
begin trading under its new brand in
INVESTORS pulled a net 2.8bn from
Aberdeen Asset Management in the
final three months of last year as fears
mounted over the Eurozone crisis.
Shares in the Granite City firm
slipped 1.65 per cent to 226.1p yester-
day after it said withdrawals had
quickened since the 1.7bn reported in
the third quarter.
But Aberdeen is not alone in suffer-
ing as global market swings prompt
investors to switch to more cautious
strategies Man Group announced on
Wednesday it was deepening its cost-
cutting programme.
Yesterday Aberdeen said its outflows
had been largely limited to lower mar-
gin strategies such as fixed income
although it was also hit by the loss of
one global mandate.
Chief executive Martin Gilbert said:
New business flows remain focused
on our higher margin pooled funds
with outflows largely limited to lower
margin strategies. Our investment per-
formance is robust in the face of ongo-
ing macroeconomic instability.
Total assets edged up two per cent
over the three months to 173.9bn,
however, helped by a combination of
market gains, performance and cur-
rency moves.
Clients continue to buy Aberdeens
Asian and emerging market debt
funds, which have higher margins.
Analysts were upbeat, hailing
Aberdeens performance in a tough
market. Arun Melmane at Investec
Securities said: Aberdeen... is well
placed relative to others in the sector
with strong current fund perform-
ance, controlled costs, strong cash con-
version ratios and a flexible balance
Meanwhile Asian investment strate-
gist Peter Elston has been appointed to
the new position of head of Asia
Pacific strategy and asset allocation.
Turmoil hits
fund flows
ST JAMESS Place, the genteel wealth
manager which has soared above the
turmoil of the sector, plans to capi-
talise on its success by launching three
SJP, which is known for its affluent
client base, said Pimco will run a
multi-asset fund, Invesco a global
equity income fund and BlackRock
an index-linked gilt fund to be offered
as part of a new defensive investment
portfolio for cautious clients. It also
said it will carry out a review of the
managers of its existing funds num-
bering more than 30 in April.
The Lloyds-backed manager said
the net inflow of funds under man-
agement was 3.3bn last year, bring-
ing total funds to 28.5bn.
Total new business was up 10 per
cent at 642.3m over the year.
Upbeat St Jamess
plans news funds
AN upturn in performance in the final
quarter helped the beleaguered hedge
fund industry take total capital invest-
ed above $2 trillion (1.29 trillion) at
the end of last year, new research says.
Assets under management recov-
ered to $2.01 trillion at 31 December,
up two per cent from the end of the
third quarter, according to Hedge
Fund Research.
The gain more than offset a nomi-
nal net capital outflow of $127m. HFR
president Ken Heinz said the com-
plexity and breadth of the Eurozone
crisis had contributed to a challenging
year for hedge funds.
Hedgies stage
Fat lady sings
for William Tell



Martin Gilbert,
seen at the City
A.M. awards last
year, said revenues
were improving
Picture: CITY A.M.

11 CITYA.M. 20 JANUARY 2012
ANALYSIS l Aberdeen Asset Management PLC
13Jan 16Jan 17Jan 18Jan 19Jan
19 Jan
THE BEST things come to those who
wait and this week the Candy
brothers have finally revealed two
new tenants for their One Hyde Park
About time for the block of super-
apartments that has secured just
three full-time residents one year
after launch. Except unfortunately
for the Knightsbridge complex that
has been likened to the Marie Celeste
the property tycoons new lodgers
are two serene bronze profiles creat-
ed by British artist Simon Gudgeon.
The artworks have been installed by
the Halcyon Gallery at the entrance to
the development overlooking the
park, and look a bit like the Easter
Island Moai heads although the
technical term, says Gudgeon, is
peaceful and accepting.
This man and woman are in con-
templation, absorbing great knowl-
edge, at a point of realisation about
their place in the universe, he says of
the male and female faces with hol-
low heads. And the name of the art-
work? Search for Enlightenment.
The hunt at the oligarchs 1.2bn
London playground continues
ONE SPELL at BP just wasnt enough
for George Trefgarne.
The Capitalist hears Lord Brownes
former speechwriter is upping sticks
from PR firm Maitland, which he
joined as a partner in 2009, to help
rebuild the troubled oil giants repu-
tation in the grand-sounding role of
director of external affairs.
Chief executive Bob Dudley person-
ally requested Trefgarne take on the
tough brief, after the two became
acquainted when Dudley (below) ran
Russian joint venture TNK-BP.
Trefgarnes hedge fund clients,
meanwhile notably Peter Clarke of
Man Group and Michael Hintze of
CQS are now in the market for a
new press go-between. As are the
clients of Maitlands associate partner
Richard Farnsworth, who is also
jumping ship to a corporate seat in
his case, the media relations team at
brewer SABMiller.
STEPHENSON Harwood partner John
Pike has long admired rival Dundas
& Wilsons efforts on behalf of its
FTSE 100 financial services clients.
So it was perhaps only a matter of
time before Pike, a banking spe-
cialist, joined the payroll of the
law firms London office, as
announced this morning.
Four colleagues in his banking
team partner Ted Harrison
and associates Ben
Truman, Pauline Ho
and Richard Hathaway
move with Harwood
to Dundas &
W i l s o n ,
adding up to
something of
a coup for the
company as it
looks to become a
national player.
We are slowly
moving forward to
become a UK-wide law
firm, says managing
partner Donald Shaw, pointing out
that more of the firms partners are
now based in the London office,
which opened in 2002, than in either
Edinburgh or Glasgow.
Poaching Stephenson Harwoods
banking team is only the beginning
more hires will be made over 2012 in
the firms specialist areas of financial
services, real estate, utilities, and
energy and infrastructure, says Shaw.
Until then, this space will be watched.
THE BROKING wins continue at
Numis, which has replaced
Westhouse as the nominated adviser
and broker to Chaarat Gold, the
British Virgin Islands-registered gold
developer currently busy digging up
the mountains of Kyrgyzstan.
Coming on the back of stealing
Amlin from RBS, EMIS from Evolution
and Networkers International from
Seymour Pierce since December, it is
fair to say Numis is on a roll.
So can we expect an imminent
takeover announcement of RBS bro-
kerage Hoare Govett, as is the rumour
in the City? Unlikely, says a well-
placed Numis source. The integra-
tion of the latter would negate the
momentum of the former.
BLINK AND you missed it.
Hedge fund boss Ian Wace of
Marshall Wace and his long-term
model girlfriend Saffron Aldridge
only got engaged in November, but
the wedding has already happened
a small, family affair that took place
before Christmas. Fast work pre-
sumably The Capitalists invitation was
lost in the festive post.
THERE WERE many reputable
businesses at the charity dodge-
ball tournament hosted by head-
hunter KennedyPearce:
Deutsche Bank, Sarasin
Investment Partners,
Argenta, Octopus
Investments, Invesco
Perpetual and
Rockspring, whose
high-minded employ-
ees turned up
dressed in high
volumes of neon.
Sarasin, Deutsche
and Octopus made it to
the semi-finals, but it was
team Octopussy that took
the winning trophy home,
helping to raise a few squid
for charity.
Dundas & Wilson partner Donald Shaw
Got A Story? Email
Follow The Capitalist
on Twitter: @dennysharriet
The Capitalist
One Hyde Parks
sister Search for
sculptures on
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DISCOUNT fashion chain Primark
hailed strong sales during the festive
period, helping its parent company
Associated British Foods (ABF) post a
rise in first quarter revenue.
The FTSE 100 company, which also
owns brands including Silver Spoon
sugar and Twinings tea, said a 16 per
cent growth in sales at Primark helped
boost group revenues by 12 per cent in
the 16 weeks to 7 January.
Finance director John Bason said:
The autumn was slow because of the
unseasonably warm weather but cer-
tainly over the Christmas period we
saw very strong trading.
Analysts have estimated like-for-like
growth of around three per cent.
While its high street peers are hav-
ing to scale back their stores amid
tough trading conditions, Primark,
which runs 232 stores, plans to press
ahead with its European expansion,
including three new stores in Spain in
the second half.
We have a big pipeline of stores in
continental Europe and we will open
as many of those as we possibly can
floor space growth for the full year
will be about ten per cent, Bason said.
Higher cotton costs hit the retailers
operating margins during the quarter,
but ABF noted that prices had fallen
from their peak and predicted it
would start to see the benefits in the
second half.
ABF, one the worlds largest sugar
producers, said continuing high sugar
prices have helped lift revenues at its
sugar division by 21 per cent.
Primark helps
AB Foods lift
its revenues

14 CITYA.M. 20 JANUARY 2012
FOODS ON TRACK ? Interviews by Kasmira Jefford


Associated British Food is our top large-cap pick for 2012, and believe this
statement supports our thesis of strong earnings per share growth this year,
albeit second-half weighted. We strongly reiterate our buy recommendation.


This felt like a decent quarter to us, with Primark and Sugars to the fore, as
we expected. But we are not being encouraged upwards from our current full
year earning per share of 84.9p, despite a likely upgrade to Sugars numbers.


Associated British Foods has issued an encouraging first quarter trad-
ing update, in our view...We reiterate our buy recommendation, currently
the favoured pick in our large-cap coverage list.

George Weston, chief executive of Associated British Foods, has overseen strong sales
ANALYSIS l Associated British Foods PLC
13Jan 16Jan 17Jan 18Jan 19Jan
19 Jan
ASOS, the online fashion retailer,
kicked the retail gloom to report a
46 per cent rise in sales in the third
quarter, boosted by rapid growth
overseas and a solid performance
in its domestic market. UK sales
growth bounced back to 10 per
cent in the second quarter from
one per cent in the previous quar-
ter, when founder Nick Robertson
(right) conceded the group took
[their] eyes off the ball a bit.
LUXURY fashion brand Mulberry
raised its annual profit forecast yester-
day, after it enjoyed a 41 per cent rise
in festive sales during the six weeks to
14 January.
Like for like sales were up 35 per
cent over the same period and whole-
sale orders for its spring/summer line
were up 35 per cent on last year, with
two months trading still remaining.
I am delighted that trading during
Christmas and the New Year has been
strong and consequently the results
for the year to 31 March 2012 are likely
to exceed our earlier expectations,
said Godfrey Davis, chairman and
chief executive.
The Christmas surge has been attrib-
uted to strong sales of its luxury hand-
bag range, with the Alexa bag, named
after TV presenter Alexa Chung, being
a particularly popular item. Several
store openings this year in Asia,
including five in South Korea, have
helped demand increase in the grow-
ing high end Asian market.
Mulberry is the latest luxury retail-
er, along with Burberry, to post strong
sales in contrast to the high street eco-
nomic gloom that forced Peacocks
into administration earlier this week.
Its shares rose 78p yesterday to
15.56, an increase of five per cent.
Mulberry ups forecasts as festive
rise in turnover boosts share price
15 CITYA.M. 20 JANUARY 2012
I always buy online. Its flexible, you cut out the middleman and you dont
have to try on things in store and then queue to pay for them.
I shopped mainly on Amazon this year. There are no drawbacks to
shopping online. You have choice, convenience and its cheaper.
My girlfriend and I work quite hard so we dont really have the time to
shop. And we saved money this year as we used an online loyalty card.
RICKY PAUL | BNP PARIBAS Customer Phoneline: 08442490115
In association with RateSetter: A better way to Save and Borrow, Peer to Peer
Interviews by Raymond Doherty
Online sales
last year hit
50bn mark
ONLINE retail sales in the UK surged
by 14 per cent last year to more than
50bn, as consumer appetite for shop-
ping online continues impact the
high street, new research shows.
The report, commissioned by price
comparison site Kelkoo, reveals that
online shoppers spent an average of
just under 1,500 each on 39 items
last year with internet retail trade
accounting for 12 per cent of total
spending, the highest in Europe.
Over the last ten years growth in
internet sales has outstripped retail
sales on the high street, with sales in
the UK growing by 48 per cent on
average from 2008 to 2011 alone.
While retailers have struggled at
Christmas as rising prices, muted
wages growth and government aus-
terity measures forced shoppers to
rein in spending, those with strong
internet businesses, with its conven-
ience and transparency, have fared
Inevitably, this will have an ongo-
ing negative impact on the high
street, an issue which is forcing retail-
ers to bring the two channels much
closer together, Chris Simpson, chief
management officer at Kelkoo said.
It is widely acknowledged that the
recession has boosted the appeal of
online retailing and UK consumers
are more determined than ever to
make every penny count.
Kelkoo predicts 14 per cent growth
this year again, while total retail sales
in the UK are expected to grow by just
3.6 per cent in comparison.
Together, UK, German and France
accounted for 71 per cent of total
online European sales last year.



quickly in the UK last year, with
exports accounting for a record share
of output, figures from the Society of
Motor Manufacturers and Traders
(SMMT) revealed yesterday.
This increase shows the sector con-
tinues to lead the manufacturing
recovery, said the SMMTs Paul Everitt.
However, output of commercial
vehicles declined and engine produc-
tion growth tailed off in December.
Car manufacturing rose 5.8 per cent
to 1.344m in 2011, with a strong 1.6 per
cent rise last month topping off the
Exports increased by 17 per cent in
the year, hitting 1.125m and represent-
ing 83.7 per cent of total output.
The proportion exported hit 85.1
per cent in December, with 60 per cent
of those exports going to European
countries led by Germany, Italy and
Nissans UK output rose by 13.5 per
cent in the year, cementing its leader-
ship position with 480,485 cars made.
Hondas output fell the most, drop-
ping 30 per cent from 139,287 in 2010
to 97,459 last year.
Commercial vehicle output fell 1.4
per cent to 121,312 last year, while
exports fell 18.9 per cent.
Leyland Trucks experienced the
greatest rise in output, which rose 56.8
per cent, while Renault suffered falls
of the same proportion.
Engine production rose 4.9 per cent
to 2.504m in 2011, though output fell
1.3 per cent in December.
Car industry
boosts UK as
exports jump

16 CITYA.M. 20 JANUARY 2012
Motor sector is no longer such a joke
IN the Christmas Top Gear special,
Jeremy Clarkson and co travel across
India in a trio of clapped out British
motors: an unreliable Jaguar, an age-
ing Rolls-Royce and an original Mini.
The running joke is that Britain has
little to offer the Indians or anyone
for that matter in the way of cars
these days.
But the UK is experiencing some-
thing of a renaissance when it
comes to car manufacturing and it
is the very brands which appeared
on Top Gear that are proving the key
to its success. Last year, UK factories
churned out 1.34m cars, the best
performance since 2008 (itself a
good year), and well above the dark
days of the 1980s, when the industry
was lucky if it produced 600,000 cars
per annum. Nor is the number too
far off the high water mark achieved
in 1972, when production was 1.9m.
The figures only tell part of the
story. It is not necessarily the num-
ber of motors that is important, but
rather the types of car the UK is spe-
cialising in. High-end Jaguars, Range
Rovers, Bentleys and Aston Martins
are increasingly in demand in places
like China, where the buyers still
want them to be built in Britain. We
also specialise in green cars, such as
the Derby-built Toyota Prius, and
new segments like the mini SUV
(Nissan Qashqai) and luxury super-
mini (The Mini). Jobs building these
cars are less likely to move abroad,
because they command a high price
(helping to pay for Britains high
labour costs) and they are more spe-
cialised. This is the German model
BMW, Audi, Mercedes not the
French one. And it is by far the most
Improved labour relations have
also helped immensely, as evidenced
by the huge number of workers who
agreed to a reduction in hours and
pay when car plants shut down in
the last recession.
Like others, I laughed my way
through the Top Gear Christmas spe-
cial but Britains car industry is no
longer such a big joke.
Analysis by David Crow
ANALYSIS l Car manufacturing rolling year total
2006 2007 2008 2009 2010 2011
British car makers
have seen a jump in
sales over the last
WORSE-than-expected sales at Comet
this Christmas will cost its owner Kesa
15m in writedowns as the electronics
group nears completion of a deal to
sell the troubled UK chain.
Europes second largest electricals
retailer will complete the sale of
Comet next month to private equity
buyers OpCapita for a nominal 2
together with a cash dowry of 50m
(42.6m) to cover liabilities at its 245
Comet stores.
However Kesa said yesterday that
the net debt threshold agreed at the
time of the deal is now likely to be
exceeded by 10m to 15m after weak
sales during the festive period.
In its interim management state-
ment for the quarter to 8 January, Kesa
revealed that like-for-like sales at
Comet fell by 14.5 per cent. Overall
group revenues were down by 1.3 per
Its flagship French chain Darty also
took a hit with a 4.7 per cent drop in
like-for-like revenue, however Kesa said
the retailer had outperformed a weak-
er than expected market.
THE TV production company behind
Big Brother and Deal or No Deal yester-
day announced an important mile-
stone as its lenders agreed to overlook
millions of euros of debt in exchange
for equity.
Endemol received more than the
required two thirds support from its
creditors including Barclays, RBS,
Apollo and Centrebridge who will
hold stakes in the company in return
for cutting the 2.8bn debt to 500m.
The lenders could also gain seats on
Endemols board, while the current
shareholders will see their stake cut by
more than half.
The Dutch company has struggled
to meet interest payment deadlines
since its 2.6bn buyout by Goldman
Sachs, Mediaset and Cyrte in 2007.
Endemol global president Marco
Bassetti and chief financial officer Just
Spee said, A solution that puts
Endemol on a strong financial footing
for the future is now imminent.
Without the constraints of an oner-
ous capital structure, we will be able to
pursue exciting growth initiatives.
Time Warner placed an unsuccess-
ful bid to buy the debt-ridden compa-
ny for 1bn last December.
Deal for Endemol as lenders approve
2.8bn debt-for-equity restructuring
MOBILE phone maker Sony Ericsson
suffered a staggering pre-tax loss of
154m (128.7m) in the final three
months of 2011, down from a 39m
income in the same quarter last year.
Around 93m of the loss was due to
restructuring plans approved in
December, but the quarter was also
dragged down by a 16 per cent drop in
sales to 1.3bn.
The merged Swedish-Japanese com-
pany only shipped 9m units during
the period 20 per cent less than the
same quarter in 2010 put down to an
absence of new products, weak holi-
day sales and component shortages
from the Thailand floods.
This decline was slightly offset by
the increase in Xperia smartphone
shipments a total of 28m to date.
Low sales lead to dismal
quarter at Sony Ericsson


THE crisis-hit fashion retailer Peacocks

is set to cut 249 staff at its headquar-
ters in Cardiff, administrator KPMG
announced yesterday.
The administration of Peacocks,
which owns 611 UK stores and employs
over 9,000 staff, is one of the biggest
retail failures since Woolworths col-
lapsed in 2008.
Chris Laverty, from KPMG, said the
stores will continue to trade while it
seeks a buyer for the business.
The high street claimed another vic-
tim yesterday after Pumpkin Patch,
the New Zealand childrens clothing
retailer announced it had called in
administrators Deloitte to wind up its
ailing UK arm. Some 400 employees
across 36 stores in the UK are at risk of
losing their jobs.
Peacocks axes 249 jobs
as Pumpkin Patch folds

SABMiller has reported a three per

cent rise in beer volumes in the last
three months of 2011, as growth in
African and Latin American markets
helped offset falls in North America
and Europe.
The worlds second-largest brewer
and maker of Miller Lite, Peroni and
Grolsch said beer price rises helped
the group to push up its underlying
revenue in its October-December quar-
ter by seven per cent.
The London-based group said
overall its financial performance
was in line with its expectations as
price rises helped offset moderate
rises in raw materials like barley,
wheat and corn as analysts look
for flat profit margins for its year.
However, beer volumes at its
newly-acquired Fosters Australian
business dipped six per cent in
the quarter and although not
included in its overall figures
showed the challenge faced by
Fosters new chief Ari Mervis amid
tough market conditions.
Analysts said the update was
generally positive highlighting
the groups big emerging market
exposure and wide geographic
spread, but there were some
concerns over its mature mar-
The regional split still strikes
us as a mixed bag, with positive
growth in emerging markets
offset by negative volume
momentum in Europe, USA
and the newly acquired Fosters
business, said analyst Martin
Deboo at Investec Securities.
SABMiller beer volumes rise

Kesa bears
Comet losses

17 CITYA.M. 20 JANUARY 2012
Thierry Falque-Pierrotin (inset) has seen sales at Comet tumble Picture: REX
Vodafone verdict in India today
Indias Supreme Court will today
announce a long-awaited judgement on
Vodafones appeal against a $2.2bn
(1.4bn) tax bill arising from the tele-
coms groups $11.2bn purchase of a
majority stake in Hutchison Essar, Indias
second largest mobile phone operator. If
Vodafones appeal is unsuccessful, it
could see its charge double to $5bn due
to a penalty for non-payment of tax.
Pearson points to high profits
Pearson, the British publisher behind
Penguin Books and the Financial Times,
yesterday raised its 2011 profit expecta-
tions for the third time in as many
months due to a boom in digital services
and emerging markets, which should
bring in revenues of 2bn and 600m
respectively. Earnings per share are likely
to be over 85p, up 10 per cent from
77.5p in 2010.
William Hill beats the odds
High street bookmaker William Hill yes-
terday reported an expected six per cent
growth in revenues for 2011, despite a
two per cent fall in gross win margin due
to a few unexpected football results, and
said its operating profits were likely to be
around 274m. The gambling company
saw a 28 per cent boost in online sales,
while over-the-counter bets were up 11
per cent. William Hill was the strongest
performer in the FTSE All Share Travel &
Leisure Index during 2011, with shares
climbing 5.9 per cent.
ANALYSIS l Kesa Electricals PLC
13Jan 16Jan 17Jan 18Jan 19Jan
19 Jan
OIL and gas firms drilled 34 per cent
fewer wells in the UK-controlled parts
of the Continental Shelf last year as
the grim state of the economy took its
toll, according to a report by Deloitte.
Operators drilled just 49 wells in UK
waters compared with 74 wells in
2010, on a par with activity levels in
2003 and contrasting sharply to the
Netherlands, Denmark and Greenland
which saw stable or growing energy
Norway saw the largest increase of
12 per cent on last year, Deloittes 2011
end of year review showed.
Offshore drilling activity across
north west Europe fell 12 per cent last
year with 122 exploration and apprais-
al wells opened, while the pace of new
field start ups continued to drop
across both the UK and Norway, the
report said.
The low activity on the UKCS is not
what we would normally expect in a
year when the average monthly Brent
oil price has remained well above $100
per barrel, however, the downward
trend is the result of a number of fac-
tors rather than any one single issue,
said Graham Sadler, managing direc-
tor of Deloittes petroleum services
The consultancy pinned the blame
on a delayed reaction to the 2008 eco-
nomic crisis, prevailing economic
headwinds, rig shortages and dwin-
dling stocks of North Sea oil and gas.
It said last years surprise tax hike on
energy explorers may begin to be felt
from 2012.
Explaining the sharp drop in activi-
ty relative to neighbouring countries,
Deloitte said offshore exploration in
the UK may be more susceptible to eco-
nomic shocks given the rising number
of small- and medium-sized independ-
ent explorers active in UK waters.
About one third of UK wells drilled
during 2011 were operated by small
independent energy explorers. Higher
oil prices have led to greater invest-
ment with an increasing number of
development projects granted
approval in UK waters last year.
The same trend can be observed in
Norway with an increase in the num-
ber of development plans granted
approval during 2011, Sadler said.
As well as driving investment, the
sustained high oil price likely under-
pinned growth in merger and acquisi-
tion activity and asset acquisitions, the
report said.
RUSSIAN precious metals miner
Polymetal expects 2012 gold output to
range from 590,000-640,000 ounces,
up from 443,000 ounces last year, as it
expands mining operations, it said yes-
Silver output is expected between
21-23m ounces this year, up from
19.9m ounces in 2011.
The company produced 6.4m
ounces of silver in the fourth quarter,
up from 3.9m ounces in the year-earli-
er period.
However it was one of the steepest
fallers on the FTSE 100 in early trading
and closed down 3.3 per cent yesterday
after some negative analyst comment.
In a research note on the sector
Nomura said: Polymetal appears fully
priced at the moment, in our view.
It has outperformed the sector
since its London IPO. Nomura initiates
on Polymetal with a Reduce rating.
The group, controlled by tycoons
Alexander Nesis and Alexander
Mamut with Czech investor PPF,
achieved gold output of 136,000
ounces, up from 119,000 ounces in the
fourth quarter of 2010.
Rival Polyus Gold also wants to list
its shares on the index. Polymetal
expects to begin pouring gold at its
POX plant at Amursk in the Russian
Far East in March, while Omolon will
boost output as its winter road is now
fully operational.
Chief executive Vitaly Nesis said
that expansion would serve the firm
well throughout 2012.
Polymetals gold and silver production
rises but broker views dent its shares
BRITISH oil firm Premier Oil yester-
day confirmed it was on track to grow
production by around 50 per cent
over the course of this year, in line
with its previous target, and said it
would focus more on existing assets
than new acquisitions this year.
Premier plans to bring two new
projects in the North Sea into produc-
tion this year which will help it meet
its 60,000 to 65,000 barrels of oil
equivalent per day target, putting it
on course to significantly exceed
2011s average output. The company
also has five other projects awaiting
final investment decisions and plans
to concentrate on its existing assets
after completing a number of acquisi-
tions last year.
We will continue to look [at acqui-
sitions], we always do, but the priority
will remain our existing portfolio,
chief executive Simon Lockett said.
He would not comment on reports
the firm wants to join Rockhopper
for a Falklands exploration project.
Premier is on course for
50 per cent output boost

CORPORATE finance advisory firm

Hawkpoint has hired a prominent
former Lazard merger and acquisi-
tions banker, Peter Kiernan, who is
known for helping to engineer US
food group Krafts takeover of
Kiernan, who had been head of UK
investment banking at Lazard, will
become vice chairman at Hawkpoint,
the firm said yesterday.
The British firm was snapped up by
Canadas Canaccord in December.
Kiernan hit the limelight when he
advised Kraft on its Cadbury acquisi-
tion in 2010, a deal that sparked con-
troversy when it led to the closure of
a factory in southwest England,
despite initial assurances it would
remain open.
That mandate also cost Kiernan his
bid to head up the Takeover Panel,
which slammed the way the Cadbury
acquisition was handled.
Kiernan had previously worked at
Goldman Sachs and UBS Warburg.
Hawkpoint hires former
Lazard banker Kiernan

SHARES in Ruspetro, the first compa-

ny to brave a main market listing in
London this year, opened at a small
discount to their issue price in condi-
tional dealings yesterday.
The oil and gas exploration group
with assets in western Siberia priced
its shares at the bottom of the range
at 134p earlier in the week, but saw
the price come off to 125p on the first
day of trading.
Despite the fall, analysts reckon the
fact that Ruspetros IPO took off at all
is positive news for what has been a
moribund new issues market.
Advisers to the IPO, Bank of
America Merrill Lynch, Mirabaud
Securities and Renaissance Capital,
started the marketing campaign
before Christmas but quietly got into
gear in the new year.
Ruspetro is raising 163m, with
40 per cent of its shares owned by
independent shareholders.
Sources close to the company
said the majority of funds that
had bought the issue, which
includes Henderson
Global Investors and
Schroder Investment
Management, were in
for the long term. The main holders
are very happy, said a source.
Ruspetro chief executive Donald
Wolcott (pictured) said: I am
extremely proud that Ruspetro has
completed a premium listing on the
London Stock Exchange at this
The company produces 4,500
barrels of oil a day and is
chaired by Christopher Clark,
also chairman of Severstal,
Russias second-biggest steel-
maker. The IPO is the first
major London listing
since Ophir Energy
in July last year.
Ruspetro shares start lower



18 CITYA.M. 20 JANUARY 2012
China premier defends Iran deal
Chinese premier Wen Jiabao has defend-
ed his countrys extensive oil trade with
Iran against pressure from the west to
impose sanctions over its nuclear energy
programme. Wen was speaking at the
end of a six-day visit to the Middle East,
with tensions running high over possible
US sanctions on countries that do energy
trade with Iran. China adamantly
opposes Iran developing and possessing
nuclear weapons, he said.
Edinburgh votes down Mitie work
Shares in outsourcing group Mitie slipped
1.3 per cent yesterday after Edinburgh
Council voted against its 170m facilities
management deal. Mitie was named as
preferred bidder last week for the seven-
year contract to run school meals and
maintenance work, but has been knocked
back by the council after it voted to carry
out the services in-house.
Knight Capitals earnings soar
Knight Capitals quarterly profit rose four-
fold, it said yesterday, as the electronic
trader earned more revenue from its mar-
ket-making activities despite challenging
market conditions. The firms shares
jumped 10 per cent on the news that its
fourth quarter earnings had soared to
$40.2m, from $9.2m a year ago. Knight
Capital, which is based in the US but has a
London office, provides execution services
to brokers and other retail clients.
Anglo American partner hits out
Anglo Americans Chilean partner Codelco
has hit out again at Anglos deal to sell
part of its stake in a shared project, claim-
ing the firm intentionally undermined
Codelcos right to take a bigger part of the
Anglo American Sur mine. Codelco claims
that Anglo and buyer Mitsubishi had even
made provision for Anglo to pay legal
costs if Codelco did dispute the transac-
tion. Anglo has insisted it had no obliga-
tion to give Codelco first refusal.
London 2012
This week the Olympic organisers announced that the Visa International Invitational Hockey
Tournament will take place from 2-6 May at the Olympic Park's Riverbank Arena. The men's
Australian and German teams, ranked number one and two in the world, will be among the teams
competing, along with the men's and women's British teams.
Between now and the start of the 2012 Olympic and Paralympic Games, City
A.M. is publishing its Olympic Image of the Week. We welcome photographs
from all sources if you have a shot you think our readers will like, please email with IOW2012 in the subject line. Full details:
UK economic
gloom hitting
oil explorers
LDC, the leading mid-market private
equity arm of Lloyds Banking Group, has
recruited Jon Herbert, Lloyds Banking
Groups head of acquisition finance. He
joins LDC as a director in the London
office to focus on sourcing debt to fund
the firms transactions.
De Beers
Gareth Mostyn has been appointed as
chief financial officer at De Beers.
Mostyn, currently group head of corpo-
rate finance at Anglo American, will
start his new role at the diamond min-
ing firm on 1 February.
Qannas Investments
Chris Ward, formerly global head of cor-
porate finance at Deloitte, has been
appointed as non-executive chairman of
Qannas Investments, ahead of its listing
on Aim next month. Ward relocated to
Dubai in 2008, where he ran the finan-
cial advisory services practice of
Deloitte in the Middle East, as the chief
executive of Deloitte Corporate Finance.
Rowan Dartington
The Bristol-based stockbroker has hired
former professional rugby player David
Blaney as a trainee stockbroker, where
he will focus on marketing strategy and
client relationships.
The communications infrastructure
firm has appointed Nicolas Ott as man-
aging director of its government,
mobile and enterprise business. Ott
joins Arqiva from mobile operator
Everything Everywhere, where he was
the vice-president for strategy, regula-
tion and planning.
Merchant Securities
Roger Phillips has been appointed as a
technology analyst. He joins from
Evolution Securities, where he covered
the pan-European technology sector,
following similar roles at Landsbanki
and Robert W Baird.
JP Morgan Asset Management
Andy Lloyd has joined as a senior insti-
tutional client adviser for the Nordic
region, the first employee at the firms
new Danish office in Copenhagen.
Lloyd joins from Alfred Berg/BNP
Paribas Investment Partners, where he
was head of Nordic alternative sales
and Danish institutional sales.
+44 (0)20 7092 0053
To appear in CITYMOVES please email your career
in association with
Third straight day
of gains in the US
S stocks rose for the third
straight day yesterday, sparked
by results from Bank of America
and Morgan Stanley and as the
latest jobless claims dropped to a near
four-year low.
The S&P 500 hit a fresh five-month
high, with the industrials, consumer
discretionary stocks and financials
leading gains.
Tech shares advanced ahead of
earnings from a number of bell-
wethers. But after the bell, shares of
Google fell 10 per cent to $575.50 fol-
lowing its results.
In the regular session, Bank of
America climbed 2.4 per cent to $6.96
after it reported it swung to a fourth-
quarter profit from a year-ago loss.
Morgan Stanley reported a loss that
was narrower than expected, sparking
a 5.4 per cent jump in its stock to
We think [financials] have pretty
much bottomed here in the US, said
Paul Simon, chief investment officer
at Tactical Allocation Group in
Birmingham, Michigan.
They represent some compelling
value. We think a lot of the bad news
has been discounted, and youve seen
stock prices rallying in the beginning
of the year, said Simon, whose firm
has been buying financials.
Financial shares have rallied since
the start of the year. The S&P financial
index is up 8.1 per cent so far for 2012,
helping to push the S&P 500 up 4.5
per cent for the year.
In US economic data, data showed
the number of Americans filing for
new jobless benefits dropped to a near
four-year low last week. It added to
views that the economy is slowly mov-
ing forward.
Semiconductor stocks also
advanced, with the PHLX Sox Index
rising 1.9 per cent. Xilinx shot up one
per cent to $35.64 a day after issuing
an upbeat forecast.
The Dow Jones industrial average
rose 45.03 points, or 0.36 per cent, to
12,623.98 at the close. The Standard &
Poors 500 Index gained 6.46 points, or
0.49 per cent, to 1,314.50. The Nasdaq
Composite Index climbed 18.62
points, or 0.67 per cent, to close at
In a sign of optimism about Europe,
both Spain and France drew strong
demand at government debt auctions.
With the S&P 500 having broken
above the 1,300 level, it looks set to hit
the 1,360-1,370 area, said Bruce Zaro,
chief technical strategist at Delta
Global Asset Management in Boston.
That [area] represents the May 2011
high ... and I believe we will see that
during this earnings season, Zaro
RITAINS top share index closed
higher yesterday, led by banks
after bullish earnings from
their US peers and with hopes
building that the recent coordinated
action by central banks and the IMF
would be enough to avoid an econom-
ic crisis.
The FTSE 100 index rose 38.78
points, or 0.7 per cent, to 5,741.15,
after breaking resistance at 5,700.
The index closed above that level on
Wednesday, for the first time since
the end of October, and extended
gains from its recent low in mid-
December to around seven per cent.
Volumes were heavier than in
recent months 153 per cent of their
90-day average evidence investors
are growing in confidence.
More and more people are realis-
ing what a bazooka that [the recent
action by central banks and the IMF]
is, said Steven Bell, director at hedge
fund GLC.
Banks, which fell around 30 per
cent in 2011, gained yesterday, with
Barclays up 10 per cent, as investors
feasted on bullish results from US
firms Goldman Sachs, Bank of
America and Morgan Stanley.
After a soggy start to the earnings...
its now looking pretty good.
Financials have leapt today and we
think that overall earnings will be
quite a big beat, Bell said.
The sector, which is acutely exposed
to Europes debt crisis, also got a lift
after Spain passed a key test in the
bond market, selling more longer-
term debt than had been expected.
Key to sentiment though remained
Wednesdays news regarding the
International Monetary Fund's
involvement in helping countries deal
with fallout from the crisis.
And investors received a further
boost, with traders citing media
reports that Klaus Regling, the head
of the euro-area bailout facility, is con-
fident that the funds reach can be
increased as much as fourfold, despite
its recent downgrade by S&P.
Other beaten down financials bene-
fited from the feel good factor with
insurers such as Aviva up 5.2 per cent,
and investment firm Schroders 5.3
per cent higher.
Airlines, which have come under
pressure as the outlook for the global
economy has deteriorated in recent
months, rallied too, with traders cit-
ing HSBCs upgrade of German carrier
Lufthansa as having a positive
readacross for the sector.
British Airways owner IAG climbed
6.5 per cent higher.
It wasnt such good news for the
retailers as Sainsbury underper-
formed after Goldman Sachs down-
graded its rating for the grocer to
sell and cut its earnings forecasts
across the sector by up to 21 per cent.
The broker also downgraded its rat-
ing for Tesco to neutral from buy,
and repeated its sell rating on Wm
Tesco, however, rose 1.9 per cent on
news US billionaire Warren Buffetts
investment vehicle Berkshire
Hathaway had increased its holding
in the company to more than five per
In heavy trade 380 per cent of its
90-day average British publisher
Pearson fell 1.3 per cent with traders
citing valuation concerns after it
bumped up its 2011 earnings guid-
ance for the third time in three
And with appetite for risk improv-
ing, defensive stocks featured promi-
nently on the FTSE 100 fallers list.
Tobacco stocks were weak, led by
BAT down 2.2 per cent, as Nomura
downgraded its stance on the sector
to neutral from bullish.
Bank stocks lead the way as
the FTSE continues its climb
To appear in Best of the Brokers email your research to
Nov Dec Jan
1,099.0019 Jan
Goldman Sachs initiates coverage of the temporary power group with a
buy rating and a target price of 1,320p, implying a 24 per cent upside.
Ahead of full-year results on 22 March, the broker forecasts revenue of
$208m (134m) and earnings before interest, tax, deductions and amorti-
sation of $107m. It also says that new hub openings in Panama and Dubai
during the first half of this year will help it win contracts over the year.
Nov Dec Jan
19 Jan
JP Morgan upgrades the security group to overweight and increases its
target price to 320p from 300p, after a management presentation from
chief executive Nick Buckles. The broker sees buoyant trading in UK gov-
ernment contracts, emerging markets, and its North American business,
which should offset any negatives from its European cash services and the
loss of two UK bank contracts at the end of last year.
ANALYSIS l Intermediate Capital
Nov Dec Jan
19 Jan
Citi rates the debt provider as neutral with a target price of 230p, follow-
ing its announcement that it has sold its stake in CPA Global the fifth
largest asset on its balance sheet that was valued at 76.9m. The broker
sees the exit as positive for ICG, which says it will mean a 43m capital
gain and cash proceeds of around 113m from the sale. It also increases its
net asset value forecast by one per cent.
11 Nov 24Oct 1 Dec 21 Dec 13Jan
19 Jan
Signia Wealth
Chris Godding has been appointed as co-chief
investment officer and managing director, focus-
ing on institutional and charity clients. Godding
moves to Signia Wealth after nine years at
Morgan Stanley private wealth management
international, where he was chief investment offi-
cer and a member of the Smith Barney invest-
ment committee. Prior to this, he managed equity
portfolios for Moore Capital, SocGen Asset
Management, Aberdeen Asset Management and
BZW Investment Management.
19 CITYA.M. 20 JANUARY 2012
HE latest hedge fund performance figures
show the average fund was down nearly 5
per cent in 2011, and have prompted some
to say: The hedge fund model is broken.
It is worth noting that global shares, accord-
ing to the MSCI All-Country World Index, were
down 9.4 per cent in 2011, but nobody is arguing
that the joint-stock company model is broken.
And no-one would argue that the mutual fund
model was broken, either, after one bad year.
2011 was a bad year for the global hedge fund
industry, but many managers and strategies did
well in very difficult circumstances.
It was also not so much a bad year, as a bad
third quarter. The industry was down 7 per cent
in the third quarter, when the EU sovereign debt
crisis was raging, but up for the rest of the year.
It is worth putting 2011 in context as one of
three down years in the last 20 for the global
hedge fund industry. During 1999-2010, the
major hedge fund indices averaged overall
returns (after fees) of more than 8 per cent per
Investors continue to express confidence in
the industry. Barclays Capital has just put out a
report saying that investors may add about
$80bn (51.78bn) of net new capital to hedge
funds globally in 2012, the most since 2007. More
than half the investors surveyed by BarCap plan
to increase their hedge fund investments in the
coming year, more than seven times the number
that plan to reduce their allocations.
This may be because many strong managers
with excellent performance-to-risk track records
have continued to succeed in a harsh investment
environment. And even those with poor results
this year can often point to many years of success
before this one.
It is also because hedge funds can provide an
important source of diversification for many
investors. Pension funds have traditionally
invested a large part of their portfolios in stocks
and bonds, but there are now question marks
hanging over the risk/return characteristics of
both as a result of the sovereign debt crisis and
concerns over the outlook for corporate prof-
itability and growth.
Indeed many investors actually see hedge
funds as a port in the storm. At least in theory, in
a volatile and uncertain world, an investment
manager who is active and who can hedge,
which is to say, one who can offer protection on
the downside, ought to be well placed to navi-
gate the stormy weather we're seeing right now.
Historically, hedge fund returns were achieved
with considerably lower levels of volatility than
equities, indeed only slightly above bond levels,
and with higher returns than for bonds.
That ability to reduce volatility is one signifi-
cant positive for hedge funds. Another is avoid-
ing big draw-downs. Of course the industry
suffered in 2008 and 2011. But it out-performed
global equities in both years.
Avoiding big draw-downs is extremely signifi-
cant if you look at returns over a long cycle. If
your manager can hedge, ie if they go short as
well as long, they can prevent the worst of those
losses. If they cannot, they are totally exposed to
the vagaries of the market.
The figures from American university endow-
ments, who have been enthusiastic investors in
hedge funds, show the benefits of investing in
hedge funds over the long-term. Take Harvard
and Yale, for example. Their hedge fund invest-
ments returned 8.9 per cent and 11.8 per cent
respectively annually over the last ten years,
including down years. The latest annual figures
(to mid-year 2011) show that the University of
Virginias hedge fund portfolio was up 16.3 per
cent; Yales was up 12.7 per cent; the University
of Texas System was up 12.5 per cent; the
University of California up 12.3 per cent, and
Harvard up 11.6 per cent.
Prominent British institutional investors in
hedge funds include USS (the Universities
Superannuation Scheme), which has a hedge
fund portfolio valued at more than $1.2bn that is
expected to double in the next year, and BT
Pension Scheme Management, one of the largest
pension fund investors in Europe in hedge funds.
University endowments and pension funds
are among the institutional investors who now
account for a significant majority of the assets
under management globally for the hedge fund
industry (more than 60 per cent, according to
Preqin). That is a big change, because even a few
years ago, the majority of the industrys investors
were still high net worth individuals.
This change in the investor base, often called
the institutionalisation of the industry, has
been a game-changer. Institutions are socially
valuable because they are guardians of invest-
ments on behalf of the man in the street. They
are exceptionally serious in terms of due dili-
gence and demand appropriate risk manage-
ment, governance and regulatory compliance
from the investment managers and funds to
whom they allocate. That institutional investors
are confident in the abilities of the hedge fund
industry to negotiate the current stormy weath-
er is a tremendous vote of confidence.
Andrew Baker is the chief executive of the Alternative
Investment Management Association (Aima).
The Forum
Investment managers who
can hedge ought to be well
placed in todays storms
In defence of hedge funds:
Institutional investors are
giving a vote of confidence
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
Twitter: @cityamforum;
on the web:;
or by email:
Top responses will be reprinted in The Forum.
ARLIER this week, law firm Irwin
Mitchell hired Glyn Barker as its chair-
man designate. Barker, a 30-year veteran
of PwC, built the accountancy giants pri-
vate equity practice and was its vice chairman
until the end of last month.
In the corporate world, cross-hiring between
industries is common take Chris Griggs side-
ways jump from Barclays to British Land or his
predecessor Stephen Hesters move into bank-
ing at RBS. Among law firms its not.
This is not the first time litigation specialist
Irwin Mitchell has stuck its neck out. Almost a
year ago it was the first firm to commit to
changing its business structure under the new
Legal Services Act, giving it the option to list on
the stock market. Now chief executive John
Pickering says hiring Barker is just another
step towards its drive for external investment.
The introduction of Alternative Business
Structures (ABS) on 3 January was a formal
acknowledgment of the ripples of change that
have been spreading across the legal sector for
a while until recently one of the most closed
and traditional industries in corporate Britain.
As the Prime Minister presses for more
employee involvement in listed companies
through the Co-operatives Bill he announced
yesterday, more law firms are abandoning
their limited-liability partnerships.
Instead, theyre adopting decentralised mod-
els that prioritise flexible growth over integra-
tion perfect for building an international
practice with discrete revenues. Even big hit-
ters like Allen & Overy are now outsourcing
back office operations echoing a trend thats
been present in public companies for years.
With yet another round of redundancies
touted among City firms as the once-steady
pipeline of corporate deals continues to just
trickle, many are keen to embrace unconven-
tional sources of financing, and ambitious
mid-tier firms are making it clear that in the
post-financial crisis business world they arent
taking anything for granted.
Terms like war chest and growth strategy
are entering the lexicon of senior partners no
longer able to rely on client relationships or a
stable deal flow to boost reserves and law
firms used to using debt and internal contribu-
tions to fund operations are being forced to
look further afield as lending again dries up.
Being an approved ABS moves the process
on in leaps and bounds. Not only can non-law
firms start providing legal services, but for the
first time conventional equity partnerships
can look for new ways to raise capital.
Australian firm Slater & Gordon a litiga-
tion powerhouse like Irwin Mitchell became
the worlds first publicly traded law firm when
it listed in its home country back in 2007. At an
offer price of Aus$1 (then 42p), trading opened
high and hit more than Aus$2.50 last year.
The precedent proves the law firm model is
a viable one for outside investment, but eager
pioneers will still need to show potential
investors theyve got key criteria ticked
growth prospects, an attractive price-to-earn-
ings ratio and, crucially, a business-savvy boss
to steer them through uncharted waters.
Barkers appointment didnt make head-
lines. It didnt move markets, or draw com-
ments from analysts on how his strategy might
affect the firms bottom line. But if Irwin
Mitchell and firms with similar aspirations
play their cards right, one day soon it might.
Elizabeth Fournier is deputy news editor at City
An uncommon
appointment is a
sign of the future
Law firms jump
the fences in a
quest for capital
Fed up of fairness
Allister Heath writes that the
coalition needs to tackle unem-
ployment while Sara Parker
reports that London is now an
unemployment hotspot [Its offi-
cial: London is now a hotspot of
unemployment business must
help tackle it, yesterday]. I own a
number of small businesses and
in the past year have been
exhorted by ministers to employ
more British people even as I am
prevented from firing those clear-
ly unproductive ones currently
working for me. No thought to
immigrants possibly having a bet-
ter work ethic and less sense of
entitlement, both important for
smooth running of my business
(clearly a secondary considera-
tion for many). All at the same
time as having both my personal
tax and payroll taxes increased.
Apparently I am to shoulder my
fair share of the debt burden
bequeathed to me by others.
Frankly Im fed up.
Michael Zybutz
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web:;
by email:;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
The Forum
E WILL know
we have pro-
gressed to a
higher level
of civilisation when a
politician praises a
course of action that
does not give him more
On that measure, David Cameron remains as
vulgar as the rest of his colleagues. He said yester-
day, many people are questioning not just how
and when we will recover, but the whole way our
economy works and then rapidly moved on to
explore exactly how much control of our economy
that meant he needed to take.
Cameron talks a good game, saying, I believe
that open markets and free enterprise are the
best imaginable force for improving human wealth
and happiness. Indeed, who, looking at the statis-
tics, could disagree with him. Two hundred years
ago, the world economy was at the present level
of Bangladesh. Two centuries on and the average
person consumes some ten times as much. We
have broken with the poverty of history thanks to
capitalist growth. There is inequality between the
richest and the poorest, but those who are poor-
est are immeasurably richer than could have ever
been conceived for almost all of humanitys past
And yet like the most cynical arriviste, Cameron
wants to exploit the current economic difficulties
to exact political power for himself. Such behav-
iour is shameful; it is shocking to see a prime min-
ister conduct such a power play in plain view.
What he failed to mention in his speech is the
truth about markets, which is that they function
best when politicians arent running them. It is
pretty rich for an inhabitant of Downing Street to
claim that he is best placed to correct the market.
The power of the market is based precisely on the
idea that control from the centre is corrupting. Far
from correcting the marketplace, Cameron only
has the power to distort it.
The economic historian Deirdre McCloskey, who
wrote on these pages last year, has argued at
length, with support from the work of economist
Joel Mokyr, that the transformative power of cap-
italism is tied directly to a rhetoric of approbation
for capitalism and the free innovation of the mid-
dle classes. From this point of view, Camerons cur-
rying of favour with voters who are envious of the
levels of pay in the financial services sector is not
just cynical, but destructive. Chasing a short-term
electoral advantage, he throws the health of the
British economy under the bus.
As McCloskey says: Give a man and a woman
the liberty to innovate, and persuade them to
admire enterprise and to cultivate the bourgeois
virtues and you save them both for a long life of
wide scope, and for successively wider lives for
their children and their grandchildren too.
Cameron isnt listening. Posing as a friend of the
markets, he reaches out his hand to manage them.
As such, he reveals himself for the aristocratic
meddler he is at heart. His inability to empathise
with the middling sort and their ambitions, and to
unleash their potential, will in the end be his
downfall. Fine words on the correction of markets
from the centre reveal nothing but a politician
who will, like all the rest, say anything if it buys
him an edge.
Marc Sidwell is City A.M.s business features
Populist politicians are
not markets saviours
Twitter: @cityamforum
In association with
Knight Frank/Markits January House Price Sentiment
Index (HPSI) shows the rate of decline in house prices was
similar to December. Around five per cent of households
said the value of their home had risen since December,
while around 19 per cent reported a fall. The resulting HPSI
figure of 43.2 is down from 43.3 in December.
Living| Property
22 CITYA.M. 20 JANUARY 2012
From Kensington to Farringdon:
why Londons prices are buoyant
Zoe Strimpel talks
to Grainne Gilmore,
head of UK
residential research
at Knight Frank, to
get the latest on the
luxury housing
market in London
Prices in Prime Central London are
indeed out-performing the rest of the
country. Over the last 12 months, aver-
age house prices across the UK have
remained broadly stable, meanwhile in
Prime Central London (PCL), prices rose
by 12.1 per cent in 2011. There are many
reasons for this, but one of the key fac-
tors is that bricks and mortar in PCL is
seen as safe haven, both for domestic
and international buyers.
There is no dictionary definition of
prime, but usually, in more established
prime areas, such as Knightsbridge,
Mayfair and Chelsea, it means there are
a high volume of properties worth more
than 2m. For more development-led
prime areas, such as the Southbank, the
City and the City Fringe, it means that
properties are regularly achieving over
1,000 per square foot. Usually we find
that these prime areas have common
factors as well as being centrally locat-
ed. These are fantastic retail outlets,
good transport links and high lev-
els of top-end housing stock.
No, but they are certainly
an important market.
Around 53 per cent of
sales in PCL are to buyers
from overseas, and there
was increased interest
from Greek and Italian
buyers late last year. Greek
buyers invested 276m in
Prime London property last
year, while Italians spent
Rents in the prime central London area
have also risen strongly over the last
year and are higher than they were dur-
ing the previous peak in 2008. As with
the rest of the UK, there has been
increased demand for rental property
It really depends on what your priorities
are. For some buyers, being close to
their childrens school or university will
be paramount, some will want to live in
a building with iconic architecture and
top- end service, while others may want
to start from scratch in an untouched
townhouse. But a major factor to bear in
mind is security. In this respect
Kensington Palace Gardens fits the bill,
as do some of the recently developed
buildings in the capital.
Look for locations on the edge of prime
or where future infrastructure invest-
ment will pull your location into a more
desirable bracket so property within
walking distance of Crossrail stations,
for instance Aldgate and Farringdon are
interesting to consider.
We recently did some research across
the UK focusing on Michelin-starred
restaurants and found that house prices
close to some of the best restaurants,
such as the Fat Duck and Whately
Manor have climbed by twice as much
as other properties in the wider locality.
In London most people are surrounded
by good bars and restaurants. This cer-
tainly is part of the attraction of living
in London, and why many are willing to
pay a premium to do so.
a shadow over the UK, and global, econ-
omy. There is no doubt that the UKs
economic growth rate will be affected if
the Eurozone crisis deepens further or if
the Eurozone breaks up. This will have a
knock-on effect on all areas of the hous-
ing market. But there is an argument
that prime central London property
would still be seen as a safe haven amid
very uncertain times in Europe.
However our central forecasts are
based on the Eurozone weathering the
storm and remaining united.
as transactions eased. But
for those wondering how
high rents can actually go,
there has been a respite, as
prime central London rents have
slipped over the last three months,
the first falls seen since 2009. They are
still 6.7 per cent higher year on year
The Eurozone crisis is certainly casting
Greek buyers invest-
ed 276m in Prime
London propety last
Picture: REX
Investment in UK commercial property hit 32.5bn in
2011, in part due to a boost in the final quarter of 2011
as transactions were pushed through before the close
of the year, according to new research from CBRE. The
UK investment market finished the year nearly 3bn
below 2010 levels.
Rents fell for a second successive month in December,
according to the latest buy-to-let index from LSL Property
Services, which owns the UKs largest lettings agent net-
work, including national chains Your Move and Reeds Rains.
In December, the average rent in England and Wales fell by
0.8 per cent to 711 per month.
Eagle Wharf SE1
guide price 450,000 leasehold
A large studio apartment set within this very popular Shad Tames warehouse
development. Te property retains some original features such as bare brick walls
& is currently rented out so chain free.
Botolph Alley EC2R
500 per week
Situated in this new development in the heart of the City is this spacious 1 bedroom
apartment. Tis brand new property is located on the 3rd foor, has wooden foors
throughout & benefts from contemporary furnishings. Other features include a walk
in wardrobe & a storage room located just outside the apartment.
Roy Square E14
675,000 leasehold
A refurbished 3 bedroom duplex apartment located in the heart of Limehouse Village
which is with walking distance of Canary Wharf & its amenities. Features include a large
open plan reception, 3 double bedrooms, large roof terrace, allocated parking & daytime
concierge. Ofered with no onward chain.
Ionian Building E14
975 per week
A stunning penthouse apartment in the heart of Limehouse. Te property benefts from
3 double bedrooms (2 with en-suites), a large open plan kitchen, 2 allocated parking
spaces, foor to ceiling windows & spectacular views of the river, Canary Wharf & the City
from the large wrap around terrace. Te development also boasts 24 hour concierge.
Tower Bridge
020 7357 7999
Tower Bridge
020 7357 6911
Canary Wharf & Docklands
020 7510 8300
Canary Wharf & Docklands
020 7510 8310

*Translation: Russian desk now open
Contact Chesterton Humberts Russian desk
on +44 (0)20 7201 2052
Were now at home in Borough
Our new Borough branch is open. If youre buying, selling, letting or renting,
weve got the experience, the neighbourhood knowledge and the Londonwide
contacts to get the best results for you.
Find us on 44-48 Borough High Street
Sales 020 3465 9230
Lettings 020 3465 9240
Price: 19.5m
This stunning penthouse takes advantage of its unrivalled location, pro-
viding spectacular views across London. The property is completed to
the very highest standard, using the best techniques and materials.
Contact: or 020 7499 1012
Price: 9m
This stunning,
newly refur-
bished apart-
ment in one of
Londons most
addresses offers
the ultimate in
life styles with
its dedicated
team of
concierge, securi-
ty and maids
service. Includes
an entrance hall-
way with Italian
marble flooring
Contact: harrod- or
020 7893 8933
Mayfair sits right at the top of
the prime central London high
performers league over the past
five or six years, and a high pro-
portion of flats and houses here
have shown extremely strong
growth. Our analysis shows that
size really matters. Large Mayfair
houses, in excess of 10,000 sq ft,
in locations close to the world-
famous Berkeley and Grosvenor
Squares (such as Charles Street,
Hill Street and Upper Brook
Street) have seen some of the
highest price growth since 2006,
adding around 150 per cent to
their value compared to an aver-
age price growth of around 117
per cent for all prime Mayfair
property and 90 per cent across
prime central London.
Average values for such rare
large properties have risen to
between 2,500 and 3,000 per
square foot, compared to 1,800
to 2,500 for the best performing
one and two bedroom flats, in
locations such as Mount Street.
Living | Property
24 CITYA.M. 20 JANUARY 2012
Price: 4.75m
A Mayfair town-
house located
just off Curzon
Street. Arranged
over six floors,
the 2700 sq ft
property features
a spectacular
roof terrace.
Derby Street is a
quiet street
located moments
from Hyde Park
and is within
walking distance
of Bond Street.
or 020 7499 1012
Price: 14m
An un-mod-
ernised Grade II
listed building in
need of complete
The Grade II
Listed property
is approximately
12,500 sq ft and
comes with a lift
and patio gar-
Contact: or
020 7578 5100
Price: 17m
This elegant house
located on a beau-
tiful garden
square, consists of
9,630 sq ft
arranged over four
floors, has three
large reception
rooms, dining
room, kitchen, six
bedrooms, five
bathrooms, guest
cloakrooms, large
private garden and
double garage
Contact: harrod- or
020 7893 8933
Queen Marys Gate, South Woodford E18
0800 883 8607or (out-of-hours) 0800 032 0077
*Price correct at time of going to press. Photographs depict Queen Marys Gate exteriors & showhome interior.
10 mins
Onward travel to
Canary Wharf 25 mins
10-12 mins (walk)
30 mins
28 mins
19 mins
20 mins
Sales Centre open daily
Mon - Sat 10am - 6pm
Sun 11am - 5pm
1 & 2 bedroom apartments and penthouses offering the space to enjoy and to entertain in style.
Design that will make you the envy of your friends and the luxury of the Capital in easy reach.
Private gated development with 24 hour concierge service Private landscaped gardens and courtyards Balconies or terrace on selected apartments
Apartments from 197,500*
Central line connections:
Selling fast
Price correct at time of going to press. Photographs show homes at The Regent.
Live in one of Londons most desirable locations
Close to Chelsea and Battersea Park
Clapham Junction railway station minutes
away by foot
The Regent, Gwynne Road
London SW11 3UW
2 bedroom apartments from 309,995
Marketing Suite and Show Home
open daily 10am 5pm
0207 223 3381
QR scan me now
Living | Property
26 CITYA.M. 20 JANUARY 2012
I'm looking to invest in a buy-to-let property and wonder
whether one with off street parking and/or a garage might be
a good bet in terms of increased rental return. Could I also
benefit from renting the garage under a separate agreement?
There is currently a shortage of properties to rent in central
London, so the demand from tenants for well located, immaculately
refurbished properties is strong. With parking in London increas-
ingly difficult, many people will pay a premium to be able to park outside
their house or access their own garage. If you can offer parking and out-
side space (garden/terrace), your property is more desirable. It is difficult
to calculate the increased rent in terms of the inclusion of a garage or off-
street parking. In some cases it could be an extra 50 a week, for a small-
er one or two bedroom property; but it could be as much as 200 a week
for a large house. Once I had a prospective tenant with a particularly
expensive car who was prepared to pay a much higher rent for a property
which included secure parking. If the parking is not integral to the house,
then we have had clients who have let their parking separately on a license.
In many cases renting a parking space separately can be more lucrative,
but if you own a flat in a building with communal underground parking, you
need to check the regulations with the managing agents of the building.
My current tenants are coming to the end of their contract
and I want to do some improvements to my property before
searching for new ones. What are some ways I can add value?
I would recommend that all landlords check their property careful-
ly between tenancies. If it is looking a little tired, it is worth
repainting, re-carpeting, re-grouting and re-sealing baths and
showers to ensure it is in pristine condition. It may have been repainted
prior to the previous tenancy, but even after a year, walls will need touch-
ing up, even if a complete repaint is not required. Presentation is very
important and, for furnished properties, I would suggest the beds have
smart bed covers and cushions and the furniture is in good condition.
Empty properties should be cleaned regularly. Gardens should be main-
tained in immaculate condition as we are seeing less investors coming back
into the market and even small things can make all the difference.
Catherine Cockcroft
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
First Direct Flexible 1.99 2 years 3.6 65
Santander Flexible 2.09 2 Years 4 60
Chelsea BS Flexible 2.39 March 2014 5.4 70
Market Harborough BS Flexible 2.48 2 Years 5 75
First Direct Flexible 2.48 2 years 5 75
HSBC Fixed 2.28 April 2014 3.9 60
Santander Fixed 2.35 April 2014 4.1 60
Hanley Economics BS Fixed 2.35 February 2014 5 60
Chelsea BS Fixed 2.94 March 2015 5.3 70
Price: 825,000
Set within a Victorian building in the heart of Mayfair, this
one bedroom flat on the third floor overlooks The Grosvenor
Chapel. Contact: or 020 7499 1012
Price: 4.75m
This Grade II listed, stucco fronted house lies this beautifully
refurbished penthouse apartment which benefits from direct
lift access, porterage, off street parking and boasts far reach-
ing views.
Contact: or 020 7893 8933
Sales Centre at 193 Bow Common Lane, E3 4JJ.
Open daily:
Monday - Saturday 10am - 6pm(calls answered until 10pm)
Sunday 11am - 5pm
0800 883 8321 or (out-of-hours) 0800 032 0077
from just
A development by:
*Price correct at time of going to press. Lifestyle photograph is indicative only. Internal photographs of previous Telford Homes showhome interiors and CGI of Evelyn Court.
Spacious one, two & three bedroom apartments in a selection of apartment buildings
Exceptional interiors, fixtures, fittings & Customer Service support
Close to Mile End Tube and Devons Road DLR for easy access to The City,
Canary Wharf and Stratford
Ready for occupation from March 2012 (est.)
London Estate Agents | Investment & Development Consultants | Block Managers | Established 1982
2 Bedrooms 2 Shower Rooms Balcony Short
Walk from Hyde Park Excellent Transport Links
775 Per Week Furnished or Unfurnished
Period Conversion 2 Bedrooms Garden Square
Views Fourth Floor Close to Marylebone
600 Per Week Furnished or Unfurnished
Period Conversion 2 Bedrooms Separate Kitchen
Third Floor Close to Bond Street underground station
925 Per Week Furnished or Unfurnished
Penthouse Apartment 3 Bedrooms 3 Bathrooms
Balcony 24 Hour Security Underground Parking
1,900 Per Week Furnished or Unfurnished
3 Bedrooms 2 Receptions 2 Bathrooms Large
Patio Close to Hyde Park Excellent Transport Links
1,250 Per Week Furnished or Unfurnished
020 3394 0029 |
Scan here to access our
mobile website
House 3 Bedrooms 3 Bathrooms Garage Quiet
Location Close to Bond Street Underground Station
1,500 Per Week Furnished or Unfurnished
1 BedroomSeparate Kitchen Mezzanine Dining Area
Study Close to Hyde Park Excellent Transport Links
625 Per Week Furnished
Photo guide to interior finish only
0800 883 8793 or (out-of-hours) 0800 032 0077
Selling Agent:
*Prices correct at time of going to press. CGI of Matchmakers Wharf from the River Lea and photography of previous Telford Homes showhome interior.
Studio apartments from 175,000*
1 bedroom apartments from 215,000*
2 & 3 bedroom apartments from260,000*
Exceptional interiors featuring designer kitchens with integrated appliances
and flooring throughout
Landscaped communal deck and roof terraces
Just 15 - 20 minutes walk to Stratford International Station for quick travel into The City
and Canary Wharf
Many apartments have wide open views towards the 2012 Olympic Park, Canary
Wharf, The City or the vast open greenery of Hackney Marshes
24 hour concierge service and exclusive residents only gymnasium
Matchmakers Wharf - minutes from
the heart of the action at Stratford City
Actual view from eleventh floor residents roof terrace at Matchmakers Wharf.
Stylish studio, 1, 2 and 3 bedroom waterside apartments ready from March 2012,
prior to the London Olympic Games. The ideal place to invest or make your home!
LON GD ONCE FIX AM...........1664.00 7.00
SILVER LDN FIX AM ..................30.55 0.16
MAPLE LEAF 1 OZ ....................32.98 0.06
LON PLATINUM AM................1537.00 25.00
LON PALLADIUM AM...............670.50 21.50
ALUMINIUM CASH .................2174.00 3.00
COPPER CASH ......................8155.50 -29.00
LEAD CASH...........................2091.50 46.00
NICKEL CASH......................19455.00 -20.00
TIN CASH.............................21550.00 -25.00
ZINC CASH ............................1997.00 -2.50
BRENT SPOT INDEX ................111.30 -0.64
SOYA .....................................1183.50 0.00
COCOA..................................2265.00 -5.00
COFFEE...................................224.85 -0.30
KRUG.....................................1721.10 7.10
WHEAT ....................................157.75 1.27
AIR LIQUIDE........................................98.87 0.02 100.65 80.90
ALLIANZ..............................................83.34 3.33 108.85 56.16
ANHEUS-BUSCH INBEV ....................48.09 -0.06 48.63 33.85
ARCELORMITTAL...............................16.37 0.64 28.55 10.47
AXA......................................................11.67 0.70 16.16 7.88
BANCO SANTANDER...........................5.89 0.28 9.00 4.94
BASF SE..............................................59.01 -0.02 70.22 42.19
BAYER.................................................54.20 -0.67 59.44 35.36
BBVA......................................................6.75 0.31 9.17 4.94
BMW ....................................................62.96 0.73 73.85 43.49
BNP PARIBAS.....................................34.70 2.64 59.93 22.72
CARREFOUR ......................................17.27 -0.20 31.98 14.66
CRH PLC .............................................16.20 0.80 17.40 10.28
DAIMLER.............................................41.44 0.08 59.09 29.02
DANONE..............................................46.95 0.65 53.16 41.92
DEU.BOERSE OFFRE ........................42.47 0.50 55.75 35.46
DEUTSCHE BANK..............................32.48 2.53 48.70 20.79
DEUTSCHE TELEKOM.........................8.94 0.01 11.38 7.88
E.ON.....................................................16.29 -0.14 25.54 12.50
ENEL......................................................3.08 -0.07 4.86 2.78
ENI .......................................................17.20 0.51 18.66 11.83
FRANCE TELECOM............................11.54 0.03 16.65 11.12
GDF SUEZ ...........................................21.40 0.37 30.05 17.65
GENERALI ASS...................................12.33 0.41 17.05 10.34
IBERDROLA..........................................4.63 0.07 6.10 4.16
INDITEX ...............................................66.17 -0.33 69.40 50.92
ING GROEP CVA...................................7.18 0.50 9.50 4.21
INTESA SANPAOLO.............................1.36 0.08 2.47 0.85
KON.PHILIPS ELECTR.......................14.97 0.08 25.45 12.01
L'OREAL..............................................82.35 0.57 91.24 68.83
LVMH..................................................120.20 2.15 132.65 94.16
MUNICH RE.........................................98.05 2.61 126.00 77.80
NOKIA....................................................4.39 -0.02 8.49 3.33
REPSOL YPF.......................................22.14 -0.16 24.90 17.31
RWE.....................................................27.66 -0.61 55.69 21.15
SAINT-GOBAIN...................................34.58 1.36 47.64 26.07
SANOFI ................................................55.97 -0.51 57.42 42.85
SAP......................................................44.04 -0.40 46.15 32.88
SCHNEIDER ELECTRIC.....................48.57 1.19 61.83 35.00
SIEMENS .............................................78.35 0.46 99.39 62.13
SOCIETE GENERALE.........................20.10 2.34 52.70 14.32
TELECOM ITALIA..................................0.82 0.00 1.16 0.70
TELEFONICA ......................................13.49 0.22 18.75 12.50
TOTAL..................................................40.44 0.36 44.55 29.40
UNIBAIL-RODAMCO SE...................143.90 4.80 162.95 123.30
UNICREDIT............................................3.36 0.38 12.06 2.20
UNILEVER CVA...................................25.20 -0.24 27.16 20.90
VINCI ....................................................36.84 0.64 45.48 28.46
VIVENDI ...............................................16.08 0.18 22.07 14.10
VOLKSWAGEN VORZ ......................135.55 3.55 152.20 86.40
Price Chg High Low
FTSE 100 . . . . . . . . . . . . . . 5741.15 38.78 0.68
FTSE 250 INDEX . . . . . . . 10808.30 147.22 1.38
FTSE UK ALL SHARE . . . . 2959.40 22.29 0.76
FTSE AIMALL SH . . . . . . . . 753.29 11.66 1.57
DOWJONES INDUS 30 . . 12623.98 45.03 0.36
S&P 500 . . . . . . . . . . . . . . . 1314.50 6.46 0.49
NASDAQ COMPOSITE . . . 2788.33 18.62 0.67
FTSEUROFIRST 300 . . . . . 1046.30 11.66 1.13
NIKKEI 225 . . . . . . . . . . . . . 8639.68 89.10 1.04
DAX 30 PERFORMANCE. . 6416.26 61.69 0.97
CAC 40 . . . . . . . . . . . . . . . . 3328.94 64.01 1.96
SHANGHAI SE INDEX . . . . 2296.08 29.69 1.31
HANG SENG. . . . . . . . . . . 19942.95 256.03 1.30
S&P/ASX 20 INDEX . . . . . . 2533.70 0.00 0.00
ASX ALL ORDINARIES . . . 4278.60 0.00 0.00
BOVESPA SAO PAOLO. . 61926.69 203.83 0.33
ISEQ OVERALL INDEX . . . 3037.07 84.83 2.87
STRAITS TIMES . . . . . . . . . 2811.20 15.80 0.57
IGBM. . . . . . . . . . . . . . . . . . . 874.79 1.65 0.19
SWISS MARKET INDEX. . . 6194.45 78.22 1.28
Price Chg %chg
3M........................................................85.80 0.73 98.19 68.63
ABBOTT LABS ...................................55.43 0.07 56.84 45.07
ALCOA ................................................10.18 0.16 18.47 8.45
ALTRIA GROUP..................................28.61 -0.35 30.40 23.20
AMAZON.COM..................................194.45 5.01 246.71 160.59
AMERICAN EXPRESS........................50.95 0.39 53.80 41.30
AMGEN INC.........................................69.14 -0.08 69.49 47.66
APPLE...............................................427.75 -1.36 431.37 310.50
AT&T....................................................30.42 0.09 31.94 27.20
BANK OF AMERICA.............................6.96 0.16 15.16 4.92
BERKSHIRE HATAW B.......................79.59 0.67 87.65 65.35
BOEING CO.........................................75.56 0.50 80.65 56.01
BRISTOL MYERS SQUI ......................32.71 -1.02 35.44 20.05
CATERPILLAR..................................105.75 1.49 116.55 67.54
CHEVRON.........................................106.93 0.10 110.99 86.68
CISCO SYSTEMS................................19.79 0.25 22.34 13.30
CITIGROUP.........................................29.33 0.30 49.60 21.40
COCA-COLA.......................................67.45 -0.14 71.77 61.29
COLGATE PALMOLIVE......................89.97 -0.34 94.89 74.86
CONOCOPHILLIPS.............................71.27 -0.23 81.80 58.65
CVS/CAREMARK................................42.88 -0.22 43.17 31.30
DU PONT(EI) DE NMR........................49.40 -0.05 57.00 37.10
EXXON MOBIL....................................87.03 0.58 88.23 63.47
GENERAL ELECTRIC.........................19.15 0.13 21.65 14.02
GOOGLE A........................................639.57 6.66 670.25 473.02
HEWLETT PACKARD.........................27.15 0.15 49.39 19.92
HOME DEPOT.....................................45.41 0.53 45.42 28.13
IBM.....................................................180.52 -0.55 194.90 149.38
INTEL CORP .......................................25.63 0.24 26.78 19.16
J.P.MORGAN CHASE.........................36.93 0.39 48.36 27.85
JOHNSON & JOHNSON.....................65.19 -0.09 68.05 57.50
KRAFT FOODS A................................38.70 -0.02 38.84 24.30
MC DONALD'S CORP ......................101.26 -0.30 101.87 72.89
MERCK AND CO. NEW......................39.26 0.39 39.43 29.47
MICROSOFT........................................28.12 -0.11 29.46 23.65
OCCID. PETROLEUM.........................99.86 -1.07 117.89 66.36
ORACLE CORP...................................28.56 0.22 36.50 24.72
PEPSICO.............................................65.91 1.06 71.89 58.50
PFIZER ................................................21.84 -0.13 22.17 16.63
PHILIP MORRIS INTL .........................73.78 0.52 79.96 55.98
PROCTER AND GAMBLE ..................66.08 0.05 67.72 56.57
QUALCOMM INC ................................58.00 0.41 59.84 45.98
SCHLUMBERGER ..............................72.86 2.23 95.64 54.79
TRAVELERS CIES..............................60.30 0.41 64.17 45.97
UNITED TECHNOLOGIE ....................77.19 -0.41 91.83 66.87
UNITEDHEALTH GROUP...................52.32 -1.62 54.18 39.37
VERIZON COMMS ..............................39.00 -0.01 40.48 32.28
WAL-MART STORES..........................60.61 0.60 61.06 48.31
WALT DISNEY CO ..............................39.44 0.42 44.34 28.19
WELLS FARGO & CO.........................30.15 -0.09 34.25 22.58
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.290 0.00
LIBOR Euro - 12 months ................1.790 -0.01
LIBOR USD - overnight...................0.146 0.00
LIBOR USD - 12 months .................1.110 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.060 0.13
European repo rate.........................0.204 0.00
Euro Euribor ....................................0.440 0.00
The vix index ...................................19.80 -1.09
The baItic dry index ........................926.0 -48.0
Markit iBoxx...................................244.03 -0.46
Markit iTraxx..................................161.54 -0.84
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
BAE Systems . . . . . .313.7 2.2 356.5 248.1
Chemring Group . . . .460.0 15.6 736.5 368.8
Cobham . . . . . . . . . . .192.2 0.9 236.5 165.9
Meggitt . . . . . . . . . . . .374.3 -0.1 397.6 304.9
QinetiQ Group . . . . . .134.2 -0.7 137.4 101.5
RoIIs-Royce Group . .735.0 -14.5 769.0 557.5
Senior . . . . . . . . . . . . .180.8 2.2 190.6 132.6
UItra EIectronics . . .1569.0 -17.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .213.1 8.4 245.0 157.0
BarcIays . . . . . . . . . . .221.4 20.3 333.6 138.9
HSBC HoIdings . . . . .536.4 20.8 730.9 463.5
LIoyds Banking Gr . . .32.3 2.7 69.3 21.8
RoyaI Bank of Sco . . .27.1 2.2 49.0 17.3
Standard Chartere .1559.0 70.0 1712.5 1169.5
AG Barr . . . . . . . . . .1229.0 -6.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .341.1 4.1 465.0 289.9
Diageo . . . . . . . . . . .1381.0 -20.5 1428.0 1112.0
SABMiIIer . . . . . . . . .2293.0 -3.0 2354.5 1979.0
AZ EIectronic Mat . . .293.7 12.0 338.1 206.1
Croda Internation . .1944.0 6.0 2081.0 1456.0
EIementis . . . . . . . . . .150.0 3.3 187.4 107.5
Johnson Matthey . .2090.0 26.0 2119.0 1523.0
Victrex . . . . . . . . . . .1254.0 15.0 1590.0 1025.0
YuIe Catto & Co . . . . .200.0 21.7 253.0 148.0
C/$ 1.2930 0.0077
C/ 0.8361 0.0030
C/ 99.847 1.1492
/C 1.1960 0.0044
/$ 1.5465 0.0037
/ 119.41 0.9530
FTSE 100
FTSE 250
S&P 500
RPC Group . . . . . . . .380.0 -2.4 387.9 231.5
Smiths Group . . . . . .998.5 28.5 1429.0 869.5
Brown (N.) Group . . .232.0 2.2 307.5 227.0
Carpetright . . . . . . . . .548.0 15.5 812.0 375.0
Debenhams . . . . . . . . .64.0 0.3 74.8 51.2
Dignity . . . . . . . . . . . .817.5 1.5 854.5 648.5
Dixons RetaiI . . . . . . .13.6 1.7 22.3 9.4
DuneImGroup . . . . . .458.1 3.5 524.5 383.9
HaIfords Group . . . . .311.2 5.8 416.0 268.6
Home RetaiI Group . .102.0 8.7 235.0 72.5
Inchcape . . . . . . . . . .344.7 8.4 425.4 268.1
JD Sports Fashion . .714.5 5.5 1030.0 570.0
Kesa EIectricaIs . . . . .73.0 -4.9 151.4 60.2
Kingfisher . . . . . . . . .258.1 2.7 287.1 217.0
Marks & Spencer G . .327.0 3.3 402.2 301.8
Next . . . . . . . . . . . . .2629.0 -14.0 2810.0 1868.0
Sports Direct Int . . . .234.0 5.4 266.2 159.0
WH Smith . . . . . . . . . .534.5 2.0 558.0 433.8
Smith & Nephew . . . .599.5 3.0 742.0 521.0
Synergy HeaIth . . . . .873.5 -5.5 981.0 808.0
Barratt DeveIopme . .113.3 1.8 119.0 67.5
BeIIway . . . . . . . . . . . .744.0 4.0 776.5 540.5
BerkeIey Group Ho .1296.0 -4.0 1360.0 884.5
BaIfour Beatty . . . . . .288.2 -2.8 357.3 214.6
CRH . . . . . . . . . . . . .1340.0 60.0 1700.0 1053.0
GaIIiford Try . . . . . . . .485.3 4.9 530.0 307.5
Kier Group . . . . . . . .1380.0 -5.0 1458.0 1097.0
Drax Group . . . . . . . .530.5 0.0 581.5 371.9
SSE . . . . . . . . . . . . . .1245.0 -2.0 1423.0 1159.0
Domino Printing S . .550.0 2.0 705.0 434.3
HaIma . . . . . . . . . . . . .354.2 4.4 429.6 306.3
Laird . . . . . . . . . . . . . .162.5 2.0 207.0 127.9
Morgan CrucibIe C . .302.4 2.4 357.1 224.0
Oxford Instrument . .934.0 6.0 1010.0 600.5
Renishaw . . . . . . . . .1108.0 2.0 1886.0 800.0
Spectris . . . . . . . . . .1557.0 47.0 1679.0 1039.0
Aberforth SmaIIer . . .543.5 0.0 714.0 494.0
AIIiance Trust . . . . . .360.2 3.1 392.7 310.2
Bankers Inv Trust . . .416.9 6.1 428.0 346.5
BH GIobaI Ltd. GB .1190.0 6.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.8 0.1 12.2 10.4
BH Macro Ltd. EUR . . .20.0 0.1 20.2 16.3
BH Macro Ltd. GBP 2055.0 0.0 2083.0 1661.0
BH Macro Ltd. USD . . .20.0 0.0 20.2 16.2
BIackRock WorId M .700.0 12.0 815.5 574.5
BIueCrest AIIBIue . . .166.4 0.0 176.2 162.4
British Assets Tr . . . .123.0 2.3 139.5 109.0
British Empire Se . . .439.5 3.6 533.0 404.0
CaIedonia Investm .1451.0 16.0 1872.0 1337.0
City of London In . . .290.2 0.7 306.9 257.0
Dexion AbsoIute L . .138.8 0.5 151.0 130.0
Edinburgh Dragon . .235.4 4.4 254.0 201.4
Edinburgh Inv Tru . . .487.8 0.8 492.2 414.9
EIectra Private E . . .1487.0 30.0 1755.0 1287.0
F&C Inv Trust . . . . . .299.8 2.1 327.9 261.5
FideIity China Sp . . . . .79.6 1.5 115.6 70.0
FideIity European . .1055.0 23.0 1287.0 912.0
HeraId Inv Trust . . . . .483.4 9.4 545.5 419.0
HICL Infrastructu . . . .117.7 0.1 121.3 112.7
Impax Environment . .99.5 0.8 125.9 88.5
John Laing Infras . . .109.5 0.1 109.8 103.4
JPMorgan American .914.0 16.0 916.0 721.5
JPMorgan Asian In . .197.8 1.6 244.0 170.1
JPMorgan Emerging .558.5 16.0 615.5 480.1
JPMorgan European .696.5 17.0 983.5 624.0
JPMorgan Indian I . . .366.5 6.9 459.0 313.1
JPMorgan Russian .525.0 7.0 741.0 415.1
Law Debenture Cor . .351.3 2.3 385.0 321.0
MercantiIe Inv Tr . . . .935.0 19.5 1137.0 823.0
Merchants Trust . . . .377.0 4.5 431.8 341.5
Monks Inv Trust . . . .319.5 1.0 367.9 298.1
Murray Income Tru . .636.5 3.0 673.0 568.0
Murray Internatio . . .957.5 11.0 991.5 818.5
PerpetuaI Income . . .263.8 2.8 276.0 236.5
PersonaI Assets T .34090.0 -10.0 34150.030210.0
PoIar Cap TechnoI . .337.8 6.8 391.2 299.5
RIT CapitaI Partn . . .1239.0 -5.0 1360.0 1173.0
Scottish Inv Trus . . . .480.2 5.2 524.0 417.0
Scottish Mortgage . .655.0 17.0 781.0 565.0
SVG CapitaI . . . . . . . .220.0 0.0 279.8 165.1
TempIe Bar Inv Tr . . .884.0 4.5 952.0 791.0
TempIeton Emergin .594.0 8.5 684.5 497.0
TR Property Inv T . . .153.6 6.0 206.1 136.2
TR Property Inv T . . . .64.3 0.5 94.0 59.8
Witan Inv Trust . . . . .465.1 0.7 533.0 401.5
3i Group . . . . . . . . . . .181.5 3.0 328.4 166.9
3i Infrastructure . . . .120.2 0.1 124.0 113.1
Aberdeen Asset Ma .226.1 -3.8 240.0 167.8
Ashmore Group . . . .356.9 8.2 420.0 301.5
Brewin DoIphin Ho . .146.5 6.6 185.4 113.7
CameIIia . . . . . . . . . .9601.0 -81.510950.0 8800.0
CharIes TayIor Co . . .138.5 0.5 165.0 115.6
City of London Gr . . . .64.5 0.0 93.6 61.3
City of London In . . .332.0 1.0 450.0 304.3
CIose Brothers Gr . . .658.5 24.5 886.0 590.0
CoIIins Stewart H . . . .93.0 -0.3 94.0 48.5
F&C Asset Managem .65.5 2.0 92.0 56.1
Hargreaves Lansdo .448.8 1.8 646.5 402.5
HeIphire Group . . . . . . .1.9 -0.0 17.4 1.4
Henderson Group . . .113.6 5.9 173.1 95.1
Highway CapitaI . . . . .12.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .322.6 2.3 559.5 311.6
IG Group HoIdings . .478.5 -6.4 502.5 393.6
Intermediate Capi . . .273.5 7.5 354.7 197.9
InternationaI Per . . . .187.0 20.2 388.8 148.5
InternationaI Pub . . . .118.9 -0.2 121.5 108.6
Investec . . . . . . . . . . .374.6 14.8 522.0 318.4
IP Group . . . . . . . . . . . .76.0 -3.8 82.8 32.7
Jupiter Fund Mana . .217.2 6.4 337.3 184.9
Liontrust Asset M . . . .76.6 0.0 87.5 57.9
LMS CapitaI . . . . . . . . .57.0 -0.3 64.8 51.0
London Finance & . . .23.5 0.0 23.5 19.0
London Stock Exch .883.5 20.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .11.5 0.0 19.8 8.9
Man Group . . . . . . . . .119.5 5.1 311.0 104.5
Paragon Group Of . .178.0 -2.1 206.1 134.6
Provident Financi . .1018.0 11.0 1124.0 915.0
Rathbone Brothers .1160.0 37.0 1257.0 977.0
Record . . . . . . . . . . . . .12.5 0.4 35.8 10.6
RSM Tenon Group . . . .7.9 -0.4 66.3 7.6
Schroders . . . . . . . .1437.0 72.0 1906.0 1183.0
Schroders (Non-Vo .1192.0 51.0 1554.0 970.0
TuIIett Prebon . . . . . .299.9 4.9 428.6 262.3
WaIker Crips Grou . . .45.0 0.0 51.5 43.5
BT Group . . . . . . . . . .203.1 -0.8 207.6 161.0
CabIe & WireIess . . . .40.8 -0.2 51.2 31.3
CabIe & WireIess . . . .16.8 -0.1 76.9 14.2
COLT Group SA . . . . .93.6 -1.6 156.2 84.1
KCOM Group . . . . . . . .69.0 -0.3 84.0 57.5
TaIkTaIk TeIecom . . .123.4 -2.4 161.5 119.8
TeIecomPIus . . . . . . .695.0 -18.0 802.0 440.0
Booker Group . . . . . . .72.3 -2.0 80.0 54.5
Greggs . . . . . . . . . . . .509.5 -1.5 550.5 445.0
Morrison (Wm) Sup .291.1 0.1 328.0 262.7
Ocado Group . . . . . . . .80.1 5.2 285.0 52.9
Sainsbury (J) . . . . . . .287.9 1.5 391.2 263.5
Tesco . . . . . . . . . . . . .327.0 6.0 420.1 312.4
Associated Britis . . .1159.0 22.0 1169.0 940.0
Cranswick . . . . . . . . .730.5 -19.5 862.0 588.5
Dairy Crest Group . . .322.8 2.2 409.7 315.0
Devro . . . . . . . . . . . . .264.0 8.6 296.9 223.5
Tate & LyIe . . . . . . . . .682.0 -5.0 720.5 520.0
UniIever . . . . . . . . . .2041.0 -25.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .509.0 6.0 664.0 413.5
Centrica . . . . . . . . . . .283.4 -1.7 345.8 278.8
InternationaI Pow . . .327.8 -4.2 436.6 279.4
NationaI Grid . . . . . . .617.5 -6.0 649.5 531.0
Pennon Group . . . . . .692.0 -6.5 737.5 584.5
Severn Trent . . . . . .1529.0 -3.0 1600.0 1368.0
United UtiIities . . . . .600.5 -7.0 637.0 543.5
Cookson Group . . . . .566.0 14.5 724.5 395.8
DS Smith . . . . . . . . . .230.0 14.6 266.2 164.4
Rexam . . . . . . . . . . . .374.9 1.0 400.0 299.8
Price Chg High Low
Bovis Homes Group .468.6 -0.6 499.6 326.5
Persimmon . . . . . . . .521.5 -1.0 525.4 374.0
Reckitt Benckiser . .3399.0 18.0 3578.0 3015.0
Redrow . . . . . . . . . . . .122.7 3.3 136.2 103.5
TayIor Wimpey . . . . . . .43.8 0.9 43.9 28.7
Bodycote . . . . . . . . . .303.6 7.9 397.7 225.6
Fenner . . . . . . . . . . . .449.7 -12.3 464.2 280.0
IMI . . . . . . . . . . . . . . . .875.0 6.0 1119.0 636.5
MeIrose . . . . . . . . . . .367.0 4.0 373.0 268.0
Northgate . . . . . . . . . .212.5 2.5 346.7 190.9
Rotork . . . . . . . . . . .1945.0 10.0 1979.0 1501.0
Spirax-Sarco Engi . .1946.0 16.0 2063.0 1649.0
Weir Group . . . . . . .2079.0 54.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .435.5 19.4 442.7 315.0
Ferrexpo . . . . . . . . . . .340.0 2.5 499.0 238.7
TaIvivaara Mining . . .358.3 19.3 622.0 195.2
BBAAviation . . . . . . .191.1 1.6 240.8 156.0
Stobart Group Ltd . . .120.0 -2.3 163.6 112.0
AdmiraI Group . . . . . .879.0 14.5 1754.0 787.0
AmIin . . . . . . . . . . . . .347.4 12.9 427.0 270.6
BeazIey . . . . . . . . . . . .137.2 1.6 139.2 109.6
Informa . . . . . . . . . . . .386.3 1.8 461.1 313.9
ITE Group . . . . . . . . . .216.2 0.6 258.2 157.7
ITV . . . . . . . . . . . . . . . . .74.0 -0.6 93.5 51.7
Johnston Press . . . . . . .6.3 -0.1 12.8 4.1
MecomGroup . . . . . .221.3 -5.3 310.0 134.5
Moneysupermarket. .114.7 0.3 120.4 84.8
Pearson . . . . . . . . . .1230.0 -16.0 1258.0 1013.0
PerformGroup . . . . .250.0 11.4 263.6 150.0
Reed EIsevier . . . . . .527.5 2.0 590.5 461.3
Rightmove . . . . . . . .1303.0 -2.0 1408.0 785.0
STV Group . . . . . . . . . .98.1 -0.1 168.0 76.3
Tarsus Group . . . . . .139.0 -1.0 165.0 119.5
Trinity Mirror . . . . . . . .47.3 0.0 89.5 37.5
UBM . . . . . . . . . . . . . .534.0 12.0 725.0 416.0
UTV Media . . . . . . . . .104.0 5.3 150.0 92.5
WiImington Group . . .84.0 2.3 183.0 81.8
WPP . . . . . . . . . . . . . .748.0 2.0 846.5 578.0
YeII Group . . . . . . . . . . .5.4 0.1 12.3 3.4
African Barrick G . . .464.1 -3.7 616.5 393.5
AIIied GoId Minin . . .160.7 2.7 281.3 34.4
AngIo American . . .2647.5 -0.5 3437.0 2138.5
AngIo Pacific Gro . . .288.0 -0.4 369.3 237.9
Antofagasta . . . . . . .1364.0 23.0 1524.0 900.5
Aquarius PIatinum . .184.3 4.7 419.0 149.0
BHP BiIIiton . . . . . . .2158.5 21.0 2631.5 1667.0
CatIin Group Ltd. . . .417.0 9.6 421.4 334.0
Hiscox Ltd. . . . . . . . . .389.9 5.3 424.7 340.5
Jardine LIoyd Tho . . .690.5 3.0 764.5 576.0
Lancashire HoIdin . . .719.0 4.0 774.5 532.5
RSA Insurance Gro . .108.2 1.2 143.5 99.6
Aviva . . . . . . . . . . . . . .342.0 17.0 477.9 275.3
LegaI & GeneraI G . . .115.5 3.4 123.8 89.8
OId MutuaI . . . . . . . . .146.7 2.1 148.3 98.1
Phoenix Group HoI . .557.5 7.0 688.0 451.1
PrudentiaI . . . . . . . . .700.0 17.5 777.0 509.0
ResoIution Ltd. . . . . .270.9 1.1 316.1 229.5
St James's PIace . . . .348.0 0.3 376.0 279.0
Standard Life . . . . . . .209.3 5.5 244.7 172.0
4Imprint Group . . . . .261.5 -1.0 295.0 200.0
Aegis Group . . . . . . .152.8 0.8 158.5 115.7
BIoomsbury PubIis . .103.0 -3.0 138.0 91.3
British Sky Broad . . .666.5 -23.0 850.0 618.5
Centaur Media . . . . . . .34.0 -1.0 73.0 32.5
Chime Communicati .186.0 2.0 298.5 163.0
Creston . . . . . . . . . . . .68.1 0.1 121.0 65.5
DaiIy MaiI and Ge . . .428.6 -1.7 594.5 343.4
Euromoney Institu . .685.0 6.0 736.0 522.5
Future . . . . . . . . . . . . . . .9.1 0.4 30.0 8.3
Haynes PubIishing . .220.0 -5.0 257.0 210.0
Huntsworth . . . . . . . . .32.8 -0.1 84.0 32.3
Bumi . . . . . . . . . . . . . .902.0 0.0 903.5 841.0
Centamin (DI) . . . . . . . .93.0 1.0 157.5 78.5
Eurasian NaturaI . . .749.5 2.5 1076.0 522.0
FresniIIo . . . . . . . . . .1768.0 3.0 2150.0 1296.0
GemDiamonds Ltd. .202.5 9.8 306.0 179.8
GIencore Internat . . .430.0 14.6 531.1 348.0
HochschiId Mining . .493.9 15.9 680.0 365.9
Kazakhmys . . . . . . .1113.0 12.0 1631.0 730.0
Kenmare Resources . .49.6 3.5 59.9 31.0
Lonmin . . . . . . . . . . .1029.0 23.0 1880.0 941.0
New WorId Resourc .472.5 0.8 1060.0 409.4
PetropavIovsk . . . . . .698.0 9.0 1095.0 543.5
PoIymetaI Interna . .1102.0 -38.0 1154.0 877.0
RandgoId Resource 7175.0 -85.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3728.0 17.5 4712.0 2712.5
Vedanta Resources 1095.0 25.0 2518.0 928.0
Xstrata . . . . . . . . . . .1089.5 20.0 1550.0 764.0
Inmarsat . . . . . . . . . . .406.9 1.8 719.5 389.3
Vodafone Group . . . .174.5 -0.6 182.8 155.1
Genesis Emerging . .489.2 6.4 550.0 424.0
Afren . . . . . . . . . . . . . .126.8 0.8 171.2 73.6
BG Group . . . . . . . . .1490.0 3.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .482.5 1.1 506.0 363.2
Cairn Energy . . . . . . .292.5 6.3 469.7 257.8
EnQuest . . . . . . . . . . .107.4 -0.8 158.5 85.7
Essar Energy . . . . . .120.0 -16.2 543.0 115.5
ExiIIon Energy . . . . . .258.5 -4.0 469.7 184.2
Heritage OiI . . . . . . . .192.0 8.0 459.0 160.0
Ophir Energy . . . . . . .300.1 -2.4 318.8 184.5
Premier OiI . . . . . . . . .425.4 6.9 535.0 310.0
RoyaI Dutch SheII . .2282.5 6.0 2402.0 1883.5
RoyaI Dutch SheII . .2367.5 12.5 2489.0 1890.5
SaIamander Energy .243.1 9.1 317.6 182.3
Soco Internationa . . .294.9 4.9 400.0 278.0
TuIIow OiI . . . . . . . . .1383.0 -11.0 1493.0 945.5
Amec . . . . . . . . . . . . .997.0 14.0 1251.0 740.5
Hunting . . . . . . . . . . .833.0 3.0 833.5 530.0
Kentz Corporation . .460.0 -4.0 508.0 347.0
LampreII . . . . . . . . . . .292.0 -0.5 395.2 220.7
Petrofac Ltd. . . . . . .1504.0 -18.0 1616.0 1108.0
Wood Group (John) .685.0 9.0 715.8 469.9
Burberry Group . . . .1352.0 8.0 1600.0 1030.0
PZ Cussons . . . . . . . .319.0 9.0 391.4 308.7
Supergroup . . . . . . . .675.5 23.5 1820.0 435.2
AstraZeneca . . . . . .3070.0 -41.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .315.6 -7.0 331.3 210.1
Genus . . . . . . . . . . . .1054.0 0.0 1111.0 853.5
GIaxoSmithKIine . . .1437.5 -29.5 1497.0 1127.5
Hikma Pharmaceuti .725.0 38.5 900.0 555.5
Shire PIc . . . . . . . . . .2165.0 -29.0 2243.0 1634.0
CapitaI & Countie . . .189.5 7.3 203.7 142.8
Daejan HoIdings . . .2775.0 -25.0 2954.0 2282.0
F&C CommerciaI Pr .103.6 0.8 108.0 92.6
Grainger . . . . . . . . . . .104.1 -0.9 133.2 77.3
London & Stamford .108.1 -0.2 140.0 103.9
SaviIIs . . . . . . . . . . . . .326.0 -3.9 427.1 256.2
UK CommerciaI Pro . .75.3 2.0 85.5 65.1
Unite Group . . . . . . . .174.0 0.4 224.1 152.9
Big YeIIow Group . . .269.3 1.3 344.4 218.0
British Land Co . . . . .490.0 11.5 629.5 444.0
CapitaI Shopping . . .324.2 10.3 408.6 288.7
Derwent London . . .1675.0 61.0 1880.0 1400.0
Great PortIand Es . . .372.9 23.4 445.0 312.9
Hammerson . . . . . . . .384.3 13.7 490.9 345.2
Hansteen HoIdings . . .76.0 1.5 89.5 68.0
Land Securities G . . .679.5 36.5 885.0 612.0
SEGRO . . . . . . . . . . . .212.2 12.4 331.3 195.0
Shaftesbury . . . . . . . .498.2 7.2 539.0 436.8
Aveva Group . . . . . .1571.0 22.0 1799.0 1298.0
Computacenter . . . . .384.7 9.6 490.0 324.7
Fidessa Group . . . . .1680.0 3.0 2109.0 1444.0
Invensys . . . . . . . . . . .200.0 15.9 357.8 180.9
Logica . . . . . . . . . . . . .79.3 0.3 147.2 59.0
Micro Focus Inter . . .437.0 1.1 439.2 242.9
Misys . . . . . . . . . . . . .292.1 13.0 420.2 214.9
Sage Group . . . . . . . .306.0 0.2 307.3 231.7
SDL . . . . . . . . . . . . . . .692.0 -12.0 711.5 586.0
TeIecity Group . . . . . .639.0 5.0 657.5 433.0
Aggreko . . . . . . . . . .2085.0 14.0 2131.0 1394.5
Ashtead Group . . . . .230.2 8.6 239.5 99.4
Atkins (WS) . . . . . . . .681.0 -11.0 820.0 490.2
Babcock Internati . . .758.0 0.0 767.0 542.0
Berendsen . . . . . . . . .431.6 2.6 568.0 402.7
BunzI . . . . . . . . . . . . .865.5 -2.5 906.5 676.5
Cape . . . . . . . . . . . . . .384.5 -3.5 591.5 295.0
Capita . . . . . . . . . . . . .637.0 -8.0 786.5 611.5
CariIIion . . . . . . . . . . .324.6 10.0 403.2 281.0
De La Rue . . . . . . . . .957.5 -5.0 969.5 667.0
DipIoma . . . . . . . . . . .383.6 3.5 414.3 263.5
EIectrocomponents .218.1 2.6 294.9 182.2
Experian . . . . . . . . . . .902.5 10.5 911.5 665.0
FiItrona PLC . . . . . . . .394.6 -3.1 405.6 273.1
G4S . . . . . . . . . . . . . . .269.6 0.6 291.0 219.9
Hays . . . . . . . . . . . . . . .69.8 3.5 130.0 58.9
Homeserve . . . . . . . .308.1 3.1 532.0 218.5
Howden Joinery Gr . .108.1 2.2 127.5 93.1
Interserve . . . . . . . . . .311.8 -8.1 341.3 239.8
Intertek Group . . . . .2145.0 36.0 2172.0 1715.0
MichaeI Page Inte . . .394.6 13.1 567.0 323.0
Mitie Group . . . . . . . .264.0 -4.1 275.5 195.9
PayPoint . . . . . . . . . . .585.0 33.0 585.0 327.3
Premier FarneII . . . . .203.8 4.7 308.8 144.5
Regus . . . . . . . . . . . . . .88.8 1.8 119.0 64.0
RentokiI InitiaI . . . . . . .74.2 0.6 104.7 58.2
RPS Group . . . . . . . . .206.5 0.5 253.0 156.6
Serco Group . . . . . . .516.0 -4.0 618.5 458.0
Shanks Group . . . . . . .98.5 0.1 130.9 90.8
SIG . . . . . . . . . . . . . . . .99.6 0.6 153.5 77.0
Travis Perkins . . . . . .876.0 22.5 1090.0 715.0
WoIseIey . . . . . . . . .2250.0 70.0 2261.0 1404.0
ARM HoIdings . . . . . .580.5 -4.5 651.0 464.0
CSR . . . . . . . . . . . . . .224.5 6.1 447.0 154.1
Imagination Techn . .566.5 2.0 578.0 296.9
Spirent Communica .125.0 1.8 160.0 105.8
British American . .2897.5 -65.0 3079.0 2282.5
ImperiaI Tobacco . .2221.0 -25.0 2444.0 1784.0
Betfair Group . . . . . . .835.0 5.0 1054.0 567.0 Digita . . .164.6 -2.5 210.4 100.6
CarnivaI . . . . . . . . . .2017.0 46.0 3018.0 1742.0
Compass Group . . . .613.0 -6.5 624.0 512.5
Domino's Pizza UK . .453.8 20.8 549.0 377.0
easyJet . . . . . . . . . . . .421.5 7.1 455.8 301.0
FirstGroup . . . . . . . . .306.3 -1.7 391.2 301.8
Go-Ahead Group . . .1308.0 -5.0 1598.0 1190.0
Greene King . . . . . . .520.5 16.5 522.5 410.0
InterContinentaI . . .1307.0 22.0 1435.0 955.0
InternationaI Con . . .165.5 10.1 287.5 132.0
JD Wetherspoon . . . .407.9 -9.1 468.3 380.5
Ladbrokes . . . . . . . . .137.9 2.9 155.3 114.0
Marston's . . . . . . . . . . .93.7 0.1 112.0 84.6
MiIIennium& Copt . .422.5 13.2 600.5 371.2
MitcheIIs & ButIe . . . .261.1 5.7 357.0 215.6
NationaI Express . . .226.8 1.1 270.2 201.6
Rank Group . . . . . . . .130.0 -1.4 153.7 109.5
Restaurant Group . . .294.7 1.7 335.0 254.9
Spirit Pub Compan . . .46.5 1.0 55.0 35.3
Stagecoach Group . .277.7 0.7 281.9 200.0
TUI TraveI . . . . . . . . . .190.0 8.9 271.9 136.7
Whitbread . . . . . . . .1663.0 34.0 1863.0 1409.0
WiIIiamHiII . . . . . . . . .223.0 13.3 244.1 176.8
Abcam . . . . . . . . . . . .342.0 -2.0 460.0 316.0
Advanced MedicaI . . .90.3 0.3 96.0 64.8
AIbemarIe & Bond . .348.0 -4.5 400.1 272.0
Amerisur Resource . .19.3 -0.3 29.0 9.5
Andor TechnoIogy . .599.0 36.0 685.0 387.1
ArchipeIago Resou . . .70.0 0.0 79.0 55.5
ASOS . . . . . . . . . . . .1760.0 268.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.3 -0.8 92.0 16.0
Avanti Communicat .287.5 0.0 634.5 248.5
BIinkx . . . . . . . . . . . . . .71.5 6.0 158.0 50.5
Borders & Souther . . .70.5 0.0 72.3 43.5
BowLeven . . . . . . . . . .82.8 3.8 384.5 62.0
Brooks MacdonaId .1135.0 10.0 1372.5 940.0
Cove Energy . . . . . . .136.8 -2.0 139.8 61.0
Daisy Group . . . . . . .101.8 1.1 127.0 88.0
EMIS Group . . . . . . . .426.0 -29.0 580.0 400.0
Faroe PetroIeum . . . .164.0 0.0 214.0 130.0
GuIfsands PetroIe . . .176.0 0.0 361.5 142.5
GWPharmaceuticaI . .88.5 2.5 130.0 78.5
H&T Group . . . . . . . . .344.0 11.5 395.0 277.0
Hamworthy . . . . . . . .823.0 -6.5 833.5 406.3
Hargreaves Servic .1145.0 10.0 1180.0 818.0
HeaIthcare Locums . . . .3.5 0.1 3.6 3.3
Immunodiagnostic . .400.0 -5.0 1218.0 390.0
ImpeIIamGroup . . . .235.0 -2.5 387.5 195.0
James HaIstead . . . . .440.0 -7.5 495.0 390.0
KaIahari MineraIs . . .242.5 -0.8 301.0 198.3
London Mining . . . . .285.0 -9.3 436.5 278.5
Lupus CapitaI . . . . . .124.5 3.5 150.0 86.0
M. P. Evans Group . .443.0 0.0 475.0 371.0
Majestic Wine . . . . . .400.0 8.5 510.0 315.0
May Gurney Integr . .286.0 -2.5 302.0 234.0
Monitise . . . . . . . . . . . .29.8 0.0 40.0 18.5
MuIberry Group . . . .1585.0 107.0 1920.0 1065.0
Nanoco Group . . . . . . .54.0 -2.0 95.5 38.0
NauticaI PetroIeu . . .323.5 9.5 547.0 223.5
NichoIs . . . . . . . . . . . .600.0 10.5 607.5 410.0
Numis Corporation . .101.0 5.0 126.0 72.0
Pan African Resou . . .15.3 0.3 17.0 9.5
Patagonia GoId . . . . . .45.3 1.3 70.0 37.3
Prezzo . . . . . . . . . . . . .66.0 -1.8 71.5 53.5
Pursuit Dynamics . . . .98.8 1.3 427.3 67.0
Rockhopper ExpIor .327.3 10.8 386.0 141.0
RWS HoIdings . . . . . .452.5 -5.0 481.6 328.0
Secure Trust Bank . .900.0 0.0 910.0 755.0
Songbird Estates . . .113.0 1.8 160.3 104.0
VaIiant PetroIeum . . .425.3 -3.5 672.0 400.0
Young & Co's Brew . .670.0 7.8 712.0 565.0
Dixons RetaiI . . . . . . .13.6 14.5
YuIe Catto & Co . . . . .200.0 12.2
InternationaI Pers . . .187.0 12.1
BarcIays . . . . . . . . . . .221.4 10.1
Home RetaiI Group . .102.0 9.3
LIoyds Banking Gro . .32.3 9.1
RoyaI Bank of Scot . . .27.1 8.9
Invensys . . . . . . . . . .200.0 8.6
Kenmare Resources . .49.6 7.5
Ocado Group . . . . . . . .80.1 6.9
Essar Energy . . . . . .120.0 -11.9
Kesa EIectricaIs . . . . .73.0 -6.3
British Sky Broadc . .666.5 -3.3
PoIymetaI Internat . .1102.0 -3.3
Fenner . . . . . . . . . . . .449.7 -2.7
Booker Group . . . . . . .72.3 -2.6
Cranswick . . . . . . . . .730.5 -2.6
Interserve . . . . . . . . . .311.8 -2.5
TeIecom PIus . . . . . . .695.0 -2.5
British American T .2897.5 -2.2
Risers FaIIers
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
AIM 50
Tsy 5.000 12 . . . .100.57 -0.04 104.7 100.5
Tsy 5.250 12 . . . .101.84 -0.02 105.9 101.8
Tsy 9.000 12 . . . .104.40 -0.24 112.1 103.6
Tsy 4.500 13 . . . .104.58 0.00 106.9 104.5
Tsy 2.500 13 . . . .283.47 0.07 287.7 279.0
Tsy 8.000 13 . . . . .112.72 0.03 117.7 112.6
Tsy 5.000 14 . . . . .112.04 0.12 112.9 109.2
Tsy 4.750 15 . . . . .114.91 0.06 115.4 108.6
Tsy 8.000 15 . . . .128.12 0.05 129.2 123.7
Tsy 7.750 15 . . . .100.00 0.00 106.8 99.4
Tsy 4.000 16 . . . . .114.03 -0.07 114.7 104.9
Tsy 2.500 16 . . . .343.56 0.06 344.2 312.1
Tsy 8.750 17 . . . .141.13 -0.53 141.9 132.9
Tsy 1.250 17 . . . . .116.16 -0.11 116.6 106.7
Tsy 12.000 17 . . .121.63 0.00 129.8 121.3
Tsy 5.000 18 . . . .122.00 -0.29 122.5 109.7
Tsy 4.500 19 . . . .120.17 -0.40 120.7 105.4
Tsy 3.750 19 . . . . .115.06 -0.46 115.6 99.4
Tsy 2.500 20 . . . .365.10 -0.35 367.1 314.0
Tsy 4.750 20 . . . .122.66 -0.62 123.5 106.6
Tsy 8.000 21 . . . .152.13 -0.70 153.4 133.8
Tsy 4.000 22 . . . . .117.06 -0.84 118.2 99.0
Tsy 1.875 22 . . . .127.71 -0.55 129.1 111.3
Tsy 2.500 24 . . . .331.48 -0.57 334.7 275.6
Tsy 5.000 25 . . . .129.26 -0.92 130.6 107.4
Tsy 4.250 27 . . . .121.40 -1.04 122.7 97.9
Tsy 1.250 27 . . . .125.47 -0.67 127.0 104.8
Tsy 6.000 28 . . . .146.43 -1.02 148.0 119.5
Tsy 4.750 30 . . . .129.10 -1.00 130.5 103.0
Tsy 4.125 30 . . . .320.58 -0.57 322.8 262.1
Tsy 4.250 32 . . . .121.64 -1.14 123.1 96.0
Tsy 4.250 36 . . . .122.32 -1.23 123.9 95.0
Tsy 4.750 38 . . . .132.40 -1.26 134.2 102.8
Tsy 4.500 42 . . . .129.01 -1.33 130.8 98.9
% %
CITYA.M. 21 OCTOBER 2011 29
Wealth Management
Lifestyle| Reviews
Penguin, 16.99
rs Moneypenny, aka Heather
McGregor, a prominent colum-
nist and spokesperson for women
in business, has just launched a
book: Mrs Moneypennys Careers Advice for
Ambitious Women. Its got a pink-themed
cover and the script is girly. But the mes-
sage is wholly pragmatic, in keeping with
its authors views on female success: play
the system, dont moan about it. Having
managed motherhood on top of setting up
recruitment firm Taylor Bennett, which
she continues to run, McGregor is one of
Londons most prodigious networkers,
with a glitzy launch party last week to
prove it.
It was a good party (lots of Moet) to cele-
brate a book that, unfortunately, doesnt
say anything new. Mrs Moneypenny told
me in no uncertain terms that women
have to just get on with it. What about
the glass ceiling? Its a myth. What about
quotas? Terrible idea. Next thing you
know, youve got Katie Price on the board.
The book is divided into chapters called
such things as: What you Know and
Who You Know which instructs women
to make sure they get as many qualifica-
tions as possible (the former) because hav-
ing letters after your name counts, and to
network well (the second). Being good at
your job, in todays fiercely competitive
world, is simply not enough.
Mrs Moneypennys advice originates
from the right kind of thinking but tries to
speak to too many women from students
to mothers. The result is that it all has an
unsophisticated one size fits all flavour:
how helpful, after all, is the suggestion to
think what an undergraduate degree
from Oxford or Cambridge, an MBA from
Harvard, or the letters QC after a name all
say about someone[...] they say straight
Careers advice from Mrs Moneypenny
sidelined by a series of increasingly crude
caricatures; an obnoxious Barack Obama
who inexplicably speaks in a Civil War-era
deep south accent; David Cameron as a
loathsome wimp; Mark Zuckerberg as a
snotty teenager.
Elisha tries to show how Assanges
influence has rippled across global poli-
tics but the constant scene shifting (and
role swapping by the eight actors) dilutes
the main thrust of the play. The directors
notes probably read frenetic but
messy would be a better description.
The final 20 minutes see Weller take
centre stage and a glimpse of the play this
could have been shines through. He
becomes Assange the basilisk stare, the
unwavering, narcissistic self belief. In a
scene set in his cell he roars: I am Julian
Assange and you believe him.
But moments like this are lost in a sea
of mediocrity. Elisha has called Man in
the Middle a wiki-play. If he means it
takes liberties with the truth and isnt
very well written, hes hit the nail on the
Assange play
misses mark
Travelling Light shines brilliantly
Paul Jesson as Maurice Montgomery
The National Theatre
icholas Wrights play sees an ageing
Hollywood director, Jewish immi-
grant Maurice Montgomery, look-
ing back over his formative years as
an earnest young filmmaker in an East
European shtetl.
The whole village becomes involved in
creating his movies, which are projected
onto the wall of a local house, the grainy
old footage blown up for the audience. The
naive discovery of the film-making process
isnt as twee as it sounds, providing both
poignancy and a warm humour.
One intimate scene sees two characters
kiss under the camera while the cellulose
film burns out behind them; an expertly
directed, tender moment.
Travelling Light is clever a metaphor
inside an allegory without gazing too
hard at its own navel. The production of
the movie is an obvious parallel for the
Hollywood machine. The directors vision
is blocked at every turn by the financier;
the public are easily bored and quick to
criticise, and sexual tensions threaten to
derail the whole project.
The whole process is also a coming of
age story a classic tale of innocence and
sexual awakening which somehow
avoids drearily sentimentalism.
Wrights script brings to mind Jonathan
Safran Foers novel Everything is
Illuminated; not only in its setting but its
neat way of tying up loose ends. Mark
Extance puts in a solid performance as the
flimsy young director but it is Antony
Sher, as the unlikely timber merchant-
come-financier, who commands the stage.
He imbibes the illiterate, lustful Jacob with
enough humanity to make him a lovable
oaf and his explosive performance is often
the focal point of a busy stage.
The set is lovingly crafted a sparse but
homely building in the unspecific town,
complete with smoking chimney, over-
looked by rickety wooden rooves. Taking
centre stage is the Lumiere Brothers cine-
matograph the thing that makes the
magic happen. At heart this is a love-letter
to the moving picture, and a very good one
at that. SD
The life of controversial Wikileaks founder Julian Assange is
worthy of a great play but this is not it, says Steve Dinneen
Theatre 503, Battersea
s Wikileaks a bastion of truth or a
threat to national security? Is Julian
Assange the new face of journalism
or a trumped-up sex offender? Is he
the hero or the villain of his own story?
The life of the founder of the whistle-
blowing website has the makings of a
great drama, complete with unlikely rise
to power, hubris and inevitable fall from
grace. There is scandal, sex and a whiff of
Man in the Middle, though, is not that
play. It is extensively re-written from the
version performed in Australia, losing the
snappy title Stainless Steel Rat (the name
of the hero of Harry Harrisons science
fiction novels; a reference to rats in mod-
ern concrete jungles needing to be partic-
ularly hardy to survive and a far better
name for a play).
Ron Elishas script veers wildly from
comedy to melodrama and does neither
particularly well. Australian actor Darren
Wellers Assange is shackled too often
away that this person is different. Indeed
but if you arent blessed with wealthy or
dedicated parents to push you through the
best schools, or the energy and guidance to
get there yourself, this is hardly useful.
There are some nice practical sugges-
tions: McGregor does not shy away from
details. Joining a livery club or private
members club are, she says, good ways to
This book is interesting for its can-do par-
adigm rather than its somewhat cobbled-
together feeling advice lists. Yes, the world
is asymmetric for women and men; no,
things arent perfect for female profession-
als. But, says McGregor, thats no reason to
sit back and get left behind. Amen.
Zoe Strimpel
The humourless Hoover
Cert: 15
Edgar must have been a tough one
for its producers to sell; Americans
may place a premium on patriotism
but this bitter biopic of the former
head of the FBI offers few reasons for fist
Its a humourless, two and a quarter
hour-long love-triangle between the
Oedipal title character, his dessicated
mother and his assistant
Director Clint Eastwood paints Hoover
as an obsessive possibly autistic, certain-
ly suffering from undiagnosed mental dis-
tress intent on destroying Communist
forces within the US. His obsession with
covert Red agents is even tentatively put
forward as a rather unconvincing expla-
nation for his harassment of civil rights
activists (he once tried to blackmail
Martin Luther King Jr into turning down
the Nobel Peace Prize).
Eastwoods Hoover, though, isnt moti-
vated by an altruistic love of his country
but a desperate need for acceptance. He
willfully lies in his autobiography and
happily takes the credit for the work of
others; partly for posterity but mostly to
Stevie Martin hhIII
Billed as subversive and "envelope-push-
ing", David Gordon Green (Pineapple
Express) directs his latest comedy with
the subtlety of a sledgehammer.
Jonah Hill is Noah, a layabout roped into
babysitting three children and, when his
girlfriend promises sex in return for some
cocaine, a late night roadtrip with the kids
ensues. Cue 82 minutes of chaos set to
Hill's trademark dry one liners. Despite an
entertaining Sam Rockwell as Karl, a deal-
er Noah accidentally steals from, it is all
thoroughly average.
While soul searching is one thing, bludg-
eoning everyone over the head with life
advice is quite another. What should be
enjoyably silly becomes more cringey than
comic thanks to constant heavy handed
moralising. Avoid getting beaten up by car
stealing gangs by asking them to look
inside themselves! Complex emotional
problems can be resolved in a matter of
seconds! Don't pretend to be something
you're not! It's hardly subversive and, in
the end, just not funny enough.
Eastwoods biopic is
unflinching but
somewhat lacking,
says Steve Dinneen
please his mother.
Judie Dench plays Mrs Hoover as if she
were starring in a prequel to Psycho, set
shortly before the corpse of Mrs Bates is
transported to a rocking chair in the attic:
shes terrifying. Her quietly menacing,
ultra-conservative presence ripples uncom-
fortably throughout the film.
Leonardo DiCaprio makes the pill slight-
ly easier to swallow, bringing an element
of charm to an otherwise charmless man.
His portrayal of the older Hoover (the film
charts his ascendency from an ambitious
24-year-old right through to his somewhat
undignified death) is astonishing, in no
small part down to outstanding make-up
Eastwoods flair for uncomfortable
silences is amply demonstrated. Hoovers
inability to accept the truth about his gay
relationship with Clive Tolson which is
handled with commendable delicacy is
shown through a series of lingering shots
of DiCaprios tortured face.
For the most part, J Edgar is steadfastly
ambivalent about its subject. His work in
establishing the FBI is lauded but few justi-
fications are made for his innumerable
flaws. The experience leaves you thinking
you probably wouldnt want to spend, say,
two and a quarter hours in his company. J
Edgar, though, remains an original take on
a fascinating, if rather unpleasant, figure
in Americans living history.
When Hofesh Shechter met Antony Gormley
HAYWIRE Cert: 15
Stevie Martin hhIII
The new spy thriller from Steven
Soderbergh (Ocean's Eleven) gives you
the feeling of having walked in on
someone halfway through the second
season of a TV boxset. Mallory Kane
(Gina Carano) is a highly trained opera-
tive forced to go rogue when she finds
out her boss, Kenneth, (a miscast Ewan
McGregor) has double crossed her.
It's slickly filmed and Carano puts
her martial arts champion credentials
to good use in some brilliant fight
sequences, but both the script and the
middling pace give it a made-for-TV
Writer Lem Dobbs's attempts to cre-
ate intrigue result only in confusion:
loose ends are enigmatic but not if you
feel you've missed something. Kane's
backstory is shadowy, but so is her cur-
rent relationship with her father (Bill
Paxman) who's oddly cool about his
daughter's interesting career choice.
Haywire is enjoyable enough but cer-
tainly not Soderbergh at his best.
DiCaprio adds an ele-
ment of charm to an
otherwise charmless
man in this unflinch-
ing biopic
Madonnas take on Wallis Simpson is a mixed bag
Cert: 15
adonnas second bash at directing
has taken a lot of flak.
Surprisingly, though, it isnt as
bad as you might think. W.E. fol-
lows the love affair between King Edward
VIII (James DArcy) and American divorcee
Wallis Simpson (Andrea Riseborough). Seen
through the eyes of Wally Winthrop (Abbie
Cornish) as she mopes around an exhibition
of the late Duchesss possessions, Madonna
tracks this notorious relationship while
Winthrops own marriage becomes increas-
ingly abusive.
Its a flawed film but Madonna coaxes
strong performance from her cast espe-
cially from Riseborough and delivers a
sumptuous visual style and daring vision.
W.E. is about a woman in love, challenging
the popular view of Wallis as a money-grab-
bing social climber.
It falls down, though, with the superflu-
ous contemporary plot and the overlong
running time. Cornish does a fine job as
Mrs Winthrop, but the interest doesnt lie
with her, its with the effortlessly charming
Wallis. Are we supposed to draw links
between the two relationships? Theyre not
particularly similar and it all feels a bit
forced. Madonna concentrates too heavily
on the wooing of Wallis, rushing the exile
and her eventual disappointment, making
her look petulant, distinctly at odds with
the intended presentation of her as a like-
able victim.
W.E. is uneven yet funny, historically
questionable but often poignant and final
half hour aside rarely dull. She may take a
lot of flak, but the Material Girls come up
with a flawed but interesting tale. SM
The Barbican
ts rather tricky to describe the latest
smash success and brainchild of
Hofesh Shechter, the astonishingly tal-
ented Israeli choreographer. It had a bit
of dance in it, a lot of collective shuffling,
and the involvement of artist Antony
Gormley. More importantly, it was loud (ear
plugs were doled out to the audience before
entering the auditorium).
Loud in a good way. Survivor bore
Shechters trademark surging, primal beats
so staggering in his 2010 major dance
work, Political Mother. A band of 30 live
musicians sometimes more presided
throughout from a huge raised platform.
Shechters music was set within a visual
landscape by Gormley. This landscape
included such features as grey balls rolling
on and off stage and a bathtub into which a
man crawls with a video camera projecting
his view (and breathy whimpers) to the audi-
ence. At one point, a (live) man is raised by
rope and dangled before a video of a surg-
ing waterfall. Brilliant, actually. Dont miss
his next outing. Hofesh Shechters The Art of Not
Looking Back is at Sadlers Wells 2 and 3 Feb. ZS
Lisa Melvin hhhhI
You cant get away from Shakespeare at
the moment. Sam Mendes is directing a
big budget run for the BBC while Mark
Rylance is staging pop-ups on the tube.
Ralph Fiennes directorial debut, little-
known war tragedy Coriolanus, can safely
take its place in successful modern adap-
tations of the Bards plays.
Set in the present-day Rome,
Coriolanus feels as if it could have been
written in the wake of the Euzone crisis.
The masses riot, politicians waver and the
entire cast spend the film mired in
despair. Flashes of news clips set the
scene in Rome (including a cameo from
Jon Snow), as food shortages and eco-
nomic crisis grip the city, and Fiennes
thuggish Coriolanus, contemptuous of the
very people he is supposed to represent,
does nothing to calm the situation.
The film, shot in Belgrade, looks classy
and Shakespeares poetry shines in the
modern setting. Vanessa Redgrave, as the
bloodthirstily patriotic Volumnia, is par-
ticularly impressive.
ITV1, 8.30PM
Becky hacks into Dr Carters computer
while Kylie feigns a panic attack, and
is later stunned by a proposition from
Danny that could change her life.
The flatmates attend a wedding, but
Nick is worried he might meet his
ex-girlfriend at the reception. Comedy,
starring Zooey Deschanel.
A couple hand over control of their
wedding to former Apprentice
contestants Raef Bjayou and Stuart
7pmSky Sports News at Seven
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6 7 8 9 10
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15 14
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
Copyright Puzzle Press Ltd,
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
2 Television set,
colloquially (6,3)
6 Attempted (5)
8 Celestial bodies (5)
11 Portable sets
of steps (7)
12 Act of going in (5)
13 Proportion (5)
14 Block of metal (5)
17 Extract (metals)
by heating (5)
19 Feeling uneasy and
self-conscious (7)
20 Arabian country (5)
21 Make parallel (5)
22 Person who tends
to shrink from social
contacts (9)
1 Part of a limb farthest
from the torso (9)
2 Culpability (5)
3 Light-headed (5)
4 Light-beam
amplier (5)
5 Animal (5)
7 Fleshy pendulous
part of the hearing
organ (7)
9 Restraint that
connes freedom (7)
10 Abridged (9)
15 Range (5)
16 Ballroom dance (5)
17 Partial darkness (5)
18 Authoritative
proclamation (5)



6 7 8 4 1 2
3 5 1 9 2 6 7 4 8
9 2 3 8 1 4
1 3 9 7 8 5 9
4 8 6 5 1 9 2 3 7
9 8 6 1
1 5 7 4 6 8 3 2 9
2 4 1 4 2 1 3
4 9 1 8 9 3
3 7 1 5 9 8 6 4 2
8 7 7 3 6 8
The nine-letter word was
Lifestyle | TV&Games
32 CITYA.M. 20 JANUARY 2012
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Download the Blue Square
Winter Carnival app now
Punter | Racing
OMERSBY was beaten only
a short head by Master
Minded in last years Victor
Chandler Chase at Ascot
and looks the value alternative to
Finians Rainbow in tomorrows
25th running of the race
Henrietta Knights eight-year-
old hasnt found winning that
easy and has only one success to
his name in 11 runs since
December 2009 and that was a
modest three-runner affair at
Kempton. However, he is unques-
tionably top class and has only
finished out of the frame on two
of those 11 occasions, when fifth
in last seasons Champion Chase
and fourth last time in the King
George. He travelled really well
behind Kauto Star on Boxing Day
before his stamina gave way late
on and he returns to a more sensi-
ble trip tomorrow.
The ground at Ascot is said to
be fairly testing which will play to
Somersbys strength as the 2m1f
trip is arguably on the short side
for him. Knight has been amongst
the winners this week so, with
her string in good form, Im pre-
pared to take an each-way punt at
13/2 with Coral.
Nicky Hendersons Finians
Rainbow heads the betting at 15/8
with Blue Square and he looks
the one to beat. Hes only suffered
defeat once in six starts over
fences and that was when runner-
up in the Arkle at last years
Cheltenham Festival. He some-
how still managed to win the
Desert Orchid Chase at Kempton
on his seasonal reappearance,
even though stumbling badly at
the fourth last. He is unquestion-
ably a hugely exciting prospect,
but his jumping is a worry and
there will be no hiding place
As for the rest, the novice Al
Ferof has been well-backed, but
may ultimately want further to
be seen at his best. Regular read-
ers of this column will know that
we advised backing Wishfull
Thinking for the Champion Chase
at 25/1 before Christmas and that
race is still very much the target.
However, he looks sure to appreci-
ate a stronger pace and better
ground than hell get tomorrow.
Hopefully hell put up a bold
show which will prep him per-
fectly for Cheltenham in March.
Looking at the rest of Ascots
card and its difficult to make any
firm recommendations before
the declarations are made this
morning. That said, Ill be keen to
back Martin Keighleys ALL FOR
FREE if he takes his chance in the
opener at 1.00pm. The step back
up in trip will suit and he still
looks ahead of the handicapper.
The ground at Haydock is sure
to be awful and the one horse
who relishes that is MARSH WAR-
BLER in the
Champion Hurdle Trial at
2.20pm. Now, Im not saying hell
beat Celestial Halo, but hell give
it a pretty good go. The sponsors
currently offer 7/2 about him
with 1/4 odds the first two places
and that looks a decent each-way
bet to nothing. Smad Place seems
sure to run at Ascot and the mar-
ket will be win only on the day.
There are only 52 days to go
until the start of the Cheltenham
Festival and one race that has a
fascinating ante-post look about
it is the Jewson Novices Chase.
The reason I say its fascinating is
that four of the first five in the
betting are almost certain non-
runners. Peddlers Cross, Al Ferof
and Cue Card all look Arkle
bound, while there is more
chance of me running in this
than Grands Crus.
That only leaves Silviniaco
Conti (who may bypass
Cheltenham if not going down
the RSA Chase route), Sir Des
Champs (still RSA Chase bound)
and Bog Warrior (who may not
travel to Cheltenham after a
heavy fall last time). Therefore,
the horse that interests me is
Nick Williams FOR NON STOP at
12/1, as this looks the ideal race
for him.
Yes, there is a chance that con-
nections may throw him in the
deep end in the Arkle, but he was
running on at the death having
been outpaced behind Cue Card
last time and this looks the most
sensible engagement. Hell have
to brush up his jumping, but I
expect him to be nearer half his
current odds come the day.
You can follow me on Twitter
HE Blue Square Sprint
Series continues to go
from strength to
strength and the four
winners from the first two
rounds all line-up at Lingfield
Park tomorrow.
We backed Speak The Truth
last week and he was a wel-
come winner at 13/2. Jim
Boyles charge goes for his
third straight win in the Series
in the second division
(2.25pm), but hes badly drawn
in stall 10 and that can put
paid to his chances.
Captain Dimitrios looks to
have a solid chance of finishing
in the money again, but HATTA
STREAMis the selection for the
in-form Lydia Pearce. The six-
year-old won well here last
month, is nicely drawn in stall
two and is still on an attractive
The Strig will make a bold
bid to follow up last weeks win
in the first division (1.35pm),
but I prefer the chances of
Gask. The mare was an impres-
sive winner over
course and distance
on New Years Eve
and she can land
another prize.
Blue Square are
once again refund-
ing bets in the form
of a free bet if your
horse is beat-
en less
than a
length. Punters who backed
Diamond Vine, Showboating
and Captain Dimitrios last
Saturday all got their money
Make sure you download the
free Blue Square Winter
Carnival App from the App
store, containing exclusive
views from leading all-weather
jockey Luke Morris and ATR
all-weather specialist presen-
ter Simon Mapletoft.
Somersby the pick
over the Rainbow
ALL FOR FREE 1.00pm Ascot
MARSH WARBLER e/w 7/2 2.20pm Haydock
SOMERSBY e/w 13/2 3.10pm Ascot
FOR NON STOP e/w 12/1
Jewson Novices Chase
Punter | Football
34 CITYA.M. 20 JANUARY 2012
ARSENALS title challenge was over before
it started this season and if they arent
careful the gap to the top four could soon
be too big to bridge. Back-to-back defeats
have left them trailing neighbours
Chelsea by four points and, more worry-
ingly for Emirates-goers, Tottenham by a
whopping 10.
In truth, the Gunners bad patch
extends back to defeat against
Birmingham in the Carling Cup final 11
months ago, since when they have suf-
fered a series of disappointing and embar-
rassing losses. None more so than the
incredible 8-2 drubbing at Old Trafford on a miserable Sunday for the capi-
tals sides at the end of August,
when Spurs fell 5-1 at home to
Manchester City.
However, there are reasons to be
hopeful ahead of Sundays reunion
with Manchester United in North
London. The Red Devils are hardly
enjoying a stellar campaign them-
selves. Like Arsenal, there has been
a heavy loss at home to a bitter
rival: 6-1 to City, among other sur-
prising slip-ups: 3-2 to Blackburn at
home and 3-0 at Newcastle. Whats
more, Channel Five viewers will be
treated to a rare sighting of United
after they failed to progress from a
Champions League group contain-
ing Benfica, Basle and Otelul
Also in Arsenals favour is that
their home form has stood strong
through their troubles. After los-
ing their first Emirates match of
the season, theyve won all but two
games there draws with Fulham
and Wolves and also beat United
1-0 here last season, thanks to
Aaron Ramseys second-half strike.
That result ended a run of four
straight defeats to Sir Alex
Fergusons side and I expect this
contest to play out similarly.
Sporting Index took an absolute
pounding in the 8-2 game, but
with neither side in great form I
dont see them being stung again.
The advice is to sell goals at 2.8.
Considering theyre hosts,
Arsenal are the value call at Blue
Squares 15/8, with United 13/8
favourites. Arsenals games have
been unusually tight this season
six of their last seven matches
were settled by a single goal and
the other was drawn. Theyve
clocked up three 1-0 home wins in
the Premier League and a repeat
looks a decent shout at 9/1 with
Coral, who are refunding losing
bets on first/last goalscorer and
scorecast bets on televised games
this weekend if there is a three
goal-plus winning margin.
But the standout bet is the
draw/Arsenal double result at 5/1
with Coral. The Gunners have been
level at the break in 58 per cent of
their games across all competitions,
including in six of their last eight.
TOTTENHAM also have the oppor-
tunity to set the record straight on
Sunday and it would be a surprise
if they suffer anything like the mis-
ery City inflicted back in August.
The Spurs team wont look a
whole lot different to the one that
allowed City to walk all over them
that day especially with
Emmanuel Adebayor ineligible to
face his parent club but since
that heavy defeat, which left them
bottom of the table, theyve recov-
ered incredibly. A 15th victory this
term on Sunday would pull Spurs
to two points behind the league
Prior to their 1-0 reverse at City
last season they had won six of
seven visits. Clearly, the current
City line-up is vastly improved
from yesteryear, but Spurs will
remember getting the better of
their hosts in May 2010 en route to
claiming a top-four finish.
The scale of Tottenhams task
cannot be overestimated City
have recorded a clean sweep of 10
wins from their home fixtures in
2011/12 with an aggregate score-
line of 31-4. But there are cracks
for Harry Redknapp and his side
to exploit. The Africa Cup of
Nations deprives opposite number
Roberto Mancini of the Toure
brothers and his captain, Vincent
Kompany, is still suspended. And
City arent invincible on their
own turf; defeats to United and
Liverpool in the domestic cup
competitions prove as much.
This is a game where any result
looks possible. Im uncomfortable
backing City at odds-on, and while
Spurs are interesting at 10/3,
Corals 5/2 for the draw is pre-
ferred, with avoiding defeat the
main priority for both managers.
Neither outfit has been free-scor-
ing of late City have hit four in
their last four Prem games and
Spurs five in the same time so
sell goals at 2.8 with Sporting
Index. Spurs have hit the net in all
bar one of their league games, so
the 1-1 correct score appeals at 13/2
with Blue Square.
MARK Hughes would have hoped to
have earned his first point as QPR
manager at Newcastle last week-
end, but his side were undone by a
Leon Best cracker. A draw probably
would have been the right result,
but the Welshman will be expect-
ing a win when Wigan come to the
capital tomorrow.
It hasnt been a happy period for
Rangers the Newcastle defeat was
their 10
in 12 games and they are
now in the relegation zone. They
arent a bad side, though, and they
should be able to pile the agony on
Roberto Martinezs Wigan, who
prop up the table.
The Latics were arguably fortu-
nate to survive last season and they
look doomed this time around.
Theyve lost six of their last nine
away matches and QPR have to be
backed at evens with Coral.
Rangers have drawn the first half
in five of their 10 home games this
season and the same is true in 15 of
Wigans last 29 on the road. The
draw/QPR double result looks fair
enough at 4/1 with Coral and
spread bettors are advised to sell
goals at 2.5 with Sporting Index,
with neither side being particular-
ly prolific up front.
Draw at 5/2 with Coral
1-1 correct score at 13/2 with Blue Square
Sell goals at 2.8 with Sporting Index
QPR at evens with Coral
Draw/QPR at 4/1 with Coral
Sell total goals at 2.5 with Sporting Index
Arsenal set to
make amends
for mauling in
Arsenal at 15/8 with Blue Square
Draw /Arsenal at 5/1 with Coral
Sell total goals at 2.8 with Sporting Index
Arsenal ended a run of
four defeats in a row
against United with a 1-0
win last season
35 CITYA.M. 20 JANUARY 2012
HERE was no more heart-warming sport-
ing moment in 2011 than Darren Clarkes
victory in the Open Championship. At the
age of 42, at his 20th attempt, the odds
were decidedly stacked against him.
His victory came at the end of difficult per-
sonal time for him following the death of his
wife four years earlier. As he concentrated on
looking after his sons, inevitably his golf had suf-
Now, after his emotional success at Royal St
Georges, he is one of the nominees for the
Laureus World Comeback of the Year Award. He
will find out if he has won on February 6, at the
glamorous awards ceremony in London.
The winners are chosen by the 47 members
of the Laureus World Sports Academy, which
includes global sports stars of the stature of
Boris Becker, Sebastian Coe, Nadia Comaneci,
Sean Fitzpatrick, Marvin Hagler and Martina
Navratilova, plus golfing greats like Jack
Nicklaus and Gary Player. Until his passing in
May, the great Seve Ballesteros was also a
Laureus Academy Member.
(France) Football
In May, Barcelona beat
Manchester United 3-1 to
win the Champions League.
Despite having treatment for
liver cancer just two months
earlier, Frenchman Eric
Abidal had recovered well
enough to play the whole
game. In a moving gesture,
he was handed the captains
armband for the night and
he was the first to lift the
(New Zealand) Rugby Union
Super 15 side Crusaders were
devastated when their home
city of Christchurch was hit
by the massive February
earthquake which caused 181
deaths. With their home
stadium badly damaged, the
Crusaders had to travel more
than 100,000km to play their
rugby. Despite this, they
reached the final of Super 15,
eventually losing 18-13 to
Queensland Reds.
(Australia) Rugby Union
Victory in the Super 15 by
Queensland Reds gave a huge
lift to people in the area who
had suffered in the floods of
December 2010, in which 35
people died. Following several
seasons of mediocrity, the
Reds finished the regular sea-
son perched at the top of the
table, with 13 wins and just
three losses, and beat New
Zealands Crusaders in the

(United Kingdom) Golf
Darren Clarkes victory in the
Open Championship at the
age of 42 was his 20th
attempt to win the Major
and came at the end of
difficult time. His wife
Heather had died the day
before his 38th birthday and
he had put golf to one side
as he concentrated on
looking after his two sons.
He dedicated his triumph to
his children and late wife.
(China) Athletics
After managing just three
steps in the Beijing Olympics
in 2008 before suffering a
hamstring problem, Liu Xiang
came back from injury to win
the silver medal in the 110m
hurdles at the 2011 World
Championships. He became an
icon of Chinese sport by claim-
ing the gold medal at the
Athens Games in 2004, for
which he won a Laureus
Newcomer Award.
(Spain) Golf
In October, flamboyant
Spanish golfer Sergio Garcia
ended a three-year
tournament drought with
victory by 11 strokes in the
Castello Masters. He
dedicated his success to his
fellow Spaniard and Laureus
Academy Member Seve
Ballesteros, who died in May.
The next week he won the
Andalucia Masters to finish
the year 17th in the world.
Northern Irishmans long-awaited Open triumph up against
Abidal and Xiang at Laureus World Sports Awards in London
FANCY rubbing shoulders with the very
biggest names from the world of sport at
next months glitzy ceremony in London? Of
course you do. Well youre in luck, because
City A.M. has a pair of tickets to the Laureus
World Sports Awards at Central Hall,
Westminster, on 6 February and the exclu-
sive aftershow party to give away to a
lucky reader. Just keep watching these
pages for full details of how to win this
money-cant-buy prize in the coming weeks.
Clarke won the Open at
his 20th attempt
Picture: PA
Brave Clarke vying
for best comeback
of 2011 honour
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Rangers agree Taiwo deal
FOOTBALL: New QPR manager Mark
Hughes has stepped up his January
recruitment drive by agreeing a deal to
bring AC Milan left-back Taye Taiwo to
Loftus Road. Hughes is keen to strength-
en his defence after succeeding Neil
Warnock as manager, with Chelsea
stopper Alex and Manchester Citys
Nedum Onuoha also on his radar.
Ashton confirms Sarries switch
RUGBY UNION: Saracens have complet-
ed the signing of Northampton and
England wing Chris Ashton on a long-
term contract. The 24-year-old, whose
Saints deal expires in the summer, will
join the current Premiership champions
for the 2012-13 campaign.
Murray wary of leftie Llodra
Brit glides past Roger-Vasselin to set up
third-round clash with quicksilver veteran
HE MAY not be a wild card under by
strict tennis definitions but Michael
Llodra stands out from most profes-
sionals on the circuit and Britains
Andy Murray admits he will pose a
singular threat when they collide
tomorrow at the Australian Open.
A flamboyant left-handed doubles
specialist, 31-year-old Llodra has
enjoyed only modest singles success
but represents a highly unpredictable
test as Murray continues his latest bid
to end the long wait for a first grand
slam title.
World No4 Murray was much
improved yesterday as he despatched
another Frenchman, Edouard Roger-
Vasselin, 6-1, 6-4, 6-4 to march into
round three, but emphasised he
would have to step up another gear
when he faces Llodra.
Llodra in the next round is tough,
hes a leftie and has a lot of flair so
itll be a good match. Hes been a
great doubles player and very good at
singles for a long time, said the Scot.
Hes got a lot of experience and
makes it difficult because of the way
he plays. You dont see guys playing
like that much nowadays and when
you do play against them it normally
takes a little while to adjust.
Its going to be tough but I have
always enjoyed playing guys that
come forward in the past.
Murray showed no sign of difficul-
ties with the way he set about tack-
ling Roger-Vasselin, taking the first
set in just 23 minutes. Although the
world No101 put up greater resist-
ance in later sets, Murrays victory
had long looked inevitable, marking
a distinct improvement on his patchy
first-round win over Ryan Harrison.
I served well today, he added. I
didnt give him too many opportuni-
ties on my serve, which was impor-
tant as he played well in the second
and third sets. I set the point up with
my first serve pretty well and got
quite a few short replies off that.
Defending champion Novak
Djokovic thrashed Colombian
Santiago Giraldo, meanwhile, and
then insisted he had not been trying
his hardest. I am trying to be physi-
cally fit and fresh for the upcoming
rounds, said the world No1. The
longer the tournament goes, the
tougher it gets.
Home favourite Lleyton Hewitt pro-
gressed after 15th seed Andy Roddick
retired hurt, while there were rou-
tine wins for Jo-Wilfried Tsonga and
Janko Tipsarevic.

Murray cited his

serve as key to the
second-round win
Picture: ACTION
Maria eyes London 2012
FORMER world No1 Maria Sharapova
admits she has one eye on London
2012 after taking another step
towards a second Australian Open
The Russian routed American
Jamie Hampton 6-0, 6-1 to reach
round three and said: This year is a
big year for me because Ill be playing
in the Olympics, which has been a
dream of mine since I was a young
girl. Growing up in Russia, tennis was-
nt a big sport back then. It was all
about being an Olympian, especially
the winter sports.
Thirteen-time grand slam winner
Serena Williams progressed with her
500th career win, while Petra
Kvitova, Ana Ivanovic and Vera
Zvonareva also advanced.
CHELSEA boss Andre Villas-Boas
insists he has no qualms about field-
ing captain John Terry in next weeks
powderkeg FA Cup tie with QPR.
The Blues return to Loftus Road on
Saturday week, four days before Terry
is due in court over claims he racially
abused Rangers defender Anton
Ferdinand in October.
But, asked whether he would con-
sider leaving him out of the potential-
ly combustible fixture, Villas-Boas
said: Not at all. If he is available he
will have to compete with the other
three [centre-backs] and well make
the right decision.
Terry will appear in a west London
court on 1 February charged with a
racially aggravated public order
offence, following the alleged inci-
dent in Chelseas 1-0 defeat at QPR on
23 October. If found guilty he faces a
maximum fine of 2,500, as well as
potential repercussions over his role
as England captain. The 31-year-old
has repeatedly denied the accusation
and vowed to fight it tooth and nail.
Terry would be expected to start if
Villas-Boas selects a full-strength
team, as he did in the win over
Portsmouth in the third round.
Chelsea had two men sent off when
the sides clashed three months ago,
and the Blues manager called on
media not to overplay Terrys rematch
with Ferdinand, for which extra
police will be deployed. He added: If
you want to finish, avoid speculating
about it, about the return to QPR, a
repetition of the images. We can play
our part, but so can the media.
Terry OK to
play in QPR
PAKISTAN captain Misbah-ul-Haq
taunted Englands demoralised bats-
men last night by claiming his sides
astonishing 10-wicket victory in the
first Test in Dubai was easy.
The tourists started day three hope-
ful of limiting Pakistan to a first
innings lead of just over 100,
but a spirited rearguard
effort from Adnan Akmal
(61) ensured England
began their response a
distant 146 adrift.
Ambushed on day
one by the off-spin of
Saeed Ajmal, this time
England were largely
undone by the pace of
Umar Gul and their own
indiscipline, with Kevin
Pietersen particularly culpable
the South African-born batsmen hol-
ing out to deep backward square leg
without scoring.
Indeed, it took some lusty lower
order hitting from bowlers Graeme
Swann and Stuart Broad to ensure
England at least avoided the
ignominy of an innings defeat, but
after they were bowled out for 160, it
took Pakistan only 3.4 overs to score
the 15 runs they required to take an
early lead in the three-match series.
We had not expected that it was
going to be so easy for us, but it was a
wonderful performance by the team,
especially Saeed, because the way he
took those seven wickets in the first
innings really put us on the way to vic-
tory, said Misbah (inset).
Having seen Pakistan make a mock-
ery of their world No1 Test ranking,
England must go back to the draw-
ing board ahead of the second
Test which starts in Abu
Dhabi next Wednesday.
With England need-
ing to force a result
they would do well to
at least consider the
inclusion of a second
spinner at the expense
of one of their under-
performing batsmen.
But Strauss, who himself
scored a combined total of
just 25 runs in the match, insists
there is no need for panic.
He said: Were obviously disap-
pointed. But were not going to push
the panic button by any means. We
need to come back strong and show
our character and resilience.
Our bowlers did a pretty good job
but obviously in both innings our
batsmen should have done better. We
need to learn the lessons. We wont be
panicking; well come back strong in
the second Test match.
Robshaw favourite to lead
England as Wood ruled out
HARLEQUINS back-rower Chris
Robshaw appears destined to skipper
England for the start of next months
Six Nations after his principal rival
for the role, Tom Wood, was yester-
day ruled out of the tournaments
first two matches with a toe injury.
England begin their Six Nations
defence at Murrayfield against
Scotland on 4 February before a trip
to Rome a week later, but will be
without the services of Northampton
flanker Wood, who will wear a pro-
tective boot for the next four weeks.
The 24-year-old, who will still
attend next weeks training camp in
Leeds, made his international debut
in last seasons Six Nations opener
against Wales and was one of
Englands star performers through-
out the competition they won for the
first time in eight years.
Woods loss would appear to be
Robshaws gain, however, with inter-
im head coach Stuart Lancaster yet to
make a decision on who will inherit
the captaincy from Lewis Moody,
who retired from England duty fol-
lowing last autumns World Cup
campaign. Lancasters options for his
first match in charge were already
limited with Toby Flood, Courtney
Lawes, Louis Deacon and Manu
Tuilagi also ruled out.
Leicester centre Tuilagi confirmed
yesterday that he was still struggling
with a hamstring injury and expects
to make his comeback against Exeter
on 11 February, the same day
England play Italy.
Ive got make sure my fitness is
alright its been a while, he said. I
wouldnt mind going straight into
the England team but I think
Leicester want to make sure.
BRITISH triple-jump star Phillips
Idowus hopes of claiming gold at
London 2012 have received a boost
after reigning Olympic champion
Nelson Evora was ruled out.
Portuguese Evora, who beat Idowu
into silver medal position in Beijing
four years ago, suffered a recurrence
of a stress fracture on his right shin-
bone while training.
Given the necessary recovery time,
it is out of the question to take part in
the next Olympic Games, said Evora.
But dont anyone think this injury
means that Im finished. I have a lot
of competitions ahead of me. Idowu,
a former world champion and one of
Team GBs strongest medal hopes at
this summers sporting extravaganza,
played down the development.
Nelson Evoras injury is in no way
good news for me, the Londoner
wrote on Twitter. I want to compete
and win against the best. I wish him a
speedy recovery.
Evora is the second of Idowus main
rivals to suffer a setback in the run-up
to London 2012.
Frances Teddy Tamgho, the world
indoor champion, is currently serving
a six-month ban for an altercation
with a female athlete last year but is
eligible to return in time to compete
at the Games.

Idowu gold medal boost

after champ Evora injured
Pakistan rub
salt in wound
with England
easy taunts



Pietersen was out for

a duck as Englands
batsmen floundered
Picture: ACTION