Cityam 2012-04-20

BUSINESS WITH PERSONALITY
SUGAR TELLS KEN:

YOURE FIRED
Barclays in
olive branch
to investors
BARCLAYS made a peace offering to
its angry UK shareholders yesterday
by inserting a new condition into
the bonuses awarded to its top exec-
utives and saying it would prioritise
raising its dividend.
Chief executive Bob Diamond and
chief financial officer Chris Lucas
will now see only half of their 2011
bonuses if they do not manage to
get the banks return on equity
above its cost of capital, a key meas-
ure of whether the company is creat-
ing or destroying economic value.
Last year, its returns were just 6.6
per cent, whereas the cost of the
resources it used to generate them
was 11.5 per cent. Diamond has set a
target of 13 per cent for returns.
The bonus change only applies
to 2.7m of Diamonds total pay
package last year and 1.8m of
Lucas pay, however, because much
of their pay is already deferred
over years and conditional on
returns. There was no change to
the 5.7m tax equalisation award
paid to Diamond that had shocked
some investors.
But the bank said it is in the
process of rebalancing so that
a greater proportion of income
and profits flow to shareholders.
It said it would deliver further
progress over time to increase its
dividend.
The bonus change, coupled with a
major charm offensive by Diamond,
was enough to placate Standard Life,
which owns two per cent of the
bank. The shareholders head of gov-
ernance, Guy Jubb, credited its
robust stewardship for the move,
saying Standard Life will now vote in
favour of Barclays remuneration
report at its shareholder meeting
next week.
Sir Alan (right) has hit out at Ken Livingstone (left);
Yesterday, we revealed Livingstone used private
healthcare (far right).
www.cityam.com FREE
start. The founder of Amstrad con-
ceded that he could not vote in the
election because he lived in Essex.
It caps a troubled week for the
Livingstone campaign, exacerbated
by yesterdays revelation in City A.M.
that the long-term opponent of NHS
privitsation himself uses private
healthcare providers.
BY JULIET SAMUEL
ISSUE 1,616 FRIDAY 20 APRIL 2012
QATADA APPEALS AS
RIGHTS FACE REFORM
The Forum: Page 18
Certified Distribution
27.02.2012 till 01.04.2012 is 99,462
EMILY BLUNT SHINES
IN BRITISH ROM COM
See Page 28
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ISSUE 1,615 THURSDAY 19 APRIL 2012
TROUBLE AT TESCO
See Pages 6 & 7
See Page 14
RETAIL GIANT UNVEILS TURNAROUND PLAN
KEN Livingstone, the Labour
candidate to be Mayor of London and
a noted opponent of NHS
privatisation, uses private healthcare
services, City A.M. has learned.
A spokesperson for the 66-year-old
Livingstone said he uses an external
provider for annual check-ups, in an
admission that is sure to lead to
accusations of hypocrisy.
Like many people he has an
annual check up from an external
provider if he ever needs to see a
doctor for anything it is with his
local GP, or with other NHS services,
a spokesperson told City A.M. last
Save Londons NHS petition earlier
this year, Livingstone said: The
people of our capital city deserve top
quality care and demand our health
care should not be broken up, sold
off or be privatised by the back door.
The admission comes just weeks
after Livingstone was widely
criticised for channeling his income
through a company to reduce his tax
bills, despite describing people who
use these kind of legal tax planning
measures as rich bastards.
A spokesperson for Boris Johnson,
Livingstones Tory opponent and the
incumbent Mayor, said:
This is yet another example of
Ken Livingstones hypocrisy saying
one thing but does another. First we
discover that at the same time as
attacking tax avoiders, saying they
shouldnt be allowed to vote in
elections, he is avoiding tax himself
and standing in an election. Now we
learn that while campaigning as a
defender of the NHS he uses private
healthcare. How can Londoners
thi g this man says?
Labour mayoral candidate and NHS privatisation opponent Ken Livingstone has admitted he uses an external provider for annual check-ups
an annual check up for ten years,
adding Imas fit as Ive ever been.
hi
an orgasm because Im so fit. My
heart, liver and kidneys, the whole
l t are absolutely amazing.
pounds to several thousand,
although it is not known how much
Livingstones annual appointments
KEN ADMITS HE USES
PRIVATE HEALTHCARE
MAYORAL
ELECTION
L A U R A L E A N / C I T Y A M
BY DAVID CROW
AND JAMES WATERSON
EXCLUSIVE
FTSE 100 5,744.55 -0.74 DOW 12,964.02 -68.73 NASDAQ3,007.56 -23.89 /$ 1.60 unc / 1.22 unc /$ 1.31 unc
BY JAMES
WATERSON
MAYORAL
ELECTION
APPRENTICE star Sir Alan Sugar yes-
terday waded into the Mayoral elec-
tions and told Londoners: dont vote
for Ken Livingstone.
The businessman and Labour peer
defied his party leader to tell his 1.8m
followers on Twitter: I dont care if
Ed Miliband is backing Livingstone. I
seriously suggest NO ONE votes for
Livingstone in the Mayoral elections.
Sugar did not directly endorse Boris
Johnson but implied that a vote for
the Conservative candidate was the
only way to keep out Livingstone:
Johnston [sic] v Livingstone is real
issue. Livingstone must NOT get in on
3rd May.
His outburst is particularly embar-
rassing for party bosses because
Sugar is one of Labours largest indi-
vidual backers. According to the
Electoral Commission he gave
around 70,000 to the party last year,
including direct payments to Ed
Milibands office.
The businessman has previously
been linked with the Labour mayoral
candicacy but yesterday ruled him-
self out: Its been suggested I run for
mayor. Not possible, too many com-
mercial conflicts, no time, more to
the point I would not know where to
CITY VIEWS, FORUM: Page 6, Page 19

allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
CWW bid deadline put off again
nVodafone yesterday had its
deadline to bid for Cable & Wireless
Worldwide extended for the third time
and now has until noon on Monday to
declare an offer or walk away. Shares
in CWW fell by eight per cent to 34p
yesterday after an initial 25 per cent
plunge in morning trading following
Tata Communications revelation that
it will not bid for the cable company.
Fuel tanker firms extend talks
nFuel tanker firms have granted
Unite the union an extension to its
strike mandate in a bid to come to a
deal over drivers working conditions.
Unite, whose mandate to call a strike
was due to expire today, will return to
mediator Acas on Monday to resume
negotiations. The extension comes as
Unite said it will re-ballot drivers at
fuel company Hoyer, after some
workers did not receive the proper
papers in the first vote last month,
which approved strike action.
Egan-Jones faces SEC probe
nRatings firm Egan-Jones said
yesterday that US securities regulators
have chosen to bring an enforcement
case against the company relating to a
2008 regulatory application.
Alan Futerfas, a lawyer representing
Egan-Jones, said that the firm would
vigorously defend itself against the
Securities and Exchange Commissions
claims. The SECs case is linked to
issues in the firm's 2008 application
to rate asset-backed and government
securities. The case is expected to be
formally filed next week.
R
E
U
T
E
R
S
GlaxoSmithKline was advised by Lazard and
Morgan Stanley on its failed bid for Human
Genome Sciences. Morgan Stanley also
advised on the successful sale of drug man-
agement company PPD to the Carlyle Group
at the end of 2011. Legal counsel on the GSK
bid was provided by Cleary Gottlieb Steen &
Hamilton LLP and Watchtell, Lipton, Rosen &
Katz. By Jessica Abrahams
ADVISERS
LAZARD
MORGAN STANLEY
American pharma firm
rejects 1.6bn Glaxo bid
BRITISH pharmaceutical giant
GlaxoSmithKline (GSK) has been
knocked back by Human Genome
Sciences, after tabling a $13 per
share cash bid for the US-based
biotechnology firm.
The offer was worth around
$2.6bn (1.62bn) yet dismissed as
unsolicited and inadequate by the
target companys board.
The offer does not reflect the
value inherent in HGS, it said yes-
terday, while leaving the door open
for a future sale under different con-
ditions. The board of directors has
authorised the exploration of strate-
gic alternatives in the best interests
of shareholders, including, but not
limited to, a potential sale of the
company, it said.
GSKs offer represents an 81 per
cent premium to HGSs closing
stock price on Wednesday of $7.17.
After yesterdays announcement the
companys shares soared, nearly
doubling to $14.17 in New York.
The attempted takeover is the lat-
est bid by a large pharmaceutical
firm to accumulate smaller biotech
innovators. With pipelines drying
up and a wave of patents approach-
ing expiry, firms are turning to bio-
pharma for future revenue.
This rather stark dismissal of
Glaxos not inconsiderable offer
MICROSOFT beat its profit
forecast as PC sales held up better
than expected, it revealed last
night, lifting its shares 2.5 per
cent in after hours trading.
The results buoyed optimism
around the worlds largest
software maker, which is lining up
a new tablet-friendly version of
Windows for later this year and is
looking to make a dent into
Apples and Googles domination
of the mobile market.
Microsoft whose shares hit a
four-year high of $32.95 last
month has not said when its
Windows 8 system will be
released, but most in the industry
expect it on devices from around
October, offering an alternative to
Apples runaway iPad.
New Windows smartphone
software is expected around the
same time.
The firm reported fiscal third-
quarter profit of $5.11bn
(3.18bn), compared with $5.23bn,
in the year-ago quarter when it
posted a one-time tax gain.
Sales rose six per cent to
$17.41bn, driven by strong
demand for its server software
products and Office application.
Microsoft shares rose to $31.87
in extended trading. The stock is
up 20 per cent so far this year,
outpacing gains on the Nasdaq.
Microsoft beats
expectations to
push shares up
GSK boss Andrew Witty informed Human Genome Sciences of the bid earlier this month
2
NEWS
BY JAMES WATERSON
BY JULIAN HARRIS
To contact the newsdesk email news@cityam.com
I
AM as guilty as anybody of
excessive gloominess. To be fair, I
have an excuse: the government is
floundering; Abu Qatada is
making a mockery of Britain; the UK
economy is stagnant; unemployment
is elevated; taxes are rising; the
nanny state is gaining ground; the
Eurozone faces years of misery and
eventual collapse; China is nursing
the mother of all bubbles; the US
public finances are horrendous; and
Iran wants to build nukes.
But this is Friday, and it would be
remiss of me not to point out the
good news. There is lots of it espe-
cially if we focus not just on the UK
but on humanity as a whole.
The first is scientific progress. Take a
marvellous story that broke yesterday:
scientists at University College
Londons Institute of Opthalmology
have successfully cured blind mice,
EDITORS
LETTER
ALLISTER HEATH
Scientific progress and emerging markets give us all hope
FRIDAY 20 APRIL 2012
allowing them to see again. This
major breakthrough, as reported by
Nature, involved researchers trans-
planting immature light-sensitive
photoreceptors into blind mice; with-
in weeks, the implants integrated
themselves and the mice were able to
see again. One day, hopefully in no
more than a couple of decades time,
blind humans may also be cured.
Even though progress can feel excru-
ciatingly slow, there are lots more
exciting developments to come from
medical science which will transform
the quality of life of humanity as the
21st century progresses. By 2100,
assuming the world doesnt self-
destruct through nuclear war or by
adopting communism or another
similarly destructive collectivist ideol-
ogy, it may be possible to regrow dam-
aged limbs or body parts. Even today,
this is no longer in the realm of sci-
ence-fiction.
It is probably true, as many have
argued, that the rate of growth of sci-
entific innovation and technological
progress has floundered unsurpris-
ingly so, as the leap from having to
send couriers on horse back to the
telegraph and then the telephone is
far greater than the shift from land
lines to mobiles, let alone the move
from voice mobiles to smartphones.
But there are still huge leaps forward
to be had. As Matt Ridley, author of
being all over the world. More people
than ever are able to afford such radi-
cally liberating technologies: tens of
millions of Africans are now able to
communicate and access financial
and other services thanks to mobile
phones.
The world unlike the UK is not in
stagnation. Dozens of emerging
economies are booming. What the UK
needs is to grab a bit of this energy,
bottle it and force everybody who
matters to drink some of it. It is time
to grasp the immense opportunities
available at home and abroad and to
liberate our entrepreneurs to allow
them to embrace them and create
growth, jobs and wealth for millions.
Science, capitalism and globalisation
are what will rescue us.
the Rational Optimist, an excellent
book and blog, likes to remind us, just
10,000 years ago there were fewer
than 10m humans. Today, the world
population is over 6bn, 99 per cent of
whom are better fed, sheltered, enter-
tained and protected against disease.
As Ridley puts it, the availability of
almost everything a person could
want or need has been going errati-
cally upwards for 10,000 years and has
rapidly accelerated over the last 200
years: calories; vitamins; clean water;
machines; privacy; the means to trav-
el faster than we can run, and the
ability to communicate over longer
distances than we can shout.
It is not just about inventing new
things it is also about spreading
progress. Innovations that were revo-
lutionary 15 years ago but that rich
folk in the West now take for granted
are still massively improving well-
goes to show just how highly biotech
companies such as HGS value their
portfolios and pipelines, and how
much potential they see for the future
of medicine in their line of research,
said Paul Chapman of Marks & Clerk.
Large companies can often provide
the capital and infrastructure to take
early stage innovations through the
necessary later phases of clinical trials
and regulatory hurdles.
GSK and HGS already work together,
and last year gained regulatory
approval for Benlysta, a treatment for
the immune system illness lupus.
Qatari wealth fund adds Tiffany stake
Qatars sovereign wealth fund has made
its first big investment in a US public
company by acquiring a 5.2 per cent stake
in Tiffany, the jewellery retailer known for
its diamond rings and blue, ribboned
boxes.
Cameron faces mutiny over Lords
David Cameron is facing the biggest
Conservative rebellion since the election
and a severe test of the coalition, after a
mutiny by some of his MPs against plans
to introduce elections to the House of
Lords
Gavin OReilly to step down
Gavin OReilly, the chief executive of
Independent News & Media is to step
down from his role with immediate effect,
bringing to an end his familys 40-year
control of Irelands largest media
company. He is to be replaced by Vincent
Crowley, the groups chief operating
officer. The move follows a prolonged
period of pressure from Denis OBrien .
Dermot Desmond, the Irish billionaire
with 6 per cent of the media group, is also
believed to have sought his removal.
Watchmaker breaks rent record
A luxury Swiss watchmaker is to open a
shop on New Bond Street in London,
paying a record rent. Breitling is believed
to be paying the landlord, a private
investor advised by Savills, 1m a year for
130 New Bond Street.
Abu Qatada faces imminent release
Theresa May was on the back foot last
night as she faced the prospect of Abu
Qatada being released on to the streets in
two weeks. The judge said that he would
reconsider releasing the cleric jail.
Qantas A380 set for first flight
The Qantas A380 that suffered an engine
blow-out in mid-air, sparking concerns
over the safety of the world's most
advanced superjumbo, is due to return to
the skies on Friday.
Western leaders threaten Syria
Western leaders yesterday issued the
threat of international intervention to set
up humanitarian corridors in Syria after
the UN warned that President Bashar al-
Assads regime was failing to honour the
terms of a ceasefire.
Tech IPO Splunk Doubles on Day One
An unprofitable start-up with a funny
name turned in the best stock debut this
year yesterday, underlining how investors'
appetite in the latest tech boom now
extends beyond hot firms like Facebook.
Poll Frames Rivals' Strengths
President Barack Obama's efforts to
project himself as a protector of the
middle class have strengthened him ,
while Mitt Romney has gained traction
with his argument that he can improve
the economy, a new WSJ poll finds.
WHAT THE OTHER PAPERS SAY THIS MORNING
The new jobs website for London professionals
CITYAMCAREERS.com
G
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BANK OF America said yesterday that
it faces a $34bn refinancing cliff in
the next eight weeks but reported a
boost to trading volumes that
brought its global markets back into
profit after a dismal fourth quarter of
last year.
Overall, the bank saw a sharp drop
in profits, with net income falling
from $2bn in the first quarter of 2011
to $653m so far this year. That was
also down from the $2bn it made in
the fourth quarter of last year.
But the results were better than
expected and the global markets divi-
sion of Bank of America-Merrill
Lynchs investment bank, which han-
dles trade flows, recovered from a
$768m loss last quarter to a $798m
profit. That was still only just over
half the $1.4bn net profits it made in
the same period of last year however.
And despite the investment banks
better outlook, which was shared by
its rivals due to a cash injection by
the ECB prompting a pause in the
Eurozone crisis, BoA-MLs recovery
has still been hampered by the US
housing market.
It was forced to write off a $1.8bn
chunk of real estate loans because of
stricter regulations, despite booking
an overall improvement in the quali-
Debt cliff looms
for BoA despite
profits boost
BY JULIET SAMUEL
ty of its loan book.
And it faces a wall of debt maturi-
ties in the next two months, a daunt-
ing prospect despite the banks claim
that it is well-prepared to address
$34bn of parent company maturities
in [the second quarter 2012], includ-
ing the remaining $24bn related to
the [US governments] Temporary
Liquidity Guarantee Program.
The lender was also hit by a litiga-
tion cost of $800m, with more in the
pipeline. Another $5bns worth of
claims were filed in the first quarter
of this year alone, the bank revealed,
with 84 per cent of them filed by gov-
ernment-sponsored entities such as
Fannie Mae and Freddie Mac.
BoA-ML also revealed that it expects
its common equity ratio under strict
Basel III definitions to be about 7.5 per
cent by the end of 2012, below the
minimum it needs to reach by 2019.
Morgan Stanley reports rise in
profits on strong bond trading
A SURGE in trading activity,
particularly in bonds, lifted Morgan
Stanleys profits during the first
quarter of this year, the bank
revealed yesterday.
Unlike most of its rivals, Morgan
Stanley outdid its first quarter last
year, with its profits rising from
$1.1bn to $1.4bn, once the effect of
an accounting loss was stripped out.
The cost of rewarding its staff
crept up due to $138m in
redundancy pay-offs as the bank cut
its payroll. Staff costs were $4.4bn
BY JULIET SAMUEL
for the quarter versus $4.4bn during
the same period last year.
Chief executive James Gorman
said: Of particular note was the
strength in sales and trading, which
showed broad-based gains across
products and regions. In particular,
the bank gained market share in
bond trading, with revenues for the
division rising by more than a third
to $2.6bn. Chief financial officer
Ruth Porat called the gains the
fruits of all weve done here to hire
staff in fixed income.
Like Goldman, the bank also
reduced its risk appetite: its value-at-
risk measure how much it could
lose in one day has dropped from
$123m last quarter to $84m in 2012.
Bank of America chief Brian Moynihan faces $34bn refinancing in the next eight weeks
Morgan Stanley
13Apr 16Apr 17Apr 18Apr 19Apr
17.60
17.40
17.80
18.00
18.20
18.40
18.60 $ 18.07
19Apr
Bank of America Corp
8.70
8.80
8.90
9.00
9.10
9.20 $
8.77
19Apr
BPs joint venture in Russia was last
night threatened with legal action
from the government in connection
with alleged oil spills in Siberia.
Shares in TNK-BP, which accounts
for 29 per cent of BPs total
production and 27 per cent of its
reserves, slumped five per cent
after natural resources and ecology
minister Yuri Trutnev told a
government meeting that he had
Russia threatens to sue TNK-BP
over alleged oil spills in Siberia
BY KATIE HOPE
ordered an regulator to file a
lawsuit against TNK-BP.
Trutnev blamed the companys
generous dividend investment
policy for the alleged spills. They
have enough resources to increase
the investment threefold and fix
the pipelines in five to seven years,
Trutnev said.
TNK-BP said last night that
historical problems with the
regions pollution are well-known,
adding that it was open for
cooperation.
3
NEWS
cityam.com
G
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BLACKSTONES shares plunged over
four per cent yesterday wiping out
most of their gains for the year after
the private equity giant revealed a
near 25 per cent drop in profit for
the first quarter.
Economic net income (ENI), a meas-
ure of profitability which includes
changes in its portfolio value, fell by
$138.7m to $432.3m in January to
March this year. The 24.3 per cent
drop, compared to the same quarter
last year, came as a slower rate of
increase in the value of its assets led
to lower performance fees.
Overall performance fees for
January to March fell 36 per cent to
$385.8m driven largely by decreases
in the value of assets in its real estate
and private equity divisions.
Despite the drop, the firm man-
aged to boost assets under manage-
ment to a record $190bn for the
quarter a 27 per cent increase on
the same period last year and a fig-
ure analysts said indicated its long-
term fundamentals remain strong.
Ultimately this business is a fund
raising machine. If it can put the cap-
ital to work then that is what drives
its potential, said Sandler ONeill
Blackstone hit
by 24pc profit
drop as fees fall
BY KATIE HOPE
analyst Michael Kim.
Kim blamed yesterdays share price
fall on Blackstones less optimistic
stance on the near-term market out-
look, with a meaningful pick up now
not expected until year-end.
As markets continue to heal, we are
well positioned to take advantage of
more opportunities to convert value
creation to both returns for our limit-
ed partners and cash earnings for our
public unit holders, said chairman
and chief executive officer Stephen
Schwarzman yesterday.
Blackstones results, seen as a bell-
wether for the buyout industry due to
its sheer size, come ahead of rival KKR
which is due to report next week.
Its shares closed down 4.72 per cent
at $14.14 yesterday.
Hargreaves Lansdown shares
soar as assets reach record high
HARGREAVES Lansdown was the
biggest riser on the FTSE 100
yesterday after assets under
management surged to a record
level at the start of the year.
The investment firm brought in
a 1bn net inflow of new funds in
the first three months of 2012.
Total assets under
administration, including the lift
from investment performance,
increased by 2.6bn, or 11 per cent,
to 26bn, in part because of the
traditional rush in the period
BY PETER EDWARDS
before the end of the tax year.
The growth comes despite anxiety
in the investment community over
the health of the European
economy. Defaults from the single
currency are inevitable, Peter
Hargreaves, co-founder of
Hargreaves Lansdown, told City A.M.
Which of the economies are
going to leave the Eurozone? It is
not whether or not [they leave].
[Ordinary] people are less stupid
than politicians. Most people realise
these countries cannot exist in the
euro.
The firm said indebted southern
European economies remain a
concern but equity trading
volumes are up 12 per cent on the
year-to-date.
Recovering markets and rising
asset values, as well as new business
flows drove a 17 per cent
improvement in operating revenue
at the firm during the period
compared with a year earlier.
Chief executive Ian Gorham said
in the statement that the firm had
seen an encouraging start to
April.
Shares in Hargreaves Lansdown
closed up 5.61 per cent at 508.5p. Stephen Schwarzman said its $190bn in assets positioned it well for a market recovery
Blackstone Group LP
14.50
14.80
14.70
14.80
14.90
15.00 $ 14.14
19Apr
ANALYSTS backed Jupiter Fund
Management yesterday despite net
outflows in the first three months of
the year.
The firm reported a surprise 55m
of new money into its mutual funds
business in the quarter.
Assets under management hit
24.2bn at the end of March, up
1.4bn, or six per cent, compared to
three months earlier as a rally in
markets started to lead investors
back to funds.
The market bounce in early 2012
led to an improvement in the retail
net flow environment during the
Jupiter funds boost as investors
recapture their taste for risk
BY PETER EDWARDS
quarter, with limited net inflows
into equity funds in the UK and
Europe for the first time in nearly six
months, said chief executive
Edward Bonham Carter.
David McCann at Numis described
Jupiter as a core long term holding
while analysts at JP Morgan raised
their price target for the stock after
the inflows into the mutual funds
business, which beat expectations.
Jupiter said, however, that it lost
113m of client money during the
quarter after reporting previously
flagged outflows from its segregated
mandates and private clients
businesses, which are much smaller
than mutual funds.
4
NEWS
cityam.com
G
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WH SMITH plans to press on with its
expansion of lucrative train and air-
port divisions and overseas units,
after they helped the retailer buck
the gloom on the high street.
The newspaper, books and
stationary retailer saw profit before
tax jump three per cent to 66m in
the six months to the end of
February despite a three per cent
fall in group sales to 665m. Like-
for-like sales, which strip out new
openings or closings, were down
five per cent.
The travel unit was the stand-out
performer with an eight per cent
rise in operating profit to 27m.
Chief executive Kate Swann now
plans to open 17 new travel units in
the UK in the second half of the
year, on top of the 18 opened in the
first half, while it announced a
further 20 new stores overseas,
bringing total planned
international openings to 80.
Swann said: Looking ahead, we
WH Smith plots
overseas units
to beat UK dip
BY KATIE HOPE
expect the trading environment to
be challenging, however we are a
resilient business with a consistent
record of both profit growth and
cash generation and we have
opportunities for growth in the UK
and internationally.
The retailer, which still has a
strong balance sheet with net cash
of 53m, also increased its interim
dividend by 15 per cent to 8.3p.
Panmure Gordon analyst Philip
Dorgan, said earnings per share
growth of 14 per cent was not to be
sniffed at.
IS KEN LIVINGSTONE A HYPOCRITE
FOR USING PRIVATE HEALTHCARE?
Interviews by Kendal Gapinski
It is a bit of a double standard for a politician
who is campaigning for the NHS not to use it,
but I think its ne for a person to use private healthcare
if its available to them.
These views are those of the individuals above andnot necessarily those of their company
MARTIN CAMB
RESOLUTE MANAGEMENT
Yes. Its always a difcult decision but I think a

politician like Ken Livingstone who is
championing the NHS and expecting the public to use it
should use it himself.
ELEANOR
RICHARDSON
DAC BEACHCROFT
The NHS has such long waiting lists so I sym-
pathise. It could be hypocritical, but on a per-
sonal basis Id do the same. If you can afford private
healthcare, its acceptable to pay to jump the queue.
ALEX MALLOY
MONTAGU EVANS LLP
CITYVIEWS
NEWS Corp boss Rupert Murdoch will appear before the Leveson Inquiry on Wednesday and
Thursday next week, while his son James Murdoch will appear on Tuesday, it was confirmed
yesterday. Rupert Murdoch will be questioned about practices at his British newspapers in
the light of the phone-hacking scandal that resulted in the closure of News of the World.
MURDOCH TO FACE LEVESON INQUIRY
WH Smith PLC
525
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19Apr
6
NEWS
cityam.com
BOTTOM
LINE
DAVID CROW
Travel hub strategy could be too late
sellers. She is admired in the City for
her cost-cutting abilities, but this is a
trick that can only get you so far
when the top line is shrinking.
Swann has staked the future of the
business on travel outlets, where she
can sell stuff at higher prices to
captive consumers. Even this division
performed poorly at the top line in
the first half, though, with like-for-
like sales down three per cent.
International expansion is also
touted as a future growth engine,
with a flurry of foreign openings
planned for the second half. But by
the end of the year, WH Smith
expects to operate just 80 foreign
stores, a tiny number compared to
the 586 outlets it has in the UK.
Expanding in travel hubs and
international locations is a sensible
strategy, but success will come down
to whether Swann can implement it
quickly enough to offset the
declining retail business.
Until then, WH Smith is
predominantly a player on the
troubled high street, where it gets
around 70 per cent of sales and 63
per cent of operating profit.
david.crow@cityam.com
Follow me on Twitter: @davidcrow83
I
T is tough out there for everyone
on the high street, but things are
particularly unpleasant for WH
Smith. In an age of digital music
downloads and film streaming, it
sells CDs and DVDs. In an era of
electronic communication, it sells
stationary. At a time of declining
circulation for paid-for newspapers
and magazines, it sells newspapers
and magazines. It also flogs books,
like-for-like sales of which fell eight
per cent in the first half. At least
sweeties are selling like hotcakes.
Across the group, total sales at stores
open more than a year were down
five per cent in the first half.
Profits actually rose in the same
period, as chief executive Kate Swann
took an axe to costs and moved the
product mix away from the worst
SPANISH bank Caixa yesterday
reported an 84 per cent drop in net
income to 48m (39.3m) as the
impact of new requirements linked
to risky property loans weighed
heavily on its quarterly results.
The lender said it has absorbed a
2.44bn provision under new rules
governing Spanish property loans,
the huge effort of which has all
but wiped out its profits for the
three months to the end of March.
The bank said it cut its exposure
to real estate loans by 3.3 per cent
to 21.7bn in the quarter. However,
it said its portion of non-
performing loans had risen to 5.25
per cent, from 4.9 per cent at the
end of December, and the bulk of
these risky loans are with property
developers.
But Caixa said net fees rose by 7.8
per cent over the period to 413m,
with investment and business
banking faring particularly well.
It added that its core capital
stood at 12.4 per cent under the
Basel II criteria, and that it will
comfortably comply with new
Basel III rules.
Caixa is working towards a
takeover of Banca Civica, as banks
across Spain look for safety in num-
bers after Mariano Rajoys govern-
ment set out the latest loan rules.
The bank did not include Civicas
results in its figures.
Caixa profits
slump after
loan provision
BY MARION DAKERS
G
E
T
T
Y
GEORGE Osborne last night was refus-
ing to meet International Monetary
Fund (IMF) demands to commit more
money to bailing out troubled coun-
tries, including those in the
Eurozone.
IMF chief Christine Lagarde began
the groups spring conference with an
appeal for cash, warning finance min-
isters that the Eurozone crisis is still
very much a threat to global econom-
ic stability, and that more pledges of
money would aid the economic
recovery globally.
That is the reason why, as part
of the outcome of these meetings,
we expect our firepower to be
significantly increased, she
said.
Around $320bn
(199.4bn) of Lagardes
$400bn target has been
promised by a group of
countries from the
Eurozone, as well as
Japan, Switzerland
and Poland.
However, the UK
maintained that it is
not prepared to offer
BY TIM WALLACE
more cash unless certain specific crite-
ria are met.
The UK is a longstanding supporter
of the IMF, said a Treasury
spokesman.
However, we have been clear that
there are strict conditions under
which we would agree to an increase
in resources. Thats why any deal on
IMF resources has to be done at the
global level.
Osborne has previously said IMF
funds should not be specifically
earmarked for bailing out the
Eurozone, and must instead
be available for any troubled
nation.
Lagarde praised many of the
steps taken by the Eurozone so
far, particularly moves towards
a fiscal compact to restrain
future budget deficits, and the
significant involvement of
the European Central Bank,
which pumped European
banks full of 1 trillion
(818bn) in cheap cash in
December and February to
ease their liquidity problems.
IMF boss Christine Lagarde
wants to expand her firewall
FRENCH President Nicolas Sarkozy
is forecast to lose the countrys
presidential election ahead of the
polls opening on Sunday.
Sarkozy is neck and neck in the
opinion polls with socialist
challenger Francois Hollande for
the first round of voting, but is
lagging behind when it comes to a
run-off vote between the top two
candidates on 6 May.
Markets are bracing for a
Hollande victory, following claims
on the election trail that he will
unpick the Eurozone austerity pact
and take a hard line on the
financial sector. His Twitter feed
BY MARION DAKERS
urged Europe to fight against
finance yesterday.
If we don't see a reversal of
campaign statements after the
elections, then we could possibly
see a market attack, said Marie
Diron, economist at Oxford
Economics.
Fear in the bond markets could
push credit default swaps from 140
bps to 220 bps, claims Bank of
America Merrill Lynch.
Yesterday, Hollandes energy
adviser told Reuters that the social-
ist leader would withdraw Frances
support for a US-UK plan to release
strategic oil stocks.
8
NEWS
cityam.com
Legacy defined.
The very first Porsche was the vision of one man; he couldnt find the car that he truly desired, so he built it for himself.
And the legacy of this independent spirit continues in the new Boxster. A powerful, lightweight mid- engined roadster,
its a car that is true to its roots. A pure articulation of driving excellence, 64 years in the making.
The new Boxster. From 37,589 to the limits you set.
Join the legacy at www.porsche.co.uk or call 08457 911 911.
Model shown is Boxster S at 52,893 including metallic paint, 20" Carrera Classic wheels with full-colour Porsche crests, Sport seats Plus, interior in natural leather, Bi-Xenon lighting system with PDLS, Roll-over
bars finished in exterior colour, first year road fund licence and first registration fee. Fuel consumption figures for the new Boxster S in mpg: Urban 25.2; Extra Urban 40.9; Combined 32.1. CO
2
emissions (g/km) 206.
Incumbent President Nicolas Sarkozy looks set to lose a run-off vote against Hollande
THE FORUMPage 19

France prepares to go to the
polls as Sarkozy trails behind
IMF chief begs
for more cash
to help Europe
IN BRIEF
Goldman to sell Petershill stake
nGoldman Sachs is in talks to sell its
Petershill Fund, a portfolio of hedge
fund assets that the bank has run for
the past five years. The fund was set
up and run until last year by Jonathan
Sorrell the son of WPPs Sir Martin
Sorrell who left last year in a high-
profile move to Man Group. Asset
Management Finance is believed to be
the preferred bidder for Petershill, in a
deal that could be worth $1bn.
Capital One profit beats estimates
n Capital One Financial posted an
adjusted first-quarter profit yesterday
that topped Wall Street estimates, as
customers borrowed more from the
credit card company-turned-bank. As
the US economy begins to add jobs
and gain strength, consumers have
become more comfortable with taking
on debt and commercial businesses
have been borrowing as they look to
lock in low interest rates. Including a
purchase gain related to its ING Direct
deal, the company earned $1.4bn
(871m), or $2.72 a share, compared
with $1bn, or $2.21 a share, a year ago,
it revealed.
Chipmaker AMD gets share boost
n Chipmaker Advanced Micro Devices
(AMD) forecast revenue above analyst
expectations yesterday boosting its
shares in after-market trading. AMD
posted first-quarter revenue of
$1.59bn, down from $1.61bn in the
year-ago period. It estimated second-
quarter revenue would rise three per
cent from the previous quarter, plus or
minus three percentage points.
IGAL Mayer, the head of insurer
Avivas flagship European business,
has lost his job in a boardroom
shake-up designed to simplify
management and boost profits.
Alain Dromer, head of Avivas fund
management arm, and North
American boss Richard Hoskins are
also set to leave the firm, the insur-
ance giant said yesterday.
The departure of the North
American head may point to a sale
of the US life operation sooner
rather than later, said Deutsche
Bank analyst Oliver Steel.
However, we regret the departure
of Igal Mayer, arguably the most
respected of the groups operational
managers.
The shake-up is part of Avivas
strategy of focusing on just 12 core
markets, compared to the 30 it oper-
ated in at the start of 2010. As a
result the firm no longer requires
the additional level of regional man-
agement.
Instead the firm will be split into
two global sectors based on growth
Aviva reshuffle
sees departure
of three execs
BY JAMES WATERSON
potential: developed markets will be
led by Trevor Matthews, who cur-
rently leads the firms British opera-
tions, while Asia boss Simon Machell
takes charge of the higher growth
markets unit.
Aviva has been under pressure to
boost profits after its shares fell 30
per cent in the past year.
Andrew Moss, Avivas group chief
executive said: The changes will
deliver further operational benefits,
accelerate delivery of our strategy
and provide opportunities for prof-
itable growth.
Shares closed 2.6 per cent lower
yesterday at 299.6p.
FRC launches consultation over
changes to governance rules
THE FINANCIAL Reporting Council
(FRC) has this morning launched a
widespread consultation on changes
to the rules governing auditors and
corporate stewardship, but has
stopped short of proposing binding
regulation.
The regulator is planning to
update the UKs 20-year old
corporate governance code, as well
as revising aspects of the
stewardship code introduced in
2010 to improve how companies and
their investors interact.
Proposed changes include asking
FTSE 350 companies to re-tender
their external audit contract at least
BY ELIZABETH FOURNIER
every 10 years, and increase scrutiny
of how corporate boards prepare
their annual reports.
Boards will also be asked to explain
as part of their annual report why
they consider the document to be
fair, balanced and understandable.
The FRC is not seeking views on
proposals announced last October
that address boardoom diversity and
remuneration, saying that deferring
the decision will allow it to consider
potential changes in more depth
once the coalition governments own
plans have been finalised.
Baronness Hogg, chair of the FRC,
said the consultation was
deliberately limited, as the
regulator wants to build on the
proven track record of the UK
corporate governance code and the
promising initial response to the
stewardship code by reinforcing
rather than fundamentally changing
the codes.
The FRC acknowledged the threat
of overlapping regulation given that
its European counterparts are also
considering changes to EU-wide
rules, but said that making sure the
UK was already running best
practices could help to alleviate the
pressure for more prescriptive action
at EU level.
Once the consultation is complete,
the new regulations will start to
apply to all new financial years that
begin on or after 1 October 2012.
Aviva PLC
302.5
300.0
305.0
307.5
310.0
312.5
315.0 p
299.60
19Apr
THE HEDGE fund industrys total
assets reached a record high of $2.13
trillion at the start of this year, new
figures show.
Investors put a net $16bn into
hedge funds in the first three months
of 2012, Hedge Fund Research (HFR)
said yesterday.
Funds with fixed income-based rel-
ative value or macro strategies had
inflows of $12.4bn and $7.8bn respec-
tively.
Managers with assets of more than
$5bn won the lions share of the new
capital, with inflows of $18.3bn.
Investors responded favourably to
the risk shifting which occurred
across financial markets in the first
quarter, continuing the trend of allo-
cating to arbitrage and macro strate-
Hedge fund assets reach record
high on global markets bounce
BY PETER EDWARDS
gies which exhibit lower directional
beta to equity markets, said Kenneth
J. Heinz, president of HFR.
Sophisticated institutional
investors are increasingly allocating
to hedge funds as a powerful strategic
portfolio complement to existing tra-
ditional holdings.
The record for total assets comfort-
ably beats the $2.04 trillion level, set
halfway through last year, and comes
after a rocky period for the industry.
The average hedge fund lost 4.8 per
cent in 2011 as some of the biggest
names in the industry failed to antici-
pate the longevity of the Eurozone
debt crisis.
The industry bounced back in the
first quarter of this year, however, as
global equity and credit markets ral-
lied, with the average hedge fund
gaining 4.94 per cent.
9
NEWS
cityam.com
NEVILLE Richardson, the former
head of the Co-Ops banking group,
agreed a 1.4m compensation
payment for loss of office when he
quit the group.
He resigned in July last year but
received a further 380,000 in
payment after agreeing to work
until the end of the year.
He decided to take his pension
entitlements as a lump sum of
2.1m and, together with another
payment, this took his total
compensation to more than 4.5m.
Richardson, who came to the Co-
Former Co-op bank boss agreed
compensation worth 4.5m
BY DAVID HELLIER Op from the Britannia Building
Society, is widely believed to have
objected to the groups attempt to
buy more than 630 bank branches
from Lloyds Bank. He felt the move
would be too soon after the groups
merger with the Britannia, which
he felt still needed bedding in.
In the past few weeks there have
been increasing concerns about the
Co-Ops ability to satisfy the
regulators that it is fully equipped
to take on the Lloyds branches.
However, it remains in exclusive
talks with Lloyds and while that
remains the case executives have
not yet given up hope of a deal.
Aldermore makes second-half
profit after year of investment
NEW bank Aldermore wiped out
most of its losses last year after
increasing its income by more than
50 per cent.
The homeowners and small
businesses specialist cut its full-year
losses by 90 per cent to 899,000
after passing the break-even point at
the end of June.
The venture, set up by buyout
house AnaCap and Morgan Stanley,
posted net operating income of
BY PETER EDWARDS 42.64m, up from 28.25m,
according to its accounts.
It made a profit in the second half
of the year and chairman Sir David
Arculus said the bank had made
astonishing progress.
Aldermore has established itself
as the champion of British savers,
British SMEs and British
homeowners. Aldermore is backing
Britain with a straightforward and
reliable service that brings together
our expertise and dynamic approach
to life.
Retail deposits rose 112 per cent to
1.347bn at 31 December and
climbed to 1.6bn by March this year.
Last year the bank raised 62m
from investors including funds
managed by Goldman Sachs Asset
Management, Honeywell Capital
Management and the Ohio Public
Employees Retirement System, as
well as AnaCap.
At the year-end Aldermores core
tier one capital ratio stood at 18.5 per
cent, compared to 19 per cent at the
end of 2010.
OUT
RICHARD HOSKINS IGAL MAYER ALAIN DROMER
OUT
OUT
TREVOR MATTHEWS SIMON MACHELL
IN IN
INSURERS MANAGEMENT SHAKE-UP
IN BRIEF
Publicis expects Olympic boom
nPublicis, the worlds third-largest
advertising group, yesterday reported
a growth of 13 per cent in first quarter
sales but predicted a slower second
quarter as clients shift their advertising
budgets to coincide with the London
Olympics and US presidential election.
Organic growth in the first quarter was
4.1 per cent, while Publicis chief
executive, Maurice Levy, said he aims
this year to match last years 16 per
cent operating margin.
ITV to offer adverts with Shazam
nITV has signed a deal which will see it
become the exclusive UK distributor of
Shazam-enabled TV advertising.
Viewers who have the popular music-
finding app on their smartphone will be
able to use it to interact with Shazam-
enabled adverts to enter competitions,
gain product information or download
free music. Shazam for TV has been suc-
cessful in the US where it has been used
on shows and events such as American
Idol, the GRAMMY Awards and the
Super Bowl. The deal follows the grow-
ing trend of second screen viewing; ear-
lier this year Sky unveiled a tie-up with
Zeebox, the social network for TV
watchers.
Ladbrokes gallops to profit rise
nLadbrokes shares jumped almost
seven per cent yesterday as the book-
maker posted a 3.9 per cent profits rise
to 50.4m in its first quarter. The
London-listed company grew revenues
8.9 per cent, boosted by favourable
results at the recent Cheltenham horse
racing festival. Ladbrokes pointed to its
digital division, where revenues
increased by 5.9 per cent, as a source of
growth despite a profits fall in the
online unit due to a 50m two-year
investment programme.
G
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NOKIAS shares plunged by almost
four per cent yesterday after the
struggling Finnish phone maker
reported a 1.34bn loss in its first
quarter and announced its head of
sales is preparing to leave.
The Helsinki-based company said
that greater than expected competi-
tive challenges and seasonality
drove operating profit into the red,
from a 439m gain in the same quar-
ter last year.
Nokia also announced yesterday
that its executive vice president of
sales, Colin Giles, will leave the com-
pany in June after working there for
20 years.
Giles has been based in China,
which a year ago accounted for over
a quarter of Nokias income and
where device sales fell 70 per cent in
the quarter to 577m.
Group sales fell 29 per cent to
7.35bn as the number of mobile
phones sold dropped 32 per cent to
2.3bn and operating margins plum-
meted from 10.3 per cent last year to
a negative -5.2 per cent.
Nokias dismal results come just
days after Moodys downgraded the
Finnish companys debt rating to
Baa3, just one level above junk sta-
tus.
Nokia shares
spiral as profits
plunge into red
BY LAUREN DAVIDSON
Nokia chief executive Stephen
Elop whose salary was tripled to
1.02m last year while the phone
companys pre-tax profits dropped
from 1.79bn a year earlier to a
1.2bn loss said the company is
navigating through a significant
company transition in an industry
environment that continues to evolve
and shift quickly.
He added: We have a clear sense of
urgency to move our strategy forward
even faster and said that Nokia
would focus its efforts at the low end
of smartphones.
The company, whose stock tumbled
to its lowest closing price in 15 years
after issuing a profit warning last week,
said it will announce details of further
cost cuts as quickly as possible.
Shares closed 3.7 per cent lower yes-
terday at 2.92.
Aquascutum calls time on Corby
factory with the loss of 115 jobs
AQUASCUTUM, the 160-year old
clothing brand which collapsed
into administration earlier this
week, is to shut its factory in Corby
making 115 people redundant.
Administrators FRP Advisory,
said yesterday that it had concluded
the plant in Corby was not viable
due to loss-making operations and
a lack of funding.
Whilst a difficult decision, it has
been necessary in order to stem on-
going losses for the business, and to
protect the positions of the 135
remaining employees. We plan to
provide appropriate assistance to
all affected employees, FRP said.
All head office and retail opera-
tions, which include three high
street stores and an additional 16
concessions, will continue to oper-
BY KASMIRA JEFFORD
ate as usual.
The company said it was now
pressing ahead with discussions to
find a buyer for the compa-
ny and said it had attract-
ed a high level of
interest from around
the world.
Staff at the facto-
ry, some of whom
have worked there
for 40 years, were
left reeling yester-
day after being
informed that
their wages
would not be
paid from next
week.
The GMB
union said it was
taking legal
advice following
the decision and accused chairman
Harold Tillman, of a pre-meditated
agenda.
We were told, on several occa-
sions in the last few weeks...that
there was nothing to fear or worry
about, business as usual, Rachelle
Wilkins GMB regional officer, said.
Tillman bought the brand in
September 2009 from Japanese
investment firm Renown,
spending some 30m in his
efforts to turn the business
around alongside former
chief executive Belinda Earl.
The debt-laden firm has
unraveled since Tillman sold
its sister brand Jaeger to pri-
vate equity firm Better
Capital for 19.5m this week.
Nokia Oyj
2.95
2.90
3.00
3.05
3.10
3.15
3.20 2.92
19Apr
Harold Tillman, chairman of
Aquascutum.
THE OFFICE of Fair Trading has
halved a fine imposed on British
Airways for colluding with rival
airline Virgin Atlantic over fuel
surcharges.
The consumer and competition
watchdog said it had dropped the
fine to 58.5m down from a
record 121.5m thanks to BAs
help during the investigation and
changes to competition law,
following an initial decision made
last November.
The OFT has fined BA for co-
coordinating surcharges on
long-haul flights with Virgin
between 2004 and 2006, during
which time the fee rose from 5
to 60 per ticket for a typical
passenger.
OFT cuts British Airways fine for
fuel surcharge pact with Virgin
BY MARION DAKERS
Virgin, which blew the whistle
to the OFT, has not been fined. BA
reached an early resolution
agreement in 2007, but criminal
proceedings against four BA
executives which were dropped
in 2010 have drawn out the
investigation.
The OFTs Ali Nikpay said: The
size of the fine underlines that it
is important for companies to
take steps to ensure that they
have an effective compliance
culture. The fine would have been
higher still but for the co-
operation provided by BA
throughout the OFTs
investigation.
BA said in a statement: We are
pleased that this matter, which
concerned events between 2004
and 2006, has been settled.
PHILIP Morris, one of the
worlds biggest tobacco groups,
said yesterday that its profits
for the first quarter had risen
13 per cent, boosted by a rise in
prices.
The company, which makes ciga-
rettes including the Marlboro and
Benson & Hedges brands, report-
ed net income of $2.16bn
(1.35bn) for the three months to
31 March, on total revenues that
rose 9.7 per cent to $7.4bn.
Chairman and chief executive
Louis Camilleri said the group
had seen strong momentum at
the start of 2012, with the best
organic growth in volume since it
was spun off from holiday compa-
ny Altria Group in March 2008.
But despite the upbeat news,
Philip Morris still cut its earnings
guidance for the full year, to
account for a strengthening in
Philip Morris sales boosted by
emerging markets and pricing
BY ELIZABETH FOURNIER
the US dollar.
Cigarette shipments grew by 5.4
per cent over the period, with
falling growth in the EU offset by
strong demand in Algeria, Saudi
Arabia, Indonesia, Japan, Korea,
Vietnam and Latin America.
Price rises added an extra
$369m to sales, which were also
boosted by the acquisition of
Philippines company Fortune
Tobacco in February 2010.
Philip Morris has been a vocal
opponent of initiatives in
Australia and the UK to introduce
new rules on plain packaging for
cigarettes, which health groups
claim will discourage youngsters
from taking up smoking.
Along with the other big tobac-
co groups British American
Tobacco, Imperial Tobacco and
Japan Tobacco International the
company is fighting a case in the
Australian high court to stop the
packaging being introduced.
11
NEWS
cityam.com
BA, which was run by Willie Walsh from 2005 to 2011, has been fined over fuel charges
THE NEW JOBSITE
FOR LONDONS PROFESSIONALS
ftfftI.tem
CITYAMCAREERS.com
PERONI beer sales helped SABMillers
volumes grow eight per cent in the
UK, offsetting a one per cent decline
across Europe.
The brewing giant behind Miller
Lite and Grolsch grew revenues
seven per cent in the year to 31
March, boosted by strong
performances in emerging markets.
Lager sales in Latin America
increased by eight per cent,
including a 26 per cent surge in
Colombia, while SABMiller grew its
lager volumes in Africa by 13 per
cent.
But sales in Europe fell by one per
cent, dragged down by declines of
four and eight per cent in Poland
and Romania respectively.
Overall, underlying beer volumes
grew three per cent in both the full
year and the fourth quarter, despite
a four per cent quarterly sales drop
at Fosters, SABMillers newly
acquired Australian beer.
Shares fell one per cent to 26.03.
New markets
push SABMiller
revenues up
BY LAUREN DAVIDSON
G
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Designers at Debenhams ranges include designs by John Rocha and Jasper Conran
cityam.com
12
NEWS
DEBENHAMS chief executive Michael
Sharp said the retailer would benefit
from the feel good factor the
Jubilee weekend would bring but
remained cautious of the effect of
the Olympics on the retailer, as it
reported a rise in profits.
I know, because it comes along
every four years, that European foot-
ball distracts spending into televi-
sions, barbeques and beer, what I
dont know is the impact the
Olympics will have, Sharp said.
However, I know that there are
going to be 11m people visiting the
UK and that it might be their first
visit to Debenhams.
His comments came as the group
reported its half year results for the
26 weeks to 3 March 2012, which
showed profits up 1.4 per cent at
127.1m ahead of expectations.
Sharp said the group had enjoyed a
strong performance in menswear,
Debenhams in
Jubilee mood
BY KASMIRA JEFFORD
footwear and health and beauty,
where it continued to gain market
share. Womenswear suffered a fall in
market share of 0.1 per cent after the
group worked to replace collapsed
concessions Jane Norman and La
Senza with ranges from the
Designers at Debenhams collection.
The group, which has 169 stores in
the UK, Republic of Ireland and
Denmark, also announced it would
spend 20m buying its stock over the
next six months.
Debenhams PLC
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79
81
82
83 p
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19Apr
A positive trading update from Persimmon, saying that its private sales
rates (per site) are up 20 per cent in the year to date, compared to a 22
per cent rise at the end of February, which is helpful for the sector, but NewBuy
appears to have got off to a slow start.
ANALYST VIEWS
Growth in sales rate over the crucial spring sales period and continued
improvement in margins are driving recovery at Persimmon. Its recov-
ery strategy is securing greater growth potential. It is our pick of the national
housebuilders despite its strong share price rally since the end of 2011.
While we see broad risks for the house builders from a weakening mort-
gage market, Persimmon has the unique attraction in the volume sector of
a high income. On the rst special dividend of 75p in June 2013, the return is over
nine per cent. This makes the stock much more interesting than its peers.
HOW DOES PERSIMMON

COMPARE TO ITS PEERS IN
THE SECTOR?
Interviews by Kasmira Jefford
CHARLIE CAMPBELL LIBERUM
SIMON BROWN NORTHLAND CAPITAL
ROBIN HARDY PEEL HUNT

Persimmon says government
scheme is boosting enquiries
PERSIMMON yesterday said it
enjoyed a strong start to the year,
with the governments NewBuy
scheme helping boost demand
during the spring selling season.
The housebuilder, whose brands
include Charles Church and
Westbury, said it continued to
outperform, with visitor levels to
its sites over the first 15 weeks of
2012 up 10 per cent on last year.
It said weekly private sales had
continued to run ahead of the
same period last year, increasing by
20 per cent in the period while its
order book rose nine per cent to
1.24bn.
The NewBuy scheme which
allows lenders to provide 95 per
cent mortgages on new build
BY KASMIRA JEFFORD
properties with guarantees from
the government and developers
boosted enquiries from potential
buyers, Persimmon said.
We believe this scheme will
support increased sales activity for
the UK housebuilding industry once
all the major mortgage lenders have
entered the market, and made
NewBuy widely available at
attractive rates, the group added.
However, analysts fear that
Persimmon may be too bullish on
the uptake of NewBuy.
Alastair Stewart, an analyst at
Canaccord Genuity said: We
remain bearish on the sector and
are seeing mounting evidence to
support our case that the banking
industry is cautious on mortgage
lending in general and especially so
on NewBuy.
Nationwide, Barclays, Halifax and
NatWest have started offering
products under the NewBuy
scheme, while Santander has said it
will also start providing products
under the scheme by the middle of
the year.
Peel Hunt analyst Robin Hardy
said NewBuy was failing to ignite
interest, with lenders clearly
pricing the product high to deter
interest.
In February, the group promised
to return 1.9bn of surplus cash to
them over the next decade.
Chairman Nicholas Wrigley told
the company annual meeting at York
Racecourse: Whilst the availability
of mortgage credit remains the key
constraint on the UK housing mar-
ket, we remain confident that
Persimmon can operate successfully
within existing market conditions.
Shares rose 2.4 per cent to 6.05p.
IN BRIEF
RusPetro trebles revenues
nRusPetro, an independent Russian
oil company that raised $240m
(149m) when it floated in London in
January, more than trebled revenue
and cut core losses in 2011 as it
expanded its reserves base and
boosted output. Its loss before
interest, taxation, depreciation and
amortisation narrowed to $5.5m from
$6.3m the previous year, on revenue
up 209 per cent to $38.7m. RusPetro
boosted average production by 136
per cent to 2,475 barrels per day
(bpd) in 2011. The company said it
expected production to rise to 10,400
bpd by the end of 2012.
Talvivaara warns of losses
nFinnish miner Talvivaara warned of
an operating loss for the first quarter
yesterday and said its annual nickel
production would be at the low end of
its forecast range after a new recycling
system and a fatal accident at a plant
hurt output. The company reiterated its
2012 nickel production forecast of
25,000 to 30,000 tonnes, but said it
will likely be near the bottom end of
the range. The company said lower
nickel prices in February and March also
hit its quarterly results, which are due
to be announced on 25 April.
R
E
U
T
E
R
S
MINER Anglo American posted a
jump in quarterly production of iron
ore and copper yesterday.
Iron ore production, a key plank of
the miners growth strategy, was up
17 per cent to 11.7m tonnes in the
three months to the end of March,
compared with the same quarter last
year when heavy rains in the south-
ern hemisphere hampered output.
On a quarter-by-quarter basis, how-
ever, Anglos iron ore production
dropped six per cent, in line with
similar falls reported by competitors
BHP Billiton and Rio Tinto.
Bad weather hurt all three miners
iron ore output. Anglo said there was
heavy rainfall at its Sishen mine in
South Africa and also blamed a
planned removal of waste from the
mine. Production of copper, which
accounts for roughly a third of
Anglos profit, grew 21 per cent to
168,400 tonnes, boosted by the
Anglo buoyed
by copper lift
BY HARRY BANKS
expansion of its Los Bronces mine in
Chile but offset slightly by stoppages
and lower grades at the Collahuasi
mine, also in Chile. Meanwhile
Anglo is locked in a legal dispute with
Codelco over assets in Chile. The
company said diamond production
slipped by 16 per cent to 6.2m carats.
Liberum analyst Dominic OKane
said: The most obvious near-term
catalyst for Anglos shares is the out-
come of managements platinum
strategic review.
Anglo American PLC
2,250
2,225
2,275
2,300
2,325
2,350
2,375 p
2,311.50
19Apr
ROYAL Dutch Shell is assessing
projects that could be worth around
$4bn (2.5bn) to boost oil production
in Nigeria and cut flaring of
associated natural gas.
Chief executive Peter Voser said
the projects should be completed by
2015.
Oil companies such as Shell have
been criticised for flaring gas instead
of trapping it to sell as liquefied
natural gas (LNG) or to supply to
Nigeria, which suffers huge power
shortages despite being Africas top
energy producer.
Voser did not give details of the
projects but said their completion
would be subject to approval by
Shells partners and security in the
volatile Niger Delta, where Shell
operates.
Shell examines
$4bn worth of
Nigerian work
BY HARRY BANKS
INTERNATIONAL Power yesterday
said sales in the three months to
the end of March rose five per
cent helped by a strong
performance in emerging markets,
putting it on track for further
growth this year.
Sales for the quarter to 31
March rose to 4.3bn (3.5bn) the
International Power revenues
grow on emerging markets
BY JOHN DUNNE company said. A slight drop in
North America, Australia and UK-
Europe sales during the quarter
was offset by a 16 per cent rise in
Latin America and a 22 per cent
surge in Asia.
Earlier this week the company
confirmed that it had agreed to
sell GDF Suez the 30 per cent of
the company that it does not
already own for 6.4bn.
13
NEWS
cityam.com
International Power chief executive Philip Cox is optimistic on growth for 2012
INDIA successfully test-fired a long-range missile comparable to those owned by China,
the US and Britain yesterday. The missile, capable of reaching Beijing, reflects the
countrys ambitions of playing a larger role on the world stage to match the power of its
rapidly growing economy.
INDIA TESTS LONG-RANGE MISSILES
ARGENTINA wants to take an even
bigger chunk of Repsol YPFs
operations in the country
including its gas arm, it revealed
yesterday in an official decree.
As the World Bank threw its
weight behind growing global
criticism of the renationalisation
plans, the government said it aims
to use its self-declared powers to
seize Repsol YPF Gas.
The companys essential
activity of gas distribution needs
to be under national control, it
added in a Spanish statement. The
firm is separate to the Repsol YPF
group, but is 85 per cent owned by
a Repsol subsidiary.
Outgoing World Bank president
Robert Zoellick told a press
conference: Its a mistake I
think it is a symptom we have to
watch out for under economic
pressure whether countries will
Argentina eyes up more Repsol
businesses as criticism mounts
BY MARION DAKERS move, ... respond more to
populism, respond more to
protectionism.
Argentinas economy minister is
set to attend meetings in
Washington this weekend to
explain the countrys position to
fellow finance chiefs.
Analysts yesterday moved to cut
ratings for Spanish-listed Repsol,
whose shares tumbled a further
4.8 per cent yesterday.
S&P yesterday cut its debt rating
by one notch to BBB- with a
negative outlook, saying the
seizure of YPF will materially
worsen Repsols credit metrics.
The ratings agency assumes that
Argentina will not compensate
Repsol in the near-term.
Investec has lowered its
earnings forecasts, warning that a
dividend cut could be weeks away
even if the firm does not write off
the cost of the stake, which Repsol
claims to be worth $10bn (6.2bn).
Whos bad?
Tyson answers
your questions
G
E
T
T
Y
With 74 per cent of its profits com-
ing from its business to business
activities, Jonathan Harmsworth's
Daily Mail and General Trust group
is becoming increasingly less reliant
on its national newspapers for its
financial growth.
So it comes as no surprise to the
CAPITALIST to hear there have been
some vigorous discussions within
the DMGT boardroom about the
name of the group and whether it
should be changed to better reflect
the higher growth businesses the
company is associated with, such as
digital jobs sites and exhibitions etc.
I think the discussion has been
going on for some time, said one
source.
Some sources have suggested that
Harmsworth himself is wedded to
keeping the association with the
Daily Mail in the company's name,
whereas chief executive Martin
Morgan and finance director
Stephen Daintith have been propo-
nents for a change.
After all, companies such as insur-
ance group Aviva have used a name
change to project a new image.
The arguments for DMGT doing
the same are pretty strong since
paid for newspaper titles are hardly
where stock market investors rush-
ing to invest their cash. And there-
fore they are tending to trade oin
lower multiples than their higher
technology peers, such as satellite
operator BSkyB.
Whatever the merits of a change,
it looks as if Harmsworth has won
the argument for now, after some
months of discussion. "There are no
plans to change the name just now,"
a main board director said.
DMGT discusses a
fresh new name
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist cityam.com/the-capitalist
THECAPITALIST
The Grosvenor House Hotel on
Park lane played host last night
to the annual Property Awards,
honouring the industrys rising stars
and luminaries. Guests included real
estate mogul Irvine Sellar, the
developer of the Shard, who picked
up the award for Property Personality
of the Year, sponsored by law firm SJ
Berwin. Blackstones European vice-
chairman Chad Pike won Property
Entrepreneur of the Year, sponsored
by Wetherell, while Savills and
Knight Frank picked up Office Agency
and Investment Agency teams of the
year respectively.
14
cityam.com
Between now and the start of the
Olympics, City A.M. is publishing its
Olympic Image of the Week. If you
have a shot you think our readers will
like, please email pictures@cityam.com
with IOW2012 in the subject line. Full
details: cityam.com/london-2012
The worlds leading wheelchair rugby teams
arrived in London this week to participate in a
test event for the Paralympic Games. Colliding
on the court of the basketball arena, Per-Johan
Uhlmann of Sweden and Aaron Phipps of Great
Britain were taking part in the London
Invitational Wheelchair Rugby Tournament.
LONDON 2012 IMAGE OF THE WEEK
IF you find the world of finance a little
dog-eat-dog, who better to get some
advice from than the one-time Baddest
Man on the Planet, Mike Tyson?
Iron Mike, the former undisputed world
heavyweight champion turned Hollywood
actor, will share his singular wisdom at the
May Fair Hotel tomorrow night and City
A.M. has tickets to give away.
An Evening with Mike Tyson includes
drinks, canapes and a 90-minute Q&A with
the man himself, followed by photo and
autograph opportunities. Tickets
cost 150 see
viewlondon.co.uk/tickets.aspx
or call 0870 242 1235.
To win a pair of tickets send
you answer to the following
question and a contact
telephone number to
lucky@cityam.com
by 12 noon
today.
In which film
did Mike Tyson
appear?
a) The
Hangover
b) The
Headache
NEW jobless benefit claims in the US
were higher than expected last week,
official data showed yesterday, while
manufacturing activity slowed in
April for the first time in five
months.
Initial jobless claims fell to
386,000 in the week to 14 April, from
an upwardly revised 386,000 in the
previous week and higher than the
363,000 average of the previous four
weeks, the Labor Department
revealed.
Meanwhile the Philadelphia Feds
manufacturing index slowed from
12.5 to 8.5 into April, hitting its
lowest level since January and
slumping well below economists
expectations.
Any reading above zero indicated
output expansion.
However, economists were hopeful
that the economy will quickly
bounce back.
An easing in manufacturing
growth is not too much of a concern
when other parts of the economy
[such as consumption] seem to be
doing well enough, said Paul Dales
from Capital Economics.
So as long as labour market
conditions dont deteriorate
markedly, a 2011-style collapse in
economic growth remains unlikely.
Sales of pre-owned homes fell 2.6
per cent in March, according to new
data from the National Association
of Realtors (NAR), though sales
remain 5.2 per cent above the level
seen in March 2011.
With job growth, low interest
rates, bargain home prices and an
improving economy, the pent-up
demand is coming to market and we
expect housing to be notably better
this year, said NARs Lawrence Yun.
US recovery
stumbles on
jobless jump
BY TIM WALLACE
G
E
T
T
Y
15
NEWS
cityam.com
Investor worries slam Spanish stocks
SPANISH stocks fell close to their
lowest level in three years yesterday
after the governments borrowing
costs jumped again on fears the deficit
cannot be reduced successfully.
The Spanish government successfully
sold 2.5bn (2.04bn) of debt, but the
yield on 10-year bonds rose from 5.3
per cent at its previous auction to 5.7
per cent yesterday and the IBEX stock
index slumped 2.42 per cent over the
course of the day.
Meanwhile, consumer confidence
across the Eurozone dropped again
this month, after several gradual
increases since the start of the year,
while Italian borrowing costs also
rose. Italys stocks suffered, with the
FTSE MIB falling 1.57 per cent.
The European Commissions
consumer confidence index fell from
minus 19.1 in March to minus 19.8 in
April, reversing recent signs of
optimism.
However, a study out yesterday from
Ifo suggested Germanys economy is
even more resilient than thought, and
French borrowing costs held steady at
a bond auction, underlining the stark
divergence between the strong and
weak economies in the currency
union.
The Ifo institute upgraded its
forecast for German economic growth
to 0.9 per cent this year and two per
cent in 2013, saying the country is
now experiencing an upswing.
BY TIM WALLACE
THE UKS tax system is so complicated
and expensive that it undermines eco-
nomic growth and drives firms
abroad, a leading business group said
yesterday.
Hitting back at allegations of firms
dodging taxes and abusing the sys-
tem, the Confederation of British
Industrys (CBI) report into tax argued
firms pay a very large share of total
government revenues, put up with a
heavy regulatory and administrative
burden, and contribute enormously
to the economy.
However, the level and structure of
taxation damages the UKs competi-
tiveness, warned CBI boss John
Cridland.
While the government is committed
to cutting the headline rate of corpo-
ration tax to 22 per cent in 2014, the
CBI noted the effective tax rate paid
would still leave the UK in the mid-
dle of the G20 pack.
Cutting corporation tax to 18 per
cent, it believes, would stimulate eco-
nomic growth more effectively than
raising government spending, cutting
VAT or increasing the personal
allowance for income tax.
Keeping firms interested in the UK
is vital, Cridland said, as they paid
163bn in taxes in 2010-11 almost 25
per cent of total government rev-
enues.
In particular, the top one per cent of
firms were responsible for 81 per cent
of corporation tax receipts.
CBI warns UKs
tax system will
drive firms out
BY TIM WALLACE
The group also launched a robust
defence of tax management, where
firms use reliefs and allowances
given deliberately by the government
to reduce their overall tax bill.
For the tax system to be healthy,
and for the public to have confidence
in it, its essential that tax manage-
ment is clearly distinguished from ille-
gal tax evasion or abusive avoidance
schemes, said CBI boss John Cridland.
Its a dangerous if sometimes con-
venient myth some people peddle
that all tax management is abusive,
and amounts to evasion. It doesnt.
Treasury minister David Gauke
agreed the debate over tax has to an
extent been confused by speculation,
accusation and misinformation, and
said it is vital that the business sector
continues to contribute, and is trans-
parent about the tax it pays.
CASH transfers from rich to poor countries will undermine incentives for those
uncompetitive countries to reform, damaging them and the wider Eurozone in the long
run, top European Central Bank (ECB) economist Peter Praet warned yesterday. Only
fiscal austerity and dedication to reform can lead to prosperity, he explained.
ECB OFFICIAL: BAILOUTS UNDERMINE REFORM
Efective marginal tax rate (EMTR)
0 5 10 15 20 25 30 35 40
Russia
SouthKorea
Turkey
Saudi Arabia
Italy
China
Canada
Mexico
France
Germany
Indonesia
Australia
SouthAfrica
India
UK
UnitedStates
Brazil
Japan
Argentina
Source: OxfordUniversityCentreBusinessTaxation
%
Business confidence hits a two
year high as factories prosper
BRITAIN looks likely to have
escaped a double-dip recession as
confidence surged in the first
quarter of the year, according to
survey data published yesterday.
A separate study, out today,
shows the number of distressed
firms fell sharply over the three
months led by the manufacturing
sector.
A net balance of 19 per cent of
marketing executives were more
BY TIM WALLACE optimistic about their firms
financial prospects than they were
three months ago, taking Markits
IPA Bellwether survey to its highest
level since the first quarter of 2010.
The result marks a sharp change
from the final quarter of 2011
when a net balance of 12 per cent
reported their firms financial
prospects were weakening the
worst position since early 2009.
Meanwhile, research published
today by Begbies Traynor shows a
drop of 17 per cent in the number
of distressed firms compared with
the first quarter of 2011. The
improvement is led by a 37 per cent
fall in distressed food and beverage
producers, a 73 per cent drop in
print and packaging distress and a
49 per cent fall across the rest of
the manufacturing sector.
Manufacturing is the star of the
economy at present and the engine
that could drive a recovery, said
Begbies Traynor Julie Palmer. Key
manufacturing centres, including
London have seen falling critical
distress over the past quarter.
THE MANUFACTURING sector has
received a strong boost from
carmakers, as industry figures
yesterday showed the 11th
consecutive month of output
growth.
Car output rose 0.3 per cent in
March, taking growth over the first
quarter to 12.3 per cent.
A total of 135,456 cars were made
in the month, with 79.6 per cent
107,785 produced for export.
Challenging economic
conditions in mainland Europe are
a concern, but the sector continues
Strong first quarter from UKs
exporting car manufacturers
BY TIM WALLACE
to win business in important and
faster growing export markets,
said Paul Everitt, SMMT chief
executive.
The prospects for the UK motor
industry are extremely good with
new investment, commitment and
jobs being created by global
automotive companies.
Exports were particularly strong
to countries like Russia and Brazil.
However, commercial vehicle
output fell 21.3 per cent on the
month and 9.6 per cent on the
quarter, and engine production
dropped 8.7 per cent in March,
acting as a drag on the sector.
THATS OUR NETWORK PRICE PROMISE
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Monthly customers. Promise conditional upon proof of network offer being provided and accepted at the point of purchase, or up to 14 days thereafter through the same channel of purchase. Comparison to O2, Vodafone, Orange, 3 and T-Mobile checked 17/04/12 for Pay Monthly pricing. Price on Pay Monthly means phone cost on the specified tariff. 1The Apple iPhone 4S16GBis only
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17
LONDONREPORT
Grant Thornton UK
The business and financial
adviser, and UK subsidiary of
Grant Thornton International,
has reappointed Scott Barnes as
chief executive. He was first
given the role in 2008 and has
led the firms restructuring
during the financial downturn.
He will remain in the position
through to 2015.
Yorkshire Building Society
The UKs second largest building society has announced
that Lynne Charlesworth will become its new vice
chairman. She replaces Richard Davey, who retired from
the board on 18 April. Charlesworth joined the board in
2006, and has previously worked at National & Provincial
Building Society and as group risk manager of Abbey
National. She is joint managing director of St James
Investments, a newly-formed investment firm.
Evercore Partners
Randolph Sesson has agreed to join the investment
banking advisory firm as senior managing director, based
in London. He will serve as head of european
transportation. Sesson was most recently a managing
director and head of european transportation and
infrastructure within Morgan Stanleys investment banking
division. He has also held senior roles at Goldman Sachs.
Bovill
The financial services regulatory consulting practice has
announced three new hires. Rachel Aldridge joins, in the
newly-created role of chief operating officer, from FBR
Capital Markets, where she was also chief operating
officer. She has previously held senior positions at
Dresdner Kleinwort. Francesca Bell and Andrew Garner
both join as consultants. Bell arrives from KPMGs
regulatory consulting practice. She has also worked for
Deloitte. Garner joins from Brewin Dolpin, the stockbroker,
where he was head of investment management
compliance.
Stormharbour
The global markets and financial advisory firm has named
Gonzalo Chocano as principal and managing director.
Chocano was most recently a managing director of debt
markets and head of global futures and derivatives
clearing services at Bank of America Merrill Lynch, in New
York. He has also held senior roles at Goldman Sachs. He
will now be based in Stormharbours London office.
Berwin Leighton Paisner
The law firm has announced that ten senior associates and
its head of risk have been promoted to the partnership in
its London, Abu Dhabi and Singapore offices. The London
promotions include Michael Weir, Daisy Reeves, Catherine
Gelder, Amir Ghaffari, Charles Lilley, Neil Owen, Celia Berg,
Deepa Deb, Nick Skea-Strachan and Nicole Bigby.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Wall St falls for
second day as
job fears grow
U
S stocks fell for a second day
yesterday as labour market
data showed more signs of
weakness, while a warning
from Qualcommand poor results
from Stanley Black & Decker also
discouraged investors.
A late bounce cut the losses of the
Dow and the S&P 500 nearly in half.
Apple shares, down 3.4 per cent, also
contributed to the days losses, as did
renewed concerns about Europes
finances. Apple closed at $587.44.
Spanish government bond yields
rose after a disappointing debt auction
and French bond yields rose on
rumors, later denied, that the coun-
trys credit rating may be downgraded.
Qualcomm led technology stocks
lower with a 6.6 per cent drop a day
after it warned of trouble meeting
demand for some of its chips, while
Stanley Black & Decker fell 7.1 per cent
to lead declines among industrials, the
second-worst performing of the top 10
S&P 500 sectors.
The losses came amid a strong begin-
ning to earnings season, confirmed
yesterday by better-than-expected
reports from Bank of America and
Morgan Stanley.
Of the 105 S&P 500 components that
have reported earnings to date, 81.9
per cent have beaten analysts expecta-
tions, according to Thomson Reuters
data.
Despite the positive beat rate in
earnings, some important economic
data points have been losing momen-
tum and that has to call into question
whether or not this is just a soft patch
or something more dramatic, said
Quincy Krosby, market strategist at
Prudential Financial. You overlay that
with Europe again dominating the
headlines ... it just has investors stand-
ing on the sidelines, she said.
Raising concerns about the econom-
ic outlook, new US claims for unem-
ployment benefits slipped in the latest
week but were well above expecta-
tions, the Labor Department reported.
Other reports showed factory activity
in the Mid-Atlantic region slowed
sharply and existing home sales
dropped in March for a second straight
month.
The Dow Jones industrial average fell
68.65 points, or 0.53 per cent, to end at
12,964.10. The S&P 500 Index dropped
8.22 points, or 0.59 per cent, to
1,376.92. The Nasdaq Composite lost
23.89 points, or 0.79 per cent, to
3,007.56. At their session lows, the
three major indexes all fell more than
one per cent.
After the closing bell, Microsoft
reported a slight drop in fiscal third-
quarter profit and a 6 per cent jump in
sales. Microsofts stock rose 2.5 per
cent to $31.78 in extended-hours trad-
ing. During the regular session, eBay
jumped 13.2 per cent to $40.62 a day
after the online auctioneer reported
that its quarterly sales and profit grew
more than expected. Bank of
America, fell 1.7 per cent to $8.77
after spending the morning higher. In
contrast, Morgan Stanley rose 2.3 per
cent to $18.07.
B
RITAINS blue-chip share index
closed flat yesterday, as banks
gave up gains after rising yields
at a Spanish debt auction
unnerved investors, but Vodafone
outperformed on expectations it will
make a bid for Cable & Wireless
Worldwide.
Vodafone, the worlds biggest mobile
phone carrier by revenue, added five
points to the index by the close, gain-
ing 2.5 per cent, after the group was
given an extended deadline to make a
bid for Cable & Wireless after rival
bidder Indian telecom group Tata
Communications walked away.
Shares in CWW closed the day down
8.2 per cent as hopes of a bidding war
evaporated.
Broader sectoral gains on the index
were limited, however, with pharma-
ceuticals and defence stocks some of
the better performers while banks
erased gains after the Spanish auc-
tion, which saw yields rise and height-
ened fears Spain will struggle to keep
its fiscal house in order.
Hargreaves Lansdown was the
biggest percentage gainer on the
index, up 5.6 per cent after the invest-
ment manager said in a statement its
assets under management increased
by 2.6bn to 26bn in the first
quarter.
The FTSE 100 index closed around
flat, or down 0.74 points, at 5744.55,
but is still heading for its largest week-
ly gain since early February.
It is a very twitchy session, there is
a little bit of a gain but I think the
market expected to make a bit of con-
solidation, we will be buying the
dips, said Ed Woolfit, head of trading
at Galvan, who expects the index to
push through the 6,000 level.
Another market bull, technical ana-
lyst Dominic Hawker at PH Partners,
expects the FTSE to reach 6,100 in the
near term. I think the FTSE has found
good support above the October /
November base formation at 5,600 and
technically there is an uptrend from
the August lows, so the rally is off a
good level of support, Hawker said.
In stock terms, there are an expand-
ing number of shares developing
short-term uptrends, so the market is
broadening out again, with miners
and the banks both reaching reason-
able support levels.
Investors are increasingly looking to
meetings of the G20 economies and
the International Monetary Fund for
signs of progress on a deal to increase
the amount of money available to
fight the Eurozone crisis.
IMF chief Christine Lagarde is hop-
ing to secure at least $400bn in com-
mitments from finance officials from
around the globe, who meet this week
in Washington under the auspices of
the Group of 20 nations and the IMF
and World Bank.
Oil and gas stocks also weighed on
the market, dropping 0.9 per cent led
by a 1.1 per cent fall in Royal Dutch
Shell.
Shares in GlaxoSmithKline rose 1.3
per cent as Britains biggest drugmak-
er launched an unsolicited bid, worth
around $2.6bn for its long-time US
partner, Human Genome Sciences.
The FTSE 100 and the FTSE 250
indexes ended virtually flat on the
day.
Home Retail Group, which owns the
Argos chain, shed 4.1 per cent as
Bernstein Research started coverage of
the firm with an underperform rat-
ing in a cautious review of the
European general retail sector.
FTSE ends the day flat as Vodafone
gains fail to make up for oil gloom
BESTof theBROKERS
Carillion PLC
274
p
278
276
282
280
284
274.40
19 Apr
CARILLION
Seymour Pierce rates the construction to services company as a buy with
a target price of 440p after a sales presentation from the companys
executive where they remained upbeat about prospects for 2012 and
beyond. The broker says the pipeline of opportunity remains strong and
revenue visibility for this year is high at around 77 per cent. It views the
shares as far too cheap, and says Carillion has been one of the worst
performing stocks under its coverage over the past 12 months.
MONEYSUPERMARKET
Investec rates the price comparison website as hold with a target price of
124p after this weeks management statement confirmed good momentum
in its travel and home services businesses as expected. The broker remains
on the fence after a recent share price re-rating, and says another special
dividend would be nice.
APR ENERGY
UBS has downgraded the temporary power solutions group from neutral
to sell and lowered its target price from 1110p to 860p, saying that the
company does not have the necessary global infrastucture to win the
steady stream of small contracts that currently dominates its order intake.
The broker says utilisation is expected to be significantly lower in 2012 than
previously, with mobilisation and demobilisation costs significantly higher
in 2011 than expected, and says its difficult to verify capitalised costs.
FTSE
5,700
5,660
5,680
5,740
5,720
5,780
5,760
5,800
5,744.55
19 Apr
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
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in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
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cityam.com
Moneysupermarket Com Group PLC
128
p
132
130
136
134
138
134.00
19 Apr
APR Energy PLC
925
p
975
950
1,025
1,000
1,050
984.00
19 Apr
A
steroids happen, and being
big wont save you. In our
current world of apocalyptic
economic threats, thats a
lesson that seems worth re-
learning. The latest version comes in
a fascinating study of the fate of the
dinosaurs from the University of
Zurich and the Zoological Society of
London. The papers abstract
explains that the study offers a
mechanism for how mammals and
birds, but not dinosaurs, were able to
persist beyond the KT boundary,
which is the infamous geological
layer associated with the end of the
dinosaurs and the beginning of the
rise of our mammalian ancestors.
It all comes down to eggs. Unlike
mammals, even the biggest
D
IPLOMATS have just struck an
important deal at the Council
of Europe conference on
reforming human rights, but
the implications have been
overshadowed by the ongoing farce
around attempts to deport the
Islamist radical Abu Qatada.
A further appeal lodged by Qatadas
legal team at the 11th hour now looks
set to delay his removal for several
more months, while the Home Office
and the Strasbourg court argue over
process and deadlines.
When it comes to the Strasbourg
court, nothing is quick, clear or sim-
ple. And despite the home secretarys
best efforts, the whole European
human rights process continues to
frustrate the government, which is
acutely aware just how badly this all
plays with the voters.
A recent Policy Exchange survey by
YouGov revealed just how sceptical
the public are about human rights
almost three quarters agreed that
human rights have become a charter
for criminals and the undeserving,
including almost half of young people
CITYJET.COM
EXCLUSIVE SERVICEDIRECT FROMLONDONCITY AIRPORT. FAREIS ONEWAY ECONOMY & INCLUDESTAXES & CHARGES. SUBJECT TOAVAILABILITY & TERMS& CONDI TIONS.
Paris
FROM 83
cityam.com/forum
Human rights as
defined in Strasbourg
have become a byword
for foolish decisions
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
18
BLAIR GIBBS
Despite the Abu Qatada fiasco this
was a good week for human rights
and most Liberal Democrat voters.
This is now a scale of popular opposi-
tion that cannot be brushed aside.
Rulings like the Qatada case have led
the public to think as Lord
Hoffmann has written that human
rights as defined in Strasbourg have
become a byword for foolish deci-
sions by courts and administrators.
Restoring public faith in rights
depends upon a process of law that is
respected by the public. For that to
happen, the Strasbourg court itself
needs fixing and that has been the
agenda of the government during its
Council of Europe chairmanship.
Other states, including allies the
Dutch, Danes and Swiss, back the UKs
argument for a stronger role for
national courts and for Strasbourg
taking on fewer rubbishy cases. In
several areas, what has emerged
seems like a solid advance for the UK.
Firstly, there is agreement that only
the most serious human rights claims
should go to Strasbourg. Secondly,
when they do, the European judges
should not rush to accept these cases
unless some big new legal principle is
at stake and generally, more cases
should be decided at national level.
These concepts are explicitly includ-
ed in this weeks new declaration,
which will please the attorney gener-
al, Dominic Grieve, who has been a
strong advocate of these changes.
The Convention system requires any
change to be agreed by all parties, so
getting any consensus on reform
among all 47 countries is a diplomatic
achievement. There has been some
watering down, but the final declara-
tion remains an important step.
More could have been achieved if
the diplomacy had started earlier, and
if a Conservative Prime Minister was
not bound by the politics of a liberal
coalition. But the Brighton conference
is the culmination of an effort that
goes far beyond anything attempted
before.
The reforms should mean that
Strasbourg sees fewer cases overall
and many fewer from the UK and
rules on only the most serious claims,
while judging those cases more quick-
ly. They should also mean the backlog
of cases and the number of applica-
tions to the court fall.
Bringing the Brighton declaration
into effect will now depend on the
judges at Strasbourg actually chang-
ing how they behave. The UK will need
to keep up the pressure in the Council
of Ministers to see that they do. With
the UK chairmanship not coming
around again for another 23 years,
what was agreed this week must be
delivered on and not simply forgotten.
By the next election, we will know if
the Brighton declaration made a dif-
ference.
More must be done at home to com-
bat abuse of human rights, especially
around immigration cases and com-
pensation. However, despite the
progress in Brighton, one big puzzle
remains: who really has the final say if
the Strasbourg court rules against a
member state, when that countrys
own parliament objects or highest
court has found otherwise? If the
answer is always Strasbourg, then the
fundamental cause of cases like
Qatada will persist and more human
rights crises are inevitable.
Addressing that constitutional issue
is a long-term project. The coalition
government could not and did not
seek to answer that question at
Brighton, but a future administration
will need to.
Blair Gibbs is head of crime and justice at
the think tank Policy Exchange.
www.policyexchange.org.uk
dinosaurs raised their young from
eggs. But eggs can only get so large
before the shell becomes too thick
and the embryo suffocates. That
meant there had to be a huge
difference in size between some
adult dinosaurs and their young.
According to Nature, Asian elephants
give birth to calves 25 times smaller
than them. But an infant titanosaur
could be 2,500 times smaller than its
parents. Some titanosaurs were as
long as four double-decker buses.
So, unlike mammals, dinosaurs
existed across a huge size range as
they grew up. According to the new
study, these baby dinosaurs occupied
the evolutionary niches that would
otherwise have been available for
medium-sized dinosaurs. Only the
giants and their pint-sized young
survived. By contrast, there were all
sorts of small early mammals. Think
of the cartoon blockbuster Ice Age,
with its trio of mammal
protagonists: the diminutive Scrat,
Sid the mid-sized ground sloth and
Manny the mammoth. Theyre not
just drawn that way.
Now being the biggest animal that
ever walked the earth must have felt
pretty good at the time. No doubt
the titanosaurs didnt much care if
there were fewer of their smaller
relatives around any more. But in a
crisis, big turned out to be fatal. The
asteroid landed at Chicxuclub, the
Deccan Traps erupted, suddenly the
world was a hard place to make a
living in for a big beast. The small
and nimble won out not just the
mammals but also those dinosaurs
that had avoided their offspring by
taking to the air, the first birds.
Sometimes nature writes its own
allegories for us. There shouldnt be
too much surprise in that: the
emergent processes of evolution and
the emergent order of the
marketplace are close cousins. Today,
with renewed talk of centrally-
mandated industrial policy and a
coalition government obsessed with
picking which energy technologies
are fated to triumph, when fears of
financial meltdown are met by a
determination to force everyone into
a single too-safe-to-fail regulatory
corset, the merits of the small and
the diverse are out of fashion. The
belief that one big right answer will
save us is tempting. It can for long
periods of time look like the king of
the world. But the future is dark, the
unexpected always happens in the
end and a marketplace of many
solutions of all kinds and sizes will
thrive when even giants despair.
Marc Sidwell is City A.M.s business
features editor
THE LONG
VIEW
MARC SIDWELL
A lesson from the age of the dinosaurs: Big isnt beautiful in the long run
Pau
FROM 73
Deauville
FROM 83
19
Gas warning
[Re: Theres a real danger that fracking will
cause a major boom, Wednesday]
This article makes some assertions on the
implications of shale gas extraction in the
UK first the conclusion that shale gas
would be a blow to the renewable energy
industry and second that shale is cheap and
abundant. In fact, a greater number of
natural gas power stations across the UK
can support, rather than replace,
renewables. Gas plants can be operated
more flexibly than coal and nuclear, and
therefore bring better flexibility to overall
power generation capacity. This would free
up renewables to substitute coal and
nuclear, safe in the knowledge that total
power generation capacity remains flexible
enough to cope with peaks in demand. We
dont know how cheap or abundant shale
gas will be in the UK. The British Geological
Survey estimated that 5.3 trillion cubic feet
(tcf) of natural gas is recoverable onshore,
compared to yearly consumption of 3.2 tcf,
and Cuadrillas estimation of 200 tcf gas-
in-place will likely result in 10 per cent
recovered, if confirmed. Suggestions that
there might be five times as much shale gas
offshore are interesting, but production in
the US to date has been onshore and theyre
thirty years ahead of the UK. The UK shale
industry will be much smaller. Therell likely
be higher environmental hurdles imposed.
Its dangerous to say that this should lead to
lower support for renewables.
EdwardGuinness, manager of Guinness
AlternativeEnergyFund
W
ALKING around South
Kensington, you may
have a feeling of being
lost in Pariss Latin
Quarter. There are
French cafs, bistros, book stores;
you may even come across the
Lyce Franais, the established hub
of the French community. The
French are in London en masse and
have made some parts of the
capital their own home.
London is often referred to as
Frances sixth city due to its huge
expatriate population. Over
300,000 French citizens live in the
capital. They make up almost two-
thirds of the total registered French
voters of the new Third Overseas
Constituency, which spans over ten
countries in northern Europe and
goes to the polls this Sunday for
Frances presidential election.
Why do so many French citizens
choose to live in this capital city
instead of their own? The most
obvious reason is to improve their
career. Compared to Paris, London
is a much bigger and more
influential international financial
centre with significantly more
opportunities on offer. The large
banks such as Socit Gnrale,
Credit Agricole and BNP Paribas
have extensive UK-based operations
that take advantage of the
prevailing business environment in
London, so French professionals see
London as a natural environment
for employment. The capital has
also seen an influx of mostly young
French workers who prefer the less
hierarchical and more informal
employment environment that
London offers or simply come to
improve their English and enjoy
the capitals dynamic culture.
Coming to London has its costs.
The French have to pay both UK
and some French taxes, making
TOP TWEETS
So Ken Livingstone uses private healthcare
and Diane Abbott sends her son to private
school? Shirkers of the world, unite!
@gagey88
Why are we so surprised about Ken? His
behaviour is in keeping with that of his party.
@derekbmcneil
Typical Leftist - do as I say, not as I do: Ken
Livingstone admits using private health-
care...
@BradThor
Without wishing to cause @Lord_Sugar any
inconvenience, shouldnt he now be expelled
from Labour for trashing Ken Livingstone?
@His_Grace
After City A.M. exposed Ken Livingstone for
using private healthcare, is he a hypocrite?
YES
Using private healthcare is just another example of how Ken
Livingstone says one thing and does another. We already know
that he dubbed tax avoiders as rich bastards, only for it to
emerge that he had been funnelling his income through a
company to avoid paying income tax. And while in City Hall, he
preached socialist values while spending 20,000 of taxpayers
money on a lavish lunch with Hugo Chavez.
So, yes, of course Ken is a hypocrite. The Mayoral election this
year is about trust and, time and again, Ken Livingstone has
shown that he simply cannot be trusted. Now, more than ever,
when he is desperate to find a way back into City Hall and when
he will do or say anything to get there, Londoners should be on
their guard. London simply cannot afford Ken Livingstones
hypocrisy.
Priti Patel is Conservative MP for Witham.
Priti Patel
NO
Christie Malry
First it was Ken Livingstones wealth that was a problem for his
campaign; now its his good health. The news that Livingstone has
used a private healthcare company has been portrayed as hypocrisy.
I disagree. Its one thing to argue, as Livingstone has, that the
provision of NHS services should remain in public hands. He was a
vocal opponent of the reforms in the NHS Bill. But the NHS doesnt
provide regular health checks. If you want one, you need to pay a
private provider to do it for you. Its admirable that he takes his own
health so seriously that hes prepared to have it checked annually.
Livingstone has never, as far as I can tell, suggested that other
people should be prevented from buying private healthcare if they
wish. While what hes done might be unpopular with the core
Labour vote, it isnt hypocrisy.
Christie Malry is a pseudonym for a chartered accountant who blogs
at www.fcablog.org.uk
RAPIDresponses
As France goes to
the polls its love
for London grows
living abroad expensive, especially
for families with young children. I
find the main electoral grievances
of Londons French citizens relate
to the level of French public
infrastructure overseas, especially
as it affects access to French
education in the capital.
Thats why I think my partys
presidential candidate Francois
Bayrou is the real overseas choice:
his proposed reforms to the tax
system along with his focus on
education and exports will benefit
the French who live abroad. During
Nicolas Sarkozys years in office,
education, the key concern of
French Londoners, has become
increasingly unaffordable and
difficult to access. And a Franois
Hollande presidency is likely to add
pressure by increasing the
numbers of French in London: his
proposed 75 per cent income tax
will drive many abroad and make
moving back unattractive.
But whatever their grievances,
and whatever French citizens
decide this weekend, it seems their
love affair with London is set to
continue. Nicolas Sarkozy on a trip
to London in 2007 told French
expats France is still your country
even if you are disappointed by it.
But for more and more, London is
also their city and will remain so,
whoever inhabits the lyse Palace.
Yannick Naud is the Mouvement
Dmocratique (MoDem) candidate for
the Third Overseas Constituency of the
French Parliament.
YANNICK NAUD
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Email theforum@cityam.com or comment at cityam.com/forum
W
ith weather like this
weeks, one might be
tempted to quit the UK
entirely. But when the sun
shines, and even when it doesnt,
theres no lovelier part of the
country than Cornwall and the
market knows it. Cornwall is not
cheap you can easily spend a few
million on a seaside sprawl. And, as
Duncan Ley, associate at Chesterton
Humberts Truro, says: Some
people come to me and say: Ive got
500,000 to spend and I want a five
bedroom character home with
views of the sea well, its not
going to happen. Actually, theres
an amazing amount of money in
Cornwall.
But after last year, which Ley
describes as miserable due to a
stalemate in which sellers were
waiting for prices to go up and buy-
ers for them to drop, the market is
moving again. Generally speaking,
the market is far more buoyant this
year than last year.
However, while at the very top end
property values have barely moved,
further down the scale, prices are
slightly down. And if they arent,
sellers have become more willing to
negotiate.
The second home market isnt
nearly as buoyant as it was, and this
marks a change in the types of buy-
ers moving to Cornwall. Certainly
these days, there is a mix of buyers
banker bonuses are less, and
instead of city types looking for a
summer home, now were seeing a
lot of families moving here to offer
their children a better standard of
living.
Selling up in London and moving
to a seaside idyll five hours away
There is still value in
Cornwall, though the
best will cost you,
says Zoe Strimpel
Fresh life in the Cornish market
20
cityam.com
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doesnt necessarily compromise peo-
ples work nowadays, notes Ley. For
a start, more and more people are
working from home. And now this
lifestyle is easier in Cornwall than it
was, as infrastructure is now up to
speed: literally, where broadband is
concerned. And with Newquay air-
port, you can get on a plane at 7:30
and be in London for a meeting at
9:30. In short, youre not so cut off.
Wheres good to buy? The headline
places such as Rock, Padstow and St
Ives are the safest investments what-
ever happens, they will retain their
value. But if youre prepared for a bit
more of a hike, consider the Lizard, a
peninsula on the southwesterly point
in the UK, which Ley says has been
overlooked because of its extra dis-
tance. Here you can get a lot more for
your money and actually find hidden
coves, and stumble on beautiful
places. By contrast in St Ives, youll
never discover something every inch
is known. Penzance and Sennen are
worth considering too the A30
motorway has been expanded so its
easier to get down there. Shrewd buy-
ers can find bang for their buck in this
beautiful region. If you dont mind
long car journeys down to rocky
peninsulas, all the better. But for those
after the gold standard in more well-
trodden parts, theres plenty for you
too, but youll have to pay top dollar.
Cillian Murphy amazes at
the National and other
reviews: Page 28
Barras Moor,
Perranarworthal
Truro, 1.5m
A four bedroom, three
bathroom cottage
located between
Truro and Falmouth,
sitting on 26.5 acres
of fields and
woodland including
two large ponds. Site
includes a nursery,
cafe, and retail units
providing an excellent
return on investment.
Through Chesterton
Humberts.
TyeRock,
Porthleven,
2.25m
This six-bedroom,
panoramic sea-
view home offers
access to some of
the best surfing in
Europe. Ten miles
east of Penzance
and 12 miles west
of Falmouth, its
located in an Area
of Outstanding
Natural Beauty.
Through Knight
Frank.
Cury Cross Lanes, Helston, 1.9m
This 10 bedroom (five of which are panelled)
mansion sports Art Deco, Art Nouveau and
Gothic Revivial styles. At the far end of the first
floor is a luxurious self-contained apartment,
ideally suited for staff or guests. Through
Chesterton Humberts
Castle, Milltown, Lostwithiel, 2m
Just five miles from Fowey, the five-
bedroom Castle is a grand residence set
down a private drive in a peaceful,
secluded, rural position. Through
Savills.
Free Trade Wharf SE1
500,000 leasehold
A lovely 2 bedroom, 2 bathroom river fronted apartment located in this popular E1 gated
development. Te property benefts from secure parking & terrace with great views of
Canary Wharf & the River.
Rennie Court SE1
575 per week
A bright & modern 2 double bedroom apartment on the 10th foor of this well run
development close to the Southbank. Te property has many benefts including a balcony
with views of the City, a lift, porter & parking.
Te Landmark E14
399,950leasehold
A stunning 560 sq ft south facing, 1 bedroom apartment on the 24th foor of the recently
completed Landmark development. Te property boasts an excellent modern fnish,
secure parking & is located moments from Canary Wharf s fnancial district &
underground station.
Berkeley Tower E14
650 per week
A spacious apartment comprises 2 double bedrooms, 2 bathrooms, a spacious
reception roomwith access to a private balcony with river views, a separate fully ftted
kitchen & excellent storage. Te development benefts from a 24 hour concierge & on site
Virgin Active gym (not included in the rental).
Tower Bridge & City
020 7357 7999
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020 7510 8300
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020 7510 8310
lettings.canarywharf@chestertonhumberts.com
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70 Ofces 5 Continents 11 Countries
Russia Italy France Spain South Africa Australia Singapore
UAE Barbados Gibraltar United Kingdom
The great
outdoors
22
cityam.com
PROPERTY OUTDOORS
Rob Ryan Bunting, 24.95,
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Very cute and colourful way to
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Art Meets Matter Coast 2
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artmeetsmatter.com
Listing all the UKs sunniest
destinations, this is a groovy litte
number and will transport you
you straight to the seaside.
Graham and Green Pig
Planter, 24.95,
grahamandgreene.co.uk
Odd, vaguely disturbing, but also
really quite brilliant way to show
off your green fingers.
SCP Hee lounge chair by Hee
Welling, 215, heewelling.com
Hip Danish designer whose chairs
have become iconic. This one is
seriously slick and will give any
outdoor space a dash of urban chic.
John Lewis FSC Eucalyptus
rocker lounger, 199,
www.johnlewis.com
A real design piece but at a good
price, youre sure to catch eyes
with this ergonomic number. Sit
back, relax and enjoy the summer
(if it ever arrives, that is).
Conran Shop Valentine
double lounger, 3,495,
conranshop.co.uk
This is the sort of mega-comfort
investment that you will never,
ever regret if you can afford it.
At least it comes with the
cushions.
Legend cafe chair, 129, made.com
Industrial chic for the cooler garden. Also
perfect for a roof terrace. Nice and solid,
but probably best purchased in a set.
John Hanley pink tartan merino
wool blanket, 140, liberty.co.uk
Gorgeous and snuggly in just the pastels
spring style demands. Perfect for chilly
evenings with the BBQ and some red
wine.

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WICH.COM
OM 300,000
E 1 S A H N P
S T N E M T RRT
Spruce up your outdoor
space for summer,
says Zoe Strimpel
London Estate Agents | Investment & Development Consultants | Block Managers | Established 1982
UPPER MONTAGU STREET, W1
3 Bedrooms 2 Bathrooms Third Floor Period
Conversion Moments from Marylebone High Street
and Baker Street Underground Station
1,000 Per Week Furnished or Unfurnished
CAMBRIDGE SQUARE, HYDE PARK, W2
2 Bedrooms 2 Shower Rooms Balcony
Short Walk from Hyde Park Excellent Transport
Links
700 Per Week Furnished or Unfurnished
HYDE PARK STREET, HYDE PARK, W2
3 Bedrooms 2 Bathrooms Fourth Floor with Lift
Good Storage Moments from Hyde Park and Marble
Arch Underground Station
1,595 Per Week Furnished
CAMBRIDGE GATE, REGENTS PARK, NW1
4 Bedrooms 2 Receptions 3 Bathrooms WC
4 Private Terraces Allocated Parking Close to
Great Portland Street Underground Station
BICKENHALL STREET, MARYLEBONE, W1
3 Bedrooms 3 Bathrooms WC Study Third
Floor with Lift Marylebone High Street and Baker
Street Underground Station Nearby
1,600 Per Week Unfurnished
020 3394 0029 kayandco.com |
Scan here to access our
mobile website
WELBECK WAY, MARYLEBONE, W1
3 Bedrooms 2 Bathrooms Mews House
Recently Refurbished Close to Marylebone High
Street and Bond Street Underground Station
GREAT CUMBERLAND PLACE, W1
2 Bedrooms 2 Bathrooms Fourth Floor with Lift
24 Hour Security Secure Parking Marble Arch
Underground Station and Hyde Park Nearby
850 Per Week Furnished or Unfurnished
24
cityam.com
PROPERTY FOCUS ON
CURRENT MORTGAGE DEALS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
Chelsea BS Flexible 2.39 May 2014 5.4 70
Norwich & Peterborough BS Flexible 2.49 2 Years 4.7 75
Yorkshire BS Flexible 2.49 June 2014 4.7 75
Vernon BS Flexible 2.6 2 Years 4.7 70
First Direct Flexible 2.69 Term 2.8 65
HSBC Fixed 2.54 June 2014 3.9 60
Market Harborough BS Fixed 2.69 April 2014 5.1 75
Hanley Economics BS Fixed 2.69 April 2014 5.1 60
Chelsea BS Fixed 2.94 May 2015 5.3 70
PRINCE OF WALES DRIVE
Price: 3.15m
This semi-detached home features a large master bedroom and four additional double bedrooms.
Outside there is a garden and a patio, ideal for outdoor dining. Close to Battersea Park, this spa-
cious house is perfect for a family. Contact Savills on 0203 402 1900
FOCUS ON: BATTERSEA
PAGE MEWS
Price: From 1.15m
These innovative homes are locatedina private gatedmews inBattersea. Theyfeature automatic gar-
denirrigationanda hightechsecuritysystem. The homes alsohave baywindows, allowingfor plenty
of natural light, andcome withthree tofour bedrooms. Contact VisionHomes on 0845 2304480
ANHALT ROAD
Price: 2.4m
With five bedrooms, a cellar, and a garden, this home is fantastic for entertaining. It sits near
Battersea Park, located on Anhalt Road, which runs parallel to Albert Bridge Road, providing
easy access to Chelsea. Contact Savills on 0203 402 1900
MONTEVETRO
Price: 2.5m
Featuring a great view of the River Thames, this three-bedroom apartment is great for young
professionals. Located on the seventh floor, this apartment also comes with amenities such as a
sauna room, tennis courts, and off-street parking. Contact Savills on 0203 402 1900
25 PROPERTY FOCUS ON
AMIES STREET
Price: 975,000
A unique property, this penthouse apartment is located within a converted school. This two bed-
room two bathroom apartment also has access through a spiral staircase to the Bell Tower, which
offers spectacular views of north London. Contact Knight Frank on 0208 682 7777
WARRINER GARDENS
Price: 1.25m
Located in a converted warehouse close to Battersea Park, this duplex apartment has three bed-
rooms and two bathrooms. Double doors open from the dining room to a private decked terrace,
the perfect space for hosting dinner parties. Contact Knight Frank on 0208 682 7777
16 WARRINER GARDENS
Price: 1.675m
This five bedroom, two bathroom Victorian townhouse offers great entertaining and family
accommodations. Outside there is a patio and garden. The property is quiet yet well located, with
Battersea Park and Queenstown Road rail stations nearby. Contact Knight Frank on 0208 682 7777
HOLLYWOOD HOUSE
Price: 2.5m
With more than enough room for a large family, this 3,000 sq ft house features grand entertain-
ing rooms and spacious bedrooms. There is also a large garden, secluded for privacy and divided
into three terraces. Contact Savills on 0203 402 1900
TRAVEL AND EDUCATION
Battersea is an inner-city district of South London
near the south side of the River Thames. Known
for its wealth, this area is a hot spot for both
young professionals and families. Close to Central
London, Battersea boasts a range of railway sta-
tions nearby including Battersea Park,
Queenstown Road, Wandsworth Road, and
Clapham Junction, a railway stations that provides
a train to Victoria station. The area has a number
of highly regarded schools including Thomass
London Day School, often seen as a feeder for
major public schools such as Eton.
WHAT IS THERE TO DO?
Featuring lots of restaurants, pubs, and
nightclubs, Battersea has a lot to offer in
entertainment. Battersea is riddled with pubs
and cocktail bars, including the Adventure
Bar, Crystal Bar and hip Italian restaurant
Bunga Bunga. As far as daytime activities go,
there are plenty of local gyms and parks,
including the Millennium Arena with its run-
ning track, tennis courts and fitness centre.
The Battersea Park is a great way to spend
time outdoors, and little ones will especially
love the Battersea Park Childrens Zoo.
NEED TO KNOW| AREA INSIGHT
LOCAL AREA
|
PRICES
SOURCE: SAVILLS AND LAND REGISTRY
Detached Semi-Detached Terraced Flats
SW11 1.2m 867,000 825,000 435,000
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SALES CENTRE & SHOW APARTMENT LOCATED ON HIGH ROAD, SOUTH WOODFORD E18 2QH SALES CENTRE OPEN DAILY
Q
Queen Marys Gate
South Woodford
E18
Dont miss out on the remaining apartments at this highly
successful development.
0800 883 8607or (out of hours) 0800 032 0077 www.queenmarysgate.co.uk
Sales Centre Open Monday 10am - 6pm Thursday - Saturday 10am - 6pm Sunday 11am - 5pm (closed Tuesday & Wednesday)
*Price correct at time of going to press. Photographs depict Queen Marys Gate.
Spacious apartments with high internal specification including fixtures and
fittings, fully equipped kitchens with integrated appliances and excellent
Customer Service package
24 hour concierge service
Private landscaped gardens and courtyards
Just 10 minutes walk from a Central line
tube station
Prices from 199,950
*
27
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1646.50 -5.50
SILVERLDN FIX AM .........................................31.48 -0.37
MAPLE LEAF 1 OZ............................................34.29 2.50
LON PLATINUM AM .....................................1584.00 12.00
LON PALLADIUM AM.....................................661.00 8.00
ALUMINIUM CASH......................................2028.00 -12.00
COPPER CASH............................................8080.00 -20.00
LEAD CASH.................................................2041.00 -24.50
NICKEL CASH.............................................17710.00 -40.00
TIN CASH...................................................21165.00 -35.00
ZINC CASH..................................................1980.00 -8.00
BRENT SPOT INDEX.........................................118.91 -0.67
SOYA............................................................1407.75 -18.00
COCOA........................................................2283.00 -36.00
COFFEE..........................................................172.65 -0.40
KRUG ............................................................1717.10 8.10
WHEAT..........................................................178.50 0.25
AIR LIQUIDE......................................................96.78 -1.58 102.30 80.90
ALLIANZ ...........................................................83.40 -0.63 107.45 56.16
ANHEUS-BUSCHINBEV....................................55.50 -0.53 56.80 33.85
ARCELORMITTAL................................................12.84 -0.52 25.40 10.47
AXA...................................................................10.32 -0.52 15.94 7.88
BANCO SANTANDER...........................................4.64 -0.17 7.96 4.61
BASF SE ............................................................65.01 0.29 70.22 42.19
BAYER ..............................................................52.40 -0.13 59.44 35.36
BBVA..................................................................4.95 -0.23 8.44 4.84
BMW................................................................68.32 -1.12 73.95 43.49
BNP PARIBAS...................................................28.56 -1.45 55.20 22.72
CARREFOUR.......................................................15.41 -0.37 28.19 14.66
CRH PLC ............................................................14.85 -0.36 16.93 10.28
DAIMLER ..........................................................40.85 -1.18 53.95 29.02
DANONE...........................................................54.36 0.48 54.81 41.92
DEUTSCHE BANK ..............................................33.90 -0.74 44.56 20.79
DEUTSCHE BOERSE............................................47.01 -1.43 57.68 35.65
DEUTSCHE TELEKOM...........................................8.49 -0.08 11.38 7.88
E.ON..................................................................16.78 -0.22 23.54 12.50
ENEL....................................................................2.41 -0.03 4.86 2.41
ENI ....................................................................16.24 -0.38 18.72 11.83
FRANCE TELECOM ...............................................9.92 -0.32 15.96 9.88
GDF SUEZ ..........................................................18.55 -0.28 28.00 17.65
GENERALI ASS....................................................10.17 -0.19 16.38 10.07
IBERDROLA.........................................................3.48 -0.11 5.94 3.47
INDITEX.............................................................68.81 -0.51 74.73 52.20
ING GROEP CVA..................................................5.39 -0.15 9.07 4.21
INTESA SANPAOLO...............................................1.14 -0.04 2.13 0.85
KON.PHILIPS ELECTR.........................................14.09 0.07 21.68 12.01
L'OREAL.............................................................91.74 -2.02 94.80 68.83
LVMH ...............................................................123.10 -3.10 136.80 94.16
MUNICHRE ......................................................113.40 0.10 118.35 77.80
NOKIA.................................................................2.92 -0.11 6.36 2.86
REPSOL YPF.......................................................14.67 -0.74 24.45 14.66
RWE..................................................................35.72 0.14 46.35 21.15
SAINT-GOBAIN.................................................30.40 -1.03 47.64 26.07
SANOFI .............................................................55.78 -0.47 59.56 42.85
SAP...................................................................49.31 -0.35 54.85 32.88
SCHNEIDER ELECTRIC ........................................47.42 -0.18 60.63 35.00
SIEMENS...........................................................69.86 -1.28 99.07 62.13
SOCIETE GENERALE ...........................................16.72 -0.92 46.60 14.32
TELECOM ITALIA..................................................0.80 -0.03 1.03 0.70
TELEFONICA.......................................................10.77 -0.32 18.34 10.76
TOTAL ...............................................................36.34 -0.99 43.61 29.40
UNIBAIL-RODAMCO SE......................................141.15 -1.75 162.95 123.30
UNICREDIT..........................................................2.98 -0.10 11.57 2.20
UNILEVER CVA ..................................................25.52 0.09 27.16 20.96
VINCI .................................................................34.14 -1.11 45.48 28.46
VIVENDI ............................................................12.42 -0.34 21.37 12.42
VOLKSWAGEN VORZ........................................127.00 -4.50 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5744.55 -0.74 -0.01
FTSE 250 INDEX. . . . . . . . . . . . . . . 11423.00 -8.99 -0.08
FTSE UK ALL SHARE . . . . . . . . . . . . 2987.79 -0.62 -0.02
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 782.73 -1.86 -0.24
DOWJONES INDUS 30. . . . . . . . . . 12964.10 -68.65 -0.53
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1376.92 -8.22 -0.59
NASDAQ COMPOSITE . . . . . . . . . . . 3007.56 -23.89 -0.79
FTSEUROFIRST 300. . . . . . . . . . . . . 1040.79 -5.39 -0.52
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 9588.38 -78.88 -0.82
DAX 30 PERFORMANCE. . . . . . . . . . 6671.22 -60.81 -0.90
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 3174.02 -66.27 -2.05
SHANGHAI SE INDEX . . . . . . . . . . . 2378.63 -2.21 -0.09
HANG SENG . . . . . . . . . . . . . . . . . 20995.01 214.28 1.03
S&P/ASX 20 INDEX . . . . . . . . . . . . 2600.00 7.30 0.28
ASX ALL ORDINARIES. . . . . . . . . . . 4441.30 14.10 0.32
BOVESPA SAO PAOLO. . . . . . . . . . . 62618.41 -392.07 -0.62
ISEQ OVERALL INDEX. . . . . . . . . . . . 3210.53 -14.32 -0.44
STRAITS TIMES . . . . . . . . . . . . . . . . 3008.21 7.63 0.25
IGBM. . . . . . . . . . . . . . . . . . . . . . . . . 714.99 -28.15 -3.79
SWISS MARKET INDEX . . . . . . . . . . 6203.78 30.43 0.49
Price Chg %chg
3M ...................................................................86.80 -0.33 98.19 68.63
ABBOTT LABS....................................................59.51 -0.95 62.57 46.29
ALCOA................................................................9.76 -0.19 17.96 8.45
ALTRIA GROUP..................................................31.78 0.12 31.81 23.20
AMAZON.COM ..................................................191.10 0.03 246.71 166.97
AMERICAN EXPRESS..........................................57.57 -0.47 59.26 41.30
APPLE.............................................................587.44 -20.90 644.00 310.50
AT&T.................................................................30.74 -0.01 31.97 27.29
BANK OF AMERICA.............................................8.77 -0.15 12.71 4.92
BERKSHIRE HATAW B.......................................79.28 -0.46 83.72 65.35
BOEING CO........................................................73.10 -0.61 80.65 56.01
CATERPILLAR...................................................107.36 -1.85 116.95 67.54
CHEVRON........................................................102.51 -0.88 112.28 86.68
CISCO SYSTEMS..................................................19.91 -0.16 21.30 13.30
CITIGROUP .......................................................34.85 -0.23 46.00 21.40
COCA-COLA.......................................................73.82 -0.35 74.48 63.34
COMCAST CLASS A............................................29.48 -0.39 30.41 19.19
CONOCOPHILLIPS..............................................72.89 -0.40 81.50 58.65
DU PONT(EI) DE NMR........................................52.61 -0.66 57.50 37.10
EMC CORP.........................................................28.10 -1.04 30.00 19.84
EXXON MOBIL...................................................85.28 -0.47 88.13 63.47
GENERAL ELECTRIC............................................19.14 0.04 21.00 14.02
GOOGLE A......................................................599.30 -8.15 670.25 473.02
HEWLETT PACKARD...........................................24.71 -0.22 41.74 19.92
HOME DEPOT ....................................................51.56 -0.25 52.15 28.13
IBM..................................................................199.51 -0.62 210.69 157.13
INTEL CORP.......................................................27.69 -0.26 28.78 19.16
J.P.MORGAN CHASE..........................................43.22 -0.07 46.49 27.85
JOHNSON & JOHNSON.....................................63.03 -0.23 68.05 55.76
KRAFT FOODS A ...............................................38.20 -0.04 39.40 24.30
MC DONALD'S CORP.........................................95.28 -2.06 102.22 76.40
MERCK AND CO. NEW.......................................38.36 -0.04 39.43 29.47
MICROSOFT........................................................31.01 -0.13 32.95 23.65
OCCID. PETROLEUM..........................................88.22 0.25 117.89 66.36
ORACLE CORP ...................................................29.01 -0.12 36.50 24.72
PEPSICO............................................................66.15 -0.06 71.89 58.50
PFIZER..............................................................22.34 -0.12 22.80 16.63
PHILIP MORRIS INTL.........................................86.75 -0.99 90.10 60.45
PROCTER AND GAMBLE....................................66.57 -0.18 67.95 56.57
QUALCOMM INC................................................62.57 -4.42 68.87 45.98
SCHLUMBERGER..............................................69.80 -0.13 95.53 54.79
TRAVELERS CIES................................................61.70 2.23 64.17 45.97
UNITED TECHNOLOGIE .....................................80.40 -0.80 91.83 66.87
UNITEDHEALTH GROUP.....................................58.71 1.39 59.61 41.27
US BANCORP DELAWRE....................................31.22 -0.08 32.23 20.10
VERIZON COMMS...............................................38.15 0.49 40.48 32.28
VISA CL A .........................................................121.19 -0.59 123.68 73.11
WAL-MART STORES...........................................61.75 -0.31 62.63 48.31
WALT DISNEY CO..............................................42.08 -0.41 44.50 28.19
WELLS FARGO & CO...........................................33.12 -0.45 34.59 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................................0.257 0.00
LIBOR Euro - 12 months................................1.332 0.00
LIBOR USD - overnight.................................0.149 0.00
LIBOR USD - 12 months ................................1.047 0.00
Halifax 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 long bond yield .......................................3.110 -0.02
European repo rate......................................0.159 0.00
Euro Euribor .................................................0.318 0.00
The vix index................................................18.55 -0.09
The baltic dry index ..................................1006.0 17.00
Markit iBoxx ...............................................241.86 -0.51
Markit iTraxx ...............................................141.54 5.99
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .291.4 2.2 340.8 248.1
Chemring Group . . . . . .370.3 -8.7 677.0 368.8
Cobham . . . . . . . . . . . .239.5 1.1 241.3 165.9
Meggitt . . . . . . . . . . . . .407.3 2.8 412.0 304.9
QinetiQ Group . . . . . . . .154.5 -0.5 159.3 101.5
Rolls-Royce Holdi . . . . .844.0 31.0 850.5 557.5
Senior . . . . . . . . . . . . . .202.5 -1.2 206.8 135.6
Ultra Electronics . . . . .1680.0 11.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .206.9 -2.3 245.0 157.0
Barclays . . . . . . . . . . . . .212.3 -2.0 301.9 138.9
HSBC Holdings . . . . . . .554.6 2.6 662.5 463.5
Lloyds Banking Gr . . . . .29.3 -0.7 60.4 21.8
Royal Bank of Sco . . . . . .23.8 -0.6 42.9 17.3
Standard Chartere . . . .1522.0 2.0 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1169.0 4.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .389.4 -0.8 444.0 289.9
Diageo . . . . . . . . . . . . .1589.0 12.5 1595.9 1112.0
SABMiller . . . . . . . . . .2602.5 -13.5 2660.0 1979.0
AZ Electronic Mat . . . . .305.5 -1.0 338.1 206.1
Croda Internation . . . .2257.0 41.0 2296.0 1597.0
Elementis . . . . . . . . . . .201.0 0.0 206.0 107.5
Johnson Matthey . . . .2364.0 7.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1508.0 16.0 1590.0 1025.0
Yule Catto & Co . . . . . . .239.5 0.1 253.0 148.0
/$ 1.3120 0.0001
/ 0.8175 0.0016
/ 106.93 0.3044
/ 1.2235 0.0025
/$ 1.6053 0.0032
/ 130.79 0.6120
FTSE 100
5744.55
0.74
FTSE 250
11423.00
8.99
FTSE ALL SHARE
2987.79
0.62
DOW
12964.10
68.73
NASDAQ
3007.56
23.89
S&P500
1376.92
8.22
Brown (N.) Group . . . . .225.4 -2.7 304.5 222.4
Carpetright . . . . . . . . . .601.0 -10.0 741.0 375.0
Debenhams . . . . . . . . . . .81.2 0.7 82.9 51.2
Dignity . . . . . . . . . . . . .840.0 -10.5 854.5 727.0
Dixons Retail . . . . . . . . .18.0 0.9 19.9 9.4
DunelmGroup . . . . . . .507.5 -9.0 533.0 389.0
Halfords Group . . . . . . .288.8 -0.2 405.9 268.6
Home Retail Group . . . .99.6 -4.3 228.5 72.5
Inchcape . . . . . . . . . . . .361.6 -7.8 425.4 268.1
JD Sports Fashion . . . . .791.5 -18.0 1030.0 570.0
Kesa Electricals . . . . . . . .54.2 -3.0 151.4 54.0
Kingsher . . . . . . . . . . .305.7 1.4 313.8 217.0
Marks & Spencer G . . . .355.6 -2.2 402.2 301.8
Next . . . . . . . . . . . . . . .3013.0 42.0 3060.0 2153.0
Sports Direct Int . . . . . .279.9 -3.1 296.1 190.0
WHSmith . . . . . . . . . . .528.0 -19.0 559.0 451.6
Smith & Nephew . . . . .608.0 -7.0 694.0 521.0
Synergy Health . . . . . .836.0 1.0 981.0 809.5
Barratt Developme . . . .134.7 1.6 151.5 67.5
Bellway . . . . . . . . . . . . .796.0 -2.0 859.5 540.5
Berkeley Group Ho . . .1283.0 2.0 1414.0 1025.0
Bovis Homes Group . . .473.2 -6.6 518.5 326.5
Persimmon . . . . . . . . .650.0 15.5 706.5 374.0
Balfour Beatty . . . . . . . .271.0 -0.8 333.7 214.6
CRH . . . . . . . . . . . . . . . .1212.0 -37.0 1665.5 1053.0
Galliford Try . . . . . . . . .625.0 -5.0 637.5 383.8
Kier Group . . . . . . . . . .1136.0 -43.0 1489.0 1095.0
Drax Group . . . . . . . . . .528.0 -4.5 581.5 430.4
SSE . . . . . . . . . . . . . . . .1331.0 -25.0 1423.0 1193.0
Domino Printing S . . . . .617.0 10.0 701.5 434.3
Halma . . . . . . . . . . . . . .406.9 2.3 429.6 306.3
Laird . . . . . . . . . . . . . . . .221.1 -0.4 223.3 128.5
Morgan Crucible C . . . .329.6 4.4 360.0 224.0
Oxford Instrument . . .1275.0 -5.0 1285.9 714.0
Renishaw . . . . . . . . . .1450.0 102.0 1886.0 800.0
Spectris . . . . . . . . . . . .1857.0 27.0 1893.9 1039.0
Aberforth Smaller . . . . .631.0 -0.5 714.0 494.0
Alliance Trust . . . . . . . .368.4 1.0 392.7 310.2
Bankers Inv Trust . . . . .418.8 1.1 433.8 346.5
BH Global Ltd. GB . . . . .1173.0 -1.0 1212.0 1077.0
BH Global Ltd. US . . . . . . .11.6 -0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.3 -0.1 20.2 16.4
BH Macro Ltd. GBP . . .2045.0 -2.0 2078.0 1692.0
BH Macro Ltd. USD . . . . . .19.2 -0.1 20.2 16.4
BlackRock World M . . . .672.5 1.0 805.0 574.5
BlueCrest AllBlue . . . . . .161.5 -0.4 176.2 160.6
British Assets Tr . . . . . . .126.3 -1.2 139.4 109.0
British Empire Se . . . . .414.2 -3.8 533.0 404.0
Caledonia Investm . . .1412.0 -21.0 1800.0 1337.0
City of London In . . . . .293.4 -1.6 306.9 257.0
Dexion Absolute L . . . . .139.9 0.3 150.0 130.0
Edinburgh Dragon . . . .242.5 -1.9 253.1 201.4
Edinburgh Inv Tru . . . . .497.0 -0.7 504.0 422.5
Electra Private E . . . . .1695.0 -1.0 1755.0 1287.0
Fidelity China Sp . . . . . . .79.5 -0.4 114.3 70.0
Fidelity European . . . .1088.0 -14.0 1287.0 912.0
Foreign and Colon . . . .306.0 -0.8 327.9 261.5
Herald Inv Trust . . . . . . .514.5 -2.5 545.5 419.0
HICL Infrastructu . . . . . .120.8 0.9 123.6 112.7
John Laing Infras . . . . . .107.0 -0.1 110.6 103.8
JPMorgan American . . .914.5 -9.5 965.5 721.5
JPMorgan Asian In . . . . .197.0 1.6 244.0 170.1
JPMorgan Emerging . . .553.0 -2.0 610.5 480.1
JPMorgan Indian I . . . . .347.0 -1.0 451.5 313.1
JPMorgan Russian . . . .556.5 3.0 689.0 415.1
LawDebenture Cor . . . .379.2 -2.8 398.7 323.0
Mercantile Invest . . . .1004.0 -3.0 1119.0 823.0
Merchants Trust . . . . . .375.0 0.9 431.8 341.5
Monks Inv Trust . . . . . .330.5 0.4 367.9 298.1
Murray Income Tru . . . .649.8 -4.8 674.0 568.0
Murray Internatio . . . . .970.0 -2.0 1012.0 818.5
NB Global Floatin . . . . .100.0 0.0 103.0 92.5
Perpetual Income . . . .269.3 -1.4 276.0 236.5
Personal Assets T . . .34060.0-150.0 35350.031750.0
Polar Capital Tec . . . . . .389.9 -0.6 404.0 299.5
RIT Capital Partn . . . . .1164.0 -24.0 1360.0 1161.0
Scottish Inv Trus . . . . . .480.0 1.3 524.0 417.0
Scottish Mortgage . . . .697.0 -6.5 781.0 565.0
SVG Capital . . . . . . . . . .290.0 -0.3 300.0 165.1
Temple Bar Inv Tr . . . . .928.0 -7.0 970.0 791.0
Templeton Emergin . . .577.5 -3.0 678.5 497.0
TRProperty Inv T . . . . .148.9 -1.2 206.1 136.2
TRProperty Inv T . . . . . .66.5 -0.4 94.0 59.8
Witan Inv Trust . . . . . . .477.3 -4.7 533.0 401.5
3i Group . . . . . . . . . . . . .191.7 1.2 294.1 166.9
3i Infrastructure . . . . . .126.2 0.9 126.6 115.5
Aberdeen Asset Ma . . .274.4 6.3 276.2 167.8
Ashmore Group . . . . . .389.5 3.5 420.0 306.4
Brewin Dolphin Ho . . . .169.7 0.7 177.0 113.7
Camellia . . . . . . . . . . .9752.5 -22.5 10950.0 8800.0
Charles Taylor Co . . . . .140.0 -7.5 160.0 115.6
City of London Gr . . . . . .72.0 0.0 88.0 61.3
City of London In . . . . .390.0 4.9 440.0 304.3
Close Brothers Gr . . . . .750.5 10.5 820.0 590.0
F&C Asset Managem . . .66.5 0.1 81.7 56.1
Hargreaves Lansdo . . .508.5 27.0 646.5 402.5
Helphire Group . . . . . . . . .1.6 -0.2 14.0 1.4
Henderson Group . . . . .124.0 1.8 163.7 95.1
Highway Capital . . . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .376.5 2.4 524.0 311.6
IG Group Holdings . . . .465.4 4.6 502.5 393.6
Intermediate Capi . . . . .257.9 1.8 345.0 197.9
International Per . . . . .243.0 -0.4 388.8 148.5
International Pub . . . . . .121.2 1.2 121.5 112.7
Investec . . . . . . . . . . . . .355.4 0.0 522.0 318.4
IP Group . . . . . . . . . . . . .141.8 0.8 148.0 36.0
Jupiter Fund Mana . . . .237.9 -2.1 310.5 184.9
Liontrust Asset M . . . . . .113.3 0.3 125.0 57.9
LMS Capital . . . . . . . . . . .57.5 -0.3 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.5
London Stock Exch . . .1076.0 -17.0 1104.0 756.5
Lonrho . . . . . . . . . . . . . . .12.0 0.0 19.8 8.9
Man Group . . . . . . . . . . .93.4 -6.2 259.6 92.8
Paragon Group Of . . . . .181.9 -0.3 206.1 134.6
Provident Financi . . . .1149.0 -1.0 1181.0 915.0
Rathbone Brothers . . .1296.0 -12.0 1316.0 977.0
Record . . . . . . . . . . . . . . .12.3 0.3 35.5 9.8
RSM Tenon Group . . . . . . .8.1 0.1 32.8 5.6
Schroders . . . . . . . . . .1446.0 -15.0 1906.0 1183.0
Schroders (Non-Vo . . . .1115.0 2.0 1554.0 970.0
Tullett Prebon . . . . . . . .347.5 3.6 427.3 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .216.3 -0.4 232.1 161.0
Cable & Wireless . . . . . .30.5 0.4 48.9 29.9
Cable & Wireless . . . . . .34.0 -3.1 55.0 14.2
COLT Group SA . . . . . . .100.0 1.6 151.8 84.1
KCOM Group . . . . . . . . . . .71.0 -0.1 84.0 59.8
TalkTalk Telecom . . . . .130.2 -3.8 150.0 118.9
TelecomPlus . . . . . . . .692.0 -1.0 802.0 472.0
Booker Group . . . . . . . . .83.0 -0.2 85.3 60.0
Greggs . . . . . . . . . . . . . .514.5 -4.5 558.0 445.0
Morrison (Wm) Sup . . .294.2 -4.1 328.0 277.0
Ocado Group . . . . . . . . .112.6 -0.1 233.0 52.9
Sainsbury (J) . . . . . . . . .311.2 1.4 362.8 263.5
Tesco . . . . . . . . . . . . . . .320.1 -1.0 420.1 310.5
Associated Britis . . . . .1226.0 7.0 1233.0 977.0
Cranswick . . . . . . . . . . .813.5 5.5 841.0 588.5
Dairy Crest Group . . . . .302.2 -7.5 409.7 301.0
Devro . . . . . . . . . . . . . . .313.0 -4.0 332.2 232.0
Tate & Lyle . . . . . . . . . .685.0 -4.5 720.5 544.5
Unilever . . . . . . . . . . .2069.0 5.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .564.0 -5.0 664.0 413.5
Centrica . . . . . . . . . . . . .317.4 -0.1 333.0 278.8
International Pow . . . . .417.3 -0.2 417.8 279.4
National Grid . . . . . . . .648.0 -0.5 659.0 569.0
Pennon Group . . . . . . . .735.5 -1.0 742.0 623.5
Severn Trent . . . . . . . .1659.0 3.0 1677.0 1375.0
United Utilities . . . . . .605.0 3.5 637.0 560.0
Cookson Group . . . . . . .747.5 2.5 755.0 395.8
Rexam . . . . . . . . . . . . . .431.3 1.9 438.0 299.8
RPC Group . . . . . . . . . . .369.4 -0.8 393.2 300.5
Smith (DS) . . . . . . . . . . .171.5 -0.9 183.7 113.3
Smiths Group . . . . . . .1045.0 10.0 1340.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3660.0 23.0 3684.0 3100.0
Redrow . . . . . . . . . . . . .122.3 -3.9 135.3 103.5
Taylor Wimpey . . . . . . . .50.8 0.8 52.8 28.7
Bodycote . . . . . . . . . . . .412.8 8.4 426.5 225.6
Fenner . . . . . . . . . . . . .456.5 14.9 483.7 280.0
IMI . . . . . . . . . . . . . . . . .974.0 14.5 1119.0 636.5
Melrose . . . . . . . . . . . . .433.3 3.4 436.3 268.0
Northgate . . . . . . . . . . .196.0 1.5 342.0 190.0
Rotork . . . . . . . . . . . . .2219.0 56.0 2237.0 1501.0
Spirax-Sarco Engi . . . .2290.0 54.0 2302.0 1649.0
Weir Group . . . . . . . . .1752.0 8.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .371.9 2.6 460.5 315.0
Ferrexpo . . . . . . . . . . . .288.7 -1.4 499.0 238.7
Talvivaara Mining . . . . .190.9 -34.1 538.5 186.7
BBA Aviation . . . . . . . . .199.6 -1.7 223.4 156.0
Stobart Group Ltd . . . . .127.0 -0.9 149.5 112.0
Admiral Group . . . . . .1209.0 0.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .328.1 -0.7 427.0 270.6
Beazley . . . . . . . . . . . . . .141.5 -0.7 151.8 109.6
Catlin Group Ltd. . . . . . .422.1 2.4 449.0 337.0
Hiscox Ltd. . . . . . . . . . .402.3 2.1 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .88.1 0.3 89.9 51.7
Johnston Press . . . . . . . . .5.5 -0.3 8.2 4.1
MecomGroup . . . . . . . .161.5 1.5 310.0 134.5
Moneysupermarket. . . .134.0 -0.4 135.7 90.0
Pearson . . . . . . . . . . . . .1113.0 -6.0 1255.0 1038.0
PerformGroup . . . . . . .304.9 -0.1 320.0 150.0
Reed Elsevier . . . . . . . .527.0 -1.5 578.0 461.3
Rightmove . . . . . . . . . .1517.0 -2.0 1531.0 1036.0
STV Group . . . . . . . . . . . .114.5 0.0 168.0 76.3
Tarsus Group . . . . . . . . .145.0 0.0 165.0 119.5
Trinity Mirror . . . . . . . . . .31.0 -2.3 54.3 30.0
UBM . . . . . . . . . . . . . . .598.0 -2.5 641.5 416.0
UTVMedia . . . . . . . . . . .157.4 0.9 158.6 92.5
Wilmington Group . . . . .91.3 0.0 151.0 78.5
WPP . . . . . . . . . . . . . . .855.5 -4.0 880.0 578.0
Yell Group . . . . . . . . . . . . .3.4 -0.1 11.0 3.3
African Barrick G . . . . . .355.0 -13.9 616.5 344.0
Anglo American . . . . .2307.0 -4.5 3181.0 2138.5
Anglo Pacic Gro . . . . . .310.2 -2.9 340.0 237.9
Antofagasta . . . . . . . . .1170.0 -8.0 1491.0 900.5
Aquarius Platinum . . . .137.9 1.3 360.0 129.5
Avocet Mining . . . . . . . .165.6 -0.5 286.8 162.8
BHP Billiton . . . . . . . . .1940.0 -3.0 2560.0 1667.0
Bumi . . . . . . . . . . . . . . .548.0 -10.011580000.0543.5
Centamin (DI) . . . . . . . . .63.5 -2.3 143.5 63.1
Jardine Lloyd Tho . . . . .676.0 -0.5 764.5 576.0
Lancashire Holdin . . . . .810.0 0.0 819.5 618.5
RSA Insurance Gro . . . .103.8 1.1 139.8 99.6
Aviva . . . . . . . . . . . . . . .299.6 -8.1 450.3 275.3
Legal & General G . . . . .118.6 0.4 135.0 89.8
Old Mutual . . . . . . . . . . .148.9 -1.2 164.6 98.1
Phoenix Group Hol . . . .522.5 -7.5 688.0 451.1
Prudential . . . . . . . . . . .755.5 14.0 797.5 509.0
Resolution Ltd. . . . . . . .225.0 0.0 316.1 224.6
St James's Place . . . . . .340.8 -2.4 376.0 294.0
Standard Life . . . . . . . .228.5 3.0 250.7 172.0
4Imprint Group . . . . . . .275.0 -2.5 312.5 200.0
Aegis Group . . . . . . . . . .179.3 0.2 187.4 115.7
Bloomsbury Publis . . . .109.9 0.3 138.0 91.3
British Sky Broad . . . . .665.5 -3.0 850.0 618.5
Centaur Media . . . . . . . .34.3 -0.3 56.3 32.5
Chime Communicati . . .213.0 1.5 298.5 163.0
Creston . . . . . . . . . . . . . .64.3 0.3 121.0 47.0
Daily Mail and Ge . . . . .423.6 7.6 505.5 343.4
Euromoney Institu . . . .784.0 11.5 809.5 522.5
Future . . . . . . . . . . . . . . . .11.0 -0.8 20.0 8.3
Haynes Publishing . . . .195.0 0.0 255.0 190.5
Huntsworth . . . . . . . . . .48.0 -0.5 76.3 32.3
Informa . . . . . . . . . . . . .432.1 -0.1 451.0 313.9
ITE Group . . . . . . . . . . . .227.5 0.3 258.0 157.7
Eurasian Natural . . . . .559.5 -9.5 937.5 522.0
Fresnillo . . . . . . . . . . . .1626.0 2.0 2150.0 1302.0
GemDiamonds Ltd. . . .274.2 0.6 310.6 179.8
Glencore Internat . . . . .415.9 1.0 531.1 348.0
Hochschild Mining . . . .490.5 0.2 630.0 365.9
Kazakhmys . . . . . . . . . .868.5 7.0 1405.0 730.0
Kenmare Resources . . . .53.8 2.7 61.5 31.0
Lonmin . . . . . . . . . . . .1009.0 -10.0 1646.0 941.0
NewWorld Resourc . . .402.3 -7.8 1060.0 399.8
Petra Diamonds Lt . . . .158.8 -6.0 189.0 97.0
Petropavlovsk . . . . . . . .478.5 -18.3 913.0 478.2
Polymetal Interna . . .1002.0 11.0 1175.0 877.0
Randgold Resource . .5445.0 25.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . . .3512.5 -27.5 4595.0 2712.5
Vedanta Resources . . .1200.0 -2.0 2366.0 928.0
Xstrata . . . . . . . . . . . . .1140.0 2.0 1550.0 764.0
Inmarsat . . . . . . . . . . . .421.7 -5.7 620.0 389.3
Vodafone Group . . . . . .172.4 2.5 182.7 155.1
Genesis Emerging . . . .493.4 -2.4 543.5 424.0
Afren . . . . . . . . . . . . . . .146.4 3.1 171.0 73.6
BG Group . . . . . . . . . . .1412.5 -11.5 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .440.1 -6.0 504.6 363.2
Cairn Energy . . . . . . . . .341.4 3.9 515.1 291.9
EnQuest . . . . . . . . . . . . .125.1 -0.9 140.0 85.7
Essar Energy . . . . . . . .140.4 -5.3 461.0 101.6
Exillon Energy . . . . . . . . .141.1 7.9 469.7 123.0
Heritage Oil . . . . . . . . . .141.6 -3.0 262.1 133.1
Ophir Energy . . . . . . . .543.0 -1.0 546.5 184.5
Premier Oil . . . . . . . . . . .384.1 -5.6 500.8 310.0
Royal Dutch Shell . . . .2122.5 -31.5 2402.0 1883.5
Royal Dutch Shell . . . .2183.0 -25.0 2489.0 1890.5
Ruspetro . . . . . . . . . . . .200.7 2.2 230.0 125.0
Salamander Energy . . .243.2 -3.8 302.8 182.3
Soco Internationa . . . . .288.9 -10.0 397.5 278.0
TullowOil . . . . . . . . . . .1502.0 -16.0 1601.0 945.5
Amec . . . . . . . . . . . . . . .1117.0 2.0 1207.0 740.5
Hunting . . . . . . . . . . . . .916.0 4.0 968.0 530.0
Kentz Corporation . . . .424.0 -2.5 508.0 375.0
Lamprell . . . . . . . . . . . .326.0 -4.5 395.2 220.7
Petrofac Ltd. . . . . . . . .1753.0 13.0 1772.0 1108.0
Wood Group (John) . . .723.0 -5.0 763.5 469.9
Burberry Group . . . . . .1489.0 -12.0 1600.0 1092.0
PZ Cussons . . . . . . . . . . .331.3 -1.7 387.9 285.0
Supergroup . . . . . . . . .569.5 -2.5 1600.0 435.2
AstraZeneca . . . . . . . .2823.5 -2.0 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .381.7 5.6 385.7 236.8
Genus . . . . . . . . . . . . .1306.0 12.0 1368.0 853.5
GlaxoSmithKline . . . . .1454.0 12.5 1497.0 1205.0
Hikma Pharmaceuti . . .651.0 -4.0 869.0 555.5
Shire Plc . . . . . . . . . . .1995.0 -30.0 2300.0 1818.0
Capital & Countie . . . . . .197.5 0.0 203.7 158.1
Daejan Holdings . . . . .3168.0 -42.0 3300.0 2282.0
F&C Commercial Pr . . . .103.9 0.1 108.0 92.6
Grainger . . . . . . . . . . . .105.4 -1.1 133.2 77.3
London & Stamford . . . .115.6 0.6 140.0 103.9
Savills . . . . . . . . . . . . . . .351.5 0.9 427.1 256.2
UK Commercial Pro . . . . .73.7 0.0 85.5 65.1
Big Yellow Group . . . . .281.0 -2.1 344.4 218.0
British Land Co . . . . . . .483.3 1.0 629.5 444.0
Capital Shopping . . . . .325.1 -1.6 408.6 288.7
Derwent London . . . . .1720.0 -1.0 1880.0 1400.0
Great Portland Es . . . . .351.9 -2.4 445.0 312.9
Hammerson . . . . . . . . .412.0 -1.2 490.9 345.2
Hansteen Holdings . . . . .75.2 -0.4 89.5 68.0
Land Securities G . . . . . .719.5 3.5 885.0 612.0
SEGRO . . . . . . . . . . . . . .227.0 -2.0 329.6 195.0
Shaftesbury . . . . . . . . .495.4 1.3 539.0 441.2
Aveva Group . . . . . . . .1676.0 16.0 1799.0 1298.0
Computacenter . . . . . .407.0 -24.6 490.0 324.7
Fidessa Group . . . . . . .1522.0 -8.0 2109.0 1444.0
Invensys . . . . . . . . . . . .190.8 -0.7 340.6 180.9
Logica . . . . . . . . . . . . . . .79.7 -1.5 144.8 59.0
Micro Focus Inter . . . . .463.5 -4.8 476.7 242.9
Misys . . . . . . . . . . . . . . .348.6 -0.7 420.2 214.9
Sage Group . . . . . . . . . .284.7 0.7 312.4 231.7
SDL . . . . . . . . . . . . . . . . .718.5 -4.0 756.0 586.0
Telecity Group . . . . . . . .781.0 4.0 786.5 450.5
Aggreko . . . . . . . . . . .2288.0 47.0 2316.0 1522.0
Ashtead Group . . . . . . .261.6 9.2 271.1 99.4
Atkins (WS) . . . . . . . . .760.0 21.5 820.0 490.2
Babcock Internati . . . . .839.5 11.0 841.0 570.5
Berendsen . . . . . . . . . . .531.5 2.5 568.0 402.7
Bunzl . . . . . . . . . . . . . .1029.0 11.0 1034.0 676.5
Cape . . . . . . . . . . . . . . .375.6 0.6 591.5 295.0
Capita . . . . . . . . . . . . . .744.0 7.5 767.0 611.5
Carillion . . . . . . . . . . . . .274.2 -5.5 403.2 274.2
De La Rue . . . . . . . . . . .894.5 -5.5 1001.0 730.0
Diploma . . . . . . . . . . . .443.5 2.0 453.0 284.0
Electrocomponents . . . .231.9 -2.5 294.9 182.2
Experian . . . . . . . . . . . .996.5 12.0 999.0 665.0
Filtrona PLC . . . . . . . . . .478.5 -3.5 485.0 296.3
G4S . . . . . . . . . . . . . . . .287.9 -0.2 292.1 219.9
Hays . . . . . . . . . . . . . . . .92.5 1.2 119.6 58.9
Homeserve . . . . . . . . . .235.6 -1.8 532.0 214.7
Howden Joinery Gr . . . .120.2 0.3 130.8 93.1
Interserve . . . . . . . . . . .289.1 1.9 341.3 261.0
Intertek Group . . . . . .2605.0 42.0 2618.0 1744.0
Michael Page Inte . . . . .438.0 0.0 567.0 323.0
Mitie Group . . . . . . . . . .290.0 1.6 292.9 206.8
PayPoint . . . . . . . . . . . .654.0 4.0 670.0 450.0
Premier Farnell . . . . . . .213.5 4.8 301.0 144.5
Regus . . . . . . . . . . . . . . .112.7 -0.3 117.5 64.0
Rentokil Initial . . . . . . . .89.0 -0.9 100.9 58.2
RPS Group . . . . . . . . . . .233.2 -1.3 253.0 156.6
Serco Group . . . . . . . . .563.5 11.0 597.5 458.0
Shanks Group . . . . . . . . .93.3 0.3 130.9 90.8
SIG . . . . . . . . . . . . . . . . .109.4 -0.3 153.5 77.0
Travis Perkins . . . . . . .1063.0 7.0 1125.0 715.0
Wolseley . . . . . . . . . . .2411.0 -1.0 2558.0 1404.0
ARM Holdings . . . . . . . .607.5 -0.5 645.0 464.0
CSR . . . . . . . . . . . . . . . .203.9 -6.1 391.4 154.1
Imagination Techn . . . .705.0 6.5 734.0 296.9
Spirent Communica . . . .167.2 0.2 172.8 105.8
British American . . . .3224.0 32.5 3248.5 2592.0
Imperial Tobacco . . . .2545.0 42.0 2591.0 1974.0
Betfair Group . . . . . . . .820.0 0.0 901.0 567.0
Bwin.party Digita . . . . .156.2 -2.6 174.0 100.6
Carnival . . . . . . . . . . . .1995.0 22.0 2642.0 1742.0
Compass Group . . . . . . .657.5 -1.5 671.0 512.5
Domino's Pizza UK . . . .428.4 2.9 526.0 377.0
easyJet . . . . . . . . . . . . .489.4 5.7 495.8 302.5
FirstGroup . . . . . . . . . . .195.8 -6.2 370.2 195.5
Go-Ahead Group . . . . .1150.0 4.0 1598.0 1125.0
Greene King . . . . . . . . .518.0 4.5 523.5 410.0
InterContinental . . . . .1474.0 14.0 1497.0 955.0
International Con . . . . .169.7 -1.1 258.7 132.0
Ladbrokes . . . . . . . . . . .173.4 10.6 173.4 114.0
Marston's . . . . . . . . . . . .98.4 -1.6 112.0 84.6
Millennium& Copt . . . .481.2 1.2 535.5 371.2
Mitchells & Butle . . . . . .265.1 -0.9 336.8 215.6
National Express . . . . .223.5 -4.7 270.2 201.6
Rank Group . . . . . . . . . .122.0 0.2 153.7 109.5
Restaurant Group . . . . .285.1 -1.8 335.0 254.9
Spirit Pub Compan . . . . .55.3 1.8 62.8 35.3
Stagecoach Group . . . .244.8 -1.2 287.4 220.0
TUI Travel . . . . . . . . . . . .192.6 -3.7 250.0 136.7
Wetherspoon (J.D. . . . . .417.2 -3.1 468.3 380.5
Whitbread . . . . . . . . . .1835.0 -4.0 1872.0 1409.0
WilliamHill . . . . . . . . . .266.8 8.2 267.4 183.3
Abcam. . . . . . . . . . . . . .354.8 -5.3 460.0 320.0
Advanced Medical . . . . .77.5 -0.5 95.0 64.8
Albemarle & Bond . . . .323.5 0.5 400.1 290.0
Amerisur Resource . . . . .24.8 -0.3 29.0 9.5
Andes Energia . . . . . . . .33.3 -2.0 82.8 17.5
Andor Technology . . . .519.0 -5.0 685.0 455.0
Archipelago Resou . . . . .61.5 0.0 79.0 56.5
ASOS . . . . . . . . . . . . . . .1610.0 15.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .21.8 0.3 71.0 16.0
Avanti Communicat . . .251.5 2.8 499.8 241.3
Blinkx . . . . . . . . . . . . . . .48.5 2.8 158.0 41.3
Borders & Souther . . . .123.0 15.0 129.0 43.5
BowLeven . . . . . . . . . . . .85.3 -2.5 342.3 62.0
Brooks Macdonald . . .1325.0 2.5 1372.5 940.0
Cluf Gold . . . . . . . . . . . .83.5 -2.5 112.8 66.5
Cove Energy . . . . . . . . .221.0 -3.5 242.0 61.0
Daisy Group . . . . . . . . . .113.5 0.5 127.0 95.0
EMIS Group . . . . . . . . . .546.5 1.5 580.5 397.5
Faroe Petroleum . . . . . .173.3 -3.8 181.5 130.0
Gulfsands Petrole . . . . .134.8 -4.0 311.0 126.0
GWPharmaceutical . . . .90.0 0.0 130.0 78.5
H&T Group . . . . . . . . . .295.9 5.4 395.0 286.0
Hargreaves Servic . . . .1255.0 6.0 1277.0 855.0
Healthcare Locums . . . . . .1.9 -0.2 2.1 1.8
ImpellamGroup . . . . . .350.0 0.0 382.6 225.0
Iomart Group . . . . . . . . .137.5 -0.6 151.0 85.5
James Halstead . . . . . .507.5 2.5 527.5 410.3
London Mining . . . . . . .269.3 3.3 436.5 257.5
Lupus Capital . . . . . . . . .121.0 1.8 144.0 86.0
M. P. Evans Group . . . . .483.0 0.5 494.8 371.0
Majestic Wine . . . . . . . .477.3 8.3 510.0 315.0
May Gurney Integr . . . .230.0 -7.0 302.0 222.3
Monitise . . . . . . . . . . . . . .37.0 0.8 40.0 22.8
Mulberry Group . . . . .2290.0 96.0 2320.0 1290.0
Nanoco Group . . . . . . . .68.0 -0.8 90.0 38.0
Nautical Petroleu . . . . .336.0 -12.0 398.5 223.5
Nichols . . . . . . . . . . . . .669.0 6.0 675.0 482.5
Numis Corporation . . . . .89.0 0.5 119.6 72.0
Pan African Resou . . . . . .15.8 -0.8 18.3 9.5
Patagonia Gold . . . . . . . .36.8 0.3 70.0 35.0
Prezzo . . . . . . . . . . . . . . .67.0 0.5 71.5 53.5
Rockhopper Explor . . . .381.5 4.0 393.5 141.0
RWS Holdings . . . . . . . .521.5 -8.5 560.0 385.0
Secure Trust Bank . . . .1075.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .19.5 -0.8 32.0 6.4
Songbird Estates . . . . . .118.0 -2.0 160.3 103.0
Valiant Petroleum . . . .574.0 -9.0 628.5 400.0
Young & Co's Brew . . . .622.5 -4.5 712.0 580.0
Renishaw . . . . . . . . . . . . . . . . .1450.0 7.6
Ladbrokes . . . . . . . . . . . . . . . . . .173.4 6.5
Exillon Energy . . . . . . . . . . . . . . .141.1 5.9
Hargreaves Lansdow . . . . . . . . .508.5 5.6
Kenmare Resources . . . . . . . . . . .53.8 5.2
Dixons Retail . . . . . . . . . . . . . . . .18.0 5.0
Rolls-Royce Holdin . . . . . . . . . .844.0 3.8
Ashtead Group . . . . . . . . . . . . . .261.6 3.7
Fenner . . . . . . . . . . . . . . . . . . . .456.5 3.4
Spirit Pub Company . . . . . . . . . . .55.3 3.3
Talvivaara Mining . . . . . . . . . . .190.9 -15.2
Cable & Wireless W . . . . . . . . . . .34.0 -8.2
Man Group . . . . . . . . . . . . . . . . . .93.4 -6.2
Computacenter . . . . . . . . . . . . .407.0 -5.7
Kesa Electricals . . . . . . . . . . . . . . .54.2 -5.3
Home Retail Group . . . . . . . . . . .99.6 -4.1
African Barrick Go . . . . . . . . . . .355.0 -3.8
Petropavlovsk . . . . . . . . . . . . . .478.5 -3.7
Kier Group . . . . . . . . . . . . . . . . .1136.0 -3.7
Petra Diamonds Ltd . . . . . . . . . .158.8 -3.6
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
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 5.250 12 . . . . . . .100.62 -0.03 105.0 100.6
Tsy 9.000 12 . . . . . .102.53 0.00 110.3 101.3
Tsy 8.000 13 . . . . . . .110.85 -0.03 116.4 110.7
Tsy 2.500 13 . . . . . .283.85 -0.02 287.7 282.8
Tsy 4.500 13 . . . . . . .103.56 -0.02 106.4 103.5
Tsy 5.000 14 . . . . . . .110.76 -0.04 112.9 110.0
Tsy 8.000 15 . . . . . .126.26 -0.12 129.2 124.8
Tsy 4.750 15 . . . . . . .113.62 -0.12 115.4 110.2
Tsy 4.000 16 . . . . . . .113.07 -0.19 114.7 106.9
Tsy 2.500 16 . . . . . .343.42 -0.25 345.7 320.7
Tsy 12.000 17 . . . . . .120.00 0.95 127.9 117.8
Tsy 1.250 17 . . . . . . .116.09 -0.30 117.1 109.4
Tsy 8.750 17 . . . . . . .139.32 -0.40 141.9 134.9
Tsy 5.000 18 . . . . . .120.96 -0.17 122.5 112.3
Tsy 3.750 19 . . . . . . .114.72 -0.12 115.9 102.5
Tsy 4.500 19 . . . . . . .119.65 -0.16 120.9 108.3
Tsy 4.750 20 . . . . . . .122.11 -0.18 123.5 109.6
Tsy 2.500 20 . . . . . .364.58 -0.49 369.3 326.5
Tsy 8.000 21 . . . . . . .150.57 -0.17 153.4 137.2
Tsy 1.875 22 . . . . . . . .127.11 -0.47 129.2 114.8
Tsy 4.000 22 . . . . . .116.33 -0.19 118.2 102.1
Tsy 2.500 24 . . . . . .327.27 -0.48 334.7 286.2
Tsy 5.000 25 . . . . . .127.46 -0.15 130.6 111.0
Tsy 1.250 27 . . . . . . .122.89 -0.70 127.0 107.4
Tsy 4.250 27 . . . . . . .118.43 -0.27 122.7 101.4
Tsy 6.000 28 . . . . . .142.55 -0.26 148.0 123.4
Tsy 4.125 30 . . . . . . .311.35 -0.64 322.8 270.1
Tsy 4.750 30 . . . . . .124.64 -0.32 130.5 106.7
Tsy 4.250 32 . . . . . . .117.03 -0.32 123.1 99.9
Tsy 4.250 36 . . . . . .116.50 -0.34 123.9 99.3
Tsy 4.750 38 . . . . . .125.89 -0.31 134.2 107.8
Tsy 4.500 42 . . . . . . .122.17 -0.37 130.8 104.1
% %
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TOBACCO
TRAVEL & LEISURE
AIM 50
A
beautiful young woman named
Harriet Chetwode-Talbot (Emily
Blunt) works for an unrealisti-
cally glossy PR company in
London. She has a client: a sheikh,
who has a dream to create a river in
the desert land of the Yemen, import
Scottish salmon and make them
run, so they can be fished for sport.
As she starts work on making his wild-
ly impossible-sounding dream reality,
she begins a passionate affair with an
army recruit who after three
weeks is sent to Afghanistan. News
from the Middle East suddenly
becomes a far more personal affair for
Ms Chetwode-Talbot.
Meanwhile, civil servant
and fisheries expert Ewan
McGregor, AKA Dr Alfred
Jones, wiles away his days
in a grey office at the
Department of
Agriculture and Fisheries.
Rude, bored and difficult,
hes anything but charm-
ing, and very geeky.
Around this time, a
mosque is blown up in
a part of the Middle
East in which the
British military are
stationed, news of
Salmon Fishing
in the Yemen is
a feel-good hit
which wakes Kristen Scott Thomass
very amusing super-mum Patricia
Maxwell at 4am. Crap, she shrieks in
her wonderful cut glass way. Britain
needs some good news coming from
the Middle East. And now.
How convenient for the sheikh and
Ms Chetwode-Talbot, as Dr Jones
always makes a point of calling her.
Theyre about to get 10 Downing Street
on board, and in a big way. And 10
Downing Street wants Jones on the
case, whether he likes it or not (he
doesnt). To cut a very, very long story
short: everyone moves heaven and
earth to get Anglo-Yemeni relations
glowing a salmon pink.
There are a few twists along the way:
political, logistical and you guessed
it romantic. To the films credit,
Blunts character is more complex
than your usual romantic heroine and
McGregors anti-hero is helplessly like-
able. The central love story is
predictable and the best-of-
British stars are up to far
grittier stuff, but theres
just enough substance
for the actors and us
to sink the teeth into. You
wont emerge any the wiser
intellectually, but as
romantic feel-goods go,
its not half bad.
WHERE
TO DRINK
TIM BADHAM
T
he Lyttelton theatre is a big
space for one man to fill but
for the duration of
Misterman, there is only one
person you will want to look at.
Cillian Murphy plays the God-
fearing Tommy Magill, a troubled
but well-meaning young man from
the Irish isle of Inishfree, who is
intent on imposing Gods will on
his reluctant neighbours. Holed
LIFE&STYLE
28
cityam.com
GOING OUT
THEATRE
MISTERMAN
Lyttelton at the National | By Steve Dinneen
hhhhh
FILM
SALMON FISHING IN THE YEMEN
Cert 12A | By Zoe Strimpel
hhhhi
FILM
ECSTASY
Cert 18 | By Steve Dinneen
hhiii
Cillian Murphy plays the role of his life in Misterman
Ecstasy is a low-rent Human
Traffic that came 13 years late
up in what looks like a warehouse,
his only companions are his
memories, a stack of tape-
recorders and the sounds of a dog
that just wont stop barking.
Murphy inhabits dozens of
characters throughout the course
of the play, bouncing from one to
the next with an astonishing
energy, reliving snippets of
conversation from his seemingly
endless recordings. His pursuits
start off mundane taking a trip
to pick up Jammy Dodgers;
chatting over the fence to his
neighbours but everything is
imbued with meaning when
filtered through Tommys sense of
childlike innocence, his belief that
he is doing Gods work and his
overriding feelings of
abandonment in the wake of his
fathers death. The sparse stage is
a remarkable feat in itself, with
piles of junk and glowing
crucifixes receding into the
distance, warping and shifting as
Tommys mind becomes
increasingly fractured.
The issues Misterman explores
are common madness,
loneliness, alienation and loss
but Murphy injects them with an
incredible urgency. He is never less
than captivating his standing
ovation was well deserved.
A
lmost two decades since
Trainspotting was released,
Irvine Welsh is once again
the man of the moment. His
prequel to that groundbreaking
novel, Skagboys, is just out (doing
little to dispel the claim hes just a
one-trick pony) and now hes back
on the big screen with an
adaptation of his trilogy of
novellas, Ecstasy: Three Tales of
Chemical Romance. It will do
nothing to appease his critics.
Director Rob Heydon takes the
longest and weakest of the
three stories and weaves it into a
run-of-the-mill gangster yarn with
a bolt-on love story.
Ecstasys characters are woefully
two-dimensional: either good guys
or unspeakably awful guys. The
love-interest and that is the sum-
total of Heather Thompsons role
in the proceedings never looks
less than immaculate, despite
discovering a fondness for all-night
parties and recreational drug use.
She grins nervously throughout
the movie like a sexually
awakening fawn, speaking in a
hushed whisper that gives the
impression shes forever on the
cusp of a gigantic orgasm.
Ecstasy is filled with 90s
clubbing references, with John
Digweed starring as himself and
Ti sto thundering from the
speakers. Every 10 minutes theres
a scene featuring lots of pretty,
sweaty people dancing and
tripping out of their minds,
usually cut with moody montages
of sunrises over Edinburgh and
pretty, sweaty people smoking.
Every once in a while there is a
recognisably Welshian speech
about the nature of drugs and
working class society but it rarely
feels like anything but
Trainspotting-lite.
In the end it amounts to little
more than a second-rate Human
Traffic that arrived 13 years too
late, barely worth a footnote in the
ongoing story of Irvine Welsh.
A WEIRD mixture of sex and the
mundane, Elles casts Juliette Binoche
as a stressed journalist working on a
story of two girls moonlighting as
prostitutes. It becomes clear these
girls' worlds arent that different from
her own, which involves struggling to
meet deadlines and coming second to
her high-flying husband. Binoche
gives a bold performance but the
heavy-handed film falls flat.
Viable boozing in Kings Cross
JUST across the Thames from
Parliament, a grand new English
steakhouse named Gillrays has
opened in Londons County Hall,
bringing with it an imposing
circular cocktail bar with views
across to Big Ben. Taking its name
from a satirical 18th Century
caricaturist, it exudes a fitting old-
world gentility and commitment to
everything English, evident in its
selection of gins, 39 of which hail
from Albion.
The cocktails are organised
chronologically by Georgian,
Victorian, Edwardian and
Contemporary Eras. Across the river
in Westminster, Michelin-starred
Indian restaurant The Quilon has
relaunched and in the process begat
Q Bar, a standalone, stylish
drinking refuge in an area
uncelebrated for such
establishments. The tome-like
drinks menu has an exhaustive
wine list, featuring 135 bins from
around the globe, 50 different
whisky options, 20 beers and
creatively spiced cocktails. Karpo is
continuing alongside The Gilbert
Scott to revivify Kings Cross with
some viable drinking options. Most
recently, theyve evolved their
basement bar to include leather
banquettes, marble and dark woods
and a separate entrance. The
cocktail list is divided by eras from
pre-prohibition to contemporary
classics and is accompanied by an
immense offering of all-natural
wines and biodynamic blends.
Additionally, theres an Absinthe
Hour for those keen to dance with
the green fairy, either in its
traditional slotted spoon
preparation or through a more
mixological approach.
Other hot places this month
include the sultry Soho Mexican
delight, Le Bodega Negra, The hot
new club The Vaults under Home
House and the very Parisian Le
Baron at Embassy.
Tim Badham is the founder of Innerplace,
Londons leading entertainment concierge
service. www.innerplace.co.uk.
FILMS IN BRIEF
ELLES
Cert 18 | By Stevie Martin
hhiii
OH GUY Pearce, youre so much better
than this. Set in the near future, Lockout
follows an ex-government agent
(Pearce), whose one chance at freedom
lies in rescuing the President's daughter
from out of control convicts at an outer
space maximum-security prison. Alas, it
is lacking in a single original quip or
concept; just another high-octane-but-
oddly-dull vessel, immediately
forgotten the moment the credits roll.
LOCKOUT
Cert 15 | By Stevie Martin
hhiii
Emily Blunts character Harriet
Chetwode-Talbot is more com-
plex than your average heroine
in Salmon Fishing in the Yemen
29
TV & GAMES
cityam.com
T
E
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S
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BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Super League 10pm
Take It Like a Fan 10.30pm
Premier League Preview11pm
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Fan 2.30amPremier League
Preview3amFootball League
Weekend 4am-6amSuper League
SKY SPORTS 2
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School of Hard Knocks 11pm
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1amWWE: Late Night Bottom
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6pmEuropean Tour Golf 8pm
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Show3amLive UFC 4amNBA
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2.40amMedium4.20am
Americas Next Top Model
5.10am-6amJerry Springer
BBC THREE
7pmDoctor Who 7.45pmDoctor
Who Confidential 8pmDont Tell
the Bride 9pmLip Service 10pm
EastEnders 10.30pmRussell
Howards Good News 11pmFamily
Guy 11.45pmAmerican Dad!
12.30amLip Service 1.30am
Angry Boys 2amWorld Series of
Dating 2.30amRussell Howards
Good News 3amLee Nelsons Well
Good Show3.30amSun, Sex and
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4.30am-5.30amWorld Series of
Dating
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmSupernanny US
9pmFILMTransformers 2007.
11.50pmShameless 1.10amThe
Big Bang Theory 2.05amScrubs
2.55amHow I Met Your Mother
3.20amRules of Engagement
3.40amGreek 4.20am-6am
Made in Chelsea
HISTORY
7pmStorage Wars 7.30pmPawn
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7pmBear Grylls: Born Survivor
8pmDive to the Bottom of the
World 9pmWhale Wars 10pm
Wheeler Dealers 11pmAmerican
Chopper: Senior Versus Junior
12amBear Grylls: Born Survivor
1amWhale Wars 2amMonsters
Inside Me 3amDeadliest Catch
3.50amIce Pilots 4.40am
Wheeler Dealers 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny 8pm19 Kids
and Counting 9pmSextuplets &
The City 10pmKate Plus 8 11pmI
Didnt Know I Was Pregnant
12amSextuplets & The City 1am
Kate Plus 8 2amI Didnt Know I
Was Pregnant 3amSupernanny
4amA Baby Story 5am-6am
Baby Tales
SKY1
7pmSimpsons 7.30pmThe
Middle 8pmModern Family
8.30pmSimpsons 9pmA League
of Their Own 10pmGlee 11pmAn
Idiot Abroad 12amRoad Wars
1amAirline 1.55amNight Cops
2.45amDanny Dyers Deadliest
Men: Living Dangerously 3.40am
Safebreakers 4.35amRaising
Hope 5.05am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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L
I
T
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&
C
A
B
L
E
6pmBBC News
6.30pmBBC London News
6.55pmParty Election Broadcast
7pmThe One Show: BBC News
8pmEastEnders 8.30pmCHOICE
Would I Lie to You? 9pmHave I
Got News for You 9.30pmNot
Going Out 10pmBBC News
10.25pmRegional News 10.35pm
The Graham Norton Show11.20pm
The National Lottery Friday Night
Draws 11.30pmThe Matt Lucas
Awards 12.05amEastEnders 2am
Weatherview2.05amSign Zone:
Natural World: The Real Jungle
Book Bear 3.05amSign Zone:
Question Time 4.05amSign Zone:
Britains First Photo Album
4.35am-6amBBC News
6pmEggheads
6.30pmCelebrity Antiques
Road Trip
7.30pmGreat British Menu
8pmMastermind
8.30pmGardeners World
9pmBrick by Brick: Rebuilding
Our Past
10pmTwenty Twelve
10.30pmNewsnight
11pmThe Review Show
11.45pmWeather
11.50pmLater with Jools Holland
12.55amFILMHalloween 6: The
Curse of Michael Myers: 1995.
2.20amBBC News 4.35am-6am
Close
6pmLondon Tonight
6.25pmParty Election
Broadcast
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmPoms in Paradise
8.30pmCoronation Street
9pmPiers Morgans Life
Stories: Frank Bruno
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMRay: 2004.
1.20amThe Zone; ITV News
Headlines 3amFILMHouse of
Wax: 2005. 4.50am-5.30amITV
Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pmCHOICE Unreported
World
7.55pm4thought.tv
8pmCome Dine with Me
9pmThe Million Pound Drop
Live
10.35pmRude Tube: Epic Fails
11.35pmRandom Acts
11.40pmFILMSlither: 2006.
1.25amFILMI Think I Love My
Wife: 2007. 2.55amMy Name Is
Earl 3.15amFranklin & Bash
3.55amSt Elsewhere 4.45am
Privileged 5.25am-6.10am
Countdown
6pmHome and Away
6.30pm5 News at 6.30
7pmRobsons Extreme Fishing
Challenge: 5 News Update
8pmCHOICE Eddie Stobart:
Trucks and Trailers: 5 News at
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9pmThe Mentalist
10pmCastle
10.55pmLaw & Order:
Criminal Intent
11.55pmInside Hollywood
12amSuperCasino
3.55amMotorsport Mundial
4.20amMichaelas Wild Challenge
5.10amGreat Artists 5.35am-6am
Great Artists
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
digits1-9 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
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
WORDWHEEL
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
1 2 3 4 5
6 7
8
9
10 11 12
13 14
15 16 17
18 19
20
21
22
4 22 16
3 21
28 10
15 22
27 15
45
17 19
8 35
6 12
22 3
13 23 10
11
18
7
16
38
29
7
32
9
14
16
9
10
41
13
30
37
13
8
21
17
ACROSS
1 Conned (4,2)
6 Stan ___, lm
partner of Oliver
Hardy (6)
8 Inclined towards or
displaying love (7)
9 Capital of modern
Macedonia (6)
10 Flexible part of
a whip (5)
13 Containing too
many words (7)
16 Remnant of
the past (5)
18 In a foreign
country (6)
20 Naturally
efervescent
mineral water (7)
21 Part of the eye (6)
22 River bordered by
Vienna, Budapest
and Belgrade (6)
DOWN
1 Aggressive remark
directed at a person
like a missile (5)
2 Chair of state of
a monarch (6)
3 Added to (4)
4 Small anchor with
several claws
or arms (7)
5 Group of warships (5)
7 Request (3,3)
11 Method of delivery
of a cricket ball (7)
12 Animal fat used
in cooking (6)
14 Church ofcer in
charge of sacred
objects (6)
15 Piece of cloth used
to mend a hole (5)
17 Cut thinly (5)
19 Defunct (4)
A
N
H
S
R I
O
E
M

4
4

4
4

S H A R I F B F
T E L E E W A Y
U N R I P E C R
N A R E G A T T A
T O T O M H
S P E E D O M E T E R
T L E E R E
D I L E M M A N M
M V A L K A L I
D U R E S S N S
M N S L A T E S
9 3 8 7 6 8 3 7
3 2 4 1 1 6 4 2
4 9 9 8
8 6 7 9 8 3 1 9
7 1 6 3 8 9 4 2 5
1 2 3
5 2 8 4 9 6 3 7 1
1 3 5 2 7 4 9 3
7 9 1 2
2 1 6 3 4 2 6 5
8 4 7 9 7 5 8 9
4
4
4
4
4
4
4
4
4
The nine-letter word was
INSULATED
T
E
R
R
E
S
T
R
I
A
L
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
WOULD I LIE TO YOU?
BBC1, 8.30PM
Team captains David Mitchell and Lee
Mack are joined by Richard Madeley,
Sanjeev Bhaskar, Kate Humble and
Miles Jupp. Hosted by Rob Brydon.
UNREPORTED WORLD
CHANNEL4, 7.30PM
Krishnan Guru-Murthy and Alex Nott
travel to Baghdad, where they follow
members of the Iraqi security forces
responsible for defusing bombs.
EDDIE STOBART: TRUCKS AND
TRAILERS CHANNEL5, 8PM
Drivers deliver turf to Cardiffs
Millennium Stadium, while a trucker
has to transport 24,000 litres of wine
to a factory in Chester.
TVPICK
G
E
T
T
Y
A
S Madnesss One Step
Beyond boomed out at
Stamford Bridge after the
1-0 defeat of Barcelona on
Wednesday night, the Chelsea
players looked like they believed
this could be the year they
finally go all the way in the
Champions League.
Roberto di Matteos back-to-
basics approach is paying hand-
some dividends and hes taken
expectations from almost nil to
frenzied levels in less than two
months. Chelsea could yet end
up empty-handed and con-
signed to Europa League football
in 2012/13, but I suspect they
may land at least one of the
prizes on offer.
The FA Cup is most realistic;
theres still a long way to go in
the Champions League and the
Blues have a tough run-in to
negotiate to land a Premier
League top four spot. They face
Arsenal tomorrow in the middle
of their Barcelona sandwich and
it might be a game too far after
their excellent performances at
Wembley and Stamford Bridge.
Surprising defeats to QPR and
Wigan have given the teams in
pursuit of the Gunners hope
again of catching them. If they
lose to Chelsea then Di Matteos
men will be four points behind
with a game in hand, but I think
Arsenal, the 21/20 favourites with
Coral, will sneak this one.
The Gunners are probably
Englands most comparable side
to Barcelona and Di Matteo could
use this as a warm-up for their
mission in Catalonia on Tuesday.
With that game looming large, it
will be hard for Chelsea not to be
distracted and the Italian may
shuffle his pack. I can definitely
see Didier Drogba making way
for Fernando Torres and
although the Spain striker has
shown flashes of past brilliance,
hes not in Drogbas league at the
moment.
I would be more confident of a
home win if it hadnt been for
the slip up against Wigan when
the Gunners were a little off
colour. Mikel Arteta is out for the
rest of the campaign with the
ankle injury sustained in that
match and possible replacement
Yossi Benayoun is ineligible
against his parent club, so
Wenger has an important deci-
sion to make in the middle of
the park.
Even still, the Gunners should
be backed to secure a third
straight win against Chelsea
after beating them 5-3 at the
Bridge in October and 3-1 at the
Emirates last season. Those high
scoring encounters have influ-
enced Sporting Indexs total
goals quote of 2.7 2.9 but the
value could be to sell at that
mark, with the visitors unlikely
to be keen on an open contest.
Theres another west versus
north London clash tomorrow as
QPR entertain Tottenham.
It will be Spurss first trip to
Loftus Road since September
1995 when a Teddy Sheringham
brace and Jason Dozzell strike
cancelled out goals from Danny
Dichio and Andy Impey to seal
the three points for the visitors.
There is every chance that will
remain Spurs most recent victo-
ry in W12.
Spurs are in bad shape and
their form away from White Hart
Lane is terrible. Aside from the 5-1
FA Cup semi-final hammering,
they havent won a Premier
League road game in 2012 the
last was at Norwich in December.
Wigans Emirates victory has
ramped up the pressure at the
bottom, but QPR have won three
on the bounce at home against
Liverpool, Arsenal and Swansea
and look terrific value at 14/5
with Coral.
Course specialist Merigo can claim his
second Coral Scottish Grand National
PAUL Nicholls had possibly the
greatest day of his racing career
last Saturday when Neptune
Collonges finally broke his
Grand National hoodoo, and
Team Ditcheat will be confident
of notching another big win
tomorrow as Harry The Viking
looks to hold strong claims in
the Coral Scottish Grand
National (3.25pm).
The seven-year-old, part-
owned by Sir Alex Ferguson, has
never finished out of the first
two in six career starts and was
an excellent second behind
Teaforthree in the National
Hunt Chase at Cheltenham last
month. The 2011 winner of this
race, Beshabar, also finished
second in the four-miler prior to
his run at Ayr, so he has solid
credentials, but I dont think it
was a particularly strong race
and, at 6/1 with Coral, Im
prepared to take him on.
The term horses for courses
should never be disregarded
and if there is one track where
MERIGOcomes alive, its here
at Ayr. Andrew Parkers 11-year-
old has run seven times at this
course and has never finished
out of the first three, winning
four times, including this race
two years ago.
He is an out and out stayer
and I was hugely impressed with
his run in this race 12 months
ago. He was 15lb higher than
when successful in 2010, but was
still only beaten three quarters
of a length by Beshabar. Now, his
performances earlier this season
saw him drop a huge 13lb to a
mark of 129, but he bounced
back last time at this track
and races off 134
tomorrow, which is
8lb lower than this
race last year.
What is
especially
interesting
is that
Timmy Murphys mount was in
poor form prior to this contest
last spring and Im sure his
season has been targeted
entirely around this race. He
goes on all types of ground and I
cant see him out of the first
four, so take some of the 7/1
available with Coral.
Portrait King rates a big
danger on his win in the Eider
Chase in February, but that
wasnt a strong race and he has
gone up in the weights since. I
will be throwing a few pennies
at ANY CURRENCY, though,
as he relishes a stamina test,
has next to no weight and
still looks well-
handicapped. Corals 25/1
is more than fair.
Tomorrows Newbury
card is very tricky but
FURY is worth backing
in the Spring Cup at
3.45pm. William
Haggas four-year-
old has to carry top
weight, but he is the
class horse in the
race and the current wet
conditions are perfect for him.
He was gelded in the summer
and that seems to have done the
trick based on his cracking
effort in the Lincoln.
Its the Investec Derby Trial at
Epsom next Wednesday and
both the sponsor and the
racecourse should be
commended for increasing
prize money and offering a
wild-card entry into the Investec
Derby. The race is now worth
50,000 and prize money for the
Investec Oaks and Diamond
Jubilee Coronation Cup
(sponsored by Investec) has also
been boosted.
Read my thoughts in a special
Punter next Wednesday
focusing on the Investec Derby
Trial. You can follow me on
Twitter @BillEsdaile for all my
racing views.
Arsenal have won their last two meetings with Chelsea, including a 5-3 defeat of the Blues at Stamford Bridge in October
30
THEPUNTER
SPORT TRADER
nPointers
MERIGO e/w 3.25pm Ayr (tomorrow)
ANY CURRENCY e/w 3.25pm Ayr (tomorrow)
FURY e/w 3.45pm Newbury (tomorrow)
nPointers
Arsenal at 21/20 with Coral
Sell total goals at 2.7 with Sporting Index
QPR at 14/5 with Coral
Text MOBILE
to 65559
coral.co.uk
1700+ Shops
nationwide
0800 242 232
Mon-Sat from8.30am
WELL REFUND STAKES IF YOU
BACK ANY SEEDED PLAYER
TO WIN AND THEY LOSE IN
THE 1ST ROUND
Each-way 1/2 the odds a place 1-2
Prices subject to uctuation. *Unseeded Player
5/1 J. Trump
7/1 J. Higgins
8/1 R. OSullivan
9/1 N. Robertson
9/1 M. Selby
12/1 D. Junhui
14/1 M. Allen
14/1 S. Maguire
16/1 S. Murphy
22/1 S. Lee
22/1 M. Williams
45/1 G. Dott
66/1 P. Ebdon*
80/1 A. Carter
80/1 M. Gould
80/1 M. Stevens
WORLD SNOOKER
CHAMPIONSHIP OUTRIGHT
WELL REFUND LOSING
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FOR NEW CUSTOMERS
IF AT 1ST YOU DONT SUC-SEED: Max refund 100 per customer per selection. Offer applies to pre-tournament win and
each way bets. Singles only placed from 8am Tuesday 17th April 2012 will qualify. TOPPLED BY A TON: Max refund 100 per
customer per match. Applies to pre-match bets and correct score markets ONLY in any match. Singles only placed after 8.00am
Tuesday 17th April 2012. Any refunds will be credited within 24hrs. Coral rules apply. For additional terms see coral.co.uk 30 NEW
ACCOUNT OFFER: Available on mobile, online and by phone. New customers, 18s + & UK residents only. Deposit and stake up
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BEN CLEMINSON AND BILL ESDAILE TEAM UP TO BRING YOU THIS WEEKS BEST FOOTBALL AND RACING BETS
Gunners to
prosper
with no
distractions
Timmy Murphy has
a great chance at
Ayr tomorrow
G
E
T
T
Y
IN BRIEF
G
E
T
T
Y
HARLEQUINS No8 Nick Easter has
urged the Aviva Premiership leaders
to lay down a marker when in-form
Leicester visit the Twickenham Stoop
for tomorrows summit clash.
Leicester, aided by the resurgent
Toby Flood, look a sure bet to join
already-qualified Quins in the semi-
finals, following last weeks 35-21
win at Northampton, in which the
fly-half claimed 25 points.
But Quins beat the Tigers 27-18 in
the reverse fixture and Easter is
eager to prove their title-winning
credentials with a victory
that would guarantee
them a home last-
four date.
We have
worked hard to be
in this position and
there is no point now
patting each other on
the back and thinking
the job is done
because it is far from
it, said the former
Tigers win will
give Quins semi
lift, says Easter
England star.
It is good to play this standard of
team ahead of the semis. They have
tremendous pedigree and have won
the title more than anyone else.
When two sides are playing as good
rugby as we are it is a really good test.
We have been top since the third
week so we have been there to be shot
at but the guys have responded well
and we have to continue in that vein.
Easter believes home advantage in
the last four could be the differ-
ence between glory and
heartache, saying: There
havent been that many
away wins in the semi-final
games so it does become an
advantage. But we still have to
get that home tie and we
havent got it yet.
Buy a ticket for the Aviva
Premiership Final on 26 May
and receive a free rugby shirt.
Go to www.premiershiprug-
by.com/freeshirt to buy yours
BY SAM WAKEFIELD
Easter is targeting a home tie in the
Premiership semi-finals
cityam.com
SPORT
31
Visit ticketmaster.co.uk
Match Ticket with access to Exclusive Lounge area at Twickenham.
Offer includes free pie and a pint on arrival.
LIM
IT
E
D

O
F
F
E
R
PREM
IERSHIP LO
UN
G
E TICKETS 99
ENGLAND batsman Kevin Pietersen notched his first ever Twenty20 century to help
Delhi Daredevils beat Deccan Chargers by five wickets in the Indian Premier League
yesterday. Pietersens ninth six sealed victory and took his tally to 103 not out from just
64 balls, as Delhi reached 162-5 with five deliveries to spare.
DAREDEVIL PIETERSEN SMASHES FIRST T20 TON
Results
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Howley handed Wales reins
nRUGBY UNION: Wales assistant Rob
Howley has been named caretaker
head coach for the summer tour to
Australia while Warren Gatland
recovers from two heel fractures.
Coyle eyes Muamba comeback
n FOOTBALL: Bolton say midfielder
Fabrice Muamba may play again,
following his recovery from a cardiac
arrest. It wouldnt surprise me if he
comes back, said boss Owen Coyle.
Murray faces Berdych in Monaco
n TENNIS: Britains Andy Murray will
play Tomas Berdych in the Monte
Carlo Masters quarter-finals today
after the Scots third-round opponent
Julien Benneteau retired hurt.
BARCELONA midfielder Andres
Iniesta insists Chelsea do not
deserve to take a slender lead into
next weeks Champions League
semi-final second leg.
The Blues repelled wave after
wave of attack and landed a classic
sucker punch, in Didier Drogbas
breakaway goal, to upset the
holders 1-0 on Wednesday in west
London.
Barca virtually monopolised
possession, enjoying 72 per cent,
and fashioned 24 goal attempts to
Chelseas five, but now stand on
the brink of a shock elimination.
Iniesta believes the Catalans
were unlucky to lose but has
backed them to turn the tie on its
head at Camp Nou on Tuesday and
reach next months final in
Munich.
The result is unjust, said the
Spain World Cup winner. But we
knew that Chelsea are a team that
take advantage of their
opportunities. We were off-target
in front of goal but we still have
the return leg at home.
We have the feeling that we
created a lot of clear chances. The
only thing we were lacking was the
final touch. Sometimes this
happens.
Well try to be more effective in
the return leg. We have
confidence in our ability to
overturn the scoreline. We have
had an adverse result and we have
to work harder seeing that were
capable of doing it.
Barca, who face a pivotal top-
flight clash against arch-rivals Real
Madrid tomorrow, have hosted
Chelsea three times since 2006
without winning, giving Blues
goalkeeper Petr Cech hope of
frustrating them again.
Weve done well in the past
there, and need to reproduce the
same kind of performance that we
did before, said Cech. It will be
really important to score an away
goal as well, but we seem always to
score there and, hopefully, we can
replicate that.
Chelsea win
unjust, says
Barcas Iniesta
FEARS were growing last night that
Sundays Bahrain Grand Prix will be
overshadowed by violent clashes
after Formula One teams became
directly embroiled in the political
unrest for the first time.
Two members of the Force India
team asked to leave the troubled Gulf
state yesterday after a car transport-
ing staff from the racetrack was
caught up in a petrol bomb clash
between protesters and police.
Force India driver Nico
Hulkenburg said he felt they
shouldnt have been put in this posi-
tion, while his team-mate, the Scot
Paul di Resta, called it an uncom-
fortable situation.
Further protests, which until now
have been restricted to cities and
towns, are planned for nearby the
remote Bahrain International Circuit
today and on race day, raising the
prospect of disruption to the event.
Formula One chiefs have repeated-
ly played down concerns, while
organisers remain defiant that the
grand prix, cancelled last year owing
to security concerns, will go ahead,
despite conceding further trouble
was expected.
I dont see a reason why it should-
nt be staged, said circuit chief Zayed
Alzayani. Whatever the country is
going through is mainly on the polit-
ical side. The race will benefit the
economy and show that, even in
times of differences, we can find
common ground. He added: I think
Clashes escalate as
Bahrain race looms
there probably will be more protests.
Bahrain authorities had hoped
staging the race would show the
country is over the upheaval that has
dogged it for more than a year, but
there appears a growing danger that
it will merely draw attention to the
power struggle.
The most worrying incident this
week occurred when a car carrying
four Force India mechanics from the
Sakhir circuit to their hotel passed
through a battle between demonstra-
tors and police.
Tear gas entered the car and the
driver fled amid flames caused by
petrol bombs. The teams staff
escaped unhurt. The car is not
thought to have been targeted,
although protesters have expressed
anger at the grand prix.
Teams have publicly refused to
blame Formula One chiefs for press-
ing ahead, but driver Hulkenburg
said: We shouldnt have been put in
this position. The F1 business is about
entertainment and these sort of
things should not really be happen-
ing to us.
Force India have pledged to stay
and race, with practice sessions start-
ing today. It comes as foreign
reporters are said to have been
blocked from entering Bahrain, while
a cross-party MPs group has called on
sponsors to boycott the race.
Stun grenades were fired at protest-
ers onWednesday at a cultural exhibi-
tion to mark the grand prix.
Sundays race is set to go ahead against a backdrop of civil unrest and increasingly violent clashes between protesters and police
Force India staff flee
after convoy hit by
petrol bomb clash
32
SPORT
cityam.com/sport
BY FRANK DALLERES
BY FRANK DALLERES
Photography: Simon Procter
Millinery: Stephen Jones
Attire: Antonio Berardi
royalascothospitality.co.uk
0844 411 5081
Theres no point patting
each other on the back and
thinking the job is done,
because its far from it
Easter urges Quins to beat Leicester and

ensure home Premiership semi-final

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