Beruflich Dokumente
Kultur Dokumente
COVENT Gardens arcade has been decorated with Union Jack bunting this week to mark Londons
celebration of Queen Elizabeth IIs Diamond Jubilee. Other festivities this weekend will include a
festival of boats on the Thames and the lighting of more than 2,000 beacons around the country.
CITY leaders yesterday welcomed the
governments decision to scrap the
proposed charity tax, a policy that phi-
lanthropists say would have under-
mined giving at a time when charities
are in desperate need of new funds.
Announcing the Treasurys third
budget U-turn of the past week, chan-
cellor George Osborne said the debate
over capping tax relief from charitable
donations had become a distraction.
Frankly, at a time like this the gov-
ernment is going to focus on the big
issues like the worsening Eurozone cri-
sis and Britains deficit, and not get dis-
tracted with unnecessary arguments.
Osbornes decision came the day
after leading venture capitalist Jon
Moulton said that he would stop
donating to the Conservative party
www.cityam.com FREE
after becoming disillusioned over the
charity tax, and other economic issues.
Last night Moulton told City A.M. that
he absolutely supported the decision
to drop the policy but the govern-
ment should have done it earlier.
[The cap would have] discouraged
large gifts to charity and they can sub-
stitute for government cuts. I regard
myself as insensitive but this is well off
the scale of what Id normally do.
Heather Self, tax specialist at law
firm Pinsent Masons said: The govern-
ment appears to have conceded that it
was wrong to draw charities into a cat
and mouse game of tax avoidance.
This was a poorly thought through
proposal which would have harmed
charities without being well-targeted
on abuse.
Despite the U-turn the government
will push ahead with plans to cap other
FTSE 100 5,306.95 +9.67 DOW t12,393.45 -26.41 NASDAQt2,827.34 -10.02 /$ t1.54 -0.01 / t1.25 unc /$ 1.24 unc
ISSUE 1,645 FRIDAY 1 JUNE 2012
LONDON READY FOR
THE JUBILEE
ALLISTER HEATH: Page 2
Certified Distribution
02/04/2012 till 29/04/2012 is 100,668
BY JAMES WATERSON
CITY CHEERS
U-TURN ON
CHARITYTAX
forms of tax relief at 50,000 a year, or
25 per cent of an individuals income.
Critics say going ahead with this pol-
icy will affect reliefs that are designed
to encourage entrepreneurship, such
as relief for trading losses and interest
relief for borrowing.
While the desire to stop the abuse of
these allowances by the minority is
understandable, the restriction of
these reliefs for all high earners risks
discouraging entrepreneurial activity,
said Carolyn Steppler of Ernst & Young.
Gareth Thomas, shadow charities
minister, said the policy has already
done considerable damage.
Sir Stuart Etherington of the
National Council for Voluntary
Organisations praised the decision:
This is a victory for common sense.
This is a great day for philanthropy.
COVENT GARDEN CELEBRATES
See Page 2, Punter Page 28-29, Sport Page 31
See Page 2, Diary 14-15,
Forum 22, Lifestyle 24-25
A RIGHT ROYAL WEEKEND
INVESTEC DERBY
SPECIAL SATURDAY EDITION
IN BRIEF
JPMs Dimon to explain $2bn loss
n JP Morgan Chase chief executive
Jamie Dimon will testify before the US
Senate Banking Committee on 13 June
to discuss the banks recent trading
losses, the committee said yesterday.
Earlier this month, JP Morgan said it
had suffered at least $2bn in losses
from a set of trades that were meant
to hedge risk. Regulators are probing
the losses before making a decision
about whether the bank and others
need to scale back their risk.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
CITY A.M.
INVESTEC DERBY
SPECIAL EDITION
Davis to get 30m but no
raise for Xstrata investors
XSTRATAS top staff will share a
173m reward for sticking with the
firm during its mega-merger with
Glencore, documents revealed yes-
terday.
As Xstrata shareholders learned
that Glencore has refused to budge
on its offer of 2.8 new shares for each
Xstrata share, the circular showed
that a group of around 70 managers
and senior employees will be handed
a slice of the huge payout as a
reward for their loyalty.
Mick Davis, who will be chief exec-
utive of the enlarged group, stands
to make almost 30m on top of his
salary and long-term bonuses if he
stays with the firm for the next three
years.
Investors including Standard Life
and Schroders have already voiced
concerns that top staff are being
rewarded handsomely while
investors stand to win a premium of
just 11 per cent for their stock.
But the mining giant warned
shareholders against a protest vote
against the payouts, pointing out
that the deal will collapse if a sepa-
rate management incentive
arrangements resolution fails.
Glencore shareholders will vote on
the merger on 11 July, followed by
Xstratas investors the following day.
The firms expect the merger to close
Osborne sues to deter EU overreach
George Osborne is taking legal action in a
bid to stop the EU from overreaching its
powers by giving a pan-European
supervisor the right to ban short selling of
financial products. The chancellors
decision to sue reflects his determination
to prevent EU institutions overstepping
their mandate, rather than any opposition
to short selling regulation reforms, which
he strongly supports.
Potanin may cancel Norilsk stock
Vladimir Potanin, the biggest shareholder
in Norilsk Nickel, said the Russian miner
may cancel up to 10 per cent of the
companys stock held via subsidiaries, a
move that could ease a corporate
governance conflict over the business. The
board could make a decision before the
end of the year.
Potential bid for American Airlines
Private equity group TPG and US Airways
are in talks over a joint bid for AMR Corp,
the parent company of American Airlines,
according to people familiar with the
situation. American, the third-largest US
carrier, filed for bankruptcy protection in
November citing untenable labour costs.
Bankers are proud of Facebook
Morgan Stanleys boss has defended his
banks role in the Facebook IPO, claiming
that there was no nefarious activity
involved. James Gorman told staff they
should be proud of their work and the
listing should be judged over time.
Taxman to scour Covent Garden
Traders at Londons markets, including
Covent Garden and Petticoat Lane, are set
to be blitzed by tax inspectors over the
next few months as pressure intensifies
on firms that are not paying their dues.
Mirror bosses wanted to buy firm
The editors of the Daily Mirror and the
Sunday Mirror were secretly planning to
take over the company before they were
sacked. Richard Wallace and Tina Weaver
were ousted on Wednesday. It has now
emerged that Mr Wallace and Ms Weaver
were plotting to take over the company.
Walmart faces revolt over bribes
Walmart is braced for an AGM protest in
the wake of allegations that up to $24m
(15.6m) was paid to Mexican officials to
help speed up the firms expansion.
Auto maker pulls back in Brazil
Another luxury auto maker is pulling back
on plans to invest in Brazil. Jaguar Land
Rover, the luxury-car unit of Indias Tata
Motors, yesterday followed Germanys
BMW AG in suspending plans to build a
new plant in Brazil.
Russian ruble at crisis levels
The Russian ruble plummeted to its
lowest level in more than three years
against the dollar yesterday, bruised by
falling oil prices and a fresh round of
European sovereign debt worries.
WHAT THE OTHER PAPERS SAY THIS MORNING
SPORTSWEAR giant Nike is
putting its Cole Haan and Umbro
labels up for sale to focus on its
biggest-selling core brands.
The US company said yesterday
it is starting the process straight
away and hopes to complete the
sale by May next year.
It is now time to seek a buyer
for Umbro and Cole Haan to
further focus ... on driving growth
in the Nike brand, Jordan,
Converse and Hurley, stated Nike,
which has forecast 1.5bn sales of
football-related products this year.
Nike gives tick
to brands sale
Mick Davis, the Xstrata chief who will earn a 30m bonus for running the merged group
2
NEWS
BY JENNY FORSYTH
BY MARION DAKERS
To contact the newsdesk email news@cityam.com
F
OR charities and their donors,
including many in the City,
George Osbornes latest and
most spectacular u-turn comes
as a perfect Jubilee weekend present.
The Chancellor had announced in
the Budget a limit of 50,000 or 25
per cent of income, whichever was
higher, on the amount individuals
could donate in a tax-deductible
fashion; the idea was
unceremoniously dumped yesterday
after pressure from philanthropists,
furious at being portrayed as tax
avoiders by a government which had
previously encouraged charitable
work and the Big Society. It is a major
humiliation for the Chancellor, who
has also partly u-turned on his pasty
and caravan tax plans. Pressure
groups will feel emboldened to try
and derail all measures in future
Budgets. These will be seen as starting
EDITORS
LETTER
ALLISTER HEATH
George Osbornes latest tax U-turn is a great Jubilee present
FRIDAY 1 JUNE 2012
points, working papers even, rather
than final pronouncements on
financial matters.
But even though this was by some
accounts the governments thirtieth
U-turn, more are needed. Other, dam-
aging tax hikes masquerading as
reforms have not been scrapped.
Osborne is pressing ahead with a cap
on other income tax reliefs, including
for trading losses and interest relief
for borrowing (this applies to individ-
uals who take out loans in their own
name to help their business).
Astonishingly, these actually target
those setting up and running unquot-
ed businesses and are bound to throt-
tle expansion and job-creation plans.
There is an overwhelming argu-
ment to stop promoting debt in the
tax system, and to make its treatment
similar to equity, even though
Osborne is constantly dreaming up
new ways to subsidise loans. But it
makes no sense to eliminate interest
relief on loans to companies while
simultaneously complaining about
the lack of finance for small start-ups.
Once again, this is the very opposite
of joined up government.
The real scandal, however, is the cur-
tailing of loss relief: this makes no
sense on any measure. Any abuse of
these allowances by a minority
should be stopped but the principle
of paying income tax on actual, posi-
ous Budgets policies. Either he does-
nt fully understand what he is doing
or economic policy in this country
truly is a contradictory muddle.
HAPPY DIAMOND JUBILEE
In an era where duty has gone out of
fashion, the Queen stands out as an
extraordinary example of selfless ded-
ication. A public servant like no other,
through good as well as bad times,
she is a remarkable symbol of
Britains continuity, stability and
unity in an ever-changing world. She
deserves all of our heartfelt thanks.
For those of you attending the
Investec Derby, we hope you enjoy our
special Saturday edition and we
wish all our readers a great Jubilee
weekend.
tive income, not losses, is a basic tenet
of the tax system. A self-employed
worker who sets herself up in year
one, incurring 60,000 in net start up
losses, and then earns 60,000 in year
two, would currently not pay any
income tax over that period as she
would have earned nothing overall.
Under Osbornes plans, however, she
will pay tax on zero net income.
This is as outrageous as it is stupid.
Osborne has also previously
increased income tax relief for
Enterprise Investment Schemes (EIS),
especially for those financing angel
start-ups yet his assault on loss relief
will cancel out much of this help and
reduce the flow of EIS investments.
Im no fan of these sorts of fiddly
schemes as I want a drastically lower
and simpler tax system but Osborne
loves them. Yet this Budget is stealth-
ily reversing the effects of his previ-
in the third quarter of the year.
But the firms need 75 per cent
approval to pass the tie-in, leaving
power to block the deal in the hands of
a relatively small group of disgruntled
institutions.
The firms advisers will make up to
$200m if the deal goes ahead.
Glencores bankers, including
Citigroup, Credit Suisse and Morgan
Stanley, will share a pot of up to $50m
for financial and corporate broking
advices. Xstratas team of Deutsche
Bank, JP Morgan, Goldman Sachs and
Nomura will split as much as $80m.
Xstratas PR team will scoop up to
2.8m for the duration of the merger,
while lawyers for the two firms are set
for a 25m payday.
The firm expects to make earnings
before tax, interest, depreciation and
amortisation of $500m for first full
post-merger year. Xstratas independ-
ent directors said yesterday the biggest
firm is best positioned to succeed in a
changing industry landscape.
The new jobs website for London professionals
CITYAMCAREERS.com
n Waterloo Station
n Victoria Station
n Epsom Station
n Tattenham Corner Station
n Epsom Downs Race Course
City A.M., the official
newspaper of the Investec
Derby, will be publishing its
special Saturday edition for
racegoers tomorrow.
Readers can pick up their
copies at these stations,
among others, from 9am:
CRUDE oil futures plunged more
than one per cent yesterday to end
May with their biggest monthly
decline in more than three years.
In London, ICE Brent crude
futures for July delivery settled at
$101.87, down $1.60, the lowest
finish for front-month Brent since
4 October. Front-month Brent fell
14.7 per cent for the month, its
biggest monthly decline since
December 2008.
Brent has fallen more than 21
per cent from its 2012 high of
$128.40 hit in March.
Oils May loss is
worst in 3 years
BY CITY A.M. REPORTER
LOGICA shares soared by 69 per cent
yesterday after CGI Group Holdings
offered to pay 1.7bn in cash to buy
the computer services company.
CGI, a Canadian IT company, said
the 105p per share offer represented
a 59.8 per cent premium to Logicas
closing share price on Wednesday.
The deal has garnered unanimous
support from Logicas directors and
irrevocable undertakings from
Schroder and Artemis, the British
companys biggest shareholders who
collectively own an 18 per cent stake.
Both funds reserved the right to
withdraw their support if an offer
higher by 10 per cent comes along
an outcome which some analysts
have pegged as likely, particularly
since Logicas shares jumped to
almost 6p above CGIs offer price.
George OConnor at Panmure
Gordon said, Logica is one of the
cheapest IT service companies, and
even at acquisition multiples it is
attractive enough to flush out anoth-
er buyer. The potential buyers are
numerous (start at IBM, or Accenture
and just walk down the list).
But Paul Morland at Peel Hunt dis-
agreed, saying: The bid looks oppor-
tunistic but has been agreed and is
BY LAUREN DAVIDSON
unlikely to be countered in our view.
Logica is the third British tech com-
pany to be bought by an American
company in the last year.
HP bought Autonomy last October
for 6.2bn, and private equity firm
Vista offered 1.27bn for Misys earlier
this year.
OConnor said CGIs bid may well
mark the beginning of the end of a
fraught road for Logica shareholders,
who have seen value destroyed over
the past years.
In the past 12 months, Logica shares
have lost more than half of their
value following two profit warnings.
CGI said it has received debt fund-
ing from Canadian Imperial Bank of
Commerce, National Bank of Canada
and The Toronto-Dominion Bank
financed the acquisition.
Logica was advised by a bumper team com-
prising Rothschild, Deutsche Bank and Bank of
America Merrill Lynch.
Heading the Rothschild group was Warner
Mandel, global head of media and technology,
who advised BT on the sale of Yell and Trinity
Mirror on the sale of Racing Post.
Mandel was joined by TMT director Jeremy
Millard, who was involved in the 4bn
demerger of Cable & Wireless, and Nick Ivey,
who worked on the 1.3bn takeover offer of
Alliance and Leicester by Banco Santander.
Logicas advisory team at Deutsche Bank
comprised Richard Sheppard, the banks head
of UK M&A, Charles Wilkinson, co-head of UK
corporatebrokingandCharles Bryant, head of
EMEA technology. Logica hired Simon
Gorringe, Guy Hayward-Cole and Andrew
Tusa at BoA Merrill Lynch.
On the CGI Group side, the Goldman Sachs
team which also advised Vista on its Misys
acquisition included Gregg Lemkau, head of
M&A for Europe and Asia, and Nicholas van
den Arend, a fairly new MD at the rm after
moving on from being a business develop-
ment manager at Misys. Thetwowere joined
by Nick Harper, an MD who has worked on
several high prole deals including Guocos
takeover of Rank Group and Boots merger
with Alliance UniChem. by Anaam Raza
ADVISERS ROTHSCHILD
WARNER MANDEL
GLOBAL HEAD OF MEDIA
US joins global slowdown with
another rise in jobless claims
THE US outlook took a blow
yesterday as unexpectedly high
unemployment figures, weak
business data, and a downward
revision to GDP growth all cast
doubt on the strength of the global
leaders recovery.
Official data recorded 383,000
new claimants for unemployment
benefits last week, up 10,000 on the
week before and the fourth
consecutive rise reversing the slow
decline seen over earlier months.
Similarly, figures from private
BY TIM WALLACE
payrolls processor ADP showed
private employers created 133,000
jobs in May, below the expected
148,000.
The Chicago business barometer
slowed to its lowest level since
September 2009 last month, with
the production index falling from
57.1 in April to a seasonally adjusted
50 in May showing production flat
on the month.
Meanwhile the Commerce
Department revised its first quarter
GDP estimate to show annualised
growth of 1.9 per cent, not the 2.2
per cent first thought, in part
because consumer and government
spending was lower than first
thought.
That represents a slowdown from
the three per cent GDP growth seen
in the final quarter of 2011, in part
because corporate profits expanded
by $11.4bn (7.4bn), slower than the
$16.8bn rise in the previous quarter.
The economy is growing at an
anaemic pace and the job market is
showing some signs of hesitation in
the pace of hiring, warned
economist Paul Edelstein from IHS
Global Insight.
There is a lot to worry about.
FORMULA ONE PUTS BRAKES ON ITS FLOAT
Logica PLC
29May 30May 31 May 25May 28May
120
110
100
90
80
70
p 110.90
31May
FRIDAY 1 JUNE 2012
3
NEWS
cityam.com
CGI swoops in
with 1.7bn bid
for UKs Logica
FORMULA Ones chief Bernie Ecclestone last night signalled that its IPO could be pushed back
by several months due to the current market turmoil. F1 is planning to float in Singapore, with
premarketing for the $3bn (1.95bn) IPO already under way. Ecclestone had said he had
hoped to complete the IPO by the end of June but now is waiting until the right time.
Depositors rush to
leave Spains banks
Bankia SA
29May30May 31 May 25May28May
1.60
1.50
1.40
1.30
1.20
1.10
1.00
1.04
31May
4
NEWS
SHARES in bankrupt Spanish
lender Bankia were suspended
from trading yesterday as the
European Commission told
Madrid that it must end
uncertainty over its bailout
plans.
EU commissioner Amadeu
Altafaj said: What we need first
of all is for the Spanish
government to tell us its
restructuring plans for Bankia,
what options it is considering...
The sooner uncertainties are
removed the better.
Spain has caused confusion by
first floating a plan to recapitalise
Bankia by handing over 19bn
(15.2bn) of government bonds
and then getting the lender to
swap them for cash at the
European Central Bank.
BY JULIET SAMUEL
That plan was reportedly
rejected by the ECB, but with
Spains borrowing costs soaring,
it is not clear if the government
is prepared to issue new debt to
rescue its banks.
Bankias share price has more
than halved since the start of
May.
TENS of billions of euros left Spains
risky banks last month, central
bank data showed yesterday, as
depositors took cash to safer
locations abroad at the fastest rate
since records began in 1990.
A net total of 66.2bn (53bn) was
sent abroad, up from 5.4bn in the
same month last year and showing
an acceleration after 97bn was
pulled out of the country in the
first quarter of the year. The data
shows this capital flight came even
before Bankias recent troubles and
likely 19bn (15.2bn) bailout, as
well as calls for several smaller
banks to be given
aid.
The figures
came as ratings
agency Fitch
downgraded
eight profligate
Spanish regions,
warning that
considerable
additional efforts are
needed if the
autonomous
communities are to tackle their
structural fiscal deficits and begin
to bring down borrowing costs.
Falling tax revenue and a lack of
wide-ranging structural reforms to
public services are both causes for
concern in the regions, including
Andalucia and the Canary Islands,
while risks lie ahead as a large
proportion of debt falls due in the
second half of the year.
Furthermore, Fitch warned that
some of the regions ratings rely on
the backing of the central
government Mariano Rajoy saw
the budget deficit rise in the first
four months of this year thanks to
handouts to regional governments
and so any weakening of this
support would result in further
negative rating actions.
IMF managing director
Christine Lagarde yesterday
denied reports that the IMF
was considering contingency
plans for a Spanish bailout.
BY TIM WALLACE
Brussels urges Spain to clarify
its plans for Bankia bailout
The IMFs head Christine
Lagarde denied plans
for a Spanish bailout
GREECES biggest banks have lost
over a fifth of their deposits over
the last year, it emerged yesterday,
as Eurobank EFG and Alpha Bank
reported losses for the first quarter
of 2012 and a worsening in the
quality of their loanbooks.
Adding their data on customer
deposits to that of Piraeus Bank
and National Bank of Greece,
shows that total deposits for the
four banks have shrunk from
174bn in March last year to
138bn in March this year.
In the first quarter of this year,
they shrank by 3.3 per cent in
aggregate, but most banks noted
that while deposits had been
improving this year, they started to
decline following the inconclusive
election results in early March. It is
not yet clear how much money has
left the banks since the end of
March, because the results only go
up to 31 March.
And the figures also disguise the
true extent of how much money
has left Greece, because they
include overseas subsidiaries, but
nonetheless paint a grim picture of
declining customer confidence.
Greek deposits
shrink by 21pc
BY JULIET SAMUEL
THE EUROZONES governments will
need to give more powers to Brussels
and cooperate far more closely on
taxes, spending and financial regula-
tion, European Central Bank (ECB)
boss Mario Draghi said yesterday, urg-
ing leaders to act quickly to stamp out
doubts over the unions future.
Can the ECB fill the vacuum of lack
of action by national governments on
fiscal growth? The answer is no,
Draghi told the European Parliament.
Instead, he argued, it is down to
national governments to answer the
questions troubling investors and
leading to chaos in Europes markets.
How is the euro going to look like a
certain number of years from now?
The sooner this is specified, the better
it is, Draghi said.
In his role as chair of the European
Systemic Risk Board (ESRB), Draghi
called for greater centralisation of
financial controls, saying national and
European financial regulators must
act in unison, with speed and a total
commitment to financial stability.
ECBs Draghi in
push to unify
banking power
BY TIM WALLACE
Draghi believes a three pillared
banking union as ECB policymakers
have called it, would carry an impor-
tant message that the bloc was united
in support of its lenders, regardless of
which country they are in, and that it
would represent a symbolic first step
towards closer fiscal ties.
His demands for a solution to the cri-
sis, and for controls to prevent a simi-
lar situation arising again, came as
credit ratings agency Fitch issued a
report detailing the possible conse-
quences of a Eurozone break-up.
The widespread redenomination of
debut would cause defaults on private
and sovereign euro-denominated obli-
gations, imposition of capital con-
trols and severe economic and
financial dislocation, Fitch said.
New currencies would plummet, the
report warned Greeces to 57 per
cent of its current value against
Germany, for example.
These events would have major
knock-on effects, said Fitch, including
recession, inflation, lack of credit,
bank deposit restrictions and poten-
tial social and political instability. The ECBs Mario Draghi says centralisation can end the sovereign debt crisis
IRISH voters cast their ballots on the
Eurozones latest fiscal pact
yesterday, though yes campaigners
worried that the wet weather would
discourage supporters from going to
the polling stations.
The result of the referendum is
not expected until this afternoon,
though opinion polls before the vote
had put Ireland on course to
comfortably back the treaty.
Ireland is the only Eurozone
nation to have given its voters a say
on the austerity pact.
Ireland casts its vote on the
Eurozone austerity agreement
BY MARION DAKERS
Major political parties Fine Gael
and Fianna Fail lobbied hard for a
yes vote, warning that Ireland
could be cut off from the new
European Stability Mechanism
bailout fund if it votes against it.
Ireland has given the thumbs
down to two recent Eurozone
referenda, though voters later
supported the measures when
politicians called a second poll. On
occasions when the no vote has
won, turnout has been low.
Taoiseach Enda Kenny urged the
Irish to back the treaty when he cast
his vote yesterday morning.
FRIDAY 1 JUNE 2012
5
NEWS
Q
What, theres another referendum in
Ireland?
A
Yes, Ireland is once again the only
European country to give its
population a direct say on a financial
deal for the Eurozone.
Q
And what are they voting on this time?
A
The same deal that David
Cameron kindly saved Britain
from voting on last year, by vetoing it
for us. The accord for the rest of
Europe puts in place a permanent
bailout fund the European Stability
Mechanism plus commitments to
stick to austerity plans and work on
further fiscal integration.
Q
What happens if
Ireland votes no?
A
If the yes campaigners
are to be believed, European
authorities could block Irelands
access to the bailout fund.
Q
And should we believe them?
A
The no campaign said not, and
want Ireland to chance its arm
reject the austerity plans, safe in the
knowledge that the rest of the
Eurozone would relent and bail it
out anyway, if needed. But Irish
politicians, most of whom support a
yes, are unlikely to relish a game of
brinkmanship with Angela Merkel.
Q
A
and
Irelands referendum
G
E
T
T
Y
cityam.com
EUROZONE inflation eased further
than expected to its lowest level in
more than a year in May, official
data showed yesterday, giving the
European Central Bank (ECB) a
little more room to lower interest
rates amid fears of deep recession
across the continent.
Consumer price inflation in the
17 nations sharing the euro fell to
2.4 per cent year-on-year in May
from 2.6 per cent in April, the EU's
statistics office Eurostat revealed.
Meanwhile official data showed
German retail sales rose 0.6 per
cent in April, down from 1.6 per
cent in March but still stronger
than the drops recorded in other
parts of the Eurozone.
German unemployment
dropped slightly to 6.7 per cent,
again underlining the economys
resilience.
Fall in Europes
inflation rate
BY CITY A.M. REPORTER
3i Group PLC
29May 30May 31 May 25May 28May
175
174
173
172
171
170
169
p 174.70
31May
Jeremy Hunt was
in regular contact
with News Corp
GOLDMAN Sachs chief executive
officer Lloyd Blankfein (pictured)
will testify at the insider-trading
trial of the investment banks
former director Rajat Gupta, a US
prosecutor said in court yesterday.
Assistant US attorney
Reed Brodsky said
yesterday that
Blankfein could be
preceded by seven
other government
witnesses, making it
likely he
would take
the stand
next week.
Goldman chief
is set to testify
BY CITY A.M. REPORTER
PLUS Markets was caught by surprise
yesterday when Gulf Merchant Bank
returned with a revised offer for its
stock exchange unit.
The embattled firm, which
yesterday called a meeting to
approve ICAPs takeover, had no
prior warning of GMBs improved
bid for an undisclosed sum.
GMB said in a statement that it
has remained in close contact with
the FSA throughout this process.
Plus surprised
by GMB offer
Greenhill hires
for Europe push
BY MARION DAKERS
GREENHILL & CO said yesterday it
will add three managing directors
in Europe, including ex-Goldman
Sachs banker Luca Ferrari, as the
boutique advisory firm builds its
business across the continent.
Ferrarri will co-head the Europe
corporate advisory business, while
Deutsches Anthony Parsons will be
a senior member of its UK advisory
team and Mats Bremberg will join
its Stockholm office.
BY CITY A.M. REPORTER
BANKS are open for business, an
official government taskforce
headed by Professor Russel Griggs
has concluded, with just two per
cent of small firms whose lending
application was rejected having
appealed the decision.
Of those that did appeal, 40 per
cent ended up being able get some
form of credit. With only 14 per
cent of total SME applications
having been rejected in the first
place, the figures mean that just 0.2
per cent of credit-hungry firms
were rejected both by banks initial
lending decision and the
subsequent appeals process.
Banks deemed
open to lending
BY JULIET SAMUEL
THE new chief executive of 3i has
bought nearly 7m of shares in the
investments group in a show of faith
in his new strategy.
Simon Borrows has spent around
6.9m on 4m shares spread over
three days this week.
The veteran banker and former
chief investment officer, who took
over from Michael Queen in mid-
May, is thought to see now as a very
good time to buy 3i stock. It takes his
stake in the business to around 5.6m
shares or just over 0.5 per cent.
Borrows was previously chairman
of investment bank Greenhill & Co.
And he has been close to 3i for two
decades and worked on its flotation
in 1994. Last night 3is shares closed
up 3.01 per cent at 174.7p
It comes as more signs emerge of
its efforts to diversify away from tra-
ditional private equity
deals. 3i has signed
agreements to buy
seven European col-
lateralised loan obli-
gation management
Borrows digs in
at 3i with 6.9m
share purchase
BY PETER EDWARDS
contracts from Invesco, adding 2bn
in assets to its debt management arm
It takes total debt assets under man-
agement to 6bn.
It is Borrows first major deal since
taking the top job at 3i. He wants to
grow the debt management business
proportionately faster than the pri-
vate equity division in the belief that
it provides more constant returns.
Jeremy Ghose, head of 3i Debt
Management, said it continues to
look for a US deal in line with our
strategy of playing a leading part in
the consolidation of the debt market
and creating a global credit platform
of size.
Last year 3i bought the debt man-
agement unit of Mizuho Corporate
Bank for 18.3m and subsequently
merged it with its own debt manage-
ment activities.
FRIDAY 1 JUNE 2012
7
NEWS
cityam.com
Simon Borrows want to cut
costs and diversify at 3i
Culture secretary Jeremy Hunt told
he will not face ministerial code probe
DAVID Cameron said yesterday he
will not order an inquiry into
whether Jeremy Hunt broke the
ministerial code during News
Corps controversial 8bn bid for
BSkyB.
The announcement came after
the culture secretarys appearance
at the Leveson inquiry yesterday, in
which he admitted he was
sympathetic to the BSkyB bid and
said he considered resigning after
the correspondence with Fred
Michel was published.
Hunt said that he had worked
very closely with his former special
adviser Adam Smith, who knew
his views on the BSkyB bid, but
said this did not mean Smith
spoke for him.
Hunts appearance at
Leveson also revealed that he
sent James Murdoch
a message of
support for the
takeover bid on
the day he was
put in charge
of
adjudicating
on the bid.
Great
and congrats on Brussels, just Ofcom
to go! Hunt texted to Murdoch,
referring to a decision by EU
regulators in Brussels to
approve the BSkyB takeover.
Hunt was trying to reassure
a furious Murdoch after the
minister originally overseeing
the takeover, Vince
Cable, was removed
from adjudicating on
the bid.
BY LAUREN DAVIDSON
I
N an ideal world, ahead of the
Jubilee weekend, we would now
be looking forward to the listing
of Graff Diamonds shares in
London.
Graff's history is London through
and through. Founder Laurence
Graff started as a jewellery appren-
tice here in 1950 and then 12 years
later opened his first two stores in
the capital.
But the Mayfair-based jewellers
chose instead to go to Hong Kong to
try to raise $1bn. Sadly on
Wednesday evening we learnt that
its efforts had failed.
So why didnt the company and
its advisers Rothschild choose to
float in London and would it have
made any difference to the outcome
if it had?
The most obvious reason is that
the London IPO market is virtually
dead. There have been barely any
decent-sized IPOs in London since
Glencore last year, with the
Eurozone crisis overshadowing a
market in which both buyers
(institutional and retail investors)
and sellers (private equity groups
and entrepreneurs) massively
distrust each other.
There have been far too many
underperforming new issues, from
companies such as Ocado to
Debenhams, to make would-be
investors comfortable.
The reason often given for UK
luxury companies listing in Asia is
that they are better understood
there. To many bankers, this is
short-hand for saying that the Asian
markets will be sympathetic to
higher multiples and (some also
think) they will be less suspicious
than their peers in either Europe or
New York of the reasons for listing.
Graffs failure to list shows that
the Asian investors are not quite so
easily pleased.
46 intended IPOs have already
failed in Asia ex Japan already this
year, 33 per cent up on last year. In
the case of Graff investors were
unnerved by the fact that 44 per
cent of the companys revenues
came from 20 clients; that Graff's
wife was selling some shares in the
float and that founder Graff stood
to gain from the sale of inventory if
the share issue went ahead.
In other words the Asian investor
base was no more convinced than a
European one would have been that
the company had a real plan that
would benefit from a listing and
that it was not all happening
mainly for the interests of the
founder and his family.
Graffs IPO plans would have been
torn apart in London just as they
were in New York.
But it is possible to float in
Europe, or at least it was until a few
weeks ago, if you have the right
strategy. Bruno Cucinelli, the
expensive menswear group,
recently floated on the Milan stock
exchange and it has seen its shares
perform well since. It was in many
ways a model flotation.
Investors around the world need
less greedy sellers with more
thought through plans.
Runing away to Hong Kong or
Singapore as an act in itself without
the other factors being put in place
will prove to be no solution.
david.hellier@cityam.com
Follow me on Twitter @hellierd
BOTTOM
LINE
DAVID HELLIER
Lord Blackwell (left) and
Carolyn Fairbairn
FRIDAY 1 JUNE 2012
8
NEWS
cityam.com
CONTINGENT capital bonds risk
increasing volatility in financial mar-
kets and undermining banks safety,
rather than enhancing it as planned,
a Bank of England report warned yes-
terday.
Cocos, as they are commonly
known, act as debt but convert into
equity when a bank looks like it is
getting in trouble usually when the
share price falls below a set trigger
level.
This is intended to shore up the
banks position by increasing its loss-
absorbing potential, but the report
warned that shareholders and coco
investors face different and compet-
ing sets of incentives.
These could lead to market manip-
ulation and increased volatility, dam-
aging the stability of the financial
system as a whole, the Bank said.
With a trigger metric based on a
banks equity price, there would be a
risk that investors may short-sell a
banks equity to drive the equity
price down, said the report, written
by Gareth Murphy, Mark Walsh and
Matthew Willison.
That would trigger a conversion of
the cocos despite no deterioration in
the underlying value of the banks
Experts at Bank
of England say
no no to cocos
assets actually taking place, giving
coco-holders a windfall gain.
Furthermore, investors might
interpret the fall as a signal about the
solvency position of other banks. This
could also raise the borrowing costs
of other banks in wholesale markets,
damaging the system as a whole, the
report warned.
Alternatively, incumbent sharehold-
ers could conspire to keep the share
price artificially high, preventing cocos
from converting and so stopping their
shareholdings being diluted, it said.
When deciding on the structure
and makeup of capital rules, policy-
makers should consider the risk that
it would be possible for holders of
precautionary contingent capital to
run before a conversion occurs, the
paper concluded.
Alternative types of coco with differ-
ent trigger points were also dis-
cussed, some of which may reduce
incentives to manipulate a banks
share price. For example, those with a
systemic trigger could convert debt to
equity when the aggregate state of
the banking system deteriorates, per-
haps triggered by moves in a wider
equity index. As a result, the hope is
that cocos could act to shore up the
position of the system as a whole,
rather than undermine it.
LLOYDS has appointed two ex-
McKinsey partners as non-executive
directors, including a former board
member of the FSA.
Carolyn Fairbairn will join the
board today, having been a
non-exec director of the
FSA from 2008-2011. She
was also an executive at
ITV and has worked at
the BBC, the World
Bank and as a partner at
McKinsey.
Lord Blackwell,
another former
Lloyds bank brings two former
McKinsey partners on board
BY JULIET SAMUEL
BY TIM WALLACE
McKinsey partner, will also join the
banks board. He is a non-executive
of Ofcom, the media regulator,
chairman of infrastructure services
firm Interserve and until earlier
this year was a director at Standard
Life, a major Lloyds shareholder. In
addition to Sara Weller, who joined
the board in February,
they replace outgoing
directors Glen Moreno,
Lord Leach and Julian
Horn-Smith.
Graff Diamonds Hong Kong adventure ends in disaster
STRICKEN tour operator Thomas
Cook insisted it was on the path to
recovery yesterday after it revealed
widening losses in the first half of
the year, sending shares tumbling
seven per cent.
The debt-laden company posted an
underlying pre-tax loss of 328.3m
for the six months to the end of
March, some 40 per cent wider than
the loss it reported in the same
period a year ago. Its revenues rose
2.4 per cent to 3.51bn.
Interim chief executive Sam
Weihagen, who will be succeeded by
Harriet Green in July, said the
groups turnaround plans were
making good progress and that
bookings had picked up in recent
months, with year-on-year UK
bookings up five per cent over the
last four weeks.
He played down the impact of a
Greek exit from the Eurozone, and
said he expected to see a surge in
booking to Greece if it were to
happen as holidays to the
Mediterranean nation would
become better value for hard-pressed
travellers.
The company has made a series of
disposals in recent months to reduce
its 890m debt. Earlier this week
shareholders overwhelmingly
backed the disposal of five Spanish
hotels and the sale and leaseback of
part of its aircraft fleet.
Thomas Cook
reports wider
first half losses
BY KASMIRA JEFFORD
G
E
T
T
Y
INVESTORS bought into the idea of
Intercontinental Hotels Group (IHG)
as a takeover target yesterday, follow-
ing news that prominent activist
investor Nelson Peltz has a 4.27 per
cent stake in the firm.
Shares in IHG jumped 6.1 per cent
after US hedge fund impresario Peltz
declared his stake through Trian
Fund Management.
In recent months, billionaire
investor Peltz has revealed stakes in
companies ranging from PepsiCo to
Heinz and Ingersoll Rand in an effort
to push for changes. In some cases,
Trian has sold its investment soon
after, as happened with Pepsi.
There has been growing talk recent-
ly that IHG could eventually be taken
over, intensified by the emergence of
the noted activist investor.
Wyn Ellis at Numis said earlier in
the week that consolidation is
inevitable at some stage for the hotel
industry.
He told City A.M. yesterday:
Obviously I do not know what Peltzs
motivation for acquiring a stake in
Intercontinental
soars as activist
declares stake
BY MARION DAKERS
IHG is, but he has a track record as an
activist investor. On fundamentals,
IHG is an extremely attractive stock.
If and when consolidation happens
in the hotel sector, it will be a perfect
target for a number of potential bid-
ders with Marriott the first among
them.
Panmure Gordon analyst Simon
French said: The companys strategy
has been pretty successfully executed,
and the shares are close to an all-time
high.
Its hard to see what the obvious
move is, besides industry consolida-
tion, though even that is not necessar-
ily sensible at this stage in the cycle.
THE mere mention of Nelson Peltzs
name is enough to send a shiver down a
boardrooms collective spine. The hard-
hitting hedgie can claim responsibility
for the break-up of Cadbury Schweppes,
a big restructuring at Legg Mason and
for shaking out the waste within State
Street.
Once he builds a stake in a firm big
enough to declare, he tends to move
quickly to push for change.
As yesterdays announcement showed,
traders pile into the targeted firm in the
hope he will whip a firm into shape
even if, as in IHGs case, his intentions
are not obvious.
The news of his $150m stake in PepsiCo
last November caused its shares to jerk
up three per cent in the hopes of an
overhaul, only for Peltz to dispose of his
stake just three days afterward.
But when he does stick around, the New
York natives aggressive tactics have
generated handsome profits for
investors in his Trian Partners fund,
which returned a reported 7.02 per cent
net of fees last year.
He is known to use a strategy of
operational activism, getting
involved in the day-to-day running of
the firms in order to knock them into
shape.
He sold his first firm, Triangle
Industries, for $4.2bn in 1988, and went
on to agitate for change at a string of
fast food groups including Wendys and
Snapple.
The married father of 10 is worth $1.1bn,
according to Forbes magazine. He
dropped out of Wharton business
school at the University of Pennsylvania
in the 1960s. by Marion Dakers
PROFILE: NELSON PELTZ
InterContinental Hotels Group PLC
29May 30May 31 May 25May 28May
1,540
1,520
1,500
1,480
1,460
1,440
1,420
p 1,526.00
31May
Nelson Peltz disclosed a stake in IHG yesterday
FRIDAY 1 JUNE 2012
10
NEWS
cityam.com
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TOP insurers face curbs within five
years on risky non-traditional
activities, global regulators said
yesterday as they seek to avoid a
repeat of AIGs huge taxpayer bailout
in the financial crisis.
Leaders of the worlds top 20
economies (G20) have asked the
industrys regulators to design
tighter supervision for big insurers
that pose risks to the wider financial
system. Generali, AIG, Axa,
Prudential and Allianz are seen as
candidates for inclusion on a list of
systemic insurers that the G20s
regulatory task force, the Financial
Stability Board (FSB), will publish
next year. Forty-eight big insurers
will be examined to see if they
should be on the FSB list.
Selection will be based on five
factors: size, global activity,
interconnectedness, non-traditional
activities, and substitutability, or
whether a firm has a big part of the
market that cannot be filled easily by
another company.
The G20 initiative is part of a global
response to the financial crisis.
Top insurers to
see curb on
risky activities
BY CITY A.M. REPORTER
THE car insurance industry is set to be
investigated by the competition
watchdog after it used the cost of
repairs and replacement vehicles to
jack up premiums by 225m a year.
Insurers compete in a dysfunction-
al manner, said the Office of Fair
Trading, as it referred the sector to the
Competition Commission.
The OFT said insurers of no-fault
drivers involved in accidents are earn-
ing fees from referrals to car hire
firms that provide vehicles at high
rates and for longer than necessary,
raising the bill paid by at-fault drivers
insurers.
The focus that insurers have on
gaining the competitive edge through
raising their rivals costs means that
drivers pay more than they need to
Car insurers set
to face inquiry
over charges
BY PETER EDWARDS
for their motor insurance policies,
said chief executive John Fingleton as
he made the provisional referral.
Nick Starling, director of general
insurance at the ABI, said: For too
long insurers have faced inflated rates
for credit hire cars and excessive hire
periods which have led to higher
insurance premiums for customers.
Analysts said an inquiry would make
a ban on insurers earning referral fees
more likely, potentially denting profit
at Admiral, which is more dependent
on such sources of income than rivals.
Eammon Flanagan at Shore Capital
said the probe would create uncertain-
ty which would hang over Admirals
stock for months to come.
Shares in Admiral fell on Wednesday
after Kevin Ryan at Investec warned
the firm is worth only around half its
current market value.
Pru buys Swiss Res
US arm for 400m
BRITISH insurance giant Prudential
yesterday announced the purchase of
Swiss Res US life insurance business
for $621m (401m) in cash.
The deal will be made through
Prudentials American subsidiary
Jackson National Life and will see
the firm acquire approximately
1.5m policies and assets worth
around 6.7bn.
This bolt-on acquisition is in-line
with our strategy and is a great
opportunity to increase the scale of
our life business. It is a capital effi-
cient transaction that will produce
an attractive internal rate of return
and payback period commensurate
with what we achieve organically on
writing new business, said Jackson
National chief executive Mike Wells.
Swiss Re said it sees attractive
growth potential in the UK and
Continental Europe and will use
the proceeds from this deal to invest
in more profitable businesses.
The transaction, which is due to
complete at the end of September, is
expected to contribute 100m to
BY JAMES WATERSON
Jackson Nationals pre-tax earnings
in the first year.
Pru estimates the embedded value
of the acquisition will be 865m at
the end of June, before cost savings
are taken into account.
Barrie Cornes, an analyst at
Panmure Gordon, called the pur-
chase a very attractive acquisition
which will provide further synergy
benefits and fits the Prudentials
overall strategy.
This is Prudentials first takeover
since the firms attempt to buy Asian
insurer AIA collapsed in 2010, leav-
ing it with a 377m bill for costs.
Shares in the firm closed up 0.8
per cent in London.
HMV confirmed yesterday the 32m sale of the Hammersmith Apollo to Stage-C, a
company jointly owned by 02 owner AEG and Munich-based CTS Eventim. The music
chain said that once the deal is sealed, the group will see 220m in bank loans extended
to September 2014. The iconic art deco venue has hosted gigs from Oasis to Elton John.
HMV OFFLOADS HAMMERSMITH APOLLO
Prudential PLC
29May 30May 31 May 25May 28May
695
690
685
675
670
680
p
678.00
31May
DEUTSCHE Bank CEO Josef
Ackermann stepped down after a
decade running Germanys
biggest lender yesterday,
telling shareholders the bank
is in outstanding shape.
Ackermann is credited with
steering Deutsche through
the financial crisis,
though, like rivals, it is
now suffering from the
Ackermann says goodbye to
Deutsche Bank after 10 years
BY JULIET SAMUEL
FRIDAY 1 JUNE 2012
13
NEWS
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fall-out of the euro crisis. Ackermann
took a shot at more profligate
Eurozone countries in his speech:
The economic conditions, debt
levels and the lack of will to carry
out reform in a few countries of
the Eurozone continue to give
rise to concern, he said. He is
being replaced by co-CEOs Anshu
Jain and Jrgen Fitschen.
Outgoing Deutsche boss
Josef Ackermann
14
E
VERYWHERE you turned
yesterday there seemed to be
rows and rows of festive flags
of red, white and blue
appearing in place for Queen
Elizabeths Diamond Jubilee
celebrations.
People strolling along Oxford
Street could hardly fail to notice the
abundance of bunting, crowns and
token corgis on display as retailers
clamour to lure customers in with
royally British merchandise.
There were union jacks hanging
from windows of council blocks in
Old Street, on the fringes of the City,
and the front of the fashionable
South Kensington nightclub Boujis
was adorned by a giant Union Jack
(see picture lower right). Leadenhall
Market (pictured upper right) was
also displaying two large flags.
Britons are expected to spend
823m celebrating Elizabeth IIs 60
years on the throne, nearly double
what they spent on last years royal
wedding, with 32 per cent planning
to buy snacks, drinks and decora-
tions to mark the occasion accord-
ing to research by online
comparison website moneysuper-
cityam.com
cityam.com/the-capitalist
Im going to be away in Hong Kong to attend some
business meetings so Ill miss the celebrations, and I
dont think Im going to be able to watch it on the television
either because theres a massive time difference. If I wasnt
going away then I probably would have gone to the street party
that my parents are arranging in their local community.
These views are those of the individuals above andnot necessarily
those of their company
ROBERT BARRIE
KAIZEN FINANCE
22
FRIDAY 1 JUNE 2012
PETER WHITTLE
The Jubilee stands as a landmark
to the power of the national idea
There is a sense that this is an
extraordinary landmark in Britains
story, and that it is completely appro-
priate to mark it as such. For, unlike
the Olympics, the Jubilee is a com-
pletely and organically British event. It
couldnt and wouldnt happen any-
where else but here.
Its perfectly possible to be proud of
British history and not be a staunch
monarchist. This country has a long
and illustrious radical tradition, and
was the first to challenge and subdue
the absolute power of the monarch (as
well as cutting off his head.)
But despite this or perhaps,
because of it the monarchy has man-
aged to flourish in its position as the
most potent symbol of the nation.
And, with the exception of some great
sporting events, no other institution
in the modern era has its unifying
power, its ability to bring together all
parts of society in the way in which we
will see this weekend.
That such a desire to celebrate some-
thing which is so uniquely of us exists
at all might come as a surprise to
many. For, in the years since the
Queens accession in 1952, Britain and
Britishness has endured a massive cul-
tural onslaught.
A counter-culture, antipathetic to
the idea of nation and national pride,
has exerted a far-reaching impact on
national life. Partly as a consequence
of this, but also because of liberal guilt
on the part of Britains cultural estab-
lishment, the educational system vir-
tually ceased teaching the national
story in any meaningful sense.
British identity had been dissected
and deconstructed, British culture
was mocked and ridiculed.
And in addition, the country has
found itself trapped within a pincer
movement, between those who want
it to break up from the inside, and
those who want it to be submerged
into something bigger on the outside.
Yet, despite all this, pride in Britain,
as expressed by its people, has shown a
remarkable capacity for survival.
Battered from seemingly all sides, it
has had every reason to keel over and
die. But it remains, a testament to the
ability of basic underlying values to
withstand both the vagaries of social
fashion and outright political attack.
A recent survey on patriotism and
national pride by the think tank
Demos found that 79 per cent of
those asked characterised themselves
as proud to be British citizens. In fact,
such levels of pride were the highest
in any European country (bar Latvia).
This gives the lie to the notion that
people dont care, or are more likely to
be ashamed or apologetic about being
British. In the 1940s, George Orwell
remarked that this countrys intelli-
gentsia was unique in its distaste for
its own nationality, and that remains
true today. They would rather steal
from a poor box, he wrote, than
stand for God Save the King.
The elites and the country are miles
apart. That figure of 79 per cent is
hugely heartening. It shows that,
whatever attacks it might have had to
endure, a sense of Britain, and a pride
in it, still runs deep.
The Jubilee will give us a great illus-
tration of this. The street parties, the
get-togethers in pubs and parks
these are celebrations that come from
the grassroots. Metropolitan diffi-
dence be damned being part of
something bigger than yourself can be
one of the most uplifting feelings of
all. Its time to celebrate an event
which will be in the national memory
for decades to come.
Peter Whittle is author of Being British
Whats Wrong With It? (Biteback
Publishing, 12.99).
clearly on the right road. Linda
Wahlstrom of Volvo said people
think that autonomous driving is
science fiction, but the fact is that
the technology is already here.
I remember when sat-navs
seemed almost miraculous, but the
possibilities that driverless cars
open up are far larger. At City A.M.s
investment conference last week,
Tim Guinness of Guinness Asset
Management mentioned it as one
of his top disruptive technologies
to watch in the near future.
Driverless cars have the potential
to save thousands of lives every
year in the UK alone, not to
mention bringing greater ease of
transport and many environmental
gains. But perhaps their most
immediate benefit, even as the
economic news turns darker by the
day, is to remind us of how exciting
our future could still be.
Sometimes, when all the
technological advances seem to be
about marginal improvements in
our mobile phones, it can seem like
there is nothing left to invent.
Driverless cars show us a future
that is still rich with possibility.
They are just one example of the
better world we still need to build
for ourselves, and that is hurrying
towards us if only we can hold our
nerve. Last week, SpaceXs Dragon
cargo ship became the first ever
private space vehicle to dock with
the International Space Station,
another milestone that promises
more wonders to come.
Thanks to Ricardo UK, Britain is
part of the driverless car
revolution, and though we dont
always notice it, we are part of the
coming age of private space
enterprise as well. An Institute of
Directors report published this
month finds that our space sector
employs 25,000 people, and is on
course to employ 100,000 by 2020.
But it also argues that, to reach its
full potential, Britain needs to
bring its rulebook into the twenty-
first century and then commit to a
really breathtaking infrastructure
project: a UK spaceport.
A future of wonders is not
guaranteed. There are always
people unwilling to look up to the
horizon, eager to handicap those
who run ahead too fast with the
weight of unnecessary rules. That
lack of imagination threatens our
hopes far more than the current
economic malaise. If we lose our
sense of ambition for the future, it
may never happen.
Marc Sidwell is City A.M.s business
features editor.
THE LONG
VIEW
MARC SIDWELL
Driverless cars show the journey of discovery is a long and winding road
23
Mobile students
[Re: Are student visa curbs damaging
Britain?, yesterday]
I wish to express my disagreement with Priti
Patel on this issue. International students,
and the money they bring, are one of the
UKs most lucrative exports. The majority of
students who come to the UK leave
afterwards and its a mistake to compare
current student immigrants with the earlier
rush last century. Todays generation, by
and large, comes from settled families, with
stable incomes in their home countries.
They have no need to come to the UK
Britain is no saviour for them. They are more
than happy to study in another, competitor
country if Britain turns the taps off this
important industry.
KrishnanUnni Madathil
Business attitude
[Re: State and private school kids face gap
in enterprise skills, yesterday]
While I agree with the key message, there is
one aspect that needs further comment.
Employability skills are critical to bridge the
gap between pupils leaving education and
successfully landing a role, irrespective of
where you are educated. The gap could be
addressed by creating a business readiness
programme, concentrating on aptitude and
attitude other key business skills can be
learned. A joint venture between education
and business organisations could create
more intensive and adaptable employability
skills sessions, focusing on what businesses
need, and therefore generating job creation
onshore, rather than driving jobs offshore.
GrahamSmith, director of Certeco
A
NYONE struggling to
understand what former
Spanish Prime Minister
Felipe Gonzalez meant
when he said his country
was facing total emergency
should take a drive through the
suburbs of any medium-sized
Spanish town. Lines of empty and
half-built houses show exactly why
the countrys banks are on their
knees and why, sooner or later,
Madrid will have to go cap-in-hand
to Brussels.
Bankia, Spains number three
lender, has admitted it will need
23.5bn (18.8bn) to recapitalise, and
the sectors shortfall will probably be
well over 100bn over the next three
years. After the European Central
Banks (ECB) refusal to refinance
Bankia, Madrids time is running
short. The countrys finances are
falling into a vortex of slumping tax
returns and spiralling debt service
costs up 32 per cent in the year to
date and it is effectively frozen out
of debt markets, with 10-year bond
yields approaching 7 per cent. The
rising debt burden on Spains shrink-
ing economic base is creating a feed-
back loop that, once trapped within,
can be almost impossible to escape.
Savers are getting nervous, with-
drawing 31.5bn from Spanish bank
accounts in April. Given the growing
risks to financial stability, Spain may
hold out hope of the ECB blinking
first and riding to Spains, and the
banks, rescue. That is unlikely. The
central bank is already uncomfort-
able with buying more sovereign
debt and effectively providing fiscal
aid through the back door. Frankfurt
may conclude that, if it sits on the
sidelines and refuses to buy Spanish
bonds in any great quantity, it can
force Spain into asking for a bailout
from European peers and the
International Monetary Fund. The
TOP TWEETS
Greece, Spain, Italy... how is it that some still
dont realise the euro was an awful idea?
@mZimm22
Why do people seek election and then call
for everything to be handed to independent
experts? Elected accountability is better.
@Conor_BurnsMP
Theres nothing wrong in stopping foreign
students bringing dependents and applying
for jobs when finished. Why could they ever?
@stephanie2972
Just to recap now that the charity tax U-
turn has been announced, is there any of
Budget 2012 left?
@tobyperkinsmp
Are NHS GPs right to plan strike action over
proposed reform to their pension schemes?
YES
It is with great reluctance that doctors have decided to take
industrial action for the first time in 40 years. The strong yes
vote occurred because the government decided to tear up a fair
and affordable deal agreed just four years ago. It has been
replaced with a scheme that will see doctors work to at least 68
and pay more up to twice as much for the same pensions as
senior civil servants on a similar salary. This is despite the fact that
the NHS pension scheme is not a drain on taxpayers and actually
delivers a surplus of 2bn each year. Our overriding priority for the
industrial action is patient safety. I totally understand that patients
may be worried, but doctors will be in their hospitals and surgeries
as usual. You and your family will get care if you need it. Doctors
are not asking for special treatment just for fair treatment.
Dr Hamish Meldrum is chair of the British Medical Association
Council.
Hamish Meldrum
NO
Matthew Elliott
Doctors receive generous pensions on top of substantial pay for the
challenging and important work they do. But, with everyone living
longer, GPs just like other public sector workers, need to start
contributing a little more towards the cost of their retirement. By
going on strike, doctors seem to expect taxpayers to continue to
prop up unsustainable deals. According to Hargreaves Lansdown,
anyone keen to have a similar deal to that which GPs are trying to
protect (about 68k a year when they retire, according to Andrew
Lansley) would have to put aside about 1,870 a month. With many
people struggling to save for their own retirement, it is unfair to
expect them to pay so much towards the cost of these generous
deals for GPs. This strike is a hugely disproportionate reaction to
moderate and necessary reforms needed to make those pensions
more affordable for the taxpayers who currently pick up the bill.
Matthew Elliott is chief executive of the TaxPayers Alliance.
RAPIDresponses
Spain cant save
all of its banks
without sinking
European Stability Mechanism (ESM)
would probably need to dish out
around 350bn over the next two
years for Spain to recapitalise its
banks and roll over debt obligations.
For now, Spain is likely to baulk at
such a loss of sovereignty, even if the
pill is sugared with a softer line from
Brussels on economic reform. The
European Commission lent a hand
yesterday, giving Spain an extra year
to slash its deficit. That is unlikely to
suffice, given such intense pressure
from markets, and Madrid is still
likely to have to go to the ESM within
weeks of the bailout fund coming on
stream in July.
At this point, having recognised its
perilous plight, Spain may then see
the folly in trying to support all its
banks. As Ireland showed, it could
lead to a massive over-extension of
Spains finances and plunge it into a
vicious cycle of austerity. That would
further ramp up Spains horrific lev-
els of unemployment, increase insol-
vency and hit the banks with more
bad loans. At that point wed not
only have to worry about 184bn of
problematic loans to Spains
builders, but the countrys entire
1.7 trillion domestic loan book.
Madrid should allow for an orderly
unwinding of its weakest banks and
leave bondholders to assume losses
and focus its efforts instead on recap-
italising its strongest banks. If it
ducks them, the pain of austerity
will have been for very little gain.
Harvinder Sian is co-head of research at
RBS.
FRIDAY 1 JUNE 2012
HARVINDER SIAN
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to share your opinion on? We want to hear your views.
Email theforum@cityam.com or comment at cityam.com/forum
London is culturally overwhelming any weekend of the
year. For the Queens Diamond Jubilee, however, the
city has truly pulled out the stops. Its a four day
bonanza that combines state pomp with cultural
entertainment and lots of partying in the way that
only the British can pull off. Whether you fancy joining
in a street party, getting in pole position for the
Queens Thames pageant or seeing an exhibition,
theres something here for you. Lots of things, in fact.
Zoe Strimpel and Steve Dinneen
LIFE&STYLE
FRIDAY 1 JUNE 2012
24
cityam.com
JUBILEE BANK HOLIDAY SPECIAL
Parliament Hill
Regents Park
B
King
Battersea Park
Hyde Park
Green
Park
White City
Knightsbridge
Clapham
Common
Wimbledon
Common
2
11
6
4
5
10
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9
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1 Hampstead Heath Jubilee Party,
4 June, 3pm-10pm
This big party in Golders Hill Park will
involve lots of childrens entertainment, live
music acts, art, craft and food stalls,
community stalls, sports food and drink. The
day culminates with the lighting of the
Diamond Jubilee Beacon and fireworks.
www.barnet.gov.uk
2 Jubilee, Jubilee, Museum of Brands,
Packaging & Advertising, Westbourne
Grove, until 31 August
Mark the Jubilee with a trip to this celebration
of kitsch. The museum is showing off Jubilee
merchandise past and present. The exhibition
takes in memorabilia from past monarchs
including Queen Victoria and George V, as well
as Elizabeth IIs silver Jubilee.
4Diamond Jubilee Pageant Flotilla,
Putney Bridge, 3 June, 2pm
The 1,000 strong flotilla will be mustering between
Hammersmith and Putney Bridges and will go on until
around 4pm, when the boats will disperse from Tower
Bridge. The boats too big to travel with the rest of the
flotilla will form an Avenue of Sail up until Wapping. If
you see one thing this weekend, make it this.
5 Royal footmen high tea service,
Duke of York Square, 3 June,
11.30am-6pm
Join in the royal celebrations with a luxury
tea party near Sloan Square tube. High tea
and classic British biscuits, cakes and
sandwiches will be on offer, as well as
champagne for those wanting to get stuck
into the booze nice and early. Set to be one
of the weekends best teas.
3 BBC concert at Buckingham Palace,
Woolwich Big Screen; Waltham Forest
Big Screen; Water Poet Diamond Jubilee
Street Party, 4 June, 7.30pm
A star-studded concert featuring performances
by Paul McCartney, Stevie Wonder, Elton John,
Ed Sheeran, Jessie J, JLS, Kylie Minogue, Robbie
Williams and Alfie Boe.
6 Family festival in Hyde Park,
2-3 June, 10.30-7.30pm
This family-oriented party is hosted by the
lovely Myleen Klass. Each day will end with a
70-minute Disney concert, featuring a host of
instantly recognisable songs and characters.
With 50,000 people expected every day, you
can look forward to a lively celebration.
7 Piccadilly Big Jubilee Lunch,
3 June, Piccadilly Circus
A celebration of the best of British, Piccadilly will
be closed to traffic on Sunday as fairground rides
and entertainment put on by local icons such as
the Ritz and Fortnums will fill the streets. The
lunch is booked up but the fabulous street party
is open to all. piccadillybigjubileelunch.org
8 Trafalgar Square
Celebration, 5 June,
12pm-2am
The Royal Procession
will be streamed live
onto a big screen under
Nelson's Column,
followed by a fashion
show looking at six
decades of fashion and
listen to live music
performing six decades
of musical genres.
9 The Queen: Art
and Image at the
National Portrait
Gallery, until 21
October
See some iconic
portraits of the Queen
from the last 60 years,
including photographs
and paintings by artists
including Lucian Freud
and Andy Warhol.
11 Balham Street Party,
3 June, 12pm-6pm
Vintage fashion,
accessories, craft and
homeware will accompany
fine foods and
entertainment
balham.com/blog
10 Jubilee Jam Festival at Proud
Camden, 2-5 June, 12pm until late
A massive four-day festival featuring the
best of British live music and vintage
swap shops, all presented with a street
party feel. Its the perfect one-stop-shop
to enjoy the time off. Rent individual
stables in the venue for 49.
Your guide to a four day
1
Myleen
Klass will
host the
Family
Festival in
Hyde Park.
25
The Queen by the Royal Barge, featuring in the great Pageant Flotilla on Sunday.
FRIDAY 1 JUNE 2012
The great river pageant will kick off at around 2pm on
Sunday with over a thousand boats mustering between
Hammersmith and Putney Bridges
Waterloo
Blackheath
Brixton
gs Cross
Hackney Marsh
Barking
Victoria Park
Greenwich
Park
18
12
16
15
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14
12 Brixtons Jubilee
Picnic: The Brix, 4
June, 12pm-5pm
The picnic in Peace Garden
at The Brix at St Matthews
(the huge building on
Brixton Roundabout) will
sponsored by Sainsburys
and local restaurant
Bamboula will be in situ
with delicious Caribbean
food, bbq and ice cream.
There will also be tours of
the Brix building
throughout the day.
20Street Party at Westfield Stratford City, 2-5 June
Head to the Four Dials and Chestnut Plaza for a bbq, performances from
local musicians, jugglers and street artists; or just watch the Jubilee
pageant on the giant screen. Giant versions of Jenga, Connect 4 and
Kerplunk will be perfect for kids. uk.westfield.com/stratfordcity
18The Jubilee party in Mile
End Park, 4 June, from 1pm
Tower Hamlets council is
planning a party in the green
oasis of Mile End Park, with a
plethora of Jubilee-themed
festivities planned. Mile End
Park is also one of the few
places in London where you
will be able to see one of the
Jubilee beacons being lit at
10.30pm.
19 Royal River
Exhibition at National
Maritime Museum,
Greenwich, until 9
September
This is a Jubilee exhibit
celebrating the history of
the Thames and its royal
connections, as well as its
impact on the capital itself,
guest curated by historian
David Starkey. rmg.co.uk
17 Jubilee gun salute at London Bridge, 3 June
Whether or not youve been following the whole flotilla,
you wont want to miss this paen to military formality.
The salute will take place downriver from London
Bridge just as the flotilla passes the avenue of sail (a
passage made by boats too tall to pass under the
bridges of the pageant route). The Queens vessel and
her flotilla will then proceed past Tower Bridge.
16 God Save the Clam, migr Studios Rooftop,
London Fields, 12pm for lunch, 6.30pm for
dinner, until 3 June
The Queens Jubilee celebrations wouldnt be complete
without some punk parody, kindly provided by God
Save the Clam (tagline: Never Mind the Scallops). This
seafood/cocktail based event will let you enjoy views of
London while gorging on delicious seafood just what
Her Maj would probably rather be doing herself.
14 The Jubilee Gardens
on the South Bank
Swing by the just-reopened, much-
lauded Jubilee Gardens. The garden
redevelopment project has the
gardens into a green and sustainable
park with new flower beds, 69 trees
and a brand new contemporary
playground. jubileegardens.org.uk
15 Water Poet Jubilee
Street Party, Spitalfieds,
4 June, 12pm-6pm
The cobbled street outside the
pub will transformed into a fun
street party, with vintage wares,
music and delicious food. 9-11
Folgate Street, waterpoet.co.uk
13 Service of thanksgiving at St Pauls,
5 June, 10.30am, BBC 1
For a more contemplative Jubilee experience, tune
into the morning service at St Pauls, attended by
the Queen. The service will include a sermon by
the Archbishop of Canterbury and a reading by
Prime Minster David Cameron. The perfect way to
get you in a patriotic mood in the lead up to the
more raucous celebrations later in the afternoon.
fiesta of royally good fun
17
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Tower Bridge illuminated in Jubilee colours.
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FRIDAY 1 JUNE 2012
26 LIFE&STYLE JUBILEE FILM SPECIAL
For four weeks City A.M. and Brewin Dolphin will be shining a spotlight on
a series of City Treasures as we celebrate some of the great places and
institutions around us. Many of them are established with a long
and interesting heritage yet they still exude their core values
based on service and excellence.
Wednesday is Smithfield Market.
www.brewin.co.uk
Two beadles at the Arcade.
B
UILT for the super--rich of
Regency London, the
Burlington Arcade has been
one of Londons most
cherished and iconic institutions
since it first opened its doors in
1819. Despite controversy last year,
when plans for renovation by its
new owners were announced, it has
retained its sense of heritage and
unique charm, while adapting to
the retail landscape of the 21st
century.
Shops from Lulu Guinness to Jimmy
Choo now operate alongside the
traditional antiques, jewellery and
other fine craft shopkeepers. Old and
new sit together, assembled under
one beautiful roof indeed, many of
the shops specializing in jewellery
and luggage have been in situ for
more than 100 years. Some, like
Hancocks, have been there longer,
and a good few, including Globe-
Trotter, have a royal clientele
(Globe-Trotter has made suitcases for
the Queen).
Burlington has always been a
uniquely preserved environment,
with its own rules and regulations.
From the outset, it was proclaimed a
piazza for all hardware, wearing
apparel and articles not offensive in
appearance nor smell. It is guarded
and monitored by a fleet of top-
hatted, Edwardian coat-wearing
beadles, the worlds smallest police
force, originally recruited from Lord
Cavendishs 10th Hussars.
Along with keeping an eye out for
troublemakers and pickpockets, the
beadles make sure that nobody is
whistling, running, opening
umbrellas, singing, playing
instruments, carrying large parcels
or pushing through babies prams
these were original Arcade no-nos
and persist today. Whats amazing is
how the beadles have remained an
integral part of the Arcade; the
current Head Beadle was recruited in
2002.
The arcade now receives 4m visitors
a year drawing Londoners and
tourists alike for its beguiling mix of
history and contemporary fashion.
THE REGENCY INSTITUTION WITH UNIQUE TRADITIONS
BURLINGTON ARCADE
cityam.com
S
o Alien prequel Prometheus
has finally landed, 30 years
after Ridley Scott first directed
the universes most terrifying
life-form. Thats a lot of time to
gestate, especially in a world where
alien offspring take just a couple of
hours to burst from your chest in a
bloody explosion of entrails.
Scott promised something radically
different from his groundbreaking
sci-fi body horror classic and, it is safe
to say, thats what he delivers. Alien
was a stripped-back, slow-paced mas-
ter-class in tension. The eponymous
Alien was rarely seen, and was all the
more frightening for it. In contrast,
Prometheus opens with a long, clear
shot of a CGI humanoid creature dab-
bling with a dangerous looking arti-
fact (dont worry, I couldnt give you
any spoilers about this if I tried Im
still not sure where it fits into the
overall chronology). Its an early indi-
cation that this isnt a film about
clueless space-miners being chased by
the ultimate biological weapon.
Ill be frank: Prometheus is not as
good as Alien. Nowhere near as good.
Its not as good as Alien II either,
although its better than the later
installments. It certainly isnt down to
a lack of ambition: Prometheus takes
a more overtly philosophical tack
than weve seen in previous outings,
asking where humans came from;
what it means to have a soul; whether
a creator would necessarily be benevo-
lent; what it means to be a mother.
Given the framework (archeologists
jet into space in search of the origin of
the species), its little surprise that
these issues are sometimes rather
clumsily addressed but its far braver
and more thought provoking than
your average popcorn blockbuster.
Its major downfall, though, is a
sometimes-baffling lack of restraint.
Guy Pearces casting as the octogenar-
ian Peter Weyland is outrageously
profligate, given how much more
convincing it would have been to cast
an actual 80-odd-year-old; a scene
involving a self-performed cesarean
section, while living up to Aliens lega-
cy of body horror, crosses the line into
farce and some of the CGI is more
than a little gratuitous.
Despite its flaws, though,
Prometheus is a long way from being
a flop. The all-star cast, including
Charlize Theron and Idris Elba, add
an air of plausibility to even the most
far-fetched scenarios, although
Noomi Rapace, as the closest thing
the movie has to a lead, is no
Sigourney Weaver (despite wearing
her famous bandage outfit for half
the movie). Michael Fassbender,
though, is sublime as the inscrutable
android, David.
In the tangled Alien universe, which
has grown to include countless novels
and comics, Prometheus makes a kind
of sense. But, based on this, I worry for
the legacy of Blade Runner when Scott
inevitably gives it the same treatment.
S
now White and the Huntsman
may be packed with sleeping
beauties, a septet of dwarves
and kisses from your one true
love, but dont be fooled: this is no
Disneyfied fairytale its a grim, vio-
lent affair straight from the pages of
the Brothers Grimm.
Twilights Kristen Stewart plays the
angsty princess who is having step-
mother issues. Bad ones. The ones
where she tries to tear your heart out
to guarantee her immortality. You
know the kind. The stepmother is
played by a wickedly icy Charlize
Theron, who manages to imbue her
evil witch with a grain of sympathy
her desperate need to stay young and
beautiful is a poignant reflection of
a very 21st century problem.
The film looks sublime from the
gloomy, labyrinthine fairytale castle,
with its spires and turrets
clawing at the sky, to the
luscious, living forest of
the fairy-folk. The special
effects are top drawer:
the initial encounter
with a certain mirror, mir-
ror on the wall is particu-
larly breathtaking.
Bringing fairytales to live
action cinema is a tricky
business and Snow White
manages to stay true to
the material without
resorting to lazy voice-
over. At its best, you can
almost hear the pages
turning: And then the
princess found a gleam-
ing white steed and
escaped from the
wicked stepmother.
It isnt all good, though. Despite its
visual achievements, it feels empty: a
beautifully crafted jewelery box with
nothing inside it. It seems unsure
who its audience is: its too fright-
ening for children but lacks the
substance to really satisfy their
parents.
Much of this can be forgiven,
though, thanks to a show-
stealing turn by the seven
dwarves, led by a
Hobbit-sized Bob
Hoskins, an absurd-
looking Ian McShane
and Ray Winstone,
whose haircut alone
is worth the price of
entry.
FILM
PROMETHEUS
Cert 15 | By Steve Dinneen
hhhii
Prometheus is a visual treat, with Michael Fassbender (pictured inset) stealing the show as the instructable android, David
FILM
SNOW WHITE AND THE HUNTSMAN
Cert 12A | By Steve Dinneen
hhhii
TOP CAT has returned,
throwing off his terrestrial
shackles and gracing the big
screen. The revamped alley cat
and his lousy team of wise
guys have remained
somewhat faithful to their
vintage predecessors from the
1960s television series. But
while the characters may have
had a successful lick of paint,
the script most definitely has
TOP CAT: THE MOVIE 3D
Cert U | By Natasha Culzac
hhhii
FROM THE opening shot its
obvious that The Angels
Share is going to be a dark-
humoured affair, with a judge
haranguing a string of
reprobates, whose unyielding
remorselessness speaks
volumes.
Ken Loachs latest offering
attempts to shine a light on
the grim realities of a
Glaswegian underclass but he
THE ANGELS SHARE
Cert 15 | By Natasha Culzac
hhhhi
Kristen Stewart plays the angsty
princess who is cursed with
being the fairest of them all.
not. What could have been a
skilful aggrandisement of an
old classic is instead a limp
misfire, falling woefully short
on laughs. Kids will enjoy the
slapstick comedy, brought to
life in glorious 3D, but adults
hoping for the kind of
innuendo present in
something like Shrek will be
left disappointed.
There is a political
message about the perils of
dictatorship stowed away in
there but, for the most part, it
is just harmless family fun.
garnishes his trademark
social realism with a touch of
light-heartedness. The result
is a somewhat implausible
plot served with a generous
helping of optimism. With
scriptwriter Paul Laverty on
board, the pair brilliantly
convey how a group of
witless ex-offenders attempt
to pull off a get-rich-quick-
scheme. The quips and tough
depictions of Glasgows
mean streets are deftly
presented, despite the very
unlikely ending.
The movies to look out for this Jubilee weekend
T
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BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Super League 10pm
Great Matches of European
Football 10.30pmFIFA Futbol
Mundial 11pmTime of Our Lives
12amSuper League 2amPremier
League World 2.30amFIFA
Futbol Mundial 3amTime of Our
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Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
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E
6pmBBC News
6.30pmBBC London News
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4.45am-6amClose
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Michaelas Wild Challenge
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
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5 6
7
8 9 10
11
12 13 14 15 16
17 18 19 20 21
22
23 24 25
26
27 28
23 14
16 23
8 29
17 21
27 16
14 9
13 38
22 4
11 10
24 34
6 12
28
14
12
18
17
3
6
16
10
39
35
19
24
15
30
5
8
32
15
7
11
27
ACROSS DOWN
M
N
E
K
C R
B
H
A
P I S T E M A T H S
A U L G O
P A R I A H E A R L
A N N E O N O
C H A P A L T A R
Y M A D D M I
A E G I S W E A N
R I D E S N J
E M I R T H R I C E
A T O T C
P U S H Y T R Y S T
7 8 9 5 6 8 7 9
1 2 7 3 2 1 4 7
8 2 4 1 3 5
8 9 4 9 3 6 2
9 7 4 6 8 5 8 9
3 2 1 7 2 9
6 2 1 6 4 1 3 2
9 4 9 8 6 2 1
5 3 7 9 8 6
9 6 1 8 9 8 7 3
3 1 2 4 5 3 2 1
4
4
4
4
4
4
4
4
4
The nine-letter word was
SOUTHERLY
1 Fabulist of ancient
Greece (5)
4 Adult male
elephants (5)
7 Be unwell (3)
8 Contented (5)
10 Denite article (3)
11 Sneering look (4)
12 Bout, period of
indulgence (5)
14 Sybil Fawltys
husband in Fawlty
Towers (5)
17 Careless speed (5)
20 Units of distance (5)
22 Succulent plant (4)
23 Drinking vessel (3)
24 Fabulous,
wonderful! (5)
26 Be in a horizontal
position (3)
27 Digging tool (5)
28 Assemble (3,2)
1 Throbs dully (5)
2 Plant uid (3)
3 Recipient of money (5)
4 Promotional statement
(as found on the dust
jackets of books) (5)
5 Asian water lily (5)
6 Take without
permission (5)
9 Gather into a rufe (5)
13 Green vegetable (3)
15 Au revoir (5)
16 Nickname of US
president Eisenhower (3)
17 Organic component
of soil (5)
18 Eighteenth Greek
letter (5)
19 Bird of prey (5)
20 Old Testament
prophet (5)
21 Morsel (5)
25 Tap lightly (3)
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
EPISODES
BBC2, 10PM
The network asks Sean and Beverly to
reduce Matts role in Pucks! to create
more airtime for his teenage co-stars.
Comedy, starring Matt Le Blanc.
ALAN CARR: CHATTY MAN
CHANNEL4, 10PM
The host is joined by Michael
McIntyre. and Kylie Minogue. X Factor
winners Little Mix also drop in for a
chat. Last in the series.
THE MENTALIST
CHANNEL5, 9PM
Janes latest efforts to apprehend Red
John fail, while Lisbon and the team
hunt for a murderer after an
unidentifiable body is discovered.
TVPICK
27
TV & GAMES
cityam.com
FRIDAY 1 JUNE 2012
The Fugue set to grab centre stage for
Lloyd-Webber in todays Investec Oaks
Run for Glory is an enchanting experience for racing enthusiasts of all ages to enjoy.
Te flm tells the story of a racehorse and a small syndicate of owners. Te ups and
downs of horse racing are set to Beethovens masterpiece Ode to Joy.
to find out more and get your copy go to:
www.lifeofahorse.com
running time: 35 mins
Or to order via post send a cheque made payable to Run For Glory for 15 + 2 p&p to: Merville Arts, POBox 7046, LondonW1A 7BD
available now from:
running time: 35 mins
a aaaila aable now ow v av av
w from:
FRIDAY 1 JUNE 2012
28
THEPUNTER
RACING
BILL ESDAILE PREVIEWS THIS WEEKENDS ACTION FROM EPSOM
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(I) Im 4l ?yo 0nly Winne| 207,B42
I 2I2 9<KK<I9<KK<I9<KK<I (2?)(BF) -0 ............................... 0 0'0onoghue
(7) Runs. ? Wins. I(A) Places. 2 Io,42
Trainer. A P 0'Brien (!RE) 0wner. Mrs Richard Renry & Mrs John Magnier
2 I-2 :FC@D8 (20) -0 .....................................................................................J 0rowley
(4) Runs. 2 Wins. I(S) Places. I I0,54I
Trainer. R Beckell 0wner. Mr And Mrs 0avid Aykroyd
3 4II-I :FHL<K (8) -0 .............................................................................................R Havlin
(5) Runs. 4 Wins. ?(F,A,0) ?5,228
Trainer. R Morrison 0wner. Ron Mary Morrison & Parlners
4 I4o-?2 ;<MFK@FE (I) -0 .................................................................................. R Hughes
(I2) Runs. 7 Wins. I(F) Places. I 2?,0o0
Trainer. A P 0'Brien (!RE) 0wner. Mr MTabor, 0 Smilh &Mrs John Magnier
5 I-I B8@C8E@ (2o) -0 .............................................................................. M Barzalona
(I?) Runs. 2 Wins. 2(S,0) 25,8?5
Trainer. M Al Zarooni 0wner. 0odolphin
o I-I B@JJ<; (??) -0 ...................................................................................... R L Moore
(I4) Runs. 2 Wins. 2(S) 4I,422
Trainer. A P 0'Brien (!RE) 0wner. Mr 0 Smilh, Mrs J Magnier, Mr M Tabor
7 IIII-? D8P9< (2o)(BF) -0 .............................................................................J P 0'Brien
(II) Runs. o Wins. 5(S,F,0) Places. I 270,Io8
Trainer. A P 0'Brien (!RE) 0wner. Mr MTabor, 0 Smilh &Mrs John Magnier
8 ?I-24 E8P8II8 (8) -0 .......................................................................................M 0wyer
() Runs. I2 Wins. I(0) Places. o I72,805
Trainer. M Channon 0wner. Prince A A Faisal
9 2I-2 J?@IF::FJK8I (I4) -0....................................................................0 Holland
(8) Runs. ? Wins. I(F) Places. 2 I2,45o
Trainer. R Morrison 0wner. Relena SpringIield Lld
I0 I-4I K?<=L>L< (Io) -0 .................................................................................. W Buick
(2) Runs. ? Wins. 2(0) oI,44I
Trainer. J 0osden 0wner. Lord Lloyd-Webber
II 54-? KFGK<DGF (I4) -0 .................................................................................T 0urcan
(o) Runs. ? Places. I I,o??
Trainer. M Tompkins 0wner. Roalco Limiled
I2 ?I-22 KN@IC (Io)(BF) -0 ............................................................................ P J 5mullen
(I) Runs. 4 Wins. I(S) Places. ? ?7,780
Trainer. A P 0'Brien (!RE) 0wner. Mr 0 Smilh, Mrs J Magnier, Mr M Tabor
I3 II MFN (20)(0) -0 ................................................................................. J P Murtagh
(?) Runs. 2 Wins. 2(S,A) 27,2I2
Trainer. W Raggas 0wner. Righclere Thoroughbred Racing-pocahonlas
I4 I-? N8J (Io) -0 ..................................................................................... J A Heffernan
(I0) Runs. 2 Wins. I(0) I5,25
Trainer. A P 0'Brien (!RE) 0wner. Mr 0 Smilh, Mrs J Magnier, Mr M Tabor
20II. 0ancing Rain 0, J P Murlagh 20-I (W Raggas), drawn (7), I? ran.
BETTIN0 F0RE0A5T: 5-2 Maybe, 3 The Fugue, 5 Vow, II-2 Kissed, I0 Kailani, I4 0olima, Io
5hirocco 5tar, 20 0oquet, Was, 25 0thers.
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F
OURTEEN fillies have been
declared for this afternoons
Investec Oaks, the highlight of
Investec Ladies Day, and Aidan
OBrien saddles an astonishing six of
them. Admittedly, the master of
Ballydoyle has issued a word of
warning about Kisseds participation
if the ground is not suitable, but even
five fillies makes for a monster team.
OBrien has won the fillies Classic
no less than three times with
Shantoush (1998), Imagine (2001) and
most recently Alexandrova (2006) but,
on each of those occasions, they were
the stables sole runners. In other
words, every time he has saddled
more than one runner in the race, he
has failed to land the prize.
This doesnt mean he cannot win
today, it purely indicates he may not
have one standout candidate. Now,
there has been plenty of support for
Maybe in recent weeks and the vibe
from Ireland is that she has come on
bundles from her slightly disappoint-
ing run in the QIPCO 1000 Guineas. In
fact, I was lucky enough to watch her
work in the flesh a couple of weeks
ago and she sparkled.
Some pundits have expressed con-
cerns about her handling the track,
but that doesnt cause me any worry
as she works on a replica Epsom gal-
lop at home. The niggling doubt I
have is whether shell truly stay the 12
furlong trip as shes so much speed
and the Guineas was always her tar-
get rather than her seasonal
pipe-opener.
OBriens horse can improve bun-
dles for their first run, as Power
showed last week when bouncing
back from Newmarket to win the
Irish Guineas, but she can hardly be
described as value at 11/4 with Coral.
Im sure shell go close, but she may
be running on empty late on and, for
that reason, Im out.
John Gosden has rather surprising-
ly never won the Investec Oaks and
Izzi Tops third place finish 12 months
ago is the closest hes come in seven
attempts so far. However, the Lord
Lloyd-Webber owned THE FUGUE can
change all that this afternoon on only
her fourth racecourse start.
My selection finished fourth in the
QIPCO 1000 Guineas on just her sec-
ond run and endured a nightmare
passage that day. She returned home
having been badly struck into behind,
but still reappeared quickly to run out
an impressive winner of the Musidora
at York. It wasnt necessarily what she
beat that day - Twirl may have been a
non-stayer - it was how she emphati-
cally put the race to bed in a few
strides having travelled so well.
She is not 100% assured to stay the
extra two furlongs of the Investec
Oaks, but there is plenty to suggest
she will and Im prepared to take a
chance at 3/1 with Paddy Power. I also
certainly wouldnt put those spread
bettors amongst you off selling Maybe
against her in a match bet at 0.
Vow is respected enormously and
even though Im sure shell confirm
the Lingfield form with Colima, shell
have to improve dramatically again to
take a hand this afternoon. Kailani
was impressive at Newmarket but
encounters very different ground this
afternoon, while Kissed is another
who wants the heavens to open.
At a big price, Im prepared to have
a small each-way bet on SHIROCCO
STAR, at a whopping 20/1 with Paddy
Power. Hughie Morrisons filly should
have won at Newbury last time and
exaggerated waiting tactics cost her
dearly. She may lack the class of some
of her rivals, but shell be staying on at
the death and could make the frame.
However, my best bet of the after-
noon is the Charlie Hills-trained
BALTY BOYS in the Investec Surrey
Stakes at 4.50pm. The seven-furlong
Listed event looks sure to be run at a
blistering pace and the Sir Alex
Ferguson-owned three-year-old
should dictate affairs from the front.
He showed plenty of speed as a two-
year-old, notably when beaten in a
blanket finish to the Middle Park
Stakes over six furlongs, and the fast
ground also holds no fears. He has
the most to fear from the John
Gosden-trained likely favourite,
Fallen For You, but Im not sure shell
handle the track and she didnt look
like a natural speedball at Lingfield
last time.
The opening two races are pretty
unappealing from a betting perspec-
tive and if forced to make a selection
Id probably throw a few quid each-
way on Night Lily at a big price in the
opener, while I cant separate
Gatewood and Resurge in the second.
WORTHADD wont be much of a
price in the Investec Diomed Stakes
(2.50pm), but looks very hard to
oppose. The former Italian-trained Sir
Mark Prescott inmate brings genuine
Group One form to the table and
wont have to be at his best to see off
the likes of Side Glance and Marcret.
At a bigger price, St Moritz can chase
home my selection for the forecast.
Finally, DUNNOs jockey booking
of Ryan Moore for the Investec Mile
(3.25pm) caught my eye and Dandy
Nichollss runner is back down to his
last winning mark. He looks sure to
put up a bold show from the front at a
decent price and can go well. Ill also
be backing UNEX EL GRECO as he
looks to have slipped to a very fair
mark and seems to be stepping for-
ward with each run.
nPointers
WORTHADD 2.50pm Epsom (today)
DUNNO e/w 3.25pm Epsom (today)
UNEX EL GRECO e/w 3.25pm Epsom (today)
THE FUGUE 4.05pm Epsom (today)
SHIROCCO STAR e/w 4.05pm Epsom (today)
BALTY BOYS 4.50pm Epsom (today)
29 cityam.com
FRIDAY 1 JUNE 2012
1/4 ODDS
ON ALL
EPSOM RACES
Each-way 1/4the odds a place 1-2-3
All above races: Non-runner money back. Rule 4 may apply.
Prices subject to uctuation.
11/4 The Fugue
7/2 Maybe
5/1 Vow
7/1 Kissed
9/1 Kailani
14/1 Shirocco Star
16/1 Colima
20/1 Coquet
28/1 Betterbetterbetter
33/1 Twirl
33/1 Was
50/1 Devotion
100/1 Nayarra
200/1 Toptempo
INVESTEC OAKS
1 Mile 4 Furlongs 10 Yards, Group 1, Epsom 4.05pm, Live on BBC2
30 FREE BET!
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INVESTEC WEALTH &
INVESTMENT HANDICAP
1 Mile 2 Furlongs 18 Yards, Handicap,
Epsom 2.15pm, Live on BBC2
Each-way 1/4 the odds a place 1-2-3
7/2 Gatewood
6/1 Resurge
15/2 Cry Fury
15/2 Stand To Reason
15/2 Pekan Star
14/1 Pivotman
16/1 Black Spirit
16/1 Borug
16/1 Haylaman
16/1 Ottoman Empire
16/1 Ramona Chase
16/1 Rumh
18/1 Creme Anglaise
25/1 Licence To Till
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FROM 8.30AM - 9AM
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@EM<JK<:;<I9P>IFLG(
(I) Im 4l ?yo 0nly Winne| 75I,40B
I I??-I 8JKIFCF>P (22) -0 ............................................................................................R L Moore
(7) Runs. 4 Wins. 2(S,0) Places. 2 52,887
Trainer. A P 0'Brien (!RE) 0wner. Mr 0 Smilh, Mrs J Magnier, Mr M Tabor
2 I?-I 9FE=@I< (Io) -0 ..................................................................................................... J Fortune
(8) Runs. ? Wins. 2(S,0) Places. I 8,755
Trainer. A Balding 0wner. Righclere Thoroughbred Racing-pocahonl
3 II-I :8D<CFK (28) -0 ................................................................................................J P 0'Brien
(5) Runs. ? Wins. ?(0S,0) ?55,I2
Trainer. A P 0'Brien (!RE) 0wner. Mr 0 Smilh, Mrs J Magnier, Mr M Tabor
4 ?2II-3 :8M8C<@IF (2I) -0 ......................................................................................Hayley Turner
(I) Runs. o Wins. 2(F,0S) Places. 4 20,5o5
Trainer. M Tregoning 0wner. Mr 0uy Brook
5 II-II D8@EJ<HL<E:< (2I)(0) -0 ............................................................................. T 0urcan
(?) Runs. 4 Wins. 4(A,0S,0) 5I,07o
Trainer. 0 Lanigan 0wner. Niarchos Family
o o2I42I D@:B;88D (2?)(0) -0 .....................................................................................P Hanagan
(4) Runs. Wins. ?(S,0) Places. ? 2I7,I?4
Trainer. R Fahey 0wner. Sheikh Mohammed Bin KhaliIa Al Makloum
7 2I5 D@E@D@J<I@JB (2?) -0 .............................................................................. J P 5pencer
() Runs. ? Wins. I(S) Places. I 7,oo
Trainer. A Balding 0wner. Mrs Filri Ray
8 5I-? IL>><;:IFJJ (I4) -0 .........................................................................................0 0'Neill
(2) Runs. ? Wins. I(0S) I,8I2
Trainer. R Candy 0wner. Mr T Barr
9 I-2I K?FL>?KNFIK?P (I4) -0 ................................................................................W Buick
(o) Runs. ? Wins. 2(S,F) ?4,4I8
Trainer. J 0osden 0wner. Mr 0eorge Slrawbridge
20II. Pour Moi 0, M Barzalona 4-I (A Fabre), drawn (7), I? ran.
BETTIN0 F0RE0A5T: 8-I5 0amelot, 9-2 Bonfire, 8 Astrology, I0 Main 5equence, Io Thought Worthy, 25
Mickdaam, 50 Rugged 0ross, oo Minimise Risk, 0avaleiro.
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S
INCE saddling High Chaparral to win
the 2002 Epsom Derby, Aidan OBrien
has had 39 unsuccessful attempts to
win back flat racings most prestigious
prize. However, the unbeaten superstar-elect
Camelot flies the flag for Ballydoyle in
tomorrows Investec-sponsored showpiece
and is no bigger than 4/6 with Paddy Power
to bring the losing streak to an end.
The impeccably bred son of the late
Montjeu began his three-year-old campaign
last month with a relatively comfortable win
in the QIPCO 2000 Guineas at Newmarket.
What made it all the more impressive was
the fact that connections felt that the one
mile trip was plenty short enough for him
and that hell actually come into his own
over 10 furlongs and further.
Camelot can by no means yet be labelled a
great and if you want to be ultra-critical, its
possible to sit and pick holes in his form to
date. However, sometimes reputation can
beat the form book and its obvious the
Coolmore enterprise feel theyve unearthed
a potential star.
So, can anything lower his colours
tomorrow? The answer is a tentative yes
and if they are ever going to be lowered it
will be around Epsom. Lets face it, there
have been 14 odds-on Derby favourites
beaten and the last three to try
(Entrepreneur 4/6 in 1997, Tenby 4/5 in
1993 and El Gran Senor 8/11 in 1984) have
all failed.
At a recent stable visit to Ballydoyle,
OBrien warned that Camelot was not
guaranteed to stay the 12 furlong trip as he
seems to have inherited strong speed
influences in his bloodline (Kingmambo and
Danehill). This could explain the decision to
only send two runners to the race rather
than the usual four or more, as a Derby run
at a breakneck pace may not be ideal.
Another potential concern is the relative
lack of experience of his big-race jockey
Joseph OBrien. Yes, hes won Group One
races all over the world, but hes only ridden
around Epsom three times in his life and
plenty more experienced than he have
encountered problems in the past.
He rode Camelot with arguably too much
restraint at Newmarket; as if he was aboard
a six furlong horse, and was certainly caught
napping when narrowly beaten on St
Nicholas Abbey in Ireland last time. It may
be clutching at straws to suggest his pilot
could be the reason he may get beaten, but
there is chance enough to warrant putting
me off backing him at well odds-on.
Second favourite Bonfire is a logical
alternative to Camelot but is plenty short
enough at just 4/1 with Coral. Andrew
Baldings Dante Stakes winner was double
that price a couple of weeks ago and has
both stamina and temperament issues to
contend with. He is by no means a certainty
to stay as his close family all seemed at their
best over 10 furlongs. There is also every
chance he will boil over in the preliminaries
as he is reportedly a bit of a Jack the Lad,
though thats apparently of no concern to
his big-race jockey.
Now, the two horses that genuinely
interest me at decent prices are Aidan
OBriens ASTROLOGY and David Lanigans
MAIN SEQUENCE. The former was no
superstar as a two-year-old and after winning
his maiden, he was beaten when stepping up
to Group Two and Three company. However,
he was always expected to flourish as a
three-year-old and looked a completely
different proposition when routing a small
field in the Dee Stakes at Chester.
Admittedly, he beat three horses that may
not have handled the atrocious ground like
he did and the 11 length winning margin
may well be flattering. It was just the
manner of the victory that really caught my
eye and I love the way he has matured both
physically and mentally. He had the balance
to manoeuvre himself around the unique
bends at Chester and those attributes will
stand him in good stead around Epsom.
The booking of Ryan Moore is also a huge
positive as hes sure to commit a fair way
from home on a horse we all know stays
hell even get further in time. Camelot and
Bonfire both have slight stamina doubts, so
look sure to be switched off and delivered
late. In fact, there is every chance that
Astrology may be allowed to open up in front
as Main Sequence and Mickdaam are others
that will be looking for cover.
There arent many stronger jockeys in the
game than Moore and if Astrology sets sail
for the judge at the two furlong pole, it may
take a very good one to close him down.
Treasure Beach, At First Sight and Fame And
Glory are all examples of OBrien second and
third strings who have nearly stolen this race
from the front in recent seasons. I expect
Astrology to follow in their footsteps and
even if he does get reeled in by his
stablemate, he warrants each-way support at
10/1 with Coral.
As for Main Sequence, he has done
nothing but improve all season and has a
100 percent record. If he was trained by Sir
Michael Stoute hed be half his current price
(10/1 with Paddy Power) and he showed at
Lingfield last time this trip holds no fears.
Hes another who looks sure to be in the mix
up and should hit the frame at worst.
nPointers
ASTROLOGY e/w 10/1 4.00pm Epsom (tomorrow)
MAIN SEQUENCE e/w 10/1 4.00pm Epsom (tomorrow)
Camelot defends his unbeaten record in
tomorrows Investec Derby
Camelot must be opposed in
bid to become a true great
DISRUPTED PLANS
2002 World Cup: Englands build up
is overshadowed by the metatarsal
injury suffered by captain David
Beckham who, though passed fit, is
not at his best. Gary Neville and
Steven Gerrard miss out altogether.
Euro 2004: Wayne Rooney injures a
metatarsal, contributing to Englands
quarter-final defeat to Portugal
2006 World Cup: Rooney again
injures a metatarsal pre-tournament
and, like Beckham in 2002, plays but
fails to impress. Michael Owen suffers
a knee injury against Sweden that
rules him out for months.
2010 World Cup: Knee injury rules
out captain Rio Ferdinand
ENGLAND batsman Kevin Pietersen
has revealed a desire to prolong his
Test career was the motivation
behind his retirement from one-day
and Twenty20 international cricket.
Pietersen, 31, yesterday announced
he no longer wishes to compete in
international limited-overs cricket
and believes his decision to do so will
ultimately ensure his long-term Test
availability, though he ideally would
have chosen to remain available for
this years ICC World Twenty20.
After a great deal of thought and
deliberation, I am announcing my
retirement from international one-
day cricket, said Pietersen. With
the intensity of the international
schedule and the increasing
demands on my body, approaching
32, I think it is the right time to step
aside and let the next generation
come through to gain experience for
the ICC World Cup in 2015.
I am immensely proud of my
achievements in the one day game,
but still wish to be considered for
selection for England in Test cricket.
For the record, were the selection
criteria not in place, I would have
readily played for England in the
upcoming ICC World Twenty20.
The England and Wales cricket
board dictate that players cannot
pick and choose between one-day
international and Twenty20 cricket
and means that any player like
Pietersen that wishes to stop
competing in one format must also
give up the other.
England Crickets managing
director Hugh Morris, however,
admits that with the Twenty20
tournament, scheduled to start on 18
September in Sri Lanka, nearing,
Pietersens decision comes as a blow.
The England and Wales Cricket
Board is disappointed by the timing
of Kevin's decision less than four
months before we defend our ICC
World Twenty20 title.
Kevin is a world-class player and I
would like to thank him for his
efforts and look forward to his
continued contributions to the Test
match side.
[But] as the programming and
planning for ODI and T20 format
cricket are very closely linked any
player making himself unavailable
for either of the one-day formats
rules himself out of consideration
for both formats.
Pietersen opts
for Tests over
shorter game
England and Chelsea midfielder Frank Lampard has been ruled out of Euro 2012 after suffering a thigh injury in training on Wednesday
ASTON Villa and Norwich are set
for a dramatic dispute over the
formers desire to appoint Paul
Lambert as their new manager
after the Scot demanded he be
allowed to leave for Villa Park.
Norwich have already refused
Lamberts resignation as the highly-
rated 42-year-old fights to succeed
the sacked Alex McLeish at Villa
but his departure remains very
probable and is likely to be
concluded once compensation has
been agreed between the two clubs.
The club regrets to confirm that
Paul Lambert has offered his
resignation whilst discussions with
another club are taking place, said
Row over compensation blocks
Villas bid to appoint Lambert
a statement from Norwich, who
Lambert has inspired to mid-table
in the Premier League from League
One in just three seasons.
The developments contrast those
between Liverpool and Swansea,
where compensation of between
4million and 5m has been agreed
to allow the Anfield club to install
Brendan Rodgers as manager.
The Welsh club have already
begun planning for Rodgerss exit
and, in a bid to maintain the
consistency they have enjoyed in
recent years, look set to approach
Wigan assistant manager Graeme
Jones, who assisted Latics boss
Roberto Martinez when he coached
the Swans prior to Rodgerss
appointment at the club.
FRIDAY 1 JUNE 2012
30
SPORT
cityam.com/sport
BY DECLAN WARRINGTON
ENGLAND manager Roy Hodgson
has described the loss of midfielder
Frank Lampard to injury as a huge
blow to the team and his plans for
Euro 2012.
Lampard ended the season by cap-
taining Chelsea to Champions
League victory but on Wednesday
pulled his thigh while training and
has consequently been ruled out
from selection.
Liverpools Jordan Henderson, sub-
ject to agreement from Uefas med-
ical team, has been called up to
replace Lampard but, with
Manchester Citys Gareth Barry also
unavailable after similarly suffering
an injury on the eve of the tourna-
ment, it is difficult to avoid the con-
clusion that Englands midfield
options have been weakened.
Compounding the absences of
Barry and Lampard, Arsenals talent-
ed Jack Wilshere, a key player under
former manager Fabio Capello, is
injured, and Manchester Uniteds
experienced Michael Carrick refused
to make himself available for selec-
tion. Between them they have 170
international caps and Hodgson
admits that the departure of
Lampard, who possesses 90 of those
caps, is damaging.
Its a huge blow for the team,
especially coming after the loss of
another senior player in
Gareth Barry, said
Hodgson. The fact
that the doctor cannot
guarantee Frank could
take part in any of
the group matches
means we have to
replace him.
Apart from it
being a huge
blow to me and
the team, Im
especially disap-
pointed for Frank
himself. He has
been in very
good form and
was looking forward to
Cruel blow for Lampard forces
Hodgsons hand to Henderson
the tournament. He made a huge con-
tribution towards us qualifying for
the Euros so it is cruel to be forced
out through injury just before the
tournament.
Hodgsons honesty will appeal to
England coach Gary Neville, who has
called for a realistic approach
towards the teams ambitions after
the embarrassing way in which
their qualification for major
tournaments has previously
been celebrated.
Neville was recruited soon
after Hodgsons appointment
in May and, having been a
prominent member of
Englands squads at three
European Championships and two
World Cups, is sufficiently aware of
the ambitious expectations that gen-
erally accompany them.
After qualifying in Italy in 97-98
and then against Greece in 2001-02, it
was almost when you look back
now a little bit embarrassing, said
Neville. All wed done is qualify. But
it was like wed reached the World
Cup final.
Its about showing that humility
to say Spain are there, France did win
World Cups, Brazil are there. We are
trying to get to them [finals] rather
than thinking we are there already
just by qualifying for a tournament.
Neville also added that Englands
selection of Krakow city centre as
their tournament base was chosen to
replicate the players club conditions.
BY DECLAN WARRINGTON
BY DECLAN WARRINGTON
JOCKEY Ryan Moore believes Kissed
can win todays Investec Oaks
because she is tailor-made for the
nature of the race, despite doubts
over her participation.
Kisseds high-knee action has
prompted uncertainty over her
participation in the race, with
trainer Aidan OBrien unsure if the
conditions are suitable for the horse,
but jockey Moore believes the filly is
ideally suited to compete.
I think Kissed is tailor-made for
the race, Moore said. I believe
Kissed could be the one to beat.
Tomorrows Epsom Derby,
meanwhile, will feature its smallest
field in over a century with nine
Kissed is made to measure for
Investec Oaks win, says Moore
BY SPORTS DESK STAFF
Jordan Henderson, left, has been
called up to replace Lampard
Pietersen wants to prolong his Test career
runners Camelot, Astrology,
Bonfire, Main Sequence, Mickdaam,
Thought Worthy, Cavaleiro,
Minimise Risk and Rugged Cross
set to compete.
CITY A.M.S
INVESTEC
DERBYISSUE
IS OUT TOMORROW
31
IN BRIEF
New sponsor for League Cup
FOOTBALL: The Football League has
agreed a new four-year sponsorship
for the League Cup, formerly the
Carling Cup, with credit card company
Capital One. The tournament will be
known as the Capital One Cup from
the start of the 2012/13 season.
Bolt records fastest sprint of 2012
Jamaican sprinter Usain Bolt
recorded 9.76 seconds in the 100m
sprint at the Rome Diamond League,
the fastest time in the world this year.
I knew I could do it, said Bolt.
cityam.com
FRIDAY 1 JUNE 2012
SPORT Taekwondo UK have
defended their right to pick their
own team for London 2012, despite
the British Olympic Associations
demand that a new selection panel
be assembled as the row over the
omission of world No1 Aaron
Cook intensifies.
The BOA rejected the
nomination of Lutalo Muhammad
for the British Olympic team after
growing concerned that STUK
disproportionately judged the
selection criteria in overlooking
Cook, though STUK remain
confident in their reasoning and,
according to an official statement,
are debating their next move.
The statement said: The panels
knowledge and technical expertise
has been key to this [selection]
process and we maintain that their
role is to ensure that we nominate
the best set of athletes who in turn
represent the best opportunity for
Great Britain to achieve medal
success at London 2012.
We have the right to appeal this
decision within 24 hours and are
now considering our position.
Taekwondochiefs
defiant over 2012
selection row
BY SPORTS DESK STAFF
BRITAINS Andy Murray dismissed
growing fears over his back injury
after struggling before overcoming
Jarkko Nieminen to reach the third
round of the French Open.
Murrays injured back forced his
withdrawal from the Madrid Masters
in May but, despite his visible
Murray: Back injury wont stop
me competing at Wimbledon
discomfort in the 1-6, 6-4, 6-1, 6-2
win, he remains relaxed about his
fitness ahead of both Wimbledon
and London 2012.
Its a completely different thing
to what I had beforehand, Murray
said. If it was the same, then I
would be really, really concerned
about Wimbledon and obviously
the Olympics.
But so long as what I'm getting
told by doctors and the physios is, if
it is just a muscle spasm, then that's
nothing to be overly concerned by.
The opening set was
overshadowed by the obvious pain
Murray was experiencing and largely
influenced its outcome before the
Scot fought back with an
impressively gutsy performance,
something he is adamant will not
affect his future preparations.
[Spasms] are, when they happen,
very difficult to shake off, especially
when its early morning. It takes a
bit of time for your body to warm
up, he added. But Im not doing
any permanent damage by finishing
a match like I did today.
Murrays success could not be
matched by Heather Watson,
however, after the young Brit lost 6-3,
6-4 to Julia Goerges of Germany.
Regardless, the Olympics hopeful
remained philosophical.
Im coming in with a different
mentality now, a more confident
approach, said Watson.Julia played
well, she didnt give me any rhythm
at all and thats what top players do.
If its short they just put it away,
hit good shots. Theyll miss some but
I think I was just getting a bit
frustrated. Ive just got get used to it.
Im still working on being aggressive
and learning from moments like
this.
BY DECLAN WARRINGTON
Results
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Andy Murray, bottom and left, believes
his troublesome back will not hinder his
chances of competing at Wimbledon
Read City A.M.s preview of this weekends
Investec Derby racing action from Epsom
The Punter: Pages 28-29