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DIMON VENTS FURY AT

BANK BASHER SARKOZY
DAVOS 2010
ernment asked us to,” Dimon declared to a
packed session, insisting that himself, as well
JP Morgan Chase
chief executive
BY JULIET SAMUEL as many of his peers, acted as stabilising Jamie Dimon
influences during the crisis. (left) clashed
JP MORGAN Chase chief executive Jamie Dimon also rejected claims that his bank with President
Dimon went head-to-head in a furious row had tried to block reform. “We fought the Sarkozy
with President Sarkozy yesterday, as the parts of reform that we thought were irra- (right) at Davos
world of politics and banking clashed in spec- tional,” he said. yesterday over
tacular form at the World Economic Forum He also attacked populist banker-bashing: excessive
in Davos. “This constant refrain ‘bankers, bankers, regulation being
Dimon, one of Wall Street’s genuine big bankers’ is just unproductive and unfair,” he forced on banks
beasts, made a direct plea to the French said. “People should just stop doing that.”
President, currently also President of the Banks have been loathe to speak out
G20, to use his power to put a stop to exces- against an increasing burden of regulation
sive regulation, which he said put the fragile following the financial crisis, in recognition
economic recovery at risk. “Too much is too of the fact that many required state-funded
much,” he said of the growing sea of regula- rescues.
tion. And he urged that “people take a deep But Dimon’s views echo those of many
breath” before introducing a myriad of rules senior bankers. Malcolm Sweeting,
out of anger. chairman of City law firm
But Sarkozy, a man unaccustomed to Clifford Chance, told City
being lectured to, launched into an immedi- A.M. that there is con-
ate fresh attack on bankers. He said that dur- tinuous anxiety over
ing the financial crisis they had made moves regulation, particu-
that “defied common sense” and harmed larly in Europe: “If
millions of people around the world. you have that reg-
“Don’t be accusatory of us,” Sarkozy ulatory change in
snapped at Dimon. “The world has paid with Europe and capi-
tens of millions of unemployed, who were in tal is moving east
no way to blame and who paid for every- anyway, there’s a
thing.” question of
Dimon, who has won praise for his leader- whether that
ship during the crisis, with JP Morgan having will speed up
repaid all government money, which it bor- the movement of
rowed during the downturn, reacted with capital from West
fury to Sarkozy’s accusation. to East,” he said.
“We bought Bear Stearns because the gov- DAVOS: P10-P11

MEDIA VETERAN IN PUSH TO REPLACE LOCKE AS MECOM CHAIR

chairman who is seen by some share- had not tried hard enough to source told CityA.M. last June 2006 as a non-executive director
▲

EXCLUSIVE
BY DAVID HELLIER
FORMER Telewest chief executive
Stephen Davidson has put himself up
as a possible executive chairman of
Mecom, the European regional news-
paper group.
If successful, Davidson would
replace Alasdair Locke, the current
holders to have been too close to for- find a successor. night. and became the Chairman in January
mer chief executive David Davidson, who is the Davidson would 2009. He was executive chairman of
Montgomery. senior non-executive remain executive chair Abbot Group Limited and has held
Montgomery recently departed director on the board, is only until a new chief senior executive positions within the
after pressure from a group of dissi- believed to have the back- executive was found, at banking industry.
dent shareholders, headed by Aviva ing of the rebel sharehold- which point he would Former News International execu-
Investors and L&G. He left before a ers to take overfrom Locke. become the new non- tive Mike Anderson has been in
replacement chief executive had been “There’s a lobby to replace executive chairman. renewed talks about the vacant chief
found, with some saying that Locke Alasdair with Stephen,” one Locke joined Mecom in executive’s job.

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 2 News
Pain must always come before gain
EDITOR’S LETTER
ALLISTER HEATH
CREDIT rating agencies have come in
for a lot of flak, not least in this news-
paper, but yesterday they proved that
they can still tell the Emperor it has
no clothes. The downgrade of Japan’s
credit came as a stark reminder that
government debt will be the new sub-
prime. It certainly ought to serve as a
wake-up call to any politician stupid
enough to believe that a country can
keep on adding to its national debt
without any consequences. Standard
& Poor’s, the agency that rightly
downgraded Japan for the first time in
nine years, blamed a lack of a “coher-
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WHAT THE OTHER PAPERS SAY THIS MORNING
POLICE TARGET “HACKTIVISTS”
An online “hacktivist” group that
brought down the websites of per-
ceived opponents of WikiLeaks has
itself become the target of an interna-
tional police crackdown. The London
Metropolitan Police arrested five men
in connection with a recent spate of
attacks by Anonymous, behind last
month’s revenge assault on the web-
sites of a number of organisations
that had severed links with
WikiLeaks.
CATERPILLAR FORECASTS RECORD PROFITS
Caterpillar, the world’s largest earth-
moving equipment maker by rev-
enues, expects to make record profits
this year as rising commodity prices
fuel a surge in demand for mining
equipment in emerging markets and
the construction industry in devel-
oped economies replaces ageing
equipment.
ent strategy” to reform the economy
and tackle its liabilities. Quite right –
Japan’s decades-long inability to sort
itself out is a depressing reminder
that even great economic superpow-
ers can go into permanent relative
decline if they make the wrong choic-
es. This issue, while fundamental, is
never sufficiently reflected upon; the
modern political cycle is far too short-
termist and parochial for that.
Fortunately, the UK is not Japan.
Britain is gradually beginning to turn
a corner with its budget deficit, even
though the national debt is still grow-
ing at a sickening rate. The deficit has
so far reached £118.4bn in the finan-
cial year to date, down £8.4bn from
£126.8bn recorded in the same period
a year ago. The final, full fiscal year
shortfall may end up slightly under
the Office for Budget Responsibility’s
£148.5bn forecast.
But what is starting to rattle some
in the gilts markets, however, is the
collapsing support for the coalition –
Labour is 6 points ahead at 44 per cent
Japan fuels
fear of crisis
ASIA ECONOMY
▲
BY JULIAN HARRIS
FEARS of a fresh sovereign debt crisis
originating in Asia were fuelled yes-
terday by Standard and Poor’s deci-
sion to cut Japan’s credit rating to
AA-.
“This supports our fears that 2011
will be the year when Japan’s dire fis-
cal position finally impacts markets
both at home and abroad,” Julian
Jessop of Capital Economics said.
“Given the size of Japan’s economy
and the current sensitivity of global
financial markets to sovereign debt
concerns, the impact would be felt
worldwide,” he warned.
If it fails to get its fiscal house in
order, “further downgrades will sure-
ly follow,” added Jessop.
Japan’s public debt is twice the size
of its $5 trillion (£3.1 trillion) econo-
GOOGLE ABANDONS PROPERTY SEARCH
Google has abandoned its brief foray
into property searches, marking a vic-
tory for specialist portals such as
Realtor.com in the US and the UK’s
Rightmove. In 2009, the world’s
largest search engine by user num-
bers added a feature to its Maps serv-
ice that allowed users in the US,
Australia, New Zealand, the UK and
Japan, to find property for sale or
rent.
PRADA SET FOR HONG KONG IPO
Prada, the Italian fashion group, is set
to list on the Hong Kong stock
exchange as early as May as it seeks to
tap voracious Asian demand for luxu-
ry goods. The decision by the group,
which is majority owned by designer
Miuccia Prada, her family and her
chief executive husband Patrizio
Bertelli, is a first for the European
luxury goods and fashion industry. It
underlines Hong Kong’s rising status
as a destination for international list-
ings.
in this morning’s YouGov/Sun opinion
poll, while the LibDems are languish-
ing at a disastrous 8 per cent. Elevated
inflation levels are also putting
upwards pressure on gilt yields.
Yesterday’s poor consumer confidence
figures aren’t helping sentiment
towards UK assets either. There is a
real risk that the four-year austerity
programme mapped out by the coali-
tion will never see the light of day.
Labour’s policies are now the most
left-wing they have been since the
1980s – though a Prime Minister Ed
Miliband would eventually be forced
to push through much of the same
tightening as the coalition is plan-
ning, the rise in Labour’s political for-
tunes is beginning to make some large
global funds nervous. All of this will
push up the cost of borrowing for the
government and the private sector.
Huge reforms – tax, regulatory,
spending, welfare, health, education,
energy and transport – are needed if
Britain is to be brought back to health
and become competitive once again.
my, and the public purse faces
increasing pressure from demograph-
ical change, S&P warned. Japan has
the most elderly population in the
world, the Office for National
Statistics said recently.
The government faces a dilemma
of how to cut the deficit without fur-
ther stunting economic recovery, he
said.
The yen fell against the dollar and
euro after news of the Standard and
Poor’s downgrade. Against the yen,
the euro rose to 114.02 yen, up
around one per cent on the day.
Prime Minister Naoto
Kan is under pressure
to cut Japan’s public
debt, which is twice
the size of its economy
COUNCILS LEFT IN THE DARK OVER BIG
SOCIETY’S GRAND VISION
Many political commentators were
surprised by the vigour with which
ministers continued their Big Society
narrative after the election — wrongly
treating it as a leitmotif that would
dissipate as the realities of running
complex public services took over. But
the Localism Bill and the health and
education reforms have put some pol-
icy flesh on the bones of the vision
for devolved responsibility and the
Big Society.
REAL PEOPLE MUST MAKE BIG DECISIONS
This week’s report from the Centre
for Social Justice brings to the fore a
worry that has long been on the
minds of those working in and with
the public sector: are cuts being made
following thorough research or are
they, as the report suggests, based on
hunches?
Yet countries are not doomed to
decline. One of the greatest structural
recovery stories of the past few years is
that of Germany. Hermes Fund
Managers calculates that since the
▲
birth of the euro, unit labour costs in
the Eurozone have risen 20 per cent
relative to its trading partners. But
Germany, almost uniquely, has
bucked this trend: it has cut its rela-
tive costs by 2 per cent, while Spain
and Italy allowed theirs to surge 25
and 34 per cent. This is the main rea-
son why Germany enjoyed a veritable
economic boom in 2010. The country’s
post-war growth miracle slowed in the
late 1970s and the 1980s, before grind-
ing to a halt after reunification in
1989. Its return to success represents a
remarkable turnaround. If Germany
can do it, so can the UK – and even
Japan. But it can’t be done without
strong and determined political lead-
ership – and a public that accepts that
pain must come before gain.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
LinkedIn boss Jeff Weiner is ready to float the business network
LinkedIn prepares IPO
TECHNOLOGY
▲
BY STEVE DINNEEN
BUSINESS networking site LinkedIn
plans to raise as much as $175m
(£110m) in an initial public offering
that could value the firm at almost
$3bn.
The highly-rated company saw its
sales  more than double to $161.4m in
the first nine months of last year
from $80.8m in 2009. Its profits for
the same period hit $1.85m.
Morgan Stanley, Bank of America
and JPMorgan Chase will be among
JOHNSON URGES TAX CUT
Mayor of London Boris Johnson urges
the Chancellor to state “a clear direc-
tion of travel” that will include how
taxes will be reduced over the course
of this parliament. Mr Johnson admits
that he is shocked by the high levels of
income tax that workers currently
have to pay and says that he never
thought he would see the day when
other large European countries had
lower personal tax rates than Britain.
TESCO COULD MOVE INTO INDIA
India is poised to lift foreign direct
investment (FDI) restrictions for for-
eign supermarket giants such as Tesco
and Walmart, its corporate affairs
minister has indicated. Jyotiraditya
Scindia said he was concerned about a
35per cent decline in foreign direct
investment in 2010 and that he
believed lifting restrictions could
reverse the fall.
CITYA.M. 28 JANUARY 2011
La Caixa unveils
audacious plan
to restructure
BANKING
BY STEVE DINNEEN
SPANISH savings bank La Caixa will
boost its capital and become a listed
bank, under audacious new restruc-
turing plans.
It will transfer its banking business
to listed unit Criteria CaixaCorp,
which will in turn transfer some of its
industrial stakes in companies to a
new entity.
The new banking business will be
called CaixaBank, which will include
current holdings in companies
Telefonica, and Repsol and be valued
at around €20.6bn (£17.75bn).
La Caixa will be the controlling
shareholder in CaixaBank, with
around 81.1 per cent of its capital.
CaixaBank will strengthen its capi-
tal position through the launch of
convertible bonds for up to €1.5bn.
Picture: REUTERS
the bookrunners for the offering.
The number of shares to be offered
and the price range for the offering
have not been finalised, according to
a statement the company filed with
the US Securities and Exchange
Commission (SEC).
A portion of the shares will be
issued and sold by the company,
while a separate portion will be sold
by certain stockholders of LinkedIn,
the filing said.
LinkedIn, led by chief executive Jeff
Weiner, has 90m users, compared
with Facebook’s 500m.
FINLAND REJECTS UPPING STABILITY FUND
Finland won't accept any increase in
the overall size of the European
Financial Stabilization Facility, Prime
Minister Mari Kiviniemi said
Thursday. Kiviniemi said: “I’m not
ready to open a discussion on
eurobonds or increasing the size of
the EFSF.” The “eurobonds” rejected
by the prime minister refer to bonds
that would be issued jointly by the
members of the euro zone, an idea
that has been rejected by the
European Central Bank as well as the
Eurozone’s richer countries.
CITIGROUP SEEKS BUYER FOR EMI
Citigroup, which is expected to seize
control of EMI Group from financier
Guy Hands in coming months, has
already made contact with parties
that could quickly snap up the his-
toric music company — and Hands
himself is even among them.
CITYA.M. 28 JANUARY 2011
UKFI warns on bank splits
REGULATION
▲
BY ALISON LOCK
THE manager of the government’s
stake in RBS and Lloyds defended the
structure of the UK’s biggest banks,
hitting back at advocates of splitting
them into retail and investment arms
yesterday.
Sir David Cooksey, chairman of UK
Financial Investments, which admin-
isters the government’s shares in the
lenders, argued that breaking up
banks would destroy their value.
In the latest salvo in the debate
DLA Piper to
be biggest
law company
LAW
▲
BY STEVE DINNEEN
DLA Piper is to merge with
Australian partner DLA Phillips Fox
to create what it says could be the
world’s largest law firm.
The combined entity will create a
700-strong legal empire in the Asia-
Pacific region. DLA Piper already
employs around 4,000 lawyers across
30 countries and generates revenues
of £1.4bn.
It will jump ahead of Chicago-
based Baker & McKenzie as the
world’s largest law firm by number
of lawyers.
The Australian expansion is driven
by the boom in M&A. The sector
more than doubled last year to
$108.5bn (£68.25bn), providing a
cash cow for hungry lawyers.
The move is also a strategic step to
take advantage of the rapidly
expanding Asian economy.
The deal is still subject to a vote
from DLA’s partners, who must be 75
per cent in favour of the move. The
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over whether big universal banks
should be split up to make them
safer, Cooksey said trying to separate
banks’ retail and investment banking
arms would lead to “a diminution in
value” at the institutions.
“We’ve looked at the dramatic sep-
aration option. It’s difficult to know
the full implications, but it would
clearly be negative for value,” he told
the parliamentary Treasury Select
Committee.
The Independent Commission on
Banking is taking evidence on how to
reform UK banks to ensure none are
integration will come into effect on
1 May.
Sir Nigel Knowles, co-chief execu-
tive of DLA Piper, said: “The cement-
ing of the relationship between DLA
Piper and DLA Phillips Fox is part of
our global strategy and is an integral
part in helping us become the
world’s leading business law firm.
“As part of our strategy we are
committed to expansion within the
G20 nations, and with Australia as
the 14th largest industrialised
nation it provides excellent opportu-
nities with its strong ties to some of
the most rapidly growing economies
in Asia.”
DLA Piper was created in 2005 by
the merger of DLA, Piper Rudnick
and Gray Cary.
Sir Nigel Knowles, co-
chief executive of DLA
Piper says the merger
will give the firm a
foothold in China
too big to fail in a future crisis. It has
proposed forcing institutions to hive
off their trading divisions to safe-
guard the low-risk deposit-taking
retail businesses.
UKFI chief executive Robin
Budenberg said the nationalised
banks must be allowed to pay bonus-
es to stay competitive in the battle for
top staff. “We understand that it is
very difficult to justify the sort of
bonuses that are paid at these banks,”
he said. “But if we want to sell these
shares, we have to make sure the
banks are able to retain the talent.”
Bank of England governor Mervyn King wants capital rules beefed up
BoE: Double cash ratios
BANKING
▲
BY KATIE HOPE
MINIMUM capital ratios for banks
must be doubled in order to provide
sufficient protection against future
financial crises, the Bank of England
argued yesterday.
In a discussion paper, the Bank
slammed current Basel III rules on
capital requirements as “too weak”,
and said banks should be made to
hold equity capital equal to between
16 and 20 per cent of their assets.
Banks defend fees as OFT
slams equity underwriting
▲
REGULATION
THE OFFICE of Fair Trading (OFT)
strongly criticised the UK’s equity
underwriting market for a lack of com-
petition yesterday, but stopped short of
referring it to the Competition
Commission as banking bodies defend-
ed the industry.
The OFT urged companies and insti-
tutional shareholders to pressure firms
to barter for equity underwriting fees,
Picture: PA
The Bank calculates that the
increased percentage would hit eco-
nomic growth by as much as six per-
centage points, but believes that the
extra stability provided would be
worth the loss.
The new Basel III requirement,
approved last year, is seven per cent of
assets – phased in gradually over eight
years. “A capital ratio that is at least
twice as large as that agreed in Basel
would take the banking sector much
closer to an optimal position,” the
Bank’s report argues.
LONDON BED COMPANY
News 3
after it found prices have failed to fall to
reflect market conditions.
Underwriting fees in the UK reached a
record £1.6bn in 2009, though the total
dropped to £400m in 2010, according to
figures from Thomson Reuters. This
suggests fees rates of 2.3 per cent. The
Association for Financial Markets in
Europe said while it backed calls for
greater transparency, “[d]ecisions on
matters that can be vital to a company’s
future are rarely made solely on price”.
US crisis
report hurt
by politics
▲
US REGULATION
BY KATIE HOPE
THE FINAL report from the 10-member
Financial Crisis Inquiry Commission
(FCIC) into the causes of the US finan-
cial crisis, issued yesterday, was
marred by political wrangling.
Just six Democratic members of the
10-member panel endorsed the final
545-page report, with four Republican
members dissenting, ensuring that
the impact of the commission’s work
on policy-making will likely be limited.
At a briefing yesterday, FCIC chair-
man Phil Angelides, defended the
panel’s work as valuable and pointed
to areas of agreement between
Republicans and Democrats.
“But there are fundamental differ-
ences. We believe that this crisis was
avoidable. We believe that it was a
result of human action and inaction,”
he added.
The main dissent by three
Republican members put more
emphasis on economic factors, includ-
ing a global credit bubble that pro-
duced similar problems across Europe.
The report blamed “reckless” Wall
Street firms and “weak” federal regula-
tors for contributing to the economic
collapse. It also laid blame with the
SEC and the Federal Reserve.
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CITYA.M. 28 JANUARY 2011
BP chief executive Bob Dudley played
down the legal action by TNK-BP’s Russian
partners Picture: PA
Colgate and
P&G report
sluggish sales
▲
MANUFACTURING
BY STEVE DINNEEN
PROCTER & Gamble (P&G) and smaller
rival Colgate-Palmolive were both
hurt by sluggish sales in the US and
Western Europe.
P&G says it remains confident and
expects shoppers to buy new, higher-
priced products as the year progresses.
Chief executive Bob McDonald said:
“We believe that we’re in the midst of
a recovery”.
Profits at both companies topped
Wall Street’s expectations, propped
up by lower tax rates. However, sales at
both companies came in weaker than
analysts expected.
P&G’s sales climbed two per cent to
$21.3bn (£13.4bn), while analysts were
looking for $21.58bn. The volume of
goods sold rose six per cent. Organic
sales, which strip out the impact of
acquisitions, divestitures and foreign
exchange fluctuations, rose three per
cent, at the low end of the firm’s fore-
cast.
Colgate earned $624m in the fourth
quarter, compared with $631m a year
earlier. Its sales fell 2.5 per cent to
$3.98bn. Analysts forecasted $4.06bn.
Amazon fails to Microsoft gets
wow investors business boost
▲
TECHNOLOGY
AMAZON.COM last night forecast
lower margins than some investors
hoped for, reflecting the costs of its
growth strategy, and shares of the
world’s largest online retailer plunged
8.5 per cent.
The company, which was widely
believed to have enjoyed a stellar holi-
day season as it took market share
from competitors, also posted fourth-
quarter revenue that fell just shy of
analysts’ estimates.
Net income in the fourth quarter
was $416m (£261m), up from $384m. It
now expects first-quarter operating
profit between $260m and $385m.
BP faces legal action over Rosneft deal
▲
OIL
BY MARION DAKERS
RUSSIAN billionaires involved in BP’s
Russian venture TNK-BP yesterday
took legal action to block BP’s $16bn
(£10bn) share-swap with Russia’s state-
owned oil group Rosneft.
The four partners in TNK-BP, who
operate through a group named Alfa-
Access-Renova, claim that BP’s deal
with Rosneft might breach earlier
agreements that give TNK first refusal
on any BP activity in Russia.
The injunction request in the High
Court echoes earlier flare-ups
between BP and its Russian investors,
The toothpaste manufacturer’s organ-
ic sales rose one per cent.
Household product makers are
banking on growth in developing
markets such as India and China, as
growth in developed markets such as
the US and Western Europe has stag-
nated.
However, P&G says it is gaining mar-
ket share at home and abroad and
maintained its sales and profit expec-
tations for the year. Demand for high-
end items has bounced back strongly,
with P&G struggling to meet demand
for items including its Gillette Fusion
ProGlide razors.
Tim Hoyle, director of research at
Haverford Investments said: “I would
call this a low-quality quarter.
“They’re in a tough spot, really, to
grow earnings anywhere close to what
most investors would want to give
them a premium valuation.”
Procter & Gamble
chief executive Bob
McDonald said he
believes his firm is in
the midst of a recovery
TECHNOLOGY
MICROSOFT surprised Wall Street with
better-than-expected profits, but its
shares stayed flat as investors worried
about the weakness of computer sales
amid a faltering US recovery.
It reported second-quarter profits of
$6.63bn (£4.17bn) compared with
$6.66bn a year earlier. Sales rose five per
cent to $19.95bn, helped by strong sales
of its Kinect hands-free gaming system.
Sales of its core Office application
rose 24 per cent, indicating that US
businesses are starting to spend more
on technology after the recession. Its
shares were down slightly in after-
hours trading
News 5
which led to chief executive Bob Rosneft and Russian’s Deputy Prime signed. The regulations in the Russian
Dudley fleeing the country after his Minister, also played down the law- oil and gas sector have changed con-
visa was not renewed in 2008. suit, calling it a misunderstanding. siderably, offshore projects have been
BP is expected to fight the injunc- Elsewhere in Davos, US oil major given preferences, normal conditions
tion at a hearing scheduled for 1 ExxonMobil announced its $1bn have been created.” DAVOS: P10-P11
February. (£628m) investment alongside Rosneft ANALYSIS l BP
The UK oil major said: “We are not to explore the Black Sea region in a
in breach of the shareholder agree- deepwater joint venture yesterday. 520 p
490.05
ment. We have kept – and will keep – ExxonMobil chief executive Rex 27 Jan
AAR informed of the situation.” Tillerson said he expected the joint
480
Spokespeople for AAR and TNK-BP venture to be split 50/50 at the explo-
both declined to comment when con- ration stage then 66/33 in favour of
tacted by City A.M. Rosneft at the development stage.
440
Dudley said at the World Economic BP chairman Carl-Henric Svanberg,
Forum in Davos yesterday that BP will also at Davos, added: “We are being 420
abide by all agreements with Russian asked what has changed in Russia,
partners. Igor Sechin, chairman of why now all these deals are being 1 Nov 19 Nov 9 Dec 31 Dec 21 Jan
When your wife’s on the
operating table, the last
thing you need is a
jobsworth on the phone.
It was a Saturday afternoon
when Sylvia Cooper was
rushed into hospital for a
life-saving operation.
On Monday morning her
husband Allen phoned Aviva,
apprehensive because
he hadn’t been able to get
approval beforehand.
Aviva advisor Hayley Gerrard
told him not to worry.
She took it on herself to make
sure all the expenses were
cleared, and called Allen daily
to check on Sylvia’s progress.
“I said to my son before I
called, I just hope I don’t get
a jobsworth,” Allen recalls.
“And I didn’t. I got an angel.”
At Aviva, we know that
insurance isn’t about policies.
It’s about people.
And maybe it’s because we
understand what’s really
important to our customers
that we have so many of
them – more than 53 million,
in 28 countries.
youarethebigpicture.com
 6 News CITYA.M. 28 JANUARY 2011

Moelis targets
Shareholders The former UBS banker
who set up on his own
Asia expansion
tell Mouchel with purchase

▲
BANKING

to invite bids
head of Americas investment bank BANKING

BY RICHARD PARTINGTON
HIGH-PROFILE investment banker
Ken Moelis established his global
independent investment bank,
Moelis & Company, in 2007.
With over 460 employees across
seven offices globally, £3.8bn of total
The development comes as asset management capital and hav-
▲
management committee.
His move to target Asia through
his Moelis & Company operation
marks his most ambitious move yet,
with the purchase of a local firm to
gain a foothold in the region.
Prior to UBS, Moelis was head of
corporate finance at Donaldson,
▲
INVESTMENT bank Moelis is mak-
ing its first move into Asia with the
acquisition of a local boutique
adviser.
The firm, founded by high-profile
former UBS banker Ken Moelis, has
developed aggressively since it

EXCLUSIVE
BY RICHARD PARTINGTON
A NUMBER of major institutional
shareholders have approached the
chairman of embattled professional
services firm Mouchel calling for a
sale of the company.
The key shareholders are under-
stood to have told chairman Bo
Lerenius they would like a sale of
the firm, despite Mouchel having so
far staved off several offers from
engineering group Costain.
They are understood to prefer a
debt financed offer for the compa-
ny, rather than see it continue to
ride the uncertain public sector
services market alone.
“Most shareholders in my opinion
want them [the board] to get taken
out. They don’t mind really who
does it. Costain would be fine,
although they’d prefer cash. But if
they can’t get cash then Costain
paper would be better than
Mouchel paper,” analyst at Arden
Partners Geoff Allum said.
Mouchel announced a refinancing ing advised on over $300bn (£188bn) Lufkin & Jenrette, the investment began trading just over three years
deal worth £170m until March 2014 of transactions, Moelis has become bank bought by Credit Suisse in ago and is now making a global
with its lenders. something of a rising star in the 2000. push.
However the deal is said to carry a investment banking industry. He briefly worked as head of US The bank has purchased Asia
charge as high as £7m in fees, Prior to founding his own invest- investment banking at Credit Suisse Pacific Advisers, the Hong Kong-
which has raised concern among ment bank, Moelis following the takeover, although left based boutique advisory firm estab-
shareholders. was president of just months later taking the core of lished by Richard Orders, the
Management at the firm, which UBS from 2005 his team with him to UBS. former head of global clients in
last week received an increased to 2007. His core team, along with several Asia-Pacific for ABN Amro.
£172m cash and shares offer from He joined fellow senior UBS investment Moelis will take on all eight of
Costain, said they were “actively the global bankers, would later move with him APA’s staff, including two senior
reviewing” all approaches and bank in 2001 again to form Moelis & Company. bankers who have worked in the
other options in order to enhance and previ- He began his investment banking Asia-Pacific region for the past 20
shareholder value. ously held career in 1981 at Drexel Burnham years.
positions Lambert. The investment bank’s expansion
ANALYSIS l Mouchel including Moelis is chairman of the Tourette could help it to tap the exploding
160 p joint global Syndrome Association and is the Asia-Pacific market for investment
141.25 head of member of the board at the bank revenues. The move comes hot
27 Jan
invest- Wharton Board of Overseers and the on the heels of the opening of a
120 ment Board of Governors of Cedars Sinai Moelis office in Dubai last week.
bank- Hospital. Revenue from fees for investment
i n g He holds an undergraduate banks across the region increased
80 and degree and a MBA from the by 55.7 per cent to $12.1bn (£7.6bn)
Wharton School at the University last year, representing 17 per cent of
of Pennsylvania. the $69.7bn global market, accord-
40
1 Nov 19 Nov 9 Dec 31 Dec 21 Jan
KEN MOELIS ing to data compiled by Dealogic.
CITYA.M. 28 JANUARY 2011
3i doubles its investments
PRIVATE EQUITY
▲
BY ALISON LOCK
3I RAMPED up investments in the
final quarter of last year to hit a total
of £510m in the last nine months of
2010, the listed private equity firm
said yesterday.
The figure was more than double
the investment made in the same
period in 2009, its interim manage-
ment statement said.
Buyout deals made up 93 per cent
or £472m of that total, up from 35 per
cent in the last nine months of 2009.
LSE sees sales
lifted in the
third quarter
FINANCIAL SERVICES
▲
BY ALISON LOCK
THE London Stock Exchange rein-
forced its position as Europe’s leading
bourse yesterday with a solid third-
quarter trading update yesterday.
The exchange beat analysts’ expecta-
tions with revenue of £165.9m in the
three months to December, a six per
cent rise over that period in 2009.
The increase was largely due to
income from its central counterparty
clearing business, which grew by a
third to £38.7m compared with the
same period a year earlier on the back
of a 330 per cent jump in treasury
management income.
But in a sign of growing competi-
tive pressure from alternative
exchange platforms such as Chi-X and
BATS Europe, capital markets rev-
enues fell four per cent to £69.4m.
Primary market income continued
to grow, with new share issues up 75
per cent and revenue up five per cent
to £19m, but the value of cash equi-
ties traded dropped 15 per cent in the
It also realised £105m from exiting
investments in the three months, tak-
ing its nine-month total to £398m.
This was about half the £777m
realised in the same nine months in
2009, but left out £350m expected
from two further exits, of engine
maker MWM in October and Hyva in
December that have not yet complet-
ed. Evolution Securities analyst Bill
Barnard said the nature of deal flow
meant income from realisations and
investments varied considerably from
period to period.
“Ultimately this is a game of quali-
quarter, and derivatives income fell
by almost 20 per cent.
Strong growth in the money mar-
kets saw its fixed income trading divi-
sion post a nine per cent gain and
generate £8.3m – but overall second-
ary market revenue fell nine per cent.
Numis analyst James Hamilton said
the LSE “has performed well over the
last year with the improvement in
equity markets,” but cautioned that
“the competitive environment and
inevitable long-run price compres-
sion” would hurt long-term growth.
Shares closed up 5.5p at 873p.
ANALYSIS l London Stock Exchange
950 p
873.00
27 Jan
850
750
1 Nov 19 Nov 9 Dec 31 Dec 21 Jan
ty, not quantity,” he said. “3i had a
burst of action before Christmas; it is
seeing growth coming back after pri-
vate equity fell off a cliff in 2008 and
2009, but the market remains slow.”
3i spent £183m in the three
months to December on deals includ-
ing buying jewellery supplier Amor
Group from Pamplona Capital; Stork
Materials Technology from Candover,
calibration firm Trescal from Astorg
Partners and medical distributor
OneMed from Nordic firm CapMan.
3i shares closed 1.15 per cent high-
er at 317.7p.
Severstal chief executive Alexey Mordashov is spinning out his Nord Gold mining arm.
MORGAN STANLEY
MORGAN Stanley is sole sponsor of
the Nord Gold float, with Credit Suisse,
Russian bank Troika Dialog and
Morgan Stanley acting as joint
bookrunners. Cannacord Genuity is
acting as co-manager.
Morgan Stanley’s co-head of invest-
ment banking in Russia, Gergely Voros,
and executive director Vladimir
Samarin head the team.
Voros has been with Morgan
Stanley’s London office since 1998,
taking up his new role in April 2010.
CSLA and Credit Suisse
top brokers poll in Asia
▲
BANKING
CSLA and Credit Suisse came top in
terms of market share in 2010 among
brokers trading in Asian equities with
institutions in the region.
In a survey by Greenwich Associates,
based on interviews with fund man-
agers and buyside trading desks, the
two brokers together carried out just
under a fifth of regional equity trad-
ing with institutions in the area.
Before MS, he worked in Munich as a
consultant for Boston Consulting
Group and gained an MBA from
Harvard Business School.
Voros has been involved in numer-
ous capital raisings including the par-
tial float of Russia’s state-owned
Rosneft (currently in the headlines for
its joint venture with BP), Vimetco
and ENRC. Samarin worked for Bank
of America, McDonald Investments
and the Barrington Consulting Group
before joining Morgan Stanley.
At Credit Suisse, Nicholas
Koemtzopoulos, Laurent Charbonnier
and Chris Byrne lead the team.
Charbonnier joined the bank in
2008 from UBS, and is a director on
the metals and mining team.
Koemtzopoulos is responsible for
equity capital markets in Russia and
central and eastern Europe.
News 7
CLSA, the Hong Kong-based firm
majority owned by Credit Agricole,
France’s second-largest bank, and
Swiss bank Credit Suisse, each con-
trolled 9.5 per cent of Asian equity
trading over 2010.
Greenwich Associates consultant
John Feng said: “The Asian equity
commission pool has more than
doubled over the past five years,
making it one of the fastest growing
markets in the world.”
Nord Gold
plans to raise
£1bn in IPO
▲
MINING
RUSSIAN mining group Severstal’s
gold unit Nord Gold is seeking up to
£933m from a London float, that
would see the firm valued at up to
£2bn.
The conglomerate announced it
would spin out its mining arm, a gold
producer focussed on emerging mar-
kets, earlier this month.
Nord Gold is expected to begin trad-
ing in mid-February. The company
plans to sell of 113.1m new shares and
94.9m existing shares at between
300p and 390p.
The listing of at least 25 per cent of
the Russian gold miner is set to be the
biggest mining float since Nate
Rothschild’s $1bn (£628m) offering of
investment shell Vallar last year.
Nord Gold has operations in
Kazakhstan, Russia and West Africa,
with eight producing mines, two
development projects as well as five
advanced exploration endeavours.
Severstal intends to use the net
proceeds from the initial public offer-
ing share issue to repay debts and to
fund its growth strategy via explo-
ration and acquisitions.
Gold firms are in vogue as the pre-
cious metal is seen as a safe haven by
investors.
 8 Focus on Sky
Sky profits
soar despite
distractions
MEDIA
▲
BY STEVE DINNEEN
BSKYB proved yesterday that behind
the media sideshow surrounding its
potential new owner and its wayward
sports presenters lies a powerful prof-
it-making machine.
The broadcaster saw its profits soar
40 per cent year-on-year for its second
fiscal quarter as it added an extra
140,000 new customers. Revenue for
the period was up 15 per cent to
£1.66bn.
Net profit hit £179m, compared to
£128m the year before, buoyed by
demand for Sky’s new hardware,
including 70,000 people paying for
its 3D services and 343,000 new HD
users.
Customers were on average paying
a record £541 a year. Only 9.5 per cent
CITY VIEWS: SHOULD MURDOCH BE ALLOWED TO BUY THE REST OF BSKYB?
Interviews by Marion Dakers
ADAM COUNIHAN |
PREQIN
“I don’t really have a problem with
it to be honest. I was under the
impression that Murdoch already
owned the whole company. It’s rea-
sonable for the
Competition
Commission to
look at a
takeover of this
size, but person-
ally I don’t
mind.”
of them left on an annualised basis,
which was also better than expected.
Sky has become its own biggest
story in recent weeks, with News
Corp owner Rupert Murdoch’s £7.8bn
bid for the firm playing out as a polit-
ical soap opera in Westminster.
Sky’s results revealed it has spent
£7m in relation to the bid so far and
this looks set to rise if, as he has indi-
cated, culture secretary Jeremy Hunt
recommends a full Competition
Commission investigation.
Sky Sports sensationally axed pre-
senter Andy Gray, while Richard Keys
resigned after they were recorded
making sexist remarks about a
female referee’s assistant.
The on-going phone-hacking scan-
dal involving the News of the World,
owned by News Corp, has also attract-
ed intense media attention.
JOHN HIEW | MCCURRACH
“As an idea it’s fine, although I don’t
think he will get it for the current
price. Government intervention in
public services is fine, but this is a
commercial busi-
ness and the boss-
es of Sky are
capable of fend-
ing for them-
selves.”
ANALYSIS | BSKYB’S SECOND QUARTER
24 per cent of customers
now taking all three of TV,
broadband and telephony
Fastest broadband growth in 10 quarters
with 204,000 net additions
Surpassed 10m customer milestone with 140,000 net additions
HD
High Definition reaches3.5m
68 per cent year on year
customers, up
ANALYSIS l Revenues for second half
2010/11 Half year (£m)
Retail Subscriptions 2,631
Wholesale subcription 151
Advertising 236
Installation, hardware and service 63
Other 105
Total: 3,186
One shareholder won’t be happy
STRANGE as it sounds, Rupert
Murdoch will be disappointed by
STEVE EVANS | DEUTSCHE BSkyB’s first-half results, which
BANK knocked the socks off everyone else.
The company is simply performing
“It’s always a bad idea when some- too well. Churn – the amount of cus-
one has so much power within an tomers that left during the period –
has fallen to a decade low of 9.5 per
industry, whether in the media or cent while the company has beaten
elsewhere. Whether the deal goes expectations on just about every
measure. This firm is recession proof:
ahead should be it won’t come cheap.
left up to the It already looks as though News
government, Corp will have to stump up much
more than the 700p-a-share it tabled
though I would back in June if it wants to get its
like to see it hands on the rest of BSkyB. As Lorna
Tilbian of Numis points out, the mar-
block the deal.” ket has added around a thousand
points since then. She thinks big
institutions are unlikely to sell up for
less than 825p a share.
And if Murdoch has to wait for a
CITYA.M. 28 JANUARY 2011
POLICE REOPEN
PHONE PROBE
THE News of the World phone hack-
ing scandal continued to gather pace
yesterday, with interior designer
Kelly Hoppen, the former step-moth-
er of Sienna Miller (pictured), claim-
ing her phone records were
intercepted as recently as last year.
Hoppen is suing the paper and one
of its writers, Dan Evans, for “access-
ing or attempting to access her
voicemail messages between June
2009 and March 2010”. Evans was
suspended from the paper in April
last year.
A statement from News of the
World said: “We have carried out an
extensive investigation led by a team
of independent forensic special-
ists and we have found no
evidence whatsoever to
support this allegation.”
The revelation follows
hot on the heels of the
sacking of the paper’s
assistant news editor Ian
Edmondson, which is linked
to “significant” new informa-
tion being investigated by the
Metropolitan police.
And earlier this month Tory spin
doctor Andy Coulson stepped down,
saying he could no longer give “110
per cent” to his work while the scan-
dal dominates the headlines.
lengthy competition investigation,
he will end up paying even more.
That’s because BSkyB’s costs
exploded during the period. The firm
spent £354 on acquiring each new
subscriber, compared to just £34 a
year earlier, after the firm upgraded
the box it gives away for free to an HD
model. Marketing spend was also up
by £75m to £613m.
This should come as no surprise to
shareholders: BSkyB always said it
would need to invest heavily to push
past the 10m subscriber mark, and it
was right to do so.
But these costs will start to ease
from 2012, meaning analysts are like-
ly to upgrade the stock in expecta-
tion of higher earnings. Murdoch is a
man in a hurry.
BOTTOMLINE
Analysis by David Crow
CITYA.M. 28 JANUARY 2011 News 9
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PHARMACEUTICALS markets exceeded $5bn for the first

BY JULIAN HARRIS
ASTRAZENECA beat forecasts for the
fourth quarter yesterday, reporting a
two per cent rise in pre-tax profits for
2010, up to $10.98bn (£6.89bn) from
$10.8bn in 2009.
The UK’s second largest drug-
time, the drug firm added.
The company’s final year results set
a target for core earnings per share
between the range of $6.45 to $6.75.
Earnings per share for the fourth
quarter reached $1.39, above consen-
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PHARMACEUTICALS
NOVARTIS warned that price cuts, US
healthcare reform and generics com-
petition were likely to dampen phar-
ma sales growth, as it missed fourth
quarter earnings forecasts.
The Swiss drug-maker reported a 10
per cent drop in fourth-quarter core
earnings per share as one-off costs
weighed.
It will take a $2bn (£1.3bn) write-
down related to its buy of eyecare
group Alcon this year.
Novartis still posted slightly better-
than-expected fourth-quarter sales,
which rose 10 per cent thanks to the
success of its newest products.
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will impairment charge. The stock
plunged 32 per cent to 5p.
 10 Focus on Davos CITYA.M. 28 JANUARY 2011

Cameron uses
Davos stage to
defend UK cuts
Companies with more women on their boards outperform their rivals DAVOS 2011 shrank by 0.5 per cent in the fourth
quarter of 2010.
BY JULIET SAMUEL In a speech later today, Osborne will

THE BUSINESS CASE

DAVID Cameron will today take to the
stage at the World Economic Forum in
Davos with a defiant message for those
insisting the government needs to slow
FOR BETTER GENDER its cuts in light of a fourth-quarter
shrinkage of the economy last year.
“Those who argue that dealing with
tackle the data release head-on: “Many
European governments face this chal-
lenge,” he will say. “But as this week’s
growth figures demonstrate, the chal-
lenge is particularly acute in the UK.”
Britain had “the biggest housing
boom, the most leveraged banks, the

DIVERSITY IS CLEAR our deficit and promoting growth are

AMANDA MACKENZIE
CHIEF MARKETING OFFICER, AVIVA
somehow alternatives are wrong. You
cannot put off the first in order to pro-
mote the second,” he will tell delegates.
“We must see it through. The scale of
the task is immense... The British peo-
ple know these things. They under-
stand there are no short-cuts to a better
future.”
most indebted households, the biggest
budget deficit. An illusion of growth
built on easy money that has now
turned to dust,” he will say. “It’s clear
that for some that temptation
remains – a bit more government
spending here, pumping the bubble
back up a bit there.”
The GDP release has seen the UK

T
HIS year’s World Economic Forum has thrown down a
gauntlet to its delegates. The organisers have asked that
women make up at least 20 per cent of any corporate team
attending debates in Davos.
Quotas have always been controversial. As a member of the
steering group of Lord Davies’ enquiry into women on boards, I’m
all too aware of the debate raging on this issue. For some, quotas
are the only way forward and for others, they are a rigid answer
to a complex issue, and can be seen to drive a perception of
tokenism. Ultimately, boards should not be anything other than
meritocratic.
The business case for improved gender diversity is clear.
Companies with more women on their boards have been found to
His comments come just a few days
after billionaire investor George Soros
said in the same venue that chancellor
George Osborne faces a tough choice
between growth and budget cuts.
The government has faced calls for it
to temper its plans to cut spending
down from 11 per cent of GDP to one
per cent in five years after the Office
for National Statistics released figures
indicating that the UK economy
raised repeatedly at Davos as evidence
that many parts of Europe could be in
for a period of “staglation” – inflation
and low growth. Economist Nouriel
Roubini said earlier this week that the
UK was “already double-dipping”.
But thinktank, the OECD, has sup-
ported the coalition’s intention to con-
tinue with its plans saying they are
“necessary” for long-term growth
despite the “short-term implications.”

Trichet and Merkel back euro

outperform their rivals with a 42 per cent higher return in sales,
66 per cent higher return on invested capital and 53 per cent
higher return on equity. A better balance in leadership also pro-
vides a wider talent pool and increased market responsiveness,
and brings broader, more rounded perspectives, leadership and
decision-making to boards.
Addressing the gender balance is clearly a complex issue.
WORLD ECONOMY
▲

Transparent recruitment, business culture, stereotyping, women’s
aspirations and family responsibilities are just some of the barri- BY JULIET SAMUEL
ers to achieving greater balance. But there are solutions. Small,
simple practical steps can be made to help women balance career EUROZONE Central Bank (ECB) presi-
and family demands. dent Jean-Claude Trichet, yesterday
There is a case to be made for encouraging organisations insisted that the euro was not in cri-
to adopt targets for female leadership, using voluntary corpo- sis.
rate governance codes. However, ultimately it is attitudes Speaking at Davos’ Open Forum, a
around women, their sponsorship, confidence, ambition, expe- venue open to the public alongside
rience, and of course talent that will make a sustainable dif- the World Economic Forum, Trichet
ference in the long term. Those recruiting need to be open to insisted that the ECB had a track
it, those seeking a board appointment need to be alive to it record of success shown by the fact
and role models need to be encouraging it. that average inflation during the
period of its existence has been 1.9
per cent.
However, he admitted that the
Davos tweets ... bank had focused mainly on core
countries like Germany in its policy,
despite negative real interest rates in
others like Ireland.
Shortly before his remarks, French
President Nicolas had taken the floor
to launch an ardent defence of the
single currency. “To those who would
bet against the euro, watch out for
your money because we are fully
determined to defend the euro,” he
said. “Mrs Merkel and I will never – do
you hear me, never – let the euro fall.”
His reference to an alliance with
Merkel is particularly significant
because together France and
Germany are viewed as the only coun-
tries able to bankroll further bailouts.
Policymakers are at pains to proj-
ect an air of determination ahead of
a European Council meeting in
February, when they will unveil a
raft of measures intended to rescue
the euro.
But in Trichet’s comments at the
Open Forum, held in a packed school
gym in Davos, he admitted that sav-
ing the currency will require limit-
ing national sovereignty on
spending.
“It was foreseen from the begin-
ning,” he said. “You need to have a
quid pro quo if you have a single cur-
rency without a political confedera-
tion.”

@jacobwe 6.58pm
In #Davos, people who don’t know you assume you
are more important than you are. This makes you
Goldman’s Cohn’s warning Bankers urged to
more feel important. Pompous Circle.

@andrewrsorkin 6.26pm
makes hedge funds furious address poverty
▲

BANKING
Another great line from #wef in #davos: “China is a
well run company masquerading as a country” - a US HEDGE FUNDS
▲

CEO.
@Mje5110.47am
Sarkozy magnificently clear on the euro. “It is to do
with our identity as europeans.” #davos #wef.
@tim_weber 8.29am
Why this year’s #davos feels different: 1. there is no
BIG issue dominating the agenda; 2. there's no scape-
goat (e.g. banks, hedge funds)
BY JULIET SAMUEL
COMMENTS made by Goldman chief
operating officer Gary Cohn in Davos
this week have sparked fury among
hedge fund investors, who form a
large part of Goldman’s client base.
Cohn sounded a warning about
banking regulation on Wednesday at
the World Economic Forum, saying
that over-regulation could push dan-
gerous practices into “the shadow
banking system”.
Although he did not explicitly point
the finger at hedge funds, his remarks
were widely interpreted to be target-
ing them. He claimed that the “unreg-
ulated sector” would experience a
boom due to stringent new regula-
tions imposed on banks and that risk
“will move from the regulated, more
transparent banking sector to a less
regulated, more opaque sector”.
But a hedge fund industry source
told City A.M.: “The idea that the hedge
fund sector is unregulated is complete
tosh. And the idea that we are all bet-
ter-off if banks are handling risk is
absurd because they are the ones that
bankrupted themselves.”
“It’s much better to disperse risk
among smaller players who are small
enough to fail,” said the source.
POVERTY and unemployment reared
their heads at the World Economic
Forum yesterday, with speakers urg-
ing the elite audience to bridge a
growing gap between booming multi-
nationals and the jobless poor.
Greek Prime Minister George
Papandreou said the global crisis had
led to an “unsustainable” race to the
bottom in labour standards in devel-
oped nations. Maurice Levy, chair-
man and chief executive of French
advertising giant Publicis, said:
“People do not understand that these
large corporations are doing extreme-
ly well, while their lives have not
improved.”
In
association
with
CITYA.M. 28 JANUARY 2011
Geithner backs bankers on
push for regulation clarity
BANKING
▲
BY HARRY BANKS
THE heads of the world’s biggest finan-
cial players met in Davos yesterday to
try to mend their relationship with reg-
ulators who are crafting tougher rules
to prevent another financial crisis.
At a meeting on the fringes of the
World Economic Forum, the bankers
including the heads of JP Morgan
Chase, UBS, Credit Suisse and
Barclays, discussed issues ranging
from financial stability to the
Eurozone crisis and later told US sec-
retary of state Timothy Geithner, pic-
tured left, about their need for more
Australia flood costs to soar Davos explosion
INSURANCE
▲
BY ALISON LOCK
LOSSES from the floods devastating
Australia should cost the Lloyd’s of
London market less than one billion
Australian dollars (£630m), its chair-
man Lord Levene said yesterday.
But Levene estimated that the disas-
ter could still leave Lloyd’s underwrit-
ers with claims worth “hundreds of
millions of Australian dollars,” he said
at the Davos World Economic Forum
meetings.
With floodwaters still high in
Queensland and Victoria states, losses
are continuing to rise, but Levene
played down the effect on insurers.
regulatory clarity. “We are working
through a range of ideas of how to
work together,” said Howard Lutnick,
chief executive of private investment
bank Cantor Fitzgerald.
Participants said Geithner shared
their view about the need for more
regulatory clarity.
Prudential chief executive Tijane
Thian, who co-chaired the meeting
with Barclays’ Bob Diamond, said:
“We have recovered, things are going
better. The dialogue has improved.
But we are in the middle of the
process.” Participants said there was
little discussion of new proposals for
regulation or financial stability.
“As far as we’re concerned, the costs
are all in the normal course of busi-
ness,” he said in an interview.
UK insurers have been cagey to date
about their level of exposure to the
floods. In a trading update on
Wednesday Hiscox, another Lloyd’s
insurer and reinsurer that wrote
£1.7bn in premiums last year, said its
position on the floods “is still evolving,
however we believe we are under-
weight in this area.”
Levene said he expected Lloyd’s 2010
results to be “OK” but “they won’t be
brilliant.” The floods follow extensive
losses to Lloyd’s insurers from the
earthquake that hit New Zealand last
September.
Delegates take a break
between sessions at the
main conference centre
in Davos
work of activists
▲
DAVOS
LEFT-WING activists claimed responsi-
bility for a small explosion yesterday
that broke windows at a hotel in
Davos, close to where top executives
were meeting, but nobody was hurt.
“A huge boom went off. The whole
ceiling lifted,” said Devin Wenig, chief
executive of Thomson Reuters’
Markets division.
The main programme at the World
Economic Forum meeting, addressed
by French President Nicholas Sarkozy
and former US President Bill Clinton
yesterday, was not affected.
Focus on Davos
Diary
Juliet Samuel in Davos gives us a behind-the-scenes glance at what
is really going on as the global elite descend on the small Swiss town
WALKING BOOTS
ARE DE RIGEUR
A score for good sense at the
FT/HSBC breakfast event: six men
were settled into white armchairs
onstage for a panel debate yester-
day, but only one man’s sensibly
clad feet stood out. Gao Xiqing,
president of China’s sovereign
wealth fund, shunned the stan-
dard suede or polished leather
business shoe. Not for him the peril
of slipping on Davos’ icy pave-
ments, or the inconvenience of
changing shoes every time he
entered the Belvedere. Instead, this
free spirit and reported climbing
fan sported a clunky pair of brown
walking boots. It turns out that
when you have $200bn in assets
under management, you can
wear whatever shoes you like.
SHAKIRA IS THE ONE
As for free spirits of another
kind, Gao’s fellow panellist
Colombian finance minister
Juan Carlos Echeverry was
determined to add a little
philosophy to the mix to
spice up his remarks. Asked
about what rising prices
mean for commodities
exporters, he took an
unusual angle: “I think of
Nietzsche and the trans-
valuation of all values,” he said.
“What used to be good is bad
and what used to be bad – to be
poor and resource-rich – is
good.” So who is Echeverry’s
modern “übermensch”? It turns
out, it’s Shakira (pictured right).
“If Nietzsche were born today,
Shakira would be his über-frau,”
he declared. We didn’t quite
catch the rationale, but hell,
anyone who can put Shakira
and Nietsche together in a debate
about capital flows deserves
brownie points
CLIMATE CHANGE IS COOL
It’s not just about networking,
Davos’ most ardent supporters
insist. It’s about getting together to
Events ...................................
DAVOS: FRIDAY 28 JAN
l 7.00am: Mahindra Group hosts a panel
discussion on "Disruptive
Demographics" in the
Arabella Sheraton Hotel
Seehof.
l 7.30am: The
Confederation of
Indian Industry
and private equi-
ty group KKR
host a breakfast
in the Central
Sporthotel.
l 7.30am: Standard
Chartered breakfast
debate on "too much or
too little or just right" on regu-
lation at the Chapel of Holland House.
l 11.00am: UK Prime Minister David
Cameron addresses delegates.
l 12.30pm: a PwC lunch to discuss
11
solve the world’s problems. A
plethora of events sets out to prove
the point, with Climate Group
holding a lunch this week for “a
select group of international lead-
ers from the finance and energy
sectors to discuss the collective
leadership needed to support pro-
gressive policy measures and
finance solutions”, sponsored by
HSBC and Standard Chartered. A
sceptic might wonder how all this
caviar-munching, champagne-
quaffing and speech-giving helps
the environment?
Of course, it doesn’t do any harm
– unless, that is, you count the
thousands of flights delegates took
to get here, the lines of traffic
crowding the town, the gratu-
itous patio heaters on bal-
conies that no one is
occupying and the helicop-
ters and private jets shed-
ding their airy exhaust
over the pristine Alps.
One director told me
she was actually getting
quite tired of being fer-
ried around in shiny
Mercedes. Yesterday’s
shimmering sunny
weather was one for
walking – if you
could cross the road
between the fleets of
shiny executive-carri-
ers crawling along the
Promenade. It’s all in a day’s
climate action.
TIME TO RELAX
Never to miss a chance to
make extra cash off its dele-
gates' thirst for self-promotion,
the World Economic Forum
has this year invested in an
entire stand-alone temporary
extension to the Belvedere
Hotel. The structure is a behe-
moth of purchased offices and
lounges, with a variety of firms and
media outlets setting up shop in the
new building. One of the most impor-
tant requirements, of course, is ample
space for “lounging”, without which
many of the delegates would be at a
loss for large chunks of the day.
“Trends and Scenarios in the Banking
Industry”. Professor Andrew Scott of the
FSA will be speaking. Held in the Romeo
and Julia room of the Belvedere.
l 6pm: Infosys Technologies
cocktail reception at the
Belvedere.
l 6pm: MIT reception
also at the Belvedere.
l 7pm: Accel
Partners reception at
the Kirchner Museum.
It goes till midnight.
l 10pm: Ernst & Young
host a party "Celebrating
the Empowerment of Women"
in the Belvedere.
l 10pm: This year's hot ticket – the
Google After Hours party at the
Belvedere. Conveniently many
delegates' only plan for Saturday will be a
bit of skiing.
 12 News
Why two Eds may
If be better than one
for Labour Party
lif e
COMMENT
DAN CORRY
CONSERVATIVE commentators are
licking their lips at the thought of Ed
Balls as shadow chancellor. Here are
Labour’s supposed economic failures
on the economy, the deficit and
financial regulation all beautifully
personified.
Better still Balls now has to work at
the beck and call of his former side-
kick, and they expect his over-wean-
ing ambition to make that
g i ve s
impossible – that he will constantly
undermine his boss Ed Miliband.
Nothing is ever certain in politics,
but if I were a Tory strategist I would
not bet the house on that scenario.
I have worked with Ed B over many
years. He is sharp, clever, and judges
situations well.
Sure he can be tough – he had to be
when he helped get Labour’s econom-
ic policy into shape in opposition,
when the Treasury had to hold the
line on spending and on the single
currency in the early years of the gov-
ernment – but he can be very support-
ive of colleagues. He doesn’t always
suffer fools very well. At times, he has
yo u
been excessively partisan, a key player
in the dysfunctional Blair-Brown his-
tory, but as his behaviour during and
since the Labour party leadership
election shows, he is beginning to
find a new maturity. And above
all he knows
n o w
The two Eds worked together in 2000
Picture: Martin Argles - GUARDIAN
n s
Lawyers warn employment claims
lem o may spike after tribunal reforms
▲
REGULATION
PROPOSED changes to employment
tribunal laws risk encouraging length-
ier, more expensive claims that could
mean businesses having to pay
uncapped compensation fees.
The employment tribunal reforms –
announced yesterday by the govern-
ment – aim to reduce unfair dismissal
claims by changing the qualification
period from one to two years. But the
changes could lead unhappy employ-
ees to seek alternative access to the
that the key thing for Labour – and
his personal prospects – is to work
well with his party leader and to start
to craft a new direction for Labour.
True, Ed M was the junior partner
when they worked in the Treasury.
Where Ed B was highly respected and
sometimes feared by Treasury civil
servants, Ed M was less imposing but
better liked.
There were tensions not least on
political issues where Ed M was more
relaxed about the guys in Number 10,
something that Ed B tended to see as
soft and even naive. So it was Ed M
who provided the Treasury link with
Blair’s last policy review and Ed B who
treated it with something close to
contempt. And there were clashes in
the run up to the 2010 election as Ed
M attempted to draft a manifesto that
looked forward and Ed B, as educa-
tion secretary, favoured a more cau-
tious approach.
But despite differences they work
well together, as a team, and until the
leadership election, rarely rivals. Ed M
is a likeable guy who passes the break-
fast TV sofa test easily, but as his deci-
sions so far on personnel and in
describing past Labour mistakes have
shown, he is unsentimental in giving
leadership. Ed B will know that Ed M
has attributes that are needed to win
Labour the next election. He is less
caught up in past battles, less associat-
ed with Labour’s past policies. He is a
more open politician – at a time when
people want reaching out and work-
ing together. What he needs is a shad-
ow chancellor who clearly rivals the
Tories for competence, knowledge and
ideas – and he has that in Ed B.
This is not a rerun of Gordon and
Tony. There are no Granita style
deals not delivered on to pro-
vide grist to any lurking
sense of grievance. And
the differences in
approach to economics
going forward are not
large – with both want-
ing the emphasis to be on
growth rather than exclu-
sively on deficit reduction.
The truth is that the two
Eds need each other. And
the Tories may rue the day
they got together.
• Dan Corry works for
FTI Consulting and is
a former Treasury
and Downing
Street adviser
courts through discrimination claims,
with the onus on the employer to dis-
pute the claim and prove it false.
“If unfair dismissal claims are made
harder then employees are more likely
to find another way of phrasing a
claim,” said employment lawyer
Bettina Bender at CM Murray.
“Discrimination claims are longer and
harder to fight, with no cap on poten-
tial compensation.”
Compensation for unfair dismissal
claims is currently capped at £65,300,
but will rise to £68,400 on 1 February.
CITYA.M. 28 JANUARY 2011 News 13

Christie’s announces record-breaking sales of £3bn

The balance of power in Pablo Picasso’s Nude, Green Leaves,
and Bust fetched a staggering
James Christie, who
founded the auction
sales soared by 116 per
cent to £498.7m. The
reflected in
tastes. Asian art,
the art world is shifting £70.3m – setting a new world record
for an artwork sold at auction.
house in 1766, want-
ed to capitalise on
Paris centre saw sales
drop 63 per cent while
which accounted
for £569.6m of global
from West to East, London’s new status
as the pre-eminent
revenues at the
Dubai auction
sales, is now more popu-
lar than Old Masters and
writes David Crow centre for trading art
in the wake of the
house were up
147 per
19th Century Art, which
fetched £150.9m.
French Revolution. cent. Still, 20th Century American art-

A
UCTION house Christie’s Now the balance of Christie’s says works continued to dominate the
notched up £3.3bn of sales in power in the art world is that a handful of high- top ten lots in 2010.
2010 – the highest total in its shifting again, this time from West to net worth buyers Roy Lichtenstein’s Ohhh... Alright...
244-year history – as the art East. account for most of the (pictured far left) sold for £26.4m
market continued to defy the global Last year, revenues at the Christie’s Asian market, but that while Jasper Johns’ Flag (centre)
slump. sales centres in Continental Europe this is changing as more fetched £19.5m. And one New York
It was a year of record-breaking and the UK grew by nine per cent to Asians join the ranks of buyer paid £15m for Andy Warhol’s
firsts for the auctioneer, with global £.1.bn. the wealthy. Big Campbell’s Soup Can with Can Opener
sales up by 53 per cent. But in Asia and the Middle East, The change is also (Vegetable) (pictured near left).

Work restarts on
British Land’s
Cheesegrater
▲

PROPERTY
CONSTRUCTION work has restarted
on the Cheesegrater tower on
Leadenhall Street after developers
British Land and Oxford
Properties agreed to fund the
£340m project as a joint venture.
The 47-storey tower, officially
named the Leadenhall Building,
was shelved in 2008 amid uncer-
tainty in the London property
market.
Builders returned to the site
yesterday to restart work on
the foundations of the tower,
with completion due in 2014.
The Cheesegrater will
stand 736ft (224m) high
with around 610,000
square feet of available
office and retail space.
“The Leadenhall
Building ... will complete
at a time when we
believe strong demand
and supply constraints
will coincide,” said
British Land’s head of
development Nigel
Webb, adding that
several potential ten-
ants have
already
expressed an inter-
est in the tower.

Great Portland Estates portfolio

lifted by strong London demand
investments in central London.
▲

PROPERTY
BY MARION DAKERS
GREAT Portland Estates (GPE) said
yesterday that rising property values
helped push its net asset value up 3.8
per cent in the last three months of
2010.
The FTSE 250-listed landlord now
owns properties worth £1.55bn,
which the firm said has been boost-
ed by strong demand for leasing and
Office rental values rose by 3.3 per
cent in the quarter across GPE’s port-
folio, compared with the 2.9 per cent
increase recorded for the previous
three months. Retail rents in its
West End sites gained 1.3 per cent.
“With the supply of available
space to let falling and rents now ris-
ing, we expect these supportive con-
ditions to persist throughout 2011,”
said chief executive Toby Courtauld.
 The Capitalist
14
BRIT MODEL
PUTS HER
FACE TO BIG
RACE DAY
INVESTEC has announced that British
supermodel Erin O’Connor will become
the official face of the Investec Derby
Festival in June, one of the most iconic
social and sporting events of the summer.
Her selection marks the first time in
the race’s history that the honour has not
been given to a horse racing celebrity.
While we are very much looking for-
ward to the day at the races, The Capitalist
is slightly concerned about introducing
another attractive female face to a sport-
ing event, lest any recently unemployed
sports commentators attempt to “smash
it”. Presumably there are a couple who
have plenty of time to hang about at the
races these days.
APPRENTICE MARK II
CITY trader Mike Baghdady (pictured top
right) has decided to recreate the experi-
ment in 1983 movie Trading Places by put-
ting a giant heap of his own cash on the
line. The film stars Eddie Murphy as a
homeless thief, who finds his life
switched with a Wall Street hotshot as
part of a bet between two bored million-
aires.
Erin O’Connor will be the first non-horseracing celeb to front the event.
The theory is that anybody can excel
given the right opportunities. In his ver-
sion of the experiment, Baghdady will
take on 10 apprentices (yes, this sounds a
little familiar to us too…), from different
walks of life and hand them £100,000
start-up capital.
They will then be expected to make a
return for their new boss. The pick of the
bunch will be offered a job. Now comes
the painstaking process of whittling
down the 8,000 applicants to just 10 final
apprentices. So those of you who harbour
a burning ambition to gamble risk-free
with a lot of other people’s money (most
of you, we gather), now’s your time to fill
out your application in a bid to get your
chance to shine.
CITYA.M. 28 JANUARY 2011
EDITED BY
STEVE DINNEEN
GOT A STORY? EMAIL
thecapitalist@cityam.com
“With Red
Ken’s chances
of usurping
Boris as Mayor
of London slim,
it seems he
should start
City trader Mike Baghdady is taking on 10 apprentices
looking for
the ring.
a new job” Only a decade ago floor trading was
the primary method for metals business,
but volumes have dwindled in recent
years to less than 20 per cent of the total.
Indeed, LME floor traders will be quick to
point out that as long as computerised
trading is not much more reliable than
the Northern line, the ring hasn’t yet
passed its sell-by date.
DINOSAURS RULE
With the art of trading pretty much
boiled down to writing the perfect algo-
rithm, the open outcry pit at the
RED KEN STEPS DOWN
RED Ken has stepped down from his role
London Metal Exchange – the last on Iranian state-backed news channel
of its kind in Europe – reeks of a Press TV. Livingstone presented a book
bygone era, when traders actu- review programme on the highly contro-
ally took lunches and looked versial channel, which was mauled in the
each other in the eye. press for its coverage of the stoning sen-
But on Tuesday, the metal tence of the Iranian Sakineh Ashtiani
dinosaurs over on Leadenhall Mohammed. He stepped aside as NatWest
Street were forced to process all the confirmed it has frozen the station’s
exchange trading volumes for British bank account.
approximately an hour as a glitch With the chances of Livingstone usurp-
in the electronic trading system ing Boris Johnson as Mayor of London
LME Select meant that all busi- appearing slim, perhaps it is time to start
ness had to be funneled through looking for a new job.
CITYA.M. 28 JANUARY 2011 Economics 15

Eurozone remains confident More than half of UK fraud

EUROZONE ECONOMY However, business confidence rose showed yesterday.
occurs in the public sector
▲

BY JULIAN HARRIS for the euro area, from 1.38 to 1.58. The harmonised index of consumer
“The [business] indicator is prices (HICP) increased at an annual
OVERALL economic morale across the approaching the historical peak pace of two per cent in January, up tolerated.”

Eurozone fell slightly this month, yet
remains well above its long term aver-
age, official data revealed yesterday.
The EU’s economic sentiment indi-
cator (ESI) came in at 106.5, after a
revised 106.6 in December.
The minor slip came after seven
straight months of improvement in
the index, and surprised economists
in a Reuters poll, who had expected a
rise to 107.
reached in spring 2007, suggesting
that the recovery in industry will con-
tinue in the coming months,” the
commission said in a statement.
The survey also showed a sharp
increase in consumer inflation expec-
tations 12 months ahead, with the
index hitting 20.9 points from a
revised 15.1 in December.
In Germany, inflation picked up
slightly in January, separate data
from December but slightly lower
than the 2.2 per cent expected by econ-
omists polled by Reuters.
And constraints on the supply of
credit eased this month, according to
a survey by the Munich-based Ifo
Institute. The “credit hurdle” for
German companies fell by 0.9 per cent,
they said, with the economy “profit-
ing from relatively favourable financ-
ing conditions.”
▲
UK ECONOMY
FRAUD in the public sector costs the
UK £21bn a year, official data
revealed yesterday.
The government sector accounts
for 55 per cent of all fraud, the
National Fraud Authority (NFA) said.
“That’s the equivalent of employ-
ing over 615,000 nurses,” said cabi-
net office minister Francis Maude.
“Ripping off the taxpayer will not be
“There are few incentives to pre-
vent fraud in the public sector and
too many opportunities for prefer-
ment that could never be detected,”
added Philip Booth of the Institute
for Economic Affairs.
Private businesses accounted for
£12bn in fraud, individuals £4bn,
and for the first time charities were
included – revealing £1.3bn of fraud
in the charity sector.

High street NEW FACTS RELEASED ON BRITONS’ HABITS

LIFESTYLE
Men drank
NEWS | IN BRIEF
American home sales increase
Pending home sales in the US increased

sales growth
by two per cent in December, as
November’s increase was revised down
Manual
workers Professionals
16.3 units to 3.1 per cent. The rise – reported by
the National Association of Realtors –
was double the rate forecast by econo-

29% 15% of alcohol mists. “It looks like an improving trend,

in slowdown
but with the glut in existing homes,
smoke a week in 2009 housing won’t be a significant contribu-
tor to GDP this year,” said Jim O’Sullivan
smoke ON
Women drank
of MF Global. Meanwhile US durable
goods orders fell by 2.5 per cent in
AVERAGE
December, greater than the predicted

RETAIL not materialised in the official data,” Manual workers Professionals 8 units
fall of 1.5 per cent. However, Paul
Ashworth of Capital Economics
described the figures as “very suspicious
▲

BY JULIAN HARRIS
RETAIL sales for January are up on
the same time last year, yet sales
growth slowed considerably, accord-
ing to the Confederation for British
Industry (CBI).
And consumer confidence has
plummeted to a 12 month low, sepa-
rate data from researchers GfK NOP
revealed today.
The positive balance of retailers
reporting a year-on-year increase in
sales dropped from 56 per cent in
December to 37 per cent this month,
the CBI reported.
And retailers anticipate a further
slowdown in growth for next month,
the CBI said. A balance of 25 per cent
said Simon Hayes of Barclays Capital.
“The results have been out of kilter
with the far weaker official and
British Retail Consortium measures
for a few months now,” added Vicky
Redwood of Capital Economics.
The total volume of sales in
December increased by just 2.6 per
cent on the previous year – below the
rate of inflation – the government’s
Office for National Statistics revealed
last week.
Meanwhile the GfK NOP consumer
confidence index dropped eight
points this month to -29.
“January’s eight point drop repre-
sents an astonishing collapse in con-
sumer confidence,” said Nick Moon of
GfK NOP social research. “In the 35
drank
10.7
units of alcohol a
week in 2009
SERIES OF STATS
RELEASED BY ONS
DEATH
The government’s
Office of National
Statistics (ONS) yester-
day published results of
its general lifestyle sur-
vey, as well as a string
of other data for 2009.
drank of alcohol looking” after non-defence aircraft
a week in 2009 orders were shown plunging by 99.5 per
13.5 cent. He described the statistic, released
by the US commerce department, as
“nonsense.” The weekly jobless claims
units of alcohol a
data showed an increase of 51,000,
week in 2009 although the rise was blamed on season-
al volatility and snow.
One in three graduates on dole
Women
Over a third of graduates has claimed
job-seekers allowance since leaving uni-
versity, employment website Total Jobs
1,371 said today. Almost half – 44 per cent –
of surveyed graduates did not feel their
university education had equipped them
suicides in 2009
Men for the workplace, they revealed. And a
quarter of respondents said they would
not recommend higher education to stu-

expect February’s sales to be greater
than those in February 2010.
Some analysts even doubted the
growth in sales shown in the CBI’s
distributive trades survey.
“The survey’s balance continues to
be well above the long-run average
and to report optimism which has
years since the index began, confi-
dence has only slumped this much on
six occasions,” he said.
The government’s second VAT rise
in 12 months, combined with rising
inflation approaching four per cent,
are likely squeezing household
finances, analysts said.
The aggregated data
was categorised by sev-
eral demographics,
revealing trends in our
lifestyles -- and deaths.
4,304
dents currently completing A levels.
8,664 UK dividends stage a recovery
Excluding BP, dividends rose 7.5 per cent
Alcohol related
deaths in 2009 suicides in 2009 last year, Capita Registrars announced
today. Three times as many companies
increased dividends as those that cut
them, it said.

WF0@:    
/@3G=C@3/2G-
 
A]TbeO`S B`OW\W\U WF0@:
1]\dS`aW]\AS`dWQSa

  
 16 Consumer News CITYA.M. 28 JANUARY 2011

Cheshire joins Whitbread to H&M FOURTH QUARTER HIT BY RISING COSTS

Gross margin

replace Tesco bound Clarke shrank to

63.2
per cent from
replacing Sir Terry Leahy at the super- Bradford & Bingley from 2003 to
66.3 per cent 6.7
▲

LEISURE
market giant. Cheshire, who will start
BY JOHN DUNNE
his new role on 1 February, has been
WHITBREAD has appointed Ian
Cheshire, pictured left, as a
non-executive director to
replace Philip Clarke.
The pub group said yes-
terday Clarke, pictured
right, will be stepping
down from the board when
he takes up the chief execu-
tive role at Tesco in March,
2008. Anthony Habgood,
Whitbread’s chairman, said of
per cent share drop
chief executive of Cheshire: “We are delighted to after the profit
Kingfisher since 2008, welcome Ian to our board. announcement
steering the B&Q “As a serving chief execu-
owner through tive of a large successful Net profit came
tough times on international consumer in at
the high street. He
has also previously
worked at Sears and
Guinness and he was a
facing business, Ian will be
able to give us valuable
advice and support as we
continue to grow both in the
5.5bn
kronor (£534m),
non-executive director of UK and internationally.” down 11 per cent

Revenue climbed
six per cent to
34.8bn
kronor.

H&M yesterday reported a fall in profit for the final three months of the year due to the
higher cost of raw materials, particularly cotton. Net profit was 5.5bn kronor (£534m),
down 11 per cent on the 6.15bn kronor it made during the same period a year earlier
and a bigger drop than analysts had expected. Meanwhile, revenue climbed six per cent
to 34.8bn kronor.

TUI suffers in
winter chaos
LEISURE The tour operator, which is
▲

BY JOHN DUNNE German owned, said it would

“remain cautious given the uncer-
SNOW disruption in the UK and tain economic and geopolitical envi-
political upheaval in Tunisia hit ronment”.
bookings at tour operator TUI Travel, The company is also in the middle
the company said in a trading of a three-year cost-cutting drive,
update. which will bring up to £100m worth
The Thomson Holidays owner said of savings, and said it was on track to
booking volumes had dipped by one meet its targets.
per cent in early December as the big TUI’s full results are due next week.
chill took its toll.
As well as the hit from the cold ANALYSIS l TUI Travel
weather TUI cancelled all flights to p
Tunisia on 15 January following 280 272.00
political unrest in the North African 27 Jan
country. 260
However, Europe’s largest travel
operator, said its winter bookings to
16 January are up three per cent over- 240
all.
Chief executive Peter Long said 220
there was a clear trend for TUI cus-
tomers to book holidays on the inter- 200
net and the company would be
expanding its online operation. 1 Nov 19 Nov 9 Dec 31 Dec 21 Jan

NEWS | IN BRIEF
Britvic says it’s on target for year M&B sales rise fuelled by food
Soft-drinks giant Britvic has been hit by
a decline in pub sales but this was offset
by a strong performance in other areas.
The company saw a 20 per cent rise in
first-quarter sales to £288m, with
Mountain Dew Energy drinks proving
popular. The group was helped by the
acquisition of French business Fruite
Enterprises, now known as Britvic
France, for £198m in May. The City was
reassured that the company would at
least hit profit targets and Britvic shares
edged up although it warned that the
consumer environment remains “chal-
lenging”.
Pubs and restaurants group Mitchells &
Butlers said it had seen strong trading
over the Christmas period, boosted by
food sales, but remained cautious on the
outlook for consumer spending. The com-
pany, which has over 1,600 pubs and
restaurants and whose chains include
Harvester, All Bar One and Toby Carvery,
said like-for-like sales in the nine weeks
to 22 January were up 2.5 per cent. Over
the 17 week period to 22 January, sales
were up 3.1 per cent. "The like-for-like
sales rise is driven by food”, said
Seymour Pierce analyst Hugh-Guy
Lorriman.
CITYA.M. 28 JANUARY 2011 News 17

Third profit fall in

Nintendo has low-
ered its sale fore-
cast for the Wii
console by 1.5m
units

Picture: REX

a row for Nokia

in the period January to March from

▲
TECHNOLOGY
BY HARRY BANKS
NOKIA, the world’s top cell phone
maker by volume, reported its third
profit fall in a row and warned of a
weak start to 2011 as it lost yet more
ground in the smartphone market.
Nokia shares dropped 0.5 per cent
yesterday to €7.75 after it said first
quarter operating profit margin at its
phone unit would drop to 7-10 per cent
11.3 per cent last quarter, missing ana-
lyst forecasts of 10.2 per cent.
Nokia has lacked a hit smartphone
since the N95, which launched in 2006
before Apple broke into the market.
Its share of the smartphone market
fell to 31 per cent in the fourth quarter
from 38 per cent in the previous quar-
ter. Its sales of non-smartphones fell 10
per cent from a year ago, dropping for
the second quarter in a row.

Nintendo hit
by poor sales
of DS console
yen a year ago and versus an analysts’
▲

TECHNOLOGY
BY HARRY BANKS
NINTENDO reported a 46 per cent fall
in quarterly profit, as sales of its age-
ing DS handheld device tumbled
ahead of the launch of a new, 3D-
capable model next month.
The news came the same day Sony
unveiled a rival portable gaming
device set to hit the market around
the end of the year. Both firms need a
new hit product to help them com-
pete against Apple’s iPhone and the
growing ranks of rival smartphones.
Nintendo, based in Japan’s ancient
capital of Kyoto, has also been bat-
tling harsh competition from Sony
and Microsoft in the home game con-
sole market, after both companies
launched motion-control accessories
last year.
Underscoring the tough competi-
tion, Nintendo cut its sales forecast
for the Wii console to 16m units from
17.5m units for the year to March. It
also lowered its DS sales forecast to
22.5m units from 23.5m.
October to December operating
profit at Nintendo, which competes
with Sony and Microsoft was 104.6bn
yen (£789m), compared with 192.3bn
consensus of 118bn yen.
For the year to March, Nintendo
left its operating profit forecast at
210bn yen, down from 356.6bn yen
the previous year and compared with
an analyst consensus of 203.5bn yen.
The company revised down its
annual profit forecast by a third last
September, blaming the strong yen
and the fact that it did not have the
much-anticipated 3DS ready for the
year-end festive shopping season.
Nintendo shares ended 0.9 per cent
higher ahead of the results announce-
ment. Over the past year, Nintendo
shares have lost 12.5 per cent, com-
pared with a 0.7 per cent rise in the
Nikkei average.
ANALYSIS l Nintendo
24,000
22,540
23,000 27 Jan
22,000
21,000
1 Nov 19 Nov 9 Dec 31 Dec 21 Jan

Hyundai bullish Upbeat outlook

as sales surge from Canon
▲

AUTOMOTIVE
HYUNDAI Motors reported a record
quarterly profit yesterday, with a 48
per cent jump in October to
December net profit to 1.4 trillion
won (£814.7m).
The record profit and upbeat fore-
casts show the automaker may suc-
ceed in fending off rising competition
by focusing on new cars, newer mar-
kets and its brand image.
Hyundai’s runaway sales gains dur-
ing the global financial crisis were
driven by a focus on improving quali-
ty and the image of the cars. Its sales
volume has jumped 40 per cent over
the past three years.
TECHNOLOGY
CANON forecast its operating profit
would rise by one-fifth this year as the
Japanese camera and copier giant out-
performed rivals on sales of its EOS
and IXY digital cameras and cost cuts.
The world’s largest maker of digital
cameras expects 470bn yen (£3.58bn)
in operating profit for the year that
ends in December, against the average
analyst estimate of 472.5bn.
It expects sales to rise 10.6 per cent
to 4.1 trillion yen, with India, China
and other emerging nations expected
to continue healthy growth, and
economies of developed nations con-
tinuing on a path of modest recovery.
18 News CITYA.M. 28 JANUARY 2011

CITY MOVES | WHO’S SWITCHING JOBS Edited by Elizabeth Fournier in association with

Shire
Global speciality biopharmaceutical company
Shire has hired Emmanuel Chantelot, former
executive director of the European
Biopharmaceutical Enterprises (EBE), as
director of European government relations
and public policy. Chantelot brings 18 years
of experience in policy advocacy, strategic
communications and business interest repre-
sentation towards the EU Institutions, global
agencies and national governments.
utive director and senior banker for
JP Morgan its private banking team in France,
John Pietri has been hired as an exec- based in Paris. Prior to joining JP
Morgan, Pietri was with Société
Générale’s corporate and investment
banking business for thirteen years
where he was a director in the M&A
team in Paris. Prior to that, he was a
manager at Bossard Consultants for
five years.
FFastFill
FFastFill, the leading provider of soft-
ware as a service to the global deriva-
tives community, has appointed Mark
Carlisle as finance chief for the group.
Carlisle joins FFastFill from Kewill
where he has worked since March
2010 as group controller. He will take
up his position in April 2011 and will
concurrently join the FFastFill board
of directors. Carlisle qualified as a
chartered accountant in 2003, and
began his career at Deloitte, where he
was a senior manager within the
firm’s technology, media and telecom-
munications audit practice.
KPMG
KPMG has appointed Graham Martin
and Stuart King to head up its new
portfolio solutions group service
offering, within its transactions and
restructuring practice. Martin and
King will be leading a broader team of
eight; made up of four directors, three
senior managers and one manager, all
from PwC. KPMG’s financial services
transactions and restructuring team,
brings together M&A, valuation, due
diligence, tax and distressed debt spe-
cialists. The team is based in the UK,
Spain, Germany, Thailand and the US.
Robeco
The investment products and services
provider has appointed Jurgen
Stegmann as chief financial officer.
Stegmann was previously vice-chair-
man of the managing board and chief
risk officer at NIBC in The Hague.

To appear in CITYMOVES please email your career

SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT +44 (0)20 7557 7245
updates and pictures to citymoves@cityam.com morganmckinley.com

BEST OF THE BROKERS To appear in Best of the Brokers email your research to notes@cityam.com

ANALYSIS l Rolls-Royce 656.50 ANALYSIS l Hiscox ANALYSIS l Resolution 265.50

680 p 400 p 377.10 270 p 27 Jan
27 Jan 27 Jan

640 250
380

230
600 360

210
560 340
1 Nov 19 Nov 9 Dec 31 Dec 21 Jan 1 Nov 19 Nov 9 Dec 31 Dec 21 Jan 1 Nov 19 Nov 9 Dec 31 Dec 21 Jan

ROLLS-ROYCE HISCOX RESOLUTION

UBS rates the engineering giant “sell” with a 12-month target price of Goldman Sachs rates the insurer “sell” with a target price of 380p. The Citi rates the insurance-focused buy-out vehicle “buy/high risk” with a
500p. The broker has cut its earnings per share estimates by five per cent broker has cut its 2010 earnings forecasts slightly as winter losses in the lowered target price of 331p after revising its enterprise value. The firm
for the year due to expected low delivery of new planes. UK were largely offset by higher investment returns. remains Citi’s preferred restructuring play in the UK.

St rld
W
r at Ec
o
eg on
ic
Pa om
rtn ic
er Fo
to ru
th m
e
Can’t get to Davos?
Tune in for live coverage from 26 – 28 January.
CNBC provides the most extensive coverage of the World Economic Forum Annual Meeting in Davos.

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 Wealth Management
20 CITYA.M. 28 JANUARY 2011

Adding a little power

to your ETF portfolio
Leveraged exchange traded products offer a way for being dangerous investments, but
they’re not – if the investor is well
to amplify gains and get the sort of exposure that informed and uses them properly”.
The problem is that over periods of
longer than a day, compounding of
normally takes derivatives, writes Daniel Knowles volatile returns will mean that actual
returns will not equal twice the
index and may be substantially more

G
IVE me a lever long enough
and I shall move the world”. So
said Archimedes. Had the
Greeks invented listed prod-
ucts, he might also have moved his
stock portfolio. Leveraged exchange
traded funds (ETFs), which trade like
ordinary equities on the stock
exchange, are now offering investors
the chance to lever up, achieving the
big gains (and losses) more ordinarily
seen by derivatives traders.
Unlike most derivative products,
however, there is no need for a mar-
gin requirement, and no possibility
to lose more than your initial invest-
ment. But leverage is not necessarily
a ticket to super returns. So what
should investors know?
Leveraged ETFs have been around
in the US for five years, but they are
newer to European investors. Both
ETF Securities and db X-trackers offer
leveraged products that allow
investors to go long and short on
equities, currencies and commodi-
ties.
Typically, the products offer two
times leverage daily – meaning that
they aim to double the performance
of the underlying index at the end of
each days trading. They do that by
borrowing half the share backing or
by using swaps, as most db X-trackers
products do. So if the FTSE 100
increases 10 per cent in one day, a
double leveraged product will
increase by 20 per cent, and vice
versa.
According to Manooj Mistry, head
of db X-trackers in the UK, that
makes the products very appealing to
investors without easy access to
derivatives like contracts for differ-
ence or futures contracts, which
might incur regulatory problems or
require swap documentation.
“They’re useful as a tactical invest-
ment tool if an investor has a direc-
tional view on an index,” he says.
“They can also be used as a hedge, or
to implement a particular tactical
asset allocation view”.
Mistry is keen to stress that the
products are primarily of short-term
use, however. “They’ve been criticised
or less.
As a hypothetical example, if an
index dropped 40 per cent on the first
day, a £10,000 investment in a twice-
leveraged fund would lose £8,000 of
value, while an ordinary ETF would
lose £4,000. If the next day the index
leapt up 60 per cent, the normal ETF
would be worth £9,600, while the
leveraged one would only be worth
£4,400.
The greater the volatility, the
greater the divergence from the
index. That means that to effectively
use the product as a hedge, investors
will have to rebalance their portfolios
day to day, potentially expensive.
Leveraged ETFs offer an interesting
way to get a lot of exposure to an
index through the purchase of a list-
ed product, but they are not for every-
one. The compounding of volatility
means that they may offer investors
deeply unpredictable returns, espe-
cially in these troubled and unpre-
dictable times. For a few well
informed investors, however, another
lever available cannot be a bad thing. Levering your way to higher returns Picture: GETTY

Vodafone drags on the FTSE Wall St buoyed by

despite strong insurer gains tech firm results
cash generation have won favour Spencer slipped 1.5 per cent. that come out with good reports are
THELONDON with investors seeking dividend
income.
Retail stocks have been unsettled
by a Christmas trading period which THENEW YORK being rewarded and those that are
not are getting punished,” said

REPORT Elsewhere among financials, Man

Group added 2.9 per cent after a spe-
ciality finance sector research note
from Nomura started coverage of the
was hit by bad weather, a disappoint-
ing drop in British fourth-quarter
GDP and fears that the full impact of
the UK government’s austerity meas-
REPORT Randall Warren, president at Warren
Financial Service in Philadelphia.
The Dow Jones industrial average
finished up 4.39 points, or 0.04 per

B S
RITAIN’S FTSE 100 share index
closed slightly lower yesterday,
after a dip in index heavy-
weight Vodafone, dented by
weak results from AT&T, offset a
surge in insurers following positive
broker comment.
The FTSE 100 closed down 4.13
points, or 0.1 per cent, at 5,965.08,
having added 0.9 per cent the previ-
ous session.
Vodafone, the company with the
second biggest UK market capitalisa-
tion at £94bn according to Thomson
Reuters Datastream, lost ground after
AT&T set a disappointing profit target
after adding fewer subscribers than
expected.
This ensured the index closed in
negative territory despite a rise in
insurers.
Old Mutual, Aviva and Legal &
General were the top risers yesterday,
up three per cent to 4.6 per cent, after
a bullish note on the sector from
HSBC.
HSBC said in a note that efforts by
leading insurers to highlight their
world’s largest hedge fund manager
with a “buy” rating and share price
target of 380p.
But overall investors were ambiva-
lent about prospects for UK-listed
equities.
“In general we are struggling for
direction, we’re hovering between
the 5,900-6,100 level, underpinned by
a reasonably benign macro environ-
ment,” said Tim Whitehead invest-
ment manager at Redmayne-Bentley.
Banks bounced off early-session
lows that were prompted by a cut in
Japan’s credit rating by Standard &
Poors. “People are already buying into
them and using the dips as a buying
opportunity, which shows that
investors are largely shrugging off the
Japan credit rating cut,” Joshua
Raymond, market strategist at City
Index said.
British clothing retailers were out
of favour after Swedish budget fash-
ion chain Hennes & Mauritz posted a
surprise fall in fourth-quarter profit.
Next topped the blue-chip fallers’
list, off 2.7 per cent, while Marks &
ures have yet to be felt. TRONG corporate earnings led
Elsewhere, bid target BSkyB rose Wall Street to a 29-month clos-
0.7 per cent as strong demand for ing high for a second day yester-
broadband lifted first-half profits at day, but another run of big
the media firm, which analysts said gains may be harder to achieve.
will put pressure on majority share- The Dow and the S&P struggled to
holder Rupert Murdoch’s News Corp advance past major technical levels –
to lift its offer for the group. the 12,000 mark for the Dow and
Shares in International 1,300 for the S&P – but investors see
Consolidated Airlines Group, the more gains for companies that out-
merged holding company of British perform in their earnings.
Airways and Iberia, and in cruise Microsoft surprised Wall Street
company Carnival fell 2.7 and 2.3 per with a better-than-expected profit,
cent respectively after disappointing but its shares stayed flat as investors
results in the US travel sector. expressed concern about the weak-
ness of computer sales.
ANALYSIS l FTSE Microsoft stock ended regular trad-
6,100 5,965.08 ing up 0.3 per cent at $28.87 after the
27 Jan earnings were posted on the compa-
ny’s website. Microsoft was down
5,900
slightly in after-hours trading.
Other technology stocks, such as
Netflix and Qualcomm, supported
5,700 the Nasdaq, but disappointing results
from blue chips AT&T and Procter &
Gamble kept the Dow’s advance in
5,500 check.
1 Nov 19 Nov 9 Dec 31 Dec 21 Jan
“What’s healthy is that companies
cent, at 11,989.83.
The Standard & Poor’s 500 Index
closed up 2.91 points, or 0.22 per cent,
at 1,299.54. The Nasdaq Composite
Index was up 15.78 points, or 0.58 per
cent, at 2,755.28.
Movie-rental company Netflix
soared 15.2 percent to $210.87 and
electronics test equipment maker
Teradyne jumped 11.8 per cent to
$16.35. Both posted results
Wednesday after the close.
Dow components AT&T and P&G
fell as their profits slid from the year-
ago period. AT&T dropped 2.1 per
cent to $28.13, while P&G lost 2.9 per
cent to $64.18. “The market is not
viewing everything as being correlat-
ed, like it used to before,” Warren
said.
The technology sector, however,
may start off weak on Friday, pres-
sured by Amazon.com and Sandisk,
both of which slipped after reporting
after the market’s close.
Amazon.com posted quarterly rev-
enue that fell short of analysts’ esti-
mates.
CITYA.M. 28 JANUARY 2011 Wealth Management 21

FTSE 100 FTSE 250 FTSE ALLSHARE DOW NASDAQ S&P 500 / 1.1604 0.0056 /$ 1.3735 0.0045
5965.08 11617.43 3094.69 11989.83 2755.28 1299.54 /$ 1.5928 0.0013 /£ 0.8605 0.0027
-4.13 5.16 -1.69 4.39 15.78 2.91 /¥ 131.93 1.0479 /¥ 113.90 1.3726
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
GILTS Yule Catto & Co . . . . .223.9 3.0 224.5 106.1 Berkeley Technolo . . . .0.0 0.0 0.0 0.0 Rexam . . . . . . . . . . . .337.5 -6.2 356.1 276.5 Amlin . . . . . . . . . . . . .390.3 -3.3 433.0 366.8 Aquarius Platinum . .359.0 7.8 458.0 227.1 Derwent London . . .1530.0 0.0 1605.0 1208.0 Ladbrokes . . . . . . . . .130.2 -0.1 162.7 122.7
Brewin Dolphin Ho . .159.2 -3.8 177.5 114.0 Smiths Group . . . . .1395.0 10.0 1405.0 995.5 Beazley . . . . . . . . . . . .117.0 -3.5 125.0 102.3 BHP Billiton . . . . . . .2437.5 -8.5 2616.0 1684.5 Great Portland Es . . .356.2 -0.1 369.2 279.6 Marston's . . . . . . . . . .103.8 2.3 117.1 82.7
Tsy 9.000 11 . . . . .103.83 -0.01 111.7 103.8 CONSTRUCTION & MATERIALS Camellia . . . . . . . . . .9925.0 90.010700.0 6900.0 Brit Insurance Ho . .1046.0 1.0 1055.0 728.0 Centamin Egypt Lt . .135.9 -0.8 197.1 106.8 Hammerson . . . . . . . .437.0 -1.6 440.5 336.3 Millennium & Copt . .584.0 2.0 600.0 368.5
Tsy 3.250 11 . . . . .102.18 -0.01 104.1 102.1 GENERAL RETAILERS
Balfour Beatty . . . . . .337.5 2.9 339.6 229.8 Charles Taylor Co . . .153.0 -5.5 240.0 153.0 Catlin Group Ltd. . . .376.5 0.6 393.1 319.9 Eurasian Natural . .1027.0 9.0 1266.0 818.0 Land Securities G . . .689.0 -1.0 707.0 545.0 Mitchells & Butle . . . .357.0 14.2 363.5 265.5
Tsy 2.500 11 . . . . .309.63 -0.02 311.1 306.4 Keller Group . . . . . . .658.5 -16.5 784.5 515.0 City of London Gr . . . .93.5 0.0 94.5 62.0 Brown (N.) Group . . .288.2 -2.9 311.2 206.5 CPP Group . . . . . . . . .300.0 -16.5 329.0 225.0 Fresnillo . . . . . . . . . .1337.0 7.0 1682.0 669.5 SEGRO . . . . . . . . . . . .304.7 10.0 341.3 250.2 National Express . . .245.2 0.2 259.6 195.4
Tsy 4.250 11 . . . . .100.40 -0.01 103.9 100.4 Kier Group . . . . . . . .1248.0 -35.0 1383.0 886.5 City of London In . . .450.0 0.0 461.5 266.5 Carpetright . . . . . . . . .762.5 -0.5 973.0 636.0 Hiscox Ltd. . . . . . . . . .375.4 -6.6 399.0 327.9 Hochschild Mining . .490.5 21.9 658.0 234.0 Shaftesbury . . . . . . . .438.7 -2.0 460.1 349.3 PartyGaming . . . . . . .185.9 -4.5 334.5 185.9
Tsy 9.000 12 . . . . .111.14 -0.74 118.0 107.3 Close Brothers Gr . . .853.5 -4.5 888.5 664.0 Debenhams . . . . . . . . .67.8 1.7 79.0 53.0 Jardine Lloyd Tho . . .633.5 -1.0 639.0 459.0 Kazakhmys . . . . . . .1541.0 8.0 1671.0 965.0 Punch Taverns . . . . . .67.4 -1.7 101.0 58.0
Tsy 5.250 12 . . . .105.79 -0.03 108.7 105.7 ELECTRICITY Collins Stewart . . . . . .86.0 -0.8 94.0 67.3 Dignity . . . . . . . . . . . .667.5 -13.0 726.5 598.0 Lancashire Holdin . . .571.0 -16.5 647.0 442.0 Kenmare Resources . .35.8 -0.2 36.2 9.3 SOFTWARE & COMPUTER SERV. Rank Group . . . . . . . .129.1 -1.1 138.5 89.0
Tsy 5.000 12 . . . .104.57 -0.02 107.7 104.5 Drax Group . . . . . . . .390.0 0.0 421.0 326.3 Evolution Group . . . . .68.3 -0.3 129.6 67.0 Dixons Retail . . . . . . .21.1 -0.8 36.5 21.0 RSA Insurance Gro . .136.6 0.7 138.4 114.8 Lonmin . . . . . . . . . . .1720.0 5.0 2113.0 1355.0 Autonomy Corporat 1529.0 25.0 1975.0 1271.0 Restaurant Group . . .295.4 -9.4 310.9 188.3
Tsy 4.500 13 . . . .106.69 -0.04 109.2 106.6 International Pow . . .436.6 4.9 448.6 284.5 F&C Asset Managem .88.0 -0.3 92.9 47.5 Dunelm Group . . . . . .475.0 -8.0 550.0 325.3 Petropavlovsk . . . . .1068.0 36.0 1365.0 852.0 Aveva Group . . . . . .1646.0 35.0 1673.0 1007.0 Sportingbet . . . . . . . . .51.9 -0.8 79.9 50.5
Tsy 8.000 13 . . . . .117.40 -0.08 121.3 117.3 LIFE INSURANCE
Scottish & Southe . .1178.0 0.0 1258.0 1010.0 Gartmore Group Lt . .102.0 1.2 218.0 88.5 Halfords Group . . . . .410.0 -6.0 550.0 372.8 Randgold Resource 4809.0 70.0 6655.0 4209.0 Computacenter . . . . .439.3 2.0 444.7 260.0 Stagecoach Group . .209.5 5.2 224.0 160.7
Tsy 2.500 13 . . . .279.64 -0.06 280.0 263.6 Hargreaves Lansdo .540.5 15.5 599.0 276.5 Home Retail Group . .212.8 -3.4 295.1 188.5 Aviva . . . . . . . . . . . . . .452.5 17.6 455.5 294.2 Rio Tinto . . . . . . . . .4414.0 14.0 4584.0 2812.0 Fidessa Group . . . . .1533.0 -31.0 1722.0 1225.0 Thomas Cook Group 200.4 -2.0 272.0 171.7
Tsy 5.000 14 . . . . .110.31 -0.14 114.1 109.5 ELECTRONIC & ELECTRICAL EQ. Helphire Group . . . . . .14.0 0.0 60.3 11.8 Inchcape . . . . . . . . . .387.0 0.5 397.2 237.1 Legal & General G . . .112.8 3.3 113.3 69.8 Vedanta Resources 2400.0 5.0 2934.0 1839.0 Invensys . . . . . . . . . . .342.8 3.8 364.3 230.2 TUI Travel . . . . . . . . . .271.9 0.6 308.4 190.0
Tsy 8.000 15 . . . .125.25 -0.18 131.6 125.2 Domino Printing S . .645.0 7.0 659.0 322.9 Henderson Group . . .153.8 -0.4 155.5 112.8 JD Sports Fashion . .859.0 -24.5 933.5 560.5 Old Mutual . . . . . . . . .131.1 5.7 145.2 97.3 Xstrata . . . . . . . . . . .1383.0 -28.0 1535.0 845.8 Logica . . . . . . . . . . . .137.7 -0.7 147.9 101.7 Whitbread . . . . . . . .1795.0 10.0 1887.0 1266.0
Tsy 7.750 15 . . . .106.71 -0.29 112.2 76.0 Halma . . . . . . . . . . . . .337.5 2.5 366.6 223.0 Highway Capital . . . . . .7.0 0.0 8.5 6.0 Kesa Electricals . . . .128.9 -3.3 174.0 99.2 Phoenix Group Hol . .616.0 -1.0 758.0 557.5 Micro Focus Inter . . .420.1 7.8 546.5 276.0 William Hill . . . . . . . . .183.3 -2.4 216.5 155.5
Tsy 4.750 15 . . . .109.94 -0.17 114.7 108.5 MOBILE TELECOMS
Laird . . . . . . . . . . . . . .170.9 3.4 174.1 98.8 ICAP . . . . . . . . . . . . . .559.0 8.5 570.5 294.0 Kingfisher . . . . . . . . .259.8 -3.8 271.3 198.5 Prudential . . . . . . . . .704.0 20.5 709.1 487.5 Misys . . . . . . . . . . . . .323.3 0.4 343.0 201.5
Tsy 2.500 16 . . . .313.77 -0.11 318.5 291.8 Morgan Crucible C . .270.5 1.0 276.8 159.8 IG Group Holdings . .461.8 4.3 553.0 362.4 Marks & Spencer G . .360.7 -5.3 427.5 323.4 Resolution Ltd. . . . . .263.5 5.0 328.6 211.3 Inmarsat . . . . . . . . . . .665.5 14.0 821.0 606.5 Sage Group . . . . . . . .295.4 6.9 297.9 222.1 AIM 50
Tsy 4.000 16 . . . .106.25 -0.20 111.4 102.8 Renishaw . . . . . . . . .1666.0 68.0 1729.0 565.5 Intermediate Capi . . .350.7 4.0 360.3 240.4 Mothercare . . . . . . . .531.0 -4.0 660.0 491.2 St James's Place . . . .300.0 -1.0 304.8 204.2 Vodafone Group . . . .179.1 -1.6 181.0 129.5 SDL . . . . . . . . . . . . . . .618.5 6.5 656.0 410.0 Abcam . . . . . . . . . . . .333.5 7.5 393.0 206.0
Tsy 12.000 17 . . .129.55 0.00 135.9 129.4 Spectris . . . . . . . . . .1310.0 -27.0 1418.0 735.0 International Per . . . .346.0 1.0 386.6 183.3 Next . . . . . . . . . . . . .2028.0 -57.0 2344.0 1817.0 Standard Life . . . . . . .234.2 6.3 236.1 173.0 Telecity Group . . . . . .475.0 12.9 532.5 360.0 Albemarle & Bond . .284.0 -9.0 334.0 218.0
Tsy 1.250 17 . . . .108.02 -0.03 111.1 102.6 NONEQUITY INVESTM. COMM.
International Pub . . . .114.9 -0.1 118.3 109.2 Sports Direct Int . . . .167.0 1.2 174.7 92.3 MEDIA SUPPORT SERVICES Amerisur Resource . .22.5 -0.5 23.6 11.5
Tsy 8.750 17 . . . .134.68 -0.16 142.2 132.4 EQUITY INVESTMENT INSTRUM. Investec . . . . . . . . . . .496.6 3.5 562.0 417.7 WH Smith . . . . . . . . . .471.9 -10.4 523.0 398.2 Genesis Emerging . .540.0 -1.0 568.0 398.9 Archipelago Resou . . .62.8 0.0 64.8 30.0
Tsy 5.000 18 . . . . .111.31 -0.15 117.6 107.4 Aberforth Smaller . . .685.0 0.0 688.0 495.0 IP Group . . . . . . . . . . . .33.3 0.5 58.5 28.0 4imprint Group . . . . .258.0 3.0 275.0 120.0 Aggreko . . . . . . . . . .1505.0 20.0 1685.0 882.0 ASOS . . . . . . . . . . . .1548.0 48.0 1683.0 415.0
Tsy 4.500 19 . . . .106.86 -0.13 113.8 102.5 HEALTH CARE EQUIPMENT & S. OIL & GAS PRODUCERS
Alliance Trust . . . . . .370.8 1.3 377.9 293.5 Jupiter Fund Mana . .315.8 9.2 318.0 180.3 Aegis Group . . . . . . .143.0 2.2 145.5 103.6 Ashtead Group . . . . .164.6 -2.5 176.9 77.0 Aurelian Oil & Ga . . . .80.5 -0.3 87.0 32.8
Tsy 3.750 19 . . . .100.85 -0.10 107.7 95.9 Bankers Inv Trust . . .415.6 -6.4 423.9 337.0 LMS Capital . . . . . . . . .52.0 1.0 56.3 40.0 Smith & Nephew . . . .695.5 -6.5 714.0 537.5 Bloomsbury Publis . .117.0 0.5 134.3 105.3 Afren . . . . . . . . . . . . . .144.5 0.6 161.7 79.0 Atkins (WS) . . . . . . . .695.5 14.5 792.5 556.5 Avanti Communicat .623.0 -2.0 735.0 375.0
Tsy 4.750 20 . . . .108.07 -0.09 115.9 103.8 BH Global Ltd. GB .1090.0 -10.0 1178.0 1082.0 London Finance & . . .19.5 0.0 22.0 16.5 Synergy Health . . . . .887.5 -9.5 915.0 562.5 British Sky Broad . . .762.5 5.0 773.5 524.5 BG Group . . . . . . . . .1392.0 20.0 1400.0 984.0 Babcock Internati . . .577.0 -2.5 635.0 492.8 Avocet Mining . . . . . .212.5 3.0 240.0 84.5
Tsy 2.500 20 . . . .316.53 0.07 325.7 290.9 BH Global Ltd. US . . . .10.8 0.0 11.6 10.7 London Stock Exch .873.0 5.5 906.0 544.0 Centaur Media . . . . . . .70.0 0.0 71.0 45.8 BP . . . . . . . . . . . . . . . .486.4 -5.3 655.4 302.9 Berendsen . . . . . . . . .431.9 -8.0 449.9 360.2 Blinkx . . . . . . . . . . . . . .96.0 -0.5 102.0 12.3
Tsy 8.000 21 . . . .135.86 -0.12 147.1 132.8 HHOLD GDS & HOME CONSTR.
BH Macro Ltd. EUR . . .16.6 0.0 17.2 15.8 Man Group . . . . . . . . .291.9 8.2 310.5 201.9 Chime Communicati .250.0 -3.0 255.3 158.0 Cairn Energy . . . . . . .433.1 0.2 493.2 318.3 Bunzl . . . . . . . . . . . . .759.5 -0.5 777.0 616.5 Borders & Souther . . .65.0 0.0 93.0 45.8
Tsy 4.000 22 . . . .100.44 -0.09 108.4 95.4 BH Macro Ltd. GBP 1707.0 -3.0 1805.0 1630.0 Paragon Group Of . .188.7 5.7 191.2 114.4 Barratt Developme . . .96.8 -1.5 137.7 70.1 Chrysalis . . . . . . . . . .159.8 -0.3 164.0 96.0 EnQuest . . . . . . . . . . .140.9 -0.1 150.6 89.3 Capita Group . . . . . . .675.0 -8.5 826.0 635.5 BowLeven . . . . . . . . .358.0 9.8 398.0 103.0
Tsy 1.875 22 . . . . .112.53 0.07 117.8 107.3 BH Macro Ltd. USD . . .16.6 0.1 17.1 15.8 Provident Financi . . .959.0 -3.5 999.5 728.5 Bellway . . . . . . . . . . . .638.0 -11.5 809.0 511.0 Creston . . . . . . . . . . . .81.5 -0.5 105.0 78.5 Essar Energy . . . . . .543.0 1.5 589.5 383.0 Carillion . . . . . . . . . . .381.9 -0.8 387.6 273.0 Caledon Resources .102.0 5.5 107.0 23.3
Tsy 2.500 24 . . . .277.46 0.05 286.9 254.0 BlackRock World M .772.5 -4.5 815.0 492.1 Rathbone Brothers .1139.0 -15.0 1160.0 762.5 Exillon Energy . . . . . .401.0 -17.1 418.8 163.0 De La Rue . . . . . . . . .698.5 -3.5 984.0 549.5 Cape . . . . . . . . . . . . . .443.5 0.3 467.5 190.5
Tsy 5.000 25 . . . .108.98 -0.08 118.5 103.6 BlueCrest AllBlue . . .170.6 0.1 174.5 156.2 Real Estate Credi . . . . .1.0 0.0 2.5 0.9 Heritage Oil . . . . . . . .330.3 20.3 581.0 296.8 Electrocomponents .262.9 0.2 279.5 174.8 CareTech Holding . . .239.0 2.0 440.0 231.3
Tsy 1.250 27 . . . .105.53
Tsy 4.250 27 . . . . .99.24
0.02
-0.13
111.2
108.8
100.4
94.8
British Assets Tr . . . .134.0 -3.0 140.5 104.1
British Empire Se . . .505.5 -1.0 513.5 396.5
RSM Tenon Group . . .59.0 0.5 66.3 38.0
S & U . . . . . . . . . . . . .596.0 0.0 607.0 447.5
MAIN CHANGES UK 350 JKX Oil & Gas . . . . . .289.8 -0.2
Premier Oil . . . . . . . .2015.0 2.0
329.3 223.2
2039.0 1017.0
Experian . . . . . . . . . . .780.0 -2.5 819.0 572.0
Filtrona PLC . . . . . . . .280.1 -3.4 290.0 168.0
Conygar Investmen .115.0 0.0
Cove Energy . . . . . . . .98.8 4.8
124.3
110.0
101.3
23.3
Tsy 6.000 28 . . . .121.06 -0.12 132.7 116.9 Caledonia Investm .1814.0 -12.0 1928.0 1512.0 Schroders . . . . . . . .1869.0 22.0 1922.0 1116.0 Royal Dutch Shell . .2213.0 28.0 2218.7 1624.0 G4S . . . . . . . . . . . . . . .269.5 -2.5 283.5 237.7 Daisy Group . . . . . . .108.0 2.5 108.5 84.5
Tsy 4.125 30 . . . .263.86 0.00 274.4 242.0 City of London In . . .288.5 -1.5 296.0 231.0 Schroders (Non-Vo .1455.0 7.0 1508.0 929.5
Risers % Fallers %
Royal Dutch Shell . .2193.5 16.5 2202.1 1554.0 Hays . . . . . . . . . . . . . .124.4 -0.6 133.6 88.4 Desire Petroleum . . . .38.3 -1.0 168.5 33.3
Tsy 4.750 30 . . . .104.29 -0.17 115.0 100.1 Dexion Absolute L . .143.5 -0.1 147.9 131.2 Tullett Prebon . . . . . .409.7 -1.3 420.5 262.0 Heritage Oil . . . . . . . .330.3 6.6 Betfair Group . . . . . . .917.5 -6.9 Salamander Energy .283.0 -2.2 296.6 204.9 Homeserve . . . . . . . .433.3 -13.4 487.5 326.2 EMIS Group . . . . . . . .435.0 7.3 440.8 303.5
Tsy 4.250 32 . . . . .97.29 -0.19 107.8 93.7 Edinburgh Dragon . .246.2 -2.2 262.1 178.0 Walker Crips Grou . . .50.0 0.0 51.0 45.0 SThree . . . . . . . . . . . .388.8 4.8 Hansen Transmissio . .54.0 -5.3 Soco Internationa . . .362.0 5.1 484.2 292.0 Howden Joinery Gr . .119.0 0.6 120.7 56.8 Encore Oil . . . . . . . . .131.0 0.3 149.0 14.3
Tsy 4.250 36 . . . . .96.30 -0.23 107.4 93.0 Edinburgh Inv Tru . . .442.5 0.2 467.2 364.1 Tullow Oil . . . . . . . . .1351.0 5.0 1388.0 991.5 Intertek Group . . . . .1763.0 -7.0 2000.0 1150.0 Faroe Petroleum . . . .204.0 3.0 218.3 105.4
Tsy 4.750 38 . . . .104.35 -0.25 116.5 101.1 FIXED LINE TELECOMS Hochschild Mining . .490.5 4.7 CPP Group . . . . . . . . .300.0 -5.2
Electra Private E . . .1630.0 -4.0 1719.0 1177.0 Old Mutual . . . . . . . . .131.1 4.6 Travis Perkins . . . . .1024.0 -4.3 Michael Page Inte . . .535.0 2.5 565.5 346.4 Gulfsands Petrole . . .342.8 -9.5 401.5 240.0
Tsy 4.500 42 . . . .100.36 -0.26 112.8 97.5 F&C Inv Trust . . . . . .312.6 -0.7 316.3 251.4 BT Group . . . . . . . . . .180.8 0.3 190.8 109.9 OIL EQUIPMENT & SERVICES Mitie Group . . . . . . . .233.0 -1.7 241.1 188.7 GW Pharmaceutical .106.0 -1.0 141.0 83.0
Rightmove . . . . . . . . .839.5 4.4 Avis Europe . . . . . . . .223.0 -4.3
Fidelity China Sp . . . .112.6 -0.6 128.7 92.3 Cable & Wireless . . . .46.2 -0.9 63.7 44.4 Amec . . . . . . . . . . . .1222.0 15.0 1230.0 737.0 Premier Farnell . . . . .293.0 2.3 304.4 174.3 Hamworthy . . . . . . . .487.0 0.0 490.0 256.8
AEROSPACE & DEFENCE Fidelity European . .1145.0 1.0 1153.9 916.0 Cable & Wireless . . . .70.3 -0.1 100.0 60.5 Renishaw . . . . . . . . .1666.0 4.3 Exillon Energy . . . . . .401.0 -4.1 Hunting . . . . . . . . . . .776.0 15.0 806.0 439.4 Regus . . . . . . . . . . . . .101.6 0.4 120.0 66.1 Hargreaves Servic . .912.5 22.5 950.8 556.5
BAE Systems . . . . . .347.2 -8.4 388.8 294.7 Fidelity Special . . . . .592.0 0.0 597.5 503.0 COLT Group SA . . . .144.1 -5.7 150.8 109.0 Mondi . . . . . . . . . . . . .526.0 4.3 Taylor Wimpey . . . . . . .35.5 -4.0 John Wood Group . .555.5 6.0 581.5 293.1 Rentokil Initial . . . . . .102.3 -2.1 138.5 87.7 Healthcare Locums . .112.5 0.0 0.0 0.0
Chemring Group . . .3361.0 8.0 3663.0 2598.0 Herald Inv Trust . . . . .511.5 -3.5 519.0 328.0 TalkTalk Telecom . . .161.5 0.8 168.3 108.5 Mitchells & Butler . . .357.0 4.1 COLT Group SA . . . .144.1 -3.8 Lamprell . . . . . . . . . . .313.1 -2.9 390.0 185.2 RPS Group . . . . . . . . .214.8 -6.0 242.0 169.8 Immunodiagnostic . .830.0 -59.0 975.0 575.0
Cobham . . . . . . . . . . .219.3 0.2 275.9 192.3 HSBC Infrastructu . . .118.0 -0.1 121.2 112.0 FOOD & DRUG RETAILERS Aviva . . . . . . . . . . . . .452.5 4.1 Daejan Holdings . . .2709.0 -3.7 Petrofac Ltd. . . . . . .1612.0 32.0 1685.0 879.8 Serco Group . . . . . . .557.0 -1.0 651.0 494.2 James Halstead . . . . .390.0 -24.0 415.0 280.5
Meggitt . . . . . . . . . . . .370.0 6.2 380.9 251.4 Impax Environment .125.5 1.5 130.5 106.5 Britvic . . . . . . . . . . . . .465.0 3.6 Redrow . . . . . . . . . . . .123.9 -3.6 Wellstream Holdin . .784.5 0.0 793.5 435.9 Shanks Group . . . . . .114.3 1.3 127.5 92.0 Kalahari Minerals . . .236.8 6.8 268.0 142.0
QinetiQ Group . . . . . .134.6 0.3 142.0 96.7 JPMorgan American .870.0 0.5 872.0 673.0 Booker Group . . . . . . .57.7 0.5 60.6 38.6 SIG . . . . . . . . . . . . . . .145.6 -0.4 153.2 90.7 London Mining . . . . .370.0 2.8 383.0 194.0
PERSONAL GOODS
Rolls-Royce Group . .647.0 -2.5 665.0 473.4 JPMorgan Asian In . .235.0 -2.0 250.8 171.3 Greggs . . . . . . . . . . . .467.6 -0.9 501.5 401.0 Price Chg High Low Price Chg High Low SThree . . . . . . . . . . . .388.8 17.9 391.5 231.1 Lonrho . . . . . . . . . . . . .18.0 0.0 19.0 9.4
Senior . . . . . . . . . . . . .149.0 -3.4 159.0 78.5 JPMorgan Emerging .599.0 -6.5 639.0 450.5 Morrison (Wm) Sup .266.0 -0.4 306.3 257.6 Burberry Group . . . .1080.0 2.0 1156.0 590.5 Travis Perkins . . . . .1024.0 -46.0 1127.0 664.5 M. P. Evans Group . .460.0 9.0 500.5 317.5
Ultra Electronics . . .1806.0 -13.0 1895.0 1265.0 JPMorgan European .861.0 5.0 885.0 606.0 Ocado Group . . . . . . .216.1 -3.8 239.0 123.5 Berkeley Group Ho . .919.5 -6.5 960.0 742.0 Daily Mail and Ge . . .572.0 -0.5 590.0 432.4 PZ Cussons . . . . . . . .365.1 -3.4 409.0 246.0 Wolseley . . . . . . . . .2210.0 -8.0 2236.0 1223.0 Majestic Wine . . . . . .413.5 -3.5 430.0 230.8
JPMorgan Indian I . . .427.0 -10.4 502.0 345.0 Sainsbury (J) . . . . . . .376.0 4.3 395.0 312.9 Bovis Homes Group .439.4 0.6 459.2 326.6 Euromoney Institu . .693.0 -13.5 732.0 462.5 Supergroup . . . . . . .1511.0 -16.0 1638.0 535.0 TECHNOLOGY HARDW. & EQUIP. May Gurney Integr . .254.8 -7.3 264.0 177.0
ALTERNATIVE ENERGY JPMorgan Russian .728.0 5.0 755.0 477.0 Tesco . . . . . . . . . . . . .398.8 -4.2 454.4 377.5 Monitise . . . . . . . . . . . .20.8 0.8 24.3 14.3
Mcbride . . . . . . . . . . .151.8 -5.2 247.4 114.0 Future . . . . . . . . . . . . . .28.3 0.3 28.5 15.8 PHARMACEUTICALS & BIOTECH
Hansen Transmissi . . .54.0 -3.0 108.0 40.0 Law Debenture Cor . .355.0 -1.0 362.9 267.0 FOOD PRODUCERS Persimmon . . . . . . . .418.9 -4.1 507.5 336.5 Haynes Publishing . .232.5 -1.5 262.5 202.5 ARM Holdings . . . . . .532.0 -3.5 537.0 189.8 Mulberry Group . . . .1350.0 35.0 1388.0 158.5
Mercantile Inv Tr . . .1116.0 -3.0 1133.0 828.0 Reckitt Benckiser . .3490.0 3.0 3655.0 3037.0 Huntsworth . . . . . . . . .81.0 2.0 87.5 60.8 AstraZeneca . . . . . .3042.0 -31.5 3385.0 2732.0 CSR . . . . . . . . . . . . . .395.5 5.5 505.0 280.9 Nanoco Group . . . . . . .91.0 -1.5 115.8 74.5
AUTOMOBILES & PARTS Merchants Trust . . . .411.6 -0.4 425.0 315.5 Associated Britis . .1087.0 -12.0 1182.0 874.5 BTG . . . . . . . . . . . . . .244.0 -7.6 263.0 154.2 Imagination Techn . .367.9 -1.9 441.7 215.1 Nautical Petroleu . . .500.0 27.5 505.0 45.0
Redrow . . . . . . . . . . . .123.9 -4.6 151.9 97.5 Informa . . . . . . . . . . . .447.1 2.1 449.5 313.8
GKN . . . . . . . . . . . . . .211.5 -1.9 237.1 102.0 Monks Inv Trust . . . .357.1 1.1 363.0 271.1 Cranswick . . . . . . . . .828.0 -22.0 907.5 736.0 Taylor Wimpey . . . . . . .35.5 -1.5 44.0 22.3 ITE Group . . . . . . . . . .231.0 1.6 252.2 126.5 Genus . . . . . . . . . . . . .889.0 15.5 895.0 676.5 Pace . . . . . . . . . . . . . .190.6 0.5 215.5 148.6 Nichols . . . . . . . . . . . .470.0 -10.0 495.0 331.8
Murray Income Tru . .645.0 -3.0 649.0 502.0 Dairy Crest Group . . .390.0 -8.2 424.9 329.0 ITV . . . . . . . . . . . . . . . . .80.1 2.2 82.4 48.3 GlaxoSmithKline . . .1173.0 -3.5 1318.5 1095.0 Spirent Communica .142.0 1.0 160.3 102.8 Numis Corporation . .121.0 0.0 158.5 109.0
BANKS Murray Internatio . . .933.0 -4.5 966.0 736.5 Devro . . . . . . . . . . . . .233.2 -2.3 275.0 137.5 INDUSTRIAL ENGINEERING Hikma Pharmaceuti .857.5 -0.5 900.0 525.0 Patagonia Gold . . . . . .48.3 -1.0 59.3 12.5
Johnston Press . . . . . .10.8 0.0 33.5 9.1 TOBACCO
Barclays . . . . . . . . . . .299.4 3.9 383.2 255.4 Perpetual Income . . .254.0 0.0 262.0 203.0 Premier Foods . . . . . . .22.0 -0.3 35.6 16.0 Bodycote . . . . . . . . . .285.8 -3.8 301.0 168.0 Mecom Group . . . . . .278.0 -7.0 288.0 141.8 Shire Plc . . . . . . . . . .1688.0 -1.0 1707.0 1222.0 Pursuit Dynamics . . .369.8 -15.5 700.0 135.8
HSBC Holdings . . . . .695.9 -0.1 719.6 596.2 Polar Cap Technol . .373.8 0.6 384.0 233.5 Tate & Lyle . . . . . . . . .553.5 2.5 564.5 388.7 Charter Internati . . . .830.0 7.5 853.5 567.0 Moneysupermarket. . .88.5 0.9 89.1 61.0 REAL ESTATE INVEST. & SERV. British American . .2370.0 -6.0 2521.0 1959.0 Rockhopper Explor .358.0 9.5 510.0 37.0
Lloyds Banking Gr . . .63.5 0.4 77.6 46.6 RIT Capital Partn . . .1309.0 -2.0 1327.0 971.5 Unilever . . . . . . . . . .1846.0 -20.0 1997.0 1688.0 Fenner . . . . . . . . . . . .354.5 3.6 386.7 173.8 Pearson . . . . . . . . . .1049.0 -17.0 1068.0 855.0 Imperial Tobacco . .1818.0 -9.0 2154.0 1753.0 RWS Holdings . . . . . .345.0 0.0 370.0 239.0
Royal Bank of Sco . . .43.0 0.0 58.1 31.3 Schroder Asia Pac . .224.5 -0.5 233.6 168.5 FORESTRY & PAPER IMI . . . . . . . . . . . . . . . .911.0 -6.0 953.0 530.5 Reed Elsevier . . . . . .560.0 -9.0 570.0 460.6 Capital & Countie . . .148.4 1.7 156.9 100.0 TRAVEL & LEISURE Songbird Estates . . .141.5 3.8 180.2 133.8
Standard Chartere .1639.0 -22.0 1950.0 1351.7 Scottish Inv Trus . . . .508.0 -0.5 516.5 401.0 Melrose . . . . . . . . . . .315.8 5.4 329.0 162.0 Rightmove . . . . . . . . .839.5 35.0 843.5 500.5 Daejan Holdings . . .2709.0-103.0 2870.0 2157.0 Sterling Energy . . . . . .71.8 7.3 166.0 51.3
Scottish Mortgage . .716.0 6.0 717.5 475.0 Mondi . . . . . . . . . . . . .526.0 21.5 557.5 338.2 Rotork . . . . . . . . . . .1683.0 -4.0 1895.0 1215.0 STV Group . . . . . . . . .130.0 0.0 131.8 47.0 F&C Commercial Pr .102.2 -0.8 107.0 87.5 Avis Europe . . . . . . . .223.0 -10.0 284.7 190.0 Valiant Petroleum . . .640.0 3.5 761.5 504.0
BEVERAGES SVG Capital . . . . . . . .233.3 2.8 250.0 125.2 Grainger . . . . . . . . . . .103.0 -1.5 145.0 86.3 Betfair Group . . . . . . .917.5 -67.5 1550.0 882.0 Vatukoula Gold Mi . . .163.3 2.3 227.0 84.0
GAS, WATER & MULTIUTILITIES Spirax-Sarco Engi . .1858.0 -9.0 2025.0 1240.0 Tarsus Group . . . . . .138.5 -3.5 145.0 105.0
AG Barr . . . . . . . . . .1138.0 27.0 1304.0 791.5 Temple Bar Inv Tr . . .902.5 -0.5 913.5 717.0 Weir Group . . . . . . .1673.0 -13.0 1861.0 735.5 Trinity Mirror . . . . . . . .87.0 0.0 170.1 64.5 Helical Bar . . . . . . . . .282.9 1.5 358.8 262.0 Carnival . . . . . . . . . .2930.0 -70.0 3153.0 2037.0 Young & Co's Brew . .616.5 -1.0 670.0 485.0
Britvic . . . . . . . . . . . . .465.0 16.2 518.0 408.3 Templeton Emergin .642.0 2.0 689.5 471.5 Centrica . . . . . . . . . . .325.4 -1.5 346.1 263.9 Ferrexpo . . . . . . . . . . .424.9 4.9 447.9 197.1 United Business M . .712.5 -5.5 723.5 409.7 London & Stamford .129.0 0.0 133.5 110.3 Compass Group . . . .558.5 -2.5 594.0 425.1
Diageo . . . . . . . . . . .1245.0 -13.0 1262.0 1000.0 TR Property Inv T . . .167.2 -0.1 171.2 132.3 National Grid . . . . . . .546.0 -0.5 596.2 484.2 Talvivaara Mining . . .581.5 -3.0 620.0 342.4 UTV Media . . . . . . . . .128.0 -4.3 151.0 95.0 Savills . . . . . . . . . . . . .351.0 -3.3 399.0 273.1 Domino's Pizza UK . .540.0 2.5 586.0 312.0
SABMiller . . . . . . . . .2081.0 -6.5 2306.0 1650.0 TR Property Inv T . . . .80.0 -0.9 80.9 59.2 Northumbrian Wate .301.9 -1.3 361.5 252.8 Wilmington Group . .178.5 1.5 184.0 125.0 St. Modwen Proper . .173.2 0.3 204.5 135.4 easyJet . . . . . . . . . . . .378.5 -1.1 496.5 348.6
Witan Inv Trust . . . . .515.0 0.0 522.0 409.9 Pennon Group . . . . . .619.0 -6.0 650.0 482.9 INDUSTRIAL TRANSPORTATION UK Commercial Pro . .79.8 0.2 85.0 72.8 Enterprise Inns . . . . .106.1 0.3 139.3 84.4
WPP . . . . . . . . . . . . . .786.0 -2.0 802.0 572.5
CHEMICALS Severn Trent . . . . . .1412.0 -11.0 1499.0 1086.0 Unite Group . . . . . . . .206.9 -3.1 302.6 163.0 FirstGroup . . . . . . . . .378.4 -2.0 412.6 336.0
FINANCIAL SERVICES BBA Aviation . . . . . . .225.0 0.0 228.0 158.0 Yell Group . . . . . . . . . .11.5 -0.3 59.0 10.3
AZ Electronic Mat . . .291.4 -4.6 317.5 249.0 United Utilities . . . . .556.5 -2.0 628.5 507.0 Forth Ports . . . . . . . .1350.0 -12.0 1433.0 1025.0 REAL ESTATE INVEST. TRUSTS Go-Ahead Group . . .1254.0 -12.0 1490.0 1042.0
MINING
Croda Internation . .1553.0 -17.0 1625.0 751.0 3i Group . . . . . . . . . . .317.7 3.6 340.0 250.0
GENERAL INDUSTRIALS Stobart Group Ltd . . .144.0 -0.9 162.2 125.6 Greene King . . . . . . .456.7 9.0 491.4 376.2 http://corporate.webfg.com
Elementis . . . . . . . . . .131.7 -1.3 143.0 50.5 3i Infrastructure . . . . .115.0 1.2 125.2 101.3 African Barrick G . . .523.5 5.0 670.0 503.0 Big Yellow Group . . .331.5 3.8 353.3 284.4 InterContinental . . .1335.0 -18.0 1359.0 887.0 mailto:
Aberdeen Asset Ma .226.2 2.2 226.3 112.8 Cookson Group . . . . .694.5 14.0 702.5 367.4 NON LIFE INSURANCE British Land Co . . . . .525.5 -1.5 537.0 418.3 International Con . . .270.4 -7.4 305.0 184.2
Johnson Matthey . .1977.0 -17.0 2100.0 1446.0 Anglo American . . .3143.0 -12.5 3410.0 2254.0
Victrex . . . . . . . . . . .1439.0 27.0 1522.0 806.0 Ashmore Group . . . .356.9 6.9 383.7 217.9 DS Smith . . . . . . . . . .209.8 -2.2 226.0 103.9 Admiral Group . . . . .1660.0 2.0 1693.0 1122.0 Antofagasta . . . . . . .1440.0 4.0 1634.0 761.0 Capital Shopping . . .376.0 -1.1 424.8 301.0 JD Wetherspoon . . . .446.0 0.6 548.5 386.5 globaltechsales@webfg.com

EUSHARES USSHARES
Price Chg High Low Price Chg High Low
AIR LIQUIDE........................................93.06
ALLIANZ ............................................100.90
ALSTOM ..............................................42.07
-0.65
3.73
0.52
99.15
101.85
50.73
70.60
75.82
30.78
Don’t miss breaking 3M ........................................................89.19
ABBOTT LABS ...................................46.38
ALCOA ................................................16.47
-0.38
-0.37
-0.13
91.49
55.55
16.72
67.98
44.59
9.81

news with our new

ANHEUS-BUSCH INBEV ....................41.22 -0.70 46.33 33.50 AMAZON.COM..................................184.45 9.06 191.60 105.80
ARCELORMITTAL...............................27.46 0.07 33.68 20.26 AMERICAN EXPRESS........................44.54 0.08 49.19 36.60
AXA......................................................15.56 0.21 17.60 10.88 AMGEN INC.........................................56.48 0.00 61.26 50.32
BANCO SANTANDER...........................8.98 0.31 10.58 7.00 APPLE ...............................................343.21 -0.64 348.60 190.25
BASF SE..............................................57.41
BAYER .................................................54.51
BBVA......................................................9.08
BMW ....................................................57.31
0.19
-0.62
0.27
0.36
61.88
59.17
11.64
65.49
39.12
43.27
6.87
28.28
10:30 AM EMAIL AT&T....................................................28.13
BANK OF AMERICA ...........................13.67
BERKSHIRE HATAW B.......................83.03
BOEING CO.........................................70.56
-0.60
0.12
-0.04
0.54
30.10
19.86
85.86
76.00
23.78
10.91
67.87
57.14
BNP PARIBAS.....................................55.48 1.06 59.34 40.81 BRISTOL MYERS SQUI......................26.35 0.42 28.00 22.24
CARREFOUR ......................................33.91
CREDIT AGRICOLE ............................10.97
-0.18
0.25
41.28
13.78
30.85
7.87
Each day we’ll cover the morning’s breaking CATERPILLAR....................................96.63
CHEVRON ...........................................94.75
0.88
0.11
97.79
94.97
50.50
66.83
CRH PLC .............................................16.02
DAIMLER .............................................55.90
-0.11
-0.37
22.00
59.09
11.51
29.93
news, give you current market analysis and CISCO SYSTEMS................................21.44
COCA-COLA .......................................62.70
0.02
-0.26
27.74
65.88
19.00
49.47
DANONE..............................................44.40
DEUTSCHE BANK ..............................43.60
-0.29
0.33
48.50
55.25
39.35
35.93 the most up-to-date financial headlines. COLGATE PALMOLIVE ......................77.39
CONOCOPHILLIPS.............................69.39
-2.61
0.14
86.15
69.81
73.12
46.63
DEUTSCHE BOERSE .........................56.85 -0.30 59.00 45.45 CVS/CAREMARK................................35.71 0.11 37.82 26.84
DEUTSCHE TELEKOM .........................9.86 0.01 10.64 8.51 DU PONT(EI) DE NMR........................50.27 -0.05 50.64 31.88
E.ON.....................................................24.43 0.14 28.93 20.86 EXXON MOBIL....................................79.88 0.22 79.98 55.94
ENEL......................................................4.14 0.05 4.28 3.42 Sign up now to ensure you FORD MOTOR.....................................18.79 0.42 18.97 9.75
ENI .......................................................17.72 0.07 17.97 14.30 GENERAL ELECTRIC.........................20.28 0.36 20.33 13.75
FRANCE TELECOM............................16.16 0.02 17.92 14.01 receive our free email. GOLDMAN SACHS GRP ..................164.03 2.72 186.41 129.50
GDF SUEZ ...........................................29.24 -0.12 30.05 22.64 GOOGLE A........................................616.79 0.29 642.96 433.63
GENERALI ASS...................................16.01 0.23 18.25 13.31 HEWLETT PACKARD.........................46.74 -0.14 54.75 37.32
IBERDROLA ..........................................6.27
ING GROEP CVA...................................8.43
INTESA SANPAOLO .............................2.45
0.06
0.35
0.12
6.40
8.51
2.99
4.38
5.34
1.88
Visit: www.CityAM.com/newsletter HOME DEPOT.....................................37.98
IBM.....................................................161.07
INTEL CORP .......................................21.75
0.56
0.03
0.00
38.12
164.35
24.37
26.62
116.00
17.60
KON.PHILIPS ELECTR .......................23.25 0.08 27.01 20.58 J.P.MORGAN CHASE .........................45.10 0.12 48.20 35.16
L'OREAL..............................................84.96 -1.47 88.00 70.90 JOHNSON & JOHNSON.....................60.68 0.08 66.20 56.86
LVMH..................................................114.85 -1.35 129.05 74.19 WORLD INDICES KRAFT FOODS A................................30.54 -0.49 32.67 27.09
MUNICH RE .......................................115.05 0.70 123.55 98.38 MC DONALD'S CORP ........................74.35 -0.82 80.94 62.39
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
NOKIA....................................................7.74 -0.07 11.82 6.59 MERCK AND CO. NEW ......................33.25 0.05 39.72 30.70
FTSE 100 . . . . . . . . . . . . . . 5965.08 -4.13 -0.07 S&P 500 . . . . . . . . . . . . . . . 1299.54 2.91 0.22 CAC 40 . . . . . . . . . . . . . . . . 4059.57 10.50 0.26 BOVESPA SAO PAOLO . . 68050.71 -658.51 -0.96
REPSOL YPF.......................................22.92 0.34 23.20 15.31 FTSE 250 INDEX. . . . . . . . 11617.43 5.16 0.04 NASDAQ COMPOSITE . . . 2755.28 15.78 0.58 SHANGHAI SE INDEX . . . . 2749.15 40.34 1.49 TWN-WEIGHTED INDEX . . 8729.79 133.45 1.55 MICROSOFT........................................28.87 0.09 31.58 22.73
RWE .....................................................53.01 0.00 68.34 47.65 FTSE UK ALL SHARE . . . . 3094.69 -1.69 -0.05 FTSEUROFIRST 300 . . . . . 1154.58 1.87 0.16 HANG SENG. . . . . . . . . . . 23779.62 -63.62 -0.27 STI . . . . . . . . . . . . . . . . . . . . 3219.83 -0.95 -0.03 OCCID. PETROLEUM.........................96.97 0.03 99.57 72.13
SAINT-GOBAIN ...................................42.72 -0.80 43.87 27.81 FTSE AIM ALL SH . . . . . . . . 946.71 2.66 0.28 NIKKEI 225 AVERAGE . . . 10478.66 76.76 0.74 S&P/ASX 20 INDEX . . . . . . 2876.30 0.00 0.00 IGBM . . . . . . . . . . . . . . . . . . 1107.47 17.86 1.64 ORACLE CORP...................................32.92 0.36 33.09 21.24
SANOFI-AVENTIS ...............................51.17 -0.23 57.45 44.01 DOW JONES INDUS 30 . . 11989.83 4.39 0.04 DAX 30 PERFORMANCE. . 7155.58 28.23 0.40 ASX ALL ORDINARIES . . . 4907.00 0.00 0.00 SWISS MARKET INDEX. . . 6562.36 -30.63 -0.46 PEPSICO .............................................65.56 -0.30 68.11 58.75
SAP ......................................................41.77 0.64 41.99 30.91 PFIZER ................................................18.48 0.12 19.33 14.00
SCHNEIDER ELECTRIC ...................116.45
SIEMENS .............................................94.88
0.15
0.64
120.00
96.00
72.00
60.90
COMMODITIES CREDIT & RATES PHILIP MORRIS INTL .........................56.99
PROCTER AND GAMBLE ..................64.18
-0.39
-1.93
60.87
66.95
2.00
39.37
SOCIETE GENERALE.........................47.51 1.44 48.94 29.71 LON GD ONCE FIX AM...........1337.50 2.00 NICKEL CASH ......................22675.00 480.00 BoE IR Overnight ............................0.500 0.00 Euro Base Rate ...............................1.000 0.00 QUALCOMM INC ................................54.90 3.04 55.00 31.63
TELECOM ITALIA..................................1.08 0.00 1.18 0.88 SILVER LDN FIX AM ..................26.93 0.19 TIN CASH.............................17500.00 250.00 BoE IR 7 days .................................0.500 0.00 Finance house base rate ................1.000 0.00 SCHLUMBERGER ..............................85.98 -1.47 87.87 51.67
TELEFONICA ......................................18.55 0.14 19.69 14.67 MAPLE LEAF 1 OZ...................809.00 2.50 BoE IR 1 month ..............................0.500 0.00 US Fed funds...................................0.250 0.00 TRAVELERS CIES ..............................56.63 0.43 57.78 47.69
ZINC CASH ............................2215.00 32.50 BoE IR 3 months ............................0.500 0.00 US long bond yield .........................4.020 0.00
TOTAL..................................................43.22 0.22 44.63 35.66 ENGL.SOVEREIGN NEU ............91.11 0.61 UNITED TECHNOLOGIE ....................82.59 1.18 82.99 62.88
BRENT SPOT INDEX..................96.99 1.57 BoE IR 6 months ............................0.500 0.00 European repo rate .........................0.964 -0.12
UNIBAIL-RODAMCO SE...................141.00 -1.70 155.95 105.19 LON PLATINUM AM................1803.00 3.00 UNITEDHEALTH GROUP ...................42.29 2.04 42.42 27.13
SOYA...........................................0.00 0.00 LIBOR Euro - overnight ..................0.975 -0.09 Euro Euribor ....................................0.900 0.00
UNICREDIT............................................1.85 0.04 2.30 1.46 LON PALLADIUM AM ...............809.00 12.00 LIBOR Euro - 12 months ................1.545 0.01 The vix index ...................................16.38 -0.26 VERIZON COMMS ..............................36.49 0.09 37.70 24.77
UNILEVER CVA...................................21.92 -0.21 24.11 20.68 ALUMINIUM CASH .................2176.00 -18.50 COCOA ..................................3352.00 0.00 WAL-MART STORES..........................57.57 0.25 57.79 47.77
LIBOR USD - overnight...................0.235 0.00 The baltic dry index ........................1.234 -0.05
VINCI....................................................43.14 0.14 44.98 33.01 COPPER CASH ......................7347.00 36.50 COFFEE...................................239.30 0.00 LIBOR USD - 12 months .................0.781 0.00 Markit iBoxx...................................210.47 -0.13 WALT DISNEY CO ..............................39.46 0.02 40.00 28.71
VIVENDI ...............................................21.73 -0.05 22.07 16.18 LEAD CASH ...........................2025.50 24.50 KRUG.....................................1371.90 -5.10 Halifax mortgage rate .....................3.500 0.00 Markit iTraxx ..................................101.42 3.81 WELLS FARGO & CO.........................32.50 0.05 34.25 23.02
 Business Features | Entrepreneurs
22 CITYA.M. 28 JANUARY 2011

Keeping the entrepreneurial spirit

The founder of HABIT 1: ANYONE CAN DO IT
Entrepreneur Sahar
Hashemi has just
Coffee Republic tells Inspired by her first book, Hashemi
argues that all of us already have the tools
launched a new book
Switched On, pub-
Donata Huggins why required to be more entrepreneurial.
“You just need to get over the ‘this isn’t
lished by Capstone

businesses need a me’ or ‘my company won’t go with it’

imaginary hurdles which may be
blocking you. Adopting ‘switched on’
switched on attitude behaviour just needs a bit of practise.”

HABIT 2: STEP INTO CUSTOMERS’ SHOES

C
OFFEE Republic is back. It may have
faded away for a few years, but it has
returned with vengeance. And
Sahar Hashemi, the woman origi-
nally behind the brand, is back too, but not
with Coffee Republic. Hashemi sold the
company in 2001 to write the bestselling
book Anyone Can Do It to encourage other
people to start businesses. Her latest book,
however, stems from the mistakes she
feels she made at Coffee Republic.
She explains: “Businesses grow into dif-
ferent beasts. I came to feel that my busi-
ness had outgrown me – that it had passed
the entrepreneurial stage and that it
didn’t need me anymore. I was wrong – all
businesses need entrepreneurial spirit,
even giant corporates.” This feeling moti-
vated Hashemi to write her latest book:
Switched On.
The book aims to inject entrepreneurial
spirit into businessmen and women who
have started to feel too comfortable in
their current role. Hashemi says: “It hap-
pens to the best of us. There’s something
about the cushiness of a “safe” job – the
daily grind – that switches us off.”
Whether you need the entrepreneurial
spirit re-injected into your business or
want to change your employees’ attitudes,
here are Hashemi’s tips.
CV | SAHAR HASHEMI
Lives: Chelsea, London
Studied: Law at the University of Bristol.
Drinking: Skinny latte
Reading: Synchronicity by Joseph Jaworski
Talents: “Making guacamole.”
Motto: “Leap and the net will appear.”
First ambition: Air hostess
Hashemi says adopting the right attitude
is easier if you force yourself to think of
customers as real people, “not market
segments with behavioural patterns”.
“This also gives meaning and purpose to
what you do,” she says.
HABIT 3: GET OUT
It is important to widen your perspective
and think more broadly about where
your company sits in the market, “it can’t
help but boost your motivation and ener-
gy.”
HABIT 4: BECOME CLUELESS
Forget about all the processes, systems
and procedures that you have had drilled
into you: “The ‘how we’ve always done it’
mentality will only hold you back.”
HABIT 5: PROTOTYPING
Once you’re motivated, take your new
ideas and put them into action. “It’s all
for naught if you can’t bring them to life.
Before they have a chance to fly away,
grab those ideas and make them real.”
HABIT 6: FORGET FAILURE
Fear of failure will only hold you back. If
you weren’t enjoying work anyway,
what’s the worst that can happen? Try to
get motivated by other people’s
negativity. Famous entrepreneurs such as
Brent Hoberman, the man behind
Lastminute.com, and Sara Murray, the
founder of confused.com, say they started
their businesses because people told them
they shouldn’t. As Hashemi puts it “Notch businesses and workers need to devise new era demands you take your head as
up on the nos.” strategies to get over corporate hurdles. well as your heart to work. Dispel the
myth that you need to suppress part of
HABIT 7: BOOTSTRAPPING HABIT 8: GIVE 100 PER CENT yourself to be professional at work. The
“Big companies are bad at implementa- “You can’t afford to leave part of yourself barriers between work and play are imag-
tion,” Hashemi says. Entrepreneurial behind when you’re in work mode. The inary.”

Five ways to prepare

yourself for the Bribery Act
Businesses need to start making things there tends to be one company that
gets made an example of, then other com-
provisions for the new legislation, panies take the lead from that.” With the
deterrent of 10 years in jail and an unlimit-
writes Donata Huggins ed fine, nobody wants their business to be
that example. Here are five ways to take The definition is no longer this straight forward Picture: ALAMY
precautions.

T
HE Bribery Act comes into force in
April. And it has been causing a stir:
while it is replacing the outdated
law we currently have, it has been
criticised by small and medium-sized busi-
nesses (SME) for creating extra layers of
bureaucracy and leaving directors poten-
tially liable for the actions of suppliers and
service providers – both in the UK and
abroad. A few clarifications on the finer
detail of this law are due soon, but a rough
guide on the legislation has already been
published (you can find information on
the Ministry of Justice website). It is impor-
tant to make provision for this new law
because, as Ernst & Young’s fraud expert,
John Smart says: “With these sorts of
1. PROCESS
“It’s important to show you’ve taken some
action,” Smart says, “businesses should
appoint an ethics officer and someone,
either internally or externally, to do a risk
assessment.”
It is important to record these actions,
logging concerns and keeping records.
Some law firms have suggested that busi-
nesses need to go as far as keeping a file on
the gifts they have rejected. “It’s basically
about being able to prove your transparen-
cy,” Smart explains.
2. APPROPRIATENESS
Working out what you can give or offer
clients is tricky since you are required to
judge whether or not a gift or corporate
entertainment counts as “appropriate”.
This could mean its acceptable to take a
top banker to the Ivy for lunch but not a
junior compliance officer.
3. KNOW WHAT’S GOING ON
It is important to know exactly what is
going on in your company, especially if
you operate in countries where corruption
is rife. It could be a shrewd move to
employ a risk assessment company to
investigate your oversea operations.
4. MESSAGE OF ZERO TOLERANCE
Smart advises you should demonstrate
that the message of zero tolerance comes
from the top of the organisation. “Have a
board meeting,” he advises, “and get some-
one to take minutes. Then put an anti-
bribery measure into your code of
conduct.
5. ORGANISE TRAINING
If you’re really concerned about the
actions of your employees, it might be
wise to give your staff some training.
Smart says: “Make sure your employees
understand the act by giving them
some training. Then keep hold of
the training materials to provide evidence
that you’ve taken precautions.”
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Always aspired to own an E-Class?

We have good news for you.
Choose one of these when you buy an E-Class Saloon:
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For more information visit
mercedes-benz.co.uk/offers $GYHUW

Official government fuel consumption figures in mpg ( litres per100km ) for the E-Class range: urban 15.0 (18.8)- 42.8 (6.6) , extra urban 30.4 (9.3) - 64.2 (4.4), combined 22.1 (12.8) - 54.3 (5.2).
CO2 emissions: 299-137 g/km. Model featured is a Mercedes-Benz E 220 CDI BlueEFFICIENCY SE Saloon at £30,005 on-the-road (price excludes specification offers but does include standard UK delivery charge (£515.00 incl. VAT), new vehicle registration fee (£55.00), number plates
(£25.00 incl. VAT) and fuel (£50.00 incl VAT). Customers may choose between either a specification upgrade or a £1,400 finance deposit contribution at 6.6% APR Typical on the E-Class Saloon. *Based on a Mercedes-Benz Agility agreement.**The complimentary Metallic Paint offers customer savings
of £645. Offer excludes Diamond White Metallic Paint. †Complimentary Exterior Styling Pack available on the SE or the Avantgarde including 18" alloy wheels, Sport suspension and more – customer saving of £710. Navigation upgrade offer savings of over £700 against the normal option price. Credit provided
subject to status from Mercedes-Benz Financial Services UK Limited, MK7 8ND. Guarantees and indemnities may be required. Offers subject to availability and cannot be used in conjunction with each other or with any other published offer from the Retailer. These campaigns are available on E-Class Saloon
models ordered and credit approved between 4 January and 31 March 2011 and registered by 30 June 2011, excluding AMG and special request engines. For more information on all offers available on the E-Class range please visit mercedes-benz.co.uk/offers. Prices correct at time of going to press 01/11.
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 Living
Priced out by
foreigners, bankers
are on the move
Relinquishing the “Chelsea or bust” attitude
is opening big doors, says Zoe Strimpel
B
ONUS season is in full swing and –
despite the dire economic figures
released earlier this week – there is
likely to be no shortage of cash being
splashed in the next few months. Recent fig-
ures from Savills show that bankers are due
to spend £1bn on homes this year.
But whereas in the old days they’d have
made a beeline straight for prime central
London: Belgravia, Kensington and Chelsea,
now they’re looking for alternatives.
Compared to the kind of money flowing in
from Russians and Chinese buyers, many
London bankers just don’t have the cash to
take their pick of the golden postcodes any-
more. Says Charlie Bubear of Savills’
Knightsbridge office: “Central London is the
land of the super-rich. Most of it is bought
up with foreign currency from offshore
funds as pied a terres or investments for
overseas buyers.”
Not only have prices soared because of
huge and unrelenting foreign demand,
those without the ability to buy in cash are
at a disadvantage. Last year, around 90 per
cent of Savills’ prime property was bought
outright. “It’s a cash-is-king world now and
that expectation is not likely to change,”
says Bubear.
Of course, even if dispensed as deferred
shares and not what they once were, bonus-
es are still good and enable most bankers to
get good mortgages. But a shift in attitude
has taken place.
James Grillo, of Chesterton Humberts,
says that in the past, only the very richest
bankers would have bought homes in the
countryside and they’d have been trophy
palaces. “Five per cent would spend astro-
nomical amounts on trophy houses in the
home counties. Now 30 to 40 per cent of
Hhme is where the heart is...
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23
REESE WITHERS
IN NEW ROM COM
| London SEE REVIEWS
ON PAGE 27
PETERSFIELD,
HAMPSHIRE
Nestled in the idyllic countryside
of the South Downs, yet only an
hour and a quarter’s commuting
distance from London, property in
Petersfield is understandably
sought-after. The town has its
own railway station on the
Portsmouth Direct Line which
runs to Waterloo, and good
access to the A3. £1m will buy
you a rambling country house
near to the famously bohemian
private school, Bedales.
bankers are buying solid family homes in
the country. That is what’s changed: the
attitude, that central London perhaps isn’t
the only option.”
Christopher Hilland, a senior banker that
lives in Sevenoaks, says: “Sevenoaks is more
expensive than most parts of London, but
still significantly cheaper than the best bits.
If I bought the same kind of house I have
now in somewhere like Hampstead of
Highgate I estimate it could cost at least
£200,000 more. No one knows where the
bonus situation is going, so I’d rather just
be prudent.”
Good new rail routes and motorways
WANDSWORTH, LONDON CHIPSTEAD, SURREY
make commuting from the home counties This once unassuming district of London has morphed into a A picturesque village situated at the southern perimeters
and other countryside locations less of an property hotspot, luring well-heeled professionals south of of London, Chipstead’s inhabitants are a fiercely protec-
issue and – of course – technology means the river with the promise of sturdy, red brick period proper- tive bunch who have resisted the installation of street
more opportunities to work from home. ties, chichi boutiques and the lowest council tax in the coun- lighting in their quest to preserve its unique character.
Grillo says: “What we’re seeing is that try. Central London is on the doorstep, with trains from Impressive, detached properties are on the market for
banker buyers who once upon a time Wandsworth Town to Waterloo taking 15 minutes plus the around £2m. The prestigious independent school,
would have said: ‘I must be in exciting option of a river bus to Blackfriars. Sevenoaks School, is close by.
Chelsea/Kensington’ are considering alter-
natives.” Other commuter areas are open-
ing up, too. West Sussex and its borders is
becoming “huge” for bankers, says Grillo, CANTERBURY, KENT
thanks to the Hindhead Bypass that will Recently ranked as the most
complete the dual carriageway link moved to area in Britain, it
between London and Portsmouth and rev- seems that there is more to
olutionise travel between the capital and Canterbury than simply a
Surrey, Hampshire and West Sussex. US cathedral. Good value prop-
bond traders can wake up in leafy erty is a major draw: exten-
Petersfield, say (east Hampshire) at 5AM sive, grade II listed
residences can be snapped
and be in their office in Curzon Street by up for under a million
6:30, hence the appeal. pounds. Commuting to
As Bubear puts it: says: “Prime central London is relatively painless
London is the hunting ground of super thanks to a new high-speed
wealthy- it always has been and always will rail link from Canterbury to
be.” For anyone else, new horizons have St. Pancras which has a jour-
had to open and they’re getting better all ney time of just an hour.
the time.
rom
Prices
£722
star t f **
pcm
DISCLAIMER: Industrial and Provident Society 30441R exempt charity. Details correct
at time of going to print 01/11. Your home is at risk if you fail to keep up repayments on
a mortgage, rent or other loan secured on it. Please make sure you can afford the
repayments before you take out a mortgage.* Register today to be entered into
the prize draw for an iPhone 4. **The figure quoted is a percentage share and is a
guideline and may vary according to individual incomes and circumstances. TERMS &
CONDITIONS apply: please see www.lqgroup.org.uk/heart for details. Imagery depicts
a typical L&Q show home.
 24 Living | The Knowledge CITYA.M. 28 JANUARY 2011

COLCHESTER BUYING
BY AMY HIGGINS

SHEEPEN STREET STOUR HOUSE

Price: £86,995
Compact but thoughtfully dec-
orated, this one bedroom
apartment proves that good
things come in small packages.
A spacious open-plan
kitchen/living room provides
the perfect place to entertain
Price: £2m
Q&A
This rambling, ivy-covered
residence needs modernisa- Tim Hassell
tion but has bags of character. DIRECTOR OF CENTRAL LON-
Its grounds include a magnifi- DON LETTINGS FIRM
cent orangery, a coach house DRAKER LETTINGS
and a glass-housed swimming
pool. It also enjoys far reach-

Q.
I have recently purchased a flat
at home, while the property’s ing views across Dedham in Chelsea as a buy-to-let that I
central location means that all Vale, the countryside which will be refurbishing. How do I
the amenities of the town cen- inspired John Constable’s get the best price and attract the best
tre are only a short walk away. paintings. tenant without breaking the bank?
Contact: Spicer McColl on Contact: Savills on 01473 234
830 or go to
A.
01206 542 288 or go to I would always advise ensuring that
www.spicermccoll.co.uk www.savills.co.uk the basic quality of finish is as high a
standard as you can manage. Don’t
skimp on the basics such as the type of
kitchen or bathroom and always keep the
NEED TO KNOW | AREA INSIGHT colour scheme nice and neutral. Avoid any
dramatic statements of style or taste that
could possibly result in splitting the opinion
Commuting: Trains from Colchester Sweet Pea’s Tea Room, and of your potential tenants to one of “love or
North Station to Liverpool Street are fre- coffee-shop-cum-art-gallery, Life hate”. Try to strike a balance and aim to
WIMPOLE STREET quent and fast, taking about 50 minutes. Café. Foodies will love the award win- appeal to as wide an audience as possible.
Price: £285,000 ning Warehouse Brasserie which This should increase the number of viewings
This four bedroom family home Crime: With crime rates significantly uses local, seasonal produce to mouth- and subsequently the chance of a better offer
is crammed with quirky fea- lower than national averages, watering effect. Follow with a nightcap quicker.
Colchester’s residents have reason to at the oldest pub in England, The Rose Strong colours and statement pieces of
tures and charming period furniture are a risk and should really be
details, from bay windows and sleep soundly at night. and Crown. avoided. As the letting industry becomes
open fireplaces to a roll top more and more dependent on the internet it
Victorian style bath. There is Education: Colchester is home to two Leisure: Culture vultures will delight in is a great rule of thumb to imagine how the
plenty of space too, with two outstanding grammar schools: exploring Colchester’s roman walls, cas- finished result will photograph. Neutral prop-
reception rooms, a generously Colchester Royal Grammar School for tle and museums. Parks and green erties often look fresher and attract more
sized garden and a brick out- boys¬ (the best school in the country at spaces are plentiful, and the sandy interest. Today many tenants make their ini-
building for storage. A level) and Colchester County High beaches of Clacton are only a 20 minute tial decisions about properties they would
Contact: Fenn Wright on 01206 like to view based on details that they see on
763 388 or go to www.fen- Schools for Girls. drive away. For more high-octane fun,
the internet.
nwright.co.uk head to Colchester’s indoor water-park
Bar: The town centre is packed with or roller-skating rink.

Q.
How do I avoid getting into any
cafés such as the whimsically named Amy Higgins dispute with my tenant over the
deposit at the end of the tenancy?

A.
Firstly, ensure that you have a prop-
CURRENT MORTGAGE DEALS BY AMY HIGGINS Source: MoneySupermarket.com er inventory drawn up by an inde-
pendent inventory clerk with
accompanying photographs: crucial should
Lender Fixed/Flexible Rate Until Standard Rate APR Maximum Loan there be a “difference of opinion”.
(per cent) (per cent) (per cent) to Value (per cent) Secondly, ensure that you always maintain
a more formal relationship with your tenant
First Direct Flexible 1.99 2 years 3.69 3.5 65 during the tenancy. It is much more difficult
to settle a dispute with a tenant if you have
Santander Flexible 2.19 2 years 4.24 4 60 become too familiar. You need to be in a posi-
tion where the facts of the situation do not
HSBC Flexible 2.29 Term 3.94 2.3 60 get obscured.
Finally, try to ensure that your tenant
Yorkshire BS Flexible 2.29 Feb 2013 4.99 4.7 60 knows who you are. It is not unheard of for
landlords to take on the management of their
NatWest Flexible 2.39 April 2013 4 3.9 60 own property and then do very little by way
of communicating with their tenant.
Santander Fixed 2.65 March 2013 4.24 4.2 60 Remember that if you are not involved and
Leeds BS Fixed 2.99 March 2013 5.69 5.5 75 have no one managing the property you will
be creating a void that if not filled by you,
Hanley Economic BS Fixed 3.45 April 2014 5.19 5.1 80 will be filled by a whopping problem such as
a tenant not feeling truly accountable.
HSBC Fixed 3.74 April 2014 3.94 4 60 Draker Lettings specialises in Belgravia,
Chelsea, Kensington and Pimlico.
Skipton BS Fixed 3.78 April 2014 4.95 4.9 65

PROPERTY NEWS
BY AMY HIGGINS

HOME MOVERS DESERT CITIES
The rising cost of living is pushing city dwellers into sub-
urbia and beyond, according to a house-moving website.
Figures published by reallymoving.com show that signifi-
cantly more people moved away from UK cities than
moved to them in the last quarter of 2010. Canterbury
and Cardiff were among the most popular areas to relo-
cate to, while Bournemouth retained the highest number
of residents.
NEW DEVELOPMENT FOR EALING
Leading London developer St. George are set to launch a
mixed-use residential development in Ealing. It is hoped
that Dickens Yard, which launches its first set of apart-
ments on 5th February, will revitalise Ealing’s town cen-
tre. The site will contain 698 apartments set around a
public piazza and landscaped gardens, and overlook
100,000 square feet of shops and restaurants. Property
prices start from £279,950. www.dickens-yard.co.uk
INDIANS BUYING UP PRIME LONDON PROPERTY
Record numbers of Indians are buying up prime London
real estate, says estate agent Savills. Indians are now
the second biggest foreign buyer group of the capital’s
high-end residential properties, after Europeans, and
are helping drive prices up. Savills’ head of research
Yolande Barnes attributes this trend to “India’s histori-
cal ties, the city’s cosmopolitan vibe as well as clearly
laid out legal rules”.
PRIME LONDON PROPERTY MARKET BOOMING
The prime central London property market is in fine
health according to the latest research by the London
School of Economics. The price of flats in prime central
London reached an all-time high in November 2010, fol-
lowing the high hit by prime central London houses in
August. The strength of the market is due to supply
shortages, interest from foreign investors and the resur-
gence of city bonuses.
GREENWICHCREEKSIDE

Views to inspire. Homes to desire.

1, 2 & 3 bedroom apartments in Greenwich with excellent links to Canary Wharf and The City.
MOVE IN NOW from just £245,000*

Sales Centre and show apartments open daily • Mon - Sat 10am - 6pm • Sun 11am - 5pm
133 Creek Road, Greenwich SE8 3BU.
Selling Agents: A development by:

www.greenwichcreekside.com 0800 883 8627

creekside.sales@telfordhomes.plc.uk or (out-of-hours) 0800 032 0077

*Price correct at time of going to press. Photograph of views to the north and show apartment interior, Adagio apartments.

ALBION STREET
HYDE PARK, W2
A stunning newly refurbished four
bedroom flat on the second floor (with
a lift) of this portered building close
to Hyde Park.
• Four Bedrooms
• Three Bathrooms
• Wooden Floors
• Views of Hyde Park

£1,700 Per Week

Hyde Park & Bayswater
020 7262 2030

CRAWFORD STREET
MARYLEBONE, W1
A bright and contemporary two
bedroom flat on the fourth floor (walk
up) of this modern conversion close
to Baker Street underground station
HANWAY PLACE, FITZROVIA, W1 and Marylebone High Street.
A stunning, rarely available loft style duplex apartment arranged over the top two floors (with • Two Bedrooms
lift) of this converted school building located in a quiet backwater just off Oxford Street. • Two Bathrooms
• Juliet Balcony
Two Bedrooms • Two Bathrooms • Two Reception Rooms • Double Volume Ceilings • Wooden Floors
Large Roof Terrace
£695 Per Week
Offers in Excess of £2,050,000 • Leasehold
Marylebone & Regent’s Park
Marylebone & Regent’s Park 020 7486 6338 020 7486 6338

London Estate Agents | Investment & Development Consultants | Block Managers | Established 1982 kayandco.com
 Lifestyle
26
Maintain the fitness regime
by getting stylish in the gym
Zoe Strimpel finds the items for looking good on the treadmill
B
E honest. Have your new year’s reso-
lutions to eat less and go to the gym
more really taken shape? If not, and
you’re having trouble getting into
the mood for exercise, surely a few beauti-
ful pieces of delicious kit would do the
trick. Our favourite shops are loaded with
delicious hoodies and tops for either a
good run outside, a vigorous yoga session
or a heavy workout at the gym.
Good materials that will keep you warm
or cool in the right measure are the key:
sweating into horrid fabric is enough to
put anyone off. And feeling self-conscious
doesn’t help either. Here are some ideas.
3 Layers are your friend so a chunky knit
7 www.netaporter.com
FASHION NIBS | TIMOTHY BARBER
BLAHNIK GOES BLING
If strutting out in a pair of Manolos isn’t
enough, women will soon be able to display
their devotion to the shoe kingpin with
Blahnik-inspired jewellery. A collaboration
between Blahnik and Spanish brand TOUS
will showcase his famous Campari shoe in
the form of silver and vermeil pendants, as
well as an 18kt yellow gold number with a bril-
liant-cut diamond. Manolo Blahnik for Tous is
launching at Westfield in April.
| Fashion
1 provides extra warmth when the snow
4 colder day. For footwear go for ankle
1 Run cotton-jersey hooded top, Adidas by Stella McCartney, £87,
2 Women’s thatch hoodie, £85, uk.thenorthface.com
3 Classic trackpant (100% cotton), Pineapple Studios, £27,
www.pineapple.uk.com
4 Compression 7/8 tight, £95, www. sweatybetty.com
5 Dynamic mover vest, £65, www.sweatybetty.com
6 Stretch cotton track pants, Splendid, £110, www.netaporter.com
7 Women’s alkiline trainer, £99, uk.thenorthface.com
BREMONT’S FIGHTING SPIRIT
British luxury watch company Bremont
(www.bremont.com), which in 2008 made a
limited edition piece containing parts made
from bits of a Spitfire fighter plane, is repeat-
ing the trick with an American Mustang P-51
WWII fighter. Aluminium from the plane’s fuse-
lage is integrated into the exceedingly handsome
watch’s features. Only 251 of the are being made,
priced at £7,450. Check out next Friday’s City AM
watch special for the latest in high-end watches.
2
5 and don'ts for winter party
6 cream or grey stocking underneath a peep
ULTRA-LIMITED CHLOE BAG AT HARRODS
There are just eight of these chic bags from design house
Chloé, all at Harrods. Called the Elsie, they’re numbered
from one to eight, each with a metallic plaque inside
with the inscription “Exclusive for Harrods
1/8”. The bags are made from an
expensive python “scarabeao” material
combined with metallic gold pieces, and
are priced at £1,560. You’ll find them in
the Harrods Luxury Collection Room 2,
on the Ground floor. www.harrods.com
CITYA.M. 28 JANUARY 2011
Q&A
GETTING
DRESSED
Clare Rous and Kara Iland
FOUNDERS, ROUS ILAND MEMBERS’ BOUTIQUE
Q.
The temperature keeps chang-
ing – how can I dress and wear a
coat that leaves me more versa-
tile to these fluctuations?
A.
The weather has become more
and more unpredictable so our
wardrobe must be flexible. In win-
ter, try a coat with detachable collar (fur
or faux depending on your preference) – it
falls and your coat serves as a two in one.
cardigan is very useful – it serves as an
outer layer for a milder day and adds
extra warmth under your coat for a frosty
evening. Make sure you have some simple
tunic dresses you can wear with tights to
then belt and layer over leggings for a
boots rather than knee highs which can
get too warm. Make your boots cosier
when necessary with chunky leg warmers
(stick to greys and blacks to avoid an
overly 80s throwback). Get a selection of
hats – you can keep a lot of heat in by
wearing one and it is easily removed if the
weather warms up!
Q.
I've got some parties coming up
this month. What are the dos
dressing? Are open-toe shoes allowed?
What about woolly tights?
A.
Open-toe shoes are certainly
allowed, especially with the new
variety of tights and stockings
available, from sheer to opaque. Do tap
into your inner 1920s flapper with a
toe shoe. Do stick to seamless tights and
keep your woolly ones (cosy but not so
flattering) for daytime. If you’re very
brave and have managed a winter sun hol-
iday, do get your legs out like our New
York counterparts. Don’t do it in the
London snow unless you have door-to-
door transport. Don’t shiver all night in a
strapless dress – instead, wear a fabulous
blazer or jacket to finish off your outfit
rather than cover it up.
CLERKENWELL’S FASHION & JEWELLERY SALE
On 15 February Craft Central, the institution that’s home
to a bevvy of super-talented, independent jewellery,
accessory and fashion designer-makers, will be holding a
one-day sale to coincide with London
Fashion Week. That means you can
get your hands on unique pieces from
over 40 UK designers at discount
prices. 15 Feb, 12-7pm, Craft Central,
St John’s Square, EC1M 4DS.
www.craftcentral.org.uk
CITYA.M. 28 JANUARY 2011
A waste of talent
Reese Witherspoon,
Paul Rudd and
Owen Wilson can’t
raise the laughs or
stave off boredom
Film Review
HOW DO YOU KNOW
Cert: 12A
hhIII
I WANTED to like this film, I really did. It’s
the work of James L Brooks, the Simpsons’
producer. It’s got talented stars in Reese
Witherspoon and Paul Rudd, and it’s been
praised for being an intelligent romcom.
Well, it may be intelligent and it has the
odd bit of cynical humour, but it is boring
and progressively rotten, too.
Witherspoon is an emotionally-repressed
softball champion, who tries to stay tough
and goal-oriented even when her age
means calling time on her pro career.
She’s looking for a guy and ends up
falling for two. First she picks Owen
Wilson’s jock because he’s so stupid they
won’t have to talk about themselves.
Then she meet’s Paul Rudd’s business-
man – one of the film’s only sources of
humour – who happens to be in deep water
with the Feds (it’s not his fault).
All he wants to do is talk. But on their
first date Witherspoon instructs silence
throughout their meal. There they sit,
chomping, their troubles stifled but clear
on their pained faces.
ALSO OUT THIS WEEKEND
FILMS, MUSIC, GAMES
FILM
TANGLED The fairy tale of Rapunzel gets the 3D
Disney treatment, with pretty enjoyable results.
HEREAFTER Clint Eastwood ponders the afterlife in
this portentous drama starring Matt Damon.
BIUTIFUL Javier Bardem earns an Oscar nomina-
tion in this tale of a Barcelona man trying to get by.
Reese Witherspoon
and Paul Rudd in
How Do You Know
What ensues is a tiresome love triangle
in which Wilson (playing his usual idiotic
Below, Paul Giamatti
in Barney’s Version.
charmer) and Rudd slug it out for the girl’s
heart. Witherspoon’s almost permanent
look of pain and boredom eventually
becomes a fitting reflection of our own.
Zoe Strimpel
BARNEY’S VERSION
Cert: 15
hhhII
IT’S hard to like Barney Panofsky, the
wealthy, schlubby, altogether unremark-
able TV exec whose failed marriages and
unruly life over 35 years make up the focus
of this film. But it’s also impossible not to
be mesmerised by Paul Giamatti’s perform-
ance as irascible, alcoholic, selfish Barney,
and the way he makes him seem so painful-
ly human and, somehow, sympathetic.
We never really know what his beauti-
ful wives see in him, particularly saintly
Miriam, played by Rosamund Pike, who
he meets on the day of his wedding to
Minnie Driver’s Jewish princess with
whom he immediately falls in love.
But they settle down to a life togeth-
er that ebbs, flows and falls apart,
seen mostly in flashback. Barney’s a
fool, but a romantic one, inevitably
destined for unhappiness.
Intertwined with all this is the
story of what happened to Barney’s
best friend, and the suspicion –
raised in a newly-published book –
that Barney murdered him.
It’s a strange, rambling film that’s
too long and resolves little, but
Giamatti, Pike, and Dustin Hoffman
are on terrific form as Barney’s dad,
make it worth watching.
Timothy Barber
DVD
THE OTHER GUYS Mark Wahlberg and Will Ferrel
star in this daft cop comedy.
ZEN First series of the superior, Italy-set crime
drama starring Rufus Sewell.
LEMMY Documentary about the pimple-faced,
hard-living Yorkshireman behind Motorhead.
Lifestyle | Reviews 27
City A.M. exclusive:
Michael Douglas
on Gordon Gekko
I
N THE character of the Wall Street cor- financial world are like night and day in terms
porate raider Gordon Gekko, Michael
Douglas created one of cinema’s most
of the statistics that we were talking about
back then and the kind of corruption that exist-
ed at that time. The numbers that we’re talking
memorable scoundrels, writes Timothy
Barber. That was in the 1987 film Wall about now are staggering as well as the chi-
Street, made at the height of the 1980s canery and trickery, which is much more
boom years. In last year’s follow-up, Wall sophisticated than what existed back then. I
Street: Money Never Sleeps (released on think [director Oliver Stone] has done a really
DVD on Monday) Gekko returned – chas- good job in terms of capturing the kind of
tened, bankrupt but as charismatic as ever. intrigue that goes on. It’s almost like a Greek
In an exclusive interview, Douglas reflects tragedy or a Shakesperean play.
on playing the villain who, ironically,
inspired a generation of bankers. Q: In the first movie one of the big questions
was: “how much is enough?” Has Gekko found
Q: What was it like to return to the role of such an answer to that now?
an iconic character as Gordon Gekko?
MD: Well, right now as far as we know, Gordon
Michael Douglas: It forces you to look back to doesn’t have anything: no money, he’s been
that time 23 years ago when we made the stripped pretty clean and he cannot trade pub-
original movie. It was a very important movie licly in stocks, so he’s somewhat limited in this
for me in terms of my career – I won and Oscar arena. He is trying to become an author and
and then Fatal Attraction right after it. And it’s we’ll see how successful the book is, but being a
interesting historically because of what’s hap- best-selling author is still a long way from what
pened economically in the world markets. It he was doing and the power he had before.
really gives you food for thought.
Q: Did you have any idea that Gordon Gekko
Q: Even though you played a villain, many peo- was going to be the iconic character that he
ple in finance looked up to Gekko, and almost became when you made the first film?
idolized him. Did that surprise you at the time?
MD: I had no sense that Gekko would live on as
MD: Well, I was always shocked when so many this sort of archetypal character, representing a
people who saw Wall Street said that I (Gekko) whole period of culture and business. I knew it
was the person who influenced them and was a well-written part but I had no idea that
inspired them to go into investment banking. certain lines would last like “greed is good”. The
I’d say to people, “well, I was the villain” and people who work in Wall Street still look up to
they would say, “no, no, no”, they didn’t see me Gordon Gekko, he’s sort of a guru. I think it’s
that way, so it was all very seductive I guess. probably the picture people identify me with
the most, and is has always amazed me.
Q: What do you think has really changed on
Wall Street since the last movie was made? Wall Street: Money Never Sleeps is released on
Blu-ray and DVD on Monday from Twentieth
MD: The proportions and circumstances in the Century Fox Home Entertainment
MUSIC GAMES
ADELE Soulful singer-songwriter Adele Adkins DEAD SPACE 2 (PS3, X360, PC) Futuristic horror in
releases her second album, simply titled 21. first person shooter form.
IRON & WINE Folky songwriter Sam Beam’s latest BREACH (X360, PC) Team-based multiplayer first
is called Kiss Each Other Clean. person shooter in which you’re a Black Ops operative.
JOAN AS POLICE WOMAN The Deep Field is WORLD OF TANKS (PC) Another team-based multi-
acclaimed singer Joan Wasser’s new release. player, in which you drive and fight classic tanks.
 28 Lifestyle | TV& Games CITYA.M. 28 JANUARY 2011

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5 TV PICK

TERRESTRIAL
6pm BBC News
6.30pm BBC London News
7pm The One Show
7.30pm A Question of Sport:
BBC News
8pm EastEnders
8.30pm QI
9pm CHOICE Hustle
10pm BBC News
10.25pm Regional News
10.35pm The Graham Norton
Show
11.20pm The National Lottery
Friday Night Draws 11.30pm FILM
Alpha Dog 2006; Weatherview
1.25am Sign Zone: At Home with
the Georgians 2.25am Sign Zone:
Horizon 3.25am Sign Zone:
Antiques Roadshow 4.25am-6am
BBC News
6pm Eggheads: Quiz show.
6.30pm Great British Railway
Journeys
7pm Julia Bradbury’s German
Wanderlust
7.30pm An Island Parish
8pm Mastermind
8.30pm Life in a Cottage
Garden with Carol Klein
9pm Can’t Take It with You
10pm Fast and Loose
10.30pm Newsnight
11pm The Review Show:
Weather
11.50pm FILM Requiem for a
Dream: Drama, starring Jared
Leto and Ellen Burstyn. 2000.
1.25am BBC News 4.25am-6am
Close
6pm London Tonight 6pm The Simpsons 6pm Home and Away
6.30pm ITV News 6.30pm Hollyoaks 6.25pm Live from Studio Five
7pm Emmerdale 7pm Channel 4 News 7pm Five News at 7
7.30pm Coronation Street 7.25pm 4thought.tv 7.30pm Michaela’s Zoo Babies:
8pm Children’s Hospital 7.30pm Head Over Heels in Rats Five News Update
8.30pm Coronation Street 8pm Relocation: Phil Down 8pm CHOICE Ice Road
9pm Comedy Rocks with Jason Under Truckers: Five News Update
Manford: With guests Tim Vine, 9pm Embarrassing Bodies 9pm The Mentalist
Pete Firman, Susan Calman and 10pm CHOICE The Million 10pm CSI: Crime Scene
Lee Nelson. Pound Drop Live Investigation: A former chief of
10pm ITV News at Ten 11.20pm 10 O’Clock Live detectives is murdered. HUSTLE
10.30pm London News 12.25am Music on 4: Countdown to
11pm NCIS BBC1, 9PM
10.35pm Take Me Out the NME Awards 2011 12.45am The gang cons a shady credit lender
4Play: Skepta 1am 4Play: Funeral 11.55pm Cops in Crisis
11.50pm 30 Years of An Party 1.10am My Name Is Earl 12.15am SuperCasino after learning an old friend faked his
Audience With 1.55am Comedy Lab: Filth 2.25am 3.55am Motorsport Mundial own death because he was in financial
12.40am The Zone; ITV News 3 Minute Wonder: The Jarman 4.20am Rory and Paddy’s Even trouble. Guest starring Denis Lawson.
Headlines Award 2.40am FILM Whisper of Greater British Adventure 5.10am
2.40am October Road 3.30am- the Heart. 1995. 4.35am ER Wildlife SOS 5.35am-6am House
5.30am ITV Nightscreen 5.20am-6.05am Countdown Doctor

SKY SPORTS 1 1am PGA Tour Golf 4am Tight 4.30am Four Weddings The Last Episode 3.45am The DISCOVERY HOME &
SATELLITE & CABLE

Lines 5am-6am Powerboating 5.20am-6am Maury Loop 4.05am Life Unexpected

6pm Live World Snooker
Shootout 10pm Take It Like a
Fan 10.30pm Football League
Weekend 11.30pm Football’s
Greatest 12.30am Take It Like a
Fan 12.55am-6am Live
International One-Day Cricket
SKY SPORTS 2
7pm Take It Like a Fan: Football
quiz. 7.30pm Live Football
League 10pm Prizefighter
Boxing 10.30pm Tight Lines
11.30pm NFL: Total Access
12.30am Elite League Ice
Hockey 1.30am Prizefighter
Boxing 2am Football League
Weekend 3am Take It Like a Fan
3.30am Football League
Weekend 4.30am Prizefighter
Boxing 5am Take It Like a Fan
5.30am-6am Airsports World
SKY SPORTS 3
6pm European Tour Golf
8pm Live PGA Tour Golf
11pm European Tour Golf
BRITISH EUROSPORT
6.30pm Live Figure Skating
9.30pm Australian Open Tennis
11.30pm Game, Set and Mats
12am-12.30am Video Gaming
ESPN
7pm Goal! 7.30pm Live
Bundesliga 9.30pm FA Cup
Preview Show 10pm ESPN
MMA Live 10.45pm Freestyle
World Cup Magazine 11.15pm
Ultimate Fighting Championship
1am UFC Unleashed 2am ICC
Cricket World Magazine 2.15am
ESPN MMA Live 3am NBA
Action 3.30am-6am Live NBA
Basketball
LIVING
7pm Ghost Whisperer 8pm
Bones 9pm Criminal Minds
10pm CSI: Crime Scene
Investigation 11pm Criminal
Minds 12am CSI: Crime Scene
Investigation 2.50am Charmed
BBC THREE
7pm Most Annoying People
2010 8pm Doctor Who 8.50pm
Doctor Who Confidential 9pm
Come Fly with Me 9.30pm Him
and Her 10pm EastEnders
10.30pm Sun, Sex and
Suspicious Parents 11.30pm
Family Guy 12.15am Coming of
Age 12.45am Snog, Marry,
Avoid? 1.15am Hotter Than My
Daughter 1.45am Most Annoying
People 2010 2.45am Sun, Sex
and Suspicious Parents 3.40am
Coming of Age 4.10am Snog,
Marry, Avoid? 4.40am-5.10am
Hotter Than My Daughter
E4
7pm Hollyoaks 7.35pm Friends
9pm Gok’s Clothes Roadshow
10pm Wife Swap: The Last
Episode 11.05pm Tool Academy
12.10am Scrubs 1.10am RuPaul’s
Drag Race 1.55am Gok’s Clothes
Roadshow 2.50am Wife Swap:
4.50am-6am Switched HEALTH
7pm A Baby Story 8pm 10
HISTORY Years Younger 9pm Quints By
7pm Heir Hunters 8pm Swamp Surprise 10pm Raising 10 Kids:
The Hayes Way 11pm Chopper
People 9pm IRT Deadliest THE MILLION POUND DROP LIVE
Roads 11pm The True Story Rescue 11.30pm A&E: Outback CHANNEL4, 10PM
12am IRT Deadliest Roads 2am 12am Quints By Surprise 1am
America’s Toughest Jobs 3am Raising 10 Kids: The Hayes Way Davina McCall presents the quiz show
in which contestants can win a million
Mountbatten: Death of a Royal 2am Chopper Rescue 2.30am
4am Thomas Telford: The Man A&E: Outback 3am 10 Years pounds – all they have to do is hold
Who Built Britain 5am-6am Younger 4am Bringing Home onto it until the end of the programme.
Deep Sea Detectives Baby 5am-6am A Baby Story
DISCOVERY SKY1
8pm How Do They Do It? 8pm Futurama 9pm Victoria
8.30pm How It’s Made 9pm Wood’s Angina Monologues: An
Aircrash Confidential 10pm evening of stand-up comedy,
Wheeler Dealers 11pm Surviving sketches and music. 10pm Louie
the Cut 12am Bear Grylls: Born Spence’s Showbusiness 11pm
Survivor 1am Deadliest Catch Got to Dance: The audition
2am Mystery Investigator: Olly process comes to a close.
Steeds 3am How the Universe 1.30am Miami SWAT 2.25am ICE ROAD TRUCKERS
Works 3.50am More Industrial Bite Size Brainiac 2.40am 99 CHANNEL5, 8PM
Revelations 4.40am Rory Most Bizarre 3.30am The 4400 Ray Veilleux risks ruining his truck’s
McGrath’s Best of British 4.20am Don’t Forget the Lyrics engine to reach Prudhoe when the
Engineering 5.30am-6am How 5.10am-6am Are You Smarter radiator begins leaking, and the brakes
Does That Work? Than Your 10 Year Old? on Lisa Kelly’s vehicle stop working.

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

SUDOKU KAKURO
5 35 11 14 14 33 18  
6 21 12
15 10  
45
Place the numbers from 1 to 9 in each empty cell so that each 
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 16 12
9 25
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 16 6
   
above or to the left of it. 10
You can only use the digits 1-9 13 4 16
   and you must not use the
8 19
34     
same digit twice in a block. 17 22 32 15
    The same digit may occur 4 11 18 
23 27
   more than once in a row or
column, but it must be in a
24
9
31
 
13 17
   separate block.
3 7
45
    7 7 3


   ACROSS DOWN
1 Social system 2 Change with a view
  
    WORDWHEEL I L
that developed
in Europe in the
eighth century (9)
to improving (5)
3 Informal term for
a father (5)
Using only the letters in the Wordwheel, you have 8 Having the leading 4 Bingo (5)
   ten minutes to find as many words as possible,
S E position (5) 5 Mixture of rain
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters C 9 Particular items (5)
10 One of the two
and snow (5)
6 In a proud or arrogant
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
T D symbols used in
Morse code (3)
manner (9)

SOLUTIONS KAKURO is at least one nine-letter word in the wheel.

C Y 11 Divine (5)
7 Toiletry article (9)
12 Depressed (3)
13 Chose (5)
QUICK CROSSWORD 9 3 8 7 6 8 1 9
14 Greek deity, a cross

S E P I A C O B R A
4 1 2 3 8 9 2 7 SUDOKU         
15 Search, as with
a dragnet (5)
between a man
and a goat (3)
8 7 8 1 9 7         
E E M U R R
7 4 2 4 5 3 1 18 Become liable to (5) 16 Forum in ancient
P A N N I E R A D O         
A S D V S 9 8 6 4 7 6 3
        
20 Mr Rush, football Greece (5)
L I S T S S A U T E 6 2 4 1 5 3 9 4 commentator (3) 17 Cotton fabric used
        
I
J A N E T
R
S W A M P
8 5
9 6
3 6
5 8 7
2 1 4
1 7
WORDWHEEL          21 Coils (5) especially for hosiery
U U I O O
3 5 9 2 5 8 The nine-letter word was          22 Country on the and underwear (5)
M A O M E N A C E S
B U E A A S 8 3 1 2 3 7 8 9          Iberian Peninsula (5) 18 Gusset (5)
HORSEBACK
O U S T S R A N G E 9 1 2 4 1 3 2 6          23 Sweetheart (9) 19 Range of mountains (5)

CITYA.M. 28 JANUARY 2011
...the home of form
SPORT TRADER BEN CLEMINSON AND BILL ESDAILE TEAM UP TO BRING YOU THIS
WEEKEND’S BEST FOOTBALL AND RACING BETS
Home advantage can
give Everton the edge
EVERTON
CHELSEA
TOMORROW – 12.30PM ESPN
CHELSEA’S 4-0 victory at Bolton on
Monday night will have given their
supporters some belief that their side
are finally on the way back. It was an
impressive performance and although
the first priority for Carlo Ancelotti is
to ensure Champions League football
next season, a decent run of wins
could put them right back in the title
race.
The FA Cup takes centre stage this
weekend and it surely isn’t going to be
a priority for the west Londoners. They
travel to Goodison Park tomorrow
lunchtime for a repeat of the 2009
final when they beat Everton 2-1. The
Toffees have had a largely disappoint-
ing season so far and were lucky to
take a point against bottom-place West
Ham on Saturday.
David Moyes knows that the best his
team can manage in the league this
season is a top seven or eight finish, so
the FA Cup is their only chance of real
success. Everton have a strong record
in this competition and they have also
Bensalem to burst into
World Hurdle picture
CHELTENHAM stages its ‘Trials
Day'’tomorrow and BENSALEM looks
the best bet on the card in the Cleeve
Hurdle at 3.35pm. Alan King’s eight-
year-old has an amazing record when
fresh and has won all of his career
starts to date when reappearing from
a substantial break. He is reportedly
working extremely well at home and
will be hard to beat particularly with
no Big Buck’s in the line-up.
Elsewhere on a cracking card,
LOCAL HERO should land the opener
with Tony McCoy in the saddle and
TIDAL BAY is the value alternative to
Time For Rupert in the Argento
Chase. Howard Johnson’s runner
looked the first beat behind Imperial
Commander at Haydock in
November, but rallied to finish sec-
ond. He is overpriced at around 11/2,
but he may trade even bigger in-run-
ning on Betdaq if he looks moody in
the opening stages of the race. He has
a habit of coming off the bridle pretty
early on and it may be worth taking a
chance on him at a big price during
that sulking stage.
Time For Rupert is the most excit-
ing novice in training and will be a
tough nut to crack. However, he is
still a novice and I’d far rather be a
layer at shorter than 6/4 than a backer
as it’s easy to forget that he is being
somewhat thrown in the deep end.
The ground seems to be drying out
Punter
29
| Sports
Picture: ACTION
done well against the champions in
recent seasons, winning one and draw-
ing four of the past five league games.
There’s every chance that this tie
could end in a draw, but neither man-
ager will want that and it wouldn’t be
a surprise to see Ancelotti field a
severely weakened team. Chelsea face
a tough trip to the Stadium of Light
on Tuesday night, in what is a more
important game for them, so they
make no appeal at even money with
Paddy Power.
Everton have won just five of their
23 league games this campaign, but
two of those victories came against
Manchester City and Tottenham. They
have dropped silly points at home
against the likes of West Brom, West
Ham and Wigan, but they tend to per-
form better against the elite sides.
I have a feeling Everton can nick this
one and they are worth backing at 11/4
with Paddy Power. They have been
leaking goals all season, though, and it
would be no surprise to see Chelsea get
on the scoresheet. Both teams have
scored in 12 of the Toffees’ last 14
games and the 2-1 home win is avail- POINTERS...
able at a decent looking 12/1 on
Betdaq. Everton at 11/4 with Paddy Power
For that reason, I’ll also be looking Everton 2-1 at 12/1 on Betdaq
to buy goals at 2.8 with Sporting Index Buy total goals at 2.8 with Sporting Index
– both teams have been involved in
some fairly high scoring games of late.
Where horses
and hearts race
pretty fast at Doncaster and for that
reason I’ll be opposing Fistral Beach
and Blazing Bailey in the Skybet March
Chase as they both seem at their best 2011
THE
with plenty of cut in the ground. I’d
far rather take an each-way chance on
FESTIVA
CALGARY BAY, a previous winner
over this very course and distance on
L
good ground, at 10/1. Somersby
showed last weekend that Henrietta
Knight’s stable may well be returning Tuesday
to form and last season’s Gold Cup Wednes 1 5th
sixth looks decent value in an ultra day 16th
competitive contest. Thursda
y 17
Looking at today’s action and
Friday 1 th
MOURAD, my ante-post World Hurdle 8 th
selection from last week, should take
the Galmoy Hurdle at Gowran Park
this afternoon on his way to the
Festival. Yet, he won’t be much of a
price and I’d rather back the stable’s
POMME TIEPY at 5/1 with William
Hill in the Thyestes Chase at 2.55pm.
The eight-year-old mare appears to
BOOK NOW. TICKETS FROM £22
have been laid out for this race and
the trip and ground will hold no
fears. 0844 579 3003 (24hr)
Finally, I have had a very good word
for Nicky Henderson’s newcomer www.cheltenham.co.uk
MOOSE MORAN in Ludlow’s 1.25pm
contest on Monday. The former
Henry Cecil-trained flat campaigner
has supposedly taken extremely well
to life over hurdles and is expected to
take this race on the way to much bet-
ter things.
 30 Sport
World Cup doubt as Johnson: Friday
England venue axed
having missed previous completion night’s all right
▲
CRICKET
BY JAMES GOLDMAN deadlines but the ICC team approved
for fighting
Colombo, Hambantota and Pallekele in
FRESH doubts were raised about the suit- Sri Lanka pending minor completion
ability of the subcontinent as a venue for work, as well as Mumbai’s Wankhede
the upcoming World Cup after the Stadium, the venue for the final.
International Cricket Council adjudged ICC chief executive Haroon Lorgat
one of India’s most iconic venues, Eden (left) said: “An extension was granted by
Gardens in Kolkata, not fit for purpose. the ICC for five venues, which were again
The 100,000 capacity stadium was due inspected over the past week. Sadly, Eden
to host England’s Group B match against Gardens in Kolkata was unable to meet
the co-hosts on 27 the final deadline date.
February, but Andy “This was no easy decision to take and
Flower’s side, hav- while it is most unfortunate, it is RBS
ing had their itiner-
ary set in stone,
absolutely necessary.”
It is not the first time England have 6 NATIONS
will be forced into encountered difficulties when touring BY FRANK DALLERES
making hasty this part of the globe. Indeed, on their
rear rangements most recent visit in 2008 they were ENGLAND boss Martin Johnson
once an alterna- forced to return home following the insists a Friday night showdown in
tive venue is Mumbai terrorist attacks. Wales will “get the blood flowing”
selected. Staging the World Cup, along with Sri and provide the perfect setting to
E d e n Lanka and Bangladesh, offered Indian kick off his side’s RBS 6 Nations
Gardens sport, and its infrastructure, the chance campaign.
was one to regain credibility following last year’s Next week’s highly-charged
of five Commonwealth Games, when several encounter with age-old rivals will
venues teams threatened to pull out because of demand that England hit the
inspected unfinished or substandard facilities. ground running if they are to
mount a serious challenge for a
trophy they last lifted eight years
ago.
Johnson expects the cauldron of
the Millennium Stadium to test
his young team – and believes that
China’s Li clinches historic
Australian Open final spot
TENNIS
▲
BY JAMES GOLDMAN
NINTH seed Li Na became the first
Chinese player to reach a grand
slam singles final after a three-set
win over world No1
Caroline Wozniacki at
the Australian Open.
The 28-year-old
(right), who had previ-
ously not gone beyond
the last eight in one of
the four major events,
survived match point
against her before com-
ing through 3-6, 7-5, 6-3 to
set up a final against Kim
Clijsters.
“This is good for my tennis
career, of course,” said Li. “Good
for me, good for my team, maybe
good for China tennis.
Results
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email sport@cityam.com
an evening kick-off under flood-
lights will only add further spice
to the occasion.
“I think atmosphere under the
lights at night is always good, I’ve
always liked it,” said Johnson. “The
France game last year in Paris was
an example of that. I know for trav-
elling away fans and even home
fans to a degree it can be a bit
tougher but I like Friday night
rugby. I’d much rather play Friday
night than Sunday afternoon. It’s
a game to get the blood flowing.”
Several youngsters, such as Ben
Foden, Dylan Hartley, Chris
Ashton and Ben Youngs, cemented
their places in England’s first XV
during a mixed autumn that con-
tained more highs than lows.
Johnson admits playing in front
of 74,000 baying Welshmen might
“But of course this is a good
experience for my whole life,
because many players, they play a
long time, but they never come to
the final of a grand slam.”
Na began her career at 14 but
was branded a rebellious
character for quitting the
national team in 2002
after finding the state
coaching system too
rigid.
She was subse-
quently barred by offi-
cials from dating the
man who is now her hus-
band and coach, Jiang Shan.
In the other semi-final US
Open champion Clijsters repeated
her Flushing Meadows win over
Vera Zvonareva. The Belgian took
just 73 minutes to win through in
straight sets 6-3, 6-3.
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9CI ;E<JKFI:XeX[X#) .$-.$, +$--$*%D`o\[#
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8ljkiXc`X Yk::_lXe^KX`g\` ;EfidXe9\c^`ld 
CITYA.M. 28 JANUARY 2011
present a novel challenge for some
of his party, but maintains every
single man is capable of perform-
ing in a pressure-cooker environ-
ment.
“If our guys are in our squad
they are there because we trust
them to play,” he added.
“We have to deal with the emo-
tions of going to Cardiff. It’s going
to be volatile, it’s going to be a new
experience for some of them. The
locals will be up for it, and dealing
with all those things is part of it.
We are not going to hold anything
back.”
Johnson says he has “pencilled
in” his team to face Wales but
flanker Hendre Fourie remains
an injury doubt, while centre Mike
Tindall needed a scan yesterday
after injuring his thigh in training.
SPORT | IN BRIEF
Lancashire to announce debts
CRICKET: Lancashire have alerted
members they are set to announce
losses of around £2m, the worst
ever recorded by a county cricket
club, and conceded that unless the
Tesco-funded redevelopment of Old
Trafford is finally cleared within the
next two months, their future exis-
tence could be under threat. “If we
don’t develop, there is no interna-
tional future for the ground and
then we either become a much
smaller club or we disappear com-
pletely,” said Jim Cumbes, the club’s
chief executive.
Ferrari to unveil 2011 car
FORMULA ONE: Ferrari will unveil
their 2011 Formula One car, the new
F150, at their Maranello headquar-
ters today. Ferrari missed out on the
2010 drivers’ world title after a
strategic error during the final race
allowed Red Bull’s Sebastian Vettel
to pip Fernando Alonso to the top
prize. “Our goal is very clear. We are
aiming to win both the titles," team
principal Stefano Domenicali said.
-$)+$-('$.2BJI<9FKE@BJcfm\e`X ;E\jkfi
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CITYA.M. 28 JANUARY 2011 Sport 31

United’s keeper puzzle

FOOTBALL ROUND-UP

Almunia could return

for Arsenal cup clash
Van der Sar retirement
ARSENAL outcast Manuel Almunia is
forces Ferguson to line in contention for a sensational recall
for Sunday’s FA Cup tie with
up a suitable successor Huddersfield Town.
The Spanish goalkeeper has not
played since September but manager
Arsene Wenger said: “Almunia has a
▲

FOOTBALL
BY FRANK DALLERES
MANCHESTER UNITED manager Sir
Alex Ferguson is facing a summer of
upheaval after goalkeeper Edwin van
der Sar confirmed he is to retire at
the end of the season.
The 40-year-old, who is quitting to
spend more time with his family, is
one of several veterans in Ferguson’s
squad who could bring the curtain
down on glittering careers in May.
Defender Gary Neville is expected to
hang up his boots, while midfielder
Paul Scholes is mulling his future.
But Dutchman Van der Sar, whose
penalty shoot-out save helped United
WHO WILL REPLACE THE VETERAN DUTCHMAN BETWEEN THE OLD TRAFFORD POSTS?
Johnson is eyeing
England’s first
RBS 6 Nations for
eight years Anders Lindegaard: The Dane landed this David de Gea: Atletico Madrid’s prodigy
month but is yet to make his debut and
Picture: PA doubts linger over his pedigree to be No1 said to have caught Ferguson’s eye
win the Champions League in 2008,
is arguably the biggest loss, and
means Ferguson has just six months
to identify a successor.
Of the internal candidates, Tomasz
Kuszczak has failed to make his
mark, the jury is out on newcomer
Anders Lindegaard while youngster
Ben Amos is rated highly but surely
too green for such responsibility.
is just 20 but tipped for the very top and
Van der Sar will
quit at the end of
the season
Picture: PA
Ferguson is thought more likely to
enter the transfer market, with
Schalke’s Manuel Neuer and Atletico
Madrid’s David de Gea among the
favourites to move to Old Trafford.
Ajax stopper Martin Stekelenburg,
Van der Sar’s successor in the
Holland team, and Russian Igor
Akinfeev are also thought to be on
United’s radar.
Manuel Neuer: Schalke’s stopper is being
tipped to leave the cash-strapped club but
Bayern Munich would rival United
chance, Lukasz Fabianski no and for
Thomas Vermaelen we need to be
patient. [Sebastien] Squillaci and
[Abou] Diaby will be in the squad.”
Mexican forward Carlos Vela,
meanwhile, remains a loan target for
Bolton. Trotters boss Owen Coyle said:
“If we get the green light then we will
look to act upon it.”
Inter deny preparing
record £40m Bale bid
INTER MILAN CEO Ernesto Paolillo
has dismissed suggestions they will
bid £40m for Tottenham’s Gareth
Bale in the summer.
It was reported yesterday that the
Italian champions were set to offer a
record fee for a British player, one
who scored three goals and made two
more in the sides’ Champions League
meetings last year. But Paolillo insist-
ed: “It is not true. It is incorrect.”
In November, Spurs boss Harry
Redknapp said Bale would be “going
nowhere” even if they missed out on
Champions League qualification.

| PROMOTION

WIN A PAIR OF TICKETS TO

WALES V ENGLAND
The RBS 6 Nations kicks off with a mouth watering WHICH NATION HAS WON THE
fixture between Wales and England at the
Millennium Stadium on Friday 4th February.
RBS 6 NATIONS CHAMPIONSHIP
City A.M. and RBS have teamed up to offer 2 fans a MOST SINCE ITALY JOINED IN 2000?
pair of tickets to the game.

To help rugby fans travel between London and

Cardiff before and after the game on the day, RBS,
a. England
Six Nations Rugby, the RFU and WRU have joined
together to charter the RBS 6 Nations Express train. b. Wales
The RBS 6 Nations Express will not only transport c. France
rugby fans, but will also deliver the RBS 6 Nations
Trophy to the Millennium Stadium.

For your chance to win, all you have to do is answer Simply send your entry and contact
the following question correctly: number to lucky@cityam.com

Tickets are priced at £45.00 return. For further information on the train and to purchase tickets visit
www.seetickets.com/tour/RBS-6-Nations-Express. Spaces are limited, so fans are encouraged to book early.

Terms & Conditions: The prize is: 2 pairs of tickets to Wales v England at the Millennium Stadium in Cardiff on Friday 4th February 2011. The promoter is RBS and the promoter reserves the right to change the prize to one of
equivalent or greater value without notice. Entry into the promotion is free and no purchase is necessary. Only one entry per reader is permitted. Entrants must be aged 18 years and over. Travel expenses and accommodation are
not included. The closing date is Sunday 30th January 2011 at 11:59pm. The winner will be drawn at random from all correct entries and will be notified on Monday 31st January 2011. By entering the promotion you agree to
receive further information and similar promotions from City A.M. If you do not wish to receive this please add ‘No’ after your answer. The winners, by accepting the prize, agree to publicity if required. The Editor’s decision is final.
 Sport
32 CITYA.M. 28 JANUARY 2011

FRIDAY NIGHT’S ALL

RIGHT FOR FIGHTING
EVENING WALES GAME
EXCITES JOHNSON: P30

Blues shock
THE HISTORY BOYS £40m Torres
bid rejected
Our cricketers did it... Now it’s Murray’s turn by Liverpool

▲
FOOTBALL
BY FRANK DALLERES

LIVERPOOL have confirmed that they

have rejected a £40m bid from
Chelsea for Fernando Torres.
The champions reportedly failed in
an attempt to lure Atletico Madrid’s
Sergio Aguero to Stamford Bridge this
week, accroding to the Spanish club,
and have now turned their attention
to Torres.
A Liverpool spokesman said last
night: “Chelsea have made an offer
for Fernando, which has been reject-
ed. The player is not for sale.”
Chelsea were, however, last night
on the verge of completing the £26m
signing of Benfica defender David
Luiz after the Portuguese club con-
firmed they were thrashing out a
deal.
“We have received an offer from
Chelsea for the acquisition of the
sporting and economic rights of
David Luiz,” read a statement. “A
negotiation process is ongoing.”

BRITAIN’S TENNIS CLASS OF ‘87

West Ham
Ferrer stands between Briton and a Last time England won the Ashes
Down Under their success was not
reflected in the performances of Brits claim Spurs’
place in final as Federer crashes out at the Australian Open.

With that duo out of the way, US Open semi-final.

MEN’S FIRST ROUND
D Derlin bt A Castle (6-7, 7-5, 3-6, 7-5, 6-1). plans aren’t
▲

TENNIS
BY JAMES GOLDMAN
BRITISH No1 Andy Murray heads into
this morning’s Australian Open
semi-final looking to take a huge step
towards completing a memorable
Murray, who has dropped just one
set en route to the last four, has been
presented with a golden oppor-
tunity to finally break his
duck in the majors.
Blocking his path
MEN’S SECOND ROUND
eco friendly
Murray, due on court at 08.30 this
morning, by contrast, is now well M Edmondson bt N Fulwood (6-4, 4-6, 4-
used to these showpiece occasions 6, 7-5, 9-7); M Mecir bt J Bates (4-6, 6-2,
and is hoping that his experi- 6-1 6-3).
ence stands him in good
stead.
WOMEN’S SECOND ROUND
▲

sporting double Down Under this
winter.
Following on from England’s first
Ashes series win in Australia since
1987, Murray is just two matches
away from becoming the first British
man to win a grand slam event since
Fred Perry in 1936.
The 23-year-old’s odds of succeed-
ing in Melbourne shortened again
yesterday when Roger Federer, who
dismantled Murray in last year’s
final, followed world No1 Rafael
Nadal in exiting at the semi-final
stage in straight sets.
Between them, Switzerland’s
Federer (inset) and Spaniard Nadal
have monopolised the top prizes in
recent years.
Indeed of the last 26 grand slam
events played between 2010 and 2004
the world’s top two have won an
astonishing 23 of them.
to glory are David “I know how to deal OLYMPIC STADIUM
Ferrer, who took with playing deep into K Bassett bt J Salmon (6-1, 6-1).
BY JAMES GOLDMAN
advantage of grand slams now,” said
Nadal’s injured Murray. “How to get WOMEN’S FOURTH ROUND WEST HAM have stepped up the prop-
hamstring on prepared for them L McNeil bt A Hobbs (6-4, 6-2). aganda war over the bid for the
Wednesday to mentally and physically, Olympic Stadium, claiming
record a shock win, it’s something I am Tottenham’s plans would harm the
and 2008 Australian much better at. KNOW YOUR ENEMY environment.
Open champion Novak “There are some great Letters were sent to MPs this week,
Djokovic. players left so it’s exciting to DAVID FERRER claiming that a study commissioned
While a final against the be a part of it and I just hope I can Age: 27 by West Ham’s contractors, Westfield,
Serb would still represent a massive come through.” From: Spain shows the energy used in knocking
hurdle for Murray to overcome, the Federer, meanwhile, insists his down the Olympic Stadium, as Spurs
Scot also cannot afford to take his eye days of grand slam success are far
World Ranking: 7 intend to, and building a new arena
off the ball against Ferrer, who has from finished, despite surrendering Record v Murray: Won 3; Lost 2. would be enough to run it for “more
proved an awkward customer in the 7-6 (7/3), 7-5, 6-4 against Djokovic. Previous Aus Open Best: SF 2007 than 80 years”.
past. When it was put to him that his Meanwhile, West Ham co-owner
The 27-year-old has a positive 3-2 and Nadal’s failure to reach the final NOVAK DJOKOVIC David Gold insists that the athletics
head-to-head record against Murray, was the first time that has happened Age: 23 track will not be ripped out at a
although all three of his victories at a major since here in 2008, Federer From: Serbia later date if their plans to produce a
were on clay. Moreover, the left-han- said: “They say that very quickly. Let’s World Ranking: 3 multi-purpose stadium prove to
der hasn’t reached the business end talk again in six months’ time. It’s Record v Murray: Won 4; Lost 3. unfeasible.
of a grand slam event since the 2007 not the end in any way.” Previous Aus Open Best: W 2008 He said: “The track stays. It’s funda-
mental. I would not be able to come
along and dig up the track.”