BUSINESS WITH PERSONALITY
BUSINESS WITH PERSONALITY
Issue 1,344 Thursday 17 March 2011
MARKETS PLUNGE
ON GLOBAL FEARS
WORLD
▲
BY KATIE HOPE
A TOXIC cocktail of fears over the
worsening nuclear crisis in Japan,
violence in the Middle East spi-
ralling out of control and the
prospect of an EU/IMF bailout for
Portugal saw markets worldwide
plunge for the third day in a row
yesterday.
The losses piled up after the
European Union’s commissioner for
energy said that the crisis at Japan’s
earthquake-damaged Fukushima
nuclear plant was “out of control”,
while a top US nuclear safety offi-
cial said that the situation in Japan
was worse than officials had indi-
FTSE 100 ▼ 5,598.23 -97.05 DOW ▼ 11,613.30 -242.12 NASDAQ ▼ 2,616.82 -50.51 £/$ ▼ 1.60 -0.01 £/¤ 1.15 unc ¤/$ ▼ 1.39 -0.01
l From left: A Japanese worker examines citizens for
radiation exposure; a protestor in Bahrain and recent
protests in Portugal where an EU/IMF bailout is expected
cated with one of the damaged reac-
tors dry and emitting “extremely
high” radiation levels. The US gov-
ernment last night urged
Americans in Japan to stay outside a
50-mile radius of the reactors –
more than double the distance
ordered by Japanese officials.
Japan’s Nikkei shed more than
half the gains it made on
Wednesday, falling 2.8 per cent in
the first hour of trading despite the
Bank of Japan’s offer to inject a fur-
ther 5 trillion yen ( £3.8bn) into the
banking system in same-day funds,
continuing its effort to boost liquid-
ity and calm markets. That came on
top of a total of 28 trillion yen
already offered in same-day opera-
www.cityam.com
tions this week.
The yen rose to a fresh all-time
high against the dollar of 76.32 yen
on speculation investors would buy
the currency
to fund reconstruction projects
in the aftermath of last Friday’s dev-
astating earthquake and tsunami.
The Bank of Japan, due to make a
statement later last night, is expect-
ed to intervene to weaken the cur-
rency.
Meanwhile, violence continued
to worsen in the Middle East with
the Bahrain stock exchange forced
to close after the ruling royal family
declared a three-month state of
emergency and the military was
called in to reassert control over the
capital Manama.
And in Portugal, bond yields rose
again yesterday as its downgrade by
Moody’s heaped pressure on its frag-
ile economy with its sale of €1bn
(£870m) in short-term government
debt seeing its yields rise from 4.05
per cent just two weeks ago to 4.33
per cent.
Analysts said it is now a matter of
“when” rather than “if” Portugal
accepts an EU bailout.
The FTSE crashed 1.7 per cent to
a fresh three-month low of
5598.23, while the Dow Jones
index, down as much as 300 points
at one point, finished 242.12 points
lower, or 2.04 per cent, at 11,613.30.
JAPAN: P4-P5; MARKETS: P16
FREE
Turner in
bid to up
bank ratios
to 20pc
▲
BANKING
BY JULIET SAMUEL
MAJOR banks should maintain capital
ratios of 15-20 per cent of their risk-
weighted assets (RWAs), according to
FSA chairman Adair Turner.
Speaking at Cass Business School
last night, Turner said: “If global regu-
lators were benevolent dictators… they
would be wise to choose capital ratios
far above even Basel III levels, some-
thing more like 15-20 per cent.”
Turner did not propose introducing
such requirements, which all of the
UK’s major banks would struggle to
fulfil, but said that Basel III should be
viewed only as a “step” towards a more
stringent regime.
The FSA is currently determining
what level of capital surcharge it will
impose upon systemically important
financial institutions (SIFIs) beyond
Basel III’s requirement of seven per
cent of RWAs. Most observers expect a
two to four per cent figure, to bring
ratios up to nine to 11 per cent, but
Turner’s remarks suggest that a higher
number is possible. He said yesterday
that imposing a surcharge was “a key
policy objective” for this year.
His thoughts will cause alarm for
some banks that are try-
ing to balance build-
ing up their capital
with delivering ade-
quate returns.
During Barclays’
annual results
last month,
for example,
chief execu-
tive Bob
Diamond
presented a
capital
plan that
assumes
only a
two per
cent sur-
charge.
Certified Distribution
31/01/11 - 27/02/11 is 107,265
 2 News
Good and bad news on the jobs front
EDITOR’S LETTER
ALLISTER HEATH
THERE are not enough jobs in Britain.
Among all the claims and counter-
claims about the state of the economy,
that is one of the few facts that every-
body agrees on. The number of unem-
ployed people was up 87,000 from a
year earlier, according to the least
unreliable survey of these matters; the
true number is higher. The young are
finding it especially hard to find work.
Those of us fortunate enough to have
a job should thank our lucky stars;
nobody should ever downplay the
traumatic financial and psychological
toll of unemployment.
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WHAT THE OTHER PAPERS SAY THIS MORNING
BANKS SERVED LIBOR SUBPOENAS
Regulators probing alleged manipula-
tion of a key interbank lending
rate have focused their demands for
information and interviews on five
global banks, according to people
familiar with the investigation. UBS,
Bank of America, Citigroup and
Barclays have received subpoenas from
US regulators probing the setting of
the London interbank offered rate, or
Libor, for US dollars between 2006 and
2008.
WELLCOME TRUST OFFERS £1BN FOR
OLYMPIC PARK
The Wellcome Trust has put in a £1bn
offer to the government to buy up the
freehold of the bulk of the Olympic
Park, including the stadium, the
aquatics centre, the athletics village
and the media centre. According to
people familiar with Wellcome’s pro-
posal, it has been put forward by Sir
But while unemployment has risen,
the overall picture is less grim. It actu-
ally confirms that the economy is
recovering, led by the private sector,
and that it is rebalancing faster than
hoped for. This is not a jobless recov-
ery. The private sector is creating more
than enough jobs to replace those
being lost by the public sector. And
while it is true that overall spending
cuts haven’t really started yet, reduc-
tions to the state’s payrolls have
already been proceeding in earnest.
In the most recent quarter, public
sector employment was down 123,000
year on year (a drop of two per cent)
excluding state-owned financial com-
panies (132,000 or 2.1 per cent, includ-
ing them). This is the biggest drop
since 1994. The rate of public sector
jobs cuts will probably remain rough-
ly constant over the next few years. It
is unlikely to accelerate – or if it does,
the cull will end earlier than expected.
But private sector employment rose
428,000 (1.9 per cent) year on year, the
biggest rise since the first quarter of
Cuts must go
ahead: OECD
UK ECONOMY
▲
BY JULIAN HARRIS
CHANCELLOR George Osborne must
persevere with his deficit cutting and
reform programmes, despite a slow-
down in growth, the Organisation for
Economic Co-operation and
Development (OECD) said yesterday.
The spending cuts “will bring long-
term gain” the OECD said, although
it lowered the UK’s growth forecast
for this year to 1.5 per cent, from 1.7
per cent.
Britain’s recovery “faces significant
headwinds during 2011,” it said.
The forecast was leapt upon by
Labour shadow chancellor Ed Balls.
“The evidence is mounting that his
[Osborne’s] reckless plan to cut deep-
er and faster than any other major
economy in the world isn’t working,”
Balls said. “He has just a week until
William Castell, chairman of the UK-
based global charitable foundation,
and Danny Truell, its chief investment
officer.
US SOCIAL NETWORKS WILL FACE EU
PRIVACY RULES
Websites including Google and
Facebook that operate from the US but
target consumers in Europe will be
bound to follow tighter EU privacy and
data protection rules being drawn up
by the EU, its justice commissioner has
said. Viviane Reding told a seminar in
Brussels that European citizens’ rights
in regard to data collection needed to
apply regardless of where the data
were collected.
X MARKS THE SPOT FOR PEPSI IN
COWELL TIE-UP
PepsiCo is planning a US TV and
digital campaign of record cost and
scope around its sponsorship of X
Factor, as it seeks to use Simon
Cowell’s new talent show to revive its
core cola brand.
2008 and taking the net rise in overall
employment to 296,000 over the past
12 months, a respectable figure. The
problem was that the amount of peo-
ple looking for work went up faster
than the total number of new jobs cre-
ated. Britain probably needs to create
400-500,000 extra jobs a year to start
cutting unemployment noticeably.
But the private sector is doing well
despite weak overall GDP growth and
a growing burden of tax and regula-
tion. For every state sector job being
lost, 3.5 are being created in the pri-
vate sector. Even more encouragingly,
while the jobs recovery started off
with part-timers (up 206,000 over the
past year), there has now also been a
rise in full-timers (up 90,000). Over the
past three months, part-time jobs
actually fell, with the rise in full-
timers more than compensating.
There are lots of other interesting
trends. Employment in manufactur-
ing is up 14,000 – 0.5 per cent – in the
most recent quarter. This is the biggest
increase since 1997. Less welcome was
the Budget to come up with a plan B.”
And the chancellor will be urged to
consider a so-called “plan B” today by
the Institute for Public Policy
Research.
The left-leaning think tank is
expected to say that the deficit could
still be eliminated by 2017-18, even
without annual deficit reduction tar-
gets.
However, Osborne seems deter-
mined to see through his plans, and
insists budget will mark the transi-
tion “from rescue to reform.”
ECONOMICS: P13
Chancellor George
Osborne welcomed the
OECD’s report, and
defended the govern-
ment’s cuts policy.
KOREAN AIRLINE PUTS FAITH IN
ROLLS-ROYCE
Rolls-Royce has won its first new
order for the Trent 900 since the fail-
ure of one of the engines on a Qantas
A380 flight last year. Asiana Airlines,
the South Korean carrier, said yester-
day that it had ordered Trent 900s for
six A380s in a deal that is likely to be
worth more than $1bn. The order
will be a relief to Rolls-Royce after the
Qantas incident
NOVARTIS PUTS 600 JOBS ON LINE
WITH THREAT TO RESEARCH
Britain’s pharmaceutical industry
suffered a fresh blow yesterday as
Novartis announced plans to restruc-
ture its operations in a move that
could lead to the loss of 600 jobs. The
Swiss drugmaker said that it would
begin negotiations with staff on the
future of its research and manufac-
turing site at Horsham, West Sussex.
a 2,000 drop in finance and insurance
jobs over the past year. The number of
people in employment aged 65 and
over jumped 56,000 on the quarter to
reach 900,000, a record. The number
of people in employment aged
between 50 and 64 also increased to
the highest figure on record. Overseas-
born people are still proving to be
much more adept at finding jobs than
the UK-born, who grabbed just 15.7
per cent of new positions. The young
and the UK-born are struggling; older,
more experienced workers and the
overseas-born are doing well. This two-
tiered labour market is a huge prob-
lem. George Osborne shouldn’t panic
or delay his budgetary tightening. But
the government desperately needs to
do two things: first, improve the
incentives for firms to hire staff.
Second, work out why it is that
employers prefer pensioners to young
people. One thing is clear: Britain
needs a skills revolution – and fast.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Chief executive Frederic Oudea has taken home his first ever bonus of €0.6m
SocGen chief’s first bonus
BANKING
▲
BY JULIET SAMUEL
THE chief executive of Societe
Generale, Frederic Oudea, has been
awarded his first bonus since taking
the job, the bank revealed yesterday.
Oudea has been given €598,400
(£519,000) in a cash bonus in addition
to his €1.16m salary, for total compen-
sation of €1.75m.
He waived his bonus for both 2008
and 2009, citing the bank’s ongoing
losses due to the financial crisis and
US HASN'T SOLVED WALL STREET'S
'TOO BIG TO FAIL' PROBLEM
The US is no closer to ending Wall
Street’s “too big to fail” problem,
according to an official report on
America’s $700bn (£438bn) scheme to
bail out banks and prop up the mar-
kets at the height of the financial cri-
sis. The findings from the
Congressional Oversight Panel on the
Troubled Asset Relief Programme
(TARP) also concluded that the contro-
versial bail-outs have cost the US tax-
payer far less than expected.
VEVO TO LAUNCH UK SERVICE
'IMMINENTLY'
Vevo, the world’s leading online
music video service, is to launch in
the UK “imminently”. Speaking at the
told the Abu Dhabi Media Summit Rio
Caraeff, the president and chief execu-
tive of Vevo, said the service could
launch in Britain in April.
CITYA.M. 17 MARCH 2011
Concern that
US swaps rules
may hit market
▲
REGULATION
STEEP costs of proposed new US
Dodd-Frank regulations could deter
proprietary traders from providing
the same kind of liquidity in swaps
markets as they do in futures, the
head of a major Chicago-based firm
said.
Proprietary firms, which typically
use their own money to trade and do
not trade on behalf of customers,
would like to play a bigger role in
swaps markets.
But they are concerned they will be
caught in a broad net of expensive
regulations, said Donald Wilson of
DRW Trading.
The US futures regulator is over-
hauling the over-the-counter markets,
requiring many to trade on exchange-
like venues and go through clearing-
houses.
the €4.9bn damage done by rogue
trader Jerome Kerviel.
The bank increased pre-tax profits
seven-fold last year, however. “The
board judged that the general man-
agement had very largely met the
qualitative goals set for it by the board
in 2010,” SocGen said.
Its pre-tax profits for 2010 were
€5.8bn and net income came in at
€3.9bn. Oudea said at the bank’s
results presentation that it is one year
into a five-year plan that aims to bring
net income up to €6bn.
URANIUM TUMBLES ON JAPAN CRISIS
The most volatile market since the
Japanese earthquake isn’t Japanese or
US stocks. It is uranium, which until
Friday was a little-noticed pocket of
the commodities markets. Trading in
uranium is often sporadic, with just a
few dozen transactions taking place
each month, and trading on the spot
market totaling about $2.5bn (£1.6bn)
last year. But the earthquake and
tsunami in Japan has changed all
that – at least for now.
WEBSENSE PONDERS SALE OF
COMPANY
Websense, a web security software
firm, is exploring a sale with the aid
of investment bank Qatalyst Partners,
people familiar with the matter said.
San Diego-based Websense has a mar-
ket capitalization of $826m (£517m)
and could fetch around $1bn in a
sale, these people said.
CITYA.M. 17 MARCH 2011
Antitrust rules could up costs
REGULATION
▲
BY ELIZABETH FOURNIER
GOVERNMENT proposals to create a
single competition authority in the UK
prompted concern yesterday that new
mandatory merger notification rules
could increase both costs and regulato-
ry burdens for companies.
The consultation, launched by the
Department of Business, details how
the existing Office of Fair Trading and
Competition Commission will be com-
bined to create a new Competition and
Markets Authority.
Tchenguiz
wins UK ruling
on Kaupthing
LEGAL
▲
BY ELIZABETH FOURNIER
THE Tchenguiz family has won the
right to have a damages claim against
Icelandic bank Kaupthing heard in the
UK courts, after a judge determined
that claim, worth more than £1bn,
was subject to English law.
Property investment tycoon broth-
ers Robert and Vincent (pictured)
Tchenguiz, who were arrested on 9
March as part of a fraud investigation
into Kaupthing’s collapse, will now
have the merits of their damages
claim heard in the English
High Court, upholding a
jurisdictional clause in the
original loan agreement
with the bank.
The Icelandic lender,
taken under state con-
trol in October 2008,
had tried to have the
claim dismissed from
the UK system, leaving a
separate claim to be filed as
part of administration pro-
The move is designed to streamline
the competition regime, and avoid
duplicated costs for firms.
But the proposals come with addi-
tional changes, including a mandato-
ry requirement for companies
involved in large M&A deals to notify
the Authority, regardless of whether
there are competition considerations
involved.
The UK currently operates a volun-
tary code, with companies able to alert
the regulators to deals that they think
may contain a competition element.
The new regime could drive up
cedures in Iceland.
A statement released on behalf of
Consensus Business Group, of which
Vincent Tchenguiz is chairman, said:
“I am delighted that the English High
Court has recognised the right of the
claimants to bring their claim in
England. All dealings with Kaupthing
Bank were conducted in England
under English law … The substan-
tive claim for damages of over
£1bn will now proceed in the
English courts.”
The family’s trust is also
pursuing Kaupthing in
Reykjavik court, as part of
the bank’s winding up
procedure under the
Icelandic administra-
tion regime.
The Tchenguiz
brothers were
released without
charge last week as
part of an ongoing
investigation into
the Icelandic bank’s
downfall.
costs, and increase regulatory scrutiny
on straightforward transactions.
“A mandatory merger regime is like-
ly to result in additional burdens for
business and an extra administrative
burden for the OFT at a time of fiscal
restraint,” said Eamonn Doran, a
Linklaters competition partner.
There are also worries over propos-
als to recover costs from those investi-
gated for antitrust if an infringement
is found. “It’s somewhat like a hanged
man having to pay for his noose, and
would not be welcome to business,”
said Michael Grenfell at Norton Rose.
Seymour Pierce executive chairman Keith Harris has appointed a CEO
Keith Harris steps back
▲
EXCLUSIVE
BY DAVID HELLIER AND ALISON LOCK
KEITH Harris is set to relinquish one
of his leadership roles at Seymour
Pierce in a shakeup of the broker,
City A.M. learned yesterday.
Phillip Wale, its head of equities
poached from rival Collins Stewart
last year, is set to become chief exec-
utive, subject to regulatory
approval, with Harris becoming
chairman.
Harris said Wale’s appointment
would free him up from the day-to-
day running of the business and
allow him to spend more time on
revenue generation. “Having been
chief executive of a business for
years, I came here not to be chief
Rajaratnam’s lawyer says
information was public
▲
ENFORCEMENT
ACCUSED hedge fund manager Raj
Rajaratnam did not get secrets about
Advanced Micro Devices and eBay
from a former high-placed friend
because the information was already
public, his lawyer argued at his trial
yesterday.
In heated exchanges that came
close to shouting in the biggest Wall
Street insider trading trial in
Picture: REX
executive but to be chairman,” he
said.
He has been in talks in recent
months to orchestrate a tripartite
merger with Bermuda-based
finance group Gerova and New
York-based trader Ticonderoga
Securities.
Seymour Pierce walked away
from Gerova after a series of disclo-
sures caused the suspension of its
shares, but Harris was in New York
last weekend working to progress a
merger with Ticonderoga, which
was founded by ex-Collins Stewart
executives – a link he said was “not
coincidental.”
Harris said such a deal would give
him “more options” but would not
affect his work at Seymour Pierce.
News 3
decades, lawyer John Dowd also tried
to point out contradictions in testi-
mony of key prosecution witness
Anil Kumar, a disgraced former part-
ner of the elite McKinsey & Co con-
sultancy.
Galleon Group founder
Rajaratnam is on trial in Manhattan
federal court accused of making
$45m in illicit profit from trades in
AMD, eBay, Intel Corp and other
stocks based on tips from executives.
Ireland to fight
tax harmony by
the back door
REGULATION
▲
BY JULIET SAMUEL
IRELAND is to fiercely oppose what its
Prime Minister Enda Kenny has called
an EU attempt at “harmonisation of
taxes by the back door”.
Proposals published by the
European Commission (EC) yesterday
aim to offer companies a single set of
rules for calculating their corporate
tax across the whole EU.
But the proposals have been
launched during a row about Ireland’s
12.5 per cent corporate tax rate, which
France has said Dublin must raise in
return for a lower interest rate on its
€85bn (£74bn) bailout. The rules would
not mandate a uniform EU corporate
tax rate, but would offer businesses
the option of filing a single tax return
with their main national regulator on
all their European profits.
The commission said it would save
businesses €700m in compliance costs
and €1.3bn from being able to offset
losses across borders. But tax lawyers
called the proposals “simplistic”.
“They’ll have to be a raft of guidance in
practice,” said Eloise Walker, a partner
at Pinsent Masons, adding they would
impose an administrative burden on
HMRC. And once introduced, they
could also make it easier to harmonise
tax rates. “What the EU wants ulti-
mately is a common corporate tax
rate,” said Walker.
 4 News
JAPANESE DISASTER
China halts
nuclear plant
programme
▲
ENERGY
BY JULIET SAMUEL
CHINA slapped a moratorium on all
nuclear plant development yesterday,
announcing a full-scale safety review
of the world’s biggest nuclear pro-
gramme.
“We will temporarily suspend
approval of nuclear power projects,
including those in the preliminary
stages of development, before nuclear
safety regulations are approved,” said
the state council, or cabinet, in a state-
ment.
The suspension will pause the con-
struction of 28 nuclear plants, 40 per
cent of those currently being built
globally.
Observers said the move would
swing the balance of power towards
regulators, who are sometimes left
scrambling to catch up when building
begins before official approval has
been given.
“Any hazards must be thoroughly
dealt with,” said the Chinese cabinet,
“and those that do not conform to
safety standards must immediately
cease construction.”
The Chinese decision follows safety
reviews initiated in France, the UK, the
US, Spain and Switzerland. Germany
also suspended its nuclear pro-
gramme.
“Lessons will have to be drawn from
the accident in Fukushima through a
total review of the security systems of
our nuclear plants,” said French presi-
dent Nicolas Sarkozy.
But Sarkozy did not signal any draw-
back from France’s nuclear energy pol-
icy. France generates 80 per cent of its
power from 58 nuclear plants, making
it Europe’s most nuclear-dependent
state.
CITYA.M. 17 MARCH 2011
Above: a satellite image
of damage to the
Fukushima nuclear plant
yesterday, following a
series of explosions on the
site. Far right, top: dam-
age to reactor 4 at
Fukushima nuclear
plant, with potentially
radioactive steam being
vented into the atmos-
phere. Far right, bottom:
a woman is screened by
geiger counter for possi-
ble radiation exposure.
Pictures: Reuters, Rex
CITYA.M. 17 MARCH 2011 News 5

Yen hits high against dollar

to a record low of 76.32 yen, breach- which puts further pressure on

▲
CURRENCIES
BY KATIE HOPE
THE YEN surged to an all-time record
high against the dollar yesterday as
fears Japan may be losing its battle to
contain a nuclear meltdown saw
demand for the currency rocket on
expectations that Japanese investors
will bring home cash from abroad to
help finance reconstruction of the
crisis-stricken country.
The dollar plunged by more than
five per cent against the yen, falling
ing a previous record low of 79.75 set
on 19 April, 1995.
Strategists said a combination of
the repatriation of money by
Japanese insurers of money necessary
to pay damage claims, investors exit-
ing riskier investments abroad and
the end of the fiscal year meaning
Japanese companies would be bring-
ing back overseas earnings by the end
of March were behind the currency’s
biggest rise since World War II.
The yen’s extraordinary rally,
Japan’s fragile economy by making its
goods less competitive, prompted
expectations that the Bank of Japan
would be forced to intervene by sell-
ing yen in the market in a bid to drive
the dollar higher.
“It is now a game of chicken
between the market and the Bank of
Japan over intervention to try and
weaken the yen and help the already
fragile Japanese export market,” said
Jeremy Cook, chief economist at for-
eign exchange brokers World First.

Japan races to
cool unstable
nuclear plants
▲

ENERGY result, the release of radioactivity was

BY MARION DAKERS & ALISON LOCK
OPERATORS of the quake-crippled
nuclear plant in Japan said they
would try again yesterday to use mili-
tary helicopters to douse overheating
reactors, as US officials warned of a
rising risk of a catastrophic radiation
leak from spent fuel rods.
Japan had earlier called off helicop-
ters attempting to pour water on its
exposed nuclear reactors at
Fukushima Daiichi yesterday, amid
fresh concerns about radiation levels
above the site.
Plant operator Tokyo Electric Power
Company (TEPCO) tried to douse the
plant, 220km from Tokyo, before
sending in some of its 180 remaining
ground crew to try and manage the
unstable nuclear reactors.
Reactors 1, 2 and 3 have nuclear
rods exposed by one or two metres,
the International Atomic Energy
Agency (IAEA) confirmed yesterday,
while the spent fuel pond below reac-
tor 4 briefly caught fire.
“The situation at Daiichi is very
serious,” said IAEA director general
Yukiya Amano, who plans to fly into
Tokyo today on a fact-finding mission.
But he added, “despite the hydrogen
explosions, reactors vessels and con-
tainment vessels stayed in tact. As a
limited.”
Fukushima residents between
20km and 30km from the plant have
been told to remain indoors, but pre-
fecture governor Yuhei Sato said
there is a lack of information about
the danger. “Anxiety and anger felt by
people have reached boiling point,”
he said.
Radiation levels have risen in
Tokyo, Amano said, but not enough
to pose a danger to human health.
IAEA officials declined to comment
on media reports based on Wikileaks
documents that the international
group has only revised its earthquake
safety guidelines three times in the
last 35 years, or on TEPCO’s handling
of the disaster.
Analysts said yesterday that dam-
age and injury caused by radioactive
contamination is “uninsurable” by
the private market, leaving Japan’s
residents without any guarantee of
financial protection in a meltdown.
BNP Paribas analyst Rafael Villareal
said the cost of a nuclear disaster on
people’s health and property would
far exceed anything that private
insurers or even an entire country’s
insurers could provide. “When insur-
ers say a risk is uninsurable, it means
the government will end up picking
up the tab,” he said.
 6 News
A moratorium on building Middle East
is certain to choke growth buyers to lift
VIEW FROM CITY HALL
ANTHONY BROWNE
IF you are ever tempted to complain
that London is too crowded, just
reflect that it would be much worse if
it were the opposite – deserted. One of
the best indicators of how well a city is
doing is its population. People move to
thriving cities, and leave struggling
ones. So many people have abandoned
the declining industrial cities of rust-
belt America that they no longer have
traffic jams – instead they have board-
ed up properties. In contrast, the extra
million people we expect to come to
London over the coming decades is a
sign of how well our city is doing.
People are voting with their feet.
In his fascinating book, the
Triumph of the City, published this
week, Harvard academic Edward
Glaeser describes cities as man’s
“greatest invention”, saying they
make us smarter, greener, richer,
healthier and happier. He is particu-
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larly optimistic about the prospects
for London, with its educated, interna-
tionally connected workforce, and
diverse, innovation-driven economy.
Few things predict the success of a city
more accurately than the proportion
of its workers with degrees, and with
that we are blessed.
However, growth obviously brings
its own problems. The transport
capacity has to be increased to ensure
the city doesn’t get ensnared in con-
gestion – that is why the mayor has
put such emphasis on the tube
upgrades and Crossrail.
As Professor Glaeser points out, to
make sure the success of the city con-
tinues, you also need to carry on build-
ing. A moratorium on construction, as
some cities have had, is guaranteed to
choke off growth. The London skyline
is filling up with cranes as companies
turn their optimism into offices. The
Shard of Glass, near City Hall, already
Europe’s tallest skyscraper, is not only
a soaring vote of confidence that
London will continue prospering, but
its very construction makes such pros-
pering more likely.
Just as important is housebuilding,
to home the growing population and
keep housing costs down. High hous-
ing costs not only make life difficult
for Londoners, but will deter people
from moving here, choking off the
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flow of talent on which London
depends.
The mayor has a target of 50,000
affordable homes by 2012, the record
for a mayoral term, and despite the
worst recession since the war, we are
well on track to deliver.
Spades are going in the ground
with increasing rapidity, with the
number of affordable new housing
▲
starts 35 per cent higher in 2009-10
than two years previously. It was not
an accident – it was the result of the
mayor putting such emphasis on
housing, chairing the Homes and
Communities Agency, and making
sure major regeneration schemes
such as the West Hendon Estate in
Barnet went full steam ahead during
the economic maelstrom.
It was important to keep on build-
ing through the recession, because
like all bad things, the recession was
bound to come to an end. Avoiding a
construction backlog means we are
now far better placed as the economy
steps up a gear, with housing pres-
sures less than they would have been.
Clearly, as the latest declining GDP
figures show, we are not in the clear
yet. But as Professor Glaeser points
out, London has many reasons to be
confident about the future.
Anthony Browne is an adviser to the Mayor
of London
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office gloom
PROPERTY
BY MARION DAKERS
OFFICE investment in London fell
markedly in the first three months of
the year, though higher oil prices are
expected to drive more sovereign
wealth funds into real estate in the
capital, according to Knight Frank
research seen by City A.M.
Office properties worth £1.6bn are
due to change hands in the three
months to the end of March, down
from a bumper quarter at the end of
2010 when £3.6bn-worth of invest-
ments were made, according to the
estate agent’s figures.
While a drop in the first three
months of the year is normal, “it is
impossible to ignore the fact that this
slowdown has coincided with an
uncertain time for the global econo-
my,” said head of central London
research James Roberts in the report.
Foreign investors, particularly from
China and Korea, have propped up the
@
@
@
www.cityam.com
CITYA.M. 17 MARCH 2011
market, with the few UK funds
involved in deals largely selling their
properties.
“The downbeat economic news and
unrest in the Middle East has cast a
shadow over sentiment,” the report
said. “However, medium-term this will
probably benefit the London invest-
ment market as we expect more sover-
eign wealth and oil economy interest.”
While volumes are down, the agent
has seen signs of a return to riskier
properties in recent months, which
can offer higher rental yields than
prime office space.
Prime rents in the City remain
steady at £55 per square foot this quar-
ter, meaning a 5.25 per cent yield for
landlords. A lack of available space in
the West End has squeezed rents up to
£90 per square foot.
Available space in central London
continues to fall, though Knight Frank
said tenant demand remains “unspec-
tacular” given the ongoing economic
uncertainty.
WPP boss given
£5m in shares
▲
ADVERTISING
WPP BOSS Sir Martin Sorrell was yes-
terday given £5.3m worth of shares as
part of his firm’s incentive scheme.
He accepted 318,000 shares from
the US part of the scheme worth
£2.3m and has deferred collection of
404,000 shares from the UK part
worth £3m.
Sorrell’s full remuneration package
will be announced in WPP’s annual
report in May but it is expected to
include a basic salary of around £1m
and a bonus of roughly £2m.
Last year he was given 562,000
shares through the Leadership Equity
Acquisition Plan which would be
worth £4.1m at today’s share price.
Daniels: UK will
make bank profit
▲
BANKING
THE UK can expect a “handsome
return” on its bailout of Royal Bank of
Scotland (RBS) and Lloyds, according to
Eric Daniels. The former Lloyds boss
told the Public Accounts Committee
yesterday that taxpayers will more than
make back the £66bn they pumped
into the pair in 2008 and 2009.
A recent slump in banking shares
means the UK is currently sitting on a
loss of billions on the stake. A sale is
unlikely before the Independent
Commission publishes its final report
in September.
RBS boss Stephen Hester also
admitted his bank still has too much
risk in its business.
CITYA.M. 17 MARCH 2011
Migrant rules
clear the way
for investors
▲
POLITICS
BY RICHARD PARTINGTON
FEARS that new immigration rules
could deter wealthy investors from
moving to Britain have been quelled,
following changes made by the gov-
ernment.
Foreign entrepreneurs are to be
given extra incentives to come to the
UK under new visa rules, which will
reward those who contribute to eco-
nomic growth.
Those willing to invest £5m in a
British bank account will be allowed
to settle here after three years, under
the rules outlined in parliament yes-
terday.
Those who invest £10m will be
allowed to stay after two years, com-
pared to the current minimum five-
year requirement.
Wealthy individuals who move to
Britain and deposit £1m in a British
bank account will be allowed to stay
after the five-year period, and will
also be exempt from the statutory
English language test being drawn up
for other migrants.
City firms had feared that foreign
bankers and lawyers with vital skills
needed in Britain could have been
caught out by the new immigration
rules.
However, the government is gradu-
ally clarifying its position on highly
paid individuals wishing to settle
here. The changes include an exten-
sion to the amount of time wealthy
migrants can spend away from
Britain, while still qualifying for UK
residence. This period will now dou-
ble from 90 to 180 days.
“During extensive consultation, it
became clear that one of the most
unattractive criteria of the existing
investor scheme was the number of
days that investors were required to
be present in the UK in order to quali-
fy for settlement,” said Nick Rollason,
head of immigration at City law firm
Kingsley Napley.
He added that the new rules were
“win-win for the UK”.
News 7
Losses worsen
at RAB Capital
hedge funds
HEDGE FUNDS
▲
RAB boss Charles Kirwan-Taylor said the firm’s full-year results were not “satisfactory” STRUGGLING hedge fund manager
RAB Capital’s losses deepened yester-
day, after it reported a pre-tax loss of
ANALYST VIEWS: IS RECOVERY ON THE £20.2m and a 15 per cent fall in rev-
enues last year.
CARDS FOR RAB CAPITAL? Interviews by Marion Dakers Assets under management tum-
bled 21 per cent to $1.06bn (£662m)
last year as a mixture of underper-
DUNCAN HALL | FINNCAP forming funds and fleeing investors
“
hit the company, which issued a prof-
it warning in September.
RAB’s assets under management are much reduced, and it’s a challenge The firm said $124m of this fall was
to attract funds in the sub-£5m band. The strong hedge funds seem to be getting due to funds being closed or sold on,
”
stronger right now, and the weaker ones are getting weaker. Smaller hedge funds while $53m was repaid to exiting
might struggle to attract capital. investors.
“Our results for the year are not sat-
isfactory,” chief executive Charles
JUSTIN URQUHART-STEWART | SEVEN Kirwan-Taylor, who took the top job
“
in September during a large-scale
reshuffle, said.
Hedge funds go in and out of fashion, and since RAB is seen as high risk The firm has closed a number of
then it has suffered net outflows. In general there are a number of good hedge unprofitable strategies, cut almost
”
fund managers around, with a good track record, and the sector is by no means £2m in costs and ramped up market-
finished. ing to try and reshape the company
going into 2011, it said in a state-
ment.
GREG SMITH | FAT PROPHETS RAB’s funds have had a patchy year
“
with the RAB Energy fund, its best
performer, gaining 47 per cent while
The test of any fund is performance, and RAB hasn’t been up to others including its special situations
scratch. Turning things around won’t be easy. While cost cutting has been benefi- fund lost up to 7.6 per cent.
”
cial, the bottom line is that if performance continues to be below par, the RAB will But management and performance
continue to suffer. But we’ve seen firms in similar situations come back. fees fell 14 per cent to £9.2m and
£2.4m respectively.
 8 News
Chipmakers hope
for iPad 2 boost
▲
TECHNOLOGY
BY STEVE DINNEEN
The iPad 2 was released just days ago
but some users have already torn it
open to see what is inside.
The results have proved a bonus for
manufacturers and chipmakers
whose shares have been hit by fears
the earthquake in Japan would dis-
rupt supply chains and result in
fewer sales.
CITYA.M. 17 MARCH 2011
ANALYSIS l iPad 2’s logic board
Texas Instruments
line driver: Works with
Broadcom integrated circuit: Broadcom
relationship maintained from the first generation iPad.
the Broadcom chips to con- Broadcom touchscreen controller:
trol touchscreen. Shares hit The US chipmaker has seen its shares slide despite
by the earthquake. working with Apple on the new device.
Imagination Technologies saw its
shares climb 5.88 per cent on Tuesday
when its input into the device was
confirmed. Other chipmakers that
have been involved in the iPad 2
include Broadcom, Toshiba, Toshiba flash memory:
Dialog Semi power
Samsung, Dialog Semi, STMicro and The 16GB NAND flash memory is
management chip: A5 Processor chip:
Texas Instruments. made by Japanese firm Toshiba,
Appears to be the same as previous Designed by UK firms ARM and
The parts total $326.6 (£204.2) – Imagination Technologies and pro- which has seen its value hit by the
iPad chip. Its shares rose 4.38
around the same as the original iPad. earthquake.
per cent yesterday. duced by Samsung. Seems to be a
Analysts expect sales of around
39m iPad 2s this year. snub to chipmaker Nvidia.
HMV meets
banks on loan
facility fears
strategy that has seen it take a 50 per
▲
RETAIL
BY ALISON LOCK cent stake in 7digital, a digital down-
load system that will be loaded onto
TROUBLED music retailer HMV was all new BlackBerry smartphones and
yesterday preparing a presentation to tablets. It also operates digital down-
its bank lenders due early next week load site HMV Digital to offset the
as it works to resolve an impending move away from high street stores.
breach of a loan covenant. In January, chief executive Simon
HMV is meeting the banks on a Fox admitted it does not expect to
weekly basis as it attempts to renego- meet several covenants tested against
tiate terms of a £240m loan facility its full-year results out in June.
and is taking debt advice from consul-
tancies KPMG and Deloitte, sources
ANALYSIS l HMV
told City A.M.
35 p
Banks including Lloyds and RBS
extended the debt facility but HMV is 11.50
expected to breach the covenant, 16 Mar
25
which specifies that its earnings
before interest, taxes, depreciation
and amortisation must be higher
15
than its rent bill, when it comes due
in April. Its shares closed 4.6 per cent
up at 11.5p, bucking the FTSE trend.
HMV is three years into a digital 20 Dec 10 Jan 31 Jan 18 Feb 11 Mar
IN ASSOCIATION WITH
CITY VIEWS: WILL HMV SURVIVE?
Interviews by Phoebe Torrene and Eric Wilkens
Save or Borrow peer to peer at RateSetter.com
www.RateSetter.com Customer Phoneline: 08442490115
ADRIAN PEARSON | RBS
“It'll be difficult for HMV to succeed because the record-owning
generation and the world have moved on to digital.”
MIKE HARMER | FWD MARKETING
“Yes, because HMV has good management and
it’s a good and strong brand.”
CHRIS VOELKER | CLYDE & CO
“HMV can't save itself now because its downloads
won't be able to compete against iTunes.”
 10 News
FRY JOINS PORTUGUESE BANK
PORTUGAL’S Espirito Santo has appointed mergers and acquisitions specialist Anthony
Fry to head its UK investment banking operation, as it expands its foothold in London. The
banking group hired Fry, a veteran of Rothschild and other investment banks including
Credit Suisse and Lehman Brothers, as chairman of its investment bank in the UK.
UK firms slam
Bribery Act
exemptions
▲
REGULATION
BY ELIZABETH FOURNIER
UK COMPANIES reacted angrily yester-
day to reports that the Bribery Act
could exclude overseas firms listed
in London from liability for prose-
cution, reigniting criticism that
the Act is anti-competitive for
UK plc.
Asset manager F&C raised con-
cerns that the move would dam-
age the integrity of the London
market, and go against the model
of the long-running US Foreign
Corrupt Practices Act.
“Discriminating in favour of over-
seas-domiciled companies when
enforcing anti-corruption law
strikes us as misguided and count-
er-productive,” said director of cor-
porate governance George Dallas.
Justice secretary Ken Clarke
(pictured) announced in January
that the Ministry of Justice would
provide further guidance on the
Mecom in hunt Porsche rebuffs
for non-execs new US lawsuit
▲
MEDIA
STEPHEN Davidson, the new execu-
tive chairman of the European-wide
regional newspaper group Mecom, is
looking for a couple of non-executive
directors to bolster the group’s board.
Industry sources say former Metro
managing director Mike Anderson
has held talks with Davidson but he is
unlikely to be on the shortlist.
The group said that its annual
results showed a 28 per cent rise in
underlying earnings to £135m
although paid-for circulation has fall-
en from 912,000 to 889,000.
Shares in Mecom closed down 1.4
per cent at 247p after the results.
Act, following pressure from compa-
nies concerned about its impact
on their business. So appearing to
favour international firms’ would
be a surprising move, and
one that would require rati-
fication in Parliament.
“This plays into the
hands of the Act’s critics,
and is not in line with the
business community’s
concerns,” said Daniel
Barton at advisory firm
Alvarez & Marsal.
Lawyers, meanwhile,
questioned the signifi-
cance of an exemption,
with most firms’ UK presence
likely to extend beyond a simple
listing.
“The exemption assumes that
a listing is the only link to
London,” said Barry Vitou at
London law firm Pinsent Masons.
“But there are plenty of other
links that could trigger the Act.”
AUTOMOTIVE
PORSCHE has brushed off a new law-
suit filed against the German sports
car maker by hedge funds in the US.
Several New York hedge funds,
including some that failed in a simi-
lar suit against Porsche last year,
have filed a new lawsuit accusing
the carmaker of causing more than
$1bn (£624m) of losses by cornering
the market in shares of Volkswagen.
“Porsche SE considers the com-
plaint to be inadmissible and unsub-
stantiated,” a spokesman for the
automotive holding said yesterday.
Plaintiffs in the case include
Glenhill Capital and Glenview.
CITYA.M. 17 MARCH 2011
Topaz eyes a
London listing
to raise £311m
▲
ENERGY
BY RICHARD PARTINGTON
DUBAI-based oilfield services firm
Topaz Energy and Marine plans to
raise $500m (£311m) in a London list-
ing.
The firm, which is part of Oman’s
Renaissance Services, is likely to
power into the FTSE 250 if the listing
is successful, with a market capitalisa-
tion of $1.7bn.
Topaz has set a price range of 170p
per share to 230p per share and plans
to list early next month. It will use
the funds to expand its operations
and repay debt.
The oilfield services firm plans to
spend up to $2.5bn over the next two
years to acquire 75 new vessels for its
fleet. It currently has 100 vessels,
focused on shallow-water operations.
The firm said it plans to expand into
deep-water, moving into regions off
the coast of Brazil and West Africa.
Topaz chief executive Fazel
Fazelbhoy said: “The era of easy oil is
over. The most exciting finds are com-
ing increasingly offshore.”
The global offer is subject to
Renaissance shareholders approving
the move at the company’s annual
general meeting on 28 March.
As the Oman-listed firm’s marine
unit, Topaz made earnings before
interest depreciation and amortisa-
tion of $127m last year.
Fears the company’s exposure to
the Middle East would detract from
investor appetite for the offering were
played down yesterday.
It said most of its operations were
offshore and that its operations, cen-
tred on the Caspian Sea, remained
away from current unrest.
However, the BP Gulf of Mexico oil
spill could have a bearing for firms
looking to move into deepwater oper-
ations, warned ING analyst Jason
Kenny. He said: “Deepwater is going to
remain the domain of large cap oil
firms, as they can shoulder the bur-
den insurers require for those opera-
tions.”
Topaz chief executive Fazel Fazelbhoy is listing to further expansion plans.
RUPERT
HUME-KENDALL
MERRILL LYNCH
RUPERT Hume-Kendall is leading the
advisory for Bank of America Merrill
Lynch on the Topaz Energy and Marine
initial public offering (IPO).
The bank is acting as joint bookrun-
ner on the deal alongside fellow
bookrunner and sole global coordina-
tor and sponsor JP Morgan Cazenove.
As chairman of global capital mar-
kets, Hume-Kendall recently advised
on the privatisation of VTB Bank, the
state-owned Russian lender, in a
$3.3bn (£2bn) share sale.
He also led the advisory for a
$6.6bn raising by Japan’s fourth-
largest bank, Resona.
Hume-Kendall has a particular
focus on European and Asian markets,
and has led the funding of many of
Merrill Lynch’s largest and most pres-
tigious clients, including BT, RBS, and
Lloyds Banking Group.
He joined Merrill Lynch in 1998
from Swiss bank UBS, where he had
worked for five years following a peri-
od at Schroders.
Merrill Lynch managing director in
corporate broking Andrew Osborne
joined him on the Topaz advisory.
News 11
NEWS | IN BRIEF
Hardy Oil hopes for growth
Explorer Hardy Oil & Gas hit pre-tax
profit for its continuing operations of
$2.2m (£1.4m) during 2010, thanks to a
trebling of production volumes and high-
er oil prices pushing up revenues by 67.5
per cent to $12.9m. Hardy said it will
focus on its Indian upstream business
this year, after BP bought into the explo-
ration site.
Oil and gas deals hit record high
The volume of global oil and gas equity
offerings has hit $20.9bn (£13bn) so far
this year, more than double a year earlier.
At this point last year, $9.2bn had been
transacted in the sector in equity mar-
kets – according to data provider
Dealogic. The figure is the highest ever
recorded by the researcher.
JJB landlord backs CVA plan
One of JJB’s biggest landlords has caved
in to the struggling sports firm’s contro-
versial CVA plan to help avoid adminis-
tration. Peel Holdings, which owns six
JJB stores that will see rents slashed or
the outlets closed under the scheme, said
it plans to vote in favour of the cost-cut-
ting package at a creditors’ meeting next
Tuesday.
RBS shuffles its futures business
State-owned lender RBS has reorgan-
ised its futures business, seeing the
departure of its head of over the counter
(OTC) derivatives clearing. At a time
when regulators are shaking up the
industry, RBS has merged its OTC deriv-
atives clearing unit with its futures busi-
ness under new global head Jeremy
Wright. It has let go of John Wilson, the
former managing director and global
head of OTC clearing.
 The Capitalist
12 EDITED BY CITYA.M. 17 MARCH 2011
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
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CAPITAL RADIO HOSTS

Capital Radio’s
presenters Johnny
Vaughan and Lisa
Snowdon trade on

PHONE IN THE PROFITS the markets at

Phoenix Partners’s
memorial day

CAPITAL Radio presenters Lisa former colleague who died tragically in

Snowdon and Johnny Vaughan showed
they may have missed their real calling
when they dropped in to Phoenix
Partners Group yesterday to execute a
few trades in a “whirlwind” 30-minute
visit.
The pair’s stint on the trading floor,
directly after their breakfast show, was
part of the broker’s annual charity day
held in memory of Jerome Thibaud, a
an avalanche last year two days after
his twenty-ninth birthday.
All profits made by Phoenix yester-
day were donated to the memorial
fund, with the pair’s professional
phone manner as they brokered deals
with City clients helping to raise a six-
figure sum. This year, it will go to
Capital’s charity Help a London Child.
“I would hire them in a heartbeat,”

said an impressed Alex Hucklesby, in the day’s big race, with City book-
managing director of Phoenix. maker Fitzdares offering a spread bet
“Perhaps they could put in a shift for us of Big Buck’s/Grand Crus at 1.5-3.
after their show every morning.

WANT
RACING DEMONS
THERE will be an edge in the air after tive of Lloyds Banking Group, may
lunch at Cheltenham today, when two
of the City’s most powerful racehorse
owners go head to head for the
£260,000 prize fund in the Ladbrokes
World Hurdle at 3.20pm.
Andy Stewart (pictured),
who retired from stock-
broker Cenkos Securities
NOT FOR PROFIT
ERIC Daniels, the outgoing chief execu-
have been lashed in the press for
receiving a £2m bonus, but his one
time employees are quietly giving up
their time for no reward.
One group from the bank’s
Corporate Markets team spent
the day on Tuesday painting a
homeless hostel in Shepherd’s

A FREE
last summer, will be Bush, while another team is
backing Big Buck’s [sic], planning to assist at a school
while Tim Leslie, for children with learning
founder of hedge fund difficulties.
James Cairn Asset “There are lot of people [in
Management, will hope the City] who have been
that Any Given Day can bruised by the headlines over
triumph after his other the past three years,” one
horse, Peddlers Cross, Lloyds source told The Capitalist,
came a close second in as he rushed back to his
Tuesday’s Champion’s desk to keep the wheels of

AD?
Hurdle. the UK’s economy turning.

WE’LL Unfortunately for

Leslie, Big Buck’s is
the clear favourite
“We should not all be
tarred with the same
brush.”

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CITYA.M. 17 MARCH 2011
ANALYSIS l Private sector employment is rising as government cuts kick in
23.6
million
23.4
23.2
23
28
26
22.4
22.2
2003 2004
Private sector
boost fails to
lift job market
▲
EMPLOYMENT
BY JULIAN HARRIS
PRIVATE sector jobs growth at the
end of last year more than offset cuts
in government jobs, official data
showed yesterday.
However, the jobs boost was not
enough to stop overall unemploy-
ment edging up from 7.9 to eight per
cent, as the working age population
grew by half a per cent.
According to more up to date fig-
ures, the number of people claiming
unemployment benefits surprised
analysts by dropping by 10,200 in
February, to 1.45m, the Office for
National Statistics (ONS) revealed.
“The survey figures for unemploy-
ment often lag the claimant-count
measure, suggesting that unemploy-
ment will stabilise or decline over
coming months,” said Henderson’s
Simon Ward.
Commercial sector jobs created
between October and December
totalled 77,000. In the government
sector, 45,000 jobs were cut in the
fourth-quarter of the year, although
6,000 of these were in publicly
owned financial groups, such as RBS
and Lloyds.
NEWS | IN BRIEF
FSB attacks fuel duty rise plan
Rises in fuel duty are stifling eight out of
10 small firms, the Federation of Small
Businesses (FSB) said yesterday. The
manufacturing, construction and trans-
port sectors are particularly affected,
the FSB said, urging the government to
reverse the planned one pence rise in
fuel duty the budget next week.
Eurozone inflation hits 2.4pc
Eurozone consumer price inflation for
February was confirmed at a 28-month
high of 2.4 per cent, the EU’s statistics
office Eurostat said yesterday.
Meanwhile, new car registrations rose
by 0.9 per cent in February across the
European Union (excluding Cyprus and
Malta) with 981,429 new cars regis-
tered, the European Automobile
Manufacturers’ Association (ACEA) said.
Economics 13
New home starts
million
6.1
plummet in the US
6.06
Government
sector excluding
publicly owned 6.02
banks
5.98
5.94
tion dropped 22.5 per cent last month
▲
US ECONOMY
BY JULIAN HARRIS to an annual rate of 479,000 units,
5.9
according to Commerce Department
AMERICA’S housing slump looks set data.
5.86
Private sector to continue, despite recovery in other Meanwhile, producer prices rose by
employment parts of the world’s largest economy. 1.6 per cent in February, as energy
5.82 Housing starts in the US posted and consumer goods saw a strong
their biggest decline in 27 years in increase.
5.78 February while building permits On Tuesday the Federal Reserve
Source: Timetric/ONS dropped to their lowest level on said it would “pay close attention” to
5.74 record, it was revealed yesterday. rising prices and inflation expecta-
2005 2006 2007 2008 2009 2010 Groundbreaking on new construc- tions.
Compared to the fourth-quarter of
2009, public sector employment was
down 123,000, excluding the banks.
Private sector employment rose
428,000 over the same period.
“This is the biggest drop in public
sector employment since 1994,” said
Michael Saunders of Citigroup. “Yet
this is being absorbed by stronger
private sector hiring.”
The civil service headcount
dropped by 8,000 to 506,000, the low-
est recorded level since the Second
World War, the Cabinet Office said.
However, total public sector employ-
ment, excluding financial corpora-
tions, still totals 5.98m.
Total hours worked per week,
across all sectors, rose by one per
cent to 925.3m in the three months
to January. The number of people
working over the age of 65 reached
900,000 in the final quarter of 2010,
the highest figure since comparable
records began in 1992.
However, there was worse news for
younger people (aged 16 to 24), as
youth unemployment leapt 0.8 per
cent to a record 20.6 per cent.
Almost a million (974,000) young
people are now unemployed, the fig-
ures showed.
Council staff paid £100k surge
The number of local council staff earning
over £100,000 per annum shot up by 18
per cent in 2009-10, compared to the
previous year, the TaxPayers’ Alliance
(TPA) announced yesterday. The TPA
also identified 48 council employees
earning over £250,000 per year.
UBS: Oil price rise impact minimal
Global growth will be only slightly affect-
ed by rising oil prices, economists at UBS
said yesterday. Despite revising up its
medium term oil price projection by $10
(£6.23) a barrel, UBS said world growth
would slow only by 0.1 per cent this year,
from 3.9 per cent to 3.8 per cent.
Geithner urges deficit cuts
Treasury Secretary Timothy Geithner
said yesterday it is imperative that the
United States cut its budget deficits, and
he believes there is increasing bipartisan
support in Congress to do so.
CITYA.M. 17 MARCH 2011
M&B chief Fowle calls time
LEISURE
▲
BY JOHN DUNNE
MITCHELLS & Butlers (M&B) chief
executive Adam Fowle quit yesterday,
just weeks after chairman John
Lovering left the company.
Fowle’s resignation comes amid
rumours of tension between Fowle
and 23 per cent shareholder Joe
Lewis.
His departure after just two years
was by “mutual consent”, according
to M&B’s stock market statement.
The company has been in turmoil
IHG boss to
quit after his
6-year reign
LEISURE
▲
BY JOHN DUNNE
INTERCONTINENTAL Hotels Group
(IHG) yesterday made the shock
announcement that chief executive
Andy Cosslett would stand down and
hand over the reins of power to
finance boss Richard Solomons.
The move triggered a flurry of calls
to the company’s top ten investors to
reassure them that it was “business
as usual” despite the resignation of
its leader.
Cosslett has led the world’s largest
hotel group for six years and steered
it through a multi-billion dollar over-
haul of its Holiday Inn brand.
He said yesterday that he felt that
the time was right to stand aside,
while leaving the company “in good
shape”.
Cosslett, who will leave the compa-
ny in June, revealed that he would
not be receiving any extra payment
beyond his pension pot worth £2.6m
and the company shares he had
accrued worth a further £8.6m at yes-
for several years, with shareholders
at loggerheads.
Fowle was the last of the original
board members when, at an annual
meeting last year, Lewis forced
through a coup, ditching most direc-
tors.
The interim chief executive is
Jeremy Blood – a non-executive
appointed on Lewis’s recommenda-
tion.
Lewis acquired his stake from
Robert Tchenguiz, whose ill-fated
attempt to split off M&B’s property
arm ended up costing the company
terday’s price.
“I have no immediate plans (for
work) and will give it a few months to
assess my options,” said Cosslett.
He said that jetting across the
world for business had taken its toll.
“It is hard, but that’s not the reason
I am going. I think I have achieved
what I set out to do,” he added.
Chief financial officer Richard
Solomons works closely with Cosslett
and was described as a “natural suc-
cessor” by IHG chairman David
Webster.
IHG’s shares fell 27p to 1,228p.
ANALYSIS l InterContinental Hotels
1,450 p 1,228.00
16 Mar
1,350
1,250
20 Dec 10 Jan 31 Jan 18 Feb 11 Mar
We’ve added over 6,500 more peak seats on
the Great Northern route through longer trains
and extra services. Travel by train for a more
comfortable journey.
Find out more at moreseats.co.uk
£500m after a hedging strategy went
wrong.
Analyst at Evolution Securities
Nigel Parson wrote: “Was he pushed?
Did he jump? Are the hands of Joe
Lewis and Elpida at work?...the soap
opera that is Mitchells & Butlers con-
tinues to run and run.”
Simon Burke, who replaced
Lovering as chairman, said: “Adam
has made a significant contribution
over a number of years to Mitchells &
Butlers and in particular in the past
two years ... in challenging condi-
tions.”
Finance boss Solomons
steps into the breach
LEISURE
▲
BY JOHN DUNNE
IHG chief finance officer Richard
Solomons has been at the heart of
the company’s expansion in China
and rebranding of its Holiday Inns.
He has been a constant travelling
companion of outgoing chief execu-
tive Andy Cosslett as the pair
turned round the company’s for-
tunes after the recession.
The Manchester University stu-
dent, now 48, qualified as a char-
tered accountant with KPMG in
1985. From there he worked in
investment banking for seven years
with Hill Samuel (now part of
Lloyds Banking Group), including a
two year stint in New York.
The executive, who is married
with three children, joined IHG in
1992.
He has held a series of senior
roles with the company, including
heading up the Americas hotel divi-
sion.
He told City A.M. last year he was
committed to tapping the vast
potential that he believed the
group had in China, and using
smartphone technology to fuel
a rise in bookings.
He said: “I am always watch-
ing and thinking of ways to
do things better”.
RICHARD SOLOMONS
Consumer News
Turmoil creates buying opportunity
WHILE the Mitchells & Butlers soap
opera plays itself out in the board-
room, the company is doing swim-
mingly. Maybe the infighting has
led to a creative tension that is good
for business. Whatever the reason,
investors should use the 2.9 per
cent fall in M&B’s shares yesterday
as a buying opportunity.
The group holds some of the best
assets in the business, including
brands like O’Neill’s, Harvester and
All Bar One. And it has a 16 per cent
share of the attractive food-led pubs
market – more than any of its com-
petitors. Its balance sheet doesn’t
15
look bad either; while others are
nursing debt hangovers, Numis
reckons M&B has a war chest of
£500m to spend on acquisitions.
M&B trades on an enterprise mul-
tiple of 8.3 compared to 8.8 for the
rest of the sector (a better measure
than the standard price to earnings
ratio due to the sector’s indebted-
ness. It deserves to be rated more
highly; investors who get in now
could make a tidy profit.
BOTTOMLINE
Analysis by David Crow
NEWS | IN BRIEF
Greggs in record profit
Baker Greggs made a record profit in
2010 as shoppers tucked in to its value-
for-money sausage rolls, pasties, cakes
and buns in a tough economic climate.
The Newcastle-based company, which
also sells sandwiches and bread to over
six million customers a week from about
1,490 shops, said it was well positioned
to make further progress in 2011
despite consumers’ declining disposable
income and rising global commodity
prices.
AMT seals £1m deal to expand
Coffee bar chain AMT yesterday
announced that it has completed a mil-
lion pound finance-raising deal. The cash
will be used to invest in new sites. The
company has bars across the UK, includ-
ing London Bridge and Marylebone sta-
tions. AMT was the first coffee
company to solely use fairtrade beans.
The £1m was secured in an agreement
with Close Leasing.
French Connection in the black
Fashion group French Connection said it
was confident of coping with a tough
economic outlook and rising input prices
as it beat forecasts with higher full-year
profit, and hiked its dividend. The retail-
er, which has sold off or closed a string
of underperforming businesses, made
profits from continuing operations of
£8.9m in the year to 31 January, com-
pared to a loss of £9m the previous
year, despite the difficult conditions on
the high street. French Connection,
which has been fighting to reposition
itself after the popularity of its FCUK
brand waned even before the recession
started, said it would triple its annual
dividend to 1.5p.
 16 News CITYA.M. 17 MARCH 2011

CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys in association with

Bank of America Merrill Lynch
Bob Elfring will join Bank of America Merrill
Lynch as head of investment banking for
Benelux and Northern Europe in July, where he
will be responsible for the growth of the bank’s
investment banking franchise. Elfring joins from
Credit Suisse where he was head of investment
banking for Northern Europe. Prior to joining
Credit Suisse in early 2009, he spent eight years
at Lehman Brothers, most recently as co-head of
the Global Industrials Group.
Merrill Lynch based in Madrid. Cejudo Podio will
Merrill Lynch has appointed Alberto focus on providing wealth and invest-
Cejudo Podio as a financial adviser, ment management services to Spanish
high net worth individuals and ultra
high net worth individuals (UHNWIs).
JustEat.com
The world’s largest online takeaway
ordering service has appointed Adrian
Blair as chief operating officer, where
he will lead Just Eat International. Blair
joins from music streaming service
Spotify, where he was director of
European business development. Prior
to Spotify, he spent six years at Google.
Jefferies
Jefferies has expanded its global bank-
ing business by appointing Peter
Bacchus as joint head of European
investment banking and global head of
metals and mining banking. The firm
has also appointed Richard Allan as
European head of metals and mining
investment banking.
Espirito Santo
Espírito Santo Investment Bank has
appointed Anthony Fry as chairman of
its UK investment banking operations
and senior adviser to the Board of
Espírito Santo Investment Bank. Fry’s
previous employers include Rothschild
and Lehman Brothers.
ACPI
The asset management and wealth
management firm has appointed Alia
Yousuf as executive director and port-
folio manager for the company’s
Emerging Markets Fixed Income UCITS
Fund. Yousuf joins from Standard Asset
Management, where she ran the firm’s
Emerging Market Fixed Income Fund.
Freshfields
Freshfields Bruckhaus Deringer has
appointed Simone Bono, formerly of
Simpson, Thacher & Bartlett LLP, as a
partner in its London finance and US
securities practice. The law practice has
also appointed Denise Ryan, a specialist
in high yield transactions, as senior
associate.

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 G4S 253.00 ANALYSIS l Marks and Spencer 329.30 ANALYSIS l BG Group 1,489.50
275
p
16 Mar 390
p
16 Mar 1,550
p
16 Mar
270

265
365 1,400
260

255

250 320 1,250

20 Dec 12 Jan 1 Feb 21 Feb 11 Mar 20 Dec 12 Jan 1 Feb 21 Feb 11 Mar 20 Dec 12 Jan 1 Feb 21 Feb 11 Mar

G4S MARKS & SPENCER BG GROUP

Citi rates the security services company “buy / medium risk” with a target
price of 270p. The broker expects later cycle recovery in G4S’s markets
through the year, with its European business starting to accelerate in 2011.
Citi applauds the firm’s focus on smaller firms in its acquisition strategy,
given its track record with big purchases. But warns there is uncertainty
around G4S’s justice services, which are facing fresh bidding rounds.
Nomura rates the retailer “buy” with a target price of 430p. The broker
expects a four per cent drop in like-for-like general merchandise sales for
the fourth-quarter, with margin growth and cost savings helping to offset
cost inflation. While Nomura thinks there is work to do on supply chain
commitments, investors can expect a better outcome to the downturn
story this year.
Standard & Poor’s has upgraded the oil group from “hold” to “buy” with a
12-month target price of £16.50 after the crude price rise on worries in
the Middle East. S&P is impressed by BG’s expansion in Brazil, and thinks
it could divert LNG supplies from Europe to Japan to replace the damaged
nuclear power supply. It also notes that BG’s operations have now
returned to normal following the unrest.

Investors drop equities on Nuclear power falls

continued Japan worries as Vix gauge jumps
Japan, and North Africa, market sen- International Consolidated Japan, the world’s third-largest econo-

THELONDON timent seems down for the count –

and it’s difficult to predict where a
Airlines Group was a big blue chip
faller on increasing fuel costs and THENEW YORK my. Worries over the situation have
sent investors to safer assets such as

REPORT
second wind will come from,” said
IG Index head of research Anthony
Grech.
Japan’s nuclear crisis appeared to
REPORT
the uncertainty caused by the situa- bonds. US Treasury debt prices surged.
tion in Japan, losing 3.5 per cent. The Dow Jones industrial average
Associated British Foods, however, tumbled 242.12 points to 11,613.3. The
bucked the weaker market trend, S&P 500 Index slumped 24.99 points,

H
EIGHTENED fears about the be spinning out of control yesterday adding one per cent after Credit to 1,256.88. The Nasdaq Composite

nuclear crisis in Japan saw
investors shun equities yester-
day, with falls by heavyweight
commodity issues dragging Britain's
top share index lower.
Banks were the biggest fallers,
however, also under pressure as a
downgrade of Portugal's credit rat-
ing by Moody’s further unnerved
investors.
At the close, the FTSE 100 was
down 97.05 points, or 1.7 per cent at
5,598.23, dropping after a brief rally
back above 5,700 earlier in the ses-
sion was snuffed out.
“We are now getting in to the
realms of selling the rally rather
than buying the dips,” said David
Morrison, market strategist at GFT
Global.
The blue chip index ended down
for a sixth consecutive session, tak-
ing its total fall over that period to
6.3 percent. “We have now scythed
through some pretty significant sup-
port levels which we need to rally
and recapture very quickly or else we
are talking about a pretty sizeable
breakdown in the market structure,”
GFT’s Morrison added.
“With the markets being dealt
heavy blows from events in Europe,
after workers withdrew briefly from
a stricken power plant because of
surging radiation levels and a heli-
copter failed to drop water on the
most troubled reactor.
Investors were spooked by com-
ment from Europe’s energy chief
that warned of a further catastrophe
at the Japanese site in the coming
hours, although his spokeswoman
said he had no specific or privileged
information on the situation.
Weak banks took the most points
off the index after Moody’s
overnight cut Portugal’s sovereign
debt rating by two notches and said
it may have to downgrade again.
Global lender HSBC shed 3.6 per
cent, with the stock trading ex-divi-
dend together with insurer Standard
Life and real estate investment trust
Land Securities.
Rising oil prices also knocked sen-
timent, with Brent crude futures up
over $2 to to $110.75 a barrel on the
Japan fears and renewed concern
over unrest in the Middle East.
Bahrainis were warned by officials
to avoid gathering in public areas for
their own safety, while demonstra-
tions in Yemen and Syria were vio-
lently dispersed by security forces.
Suisse lifted its rating on the food
producer and retailing group to
“outperform” from “neutral”, citing
the benefits of high sugar prices.
Richard Curr, head of dealing at
CFD specialists Prime Markets said
AB Foods shares have been signifi-
cantly oversold.
“We expect the slack in the share
price to be taken up, and for AB
Foods to push back through 1,000p
in the next 7-10 days,” he said.
The latest UK labour market data
proved mixed on Wednesday.
The number of Britons claiming
jobless benefit in February fell at its
fastest pace since June, but a broader
measure of unemployment rose to a
10-month high.
ANALYSIS l FTSE 5,598.23
6,100
p 16 Mar
6,000
5,900
5,800
5,700
20 Dec 12 Jan 1 Feb 21 Feb 11 Mar
U
S stocks sank for a third day yes-
terday as worries about Japan’s
nuclear crisis escalated, and ana-
lysts saw more volatility ahead
for the market.
The S&P 500 fell more than one pe
cent and was within a few points of
turning negative for the year after the
UN nuclear watchdog chief said the
situation at a nuclear reactor in Japan
was “very serious”.
The Vix market volatility index,
Wall Street's fear gauge, jumped 15 per
cent, and the IShares MSCI Japan
Index Fund, which owns Japanese
stocks, slid 4.1 per cent to $9.62.
U.S. power company Exelon Corp fell
3.2 per cent to $40. The Japan nuclear
crisis has created doubts about the
prospects for the nuclear power indus-
try.
“We are so fixated here on Japan,
and this intraday volatility is without
question here to stay as we are all
quickly learning what nuclear power
is. You can throw everything else out
the window,” said Ryan Detrick, senior
technical strategist at Schaeffer’s
Investment Research in Cincinnati,
Ohio.
It was a third day of losses due to
uncertainties arising from the crisis in
Index was down 50.51 points at
2,616.82.
The S&P 500 is down three per cent
so far for the week, losing further
ground in a rally that began in
September.
The market has also been grappling
with unrest in the Middle East and
North Africa that has pushed oil prices
to 2.5-year highs.
In the latest development, Bahrain,
a neighbor of top oil exporter Saudi
Arabia, has launched a crackdown on
protesters. The political upheaval sent
Brent crude up 2.2 per cent to nearly
$111 a barrel.
“The market was due for a correc-
tion and (Japan's crisis) probably pre-
cipitated that. We think the market
was getting toward the upper end of
fair value. So we're not surprised to
see a correction here,” said Maris
Ogg, president of Tower Bridge
Advisors in West Conshohocken,
Pennsylvania, which has about $1bn
in assets under management.
Rising radiation levels in Japan
caused workers to withdraw briefly
from a stricken nuclear power plant,
and a helicopter was unable to drop
water to cool the most troubled reac-
tor.
 Business Features
17

| Education

Your business
education should
prepare you to work
in London, Shanghai
and New York

Pictures:
MICHA THEINER,
REUTERS

How business
education is
adapting to
globalisation
The economy might be moving east, but
American schools could still have a lot to
offer students, writes Jeremy Hazlehurst
  

  
  
S
INCE their very beginnings, busi- Schools like to boast about the num-



ness schools have focused on bers of countries represented on their
international trade. When the
Aula do Comercio was set up in
Lisbon in 1759, one of the four subjects
flagship MBAs, and rave over the con-
tacts that you can make with future
business leaders from all over the
  
taught was the “study of weights and
measures from different countries
[and] methods for the exchange of cur-
rencies.” The Imperial Export Academy
in Vienna was created in 1898 with the
express aim of preparing students “for
employment mainly in international
trade.” From 1902, you could study a
Bachelor of Commerce degree at uni-
versity in Birmingham, while schools
in the British Empire taught people
how to do international business. Some
American schools were founded with
the aim of internationalising trade,
and from the late 19th century,
Chinese students went to the likes of
Harvard to learn how to build foreign
markets for their goods.
Over the past two decades, of course,
we have seen a further boom in global-
isation, largely as a result of the growth
of knowledge economies. Business
schools have caught the zeitgeist, and a
recent survey of schools’ mission state-
ments found that 69 per cent con-
tained some variation on the word
“global”.
But are their mission statements any
more than lip service and woolly aspi-
ration? On the face of it, business
schools have grasped globalisation
enthusiastically. Barely a week goes by
without a school announcing a tie-up
with one in another part of the world –
these days, it’s often an established
American or European school building
bridges with a newer one in a boom
region such as Asia or the Middle East.

world. Lots of exchange programmes
are available, which can send you to all
corners of the globe.
Not everybody is convinced, howev-
er, that this is a meaningful prepara-
tion for a globalised market. A recent
report by the AACSB (the Association to
Advance Collegiate Schools of Business,
a body that accredits business schools)
The Oxford Diploma in
took a detailed look at the ways in
which business schools prepare stu-
dents for globalisation. One of its
Organisational Leadership
authors, Professor Pankaj Ghemawat of
the IESE school in Barcelona – where
he teaches a course on globalisation –
argues that in general they are failing. Combining the highest standards of Dates:
While they concentrate on their links academic rigour with a practical Jan, Apr, Jul, Oct 2012
with schools in other countries and understanding of business and
their exchange programmes, “increas- www.sbs.oxford.edu/ol
ing internationalisation basically management, this is a masters-level
means becoming a specialised segment postgraduate qualification which To learn more about how to
of the travel and hospitality industry.” provides a thorough understanding of transform your thinking, contact
It might be nice to go and spend three leadership, strategic management and
months working in Guangzhou, but angela.adams@sbs.ox.ac.uk or on
does it really teach you anything valu- organisational design and structure, 0845 643 3701
able about running a multinational in 4 x 4-day modules.
corporation?
Also, he argues that most schools Are you ready to take a more active role
simply don’t have the resources to even in developing and leading the business
do this. Of the 12,000 schools that are strategy of your organisation? Attending
teaching business degrees, “maybe a this programme will equip you with the
thousand of them – maybe as few as a
hundred – can really afford to assem- knowledge you need to compete globally
ble internationally diverse students for senior management roles.
and faculty or institute extensive (and
expensive) foreign immersion require-
ments, let alone set up research centres
CONTINUED ON P18
 18 Business Features | Education CITYA.M. 17 MARCH 2011

CONTINUED FROM P17 Tuck business school in the US.

or campuses overseas,” Ghemawat writes.
“90 to 99 per cent” of schools just don’t
have the cash. Even if that was the best
preparation for the future marketplace,
they couldn’t do it.
Given all of this, Ghemawat argues, the
only real way to prepare students for a
globalised marketplace is through
changes to schools’ curriculums, which
should address the cultural, administra-
tive, political, geographic and economic
differences between countries. The claim
– which he makes in more detail in his
forthcoming book World 3.0 – is that vis-
iting factories overseas is nice, but the
serious study of labour market regula-
tions and cultural attitudes to protection-
ism are more useful.
For people with a global outlook this
raises some serious questions. In recent
years we have all been told that the old
Western economies are in decline and
that the future lies in the East and the
other emerging economies, a trend that
was accelerated – so the argument goes –
by the financial crisis. This might have
suggested that the forward-looking busi-
nessperson ought to think hard about
heading to, say, China, India or Brazil for
their MBA. But Ghemawat’s argument
suggests that this is not necessary. If
learning about globalisation is about
good faculty teaching state-of-the-art
courses, then maybe you are better off
looking for good schools. Paradoxically,
globalisation means that location doesn’t
matter and it may lead to an entrench-
ment of the old order.
This is the view of Paul Danos, dean of
Cass MBA Leadership Series.
Get closer to the issues that matter.
In terms of curriculum, he says, there
has been a massive convergence in recent
years. “If you went to a business school in
India, America, Europe or Japan you
would find that they teach fundamental-
ly the same topics,” he says. There’s no
way that an American school would teach
only American case studies, and when
they are studying entrepreneurialism in
Chinese schools they look at Silicon
Valley. “Schools want to look at the gold
standard, and they don’t care if that is
American, Chinese or German.” The
fierce market in business schools, plus
the global marketplace for faculty, means
that if Ghemawat’s ideas are adopted,
they will quickly be adopted everywhere.
What you should look for in a good
school, then, is not the curriculum, but
the way that it is taught. And here, the
old schools have a huge advantage – they
are rich enough to teach well. Small-
group and one-to-one teaching are expen-
sive and “unless you have a ton of money
behind you it is hard to set up that sort of
school,” Danos says. American schools
have been raising money for a hundred
years – they run on endowments and
fund-raising, they get a lot of money from Silicon Valley is a case Just because India or China has a growing to see movement in the opposite direc-
alumni. study all over the world economy, it doesn’t follow that it is the tion. Newness has sparkle, but oldness
It would take decades for schools in best place in the world to go for your busi- has its attractions too. “Globalisation,”
India and China, say, to reach the same Picture: ness education. In fact, we are more likely says Danos, “goes both ways.”
level. And even then, would it be worth GETTY
“duplicating something that is already
there” in America and Europe? Even if in
twenty years time the American economy
WORLD CLASS | THE DARDEN GLOBAL EXECUTIVE MBA
is no longer the world’s biggest, so what?
“Look at how small Switzerland is, and at Increasingly, business schools are develop- Global Executive MBA later this year, which
the power of Swiss banking,” says Danos. ing ties with other schools in different parts will send students to five financial centres
of the world – European and American all over the world.
schools with Middle Eastern or Asian “Business education is moving in the direc-
schools, for example. But just how valuable tion where it is more experiential,” says
are these relationships? Sometimes they Bruner, who was the chair of the AACSB
can be “like speed-dating”, says Robert Globalisation of Management Education
Bruner, dean of Darden business school in Task Force. “The intention is to transform
Virginia. students to become completely competent
A truly global business education has to aim players on the world stage.”
for a deeper understanding of the way that The first cohort, which will start in August,
business is done around the world, and will spend time in China (Beijing and
rather than being a stand-alone part of a Shanghai), India (New Delhi and Calcutta),
business education globalisation should Brazil (Rio and Sao Paulo), Europe (Berlin,
“infuse” it, says Bruner. This requires a mix- Paris and London) and in Washington DC –
ture of classroom teaching and time spent on Darden’s doorstep – where they will get
overseas. to spend time in the IMF, the World Bank,
To address this, Darden is launching the not-for-profit organisations and think tanks.

C
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CITYA.M. 17 MARCH 2011
Philosophers
and the fine
art of business
Business education should look beyond
numbers to bring insight to the CEOs
of tomorrow, writes Jeremy Hazlehurst
D
O BUSINESSES that are trusted
make more money? Is it ever
morally acceptable to lie? Is a
corporation a moral agent? If
so, who does that mean is responsi-
ble if it does bad things? Not the
most obvious questions that you
might expect to face on an MBA
course, perhaps, but these sorts of
quandaries are at the forefronts of
the minds of the students at
Cambridge’s Judge Business School
who take the Philosophy in Business
elective.
The course, which sits alongside
traditional MBA fare such as Risk
Management and Supply Chain
Strategy, is run by two members of
Cambridge University’s philosophy
faculty, Professor Alex Oliver and sen-
ior lecturer Hallvard Lillehammer.
If it sounds daunting, then it isn’t
– nobody expects you to hold forth
on Schopenhauer or Kierkegaard.
Instead, the philosophers take what
they call a “bottom-up approach”.
Rather than bamboozling students
with abstruse metaphysics, they
introduce real-life examples and
then bring philosophical rigour to
bear on them. For example, if you
were on holiday and somebody
offered to sell you a carpet and said
you could send him the money when
you got home, would you do it? If so,
why? Under the guidance of the
philosophers, this simple example
soon leads into some surprising
insights into the nature of trust (and
the morals of MBA students).
All very interesting, but is this just
a frivolous break from the serious
business of learning about collater-
alised debt obligations and Gaussian
copulas? What’s the point? “We want
to help students become more self-
aware and more self-critical, and to
give them tools for effectively
explaining and justifying their
actions, and for decision-making,”
says Oliver. “We are well aware that
as future business leaders, our stu-
dents will need to take sides on a
whole host of ethical matters.”
The classes raise some interesting
questions. One of the most fascinat-
ing aspects of all this is the way that
culture affects ethics. From sitting in
on one class, it became obvious that
things are viewed differently in
Helsinki and Hiroshima. For people
who will find themselves working for
multinationals, and quite possibly in
a number of countries in their
careers, these are valuable insights.
You might not get philosophy on
every MBA course, but plenty of busi-
ness schools are looking beyond the
core financial subjects these days.
The humanities are providing added
enlightenment and inspiration.
Some have always taken this
approach, but since the financial
crash others have started looking to
broaden their offering.
For example, at Rouen Business
School one of the professors, Rita
Klapper, uses examples from art,
music and theatre in her classes on
entrepreneurship (for example,
Sweet Dreams and Bitter Sweet
Nightmare by Beyonce). At ESMT in
Berlin, professor Konstantin Korotov
uses a case study in his leadership
class based around the conductor
Daniel Barenboim’s project where he
put together an orchestra of Israelis
and Palestinians.
At McGill in Montreal, Professor
Nancy Adler uses the examples of
Picasso and other modernists to
change the way that people think –
rather than seeing business through
the prism of solving problems, she
encourages them to look at paintings
and reflect on the way that artists try
to create, rather than problem-solve.
She encourages people to see the
“beauty” in leadership. At BPP in the
City, they look at the way Damien
Hirst used the same business model
as the great painters and sculptors of
the Renaissance – a studio of artists –
CONTINUED ON P20
Business Features | Education 19
The School of Athens
by Raphael: a good
place to learn about
spreadsheets?
Picture: GETTY
Ready to make
a real difference
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Time for an MBA qualification?
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 20 Business Features | Education
Damien Hirst turned
art into a business
Picture: GETTY
CONTINUED FROM P19
to create his works and turn himself
Inn today’s
today’’s market you
today yoou need to understand into one of the greatest art brands, and
the
he key principles of
o structured finance: the richest artist, in the world.
This is more than a gimmick. BPP’s
director of MBA Katie Best says that
these arts-flavoured electives are funda-
mental to the modern MBA. For a start,
the very people who are on MBA cours-
es have changed, she says. An MBA class
is not a homogeneous bunch of corpo-
rate types from law firms and invest-
ment banks, but also includes plenty of
people from the creative industries,
especially in places such as London,
where film, luxury goods and the arts
thrive. People from those industries
tend to think in different ways to those
from the City, and to be more open to
new ideas. This can be a revelation for
those from, shall we say, less flexible
industries. “Even accountants from
advertising companies are more cre-
Securitisation.
Securit isation
isation.
ative than accountants from banks,”
Best says. For them, using art or philoso-
phy in class is not odd at all.
But the connection between business
A
Analysi
ly is.
is
Analysis. and art goes even deeper than that.
Business itself, says Best, is perhaps best
viewed as an art-form of sorts, and the
whole point of an MBA is to teach peo-
Valuatioon.
on
Valuation. ple to be more artistic in their business
lives.“There’s no point teaching some-
body rudimentary finance that doesn’t
S&P V Valuation R Strategies Principles of Structured Finance
aaluation and Risk
is designed to help you better understand, surveil and value structured finance BUSINESS SCHOOL NEWS
assets. Can you afford to miss out? IN BRIEF
FS STILL NUMBER ONE
It might not be the politicians’ favourite
sector, but MBA graduates are still pretty
11 - 13 May
May,, 2011 keen on the financial services. In its 2011
Alumni Perspectives Survey GMAC (the
Graduate Management Admission Council)
Standard & Poor’
Poor’s,
s, 20 Canada Square, Canary Wharf, London, E14 5LH says that 22 per cent of MBA graduates
went to work in the financial services, up
Full course £2,200 ++VAT
VAT on 15 per cent the year before. The median
base salary for the class of 2010 was
Register: www
www.standardandpoors.com/london_training
.standardandpoors.com/london_training $78,820.
BUNDESBANKER HEADS TO BOOTH
Chicago Booth has achieved a coup by
signing up German Bundesbank president
For information on Standard & Poor’
Poor’ss Risk Driven Investment Analysis Education Axel Weber to become a visiting professor
Programme please e-mail emea-marketing@standardandpoors.com at the school when he steps down from his
position as Germany’s top central banker.
He will teach central banking, as well as
participating in seminars and workshops.
Please note: the course curriculum Weber is currently on leave from the
does not cover the ratings criteria, Bundesbank and teaching as a professor of
international economics at the University
methodologies, or applications of of Cologne.
Poor’s Ratings Services.
Standard & Poor’s
YIP GOES EAST
John Quelch has announced his first big
appointment at China Europe
International Business School (CEIBS).
The new dean, who was previously at
Harvard, will bring George Yip, a
Poor’ss and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers,
Standard & Poor’ broker-dealers, marketing and strategy expert, to China.
investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including
address..
organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address Professor Yip has previously taught at
Poor’s,
Copyright © 2011 by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved. Harvard, Judge business school at
STANDARD
ST
TANDARD
A registered trademarks of Standard & Poor’s
& POOR’S and S&P are registe Poor’s Financial Services LLC. Cambridge and UCLA. He is currently dean
of the Rotterdam School of Management
at Erasmus University.
CITYA.M. 17 MARCH 2011
make them as good as the dedicated
finance person,” says Best. “The MBA is
about combining all the disciplines in a
way that they can all work in conjunc-
tion. That in itself is an art-form.” The
value of an MBA is that it teaches you to
think differently, and to take ideas from
other disciplines and apply them in
new ways. This is the bread and butter
of the arts and it’s only natural that
some look to them to teach it.
Business is often about looking
beyond black and white thinking.
Sometimes you need to learn that
things are more complicated than you
thought, which is one of the things that
Judge’s philosophers teach. It’s neces-
sary to read the textbooks, but they are
not enough to make you good at busi-
ness – just as owning a palette and
brush is not enough to turn you into a
painter.
Undoubtedly, MBAs can learn by
studying Warren Buffett or Richard
Branson, just as a painter will study
Velasquez’s brushwork or the way
Tintoretto used perspective. There is no
substitute for deep knowledge. But
there is a spark that turns a solid per-
former into a brilliant one, and people
in the arts know how to kindle it. Andy
Warhol might have been smiling when
he said that “good business is the best
art.” But he was on the right lines.
NO MBA FOR GADDAFI
Following troubles at the London School
of Economics relating to Said Gaddafi –
the son of the Libyan leader – and his
PhD, one business school is taking no
chances. IE school in Spain has asked
Said’s brother Khamis to leave his
course. The school said that the 27-
year-old, who was on the international
MBA programme, was kicked out
because of “his links to the attacks
against the Libyan population.”
MCGILL FEE FINE
McGill business school in Montreal has
been hit with a Ca$2m (£1.26m) fine by
the authorities in the state of Quebec
for hiking fees last year. An MBA for
students from McGill’s home state was
previously capped at Ca$3,400 a year,
but this was raised to Ca$29,500, to
bring it in line with other globally
recognised MBAs. The school has had
Ca$2m cut from its budget. MBA fees
for 2011-2012 are Ca$32,500.
GLAMOUR AT HARVARD?
Sad news for all those hoping for a bit
of glamour on the Harvard MBA class
this year. Despite reports, it appears
that Tyra Banks – the face of America’s
Top Model – has not enrolled on the
Harvard MBA. In fact, she’s on the
Owner/President Management Program
at Harvard's Executive School, which
means she’ll be on campus, for three
weeks per year for the next three years.
 Wealth Management | ISAs
CITYA.M. 17 MARCH 2011 21

Mervyn King is not

ANALYSIS l CPI Inflation Projection
tackling inflation 6
%
5
Picture: REX
4

-2
Source: Bank of England Inflation Report (February 2011)
-1
2006 07 08 09 10 11 12 13 14

Do you have an
ISA portfolio that’s

Savers should ique ly

un tailored
utilise ISAs to u?
to yo
beat inflation
ISAs should be the shares ISA, the crucial decision is
o
whether you choose a cheaper passive
traders d
first port of call to
maintain wealth,
fund, or a more expensive active fund.
Tom Rampulla of Vanguard argues
that because of the high fees and vari-
Self rk e t, but don’t
want a
res
stock m a elect Sha
en a self-s
able performances of active funds, pas-
n t to in v est in the  e n o p t th e
says Philip Salter sive funds are better value over the
long-term: “By choosing low-cost
Wa
‘one size
fits all’ po
e .
rtfolio?
T a il o r your port
folio and
b e
selec
s t return.
funds, such as index trackers within
A w it h Selftrad in k w il l y ield the
IS ou th
an ISA, investors can keep more of
nts that y and gilts
investme

5
APRIL will be the last day this tax their tax relief.” Rampulla says that
n d s , E T Fs, bonds
year to shelter your savings “while the savings from a low-cost s, fu
from share y is inves
ted
under an ISA. With stagnant fund may not seem huge over one • Choose y our mone
wages and inflation biting into year, they add up over time and can d h o w
ere an
savings, holding savings in cash is not make a significant difference to your when, wh ption
• Decide A subscri
a good idea. return.”
w in b a ck your IS
Mervyn King will likely be sending Tom Stevenson, Investment Director u could
• Plus yo s apply)
letters to George Osborne apologising at Fidelity, agrees that fees can “act as ,680 (term
up to 10
rm
£ r longer-te
for high inflation for a while to come. a drag” but suggests that actively man-
ra p p e r d esigned fo e ll a s ri se
The 2 per cent inflation target has mor- aged funds can add value. For
x -e fficient w a n fall as w
phed into a mere aspiration, which the example, he points out that if an An ISA is
a ta estme n ts c rules may
 e v a lue of inv o u in v ested. Tax e
Governor has no intention of meeting investor wants to protect their wealth
investin g . ss tha n y . Selftrad
any time soon. Based on RPI, the against high inflation, they could use u m a y g et back le u a l c ir c u mstances
pound in your pocket has devalued by an ISA to invest in a fund that focuses and yo d on indiv
id
nd depen t advice.
22 per cent in the last ten years. There on companies able to pass on the costs change a e s tm e n
is no reason to think the next decade of inflation through pricing power. By n o t p ro vide inv
does
will be any different. analysing supply chains, these funds
All savers will be hoping to beat
inflation, but this is going to be tough
focus on companies that will pass
inflation on to customers. For
O pen an ISA now
with CPI inflation running at 4 per example, in car manufacturing such a lftraders.
cent, RPI inflation at 5.1 per cent, and fund would invest in producers of iron Join the se o.uk/isa3
elftrade.c
interest rates at 0.5 per cent. No cash ore and copper.
ISA on the market comes close. The The choice between an active or pas-
it w w w.s
Vis 0
best currently available is from
Santander, who offer 3.3 per cent for
sive ISA should come down to personal
preference based on adequate r ca ll 084 5 0700 72
new, or 3.5 for existing customers. If research. As Carl Howard, Head of
o
an inflation beating cash ISA doesn’t Direct Investments at Barclays says:
hit the market soon, you could be bet- “the question of whether to go for an
ter off using all of your £10,200 active fund ultimately comes down to
allowance for a stocks and shares ISA, whether the investor thinks the fund
especially if you are looking to invest manager will be able to achieve the
over the medium to long-term. For returns for them”.
example, although not indicative, the Even with an ISA you could still
AXA Global High Income fund, HSBC struggle to beat inflation by much. Lines are open Monday to Friday 7.45am – 7pm. Calls may be recorded. Selftrade® is a trading name of Talos Securities Limited and
FTSE 200 Index, and Aviva Inv UK However, if you are trying to save, the registered trade mark of Boursorama. Talos Securities Limited is incorporated in England and Wales (Registration No. 4196325,
Growth have risen 25.90, 28.96 and chances are you will be worse off with- Registered Address: Boatman’s House, 2 Selsdon Way, London E14 9LA), is authorised and regulated by the Financial Services
Authority (FSA Register No. 208271) and is a member of the London Stock Exchange and PLUS Markets plc.
20.44 percent respectively over the last out one. The opportunity to squirrel
three years. away £10,200 from an increasingly fer-
If you intend to opt for a stocks and vent taxman, should not be passed up.
22 Wealth Management | Funds CITYA.M. 17 MARCH 2011

More is demanded from

sustainable investment
funds than a fluffy image
Though there are those who want mileage from being seen to be responsible,
for most, SRI funds must stand on their own two feet, writes Craig Drake

S
USTAINABLE investment, or
socially responsible investment
(SRI), has been on a rapid ascent
for the last decade, but outside
of providing dinner party credibility
for the chattering classes wanting to
appear to be doing the right thing, are
SRI funds worth a look for investors
who are concerned with returns and
growth?
For all the talk about the ability of
sustainable development funds to
hold their own, the chart on the bot-

ISA
ISA
tom right, which tracks the Dow Jones
sustainability index against its global
index, will make for awkward viewing.
Clare Brook, Fund Manager of the
IM WHEB Sustainability Fund is buoy-
ant with regards to this big gap
between global funds that include big
miners and refiners of fossil fuels and
those that focus on so called clean

metric
metric
energy: “we see this gap as an exciting
opportunity for the clean energy sec-
tor, which has plenty of ground to
make up. A strong indication that this
sector is offering exceptional long
term value was seen earlier this week
with the news that Iberdrola, the par-
ent company, has launched a bid for 20
per cent free float of Iberdrola
Renovables, its listed subsidiary. IBR is
currently one of our largest holdings,
so good news for the IM WHEB
Sustainability Fund.”
However, Gemma Godfrey, head of
research and chair of the investment
committee of Credo Capital advises
restraint in the hyperbole of clean,
green and socially responsible claims
made by funds: “There has certainly
been a rise in demand for SRI in recent
years, which has doubled since 2007,
though has done so from a small base.
For the majority of investors who will
be focussed on capital preservation
and growth, it makes sense to invest in
companies that are preparing for the
future. However, there is often a dis-
crepancy between people’s expecta- development for iShares EMEA says in
tions and reality. At the same time, relation to their performance: “Our
funds managers will have different aim is that Shari’ah compliant ETFs
What’s your measure of a good ISA? views on what constitutes social
responsibility and so you should look
should track a non-Shari’ah compliant
index reasonably closely over time.
deeper into what the fund may con- iShares to date have produced Shari’ah
Quick set up? Great value? Flexibility? tain.” funds which seek to target the risk and
There are signs that FTSE 100 com- return profile of some of the leading
Whether you’re an experienced investor or new to the stock market, we’ll make panies, for example, are making indexes (i.e. Shari’ah Compliant S&P-
strides to bring themselves into line 500). The aim of Shari’ah funds is to
it easy for you to invest your tax-efficient allowance. After our quick online set up, with criteria set down by many SRI ensure Shari’ah investors are not
you can take your pick from a wide range of investments, or our plain-speaking funds, however this is yet to boost the ‘worse off’ because they cannot invest
experts can guide you (at no extra cost). overall perfomance of those funds. It in certain sectors. However, Shari’ah
is, however. a different story on the compliant funds may perform better
faith based side of SRI funds, where when the names excluded are under-
Remember, tax allowances depend on your individual circumstances and the the Dow Jones Shari’ah compliant performing the index.”
benefits of ISAs could change in the future. The value of investments and the Islamic market index has for periods According to EIRIS, a provider of
income from them can go down as well as up, and you may not get back your actually outperformed the global independent research into the ethical
index benchmark. As a matter of faith, performance of companies, there are
original investment. a Muslim cannot lend money to, or an increasing number of people invest-
receive money from someone and ing in Shari’ah compliant fund for non
expect to benefit; gains from interest faith based reasons. Interestingly,
To find the ISA that fits you and to see how we measure up, are not allowed. To make money from though in many cases the funds will
call us on 0845 6185 252 or go to www.share.com/isametric money is forbidden and this precludes go beyond the restrictions employed
funds from investing in retail banks. by fund managers of sustainable
The Share Centre Limited is a member of the London Stock Exchange and is authorised and regulated by the Returns from Shari’ah compliant funds, they manage to vastly outper-
Financial Services Authority under reference 146768. The Share Centre, PO Box 2000, Aylesbury, Bucks, HP21 8ZB. funds can only be generated through form them. As such, those looking for
trade and investment in assets, but investment with strong returns might
that is not to say that they cannot keep take a look at the large range of
up. Axel Lomholt, head of product Islamic funds offered.
 CITYA.M. 17 MARCH 2011 Wealth Management 23

This is how some ANALYSIS l Dow Jones Islamic Market Index vs Total Stock Market Index
people view an SRI
fund, but you should 120.00
$
look further.
Dow Jones Islamic market Dow Jones global index
world index
110.00

100.00

90.00

Source: Dow Jones Indexes

Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11

The amount that you can pour in has increased by £3,200 since 2007 Picture: REX

ANALYSIS l Dow Jones Sustainable Index vs Total Stock Market Index

125.00
$

Dow Jones sustainability Dow Jones global total

world index stock market index
115.00

115.00

95.00

85.00

Source: Dow Jones Indexes

Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11
24 Wealth Management | Pensions CITYA.M. 17 MARCH 2011

Taking a Sipp for

greater control
If you are City savvy and keen to get more control over
your pension investments, you should consider the merits
of a self-invested personal pension, writes Donata Huggins
ND
TE
AT
TO
EE
FR

Cheers to getting a better return on your pension Picture: GETTY

W
HETHER it’s fine wine or a on the products you invest in, but
pension, you need to be a they are broadly low cost annual pay-
connoisseur to get the ments that are little affected by the
most from taking a sip. But overall size of your capital. Unless
while almost everyone will get some you are investing in separate funds
benefit from a sip of wine, the same within your Sipps, that is. Providers
cannot be said about self-invested such as Barclays Stockbrokers and
personal pensions (Sipps). Selftrade offer competitive prices
Much like an investment ISA, a and a degree of support for those
Sipp offers a tax-free wrap for invest- interested in it.
ments chosen by the owner, often Using an investment house
weaving together a number of com- requires parting with a fee of around
pany pensions and investments tied 1.5 per cent of your pension each
up elsewhere. They, again like invest- year in exchange for management of
ment ISAs, offer great tax advan- your pension fund. Chris Aitken,
tages and are flexible in the way you head of financial planning at
invest and withdraw from them (see Rensburg Sheppards, says that this
box below for the latest changes). means that you can be in control of
You can bung almost anything into your strategy through contact with
them: collective investment funds, your manager without having to
company shares, bonds, gilts, constantly check your portfolio.
Programme highlights:
SEC and the City s Mistakes to avoid on the Form ADV;
s Exemption from full SEC registration
exchange-traded funds (ETF), even
commercial property. So under-
standably, you need to be reasonably
“There is no hard and fast rule about
how often you speak to your invest-
ment manager, some come in once
savvy to get the most from a Sipp. or twice a year, others want to talk
This year the US Securities & Exchange Commission and the consequences; Investors also need to be able to once a week.”
will extend its supervision to many non-US give a reasonable amount of time Working out which option is
s Day one preparation and requirements and money (around £100,000) to the cheaper depends entirely on your
investment companies in Europe and beyond.
for an Exempt Foreign Advisor; management of their Sipp. The level investment strategy. Those keen to
What are the day-to-day implications? s Day one preparation and requirements
of these depends on whether you use a Sipp to invest in a variety of
have more of the former or the lat- low maintenance, low cost ETFs, for
ACA, the world’s largest compliance consultancy for a Registered Foreign Advisor. ter. example, are likely to find an online
is proud to offer an SEC Compliance Workshop s Record-keeping requirements; Those with more time (and proba- platform more cost effective.
and a unique opportunity to discuss the issues bly confidence) are likely to opt for a Whereas those looking to invest in a
s On-going compliance; Sipp they alone manage through an variety of actively managed funds
with former SEC examiners, including the online platform. Others will find will probably find using an invest-
practicalities of being an ‘Exempt’ or fully s Reporting to the SEC;
paying an investment house to ment manager cheaper. This is
SEC-registered investment business. s SEC’s remote supervision of non-US firms; and implement their strategy more because actively managed funds
s Examples of SEC’s enforcement action. appealing. each incur their own fee, whereas
Management of a Sipp online is investment managers absorb all
ACA’s European offices: much like using a spread betting these fees into one overall fee that
5th April: 2pm – 5pm, followed by drinks
platform. There are charts, informa- you pay them.
London: + 44 (0) 207 659 4050 The Westbury Hotel, Conduit Street, Mayfair, tion, limit orders and your portfolio Either way, if you have the money
andy.welch@acacomplianceeurope.com London, W1 available for you to see. The cost is and the time, investing in a Sipp
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9th April: 2pm – 5pm, followed by drinks your own devices. The fees depend your tastes.
Channel Islands: + 44 (0) 1534 765350 4th Floor, Charter Place, Seaton Place,
gary.trehiou@acacompliancejersey.je St Helier, Jersey
CHANGES FOR SIPPS
l As of October 2010, you are BASIC RATE TAXPAYERS:
ACA’s team of over
over 100 compliance
nce prof
professionals
fe
essionals ope
operate
rate allowed to carry forward unused Receive 20 per cent tax relief inside
from
from 12 offices
offices and include more than 40 former
former FSA, allowances from the last three years. the Sipp.
SEC, NFAA and US State
State regulators
regulators as well as expe
experienced
rienced
compliance officers,
officers, lawyers
lawyers and account
accountants.
ants. l The lifetime allowance for a Sipp 40 PER CENT TAXPAYERS:
will be reduced from £1.8m to £1.5m Receive 20 per cent tax relief inside
Authorisation Support | On-going Compliance
Compliance | Regulatory
Regulatory Projects
Projects from April 2012. the Sipp and can claim a further 20
Please registe
registerr at: w
www.SECinLondon.com
ww.SECinLondon.com per cent tax relief through their tax
CHANGES TO BE IMPLEMENTED return.
If you a
are
re unable to attend
attend,, b
but
ut would lik
like
e to meet with FROM 6 APRIL 2011:
one of our ex-SEC examine
examiners rs anyway - please visit the From the next tax year, Sipps will be 50 PER CENT TAXPAYERS:
website above or cont
contact
act us ddirect.
irect. simplified. Everyone will be entitled to Receive 20 per cent tax relief inside
receive tax relief on contributions of the Sipp and can claim a further 30
Boston


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Chicago


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Colorado


Colorado


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London


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Los Angeles

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ew York


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Tennessee
e


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Texas


Texas


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Virginia


Virginia


s


s


Washington
Washington DC 100 per cent of income or £50,000 per cent tax relief through their tax
(whichever is the lesser amount). return.
CITYA.M. 17 MARCH 2011 Wealth Management | Markets 25

FTSE 100
5598.23
-97.05
Price Chg High Low
GILTS
Tsy 3.250 11 . . . . .101.91 -0.01 103.8 101.9
Tsy 9.000 11 . . . . .102.75 -0.02 110.7 102.7
Tsy 2.500 11 . . . . .308.99 0.01 311.1 307.5
Tsy 9.000 12 . . . . .111.07 0.00 117.4 109.8
Tsy 5.000 12 . . . .104.13 0.02 107.4 104.0
Tsy 5.250 12 . . . .105.33 0.01 108.6 105.2
Tsy 4.500 13 . . . .106.49 0.07 109.2 105.9
Tsy 2.500 13 . . . .282.31 0.08 282.3 267.8
Tsy 8.000 13 . . . . .116.92 0.06 121.3 116.3
Tsy 5.000 14 . . . . .110.67 0.14 114.1 109.2
Tsy 4.750 15 . . . . .110.75 0.20 114.7 108.6
Tsy 7.750 15 . . . .105.90 0.00 112.0 76.0
Tsy 8.000 15 . . . .125.83 0.18 131.6 123.7
Tsy 4.000 16 . . . .107.50 0.22 111.4 104.0
Tsy 2.500 16 . . . .319.42 0.24 319.6 299.4
Tsy 8.750 17 . . . .135.97 0.33 142.2 132.9
Tsy 12.000 17 . . .128.56 0.00 185.9 126.8
Tsy 1.250 17 . . . .109.40 0.32 111.1 104.9
Tsy 5.000 18 . . . . .112.91 0.36 117.6 108.6
Tsy 4.500 19 . . . .108.97 0.42 113.8 104.0
Tsy 3.750 19 . . . .103.14 0.48 107.7 97.7
Tsy 4.750 20 . . . . .110.53 0.46 115.9 105.1
Tsy 2.500 20 . . . .325.28 0.48 325.7 300.1
Tsy 8.000 21 . . . .138.64 0.46 147.1 133.6
Tsy 1.875 22 . . . . .115.36 0.67 117.8 108.5
Tsy 4.000 22 . . . .103.18 0.59 108.4 97.0
Tsy 2.500 24 . . . .285.70 0.73 286.9 262.1
Tsy 5.000 25 . . . . .112.13 0.64 118.5 105.3
Tsy 4.250 27 . . . .102.33 0.79 108.8 96.3
Tsy 1.250 27 . . . .108.69 0.99 111.2 100.5
Tsy 6.000 28 . . . .124.50 0.75 132.7 118.4
Tsy 4.750 30 . . . .107.67 0.87 115.0 102.0
Tsy 4.125 30 . . . .271.47 0.93 274.4 248.7
Tsy 4.250 32 . . . .100.78 0.92 107.8 95.4
Tsy 4.250 36 . . . .100.22 1.04 107.4 94.4
Tsy 4.750 38 . . . .108.74 1.05 116.5 102.3
Tsy 4.500 42 . . . .105.17 0.00 112.8 98.5
AEROSPACE & DEFENCE
BAE Systems . . . . . .306.4 -10.6 388.8 294.7
Chemring Group . . .3325.0 15.0 3663.0 2598.0
Cobham . . . . . . . . . . .216.2 -6.3 275.9 192.3
Meggitt . . . . . . . . . . . .320.4 -8.9 380.9 261.7
QinetiQ Group . . . . . .120.2 -0.2 142.0 96.7
Rolls-Royce Group . .568.0 -9.5 665.0 535.0
Senior . . . . . . . . . . . . .132.6 -2.4 159.5 94.8
Ultra Electronics . . .1610.0 -25.0 1895.0 1490.0
ALTERNATIVE ENERGY
Hansen Transmissi . . .48.9 2.0 105.0 39.1
AUTOMOBILES & PARTS
GKN . . . . . . . . . . . . . .183.9 -5.8 237.1 109.3
BANKS
Barclays . . . . . . . . . . .282.0 -10.0 383.2 255.4
HSBC Holdings . . . . .622.5 -23.5 730.9 596.2
Lloyds Banking Gr . . .59.5 -0.9 77.6 50.5
Royal Bank of Sco . . .40.7 -0.7 58.1 37.6
Standard Chartere .1525.0 -42.0 1950.0 1514.5
BEVERAGES
AG Barr . . . . . . . . . .1070.0 -20.0
Britvic . . . . . . . . . . . . .368.7 -0.8
Diageo . . . . . . . . . . .1120.0 -19.0
SABMiller . . . . . . . . .1984.5 1.0
CHEMICALS
AZ Electronic Mat . . .270.0 12.0
Croda Internation . .1572.0 -16.0
Elementis . . . . . . . . . .147.8 3.6
Johnson Matthey . .1749.0 -2.0
Victrex . . . . . . . . . . .1302.0 -8.0
FTSE 250 FTSE ALLSHARE DOW NASDAQ S&P 500 / 1.1528 0.0038 /$ 1.3901 0.0072
11033.11 2909.52 11613.30 2616.82 1256.88 /$ 1.6019 0.0052 /£ 0.8675 0.0020
-118.12 -46.77 -242.12 -50.51 -24.99 /¥ 128.16 1.6676 /¥ 111.22 1.6720
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
Yule Catto & Co . . . . .189.2 -1.3 240.5 109.4 Brewin Dolphin Ho . .166.3 -2.2 185.4 114.0 Rexam . . . . . . . . . . . .353.8 -1.7 375.4 290.4 Admiral Group . . . . .1555.0 -27.0 1753.0 1238.0 BHP Billiton . . . . . . .2213.5 -37.0 2616.0 1684.5 Great Portland Es . . .369.1 -9.1 401.1 280.5 Marston's . . . . . . . . . . .92.0 -1.2 117.1 89.9
Camellia . . . . . . . . . .9300.0 192.010700.0 6900.0 RPC Group . . . . . . . .231.5 -5.5 285.0 178.7 Amlin . . . . . . . . . . . . .385.3 -1.0 433.0 366.8 Centamin Egypt Lt . .122.3 -2.8 197.1 118.5 Hammerson . . . . . . . .424.7 -9.8 476.7 336.3 Millennium & Copt . .503.0 -10.0 600.5 386.8
CONSTRUCTION & MATERIALS Charles Taylor Co . . .156.0 -2.5 240.0 153.0 Smiths Group . . . . .1256.0 -29.0 1429.0 1008.0 Beazley . . . . . . . . . . . .118.0 0.8 139.2 105.4 Eurasian Natural . . .860.0 -12.0 1266.0 818.0 Land Securities G . . .702.5 -19.0 773.0 545.0 Mitchells & Butle . . . .289.3 -10.2 361.0 274.0
Balfour Beatty . . . . . .329.9 -0.9 357.3 229.8 City of London Gr . . . .90.0 0.0 95.0 65.5 Catlin Group Ltd. . . .341.1 7.1 399.2 319.9 Fresnillo . . . . . . . . . .1400.0 -33.0 1682.0 763.5 SEGRO . . . . . . . . . . . .299.8 -8.3 331.4 250.2 National Express . . .227.8 -2.2 260.3 213.4
Keller Group . . . . . . .602.5 0.5 784.5 515.0 City of London In . . .375.0 31.0 461.5 266.5 GENERAL RETAILERS CPP Group . . . . . . . . .310.8 5.8 329.0 225.0 Gem Diamonds Ltd. .250.0 2.0 306.0 186.3 Shaftesbury . . . . . . . .455.9 -6.1 490.2 349.3 PartyGaming . . . . . . .174.3 -0.3 328.8 172.1
Kier Group . . . . . . . .1221.0 -11.0 1383.0 886.5 Close Brothers Gr . . .840.5 0.5 888.5 664.0 Brown (N.) Group . . .262.1 9.6 311.2 217.5 Hiscox Ltd. . . . . . . . . .365.3 2.8 399.0 327.9 Hochschild Mining . .595.5 1.0 680.0 234.0 Punch Taverns . . . . . .68.9 -1.4 101.0 58.0
Collins Stewart . . . . . .85.0 -0.3 94.0 67.3 Carpetright . . . . . . . . .732.5 27.5 926.0 636.0 Jardine Lloyd Tho . . .656.0 9.5 688.0 521.0 Kazakhmys . . . . . . .1300.0 -12.0 1671.0 965.0 SOFTWARE & COMPUTER SERV. Rank Group . . . . . . . .130.0 -0.5 138.5 94.8
ELECTRICITY Evolution Group . . . . .72.5 -3.0 127.0 67.0 Debenhams . . . . . . . . .58.0 -0.1 79.0 53.0 Lancashire Holdin . . .532.5 -3.5 647.0 442.0 Kenmare Resources . .36.0 0.9 42.8 9.3 Autonomy Corporat 1524.0 -42.0 1975.0 1271.0 Restaurant Group . . .295.5 1.6 310.9 208.2
Drax Group . . . . . . . .409.5 1.6 415.6 326.3 F&C Asset Managem .79.0 0.7 92.9 47.5 Dignity . . . . . . . . . . . .722.5 2.5 737.5 598.0 RSA Insurance Gro . .128.4 -3.2 143.5 114.8 Lonmin . . . . . . . . . . .1585.0 -43.0 2113.0 1355.0 Aveva Group . . . . . .1579.0 -68.0 1739.0 1044.0 Sportingbet . . . . . . . . .47.4 0.8 79.9 45.0
Scottish & Southe . .1196.0 7.0 1258.0 1010.0 Gartmore Group Lt . .101.3 -1.9 207.5 88.5 Dixons Retail . . . . . . .15.7 -0.5 36.5 15.7 Petropavlovsk . . . . . .961.0 -6.5 1365.0 903.5 Computacenter . . . . .420.0 9.0 457.5 260.0 Stagecoach Group . .197.1 -0.3 224.0 160.7
LIFE INSURANCE
Hargreaves Lansdo .596.5 -7.5 635.0 317.4 Dunelm Group . . . . . .400.0 0.0 550.0 325.3 Randgold Resource 4460.0 35.0 6655.0 4416.0 Fidessa Group . . . . .1661.0 20.0 1722.0 1269.0 Thomas Cook Group 166.9 -4.0 272.0 163.0
ELECTRONIC & ELECTRICAL EQ. Helphire Group . . . . . .13.8 0.5 59.0 11.8 Halfords Group . . . . .357.9 -12.7 550.0 355.8 Aviva . . . . . . . . . . . . . .421.2 -10.5 477.9 294.2 Rio Tinto . . . . . . . . .3874.0 -61.0 4712.0 2812.0 Invensys . . . . . . . . . . .325.0 -13.2 364.3 230.2 TUI Travel . . . . . . . . . .221.4 -2.7 308.4 190.0
Domino Printing S . . .611.5 -22.5 705.0 360.0 Henderson Group . . .153.9 -2.6 166.8 118.1 Home Retail Group . .189.2 -6.5 295.1 188.5 Legal & General G . . .111.1 -0.8 122.7 72.3 Vedanta Resources 2149.0 -54.0 2934.0 1839.0 Logica . . . . . . . . . . . .122.0 -3.8 147.9 101.7 Whitbread . . . . . . . .1581.0 -25.0 1887.0 1266.0
Halma . . . . . . . . . . . . .328.2 -7.0 366.6 239.5 Highway Capital . . . . . .7.0 0.0 7.5 6.0 Inchcape . . . . . . . . . .355.1 0.4 414.0 237.1 Old Mutual . . . . . . . . .125.6 -3.3 145.2 102.0 Xstrata . . . . . . . . . . .1329.0 -19.0 1535.0 845.8 Micro Focus Inter . . .300.8 0.7 546.5 276.0 William Hill . . . . . . . . .177.0 -2.5 216.5 155.5
Laird . . . . . . . . . . . . . .146.0 1.1 179.0 98.8 ICAP . . . . . . . . . . . . . .496.2 1.1 570.5 341.6 JD Sports Fashion . .892.5 -4.5 933.5 585.0 Phoenix Group Hol . .629.0 -0.5 758.0 584.5 Misys . . . . . . . . . . . . .304.0 -6.1 354.8 217.0
MOBILE TELECOMS AIM 50
Morgan Crucible C . .276.1 -3.4 316.0 167.5 IG Group Holdings . .465.1 1.8 553.0 362.4 Kesa Electricals . . . .119.8 -3.3 174.0 99.2 Prudential . . . . . . . . .673.5 -21.5 749.0 489.2 Sage Group . . . . . . . .258.7 -4.3 302.0 222.7
Renishaw . . . . . . . . .1557.0 -28.0 1819.0 637.5 Intermediate Capi . . .301.9 -2.7 360.3 240.4 Kingfisher . . . . . . . . .230.4 -4.6 271.3 198.5 Resolution Ltd. . . . . .270.2 -5.7 328.6 211.3 Inmarsat . . . . . . . . . . .575.0 -0.5 821.0 573.0 SDL . . . . . . . . . . . . . . .655.0 10.0 678.5 421.0 Abcam . . . . . . . . . . . .370.0 5.5 402.0 229.4
Spectris . . . . . . . . . .1333.0 -6.0 1451.0 740.5 International Per . . . .310.0 -1.2 386.6 183.3 Marks & Spencer G . .329.3 -2.6 427.5 326.4 St James's Place . . . .319.5 5.5 332.0 204.2 Vodafone Group . . . .167.1 -4.7 181.9 129.5 Telecity Group . . . . . .460.8 -9.2 532.5 365.0 Albemarle & Bond . .307.4 1.4 334.0 218.0
International Pub . . .108.6 -2.9 118.3 108.5 Mothercare . . . . . . . .471.0 -3.9 627.5 467.8 Standard Life . . . . . . .199.5 -11.2 244.7 173.0 Amerisur Resource . .21.8 0.5 27.0 11.5
EQUITY INVESTMENT INSTRUM. NONEQUITY INVESTM. COMM. SUPPORT SERVICES
Investec . . . . . . . . . . .444.7 0.3 562.0 429.2 Next . . . . . . . . . . . . .1893.0 -12.0 2344.0 1868.0 MEDIA Archipelago Resou . . .62.0 0.8 64.8 32.3
Aberforth Smaller . . .619.0 -9.5 697.0 495.0 IP Group . . . . . . . . . . . .46.9 -0.6 49.9 28.0 Sports Direct Int . . . .181.7 -2.4 187.1 92.3 Genesis Emerging . .486.0 -8.0 568.0 427.0 Aggreko . . . . . . . . . .1469.0 -51.0 1685.0 1129.0 ASOS . . . . . . . . . . . .1732.0 6.0 1924.0 475.8
Alliance Trust . . . . . .339.7 -6.3 377.9 293.5 Jupiter Fund Mana . .318.0 0.6 337.3 180.3 WH Smith . . . . . . . . . .440.3 -1.2 523.0 398.2 4imprint Group . . . . .247.5 1.0 275.0 155.0 Ashtead Group . . . . .182.0 -3.3 206.5 77.0 Aurelian Oil & Ga . . . .73.5 2.3 92.0 35.8
Bankers Inv Trust . . .393.6 -6.5 427.7 337.0 LMS Capital . . . . . . . . .55.8 0.0 59.0 40.0 Aegis Group . . . . . . .130.4 -1.0 148.3 103.6 OIL & GAS PRODUCERS Atkins (WS) . . . . . . . .685.0 -9.5 792.5 609.0 Avanti Communicat .459.5 9.5 735.0 405.8
HEALTH CARE EQUIPMENT & S.
BH Global Ltd. GB .1077.0 -9.0 1174.0 1071.0 London Finance & . . .19.5 0.0 21.5 16.5 Bloomsbury Publis . .117.3 -2.8 127.0 105.3 Afren . . . . . . . . . . . . . .144.1 0.1 164.0 79.2 Babcock Internati . . .551.5 1.0 635.0 492.8 Avocet Mining . . . . . .213.3 1.5 253.5 105.0
BH Global Ltd. US . . . .10.8 -0.0 11.6 10.7 London Stock Exch .821.5 -6.5 933.0 544.0 Smith & Nephew . . . .672.0 -14.0 742.0 537.5 British Sky Broad . . .818.0 -2.0 833.5 536.5 BG Group . . . . . . . . .1489.5 -19.5 1524.0 984.0 Berendsen . . . . . . . . .470.0 -4.3 492.0 360.2 Blinkx . . . . . . . . . . . . . .84.0 3.3 102.0 12.3
BH Macro Ltd. EUR . . .16.4 -0.1 17.2 15.8 Man Group . . . . . . . . .249.5 -9.1 311.0 201.9 Synergy Health . . . . .830.0 14.0 948.0 562.5 Centaur Media . . . . . . .58.4 0.4 73.0 45.8 BP . . . . . . . . . . . . . . . .450.3 -1.0 655.4 302.9 Bunzl . . . . . . . . . . . . .693.0 -9.5 783.0 658.0 Borders & Souther . . .57.8 0.8 93.0 45.8
BH Macro Ltd. GBP 1676.0 1.0 1785.0 1630.0 Paragon Group Of . .164.0 -4.0 191.5 114.4 Chime Communicati .262.0 -2.0 281.8 158.0 Cairn Energy . . . . . . .419.1 -2.7 493.2 366.0 Capita Group . . . . . . .741.0 -16.0 826.0 635.5 BowLeven . . . . . . . . .323.8 -2.3 398.0 103.0
BH Macro Ltd. USD . . .16.5 0.1 17.1 15.8 Provident Financi . . .932.0 0.0 1033.0 728.5 HHOLD GDS & HOME CONSTR. Creston . . . . . . . . . . . .87.5 0.0 105.0 78.5 EnQuest . . . . . . . . . . .147.2 0.0 150.6 89.3 Carillion . . . . . . . . . . .357.8 -3.2 399.3 291.2 Caledon Resources . .97.3 0.0 107.0 23.3
BlackRock World M .718.0 -6.5 815.0 533.0 Rathbone Brothers .1130.0 10.0 1257.0 762.5 Barratt Developme . . .99.1 -1.8 137.7 70.1 Daily Mail and Ge . . .494.9 -6.1 594.5 433.0 Essar Energy . . . . . .463.0 -15.9 589.5 383.0 De La Rue . . . . . . . . .774.5 -1.0 984.0 549.5 Cape . . . . . . . . . . . . . .450.8 -20.5 498.0 190.5
BlueCrest AllBlue . . .168.0 -1.0 174.5 159.0 Real Estate Credi . . . . .1.2 0.0 2.5 0.9 Exillon Energy . . . . . .410.0 -6.9 454.6 166.0 Electrocomponents .258.4 -5.0 279.5 198.1 CareTech Holding . . .191.5 -5.5 422.0 190.0
British Assets Tr . . . .124.0 -3.0 140.5 105.0 RSM Tenon Group . . .40.8 -1.0 66.3 38.0 Heritage Oil . . . . . . . .289.7 4.5 581.0 261.7 Experian . . . . . . . . . . .729.0 -2.0 819.0 572.0 Conygar Investmen .115.0 -1.1 121.3 101.3
British Empire Se . . .472.2 -1.5 512.0 404.1
Caledonia Investm .1665.0 -16.0 1928.0 1532.0
S & U . . . . . . . . . . . . .632.5 0.0 640.0 482.5
Schroders . . . . . . . .1691.0 -39.0 1922.0 1154.0
MAIN CHANGES UK 350 JKX Oil & Gas . . . . . .302.3 -6.2
Premier Oil . . . . . . . .1887.0 -28.0
329.3 223.2
2140.0 1085.0
Filtrona PLC . . . . . . . .295.0 0.0
G4S . . . . . . . . . . . . . . .253.0 -5.6
318.0 193.4
282.8 237.7
Cove Energy . . . . . . . .88.5 3.0
Daisy Group . . . . . . . .88.0 -0.4
112.8
108.5
44.3
84.5
City of London In . . .272.6 -4.4 296.0 233.7 Schroders (Non-Vo .1317.0 -36.0 1508.0 950.5 Royal Dutch Shell . .2081.0 -20.0 2267.5 1624.0 Hays . . . . . . . . . . . . . .112.5 -0.7 133.6 88.4 Desire Petroleum . . . .36.3 3.0 168.5 32.3
Dexion Absolute L . .146.0 -1.5 151.0 131.2 Tullett Prebon . . . . . .388.0 -4.5 426.0 298.0
Risers % Fallers %
Royal Dutch Shell . .2050.0 -21.0 2251.0 1554.0 Homeserve . . . . . . . .435.1 -5.1 487.5 335.6 EMIS Group . . . . . . . .472.3 22.3 485.0 303.5
Edinburgh Dragon . .226.5 -0.5 262.1 197.6 Walker Crips Grou . . .47.5 0.0 50.5 45.0 AZ Electronic Mate . .270.0 4.7 Imagination Techno .430.8 -6.9 Salamander Energy .275.6 -9.8 315.3 204.9 Howden Joinery Gr . .101.1 -2.8 127.5 56.8 Encore Oil . . . . . . . . .103.3 0.3 151.5 16.0
Edinburgh Inv Tru . . .414.9 -7.6 467.2 366.0 Hansen Transmissio . .48.9 4.3 Standard Life . . . . . . .199.5 -5.3 Soco Internationa . . .346.6 -2.4 484.2 292.0 Intertek Group . . . . .1851.0 -56.0 2000.0 1331.0 Faroe Petroleum . . . .160.8 -1.3 218.3 106.0
Electra Private E . . .1624.0 -1.0 1719.0 1177.0 FIXED LINE TELECOMS Tullow Oil . . . . . . . . .1355.0 6.0 1493.0 991.5 Michael Page Inte . . .487.3 -6.6 565.5 346.4 Gulfsands Petrole . . .322.0 5.5 401.5 244.3
Carpetright . . . . . . . .732.5 3.9 Aveva Group . . . . . .1579.0 -4.1
F&C Inv Trust . . . . . .296.6 -3.2 316.8 251.4 BT Group . . . . . . . . . .175.5 -5.7 191.1 109.9 Savills . . . . . . . . . . . .374.0 3.9 RPS Group . . . . . . . . .204.5 -4.0 Mitie Group . . . . . . . .195.9 -2.0 241.1 188.7 GW Pharmaceutical .101.5 -7.5 141.0 83.0
Fidelity China Sp . . . .106.3 -0.2 128.7 92.3 Cable & Wireless . . . .47.3 -1.8 63.7 44.4 OIL EQUIPMENT & SERVICES Premier Farnell . . . . .276.6 -3.6 308.8 197.6 Hamworthy . . . . . . . .467.3 7.3 502.0 256.8
Brown (N.) Group . . .262.1 3.8 Temple Bar Inv Tru . .831.0 -3.9
Fidelity European . .1086.0 -43.0 1170.0 916.0 Cable & Wireless . . . .62.6 -1.1 100.0 60.5 Amec . . . . . . . . . . . .1086.0 -28.0 1251.0 760.5 Regus . . . . . . . . . . . . . .95.6 -0.1 120.0 66.1 Hargreaves Servic . .916.0 -1.0 983.0 556.5
Fidelity Special . . . . .549.0 -9.0 595.0 503.0 COLT Group SA . . . .142.0 -1.6 156.2 109.0 ITE Group . . . . . . . . .243.6 3.2 Cookson Group . . . . .623.5 -3.9 Hunting . . . . . . . . . . .710.5 -10.0 806.0 439.4 Rentokil Initial . . . . . . .84.3 -1.7 138.5 84.3 Healthcare Locums . .112.5 0.0 112.5 112.5
Herald Inv Trust . . . . .483.0 -13.0 541.0 349.8 TalkTalk Telecom . . .133.3 0.3 168.3 108.5 Bodycote . . . . . . . . . .316.0 3.1 Invensys . . . . . . . . . .325.0 -3.9 John Wood Group . .589.5 -19.0 670.0 293.1 RPS Group . . . . . . . . .204.5 -8.6 242.0 169.8 Immunodiagnostic . .775.0 -5.0 975.0 575.0
HSBC Infrastructu . . .115.9 0.1 121.2 112.0 Ocado Group . . . . . . .210.4 2.7 Fidelity European . .1086.0 -3.8 Lamprell . . . . . . . . . . .288.3 -3.1 390.0 195.3 Serco Group . . . . . . .556.0 -15.0 651.0 529.5 James Halstead . . . . .410.0 -8.5 450.0 283.8
FOOD & DRUG RETAILERS
Impax Environment .115.5 -1.0 130.5 106.5 Kenmare Resources . .36.0 2.6 Law Debenture Corp .321.0 -3.7 Petrofac Ltd. . . . . . .1356.0 -26.0 1685.0 1002.0 Shanks Group . . . . . .106.4 0.0 126.7 92.0 Kalahari Minerals . . .234.0 -9.3 301.0 142.0
JPMorgan American .848.0 -8.0 909.0 673.0 Booker Group . . . . . . .54.5 -0.1 60.6 38.6 Enterprise Inns . . . . . .90.3 2.6 HSBC Holdings . . . . .622.5 -3.6 SIG . . . . . . . . . . . . . . .121.1 -4.0 153.2 90.7 London Mining . . . . .347.3 -15.0 418.8 194.0
JPMorgan Asian In . .214.0 -1.5 250.8 182.5 Greggs . . . . . . . . . . . .466.3 0.4 501.5 418.7 PERSONAL GOODS SThree . . . . . . . . . . . .400.5 -4.7 434.5 231.1 Lonrho . . . . . . . . . . . . .16.3 0.0 19.0 9.4
JPMorgan Emerging .558.0 0.0 639.0 479.5 Morrison (Wm) Sup .272.2 -1.9 306.3 257.6 Price Chg High Low Price Chg High Low Burberry Group . . . .1094.0 -16.0 1203.0 612.5 Travis Perkins . . . . . .933.5 -29.0 1127.0 709.0 M. P. Evans Group . .447.0 -12.0 500.5 317.5
JPMorgan European .818.0 -7.5 885.0 606.0 Ocado Group . . . . . . .210.4 5.5 285.0 123.5 PZ Cussons . . . . . . . .328.4 -1.8 409.0 260.1 Wolseley . . . . . . . . .1997.0 -46.0 2261.0 1223.0 Majestic Wine . . . . . .390.5 7.5 430.0 255.0
JPMorgan Indian I . . .409.2 3.7 502.0 377.2 Sainsbury (J) . . . . . . .350.6 -4.7 395.0 312.9 Bellway . . . . . . . . . . . .636.0 -6.0 809.0 511.0 Euromoney Institu . .666.0 -24.0 736.0 467.5 Supergroup . . . . . . .1382.0 21.0 1820.0 535.0 May Gurney Integr . .237.0 0.0 264.0 177.0
JPMorgan Russian .657.0 1.0 755.0 502.0 Tesco . . . . . . . . . . . . .378.1 -4.4 454.4 377.5 Berkeley Group Ho . .960.0 -33.0 1049.0 751.0 Future . . . . . . . . . . . . . .26.5 1.0 30.0 15.8 TECHNOLOGY HARDW. & EQUIP. Monitise . . . . . . . . . . . .20.8 0.0 27.0 15.5
Law Debenture Cor . .321.0 -12.4 362.9 273.3 PHARMACEUTICALS & BIOTECH ARM Holdings . . . . . .504.0 -13.5 651.0 224.3 Mulberry Group . . . .1415.0 30.0 1424.0 189.8
Bovis Homes Group .428.2 -12.1 460.0 326.6 Haynes Publishing . .238.5 0.0 262.5 202.5
Mercantile Inv Tr . . .1030.0 -17.0 1137.0 840.0 FOOD PRODUCERS Huntsworth . . . . . . . . .71.0 -0.4 87.5 65.0 AstraZeneca . . . . . .2801.5 -52.5 3385.0 2772.0 CSR . . . . . . . . . . . . . .373.0 -3.5 475.6 280.9 Nanoco Group . . . . . . .68.0 -2.0 115.8 66.3
Mcbride . . . . . . . . . . .137.0 1.0 233.7 114.0
Merchants Trust . . . .381.1 -5.7 425.0 320.0 Associated Britis . . .949.5 9.5 1182.0 918.0 Persimmon . . . . . . . .424.2 -11.0 507.5 336.5 Informa . . . . . . . . . . . .390.5 -4.6 461.1 342.1 BTG . . . . . . . . . . . . . .212.6 -0.4 263.0 154.2 Imagination Techn . .430.8 -31.8 474.7 215.1 Nautical Petroleu . . .415.0 2.0 547.0 45.0
Monks Inv Trust . . . .326.2 -4.4 363.0 275.5 Cranswick . . . . . . . . .806.0 14.0 907.5 784.0 Genus . . . . . . . . . . . . .900.5 -14.0 982.5 681.0 Pace . . . . . . . . . . . . . .165.8 1.3 231.8 148.6 Nichols . . . . . . . . . . . .422.0 12.0 495.0 332.5
Reckitt Benckiser . .3015.0 -38.0 3655.0 3015.0 ITE Group . . . . . . . . . .243.6 7.6 252.2 130.6
Murray Income Tru . .593.0 -11.5 649.0 518.0 Dairy Crest Group . . .358.4 -0.5 424.9 339.7 Redrow . . . . . . . . . . . .116.4 -0.4 151.9 97.5 ITV . . . . . . . . . . . . . . . . .82.3 -2.6 93.5 48.3 GlaxoSmithKline . . .1138.5 -21.5 1318.5 1095.0 Spirent Communica .139.5 -4.4 160.3 102.8 Numis Corporation . .117.0 -1.6 158.5 109.0
Murray Internatio . . .896.5 4.5 966.0 791.5 Devro . . . . . . . . . . . . .272.0 1.9 293.0 161.0 Taylor Wimpey . . . . . . .37.8 -0.4 44.0 22.3 Johnston Press . . . . . . .8.1 -0.5 33.5 7.8 Hikma Pharmaceuti .695.0 -8.0 900.0 580.0 Patagonia Gold . . . . . .43.5 -1.3 59.3 12.5
Perpetual Income . . .237.0 -1.2 262.0 203.0 Premier Foods . . . . . . .25.7 0.1 33.6 16.0 Shire Plc . . . . . . . . . .1748.0 -19.0 1797.0 1321.0 TOBACCO Pursuit Dynamics . . .248.0 11.3 700.0 180.0
Mecom Group . . . . . .246.5 -3.5 288.0 162.0
Polar Cap Technol . .332.0 -2.0 391.2 269.0 Tate & Lyle . . . . . . . . .520.0 -14.5 599.5 409.1 INDUSTRIAL ENGINEERING Moneysupermarket. . .88.3 -0.2 92.0 61.0 British American . .2300.0 -28.5 2521.0 1959.0 Rockhopper Explor .229.3 15.3 510.0 37.0
RIT Capital Partn . . .1222.0 11.0 1328.0 1027.0 Unilever . . . . . . . . . .1796.0 -7.0 1995.0 1688.0 Pearson . . . . . . . . . .1041.0 -28.0 1105.0 864.0 REAL ESTATE INVEST. & SERV. Imperial Tobacco . .1878.0 -15.0 2069.0 1753.0 RWS Holdings . . . . . .372.0 2.0 380.0 239.0
Bodycote . . . . . . . . . .316.0 9.5 330.4 182.5
Schroder Asia Pac . .208.2 1.2 233.6 177.5 Charter Internati . . . .708.5 -11.0 853.5 567.0 Reed Elsevier . . . . . .505.5 -2.5 590.5 460.6 Capital & Countie . . .153.4 -1.3 161.9 100.0 Songbird Estates . . .140.0 -2.0 180.2 133.8
Scottish Inv Trus . . . .478.0 -4.8 516.5 401.5 FORESTRY & PAPER Daejan Holdings . . .2594.0 -43.0 2919.0 2157.0 TRAVEL & LEISURE Sterling Energy . . . . . .59.5 -1.5 166.0 51.3
Fenner . . . . . . . . . . . .331.8 1.2 386.7 183.3 Rightmove . . . . . . . . .980.0 18.5 993.0 596.5
Scottish Mortgage . .687.0 -5.0 742.5 533.0 Mondi . . . . . . . . . . . . .540.0 -2.0 571.0 367.6 IMI . . . . . . . . . . . . . . . .910.0 -3.5 960.0 578.0 STV Group . . . . . . . . .152.5 5.5 153.0 49.3 F&C Commercial Pr .100.7 -1.4 107.0 88.0 Avis Europe . . . . . . . .190.0 3.0 284.7 187.0 Valiant Petroleum . . .583.0 13.0 761.5 504.0
SVG Capital . . . . . . . .227.3 -6.9 253.5 137.8 Melrose . . . . . . . . . . .296.9 -3.1 329.0 203.4 Tarsus Group . . . . . .137.5 -0.5 145.5 107.0 Grainger . . . . . . . . . . .100.0 -0.4 145.0 86.3 Betfair Group . . . . . . .854.5 14.5 1550.0 840.0 Vatukoula Gold Mi . . .146.5 3.5 227.0 84.0
Temple Bar Inv Tr . . .831.0 -34.0 913.5 717.0 GAS, WATER & MULTIUTILITIES Helical Bar . . . . . . . . .269.9 1.9 358.8 262.0 Carnival . . . . . . . . . .2479.0 -14.0 3153.0 2037.0 Young & Co's Brew . .596.5 4.0 670.0 510.0
Rotork . . . . . . . . . . .1600.0 -39.0 1895.0 1254.0 Trinity Mirror . . . . . . . .47.0 -3.0 170.1 46.5
1304.0 884.5 Templeton Emergin .613.0 0.5 689.5 497.0 Centrica . . . . . . . . . . .317.5 -4.7 346.1 264.5 Spirax-Sarco Engi . .1868.0 -15.0 2025.0 1344.0 United Business M . .573.5 -8.0 725.0 480.1 London & Stamford .125.1 -1.1 133.5 110.3 Compass Group . . . .532.0 -0.5 594.0 492.6
518.0 364.5 TR Property Inv T . . .168.8 -2.2 175.3 132.3 International Pow . . .309.1 -4.5 448.6 284.5 Weir Group . . . . . . .1541.0 -19.0 1861.0 846.0 UTV Media . . . . . . . . .124.5 -5.5 151.0 105.0 Savills . . . . . . . . . . . . .374.0 14.0 399.0 273.1 Domino's Pizza UK . .458.0 4.4 586.0 324.7
1258.0 1025.0 TR Property Inv T . . . .78.0 0.0 84.4 59.2 National Grid . . . . . . .544.0 0.5 596.2 484.2 Ferrexpo . . . . . . . . . . .380.5 3.6 447.9 219.0 Wilmington Group . .152.5 2.0 183.0 129.0 St. Modwen Proper . .165.0 -3.0 201.0 135.4 easyJet . . . . . . . . . . . .333.4 -5.1 496.5 333.4
2306.0 1827.0 Witan Inv Trust . . . . .477.7 -6.2 522.0 409.9 Northumbrian Wate .310.1 -3.5 361.5 252.8 Talvivaara Mining . . .515.5 4.0 622.0 342.4 WPP . . . . . . . . . . . . . .738.0 -19.5 846.5 608.0 UK Commercial Pro . .78.1 -0.7 85.0 72.8 Enterprise Inns . . . . . .90.3 2.3 139.3 84.4
FINANCIAL SERVICES Pennon Group . . . . . .584.5 -10.0 650.0 482.9 Yell Group . . . . . . . . . . .6.1 0.0 59.0 5.8 Unite Group . . . . . . . .202.1 -6.9 265.0 163.0 FirstGroup . . . . . . . . .323.0 -5.0 412.6 319.9
Severn Trent . . . . . .1390.0 -30.0 1513.0 1086.0 INDUSTRIAL TRANSPORTATION Go-Ahead Group . . .1339.0 10.0 1490.0 1042.0
3i Group . . . . . . . . . . .291.0 6.3 340.0 251.9 United Utilities . . . . .551.0 -13.5 628.5 507.0 MINING REAL ESTATE INVEST. TRUSTS Greene King . . . . . . .432.1 1.3 491.4 376.2
320.0 249.0 BBA Aviation . . . . . . .198.2 -3.8 240.8 175.0
1649.0 901.0 3i Infrastructure . . . . .113.4 -3.7 125.2 104.1
GENERAL INDUSTRIALS Forth Ports . . . . . . . .1601.0 -9.0 1623.0 1112.0 African Barrick G . . .506.0 -2.0 670.0 496.8 Big Yellow Group . . .316.7 -4.1 353.3 284.4 InterContinental . . .1228.0 -27.0 1435.0 982.0 http://corporate.webfg.com
158.0 51.5 Aberdeen Asset Ma .202.9 -6.0 229.5 123.0 Stobart Group Ltd . . .144.0 0.5 163.6 132.0 Anglo American . . .2954.5 -77.0 3437.0 2254.0 British Land Co . . . . .534.5 -11.5 585.5 418.3 International Con . . .212.9 -7.8 305.0 184.2 mailto:
2100.0 1460.0 Ashmore Group . . . .301.5 -0.5 383.7 235.0 Cookson Group . . . . .623.5 -25.5 703.5 367.4 Antofagasta . . . . . . .1292.0 -17.0 1634.0 761.0 Capital Shopping . . .364.4 -6.9 424.8 301.0 JD Wetherspoon . . . .421.0 -0.2 548.5 386.5
1522.0 874.0 Berkeley Technolo . . . .4.3 0.0 9.0 2.2 DS Smith . . . . . . . . . .197.1 -2.9 226.0 108.0 NON LIFE INSURANCE Aquarius Platinum . .330.0 -6.0 458.0 227.1 Derwent London . . .1586.0 -42.0 1760.0 1208.0 Ladbrokes . . . . . . . . .129.1 -0.9 162.7 122.7 globaltechsales@webfg.com

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AIR LIQUIDE........................................85.70 -1.43 99.15 73.16 3M ........................................................87.55 -1.95 94.16 67.98
ALLIANZ ..............................................91.26 -2.80 108.85 75.82 ABBOTT LABS ...................................46.71 -0.94 54.99 44.59
ALSTOM ..............................................37.32 -0.50 49.56 30.78 ALCOA ................................................15.66 -0.39 17.68 9.81

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ANHEUS-BUSCH INBEV ....................38.85 -0.27 46.33 35.06 ALTRIA GROUP ..................................24.29 -0.42 26.22 19.20
ARCELORMITTAL...............................23.81 -0.60 33.68 20.26 AMAZON.COM..................................164.70 -0.38 191.60 105.80
AXA......................................................13.33 -0.37 17.60 10.88 AMERICAN EXPRESS........................42.36 -1.28 49.19 37.13
BANCO SANTANDER...........................8.03 -0.27 10.58 7.00 AMGEN INC.........................................52.69 -0.31 61.26 50.32
BASF SE..............................................53.96 -1.50 62.00 39.94 APPLE ...............................................330.01 -15.42 364.90 199.25
BAYER .................................................51.17
BBVA......................................................8.54
BMW ....................................................53.09
-1.26
-0.35
-1.20
59.17
10.95
65.49
43.27
6.87
31.87
10:30 AM EMAIL AT&T....................................................27.33
BANK OF AMERICA ...........................13.69
BERKSHIRE HATAW B.......................80.95
-0.48
-0.27
-1.57
30.10
19.86
87.65
23.78
10.91
68.48
BNP PARIBAS.....................................50.34 -1.62 59.93 40.81 BOEING CO.........................................67.69 -2.00 76.00 59.48
CARREFOUR ......................................29.90 -0.73 41.28 29.83 BRISTOL MYERS SQUI......................24.97 -0.60 28.00 22.24
CREDIT AGRICOLE ............................11.29 -0.33 13.78 7.87 Each day we’ll cover the morning’s breaking news, CATERPILLAR..................................100.40 -0.35 105.86 54.89
CRH PLC .............................................14.50 -0.22 22.00 11.51 CHEVRON ...........................................99.51 -1.72 104.99 66.83
DAIMLER .............................................44.38 -0.91 59.09 33.31 give you current market analysis and CISCO SYSTEMS................................17.05 -0.34 27.74 17.01
DANONE..............................................42.34 -0.39 48.50 39.35 COCA-COLA .......................................61.60 -1.43 65.88 49.47
DEUTSCHE BANK ..............................40.20
DEUTSCHE BOERSE .........................50.97
-0.83
-0.96
55.25
62.48
35.93
46.33
the most up-to-date financial headlines. COLGATE PALMOLIVE ......................76.66
COMCAST CLASS A ..........................23.44
-0.61
-0.72
86.15
25.91
73.12
16.30
DEUTSCHE TELEKOM .........................9.62 -0.11 10.64 8.51 CONOCOPHILLIPS.............................73.74 -1.24 81.00 48.06
E.ON.....................................................21.00 -0.25 28.93 20.21 DU PONT(EI) DE NMR........................51.53 -0.87 56.19 33.66
ENEL......................................................4.02
ENI .......................................................16.52
-0.04
-0.35
4.36
18.66
3.42
14.30
Sign up now to ensure you EMC CORP..........................................25.31
EXXON MOBIL....................................79.31
-0.68
-2.08
27.47
88.23
17.10
55.94
FRANCE TELECOM............................14.74
GDF SUEZ ...........................................25.73
-0.16
-0.54
17.92
30.05
14.01
22.64
receive our free email. GENERAL ELECTRIC.........................18.95
GOLDMAN SACHS GRP ..................154.38
-0.66
-2.87
21.65
186.41
13.75
129.50
GENERALI ASS...................................14.54 -0.44 18.22 13.31 GOOGLE A........................................557.10 -12.46 642.96 433.63
IBERDROLA ..........................................5.77 -0.13 6.50 4.38 HEWLETT PACKARD.........................40.14 -0.79 54.75 37.32
In association with
ING GROEP CVA...................................8.39
INTESA SANPAOLO .............................2.14
-0.20
-0.12
9.32
2.99
5.34
1.88 Visit: www.CityAM.com/newsletter HOME DEPOT.....................................35.68
IBM.....................................................153.00
-0.61
-6.02
39.38
167.72
26.62
116.00
KON.PHILIPS ELECTR .......................21.73 -0.33 27.01 20.58 INTEL CORP .......................................19.81 -0.37 24.37 17.60
L'OREAL..............................................76.79 -1.93 90.00 70.90 J.P.MORGAN CHASE .........................43.81 -0.80 48.36 35.16
LVMH..................................................100.80 -3.45 129.05 78.26 WORLD INDICES JOHNSON & JOHNSON.....................57.66 -0.82 66.20 56.86
MUNICH RE .......................................105.15 -0.15 126.00 98.38 KRAFT FOODS A................................30.85 -0.28 32.67 27.49
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
NOKIA....................................................5.69 -0.05 11.82 5.42 MC DONALD'S CORP ........................73.38 -1.74 80.94 65.31
FTSE 100 . . . . . . . . . . . . . . 5598.23 -97.05 -1.70 S&P 500 . . . . . . . . . . . . . . . 1256.88 -24.99 -1.95 CAC 40 . . . . . . . . . . . . . . . . 3696.56 -84.29 -2.23 BOVESPA SAO PAOLO . . 66002.57-1002.65 -1.50
REPSOL YPF.......................................22.10 -0.39 24.74 15.31 FTSE 250 INDEX. . . . . . . . 11033.11 -118.12 -1.06 NASDAQ COMPOSITE . . . 2616.82 -50.51 -1.89 SHANGHAI SE INDEX . . . . 2930.80 34.55 1.19 ISEQ OVERALL INDEX . . . 2713.00 -33.71 -1.23 MERCK AND CO. NEW ......................31.08 -0.78 39.04 30.70
RWE .....................................................42.86 -1.14 68.34 42.25 FTSE UK ALL SHARE . . . . 2909.52 -46.77 -1.58 FTSEUROFIRST 300 . . . . . 1067.26 -17.44 -1.61 HANG SENG. . . . . . . . . . . 22700.88 22.63 0.10 STI . . . . . . . . . . . . . . . . . . . . 2971.00 24.92 0.85 MICROSOFT........................................24.79 -0.60 31.58 22.73
SAINT-GOBAIN ...................................39.14 -0.88 44.85 27.81 FTSE AIM ALL SH . . . . . . . . 863.07 3.60 0.42 NIKKEI 225 AVERAGE . . . . 9093.72 488.57 5.68 S&P/ASX 20 INDEX . . . . . . 2739.00 0.00 0.00 IGBM . . . . . . . . . . . . . . . . . . 1034.10 -24.35 -2.30 OCCID. PETROLEUM.........................95.93 -2.04 107.56 72.13
SANOFI-AVENTIS ...............................46.12 -0.71 57.45 44.01 DOW JONES INDUS 30 . . 11613.30 -242.12 -2.04 DAX 30 PERFORMANCE. . 6513.84 -133.82 -2.01 ASX ALL ORDINARIES . . . 4644.00 0.00 0.00 SWISS MARKET INDEX. . . 6021.55 -79.46 -1.30 ORACLE CORP...................................30.20 -0.97 33.71 21.24
SAP ......................................................39.60 -0.82 45.05 33.28 PEPSICO .............................................62.31 -0.70 68.11 60.32
SCHNEIDER ELECTRIC ...................106.00
SIEMENS .............................................86.43
-4.20
-2.62
123.30
98.92
73.95
67.00
COMMODITIES CREDIT & RATES PFIZER ................................................19.30
PHILIP MORRIS INTL .........................61.87
-0.46
-0.83
20.26
64.60
14.00
2.00
SOCIETE GENERALE.........................44.60 -1.20 52.70 29.71 LON GD ONCE FIX AM...........1398.50 -8.50 TIN CASH.............................28090.00-1700.00 BoE IR Overnight ............................0.500 0.00 Euro Base Rate ...............................1.000 0.00 PROCTER AND GAMBLE ..................59.73 -0.93 66.95 39.37
TELECOM ITALIA..................................1.06 -0.02 1.16 0.88 SILVER LDN FIX AM ..................34.55 0.07 ZINC CASH ............................2234.50 -60.00 BoE IR 7 days .................................0.500 0.00 Finance house base rate ................1.000 0.00 QUALCOMM INC ................................50.50 -2.50 59.84 31.63
TELEFONICA ......................................16.93 -0.32 19.69 14.67 MAPLE LEAF 1 OZ ....................63.40 0.40 BoE IR 1 month ..............................0.500 0.00 US Fed funds...................................0.250 0.00 SCHLUMBERGER ..............................83.10 -1.70 95.64 51.67
BRENT SPOT INDEX................109.70 -3.27 BoE IR 3 months ............................0.500 0.00 US long bond yield .........................4.020 0.00
TOTAL..................................................39.82 -0.80 44.63 35.66 LON PLATINUM AM................1696.00 -24.50 TRAVELERS CIES ..............................58.05 -0.47 61.15 47.69
SOYA .....................................1270.00 0.00 BoE IR 6 months ............................0.500 0.00 European repo rate .........................0.662 -0.01
UNIBAIL-RODAMCO SE...................138.70 -3.40 155.95 105.19 LON PALLADIUM AM ...............711.00 -12.00 UNITED TECHNOLOGIE ....................78.33 -1.18 85.46 62.88
COCOA ..................................3294.00 0.00 LIBOR Euro - overnight ..................0.656 -0.01 Euro Euribor ....................................0.795 -0.01
UNICREDIT............................................1.71 -0.07 2.30 1.46 ALUMINIUM CASH .................2473.00 -26.00 LIBOR Euro - 12 months ................1.871 0.00 The vix index ...................................28.05 3.73 VERIZON COMMS ..............................34.30 -0.57 37.70 24.77
UNILEVER CVA...................................21.00 -0.07 24.11 20.68 COPPER CASH ......................8975.00 -230.50 COFFEE...................................262.45 0.00 WAL-MART STORES..........................51.38 -0.68 57.90 47.77
LIBOR USD - overnight...................0.211 0.00 The baltic dry index ........................1.548 -0.01
VINCI....................................................40.26 -1.05 44.98 33.01 LEAD CASH ...........................2489.50 -16.50 KRUG.....................................1449.20 0.00 LIBOR USD - 12 months .................0.771 0.00 Markit iBoxx...................................215.13 -0.05 WALT DISNEY CO ..............................40.60 -1.02 44.34 30.72
VIVENDI ...............................................18.50 -0.46 22.07 16.18 NICKEL CASH ......................25075.00 -920.00 WHEAT ....................................178.00 7.50 Halifax mortgage rate .....................3.500 0.00 Markit iTraxx ..................................103.99 2.89 WELLS FARGO & CO.........................31.23 -1.04 34.25 23.02
 Lifestyle | Books and Bars
26 CITYA.M. 17 MARCH 2011

Rats, feral pigs

and tragedy
Award-winning author has penned a lyrical
eco-thriller for our times, says Zoe Strimpel

Angeles. Here, in 1946, Beverly Boyd is

WHEN THE KILLING’S DONE
BY T.C. BOYLE
Bloomsbury, £18.99
hhhhi
WHAT a pleasure to have a thriller from
such a master of letters as the award-win-
ning American writer TC Boyle. Quite
unlike his last novel, The Women, an
acclaimed biography of architect Frank
Lloyd Wright, this is an eco-thriller that
takes us into the dark heart of the ques-
tion about how far man should go rectify
his environmental guilt. It pits a savage
(ironically so) animal rights activist
against a scientist who believes she is act-
ing in the interests of society, and the
planet, to the detriment of certain species.
Anacapa Island is a Channel island off
the coast of California, just north of Los
shipwrecked — clinging on for dear life
among the hostile rocks and utterly sur-
rounded by rats, themselves shipwrecked
here in the 19th century. Not indigenous,
they are killing off the local wildlife.
Flash forward 50 years. Boyd’s grand-
daughter, Alma Boyd Takesue, a stiff,
upright biologist with the National Parks
Service, is heading a mission to extermi-
nate the rats with poison pellets and to
restore the island’s ecosystem.
Standing in her way with terrifying
ferocity is Dave LaJoy, an aninal rights mil-
itant, who tirelessly intercepts her mis-
sion first with the rats, then with some
destructive feral pigs. Tragedy ensues,
along with a twist that utterly perverts
our perception of everything that came
before.
This is a lyrical thriller that will haul
you in politically and emotionally – and
get your heart racing.
Rats destroy the
eco-system of an THE TIGER’S WIFE
island off California BY TEA OBRECHT
in Boyle’s eco-thriller. Weidenfeld & Nicolson,
Picture: GETTY £12.99
hhhhi
THIS debut novel from Tea Obrecht has
caused big waves in the literary world.
Already nominated for an Orange Prize,
it’s being hailed as one of the year’s best.
Set in the post-Yogoslav war landscape
of a Balkan country mending from years
of conflict, Natalia, a young doctor, goes
on a mission of mercy to an orphanage.
She and her old friend Zora begin to inoc-
ulate the children there – but before they
can finish, the whispers start and Natalia
becomes aware of age-old superstitions
and secrets accumulating around her.
Secrets that her seemingly friendly hosts
have kept quiet about and that involve a
strange family digging for something in
the vineyards nearby.
Natalia has her own mystery to deal
with surrounding her beloved grandfa-
ther’s recent death – after telling her
grandmother that he was on his way to
meet Natalia, he – despite being in terrible
health – journeyed to a remote settlement
and died there. Why did he make so suici-
dal a journey? In a quest to understand his
actions, Natalia begins going back over the
stories he read her with relish and persis-
tance. One in particular becomes the guid-
ing light by which she will eventually find
what she is looking for. A luminous debut.

Canary Wharf leads the new wave of swanky members’ clubs

ARELY has a new club been so aptly slightly secluded location somehow adds to chaise longues and arm chairs from Inc sipping cocktails in a members club, that

R named as the recently launched Sky

Bar at the Millbank Tower. With wall
to wall windows, the views from its
29th floor, directly down towards the
Houses of Parliament, are arguably the best
in London. While previously just for events,
the space has been transformed into an
exclusive members club. A little off the
beaten track, it’s certainly a destination
venue but if you’re a member, they lay on a
driver for you or you can even take a speed-
boat. The stylish lounge has killer cocktails
to match the views with an expansive
“pharmacy” style bar and talented staff
the party atmosphere and international jet
set impression – something the air hostess
lift girls (think Britney, not BA) do nothing
to dispel. Staying with impressive views,
Canary Wharf is about to be the lucky
GOING recipient of its very own members cub.
Recharged and refreshed, the Battery
OUT restaurant at Westferry Circus will shortly
TIM BADHAM be relaunched as an exclusive members
lounge. Set over two floors of the Philippe
Starck designed building with floor-to-ceil-
ing windows, it will offer the same
poached from top European clubs. Open panoramic vista across to the City, but this
only on Friday and Saturday nights, the time with an eclectic mix of comfy sofas,
Group founder Frank Dowling’s personal
warehouse. If you’re interested, now is the
time to get in touch as there are great pre-
launch membership deals on offer and
select supper club viewing evenings over
the next month. Inc Group are busy bees,
with a number of venues on the way in the
coming month, including one at the O2 and
another on Gresham Street. Another bur-
geoning entertainment empire has recently
expanded to the O2 with the trendy Proud
Group launching Proud2 on the site of
superclub Matter. So if you prefer dance
music and Las Vegas style performances to
would be one for you. Talking of proper
members clubs, Home House on Portman
Square has recently added a stunning new
restaurant to its Candy and Candy designed
wing. The Octagon is a beautiful little room
which mixes refined British heritage with
modern style. The pan-Asian menu for just
20 covers is really worth trying if you can.
Tim Badham is the founder of Innerplace,
London’s leading providers of VIP enter-
tainment, including film premieres, fashion
shows, launch parties and members club
access. www.innerplace.co.uk

 

 
    

  


 
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CITYA.M. 17 MARCH 2011 Lifestyle | TV& Games 27

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5 TV PICK

TERRESTRIAL
6pm BBC News
6.30pm BBC London News
7pm The One Show
7.30pm EastEnders: BBC News
8pm DIY SOS:
The Big Build – Chessington
9pm CHOICE The Big Red
Nose Desert Trek
10pm BBC News
10.25pm Regional News 10.35pm
Question Time 11.35pm This Week:
Skiing Weatherview 12.25am Sign
Zone: Exposed: The Dark Arts –
Panorama 12.55am Countryfile
1.55am Antiques Roadshow
2.55am Limbo Babies 3.55am
Birth of the British Novel
4.55am-6am BBC News
6pm Eggheads
6.30pm Royal Upstairs
Downstairs
7pm Decade of Discovery:
Notable wildlife discoveries
made since the year 2000.
8pm A Farmer’s Life for Me
9pm CHOICE The British at
Work: The labour market
in the 1960s and 70s.
10pm ICC Cricket World
Cup Highlights
10.30pm Newsnight: Weather
11.20pm Zimbabwe’s
Forgotten Children
12.20am BBC News
4am-6am BBC Learning Zone
6pm London Tonight 6pm The Simpsons 6pm Home and Away:
6.30pm ITV News 6.30pm Hollyoaks 6.25pm OK! TV: Weekday
7pm Emmerdale 7pm Channel 4 News magazine show, hosted by Kate
7.30pm Man v Mother 7.55pm 4thought.tv Walsh and Matt Johnson.
Nature: Tonight 8pm Relocation, Relocation 7pm 5 News at 7
8pm Emmerdale 9pm Love Thy Neighbour 7.30pm Live UEFA Europa
8.30pm Coronation Street 10pm 10 O’Clock Live League Football: Liverpool v SC
9pm CHOICE Monroe 11.05pm Friday Night Dinner Braga (Kick-off 8.05pm).
10pm ITV News at Ten 11.35pm The Ricky Gervais Show 10.10pm FILM The Order:
12.10am Cheltenham Festival THE BIG RED NOSE DESERT TREK
10.30pm London News Action adventure, starring
Highlights 12.40am Music on 4: BBC1, 9PM
10.35pm Benidorm CTRL MX 1.15am On Track 1.40am Jean-Claude Van Damme and Comic Relief documentary following
11.35pm The Late Debate Charlton Heston. 2001.
The People’s Supermarket 2.35am nine celebrities as they walk 100km
12.05am Grimefighters 12.30am Dispatches: Britain’s Secret Fat 12am SuperCasino across Kenya’s Kaisut Desert over the
The Zone; News Headlines 2.30am Cats 3.25am Hill Street Blues 4am Colin and Justin’s How Not to course of five days.
The Jeremy Kyle Show 3.25am 4.15am Without a Trace Decorate 4.45am Nick’s Quest
Man v Mother Nature: Tonight 5am Reaper 5.45am-6am 5.10am Wildlife SOS
3.50am-5.30am ITV Nightscreen Wogan’s Perfect Recall 5.35am-6am House Doctor

SKY SPORTS 1 League 4.30am-5am Super 4.40am Nothing to Declare 2.40am Rick & Steve: The Extreme Engineering 4.40am
SATELLITE & CABLE

7pm Live Premier League Darts
10.30pm Ringside 11.30pm
Premier League World 12am
The Rugby Club 1am Premier
League World 1.30am ICC
Cricket World Cup 3.30am Sky
Sports Classics 3.45am-6am
Live ICC Cricket World Cup
SKY SPORTS 2
6pm Masters Tennis 8pm Live
Masters Tennis: The BNP
Paribas Open quarter-finals.
10pm Time of Our Lives 11pm
WWE: Late Night – Raw 1am
WWE: NXT 2am-5.30am
Premier League Darts
SKY SPORTS 3
7pm ICC Cricket World Cup
9pm Live PGA Tour Golf 11pm
European Tour Golf 1am NFL:
Total Access 2am NRL Fulltime
2.30am Championship Rugby
League’s Supermen
BRITISH EUROSPORT
6pm Live WTA Tennis
7.45pm Live Snooker
10.30pm-12.30am MotoGP
ESPN
5.30pm Live UEFA Europa
League Football 8pm Live
UEFA Europa League Football
10.30pm Winter X Games
12.30am ESPN Press Pass 1am
UEFA Europa League Football
2am Goal! 2.30am Live NHL
Ice Hockey 5am-6am Ultimate
Fighting Championship
SKY LIVING
7pm Ghost Whisperer 8pm
Criminal Minds 9pm FILM The
Addams Family 1991. 11pm
Bedlam 12am Criminal Minds
1am CSI: Crime Scene
Investigation 2.50am Charmed
5.10am-6am Maury
BBC THREE
7pm Top Gear 8pm Junior
Doctors: Your Life in Their
Hands 9pm Working Girls
10pm EastEnders 10.30pm 24
Hour Panel People 11.05pm
Family Guy 11.55pm Working
Girls 12.55am How to Live with
Women 1.55am 24 Hour Panel
People 2.30am Junior Doctors:
Your Life in Their Hands
3.30am A Dangerous Place to
Meet My Family
4.30am-5.30am How to Live
with Women
E4
7pm Hollyoaks 7.30pm Friends
9pm Glory Daze 10pm Skins
11.05pm Meet the Parents
12.10am Scrubs 1.05am Skins
2am Accidentally on Purpose
Happiest Gay Couple in All the Raging Planet 5.30am-6am
World 3.05am Reaper 3.45am How Does That Work?
The OC 4.30am-6am Switched
DISCOVERY HOME &
HISTORY HEALTH THE BRITISH AT WORK
7pm How the Earth Was Made
7pm A Baby Story 8pm How BBC2, 9PM
8pm Ax Men 9pm Pawn Stars Clean Is Your House? 9pm I
10pm Rome’s Lost Legion 11pm
Exploring the labour market in the
1960s and 70s, when unions,
Didn’t Know I Was Pregnant
American Pickers 12am Pawn 10pm Change of Face 11pm management and the government
Stars 1am Rome’s Lost Legion A&E 12am I Didn’t Know I Was struggled for control of the workplace.
2am Cities of the Underworld Pregnant 1am Change of Face
3am The Nostradamus Effect 2am A&E 4am Bringing Home
4am UFO Files 5am-6am Baby 5am-6am A Baby Story
Ancient Discoveries
SKY1
DISCOVERY 8pm Hawaii Five-0 9pm
8pm How Do They Do It? Thorne: Sleepyhead 10pm
8.30pm How It’s Made 9pm House 11pm NCIS: Los Angeles
Weird or What? 10pm HMS 12am Border Invasion USA MONROE
Ark Royal 11pm Trawler Wars 1.50am Road Wars 2.40am ITV1, 9PM
12am Bear Grylls: Born Glenn Martin, DDS 3.30am The neurosurgeon struggles to accept
Survivor 1am Deadliest Catch Lost 4.20am The Filth Files that his wife has left him and tries to
2am Weaponology 3am World 5.10am-6am Sell Me the find the courage to tell his son the
War One in Colour 3.50am Answer truth about why his marriage ended.

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

QUICK CROSSWORD
   

SUDOKU KAKURO
12 42 7 29 11 27 6 16 
15 14
4   
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 12 26
18 37 17
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 30 7 
above or to the left of it. 9 14
You can only use the digits 1-9 3 9 17  
  and you must not use the
6 13 23
45   
same digit twice in a block.
   The same digit may occur 3 15 13  
28 24 10
    more than once in a row or
column, but it must be in a
20
11 13
13

11 8
   separate block.
14 8 10 
45
  24 34


  ACROSS DOWN
1 Make insensitive (6) 1 More lacking in honour
   
  WORDWHEEL E O
6 Of the eyes (6)
7 Cover in which a
or morality (5)
2 Ideal place (6)
Using only the letters in the Wordwheel, you have corpse is wrapped (6) 3 Augur (4)
 ten minutes to find as many words as possible,
C R 10 Outgrowth (9) 4 Unsure and constrained
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters R 12 Send (payment) (5)
in manner (3,2,4)

LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
T R 13 Girl’s name (7)
5 Bottle that holds oil or
vinegar for the table (5)
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
F A 16 Averse (5)
8 Acting violently, recklessly
18 Plans and controls or destructively (9)
QUICK CROSSWORD 4 2 3 1 2 5 1 how a complex
F A B R I C T D
9 5 7 4 8 7 8 2 SUDOKU          undertaking
9 Improvement (6)
A I A E R I A L
6 1 2 1 5 4 6 3
         is done (9) 11 Pinned down (6)
C O S M O S O T 8 7 9 8 6 9 5
        
I H S K I L L E D 7 4 3 6 9 8 20 Most peculiar (6) 14 Scandinavian (6)
        
A T O L L L D 3 8 9 1 7 5
2
21 Lime tree (6) 15 Beautiful young
WORDWHEEL
L P I O N E E R G         
1 5 2 4
9 7
M T M Y O P E          woman (5)
S A M U R A I T N
6 9 7 8 1
3 6 22 Largest island in the
        
J R C R E A T E
3 8 6 7 9 5 7 9 The nine-letter word was Mediterranean (6) 17 With vehemence (5)
D O D G E M T R 1 3 2 4 2 1 3 5         
R Y E U R E K A 2 7 4 9 3 6 8
VIGILANCE          19 Long periods of time (4)
 Punter
28 CITYA.M. 17 MARCH 2011

| Cheltenham

RACING TRADER BILL ESDAILE TAKES A LOOK AT THE DAY’S OTHER RACES

Quartz to land Plate

Venetia Williams’
Quartz de Thaix can
win Byrne Group
Plate

T
HE Byrne Group Plate (4.00pm) is a
fiendishly difficult handicap to
unravel, but it’s always worth keep-
ing an eye out for Venetia Williams’
runners in races like this.
She saddles the progressive chaser
QUARTZ DE THAIX this afternoon and he
must have a big chance at 15/2 with
Sportingbet.
He has some excellent hurdles form in
the book and put in an impressive display
over fences last time at Newton Abbott.
He has to carry 11st2lb which is a slight
concern as 14 of the last 16 winners car-
ried less than 11st, but he doesn’t have a
massive weight and has won at
Cheltenham in the past.
Gordon Elliott runs Beautiful Sound in
the race and he would be my idea of the
biggest danger.
I wouldn’t put anyone off a small each-
way bet on him at 12/1 with Victor
Chandler, as he has a lovely racing weight
and Jason Maguire takes the ride. Aigle
D’Or deserves to be favourite with AP
McCoy in the saddle, but I’m not sure how
well handicapped he is.
The Kim Muir (4.40pm) is another
treacherous handicap, but I always look
for Jonjo O’Neill’s runners in long
distance handicaps and CAN’T BUY TIME
fits the bill in this race. He is a nine-year-
old and that age bracket has won five of
the last eight renewals and it also isn’t a
disadvantage that he’s top weight as the
last two winners have been at the top of
the handicap.
David Pipe’s Junior aims to become a
Royal Ascot and Cheltenham Festival win-
ner, but he’s around 6/1 and I’d rather
stick with Can’t Buy Time at 16/1 with
William Hill.
Punters haven’t done well in the
Pertemps Final recently with the last
seven winners all returning double figure
prices, including two 50/1 shots. Willie
Mullins’ Sivota is very interesting off
10st7lb as six of the last seven winners
have carried less than 11st. David Pipe also
has a live chance in Chartreux who is
unexposed.
However, the two I like are last year’s
winner BUENA VISTA and the 2009 hero
KAYF ARAMIS. They have both performed
brilliantly in this race and I’m sure this
has been the target all season.

POINTERS...
BUENA VISTA e/w 2.05pm Cheltenham
KAYF ARAMIS e/w 2.05pm Cheltenham
QUARTZ DE THAIZ e/w 4.00pm Cheltenham
CAN’T BUY TIME e/w 4.40pm Cheltenham
 Punter
CITYA.M. 17 MARCH 2011
RACING TRADER BILL ESDAILE TAKES A LOOK AT THE RYANAIR AND JEWSON
Poquelin set to go one
better than last year
I
T will be interesting to see how many
of the 14 declared for this
afternoon’s Ryanair Chase actually
line-up come 2.40pm. Captain Cee
Bee, Somersby and Rare Bob all look cer-
tain non-runners which means a maxi-
mum field of 11.
As the ground continues to dry out, the
most obvious starting point is last year’s
winner Albertas Run. He was hugely
impressive 12 months ago and if he comes
here in the same form, he is certainly the
one they all have to beat. However, that
really is the big ‘if’ as he has been woefully
out of form so far this campaign. He was
pulled up on his most recent start and
took a horrific fall at Ascot before that. It’s
not clear whether that spill has left its
mark, but at just 11/2 with Sportingbet,
I’m prepared to leave him alone.
Kalahari King is another who is now
painfully short at 7/2 with Victor
Chandler and even though he holds all
the right credentials, he’s not guaranteed
IN-RUNNING TRADING HINTS
T
he world and his wife knows that
Big Buck’s runs in snatches and
for that reason he never seems to
trade artificially big in-running.
I’m therefore interested in watching
the market on Grands Crus, supposedly
his biggest danger, particularly at the
top of the hill.
There is every chance that he will
have them all on the stretch at that
WHAT ARE YOU WAITING FOR?
LOG-ON TO BETDAQ FOR CHELTENHAM AND BET IN-RUNNING AT JUST 2%
COMMISSION* WWW.BETDAQ.CO.UK 0870 178 1221 *UK AND IRISH RACING ONLY
to stay. In my eyes, that leaves last year’s
runner-up POQUELIN as the most likely
winner. He was well beaten by Albertas
Run when favourite last year, but has
undoubtedly improved. He won the Vote
AP Gold Cup (formerly the Boylesports) on
his most recent start, but did so off a 12lb
higher mark than the previous year. The
ground, trip and track all suit and he
looks a cracking bet at 11/4.
The opening race on the card this after-
noon sees the inaugural running of the
Grade 2 Jewson Novices’ Chase over two
and a half miles. Philip Hobbs, who
landed Tuesday’s Arkle Chase with
Captain Chris, saddles Wishfull Thinking
who is Paddy Power’s 3/1 favourite.
He was a 5/1 shot before Captain
Chris ran and is now artificially short,
although hugely respected, on his recent
course win in a hot looking handicap on
Trials Day.
The two horses that catch my eye are
the Nicky Henderson trained Mr Gardner
point, but if he fails to settle like he did
in the Cleeve Hurdle, I’d be amazed if
he gets home. He looks perfect lay-in-
running material as he could easily
trade at a silly price when there may
not be much left in the tank.
I’m also interested in a possible back-
to-lay trade on Mourad as he looks sure
to trade at a far shorter price than the
11.5 currently available on Betdaq. Paul
29
| Racing
and Irish raider NOBLE PRINCE. Now, the
former ran a cracker at Sandown last time
behind Captain Chris (and Medermit) and
that form doesn’t look too bad now. He
also made a terrible mistake at the second
last in that race and ran up Sandown’s
hill with half the fence in his face! Yet, he
was 12/1 a week ago and is now as short as
11/2 with William Hill.
Therefore, I’d rather side with Paul
Nolan’s Noble Prince at 5/1 with
Sportingbet as he has the Grade One form
in the book – he was beaten a nostril by
Realt Dubh in the Irish Arkle and he ran
well here on Tuesday.
He handled the track well 12 months
ago when just missing out on a place
in the County Hurdle and would relish
any rain.
POINTERS...
NOBLE PRINCE Cheltenham 1.30pm
POQUELIN Cheltenham 2.40pm
Townend will sit motionless for a lot
longer than the bulk of his rivals and
the market will surely reflect that.
Look out for Kalahari King trading
too short in-running at the business
end of the Ryanair Chase. Ferdy
Murphy’s charge may well come there
cantering two fences from home, but
he is not guaranteed to get home and is
decent lay material.
 30 Punter | Racing CITYA.M. 17 MARCH 2011

BIGGER SP
ALL IRISH TRAINED WINNERS
RACING TRADER BILL ESDAILE TAKES A LOOK AT THE WORLD HURDLE

PAYS 5/1
SP BOOSTED 2 MARKET MOVES E.G. 4/1

4/1
PLUS
4/1 Walsh and Nicholls to
POQUELIN

RYANAIR CHASE
2 miles 5 furlongs, Cheltenham 2.40pm, Live on C4.
GRANDS CRUS
rule the World again
4 Poquelin 12 Voy Por Ustedes

T CHELTENHAM TODAY
HE Ladbrokes World Hurdle has
9/2 Kalahari King 14 Rubi Light been won by some brilliant horses live on Channel 4
11/2 Albertas Run 16 Hey Big Spender in the past decade. Both Baracouda GOING: GOOD (Good to Soft in places) supplied by RACING POST
6 Somersby 20 Captain Cee Bee and Inglis Drever thrilled the
13/2 J’y Vole 20 Roberto Goldback crowds with their withering late runs, but 3.20 LADBROKES WORLD HURDLE GRADE 1 3m £148,226
8 Gauvain 33 Breedsbreeze this afternoon BIG BUCK’S has the poten-
1 214224 ANY GIVEN DAY (26) 6 11-10 J M Maguire
10 Tartak 50 Rare Bob tial to permanently etch his name into the
Cheltenham history books. Andy Stewart’s D McCain T G Leslie
Each way ONE-QUARTER the odds a place 1, 2, 3. eight-year-old has won all 10 of his hurdle
No Rule 4 will apply if Somersby does not run. 2 11-4851 ASHKAZAR (75)(CD) 7 11-10 T J Murphy
starts in this country and has never even
looked close to getting beat in any of those D Pipe D A Johnson
LADBROKES WORLD HURDLE races. 3 41-4456 BERTIES DREAM [PH] (32)(CD) 8 11-10 A E Lynch
Paul Nicholls, as with all his horses,
3 miles, Cheltenham 3.20pm, Live on C4. P J Gilligan Ire Half A Keg Syndicate
bought Big Buck’s to become a chaser and
Evs Big Buck’s 40 Restless Harry he was hugely disappointed when Sam 4 1111-11 BIG BUCK’S (78)(CD) 8 11-10 R Walsh
4 Grands Crus 50 Any Given Day Thomas unseated late on in the 2008 P Nicholls The Stewart Family
9 Fiveforthree 50 Cross Kennon Hennessy Gold Cup. The champion trainer
felt that the horse’s confidence might 5 F33321 CELESTIAL HALO [B,TH] (18)(C) 7 11-10 H Skelton
9 Mourad 50 Powerstation
have taken a blow from that and he took P Nicholls The Stewart Family
15 Zaynar 66 Berties Dream what is now accepted to be a master
33 Ashkazar 100 Rigour Back Bob stroke by running him over the smaller 6 6-61B21 CROSS KENNON (26)(C)(D) 7 11-10 A O’Keeffe
33 Celestial Halo 100 Souffleur obstacles. J Candlish P and Mrs G A Clarke
Each way ONE-QUARTER the odds a place 1, 2, 3. There aren’t enough superlatives to
7 212/1-1 FIVEFORTHREE (29)(C)(D) 9 11-10 D J Casey
describe this horse and he will be many
people’s banker bet of the meeting. Ruby W Mullins Ire Olde Crowbars Syndicate
JEWSON NOVICES´ CHASE Walsh has even said that he might be 8 212-111 GRANDS CRUS [T] (47)(CD) 6 11-10 T Scudamore
2 miles 4 furlongs, Cheltenham 1.30pm, Live on C4. good enough to win a Champion Hurdle.
So what can beat this machine? Well, it D Pipe Roger Stanley & Yvonne Reynolds III
7/2 Wishfull Thinking 14 Mr Thriller certainly isn’t going to be a walk in the 9 213-411 MOURAD (48)(D) 6 11-10 P Townend
9/2 Noble Prince 16 Bouggler park and the biggest threat according to W Mullins Ire Teahon Consulting Limited
6 Mr Gardner 16 Mr Cracker the betting is David Pipe’s progressive
6 Robinson Collonges 25 Radium Grands Crus. 10 9-10825 POWERSTATION (48)(D) 11 11-10 D N Russell
7 Loosen My Load 66 Cootehill An easy winner of a competitive handi- E O’Connell Ire Fat Frog Syndicate
12 Blazing Tempo cap hurdle at the Paddy Power meeting in
November, the grey has gone on to run 11 1-33733 RESTLESS HARRY (47)(C) 7 11-10 H Oliver
Each way ONE-QUARTER the odds a place 1, 2, 3. away with a handicap at Haydock and R Dickin R G Whitehead
then demolished a strong field in the
PERTEMPS FINAL Grade Two Cleeve Hurdle over today’s 12 146132 RIGOUR BACK BOB (32)(D) 6 11-10 Andrew J McNamara
course and distance. That form was boost- E O’Grady Ire Gaticoma Syndicate
3 miles handicap hurdle, Cheltenham 2.05pm, Live on C4. ed by the run of Bensalem in Tuesday’s 13 P04122- SOUFFLEUR (343)(D) 8 11-10 Tom O’Brien
7 Chartreux 20 Mr Moonshine Spinal Research Chase and there’s no
doubt that he is a very exciting horse. P Bowen Mrs Karen Bowen W Bryan Mr & Mrs J Timmons
8 Sivota 22 Barwell Bridge
However, I’m concerned that his best
9 Barafundle 22 Don’t Push It form has been with plenty of cut in the
14 1233-44 ZAYNAR [P] (96)(C)(BF) 6 11-10 B J Geraghty
12 Rivage D’Or 22 Gwanako ground. He also tends to pull very hard in N Henderson Men In Our Position
14 Alfie Spinner 22 Micheal Flips the early stages of his races and he’s never S.P. F’CAST: Evens Big Buck’s, 5-2 Grands Crus, 9 Mourad, 12 Fiveforthree, 16 Zaynar, 25 Ashkazar,
14 Lush Life 25 Heavenly Blues taken on anything with nearly as much Celestial Halo, 40 Any Given Day, Cross Kennon, Restless Harry, 50 Berties Dream, Powerstation,
14 Son Amix 25 Mobaasher ability as Big Buck’s, so I’ll be looking to 66 Souffleur, 100 Rigour Back Bob.
15 Buena Vista 25 Pause And Clause lay him in runing on Betdaq.
We saw from last year’s Gold Cup that
16 Knockara Beau 25 Queiros Bleu it’s dangerous to consider any race at the as well as at 4/1 in Paddy Power’s without think about, though, and I can’t see him
18 Tarablaze 25 Viking Blond Festival as just a two-horse affair. Willie Big Buck’s market. An excellent fourth in being out of the first three. I’d also favour
20 Duke Of Lucca 33 Working Title Mullins is already amongst the winners the 2009 Triumph Hurdle, he showed him in a Sporting Index match bet with
20 Kayf Aramis 50 Essex this week and he has two live contenders that day that he can handle this unique stablemate Fiveforthree.
Each way one-quarter the odds a place 1, 2, 3, 4. in this race that both have the potential to track and he has looked top quality in Don’t forget that you can follow me
Above races: Prices subject to fluctuation. In the event of any withdrawal(s), S.P place
put it up toBig Buck’s and Grands Crus. Ireland this year. Followers of this live from the track during the Festival on
terms and Tattersalls Rule 4(c) will apply based on these prices. Non-Runner-No Bet. Fiveforthree won the Neptune Investment column will already have backed him Twitter @BillEsdaile.
Novices’ Hurdle in 2008 and has been ante-post, but the reason behind the con-
plagued by injury since then. fidence is that his trainer has always said POINTERS...
However, he was a ready winner on his he will improve massively for better
first start over three miles last month and ground. BIG BUCK’S 11/10 with Victor Chandler
his trainer is a master at getting horses to I’m not sure if Mourad can beat Big
peak on the big stage. MOURAD is Mullins’ Buck’s and the champion is a great bet at
STAKE JUST £30
NEW ONLINE AND PHONE CUSTOMERS – Place a bet of between
other runner and he is definitely worth
backing each-way at 9/1 with Sportingbet,
11/10 with Victor Chandler. Mullins’ run-
ner can definitely give him something to
MOURAD e/w
MOURAD w/o Big Buck’s
9/1 with Sportingbet
4/1 with Paddy Power

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S
ome runners have been a bit disap-
pointing this week, none more so
than Time For Rupert in yesterday’s
RSA Chase. Let’s hope the picks
williamhill.com 0800 44 40 40 today all run to form. In the Jewson
Novices’ Chase there are two standouts to
my eye, the likely favourite WISHFULL
THINKING (5% Win) and the Paul Nicholls-
VISIT WILLIAMHILL.COM ON YOUR MOBILE trained Robinson Collonges. We just
missed out on a forecast yesterday and I
*Free Bet is a win single added to your account on settlement of first bet. Free Bet must be on a different see no reason to stop trying with a 2% CSF
event to the initial stake. Free Bet stake not included in any winnings/returns, valid for 7 days. Correct promo
code must be used. All prices subject to fluctuation. William Hill rules apply. Over 18s only. Prices correct as at
on these two likely types. The only
6.00pm yesterday. FOR ADVICE & INFORMATION VISIT WWW.GAMBLEAWARE.CO.UK concern I have is that neither herald from
an Irish stable which is looking more and
more necessary if you are to take the
money from the bookies!
The 24 runners in the Pertemps Final at
2.05pm set a very difficult puzzle. I really
wouldn’t be surprised to see old favourites
Buena Vista and Don’t Push It run well
but my money will be on the bottom
weight CHARTREUX (5% e/w) for the David
Pipe team. With just a few miles on the
clock this son of Colonel Collins may be
thrown in off a light weight. Get on early
as a Pipe plunge may come.
The big race of the day is the Ladbrokes
World Hurdle at 3.05pm. Most punters are
going to be split between the Nicholls /
Pipe camps. Big Buck’s is rated the best
and has proved on this stage to be a great
champion, however, he hasn’t possibly
met anything in the GRAND CRUS (10%
Win) league and I’m firmly of the belief he
can get turned over. This could be a great
day for Pipe. Other picks are POQUELIN
(2% Win – 2.40pm), AIGLE D’OR (2% Win –
4.00pm) and SADDLERS STORM (2.5% e/w
– 4.40pm).
CITYA.M. 17 MARCH 2011 Sport 31

Carlo: Goals will come Windies to capitalise

on homesick England
CHELSEA 0 Torres was dropped

▲
CRICKET birth, may be hankering for home.
to the bench last
night BY JAMES GOLDMAN “It’s a good time to play England,”
said Sammy, whose team have won
FC COPENHAGEN 0 Picture: GETTY WEST INDIES will look
to exploit the feeling
their last three matches. “Obviously
they’ve been on the road for a
Chelsea win 2-0 on aggregate that England are long time.
already “mentally on “Apparently they’ve been
▲

FOOTBALL the plane home” home for four days in

BY JAMES GOLDMAN when the teams five months. That’s
meet in their something that will
CHELSEA manager Carlo Ancelotti decisive World be on their minds.
defended his misfiring strikers after Cup clash today, “In order for
his three main men failed to find a according to them to stay,
way past FC Copenhagen in last Windies skipper they’ve got to
night’s Champions League stalemate. Darren Sammy. win, or maybe
Having gone five games without a Andrew Strauss’s battle some of them
goal for his new club since his record- weary side must beat the men will want to go
breaking £50m move from Liverpool, from the Caribbean in order home to their
Fernando Torres was dropped to the to keep alive hopes of making families. You
bench last night, but neither Didier it to the quarter-finals. never know.”
Drogba or Nicolas Anelka impressed The majority of the West Indies
in his place. England squad have been have, mean-
Torres replaced the Frenchman on tour for five months, if while, been
after 65 minutes but was again you include their Ashes boosted with
unable to break his duck against winning campaign in the news that
modest opposition as Chelsea pro- Australia, and Sammy destructive
gressed to the last eight without believes the likes of Graeme opener Chris Gayle
building on their 2-0 win in Denmark Swann, James Anderson and has been passed fit to play
three weeks ago.
Of their three principle strikers
Mourinho and Real Paul Collingwood, whose
wives have all recently given
having recovered from an
abdominal strain.
only Anelka, with his brace in
Copenhagen, has managed to get on
too good for Lyon
the scoresheet since Torres’ arrival, “I will decide game by game who REAL MADRID progressed to
but Ancelotti is confident the goals plays, all the players are fit. The last the quarter-finals of the
will flow sooner rather than later. game Salomon Kalou was important Champions League for the first
He said: “They are all fantastic play- for us in Blackpool, and in the time in seven years following a
ers, we have a fantastic squad. We Champions League first leg Anelka 3-0 win over Lyon last night.
obviously need to be more precise in scored two goals.” The Spanish side, who drew
front of goal, but these are little Chelsea dominated their oppo- the first leg 1-1 in France, will
details. nents but were unable to find the be a side to avoid in tomor-
“We didn’t need to score today killer touch in front of goal with John row’s draw following goals
because we won 2-0 in the first leg. Obi Mikel coming the closest to scor- from Marcelo, Karim Benzema
We had a lot of opportunities, we ing with a second-half header which and Angel di Maria.
played well and had 24 shots. hit the crossbar.

Bulletproof Big Bucks SPORT | IN BRIEF

looks best in the World Tindall strained ligament

RUGBY UNION: England manager
Martin Johnson is expected to
confirm captain Mike Tindall will
miss the RBS 6 Nations Grand
Slam showdown with Ireland
head in front. He’s been crying out for when he names his team today.
the step up in trip and his trainer is as Tindall suffered an ankle ligament
good as there is for the big occasion. strain in England's 22-16 victory
The World Hurdle is the feature over Scotland last weekend and
race and it’ll take something very spe- is understood to have been ruled
cial to dethrone Big Bucks. Many have out after undergoing an MRI
been looking to pick holes in the scan and visiting a specialist.
champ but for me he is bulletproof. I Matt Banahan is set to fill
TIPS FROM THE TOP WITH just don’t see any chinks in his Tindall's boots at outside centre -
armour and he’s arguably the prover- only his second Test start in the
PADDY POWER bial penalty kick of the whole week. position - with Nick Easter likely
The other races are hard to call but to take over as captain. Ireland,

O
n St Patrick’s Day there is no I do have a leaning for Sivota in the meanwhile, have selected
other place to be than Pertemps Final and Saddlers Storm in Jonathan Sexton at fly-half for
Cheltenham with a drop of the the Kim Muir. Both are Irish dark the tournament finale.
black stuff. And I think we’ll be horses and being trained by Willie
seeing a couple of Irish winners too. Mullins and Tony Martin respective- Newham raising the roof
Poquelin will be all the rage in the ly – ignore them at your peril. OLYMPICS: Newham council say
Ryanair Chase after some high profile that the roof of the Olympic
challengers dropped out but I think it aquatics centre would have to be
might be Kalahari King who gets his removed and replaced to avoid
becoming a huge financial burden
after the Games. Mayor of

Results Newham Sir Robin Wales says

the wooden roof that covers the
aquatics centre would need
:?<CK<E?8D=<JK@M8C L<=8:?8DG@FEJC<8>L<IFLE;F=
(-J<:FE;C<> replacing, or maintenance
(%*'(:_`ZX^f>i\pDi;\i\bFËZfeefi ,$(=Xm)9\j_XYXiDi
Kfd;Xm`[ 0$(*9\K_\i\@e=`m\DiJNXc\p$:f_\e )'$(%)%',( :_\cj\X%%%%%%%%%%%%%%%%%%'  ' =::fg\e_X^\e%%%%%%%%%'  ' subsidised by central govern-
=`ijkC`\lk\eXek;EIljj\cc .$()IfZbFeIlYp;AXZfY (*$)* 8^^1)$'% ment, in order to make it a
JfPfle^INXcj_ )$(=Xm%)%+'(9fjkfej8e^\cIDGfn\i  I\XcDX[i`[%%%%%%%%%%%(  * Cpfe%%%%%%%%%%%%%%%%%%%%%%%%%%%%'  ' viable option. Architect Zaha
(-$()A\jj`\j;i\XdKADlig_p ('$(*NXpnXi[Gi`eZ\8G DXiZ\cf*.#9\eq\dX-- 8kk1.-#+/0
;`DXi`X.- 8^^1+$(% Hadid’s creation has seen the cost
DZZfp (,$)%*%)'(J`q`e^<lifg\8<CpeZ_ ('$()9`^Q\Y9A
>\iX^_kp *$(*:XgkX`e:\\9\\8GDZZfp (+$(%+%''(:Xic`kf J:FKK@J?:LGJ@OK?IFLE; of the aquatics venue more than
9i`^Xek\;EIljj\cc (-$()9fk_p;Xeep:ffb ()$(*Fij`gglj @em\ie\jj:K%%%%%%%%%%(  ( :\ck`Z%%%%%%%%%%%%%%%%%%%%%%%%%%%(  ) double to £248m. “A wooden
;A:fe[fe **$(+9Xkkc\>iflgKJZl[Xdfi\ **$(%+%+'(N_Xk roof above a chlorinated pool ter-
8:_XidGKfne\e[ 0$()BldY\j_nXi:_Xic`\?loc\p **$(* J:FKK@J?:LGJ@OK?IFLE;I<GC8P
;_XX]\iIK_fiekfe (-$(+GcXe8G:XiY\iip +$(=Xm%,%(,( 8Y\i[\\e%%%%%%%%%%%%%% )  ) JkD`ii\e%%%%%%%%%%%%%%%%%%%'  ( rifies the life out of us,” said
:_\ck\e`XeIAf_ejfe (+$();\jkifp\i;\gcfp\[8:fc\dXe  :CP;<J;8C<98EBGI<D@<IC<8>L< Wales. “If we are involved we
--$(*8lgZ_Xic`\DiAGDZb\fne **$(% ;le[\\Lk[%%%%%%%%%%%'  ) ?\Xikj%%%%%%%%%%%%%%%%%%%%%%%%'  ' would be expecting maintenance
problems to be dealt with by
email sport@cityam.com other people.”
 Sport
32 CITYA.M. 17 MARCH 2011

CHELSEA THROUGH BUT AN

OLD FRIEND LIES IN WAIT
MOURINHO’S MADRID MAKE
QUARTER FINALS, TOO: P31

THRILLER AT THE COTTAGE

Champion
FA chiefs hit display from
Sir Alex with Lynch and
Sizing Europe
five game ban

▲
HORSE RACING
BY JAMES GOLDMAN
Saturday’s league visit from Bolton. SIZING EUROPE capped a fantastic
▲

FOOTBALL
BY FRANK DALLERES
MANCHESTER UNITED manager Sir
Alex Ferguson will be consigned to
the stands for the entire month of
April after Football Association chiefs
threw the book at him for repeatedly
criticising referees.
Ferguson has been ordered
to serve a five-match
touchline ban and pay
a hefty fine of
£30,000 for remarks
he made about ref-
eree Martin
Atkinson follow-
ing his side’s
defeat at Chelsea
earlier this month.
He will not be
allowed in the dugout
for the FA Cup semi-
final against local rivals
Manchester City at Wembley, as
well as Premier League matches
against West Ham, Fulham, Everton
and their closest title rivals Arsenal.
The suspension comprises three
games for improper conduct plus two
matches suspended for his criticism
of another official, Alan Wiley, follow-
ing a draw at home to Sunderland
last season.
Ferguson will have 48 hours to con-
sider an appeal once the FA decision
arrives at Old Trafford today, mean-
ing his ban will not start until after
If he appeals and fails, his ban,
which does not extend to the dressing
room, could be extended by another
game, meaning he would miss a
potentially decisive fixture against
Chelsea at Old Trafford.
The FA acted after Ferguson (inset)
called Atkinson’s impartiality into
question after the 2-1 loss at
Stamford Bridge, saying: “You
want a fair referee, or a
strong referee anyway,
and we didn’t get that.”
The punishment is a
fresh setback just as
United seemed to have
recovered from a rocky
patch, overcoming suc-
cessive league defeats to
Chelsea and Liverpool
with wins over Arsenal in
the FA Cup and Marseille in
the Champions League.
Robson in cancer fight
DOCTORS are confident that former
England and Manchester United cap-
tain Bryan Robson will recover after a
cancerous tumour was found and
removed from his throat. Robson, 54,
who earned the nickname Captain
Marvel and currently coaches the Thai
national team, has been told he needs
further treatment.
day for the Irish at Cheltenham as the
10-1 shot landed the Queen Mother
Champion Chase in impressive style.
Last year’s Arkle winner led from a
long way out for jockey Andrew
Lynch and battled on bravely to hold
the title-holder and 3-1 jolly Big Zeb.
Captain Cee Bee was third and
Golden Silver next as the Irish filled
the first four places in the day two
highlight and won six of the seven
races on the card overall.
Dual winner Master Minded lost
any chance with a bad mistake at the
Andrew Lynch helped
Sizing Europe cause
something of an upset
in the Queen Mother
Champion Chase
second-last and he was eased after-
wards by Ruby Walsh.
Lynch said: “I’m delighted and the
horse jumped an awful lot better
today. He travelled really well and I
was afraid something might just
quicken past me up the straight, but
he’s a hardy boy.
“Henry [de Bromhead] always said
he wanted a strongly-run, two-mile
race, and this is the only race all year
FULHAM have announced plans to unveil a statue of deceased pop icon Michael Jackson that suits him.”
outside Craven Cottage next month, on 3 April. Cottagers chairman Mohamed Al Fayed, Trainer De Bromhead added: “He’s
a friend of the superstar, had planned to house the memorial, which may look like the one a good horse to have around and it's
above, in Harrods but has switched venues having sold the store last year. Picture: GETTY been an unbelievable week.”