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News
4 CITYA.M. 29 FEBRUARY 2012
Asia hedgies
boost for City
LONDON is set to pick up lucrative
new work from the boom in the
Asian hedge fund industry, according
to the authors of a new report.
China and Asias other emerging
economies are expected to drive
growth in the size of the global hedge
fund industry this year and the skills
and location of the City of London
mean it is in line to pick up manage-
ment work, according to Marko
Maslakovic, senior economist at
TheCityUK. London currently runs
about $280bn worth of single manag-
er hedge funds, the lobby group said.
The structural advantages which
have attracted around 800 hedge
funds to London include its local
expertise and the proximity of clients
and markets. The UK is also a leading
centre for hedge fund services such as
administration, prime brokerage and
custody, Maslakovic said.
TheCityUKs 2012 hedge funds
report, published today, shows
London remains the dominant centre
for hedge funds in Europe, managing
85 per cent of the continents assets.
Global hedge fund assets under
management fell three per cent to
$1,902bn at the end of 2011. Londons
share of the market dipped slightly to
18 per cent, but remains more than
double its proportion in 2001. New
York had a 42 per cent share last year.
BY PETER EDWARDS
HEDGE FUNDS
FINANCIAL SERVICES
The UK taxpayer could get between 46bn
and 48bn back from its stake in Northern Rock
UKFI also reported yesterday that the gov-
ernment could make up to 22bn on the nation-
alised Bradford & Bingley bank.
FAST FACTS
News
CITYA.M. 29 FEBRUARY 2012
BY MARION DAKERS
ENERGY
5
THE DOW Jones industrial average
last night closed above 13,000 for the
first time since the onset of the finan-
cial crisis.
The index ended the day up 0.18
per cent at 13,005.12 after US con-
sumer confidence data and a sharp
drop in oil prices boosted investor
confidence. It briefly touched the
landmark level last week.
The Dow last closed above 13,000 in
May 2008, four months before the col-
lapse of Lehman Brothers marked the
beginning of a meltdown.
MARKET REPORT: P22
Relief as Dow
hits milestone
WORLD ECONOMY
News
7 CITYA.M. 29 FEBRUARY 2012
Housebuilders should be re-evaluated
PERSIMMON, the UKs biggest house-
builder by value, is experiencing
improving fortunes like most in the
sector but it is still a shadow of its
former self.
Pre-tax profits, which were 55 per
cent higher at 148.1m, are nothing
compared to the 600m or so that
was the norm in 2006.
Still, the outlook for housebuilders
is quickly getting better. Conditions
in the market are hardly buoyant,
but they have remained stable for the
last 15 to 18 months, allowing
Persimmon and its rivals to invest in
new projects.
Asking prices are pretty stagnant,
but housebuilders have managed to
push up their average selling price by
changing the types of properties they
develop. Out with the endless new-
build flats in northern towns, which
are struggling to find first-time buy-
ers, and in with semi-detached house
for affluent southerners.
A change in government policy has
helped. The coalition has reformed a
Labour policy that encouraged house-
builders to have around 60 per cent
of their development portfolios as
flats.
More developments and higher
asking prices have pushed up prof-
itability, but the real reason for
improving margins is new land deals.
Old land bought at the top of the
market and subsequently written
down is falling out of the equation,
to be replaced by newer, more prof-
itable land buys. Thats why margins
have gone from virtually zero to
between 15 to 17 per cent for most
housebuilders.
Old fears die hard, meaning shares
in many housebuilders are still
cheap. The entire sector deserves to
be re-evaluated.
BOTTOMLINE
Analysis by David Crow
ANALYSIS l Persimmon PLC
p
22Feb 23Feb 24Feb 27Feb 28Feb
750
725
700
675
650
625
706.50
28 Feb
GM closer to Peugeot deal
FRENCH car maker PSA Peugeot
Citroen is set to consult engine part-
ners Ford and BMW before agreeing to
a tie-up with General Motors.
The US firm is expected to take a
seven per cent stake in PSA, which is
reportedly planning a rights issue to
raise cash for new ventures.
GM, the worlds biggest carmaker,
and Peugeot are discussing a broad
alliance designed to stem losses in
Europe and cut production costs else-
where, sources said. Last night PSA
could not be contacted about the
terms of a deal but industrial director
Guillaume Faury said earlier: If
theres any agreement that goes
beyond our existing partnerships,
each of those partnerships will have to
evaluate what can be done.
CM-CIC Securities analyst Florent
Couvreur said: The Peugeot family
seems to be willing to dilute its stake a
bit more and seems therefore to be
ready to soften its position, which had
always been considered by the market
to be a brake on PSAs strategic devel-
opment.
AUTOMOTIVE
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TECHNOLOGY
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GERMANYS efforts to set up a parlia-
mentary committee to approve urgent
action by the Eurozone bailout fund
have been deemed in large part
unconstitutional by the countys top
court, hampering efforts to ensure fail-
ing states can be rescued.
The European Central Bank (ECB)
stopped accepting Greek government
debt as collateral after Standard and
Poors put the countrys debt in selec-
tive default, forcing Greek banks to
turn to the national central bank for
emergency cash.
The German constitutional courts
ruling means any use of the bailout
fund to give loans to troubled coun-
tries must be approved by either a full
session of the 620-strong parliament
or its 41-member budget committee.
The special committee of nine MPs
will only be allowed to approve the
purchase of debt on the secondary
market by the fund a facility that has
not yet been used.
Finance minister Wolfgang
Schauble warned the bailout fund
must be able to be used quickly when
a country needs help.
Meanwhile official data showed a
small improvement in economic senti-
ment in the Eurozone in January,
though confidence remains fragile.
Top court blocks Merkel
plan to fast-track bailout
News
10 CITYA.M. 29 FEBRUARY 2012
BY TIM WALLACE
EUROZONE
EUROZONE
News
11 CITYA.M. 29 FEBRUARY 2012
ANALYSIS l Italy 10-year bond yields
Oct Nov Dec 2012 Feb
7.5
7
6.5
6
5.5
IRISH Life and Permanent said it tre-
bled its loan impairment provisions to
1.4bn last year, blaming the poor state
of the Irish property market.
The bank said it now thinks house
prices fell 55 per cent from peak to
trough, worse than its earlier estimate
of 43 per cent.
And a significant increase of mort-
gages in arrears have also pushed the
firms impairments higher.
Irish Life raises
loan hit forecast
EUROZONE
Low rates contributed to
credit bubble, says Tucker
The Bank of Englands Paul Tucker warned against continually low interest rates
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August 15 27, 2011
LAWYERS yesterday railed against the
retrospective 100m tax bill handed to
Barclays bank by HMRC this week, say-
ing it could set a worrying precedent.
Barclays faces paying over 100m to
the Treasury after the government
changed the law to close a tax loop-
hole. The bank was allegedly exploit-
ing a rule that says profit arising from
a buyback of a firms own debt is not
subject to corporation tax.
The concern is if the government
starts to use the tactic of retrospective
rules, whats to stop them using it
again when theres something they
might not like? said Sam Ripon, a tax
associate at Bristows.
Although its actions were legal,
Barclays and other banks have signed
up to the Banking Code of Practice on
Taxation, which contains a commit-
ment not to engage in tax avoidance.
Barclays may have chosen [what
the Treasury regards as] aggressive
schemes, but we are told it did exactly
what it should it implemented the
arrangements and disclosed them to
HMRC, added Ripon.
Barclays said its actions were based
on guidance that the treatment was
both legal and compliant with the tax
code.
But the Treasury called the scheme
highly abusive and said it was
designed to work around legislation
that has been introduced in the past to
block similar attempts at tax avoid-
ance.
Lawyers slam
retrospective
Barclays tax
PART-NATIONALISED bank Lloyds
received the most complaints among
UK financial firms in the second-half
of last year, data from the Financial
Ombudsman showed yesterday.
The Ombudsman said the various
operations within Lloyds Banking
Group including the likes of Bank of
Scotland and Halifax got 20,310 com-
plaints from July to December last
year.
Barclays got more than 11,500 com-
plaints, MBNA Europe got 9,185 com-
plaints while various operations run
by Royal Bank of Scotland got more
than 6,000 complaints.
DEUTSCHE Bank has said it is talk-
ing exclusively to privately held US
financial services firm Guggenheim
Partners over the sale of a big chunk
of its asset management businesses.
Germanys biggest lender declined
to give financial details but it is
expected to raise between 1.5bn
(1.27bn) and 2bn from the deal.
The businesses up for grabs have
about 400bn in assets under man-
agement.
THE Eurozones biggest bank
Santander is doubling its bet on
Poland, Europes most resilient econ-
omy, by taking over a unit of Belgian
lender KBC to create a business
worth about 5bn (4.24bn).
Spains Santander will combine
KBCs Kredyt Bank with Bank
Zachodni WBK to turn the unit it
bought just last year into Polands
number three lender.
Its a smart deal because
Santander gains scale and synergies
with minimum capital outflow, said
Andrea Filtri, analyst at Mediobanca.
Under the deal with KBC,
Zachodni will issue 6.96 of its own
shares for every 100 in Kredyt Bank,
valuing the KBC unit at $1.37bn
(866m) based on current share
prices, which is about a third more
than Kredyt Banks value before yes-
terday.
Lloyds gets the
most complaints
Deutsche set for
2bn asset deal
BY JAMES WATERSON
BANKING
BANKING
BANKING
News
CITYA.M. 29 FEBRUARY 2012
BY HARRY BANKS
BANKING
13
ANALYSIS l Barclays PLC
p
22Feb 23Feb 24Feb 27Feb 28Feb
252.5
250.0
247.5
245.0
240.0
242.5
237.5
243.95
28 Feb
Ana Botins Santander has taken over Kredyt Bank
Santander to take control
of Kredyt Bank in Poland
News
14
LEADING supermarket Tesco failed to
increase sales as quickly as its rivals in
the last 12 weeks, data out yesterday
showed, while leaked documents
showed the Co-op is well behind its
sales targets already this year.
Tescos sales rose 2.5 per cent in the
12-week period ending 19 February,
compared with the same period last
year, lagging behind a 4.7 per cent
rise at Asda, 5.3 per cent for
Sainsburys and 3.8 per cent at
Morrisons.
As a result of this relatively slow
sales growth, Tescos market share fell
from 30.3 per cent a year ago to 29.7
per cent now.
Rival Asda held steady at 17.5 per
cent, while Sainsburys shuffled up
from 16.5 per cent to 16.6 per cent.
Waitroses market share climbed
from 4.4 to 4.5 per cent, Icelands
grew from two to 2.1 per cent and
Aldis jumped from 3.1 to 3.6 per cent.
Part of the reason for Tescos rela-
tive decline over the last 12 weeks is,
it believes, heavy couponing by rivals
around the Christmas period, while it
hopes to have made up ground again
with its own promotions in the last
month.
Meanwhile Co-op is thought to be
struggling to integrate the acquired
Somerfield stores into its wider busi-
ness.
Its market share fell from 6.7 to 6.3
per cent, and documents seen by The
Independent revealed the supermar-
kets food sales are already 15.55bn
behind budget so far this year.
The leaked papers also showed the
company struggling with hundreds
of customer complaints each week.
Tesco keeps on
losing share to
cut price rivals
BY TIM WALLACE
RETAIL
Whitbread chief exec Andrew Harrison said consumers are still being squeezed
HALMA RINGS THE CHANGES AND
HIRES BROKERS WITH PAST LINKS
THEY say that a City broker's rela-
tionship with a client is usually a
significant one and so it has proved
at Halma, the safety, health and sen-
sor technology group, which yester-
day hired Investec and Credit Suisse
as joint brokers. Out goes JP
Morgan Cazenove.
Both Investec and Credit Suisse
benefit from relationships made by
two of their broking stars while
they were plying their trade for dif-
ferent employers.
Investec's Chris Baird used to
broke the 1.5bn-valued Halma
when he was at Dresdner Kleinwort
and Credit Suisse's John Hannaford
did the same when he was broking
at HSBC.
Investec's case is bolstered by the
presence of sector analyst Chris
Dyett, a close watcher of Halma, and
Michael Blogg who has joined the
firm from Arbuthnot.
The new mandate has gone down
well at Investec, which recently
merged with Evolution, and the
firms Keith Anderson wouldn't be
surprised if more followed. There's
a lot of pitching going on, he said
yesterday. Last month Investec won
the brokership for Ricardo.
The jilted team at JP Morgan
Cazenove, which still retains more
FTSE 100 clients than any other
house, declined to comment.
Digby Flower and Andrew Parker join Cushman & Wakefield, leasing agent to Heron tower
The Capitalist
16 CITYA.M. 29 FEBRUARY 2012
GOT A STORY? Email thecapitalist@cityam.com
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CUSHMAN POACHES CBRE DUO
ANOTHER week, another staffing
coup in the property world this time
costing CBRE two star agency direc-
tors, Digby Flower and Andrew Parker.
After a 17-year stint at CBRE, where
he was a member of the Central
London Board, Flower told City A.M it
was time for a change and looks for-
ward to bringing some firepower to
Cushman & Wakefields London busi-
ness. But not before a lengthy garden-
ing leave, and hopefully a spot of
skiing. He will join as a partner and
head of London markets while
Andrew Parker joins the firm as a
partner and head of its City agency.
@
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SOFAS
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BUILDING materials group CRH said
yesterday that full-year profits came
in ahead of forecasts for its debut
results as a FTSE 100 company.
CRH said the outlook for 2012 is
positive despite rising energy costs
and a weaker economic picture in
Europe.
The Irish company is strong in the
US, where it is the major producer of
asphalt for highways.
CRH, which moved its primary list-
ing to London from Dublin at the
end of last year, posted a 33 per cent
rise in pre-tax profits to 711m
(602m) in 2011.
The relatively warm weather at the
end of the year contributed as build-
ing projects were not hampered by
poor conditions.
Market expectations had been for a
pre-tax profit of between 588.1m
and 733m. Earnings before interest,
tax, depreciation and amortisation
(Ebitda) came in at 1.65bn, ahead of
its forecast in November of approxi-
mately 1.6bn.
The final weeks of the year gave
us a good strong finish and allowed
us to be a little bit ahead of the guid-
ance, said financial officer Maeve
Carton.
The group, which reported a five
per cent rise in sales, said a recover-
ing private construction market in
the US will help offset rising energy
costs that are driving costs 10-15 per
cent higher.
CRH bullish
as its profits
beat forecast
SHARES in Apple closed at a record
high of $535.41 last night, valuing
the company in excess of $500bn.
The tech giant, already the
worlds biggest listed firm after sur-
passing Exxon, becomes one of just
six public companies worldwide to
ever pass the $500bn equity value
barrier, with its market cap set to
hit the same level today based on
after-hours trading last night.
The firm is expected to reveal
details of the latest iPad next week.
CAR and plane parts maker GKN said
yesterday a strong performance from
its cars business was behind a 15 per
cent rise in 2011 profit, as sales of lux-
ury cars like Audi and BMW rose and
demand in China remained strong.
The company reported pre-tax prof-
its of 417m on revenue 13 per cent
higher at 6.11bn.
Demand for premium autos
remains strong and we feel that will
be the case in 2012 -- China is the
biggest driver of that but North
America has come back strongly too,
GKN chief executive Nigel Stein said.
Global car production should rise
about five per cent this year and we
expect to deliver more growth on the
back of that.
GKNs auto unit makes products
such as driveshafts, chassis, axles and
lighter auto components for a num-
ber of brands.
Revenue at the automotive busi-
ness, which makes up almost two-
thirds of group sales, rose 10 per cent
to 2.68bn in 2011.
Apple reaches
$500bn value
GKN boosted as luxury
car market gets into gear
BY JOHN DUNNE
CONSTRUCTION
TECHNOLOGY
News
CITYA.M. 29 FEBRUARY 2012
BY HARRY BANKS
MANUFACTURING
17
ANALYSIS l CRH plc
p
23Feb 27Feb 28Feb 24Feb 22Feb
1,350
1,370
1,380
1,390
1,360
1,340
1,342.00
28 Feb
THE JUSTICE Department is conduct-
ing a criminal probe into whether the
worlds biggest banks manipulated a
global benchmark rate, according to a
person familiar with the situation.
While the Justice Departments
inquiry into how the London inter-
bank offered rate, or Libor, is set had
been known, the criminal aspect of
the probe was not.
The investigations are examining
whether traders at the banks tried to
influence whether the rate went up
or down.
Criminal probe
into the Libor
ENFORCEMENT
GKN has benefitted from strong demand for high-end vehicles in China
OUTSOURCING firm Serco will target
further expansion in fast-growing
markets in Australasia and the Middle
East in 2012, after the regions helped it
ride out tougher times in its core UK
and US markets.
FTSE 100-listed Serco, which runs
services from the Docklands Light
Railway to prisons and air traffic con-
trol centres around the world, posted
adjusted pre-tax profit of 262.2m for
2011, ahead of an average forecast of
259.6m by eight analysts.
Revenues rose 7.4 per cent to
4.64bn, helped in part by organic
growth of 37 per cent across Africa,
the Middle East, Asia and Australia,
where it won a number of deals in the
defence, transport and health sectors.
For us this has probably been our
toughest year in our traditional mar-
kets of the UK, which was flat, and the
US, which declined, in a first for us.
The story for us has really been about
the growth in the developing
economies, Serco chief executive
Christopher Hyman said.
Serco said its order book, which is
the value of future revenues based on
signed contracts, stood at almost
18bn at the end of the year, giving
revenue visibility of 92 per cent for
2012, 80 per cent for 2013 and 70 per
cent for 2014.
Serco has begun 2012 with UK
defence contract wins worth over
210m, including a deal to provide
training and support to the army prior
to deployment on operations.
Serco, which employs over 100,000
people in 30 countries, raised its full-
year dividend by 14.3 per cent to 8.4p.
Rival outsourcer Capita, which
pipped Serco to a 500m deal to run
Britains army recruitment pro-
gramme, posted a six per cent rise in
2011 profit last week, underpinned by
growth from acquisitions.
DUTCH cable-television company
Ziggo is expected to file for its IPO
today or later this week and could be
looking to raise up to 800m (677.4m)
from the sale of 15 to 20 per cent of
the company.
Some think the float could make
more than 1bn, making it the biggest
IPO in Western Europe since Spanishs
Bankia floated for 3.27bn in July.
A Ziggo spokesperson said: No deci-
sion has been made on an IPO, but the
company will make sure it is prepared
should that decision be made.
Expected to price on 14 March, the
IPO is being led by JP Morgan and
Morgan Stanley, with Deutsche Bank
and UBS as joint bookrunners.
MEDIA and communications firm
UBM beat market expectations with a
13 per cent rise in full-year earnings
per share to 56.8p after an outstand-
ing performance from its events divi-
sion in the final quarter.
The group posted adjusted pre-tax
profit of 177.4m on revenues of
972.3m, an increase of nine per cent.
Analysts predicted 161.6m and
968m respectively, and 54p per share.
UBM also said that the new year had
started well. It expects underlying
growth of between four and five per
cent in 2012.
The group raised its full-year divi-
dend to a record 26.3p, up from 25p.
Shares closed down 2.3 per cent.
Ziggo set for
expected IPO
filing this week
UBM looks to a
good 2012 as
earnings jump
THE ever-growing string of patent law-
suits between technology firms has
branched out to social media compa-
nies as Yahoo and Facebook scrap over
intellectual property.
Waning search site Yahoo has assert-
ed claims on a variety of mechanisms
used by Facebook, including the way it
operates its adverts, privacy controls,
news feed and messaging service.
The list features between 10 and 20
patents which Yahoo claims it owns.
Yahoo has not disclosed how much
it expects Facebook to fork out in
licensing fees, but has indicated it
would be prepared to take the social
network to court.
Yahoo has a responsibility to its
shareholders, employees and other
stakeholders to protect its intellectual
property, the company said.
These claims come just weeks after
Facebook announced it is looking to
raise $5bn from a flotation later this
year although some analysts think
the firm could aim higher, with sec-
ondary trading valuing the company
at more than $100bn.
Technology giants, particularly in
the mobile phone sector, are in an
ongoing spat over patents.
Apple, Google, Samsung and
Motorola in various combinations
are embroiled in a string of litigations.
Meanwhile, Facebook announced it
could team up directly with mobile
operators on payments, restoring
some of the revenue and influence
they have lost in recent years to mar-
ket hoggers Apple and Google.
Yahoo battles for licensing fees as it
launches patent war with Facebook
TECHNOLOGY
News
18 CITYA.M. 29 FEBRUARY 2012
Perform, which built Chelsea FCs website, grew revenues 53 per cent Picture: GETTY
ANALYSIS l Serco
p
23Feb 27Feb 28Feb 24Feb 22Feb
570
565
560
550
555
545
540
548.00
28 Feb
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MORE NEWS
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www.cityam.com
Serco runs and maintains the Barclays Bike Hire scheme Picture: GETTY
TELECOMS
MEDIA
News
19 CITYA.M. 29 FEBRUARY 2012
ICAP, the worlds largest interdealer
broker, has purchased European biofu-
els dealer Sun Commodities for an
undisclosed sum.
Geneva-based Sun was established
in 2008 to capitalise on the booming
market both physical and derivative
for alternative fuels such as
bioethanol, biodiesel and vegetable
oils produced from rape, soya and
palm.
The firms existing staff, including
managing director Laurent Gonelle,
will join the parent company.
The acquisition marks an expansion
for ICAP Energy into European alterna-
tive fuels, as it looks to increase
broking of physical commodities.
Although no price was placed on
the deal, at the end of 2010 Sun had
gross assets of approximately $803,000
(506,000).
The deal is ICAPs second acquisition
in the last week after the purchase of
Singaporean tanker firm Island
Shipbrokers. The firm is attempting to
fill gaps in its portfolio and provide an
increasingly global service.
Paul Newman, managing director of
ICAP Energy in London, said: The
increased use of biofuels and persist-
ently high prices for traditional fuels is
driving renewables centre stage. We
are very pleased to welcome the Sun
Commodities team to ICAP, and their
established strengths in this spe-
cialised area will allow us to bring new
and important services to our cus-
tomers.
Shares in ICAP were up slightly at
388.1p yesterday.
Broker ICAP snaps
up biofuels dealer
BY JAMES WATERSON
CAPITAL MARKETS
Facilities
Management
A special report
distributed within
City AM tomorrow!
Crisis Management
Howoutsourcing can
offer peace of mind
Working environment
The impact it has on
staff and performance
Customer requirements
Knowthe customers
wants and needs
AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
Nowis the
time to shift the
mind-set from
cost-cutting to
expansion and
investment
Mike Daniels of
Barclays Corporate
discusses whats
important for 2012
PHOTO: SHUTTERSTOCK
Difficult times: Facilities management
providers are supportingUKbusinesses in
unstable economic conditions
THE ROAD
TO RECOVERY
FACILITIES
MANAGEMENT
No. 2 / Mar. 12
www.mediaplanet.com | Tel: 02076654400
Mediaplanet is the leading International
publisher of high-quality and in-depth
analysis on topical industry and market
issues, in print, online and broadcast
LOWER bad debt charges boosted full-
year profits at sub-prime lender
Provident Financial, and the compa-
ny said yesterday that it was confi-
dent of further growth in 2012,
lifting its shares to their high-
est level since February 2001.
Provident Financial,
which lends to people who
cannot get credit from
mainstream banks and
whose roots date back to
1880, reported pre-tax prof-
its for 2011 of 162m, up
12.2 per cent from the previ-
ous year.
Its earnings
were lifted by
a reduction
in impair-
ment charges for loans that have had
to be written off, and the profits
came in ahead of the 160m average
consensus forecast.
The company proposed a final divi-
dend of 42.3p, making a total divi-
dend for the year of 69p, up 8.7 per
cent from last year.
It also renewed 382.5m
worth of funding facilities.
Weve enjoyed very
strong growth even
though weve been pretty
cautious about whom we
issue credit to, chief
executive Peter Crook
said.
The group is in a
position to make
further good
progress in
2012, he
added.
Provident Financial
boosted by lower
bad debt charges
BY HARRY BANKS
FINANCIAL SERVICES
NEWS | IN BRIEF
Elementis falls as profits grow
Shares in Elementis fell by almost five per
cent yesterday, making it one of the
biggest losers on the London Stock
Exchange, after the speciality chemicals
supplier reported 2011 results below ana-
lyst expectations. Despite raising its full-
year dividend as adjusted pre-tax profit
rose by over a third, shares dipped by
seven per cent, before recovering slightly
in later trading. Annual adjusted pre-tax
profit rose to $134.5m (85m) from
$96m the previous year. Revenue for the
year rose nine per cent to $760.5m.
SDL cheered by North America
SDL yesterday posted a higher full-year
profit on strong demand for its translation
services in North America and its growing
web content management offering.
The company which provides translation
services for multinationals including
Hewlett-Packard, Bosch and Microsoft
said its sales pipeline remained robust, and
raised its final dividend by 5.5 per cent.
SDL's full-year pre-tax profit rose to
33.8m from 28.8m a year ago.
Adjusted profit was 39.7m.
Quieter markets hit Worldspreads
Spreadbetting group Worldspreads has
said it now expects a loss in the year to 31
March, after benign market conditions
and low volatility affected revenues. The
company also said its finance chief Niall
O'Kelly will leave after eight years.
SONY ASKS BRUSSELS FOR EMI BID APPROVAL
A CONSORTIUM led by Sony has asked Brussels to give the green light to its EMI
takeover bid, which would see the record labels music publishing business (owner of the
rights to Beyonces music) bought by the group for $2.2bn (1.38bn). The European
Commission has until 2 April to respond. Indie music representative Impala has urged
the EC to block this deal, claiming it will ruin market competition. Picture: GETTY
@
@
@
MORE NEWS
ONLINE
www.cityam.com
ANALYSIS l ICAP
p
23Feb 27Feb 28Feb 24Feb 22Feb
397.50
395.00
390.00
392.50
387.50
385.00
388.10
28 Feb
Should UK forces intervene in Syria?
AFTER Syrias United Nations envoy
stormed out of an emergency meet-
ing yesterday, leading the US to
denounce President Assads regime
as delusional, were asking our
City panel what they think of esca-
lating violence in the country.
Fayassal al-Hamwi, Syrias ambas-
sador in Geneva, accused members
of the UN Human Rights Council of
promoting terrorism and prolong-
ing the countrys crisis by organis-
ing the emergency debate yesterday.
Given the rising death toll in
Syria which the UN claims has
reached 7,500 do you think the
international agency would be justi-
fied in taking military action
against the Syrian government, and
should the UK and allies be
involved?
Were also interested in whether
you think unrest in Syria will lead to
wider disruption in the region, and
whether it could cause problems for
the UKs energy supply.
Run in association with
PoliticsHome.com, the Voice of the
City is our weekly poll of business
and finance professionals across
London. The results of the poll will
run in Mondays edition of the
paper.
To answer these questions and
more, you can apply to join the
panel at cityam.com/panel.
PoliticsHome.com PoliticsHome.com
In partnership with
Apply to join today at
www.cityam.com/panel
Provident Financial
is led by Peter Crook
BOMBARDIERS hopes have been
raised over lucrative work to build
trains for Londons Crossrail project,
after the government said the suppli-
er must fulfil the contract in a way
that benefits Britain.
The Canadian firm, which has a fac-
tory in Derby, will compete with
Hitachi, Siemens and Spanish group
CAF for the contract to supply around
60 new trains and a London depot.
Transport secretary Justine
Greening said the tender process
includes requirements for responsi-
ble procurement that ask bidders to
set out how they will offer training
and jobs in the UK, as well as requir-
ing them to establish an appropriate
local presence to manage the delivery
of the contract.
Bidders must also set out where
each element of the contract will be
sourced.
However, Greening said the made
in Britain requirements would not be
a factor in deciding who wins the con-
tract, but rather a rule that the even-
tual winner must follow.
The move comes after Germanys
Siemens won a 1.6bn contract to sup-
ply Thameslink trains last summer,
prompting Bombardier, which missed
out, to announce some 1,400 job cuts
at its Derby plant.
Trade union Unite gave a cautious
welcome yesterday. At first sight, the
procurement criteria for the Crossrail
contract looks like an improvement
on the Thameslink fiasco. We hope
that this is a strong indication, that in
this instance, the government has
learnt lessons, said assistant general
secretary Diane Holland.
We expect a fair and transparent
bidding process. We are not asking for
favours, we are asking for fairness for
British based manufacturing and the
supply chain.
Labours shadow transport secre-
tary Maria Eagle echoed the senti-
ment, saying the focus on British jobs
is a huge victory for common sense.
The four companies will submit
tenders during the summer, when the
government will narrow down the
competition to two bidders. A final
decision expected in spring 2014, a
year later than first planned.
The new 200m-long trains will
carry up to 1,500 passengers each
when the route linking towns from
Maidenhead to Shenwood begins
operating in 2018.
STRUGGLING Dutch satellite navi-
gation systems maker TomTom
said sales and profit will continue
to fall this year as more consumers
opt for free software on smart-
phones, hitting its shares.
The visibility in our core PND
[personal navigation device] mar-
kets is limited as there remains
great uncertainty about the rate of
decline of customer demand for
the category, chief executive
Harold Goddijn said yesterday.
TomTom, which posted quarterly
results that met forecasts, said it
expected 2012 revenue of around
1.1bn (932m) and adjusted earn-
ings per share of 0.35, compared
with 1.27bn and 0.55 respectively
in 2011.
Sales for 2012 had been forecast
at 1.2bn. Fourth-quarter net profit
fell 76 per cent to 12m, on sales
down 31 per cent to 357m.
TomTom has struggled to over-
come slumping demand for PNDs
used by car and truck drivers, as
smartphones become more preva-
lent. PND, its biggest division and
which makes up around two thirds
of group sales, saw quarterly sales
fall 40 per cent.
TomTom had issued two profit
warnings in 2011, in April and
June, and announced cost cuts and
a strategy shift in October.
Its shares closed down 15 per
cent yesterday at 3.75, valuing the
company at around 957m.
Satnav maker TomTom warns on 2012
as smartphones dominate its market
Crossrail train
work has to
benefit Brits
BY MARION DAKERS
TRANSPORT
BY HARRY BANKS
TECHNOLOGY
News
20 CITYA.M. 29 FEBRUARY 2012
Bombardiers Derby plant could benefit from Crossrails bidding rules Picture: GETTY
NEWS | IN BRIEF
Ofwat head to work from London
Water regulator Ofwat will let its next
chief executive work from London after
it failed to find a replacement for cur-
rent boss Philip Fletcher who was will-
ing to work from the companys
Birmingham base. Fletcher has already
stayed at the company longer than
planned after the initial search for his
successor was abandoned last year due
to a lack of suitable candidates.
AZ Electronics revenues rise
Speciality chemical materials maker AZ
Electronics said yesterday its annual
revenues rose to $791.8m (498.7m)
from $682.1m the previous year, while
a loss of $90.6m in 2010 became a
profit of $125.6m this year. Earnings
before interest, tax, depreciation and
amortisation leapt 16 per cent to
$261m. The firm paid a final dividend
of 8.5 cents per share, making a total
dividend payment of 12.3 cents per
share.
BP sells Kansas fields for $1.2bn
BP has sold its natural gas assets in
Kansas to Linn Energy for $1.2bn as part
of its divestment plans. The assets cur-
rent production is about 110m cubic feet
equivalent per day. BP is selling off
assets to raise $45bn to pay costs linked
to the 2010 Gulf of Mexico oil spill. The
oil company is currently in settelement
talks with tens of thousands of business-
es and individuals affected by the disas-
ter, delaying a planned trial by a week.
The firm could settle a large numbers of
cases this week, a source said.
IRISH airline Aer Lingus warned yes-
terday that its profit would fall this
year due to higher fuel costs, and
that a growing pension deficit had
the potential to spark industrial
action that would hurt the company.
The airline beat analyst expecta-
tions by posting an operating profit
of 49.1m (41.6m) in the year to
December, compared to analyst fore-
casts of 40.7m.
But it said its fuel bill would
increase by 60m this year if oil
prices remained at current levels,
representing a rise of 20 per cent.
That would wipe out the benefit of
expected low single-digit growth in
passenger numbers and yield, the
keenly watched measure showing
average revenue gained per mile per
passenger.
We think we will make a decent
profit but it will be a little bit lower
than this year, finance chief Andrew
McFarland said.
Davy analyst Stephen Furlong said:
The companys underlying [perfor-
mance] is good, but they cant pay for
fuel basically.
This is going to be the story in the
[airline] network earnings season.
Revenue is good, but it doesnt pay
for fuel.
Aer Lingus is in talks with unions
over how to fill a hole in a staff pen-
sion scheme. The estimated deficit
increased to 700m by the end of the
year from an earlier estimate of
400m, it said in a statement.
Fuel bill set to
knock profits
at Aer Lingus
TRANSPORT
1.64
28 Feb
BANCO ESPIRITO SANTO
Nomura has maintained its negative view on Portuguese banks, but sees
Banco Espirito Santo as better placed versus its domestic peers against a
possible Portuguese debt restructuring. The broker also says it faces a
lower shortfall than others against capital requirements for 2012 issued by
both the Bank of Portugal and the EBA. Nomura upgrades the bank to neu-
tral and reduces its target price on the stock to 1.50 from 2.
ANALYSIS l Essar Energy PLC
240
200
220
180
160
140
120
Dec Jan Feb
p
113.40
28 Feb
ESSAR ENERGY
Goldman Sachs has removed the India-focused energy firm from its buy
list following a weak set of second-half results from the company and
what it sees as an uncertain outlook for the firms power business. The
broker has re-rated Essar to neutral and lowered its target price on the
stock from 190p to 134p. Goldman is concerned about low visibility on
earnings at the group, as well as high leverage.
ANALYSIS l Cookson Group PLC
700
650
600
550
500
Dec Jan Feb
p 696.5
28 Feb
COOKSON
UBS rates the materials science firm as neutral and raises its target price
from 650p to 675p after a better-than-expected finish to the year that
showed cyclical fears were mostly unfounded and the business performed
well in November and December. The broker has upgraded its estimates by
six per cent to reflect higher growth in Advanced Refractories, but wants
to see much better cash conversion before it becomes more positive.
p
28Nov 16Dec 10Jan 17Feb 30Jan
6,000
5,400
5,300
5,200
5,600
5,500
5,800
5,700
5,900
ANALYSIS l FTSE
5,927.91
27 Feb
Houlihan Lokey
Stephen Winningham has joined the interna-
tional investment bank as managing director,
and co-head of European corporate finance in
the firms London office.
Winningham was until recently head of
major corporates at Lloyds Banking Group,
overseeing the groups coverage of UK and US
investment grade corporate clients. Prior to
this, he was global head of Lloyds financial
institutions business. He has also worked at
Salomon Brothers/Citigroup in Hong Kong.
News
22 CITYA.M. 29 FEBRUARY 2012
Accommodating the greatest show
on earth by calling on a global team
Chris Hale explains
why it makes sense
to be the official hotel
services provider to
this summers Games
Q.
WHAT WAS YOUR BRANDS PRIMARY
REASON FOR BEING INVOLVED WITH
THE GAMES?
A.
There are many compelling reasons
why we have chosen to be a partner.
Probably the most compelling, cer-
tainly at the time we were discussing and
signing the deal, was that we had just spent
the biggest sum of money of any hotel com-
pany ever on relaunching a single brand.
IHG spent $1bn (631m) relaunching
Holiday Inn and Holiday Inn Express all
round the world. Given that we had made
such a significant investment ensuring
that all of our Holiday Inns and Holiday Inn
Expresses were excellent, we really wanted
to shout about that. The Olympics give
you an opportunity to talk about
your brand in a way that no other
event and no other sponsorship
enables you to do, so it was
really nice timing. It was also
coupled with the fact that
were a UK-listed company.
Outside the US, the UK is one
of our most important mar-
kets and weve got a UK chief
executive. We also felt that we
had a great story to tell around
our corporate social responsibility
credentials. We have better disability
access than any other branded hotel in
the UK, for example. But the two main rea-
sons were around putting our brand on a
global stage and secondly using the
Olympic relationship to build a bigger
sports business within our hotels. Its an
area where I think weve traditionally not
been as strong. Sport is a massive global
business: from professional athletes who
are travelling the world going to sporting
events to teams and support teams, to ama-
teur players right through to spectators.
Weve seen this and seen an opportunity to
win a greater share of that business.
Q.
HOW DID YOU STRUCTURE THE CASE
FOR INVOLVEMENT TO THE BOARD?
A.
We were rigorous in looking at what
the benefits from the sponsorship
might be. There was a significant
brand opportunity, to drive preference for
our main brands; there was a revenue
opportunity, winning more revenue from
sports business glob-
ally; and thirdly we
realised there was a big
staff engagement opportuni-
ty. The way the contract is structured,
we have external marketing rights in the
UK but globally we can use the partnership
to engage our staff across all of our brands
and geographies. By doing that right there
was a great opportunity to engage people
who arent necessarily going to be at the
main stadium but to touch them with the
magic of the Olympics. Thats something
weve had a lot of success with.
Q.
HOW HAVE YOU STRUCTURED YOUR
BUSINESS TO MAXIMISE OLYMPIC
OPPORTUNITIES?
A.
We were very keen from the outset
not to be just a sponsor who pays a
sum of money for use of some mar-
keting collateral. We really wanted to have
a deeper relationship with the Games and
underpin that with genuine involvement,
so there are two big areas were heavily
involved in. One of those is the athletes vil-
lage. About 90 of the key staff in the village
are going to be ours, the equivalents of gen-
eral managers in a hotel. The village will
host some 17,000 athletes, so its a huge
operation and we will be at the heart of it.
Well also be providing some of the staff
training. Weve selected people from all
over the world Beijing, Kenya, across
Europe all handpicked for the task of pro-
viding great service.
Weve also got a role supporting the
torch relay. We will be providing a lot of the
accommodation and weve selected 72 of
our staff to be torch runners. Weve chosen
people who have done outstanding things
outside of work. People who saved neigh-
bours from floods in the Philippines
through to those who give a huge amount
of time to a local UK scout group.
Q.
THE GAMES PRESENT NUMEROUS
COMMERCIAL OPPORTUNITIES.
WHICH ARE MOST CRUCIAL FOR YOU?
A.
Therell be a lot of demand in sum-
mer for hotel rooms and well be
looking to fulfil that at realistic rates.
But it doesnt all happen immediately. In
Barcelona, visitor numbers went up from
1.5m in the year of the Games to some-
thing like 5m 15 years later. London is a
global city already enjoying huge visitor
numbers, but it is a chance to give people a
great experience so they come back.
Not a lot of people know that in order to
win the bid, the London organising com-
mittee (Locog) secured the backing of the
hospitality industry, and the industry as a
whole gave Locog 65 per cent of all of its
rooms, some 40,000, at a discounted rate.
So, far from using it as an opportunity to
make hay while the sun shines, we and
other hotels said we were willing to sub-
sidise the Games in our long-term interest.
Q.
WHAT HAS SURPRISED YOU MOST
ABOUT YOUR INVOLVEMENT TO DATE?
A.
I hadnt appreciated it was such an
enormous undertaking. I think
once we as a country realise the
scale of what will happen this summer, I
think its going to be magnificent. Brits
make the best fans in the world.
Chris Hale is head of London 2012 for
Intercontinental Hotels Group (IHG).
The Olympic
Games give
you a unique
opportunity
to talk about
your brand.
149 DAYS TO GO
COUNTDOWN
TO THE LONDON
2012
OLYMPIC
GAMES
Q A
&
Business Features
23
WORDS BY MARC SIDWELL
Providing service with a smile to the athletes village Picture: Laura Lean / CITY A.M.
T
HE UKs higher education sector is an
export success story. Only the United
States recruits more international stu-
dents. Those from outside the
European Union contribute 2.5bn each
year in fees to our universities and spend
a further 2.5bn while they are here. If
students in further education and pri-
vate sector colleges are included, the
figure rises to 8.5bn. And financial
contributions are just the beginning.
The reputation and quality of UK
universities draws the best and
brightest students from all over the
world. Many of these graduates go
on to contribute to our businesses
and research institutions. Even those
who leave upon the completion of
their studies maintain trade and busi-
ness connections. In a recent survey of
international graduates, four out of
five said that they planned to develop
professional links with businesses in
the UK in the future.
There are good reasons beyond eco-
nomics to prize these students. Four
years ago, I met the son of a Malaysian
Prime Minister who regretted the weak-
ening of British influence. He attributed
this decline to the Thatcher govern-
ments decision to make universi-
ties charge overseas students
substantially more in fees. Going to
university in the UK had meant
that people like his father and
Singapores Lee Kuan Yew were pos-
itively influenced by this countrys
thinking and remained, broadly,
friends and supporters of British
links throughout their political
careers.
Today, that Malaysian leader is
Prime Minister himself. Like his
father, he went to university in
Britain. In business and geopoliti-
cal terms, it is vital that future lead-
ers from the Bric nations, the
Middle East, and other strong
economies of the future have positive formative
relationships with the UK. The direction of cur-
rent government policy is putting that at risk.
The government has made a rod for its own
back with the pledge to reduce net migration to
the tens of thousands by the end of the parlia-
ment. As a result of focusing on this sole measure
of success, those coming from outside Europe to
study are being lumped into the category of
undesirables by the tabloid media.
International applicants are sensitive to bad
press. The publication last year of Home Office
proposals to reform the student visa system gener-
ated very negative publicity in several of our key
markets. UK visa rules may force Chinese student
exodus and India upset over UK visa rules,
warned headlines in The China Daily and The
Hindustan Times respectively.
There is a growing perception in these coun-
tries that the UK is becoming less welcoming of
foreign students. A survey this week will show
some universities reporting 40 per cent falls in
Indian student numbers. India is the worlds third
fastest-growing economy, and one with which we
have had historic educational links. In 2010, the
UK attracted 58,000 students from India, more
than any other country. The key question is: for
how long will this continue?
This month, the government announced fur-
ther curbs on international students, targeting
their ability to work for a period following gradu-
ation. The Home Office is worried that they may
be displacing UK graduates in the labour market
but the evidence for this is minimal. The graduate
job market is extremely tough, but for reasons far
broader than the competitive presence of interna-
tional students.
Post-study work in the UK is part of the attrac-
tion for international students. A survey by the
National Union of Students showed that three-
quarters of international students viewed the
post-study work visa as a very important factor in
their decision to study here. It was so critical that,
were it to be abolished, two-thirds said they would
not recommend the UK as a study destination.
That is not an empty threat. Students can easi-
ly take their business elsewhere. The market for
international students is fiercely competitive. The
UKs market share fell over the last decade and
will continue to drop if the government does not
change course.
Following a recent review, Australia has adopt-
ed provisions very similar to those we are abolish-
ing. These will allow international students to
work for four years after graduation. Not surpris-
ingly, the media reaction there to the UKs visa
proposals has been of a rather different nature
The Australian proclaimed the UK reforms to be
an own goal.
We recommend one simple policy change
straight away: remove students from migration
figures while they are studying. Like tourists, they
are temporary residents and should be treated as
such. If they stay to work after graduating, incor-
porate them at that point. The government has
set itself the task of reducing net migration below
the 100,000 mark. In doing so, it must be careful
not to turn yesterdays established success story
into tomorrows tale of decline.
Simon Walker is director general of the Institute of
Directors.
24
The Forum
CITYA.M. 29 FEBRUARY 2012
Its vital that future foreign
leaders have positive early
relationships with the UK.
Hysteria over student visas
is damaging our reputation
and Britains future growth
cityam.com/forum
SIMON WALKER
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
25
Legislation meets
the governments
objectives already
Tax campaigners
against Barclays
are misinformed
O
N MONDAY, David Gauke, exchequer
secretary to the Treasury, told a
stunned House of Commons that a
bank had attempted to use a tax avoid-
ance scheme to reduce its tax bill by 0.3bn.
The government would act swiftly to close
this loophole. As other banks are also under-
stood to have used this dodge, its hoped this
will secure an additional 500m of tax rev-
enues.
We now know that the bank in question is
Barclays. And the media response has been
brutal, focusing on the fact that Barclays is a
signatory to the Treasurys code of practice on
taxation. This means that, while it can under-
take tax planning in support of its business
operations, tax schemes should not be used to
achieve tax benefits that are contrary to the
intentions of parliament. Tax campaigner
Richard Murphy has commented that it
proves the need for a general anti-avoidance
rule (GAAR) on tax, to prevent tax benefits
being obtained from pre-ordained, artificial
schemes like this.
Unfortunately, in their rush to pass judg-
ment on Barclays, nearly all commentators
have missed the two most important parts of
Gaukes announcement.
Firstly, the scheme came to light because
Barclays disclosed it to HMRC. Under the
Disclosure of Tax Avoidance Scheme (DOTAS)
rules, introduced by the Labour government
in 2004, tax scheme promoters must disclose
any scheme to HMRC that provides, as one of
the main benefits of the scheme, a tax advan-
tage. However, in some circumstances, the
taxpayer using the scheme must make the
disclosure to HMRC. And Barclays did tell
HMRC about its use of the scheme.
Secondly, the government will be taking
action to close the loophole retrospectively.
While retrospective legislation is, generally
speaking, a bad thing, government has
reserved the right to use it in the most egre-
gious cases of aggressive tax avoidance. That
means that Barclays and other banks wont
benefit from this scheme. However, the need
for retrospective legislation proves that the
scheme was legal at the time it was entered
into.
The government is contemplating whether
to introduce a general anti-avoidance rule, fol-
lowing the study by Graham Aaronson QC
late last year on its feasibility. Its now likely
that the government will consult on intro-
ducing one. A GAAR could reduce the need
for such wide-reaching retrospective powers.
Its hoped that, should a GAAR be brought
into law, government will relinquish some or
all of its retrospective power-making, to the
extent that its no longer necessary. In any
case, its essential that taxpayers are given
adequate protections from this power being
used too widely or too often. The lack of clari-
ty over these protections continues to be trou-
bling.
Honest taxpayers should take heart from
the Barclays episode. It shows us not only that
DOTAS works, but also that companies that
use aggressive tax avoidance schemes cant
expect to benefit from them. That means any
further change in the law on tax avoidance,
either to introduce a GAAR or to widen the
use of retrospective legislation, needs to be
proportionate and fair.
Christie Malry is a pseudonym. The author is a
chartered accountant. He blogs at
www.fcablog.org.uk.
Damaged goods
[Re: Dont blame the Depression
on the gold standard, yesterday]
George Selgin writes that there
can be no question of a credible
government-backed gold stan-
dard without public confidence in
governments monetary promis-
es. But that also applies to gov-
ernment-sponsored paper
money. The failure of both is a
lesson that we should get gov-
ernments out of the money busi-
ness altogether.
Edward Harris
Artistic malaise
[Re: Universities can be power-
houses of UK innovation, yester-
day]
Encouraging business and univer-
sities to collaborate more closely
clearly will benefit the economy,
but not all learning can and will
have a direct link to business.
There are benefits to encouraging
arts and humanities and there is a
danger that their apparent lack of
financial value will lead to a view
that they offer no social benefit
Emma Davey
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: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
CHRISTIE MALRY
BY JAMIE WHYTE
CITYA.M. 29 FEBRUARY 2012
The Forum
T
HE government
has introduced a
scheme that
encourages peo-
ple on the unemploy-
ment benefit to work at
selected firms, such as
Tesco. They are paid
nothing but are alleged
to benefit by gaining work experience.
This is not slave labour, as some have alleged. No
one is forced to do this unpaid work, not even as a
condition for receiving the dole. Nevertheless, the
policy reveals the governments moral confusion
about labour policy.
It is illegal in Britain to work for less than 6 an
hour. Most who favour a legislated minimum wage
believe it benefits unskilled workers. Perhaps it
does, but not by increasing their pay.
To see why, suppose you owned a little house for
which no one was willing to pay more than
100,000. Now suppose the government imposed
a minimum house price of 200,000. This would
not help you sell your house for a higher price,
since it would make it no more desirable. The law
would effectively ban you from selling your house.
Similarly, a minimum wage does not make
unskilled labour more valuable to employers. It
simply bans people whose labour is worth less
from working. If government ministers think this is
a way of helping the unskilled, they must believe
that it is better to be unemployed than to work for
5 an hour. Better to be on the dole than to be
exploited.
But, then, how can we understand their new
unpaid work scheme? You are exploited if you work
for 5 but helped if you work for nothing? What
principles can justify a policy of increasing the min-
imum wage and then creating a scheme designed
to encourage people into working for no pay?
Despite ministers recent laments about crony-
ism, that is the effect of this policy. The govern-
ment sets a minimum wage that creates
unemployment and then arranges for some of the
unemployed to work unpaid for favoured firms,
with these workers subsistence funded by taxes
on the rest of the population. Economically, this is
an even better racket than slavery; slave owners
had to cover the cost of their slaves food and lodg-
ing.
Nor is it only when someone is a ward of the
state that the government suspends its objection
to low-paid work. My friend Scott has a vegetable
garden. He scratches away at it for about five
hours a week and produces about 10 worth of
vegetables. That is a rate of pay of 2 an hour, paid
in vegetables. The government does not stop him.
But if he preferred pubs to gardens, and worked in
his local for five hours to receive 10, he would be
breaking the law. Whats the relevant difference?
Similarly, I might hire someone to cook for me if
I could pay him 4 an hour. But I am not allowed
to. So I cook myself, thereby working for less than
the minimum wage (no one would pay 6 an hour
for my cooking). This legislative incentive for do-it-
yourself is not only ethically arbitrary, it restricts
the division of labour and, hence, economic growth.
If the government wants to help young and
unskilled people gain work experience, and wants
to promote growth, it should abolish the minimum
wage. Alas, I fear it is too confused and too gut-
less.
Jamie Whyte is a senior fellow of the Cobden
Centre.
Theres no logic behind
the workfare proposal
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
A
S a result of lower FX market volatil-
ity and high daily trading volumes,
combined with rock-bottom dollar
yields, traders have been driven into
long risk positions in the hunt for gains.
Higher-yielding Canadian and Aussie dol-
lars and even the euro have been targets for
trading on the risk trend. This trend was
given another boost yesterday as news of
another round of the European Central
Banks Long-Term Refinancing Operation
(LTRO) lessened demand for the safety of
the dollar.
The pumping of cheap credit from the
ECB comes after the Bank of England (BoE)
and the Bank of Japan (BoJ) announced in
recent weeks that they would be expanding
their quantitative easing programs.
DOLLAR OUT OF FASHION
The flattening of FX market volatility is not
just a result of the ECBs LTRO2 but part of
a longer term trend. FX market volatility
indices are at their lowest levels since
August 2008 (See the chart, below right,
based on the FX options market volatility
expectations.)
After the Swiss National Bank imposed
capital controls on the franc in September
last year, the dollar has acted as the haven
currency of choice. But with volatility on
the wane, so is demand for the dollar as a
safe currency. According to Christopher
Vecchio, currency analyst at DailyFX, a pro-
longed period of this calmness could lead
to a continutation of the current euro-dol-
lar rally, as well as gains for the Aussie dol-
lar commodity currency: Recent price
action supports this theory, as euro-dollar
broke above a key descending trendline
coinciding with the psychologically signifi-
cant $1.3200 level. Vecchio adds: We
expect that the dollar may fall further if
recent market trends continue.
As traders seek
gains, the dollar has
fallen out of favour,
writes Craig Drake
Less shaky forex markets have changed the direction of flows. Picture: GETTY
Lower volatility drives
flows into higher yields
D
ESPITE signs of improvement for the UK economy, the
pound traded at the months low versus the US dollar and a
10-week low versus the euro last week. A weaker pound
was initially triggered after the release of the minutes for
the Bank of Englands (BoE) February policy meeting. The minutes
show that two of the nine policymakers wanted a 75bn increase
in quantitative easing (QE) instead of the 50bn supported by the
other seven. Despite the increase in QE being widely anticipated,
the market was surprised that two of the policy makers voted for
a higher figure. This was priced in and spurred a round of sterling
selling.
In the following days the pound then received another blow
when UK GDP revealed that the economy had contracted by 0.2
per cent in the last three months of 2011. The negative data
along with a string of dovish statements from the BOE policy-
makers began to raise questions about the state of the UK econ-
omy and the next BoE move.
After the release of the fourth quarter GDP figure, BoE Governor
King said that the recovery of the UK economy is slow and
uncertain. Fisher echoed Kings sentiment and said that the out-
look for the economy is still incredibly uncertain and he was
keeping an open mind on whether more quantitative easing
would be needed. The dovish comments continued with voting
member Bean saying that although he expects a modest pickup
in the economy there are continuing headwinds from unwinding
of excessive debt and the governments fiscal consolidation.
Meanwhile Miles, who voted for a larger asset purchase in
February, said the UK hasnt seen much of a recovery from one of
the deepest recessions in the history of the country. The MPC is
likely to wait until May before deciding on further easing.
The February minutes, poor GDP data and the increased proba-
bility of more QE suggest that sterling will trade with a negative
bias in the near-term. However, in the bigger picture the main
drivers for the pound are risk appetite and the EU debt crisis.
This means in the longer term the pounds downside should be
limited if the equity rally and market risk appetite continues
which will largely depend on news from the EU.
Please note that Forex trading (OTC Trading) involves substantial risk of
loss, and may not be suitable for everyone. Do not invest money you can-
not afford to lose. The information provided is for informative purposes
only, and can under no circumstances be considered as a recommenda-
tion to engage in any trade. Easy Forex Trading Ltd is regulated by the
Cyprus Securities and Exchange Commission (CySEC) (License Number
079/07).
CONTINUING
THE DOVISH
BOE TREND
ZOE FIDDES
UK BRANCH MANAGER, EASY-FOREX
Wealth Management| Foreign Exchange
26 CITYA.M. 29 FEBRUARY 2012
S
o
u
r
c
e
:
F
X
C
M
1-Week volatility index
2011 2012
16
10
8
12
14
ANALYSIS l Daily FX Volatility Indices
1-Month volatility index
3-Month volatility index
CITYA.M. 29 FEBRUARY 2012 27
Wealth Management | ISAs
LON GD ONCE FIX AM...........1774.75 9.75
SILVER LDN FIX AM ..................36.66 1.17
MAPLE LEAF 1 OZ ....................39.80 1.79
LON PLATINUM AM................1710.00 10.00
LON PALLADIUM AM...............708.00 -2.00
ALUMINIUM CASH .................2266.50 14.00
COPPER CASH ......................8435.50 -4.50
LEAD CASH...........................2155.50 2.50
NICKEL CASH......................19830.00 -70.00
TIN CASH.............................23470.00 -530.00
ZINC CASH ............................2045.50 -14.50
BRENT SPOT INDEX................124.26 0.03
SOYA .....................................1293.75 14.75
COCOA..................................2413.00 43.00
COFFEE...................................204.45 1.20
KRUG.....................................1852.20 9.10
WHEAT ....................................167.12 1.88
AIR LIQUIDE........................................97.80 0.75 100.65 80.90
ALLIANZ..............................................91.57 0.09 107.45 56.16
ANHEUS-BUSCH INBEV ....................49.75 0.39 50.17 33.85
ARCELORMITTAL...............................16.15 0.29 27.06 10.47
AXA......................................................12.00 -0.03 15.97 7.88
BANCO SANTANDER...........................6.27 -0.00 8.67 4.94
BASF SE..............................................66.52 0.71 70.22 42.19
BAYER.................................................55.84 -0.07 59.44 35.36
BBVA......................................................6.75 -0.01 8.81 4.94
BMW ....................................................69.88 0.84 73.85 43.49
BNP PARIBAS.....................................36.62 0.03 57.30 22.72
CARREFOUR ......................................18.30 0.39 31.44 14.66
CRH PLC .............................................15.79 -0.37 17.40 10.28
DAIMLER.............................................46.06 -0.03 53.95 29.02
DANONE..............................................50.70 -0.10 53.16 41.92
DEUTSCHE BANK..............................35.08 0.26 47.11 20.79
DEUTSCHE BOERSE .........................51.10 0.36 57.68 35.65
DEUTSCHE TELEKOM.........................8.81 -0.05 11.38 7.88
E.ON.....................................................17.27 0.21 23.99 12.50
ENEL......................................................3.03 0.01 4.86 2.78
ENI .......................................................17.37 -0.04 18.18 11.83
FRANCE TELECOM............................11.59 -0.13 16.19 11.09
GDF SUEZ ...........................................19.68 0.00 29.64 17.65
GENERALI ASS...................................12.13 0.03 16.67 10.34
IBERDROLA..........................................4.48 -0.00 5.98 4.16
INDITEX ...............................................69.50 0.45 69.85 50.92
ING GROEP CVA...................................6.76 0.09 9.50 4.21
INTESA SANPAOLO.............................1.47 -0.01 2.33 0.85
KON.PHILIPS ELECTR.......................15.68 -0.16 24.12 12.01
L'OREAL..............................................85.64 0.20 91.24 68.83
LVMH..................................................126.55 1.85 132.65 94.16
MUNICH RE .......................................110.65 0.85 122.80 77.80
NOKIA....................................................4.02 -0.05 6.46 3.33
REPSOL YPF.......................................20.56 -0.17 24.90 17.31
RWE.....................................................33.63 0.17 49.29 21.15
SAINT-GOBAIN...................................35.50 -0.06 47.64 26.07
SANOFI ................................................55.90 -0.15 57.42 42.85
SAP......................................................50.60 0.56 50.98 32.88
SCHNEIDER ELECTRIC.....................50.54 0.64 61.83 35.00
SIEMENS .............................................74.80 0.30 99.39 62.13
SOCIETE GENERALE.........................24.18 0.47 51.71 14.32
TELECOM ITALIA..................................0.88 -0.02 1.16 0.70
TELEFONICA ......................................12.87 -0.04 18.58 12.50
TOTAL..................................................41.94 -0.04 44.55 29.40
UNIBAIL-RODAMCO SE...................144.55 0.20 162.95 123.30
UNICREDIT............................................3.84 0.04 12.45 2.20
UNILEVER CVA...................................24.86 -0.13 27.16 20.90
VINCI ....................................................38.86 0.51 45.48 28.46
VIVENDI ...............................................16.33 0.01 21.37 14.10
VOLKSWAGEN VORZ ......................140.80 2.45 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5927.91 12.36 0.21
FTSE 250 INDEX. . . . . . . . 11529.15 57.08 0.50
FTSE UK ALL SHARE . . . . 3071.62 7.66 0.25
FTSE AIMALL SH . . . . . . . . 827.35 2.87 0.35
DOWJONES INDUS 30 . . 13005.12 23.61 0.18
S&P 500 . . . . . . . . . . . . . . . 1372.18 4.59 0.34
NASDAQ COMPOSITE . . . 2986.76 20.60 0.69
FTSEUROFIRST 300 . . . . . 1076.12 2.31 0.22
NIKKEI 225 . . . . . . . . . . . . . 9722.52 88.59 0.92
DAX 30 PERFORMANCE. . 6887.63 38.03 0.56
CAC 40 . . . . . . . . . . . . . . . . 3453.99 12.54 0.36
SHANGHAI SE INDEX . . . . 2451.86 4.80 0.20
HANG SENG. . . . . . . . . . . 21568.73 350.87 1.65
S&P/ASX 20 INDEX . . . . . . 2529.20 0.00 0.00
ASX ALL ORDINARIES . . . 4351.20 0.00 0.00
BOVESPA SAO PAOLO. . 65958.78 717.29 1.10
ISEQ OVERALL INDEX . . . 3181.26 -10.05 -0.31
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 858.05 -0.99 -0.12
SWISS MARKET INDEX. . . 6125.09 -18.83 -0.31
Price Chg %chg
3M........................................................87.77 -0.30 98.19 68.63
ABBOTT LABS ...................................57.04 0.44 57.13 46.29
ALCOA ................................................10.37 0.05 18.47 8.45
ALTRIA GROUP..................................30.02 -0.01 30.40 23.20
AMAZON.COM..................................183.80 5.27 246.71 160.59
AMERICAN EXPRESS........................53.76 -0.42 54.45 41.30
AMGEN INC.........................................68.15 0.71 70.00 47.66
APPLE...............................................535.41 9.65 535.41 310.50
AT&T....................................................30.53 0.17 31.94 27.27
BANK OF AMERICA.............................8.12 0.08 14.70 4.92
BERKSHIRE HATAW B.......................79.44 -0.81 87.65 65.35
BOEING CO.........................................75.16 -0.05 80.65 56.01
CATERPILLAR..................................115.76 0.13 116.95 67.54
CHEVRON.........................................109.61 -0.02 110.99 86.68
CISCO SYSTEMS................................20.20 0.03 20.49 13.30
CITIGROUP.........................................33.48 0.55 47.50 21.40
COCA-COLA.......................................68.85 0.02 71.77 61.29
COMCAST CLASS A..........................29.37 0.18 29.92 19.19
CONOCOPHILLIPS.............................77.27 0.84 81.80 58.65
CVS/CAREMARK................................44.91 0.38 45.00 31.30
DU PONT(EI) DE NMR........................51.39 0.19 57.50 37.10
EXXON MOBIL....................................87.14 -0.09 88.13 63.47
GENERAL ELECTRIC.........................19.16 0.09 21.17 14.02
GOOGLE A........................................618.39 9.08 670.25 473.02
HEWLETT PACKARD.........................26.18 -0.07 43.86 19.92
HOME DEPOT.....................................47.23 0.30 48.07 28.13
IBM.....................................................197.98 0.45 199.23 151.71
INTEL CORP .......................................27.24 0.35 27.50 19.16
J.P.MORGAN CHASE.........................39.21 0.15 47.80 27.85
JOHNSON & JOHNSON.....................65.18 0.73 68.05 55.76
KRAFT FOODS A................................38.00 0.09 39.06 24.30
MC DONALD'S CORP ........................99.78 -0.58 102.22 72.89
MERCK AND CO. NEW......................38.38 0.23 39.43 29.47
MICROSOFT........................................31.87 0.52 31.93 23.65
OCCID. PETROLEUM.......................105.46 0.97 117.89 66.36
ORACLE CORP...................................29.39 0.13 36.50 24.72
PEPSICO.............................................63.32 0.00 71.89 58.50
PFIZER ................................................21.22 -0.04 22.17 16.63
PHILIP MORRIS INTL .........................83.86 0.76 83.95 60.45
PROCTER AND GAMBLE ..................67.39 0.69 67.72 56.57
QUALCOMM INC ................................62.68 -0.63 63.81 45.98
SCHLUMBERGER ..............................78.78 -0.33 95.53 54.79
TRAVELERS CIES..............................58.40 -0.20 64.17 45.97
UNITED TECHNOLOGIE ....................83.47 -0.16 91.83 66.87
UNITEDHEALTH GROUP...................55.84 0.11 56.16 41.27
VERIZON COMMS ..............................38.15 0.02 40.48 32.28
VISA CL A..........................................118.95 2.09 118.97 70.45
WAL-MART STORES..........................58.93 0.47 62.63 48.31
WALT DISNEY CO ..............................41.93 0.29 44.34 28.19
WELLS FARGO & CO.........................31.37 0.34 32.97 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.279 0.00
LIBOR Euro - 12 months ................1.606 -0.01
LIBOR USD - overnight...................0.139 0.00
LIBOR USD - 12 months.................1.063 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 .........................3.040 0.00
European repo rate.........................0.180 0.00
Euro Euribor ....................................0.360 0.00
The vix index ...................................17.96 -0.23
The baItic dry index ........................730.0 1.61
Markit iBoxx...................................244.16 0.54
Markit iTraxx..................................132.34 1.88
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .309.7 -6.3 340.8 248.1
Chemring Group . . . .436.2 1.2 736.5 368.8
Cobham . . . . . . . . . . .188.6 -1.3 236.5 165.9
Meggitt . . . . . . . . . . . .389.2 -1.3 397.6 304.9
QinetiQ Group . . . . . .151.5 -1.3 153.3 101.5
RoIIs-Royce HoIdi . . .806.0 -1.5 812.0 557.5
Senior . . . . . . . . . . . . .195.7 0.3 201.0 132.6
UItra EIectronics . . .1691.0 -9.0 1752.0 1305.0
GKN . . . . . . . . . . . . . .222.2 -10.3 245.0 157.0
BarcIays . . . . . . . . . . .244.0 0.2 319.9 138.9
HSBC HoIdings . . . . .559.3 5.8 678.0 463.5
LIoyds Banking Gr . . .34.8 -0.1 62.9 21.8
RoyaI Bank of Sco . . .28.3 0.4 45.2 17.3
Standard Chartere .1622.0 9.5 1712.5 1169.5
AG Barr . . . . . . . . . .1193.0 -19.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .376.7 3.4 444.0 289.9
Diageo . . . . . . . . . . .1507.5 6.5 1509.5 1112.0
SABMiIIer . . . . . . . . .2574.5 0.0 2574.5 1979.0
AZ EIectronic Mat . . .288.8 -22.8 338.1 206.1
Croda Internation . .2182.0 20.0 2197.0 1556.0
EIementis . . . . . . . . . .158.3 -7.6 187.4 107.5
Johnson Matthey . .2343.0 1.0 2355.0 1523.0
Victrex . . . . . . . . . . .1337.0 -8.0 1590.0 1025.0
YuIe Catto & Co . . . . .218.5 -1.5 253.0 148.0
C/$ 1.3458 0.0063
C/ 0.8473 0.0006
C/ 108.28 0.5320
/C 1.1802 0.0025
/$ 1.5881 0.0060
/ 127.78 0.4903
FTSE 100
5927.91
12.36
FTSE 250
11529.15
57.08
FTSE ALLSHARE
3071.62
7.66
DOW
13005.12
23.61
NASDAQ
2986.76
20.60
S&P 500
1372.18
4.59
RPC Group . . . . . . . .387.1 2.1 393.2 231.5
Smith (DS) . . . . . . . . .171.5 0.5 183.4 113.3
Smiths Group . . . . .1085.0 0.0 1353.0 869.5
Brown (N.) Group . . .243.5 -0.6 304.5 227.0
Carpetright . . . . . . . . .673.0 -7.5 770.5 375.0
Debenhams . . . . . . . . .74.4 -0.1 74.8 51.2
Dignity . . . . . . . . . . . .822.0 -1.5 854.5 686.5
Dixons RetaiI . . . . . . .14.9 0.4 19.9 9.4
DuneImGroup . . . . . .513.5 4.5 524.5 383.9
HaIfords Group . . . . .318.4 -0.6 405.9 268.6
Home RetaiI Group . .104.1 -2.0 228.5 72.5
Inchcape . . . . . . . . . .377.2 -0.7 425.4 268.1
JD Sports Fashion . .833.0 0.0 1030.0 570.0
Kesa EIectricaIs . . . . .76.0 0.7 151.4 60.2
Kingfisher . . . . . . . . .283.9 -0.5 287.1 217.0
Marks & Spencer G . .360.2 0.1 402.2 301.8
Next . . . . . . . . . . . . .2760.0 -3.0 2810.0 1868.0
Sports Direct Int . . . .296.1 3.9 296.1 178.8
WH Smith . . . . . . . . . .534.0 -1.5 559.0 433.8
Smith & Nephew . . . .618.0 -7.5 718.5 521.0
Synergy HeaIth . . . . .848.5 -7.0 981.0 808.0
Barratt DeveIopme . .149.2 7.8 150.0 67.5
BeIIway . . . . . . . . . . . .818.5 28.0 833.5 540.5
BaIfour Beatty . . . . . .279.0 -2.7 357.3 214.6
CRH . . . . . . . . . . . . .1342.0 -26.0 1687.0 1053.0
GaIIiford Try . . . . . . . .591.0 3.0 600.6 332.8
Kier Group . . . . . . . .1300.0 -19.0 1489.0 1097.0
Drax Group . . . . . . . .514.5 2.5 581.5 371.9
SSE . . . . . . . . . . . . . .1277.0 -6.0 1423.0 1184.0
Domino Printing S . .657.5 3.5 705.0 434.3
HaIma . . . . . . . . . . . . .395.0 8.2 429.6 306.3
Laird . . . . . . . . . . . . . .175.7 6.6 207.0 127.9
Morgan CrucibIe C . .356.1 2.1 360.0 224.0
Oxford Instrument .1141.0 4.0 1175.0 600.5
Renishaw . . . . . . . . .1482.0 16.0 1886.0 800.0
Spectris . . . . . . . . . .1746.0 11.0 1757.0 1039.0
Aberforth SmaIIer . . .636.0 6.5 714.0 494.0
AIIiance Trust . . . . . .373.0 0.3 392.7 310.2
Bankers Inv Trust . . .419.9 4.9 428.0 346.5
BH GIobaI Ltd. GB .1195.0 4.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.9 0.3 12.2 10.4
BH Macro Ltd. EUR . . .19.7 -0.0 20.2 16.3
BH Macro Ltd. GBP 2040.0 6.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.7 0.1 20.2 16.2
BIackRock WorId M .742.5 10.0 815.5 574.5
BIueCrest AIIBIue . . .164.6 -0.2 176.2 160.6
British Assets Tr . . . .128.8 1.5 139.4 109.0
British Empire Se . . .450.9 0.9 533.0 404.0
CaIedonia Investm .1555.0 10.0 1800.0 1337.0
City of London In . . .298.6 1.1 306.9 257.0
Dexion AbsoIute L . .140.6 1.0 151.0 130.0
Edinburgh Dragon . .248.4 3.1 253.0 201.4
Edinburgh Inv Tru . . .494.3 3.3 496.5 414.9
EIectra Private E . . .1632.0 -1.0 1755.0 1287.0
F&C Inv Trust . . . . . .312.8 0.5 327.9 261.5
FideIity China Sp . . . . .88.4 0.5 114.3 70.0
FideIity European . .1132.0 6.0 1287.0 912.0
HeraId Inv Trust . . . . .524.0 2.0 545.5 419.0
HICL Infrastructu . . . .119.0 -0.3 121.3 112.7
Impax Environment .103.3 -0.1 125.4 88.5
John Laing Infras . . .109.5 -0.2 110.6 103.5
JPMorgan American .940.0 -0.5 943.5 721.5
JPMorgan Asian In . .201.0 1.8 244.0 170.1
JPMorgan Emerging .567.0 6.5 610.5 480.1
JPMorgan European .740.0 -2.0 983.5 624.0
JPMorgan Indian I . . .385.8 5.8 459.0 313.1
JPMorgan Russian .595.0 0.5 741.0 415.1
Law Debenture Cor . .383.0 -0.2 386.4 321.0
MercantiIe Inv Tr . . .1017.0 14.0 1119.0 823.0
Merchants Trust . . . .388.1 0.1 431.8 341.5
Monks Inv Trust . . . .343.0 -0.1 367.9 298.1
Murray Income Tru . .669.0 1.0 673.0 568.0
Murray Internatio . . .985.5 9.5 991.5 818.5
PerpetuaI Income . . .269.8 1.8 276.0 236.5
PersonaI Assets T .35350.0 420.0 35650.030210.0
PoIar Cap TechnoI . .387.1 -0.8 389.9 299.5
RIT CapitaI Partn . . .1224.0 9.0 1360.0 1173.0
Scottish Inv Trus . . . .488.0 3.0 524.0 417.0
Scottish Mortgage . .697.0 5.5 781.0 565.0
SVG CapitaI . . . . . . . .273.7 1.4 279.8 165.1
TempIe Bar Inv Tr . . .942.0 0.0 952.0 791.0
TempIeton Emergin .622.0 4.0 684.5 497.0
TR Property Inv T . . .153.0 -0.4 206.1 136.2
TR Property Inv T . . . .69.8 0.7 94.0 59.8
Witan Inv Trust . . . . .497.3 3.9 533.0 401.5
3i Group . . . . . . . . . . .194.3 0.5 312.3 166.9
3i Infrastructure . . . .121.7 -0.4 125.2 113.4
Aberdeen Asset Ma .253.4 3.2 265.8 167.8
Ashmore Group . . . .395.5 -0.6 420.0 301.5
Brewin DoIphin Ho . .156.4 1.0 184.7 113.7
CameIIia . . . . . . . . . .9800.0 175.010950.0 8800.0
CharIes TayIor Co . . .145.0 5.0 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .355.3 4.1 440.0 304.3
CIose Brothers Gr . . .739.0 -1.0 875.0 590.0
CoIIins Stewart H . . . .98.8 -0.1 99.5 48.5
F&C Asset Managem .71.0 -0.5 86.3 56.1
Hargreaves Lansdo .439.5 -9.8 646.5 402.5
HeIphire Group . . . . . . .2.1 -0.2 17.4 1.4
Henderson Group . . .128.3 1.2 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . .388.1 0.6 541.5 311.6
IG Group HoIdings . .463.1 -3.9 502.5 393.6
Intermediate Capi . . .277.4 2.7 345.0 197.9
InternationaI Per . . . .224.2 2.6 388.8 148.5
InternationaI Pub . . . .117.8 -0.2 121.5 108.6
Investec . . . . . . . . . . .407.8 6.2 522.0 318.4
IP Group . . . . . . . . . . .114.8 -0.3 116.0 36.0
Jupiter Fund Mana . .248.4 -1.5 328.7 184.9
Liontrust Asset M . . . .89.9 -0.8 91.4 57.9
LMS CapitaI . . . . . . . . .58.3 0.8 64.8 54.0
London Finance & . . .20.5 -1.0 23.5 19.0
London Stock Exch .923.5 3.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.8 -0.3 19.8 8.9
Man Group . . . . . . . . .133.9 0.3 287.3 104.5
Paragon Group Of . .188.2 -3.1 206.1 134.6
Provident Financi . .1140.0 67.0 1159.0 915.0
Rathbone Brothers .1255.0 -5.0 1290.0 977.0
Record . . . . . . . . . . . . .11.5 0.1 35.5 11.1
RSM Tenon Group . . . .6.3 0.2 45.5 5.6
Schroders . . . . . . . .1578.0 10.0 1906.0 1183.0
Schroders (Non-Vo .1255.0 11.0 1554.0 970.0
TuIIett Prebon . . . . . .330.1 0.2 428.6 262.3
WaIker Crips Grou . . .40.5 0.0 51.5 38.1
BT Group . . . . . . . . . .215.9 -1.9 219.0 161.0
CabIe & WireIess . . . .34.7 0.0 51.2 31.3
CabIe & WireIess . . . .27.3 -0.6 72.6 14.2
COLT Group SA . . . . .98.5 0.4 154.0 84.1
KCOM Group . . . . . . . .69.5 -1.0 84.0 58.5
TaIkTaIk TeIecom . . .146.0 1.2 150.0 118.9
TeIecomPIus . . . . . . .628.5 9.0 802.0 440.0
Booker Group . . . . . . .75.7 0.2 80.0 54.5
Greggs . . . . . . . . . . . .546.0 0.0 556.0 445.0
Morrison (Wm) Sup .288.3 1.4 328.0 268.5
Ocado Group . . . . . . . .95.3 -4.4 237.0 52.9
Sainsbury (J) . . . . . . .300.3 1.4 380.0 263.5
Tesco . . . . . . . . . . . . .318.4 0.4 420.1 312.4
Associated Britis . .1204.0 4.0 1228.0 940.0
Cranswick . . . . . . . . .796.0 2.0 847.5 588.5
Dairy Crest Group . . .325.0 -2.0 409.7 311.0
Devro . . . . . . . . . . . . .310.4 -0.2 314.0 232.0
Tate & LyIe . . . . . . . . .705.5 -3.5 720.5 520.0
UniIever . . . . . . . . . .2043.0 -10.0 2189.0 1796.0
Mondi . . . . . . . . . . . . .591.5 0.0 664.0 413.5
Centrica . . . . . . . . . . .300.8 3.4 340.1 278.8
InternationaI Pow . . .344.7 0.7 347.7 279.4
NationaI Grid . . . . . . .641.5 -5.0 649.5 543.5
Pennon Group . . . . . .705.5 4.0 737.5 584.5
Severn Trent . . . . . .1547.0 7.0 1600.0 1375.0
United UtiIities . . . . .606.5 0.5 637.0 551.0
Cookson Group . . . . .696.5 11.5 724.5 395.8
Rexam . . . . . . . . . . . .413.3 -2.7 419.6 299.8
Price Chg High Low
BerkeIey Group Ho .1393.0 16.0 1430.0 960.0
Bovis Homes Group .512.5 2.5 522.5 326.5
Persimmon . . . . . . . .706.5 79.5 750.0 374.0
Reckitt Benckiser . .3450.0 16.0 3597.0 3015.0
Redrow . . . . . . . . . . . .128.8 -0.8 136.2 103.5
TayIor Wimpey . . . . . . .52.7 3.0 53.3 28.7
Bodycote . . . . . . . . . .400.0 5.9 410.0 225.6
Fenner . . . . . . . . . . . .465.5 3.9 481.8 280.0
IMI . . . . . . . . . . . . . . . .986.5 12.5 1119.0 636.5
MeIrose . . . . . . . . . . .390.9 -1.0 395.0 268.0
Northgate . . . . . . . . . .248.0 2.6 346.7 190.9
Rotork . . . . . . . . . . .2058.0 -14.0 2099.0 1501.0
Spirax-Sarco Engi . .2073.0 -10.0 2101.0 1649.0
Weir Group . . . . . . .2205.0 -25.0 2242.0 1375.0
Evraz . . . . . . . . . . . . .417.1 14.4 460.5 315.0
Ferrexpo . . . . . . . . . . .324.2 2.3 499.0 238.7
TaIvivaara Mining . . .282.0 5.0 589.0 195.2
BBAAviation . . . . . . .203.1 0.6 223.4 156.0
Stobart Group Ltd . . .123.8 1.4 152.8 112.0
AdmiraI Group . . . . .1081.0 19.0 1754.0 787.0
AmIin . . . . . . . . . . . . .354.0 -2.6 427.0 270.6
Huntsworth . . . . . . . . .45.5 1.0 78.5 32.3
Informa . . . . . . . . . . . .440.8 1.4 446.0 313.9
ITE Group . . . . . . . . . .231.3 -0.7 258.2 157.7
ITV . . . . . . . . . . . . . . . . .80.5 1.3 93.5 51.7
Johnston Press . . . . . . .7.6 0.1 12.8 4.1
MecomGroup . . . . . .185.3 -0.3 310.0 134.5
Moneysupermarket. .129.5 7.9 131.0 85.5
Pearson . . . . . . . . . .1201.0 -3.0 1255.0 1035.0
PerformGroup . . . . .278.6 -3.4 284.0 150.0
Reed EIsevier . . . . . .550.5 -1.5 578.0 461.3
Rightmove . . . . . . . .1360.0 12.0 1408.0 890.5
STV Group . . . . . . . . .107.8 1.5 168.0 76.3
Tarsus Group . . . . . .142.5 -0.5 165.0 119.5
Trinity Mirror . . . . . . . .47.5 -0.8 84.3 37.5
UBM . . . . . . . . . . . . . .587.5 -14.0 712.5 416.0
UTV Media . . . . . . . . .125.0 -6.5 150.0 92.5
WiImington Group . . .89.3 3.3 165.0 78.5
WPP . . . . . . . . . . . . . .815.0 19.5 846.5 578.0
YeII Group . . . . . . . . . . .4.6 -0.0 11.0 3.4
African Barrick G . . .474.0 8.7 616.5 393.5
AIIied GoId Minin . . . .116.4 -1.3 281.3 34.4
AngIo American . . .2709.0 34.0 3360.5 2138.5
AngIo Pacific Gro . . .330.8 3.4 350.0 237.9
Antofagasta . . . . . . .1364.0 24.0 1491.0 900.5
Aquarius PIatinum . .136.3 -0.9 405.5 133.8
BeazIey . . . . . . . . . . . .151.8 2.7 151.9 109.6
CatIin Group Ltd. . . .420.6 -2.8 449.0 334.0
Hiscox Ltd. . . . . . . . . .409.2 -0.6 424.7 340.5
Jardine LIoyd Tho . . .692.5 1.5 764.5 576.0
Lancashire HoIdin . . .790.0 20.0 796.0 532.5
RSA Insurance Gro . .109.8 0.7 140.2 99.6
Aviva . . . . . . . . . . . . . .370.2 -2.1 477.9 275.3
LegaI & GeneraI G . . .121.9 0.3 123.8 89.8
OId MutuaI . . . . . . . . .162.2 2.3 162.8 98.1
Phoenix Group HoI . .553.0 -7.0 688.0 451.1
PrudentiaI . . . . . . . . .723.5 4.0 777.0 509.0
ResoIution Ltd. . . . . .266.0 1.0 316.1 229.5
St James's PIace . . . .373.0 6.0 376.0 294.0
Standard Life . . . . . . .235.2 0.3 244.7 172.0
4Imprint Group . . . . .241.5 1.5 295.0 200.0
Aegis Group . . . . . . .171.8 1.2 173.5 115.7
BIoomsbury PubIis . .120.0 -1.0 138.0 91.3
British Sky Broad . . .685.5 1.0 850.0 618.5
Centaur Media . . . . . . .42.5 -0.8 67.3 32.5
Chime Communicati .229.3 -1.5 298.5 163.0
Creston . . . . . . . . . . . .59.0 0.0 121.0 47.0
DaiIy MaiI and Ge . . .430.4 1.0 562.0 343.4
Euromoney Institu . .722.5 -38.5 773.5 522.5
Future . . . . . . . . . . . . . .12.6 0.1 27.5 8.3
Haynes PubIishing . .207.0 0.0 257.0 192.0
BHP BiIIiton . . . . . . .2119.5 30.5 2631.5 1667.0
Bumi . . . . . . . . . . . . . .782.5 1.23 782.5 768.5
Centamin (DI) . . . . . . . .91.5 -0.2 154.2 78.5
Eurasian NaturaI . . .721.0 -5.0 974.0 522.0
FresniIIo . . . . . . . . . .1906.0 48.0 2150.0 1302.0
GemDiamonds Ltd. .251.3 1.3 291.0 179.8
GIencore Internat . . .438.4 4.2 531.1 348.0
HochschiId Mining . .514.5 3.0 680.0 365.9
Kazakhmys . . . . . . .1154.0 17.0 1493.0 730.0
Kenmare Resources . .57.7 0.2 61.5 31.0
Lonmin . . . . . . . . . . .1105.0 29.0 1880.0 941.0
New WorId Resourc .544.0 14.5 1060.0 409.4
PetropavIovsk . . . . . .744.0 8.0 1090.0 543.5
PoIymetaI Interna . .1069.0 16.0 1175.0 877.0
RandgoId Resource 7410.0 75.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3730.5 28.5 4595.0 2712.5
Vedanta Resources 1502.0 25.0 4196.7 1469.0
Xstrata . . . . . . . . . . .1221.5 18.5 1550.0 764.0
Inmarsat . . . . . . . . . . .481.5 2.8 685.5 389.3
Vodafone Group . . . .172.4 0.4 182.7 155.1
Genesis Emerging . .517.0 5.5 548.5 424.0
Afren . . . . . . . . . . . . . .139.3 -0.8 171.2 73.6
BG Group . . . . . . . . .1532.5 -8.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .499.3 -2.4 503.1 363.2
Cairn Energy . . . . . . .353.0 -3.0 531.8 291.9
EnQuest . . . . . . . . . . .128.0 1.3 158.5 85.7
Essar Energy . . . . . .113.4 5.8 525.5 100.7
ExiIIon Energy . . . . . .240.0 3.0 469.7 184.2
Heritage OiI . . . . . . . .183.5 -4.5 332.2 160.0
Ophir Energy . . . . . . .428.5 -3.4 458.7 184.5
Premier OiI . . . . . . . . .447.8 5.8 521.0 310.0
RoyaI Dutch SheII . .2320.5 3.5 2402.0 1883.5
RoyaI Dutch SheII . .2348.5 2.5 2489.0 1890.5
SaIamander Energy .249.5 -0.5 317.6 182.3
Soco Internationa . . .340.9 -4.1 400.0 278.0
TuIIow OiI . . . . . . . . .1508.0 -23.0 1601.0 945.5
Amec . . . . . . . . . . . . .1118.0 0.0 1207.0 740.5
Hunting . . . . . . . . . . .826.0 5.5 845.0 530.0
Kentz Corporation . .482.5 9.3 508.0 347.0
LampreII . . . . . . . . . . .340.5 -3.5 395.2 220.7
Petrofac Ltd. . . . . . .1597.0 -2.0 1612.0 1108.0
Wood Group (John) .763.5 14.5 768.5 469.9
Burberry Group . . . .1410.0 19.0 1600.0 1092.0
PZ Cussons . . . . . . . .310.2 -0.2 387.9 285.0
Supergroup . . . . . . . .552.5 -12.5 1646.0 435.2
AstraZeneca . . . . . .2824.5 -16.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .354.6 -0.9 361.8 210.1
Genus . . . . . . . . . . . .1334.0 11.0 1343.0 853.5
GIaxoSmithKIine . . .1404.0 1.5 1497.0 1138.5
Hikma Pharmaceuti .748.0 14.0 869.0 555.5
Shire PIc . . . . . . . . . .2216.0 -11.0 2300.0 1719.0
CapitaI & Countie . . .190.0 1.9 203.7 148.8
Daejan HoIdings . . .2900.0 20.0 3030.0 2282.0
F&C CommerciaI Pr .103.0 0.4 108.0 92.6
Grainger . . . . . . . . . . .110.9 3.2 133.2 77.3
London & Stamford .114.6 -0.4 140.0 103.9
SaviIIs . . . . . . . . . . . . .361.5 1.5 427.1 256.2
UK CommerciaI Pro . .73.4 0.4 85.5 65.1
Unite Group . . . . . . . .184.8 -3.2 224.1 152.9
Big YeIIow Group . . .292.5 2.5 344.4 218.0
British Land Co . . . . .473.2 0.2 629.5 444.0
CapitaI Shopping . . .338.3 2.2 408.6 288.7
Derwent London . . .1697.0 -25.0 1880.0 1400.0
Great PortIand Es . . .354.1 -0.8 445.0 312.9
Hammerson . . . . . . . .396.4 -2.4 490.9 345.2
Hansteen HoIdings . . .74.5 1.8 89.5 68.0
Land Securities G . . .676.5 -2.0 885.0 612.0
SEGRO . . . . . . . . . . . .235.5 1.3 331.3 195.0
Shaftesbury . . . . . . . .490.1 0.3 539.0 441.2
Aveva Group . . . . . .1737.0 5.0 1799.0 1298.0
Computacenter . . . . .390.3 -12.2 490.0 324.7
Fidessa Group . . . . .1658.0 -2.0 2109.0 1444.0
Invensys . . . . . . . . . . .208.7 -2.3 357.3 180.9
Logica . . . . . . . . . . . . .87.6 1.1 144.8 59.0
Micro Focus Inter . . .445.9 -0.4 458.4 242.9
Misys . . . . . . . . . . . . .331.6 1.6 420.2 214.9
Sage Group . . . . . . . .312.4 5.3 312.4 231.7
SDL . . . . . . . . . . . . . . .707.5 48.0 713.0 586.0
TeIecity Group . . . . . .698.0 17.5 698.5 450.5
Aggreko . . . . . . . . . .2203.0 -24.0 2250.0 1395.5
Ashtead Group . . . . .246.0 -0.3 252.5 99.4
Atkins (WS) . . . . . . . .763.5 -10.0 820.0 490.2
Babcock Internati . . .753.5 13.0 758.0 550.5
Berendsen . . . . . . . . .509.0 1.0 568.0 402.7
BunzI . . . . . . . . . . . . .944.5 -7.5 961.5 676.5
Cape . . . . . . . . . . . . . .440.0 0.2 591.5 295.0
Capita . . . . . . . . . . . . .751.0 11.5 786.5 611.5
CariIIion . . . . . . . . . . .343.9 3.4 403.2 281.0
De La Rue . . . . . . . . .972.5 6.5 1001.0 717.0
DipIoma . . . . . . . . . . .393.6 0.1 425.5 263.5
EIectrocomponents .242.9 0.4 294.9 182.2
Experian . . . . . . . . . . .940.5 -1.5 960.0 665.0
FiItrona PLC . . . . . . . .450.0 -1.9 453.9 293.0
G4S . . . . . . . . . . . . . . .288.4 0.8 291.0 219.9
Hays . . . . . . . . . . . . . . .82.7 -0.2 130.0 58.9
Homeserve . . . . . . . .224.0 -0.2 532.0 218.5
Howden Joinery Gr . .117.6 -1.4 120.9 93.1
Interserve . . . . . . . . . .292.0 -12.0 341.3 239.8
Intertek Group . . . . .2271.0 -3.0 2294.0 1744.0
MichaeI Page Inte . . .451.0 -2.8 567.0 323.0
Mitie Group . . . . . . . .267.1 2.7 271.0 195.9
PayPoint . . . . . . . . . . .580.0 5.0 593.0 335.0
Premier FarneII . . . . .218.4 0.4 308.8 144.5
Regus . . . . . . . . . . . . .112.4 -0.1 119.0 64.0
RentokiI InitiaI . . . . . . .79.3 -0.5 100.9 58.2
RPS Group . . . . . . . . .224.9 -3.2 253.0 156.6
Serco Group . . . . . . .548.0 -7.0 618.5 458.0
Shanks Group . . . . . .105.3 -0.1 130.9 90.8
SIG . . . . . . . . . . . . . . .115.1 0.1 153.5 77.0
Travis Perkins . . . . .1073.0 10.0 1090.0 715.0
WoIseIey . . . . . . . . .2478.0 24.0 2482.0 1404.0
ARM HoIdings . . . . . .583.5 8.0 645.0 464.0
CSR . . . . . . . . . . . . . .257.1 6.6 391.4 154.1
Imagination Techn . .619.5 15.0 630.5 296.9
Spirent Communica .139.6 1.7 160.0 105.8
British American . .3170.0 11.0 3182.1 2300.0
ImperiaI Tobacco . .2509.0 -11.0 2525.0 1878.0
Betfair Group . . . . . . .876.0 -2.0 1030.0 567.0
Bwin.party Digita . . .159.6 -1.9 204.0 100.6
CarnivaI . . . . . . . . . .1849.0 8.0 2754.0 1742.0
Compass Group . . . .633.0 -3.5 641.0 512.5
Domino's Pizza UK . .443.2 -3.1 526.0 377.0
easyJet . . . . . . . . . . . .457.9 5.6 476.1 301.0
FirstGroup . . . . . . . . .291.7 0.5 371.3 290.0
Go-Ahead Group . . .1268.0 -24.0 1598.0 1190.0
Greene King . . . . . . .502.5 -1.5 521.5 410.0
InterContinentaI . . .1440.0 15.0 1442.0 955.0
InternationaI Con . . .163.2 0.3 258.7 132.0
JD Wetherspoon . . . .399.2 -1.0 468.3 380.5
Ladbrokes . . . . . . . . .150.9 -0.2 155.3 114.0
Marston's . . . . . . . . . . .98.1 0.3 112.0 84.6
MiIIennium& Copt . .485.0 2.5 576.5 371.2
MitcheIIs & ButIe . . . .264.4 -1.7 336.8 215.6
NationaI Express . . .221.2 0.3 270.2 201.6
Rank Group . . . . . . . .139.0 -6.1 153.7 109.5
Restaurant Group . . .290.5 -2.9 335.0 254.9
Spirit Pub Compan . . .58.0 -0.5 59.0 35.3
Stagecoach Group . .264.9 -3.4 287.4 200.0
TUI TraveI . . . . . . . . . .197.7 -0.1 250.0 136.7
Whitbread . . . . . . . .1709.0 -11.0 1782.0 1409.0
WiIIiamHiII . . . . . . . . .225.0 -1.0 244.1 176.8
Abcam . . . . . . . . . . . .344.8 9.3 460.0 320.0
Advanced MedicaI . . .92.5 -1.0 96.0 64.8
AIbemarIe & Bond . .340.0 4.0 400.1 281.0
Amerisur Resource . .25.5 -0.5 29.0 9.5
Andor TechnoIogy . .544.3 -9.8 685.0 387.1
ArchipeIago Resou . . .68.8 -0.8 79.0 55.5
ASOS . . . . . . . . . . . .1842.0 37.0 2468.0 1142.0
AureIian OiI & Ga . . . .20.5 1.0 92.0 16.0
Avanti Communicat .250.5 -10.0 523.0 248.5
BIinkx . . . . . . . . . . . . . .79.0 -3.0 158.0 50.5
Borders & Souther . . .75.5 -1.0 80.5 43.5
BowLeven . . . . . . . . .102.0 -32.3 382.3 62.0
Brooks MacdonaId 1330.0 -0.5 1372.5 940.0
CIuff GoId . . . . . . . . . .101.5 -0.1 125.8 66.5
Cove Energy . . . . . . .240.5 5.8 245.3 61.0
Daisy Group . . . . . . .107.0 1.5 127.0 88.0
EMIS Group . . . . . . . .400.0 -19.0 580.0 397.5
Faroe PetroIeum . . . .174.0 0.0 190.0 130.0
GuIfsands PetroIe . . .170.0 1.5 342.0 142.5
GWPharmaceuticaI . .95.4 0.6 130.0 78.5
H&T Group . . . . . . . . .336.0 6.0 395.0 285.0
Hargreaves Servic .1230.0 -10.0 1242.0 855.0
HeaIthcare Locums . . . .3.4 0.1 3.8 3.3
Immunodiagnostic . .390.0 -17.5 1218.0 288.8
ImpeIIamGroup . . . .340.0 12.5 387.5 225.0
Iomart Group . . . . . . .146.5 0.0 151.0 85.5
James HaIstead . . . . .508.0 17.0 520.0 410.0
London Mining . . . . .318.5 10.8 436.5 257.5
Lupus CapitaI . . . . . .126.3 -2.3 150.0 86.0
M. P. Evans Group . .463.0 10.0 475.0 371.0
Majestic Wine . . . . . .418.0 -2.0 510.0 315.0
May Gurney Integr . .293.9 2.4 302.0 234.0
Monitise . . . . . . . . . . . .38.0 0.3 40.0 20.5
MuIberry Group . . . .1924.0 -12.0 1951.0 1199.0
Nanoco Group . . . . . . .66.5 0.4 93.3 38.0
NauticaI PetroIeu . . .369.0 -10.0 452.0 223.5
NichoIs . . . . . . . . . . . .625.0 -7.0 642.0 410.0
Numis Corporation . . .97.5 0.5 121.0 72.0
Pan African Resou . . .17.5 -0.8 18.3 9.5
Patagonia GoId . . . . . .39.0 0.0 70.0 36.8
Prezzo . . . . . . . . . . . . .67.8 2.5 71.5 53.5
Pursuit Dynamics . . . .82.3 -2.5 392.0 67.0
Rockhopper ExpIor .382.0 -7.5 394.3 141.0
RWS HoIdings . . . . . .490.0 -27.0 530.0 350.0
Secure Trust Bank .1047.5 0.0 1070.0 755.0
Songbird Estates . . .106.0 -5.0 160.3 103.0
VaIiant PetroIeum . . .510.0 -2.0 640.0 400.0
Young & Co's Brew . .667.5 0.0 712.0 565.0
Persimmon . . . . . . . .706.5 12.7
SDL . . . . . . . . . . . . . . .707.5 7.3
Moneysupermarket.c 129.5 6.5
Provident Financia .1140.0 6.2
TayIor Wimpey . . . . . . .52.7 6.0
Barratt DeveIopmen .149.2 5.5
Essar Energy . . . . . .113.4 5.4
Laird . . . . . . . . . . . . . .175.7 3.9
Evraz . . . . . . . . . . . . .417.1 3.6
BeIIway . . . . . . . . . . .818.5 3.5
AZ EIectronic Mate . .288.8 -7.3
Euromoney Institut . .722.5 -5.1
EIementis . . . . . . . . . .158.3 -4.6
GKN . . . . . . . . . . . . . .222.2 -4.4
Ocado Group . . . . . . . .95.3 -4.4
Rank Group . . . . . . . .139.0 -4.2
Interserve . . . . . . . . . .292.0 -4.0
Computacenter . . . . .390.3 -3.0
Heritage OiI . . . . . . . .183.5 -2.4
UBM . . . . . . . . . . . . . .587.5 -2.3
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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MINING
NONEQUITY INVESTM. COMM.
Tsy 5.000 12 . . . .100.07 0.07 104.2 100.1
Tsy 5.250 12 . . . .101.30 -0.03 105.3 101.3
Tsy 9.000 12 . . . .103.73 0.00 111.2 102.4
Tsy 2.500 13 . . . .283.02 -0.02 287.7 281.2
Tsy 8.000 13 . . . . .111.88 -0.04 116.9 111.8
Tsy 4.500 13 . . . .104.14 -0.03 106.5 104.1
Tsy 5.000 14 . . . . .111.47 -0.06 112.9 109.3
Tsy 8.000 15 . . . .127.61 -0.09 129.2 123.8
Tsy 7.750 15 . . . .100.00 0.00 106.1 99.4
Tsy 4.750 15 . . . . .114.60 -0.07 115.4 109.1
Tsy 2.500 16 . . . .344.00 0.00 344.4 316.5
Tsy 4.000 16 . . . . .114.14 -0.09 114.7 105.6
Tsy 1.250 17 . . . . .116.11 -0.04 116.6 108.2
Tsy 12.000 17 . . .121.00 0.45 128.6 119.2
Tsy 8.750 17 . . . .141.32 -0.37 141.9 133.3
Tsy 5.000 18 . . . .122.31 -0.09 122.5 110.6
Tsy 4.500 19 . . . .120.68 -0.03 120.8 106.5
Tsy 3.750 19 . . . . .115.56 -0.03 115.7 100.7
Tsy 2.500 20 . . . .367.08 0.04 368.0 319.5
Tsy 4.750 20 . . . .123.03 0.03 123.5 107.7
Tsy 8.000 21 . . . .152.01 0.04 153.4 134.8
Tsy 4.000 22 . . . . .117.17 0.06 118.2 100.0
Tsy 1.875 22 . . . .127.51 0.04 129.1 113.2
Tsy 2.500 24 . . . .330.54 -0.01 334.7 280.6
Tsy 5.000 25 . . . .128.70 0.03 130.6 108.5
Tsy 4.250 27 . . . . .119.94 0.05 122.7 99.1
Tsy 1.250 27 . . . .123.53 -0.13 127.0 106.6
Tsy 6.000 28 . . . .144.71 0.06 148.0 120.7
Tsy 4.125 30 . . . .314.14 -0.02 322.8 267.2
Tsy 4.750 30 . . . .126.63 0.06 130.5 104.3
Tsy 4.250 32 . . . . .119.11 0.09 123.1 97.5
Tsy 4.250 36 . . . . .119.34 0.08 123.9 96.8
Tsy 4.750 38 . . . .129.13 0.12 134.2 105.0
Tsy 4.500 42 . . . .125.64 0.12 130.8 101.3
% %
YOUR JETS ONE STOP SHOP
FOR CREW, MAINTENANCE
& ORGANISATION
www.hamlinjet.com +44 (0)1582 726760
Lifestyle | Motoring
MAZDAS CLEVER CITY BRAKE SUPPORT SYSTEM
Mazda says its new CX-5 compact crossover SUV will have collision-
avoiding Smart City Brake Support technology fitted as standard.
The SCBS system uses a laser sensor to detect a vehicle or obstacle in
front of the car and then, if the driver fails to stop or avoid it, will auto-
matically activate the brakes.
CAR TALK BY RYAN BORROFF
CITROEN UNVEILS SPORTY DS4
Citron is unveiling a sport version of its successful DS4 model at
Geneva. Powered by a 1.6-litre turbo petrol engine producing 256bhp
the DS4 Racing has a chassis lowered by 35mm, a wider running track,
upgraded brakes, larger 19-inch two-tone wheels, additional carbon fibre
components and its dressed in a special textured matt grey paint.
RANGE ROVER GOES TOPLESS
A Range Rover convertible. Well, why not? Here's the forthcoming
Evoque Convertible concept that will be unveiled at the Geneva motor
show. Officially Land Rover is just exploring whether such a car would
prove popular amongst car buyers, but I'd be astonished if it doesn't
build what would be the worlds first premium convertible SUV.
Rev it up baby: Bentleys super-hot V8
T
HE engine sound reminds me of a
church organ, I say as I press and
lift my right foot on the accelerator
in Bentleys latest Continental GT
V8. What an intensely lovely and rich
sound it is too. The engine serves up
sonorous notes rising from the deepest
rumble at low speeds, before swelling
upwards like a pipe organ to a booming
crackle as the revs reverberate upwards.
The sound of the new V8 is simply stun-
ning. Yet as much as you can hear such a
deep bass you dont feel it: such is the cars
refinement. Which of course has defined
Bentleys most recent cars, as much as the
noise of this V8 engine defines this one.
Bentleys have always been big, brash,
bombastic. Conveying locomotive-like
power to the privileged few as brutally as
possible. But the days of simply putting
the biggest and most powerful engines
into the most extravagant cars are draw-
ing to a close. Such things are no longer so
straightforward.
Delivering such extreme speed in the
lap of luxury comes at a price. And not
just a fiscal one. Trimming a Bentley in
burr walnut, fine leather and bright
metal adds weight which costs fuel econ-
omy. It has always been thus but now, it
seems even for a brand like Bentley, econ-
omy and efficiency are synonymous with
technical excellence.
And so Bentley has developed a leaner,
keener and cleaner V8 engine for its
Continental GT and convertible GTC
models that will be sold below the exist-
ing W12 versions. In the new Continental
GT V8 the 567hp 6.0-litre W12 engine is
replaced by the smaller, lighter but
almost as powerful twin-turbo 4.0-litre
V8. The new engine produces 500hp,
which is very close to its W12 sibling, but
the real story is that the new powerplant
can shut down half of its cylinders when
appropriate to reduce the vehicles fuel
consumption.
When being driven calmly, the
Continental GT V8 can run on just four of
its eight cylinders which, claims Bentley,
enables the car to use 40 per cent less
fuel than the W12 engine. This is impres-
sive. Particularly when you consider this
happens with almost no cost in perform-
In for a treat: the
Continental is
devilishly sleek
and powerful
THE VERDICT:
DESIGN hhhhh
PERFORMANCE hhhhh
PRACTICALITY hhhhh
VALUE FOR MONEY hhhhi
THE FACTS:
BENTLEY CONTINENTAL GT V8
PRICE: 123,850
0-62MPH: 4.6sec
TOP SPEED: 188mph
CO2 G/KM: 246g/km
MPG COMBINED: 26.7mpg
ance. The Continental GT V8 has a new
eight-speed automatic transmission
which further increases fuel economy.
Gear changes are smooth, lightning-
quick and close to indiscernible.
Acceleration appears continuous and
unbroken and in combination with that
sweet music of the V8 engine, progress is
made with a single and tremendously
rich and resonant hooomph.
Bentley has shaved 25kg off the cars
weight. The result is that the Continental
GT V8 feels more dynamic than the W12
and very nearly as fast. It can accelerate
from 0-60mph in 4.6 seconds and on to
188mph. The cars lower weight and
improved handling is brilliantly appar-
ent, helped by its all-wheel drive system.
The Continental GT V8 feels agile and the
25kg reduction feels like so much more.
Outside, the Bentley Continental GT V8
wears its athleticism subtly. The exterior
of the car has a new dark mesh radiator
grille, triple air intakes at the front and
figure-eight twin exhaust pipes at the
rear. But the real glory is in the red enam-
el Bentley winged B badge atop its bon-
though it makes an indelible impression
on me. But I cant help but be haunted by
the one unavoidable question that, sure-
ly, must be the elephant in the room
back at Crewe. Why, when the
Continental GT V8 is such a triumph,
would anyone now buy the more expen-
sive, less frugal and less fun W12-engined
Continental GT?
WORDS BY
RYAN BORROFF
28
net and in the centre of its wheels. The
interior is more contemporary and
includes eucalyptus veneers and two-tone
leather. Regrettably, the cool red enamel
badging seen on the exterior is not car-
ried through on to the steering wheel or
the gear shifter here the Bentley B
emblem is in black.
My time with the new Bentley
Continental GT V8 is lamentably short,
The Bentley not only
looks good on the out-
side, the inside is
gorgeous, too.
T
E
R
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THE FISHERMANS APPRENTICE
WITH MONTY HALLS BBC2, 8PM
In this new series, writer and explorer
Monty Halls becomes a traditional
Cornish fisherman working out of the
small village of Cadgwith Cove.
DADDY DAYCARE
CHANNEL 4, 8PM
An old-fashioned gay parent and a
21-year-old first-time dad are sent to
spend a week working at Tadpoles
Nursery in Chelsea. Last in the series.
NCIS
CHANNEL 5, 9PM
The team investigates when the body
of an American petty officer is
discovered, and evidence suggests he
was killed on a British ship.
BBC1
SKY SPORTS 1
5.30pmLive International
Football 7.30pmLive
International Football 10pm
Youre on Sky Sports! 11pmFIFA
Futbol Mundial 11.30pmA
League Football 12am-6am
International Football
SKY SPORTS 2
7pmLive International Football.
Wales v Costa Rica (Kick-off
7.45pm). 10pmInside the PGA
Tour 10.30pmEuropean Tour
Weekly 11pmTennis 1am-3am
International One-Day Cricket
SKY SPORTS 3
7pmTotal Rugby 7.30pmLive
International Football 10pm
Boots n All 11pmTrans World
Sport 12amTotal Rugby
12.30amEuropean Tour Weekly
1amPool 2amWatersports
World 3amSuperleague Netball
5am-5.30amTotal Rugby
BRITISH EUROSPORT
5.15pmEquestrian 7.15pm
Riders Club 7.20pmGolf 8.20pm
Golf Club 8.25pmYacht Club
8.35pmSuperbikes 10.05pm
Motorcycling 11.05pm-12.10am
International Football
ESPN
5.30pmLive International
Football 8.15pmInternational
Football 10pmPremier League
World 10.30pmGoal Show11pm
ESPN Kicks: Serie A 11.15pm
ESPN Kicks: Extra 11.30pmPress
Pass 2012 12amFriday Night
Fights 2amLive NBA Basketball
4.30amPlanet Speed 5amFIS
Alpine Ski World Cup Report
5.30am-6amSnowboard FIS
World Cup Magazine
SKY LIVING
7pmCriminal Minds 8pm
The Secret Circle 9pmClaire
Richards: Slave to Food
10pmGreys Anatomy 11pm
Bones 12amCriminal Minds 1am
CSI: Crime Scene Investigation
2.40amMedium3.30amBones
4.20amMaury 5.10am-6am
Jerry Springer
BBC THREE
7pmSnog, Marry, Avoid? 8pm
Dont Tell the Bride 9pmSun, Sex
and Suspicious Parents 10pm
FILMStarship Troopers 1997.
12amFamily Guy 12.45amSun,
Sex and Suspicious Parents
1.45amWhite Van Man 2.15am
Pramface 2.45amDont Tell the
Bride 3.40amSnog, Marry,
Avoid? 4.10am-5.10amJunior
Doctors: Your Life in Their Hands
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFILMThe
Golden Child 1986. 9.50pm
FILMElektra 2005. 11.45pm
The Big Bang Theory 12.40am
Scrubs 1.35amHow I Met Your
Mother 2.05amRules of
Engagement 2.25amBalls of
Steel Australia 2.50amGreek
3.35amUgly Betty 4.15am-6am
Switched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmOnly in America 9pm
Swamp People 10pmStorage
Wars 11pmTony Robinson Down
Under 12amPawn Stars
12.30amStorage Wars 1am
Swamp People 2amTony
Robinson Down Under 3amOnly
in America 4amThe True Story
5am-6amAmerican Pickers
DISCOVERY
7pmBear Grylls: Born Survivor
8pmWhale Wars 9pmAmerican
Chopper: Senior Versus Junior
10pmAmerican Guns 11pm
Surviving the Cut 12amBear
Grylls: Born Survivor 1am
American Chopper: Senior Versus
Junior 2amAmerican Guns
3amWheeler Dealers 3.50am
Mythbusters 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon
and Kate Plus 8 9pmTrauma
Team10pmEmbarrassing Bodies
11pmUntold Stories of the ER
12amTrauma Team1am
Embarrassing Bodies 2amUntold
Stories of the ER 3am
Supernanny US 4amA Baby
Story 5am-6amBaby Tales
SKY1
8pmObese: A Year to Save My
Life 9pmBrit Cops: War on
Crime 10pmFringe 11pmMad
Dogs 12amDog the Bounty
Hunter 1amUK Border Force
1.55amRoss Kemp on Gangs
2.45amRoad Wars 4.35am
Bondi Vet 5.05am-6am
Safebreakers
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
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TVPICK
6pmBBC News 6.30pmBBC
London News 6.55pmParty
Political Broadcast 7pmThe One
Show7.30pmThe Food Inspectors:
BBC News 8pmWaterloo Road
9pmMasterChef 10pmBBC News
10.25pmRegional News 10.35pm
The National Lottery Wednesday
Night Draws 10.45pmKevin
Bridges Whats the Story? 11.15pm
Film 2012 with Claudia Winkleman:
National Lottery Update 11.55pm
FILMRacing for Time. 2008.
1.20amWeatherview1.25am
Sign Zone: See Hear 1.55amSign
Zone: Upstairs Downstairs 2.55am
Sign Zone: An Island Parish 3.25am
Sign Zone: Hairy Bikers Best of
British 4.10am-6amBBC News
6pmEggheads
6.30pmMy Life in Books
7pmEscape to the Country
7.30pmWatson & Oliver
8pmCHOICE The Fishermans
Apprentice with Monty Halls
9pmTwo Jews on a Cruise: A
Wonderland Film: A Hasidic
Jewish couple take a cruise
around the Mediterranean.
10pmRoger & Val Have Just
Got In
10.30pmNewsnight: Weather
11.20pmStoryville Cannibals
in the Andes: Stranded!
1.10amBBC News 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.25pmParty Political
Broadcast
6.30pmITV News
7pmEmmerdale
7.30pmLive International
Football: England v
Netherlands (Kick-off 8.00pm).
10.10pmITV News
10.40pmLondon News
10.45pmInternational
Football
11.50pmKidnap and Ransom
12.40amThe Zone; ITV News
Headlines
2.45amFILMJaws 3 1983.
4.20am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmCHOICE Daddy Daycare
9pmOne Born Every Minute
10pm10 OClock Live
10.55pmThe Mad Bad Ad
Show: With comedians Jason
Manford and Matthew Crosby.
11.45pmRandom Acts
11.50pmMusic on 4
2.30amFILMSex Lives of the
Potato Men: Comedy, starring
Johnny Vegas. 2004. 3.55am
90210 4.40amBrothers & Sisters
5.20am-6.05amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmCowboy Builders: 5 News
Update
8pmBig Body Squad: 5 News
at 9
9pmCHOICE NCIS: The team
investigates the murder of a
petty officer.
10pmLaw & Order: Criminal
Intent
10.55pmLaw & Order: Special
Victims Unit
11.55pmPoker: The Big Game
12.55amSuperCasino
3.55amHouse Doctor 4.20am
Wildlife SOS 5.10amHouseBusters
1 2 3 4 5 6
7
8 9 10
11
12 13 14
15 16 17 18
19
20 21 22
23
24 25
7 20 12
14 7 16
19 11
10 20
10 23
45
24 13
12 9
18 21
8 12 13
12 22 4
15
17
10
23
29
3
13
27
35
9
18
6
21
30
28
11
25
32
14
9
7
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.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Expected and wished (5)
4 Addenda (5)
7 US musician and record
producer, former husband
of Tina Turner (3)
8 Lone Star State
of the USA (5)
10 Consciousness of ones
own identity (3)
11 Body of water (4)
12 Tubes (5)
14 Disgrace (5)
15 Censure severely (5)
16 Arm of of a larger
body of water (5)
19 Measure (out) (4)
20 Appropriate (3)
21 Due (5)
23 Moldovan monetary
unit (3)
24 Tennis stroke that puts
the ball into play (5)
25 Coil of knitting wool (5)
DOWN
1 Worked up emotionally
by anger or excite-
ment (coll) (3,2)
2 Contagious disease
characterised
by purulent skin
eruptions (3)
3 Take apart (11)
4 Impoverished,
destitute (11)
5 Foot digit
protector (7)
6 Have a cigarette (5)
9 Alcoholic beverage (3)
13 Device attached to
a computer (7)
15 Uncouth (5)
17 Novel (3)
18 Ofspring of a
male tiger and a
female lion (5)
22 Coat a cake with
sugar (3)
I
P
R
N
M T
E
S
A
4
4
4
M O S S B O R I N G
U A B E E
S A I L D E N I A L
L V A T
I M P O S S I B L E
M A O H O N E
S T O R E H O U S E
C F U R
P A S T E L T A X I
R A X E L
G A L L O P R A C Y
3 1 5 9 8 9
2 5 3 1 5 3 2 4
9 7 4 8 7 2 1 3
6 2 3 7 8 1
9 4 1 6 5 9 8
8 1 2 5 1 1 7
4 2 1 9 6 7 9
7 9 8 5 3 6
7 3 9 8 8 2 5 1
2 1 4 6 3 6 8 9
9 2 7 9 1 4
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
COMPOSURE
29
Lifestyle | TV & Games
E
NGLANDS selectors displayed a
hitherto unseen ruthless streak
yesterday when they announced
Eoin Morgan had been axed
from the Test squad that will tour Sri
Lanka next month.
Clearly Morgan struggled out in
Abu Dhabi and Dubai against
Pakistans spinners, averaging just
over 13 from three Tests, but he was
hardly alone there and considering
how much faith the selectors have
shown the likes of Ian Bell in the
past, Im surprised theyve taken the
Irishman out of the firing line at
pretty much the first sign of trouble.
The Middlesex left-hander (right) is
an extremely gifted operator who
will remain a central figure in the
one-day and Twenty20 sides. As long
as he continues to prosper in those
formats of the game hell be back in
the Test side before too long, Im sure.
Morgans loss is likely to be Ravi
Boparas gain, but Samit Patel must
also be in with a chance of forcing his
way into that middle order after he
impressed with both bat and ball
against Pakistan towards the end of
the tour.
Clearly hes never going to have the
body and fitness levels of Usain Bolt,
but hes obviously done enough to
satisfy the coaching staff and he
deserves credit for revitalising a
career that could quite easily have
gone the other way.
TOUR OF TWO HALVES
England will head to Sri Lanka having
learnt a lot about themselves follow-
ing their contests against Pakistan.
Its encouraging to see a fair
number of the batsmen intend-
ing to head there early in an effort
to acclimatise to what are likely to
be stifling conditions.
Had England enjoyed that sort of
preparation ahead of their tour of
the United Arab Emirates, or at
least played the one-dayers before
the Test series, Im convinced
Andrew Strausss side would have
been far more competitive and
clued up in terms of deal-
ing with the mystery
spin of Saeed Ajmal.
As gentuine plus points go I think
you have to look at the bowling
department first and foremost.
Whatever the pitch, Strauss can be
confident he can pick an attack, from
a group of seven, capable of taking 20
wickets.
Kevin Pietersens return to
form, meanwhile, was a surpris-
ing and uplifting end to the
tour. I must confess I thought he
was drinking at the last chance
saloon but he appears some-
where near back to his best
and England instantly
become an entirely dif-
ferent proposition with
an in-form Pietersen to
call upon.
Andy Lloyd is a former
England Test cricketer who
made 17,211 first-class
career runs.
Sport
30
ENGLAND outcast Danny Cipriani is
poised to confirm his return to the
Premiership with Sale as the wayward
star looks to resurrect his internation-
al career just days after his latest off-
field scrape.
Cipriani, who has been playing for
Melbourne Rebels in the southern
hemispheres Super 15 league since
2010, is believed to be in advanced
talks to join Sale this summer on a
three-year contract.
The move would put the 24-year-old
back in the frame for international
selection, with England chiefs com-
mitted to only picking home-based
players, and reunite him with Sales
former Wasps coach Tony Hanks.
It comes amid fresh scrutiny of the
fly-halfs behaviour away from the
pitch, following allegations that he
was one of three players in a car that
ran off the road and into a parked
vehicle on Friday. Ciprianis time in
Australia has already seen him fined
for a nightclub incident and then
banned by the Rebels for a month for
repeatedly breaking curfews,
although he says his misdemeanours
have been overplayed.
Sale and England winger Mark
Cueto confirmed that director of
rugby Steve Diamond was working to
make Cipriani the revitalised clubs
latest high-profile capture.
I know weve signed a couple of
players for next season, and one of
them is [Scotland lock] Richie Gray,
whos going to be a fantastic signing,
said Cueto. But I know he is looking
at signing a couple more and Cips
[Cipriani] is obviously one of them.
Cipriani set
for Sale as
fly-half eyes
resurrection
BY FRANK DALLERES
RUGBY UNION
CRICKET COMMENT
ANDY LLOYD
Test axe cruel but its not the last well see of
Pearce and
England set
for acid test
Interim boss and fringe players can take a step
towards the Euros by impressing against Holland
ENGLAND caretaker manager
Stuart Pearce has urged his squad
to cast aside the negativity sur-
rounding the state of the national
team and use tonights friendly
against Holland to make concrete
cases for Euro 2012 selection.
Without a permanent head
coach or skipper the Three Lions,
who must also make do without a
clutch of key first team players,
are in a state of flux ahead of
Hollands first visit to Wembley
since they were thrashed 4-1 by an
Alan Shearer-inspired England
side at Euro 96.
Pearce, who assumed the role of
head coach on an interim basis
earlier this month following Fabio
Capellos resignation over the
Football Associations decision to
strip John Terry of the captaincy,
must make do against the 2010
World Cup finalists minus the
likes of Wayne Rooney, Darren
Bent and Glen Johnson.
But the former England left-
back, who confirmed he had not
applied for the full-time vacancy
but is also effectively on trial
tonight after outlining his deter-
mination to continue in the role
through to the Euros, has chal-
lenged the less established mem-
bers of his squad to launch a bid to
be included in the 23-man party
that will travel to Ukraine and
Poland in June.
He said: Were in the home run
for the (European) Championships
and we have to find out about one
or two in and around the squad
and its a great opportunity to
find that out, playing against one
of the tournament favourites.
Its a fantastic opportunity,
thats how we see it. I think they
will acquit themselves very well.
Some will stake a claim for the
summer. I hope the majority will.
Liverpool right-back Johnson
pulled out of the squad yesterday,
meaning Manchester Citys Micah
Richards is almost certain to start
in his place and make his first
England appearance since
November 2010.
Bent was ruled out for three
months with ankle ligament dam-
age on Monday, leaving
Manchester Uniteds Danny
Welbeck, Chelseas Daniel
Sturridge and Sunderlands
Fraizer Campbell with an opportu-
nity to impress.
Pearce added: Were three
friendlies away from the first
game in the group so I think this
is vital. Every time we get the
group of players together we have
to hit the floor running.
BY JAMES GOLDMAN
FOOTBALL
ENGLAND
HOLLAND
Dec 04: Makes Wasps debut aged 17
2007: Helps Saxons win Churchill Cup
Mar 08: Axed on eve of first England
start after enjoying a late night
Oct 08: Returns to England set-up after
broken ankle but is later dropped
09: Misses autumn Tests through injury
Feb 10: Announces he will move to
Melbourne Rebels in summer
May 11: Suspended by Rebels for curfew
breach but finishes season as top scorer
TIMLINE | CIPRIANIS CAREER
Cipriani is aiming to win back his place
in the England side Picture: GETTY
31
SQUAD
Andrew Strauss (capt), Alastair
Cook, Jonathan Trott, Kevin
Pietersen, Ian Bell, Ravi Bopara,
Samit Patel, Matt Prior, Steven
Davies, Tim Bresnan, Stuart Broad,
Graeme Swann, James Anderson,
Steven Finn, James Tredwell, Monty
Panesar
SCHEDULE
March 15 v Sri Lanka Board XI
March 20 v Sri Lanka Development XI
March 26 v Sri Lanka, Galle
April 3 v Sri Lanka, Colombo
ENGLAND | TOUR OF SRI LANKA
Morgan
Results
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email sport@cityam.com
SPORT | IN BRIEF
Murray struggles in Dubai
TENNIS: Britains Andy Murray over-
came rustiness to beat Germanys
Michael Berrer in his first match
since last months Australian Open.
World No4 Murray won 6-3, 4-6, 6-4
at the Dubai Championships to set up
a second round match with Swiss
qualifier Marco Chiudinelli.
Wasps duo in contract boost
RUGBY UNION: Wasps pair Tim
Payne and Hugo Southwell have
signed contract extensions with the
Premiership outfit. England prop
Payne, 32, will bring up a decade at
the club next season, while Scotland
full-back Southwell has been ever-
present since his summer arrival.
ASTON VILLA risk falling foul of
European Financial Fair Play rules after
the Premier League side yesterday
announced record annual losses of
54m.
Villa confirmed the overall loss for the
year up to 31 May 2011 represents a signif-
icant increase from 37.6m, but does not
incorporate the 37m the club recouped
in player sales following the departures of
England internationals Stewart Downing
and Ashley Young in the summer.
Under the rules, to qualify for a license
to play in European football for the 2014-
15 season clubs must break even within
a 4.2m leeway over rolling two-year
monitoring period, the first of which
runs until the end of next season.
Our objectives are to compete strong-
ly on the pitch and to achieve sustainabil-
ity as well as compliance with Uefas
Financial Fair Play requirements, said
Villas chief financial officer Robin
Russell. The actions taken since the end
of the 2010-11 financial year have gal-
vanised the sustainability of the club.
As well as reducing the wage bill by
offloading the likes of Downing and
Young, Villa also curbed their transfer
spend over the summer.
Charles NZogbia and Shay Given were
the only major arrivals at a cost of just
13.5m, just over half the 24m they paid
Sunderland for Darren Bent in January
2011.
Villa, who currently sit a disappointing
15th in the Premier League, recorded a
minimal increase in the clubs annual
income to a record 92m, which came
despite attendances dropping dangerous-
ly close the 30,000 mark for some less
glamorous fixtures.
Villa also announced they spent 12m
in exceptional charges in 2010-11 relat-
ing to changing the clubs management
personnel following the departures of
Martin ONeill and Gerard Houllier.
Struggling Villa announce
record losses of 54m
BY JAMES GOLDMAN
FOOTBALL
STEVEN GERRARD
Has the most England captaincy experi-
ence in the squad and used to leading
Liverpool for years. The outstanding can-
didate for the role long-term.
JOE HART
A certain starter, widely admired and
blessed with a good temperament, but
questions raised over potential influ-
ence of a goalkeeper as skipper.
GARETH BARRY
Has worn the armband
before and, with 51 caps,
has more experience than
most, but faces stern competi-
tion for a regular starting place.
SCOTT PARKER
Newly-crowned England player of the
year to match his PFA award and an
increasingly prominent figure in the team
but Tottenham man remains an outsider.
JAMES MILNER
Midfielder has been mentioned as cap-
taincy material despite just 23 caps and a
loose grip on a starting shirt.
ARMBAND OPTIONS
Fraizer Campbell
(Sunderland)
Caps: 0; Goals: 0
Daniel Sturridge
(Chelsea)
Caps: 1; Goals: 0
Danny Welbeck
(Manchester United)
Caps: 3; Goals: 0
Total caps: 4; Total goals: 0
Robin van Persie
(Arsenal)
Caps: 61; Goals: 25
Dirk Kuyt
(Liverpool)
Caps: 84; Goals: 24
Klaas-Jan Huntelaar
(Schalke)
Caps: 48; Goals: 30
Total caps: 193; Total goals: 79
ARE YOU EXPERIENCED? | ENGLANDS ROOKIE FORWARDS
V
Englands striker resources have been stretched to breaking point by the withdrawals of
Wayne Rooney and Darren Bent, leaving Stuart Pearce to pick from three rookies whose
international pedigree is minuscule compared to their Dutch counterparts.
Interim boss
Pearce wants to
lead England at
the Euro 2012
Picture: GETTY
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