Cityam 2012-03-01

BUSINESS WITH PERSONALITY
THE NEW JOBSITE

FOR LONDONS PROFESSIONALS
ftfftI.tem
FTSE 100 5,871.51 -56.40 DOW 12,951.61 -53.51 NASDAQ 2,966.89 -19.87 /$ 1.59 unc / 1.19 +0.01 /$ 1.33 -0.02
Barclays in
key hiring
from rival
BARCLAYS Capital has demonstrated
its ambition to become a leading play-
er in UK investment banking, hiring
Mark Astaire, head of corporate
broking, from rival Bank of America
Merrill Lynch.
Astaire, who is now on three
months gardening leave, joins his for-
mer colleague Richard Taylor at
BarCap, where he will be charged with
driving the team further up the
league tables. Taylor is head of invest-
ment banking for UK and Ireland.
BarCap, whose broking team
includes former UBS star Jim
Renwick, is already broker to eight
FTSE 100 companies, including
Resolution, British Airways owner IAG
and Legal & General. In the past few
weeks it won the brokership of Tullow
Oil away from Bank of America
Merrill Lynch and Hoare Govett.
The team has won 26 mandates
since March 2010 in its push to
become one of the top three corpo-
rate brokers.
Corporate broking is not in itself a
profit-driving business, but it is an
activity that encourages long-term
relationships with clients that often
leads to other profitable opportuni-
ties such as M&A work.
Astaire, who is in his early 50s, and
whose clients include BSkyB and Wm
Morrison, will be vice chairman of
investment banking for Europe and
the Middle East. Formerly at Hoare
Govett, Astaire has been at Merrill
Lynch for seven and a half years.
BY DAVID HELLIER
BANKING
Ben Bernanke lowered expectations for more monetary easing yesterday, owing to positive signs in the American economy
GOLD plummeted yesterday as traders
gambled that the American recovery
is set to rule out further monetary
stimulus, dubbed QE3.
Federal Reserve chief Ben Bernanke
appeared more upbeat than usual
during his testimony to politicians in
Washington DC, giving no hint that
more quantitative easing is on the
cards.
Ultra-loose money has previously
been one of the drivers of high pre-
cious metal prices as the dollar is
devalued and economic worries see
investors turn to safe haven assets.
But yesterday the greenback hit ses-
sion highs against the euro following
Bernankes comments. Gold sank
around five per cent to below $1,690
an ounce, while silver also lost over
five per cent.
The US economy grew by a better
than expected three per cent annu-
alised in the fourth quarter of last
year, according to official data
released yesterday.
The Fed expects the economy will
expand at or somewhat above the
pace registered in the second half of
last year, which was 2.25 per cent
year-on-year.
And last night the Feds Beige Book
a survey of business conditions in a
dozen American districts struck a
cautiously optimistic tone.
GOLD SLUMPS AS
FEDCOOLS ON QE3
BY JULIAN HARRIS
WORLD ECONOMY
www.cityam.com Issue 1,582 Thursday 1 March 2012

Overall economic activity contin-
ued to increase at a modest to moder-
ate pace in January and early
February, the Book said.
Reports of consumer spending
were generally positive except for
sales of seasonal items, and the sales
outlook for the near future was most-
ly optimistic.
Manufacturing and services have
both begun the year on a reasonably
strong footing, the survey suggested.
Bernanke had earlier cited some
positive developments in the labour
market, during his testimony. The
decline in the unemployment rate
over the past year has been somewhat
more rapid than might have been
expected, he said.
Unemployment in the worlds
largest economy remains elevated,
Bernanke stressed, after describing
the recovery as uneven and modest
by historical standards.
But even that is more upbeat when
compared with the frustratingly
slow language he had been using in
recent speeches, noted Paul
Ashworth of Capital Economics.
[Bernankes] statement that
employment is recovering at a better-
than-expected rate implies that if
quantitative easing is coming, it wont
be for a while, said Steve Scacalossi,
director of global precious metals at
TD Securities. NASDAQ AT 3,000: P2
Certified Distribution
02/01/12 till 29/01/12 is 92,258
JAMES Murdoch has quit his job as
executive chairman of News
International, in a move that cements
his exit from the British newspaper
industry and his recent relocation to
parent firm News Corps New York
headquarters.
A News Corp statement said his
departure would allow him to concen-
trate on the companys expanding
global television branches.
Murdoch Junior will remain as
deputy chief operating officer at News
Corp and chairman of BSkyB.
In the last year, the outgoing
Murdoch has overseen the closure of
the News of the World amid an ongo-
ing investigation into illegal phone
hacking, and he has appeared twice in
front of a parliamentary inquiry into
the matter.
James Murdoch resigned as chair-
man of News Group Newspapers, the
holding company of News
Internationals publications, in
November.
His resignation yesterday comes
hours after News Corp president
Chase Carey indicated that the board
has looked at the possibility of selling
the groups newspaper unit. But he
said the focus right now was on
improving their profitability.
BY LAUREN DAVIDSON
MEDIA
FREE
James Murdoch quits as News International chairman
News
2 CITYA.M. 1 MARCH 2012
Nasdaq hits
3,000 at last
THE NASDAQ Composite index
skimmed the 3,000 mark yesterday for
the first time in over a decade, pro-
pelled by Apples surge, before sinking
back below the line.
In a hopeful hint that investor faith
could be returning to a pre-dotcom
level the Nasdaq was last above 3,000
as the shutters closed on the internet
bubble in 2000 the index touched
3000.11 in yesterdays trading.
But the triumph was short-lived, as
Federal Reserve chairman Ben
Bernanke gave no indication of consid-
ering further measures to spur the
economy.
This sent a chill through the mar-
kets. The Nasdaq closed at 2966.89
down almost 20 points on the previ-
ous days close.
The Nasdaq historically attracts
technology stocks, adding Zynga and
Groupon to its list last year in a string
of high-profile tech IPOs.
Apple floated on the Nasdaq in 1980
and has since become the worlds
most valuable company, with a mar-
ket cap of $504.4bn (316.3bn).
Apple, which has grown its stock by
a third since the start of the year,
accounts for 11 per cent of the Nasdaq
Composite.
And all eyes will be on Facebooks
imminent float, to see whether it
plumps for the Nasdaq or NYSE.
BY LAUREN DAVIDSON
CAPITAL MARKETS
ATTARA CAPITAL TO LIQUIDATE

OPERATIONS
Attara Capital, the hedge fund co-
chaired and founded by Nat
Rothschild and the successor to the
now-defunct activist fund Atticus
Capital, is to liquidate its operations.
Attara, which is run by David Slager,
a former Atticus partner, is shutting
as a result of adverse trading condi-
tions and difficulty raising new
money from investors, people close
to the fund told the Financial Times.
RASPBERRY PI COMPUTERS SELL OUT
ON LAUNCH
A 22 mini-computer, aimed at help-
ing children learn programming
skills, was sold out within hours of
its UK launch yesterday. The
Raspberry Pi is a credit card-sized
motherboard, sold without a case,
which can be connected to a TV,
monitor, mouse or keyboard.
FACEBOOK SHOWS OFF ITS NEW
MARKETING TOOLS
Facebook pitched a series of new
marketing tools to advertisers yester-
day, including mobile advertise-
ments and more sophisticated
Facebook pages for businesses, as it
attempts to increase its appeal to
marketers before its launch as a pub-
lic company in the coming months.
The social networks first big event
for advertisers, held in New York,
will generate new business not only
for itself but also for its range of
third-party advertising and market-
ing intermediaries.
MISS MARPLE GOES TO SOLVE DEBT
PROBLEM
Acorn Media, a DVD publisher, struck
a deal yesterday to buy 64 per cent of
the Agatha Christie canon from the
troubled intellectual property group
Chorion, which has been selling off
assets to repay its debts. The transac-
tion includes ownership of 80 novels
and short-story collections, 19 plays
and a library of 40 television films.
NEW LOOK LOSES CREATIVE DIRECTOR
The creative director of New Look has
left the company, months after it lost
its second-in-command. Barbara
Horspool is leaving a year after she per-
formed a U-turn by reversing a deci-
sion to take a role with Oasis.
JAMES MURDOCH COULD LOSE JOB AS
SKY CHAIRMAN AFTER NEWS INT EXIT
One of BSkyBs biggest investors has
warned that James Murdochs exit
from News International suggests he
will soon also lose his position as chair-
man of the pay-TV broadcaster. Mr
Odey, whose fund Odey Asset
Management owns 2.7 per cent of
BSkyB, said Wednesdays move suggest-
ed Mr Murdoch was now out of favour
in the News Corporation empire.
WORRIED ITALIANS FLOG OFF THEIR
SUPERCARS
Wealthy but worried Italians are sell-
ing off their Porsches, Ferraris and
other luxury cars at a record rate to
avoid the scrutiny of tax inspectors.
ARGENTINA MOVES TO SNUB UK GOODS
Argentinas government asked compa-
nies to stop importing products from
the UK in the latest escalation of ten-
sions between the countries over the
Falkland Islands. Industry Minister
Dbora Giorgi has called 20 of the
nations top executives and asked
them to replace goods from the UK.
FTC ATTORNEY TO JOIN MICROSOFT
A senior Federal Trade Commission
attorney who led several of the
agencys antitrust investigations into
Google has been hired by the compa-
nys archrival, Microsoft. Randall Long
will take the helm of the software
giants regulatory affairs department
at the end of March.
WHAT THE OTHER PAPERS SAY THIS MORNING
Entrepreneurs finally fighting back
BUSINESS people have a tendency to
run scared of political debate. They
rarely want to criticise politicians on
the record (though they are often
extremely outspoken in private). They
very rarely agree to give interviews to
discuss controversial subjects. This is a
great tragedy: capitalists are failing to
speak up for capitalism, allowing
those who hate businesses, the profit
motive, entrepreneurs and the City to
dominate the debate.
So it is good to see that 507 entrepre-
neurs have put their names to a cam-
paign to abolish the 50p tax rate. The
website is www.scrapthetax.co.uk and
is recruiting more signatories. This is
an issue virtually every business execu-
tive and job-creating entrepreneur I
talk to including those who dont
earn enough to pay the tax say is a
major problem for the economy. It dis-
courages investment, reduces incen-
tives, chases away talent and sends a
message to the world that the UK no
longer values achievement and suc-
cess. The rich suffer but not as much
as the poor and the middle classes, for
whom job opportunities are reduced.
The tax raises hardly anything and will
actually reduce revenues over time.
The signatories, mainly from small
and medium sized enterprises, are
drawn from a wide spectrum, includ-
ing manufacturing, exporters, phar-
maceuticals, cleaning services, hair
salons, care homes, digital media, skip
hiring services, construction, security
installation, plumbing and engineer-
ing. Andrew Denny, box of Fix-a-Form
International, put it well on the
groups website: I am simply trying to
create wealth for me, my kids and my
loyal staff. Why are high earners treat-
ed like they have committed a crime
and should be punished? The govern-
ment must listen to entrepreneurs. It
is they who are creating the jobs and
the growth that the UK economy des-
perately needs. You cant tax a country
back to prosperity.
CONSUMER POWER
ONE of my most fascinating encoun-
ters recently was with a major insur-
ance executive. He told me the
long-established principal of caveat
emptor let the buyer beware has
now been completely eradicated from
his industry. Individuals are no longer
held responsible and accountable for
their decisions; the onus is entirely on
regulators and companies.
It has long been obvious that caveat
emptor is being undermined across
the economy it still exists in the
housing market, where buyers are
responsible for hiring surveyors and
making sure they are happy with their
purchase, but it has been in decline
elsewhere. Yet this is the first time Ive
been told it is already finished in a key
industry. This is depressing. Insurance
is now on its way to becoming a utility-
style industry, with regulators likely to
concern themselves even with the
profitability of individual products.
Such micro-management isnt the
right solution. Utilities arent known
for their commitment to customers
and innovation; regulators inevitably
fail to protect consumers. We need a
dynamic marketplace where con-
sumers are empowered. The financial
industry must make products drasti-
cally simpler and more transparent
and the government needs to focus on
financial literacy. Personal finance
needs to be taught in schools; the next
generation must be equipped with the
tools to control its own financial des-
tiny and to make the right choices. The
alternative is stultifying and ultimate-
ly self-defeating state paternalism.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
HUNDREDS of business owners and
entrepreneurs have called on the
chancellor to scrap the 50p tax rate
in his Budget this month, claiming
the levy is an unfair, politically
motivated tax.
The business owners and direc-
tors said the top rate introduced by
Labour is penalising high earners
and cutting it would contribute to
the governments growth agenda,
in a letter to the Telegraph.
But the Labour Party defended
the tax rate last night, saying the
current economic climate means it
is the wrong time to cut tax for the
top earners.
But these business owners are
right to call on the government to
take action to stimulate growth and
jobs in our economy, added shadow
chief secretary to the Treasury,
Rachel Reeves.
George Osborne is due to deliver
his 2012 Budget on 21 March.
Chancellor George Osborne has come under pressure to cut the top rate of tax Pic: GETTY
NEWS | IN BRIEF
More Lehman clients to get refund
Britains highest court yesterday ruled
that billions of dollars earmarked as
belonging to clients when Lehman
Brothers collapsed should be divided up
among all its clients, including those
whose cash the investment bank had
mixed with its own. By law, firms must
keep money they trade on clients behalf
separately to their own, keeping it safe
from creditors seeking to recuperate
losses in the event of a bankruptcy. The
ruling said that Lehman Brothers
International failed to do this on a truly
spectacular scale.
Wall Street bonuses in fresh fall
Wall Street cash bonuses for 2011 fell to
their lowest level in three years as volatile
trading and stiffer regulations took a toll
on profits, said New York States comp-
troller yesterday. The securities industry's
bonus pool was expected to total $19.7bn,
comptroller Thomas DiNapoli said. That
would be down 14 per cent from 2010
but well short of the 30 to 40 per cent
cuts predicted by some industry consult-
ants. But lay-offs resumed, with Wall
Street cutting 4,300 jobs between April
and December, he said.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
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Pictures Alice Hepple
Commercial
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Head of Distribution Nick Owen
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POLITICS
Calls to cut 50p tax rate

EUROPES banks borrowed another
half-trillion euros at rock bottom inter-
est rates yesterday as the European
Central Bank (ECB) again pumped the
system full of cheap cash.
Bank stocks rose after 800 firms
took part in the second three-year
long-term refinancing operation
(LTRO), borrowing 529bn (443.3bn)
at one per cent interest rates, taking
the total lent to over 1 trillion.
British part-nationalised bank
Lloyds was one participant, borrowing
11.4bn to fund a pool of non-core
euro-denominated assets.
The aim is to take bad assets off
banks and boost liquidity, preventing
a collapse which would devastate the
already very weak economy.
The first LTRO in December saw 523
banks borrow 498bn. That operation
was credited with staving off a new
credit crunch, and the borrowing
costs of the likes of Italy and Spain
plummeted as the risk of a banking
system bailout receded and banks had
more cash to invest in sovereign
bonds.
Yields on 10-year Italian and Spanish
bonds fell to 5.188 per cent and 4.99
per cent respectively yesterday well
below the high levels seen last year.
But economists warned the meas-
ures are not enough by themselves to
permanently fix the banking systems
problems.
The ECBs actions do not address
the underlying structural issues in the
banking sector, said a report from
Standard and Poors. Issues include
capital shortfalls at various banks, the
questionable viability of some busi-
ness models in the medium term, and
continued uncertainty over the appro-
priate carrying values of assets such as
certain sovereign exposures.
The agency believes the LTRO does
give banks more time to clean up their
balance sheets and adapt to new rules,
and so expects further deleveraging
and downsizing over the next year.
Banks lap up
massive ECB
cash injection
GAME GROUPS shares plunged 16
per cent yesterday and its future
looked more uncertain after the
chain admitted that one of the
biggest video game makers was
refusing to forward several new
releases.
The ailing retailer said in a state-
ment that, after approaching its sup-
pliers for support, it had been
unable to agree terms over a small
number of titles, namely Electronic
Arts Mass Effect 3 the most antici-
pated game of the year so far.
Game, which has been hit by a
dearth of new consoles coming on to
the market, struck a deal with banks
earlier this month to avoid breach-
ing the terms of its loans.
In an internal memo to staff yes-
terday Game said: We will not stock
products if the terms are not right
for our business.
Game Group could be left on the shelf
as EA refuses to send top new games
Shares tanked as retailer Game, under boss Ian Shepherd, revealed it was struggling to procure new releases including Mass Effect 3
BY TIM WALLACE
BANKING
News
CITYA.M. 1 MARCH 2012
BY KASMIRA JEFFORD
RETAIL
3
ANALYSIS l GAME Group PLC
p
23Feb 24Feb 27Feb 28Feb 29Feb
6.50
6.25
6.00
5.75
5.50
5.25
5.00
4.75
4.92
29 Feb
THE CHIEF executive of Standard
Chartered has warned of the danger
of an avalanche of global regulation
as the bank posted record profits for
the ninth consecutive year.
Peter Sands said new capital rules
could increase protectionism and
described the regulatory agenda as
driven through the rear view mirror.
All of us [banks] face the challenge
of the ongoing avalanche of regula-
tion. None of us can be complacent
about the continuing fragility of the
system.
Sands said Standard Chartered is
supportive of Basel III but warned that
national variations are creating
incredible complexity, huge costs,
and a multitude of unintended conse-
quences, such as protectionism.
The bank posted an 11 per cent rise
in pre-tax profit to $6.78bn (4.25bn)
for 2011. Bonuses were flat at 800m
and total staff costs rose 15 per cent
with underlying wage inflation of
about five per cent. Sands said the
bank faces acute competition to hire
and retain staff, echoing concerns
expressed by HSBC earlier in the week.
He also warned over central bank
injections on the day 800 banks but
not Standard Chartered took 530bn
(443.58bn) in cheap ECB loans.
Central bankers are pumping money
in but, in doing so, risk laying the
seeds for the next crisis.
The bank, which makes most of its
profit in Asia, said its growth was led
by Singapore but its surplus fell in the
major markets of India and Korea. It
paid a British bank levy of $165m.
Sands sounds
warning over
red tape rush
BANK of England governor Mervyn
King hit out at the previous Labour
government during a tense committee
appearance in Westminster yesterday,
and also accused banks of thwarting
efforts to boost lending to small firms.
King reacted testily to Labour MP
Andrew Love who had said that the
Bank chief appeared relaxed about
the UKs economic plight.
I am actually rather concerned
about it, King responded. He said he
had told the previous Labour adminis-
tration that the scale of the recapital-
isation of the banks was inadequate
and their actions in making sure
banks lend to SMEs was also inade-
quate. I made that very clear.
The Treasury is working on a credit
easing scheme which aims to boost
lending to small firms.
However, King warned that if banks
get to decide which loans to keep on
their books and which to share with
the government, the state will receive
the worst loans and the banks will
keep the best ones.
The banks opposed state involve-
ment because they didnt want to
share the fruits of the most profitable
loans to small businesses, King said.
Meanwhile, Kings colleague Martin
Weale said last night that the Bank
will likely have no reason to further
expand its asset buying after the cur-
rent tranche ends in May.
Mervyn King hits out at Labour and
banks for failing to help small firms
BY PETER EDWARDS
BANKING
News
BY TIM WALLACE AND JULIAN HARRIS
UK ECONOMY
ANALYSIS l Standard Chartered PLC

p
1,650
1,640
1,630
1,620
1,610
1,600
1,617.50
29 Feb
Bank of England governor Mervyn King said banks were opposed to government plans to boost lending Picture: PA
THE CHIEF executive of fund manager
Henderson has warned more clients
could pull their cash this year as the
Eurozone crisis buffets the industry.
The Anglo-Australian firm reported
net outflows of 6.4bn during last year
and Andrew Formica told City A.M. the
pattern would not be reversed quickly.
There is still a lot of nervousness
out there... The ability of world growth
to get underway is being hampered by
the dithering in the Eurozone but the
US is starting to develop an improved
outlook.
We still have the potential for fur-
ther outflows but at a more modest
rate.
Formica said much of last years out-
flow was due to exits from European
and US mutual funds as well as the
loss of some institutional mandates.
The UK retail book remained relative-
ly stable through last years market
turmoil, he added.
Despite market turbulence leading
to a hard year for the industry,
Henderson said contributions from
Gartmore, the rival it bought last year,
had pushed up profit.
Underlying pre-tax profit jumped 58
per cent to 159m as Gartmores boost
and broader corporate cost controls
helped increase Hendersons operat-
ing margin to 36.3 per cent.
The absorption of Gartmore also
helped boost Hendersons manage-
ment fees by 28 per cent to 360.5m
and transaction fees were up 39 per
cent to 51.1m.
The acquisition of Gartmore has
exceeded our expectations on all met-
rics, Formica said.
Hendersons hedge funds con-
tributed a 52 per cent lift in perform-
ance fees to 65.2m.
Profit soars but Henderson chief
says euro crisis still hitting flows
Andrew Formica remains cautious
BY PETER EDWARDS
ASSET MANAGEMENT
News
NEWS | IN BRIEF
North Korea halts nuclear tests
North Korea agreed yesterday to stop
nuclear tests, uranium enrichment and
long-range missile launches, and to allow
checks by nuclear inspectors, in an
apparent policy shift that paves the way
for resuming long-stalled disarmament
talks. The surprise breakthrough,
announced simultaneously by the US and
North Korea, makes possible the resump-
tion of six-nation nuclear negotiations.
Fannie Mae needs more state cash
Fannie Mae, the biggest source of money
for US home loans, said yesterday it
would seek $4.6bn (2.9bn) in additional
federal aid after reporting a fourth-quar-
ter loss. The government-controlled
mortgage finance company posted a loss
of $2.4bn for the last three months of
2011. Fannie Mae has borrowed more
than $116bn from the government and
paid back almost $20bn in dividends.
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8
News
BRITISH Airways parent group IAG
has reported a jump in annual
profits.
The company, which also owns
Spains Iberia, yesterday
announced pre-tax profits of
425.6m in the year to December
2011. However, it said its underper-
forming Spanish unit and high
fuel costs would dent earnings this
year. The company said the
improvement in 2011 was against
the backdrop of a tough year in
2010.
Chief executive Willie Walsh
said: BA is making money and
Iberia is losing money.
The Spanish economy is weak
and operating costs at Iberia are
too high, unacceptably so, but this
is being tackled
The challenges Iberia faces are
similar challenges BA faced, so we
know the problems we face but the
Spanish economy will continue to
be weak for some time. IAG said its
fuel costs rose nearly a third in
2011 to just over 5bn but that it
managed to cut non-fuel costs by
5.6 per cent.
The companys fuel bill will rise
by another 1bn in 2012
it more than covered the extra fuel
in 2011 and were optimistic that it
can again in 2012, said RBS analyst
Geoff van Klaveren, adding that
demand in London remained
strong with encouraging trends in
long-haul premium, particularly
on North Atlantic routes.
IAG has agreed to buy
Lufthansas British unit bmi for
172.5m to get hold of its coveted
runway slots at Londons Heathrow
airport. Walsh said he was confi-
dent the deal would be cleared by
competition regulators.
IAG profits jump
but Iberia stutters
BY JOHN DUNNE
AVIATION
ITV, the free-to-air broadcaster, yester-

day said sales of hit shows such as
Downton Abbey had boosted its rev-
enues, allowing it to become less
reliant on an advertising market it
expects to slow down this year.
Non-advertising revenues jumped
11 per cent last year to 922m,
accounting for around 43 per cent of
overall revenue.
Since Adam Crozier joined as chief
executive in 2010, the broadcaster has
experienced steadily improving for-
tunes, although analysts put this
down to a strong advertising market.
Yesterdays numbers are the first
indication that Croziers five-year
turnaround plan which is currently
in its second year is gaining some
traction.
ITV Studios, the division responsible
for producing in-house content that
can be sold across the world, saw a 28
per cent increase in commissions, the
company said. Titanic, a mini-series
penned by the Downton Abbey screen-
writer Julian Fellowes, has already
been sold in 86 countries.
A string of content deals with the
likes of Sky, Netflix and Lovefilm also
boosted the amount of revenue ITV
generated by selling its shows for a fee.
Group pre-tax profits were up 14.3
per cent at 327m on revenues that
were five per cent higher at 2.1bn.
Shares in the group closed 6.7 per cent
higher at 86p.
Analysts welcomed the fact ITV
appears to be weening itself off adver-
tising revenues, especially as the
broadcaster said it expected them to
fall by two per cent in the current
quarter.
ITV pins its hopes
on in-house shows
as advertising slips
BY DAVID CROW
MEDIA
ANALYSIS l International Consolidated Airlines Group

p
170
168
166
164
162
160
158
164.20
29 Feb
BA dragged down by pain in Spain
SOARING fuel costs and striking
staff threaten an airlines very sur-
vival. No, were not talking about
2010, when a long cabin crew
strike and high oil price crippled
British Airways. Instead it is
Spains Iberia owned by BA par-
ent IAG after the two airlines
merged last year that is proving
such a headache.
A quick glance at IAGs first set
of annual results since the merger
leaves you thinking that Willie
Walsh, the groups buccaneering
chief executive, was mad to com-
bine the groups in the first place.
BA is flying high because of its
strong offering in first and busi-
ness-class transatlantic travel,
which is benefiting from a
rebound in the American econo-
my. It contributed 592m of oper-
ating profits in 2011.
Iberia, which is more exposed
to the Eurozone troubles, is also
being hit by a pilots strike over
the launch of Iberia Express, a
new budget airline that will oper-
ated with modernised working
practices. It posted a 61m loss in
2011.
Its easy to come to the conclu-
sion that BA would have been bet-
ter off as a standalone company,
but we dont subscribe to that
point of view. Walsh managed to
break the union at BA and there is
no reason to think he cant do the
same at Iberia.
If he can drag the old-fashioned
Spanish carrier into the 21st
Century, as he did with BA, the
74m of synergies achieved so far
will begin to look like small fry.
The first half of this year does-
nt look good. The oil price is only
going one way; demand in Europe
will remain depressed; and the
strike among Iberias pilots is cost-
ing the firm 3m a day.
But Walsh will have his eye on
the bigger prize. More mergers,
more synergies and more profits.
He knows consolidation was the
only way to save BA and he has-
nt finished yet.
BOTTOMLINE
Analysis by David Crow
Downton
Abbey has
proved a big
winner for ITV
MANY investors are calling for
quarterly reporting to be abolished
as it encourages short-term deci-
sion-making, a government review
into short-termism claimed yester-
day.
The review, chaired by econom-
ics professor John Kay (pictured),
said in its interim report that many
respondents think reporting every
three months encourages firms to
pad the results with useless or
misleading statements and fig-
ures.
The noise positive or
negative arising in response to
quarterly interim management
statements is an unwelcome dis-
traction in the context of
encouraging boards to focus
on the long term develop-
ment of the business,
Standard Life Investors told
the review.
Insurance firms are being
particularly hard hit by
reporting rules, in the
wake of the new Solvency
II regulations, it added.
Lots of respondents also
criticised mark to market
accounting, which can be
misleading by forcing
firms to mark to market
assets and liabilities
which they may have no
intention of realising.
Business secretary
Vince Cable, who com-
missioned the review last year to
examine the impact of equity
markets on UK firms perform-
ance, said yesterday: One of the
big overriding themes in econom-
ic policy has to be generating
in both equity markets
and corporate Britain
generally a belief in
the importance of the
long-term perspective.
The review also said
executive pay was a
principal source of
friction between
groups representing
shareholders and com-
pany managers.
Kay is expected to
deliver his final report
in the summer.
Quarterly reporting
distorts, claims Kay
BY MARION DAKERS
POLITICS
REGULATORS have warned that plans

for European reforms of credit rating
agencies (CRAs) could have unintend-
ed consequences, as proposals
emerged yesterday to give the EU new
powers over the controversial bodies.
Giving evidence at the opening of
the Treasury Select Committees
enquiry into CRAs, the Financial
Services Authoritys David Lawton said
that forcing companies to rotate the
agency they use every year could lead
to a lack of continuity in ratings.
His views were echoed by Mark
Hyde Harrison, chairman of the
National Association of Pension Funds,
who said rotation would add costs to
companies to get [the agency] up to
scratch, and may create instabilities.
A report yesterday proposed new EU
powers that could include banning
sovereign credit ratings if countries do
not want them. But other EU lawmak-
ers said that would be a step too far,
and would not stop the financial sec-
tor relying on ratings.
Regulators slam
EU credit rating
reform plan
News
HSBC is about to complete a 1bn
deal to sell its general insurance arm
to rivals AXA and QBE, according to
reports.
Under the deal French insurance
giant AXA would take over HSBCs
business in Mexico and Asia, exclud-
ing Hong Kong. Australian firm QBE
would then take over the Hang Seng
operation in Hong Kong and opera-
tions in Argentina.
The double deal could be
announced as early as next Thursday,
according to Sky News.
An AXA spokesman declined to
comment while HSBCs Hong Kong
operation, which is handling the sale,
could not be contacted.
Reports earlier this month suggest-
ed that it was two-horse race between
AXA and ACE for control of the global
insurance division. The emergence of
QBE suggests that HSBC has seen
more value in splitting the unit along
geographic lines.
Although HSBC recently declared
its intention to focus on Asian opera-
tions, the decision to sell this arm of
the business fits with the firms over-
all corporate strategy.
It is looking to concentrate on its
commercial banking business in an
attempt to increase shareholder
returns and is open to offers for non-
core operations.
Since last May it has disposed of
assets worth over $4.9bn.
On Monday HSBC, which has
escaped the worst of the Eurozone cri-
sis, announced its year-end pre-tax
profits had risen 15 per cent to
$21.9bn (13.84bn), ranking it as the
most profitable Western bank.
HSBC near sale of
its insurance arm
to rivals for 1bn
BY JAMES WATERSON
INSURANCE
RESPONSES TO THE KAY REVIEW INTO SHORT-TERMISM
STEPHEN HADDRILL
FINANCIAL REPORTING COUNCIL
Quarterly reporting adds little by
way of new information and can be easily
manipulated, but it does provide a regular
short-term trading opportunity, and, given
the continuing requirement on companies
for timely disclosure of market sensitive
information, we support its abolition.
SIR TERRY LEAHY

FORMER TESCO CHIEF EXECUTIVE
Sir Terry told the review he did
not feel he had enjoyed such a relationship
with analysts and fund managers... The
interaction had deteriorated rather than
improved: that analysts and fund managers
had become more concerned with quarterly
numbers and with earnings guidance, and
less with the strategic direction of
the business.
NEIL WOODFORD | INVESCO

The fund management industry should be to connect the nations savings with the capital needs of busi-
ness, and hold professional management to account... I believe that the industry has been and still is failing to perform
these fundamental roles adequately. At the heart of this is the all-pervasive culture of short-termism. It is
probably best represented by the average holding period in the UK market of less than 10 months.
THE CO-FOUNDER of Blackstone has

become the latest US private equity
titan to win a bumper payout with a
$213.5m (133.88m) award in 2011.
Most of Stephen Schwarzmans
package, which rose by a third, came
from dividends on his 21 per cent
stake in the worlds largest private
equity firm and realised investments
from funds predating the companys
partial float in 2007.
It comes days after KKR revealed
that co-founders Henry Kravis and
George Roberts each received about
$94m in compensation and cash divi-
dends. Last month Carlyle Group said
founders William Conway, Daniel
DAniello and David Rubenstein
received around $200m each.
Blackstone boss boom
year as he earns $213m
Stephen Schwarzman co-founded Blackstone in 1985 Picture: REUTERS
BY PETER EDWARDS
PRIVATE EQUITY
BY ELIZABETH FOURNIER
REGULATION
News
DIAGEO, the drinks company behind
Guinness and Johnnie Walker, has pro-
moted Ivan Menezes to a new role of
chief operating officer, in a move that
could see him eventually take over
from chief executive Paul Walsh.
Menezes, who is president of
Diageos North American business and
chairman of its operations in Asia
Pacific and Latin America, will take up
his new role on 1 March.
He will lead Diageos operating busi-
ness globally, adding Europe and
Africa to his responsibilities and mak-
ing him the front-runner for the top
job.
Walsh is expected to remain in his
role until the summer of 2014 to see
his three-year drive to increase sales,
margins and earnings through to com-
pletion. If the strategy were to progress
well, he could leave earlier.
Charlie Mills at Diageos house bro-
ker Credit Suisse flagged Menezes
strong reputation with the market
and said he would be viewed by
many, we believe, as the natural suc-
cessor to the current chief executive.
Diageo lines
up successor
for chief exec
BY KASMIRA JEFFORD
LEISURE
THE GOVERNMENT has bowed to enor-

mous pressure and removed the threat
of benefit sanctions from jobseekers
who do not wish to complete their
placement in an opinion-splitting
work experience scheme.
Previously, participants who work
unpaid for eight weeks while continu-
ing to receive jobseekers allowance
lost their benefits for two weeks if they
dropped out of the programme after a
one week probationary period.
But now these sanctions will only
apply in cases of gross misconduct
such as theft or racist abuse.
Employment minister Chris
Grayling called critics of the scheme
misguided and announced a string
of new sign-ups to the programme,
including Airbus and HP Enterprise.
But Boots removed some of its
stores, saying it was against company
policy to join schemes that compel
people to work.
According to the government, just
220 of 34,200 participants in January
and November were sanctioned for
dropping out of the programme early.
Work scheme
drops sanctions
for the quitters
EMPLOYMENT
Ivan Menezes following

Walshs path to the top
IVAN MENEZES journey to top of
the worlds largest drinks compa-
ny mirrors that of the firms chief
executive Paul Walsh.
Walsh became chief operating
officer at the start of 2000 with
the stated aim of taking over as
chief executive from John
McGrath. By September that year
he had moved into the top role.
That journey looks set to be
repeated when Menezes, who has
been president of Diageos biggest
region Latin America for eight
years, becomes chief operating
officer today.
Menezes, 52, a naturalised
American born in India, joined
Guinness in 1997 in the same year
it merged with Grand
Metropolitan to form Diageo.
Before joining Guinness
he held senior marketing
positions with
Whirlpool Europe in
Milan and was a princi-
pal with management
consultancy firm Booz
Allen Hamilton in Chicago and
London.
He became president of
Diageos venture markets in 2000
and was made chief operating
officer of North America in 2002.
BY KASMIRA JEFFORD
LEISURE
ANALYSIS l Diageo PLC

p
1,510
1,505
1,500
1,495
1,490
1,485
1,480
1,475
1,503.50
29 Feb
The firm owns restaurant chain Frankie & Bennys
THE RESTAURANT Group, the owner
of the Garfunkels and Frankie &
Bennys chains, said another 600 jobs
were in the pipeline for this year after
boasting of another corking set of
full-year results for 2011.
Revenue increased to 487m in the
year to January, while like-for-like
sales were up 3.25 per cent. Pre-tax
profit was up 12 per cent to 60.3m.
The group opened 25 new sites last
year and now operates 400 restau-
rants and pub restaurants across the
UK. It plans storm ahead with 30 new
sites this year, creating 600 jobs.
The performance of our recent
years openings has been outstanding
and this bodes well for the future,
chief executive Andrew Page said.
He warned the economic climate
in 2012 would be every bit as tough
as 2011 but insisted there was scope
for quite an uptick in the second
half as the groups restaurants in
retail parks benefit from a strong
line-up of film releases.
Trading for the first eight weeks of
this year slowed, with like-for-like
sales down two per cent, sending
shares tumbling 4.3 per cent yester-
day. However Page expects sales to
improve as inflation abates.
We are comparing against a peri-
od last year when there was a bounce
back from the weather in December
and film like the Kings Speech were
released, he said.
Peel Hunt analyst Nick Batram
said: The Restaurant Groups proven
business model, excellent manage-
ment, solid balance sheet and strong
cash flow place the group in a strong
position for when the recovery comes
through.
Restaurant Group plots more
site openings as profits jump
LEISURE
sell half of its share in 150m worth

of West End property to Great
Portland Estates out of the pairs
joint venture Great Capital
Partnership.
The deal includes three prime
properties on Regent Street, which
are home to tenants including the
Body Shop, jeweller Folli Follie and
shoemaker Russell & Bromley. The
two other properties are located on
Broadwick Street and Dufours Place.
GPE chief executive Toby
Courtauld said in a statement:
CVC Capital Partners is to buy Nordic
construction products and machinery
distributor Ahlsell from Cinven and
Goldman Sachs Capital Partners for
1.8bn (1.5bn), in Europes biggest pri-
vate equity deal since last summer.
Our acquisition of Ahlsell offers an
exciting platform for growth, both
organically and through acquisitions,
CVC partners Peter Tornquist and
Soren Vestergaard-Poulsen said yester-
day.
Ahlsell specialises in providing
goods and services in heating, plumb-
ing, electricals, tools and machinery.
In 2011, Ahlsell made a profit before
interest, depreciation and amortisa-
tion of 192m on revenue of 2.3bn.
The deal is Europes biggest buyout
since BC Partners agreed to buy
Swedish cable company Com Hem in
July.
It is also the first big deal in a string
of expected private equity sales in the
region this year which include toilet
and bath maker Sanitec, owned by
EQT, and installation services firm
Bravida, owned by Triton.
Goldman Sachs and Nordea advised
Cinven and Goldman Sachs Capital
Partners on the deal. Deutsche Bank
advised CVC. Financing was led by
Nordea, Deutsche Bank, Goldman
Sachs, Barclays Capital, DNB Nor and
Danske Bank.
CVC is set to
break private
equity dry spell
across Europe
PRIVATE EQUITY
News
CAPITAL & COUNTIES (CapCo), the
owner of Covent Garden Market and
Earls Court, has unveiled an 11.7 per
cent hike in net asset value and the
disposal of its West End properties.
The listed developer reported a
jump in NAV to 166p per share in
2011 thanks in part to a rise in its
total property value of 9.2 per cent
like-for-like to 1.6bn.
Profit before tax was 161.9m, up
from 132.5 the previous year, while
net rental income stayed the same at
69m. Revenue fell from 113.7m to
108.4m.
The group said its exhibition busi-
ness at Earls Court and Olympia per-
formed in line with expectations and
proposals for the redevelopment of
the estate passed several milestones,
including the submission of plan-
ning applications for Seagrave Road
and the wider scheme.
At Covent Garden, the group made
113m of key property acquisitions
and a series of tenancy changes
which helped boost the estates value
to 808m.
Ian Hawksworth, chief executive,
said: The transformation of Covent
Garden into one of the most vibrant
retail and leisure destinations in
London continues to create value and
attract new brands.
CapCo also said it had agreed to
DAVID Cameron has condemned calls
from the leader of the UKs biggest
trade union for strike action during
the Olympics as completely unac-
ceptable and unpatriotic.
Len McCluskey, head of Unite, had
said workers should consider disrupt-
ing the Games as a protest against the
governments planned slowdown of
public spending.
McCluskey said people coming to
Britain for the Games should be
made aware of union anger. The
attacks that are being launched on
public sector workers at the moment
are so deep and ideological that the
idea the world should arrive in
London and have these wonderful
Olympic Games as though everything
is nice and rosy in the garden is
unthinkable, he told the Guardian.
Londons transport infrastructure
will already be stretched to the limit
during the Games and the Tube is
particularly vulnerable.
Strikes would also make it harder
for businesses trying to maintain nor-
mal working patterns.
MWB Business Exchange, a firm
that specialises in flexible work-
spaces, said yesterday that following
McCluskeys pronouncement they
had received more than 255 calls
from different companies, all
specifically asking about relocating
out of central London during the
Olympics.
Labour leader Ed Miliband, whose
party receives a substantial propor-
tion of its funding from Unite, said
any threat to the Olympics is totally
unacceptable and wrong.
Camerons anger as unions mull mass
strike action during London Olympics
PSA PEUGEOT and General Motors yes-
terday confirmed their long-trailed
plans for a strategic alliance that the
firms say will create $2bn in synergies
within five years.
GM will take a seven per cent stake
in struggling Peugeot, making it the
French firms second-biggest share-
holder, and the companies will pool
research, development and supplier
relationships, they said in a statement.
Peugeot plans to raise 1bn in a
rights issue in connection with the tie-
in. The Peugeot familys holding com-
pany will invest 150m in the capital
hike, remaining the carmakers largest
shareholder.
This alliance means more products
and technology in more countries. We
expect to learn from PSAs experience,
especially in smaller cars, GMs chair-
man and chief executive Dan Akerson
said in a conference call.
Just to be clear, this is an alliance,
not a merger, and doesnt impact on
measures we were already taking.
Peugeot and GM confirm
tie-up and capital raising
TRANSPORT
TAYLOR WIMPEY resumed paying a

dividend yesterday as its tactic of
focusing on margin rather than vol-
ume saw it swing back to a full-year
profit.
The sale of its North American busi-
ness in 2011 had also improved its
financial position, the housebuilder
said, allowing it to reduce debt to
117m from 655m, and propose a
final dividend of 0.38p.
Off the back of strong financial
returns, a stable market, a very strong
balance sheet and capital base, we
have resumed dividend payments for
the first time since 2007, chief execu-
tive Pete Redfern told journalists.
We are also starting to talk about
the potential for capital returns over
the cycle. Not immediately...but as we
get into a stronger market, business
will generate an awful lot of cash and
we do think that it is appropriate to
return that cash to shareholders.
He was speaking as the group
unveiled a return to profit last year,
with pre-tax underlying profits up to
90m from a loss of 28m in 2010.
These results were flagged in a trading
update in January with only the divi-
dend coming in as a surprise.
The housebuilder said the first
weeks of 2012 had mirrored the posi-
tive environment of the second half of
2011, with strong visitor numbers and
reservations and an increase of 18 per-
cent in its order book.
The companys order book ended
2011 up 17 per cent at 835m, while its
operating margin hit 10 per cent in
the second half of the year, ahead of its
scheduled goal of a double digit mar-
gin in 2012.
Shares closed down 5.6 per cent yes-
terday, having risen six per cent on
Tuesday after fellow housebuilder
Persimmon said it would return
1.9bn to shareholders.
Taylor Wimpey pays dividend
BY HARRY BANKS
CONSTRUCTION
CapCo enjoys value hike and

sells properties in West End
BY KASMIRA JEFFORD
PROPERTY
BY JAMES WATERSON
POLITICS
ANALYSIS l Capital & Counties Properties PLC

p
193
192
191
190
189
188
187
190.30
29 Feb
Whilst perhaps non-core to GCP,
these are classic Great Portland assets
so it makes good sense to buy in the
half we dont already own.
The acquisition both enables the
refurbishment of Walmar House and
13/14 Great Castle Street in the near
term and provides medium term
repositioning opportunities in both
Soho and Regent Street with a solid
income return in the meantime.
In a separate announcement,
Great Portland said it had signed a
150m five-year revolving credit facil-
ity, with four banks including Royal
Bank of Scotland, Lloyds Banking
Group and Santander.
The deal replaces an existing 50m
facility, which was due to mature in
July and has a headline margin of 175
basis points more than the London
interbank offered rate.
It also has an existing 350m
revolving credit that matures in
November 2015.
CapCo has sold its stake in Carrington House on Regent Street to joint owner GPE
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YILMAZ OZTURK | ENIGIN UK
Its unfair. Its part of their role they get paid all through the
year and extra passengers would not be coming into their cab.
CITY VIEWS: SHOULD TUBE DRIVERS GO ON STRIKE
DURING THE OLYMPICS? Interviews by James Waterson
JAMES WADDELL | CITY OF LONDON
The Olympics is a time for Londoners to come together and unite.
Its important that all Londoners help to put on a good show.
KONSTANTIN SYVOKHIN | INVESTMENT BANKER
Its nonsense. Their compensation is fair: they get lots of holiday and
can retire earlier. We all think we dont get paid enough.
* These views are those of the individuals above and not necessarily those of their company
INDUSTRY figures came to the defence
of former Everything Everywhere chief
executive Tom Alexander yesterday
after a senior executive at parent com-
pany France Telecom criticised his
short-lived tenure.
Alexander quit the firm just a year
after it was formed from the merger
between Orange and T-Mobile in the
wake of a series of lacklustre results.
France Telecoms European boss
and Everything Everywhere board
member Benoit Scheen told City A.M.
the company had lost a year under
Alexander, who failed to make the nec-
essary cuts to the firms sprawling
management structure.
But analysts told City A.M. merging
two distinct corporate cultures is a
messy process and said blaming
Alexander for the troubles is unfair.
James Barford of Enders Analysis
said: Tom has always been very
impressive. His record with Virgin
Media is very good and its hard to
fault him as a telecoms executive ...
Mergers like that are always going to
be difficult, with two cultures that are
invariably very different.
Richard Hunter, head of UK equities
at Hargreaves Lansdown said: Its not
unusual for there to be a period of dif-
ficulty after a merger. It sounds like
getting the board right did take a long
time in this case but there is a history
of painful mergers in this industry.
Strategy Analytics Phil Kendall said:
Its challenging to combine two struc-
tures like T-Mobile and Orange and
make one successful operation.
The Everything Everywhere merger
took longer than expected to pick up
but I think the merger was reasonably
well executed overall.
France Telecom Group, which owns
half of Everything Everywhere with
German partner Deutsche Telekom,
stressed it appreciates Alexanders
time as CEO and said he left the com-
pany for personal reasons. Alexander
could not be reached for comment.
Telco boss did
hard job well,
say analysts
PINEWOOD Studios, home to icon-
ic British film series including
James Bond and Carry On, has
reported an annual 3.9m loss,
despite posting record revenues for
2011.
The studio enjoyed a bumper
year of filming, with scenes for
new Bond movie Skyfall and
Tolkien adaptation The Hobbit
shooting on its sets, but was hit by
the government blocking its plans
for expansion.
Pinewood had applied for per-
mission to create a custom built
film set comprising 1,400 perma-
nent homes on a site at Iver Heath
in Buckinghamshire.
But the Department for
Communities and Local
Government vetoed the plans,
dubbed Project Pinewood, in
January, leading to the studio
booking an exceptional charge of
7.1m for development costs.
Pinewood had claimed the new
set would have created 1,000 jobs
as well as providing 420 new,
affordable homes within the film
set.
The charge meant the company
moved into the red despite a 17 per
cent rise in revenues to hit 50.7m.
Last year it made a profit of 5.8m.
James Bond
studio slumps
to 3.9m loss
Tom Alexander left Everything Everywhere last year Picture: Micha Theiner/CITY A.M.
BY STEVE DINNEEN
TELECOMS
MEDIA
News
CITYA.M. 1 MARCH 2012 11
Senior exec slams former Everything Everywhere chief
IRELAND h ty across t ing to hold fiscal treat Enda Ke said he op after takin ments will Last mon EU states ing the pac pline but convince vo led plan. Fi opposition the governi parties in ca Sinn Fin port surge a terity moves The Irish h EU referendu with concess
BY PETER E
EUROZ
www.cityam.com
Issue 1,581 Wednesday 29 February 2012
EVERYTHING Everywhere, Britains biggest network operator, lost a year under the leadership of its former boss Tom Alexander, according to an extraordinary outburst by a top executive.
Benoit Scheen, France Telecoms European boss and a member of the Everything Everywhere board, blamed Alexander for failing to make the severe cuts in management needed in the wake of the merger between France Telecoms Orange and T-Mobile in the UK. He said: We gave him a chance and a second chance and a third and fourth chance, and eventually you have to make a decision based on the interests of the company. Scheens criticisms are the first public indication that Everything Everywheres first
stances surrounding his departure. Scheen went on: Tom Alexander was a nice guy but he wasnt an operations man. When youre merging two different boards and you end i h
work operator with 28m customers. Deutsche Telekom T-Mobile UKs parent and France Telecom each have a 50 per cent stake in Everything
executive vice president of Europe last September. Previously he was chief executive of Mobistar in Belgium, which is majority-owned by France Telecom. The Belgian national made the outspoken remarks at a dinner earlier this week with journalists and analysts at Mobile World Congress, the industrys trade fair in Barcelona. When City A.M. asked him for further comment the following day, he said he was not in a position to speak about Alexander as he was not in his current role at the time. He added the thrust of his comments could have been misconstrued because English is not his first language. Alexander could not be reached for comment. France Telecom Group said in a statement: France Telecom wish- es to reiterate its appreciation for the k T
THE ROWTHAT
TOPPLED TOP
MOBILE BOSS
Shoc
plots
on fi
CORPORATE f has emerged a listed candida elect at KPMG sulting group. Collins, wh head of transa ing, joined KP ment bank Wa outgoing, part performing b
Last t
for top
BY STEVE DINNEEN IN BARCELONA
EXCLUSIVE
BY DAVID HELLI
EXCLUSIV
Benoit Scheen (left) has hit out at Tom Alexander (right)

12
The Capitalist
ZIGGO PLUMPS FOR STJ
IN BUMPER FLOTATION
THERE was a terrible rumpus last
year after City A.M. unearthed and
published documents showing that
independent bank advisory group
STJ Advisors had been accusing
some of the larger investment banks
of distorting investor feedback in
the course of running IPO transac-
tions. So sore were some of the big
banks that they even considered
squeezing STJ out of future deals
altogether.
But yesterday STJ emerged as the
independent adviser on the IPO of
Ziggo for what is being hailed as the
first major European IPO of the year.
STJs name is not on the official
Ziggo press release but it is the main
adviser to Warburg Pincus and
Cinven, the two private equity
groups that are selling shares in the
offering.
Theres a past relationship
between Ziggo chairman Andrew
Sukawaty and STJs John St John,
which dates back to the 2004 flota-
tion of Inmarsat, where Sukawaty
was until recently chairman and
chief executive.
Ahead of the flotation, St John, who
was then at Dresdner Kleinwort,
advised the satellite group on who its
bankers should be to advise it on its
1bn flotation.
Some say this link could have been
beneficial to STJ in winning its latest
mandate.
But a spokesman for Inmarsat says
that the STJ pitch to Ziggo and the pri-
vate equity owners was won in a per-
fectly competitive manner and that
there has been little, if any, contact,
between Sukawaty and St John since
the 2004 Inmarsat float.
JP Morgan and Morgan Stanley are
the joint global coordinators for the
Ziggo offering, and joint bookrunners
along with Deutsche Bank and UBS.
ABN Amro, HSBC, Nomura and
Rabobank are acting as joint lead
managers and ABN Amro and
Rabobank are the joint retail
bookrunners. Societe Generale is co-
lead manager.
Ziggos chairman Andrew Sukawaty has appointed STJ Picture: GETTY
ED BREWSTER MAKES A START
ON HIS LATEST PR ADVENTURE
FORMER Pru spinner Ed Brewster has
made an appearance at giant tele-
coms event Mobile World Congress.
Brewster is now tasked with looking
after PR for Chinese behemoth
Huawei as it attempts to conquer the
consumer handset market.
Attempting to break Apple and
Googles stranglehold over the indus-
try may seem like a tall order but its
surely a walk in the park after the dis-
aster that was the Prus failed
takeover of AIA group. He could learn
a thing or two from the marketing
team over at Apple, who managed to
steal the thunder from Google chair-
man Eric Schmidt yesterday by send-
ing out invites to what is expected to
be the iPad 3 launch just minutes
after the search boss took to the stage.
GOT A STORY? EMAIL thecapitalist@cityam.com
BRIT Insurance yesterday announced
a profit for 2011 despite a generally
miserable year for the industry.
Profit before tax was 75.8m, down
a third on 2010s figure of 116.4m.
Most of this was due to a doubling
of one-off catastrophe-related claims
to 141.9m, a result of earthquakes in
Japan and New Zealand and tornados
in the US.
Gross written premiums also
declined from 1,530m to 1,489m.
Unlike many of its rival insurers,
Brit does not have any exposure to
bad European sovereign debt.
Chief executive Mark Cloutier com-
mented: Brit delivered a solid result
in 2011 against a weak market, while
at the same time making good
progress in our efforts to reposition
the group for the future.
With record natural catastrophe
and other large losses, low interest
rates, volatile investment markets
and a broadly flat pricing environ-
ment, 2011 was an extremely chal-
lenging year for the sector. We are
very pleased to have delivered a
return on equity of nine per cent
against this backdrop.
The Amsterdam-based firm was
bought in early 2011 by private equity
firm Achilles in a deal that valued the
insurer at around 888m.
Since then they have sought to hire
new talent and the firm recently cre-
ated a new Global Specialty division
by combining the former global mar-
kets and reinsurance businesses.
It now intends to focus on the prop-
erty and energy market and growing
its UK business.
Insurer Brit
turns a profit
against odds
THE BRITISH former chief executive
of Olympus is due to open employ-
ment tribunal proceedings against
the Japanese technology firm today.
Michael Woodford, who said he
was sacked after blowing the whistle
on an accounting scandal, is due to
appear for a preliminary hearing at
East London Tribunal Service in
Stratford.
Woodford was based in Japan when
he lost his job but has gone to a tribu-
nal in London because he worked in
Britain for much of his 30-year career
at Olympus.
He dropped his attempt to win
back his old job in January.
His public campaign against
Olympus directors has won him a
series of accolades, however, includ-
ing being named business person of
the year by three national newspa-
pers in 2011.
The Liverpool-raised businessman
is now planning to publish a book on
his time at Olympus.
The technology firm, which makes
cameras and medical equipment, is
in the throes of a boardroom reshuf-
fle and is believed to be considering a
capital raising.
Nobody from Olympus operation
in Britain could be contacted last
night.
Woodford in
legal bid over
Olympus job
BY JAMES WATERSON
INSURANCE
TECHNOLOGY
In 2010 Brit signed a four year deal to spon-

sor the English cricket teams.
They have sponsored the Brit Insurance
Design Awards for the last four years, in associ-
ation with the Design Museum.
FAST FACTS | BRIT INSURANCE
News
FRANCOIS Hollande met with fel-
low left wing leader Ed Miliband in
London yesterday after Cameron,
who publicly backs Sarkozy, denied
him a meeting.
The French socialist presidential
candidate touched down in the city
ahead of the election, scheduled for
22 April and 6 May, to woo the
400,000 or so French citizens who
live in London.
Hollande said the purpose of his
visit was to say that finance must
be in the service of the economy to
create wealth and not to enrich
itself on the real economy.
He said: I go to the European
countries to meet with those who
are closest to my own approach.
But Miliband refused to concur
with Hollandes proposals of a 75
per cent tax rate for incomes over
1m, confirming the Labour Partys
policy would not go above a maxi-
mum tax rate of 50 per cent.
Francois Hollande and Ed Miliband met in London yesterday Picture: GETTY
POLITICS
Francois Hollande hits the

election trail in London
OUTSOURCING giant Interserve
said new markets and growing sup-
port services work would balance
another weak year in its construc-
tion division.
The company, whose services
range from cleaning Sainsburys
supermarkets to building shopping
centres in the Middle East, posted a
4.6 per cent rise in 2011 underlying
pre-tax profits to 72.8m, meeting
analysts expectations.
The FTSE 250 company, which
employs around 50,000 people,
said it had a forward order book of
5.6bn -- more than twice its 2011
revenue of 2.32bn -- with a further
7bn of opportunities identified, as
work in markets such as justice,
healthcare and local government
picks up in the UK and the appetite
for outsourcing in countries like
Qatar and the UAE increases in the
Middle East.
Our order book is up, our net
debt is down, we are generating a
lot of cash, we are winning work,
and we have got some very clear
guidance on our margin develop-
ment, chief executive Adrian
Ringrose said.
It also raised its full-year divi-
dend by 5.6 per cent to 19p.
Revenues in its support services
division were flat, while a 10 per
cent rise in its concrete moulding
equipment arm, helped by growth
in Australasia and the Far East, was
largely countered by a slump in its
construction division, hit by sub-
dued activity across much of the
developed world.
These are good results from
Interserve, with pre-tax profit com-
ing in at the top end of expecta-
tions, Panmure Gordon analysts
wrote in a note.
Interserve targets
new markets drive
BY HARRY BANKS
SUPPORT SERVICES
Introducing the
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News
NEWS | IN BRIEF
RSM Tenon plans staff cuts
Advisory and accountancy group
RSM Tenon is planning staff cuts as
its costs rise, as it confirmed it had
made a loss in the first half of its
financial year. In the six months to
31 December, the company saw rev-
enues fall 9.3 per cent to 107.8m.
Taking into account a goodwill pay-
ment of 60.7m, the companys over-
all loss on continuing operations
came to 70.6m, compared to a loss
of 1.9m in 2010. But chief executive
Chris Merry attempted to reassure
investors by pointing out that the
company sees the majority of its rev-
enues and cash generation in the sec-
ond half of the year.
Siemens wins UK train contract
Siemens has won a $230m (144m)
contract to supply electric trains for
use on British railways, the latest
British train contract awarded to the
German industrial group. The deal
will see Siemens supply 20 Desiro UK
trains to Go-Ahead Groups London
Midland and First Groups
TransPennine Express regional route
franchises, to be used on routes in
and out of London and Birmingham.
The trains, which will be delivered in
2013 and 2014, will be maintained at
Siemens's depot in Manchester, the
company said. Last year a Siemens-
led consortium won a $2.2bn con-
tract to build and maintain 1,200
carriages for the Thameslink cross-
London railway.
Energy finance boss sells shares
The finance chief of FTSE 100 listed
power generator International
Power has sold more than 1m of
shares that he held in the firm,
reducing his stake to zero. Mark
Williamson, who has been finance
chief of the company since 2003,
sold 409,684 shares belonging to
him and his wife for 340.5p each,
making the total sale worth almost
1.4m.
Lawsuit for Healthcare Locums
Shares in troubled nursing recruit-
ment agency Healthcare Locums fell
by more than 20 per cent yesterday
after several of its US investors
launched a lawsuit against the com-
pany. Healthcare Locums came close
to collapsing last year when account-
ing irregularities were found in its
books. Hedge funds including
Permian and Arundel have joined
forces to file suits against the firm
and several of its executives, claiming
that they were mislead during 2010
about the companys profitability and
accounting practices.
National Express boss Dean Finch said passenger numbers were up in the past six months
BRITISH transport firm National
Express Groups full-year profit has
risen on strong performance at its
US school bus and UK coach divi-
sions, and the company said it was
confident about growth in 2012.
It added that it was not looking to
exit its UK rail business, which
accounted for 31 per cent of its 2011
revenue, despite the loss of a con-
tract that would significantly reduce
its exposure to rail.
National Express said it expected
passenger revenue to continue to
grow in its bus and coach divisions
in 2012, and raised its final dividend
by 8.3 per cent.
There has been a dramatic turn-
around in passenger numbers in the
last six months, chief executive
Dean Finch said.
Passenger journeys rose by 5.4m
journeys to 656.6m in 2011.
National Express is benefitting
from an increase in the use of public
transport prompted by higher fuel
costs, expensive rail travel and rising
car park fees in city centres.
Its order value at the end of 2011
was 3.7bn.
Full-year pre-tax profit rose to
180.2m, from 160.5m a year ago.
Revenue rose five per cent to
2.24bn.
National Express North America
revenue jumped five per cent in 2011
as budget constraints at US schools
encouraged the use of outsourced
bus operations.
Its UK coach business -- which pro-
vides airport, long-haul and com-
muter services -- saw revenue grow
four per cent.
National Express
gets boost from
US school buses
BY HARRY BANKS
TRANSPORT
ONLINE gaming firm Sportingbet post-

ed a first-half loss hurt by a drop in
sports betting in its European segment
yesterday, but said its third quarter
had started well.
The company, which operates in
sports betting, casino gaming and
poker, said pre-tax loss for its first half
to 31 January was 7.2m, compared
with a profit before tax of 19.6m a
year ago.
In Europe, the companys business
was hit by the disposal of its Turkish
language website -- which accounted
for 29 per cent of European and emerg-
ing markets gaming revenue as well
as by the ongoing recessionary envi-
ronment in the region.
Sportingbet, which has more than
2m customers in 30 markets across
Europe, Australia, Canada, South
America and South Africa, said first-
half revenue grew two per cent to
109.4m.
Amounts wagered grew about 18
per cent to about 1.27bn, backed by
an 86 per cent surge in Australian
sports betting that included benefits
of its Centrebet acquisition, which was
completed in August.
Sportingbet in
first-half loss
LEISURE
ANALYSIS l Interserve PLC

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325
320
315
310
305
300
295
290
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29 Feb
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f fff a t e s l b a e g d e l w o
SUPPORT services and construction
firm Carillion said a brimming order
book would fuel growth in 2012 as it
posted 2011 profits at the top of expec-
tations.
But the British group, which main-
tains railways and military bases and
has a strong construction presence in
Canada and the Middle East, warned
trading conditions would be challeng-
ing.
Underlying pre-tax profits for 2011
were 212m, at the top end of analyst
estimates, on revenues flat at 5.1bn
after the group reduced its UK con-
struction and civil engineering divi-
sion in favour of overseas markets.
The group, which aims to double
revenue in both the Middle East and
Canada to around 1bn by 2015, said
its pipeline of opportunities had
grown across its markets, with sup-
port services which generates
around half of group operating prof-
it up by almost half to 12.3bn.
Driven by huge infrastructure
spend the group has also targeted
Public Private Partnership work in
Canadas healthcare markets, as well
as more construction work in the
Middle East where the group won its
first contract in Qatar last year and
has targeted expansion in Saudi
Arabia.
The group has begun 2012 with
contracts wins worth over 300m in
total, including highway mainte-
nance deals in Britain and Canada, as
well as a contract to build and
improve schools in England.
Carillion sees
profit hike as
orders boom
ENGINEERING firm Weir Group
came out fighting yesterday as it
unveiled plans to appeal against a
decision by Australian regulators to
allow rival FLSmidth to raise its offer
for a company they are both seeking
to buy.
The group, which specialises in
pumps for the mining industry,
wants FLSmidth to be held to a state-
ment which it previously made say-
ing it wouldnt increase its offer for
Ludowici.
Weir offered A$10 a share for
Ludowici Australias largest pro-
ducer of hydraulic and pneumatic
packaging and seals matching a
bid by Danish firm FLSmidth.
FLSmidth has since raised its deal
to A$11 a share.
Glasgow-based Weir said in a state-
ment that FLSmidth could be in
breach of the truth in takeovers
policy and that it had submitted
papers to the Review Panel of the
Australian Takeovers Panel.
Separately Weir said that it had
beaten its own profit targets three
years early.
The company planned to double
its 2009 profits by 2014 but reached
that milestone last year.
In 2011, the group increased pre-
tax profits by more than a third, to
396m.
Weir appeals
over rival bid
for Ludowici
BY HARRY BANKS
CONSTRUCTION
ENGINEERING
News
THE UBS team advising Weir in its
tug of war with FLSmidth is led by
Daniel Steijn.
The Australia based banker is
seeking to steer a successful appeal
against Australian regulators deci-
sion to give the green light to its
rivals bid for Ludowici.
Also advising is Australian law
firm Freehills. Freehills has offices in
Sydney, Melbourne, Perth and
Brisbane. It specialises in corporate
litigation.
Founded in 1852, it is one of the
countrys oldest law firms. It is led
by chief executive Gavin Bell.
MEET THE ADVISERS
DANIEL STEIJN
UBS AUSTRALIA
Weir chief Keith Cochrane has beaten the firms profit target three years early
ANALYSIS l Carillion PLC
p
350
345
340
335
330
325
325.00
29 Feb
News
UK MORTGAGE lending surged in
January and consumer credit also
expanded, official figures showed yes-
terday, though economists do not
expect the jump to be sustained.
Analysts believe loans rose because
the stamp duty holiday for first-time
buyers ends later this month,
prompting a short-term rise in loan
applications, though numbers
remain well below pre-recession lev-
els.
The Bank of Englands data
revealed a 1.8bn rise in lending to
individuals, compared with a six-
month average of 1.1bn monthly
growth, largely focused in loans
secured on homes.
Mortgage lending jumped 1.6bn
double the average 0.8bn increase
over each of the last six months, and
taking home-secured lending to
13.2bn.
Consumer credit increased by a
much lower 0.1bn, less than the
0.3bn average seen over the last six
months.
Credit card lending remained
unchanged in the month, though it
is down 0.2 per cent on the level seen
three months ago.
Over the last 12 months, credit
card debt grew 2.1 per cent deceler-
ating from growth of 2.3 per cent in
the year to December and 2.5 per cent
in the 12 months to November.
Consumer credit remains very low
compared to long-term norms which
suggests that even though confi-
dence has improved, there is still very
low appetite for taking on new bor-
rowing and also on ongoing strong
desire of many people to reduce their
debt, said economist Howard Archer
from IHS Global Insight
Consumer desire to get a tight
grip on their finances is clearly the
consequence of still serious concerns
over the outlook for the economy and
jobs.
GREECE has invited bids for state-
owned gas company DEPA, as it
moves ahead with a privatisation pro-
gramme meant to raise 19bn
(15.9bn) by 2015.
According to an offer document
published yesterday, the government
is considering a bundled sale of
DEPA, combining its wholesale, trad-
ing and gas supply business as well as
its DESFA networks and liquefied nat-
ural gas arm, or an unbundled deal
in which DESFA would be sold sepa-
rately.
In either case, Greece, which owns
a 65 per cent stake in DEPA, would
retain a 34 per cent stake. The dead-
line for bids is 22 March.
The offer comes a day after envi-
ronment minister George
Papaconstantinou met the president
of Russias Gazprom Export,
Alexander Medvedev, to discuss ener-
gy policy and Greeces privatisation
scheme, according to a ministry state-
ment.
The head of Prometheus Gas, a
joint venture between Gazprom and
Greeces Copelouzos group, also
attended the meeting.
Greek daily Ta Nea, citing
unnamed sources, said yesterday that
Prometheus Gas would be among
companies bidding.
According to the paper, at least 20
companies and funds have expressed
an interest, including Spains Gas
Natural, French Gas de France, Italys
ENI and Austrian OMV.
Greece puts gas group up for sale as
privatisation programme kicks off
LONDON First, a business group
whose members represent over a
quarter of the capitals GDP, have set
out their demands for the mayoral
election.
The organisation, which includes
such firms as KPMG, HSBC and
Deloitte, have told the mayoral candi-
dates of their common sense
demands to improve infrastructure
and keep the city open for business.
London Firsts demands include
increasing airport capacity, flexible
immigration controls that are not
based on fixed numbers, ending the
50 per cent tax rate, ensuring that
major rail projects arrive on time and
exploiting the international appeal of
the Olympics to boost Londons econ-
omy.
London Firsts chief executive,
Baroness Jo Valentine, said: We
expect the incoming Mayor to sup-
port measures that not only bring
jobs and prosperity, but ensure that
London is truly open for business.
London firms call on new
Mayor to invest in the city
LONDON
EUROZONE growth prospects

looked uneven after data out yester-
day showed unemployment held
steady in Germany in February,
where credit conditions continued
to ease and weaker signs came
from France, where household
spending dropped unexpectedly
sharply.
Eurozone inflation was revised
down to 2.6 per cent in the year to
January, which economists believe
reflects low demand in the curren-
cy area, though poor weather is
expected to push up food prices in
the coming months and oil prices
also represent an upside risk.
Germany maintained its 20-year
low rate of unemployment at 6.8
per cent, and the Ifo measure of
credit constraints reported 21.1 per
cent of firms suffering from banks
restrictive credit policies, down 1.7
percentage points on Januarys level
to the lowest since the survey began
in 2003.
Ireland saw unemployment sta-
bilise at 14.2 per cent, unchanged
from Januarys figure and down
slightly from 14.3 per cent in
December.
However, French household
spending fell 0.4 per cent in
January, doubling the 0.2 per cent
drop in December and countering
economists predictions of a small
increase.
This is a weak start to the quar-
ter, and the deepening downward
trend seen in each month since the
beginning of the fourth quarter of
2011 bodes ill for private consump-
tion momentum in the current
quarter, said Barclays Capitals
Francois Cabau.
Januarys household spending
highlights the downside risks to our
baseline scenario.
Eurozone growth stays shaky
BY TIM WALLACE
EUROZONE
Mortgages up
as stamp duty
return nears
BY TIM WALLACE
UK ECONOMY
BY HARRY BANKS
GREEK ECONOMY
BEST OF THE BROKERS

To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Imagination Technologies
600
550
650
500
450
Feb Jan
p
615.50
29 Feb
IMAGINATION TECHNOLOGIES
Peel Hunt has upgraded the microprocessor
technology firm from hold to buy follow-
ing some positive announcements from the
company at Mobile World Congress on next
generation chips. The broker has also upped
its target price to 723p from 550p, as a
result of increased confidence in forecasts,
particularly ahead of an expected product
launch from customer Apple. The company
has also confirmed that eight partners have
licensed its new Rogue platform.
ANALYSIS l UBM PLC
575
525
475
600
550
500
450
Feb Jan
p
583.00
29 Feb
ANALYSIS l Vocento SA
1.9
1.7
2.0
1.8
1.6
Feb Jan
1.87
29 Feb
UNITED BUSINESS MEDIA
Nomura has maintained its buy rating on
the media and communications group and
upped its target price to 665p from 635p
after impressive organic growth of 7.9 per
cent at the company in 2011. The broker
says that no other media company in its
coverage can match UBM for exposure to
China, which makes up 15 per cent of
group sales. It expects organic growth of
4.7 per cent in 2012, towards the upper
end of the guidance range.
VOCENTO
UBS has downgraded the Spanish multime-
dia group from hold to sell and lowered its
target price to 1.60 from 1.70, due to its
high share price despite its high exposure to
the strongly declining Spanish advertising
market. Though the broker says low liquidity
could support the price, it says the
risk/reward profile is not compelling.
Following aggressive restructuring to save
200m over the past three years, the broker
sees limited further cost cutting.
The weak economy is not helping President Sarkozys election hopes Picture: GETTY
ANALYSIS l Mortgage lending growth is
well below its pre-crisis peak
%
97 03 05 01 07 09 11 99 1995
18
12
14
16
6
8
10
4
2
THE FINNISH parliament approved
the Greek bailout yesterday after a
tense debate in parliament.
MPs voted in favour of the 130bn
(108.8bn) bailout by a margin of
111 to 72 after opposition politi-
cians described Greeces member-
ship of the euro as a hangmans
knot.
Finland is set to contribute
1.25bn to the rescue package,
which is contingent on private sec-
tor holders of Greek debt taking a
massive haircut on their assets and
the country slashing its huge budg-
et deficit.
Supporters of the bailout
acknowledged that it may not be a
success in the long run.
Unfortunately, no easy solutions
exist, said Prime Minister Jyrki
Katainen of the National Coalition
Party.
Greek Prime Minister Lucas
Papademos met European
Commission President Jose Manuel
Barroso yesterday to discuss how
Greece will meet the bailout condi-
tions and how the country fiscal
and economic progress will be mon-
itored.
This is not just a programme of
fiscal consolidation, it is a pro-
gramme for structural reforms,
competitiveness and growth in
Greece, said Barroso, stressing the
lengthy and difficult nature of the
reforms that lie ahead.
Greek bailout
draws closer on
Finns approval
EUROZONE
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News
HSBC
The bank has named Sobhi Tabbara as
its global market head for the Middle
East and Africa private bank. Tabbara,
who was previously business area head
for MENA and Saudi Arabia, succeeds
Mark Stadler, who has relocated to
London.
Troika Dialog
The investment house has named Dirk
Werner and Angelo Morganti as man-
aging directors of its investment bank-
ing division. Werner, who has worked
with Bank of America Merrill Lynch,
Morgan Stanley and Lehman Brothers,
brings 22 years of M&A experience to
Troika Dialog. Morganti joins from
Renaissance Capital in Moscow where
he was managing director and head of
Equity Corporate Finance.
Clifford Chance
The City law firm has elected two new
partners to its oversight body, the
Partnership Council. Outgoing mem-
bers Thomas Schulte and Jeroen
Koster will be replaced by Robin
Abraham, a project finance partner in
the firms Dubai office, and Giuseppe
De Palma, a banking and finance spe-
cialist based in Italy.
Jones Day
The global law firm has appointed cor-
porate restructurings and insolvency
lawyer Matthew French to the firms
partnership as of today. French was
previously managing director in global
M&A and EMEA head of restructuring
at Nomura, and managing director and
EMEA head of restructuring at UBS.
Before moving in house, he worked as
a restructuring partner at law firms
Lovells and Wilde Sapte.
CITY MOVES | WHOS SWITCHING JOBS Edited by Elizabeth Fournier
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
B
RITAINS top shares ended lower
yestesrday, in spite of getting
intial support from the
European Central Bank making
cheap loans available to lenders, after
bearish comments from US Federal
Reserve chairman Ben Bernanke hurt
sentiment.
The UK benchmark suffered a late
sell-off, closing down 56.40 points, or
one per cent, at 5,871.51, its lowest
close since 10 February and well off the
intra-session high of 5,944.75.
Traders pointed to Bernankes
remarks, in which he indicated con-
cern over mixed signals from U.S. eco-
nomic data, as the catalyst for the falls.
Mining stocks, whose share prices
are closely allied to the fortunes of the
global economy, took a pounding and
knocked 21 points off the FTSE 100
index.
Exacerbating these falls, heavy-
weights BHP Billiton and Rio Tinto
both traded ex-dividend.
Banks ended in negative territory,
having earlier notched solid gains after
the ECB allotted 530bn in its second
offering of cheap three-year funds,
slightly above forecasts.
ITV was the biggest FTSE 100 riser,
up 6.8 per cent, after the broadcasters
full-year earnings easily beat expecta-
tions, helped by growth in its own pro-
ductions.
British Airways owner IAGs shares
climbed 0.6 per cent after it reported a
rise in full-year profit, helped by high-
er-than-expected savings from the BA-
Iberia merger.
Bernanke helps to push
FTSE to two week low
THELONDON
REPORT
5,980
5,900
5,880
5,920
5,940
5,960
ANALYSIS l FTSE
5,871.51
29 Feb
Milbank Tweed Hadley & McCloy
The US law firm has hired corporate partner
Mark Stamp to join its partnership from rival
Linklaters, though no start date for his appoint-
ment has been announced.
Stamp has been a partner at Linklaters since
1994, having joined the firm in 1983 as a trainee.
He works in domestic and international capi-
tal raising, mergers and acquisitions and other
general corporate and corporate finance work.
Stamp is a Cambridge graduate who has also
studied at the University of Southampton and
the University of Wisconsin.
U
S stocks slipped yesterday, snap-
ping a four-day winning streak
after comments from US Federal
Reserve chairman Ben Bernanke
disappointed investors hoping for a
strong signal of more stimulus.
The Fed chairmans comments
drove the dollar up 0.7 per cent against
a basket of major currencies and sent
materials lower. Gold fell five per cent
in late trading. The S&P Materials
Index lost 1.7 per cent, making it the
S&P 500s worst-performing sector.
The Dow Jones industrial average
shed 53.05 points, or 0.41 per cent, to
close at 12,952.07.
The Standard & Poors 500 Index
slipped 6.50 points, or 0.47 per cent, to
1,365.68. The Nasdaq Composite Index
dropped 19.87 points, or 0.67 per cent,
to 2,966.89.
The modest scope of the days
decline indicates investors were
inclined to take some profits after a
five-month rally that has driven the
S&P 500 up 8.6 per cent since the end
of December.
Stocks registered healthy gains for
the month of February, following
equally robust gains for January.
Reports suggesting more improve-
ment in the economy curbed the days
losses, however. The Nasdaq briefly
topped 3,000 for the first time since
mid-December 2000.
The Nasdaqs move follows the
Dows close above 13,000 for the first
time since May 2008 on Tuesday, the
latest in a string of new milestones for
the market, and analysts said traders
may have been booking profits after
the new highs.
Techs, which drove Tuesdays
advance, led yesterdays retreat, with
the Philadelphia Semiconductor index
down 1.6 per cent.
Among the days decliners, Lufkin
Industries fell 2.3 per cent to $79.64
after the seller of oilfield pumping
units and power transmission prod-
ucts said it will acquire UKs Zenith
Oilfield Technology for about $127m
in cash.
Shares retreat on profit
taking and Fed speech
THENEW YORK
REPORT
A
LL financial regulation is inherently pro-
cyclical. After a crisis has occurred, the
immediate, inherent response is that
must never be allowed to happen again.
Thus after the South Sea Bubble, limited liabili-
ty, joint stock incorporation was effectively for-
bidden. The problem is that regulations prevent
agents doing what they want to do, and hence
limit innovation and growth. As time passes,
and no further crisis ensues, the drawbacks of
such restrictions come to appear more damag-
ing and unnecessary than the benefits. Also
there is often a national race to the bottom:
buzzwords such as light touch or we can
move to a nicer country and so forth ensure
regulation erodes over time. The next major cri-
sis can be plausibly dated as occurring in 20
years time.
Also market forces make regulation procycli-
cal. Market values, profits, capital and ease of
market access to liquidity and funding more
generally are all easier to achieve in a boom. So a
given capital/liquidity ratio can also be more
easily achieved then. Current developments,
especially in Europe, represent an extreme
example. Regulatory equity requirements have
gone from around 2 per cent or less of risk-
weighted assets in 2007 to 9 per cent by June
2012. Liquidity requirements, the Liquidity
Coverage Ratio (LCR) and Net Stable Funding
Ratio (NSFR), are following along, though fortu-
nately with long lead times and long lags before
full introduction. Even so, the imposition of
toughened regulatory measures is one of the
more important factors behind the current mas-
sive deleveraging in European banks. Many of
the main banks, such as RBS, are cutting their
balance sheets now almost as aggressively as
they expanded them before 2008; and both ten-
dencies will have aggravated the cycle.
Does it matter? If you are a monetarist, it cer-
tainly does. Less so if one focuses on bank credit,
because a shift from deposits to capital should
have relatively little effect, even perhaps posi-
tive for example, reducing zombie loans and
increasing loans for new, better enterprises.
Nevertheless it is hardly to be recommended.
So, how do we deal with such procyclicality?
First we must recognise the syndrome. There is
an attempt by the Basel Committee in Banking
Supervision (BCBS) to use capital adequacy
requirements in a counter-cyclical manner, with
a 2.5 per cent add-on. There are, however, justifi-
able doubts whether it will work. First, 2.5 per
cent is just too small: compare financial condi-
tions in 2006 and 2012. Second, it will be diffi-
cult and unpopular to claim that an increase in
prices and market values is unsustainable; so
there is a need for presumptive indicators, but
there is considerable disagreement on which to
use. Third, uncertainty about the transmission
mechanism will make for caution, at least for a
time.
What else can be done? The application of
ratio control was not based on any proper eco-
nomic analysis. It was purely pragmatic in
1987/88. Basel I and II requirements actually
worsened the use of equity as a buffer against
unexpected losses for a going concern. Bank
managers focus on return on equity, because
they answer to shareholders. Capital adequacy
requirements (CAR) make achievement of a
high return on equity more difficult. Bank man-
agers therefore responded by lowering the qual-
ity of CAR capital, increasing leverage relative to
risk-weighted assets and reducing the buffer
above the minimum required CAR.
We need a new approach to ratio controls.
Instead of one ratio, two. A much lower ratio
where a bank becomes too dangerous to allow
management to continue, and a much higher,
fully satisfactory level. The two need to be con-
nected by a ladder of sanctions, mild to begin
with, more severe as we move towards closure
point. Sanctions could be charges for milder
shortfalls, with limits on out-payments, divi-
dends, buy-backs and bonuses for more serious
shortfalls. There is a precedent in the BCBS con-
servation range for a higher ratio of 7 per cent
and a floor ratio of 4.5 per cent.
Equity shareholders, with limited liability,
share the same incentives to take on extra risk
as the managers have, with a limited downside
and unlimited upside potential. As the market
value of equity falls, more of the potential (tail)
risk of absorbing losses falls onto bond-holders
and/or taxpayers. The need then is to find a way
to transfer governance and control to such other
risk-bearers increasingly as equity values fall.
The call for Co-Cos and bail-in-able bonds goes
some way in this direction, but there can be con-
tagion problems. There should be a much
greater willingness to embrace taking weak
financial intermediaries into temporary public
ownership, if and when necessary, before they
have completely crashed into the rocks of bank-
ruptcy.
Charles Goodhart is emeritus professor at the London
School of Economics and a former member of the
Monetary Policy Committee. He will be delivering
todays keynote speech at Gresham Colleges Long
Finance event, Into the Folly of Value, at Bank of
America Merrill Lynch. www.gresham.ac.uk
18
The Forum
The next major crisis can
be plausibly dated as
occurring in 20 years time.
A leading economists view
on how to manage financial
regulation for the long term
cityam.com/forum
CHARLES GOODHART
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
M
AINTAINING and realising the
sporting legacy of this summers
Olympic and Paralympic Games is
a huge challenge. But it also pres-
ents the chance for those governing sport
to do things differently, and find a new gen-
eration of participants as a result.
Existing policy has failed to engage peo-
ple in sport in the volumes hoped for. A
couple of years ago there was talk of get-
ting 1m more people playing sport after
several years and an increase of only
120,000, everyone shut up about that. But
the problem wasnt the target so much as
these sports sluggish approach to innova-
tion.
Sport, particularly traditional team
sport, needs to accommodate itself to
todays lifestyles if people are to keep play-
ing the games that they love. Rugby, for
example, expects twice weekly evening
training from senior club players as well as
Saturday matches; this represents a signifi-
cant commitment for something most
employers would deem a hobby, so it is
unsurprising that participation levels in
English rugby union have dropped by
34,700 in the last four years.
To its credit, this government has recog-
nised the problem and has taken the bold
step of merging two major sport quangos,
Sport England and UK Sport. These will
now be under the stewardship of Air Miles
founder and London 2012 organising com-
mittee stalwart Sir Keith Mills, who has
been tasked to promote sporting innova-
tion to encourage mass participation.
For several sports this is old news; in
1987, football introduced a five-a-side foot-
ball business called Goals, which 180,000
people now play each week, resulting in a
company turnover of nearly 50m annually.
Cricket has thrived from Twenty20 and Last
Man Standing; urban golf goes from
strength to strength; swimming has emu-
lated the Great North Run with the Great
East Swim and attracted over 20,000 partic-
ipants last year; 200,000 cyclists took part
in the 2010 Sky Ride.
As for rugby, my own business, Trys
Rugby, is looking to leverage the success of
touch rugby, whose English leagues attract-
ed 15,000 players last year. We are in the
process of developing a chain of purpose-
built rugby centres linked to retail destina-
tions and Aviva Premiership rugby
grounds. Trys is a five- or six-a-side format,
faster and non-contact; it is played on flood-
lit, synthetic surfaces available year-round
and is suitable for all ages including those
serious about rugby as well as those look-
ing simply for a fun way to get fit.
Traditional team sports will always have
their place, but the future of the British
sports industry is about change. Clever
rights owners understand it and are mar-
keting their commercial opportunities
now. The sports of the future can be good
for investors as well those who end up on
the pitch.
Andy Baker is the chief executive of Trys Rugby
and former director of Next Generation Clubs,
part of David Lloyd Leisure.
19
Traditional team
games are finding
that rewriting the
rulebook pays off
Why we need to
convert sport to
suit todays lives
Minimum sage?
Ive often thought that the mini-
mum wage was counterproduc-
tive but couldnt express it as
succinctly and clearly as Jamie
Whyte managed to in his article
yesterday [There's no logic
behind the workfare proposal].
But scrapping the minimum
wage would also need to go
hand in hand with a reduction or
a cap on benefits why would
anyone take a 4/hour job if the
dole pays better?
Rich Simkins
Energy trade wars
Will Straw omitted two critical
issues [in The energy policy para-
dox, Monday]. First, why does
Britain have a lower gas storage
facility than any other EU country?
Second, energy companies always
seem to be short when spot prices
are rocketing, but have purchased
huge volumes forward when the
spot price is collapsing. If their
energy traders are useless the cost
shouldnt fall on British consumers.
David West,
retired City money trader
@cityamforum
[Re: Better squeezed than baffled
by tax breaks, Tuesday]
Ron Paul didnt have the support
of 30 billionaires because his eco-
nomic policies were based on
extreme isolationism.
@AdityaVikramDas
[Re: Hysteria over student visas is
damaging Britains future growth,
yesterday]
Every UK MBAs worst night-
mare...
Louise Chow, @lougirlie
RAPID RESPONSES
ANDY BAKER
The Forum
W
ITHOUT an
e q u a l l y
favourable out-
come in
Arizona, Mitt Romneys
victory in the Michigan
primary would have been
portrayed by the media
as a hollow one at best
a crisis averted. Losing Michigan, however, would have
wounded Romney, perhaps mortally. But with a land-
slide in Arizona and a marginal victory in his home
state, Romney has made it more difficult for the press
and his opponents to make sense of his sweep on
Tuesday night.
The Michigan contest was bruising, however. It
was not just a fight Romneys campaign hadnt
expected, but one it could ill-afford to lose once battle
commenced. In expending millions of increasingly
scarce dollars to win (Romneys largest donors have
mostly maxed out their legal limit), Romney was
forced to divert funds that would have been much
better utilised for delegates on Super Tuesday. In
truth, however, he had few options. As general George
S. Patton observed, a pint of sweat saves a gallon of
blood.
Even in defeat Rick Santorums campaign will claim
victory, pointing to Romneys home field and sizeable
financial advantage, as well as the possibility of a simi-
lar number of delegates. However, its also a missed
opportunity. When he had the chance to shine during
the debate, Santorum excused his voting record on
the grounds that politics is a team sport, folks. He
appeared as the consummate Washington insider.
When given the opportunity to recover, he unleashed
a wave of controversial remarks on education and the
separation of church and state. Michiganders were
ripe for his blue collar economic message, but
received a lecture in theology. At the ballot box, even
Catholics turned their backs on him.
Santorum has an immediate opportunity to bounce
back in Saturdays Washington caucus, but its in Ohio
a neighbouring state to his native Pennsylvania
hell be looking to get back on track. Santorum has
polled well in Ohio, but he will have to convince voters
in the Buckeye State that hes still a winner. His cause
is not helped by the fact that he failed to get on the
ballot for three of Ohios 16 congressional districts and
will be ineligible for nine of the states 66 delegates.
He also fell short in making the ballot in Virginia, a
state only Romney and Ron Paul will be contesting.
Super Tuesday is also the day Newt Gingrich is
looking to rebound. Gingrich has already conceded
that if he loses his native Georgia and struggles in the
south hell have to reconsider his options. However,
hell also be looking to compete in Ohio. Gingrich is
well aware that Santorums strength is hurting his
own campaign and has increasingly been channeling
his attacks against the former senator. One has
become used to writing Gingrich off, but he is now
well-financed and hes demonstrated a great deal of
prescience in focusing on an issue that hits Americans
in the pocketbook like few others: the price at the
pump.
Romney may well have assuaged some doubts on
Tuesday night, but if he fails to gain momentum and
pick up any sizeable victories outside of
Massachusetts, Vermont, and Virginia, questions will
again be asked about his fitness to be the nominee.
Ohio is clearly the prize. If Romney can win there it
will be his opponents facing the daunting questions,
namely whether their candidacies still have a pulse.
Ewan Watt is a Washington DC-based
consultant. You can follow him on @ewancwatt
Romney wins at home
but the cost was high
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
US ELECTIONS
BY EWAN WATT
A
S THE top graph clearly shows, there
have been many ups and downs in the
City hiring market over the last five
years. The fluctuations in financial serv-
ices hiring are traditionally seasonal, with
Christmas, bonus season and mid-summer
being the less active periods of the year.
However, over the last five years the jobs
market has been significantly affected by
additional political and economic factors,
some of which in isolation have had a rather
dramatic knock-on effect on hiring. For exam-
ple, in September 2008, after Lehman
Brothers collapsed, the hiring market went
from decline into freefall.
Looking at the picture overall, the Morgan
McKinley Employment Monitor data sum-
marises how the global and, therefore, UK
economy has fared pre-credit crunch and
post-credit crunch.
From February 2007 to the middle of 2008
there was clearly a very bullish jobs and can-
didate market, with some of the highest ever
monthly job vacancies across the City. The
subsequent effect of the onset of the sub-
prime/credit crunch caused a steep decline in
the jobs market, followed by a (relative)
bounce-back from the end of 2009 into the
first part of 2011.
The spiking of candidate numbers over
the last five years reflects two things:
increased job opportunities, which encourage
professionals to enter the market, and con-
versely announcements of imposed headcount
reductions by City institutions.
Coming back to more recent times, the rapid
expansion of the sovereign debt crisis in the
Eurozone can clearly be illustrated with what
are now some of the lowest job volumes the City
has ever seen.
With the financial services jobs market
remaining relatively challenged, those looking
for new roles should note that, whichever direc-
tion the market moves, often there may be two or
even three consecutive months of increase or
decline in job vacancies.
Relevant experience and skillsets, however, are
key. Whether the shape of the graph in regard to job
opportunities moves up or down, it remains true
that the highest calibre professionals, with strong
track records, are still in demand.
Andrew Evans is chief operating officer of Morgan
McKinley Financial Services UK.
CAREERS.com
300
jobs over 75k
JOBSof theWEEK
W W W. C I T Y A M C A R E E R S . C O M
TODAY ON
CAREERS.COM
20
Senior sales specialist
Algorithmic trading solutions
Highly competitive
Dow Jones and Company is looking to fill
a role selling into new buying centres for
existing Dow Jones customers or extend-
ing solutions used by these customers.
www.cityamcareers.com/job/6275
Analyst, dynamic mid-market
private equity fund
40k-120k
Ambitious employer in the German-speak-
ing market is looking to find quality entry
level candidates and recent graduates
with strong relevant intern experience.
Oracle development team
leader
Excellent package
UBS wants to fill an existing position with
an innovative thinker who also has strong
communication skills, technical competen-
cies and management abilities.
Business developer
Private clients
50k-60k
Boutique firm is looking to add a business
developer to their team, responsible for
new client acquisition, building relation-
ships with professional service providers.
Senior legal counsel
Dublin
Competitive
Top-tier financial services group with sig-
nificant growth plans seeks legal counsel
with local knowledge to support these
plans from a legal perspective.
More than
100
Private equity jobs
More than
200
jobs in investment
banking
Over
200
IT roles
Over
50
Legal
roles
Over
100
jobs across
Europe
More than
ANALYSIS l Five-year financial services jobs and candidates timeline
Source: Morgan McKinley London Employment Monitor, February 2012
Feb
2007
Feb
2008
Feb
2009
Aug
2008
Aug
2009
Feb
2010
Aug
2010
Feb
2011
Feb
2012
Aug
2011
Aug
2007
New Jobs
New Candidates
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
ANALYSIS l One-year salaries timeline
Source: Morgan McKinley London Employment Monitor, February 2012
Feb
2011
Mar
2011
Apr
2011
May
2011
Jun
2011
Jul
2011
Aug
2011
Sep
2011
Oct
2011
Nov
2011
Support/Admin
Middle Market Professionals
Total Average
Snr Professionals/Directors
Dec
2011
Jan
2012
Feb
2012
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
Financial service jobs

rise in February 2012
But job volumes are still some of the lowest the City has ever seen
Scan here to go to
CITYAMCAREERS.COM
ANDREW
EVANS
MORGAN MCKINLEY
FINANCIAL SERVICES
The financial services job market is unlikely to stay in one place Picture: GETTY
21
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Buyer beware: Probe
past headline figures
EMBA rankings
are not always the
best way to judge
the right course,
writes Tom Welsh
these rankings contain elements that
need close attention from candidates
to prove their value. Their worth is
also bound to the student knowing
what they want from the course.
Figures for average alumnus salary
growth may sound uncontroversially
useful, for example, but applicants
must weigh this information against
other research and their priorities.
Class profile matters. It can be stark-
ly different and affects salary growth
scores. The average student in the cur-
rent Cass cohort is 30 years old and
has seven years, seven months busi-
ness experience. Saids average stu-
dent has double the work experience.
The relative seniority of Saids stu-
dents could affect how quickly their
salaries grow post-EMBA. According to
Cousins, measures of career progress
may not be as noticeable if a course
attracts more senior executives.
Similarly, executives should consid-
er whether some ranking criteria are
relevant to their needs. IE Business
School saw alumni salaries increase by
153 per cent in the three years follow-
ing graduation, pushing the course up
to eighth in the world. But for execu-
tives who want to set up a businesses,
salary growth may be relatively unim-
portant. They must calculate how IEs
overall ranking is conditioned by this
high individual score.
Rankings are also a historical pic-
ture of past achievement. An alum-
nuss perception of how his or her
career has progressed is gauged
through a retrospective interview. In
the dynamic world of course develop-
ment, historical promise may fade and
poor performance one year may dra-
matically turn around the next.
The FT mitigates against dispropor-
tionate skews to individual measures
by using three years of data where pos-
sible. But some schools are new to the
list. This is a problem for Said, says
Harvey. The schools course has only
been included since 2010 and its result
does not yet benefit from the three-
year stabilising effect.
E
ACH year, the Financial Times
(FT) creates an interactive guide
to the worlds best executive
MBA (EMBA) programmes. Its
headline figures are the result of a
weighted formula average alumnus
salary contends with diversity indices
and career progress rankings -- and
schools make proud use of these find-
ings in their marketing. Described as a
list of the best management pro-
grammes available, it is a useful tool
for applicants to find the right EMBA.
But the FT ranking, like competitors
at Businessweek and The Economist,
should not be used without thought.
It has limitations as well as benefits,
and executives planning to spend
more than 50,000 on an EMBA
should be conscious that the FT can-
not provide a simple answer to the
complex dilemma of course selection.
Rankings are just one measure
applicants should use, says Kathy
Harvey, director of the EMBA pro-
gramme at the Said Business School.
They are a good starting point,
agrees Steve Cousins, MBA admissions
manager at Cass Business School. They
can roughly narrow lots of potential
programmes into a smaller group.
But how rough is this starting
point? How should EMBA rankings be
used to analyse differences between
business schools and to find the right
course for the right candidate?
Schools themselves have a love-hate
relationship with them. Harvey views
them as informal external audits. We
shouldnt be sitting in our ivory tow-
ers, complaining about the rankings.
But beneath the top-line positions,
Perhaps the rankings greatest limi-
tation lies in an inability to accurately
depict differences in organisational
and teaching culture. This may sound
somewhat woolly, but understanding
differences between programmes is
crucial if the potential candidate is to
get the most out of his or her EMBA.
Harvey cites one striking example at
Said. It is penalised in the rankings for
a low number of teaching hours spent
abroad, but the school consciously
does not offer pairings with foreign
partners. Oxford is a world-class uni-
versity which offers an Oxford
degree and not anything else. Some
of the special benefits of studying at
Said being part of the fabric of
Oxford and membership of a college
are skewed into criticism in a list
that puts a premium on hours spent
learning outside Britain.
This example emphasises the impor-
tance of cautious research. This cau-
tion must be more than natural
mindfulness that the buyer must
beware. It should spring from a clear
idea of what is wanted from an EMBA,
from understanding the different
approaches schools take, and from a
determination to delve beneath the
marketing slogans. All this will ensure
that EMBA rankings are a useful start-
ing point and not a misleading route
down a blind alley.
1 Kellogg/ Hong Kong UST Business School
2 Trium: HEC Paris/ LSE/ New York University: Stern
3 Columbia/ London Business School
4 Insead
5 University of Chicago: Booth
6 Duke University: Fuqua
7 University of Pennsylvania: Wharton
8 IE Business School
9 UCLA/NUS
10 London Business School
1 IE Business School
2 Korea University Business School
3 Columbia/London Business School
4 Imperial College Business School
5 Kellogg/ WHU-Otto Beishelm School
6 Warwick Business School
7 City University: Cass
8 Essec/ Manheim
9 UCLAS/ NUS
10 Ceibs
Source: Financial Times EMBA Rankings 2011 Source: Financial Times EMBA Rankings 2011
Top 10 executive MBA programmes
in the world
Top 10 executive MBA programmes
by percentage salary growth
Business Education
22
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UK schools can give global benefits
T
HE PRESSURES of globalisa-
tion have inspired many sen-
ior managers either to leave
Britain for their executive
MBA (EMBA) or to join one of a grow-
ing number of joint programmes
between British and foreign business
schools.
One such course is the Trium, a
partnership between the LSE, New
York University: Stern and the HEC
School of Management in Paris. It
offers a unique, international cur-
riculum, which challenges entre-
preneurial-minded, senior-level
executives to think and act within a
socioeconomic and geopolitical con-
text.
Some, of course, need to study out-
side the UK because they work
abroad and the EMBA allows stu-
dents to work full-time alongside
their studies. They must be close to
their workplace, or at least within
an easy commute if EMBA classes
take place at the weekend.
Still, the hyperbole around foreign
study demands closer attention. Is
this really a unique experience for
executives, or can potential candi-
dates get similar advantages by
remaining in Britain?
One benefit of studying abroad is
national and cultural diversity with-
in the student cohort. Executives
want and need to make a wide range
of new contacts to help them in
their career progression. Global net-
working opportunities will assist
managers in multinational corpora-
tions or those who want to expand
their businesses into foreign mar-
kets.
But domestic British business
schools are hardly monocultural.
The current Said Business School
EMBA cohort is only 20 per cent
British and includes many students
from developing economies in Africa
and Asia. The Imperial College EMBA
is less mixed but manages to get
along with 34 per cent of foreign stu-
dents.
Ebrahim Mohamed, director of
the MBA programmes at Imperial,
says that the schools diverse mix of
nationalities provides a stimulat-
ing mix of views and potential for
learning. Global networking oppor-
tunities can clearly be found in
Britain. The fact that so many for-
eign executives come to the UK for
study suggests that Britain itself is at
the forefront of globalised contact-
making.
Another benefit of studying
abroad is the chance to gain foreign
business experience on the ground.
The London Business School (LBS)
EMBA in Dubai claims that it offers
unrivalled access to the worlds
most influential markets, and its
students can gain the global busi-
ness skills and insights to operate
successfully anywhere in the world.
But candidates should separate
the general from the specific. The
LBS course in Dubai may be excel-
lent in itself, but this international
dimension is not necessarily a rea-
son to choose it over a similar EMBA
in Britain.
Many UK-based programmes allow
students to travel abroad for elec-
tives in these same influential mar-
kets. The Imperial EMBA, for
example, includes an international
study tour. In 2011 it took students
to China and Brazil to explore
emerging economies through site
visits and talks from top local execu-
tives. Business schools do not neces-
sarily need a campus outside Britain
to offer international study opportu-
nities to their students.
EMBA students should instead
consider diversity and global busi-
ness experience in their broadest
sense. Steve Cousins, MBA recruit-
ment and admissions manager at
the Cass Business School, says it is
very easy to get fixated on national-
ity or location. The wider purpose
of diversity is to encourage students
to challenge their preconceived
ideas about business conduct, and to
assist them in carrying these ideas
through flexibly in any context.
If prospective students want to
gain the greatest value from their
studies, they ought to seek out EMBA
programmes that attract students of
different ages, of different levels of
experience and from different eco-
nomic sectors. As Cousins says, An
engineer tends to think like another
engineer, regardless of where they
are from or where they are.
Studying for an EMBA abroad may appear seductive, but
UK-based courses are not that different, writes Tom Welsh
Asia
North America
UK
Europe (exl UK)
Middle East
Australasia
Africa
Source: Said Business School, University of Oxford
ANALYSIS l Origin of current Said Business School EMBA cohort
%
18%
20%
16%
13%
4%
18%
11%
Europe
Africa/Middle East
Asia/Pacific
UK
North America
Source: Imperial College Business School
ANALYSIS l Origin of current Imperial EMBA cohort
%
8%
20%
66%
3%
3%
Crisis Management
How outsourcing can
offer peace of mind
Working environment
The impact it has on
staff and performance
Customer requirements
Know the customers
wants and needs
AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
Now is the
time to shift the
mind-set from
cost-cutting to
expansion and
investment
Mike Daniels of
Barclays Corporate
discusses whats
important for 2012
P
H
O
T
O
:
S
H
U
T
T
E
R
S
T
O
C
K
Difficult times: Facilities management
providers are supporting UK businesses in
unstable economic conditions
THE ROAD
TO RECOVERY
FACILITIES
MANAGEMENT
No. 2 / March 2012
2 MARCH 2012 AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
A
s grim economic
headlines domi-
nate the media,the
way facilities are
managed can make
the diference to a
companys surviv-
al as well as its bottom line.
This is why the facilities manage-
ment (FM) sector is weathering the
economic crisis so well. FM is about
enabling business, helping to build
an organisations brand and support-
ing its people through difcult times.
Working together with cli-
ents, whether internal or external,
through a period of austerity has
brought FM closer to core business-
es and demonstrated its true value
by helping organisations meet their
budgetary goals. It has also high-
lighted the importance of transpar-
ency and partnership.
FM providers are experts in creat-
ing better working environments
and ensuring smooth operations.
They do this through business con-
tinuity and risk management plan-
ning and changes in working prac-
tices to improve the performance
of essential services such as build-
ing maintenance, cleaning and
security while also reducing costs.
Tough times
1
Of course, there have been
some well-publicised casual-
ties in the form of Rok, Connaught
and Kinetics, chiey exposing poor
business practice including negative
CHALLENGES
Leaving it to the experts
Organisations must do things diferently in difcult times and a
facilities management partner brings cost savings and peace of
mind says Ian Broadbent, Chairman of the Business Institute of
Facilities Management (BIFM).
This is about
creating the most
effective working
environment so
staff and the core
business perform
better
Guy Holden,
Vice President and
General Manager,
Johnson Controls,
Global WorkPlace
Solutions
WE RECOMMEND
PAGE 7
FACILITIES MANAGEMENT,
2ND EDITION, MARCH 2012
Managing Director: Chris Emberson
Editorial and Production Manager:
Faye Godfrey
Business Development Manager:
Dominic Webber
Responsible for this issue:
Project Manager:
Alasdair Byers
Phone: 020 7665 4406
E-mail: alasdair.byers@mediaplanet.com
Distributed with: City AM
Print: City AM
Mediaplanet contact information:
Phone: 020 7665 4400
Fax: 020 7665 4419
E-mail: info.uk@mediaplanet.com
We make our readers succeed!
Mediaplanets business is to create
new customers for our advertisers by pro-
viding readers with high-quality editorial
content that motivates them to act.
margin bidding which was detri-
mental to our sectors reputation
and its sustainability.
In difcult times businesses out-
source to save money and even with
the cuts made by the Coalition gov-
ernment, public sector demand for
facilities expertise and services is
unlikely to shrink with health, edu-
cation and transport spending all be-
ing sustained.
The FM profession also has an es-
sential role to play in helping organ-
isations tackle climate change, mi-
gration, security, health and safety,
economic growth,an ageing popula-
tion and terrorism. Meanwhile, this
years London Olympics will show-
case the very best of FM to the world.
Future growth
2
Various studies outline how
FM will expand. Research by
MBD predicts between 2 per cent
and 4 per cent annual growth in real
terms up to 2016.The trend towards
outsourcing will fuel this expan-
sion, with bundled services and in-
tegrated solutions showing the
strongest growth.
Other research from MTW fore-
casts 12 per cent growth by 2015 led by
a number of key sectors in the private
commercial market.MTW says more
than 60 per cent of the industry had
either an excellent or good credit
rating in mid 2011. This reects the
FM sectors core nancial strength.
Facilities professionals themselves
are pragmatic about how long it will
take before the UK economy picks up.
Merger talk
3
No doubt there will be more
mergers and acquisitions in
the FM sector this year as larger pro-
viders are keen to acquire smaller
specialist businesses to improve
their integrated ofering.
This industry is diversifying and
moving beyond the buildings four
walls to support work wherever it
takes place at home,on the move,
in hotels and drop-in ofces. It
means providers must embrace dif-
ferent challenges around IT and hu-
man resources to ensure FM is seen
as the key business enabler.
The headlines might be heavy
with threats of economic disaster,
but FM is in a strong, positive and
most importantly, sustainable po-
sition to support UK Plc along the
road to recovery.
Ian Broadbent
Chairman, BIFM
Delivering outstanding
asset management
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INSPIRATION
Outsourcing trend boosts
facilities management
An expected surge in outsourc-
ing as more organisations focus
on their core businesses to sur-
vive the harsh economic climate
should be good news for facilities
management (FM) companies.
Barclays Corporate questioned
25 of the top FM providers and 84
per cent predict more outsourcing
as bosses look to reduce overheads.
In the public sector, many FM
contracts are already materialis-
ing following the governments
controversial Comprehensive
Spending Review.
There are challenges such as
long lead times, pressure on mar-
gins and the lack of an outsourc-
ing strategy at many local author-
ities, but contracts are appearing
because savings of up to 30 per
cent can be achieved by asking
FM providers to run different ser-
vices, says Mike Daniels, Manag-
ing Director and Head of Business
Services at Barclays Corporate.
Predicted growth
Overall, a massive 96 per cent of
FM firms expect their business-
es to expand this year as clients
concentrate on ensuring their
own management is as effective
as possible. Using an FM compa-
ny also gives organisations the
peace of mind that any interrup-
tion to their business caused by
problems with their people,prop-
erty or processes will be minimal.
FM providers are not only eyeing
UK expansion but are also set-
ting their sights on Western Eu-
rope and North America with 42
per cent of FM firms planning to
increase their staff numbers this
year by as much as 10 per cent to
help them grow.
Understanding customers
Yet FM companies will have to
work harder as their margins
are squeezed and clients demand
more flexibility in the length and
terms of contracts.
This is a highly competitive
environment and it is taking
much longer to finalise and se-
cure contracts, says Daniels. FM
companies must demonstrate
a deeper understanding of cus-
tomer requirements, which can
change at very short notice.
Industry consolidation
This pressure will fuel more
merger and acquisition activity,
with 83 per cent of respondents to
the Barclays Corporate survey ex-
pecting additional consolidation
this year as larger rms snap up
smaller players. Some 21 per cent
of companies are already scouting
the market for potential targets.
The economic downturn has
meant some FM companies are
selling their services at a loss to
win market share but this is un-
sustainable, says the report,while
others are having more success at
achieving their growth targets by
cross-selling to existing clients.
Daniels says FM providers need
to show businesses how they can
help them survive and ourish
when there is such a lack of con-
dence.Now is the time to shift the
mind-set from cost-cutting to ex-
pansion and investment he says.
Question: How will the
current economic situation affect
facilities management rms?
Answer: We have seen
increasing demand for their
services, but providers must
convince clients of the value they
can add.
STEVE HEMSLEY
info.uk@mediaplanet.com
CHANGE
FM companies
must demonstrate
a deeper
understanding
of customer
requirements
Mike Daniels, Managing Director and Head
of Business Services, Barclays Corporate
Brought to you by In association with Sponsored by
QUESTION & ANSWER
How can facilities
management software make
a difference?
!
Typically,FM software helps
businesses to manage their
reactive and planned help desk,
improve service levels, make re-
sources more ef cient and man-
age risk.The software should also
provide asset tracking, property
management, cost control, space
management, room booking and
resource planning functionality.
How does having the right
software make FM more
effective?
!
To be efective it must be
easy to use, afordable and
scalable to meet an organisa-
tions growth. Avoid products
that are non-modular as they can
be expensive and inexible.
How has software evolved
in recent years?
!
New technology and auto-
mation have brought many
benets. The import tools need-
ed to get started with FM soft-
ware are now simple so legacy
data can be built quickly and
seamlessly. It is vital the soft-
ware can be integrated with oth-
er business systems such as the
building management system,
energy control, nance bench-
marking and human resources
so data can be shared.
What support is available
to businesses?
!
When purchasing FM soft-
ware, think about how you
want to utilise and build your da-
tabase as well as your project
management, installation and
training needs. Is there on-going
support available? Companies
can provide customers with dedi-
cated account managers and cre-
ate user groups so people can net-
work and share ideas on how best
to use the software.
Tony Leppard,
Managing Director
at FMx Ltd
4%
Barclays Corporate carried out a survey amongst the UKs largest Facilities
Management (FM) providers to understand how facilities management companies
view the prospects for the economy, the industry and closer to home the
outlook for their own businesses in 2012. Some of the results are shown here.
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
79%
17%
Do you think there will be an increase or
decrease in merger and acquisition activity
within the sector over the next 12 months?
Major increase
Minor increase
Nochange
Which areas are of concern to your business over the next 12 months?
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Demand
Ination
Interest rates
Cash ow
Exchange rates
Margin pressure
42%
25%
13%
21%
8%
79%
Percentage of respondents
84%
of the top 25 FM providers believe that
outsourcing will increase if the low
growth economic climate continues
STATISTICSPROVIDEDBY
BARCLAYSCORPORATE
Job Title: UK Operations Director
Salary: Circa 130,000 package
Location: London
FRL Recruitment are working in partnership with a leading Facilities Man-
agement Contractor to identify and recruit a high calibre UK Operations
Director to join their fast moving and successful business.
With a fantastic brand name in the UK FM arena, our client is looking to
appoint an exceptional Operations Director to manage and drive 40m
worth of Facilities Management and Building Maintenance contracts
across the commercial sector, including customers in the banking, media,
professional services, pharmaceutical and technology sectors.
This is an outstanding opportunity for a self-motivated and dynamic indi-
vidual who may be looking to further their career or use there experience
in a pivotal role.
Responsibilities:
- Development and dellvery of the company's strateglc growth plan from
the outset.
- |dentlfylng new revenue streams, managlng resources and personnel
efciently.
- Coordlnate and manage the speclcatlon sales team, operatlons and
technical departments whilst coordinating with the Board of Directors
- Drlve the sales and marketlng by lncreaslng market awareness ln the UK
within the Corporate Client arena.
- Plannlng, dlrectlng and coordlnatlng the day to day core buslness ln
compliance with the company goals and objectives.
- Manage the buslness as a stand alone prot centre.
Experience:
- Degree Lducated
- Slgnlcant experlence of operatlng at a senlor level from wlthln the com-
mercial Facilities Management or Building Maintenance sector.
- A proactlve buslness leader who can balance buslness development
and sales wlth strong nanclal acumen, who can manage and lead op-
eratlonal, M&L, Pacllltles Management, Deslgn and Pro[ect Management
processes
- A demonstrable track record of strateglc growth and dellvery wlth the
ideal individual having experience at business start up and bottom end
growth
- Lxcellent lnterpersonal, presentatlon and networklng skllls, coupled
with personal credibility and integrity.
Our client ofers an extremely competitive salary with an industry leading
benets package.
|f you requlre any further detalls for thls posltlon or would llke to apply
please contact Paul Stephens at PPL Pecrultment on 0207 652 9677 or
email: paul.stephens@frluk.com
Job Title: Head of Client Services
Salary: Circa 100,000
Location: London
FRL Recruitment are working in partnership with a leading managed of-
ce provlder to ldentlfy and recrult a dynamlc and commerclally focused
Head of Client Services to join their highly successful operation.
As Head of Cllent Servlces, you wlll be responslble for developlng and lm-
plementing strategies to ensure consistent business growth and a high
level of operational delivery across a large portfolio of corporate ofces
in the UK and Europe.
wlth responslblllty for the Pacllltles Management and Pro[ect Manage-
ment functlon, the Head of Cllent Servlces wlll possess a quantlable
track record of leading projects and operations across multiple proper-
tles, lncludlng t-outs, refurblshments and overall PM strategy. Candl-
dates will be able to demonstrate technical knowledge of both Facilities
and Pro[ect Management, and wlll have the ablllty to drlve SLA's and KP|'s
across the functions.
Strong management skllls are a pre-requlslte, wlth the Head of Cllent
Services being responsible for a large team of internal staf and external
contractors.
The successful Head of Client Services candidate will have experience of
implementing an out-sourced FM delivery model within a multi-site op-
eration.
|t ls essentlal that all appllcants possess excellent commerclal and nan-
cial understanding, with the ability to produce and manage complex
budgets, ensurlng maxlmum protablllty across the broader property
services function. The Head of Client Services will also take ownership of
the supply chain, forging efective relationships with supply chain part-
ners, suppliers and contractors.
The successful candidate will be self driven, results orientated and pas-
sionate about customer service. Excellent communication skills are im-
perative to the success of the role, and candidates should be able to pre-
sent to a broad selection of corporate clients and customers.
This role presents an excellent opportunity to join a fast growing business
wlth a unlque product and dynamlc culture.
please contact Gary 8lnder at PPL Pecrultment on 0207 652 9668 or emall:
gary.binder@frluk.com
Job Title: Senior Health, Safety & Environment Manager (HSE)
Salary: 55,000 - 65,000 plus benets
Location: London
FRL Recruitment are working in partnership with a major Facilities Man-
agement service provider to recruit a London based Senior Health, Safety
& Environment Manager (HSE) for a UK wide Corporate Banking & Finan-
cial Services account.
Working from our clients London Head Ofce, you will be responsible
for delivering a high standard of Health, Safety and Environment advice,
striving to not just meet but exceed all regulations and legislations, driv-
ing a culture of excellence across the clients property portfolio.
As Senlor Health, Safety & Lnvlronment Manager, you wlll have the au-
tonomy to implement changes and strategies across the UK, taking total
ownership of the function itself.
Excellent communication skills are imperative to the success of the role,
as you will be dealing with multiple stakeholders, both internally and ex-
ternally. The successful candidate will have the ability to infuence, inspire
and enthuse a broad demographic of people.
The successful Senior Health, Safety & Environment Manager candidate
wlll have a quantlable track record of dellverlng a hlgh callbre of Health
& Safety management within the corporate property arena, understand-
lng the unlque complexltles of HSL management wlthln a multl-slte,
multi-tenanted corporate environment.
Essential:
- NL8OSH Dlploma or equlvalent
- Lxperlence of dellverlng HSL strategles ln a corporate omce envlron-
ment
- Member of |OSH or equlvalent
Desirables:
- CM|OSH or equlvalent
- Prevlous UK wlde experlence
This role presents an excellent opportunity to join a leading Global Facili-
tles Management Servlce Provlder wlth an lmpresslve portfollo of corpo-
rate clients across multiple sectors.
please contact 1ordan Gladstone at PPL Pecrultment on 0207 652 9688 or
email: jordan.gladstone@frluk.com
Job Title: Senior Business Development Manager
Salary: 60,000 - 70,000 base (l00,000 OTL) plus benets
Location: London
FRL Recruitment have been instructed by a leading Facilities Manage-
ment service provider to identify and recruit a Senior Business Develop-
ment Manager for their UK private sector ofering, based in London.
With a focus on both existing and new business, the successful Senior
Business Development Manager will be responsible for developing key
relationships and innovative strategies of service delivery to a broad se-
lectlon of prlvate sector organlsatlons lncludlng customers ln the nan-
cial services, pharmaceutical, technology, media and telecoms sectors.
Excellent communication skills are imperative, as is the ability to network
with both internal and external stakeholders, including bid, mobilisation
and operational teams to ensure that not only is work won, but is deliv-
ered and retained over the length of the contract and beyond.
The post holder will understand the entire bid process, from initial client
contact through to mobilisation stage.
The successful Senior Business Development Manager will be joining an
already successful team with an enviable track record of substantial year
on year growth across the 'Total Pacllltles Management' (TPM) model.
|t ls most llkely that the successful Senlor 8uslness Development Manager
is or has been working in a similar role with a top tier Facilities Manage-
ment contractor, and will posses both a strong reputation and excellent
contact book across the London and UK Facilities Management industry.
This role presents an excellent opportunity to join one of the leading play-
ers in outsourced Facilities Management, and ofers an excellent bonus
scheme, truly rewarding success.
please contact Ashley Adams at PPL Pecrultment on 0207 652 9683 or
email: ashley.adams@frluk.com
Job Title: Commercial Manager
Salary: 70,000 plus excellent benets package
Location: London
PPL Pecrultment are worklng ln partnershlp wlth a leadlng 'top-tler' Pa-
cilities Management contractor to recruit a high calibre Commercial Man-
ager for their London based operation.
As Commerclal Manager you wlll be responslble for provldlng commerclal
assistance to a number of operational stakeholders and personnel to en-
sure all partles are maxlmlslng the commerclal and nanclal performance
of the various contracts, accounts and projects within the UK customer
portfolio.
The successful Commercial Manager candidate will monitor and review
all new and existing contracts, driving the performance improvement of
all nanclal and contractual costs, budgets and spend. The Commerclal
manager will also be infuential in ensuring debts are paid on time, han-
dllng any debt resolutlon and ensurlng overall prot ls maxlmlsed whllst
minimising all commercial risk.
|t ls lmperatlve that prospectlve appllcants posses a quantlable track
record of success within the commercial management function of a Fa-
cilities Management or Building Services organisation. Candidates will be
able to demonstrate strong knowledge of the outsourced FM arena.
Lxcellent communlcatlon skllls are a pre-requlslte, as ls the ablllty to work
in a pro-active and forward thinking environment.
This role presents an excellent opportunity to join a leading Facilities
Management contractor with excellent career progression prospects.
please contact Ashley Adams at PPL Pecrultment on 0207 652 9683 or
email: ashley.adams@frluk.com
1ob Tltle: Area Technlcal Operatlons Manager
Salary: 65,000 plus car and benets package
Location: London/South East
PPL Pecrultment have been lnstructed by a leadlng 'top-tler' Technlcal Pa-
cllltles Management servlce provlder to recrult an Area Technlcal Opera-
tions Manager for a major UK based blue-chip account, based in London.
As Technlcal Operatlons Manager, you wlll be responslble for developlng
and driving both the client relationship and the performance of a pre-
domlnantly 'Hard Servlces' account.
ou wlll have a quantlable track record of dellverlng commerclal lm-
provement and a high level of service to a multi faceted technical ac-
count, encompassing service lines such as critical systems (data centres,
UPS, HvAC), bulldlng management, bulldlng fabrlc and general mechanl-
cal, electrical and engineering functions within a corporate ofce envi-
ronment.
worklng ln partnershlp wlth the cllent's Property & Pacllltles Management
team, you will provide an efcient and diligent service, efectively mitigat-
ing the clients risk, and ensuring maximum compliance and continuity
across the entire built environment mechanical, electrical and engineer-
ing function.
Excellent communication skills are imperative, and the successful Techni-
cal Operations Manager will possess the ability to manage and provide
strateglc reports to all stakeholders. The post holder wlll be requlred to
demonstrate a strong client service and relationship ethic, with the ability
to challenge and lnnuence where requlred.
|t ls vltal that all prospectlve candldates can demonstrate prevlous ex-
perlence ln a Senlor Account or Operatlonal Management role wlthln a
blue chlp envlronment, as well as the commerclal management of P&L
accounts, w|P and aged debt. The successful candldate wlll be responsl-
ble for the growth, development and maintenance of the account itself.
Our client is a leading technical facilities management biased contractor,
with an enviable history of high level service delivery and client retention.
please contact 8radley Treleaven at PPL Pecrultment on 0207 652 9684 or
email: bradley.treleaven@frluk.com
Question: Can a business continue when a property is damaged and staf must leave?
Answer: Yes, if the third party company managing the building can take action quickly.
Riot-damaged property
requires quick response
STEVE HEMSLEY
info.uk@mediaplanet.com
NEWS
CRISIS MANAGEMENT
When the Department for Work and
Pensions (DWP) 1,500sq m building in
Tottenham went up in ames during
last summers London riots its prop-
erty management company certainly
earned its money.
More than 140 DWP staf had to be
relocated as quickly as possible to mi-
nimise disruption.
The Tottenham building is one of
1,000 DWP-occupied properties across
the UK managed by Telereal Trillium,a
property company which provides fa-
cilities management services.
The police allowed a project team
including structural engineers and
skilled contractors into the building
to report on the damage and provide a
timescale for getting the property up
and running again. Soon, a second of-
ce nearby had been fully equipped
and DWP staf were back at work.
Whenever a client sufers disrup-
tion to its day-to-day activities the
facilities management company be-
comes a signicant stakeholder, says
Portfolio Manager, Reena Patel.
Telereal Trillium signed a 20-year
contract with DWP in 1998. It provides
a full facilities management service
across the entire estate including all
buildings, landscape, site maintenance
and refurbishment, internal and exter-
nal cleaning,mechanical and electrical
equipment maintenance and catering.
Financial savings
The National Audit Ofce estimates
that DWPs decision to use a property
management expert will save the tax-
payer about 780million over the life of
the deal. Since 2003, the agreement has
helped DWP reduce its CO2 emissions
by 25.5 per cent,saving 31million.
Telereal Trillium has similar lengthy
agreements in place with clients such
as the DVLA and insurer Aviva. Overall,
it manages more than 8,300 properties
with a combined oor area of 8sq m oc-
cupied by more than 300,000 people. Its
140 facilities managers each look after
13,000sq m across a varied list of clients.
Having such long contracts gives
our clients peace of mind so they can fo-
cus on their core businesses, says Patel.
We have an approved list of contractors
and providers who we, and our clients,
can trust and who we know can deliv-
er on time.This was the case during the
Tottenham riots when everyone had to
work quickly and together for the DWP.
Speed of service
New technology is enabling facility
managers to do their job more efective-
ly. Every manager at Telereal Trillium
has an iPad to help them oversee indi-
vidual properties. Following a restruc-
turing last year managers can also take
quicker decisions at a local level rather
than waiting for head ofce approval.
Patel believes good facilities manage-
ment adds value to the service each cli-
ent can provide to its own customers.
No two days are the same because you
never know what will happen, but we
get to know a clients business intimate-
ly, she says. The agreements work
when the clients see facilities manage-
ment as an integral part of their own
business rather than as an overhead.
REBUILDING LONDON
The London riots in 2011
led to the destruction
of many buildings and
businesses
PHOTO: SHUTTERSTOCK
Reena Patel
Portfolio Manager
Telereal Trillium
MARCH 2012 7 AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
Facilities management is a growth industry as FM becomes
a strategic discipline for many organisations. Having the
right FM team in place can save organisations millions of
pounds.
The fnancial community is taking a much closer look at the
sector as companies aim to manage their people, property
and processes more efectively.
FM is a fast-moving and challenging industry and
companies are seeking permanent, temporary, interim
and executive appointments to ensure all parts of their
business, and also their customers businesses, continue to
function smoothly.
So how do they fnd these people?
FRL Recruitment, the leading specialist FM recruiter, has
been supplying staf to the FM industry since 1999. It has
a state of the art database containing details of more than
45,000 facility managers, engineering, property & technical
admin jobseekers throughout the EMEA region.
Since the company was purchased by the newwave Group
in 2010 it has become the industrys recruiter and employer
of choice.
FRL Recruitments own directors, Paul Stephens and Andy
Linger, along with the management team cut their teeth
in the FM and buildings maintenance industries before
moving into recruitment more than 10 years ago.
They are responding quickly to the latest FM trends. For
instance, more organisations are outsourcing as a way
to cut costs. In fact, according to the Business Services
Association, the outsourced services industry is now worth
more than 207bn a year and employs 10% of the UKs
workforce.
The FM industry is growing but in the current climate
providers need people with a combination of strong
client relationship and commercial skills at all levels, says
divisional manager, Ashley Adams.
He also expects an increase in M&A activity in the FM sector
which will provide its own stafng challenges for providers
who will look to integrate diferent corporate cultures, add
services to boost margins and expand overseas.
FRL Recruitment combines a number of tools to support
clients and jobseekers to fnd the perfect skills and culture
ft. These include online testing of engineering, helpdesk
and admin personnel plus psychometric, scenario,
numerical and language testing.
It also has a large referral network, networks at industry
events and uses social networks such as LinkedIn. The
companys own website www.frluk.com sits on the frst
page of Google for various keywords, which attracts the
best talent. The company has just launched a recruitment
app for the iPhone and other smartphones.
FRL Recruitments operations director Paul Stephens says
continuous improvement is the key. This is an industry
with a complex network of stakeholders and where service
levels and margins are under pressure. Strong client
relationships and an ability to be fexible as a recruiter is a
must.
FRL Recruitment ofer FM Recruitment with a human touch
Please contact a member of the FRL team on 0207 652
9677
Demitri Maldonado,
Head of Business
Development,
VINCI Facilities
Neil Longley,
Managing Director
Opale Management
Services Ltd
A facilities management (FM) special-
ist whose core business is FM will intro-
duce industry best practice to rationalise
the supply chain and costs, restructure
the service management and delivery and
align service levels where needed.A client
can then reduce its own in-house costs by
removing the need to interact with mul-
tiple FM suppliers. However, cost savings
should not be the main motivation to out-
source.It must be a deliberate decision by a
company to focus on its core business.
We need to know what motivates a busi-
ness to outsource and identify what it re-
quires from its real estate.There is no one-
size-ts-all answer. Outsourcing provid-
ers bring value to a businesss non-core
functions so it can focus its investment
and resources on what makes it money.
This is about creating the most efective
working environment so staf and the core
business perform better. Ideally, any part-
nership with an FM provider will be long-
term with its people embedded at custom-
er sites.
This will only work if a company takes a
coherent approach to FM and ensures it is
aligned to the organisations broader busi-
ness strategy.The key here is sustainabili-
ty and using FM to make the most of all the
organisations assets. Money will be saved
if FM supports the businesss environmen-
tal and CSR responsibilities. For example,
if staf are not travelling so much because
a service has been outsourced, this will
bring costs down. There are many long-
term cost benets of using FM.
Compliance has to be the rst area to
be outsourced to a specialist FM company
because this is something an organisation
cannot ignore. Compliance is also one ar-
ea where the efect of outsourcing can be
measured. This builds trust between the
client and the provider and usually leads
to other services,such as electrical and en-
gineering and then front of house services,
migrating over to the provider as an organ-
isation worries less about losing control.
When FM includes property it is the sec-
ond biggest expense for any business after
its people,so having control and focus over
this area will reduce costs.An organisation
needs to be mature in how it manages its
facilities over the short and long-term.The
FM infrastructure must be aligned with
the business drivers but in many organisa-
tions there is still a gap internally between
FM thinking and the business goals. This
gap must be closed so the board under-
stands the potential cost-savings.
Firstly, they need to understand what
FM is and does. When they discuss want-
ing to manage their facilities in a diferent
way, what do they mean for their specic
business? Will they implement a strate-
gy using their own resources or the estab-
lished supply chain? The FM industry ex-
ternally and internally within organisa-
tions has arguably failed to communicate
at board level what FM is and what it can
mean to the bottom line. Only when eve-
ryone is engaged can a strategy be created
which fully supports the business.
The industry will become more in-
ternational. FM contracts used to be ar-
ranged on a country-by-country basis but
it is far more common today for compa-
nies to appoint fewer or single FM sup-
pliers. This reduces the cost of manag-
ing multiple vendors and guarantees
buildings are operated to consistently
high standards, wherever they are in the
world.Another development is the use of
performance data,accessible from a com-
panys global building portfolio,to identi-
fy opportunities for improvement.
The move towards more outsourcing par-
ticularly in local authorities and in health-
care will mean 2012 is a positive year. Sav-
ings of between 20 per cent and 30 per cent
can be made by using a specialist provider.
Technology will also make a big diference
this year.It will be used more to dene the
value of specic assets and groups of as-
sets within an organisation to ensure they
are being used efectively. This will bring
costs down and add value.
FM is increasingly going global and the
trend towards single-source supply will
continue. There will be fewer contracts
and this will drive more consolidation
in the market as larger suppliers look to
boost their own capabilities. The trend to
more global contracts will push up suppli-
er protability because at the moment few
FM providers can do self-service delivery
of services internationally. It will, howev-
er, lead to higher quality thinking around
FM by clients and suppliers.
Question 1:
How can businesses save
money by adopting a facilities
management strategy?
Question 2:
What are the big
developments in facilities
management expected in
2012?
Question 3:
Which particular aspect
or area of FM would you
recommend to rst-time
customers?
Guy Holden, Vice President
and General Manager,
Johnson Controls, Global
WorkPlace Solutions

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LON GD ONCE FIX AM...........1788.00 13.25
SILVER LDN FIX AM ..................34.13 -2.53
MAPLE LEAF 1 OZ ....................37.56 2.01
LON PLATINUM AM................1727.00 17.00
LON PALLADIUM AM...............718.00 10.00
ALUMINIUM CASH .................2307.50 41.00
COPPER CASH ......................8655.00 219.50
LEAD CASH...........................2237.50 82.00
NICKEL CASH......................20205.00 375.00
TIN CASH.............................24100.00 630.00
ZINC CASH ............................2123.50 78.00
BRENT SPOT INDEX................123.16 -1.10
SOYA .....................................1305.25 11.50
COCOA..................................2414.00 1.00
COFFEE...................................206.15 1.70
KRUG.....................................1841.00 -11.20
WHEAT ....................................167.38 0.25
AIR LIQUIDE........................................97.53 -0.27 100.65 80.90
ALLIANZ..............................................91.03 -0.54 107.45 56.16
ANHEUS-BUSCH INBEV ....................50.42 0.67 50.74 33.85
ARCELORMITTAL...............................15.83 -0.32 27.06 10.47
AXA......................................................12.11 0.11 15.97 7.88
BANCO SANTANDER...........................6.23 -0.04 8.67 4.94
BASF SE..............................................65.90 -0.62 70.22 42.19
BAYER.................................................55.50 -0.34 59.44 35.36
BBVA......................................................6.73 -0.02 8.81 4.94
BMW ....................................................69.43 -0.45 73.85 43.49
BNP PARIBAS.....................................36.64 0.02 57.30 22.72
CARREFOUR ......................................18.82 0.52 31.44 14.66
CRH PLC .............................................16.04 0.25 17.40 10.28
DAIMLER.............................................45.40 -0.67 53.95 29.02
DANONE..............................................50.78 0.08 53.16 41.92
DEUTSCHE BANK..............................35.06 -0.03 47.11 20.79
DEUTSCHE BOERSE .........................49.77 -1.33 57.68 35.65
DEUTSCHE TELEKOM.........................8.76 -0.05 11.38 7.88
E.ON.....................................................17.27 -0.01 23.99 12.50
ENEL......................................................3.01 -0.02 4.86 2.78
ENI .......................................................17.31 -0.06 18.18 11.83
FRANCE TELECOM............................11.46 -0.13 16.19 11.09
GDF SUEZ ...........................................19.47 -0.21 29.64 17.65
GENERALI ASS...................................12.09 -0.04 16.67 10.34
IBERDROLA..........................................4.44 -0.03 5.98 4.16
INDITEX ...............................................69.31 -0.19 70.15 50.92
ING GROEP CVA...................................6.66 -0.10 9.50 4.21
INTESA SANPAOLO.............................1.46 -0.01 2.33 0.85
KON.PHILIPS ELECTR.......................15.76 0.08 24.12 12.01
L'OREAL..............................................85.61 -0.03 91.24 68.83
LVMH..................................................126.30 -0.25 132.65 94.16
MUNICH RE.......................................109.45 -1.20 122.80 77.80
NOKIA....................................................3.94 -0.08 6.46 3.33
REPSOL YPF.......................................19.57 -0.99 24.90 17.31
RWE.....................................................34.20 0.57 49.04 21.15
SAINT-GOBAIN...................................35.64 0.15 47.64 26.07
SANOFI ................................................55.51 -0.39 57.42 42.85
SAP......................................................50.65 0.05 51.00 32.88
SCHNEIDER ELECTRIC.....................51.01 0.47 61.83 35.00
SIEMENS .............................................74.86 0.06 99.39 62.13
SOCIETE GENERALE.........................24.25 0.07 51.71 14.32
TELECOM ITALIA..................................0.87 -0.01 1.16 0.70
TELEFONICA ......................................12.81 -0.06 18.58 12.50
TOTAL..................................................41.99 0.06 44.55 29.40
UNIBAIL-RODAMCO SE...................145.00 0.45 162.95 123.30
UNICREDIT............................................3.91 0.07 12.45 2.20
UNILEVER CVA...................................24.93 0.07 27.16 20.90
VINCI ....................................................39.09 0.23 45.48 28.46
VIVENDI ...............................................16.12 -0.21 21.37 14.10
VOLKSWAGEN VORZ ......................140.35 -0.45 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5871.51 -56.40 -0.95
FTSE 250 INDEX. . . . . . . . 11449.52 -79.63 -0.69
FTSE UK ALL SHARE . . . . 3043.91 -27.71 -0.90
FTSE AIMALL SH . . . . . . . . 825.73 -1.62 -0.20
DOWJONES INDUS 30 . . 12951.61 -53.51 -0.41
S&P 500 . . . . . . . . . . . . . . . 1365.68 -6.50 -0.47
NASDAQ COMPOSITE . . . 2966.89 -19.87 -0.67
FTSEUROFIRST 300 . . . . . 1075.25 -0.87 -0.08
NIKKEI 225 . . . . . . . . . . . . . 9723.24 0.72 0.01
DAX 30 PERFORMANCE. . 6856.08 -31.55 -0.46
CAC 40 . . . . . . . . . . . . . . . . 3452.45 -1.54 -0.04
SHANGHAI SE INDEX . . . . 2428.49 -23.37 -0.95
HANG SENG. . . . . . . . . . . 21680.08 111.35 0.52
S&P/ASX 20 INDEX . . . . . . 2550.60 0.00 0.00
ASX ALL ORDINARIES . . . 4388.10 0.00 0.00
BOVESPA SAO PAOLO . . 65811.73 -147.05 -0.22
ISEQ OVERALL INDEX . . . 3208.32 27.06 0.85
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 852.45 -5.60 -0.65
SWISS MARKET INDEX. . . 6109.93 -15.16 -0.25
Price Chg %chg
3M........................................................87.60 -0.17 98.19 68.63
ABBOTT LABS ...................................56.61 -0.43 57.20 46.29
ALCOA ................................................10.17 -0.20 18.47 8.45
ALTRIA GROUP..................................30.10 0.08 30.40 23.20
AMAZON.COM..................................179.69 -4.11 246.71 160.59
AMERICAN EXPRESS........................52.89 -0.87 54.45 41.30
AMGEN INC.........................................68.01 -0.14 70.00 47.66
APPLE...............................................542.44 7.03 547.61 310.50
AT&T....................................................30.59 0.06 31.94 27.27
BANK OF AMERICA.............................7.97 -0.15 14.70 4.92
BERKSHIRE HATAW B.......................78.45 -0.99 87.65 65.35
BOEING CO.........................................74.95 -0.21 80.65 56.01
CATERPILLAR..................................114.21 -1.55 116.95 67.54
CHEVRON.........................................109.12 -0.49 110.99 86.68
CISCO SYSTEMS................................19.88 -0.32 20.49 13.30
CITIGROUP.........................................33.32 -0.16 47.50 21.40
COCA-COLA.......................................69.86 1.01 71.77 61.29
COMCAST CLASS A..........................29.41 0.04 29.92 19.19
CONOCOPHILLIPS.............................76.55 -0.72 81.80 58.65
CVS/CAREMARK................................45.10 0.19 45.36 31.30
DU PONT(EI) DE NMR........................50.85 -0.54 57.50 37.10
EXXON MOBIL....................................86.50 -0.64 88.13 63.47
GENERAL ELECTRIC.........................19.05 -0.11 21.17 14.02
GOOGLE A........................................618.25 -0.14 670.25 473.02
HEWLETT PACKARD.........................25.31 -0.87 43.86 19.92
HOME DEPOT.....................................47.57 0.34 48.07 28.13
IBM.....................................................196.73 -1.25 199.23 151.71
INTEL CORP .......................................26.88 -0.36 27.50 19.16
J.P.MORGAN CHASE.........................39.24 0.03 47.80 27.85
JOHNSON & JOHNSON.....................65.08 -0.10 68.05 55.76
KRAFT FOODS A................................38.07 0.07 39.06 24.30
MC DONALD'S CORP ........................99.28 -0.50 102.22 72.89
MERCK AND CO. NEW......................38.17 -0.21 39.43 29.47
MICROSOFT........................................31.74 -0.13 32.00 23.65
OCCID. PETROLEUM.......................104.37 -1.09 117.89 66.36
ORACLE CORP...................................29.26 -0.14 36.50 24.72
PEPSICO.............................................62.94 -0.38 71.89 58.50
PFIZER ................................................21.13 -0.10 22.17 16.63
PHILIP MORRIS INTL .........................83.52 -0.34 84.30 60.45
PROCTER AND GAMBLE ..................67.62 0.23 67.77 56.57
QUALCOMM INC ................................62.18 -0.50 63.81 45.98
SCHLUMBERGER ..............................77.61 -1.17 95.53 54.79
TRAVELERS CIES..............................57.97 -0.43 64.17 45.97
UNITED TECHNOLOGIE ....................83.87 0.40 91.83 66.87
UNITEDHEALTH GROUP...................55.75 -0.09 56.16 41.27
VERIZON COMMS...............................38.11 -0.04 40.48 32.28
VISA CL A..........................................116.37 -2.58 119.36 70.45
WAL-MART STORES..........................59.08 0.15 62.63 48.31
WALT DISNEY CO ..............................41.99 0.06 44.34 28.19
WELLS FARGO & CO.........................31.29 -0.08 32.97 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.276 0.00
LIBOR Euro - 12 months ................1.595 -0.01
LIBOR USD - overnight...................0.139 0.00
LIBOR USD - 12 months.................1.059 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.100 0.06
European repo rate.........................0.172 0.00
Euro Euribor ....................................0.357 0.00
The vix index ...................................17.67 -0.29
The baItic dry index ........................738.0 8.00
Markit iBoxx...................................243.32 -0.84
Markit iTraxx..................................128.28 -4.06
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .312.7 3.0 340.8 248.1
Chemring Group . . . .438.8 2.6 736.5 368.8
Cobham . . . . . . . . . . .187.4 -1.2 236.5 165.9
Meggitt . . . . . . . . . . . .386.4 -2.8 397.6 304.9
QinetiQ Group . . . . . .151.1 -0.4 153.2 101.5
RoIIs-Royce HoIdi . . .814.0 8.0 818.0 557.5
Senior . . . . . . . . . . . . .195.6 -0.1 201.0 132.6
UItra EIectronics . . .1686.0 -5.0 1752.0 1305.0
GKN . . . . . . . . . . . . . .218.8 -3.4 245.0 157.0
BarcIays . . . . . . . . . . .245.0 1.1 315.0 138.9
HSBC HoIdings . . . . .555.3 -4.0 670.6 463.5
LIoyds Banking Gr . . .34.9 0.1 62.9 21.8
RoyaI Bank of Sco . . .27.9 -0.4 44.7 17.3
Standard Chartere .1617.5 -4.5 1712.5 1169.5
AG Barr . . . . . . . . . .1193.0 0.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .379.8 3.1 444.0 289.9
Diageo . . . . . . . . . . .1503.5 -4.0 1509.5 1112.0
SABMiIIer . . . . . . . . .2547.5 -27.0 2589.0 1979.0
AZ EIectronic Mat . . .283.0 -5.8 338.1 206.1
Croda Internation . .2154.0 -28.0 2202.0 1556.0
EIementis . . . . . . . . . .166.0 7.7 187.4 107.5
Johnson Matthey . .2308.0 -35.0 2356.0 1523.0
Victrex . . . . . . . . . . .1326.0 -11.0 1590.0 1025.0
YuIe Catto & Co . . . . .214.4 -4.1 253.0 148.0
C/$ 1.3329 0.0119
C/ 0.8371 0.0096
C/ 108.18 0.1769
/C 1.1946 0.0135
/$ 1.5918 0.0039
/ 129.23 1.2657
FTSE 100
5871.51
56.40
FTSE 250
11449.52
79.63
FTSE ALLSHARE
3043.91
27.71
DOW
12951.61
53.51
NASDAQ
2966.89
19.87
S&P 500
1365.68
6.50
RPC Group . . . . . . . .389.8 2.7 393.2 231.5
Smith (DS) . . . . . . . . .168.4 -3.1 183.4 113.3
Smiths Group . . . . .1088.0 3.0 1353.0 869.5
Brown (N.) Group . . .238.8 -4.7 304.5 227.0
Carpetright . . . . . . . . .664.0 -9.0 770.5 375.0
Debenhams . . . . . . . . .73.8 -0.6 74.8 51.2
Dignity . . . . . . . . . . . .828.5 6.5 854.5 690.0
Dixons RetaiI . . . . . . .14.9 0.0 19.9 9.4
DuneImGroup . . . . . .518.5 5.0 524.5 383.9
HaIfords Group . . . . .316.8 -1.6 405.9 268.6
Home RetaiI Group . .102.0 -2.1 228.5 72.5
Inchcape . . . . . . . . . .375.3 -1.9 425.4 268.1
JD Sports Fashion . .830.0 -3.0 1030.0 570.0
Kesa EIectricaIs . . . . .74.6 -1.4 151.4 60.2
Kingfisher . . . . . . . . .284.2 0.3 287.1 217.0
Marks & Spencer G . .363.0 2.8 402.2 301.8
Next . . . . . . . . . . . . .2771.0 11.0 2810.0 1868.0
Sports Direct Int . . . .295.0 -1.1 297.0 178.8
WH Smith . . . . . . . . . .532.0 -2.0 559.0 433.8
Smith & Nephew . . . .618.0 0.0 718.5 521.0
Synergy HeaIth . . . . .848.5 0.0 981.0 808.0
Barratt DeveIopme . .147.2 -2.0 149.7 67.5
BeIIway . . . . . . . . . . . .816.0 -2.5 818.5 540.5
BaIfour Beatty . . . . . .277.9 -1.1 357.3 214.6
CRH . . . . . . . . . . . . .1348.0 6.0 1687.0 1053.0
GaIIiford Try . . . . . . . .591.0 0.0 598.5 332.8
Kier Group . . . . . . . .1235.0 -65.0 1489.0 1097.0
Drax Group . . . . . . . .519.0 4.5 581.5 371.9
SSE . . . . . . . . . . . . . .1290.0 13.0 1423.0 1184.0
Domino Printing S . .655.5 -2.0 705.0 434.3
HaIma . . . . . . . . . . . . .392.9 -2.1 429.6 306.3
Laird . . . . . . . . . . . . . .173.5 -2.2 207.0 127.9
Morgan CrucibIe C . .353.5 -2.6 360.0 224.0
Oxford Instrument .1165.0 24.0 1175.0 600.5
Renishaw . . . . . . . . .1437.0 -45.0 1886.0 800.0
Spectris . . . . . . . . . .1745.0 -1.0 1754.0 1039.0
Aberforth SmaIIer . . .629.0 -7.0 714.0 494.0
AIIiance Trust . . . . . .371.0 -2.0 392.7 310.2
Bankers Inv Trust . . .418.0 -1.9 428.0 346.5
BH GIobaI Ltd. GB .1190.0 -5.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.9 -0.0 12.2 10.4
BH Macro Ltd. EUR . . .19.8 0.1 20.2 16.3
BH Macro Ltd. GBP 2035.0 -5.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.8 0.2 20.2 16.2
BIackRock WorId M .745.0 2.5 815.5 574.5
BIueCrest AIIBIue . . .164.7 0.1 176.2 160.6
British Assets Tr . . . .129.0 0.2 139.4 109.0
British Empire Se . . .453.5 2.6 533.0 404.0
CaIedonia Investm .1552.0 -3.0 1800.0 1337.0
City of London In . . .295.8 -2.8 306.9 257.0
Dexion AbsoIute L . .140.1 -0.5 151.0 130.0
Edinburgh Dragon . .252.6 4.2 253.0 201.4
Edinburgh Inv Tru . . .490.7 -3.6 496.5 414.9
EIectra Private E . . .1634.0 2.0 1755.0 1287.0
F&C Inv Trust . . . . . .310.9 -1.9 327.9 261.5
FideIity China Sp . . . . .86.6 -1.8 114.3 70.0
FideIity European . .1122.0 -10.0 1287.0 912.0
HeraId Inv Trust . . . . .524.0 0.0 545.5 419.0
HICL Infrastructu . . . .119.0 0.0 121.3 112.7
Impax Environment .104.5 1.2 125.4 88.5
John Laing Infras . . .109.5 0.0 110.6 103.8
JPMorgan American .933.0 -7.0 941.0 721.5
JPMorgan Asian In . .204.0 3.0 244.0 170.1
JPMorgan Emerging .571.0 4.0 610.5 480.1
JPMorgan European .737.0 -3.0 983.5 624.0
JPMorgan Indian I . . .385.0 -0.8 459.0 313.1
JPMorgan Russian .595.0 0.0 741.0 415.1
Law Debenture Cor . .382.2 -0.8 386.4 321.0
MercantiIe Inv Tr . . .1012.0 -5.0 1119.0 823.0
Merchants Trust . . . .383.5 -4.6 431.8 341.5
Monks Inv Trust . . . .343.0 0.0 367.9 298.1
Murray Income Tru . .659.5 -9.5 673.0 568.0
Murray Internatio . . .980.0 -5.5 991.5 818.5
PerpetuaI Income . . .268.0 -1.8 276.0 236.5
PersonaI Assets T .35130.0-220.0 35490.030210.0
PoIar Cap TechnoI . .388.5 1.4 389.3 299.5
RIT CapitaI Partn . . .1223.0 -1.0 1360.0 1173.0
Scottish Inv Trus . . . .491.6 3.6 524.0 417.0
Scottish Mortgage . .697.0 0.0 781.0 565.0
SVG CapitaI . . . . . . . .271.5 -2.2 279.8 165.1
TempIe Bar Inv Tr . . .937.0 -5.0 952.0 791.0
TempIeton Emergin .620.0 -2.0 684.5 497.0
TR Property Inv T . . .152.7 -0.3 206.1 136.2
TR Property Inv T . . . .70.4 0.6 94.0 59.8
Witan Inv Trust . . . . .485.6 -11.7 533.0 401.5
3i Group . . . . . . . . . . .189.5 -4.8 308.0 166.9
3i Infrastructure . . . .121.4 -0.3 125.2 113.4
Aberdeen Asset Ma .240.7 -12.7 265.8 167.8
Ashmore Group . . . .385.8 -9.7 420.0 301.5
Brewin DoIphin Ho . .156.1 -0.3 184.7 113.7
CameIIia . . . . . . . . . .9450.0-350.010950.08800.0
CharIes TayIor Co . . .140.0 -5.0 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .360.0 4.8 440.0 304.3
CIose Brothers Gr . . .737.5 -1.5 875.0 590.0
CoIIins Stewart H . . . .98.5 -0.3 99.3 48.5
F&C Asset Managem .70.8 -0.3 86.3 56.1
Hargreaves Lansdo .428.3 -11.2 646.5 402.5
HeIphire Group . . . . . . .2.2 0.2 17.4 1.4
Henderson Group . . .119.2 -9.1 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . .384.8 -3.3 541.5 311.6
IG Group HoIdings . .442.4 -20.7 502.5 393.6
Intermediate Capi . . .270.7 -6.7 345.0 197.9
InternationaI Per . . . .247.7 23.5 388.8 148.5
InternationaI Pub . . . .117.9 0.1 121.5 108.6
Investec . . . . . . . . . . .400.0 -7.8 522.0 318.4
IP Group . . . . . . . . . . .116.0 1.3 117.0 36.0
Jupiter Fund Mana . .250.0 1.6 328.7 184.9
Liontrust Asset M . . . .90.4 0.5 91.4 57.9
LMS CapitaI . . . . . . . . .58.0 -0.3 64.8 54.0
London Finance & . . .20.5 0.0 23.5 19.0
London Stock Exch .902.0 -21.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .11.3 0.5 19.8 8.9
Man Group . . . . . . . . .130.9 -3.0 284.4 104.5
Paragon Group Of . .186.4 -1.8 206.1 134.6
Provident Financi . .1130.0 -10.0 1156.0 915.0
Rathbone Brothers .1239.0 -16.0 1290.0 977.0
Record . . . . . . . . . . . . .11.5 0.0 35.5 11.4
RSM Tenon Group . . . .7.3 1.0 45.5 5.6
Schroders . . . . . . . .1546.0 -32.0 1906.0 1183.0
Schroders (Non-Vo .1226.0 -29.0 1554.0 970.0
TuIIett Prebon . . . . . .320.7 -9.4 428.6 262.3
WaIker Crips Grou . . .40.5 0.0 51.5 38.3
BT Group . . . . . . . . . .215.0 -0.9 217.8 161.0
CabIe & WireIess . . . .34.7 -0.1 51.2 31.3
CabIe & WireIess . . . .27.9 0.6 72.6 14.2
COLT Group SA . . . . .99.9 1.4 154.0 84.1
KCOM Group . . . . . . . .69.5 0.0 84.0 58.5
TaIkTaIk TeIecom . . .144.5 -1.5 150.0 118.9
TeIecomPIus . . . . . . .613.5 -15.0 802.0 440.0
Booker Group . . . . . . .75.1 -0.6 80.0 54.5
Greggs . . . . . . . . . . . .547.0 1.0 561.0 445.0
Morrison (Wm) Sup .290.0 1.7 328.0 268.5
Ocado Group . . . . . . . .93.1 -2.3 237.0 52.9
Sainsbury (J) . . . . . . .298.3 -2.0 371.5 263.5
Tesco . . . . . . . . . . . . .316.1 -2.3 420.1 312.4
Associated Britis . . .1198.0 -6.0 1228.0 940.0
Cranswick . . . . . . . . .780.5 -15.5 842.5 588.5
Dairy Crest Group . . .322.6 -2.4 409.7 311.0
Devro . . . . . . . . . . . . .314.3 3.9 316.0 232.0
Tate & LyIe . . . . . . . . .697.5 -8.0 720.5 520.0
UniIever . . . . . . . . . .2031.0 -12.0 2189.0 1796.0
Mondi . . . . . . . . . . . . .589.0 -2.5 664.0 413.5
Centrica . . . . . . . . . . .304.0 3.2 337.6 278.8
InternationaI Pow . . .345.9 1.2 349.3 279.4
NationaI Grid . . . . . . .641.5 0.0 649.5 543.5
Pennon Group . . . . . .718.5 13.0 737.5 584.5
Severn Trent . . . . . .1575.0 28.0 1600.0 1375.0
United UtiIities . . . . .611.5 5.0 637.0 551.0
Cookson Group . . . . .675.5 -21.0 724.5 395.8
Rexam . . . . . . . . . . . .415.1 1.8 417.0 299.8
Price Chg High Low
BerkeIey Group Ho .1388.0 -5.0 1400.0 960.0
Bovis Homes Group .505.5 -7.0 514.3 326.5
Persimmon . . . . . . . .675.5 -31.0 707.1 374.0
Reckitt Benckiser . .3480.0 30.0 3597.0 3015.0
Redrow . . . . . . . . . . . .126.5 -2.3 136.2 103.5
TayIor Wimpey . . . . . . .49.7 -3.0 52.7 28.7
Bodycote . . . . . . . . . .420.0 20.0 425.0 225.6
Fenner . . . . . . . . . . . .473.1 7.6 481.8 280.0
IMI . . . . . . . . . . . . . . . .969.0 -17.5 1119.0 636.5
MeIrose . . . . . . . . . . .390.8 -0.1 395.5 268.0
Northgate . . . . . . . . . .247.0 -1.0 346.7 190.9
Rotork . . . . . . . . . . .2071.0 13.0 2099.0 1501.0
Spirax-Sarco Engi . .2055.0 -18.0 2101.0 1649.0
Weir Group . . . . . . .2106.0 -99.0 2236.0 1375.0
Evraz . . . . . . . . . . . . .423.7 6.6 460.5 315.0
Ferrexpo . . . . . . . . . . .320.8 -3.4 499.0 238.7
TaIvivaara Mining . . .280.5 -1.5 589.0 195.2
BBAAviation . . . . . . .202.4 -0.7 223.4 156.0
Stobart Group Ltd . . .122.9 -0.9 152.8 112.0
AdmiraI Group . . . . .1077.0 -4.0 1754.0 787.0
AmIin . . . . . . . . . . . . .351.4 -2.6 427.0 270.6
Huntsworth . . . . . . . . .45.0 -0.5 78.5 32.3
Informa . . . . . . . . . . . .433.4 -7.4 446.0 313.9
ITE Group . . . . . . . . . .228.5 -2.8 258.2 157.7
ITV . . . . . . . . . . . . . . . . .86.0 5.5 93.5 51.7
Johnston Press . . . . . . .7.5 -0.1 12.8 4.1
MecomGroup . . . . . .186.8 1.5 310.0 134.5
Moneysupermarket. .126.6 -2.9 129.5 85.5
Pearson . . . . . . . . . .1199.0 -2.0 1255.0 1035.0
PerformGroup . . . . .265.2 -13.4 290.0 150.0
Reed EIsevier . . . . . .550.5 0.0 578.0 461.3
Rightmove . . . . . . . .1446.0 86.0 1456.0 900.0
STV Group . . . . . . . . .108.0 0.3 168.0 76.3
Tarsus Group . . . . . .134.3 -8.3 165.0 119.5
Trinity Mirror . . . . . . . .46.0 -1.5 84.3 37.5
UBM . . . . . . . . . . . . . .583.0 -4.5 651.0 416.0
UTV Media . . . . . . . . .131.0 6.0 150.0 92.5
WiImington Group . . .91.0 1.8 165.0 78.5
WPP . . . . . . . . . . . . . .803.5 -11.5 836.5 578.0
YeII Group . . . . . . . . . . .4.5 -0.1 11.0 3.4
African Barrick G . . .470.0 -4.0 616.5 393.5
AIIied GoId Minin . . . .111.0 -5.4 275.3 34.4
AngIo American . . .2649.5 -59.5 3360.5 2138.5
AngIo Pacific Gro . . .331.9 1.1 350.0 237.9
Antofagasta . . . . . . .1330.0 -34.0 1491.0 900.5
Aquarius PIatinum . .137.1 0.8 405.5 133.9
BeazIey . . . . . . . . . . . .143.2 -8.6 151.8 109.6
CatIin Group Ltd. . . .416.3 -4.3 449.0 334.0
Hiscox Ltd. . . . . . . . . .410.0 0.8 424.7 340.5
Jardine LIoyd Tho . . .702.0 9.5 764.5 576.0
Lancashire HoIdin . . .765.5 -24.5 790.5 532.5
RSA Insurance Gro . .109.3 -0.5 139.8 99.6
Aviva . . . . . . . . . . . . . .368.3 -1.9 477.9 275.3
LegaI & GeneraI G . . .120.8 -1.1 123.8 89.8
OId MutuaI . . . . . . . . .159.1 -3.1 162.8 98.1
Phoenix Group HoI . .550.0 -3.0 688.0 451.1
PrudentiaI . . . . . . . . .712.5 -11.0 777.0 509.0
ResoIution Ltd. . . . . .269.0 3.0 316.1 229.5
St James's PIace . . . .369.0 -4.0 376.2 294.0
Standard Life . . . . . . .232.5 -2.7 244.7 172.0
4Imprint Group . . . . .238.0 -3.5 295.0 200.0
Aegis Group . . . . . . .172.7 0.9 174.1 115.7
BIoomsbury PubIis . .121.3 1.3 138.0 91.3
British Sky Broad . . .670.0 -15.5 850.0 618.5
Centaur Media . . . . . . .43.0 0.5 66.3 32.5
Chime Communicati .234.0 4.8 298.5 163.0
Creston . . . . . . . . . . . .61.0 2.0 121.0 47.0
DaiIy MaiI and Ge . . .430.0 -0.4 557.5 343.4
Euromoney Institu . .717.0 -5.5 772.0 522.5
Future . . . . . . . . . . . . . .12.5 -0.1 27.5 8.3
Haynes PubIishing . .210.0 3.0 257.0 192.0
BHP BiIIiton . . . . . . .2037.5 -82.0 2631.5 1667.0
Bumi . . . . . . . . . . . . . .782.0 -0.6 788.5 766.6
Centamin (DI) . . . . . . . .90.8 -0.7 154.2 78.5
Eurasian NaturaI . . .700.5 -20.5 974.0 522.0
FresniIIo . . . . . . . . . .1902.0 -4.0 2150.0 1302.0
GemDiamonds Ltd. .253.7 2.4 291.0 179.8
GIencore Internat . . .432.0 -6.4 531.1 348.0
HochschiId Mining . .511.0 -3.5 680.0 365.9
Kazakhmys . . . . . . .1109.0 -45.0 1493.0 730.0
Kenmare Resources . .56.5 -1.2 61.5 31.0
Lonmin . . . . . . . . . . .1103.0 -2.0 1880.0 941.0
New WorId Resourc .547.0 3.0 1060.0 409.4
PetropavIovsk . . . . . .718.5 -25.5 1090.0 543.5
PoIymetaI Interna . .1084.0 15.0 1175.0 877.0
RandgoId Resource 7200.0-210.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3584.0-146.5 4595.0 2712.5
Vedanta Resources 1440.0 -62.0 4196.7 1439.5
Xstrata . . . . . . . . . . .1200.0 -21.5 1550.0 764.0
Inmarsat . . . . . . . . . . .479.6 -1.9 685.5 389.3
Vodafone Group . . . .169.4 -3.0 182.7 155.1
Genesis Emerging . .512.0 -5.0 548.5 424.0
Afren . . . . . . . . . . . . . .133.8 -5.5 171.2 73.6
BG Group . . . . . . . . .1517.5 -15.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .492.4 -6.9 501.7 363.2
Cairn Energy . . . . . . .344.2 -8.8 531.8 291.9
EnQuest . . . . . . . . . . .126.8 -1.2 158.5 85.7
Essar Energy . . . . . .104.9 -8.5 525.5 102.0
ExiIIon Energy . . . . . .237.0 -3.0 469.7 184.2
Heritage OiI . . . . . . . .182.6 -0.9 332.2 160.0
Ophir Energy . . . . . . .424.0 -4.5 438.2 184.5
Premier OiI . . . . . . . . .440.6 -7.2 520.5 310.0
RoyaI Dutch SheII . .2286.5 -34.0 2402.0 1883.5
RoyaI Dutch SheII . .2329.5 -19.0 2489.0 1890.5
SaIamander Energy .245.6 -3.9 317.6 182.3
Soco Internationa . . .337.8 -3.1 400.0 278.0
TuIIow OiI . . . . . . . . .1475.0 -33.0 1601.0 945.5
Amec . . . . . . . . . . . .1106.0 -12.0 1207.0 740.5
Hunting . . . . . . . . . . .823.0 -3.0 845.0 530.0
Kentz Corporation . .470.7 -11.8 508.0 347.0
LampreII . . . . . . . . . . .340.0 -0.5 395.2 220.7
Petrofac Ltd. . . . . . .1591.0 -6.0 1603.0 1108.0
Wood Group (John) .758.0 -5.5 775.0 469.9
Burberry Group . . . .1412.0 2.0 1600.0 1092.0
PZ Cussons . . . . . . . .310.0 -0.2 387.9 285.0
Supergroup . . . . . . . .545.0 -7.5 1600.0 435.2
AstraZeneca . . . . . .2807.5 -17.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .353.7 -0.9 361.8 210.1
Genus . . . . . . . . . . . .1368.0 34.0 1368.0 853.5
GIaxoSmithKIine . . .1387.0 -17.0 1497.0 1138.5
Hikma Pharmaceuti .733.0 -15.0 869.0 555.5
Shire PIc . . . . . . . . . .2198.0 -18.0 2300.0 1719.0
CapitaI & Countie . . .190.3 0.3 203.7 148.8
Daejan HoIdings . . .2861.0 -39.0 3030.0 2282.0
F&C CommerciaI Pr .102.8 -0.2 108.0 92.6
Grainger . . . . . . . . . . .109.9 -1.0 133.2 77.3
London & Stamford .114.2 -0.4 140.0 103.9
SaviIIs . . . . . . . . . . . . .363.1 1.6 427.1 256.2
UK CommerciaI Pro . .73.4 0.0 85.5 65.1
Unite Group . . . . . . . .185.0 0.2 224.1 152.9
Big YeIIow Group . . .290.0 -2.5 344.4 218.0
British Land Co . . . . .470.3 -2.9 629.5 444.0
CapitaI Shopping . . .332.7 -5.6 408.6 288.7
Derwent London . . .1690.0 -7.0 1880.0 1400.0
Great PortIand Es . . .353.1 -1.0 445.0 312.9
Hammerson . . . . . . . .391.8 -4.6 490.9 345.2
Hansteen HoIdings . . .75.0 0.5 89.5 68.0
Land Securities G . . .675.0 -1.5 885.0 612.0
SEGRO . . . . . . . . . . . .235.0 -0.5 331.3 195.0
Shaftesbury . . . . . . . .490.0 -0.1 539.0 441.2
Aveva Group . . . . . .1713.0 -24.0 1799.0 1298.0
Computacenter . . . . .400.2 9.9 490.0 324.7
Fidessa Group . . . . .1660.0 2.0 2109.0 1444.0
Invensys . . . . . . . . . . .208.1 -0.6 357.3 180.9
Logica . . . . . . . . . . . . .86.1 -1.6 144.8 59.0
Micro Focus Inter . . .450.0 4.1 458.4 242.9
Misys . . . . . . . . . . . . .325.5 -6.1 420.2 214.9
Sage Group . . . . . . . .310.6 -1.8 313.4 231.7
SDL . . . . . . . . . . . . . . .710.0 2.5 713.0 586.0
TeIecity Group . . . . . .689.5 -8.5 703.8 450.5
Aggreko . . . . . . . . . .2213.0 10.0 2250.0 1395.5
Ashtead Group . . . . .247.0 1.0 252.5 99.4
Atkins (WS) . . . . . . . .754.0 -9.5 820.0 490.2
Babcock Internati . . .753.0 -0.5 760.5 550.5
Berendsen . . . . . . . . .505.0 -4.0 568.0 402.7
BunzI . . . . . . . . . . . . .962.0 17.5 969.5 676.5
Cape . . . . . . . . . . . . . .437.0 -3.0 591.5 295.0
Capita . . . . . . . . . . . . .767.0 16.0 786.5 611.5
CariIIion . . . . . . . . . . .325.0 -18.9 403.2 281.0
De La Rue . . . . . . . . .952.5 -20.0 1001.0 717.0
DipIoma . . . . . . . . . . .397.0 3.4 425.5 263.5
EIectrocomponents .241.5 -1.4 294.9 182.2
Experian . . . . . . . . . . .945.5 5.0 960.0 665.0
FiItrona PLC . . . . . . . .450.0 0.0 453.3 293.0
G4S . . . . . . . . . . . . . . .289.2 0.8 291.5 219.9
Hays . . . . . . . . . . . . . . .80.6 -2.1 130.0 58.9
Homeserve . . . . . . . .222.6 -1.4 532.0 218.5
Howden Joinery Gr . .116.2 -1.4 120.9 93.1
Interserve . . . . . . . . . .305.1 13.1 341.3 245.0
Intertek Group . . . . .2315.0 44.0 2320.0 1744.0
MichaeI Page Inte . . .453.6 2.6 567.0 323.0
Mitie Group . . . . . . . .266.0 -1.1 271.0 195.9
PayPoint . . . . . . . . . . .580.0 0.0 593.0 340.0
Premier FarneII . . . . .218.1 -0.3 308.8 144.5
Regus . . . . . . . . . . . . .110.7 -1.7 119.0 64.0
RentokiI InitiaI . . . . . . .78.0 -1.3 100.9 58.2
RPS Group . . . . . . . . .226.2 1.3 253.0 156.6
Serco Group . . . . . . .555.0 7.0 618.5 458.0
Shanks Group . . . . . .105.1 -0.2 130.9 90.8
SIG . . . . . . . . . . . . . . .116.4 1.3 153.5 77.0
Travis Perkins . . . . .1074.0 1.0 1090.0 715.0
WoIseIey . . . . . . . . .2436.0 -42.0 2487.0 1404.0
ARM HoIdings . . . . . .569.5 -14.0 645.0 464.0
CSR . . . . . . . . . . . . . .254.8 -2.3 391.4 154.1
Imagination Techn . .615.5 -4.0 630.5 296.9
Spirent Communica .140.9 1.3 160.0 105.8
British American . .3177.0 7.0 3198.5 2300.0
ImperiaI Tobacco . .2491.0 -18.0 2520.0 1878.0
Betfair Group . . . . . . .865.0 -11.0 1030.0 567.0
Bwin.party Digita . . .158.5 -1.1 204.0 100.6
CarnivaI . . . . . . . . . .1848.0 -1.0 2672.0 1742.0
Compass Group . . . .630.0 -3.0 641.0 512.5
Domino's Pizza UK . .443.9 0.7 526.0 377.0
easyJet . . . . . . . . . . . .439.5 -18.4 476.1 301.0
FirstGroup . . . . . . . . .294.1 2.4 371.3 286.9
Go-Ahead Group . . .1283.0 15.0 1598.0 1190.0
Greene King . . . . . . .502.5 0.0 521.5 410.0
InterContinentaI . . .1434.0 -6.0 1449.0 955.0
InternationaI Con . . .164.2 1.0 258.7 132.0
JD Wetherspoon . . . .401.6 2.4 468.3 380.5
Ladbrokes . . . . . . . . .150.1 -0.8 155.3 114.0
Marston's . . . . . . . . . . .97.9 -0.2 112.0 84.6
MiIIennium& Copt . .483.9 -1.1 570.5 371.2
MitcheIIs & ButIe . . . .262.5 -1.9 336.8 215.6
NationaI Express . . .233.5 12.3 270.2 201.6
Rank Group . . . . . . . .137.6 -1.4 153.7 109.5
Restaurant Group . . .277.6 -12.9 335.0 254.9
Spirit Pub Compan . . .58.0 0.0 58.5 35.3
Stagecoach Group . .268.4 3.5 287.4 200.0
TUI TraveI . . . . . . . . . .198.0 0.3 250.0 136.7
Whitbread . . . . . . . .1697.0 -12.0 1737.0 1409.0
WiIIiamHiII . . . . . . . . .224.5 -0.5 244.1 176.8
Abcam . . . . . . . . . . . .339.3 -5.5 460.0 320.0
Advanced MedicaI . . .92.5 0.0 96.0 64.8
AIbemarIe & Bond . .345.5 5.5 400.1 281.0
Amerisur Resource . .27.0 1.5 29.0 9.5
Andor TechnoIogy . .539.0 -5.3 685.0 387.1
ArchipeIago Resou . . .68.5 -0.3 79.0 55.5
ASOS . . . . . . . . . . . .1836.0 -6.0 2468.0 1142.0
AureIian OiI & Ga . . . .19.8 -0.8 92.0 16.0
Avanti Communicat .252.5 2.0 523.0 248.5
BIinkx . . . . . . . . . . . . . .79.5 0.5 158.0 50.5
Borders & Souther . . .78.8 3.3 80.5 43.5
BowLeven . . . . . . . . . .96.0 -6.0 382.3 62.0
Brooks MacdonaId 1328.0 -2.0 1372.5 940.0
CIuff GoId . . . . . . . . . . .98.4 -3.1 125.8 66.5
Cove Energy . . . . . . .242.0 1.5 283.3 61.0
Daisy Group . . . . . . .108.5 1.5 127.0 88.0
EMIS Group . . . . . . . .415.0 15.0 580.0 397.5
Faroe PetroIeum . . . .173.5 -0.5 190.0 130.0
GuIfsands PetroIe . . .170.8 0.8 342.0 142.5
GWPharmaceuticaI . .94.3 -1.1 130.0 78.5
H&T Group . . . . . . . . .325.0 -11.0 395.0 285.0
Hargreaves Servic .1240.0 10.0 1240.0 855.0
HeaIthcare Locums . . . .2.8 -0.6 3.0 2.6
Immunodiagnostic . .377.0 -13.0 1218.0 288.8
ImpeIIamGroup . . . .340.0 0.0 387.5 225.0
Iomart Group . . . . . . .144.0 -2.5 151.0 85.5
James HaIstead . . . . .500.5 -7.5 520.0 410.0
London Mining . . . . .315.0 -3.5 436.5 257.5
Lupus CapitaI . . . . . .131.3 5.0 150.0 86.0
M. P. Evans Group . .458.5 -4.5 475.0 371.0
Majestic Wine . . . . . .420.0 2.0 510.0 315.0
May Gurney Integr . .290.0 -3.9 302.0 234.0
Monitise . . . . . . . . . . . .38.5 0.5 40.0 20.5
MuIberry Group . . . .1930.0 6.0 1951.0 1199.0
Nanoco Group . . . . . . .66.0 -0.5 93.3 38.0
NauticaI PetroIeu . . .369.3 0.3 444.3 223.5
NichoIs . . . . . . . . . . . .627.5 2.5 642.0 410.0
Numis Corporation . . .97.5 0.0 121.0 72.0
Pan African Resou . . .17.5 0.0 18.3 9.5
Patagonia GoId . . . . . .38.5 -0.5 70.0 36.8
Prezzo . . . . . . . . . . . . .65.0 -2.8 71.5 53.5
Pursuit Dynamics . . . .82.0 -0.3 392.0 67.0
Rockhopper ExpIor .376.3 -5.8 393.5 141.0
RWS HoIdings . . . . . .500.0 10.0 530.0 354.8
Secure Trust Bank .1047.5 0.0 1070.0 755.0
Songbird Estates . . .106.5 0.5 160.3 103.0
VaIiant PetroIeum . . .499.5 -10.5 639.0 400.0
Young & Co's Brew . .667.5 0.0 712.0 565.0
InternationaI Pers . . .247.7 10.5
ITV . . . . . . . . . . . . . . . .86.0 6.8
Rightmove . . . . . . . .1446.0 6.3
NationaI Express G . .233.5 5.6
Bodycote . . . . . . . . . .420.0 5.0
EIementis . . . . . . . . . .166.0 4.9
Interserve . . . . . . . . . .305.1 4.5
Genus . . . . . . . . . . . .1368.0 2.6
Computacenter . . . . .400.2 2.5
CabIe & WireIess W . .27.9 2.3
Essar Energy . . . . . .104.9 -7.5
Henderson Group . . .119.2 -7.1
BeazIey . . . . . . . . . . .143.2 -5.7
TayIor Wimpey . . . . . . .49.7 -5.6
CariIIion . . . . . . . . . . .325.0 -5.5
Aberdeen Asset Man 240.7 -5.0
Kier Group . . . . . . . .1235.0 -5.0
Perform Group . . . . .265.2 -4.8
AIIied GoId Mining . . .111.0 -4.6
Weir Group . . . . . . .2106.0 -4.5
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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Tsy 9.000 12 . . . .103.67 0.00 111.1 102.4
Tsy 5.000 12 . . . .100.07 0.07 104.1 100.0
Tsy 5.250 12 . . . .101.29 -0.02 105.3 101.2
Tsy 4.500 13 . . . .104.14 -0.01 106.5 104.1
Tsy 2.500 13 . . . .283.17 0.02 287.7 281.2
Tsy 8.000 13 . . . . .111.87 -0.02 116.9 111.7
Tsy 5.000 14 . . . . .111.46 -0.02 112.9 109.3
Tsy 4.750 15 . . . . .114.52 -0.08 115.4 109.1
Tsy 8.000 15 . . . .127.50 -0.10 129.2 123.8
Tsy 7.750 15 . . . .100.00 0.00 106.0 99.4
Tsy 4.000 16 . . . . .113.99 -0.16 114.7 105.6
Tsy 2.500 16 . . . .343.99 -0.02 344.6 316.5
Tsy 12.000 17 . . . .119.06 -1.13 128.6 119.1
Tsy 8.750 17 . . . .140.98 -0.56 141.9 133.3
Tsy 1.250 17 . . . . .115.96 -0.17 116.6 108.2
Tsy 5.000 18 . . . .122.00 -0.29 122.5 110.6
Tsy 4.500 19 . . . .120.22 -0.41 120.7 106.5
Tsy 3.750 19 . . . . .115.10 -0.44 115.6 100.7
Tsy 2.500 20 . . . .366.25 -0.25 367.9 319.5
Tsy 4.750 20 . . . .122.57 -0.40 123.5 107.7
Tsy 8.000 21 . . . .151.40 -0.42 153.4 134.8
Tsy 1.875 22 . . . . .127.11 -0.33 129.1 113.2
Tsy 4.000 22 . . . . .116.65 -0.47 118.2 100.0
Tsy 2.500 24 . . . .329.36 -0.37 334.7 280.6
Tsy 5.000 25 . . . .128.04 -0.54 130.6 108.5
Tsy 1.250 27 . . . .123.05 -0.44 127.0 106.6
Tsy 4.250 27 . . . . .119.27 -0.62 122.7 99.1
Tsy 6.000 28 . . . .143.91 -0.61 148.0 120.7
Tsy 4.750 30 . . . .125.96 -0.58 130.5 104.3
Tsy 4.125 30 . . . .313.05 -0.36 322.8 267.2
Tsy 4.250 32 . . . . .118.42 -0.63 123.1 97.5
Tsy 4.250 36 . . . . .118.63 -0.66 123.9 96.8
Tsy 4.750 38 . . . .128.40 -0.63 134.2 105.0
Tsy 4.500 42 . . . .124.84 -0.72 130.8 101.3
% %
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M
obile World Congress saw dozens of new handset releases, as the
industrys big players laid out their stall for the rest of the year. The
overriding theme was power, with a new generation of quad-core
processors imbuing mobile devices with speeds that were unimag-
inable even on desktop PCs only a few years ago. The new phones make cloud
gaming in your hand a reality, with the ability to render graphics incredibly
sharply and smoothly.
MWC was also notable for the emergence of Chinese manufacturers Huawei
and ZTE as major players in the consumer market. Tablets endured a leaner
year, with few hero releases, although the increasingly popular in-between
market of ultra-large screen smartphones saw some interesting new additions.
Here are our pick of the bunch.
The telecoms super-fair, Mobile World
Congress, has launched dozens of
handsets. Steve Dinneen picks the best
Speed rules new generation of phones
Orange Santa Clara
This solid but unremarkable handset warrants an inclusion for
what is under the hood: namely an Intel chip. The US giant has
set its sights on ARMs near-monopoly on smartphone chips and
this handset among its first forays into the sector. Dont expect
to be blown away, but this phone is worth keeping an eye on.
LG Vu
A new contender in the mini-
tablet/maxi-smartphone field domi-
nated by Samsungs Galaxy Note.
This slick five inch device is a great
option for people who watch a lot of
mobile video or use their phone as
an e-reader. Its fast, attractive and
probably the pick of the bunch of
LG releases this year.
Samsung Galaxy Beam
Smartphones are expected
to do an awful lot these
days. But work as a
projector? The Galaxy Beam
does just that, beaming a 50
inch image onto your
bedroom wall using its
incredibly powerful back-
light. It isnt the prettiest
of phones but it's well worth
a look for anyone with a
habit of making impromptu
presentations.
HTC One X
HTC has struggled to keep
the momentum that took it
from white-label manufac-
turer to the sharp end of
the consumer market. The
One range marks its come-
back. The One X the pre-
mium end of the range is
a decent Android option
but, unless you're
an HTC purist, there are
better options.
Panasonic Eluga
Panasonic baffled many commentators with its return to the
mobile sphere. The Eluga slim, curvy and elegant, although it is
let down by a rather nasty plastic back. Its key selling point is its
interface with Panasonic's TVs, allowing seamless media play-
back.
Nokia PureView 808
Nokia continued its rebirth as a
cool company with the launch
of this multimedia-focused
device. Its USP is a bafflingly
powerful 41 megapixel camera
that takes astonishingly detailed
pictures. It also has great sound
quality for an unbeatable
portable AV experience.
ZTE Era
The Era isnt the most exciting
phone in the world but it is worthy
of mention because of what it repre-
sents. ZTE went handset crazy at
MWC, launching eight new phones
in a bid to break into the consumer
sphere. The Era is its premium offer-
ing and its pretty good. It wont
win any prizes but if you're a manu-
facturer agnostic Android-user, you
could do worse than the Era.
Huawei Ascend Quad D
This was probably the most exciting launch of the event: the moment
Huawei became a serious contender in the consumer market.
The Ascend claims to be the fastest phone in the world and the
speed it can buffer video backs this up. It's good-looking, powerful
and a serious rival to Samsung's Galaxy S2 in the Android space.
T
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KIDNAP AND RANSOM
ITV1, 9PM
Dominic tries to negotiate the release of
the hostages before anyone discovers
that the daughter of the British foreign
secretary is on board the coach.
MAKE BRADFORD BRITISH
CHANNEL4, 9PM
Exploring what it means to be British
for a cross-section of Bradford
residents who swap lives with people
from different backgrounds.
HOLIDAY HEAVEN ON EARTH
CHANNEL5, 7PM
Emma Wilson lives like a cowgirl in the
Texan city of San Antonio and Darren
Kennedy cycles around the Dutch city
The Hague.
BBC1
SKY SPORTS 1
7pmLive Premier League Darts
10.30pmTime of Our Lives
11.30pmPremier League World
12amRingside 1amTime of Our
Lives 2amPremier League World
2.30amAmericas Cup
Uncovered 3am-6amLive
International One-Day Cricket
SKY SPORTS 2
7pmATP Tour Uncovered
7.30pmPremier League World
8pmRugby Club 9pmRingside
10pmTennis 12amRugby Club
1am-4.30amDarts
SKY SPORTS 3
6.30pmRacemax 7.30pmLive
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Night Raw1amWWE: NXT
2am-5.30amPGA Tour Golf
BRITISH EUROSPORT
7pmSnooker 9.05pm
International Football
11.50pm-12.50amPoker: The
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ESPN
6.45pmGoal! 7.15pmNBA
Action 7.45pmLive Euroleague
Basketball 9.45pmESPN Kicks:
Extra 10pmOff the Ball
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11.30pmPress Pass 2012 12am
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Magazine 12.30amNBA Action
1amLive NBA Basketball
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5.30am-6amFIBA Basketball
SKY LIVING
7pmCriminal Minds 8pmRinger:
Bridget discovers Siobhan kept a
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11pmUnforgettable 12am
Criminal Minds 1amBones
1.50amCSI: Crime Scene
Investigation 3.30amMedium
4.20amBones 5.10am-6am
Jerry Springer
BBC THREE
7pmJunior Doctors 8pmDont
Tell the Bride 9pmPramface
9.30pmWhite Van Man 10pm
EastEnders 10.30pmRussell
Howards Good News 11pm
Family Guy 11.50pmAmerican
Dad! 12.30amPramface 1am
White Van Man 1.30amJunior
Doctors: Your Life in Their Hands
2.30amBeing Human 3.30am
Russell Howards Good News
4amSnog, Marry, Avoid?
4.30am-5.30amSun, Sex and
Suspicious Parents
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmThe Big
Bang Theory 8.30pmRules of
Engagement 9pmHow I Met
Your Mother 9.30pmHappy
Endings 10pmNoel Fieldings
Luxury Comedy 10.30pm
PhoneShop 11.40pmPete Versus
Life 12.15amBig Bang Theory
1.10amScrubs 2.10amHow I
Met Your Mother 2.30amNoel
Fieldings Luxury Comedy
2.55amRules of Engagement
3.20amGreek 4amUgly Betty
4.45am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 9pmIRT Deadliest Roads:
The Andes 10pmMud Men 11pm
Pawn Stars 12amStorage Wars
12.30amPawn Stars 1amIRT
Deadliest Roads: The Andes 2am
Ice Road Truckers 3amMud Men
4amThe True Story 5am-6am
American Pickers
DISCOVERY
7pmBear Grylls: Born Survivor
8pmWhale Wars 9pmCruise
Ship Disaster: Inside the
Concordia 10pmX-Machines
11pmStan Lees Superhumans
12amBear Grylls: Born Survivor
1amCruise Ship Disaster: Inside
the Concordia 2amX-Machines
3amWheeler Dealers 3.50am
Mythbusters 4.40amMassive
Machines 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon
and Kate Plus 8 9pmI Didnt
Know I Was Pregnant 10pm
Facing Trauma 11pmTrauma Unit
12amI Didnt Know I Was
Pregnant 1amFacing Trauma
2amTrauma Unit 3am
Supernanny US 4amA Baby
Story 5am-6amBaby Tales
SKY1
7pmThe Middle 7.30pmModern
Family 8pmHawaii Five-0 9pm
Glee 10pmHouse 11pmStella
12amNCIS: Los Angeles 1am
Dog the Bounty Hunter 1.55am
UK Border Force 2.50amRoad
Wars 4.40amBondi Vet
5.05am-6amSafebreakers
BBC2 ITV1 CHANNEL4 CHANNEL5
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11
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Correct or
appropriate
behaviour (9)
8 Hinged lifting tool (5)
9 Island of central
Hawaii (5)
10 Afternoon meal (3)
11 Slang for drunk (5)
13 In what place? (5)
15 Sieves (5)
18 Bike (5)
20 In the past (3)
21 Be of service (5)
22 Repairs (5)
23 Crucial (9)
DOWN
2 Approach (3-2)
3 Meat-pie (5)
4 Relative by marriage (2-3)
5 Anxious (5)
6 Respected leader in
national or international
afairs (9)
7 Contrariwise (4,5)
12 Occupied a chair (3)
14 One of the Orkney
Islands (3)
16 Young horses (5)
17 Soothing ointment (5)
18 Tailed heavenly body (5)
19 Dance involving a long
line of people (5)
S
P
R
S
D E
L
I
A

4

4

4

H O P E D N O T E S
E O I K E O M
T E X A S C E G O
U L A K E N K
P I P E S S H A M E
R S S I
C H I D E I N L E T
R N M E T E I
A P T B O W I N G
S E L E U C O
S E R V E S K E I N
6 1 8 7 5 8 4
9 5 4 2 1 9 7
8 2 9 2 5 3 1
3 1 6 4 9 5 2
8 2 9 6 8
9 4 2 7 1 3 6 8 5
7 9 8 9 4
4 5 1 2 6 2 1
2 8 3 5 8 9 4
1 7 4 1 7 7 6
3 9 8 5 9 3 1
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
SPEARMINT
Lifestyle | TV&Games
NEW Manager, new kit but same old
story; last nights defeat to Holland at
Wembley taught us nothing we
werent already depressingly aware of.
England remain light years behind
the continents finest and will go to
the European Championships in the
summer almost certain to repeat the
same mistakes that saw them head
home from the 2010 World Cup with
nothing but shattered reputations.
A certain amount of experimenta-
tion in a friendly is par for the course,
but the majority of the squad, even
the skipper Scott Parker who should
never have been chosen to wear the
armband ahead of Steven Gerrard
selected by Stuart Pearce are the
equivalent of trialists at international
level.
You cannot possibly hope to express
yourself fully in such a disjointed set-
up and its no wonder the likes of
Daniel Sturridge, Danny Welbeck and
Chris Smalling looked the inexperi-
enced, raw talents they are.
For me, those players should be
nowhere near an England starting XI
just yet, despite the temptation there
must be to place faith in the next gen-
eration, such has been the disappoint-
ment supporters have endured
following the exploits of the previous
incumbents.
More than personnel, however,
England will win nothing until they
change their style of play and rely on
technique rather than speed.
Wesley Sneijder gave a masterclass
last night and at walking pace.
Arsenals Jack Wilshere is cut from
the same cloth but to me its a com-
plete fluke a player like that has come
through our system. For England fans
I fear its going to get worse before it
gets better.
England novices out of their
depth against Dutch masters
Sport
ARSENAL target Lukas Podolski will
be allowed to leave Cologne at the
end of the season, according to the
Bundesliga clubs manager Stale
Solbakken.
The German striker is reported to
have already agreed personal terms
with Arsenal, who yesterday
announced they will play a pre-season
friendly against Manchester City at
Beijings Birds Nest Stadium on 27
July, the same day as the London 2012
opening ceremony.
Arsenal target
Podolski can go
FOOTBALL
ENGLAND head coach Stuart has indi-

cated he will maintain a midfield
combination spearheaded by fly-half
Owen Farrell for the Six Nations clash
with France next Saturday.
Farrell, 20, impressed in last weeks
defeat against Wales at No10 in place
of his Saracens team-mate Charlie
Hodgson, while Manu Tuilagi and
Brad Barritt prospered at centre.
Were pleased with the midfield
combination that started, Lancaster
said. There are huge positives to take
from their performance.
Lancaster likes
Farrell at No10
RUGBY UNION
Results
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email sport@cityam.com
SPORT | IN BRIEF
Murray to face Berdych in Dubai
TENNIS: British No1 Andy Murray over-
came Swiss qualifier Marco Chiudinelli
in round two of the Dubai
Championships. Murray, who won 6-3,
6-4, will play Tomas Berdych in the
quarter-finals.
Ireland unchanged for France
RUGBY UNION: Ireland trio Rob
Kearney, Gordon DArcy, Cian Healy and
Sean O'Brien have all overcome injuries
and feature in an unchanged side that
will face France in Saturdays rearranged
Six Nations match in Paris. For Les
Bleus, meanwhile, Clement Poitrenaud
comes in at full-back for Maxime
Medard while Julien Bonnaire replaces
Louis Picamoles.
FOOTBALL COMMENT
TREVOR STEVEN
England skipper Parker was winning only his 11th international cap Picture: GETTY
FORMER world No1 Tiger Woods con-
sidered walking away from the game
that made him the highest-earning
sportsperson in the world for a hum-
ble career in the army, according to
his former coach.
Hank Haney says 14-time Major
winner Woods, whose father Earl
fought for the United States in
Vietnam, made plans to quit and join
the elite Navy Seals while at the peak
of his powers.
I didnt know how hed go about
it, but when he talked about it, it was
clear he had a plan, former swing
coach Haney writes in his new book.
I thought: Wow, here is Tiger
Woods, greatest athlete on the planet,
maybe the greatest athlete ever, right
in the middle of his prime, basically
ready to leave it all behind for a mili-
tary life.
Woods has since endured a spectac-
ular fall from grace, splitting from his
wife following allegations of mass
infidelity and dropping out of the
worlds top 50. The 36-year-old, who
last won a Major in summer 2008, has
shown signs of recovery in recent
months, winning his first tourna-
ment for more than two years in
December and climbing back into the
rankings top 20.
Tiger wanted to quit for
army career, says coach
BRITISH heavyweight Dereck
Chisoras indefinite ban for his public
brawl with countryman David Haye
has been welcomed by leading figures
in the sport.
Bernd Boente, manager of the
champion Klitschko brothers, called
the World Boxing Councils punish-
ment, which also included a fine,
the right step. He added:
Somewhere and somehow you have
to stop people like Chisora. Its the
right way to go and I think someone
has to help him.
Chisora exchanged blows with
Haye in front of dozens of onlookers
following the formers defeat to Vitali
Klitschko in Munich last month. The
Londoner, 28, had already earned crit-
icism for slapping Vitali at the weigh-
in and spitting on the Ukrainians
sibling Wladimir pre-fight.
English heavyweight champion
David Price also welcomed the move
by the WBC, who have called
Chisoras behaviour one of the worst
ever by a professional. Price said.
The WBC needed to make an exam-
ple out of someone, to let the other
boxers know it wont be tolerated.
Chisoras promoter Frank Warren
called it outrageous that his fighter
had been punished before a hearing.
Boxing backs indefinite
ban for brawler Chisora
Sport
36
CITY A.M. VERDICT
England almost snatched an improbable
and, in truth, wholly unmerited draw from
this largely sedate contest, but in the end,
as they did throughout, Holland made their
superior class count when it mattered.
MAN OF THE MATCH
He may be in patchy form for Bayern
Munich, but Arjen Robben was at his dev-
astating best last night, scoring two goals
of the highest quality. How England missed
a player of his instinctive brilliance.
KEY MOMENT
Incidents don't come much more decisive
than Robbens 92nd-minute winner, scored
with a waft of his left foot that lifted it
over Leighton Bainess casual challenge and
over Joe Hart via a slight deflection.
TALKING POINT
Stuart Pearce was going to need a very
persuasive performance to convince he can
fill the breach for Euro 2012, or even
beyond, and this was emphatically not it.
GAME STATS
ENGLAND 2-3 HOLLAND
4 ATTEMPTS ON TARGET 5
4 ATTEMPTS OFF TARGET 3
6 CORNERS 4
49% POSSESSION 51%
1 YELLOW CARDS 1
0 RED CARDS 0
2 OFFSIDES 0
DUGOUT VIEW
Im always glad after winning a game,
but we had two games where we
didnt play so well, so for the team it was
important to win here. We expected
England to play like this. Their squad has
a lot of very fast players, so you have to
defend well.
Holland manager Bert van Marwijk
MATCH ANALYSIS
BY FRANK DALLERES
TOTTENHAMS plans to relocate to a
new 56,000-seater stadium have
moved a step closer after the club
announced a tie-up with supermarket
giant Sainsburys.
The deal will see Sainsburys
become the operator of a 72,000 sq ft
store the main retail presence in the
Northumberland Development
Project.
Spurs have already received plan-
ning consent from Haringey council
and are currently finalising funding
for a project they estimate could cost
as much as 450m.
Spurs close on
stadium with
Sainsburys deal
BY FRANK DALLERES
BOXING
FOOTBALL
BY FRANK DALLERES
GOLF
Psycho killer:
Robben ruins
Pearces trial
England caretaker manager wants to lead team
at Euros despite last minute defeat against Dutch
CARETAKER manager Stuart Pearce
insists he can still lead England to
success at the summers European
Championship, despite Holland
running amok on his audition at
Wembley last night.
The second of two outstanding
Arjen Robben goals earned the
Dutch victory in stoppage time,
after Pearces men had staged an
unlikely two-goal fightback,
through defender Gary Cahill and
forward Ashley Young, in the last
five minutes.
But that climax masked an impo-
tent display from England, whose
inexperienced defence was exposed
with ease seemingly whenever
Holland chose.
It did little to foster the belief
that Pearce nicknamed Psycho
will be retained by the Football
Association, but he maintained
afterwards that his belief he could
steer the squad through Euro 2012
remained unshaken by defeat.
You can never guarantee any
results, he said. If we had come
away from here 2-2 there might
have been a better feel about the
place. But Ill be the same man
tomorrow morning as I was this
morning; it wont affect my men-
tality in any way.
I feel Id be confident taking the
squad to the Euros, without a
doubt.
Liverpool captain Steven Gerrard
lasted just over half an hour before
being taken off as a precaution,
although Pearce insisted injury
doubts had not influenced his
shock decision to make Spurs mid-
fielder Scott Parker, a man with 79
fewer caps, skipper instead.
A pair of typically committed
Scott Parker blocks, selected as cap-
tain ahead of Steven Gerrard, who
lasted just 32 minutes, were among
the scant highlights until the 57th
minute, when Holland and Robben
flexed their formidable attacking
muscles and the visitors scored
twice in a heartbeat.
First, Robben capped a rapier-like
60-yard run with a low drive that
skimmed through Chris Smallings
legs and found Joe Harts bottom-
right corner. Then substitute Klaas-
Jan Huntelaar bravely beat
Smalling to Dirk Kuyts cross and
powered a header past Hart.
BY FRANK DALLERES AT WEMBLEY
FOOTBALL
ENGLAND
HOLLAND
2
3
PARKER SHOULD NOT
HAVE BEEN CAPTAIN
TREVOR STEVENS
ENGLAND VERDICT: P35
Robben scored
his second goal
in injury time
Picture: GETTY

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BUSINESS WITH PERSONALITY

THE NEW JOBSITE

www.cityam.com Issue 1,582 Thursday 1 March 2012

ATTARA CAPITAL TO LIQUIDATE

Calls to cut 50p tax rate

ANALYSIS l Standard Chartered PLC

ITV, the free-to-air broadcaster, yester-

ANALYSIS l International Consolidated Airlines Group

REGULATORS have warned that plans

RESPONSES TO THE KAY REVIEW INTO SHORT-TERMISM

SIR TERRY LEAHY

NEIL WOODFORD | INVESCO

THE CO-FOUNDER of Blackstone has

THE GOVERNMENT has bowed to enor-

Ivan Menezes following

ANALYSIS l Diageo PLC

sell half of its share in 150m worth

TAYLOR WIMPEY resumed paying a

CapCo enjoys value hike and

ANALYSIS l Capital & Counties Properties PLC

Benoit Scheen (left) has hit out at Tom Alexander (right)

In 2010 Brit signed a four year deal to spon-

Francois Hollande hits the

peer to peer lending.

ONLINE gaming firm Sportingbet post-

ANALYSIS l Interserve PLC

EUROZONE growth prospects

BEST OF THE BROKERS

Financial service jobs

ENGLAND head coach Stuart has indi-

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