Cityam 2012-10-18

BUSINESS WITH PERSONALITY
A GROUP of oligarchs last night bowed

out of buying British oil major BPs
stake in embattled Russian joint ven-
ture TNK-BP, opening the way for BP to
begin talks on a multi-million pound
deal in a Russian state oil producer.
Russian consortium AAR last night
called time on its troubled relation-
ship with BP over joint venture TNK-BP,
by confirming it will not be making an
offer for the British oil majors 50 per
cent stake after months of speculation.
AAR controlled by Russian tycoons
Mikhail Fridman, German Khan,
Viktor Vekselberg and Len Blavatnik
also yesterday signed a preliminary
deal to sell its 50 per cent stake in trou-
bled TNK-BP to state-controlled oil pro-
ducer Rosneft for an estimated $28bn
(17bn), it is understood.
Providing the sale goes ahead, BP will
have the option of remaining in the
joint venture with Rosneft as its new
partner, or selling its own stake now
expected to be valued on a par with
AARs stake at $28bn to Rosneft.
Rosneft is still understood to be con-
sidering a bid for BPs 50 per cent stake
in TNK-BP giving it total ownership of
the vehicle. Rosneft chief executive
Igor Sechin yesterday flew into London
for talks over the purchase of BPs
stake.
However, if Rosneft goes ahead with
the purchase of AARs stake, analysts
argue that the state-owned producer
might not have sufficient funding to
mount a bid for BPs stake in TNK-BP.
Analysts at Deutsche Bank said yes-
terday that a potential Rosneft-BP tie-
up would be a logical one, although
it stressed that it would be difficult for
Rosneft to finance the acquisition of
the entirety of TNK-BP, worth around
$58bn.
Additionally, the $28bn figure
stamped on AARs 50 per cent stake
could make it difficult for BP to accept
lower offers for its 50 per cent stake.
Malcolm Graham Wood, oil analyst
at VSA Capital, yesterday suggested
that BP is targeting a low value for its
stake. The latest worry has been that
BP have been talking down the possi-
ble value of their 50 per cent stake,
recently to as low as $20bn, this is way
below the number expected by the
market and in our view unacceptable
to BP, he said.
BP first announced in June that it
had received an offer of interest from
AAR for its stake.
In July, AAR and BP began negotia-
tions for the stake, kicking off a 90 day
period in which BP could exclusively
receive an offer for the stake from the
four tycoons.
Several days later BP confirmed it
would begin separate negotiations
with Russias state firm Rosneft over
the stake.
The 90-day period came to an end
last night, leaving BP free to accept
offers from other interested parties.
BP said last month that it would be
interested in buying a stake in Rosneft
understood to be shares rather than
cash using some of the proceeds
from the sale of its stake in TNK-BP, to
maintain a financial footprint in the
Russian energy market.
The relationship between the
Russian oligarchs and BP has been a
troubled one. BP previously tried to
team up with Rosneft in 2011, but AAR
blocked the deal.
BP shares yesterday closed up 2.99
per cent at 448p.
www.cityam.com FREE
FTSE 100 5,910.91 +40.37 DOW 13,557.00 +5.22 NASDAQ3,104.12 +2.95 /$ 1.61 unc / 1.23 unc /$ 1.31 unc
ISSUE 1,741 THURSDAY 18 OCTOBER 2012
Certified Distribution
27/08/12 til 30/09/12 is 128,785
BY CATHY ADAMS
THE FBI last night arrested a
man after he allegedly planned
to blow up the New York Federal
Reserve Bank.
Officers swooped on the 21-
year-old Bangladeshi national
following an elaborate sting
operation that involved an
undercover agent providing him
with a fake 1000-pound bomb.
The FBI say Quazi Mohammad
Rezwanul Ahsan Nafis travelled
to the United States in January
and considered several targets
for his attack, including a high-
ranking government official and
the New York Stock Exchange,
but eventually decided to focus
on the Federal Reserve Bank in
lower Manhattan.
Yesterday afternoon it alleged
Nafis left a van containing the
supposed explosives outside the
building, before retreating to a
nearby hotel room and calling
multiple mobile phones that
were supposed to set off the
detonation process.
According to court documents
filed by the FBI, he told an
informant before the planned
attack: All I had in my mind are
how to destroy America... I came
up to this conclusion that
targeting Americas economy is
most efficient way to draw the
path of obliteration of America.
Officials insisted that there
was never a credible threat
because Nafis was under close
surveillance and the bomb
materials were not in working
condition.
He faces charges of attempting
to use a weapon of mass
destruction and attempting to
provide material support to al-
Qaeda.
BP EYES $28BN DEAL AS
OLIGARCHS BOW OUT
BY JAMES WATERSON
Plot to bomb Fed Reserve foiled
LORD COE SCOOPS GOLD AT THE
CITYA.M.
AWARDS
FIND OUT WHO WON PLUS ALL THE GOSSIP FROM THE PARTY
See Pages 14, 16, 18 & 19
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
REGULATORS could lower several
bank capital requirements to allow
more lending and help boost the
economy, top regulator Andrew
Bailey said yesterday.
The boss of the Prudential
Business Unit at the Financial
Services Authority said the new
regulatory system has two targets
primarily financial stability, but also
supporting growth and jobs.
As a result, he said banks should
be able to free up capital currently
held against non-core assets that
they will dispose of at a later date, as
well as reducing requirements under
the Pillar 2 capital buffer.
We are not against releasing
existing capital to support new
lending where that capital is
currently tied up in non-core assets,
which can either be sold or run off
because they are not needed on the
balance sheets of banks to support
the real economy, such as trading
book proprietary assets, Bailey told
the British Bankers Association
conference.
And overall, it may
even be good for the
stability of banks to
reduce capital
buffers, as more
lending would help
the economy, he said.
Capital rules
may ease to
raise lending
BY TIM WALLACE
Tucker warns bankers the
worst may be yet to come
BANK of England deputy governor
Paul Tucker warned the Citys
largest lenders yesterday that they
should guard against another
potentially huge crash in global
financial markets.
Tucker, a leading candidate to
replace governor Sir Mervyn King at
the top of Threadneedle Street next
year, was addressing the British
Bankers Association (BBA) annual
conference in London.
There is still a tangible probabili-
ty, not a high probability, that the
worst may still be ahead, Tucker
warned the assembled bankers.
The Basel regulations, intended to
make the international financial
sector safer, are not calibrated for
the kind of end of the world risks
that lie within the realms of the
possible at the moment, he added.
Tucker put the financial crisis
down to a toxic mix of distorted
incentives, myopia, complexity, and
easy global monetary conditions.
Speaking on the challenges of
steering the post-crisis industry,
Tucker suggested that authorities
could force lenders to pay senior
bankers in subordinated debt.
In the event of a bank going bust,
subordinate debt is paid only after
other more senior debt holders
have been satisfied, although before
Paris steps in over Peugeot unit
The French government has been forced
to step in with a rescue package for
troubled carmaking group PSA Peugeot
Citrons financing arm, which is
threatened with a credit rating
downgrade. The government said it will
seek a solution using the French banking
system and the support of the state.
Datatec eyes Latin American growth
An increasing focus on its Latin American
businesses helped Datatec, the London-
listed IT services group, beat weak market
conditions in Europe and increase its sales
in its first-half results. Datatec continued
its rapid expansion into Latin America
with the July acquisition of Afina, the
security and data centre company, which
also has a presence in Iberia.
PepsiCo hampered by restructuring
Persistent struggles in PepsiCos US
beverage business hampered its third-
quarter earnings yesterday, raising
questions about whether chief executive
Indra Nooyis plan to revive the company
is on track. Net revenues in PepsiCos US
drinks unit were down seven per cent.
New Citigroup boss faces lower pay
The new boss of Citigroup will be paid 10
per cent less than his predecessor Vikram
Pandit who himself faces being left $33m
out of pocket if the bank withholds a
bonus. Mr Pandit resigned on Tuesday
after clashing with the banks board.
CVC loses 1.2bn on Australian TV
CVC Capital Partners has recorded one of
the largest losses by a private equity fund
after agreeing to a 1.2bn debt-for-equity
swap in Australias Nine Entertainment.
Germany blocks Airbus loan
The German government is withholding
600m (487m) of funding for the Airbus
350 in an attempt to ensure future
production takes place in the country. It
believes Airbus has reneged on an
agreement on how much work on the
aircraft would be carried out in Germany.
One billion smartphones in use
There are now more than 1bn smartphones
in use around the world, just five years
after Apple launched the first iPhone.
Gupta could face decade in jail
Rajat Gupta, a former Goldman Sachs
director, should spend as much as the
next decade of his life behind bars after
he was convicted of insider trading earlier
this year, prosecutors said yesterday.
Advertisers drop Lance Armstrong
Commercial fallout from Lance
Armstrongs doping allegations hit
yesterday as Nike, RadioShack, Anheuser-
Busch InBev NV, and others distanced
themselves from the ex-cycling champ.
THE COALITION yesterday made
good on its promise to make the
manipulation of key inter-bank
interest rate Libor illegal, by
inserting provisions into the
Financial Services Bill currently
before parliament.
The Financial Conduct Authority,
the new city watchdog, will be
given powers to force banks to
make Libor submissions, and to
create a code of conduct
surrounding those submissions.
The government plans to remove
the British Bankers Association as
administrator of Libor.
Paul Tucker is a front runner in the race to become the new Bank of England governor
2
NEWS
BY BEN SOUTHWOOD
BY JULIAN HARRIS
To contact the newsdesk email news@cityam.com
R
EMEMBER all those people
predicting that unemployment
would rocket because of
austerity? How the private
sector would never be able to
compensate for the cuts in the public
sectors workforce? Fortunately, it
turns out that the doom-mongers got
it wrong. The economy is hardly in a
good state, of course, and tragically
far too many people remain jobless.
Large parts of the country are in deep
financial trouble. But overall the
employment situation has been
pretty good all considering, especially
in the broader London area.
The total number of people in work
in the UK is at a record high. There are
lots of caveats, of course, but ultimate-
ly the resurgence in UK jobs since the
crisis has been the great good news
exception in an otherwise gloomy
and depressing economic narrative.
EDITORS
LETTER
ALLISTER HEATH
Jobs are the one good news story in an otherwise gloomy UK
THURSDAY 18 OCTOBER 2012
There were 29.59m people aged 16
and over in employment in June-
August, up 212,000 on March to May
2012 and up 510,000 on a year earlier.
So what are the caveats? Total hours
worked per week were 936.5m for
June to August 2012, down 2.6m from
March to May 2012 but up 13.6m on a
year earlier. The figures were clearly
disrupted by the extra Bank Holiday
and by the Olympics. However, they
do suggest that the total number of
hours worked remains below the
949.3m seen in January-March 2008.
On that measure, the total amount of
work in the UK economy is still 1.4 per
cent lower than at the height of the
bubble, even though the population
has increased during that time.
Around 17.8 per cent of part-time
workers would like but were unable
to secure a full-time job, the CEBR
points out. Over the past five years,
full time employment has fallen by
355,000 and part-time employment
has increased by 724,000. This is the
biggest downside to the figures.
Another useful indicator is the
employment rate for those aged from
16 to 64, which has increased to 71.3
per cent in the most recent period.
This is the highest figure since
February to April 2009; but it remains
below the pre-recession peak of 73 per
cent in March-May 2008. There is also
no doubt that a minority of the jobs
cent in one quarter) in the number of
those who are economically inactive
through long-term sickness.
So why is the jobs market doing
much better than most people pre-
dicted? When the price of a commod-
ity drops, people want more of it.
Total pay (including bonuses) rose 1.7
per cent on a year earlier, while regu-
lar pay (excluding bonuses) rose two
per cent. In both cases, that is still
below the rate of consumer price
inflation (2.2 per cent) and retail price
index inflation (2.6 per cent), which
means that real wages are still falling.
Workers are understandably miser-
able because their pay packets are
allowing them to buy less but that is
also the reason why so many bosses
have become happier to hire.
created over the summer were caused
by the Olympics and were temporary.
Another interesting shift in the fig-
ures is that UK-born workers and UK
citizens are finding large numbers of
jobs again; for a long time, it was only
those born overseas who were suc-
ceeding in the labour market. The
number of UK nationals in employ-
ment over the past year in April-June
was up 246,000; the number of non-
UK nationals was up just 15,000. The
number of UK born people in employ-
ment rose 190,000; the number of
non-UK born people in employment
rose 67,000.
There are also promising signs that
welfare reform is beginning to work,
despite all the teething problems, and
that people are being reclassified to
the correct out of work benefit or
finding work. There has been a sub-
stantial reduction (of around five per
shareholders see any return.
Having managers exposed to
instruments whose value depends on
the survival of their firm would give
them a healthy incentive to maintain
a safe and sound bank, Tucker said.
The authorities also need to review
pay structures for desk level bankers,
Tucker added, in order to make it
less easy to get rich quick irrespective
of the quality of business transacted.
In the week that incoming regula-
tors the Financial Conduct
Authority (FCA) and Prudential
Regulation Authority (PRA) outlined
their plans, Tucker praised the new
so called Twin Peaks supervisory
structure.
The reforms will finally give
London a dedicated securities regula-
tor a quarter century after the Big
Bang that made it so necessary,
Tucker said.
The FCAs approach to enforcement
will need to preserve and, where
necessary, restore honesty in a mar-
ket community for which side-step-
ping rules and principles has become
too close to being part and parcel of
commercial life.
The new jobs website for London professionals
CITYAMCAREERS.com
WHAT THE OTHER PAPERS SAY THIS MORNING
Andrew Bailey
wants more loans
Libor abuse to
become illegal
GREG Coffey, who spent decades
investing money at some of the
worlds biggest and best-known
hedge funds, is understood to be
leaving Moore Capital and plans
to retire from the industry.
The 41-year-old Australian,
who oversaw several portfolios at
the $15bn (9.2bn) firm from
London, told investors by letter
that the demands of his job were
colliding with his desire to spend
more time with his wife and
children.
Coffey produced an annualised
22 per cent since 2004.
BY CITY A.M. REPORTER
Fund manager
Coffey to retire
THE worlds biggest money manager,
BlackRock, yesterday said global prof-
its rose eight per cent year on year as
investors funnelled billions more
into its exchange traded fund range.
The firm, led by combative chief
executive Larry Fink, said investors
poured $25.2bn (15.6bn) into its
iShares ETF range the highest level
since it took over the business in
2009. The surge accounted for more
than 80 per cent of net inflows over
the quarter, helping take BlackRocks
assets under management up ten per
cent year on year to $3.67 trillion.
Fink, who founded the New York
based firm in 1988, said it was a
myth a price war had broken out
with its ETF rivals VanGuard.
BlackRock, which recently embarked
BlackRock gets
lift as demand
for ETFs surges
BY MICHAEL BOW
on an ambitious branding exercise,
has a client base split equally
between institutional, retail and ETF
money.
We were told we needed more
branding. Great brands have a great
brand message over time, Fink said.
This is my number one priority, con-
nection with the retail client.
W
HILE yesterdays figures
beat analysts
expectations, BlackRocks
share price still hasnt
fully recovered from its 20 per cent
slide across April and May,
remaining some $17 below its $207
peak in early April.
One area of concern is
exchange-traded funds (ETF). This
looked superficially like a success
yesterday with iShares
generating $25.2bn in net inflows
this quarter, its best showing
since 2009. However, there are
several problems.
Firstly, a migration into such
low-cost, passive products risks a
reduction for active equity
products and their higher fees.
Secondly, these giant inflows
are a reflection of a fast-growing
market, rather than growth in
market share. BlackRock
continues to dominate ETFs, with
iShares having $6.87bn under
management at the end of the
third quarter according to the
consultancy ETFGI, compared
with $2.58bn and $2.31bn
respectively for its nearest rivals,
State Streets SPDR and Vanguard.
But year-to-date inflows for both
SPDR and Vanguard have
respectively grown by 127 per cent
and 53 per cent compared with
2011, beating BlackRocks growth
of 50 per cent.
The bind BlackRock is in was
visible earlier this week, when it
announced it will cut fees on six
ETFs to try and stay competitive
with rivals. That was fewer than
expected, which helps keep
revenue up but wont beat
Vanguard, which has dropped
MSCI indexes to cut its costs. The
worlds largest money manager is
a tricky position: caught in a
competitive race to rock bottom
prices it doesnt want to win.
Bank of America profits take
a tumble on huge legal costs
PROFITS were battered by
litigation payouts dating from
acquisitions made at the height of
the financial crisis, Bank of
America said yesterday.
Last month it agreed to pay
$2.4bn to settle claims it hid
crucial information from
shareholders when it bought
Merrill Lynch.
But despite the $1.6bn charge
booked in the quarter, the bank
still recorded a profit thanks to
tough staff cuts and rising
lending to retail customers.
Profits came in at $340m, down
95 per cent on the year.
BY TIM WALLACE
On top of the litigation
expenses, the bank was also hit by
a UK tax-related charge of $0.8bn.
Total revenues slid 28 per cent
on the year to $22.66bn. Consumer
revenues dropped on new debit
card interchange fee rules, while
average loan balances fell and the
wider low-interest rate
environment hit earning
opportunities.
However, it cut headcount by
16,145 on the year to 272,594,
driving personnel expenses down
4.9 per cent to $8.43bn, helping to
keep the bank in the black.
And the banks provision for
credit losses fell by $162m on a
sharp improvement in
delinquencies and bankruptcies.
However there may still be some
legal costs to come chief finance
officer Bruce Thompson said
disagreements with state-backed
Fannie Mae are ongoing.
BOTTOM
LINE
MARC SIDWELL
BlackRock Inc
17Oct 11 Oct 12Oct 15Oct 16Oct
184
186
188
190
$
189.13
17Oct
Bank of America Corp
9.10
9.20
9.30
9.40
9.50
$
9.44
17Oct
3
NEWS
cityam.com
Growing market for cut-price
funds looks a mixed blessing
US BANKS THIRD QUARTER PROFITS
Rank 2012 Bank Name Profit Change on Q32011
1 JP Morgan $5.71bn 34%
2 Wells Fargo $4.9bn 22%
3 Goldman Sachs $1.51bn Up from loss
4 Bancorp $1.4bn 14%
5 BNY Mellon $720m 11%
6 State Street $654m 20%
7 Citigroup $468m -88%
8 Bank of America Merrill Lynch $340m -95%
9 M&T Bank $273.9m 66%
1
2
3
4
5
6
7
8
9
TOP CUSTODY bank BNY Mellon
joined the industrys profits boom
yesterday reporting strong
investment management and asset
servicing revenues.
Profits came in at $720m
(445.4m) in the third quarter, up
11 per cent on the same period of
2011.
Assets under management hit a
record $1.4 trillion, up 13 per cent
on the year, driving investment
management fees up seven per
cent, while net long-term inflows
came in at $58bn over the last 12
months, compared with $9bn at
BNY Mellon earnings boosted
by rising management fees
BY TIM WALLACE
the same point last year.
Foreign exchange revenue
plummeted 45 per cent on the
year to $121m, reflecting lower
volatility and volumes.
Foreign exchange is going the
route of the equity markets
more electronic, higher-speed and
streaming prices to clients on a
consistent basis, said BNY Mellon
chief executive Gerald Hassell
admitting the area might not stage
a complete comeback.
But other trading
predominantly in fixed income
saw revenues of $61m, in contrast
with the $21m loss made in the
three-month period last year.
T
h
e

n
e
w

j
o
b
s

w
e
b
s
i
t
e

f
o
r

L
o
n
d
o
n

p
r
o
f
e
s
s
i
o
n
a
l
s
C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
EMPLOYMENT in the UK rose to an all-
time high in the three months to
August, data showed yesterday, while
unemployment dived, continuing the
buoyant but puzzling trend in the
labour market.
Employment grew 212,000 com-
pared to the previous three months to
hit 29.6m, a new all-time high, data
from the Office for National Statistics
revealed, while unemployment
dropped 50,000 to bring the rate
down from 8.1 per cent to 7.9 per cent.
The rise in employment drove a fur-
ther wedge between gloomy output
figures and the buoyant labour mar-
ket, an apparent contradiction that is
perplexing analysts.
The great employment mystery
Employment
soars to new
all-time high
BY BEN SOUTHWOOD
deepens, said Graeme Leach, chief
economist at the Institute of Directors.
The headline rate of unemployment,
the number of people claiming Job
Seekers Allowance and those econom-
ically inactive have all fallen, and yet
an optimistic description of economic
growth is that its pretty much flat.
And it was not just headline rates
that improved: men and women; part-
time workers and full-time workers;
staff and the self-employed all saw an
improvement in overall employment,
as did all age groups.
The wedge between public and pri-
vate sector wages widened to 22 a
week in August, the data also showed.
Public sector wages grew three per
cent compared to a year earlier, to hit
491 per week on average, whereas pri-
vate sector wages rose just 2.3 per cent.
IS LONDONS LABOUR MARKET
IMPROVING? Interviews by Faiza Malik
Ive seen a lot more activity in the City and
with corporates. I mainly deal with M&A. Its
probably due to more condence, and in my case with
the corporates not wanting to be so reliant on banks.
These views are those of the individuals above andnot necessarily those of their company
SIMON WILLIAMS
HYDROGEN GROUP
I think its improving in London as we expand

the telecom and communication sector, with
broadband, ber optic and more lines being laid down.
The IT and communications sector is growing.
MARTIN SMITH
SIX DEGREES
I know a lot of roles in nancial services are
going overseas for cost-cutting reasons. Over
the last few years 100,000 jobs have left London. It
makes the recruitment consultants job very difcult.
ANDREW BULMER
ADVANTAGE PROFESSIONAL
MPC split over effect

of future stimulus
BATTLE lines were drawn at the Bank
of Englands last rate-setting
meeting, the minutes released
yesterday showed, with some
members arguing a case for more
quantitative easing (QE) and others
believing that the steam was coming
out of the asset purchase scheme.
Though the vote was unanimous
on keeping rates and QE constant,
with policymakers on the Monetary
Policy Committee (MPC) agreeing
there was little to be gained in
changing policy before the current
50bn programme of purchases was
completed, members were divided
on future policy.
While all members agreed that
more QE could bring long-term
yields even further down,
policymakers were divided over
whether this would be positive for
the economy overall.
Robert Wood, chief economist at
Berenberg, said the minutes made
the November policy decision
almost too tight to call, but a vote
for no change was slightly more
likely than a decision in favour of
beefing QE up.
CITYVIEWS
ENERGY companies will be forced by
law to put their customers onto the
cheapest possible tariff, David
Cameron said yesterday.
We will be legislating so that
energy companies have to give the
lowest tariff to their customers, he
told parliament at Prime Ministers
Questions.
The new rules will ensure
consumers enjoy the cheapest
possible gas and electricity prices
available and are not left paying over
the odds on inappropriate tariffs.
Full details will be in the Energy
Bill, which is due to be published
before the year end.
Law set to cut
energy prices
BY JAMES WATERSON
4
NEWS
cityam.com
Unemployment
between June and
August was
2.53m
down 50,000 compared
to between March and May
Three months to August another
stellar period for UK labour market
Employment in the UK hits an all-time high
2003 2004 2007 2009 2012
28.2
28.4
28.6
28.0
28.8
29.0
29.2
29.4
29.6 total inemployment, millions
Unemployment
rate hit
7.9%
down from
8.1 %
Employment rate hit
71.3%
up from70.8%
Employment between
June and August was
29.59m
up 212,000 compared
to between March and May
Source: Ofce for National Statistics
BY BEN SOUTHWOOD
5
NEWS
cityam.com
NEW8 FROM THE
CTY OF LONDON
ADVERT8EMENT
CIare Giord, lhe nexl Lady Mayoress of
lhe Cily of London, has vriuen a
chiIdren's book aboul Dick Whiuinglon.
The book aIso incIudes lhe lrue slory of
Richard Whiuinglon, a merchanl
hiIanlhroisl and Lord Mayor lhree
limes during lhe 15lh cenlury. PubIished
by A&C Iack PubIishers, Oic| Wnibingicn
is soId in aid of The Lord Mayor's AeaI.
Dick Whittington raises money for Appeal
News, info and offers at www.cityofIondon.gov.uk/eshot
II ynu wnrk Inr a busincss nr
nrganisatinn in thc 5quarc
Mi!c, ynu can gct ynur vnicc
hcard by rcgistcring tn vntc
in thc City's !nca! c!cctinns.
The Cily of London Cororalion has senl regislralion forms lo
IocaI businesses and if you vanl lo have your say aboul hov lhe
Cily is run, Iease comIele and relurn lhem lo GuiIdhaII by
5unday 16 Dcccmbcr.
PoIicy Chairman Mark oIeal says: Ciiq ucr|crs can inucncc ncu
cur ui!c rangc cj scrticcs arc !c|itcrc! jrcn sircci c|cansing ic
inprcting inc Ciiqs injrasiruciurc. Tncsc tcics arc inpcriani |ccausc
ii gitcs Ciiq ucr|crs inc cppcriuniiq ic natc incir saq.
For more informalion, visil www.citynnndnn.gnv.uk/cityvntc2013
or ca!! 0800 587 5537 or foIIov us on Tviuer mcityvntc.
iIIingsgale Markel, lhe Cily of London's vhoIesaIe hsh markel,
is lhe hnishing oinl for lhe 'TunneI 2 Tovers Run London 2012'
on Sunday. The charily evenl, vhich vas slarled by US
hrehghlers vhen many of lheir coIIeagues died in lhe 9/11
lerrorisl auacks, is nov being suorled by hrehghlers in
London. Inlerlainmenl viII be rovided and markel lraders viII
seII hsh during lhe day. www.tunnc!2tnwcrsrun.cn.uk
Firefighters' run party at Billingsgate Market
STATE-BACKED bank RBS yesterday
exited the scheme set up to insure its
toxic assets at the height of the finan-
cial crisis, indicating the lender and
regulators have confidence that it is
moving back to health.
The Asset Protection Scheme (APS)
was established to backstop a 282bn
portfolio of risky loans and invest-
ments, as part of the wider bailout and
plan to turn the broken bank around.
But in the event the bank did not
need to claim on the APS, and has now
quit the scheme as soon as was con-
tractually possible.
By selling off and running down
assets, RBS has reduced the portfolio in
question to 105bn 63 per cent below
its original size.
RBS paid the Treasury a total of
2.5bn for the cover, as well as roughly
BY TIM WALLACE
1.5bn for liquidity support during the
crisis.
Bank chief Stephen Hester said the
move shows the bank has come a long
way in turning itself around in the past
four years.
We all want a system in which banks
will never again need to seek credit sup-
port from the government in a financial
crisis, he said.
Huge progress has been made
towards that goal and our exiting the
APS is a significant milestone in RBS
recovery.
And chancellor George Osborne wel-
comed the move, as it reduces taxpayer
exposure to the bank.
During this parliament the support
provided by the taxpayer to the banks in
the form of guarantees has fallen by
almost 95 per cent.
RBS shares rose 1.82 per cent on the
announcement.
Progress for RBS
as it drops state
insurance cover
CORMAC LEECH
LIBERUM CAPITAL
This represents a
positive catalyst
given the implicit vote
of condence from the
Financial Services
Authority it sends a
very strong signal that
the regulator is willing
to give the all-clear to a
move that increases the
risk prole of the group. That is why shares
went up, despite the real core tier one capital
impact from leaving, of around 0.8 per cent,
though the APS was an irrelevance from the
point of view of RBS claiming on it.
MICHAEL SYMONDS
DAIWA CAPITAL MARKETS
RBS saves on the
500m annual
fee and moves a small
step closer to privatisa-
tion. This was designed
to insure the majority
UK-government owned
bank against outsized
losses on a 282bn
portfolio of the banks
riskier loans and investment. Those assets
have since fallen by around 63 per cent to
105bn, owing to run-offs and divestments,
and the bank never made a claim under the
scheme.
GARY GREENWOOD
SHORE CAPITAL
As the insurance
protection is
unlikely to be required,
RBS reasons that there
is little point continuing
to pay for it. However, it
is worth highlighting
the scheme also provid-
ed RBS with a core tier
one capital ratio benet
equivalent to 77 basis points at the end of
June, so by exiting the APS this benet will be
lost. That said, we note that this benet has
been reducing over time as the company has
been running-off the insured assets.
ANALYST VIEWS
IS RBS RIGHT TO LEAVE THE GOVERNMENTS
ASSET PROTECTION SCHEME?
Interviews by Tim Wallace
6
NEWS
cityam.com
IN BRIEF
Direct Line sells extra shares
nNewly-floated Direct Line Group
yesterday announced that 34.5 per
cent of the companys shares were
sold in its initial public offering, after
Goldman Sachs exercised an over-
allotment option. This leaves RBS
owning 65.3 per cent of the insurance
group following the firms float on the
London Stock Exchange. The banks
remaining shares are expected to be
sold in two further tranches before the
end of 2014.
Portugals short-term yields fall
nPortugal successfully shifted
hundreds of millions of euros of short-
term bonds at drastically lower yields
yesterday, in its first debt auction
since it returned to the bond market
earlier this month. It sold 770m
(624.9m) worth of 12-month debt at
yields averaging 2.1 per cent well
down on the 3.5 per cent it paid in
July. However six-month debt yields
crept up from 1.7 per cent in
September to 1.8 per cent yesterday.
Eurozone construction improves
nConstruction production in the
Eurozone recovered slightly in
August, according to data released by
Eurostat yesterday, but output was
still well down on 2011. Seasonally
adjusted production in the
construction industry rose 0.7 per
cent between July and August, the
data showed, but this left output
some 5.5 per cent below the same
month a year before. And production
was almost a quarter lower than at its
peak at the very start of 2007.
LARGE companies are turning to the
bond market in growing numbers as
more traditional sources of cash
remain in the doldrums, research out
today claims.
In the first eight months of the year,
non-financial firms raised $75bn
(48bn) in corporate bonds, compared
to 35bn raised in syndicated loans,
according to TheCityUK, an interest
group for financial services.
The drop in bond sales by UK banks
and other financial institutions, and
healthy overall demand for UK bonds,
opens up an opportunity for non-
financial UK companies to fill, the
researchers said.
Large caps including Tesco, GSK and
National Grid have tapped the bond
market this year.
And yesterday property group St
Modwen demonstrated that mid-cap
firms can raise money in this way by
launching its first retail bond to raise
between 50m and 100m.
However, the corporate debt market
is still dwarfed by the government
and international bond markets that
Firms turning
to bond market
to raise money
BY MARION DAKERS
operate in the UK, making up less
than one per cent of the 3,500bn
market. And some fund managers
have called the top of the market for
corporate debt, warning that the
investor hunt for high yields is becom-
ing overcrowded.
While there is no guarantee of
future performance, returns from
bonds have historically become nega-
tive when bond markets returns are as
high and yields as low as they current-
ly are, said Alan Higgins, UK chief
investment officer at Coutts, yester-
day. The greatest risk to bonds is that
investors become more confident
about the outlook for equities.
THE BANKING ringfence in the UK
may fail as the investment and
retail operations will still be too
closely linked, former Federal
Reserve chairman Paul Volcker
said yesterday, arguing a full
separation of entities is more
appropriate.
These things tend to be
permeable over time. You want to
separate operations decisively?
Dont put them in the same
organisation and tell them they
cannot interact, the industry
heavyweight told the
parliamentary commission on
Volcker warns bank ringfence
is too weak to improve market
BY TIM WALLACE
banking standards yesterday.
Volcker told the MPs and peers
this is particularly vital in the case
of bankers like proprietary traders
being kept separate from rational
retail staff, blaming highly paid
investment staff for infecting the
culture of other bankers.
The former Fed boss also argued
it is impossible for a ringfence to
work if the investment banks
board is meant to maintain some
independence from the group.
If the group board is worried
the investment part of the
organisation, they are going to
think about how they can use the
bank part to support it, he said.
Paul Volcker said there is no reason why proprietary trading should take place at banks
UK corporate bond and corporate loans
2007 2008 2009 2010 2011 2012
20
0
40
60
80
100
120 $bn
Syndicatedloans
Debtcapital markets
FRENCH bank Credit Agricole yester-
day sold its Greek subsidiary to
Alpha Bank for 1 (0.81), taking a
multi-billion euro loss on the entity
as it at last managed to slash its expo-
sure to the recession-struck economy.
The bank is taking a 2bn write-
down on the Emporiki unit, and has
increased its recapitalisation of the
subsidiary by 550m on top of the
2.3bn pumped into the Greek entity
in July.
The deal reduces Credit Agricoles
2.1bn funding of the unit by 700m
immediately, and completely in
three more installments by the end
of 2014.
While Credit Agricole will take a
circa 2bn profit hit in the third
quarter of 2012 as a result of the dis-
posal, the impact on capital ratios
will be offset somewhat by the corre-
sponding reduction in risk-weighted
assets, said analyst Michael
Symonds from Daiwa Capital
Markets.
Exiting Greece is undoubtedly pos-
Credit Agricole
sells Greek unit
Emporiki for 1
BY TIM WALLACE
itive for Credit Agricoles credit pro-
file, but this development is already
largely reflected in credit spreads
following recent sharp tightening.
The bank said the move would help
it reach its 2013 solvency targets,
while at the same time aid the Greek
banking systems consolidation,
which is an essential condition
for the recovery of the countrys
financial sector.
Credit Agricoles shares dropped 1.9
per cent yesterday, but remain up
almost 20 per cent on the start of the
month when the divestment plan
was outlined.
Credit Agricole
17 Oct 11 Oct 12 Oct 15 Oct 16 Oct
5.60
5.80
6.00
6.20
6.40
6.21
17 Oct
Gloomy forecasts will come
as a blow to Angela Merkel
7
NEWS
cityam.com
Germany slashes 2013 growth hopes
GERMANY sliced its 2013 growth
forecast yesterday, with the
Eurozone powerhouse dragged
downy by tough currents in the
world economy.
The biggest economy in the
euro area will grow just one per
cent next year, the German
economy ministry said, down
from a more optimistic previous
forecast of 1.6 per cent.
The Eurozone heavyweight, led
by Chancellor Angela Merkel, had
previously proved resilient to
world and European troubles,
posting 4.2 per cent growth in
2010 and three per cent growth in
2011, but the predictions suggest
it has finally succumbed though
BY BEN SOUTHWOOD
it will still grow.
Germany is navigating stormy
waters because of the European
sovereign debt crisis and an
economic weakening in emerging
nations in Asia and Latin
America, said economy minister
Philipp Roesler in a statement.
But Tobias Blattner and Emily
Nicol at Daiwa Capital Markets
said the forecasts were still too
optimistic. [The new
forecasts do] not properly
take global headwinds as
well as the new round of
deep budget cuts
forthcoming in large parts of the
euro area, they said. They went
on to predict growth of just 0.7
per cent next year.
This came as finance minister
Wolfgang Schuble called for the
establishment of an EU currency
commissioner with the power to
scrutinise and reject member
state budgets, as part of a
general package of
European political and
economic integration.
We must now make
bigger steps in the
direction of a fiscal
union, Schuble told
reporters on his way
back from a trip to
Asia, We must use
this chance.
INTERNATIONAL regulators want
systemically important
insurance firms to hold extra
capital to safeguard the rest of
the financial system if they go
bust.
The International Association
of Insurance Supervisors set out
plans yesterday to avoid insurers
becoming too big to fail, by
separating traditional insurance
activities from riskier ones such
as credit default swaps, and by
holding instruments comprising
the highest quality capital to
cover losses.
The proposed policy measures
are intended to reduce moral
hazard and the negative
externalities stemming from the
BY MARION DAKERS
potential disorderly failure posed
by global systemically important
insurers, said Peter Braumueller,
head of the IAIS.
Regulators focus on insurers
non-traditional activities stems
from heavy losses absorbed by
Swiss Re and AIG through credit
default swaps that forced both to
raise emergency funding during
the 2008 crisis.
The G20s Financial Stability
Board will name the insurers
deemed systemically important in
April, with most of the new rules
set to be introduced within 18
months.
Such firms will also be subject
to closer scrutiny by regulators
and will be required to draft
living wills for winding
themselves down if they ever fail.
Too big to fail insurers will be
forced to stockpile more capital
THURSDAY 18TH OCTOBER 2012
8
NEWS
cityam.com
GATWICK has kicked off a campaign
to build a second runway at the south
of London airport, arguing it would
serve the south east of England better
than an enlarged Heathrow or a new
Thames Estuary hub.
Britains second-biggest airport said
it will study options for a new run-
way, turning Gatwick from a mostly
point-to-point airport into an interna-
tional hub.
While an agreement with Sussex
County Council means work on a new
runway cannot begin until 2019,
Gatwick has spoken up ahead of a gov-
ernment-commissioned investigation
into expanding Britains air capacity,
which is due to report in 2015.
The airport said in its Master Plan in
June that it has no current plans for
a second runway, in the face of gov-
ernment and residents opposition.
We have always promised the local
community that if we ever got to the
point where we were doing work on a
second runway, we would tell every-
one, chairman Sir David Rowlands
told City A.M.
Gatwick wants
controversial
second runway
BY MARION DAKERS
Rowlands believes airlines linking
Europe to the Far East would be
attracted to a bigger Gatwick, follow-
ing in the footsteps of Korean Air and
Vietnam Airlines, which launched
routes at the airport in the last year.
Gatwick boss Stewart Wingate added
yesterday: I believe a new runway at
Gatwick could be affordable, practical
and give passengers a greater choice of
routes to key markets.
As for the Estuary airport concepts,
there are major questions on afford-
ability, environmental issues and
whether they are deliverable.
Heathrow hit back yesterday, argu-
ing that the UK is not short of the
point to point capacity provided by air-
ports like Gatwick. Rowlands pointed
out, however, that two-thirds of
Heathrow traffic travels point-to-point,
rather than using the airport as a hub.
The Gatwick Area Conservation
Campaign yesterday warned it would
mount a massive campaign of opposi-
tion if Gatwick continues talking up
a new runway.
Meanwhile the chief executive of
Qatar Airways, Akbar Al Baker, urged
the government to expand Heathrow.
BRITISH retailers closed more
stores than they opened in the
first half of the year, with around
20 shops a day pulling down their
shutters, a study has revealed.
The report, by PwC and the
Local Data Company, examined
500 town centres in the UK and
found toy shops, clothes and
furniture retailers, jewellers,
card & poster shops and furniture
stores were the worst hit.
In contrast, discount stores,
Retailers close 20 shops a day
as value chains take their place
BY KASMIRA JEFFORD
convenience stores, coffee shops,
bookmakers and charity shops all
showed growth in the first half.
The report showed the number
of closures has increased to 32
per day for July and August due
to administrations, like that of
sports good seller JJB.
Retailers in distress have too
many locations, Mike Jervis, PwC
insolvency partner said.
Retailers need to face that
reality and formulate a strategic
plan...with landlords, not in
confrontation with them.
THE CITY of London Corporation said yesterday it has sold 20 Finsbury Circus to NTT
Urban Development, the property arm of Japanese telecoms firm Nippon Telegraph &
Telephone Corporation for 42.5m. The building is let to Deutsche Bank until 2015.
20 FINSBURY CIRCUS SOLD TO JAPANESE FIRM
IN BRIEF
Manchester bids for Stansted
nManchester Airports Group (MAG)
yesterday confirmed that it has
teamed up with infrastructure
specialist Industry Funds Management
to make a takeover bid for Stansted
Airport. Final bids are due in next
week for Stansted, which was put on
the block by BAA after a competition
ruling. MAG chief executive Charlie
Cornish said his firms track record in
running airports should play to its
advantage.
MPs to examine Starbucks tax
nTwo parliamentary committees are
due to quiz tax officials about how
Starbucks was able to avoid paying tax
on 1.2bn of sales since 2009. MPs said
reports that showed Starbucks had been
telling investors its UK unit was highly
profitable while telling UK authorities the
unit was loss making, and so not liable
for tax, undermined public trust in the
tax system. Margaret Hodge, chair of the
Public Accounts Committee, is among
several MPs who said they wanted HMRC
to launch an investigation.
Exxon Mobil buys Celtic for $2.6bn
nExxon Mobil agreed yesterday to
buy Celtic Exploration for C$2.6bn
(1.6bn), as the world's largest
publicly traded energy company looks
to raise its presence in some of
Western Canadas most promising
shale oil and gas regions. Exxon said
its Canadian subsidiary, ExxonMobil
Canada, will pay C$24.50 for each
share of Celtic, a 35 per cent premium
to Celtics closing price on the Toronto
Stock Exchange on Tuesday but below
its 52-week high of C$27.08.
EBAY last night
announced that
revenues grew 15
per cent in the last
quarter to $3.4bn
(2.1bn), producing
profits of $718m.
The firms online
auction site and
PayPal payment
service continue to
perform well but
chief executive
John Donahoe
(pictured) is
branching out into
new services, such
as providing
technical support
for purchases.
Claim a complimentary
ticket worth 50 to the
London Investor Show,
courtesy of ActivTrades
Register online at
www.activtrades.co.uk
Taking Global FX Trading
to new heights
ActivTrades has been providing innovative online FX trading for over 11 years,
giving us plenty of time to perfect a service that meets our clients every need.
Yes, we offer a wide range of financial instruments with no commission charges,
and of course our spreads are amongst the tightest in the market. But this is
where the comparisons with other providers end. Our award winning MetaTrader
platforms are backed by personalised 24 hour multi-lingual support, delivering
the latest trading technologies and a first class service wherever you are in the
world. This is why trading with us is easy, convenient and extremely effective.
We invite you to visit us online and discover more at www.activtrades.co.uk
Est. 2001
Forex | Spread Betting | CFDs
RISK WARNING: All financial products traded on margin carry a highdegree of risk to your capital. They are
not suited to all investors and you can lose substantially more than your initial investment. Please ensure
that you fully understand the risks involved, and seek independent advice if necessary. ActivTrades
PLC is authorised and regulated by the Financial Services Authority, FSA registration number 434413.

to ne
aking Glo TTa

ew heights
rading obal FX TTr

g

Act
givi
es Y
and
whe
pla
the
wor
We

innov has been providing rades tivT Tr
a s us plenty of time to perfect ing
financial of range a wide offer we s,
among are spreads our course d of
with other prov the comparisons ere
personalised backed by are tforms
a f latest trading technologies and
e why trading with us is is This rld.
invite you to visit us online and discov

11 over online FX trading for ative
meets our clients every that service
instruments with no commission ch
But the market. gst the tightest in
end. Our award winning Meta viders
del 24 hour multi-lingual support,
you are first class service wherever
eff and extremely convenient easy,
at www. more ver activtrades.co

years,
need. y
harges,
this is
rader aT
ivering
in the
fective.
o.uk

prod financial All RISK WARNING:
you and suited to all investors not
ris the understand you fully that
regulated and orised auth C is PL

Est. 2001
o ducts traded on margin carry a highdegree
initi your than substantially more lose u can
independent advi seek and involved, sks
FSA Authority, Services Financial d by the

ng | ad Betti x | Spre Fore
to your capital. They are of risk
ensure t. Please ial investmen
rades ActivT if necessary. ce
434413. number registration A

CFDs
9
NEWS
cityam.com
Terms apply.
Get a new Pay as you go
smartphone from 70
And save even more when you trade in your
old phone with Vodafone Buyback
Go in store today
or visit vodafone.co.uk/paygphones
Huawei Ascend G 300 Now 100 Samsung GALAXY Ace Now 100
Save
35
Samsung GALAXY Y Now 80 Vodafone Smart II Now 70
Scanfor your
nearest store
DIAGEO yesterday posted a five per
cent jump in underlying sales driven
by demand for spirits such as
Smirnoff vodka in the US and strong
sales of scotch in emerging markets
like China.
The drinks giant said net sales in
North America, which accounts for a
third of its sales, rose six per cent in
the quarter to 30 September, boosted
by campaigns behind its Smirnoff
vodka and Captain Morgan brands.
The group has also been benefitting
from a recovery in the US spirits mar-
ket and more consumers opting for
its super-premium brands like
Ciroc, its luxury French Vodka label.
Sales rose by 16 per cent in its Latin
America and Caribbean region its
fastest growing market despite a
tough comparison in the prior year
when sales rose 30 per cent.
In Africa, sales rose 11 per cent in
the quarter, with strong growth in
spirits in South Africa and in beer in
East Africa helping to offset weakness
in Nigeria.
BY KASMIRA JEFFORD
Overall, sales in Europe declined by
one per cent despite double-digit
growth in emerging market Turkey.
Russia was dragged down by weak
trading in western and southern
regions, with consumer demand in
France hit by Januarys duty hike.
Meanwhile in Asia Pacific, sales rose
two per cent, below analyst expecta-
tions of around eight per cent, which
the group blamed on weakness in
South Korea and Australia.
The group expects half its turnover
to come from fast-growing Asian,
African and Latin American markets
by 2015, up from 40 per cent last year.
Diageo PLC
1750
1760
1770
1780
1790
1795 p
1,768.50
17Oct
EBAY REVENUES JUMP 15 PER CENT
Diageo gets lift
from emerging
markets and US
11
NEWS
cityam.com
MARKETING budgets took their
biggest hit in three years in the
last quarter amid shrinking
business confidence, new data
released today shows.
Statistics from Markits
influential IPA Bellwether survey
show that budgets shrank for the
second successive quarter in the
three months to October, with 23
per cent of companies saying
budgets had contracted. Just 18
per cent said there had been a
rise.
This resulted in a net balance
the reports metric of budget
changes of -5.5, a fall not seen
since the end of 2009.
The message provided by the
Bellwether survey is consistent
and indicative of the economic
situation as a whole which is one
of underlying stagnation, IPA
president Nicola Mendelsohn said.
We had hoped when the year
started that things were picking
up but as time has gone on the
economy has stuttered and
confidence isnt particularly
strong.
The report said the latest figures
had brought its prediction of an
overall rise in budgets in 2012 into
doubt. Internet advertising bucked
the trend however, with a net
balance of 7.1 per cent reporting a
rise in marketing budgets.
Marketing spend
suffers worst fall
for three years
BY JAMES TITCOMB
888 HOLDINGS has reaped the
rewards from an ambitious market-
ing campaign and expansion in the
newly regulated Spanish gaming mar-
ket, the company said yesterday, lead-
ing it to better than expected sales.
The online poker and casino opera-
tor said turnover had jumped seven
per cent year-on-year in the quarter
to October. While growth in casino
gaming was steady, poker saw a rise
of 21 per cent, and turned a profit in
the new Spanish market despite all
expectations to the contrary.
Our core business has continued
to perform well during the quarter,
with our targeted marketing cam-
paigns contributing towards our
ongoing success and Spain outper-
forming our expectations, 888s
chief executive Brian Mattingley
said, adding that the fourth quarter
had started positively.
888 Holdings saw sales of $92m
(56.9m) in the period, and said the
number of customer accounts had
increased 24 per cent to 12.5m. The
success drove the share price up to
888 hits jackpot
thanks to poker
growth in Spain
BY JAMES TITCOMB
levels not seen for two and a half
years as a host of City experts upgrad-
ed the company.
The value of the firms shares have
increased more than 2.5 times since
the start of the year.
Nick Batram at Peel Hunt upgraded
the firm to a buy rating, and said:
888 is demonstrating that an online
business with a strong product propo-
sition and excellent execution can
grow the bottom line, even in mar-
kets where the costs of regulation are
rising.
The companys year-to-date revenues
are currently running at around
three per cent above last year.
MOBILE software company
Crimson Tide yesterday signed a
deal with Microsoft to use the
tech giants cloud-based
infrastructure.
Crimson Tide, which develops
and operates the mpro
smartphone app, said the
agreement would provide
current and future customers
with the most secure, reliable and
robust enterprise application
available.
Microsofts cloud platform,
Windows Azure, allows companies
to run applications via the
Crimson Tide announces mobile
software tie-up with Microsoft
BY JAMES TITCOMB
internet and store their data
online.
By launching our mpro
solution on Microsofts Windows
Azure platform I believe that we
will be offering one of the most
powerful, reliable and adaptable
enterprise applications currently
on the market, said Crimson
Tides executive chairman Barrie
Whipp. As a company we strive to
make continual enhancements
and improvements to our system.
The tie-up with a trusted
operator like Microsoft is crucial
to Crimson Tide, whose office
admin apps are used extensively
in the medical industry.
Crimson Tides executive chairman Barrie Whipp started the company in 1996
888
90.0
95.0
100.0
105.0
110.0
p
109.0
17Oct
IN BRIEF
CWC confirms Macau sale talks
nCable & Wireless Communications
(CWC) yesterday said it was in talks
over a sale of its business in Macau, a
further step as the mobile network
company focuses its operations on its
Caribbean and Panama operations.
The FTSE 250 firm, formed in 2010
when it split from Cable & Wireless
Worldwide, is negotiating with Pacific
operator Citic Telecom over CWCs 51
per cent stake in its Macau network. A
sale could net CWC around $650m.
Speedy Hire sees steady growth
nSpeedy Hire, the tools and
equipment rental service, remains on
track for impressive growth this year
after saying yesterday that sales had
risen 5.3 per cent in the first half of the
financial year, when the effects of
recent disposals were stripped out.
The company said its progress in line
with expectations was mainly driven
by its international arm, with revenue
up 77 per cent on last year. Underlying
UK sales were up 3.2 per cent, the
company added.
European slowdown hits Danone
nFrench food group Danone said
growth slowed sharply at its dairy
division as shoppers in Italy and Spain
switched to cheaper alternatives in
recession conditions unlikely to ease into
next year. Kicking off the third-quarter
reporting season yesterday ahead of
large food makers like Nestle and
Unilever, the worlds largest yoghurt
maker, whose brands include Actimel
and Activia, said third-quarter sales
reached 5.26bn (3.25bn), with like-
for-like sales growth at five per cent.
12
NEWS
cityam.com
To register go to
Our knowledge on MT4 isnt.
For the first time ever, were opening our doors to host
our first live trading workshop. And youre invited.
Sign up today and join Chief Market Analyst James Hughes
at the Alpari
(
UK
)
head office. Hell be discussing strategies
while youre trading real-time on our MT4 Demo account.
Live Forex and CFD trading involves significant risks.
Losses can exceed your initial deposit.
DUTCH microchip equipment maker
ASML is set to spend 1.95bn (1.6bn)
on Cymer, a US technology company
whose technology is crucial to mak-
ing the next generation of smart-
phone chips, the company said
yesterday.
ASML saw a flood of investment
from microchip manufacturers
Samsung, Intel and others over the
summer, in order to fund new
research and development products.
The worlds leading microchip
parts maker, which is seen as a bell-
wether for the European technology
sector, also said yesterday that its per-
formance in the last few months had
been somewhat slower than expect-
ed due to more consumers choosing
cheaper smartphones.
ASML posted a 275m pre-tax profit
for the last quarter, slightly under
expectations, along with sales of
1.2bn. Many global chipmakers,
including heavyweight manufactur-
er Intel, have reported flagging sales
over the summer due to consumers
in southern European countries,
Dutch chip firm
ASML buys USs
Cymer for 2bn
BY JAMES TITCOMB
especially Spain and Italy, buying
cheaper phones.
Cymers light-based semiconductor-
building technology allows chipmak-
ers to ink intricate circuit patterns on
microchips, which enables the pro-
duction of smaller, faster and more
efficient processors. ASML said an
acquisition was the natural evolu-
tion in the two companies relation-
ship, after they had worked closely
together for the last 12 months.
Despite predictions that the deal
will improve earnings in two years,
ASMLs share price fell yesterday as
management said the next quarter
will be at the low end of expectations.
POLARISATION between British
footballs haves and have-nots is
growing, with most clubs outside
the English top flight reliant on
owners to cover losses, according to
a survey published today.
Some 66 per cent of all teams
who responded said they did not
expect to make a profit before
player trading and amortisation, an
increase from 42 per cent last year,
the study by accountants PKF
found. In the Championship,
English footballs second tier, only
12 per cent of sides forecast a
profit, compared with 89 per cent
Survey reveals financial chasm
between top UK football teams
BY FRANK DALLERES
of Premier League clubs.
Reliance on shareholders to keep
them afloat is also greater outside
the elite, with 87 per cent of
Championship sides needing owner
bailouts twice the ratio of their
Premier League counterparts.
The divide between the rich and
the poor in football is growing
wider, said PKF Football Industry
Group head Charles Barnett. You
simply need to contrast the
fortunes of Premier League giants
such as Manchester United, which
recently tapped Wall Street for
funding, with lower league sides
such as Port Vale and Portsmouth,
which are both in administration.
Manchester United raised funds on the Nasdaq earlier this year
ASML Holding NV
39.00
39.50
40.00
40.50
41.00
41.50
39.15
17Oct
BY MICHAEL BOW
RSM Tenon Group
5.00
5.75
5.50
6.25
6.00
6.50
6.75 p
6.44
17Oct
13
NEWS
cityam.com
F
R
E
E

T
O

A
T
T
E
N
D
Compliance Seminar
FSA, SEC and CFTC Seminar
The year ahead brings significant change in the way the financial
sector will be supervised. During 2013 the FSA will disband and
be replaced with the FCA and PRA, the SEC will continue to roll
out an inspection programme of newly-registered firms and the
CFTC will extend its regulatory reach in an unprecedented way.
Given the raft of legislative changes also happening in Europe,
understanding the impact of these changes has never been
so important.
Join us for a unique all in one place seminar to hear former
examiners from each regulator and industry experts discussing
the regulatory challenges coming in 2013.
Wednesday 7th November 2012
The Westbury Hotel, Mayfair, London.
For more detail and to register:
www.regulatoryhorizon.com Registration | On-going Support | Regulatory Audit
ACA was established in 2002 and is the worlds largest independent compliance consultancy.
We operate from12 offices across America and Europe supporting over 700 clients with a team
of 125 professionals, over a third of whomare former FSA, SEC, NFA or FINRA regulators.
T
T
E
N
D
AA
T

T
OO
A
F
R
E
EE
T

Lender IPF close
to wrapping up
share buyback
EMBATTLED professional services
firm RSM Tenon tried to draw a line
under an unsatisfactory year yester-
day, after reporting a pre-tax loss of
101.8m.
The firm said it is cutting 400 staff,
more than first planned and with
some compulsory redundancies, as
part of its turnaround. It has over-
hauled its top staff this year after dis-
covering accounting errors in January
that sparked a profit warning.
It was unacceptable to have
allowed a situation where costs had
grown to be in excess of revenues, and
bank indebtedness had become a
multiple of the companys market
capitalisation, said Tim Ingram, who
came on board as chairman in May.
To say that the year ended 30 June
2012 was a disappointment would be
an understatement; this year has
been totally unsatisfactory for share-
holders and other stakeholders.
RSM Tenon has also agreed a deal
with Lloyds Banking Group to raise its
lending facility to 93m and extend it
until December 2014 to give it breath-
ing space during its recovery efforts.
Revenues fell 8.8 per cent to 208.m
in the year to the end of June, while
operating costs rose 33.5 per cent to
300.5m due to redundancies and
write-down costs. This pulled the firm
to a pre-tax loss of 101.8m, from a
1.5m loss in the previous years
restated accounts.
New chief executive Chris Merry
said the figures were the end of a
chapter.
DOORSTEP lender International
Personal Finance (IPF), which operates
in Eastern Europe and Mexico,
hoovered up 15m of its own shares
during the third quarter, it said
yesterday, in a share buyback.
IPF, listed on the FTSE 250, began a
25m share buyback programme at
the end of July and yesterday said 60
per cent of the programme was
finished after it snapped up 100,000
shares a day at 3.10- 3.20.
The firm said yesterday it would
launch new products and push into
different regions in Eastern Europe in
2013, as it reported flat pre-tax profits
for the third quarter of 2012.
It posted 27.2m of pre-tax profits
between July and September, versus
27m a year ago. Net revenues were
down slightly year on year, but up
nine per cent at constant exchange
rates. Underlying growth was good
with the firms key East European
markets all posting profits. Its
Mexican business reported 800,000
profit with customers up seven per
cent. New chief executive Gerard
Ryan, who took the helm in February,
said it was a good quarter.
RSM Tenon tries to turn
the page after dire year
BY MARION DAKERS
Chief exec Chris Merry is optimistic
Meet our panel
of City judges
L
A
U
R
A

L
E
A
N
/
C
I
T
Y
A
.
M
.
cityam.com
FREE DAY TRADING
SEMINAR
WITH INVESTORS CHRONICLE JOURNALIST DOMINIC PICARDA
AND DAVID NORMAN OF ALBANY HAVEN TRADER TRAINING.
DAY TRADING SPECIAL EVENT
To celebrate the launch of our new range of Daily Leverage Products, Societe
Generale is holding a special free Day Trading seminar on October 23rd. This is your
chance to hear guest speaker Dominic Picarda (the Trader for Investors Chronicle)
provide his short-term outlook and evaluation of the FTSE 100 Total Return Index as
a day trading opportunity. Plus, David Norman from Albany Haven (a trader training
school) will be imparting his knowledge as to what makes a successful day trader.
The Listed Products team will also demonstrate how Daily Leverage Products can be
used to capitalise on the daily movements of the FTSE 100 TR.
Date: 23rd October, 2012
Time: 6:30pm 8:00pm
Venue: SG House, 41 Tower Hill, London EC3N 4SG
Register today online at www.sglistedproducts.co.uk
This advertisement is issued in the UK by the London Branch of Socit Gnrale. Socit Gnrale is a French credit institution (bank) authorised
by the Autorit de Contrle Prudentiel (the French Prudential Control Authority). Socit Gnrale is subject to limited regulation by the Financial
Services Authority in the UK. Details of the extent of our regulation by the Financial Services Authority are available from us on request. Investors
capital is at risk. Investors should not deal in this product unless they understand its nature and the extent of their exposure to risk. We recommend
that retail investors consult their own independent professional advisers. Exchange Traded Funds and Exchange Traded Notes are issued by
Socit Gnrale Acceptance, a member of the SOCIETE GENERALE group of companies. Any failure of Socit Gnrale Acceptance to perform
obligations when due may result in the loss of all or part of an investment.
Freephone: 0800 328 1199
14
CITYA.M.
AWARDS2012
L
AST night was an occasion to
remember: City A.M.s third
annual awards celebrating the
best and brightest of Londons
business, financial and investment
communities. Over 500 guests from
116 different firms attended the
celebration, held at the Grange Hotel
in St Pauls.
There was great food, music and
company, as well as a rousing speech
from Boris Johnson. I wish to extend
my thanks to Lexus, our headline
sponsor, and also to Brewin Dolphin,
who sponsored the reception. Our
winners, profiled in these pages, were
chosen in unique fashion. Each was
initially selected after feedback and
responses from professionals working
across the City. We then held a meet-
ing of our expert panel of judges,
which as you can see from their pro-
files include many of the most influ-
ential people in Britains business
community. The winners were
announced last night to a packed
room, chaired superbly as ever by the
BBCs Katie Derham.
Like last year, we examined a broad
range of sectors spanning the finan-
cial world in all of its forms, includ-
ing banking, law, accounting, fund
management and trading, as well as
innovators and entrepreneurs, with
the aim of singling out the highest
achieving teams and individuals as
well as the most promising new kids
on the block. Selecting the best was
far from easy but our winners are all
remarkable in their own ways.
They are at the forefront of develop-
ing new and better business models
that will help Britain return to pros-
perity and in Lord Coes case, show-
ing the world London is still the
greatest city in the world. Britain
needs to learn to love real, hard-
earned, unsubsidised success again.
We need a thriving capitalist sector to
help create jobs and finance Britains
massive deficit. We need successful
firms and people who build and inno-
vate and grow. Last night was a won-
derful evening and proof that
despite the crisis, there is more to eco-
nomic life than doom and gloom.
EDITORS
LETTER
ALLISTER HEATH
An evening celebrating the best of London business
THECAPITALIST
AT THE
Allister Heath, City A.M.
Allister joined
City A.M. as editor in
2008. He oversees all
of the content in the
newspaper and also
writes a daily
Editors Letter. He is
also a frequent contributor to other
print and broadcast media, and is a
regular guest on TV news.
David Hellier, City A.M.
David has been at
City A.M. since
2005. He is an
established financial
journalist, having
reported on the field
during a career
spanning three decades. He is now
deputy editor of the paper, writing a
weekly column on investment banks.
Nigel Boardman, Slaughter & May
Nigel, one of the
Citys most
respected lawyers,
has been a partner at
Slaughters since
1982, and has
advised on many
high profile deals, including the sale
of Liverpool Football Club. Hes a
deal-doer par excellence.
Alison Carnwath, Land Securities
Alison currently
chairs Land
Securities, having
resigned earlier this
year from her
position as a
director at Barclays.
Shes a forceful contributor to
meetings, proving this time and again
at the City A.M judging sessions.
Sir Roger Carr, Centrica
Sir Roger, who sat on
the judging panel
last year, is chairman
of Centrica, deputy
chairman of the
Court of the Bank of
England and is
president of the Confederation of
British Industry. He is also a senior
adviser to private equity firm KKR.
Katherine Garrett-Cox, Alliance Trust
Katherine joined
Alliance Trust in 2007
as chief investment
officer, and now
holds the position of
chief executive a
role she was
appointed to in 2008. This is the first
time that Katherine has served on the
judging panel for the City A.M. awards.
SimonMackenzie-Smith, BoAMerrill Lynch
Simon is chairman of
UK and Ireland
corporate and
investment banking
at Bank of America
Merrill Lynch. He is a
well-known deal-
maker. Additionally he is also on the
Council of Members for the charitable
foundation, Heart of the City.
Phil Raper, Goldman Sachs
Phil is head of UK
equity capital
markets and
chairman of
corporate broking at
Goldman Sachs. He
joined the firm in
2000 and was named managing
director in the same year.
He was brought up in Bradford.
Roland Rudd, RLM Finsbury
Roland is the
founder of RLM
Finsbury, probably
the Citys best-
connected financial
public relations firm.
He is a consummate
networker who prides himself on
entertaining, sometimes at home,
most days and evenings.
Truett Tate, Arora
Returning judge
Truett is current
chairman of the
hotels group Arora,
having retired from
Lloyds Banking
Group. Truett
enjoyed a long career in global
banking at Lloyds, joining from
Citibank.
16
THECAPITALIST AT THE
And the winners are...
CITYA.M. AWARDS2012
PERSONALITY OF THE YEAR BUSINESS OF THE YEAR
Chris Hohn,
The Childrens Fund
As the chief
executive of The
Childrens
Investment Fund
(TCI) Hohn has
campaigned with the firm to demand
bigger dividend payouts from Japan
Tobacco and against Coal Indias
pricing policies.
CITYA.M.
FUND MANAGER OF THE YEAR
Clive Black,
Shore Capital
Black has been
ahead of the pack
on arguably the
biggest retail story
of the year the
struggle for Tesco to cling on to its
market share. He downgraded full
year forecasts for
the firm and has
warned that it will
continue to struggle
in the US.
ANALYST OF THE YEAR
Mark Sorrell,
Goldman Sachs
Mark was promoted
to co-head of the
UK investment
banking business in
May of last year,
and played an instrumental role in
advising Walgreens on its two-part
$28bn purchase of the pharmacy
chain Alliance Boots.
DEALMAKER OF THE YEAR
Driss Ben-Brahim
Before departing
from GLG earlier
this year Driss
established a
successful
reputation for
trading in currencies, sovereign bonds
and interest rates. Ben-Brahim started
his career at
Goldman Sachs in
1994 and was
made partner
there in 2004.
TRADER OF THE YEAR
Rothschild
Having moved into
striking new
premises in St
Swithins Lane,
Rothschild has
been gaining
market share in the advisory busines,
for example
advising the Hong
Kong Exchange on
the $2.1bn bid for
the Global Metal
Exchange.
INVESTMENT BANK OF THE YEAR
Paul Lindley,
Ellas Kitchen
Paul Lindley is
founder of
children's food
brand Ellas
Kitchen, one of the
fastest growing companies in the UK
doubling revenue every year since it
was founded in 2004. In 2011, families
spent over 50m on Ellas Kitchen.
ENTREPRENEUR OF THE YEAR
Deloitte
For Deloitte this
year will be defined
by one event the
London 2012
Games. Signed up
as a lead partner in
2003, the firm estimated it has
contributed more than 750,000 hours
of work to help plan the events that
defined London this summer.
PROFESSIONAL SERVICES
John Lewis,
Christmas campaign
The stores 6m
campaign, created
by Adam & Eve, saw
a seven year old
boy stare at the
clock as he waited for Christmas Day.
Set to a cover of The Smiths Please
Please Please, it has over 4m hits on
YouTube. It gets us every time.
MARKETING CAMPAIGN OF THE YEAR
Market Invoice
Founded by Anil
Stocker(right) and
Charles Delingpole,
the firm offers
companies a way to
finance their
business via an online marketplace for
invoices. The innovation has made
waves in the lucrative but somewhat
hidebound invoice finance sector.
INNOVATION OF THE YEAR
Westfield
Westfield opened
its 1.9m square feet
Stratford City
shopping centre in
September,
transforming
Londons East End and setting the
bar high for retail in the UK. The
1.45bn mall is Europes largest
shopping centre, and stands as a
prestigious gateway to the Olympic
Park, with 300 shops, 70 restaurants
and a 14-screen cinema.
PROPERTY GROUP OF THE YEAR
Norton Rose
Norton Rose reaped
the benefits of its
acquisitions this
year, seeing good
growth in overseas
tie-ups. The firm, led
by Peter Martyr (pictured), ensured its
domestic practice is at the forefront of its
sector specialisms, including advising
the buyers of Battersea Power Station.
LAW FIRM OF THE YEAR
Prudential
Speculation over its
threats to relocate
outside Europe
cannot detract from
the Prus global
success. Chief
executive Tidjane Thiam has overcome
the failure of his bid for part of AIG
and survived a shareholder pay revolt
to lead a firm that shows more growth
potential than most British insurers.
Profits at its Asian business have risen
by 32 per cent.
INSURER OF THE YEAR
CITYAMCAREERS.com
Diageo
The drinks giant
has made several
bold acquisitions
this year and
invested in new
projects such as a
1bn plan to increase whisky
production in Scotland. Shares have
also increased by 28 per cent.
Lord Coe,
Locog chairman
Former Olympic
middle distance
runner and
politician Lord Coe
was a clear stand-
out winner. He put London on the
global stage for the Olympic Games.
2012 has undoubtedly been his year.
RISING STAR OF THE YEAR
Michael Steele,
Freshfields
Michael became
one of the magic
circle firms
youngest partners
this year, at the
age of 30. He joined the company in
2008, having begun his career in
Australia.
T
o the Grange Hotel in the
heart of St Pauls last night
for City A.M.s third annual
awards ceremony.
After a day of glorious autumnal
sunshine, 500 of the City's best and
brightest worked the red carpet and
were greeted in the atrium of The
Grange with glasses of bubbly at the
champagne reception, sponsored by
Brewin Dolphin, as the Siren string
quartet played in the background
before dinner began.
Tables were in high demand for
the annual event, with City big
shots including professional servic-
es firms PwC and Deloitte,
Brunswick PR, law firm Norton
Rose, as well as representatives of
Bank of America Merrill Lynch and
Jefferies, among other banking
giants.
Welcoming guests to the ceremo-
ny, City A.M. editor Allister Heath
summed up the spirit of the
evening: Tonight is an evening for
joy, celebration and optimism. We
celebrate people who win. We are an
optimistic publication. And here we
are celebrating success, growth,
innovation, job creation.
He then introduced the evenings
surprise guest of honour Mayor of
London and City champion Boris
Johnson, who, fresh from winning
friends up north at the Tory party
conference was obviously on a roll
as his delivered a rousing testimony
to the capitals financial services
industry.
Johnson addressed the audience in
typical BoJo
style: I speak
as the
proud win-
ner of one
of your
f i r s t
a wa r d s ,
its in my
o f f i c e .
Granite or
some such.
But I
digress...I
want to congratulate my favourite
newspaper,City A.M.! You were right
about the euro, you were right about
infrastructure and aviation. And
Allister is right, London is the great-
est city on earth!
And on a more serious dare The
Capitalist suggest hustings-esque
note, Boris continued: Readership
ofCity A.M. has gone up by an incred-
ible 30 per cent and couldnt resist
suggesting: No doubt it is up by this
amount because it is by exactly 30
per cent that we have increased the
capacity of the Jubilee line!
Thrilled to be back comperingthe
awards for a third year running was
the BBCs Katie Derham, who con-
fessed: I didnt offend anybody last
year so I must try harder. Especially
after Boris Johnson - what a hard act
to follow! Last time I did that Boris
declaimed an ode in Ancient Greek.
All eyes soon shifted from the
nights delicious dinner to the
evenings winners.
Those taking home trophies
included Norton Rose for Law Firm
of the Year, with chairman Stephen
Parish taking to the stage to receive
the trophy, Driss Ben-Brahim until
recently at GLG Partners for Trader
of the Year, Mark Sorrell of Goldman
Sachs for Dealmaker of the Year and
the most popular category (mea-
sured by audience applause) which
turned out to be Analyst of the Year
- won by Clive Black of Shore Capital.
Lord Sebastian Coe, who deserved-
ly swooped the Personality of the
Year trophy to a rapturous audience
reception said: I would like to
thankCity A.M. for its rock solid sup-
port and understanding about what
we were trying to deliver during the
Olympics. The first mistake I made
during our campaign was
never follow Boris Johnson
onto any public platform,
so luckily I have avoided
making the same mis-
take twice tonight!
As one dinner jacket-
ed reveller, wine glass
in hand, informedThe
Capitalist as they
headed toward the
hotels dancefloor:
They nailed it in
terms of awards.
Pretty damn
good.
BBCs Katie Derham with professional services firm winner, Deloitte senior partner David Barnes, and Roland Rudd, founder of RLM Finsbury
18
THECAPITALIST AT THE CITYA.M. AWARDS2012
Paul Marshall of headline
sponsor Lexus (l) was on hand
to help present the awards
THE
CAPITALIST
CALLY SQUIRES
Bubbly, Boris
and banter all
sparkle at our
2012 awards
City A.M. editor Allister Heath welcomes guests to the awards (above)
and (left) Brewin Dolphins Sasha Dabliz with Michael Walker of BAA
Goldman Sachs Mark Sorrell (above) and (l-r) Sellar Properties Irvine Sellar with Truett Tate of Arora Capital and Erin Hepher, founder of Aura Limited
P
I
C
T
U
R
E
S
:
L
A
U
R
A

L
E
A
N
/
C
I
T
Y
A
M
19
THECAPITALIST AT THE CITYA.M. AWARDS2012
cityam.com
Were not into white-washing reputations:
were into rebuilding them
6th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233
www.pelhambellpottinger.co.uk
City A.M. columnist and Ryder cup winning golfer Sam Torrance (above right), with Deirdre Muncaster (above left); City A.M. chief executive Jens Torpe; Mayor of London Boris Johnson raises a glass to the nights winners
(l-r) Business minister Michael Fallon with Alliance Trust chief executive Katherine
Garrett-Cox and Arbuthnot Group chairman and chief executive Henry Angest
Above: Fund manager of the year Chris Hohn of The Childrens Investment Fund (l)
with City A.M. managing director Lawson Muncaster (r)
AFRICA-focused explorer Shanta
Gold yesterday unveiled an equity
offering to raise $30m (18.5m) to
fund the ramp-up of operations at
the Aim-listed firms flagship New
Luika Gold Mine in Tanzania.
Combined with existing cash of
$3m and expected fourth quarter
gold sales of $9m, the proceeds
from the placing will help finalise
operating costs and debt repayment
surrounding New Luika.
Operationally, Shanta is working
on resolving issues at its flagship
asset. Initial production at New
Luika, started at the end of August,
was lower than expected as a result
of reduced crushing capacity.
Overall, Shanta said that gold
output to 14 October came in at 570
ounces, compared to 199 ounces for
the whole of September.
Meanwhile, the explorer
yesterday announced a
management shake-up. Jonathan
Leslie has been appointed as
strategic adviser to the board, while
mining corporate financier Luke
Leslie has been appointed non-
executive director. Additionally,
technical director and former chief
executive Gareth Taylor has stepped
down, while executive chairman
Walton Imrie will step down when a
new chairman candidate has been
found.
Shanta Gold
launches $30m
share placing
BY CATHY ADAMS
Michael Rawlinson, director of the mining,
metals and resources team at Liberum
Capital, is the lead adviser on the placing,
working alongside colleagues Clayton Bush
and Christopher Kololian. Rawlinson has 20
years investment banking experience in the
mining sector, both in research and corpo-
rate nance. Rawlinson has previously
worked in the mining corporate nance
team at Flemings and has worked on both
mining analysis and corporate nance at
Cazenove, before it merged with JP Morgan.
In terms of mining deals, he has held key
roles in the initial public offerings of major
miners in London such as BHP Billiton,
Xstrata, Vedanta, Anglo American and
Kazakhmys. Last April, the Liberum Capital
dealmaker was an adviser on the Glencore
IPO. Rawlinson has also helped the listing
and subsequent development of numerous
small- and mid-cap miners to the London
market, including Hochschild Mining, Gem
Diamonds, Talvivaara Mining, Lonmin, Peter
Hambro Mining (now Petropavlovsk),
Highland Gold, Vallar, Ncondezi,
Hummingbird Resources, Zanaga Iron Ore
and London Mining. Liberum more widely
has also been involved with the IPO of Nat
Rothschilds cash shell, Vallar, before it
became Bumi in April 2011.
ADVISERS LIBERUM CAPITAL
MICHAEL
RAWLINSON
LIBERUM CAPITAL
20
NEWS
cityam.com
PRECIOUS metal producer Polymetal
yesterday posted record gold output
of 317,000 ounces, up 48 per cent
year on year, revising up its full-year
production guidance.
For the nine months to 30
September, gold production was up
46 per cent year on year. On a quar-
terly basis, production increased
seven per cent.
The Russian producer cited strong
production growth at its Omolon
mine, progress at Albazino-Amursk
and an improved gold grade at
Khakanja for the rise in production.
Annual production for 2012 is now
expected to come in at 1.05m ounces
of gold equivalent, up from 1m.
However, its 2013 production esti-
mate has been revised down by
50,000 ounces, largely due to the
delay in the expected commissioning
of the Mayskoye gold concentrator in
Russias Far East, previously expected
to be operational this year.
On the back of strong results, the
board has raised the minimum divi-
Polymetal ups
sales guidance
on high output
BY CATHY ADAMS
dend payout ratio to 30 per cent of
net earnings. The board added that it
would introduce interim dividends,
and proposed that a special dividend
be considered at the end of each
financial year.
Chief executive Vitaly Nesis said yes-
terday that strong performance at
both its older and newer operations
have helped to beat original sales
guidance.
Mining analyst Cailey Barker at
Numis Securities yesterday hailed the
strong result, adding that
Polymetals business continues to
get better and better.
Securitas launches cost-cutting
plan following European slump
SWEDISH security services group
Securitas yesterday announced
plans to cut costs and merge two
divisions after posting seven
straight quarterly earnings drops.
The company, the worlds
second largest security firm after
British-Danish G4S has suffered
from weakness in Europe during
the sovereign debt crisis, which
has affected key contracts.
Profitability in the US market has
been weaker than expected.
A cost-savings programme has
been initiated at Security Services
BY HARRY BANKS North America and at Security
Services Europe, the group said in
a statement, referring to two core
divisions which together
accounted for 76 per cent of sales
last year.
The firm said it was aiming for
annual cost savings of 300m
Swedish krona (28.1m) from 2013
with estimated restructuring costs
of about 360m Swedish krona.
The firm also said it would
merge its mobile and monitoring
division which accounted for 10
per cent of sales in 2011 with the
Security Services Europe division.
The changes will lead to job
losses of about 400 people within
middle and higher level
management. In 2011 the group
employed about 300,000 people
worldwide in 51 countries.
Xstrata copper production dips
as flagship mine suffers slump
COPPER production at miner
Xstrata dipped by 16 per cent year
on year in the third quarter, hurt
by falling production at its
Collahuasi mine in Chile.
Xstrata, which is currently in
the final throes of a merger with
commodity giant Glencore, said
yesterday total production of
copper fell to 187,800 tonnes over
the three months to September.
It said yesterday that
production at Collahuasi, a joint
venture with Anglo American and
Mitusi, will ramp up through the
fourth quarter, and output levels
BY CATHY ADAMS
above 400,000 tonnes of copper a
year are targeted from 2013. Over
the quarter, production at
Collahuasi fell 44 per cent.
Xstrata added that coal
production edged up to 24m
tonnes from 23.6 tonnes over the
quarter, while zinc output fell
slightly to 181,992 tonnes from
184,220 tonnes a year previously.
Nickel production remained flat
year on year.
The Swiss miner made no
reference to the 56bn mega-
merger with Glencore in the
update.
Analysts at Macquarie said in a
note yesterday that it anticipates
the shareholder vote will be held
in mid-to-late November, and that
it expects Xstrata shareholders to
vote in favour of the merger.
EU REGULATORS said yesterday
they had given approval for 3bn in
British state aid being used for the
creation of the Green Investment
Bank, which is intended to spur
private investment in low-carbon
projects.
The Commission said in a
statement an investigation found
sufficient safeguards to avoid the
crowding out of private
investment, and that the
provisions governing the bank
would also ensure fair competition.
In particular, project holders
seeking funding from the Green
Investment Bank will be requested
to provide evidence that they have
EU approves state funding to
UKs Green Investment Bank
BY CITY A.M. REPORTER
been denied funds or have not
obtained all the necessary funding
from market operators, the
Commission said.
The banks operating principles
also include providing funding in
addition to market financing,
where possible.
This should allow green projects
to materialise while minimising
potential distortions of
competition, it added.
The bank, headquartered in
Edinburgh, began to invest directly
in projects earlier this year and is
expected to be given full borrowing
powers by around 2015. Its initial
targets are projects in the offshore
wind, waste and non-domestic
energy efficiency sectors.
Shanta wants to ramp up production at the Luika mine
Polymetal International PLC
1,120
1,110
1,130
1,140
1,150
1,160
1,180
1,170
p
1,155.00
17Oct
Securitas AB
49.75
50.00
49.25
49.50
50.25
50.50
50.75 SEK
50.50
17Oct
IN BRIEF
Japan Residential mulls offer
n Japan Residential Investment
Company, the Aim-listed fund invested
in Japanese homes, yesterday said it
was mulling selling fund assets after
being approached by a listed buyer. The
company, which has a portfolio of
2,200 homes in Tokyo, Osaka, Nagoya,
said it had been approached by a firm
to buy assets and was reviewing the
proposal. The fund, which has its
biggest holding in Tokyos Spacia
Akihabara complex, reported a small
increase in net asset value for the fund
to 71.5p a share for the end of August
compared to 71.2p a share at the end of
November 2011. It also said occupancy
rates had surged 1.5 per cent year on
year at the end of September, leading to
a 95.5 per cent occupancy rate at the
end of the month.
Vertu Motors profits zoom ahead
n Car dealer Vertu Motors yesterday
posted a 26.8 per cent increase in
profits to 5.2m on the back of strong
revenue growth for the half year. The
revenue increase up 14.8 per cent to
628.1m versus 547m last year
boosted the firms profits from 4.1m
last year. However, a more normalised
tax rate of 23 per cent this year reduced
adjusted earnings per share to 1.91p
versus 1.95p in the first half of 2012.
The car retailer, which has 86 sales and
resales outlets across the country, has
boosted its UK footprint since March by
adding 10 new outlets. Sales volumes
and margins on its used car business
rose 13.2 per cent to 2.5m. Chief
executive Robert Forrester said:
Market conditions have improved and
this is reflected in higher sales volumes
in both new and used cars.
Xstrata PLC
950
960
970
980
990
1000 p
993.60
17Oct
21
Housing starts
increase sees
S&P gain again
T
HE S&P 500 rose for the third
consecutive day yesterday after
housing starts hit a four-year
high, but the Dow was weighed
down by IBM after it posted weak
revenue.
Homebuilders shares led gains
after the Commerce Department
said groundbreaking on new homes
jumped 15 per cent in September,
the quickest pace since July 2008.
The surge in housing starts was
viewed as evidence that the housing
sectors fledgling recovery is
bolstering the recovery of the
broader economy.
The PHLX Housing Index rose 2.9
per cent.
The Dow Jones industrial average
rose 5.22 points, or 0.04 per cent, to
13,557 at the close. The Standard &
Poors 500 Index gained 5.99 points,
or 0.41 per cent, to finish at
1,460.91. The Nasdaq Composite
Index advanced 2.95 points, or 0.1
per cent, to close at 3,104.12.
Over the past three days, the S&P
500 has gained 2.3 per cent its best
three-day advance in more than a
month. The benchmark index is
now just 0.33 per cent off its closing
high for the year.
Among the days biggest losers was
Apollo Group, which plunged 22.2
per cent to close at an 11-year low of
$21.40. Shares of Apollo, the owner
of the University of Phoenix, the
largest US for-profit college, fell
after the company forecast a weak
2013 and announced new student
sign-ups fell 14 per cent for the
fourth quarter ended 31 August.
Apollo said it would save $300m by
fiscal year 2014 by cutting jobs and
shutting half of its University of
Phoenix learning sites.
B
RITAINS top shares hit their
highest level in more than a
month yesterday, propelled by
strength in risk-sensitive
commodity stocks ahead of economic
growth data from top consumer China.
Gains by miners and energy stocks
accounted for nearly all the FTSE 100
indexs gains adding 21 points and 16
points respectively on expectations
that todays third-quarter GDP data
from China will provide a boost to
demand for commodities.
The FTSE 100 closed up 40.37 points,
or 0.7 per cent, at 5,910.91, having
jumped 1.1 per cent on Tuesday, ending
back above the 5,900 level for the first
time since 14 September.
Chinas economic situation in the
third quarter was relatively good,
Premier Wen Jiabao was quoted by local
media as saying yesterday, and the
government is confident of achieving
its 2012 growth target of 7.5 per cent.
Yet third-quarter GDP, forecast at 7.4
per cent, would still undercut the
slowest growth rate in three years, seen
in the second quarter of this year.
Among miners, BHP Billiton added
3.3 per cent as the firm joined rival Rio
Tinto in pressing on with plans to boost
iron ore output. But BP was the stand-
out performer, alone providing almost a
quarter of the blue chip advance. BP
added 2.9 per cent as investors awaited
news on the future of the groups
Russian joint venture, TNK-BP.
Bullish expectations over Chinese
GDP send FTSE over the 5,900 level
BESTof theBROKERS
Pearson PLC
11Oct 12Oct 15Oct 16Oct 17Oct
p 1,260
1,250
1,240
1,230
1,220
1,216.00
17 Oct
PEARSON
Nomura has upped
Pearsons target price to
1,250p from 1,200p,
while maintaining its
reduce rating after the
publisher said yesterday
it is to purchase Embanet
Compass for 406m.
DASHBOARD CITY
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
FTSE
5,920
5,880
5,840
5,800
5,760
5,910.91
17 Oct
Direct Line
p 194
192
190
188
186
184
182
193.00
17 Oct
DIRECT LINE
Numis has moved Direct
Line from buy to
add to reflect reduced
upside following the
eight per cent price uplift
since its flotation last
week. It has maintained
its target price of 215p.
Ashtead Group PLC
p 360
355
350
345
355.40
17 Oct
ASHTEAD
Seymour Pierce has
raised its target price to
400p from 350p and
retained its buy
recommendation after
US rival United Rentals
posted strong results,
boding well for Ashtead.
RBS Invoice Finance
James Shaw has been appointed
head of portfolio, corporate at
the invoice finance division of
RBS. He joins from GE Capital,
where he worked for 12 years.
Shaw will be responsible for
delivering audit and risk
management to the firms
corporate client base.
Nomura
Kaan Basaran has been appointed head of origination and
sales, Turkey at the investment bank. Now based in London,
he previously worked as chief executive of UniCredit Menkul
Degerler. Basaran has also worked as managing director
and chief executive of Credit Suisse in Turkey.
Investec Wealth & Investment
The investment management firm has appointed Bryan
Burrough as senior investment director in its London
charities division. He joins from BlackRock, where he was a
managing director and chief investment officer for charities.
Burrough has also held roles at Merrill Lynch Investment
Managers and Cazenove.
Threadneedle
John Peta has been appointed to head up the investment
firms emerging market debt team. He joins from Boston-
based Acadian Asset Management, where he was head of
emerging market debt.
Reed Smith
Askandar Samad has been appointed partner in the law
firms media and technology team. He joins from DLA Piper,
and has particular experience advising on film and media
financing. Samad has also advised extensively on
telecommunications projects in Asia.
Baker Tilly
The accountancy firm has appointed Chris Knowles as a
director to drive forward its IT advisory business in the UK.
He joins from KPMG, where he advised clients with IT
strategy and software implementation. Knowles has also
held roles at Accenture.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
CITY MOVES
in association with
LONDONREPORT
NEW YORK
REPORT
in association with
in association with
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
T
UESDAY nights presidential
debate between Barack Obama
and Mitt Romney may have
had the occasional spark, but
it lacked fireworks. Rather
than a dazzling spectacle, it was
noteworthy for two or perhaps
three lacklustre performances.
Having been overwhelmingly
trounced by Romney in the first
debate, this was the Presidents
chance to stop the bleeding and
redeem himself with his base. By not
repeating the debacle of their last
meeting in Denver, he has likely
succeeded.
Nationally, at least, polls show that
Romney has taken as much as a five
point lead, with equally strong
numbers in crucial swing states. His
W
HEN the International
Monetary Fund (IMF) and
European finance
ministers meet today at
the European Union (EU)
summit, they are bound to butt
heads over the decision to release
Greeces next 31.5bn bailout
installment.
The prospect of default may be a
possibility once again. European lead-
ers and international lenders will like-
ly come to an eleventh-hour
agreement, but it may not be a bad
idea to keep Greek politicians wonder-
ing in the interim.
Greece has become complacent
about making necessary structural
changes, having received two
bailouts, interest rate support from
the European Central Bank (ECB), and
an internationally sanctioned private
debt restructuring earlier this year. It
has failed to reform its public sector,
privatise state-owned companies,
increase competitiveness all condi-
tions for receiving additional interna-
tional support. The resurgent spectre
of default would send a strong mes-
sage to Greek politicians that their
cityam.com/forum
The more Greek
leaders drag their feet,
the more Greeces
economy will suffer
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

MATTHEW MELCHIORRE
Greece must stop hitting snooze
and wake up to economic reform
cowardly approach to reform is both
unacceptable to creditors and unsus-
tainable for Greeces balance sheet in
the long-run.
Greeces public sector is as bloated
now as it was upon agreement to its
first bailout in May 2010. Public
expenditure as a percentage of GDP
remains at a whopping 51 per cent,
according to IMF figures. Some
European countries do have a higher
proportion, but without Greeces
abysmal level of government ineffi-
ciency.
Since financial turmoil hit Greek
shores, the private sector has lost
roughly 770,000 jobs. The govern-
ments response? In June it reneged
on its promise to lay off 150,000 pub-
lic sector workers by 2015. While the
private sector has been hemorrhag-
ing jobs, its public counterpart actual-
ly grew by 30,000, according to data
from the ECB and EUbusiness.
Privatisation is woefully behind
schedule. The Greek government
pledged 4.5bn in privatisation rev-
enues by the end of this year and
15bn by 2015, yet it has collected less
than 1bn over the past three years.
Its no wonder that institutional cred-
itors are sceptical of a 3.5bn break-
through this year and a 14bn
miracle by 2015.
Greek competitiveness is still severe-
ly lacking. Between 2000 and 2008,
wage growth outpaced labour pro-
ductivity growth by roughly 3 per-
centage points. This gap has
increased to 7 percentage points since
2008, as labour productivity took a
dive and wages decreased only slight-
ly. Labour productivity in 2011 was 46
per cent below the Eurozone average;
it was 39 per cent below in 2008.
Despite the lack of reform, Greeks
complain about savage austerity.
They should look to Estonia which
slashed government expenditures
and public wages to see what real
cuts look like. Moreover, flexible
labour laws allowed businesses to
make painful but necessary pay cuts.
Estonia underwent a 14 per cent
decline in GDP after enacting these
measures in 2009, but bounced back
with 2 per cent growth the following
year. Unemployment shot up to 17 per
cent in 2010, but receded the next
year to 12 per cent and is still declin-
ing. Greece has seen up to 7 per cent
annual declines in GDP since 2009.
Greek politicians have prolonged this
negative growth trend by limping
down the path to reform, bringing
persistent and rising unemployment,
which has increased between 30 and
40 per cent annually since Greek
chaos began. Institutional lenders
wont support Greeces poor econom-
ic fundamentals forever. The EU and
IMF were supposed to release the cur-
rent 31.5bn tranche back in June,
but havent because of a lack of
progress achieving the required pre-
conditions.
Meanwhile, the Greek central bank
has been financing the government
through emergency lending opera-
tions, capped at 7bn by the ECB. The
ECB permitted raising the limit from
3bn when Greece needed to fund
repayment of a maturing ECB bond
in August. But it seems doubtful that
its head, Mario Draghi, will permit
Greece to inflate away its entire debt
pile due next month.
The more Greece falters and fum-
bles towards downsizing its govern-
ment and boosting competitiveness,
the more the Greek economy and
the Greek people will suffer. Greek
policymakers need a reminder of the
consequences of repeatedly tapping
the snooze button instead of answer-
ing the call to reform.
Matthew Melchiorre is the Warren T
Brookes journalism fellow at the
Competitive Enterprise Institute.
crowds, volunteers and donations
have surged. The pressure was
therefore on the President to
perform.
But the debate itself, divided
between domestic and foreign policy,
played more to Obamas strengths. It
was townhall-style, an opportunity
for the candidates to take questions
and engage undecided voters in the
audience one-on-one. For someone
with Obamas obvious presence and
oratory strength, it was a more
favourable format than Denver.
The main domestic discussions
pertained to the countrys troubled
economy. The President, much more
concerned about promulgating
myths about Romneys tax policy,
seemed uninterested in even
attempting to make a case for his
own tenure in office. The economy
also saw Romney at his most lucid,
as he rolled off a laundry list of
failures. It was what could only be
described as a Ronald Reagan-esque
are you better off? moment.
According to a post-debate poll of
undecided voters, the President took
a slight edge over who won the
debate. However, on the matter of
the economy, Romney won by some
31 points. Despite all the noise, its
still the only issue that really matters
to this demographic.
The foreign policy section was a
testy exchange over Obamas
handling of recent events in Libya.
Despite all the outstanding
questions, Romney fell short. Obama
played it well and opted to filibuster,
talking about his admiration for the
US diplomatic service. Conservatives
were also infuriated by the
intervention of moderator Candy
Crowley. She interjected during
Romneys floor time to inaccurately
say that the President had described
the tragedy in Benghazi as an act of
terror. Republicans have also
expressed concern at Crowleys clock
management, as she gave the
President considerably more time.
There is a lot to be said about this.
But given the administrations
continued failure to explain the
death of the US ambassador in
Benghazi, Romney had plenty of
targets to shoot at.
Because of expectations, Romney
likely lost and Obama probably won.
However, unlike the debate in
Denver, Tuesday night wasnt a game
changer. There is still the foreign
policy debate on Monday in Florida.
But, with the clock ticking, the
convincing is likely to take place on
the streets rather than TV screens.
Ewan Watt is a Washington, D.C.-based
consultant. Follow him on Twitter
@ewancwatt
THE WHITE
HOUSE RACE
EWAN WATT
Obama has reopened the campaign by denying Romney a knock-out blow
MORNING UPDATE
A.M.
22
23
The Forum is open for you to take part. Got a sharp comment on
one of todays columns? Do you have another subject you want
to share your opinion on? We want to hear your views.
Email theforum@cityam.com or comment at cityam.com/forum
Printing the future
[Re: Two technologies that will create jobs
and change the world, Tuesday]
If 3D printing truly fulfils its early promise
it will be part of a wider economic
transformation that goes way beyond the
sort of cosy regulated world envisaged by
the left-wing Work Foundation. It could
potentially replace the manufacturing
industry as we know it today, and bring
about the greatest socioeconomic
transformation since the rural poor moved
to the towns in the late eighteenth
century. If this happens (and its still a very
big if) industrial task forces led by Vince
Cable, and his whole strategy of picking
economic winners, will prove happily
irrelevant.
Alasdair MacLeod
Supernations
[Re: Why the future of Europe doesnt lie
with the failed EU, yesterday]
Harry Mount is correct that the EUs basic
design is fundamentally flawed. It is
undemocratic, unwilling to accept dissent,
and is now assuming a scale that is
unimaginable to those of us who voted to
join the then European Economic
Community in 1975. But I dont agree with
Mounts unquestioning support for
nationalism. Yes, the nation state has
proven the most useful and effective
means of provoking competitive economic
development and intellectual progress.
But it also has its faults. We mustnt let
justified criticisms of the EU lead us too far
in the other direction.
Barry Mitchell
P
EOPLE are becoming
increasingly empowered in
their interactions with
companies. But this is only
the beginning. Soon, people
will be using the assets of their
reputations to make all their
dealings with businesses easier. And
banks are well placed to be the
custodians of this data.
For example, buying a car is cur-
rently a headache. You have to con-
sult many websites, visit garages, and
spend considerable time comparing
the offers. Then you will spend ener-
gy and nerves negotiating, dealing
with insurance, and so on. It can be
more trouble than it is worth.
But in the new digital economy, if
you have a good online reputation,
and if your willingness to buy a car is
certified (possibly by a bank), then
you will simply have to state the type
of car you want to buy and vendors
will propose their best offers to you.
Doc Searls, a long-time advocate of
the open source movement, and
author of the Cluetrain Manifesto
and The Intention Economy, has
dubbed this vendor relationship
management. It provides customers
with independence from vendors,
alongside a better means for engag-
ing with them.
You will soon be able to put a value
on your data, such as your reputa-
tion on eBay, or your purchase histo-
ry on Amazon; or even your credit
card numbers, phone numbers,
health records or logs of your bank
account transactions.
Today, these various assets are
locked away in digital silos, with
individuals having very little control
over how they are managed, where
they are stored and who accesses
them. Your eBay reputation is only
useful as long as youre buying on
eBay.com.
A handful of companies, such as
TOP TWEETS
Employment is now at a record high. We
should see a strong GDP rebound and QE
should end. Further stimulus isnt needed.
@asentance
Given extensive QE, can someone tell
George Osborne that it isnt his economic or
fiscal policies keeping bond rates low.
@davidrobbo66
The Bank of England now holds 23 per cent
of the entire gilt market. And there was
some mad talk of writing some of it off.
@minefornothing
We need to start being more positive about
the UK economy. Unemployment has fallen
yet again.
@ClodaghFMurphy
As Gatwick looks to build a second runway,
does expansion make good business sense?
YES
London needs more aviation capacity without a doubt. And a
second runway at Gatwick would help to address that crunch,
though it would not be enough to solve the shortage on its own.
Gatwick is growing healthily again, and should be able to attract
enough new passengers to justify a new runway. The bigger issue
is, of course, hub capacity, which is vital to make long haul routes
to new markets financially viable. Heathrow is the UKs only hub
airport and is full right now no forecasts are needed. It may be
possible for London to have two hub airports, like New York. But
unless Gatwick can itself be transformed into a hub, expansion at
Gatwick will need to go alongside extra hub capacity, either at
Heathrow or elsewhere. Rail connections will also need to be
improved, as Gatwick is a lot further than Heathrow from central
London by road.
Corin Taylor is an economic advisor at the Institute of Directors.
Corin Taylor
NO
Rob Burton
Two major challenges could have a negative impact on the
deliverability of a new runway at the airport. First, local
communities affected by the proposal will quite reasonably be
expecting to see a fully transparent planning process with clear
rationale for a development. Secondly, from a UK business
perspective, it would make more sense and strengthen credibility if
it were set in the context of broader policy for investment in
transport infrastructure. The requirement for hub airport capacity
will hopefully be clarified as part of the interim findings of the
governments commission, due in late 2013. In the meantime,
were desperately lacking a national vision for the development of
strategic infrastructure for all forms of transport, rather than these
piecemeal responses. This would also make it easier for the private
sector to make future infrastructure investment decisions.
Robert Burton is a consultant at Roscarrek Consulting.
RAPIDresponses
Banks will protect
your reputation in
the online market
Google and Facebook, are reaping
most of the profits from collecting,
aggregating, analysing and monetis-
ing personal data. Consumers have
no control and little knowledge of
what is being done with their data.
It is envisioned that a new digital
trust framework will be built on a
peer-to-peer vouching system. It will
be like the reputation system on eBay
but open and operational between
all applications on the grid. One such
framework is being experimented
today on Connect.me, a Silicon Valley
start-up which lets you build your
reputation. You can use it to vouch
for the people, content and business-
es you trust across Facebook, Twitter,
LinkedIn, and other providers.
Empowered users should be able to
monetise their own digital assets: to
financial institutions who manage
the assets and to vendors who have
visibility to more business opportuni-
ties.
The financial industry could have a
role to play in this new currency. The
role of trust in the digital economy
needs special attention, as it cant be
replicated from the todays bricks
and mortar framework based on
know your customer processes. As
we currently trust financial institu-
tions to look after our money, the
financial industry has an opportuni-
ty to look after these more intangible
(but no less valuable) assets.
Kosta Peric is co-founder of Innotribe and
head of innovation at the Society for
Worldwide Interbank Financial
Telecommunication (SWIFT).
KOSTA PERIC
Printed by Iliffe Print Cambridge, Winship Road, Milton, Cambridge CB24 6PP
Distribution helpline
If you have any comments about the
distribution of City A.M.
please ring 0203 201 8955, or email
distribution@cityam.com
Editorial Editor Allister Heath | Deputy Editor David Hellier | Managing Editor Marc Sidwell
News Editor Elizabeth Fournier | Business Features Editor Philip Salter | Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres
Creative Director Gavin Billenness
Commercial Sales Director Jeremy Slattery | Commercial Director Harry Owen | Head of Distribution Nick Owen
4th Floor, 33 Queen Street,
London, EC4R 1BR
Tel: 020 3201 8900
Fax: 020 7248 2711
Email: news@cityam.com
Editorial Statement: This newspaper adheres to the systemof self-regulation overseen by the Press Complaints Commission. The PCCtakes complaints about the editorial content of publications under the Editors Code of Practice, a copy of which can be foundat www.pcc.org.uk
Mukhtar Kent,
Coca-Colas
chief executive,
faced the
hurdles of
applying to
Cass Business
School
The Open University is incorporated by Royal Charter (RC 000391), an exempt
charity in England and Wales and a charity registered in Scotland (SC 038302).
INSPIRING LEARNING
Join 23,000 professionals who have already
beneted from our world-class, exible
MBA learning experience.
The Open University MBA is the UKs
most successful MBA and we are in
the top 1% of Business Schools that
are triple accredited by AMBA, EQUIS
and AACSB.
Employers respect our MBAs
excellence and recognise the
commitment it takes to achieve
one 80% of FTSE 100 employers
have developed their workforce
with us
OU students tell us that their
salaries increased by 40%
after taking their MBA
Our MBA is powered by
world-class academic
research with a very
strong practical focus
You can apply your learnings
from day one and benet
immediately.
Transform your
career with the UKs
most successful MBA
0845 366 6035
www.openuniversity.co.uk/cityam
Quoting ref FAPAAD
Realise your ambition today
Get your MBA prospectus
Each promotion was
possible because of
developments that had
come out of my MBA.
Caroline Stevens, OU MBA
Student of the Year 2012
24
BUSINESSEDUCATION
MBA interviews
entail discovering
whether students
have the hunger,
the curiosity and
the capability to
finish the course
What makes
you tick?
F
r
e
e

e
n
t
r
y
!
The Accredited
L O N D O N 2 0 1 2
MBA FAIR
Saturday 20 October 2012
Park Plaza Victoria Hotel, London, SW1V 1EQ
International business schools, including:
INSEAD, London Business School, IESE and IMD
Meet MBA admissions ofcers
Attend FREE sessions: choosing an MBA,
what recruiters want, GMAT test
Register online for a chance to win an iPad
W
I
N

A
N

I
P
A
D
Register now:
www.mbaworld.com/mbafair
Location
Reputation
Accreditation
INSPIRING GLOBAL EXCELLENCE

Sponsored by:
The new
jobs website
for London
professionals
T
h
e

n
e
w

j
o
b
s

w
e
b
s
i
t
e

f
o
r

L
o
n
d
o
n

p
r
o
f
e
s
s
i
o
n
a
l
s
C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
How to manage any
T
HIS years MBA students have
only just begun their studies,
but the first deadline for next
years applicants has already
passed. You havent missed the boat
schools accept new students on a
rolling basis over the full year. But its
clearly never too early to apply.
Despite the incentive of urgency, the
process of applying for an MBA can
prove daunting. How do you choose
the right school? How do you get
accepted? How can you use the
process to improve your decision? The
questions quickly mount up. But, in
many ways, a sense of uncertainty
could improve your decision.
PROBE BUSINESS SCHOOL ALUMNI
Aashlesha Venkatachalam recently
began an MBA at Cranfield School of
Management. Having spent six years
in risk management at an Australian
retail bank, she was daunted by the
choice of programmes on offer. She
credits Cranfields network of MBA
alumni in Sydney with helping her
choose the right course. The fact I
could discuss my decision with
former Cranfield students
gave me a more detailed
appreciation of what
the programme
might offer.
But alumni wont
necessarily provide
an objective meas-
ure of how a busi-
ness school stands
relative to its peers. Attending MBA
events run by the association of
MBAs (AMBA) or private firms like QS
Top MBA will give you context and
help you draw up a more manageable
shortlist.
CONTEMPLATE YOUR GMAT
Most MBAs require students to have
achieved a particular score on the
graduate management admission test
(GMAT). The GMAT is a standardised
assessment in quantitative and verbal
abilities, integrated reasoning, and
analytical writing. Steve Cousins, MBA
admissions manager at Cass Business
School, thinks the process of studying
for the GMAT can be useful for discov-
ering whether youll thrive on an
MBA. Even if your work experience
suggests youll be fine, you still need
to handle the academic side of life.
The MBA is equivalent to returning
to university. As such, studying seri-
ously for the GMAT is essential.
Cousins says some applicants might
benefit from professional coaching or
online testing. Others dont. Its
important to rediscover how you learn
best.
REVIEW YOUR REASONING
Many schools require you to
attend an interview often con-
ducted by senior academics,
alumni, or professional admis-
sions staff. David Simmons,
executive director of
Cranfields full-time MBA
The preparation can be useful in itself, explains Tom Welsh
G
E
T
T
Y
25
Manchester Business School
Full and Part-time MBAs
Original Thinking Applied
The Manchester MBA will enhance your global network; youll work as a consultant
on live business projects with global companies; youll study at our centres in Dubai,
Singapore, Shanghai, Hong Kong, Miami or Sao Paulo; and youll learn from business
leaders and our academics - global leaders in their own right.
Join us for an MBA taster lecture on Strategic Management
25 October, 18:30 at the Institute of Directors, London.
To nd out more, visit go.mbs.ac.uk/mba or call + 44 (0) 161 275 7212
Think where an
MBA could take you
MBA application fears
says this entails discovering whether
applicants are choosing an MBA for
good reasons. They need the hunger,
the curiosity, but also the ability to see
through a challenging business
degree.
Venkatachalam was interviewed by
Simmons and says it took the form of
an intellectual discussion, followed by
a more specific evaluation process. It
was a chance to justify, both to myself
and the school, why the MBA was
appropriate for me.
Cousins says you should view it as a
job interview, but with an important
caveat. We dont want people to say
how theyll fit into our programme or
school. Thats entirely the wrong way
round. We want diversity among our
students, so we want to know how an
MBA will enhance what the student
wants to do in life.
These first few stages of the MBA
process arent hugely difficult. But
they shouldnt be treated as just a
series of hurdles to jump through.
Whichever MBA programme you
choose, whatever heights you reach
with your GMAT score, and however
impressively you perform at interview,
its all irrelevant if youve failed to
appropriately use the process to deter-
mine whether an MBA is right for you.
Business professionals face the reality of a life back in the classroom
cityam.com
Dont rule anything out when seeking to finance your MBA
H
OWto secure the funding
necessary for an MBA is a
cause for legitimate concern
among candidates especially
when the cost can be over
41,000 per year, plus living expenses.
Nowadays, less state funding is
available, and high-street bank loans
have almost entirely disappeared, says
George Murgatroyd, research manager
at the Association of MBAs. The obvious
options are no longer so accessible.
But a variety are still open, including
educational and career development
loans, scholarships and corporate
sponsorship. There are also numerous
options for post-graduate study more
generally, so candidates should also
research wider post-graduate funding
options, rather than looking exclusively
at those solely for MBAs.
A loan is still the most popular option.
Although you may find there is nothing a
bank is willing to do, it is always worth
investigating. Barclays, for example,
offers a professional and career loan to
students, and the government pays the
interest while you study. Students can
borrow between 300 and 10,000,
with typical rates fixed at 5.7 per cent
APR. They will pay nothing until two
months after finishing the course, with
repayment terms of 12 to 60 months. If
you are looking for a loan, make your
bank your first port of call.
Most business schools also offer MBA
scholarships to outstanding candidates.
The awards vary in amount and normally
take the form of fee remission with
some including contributions to living
expenses. No student should let fear of
competition deter them from applying
for a scholarship. It is well worth the
time looking at the application process,
says Steve Cousins, MBA recruitment
and admissions manager at Cass
Business School. A full list of UK
scholarships can be found on the
Association of MBAs website
www.mbaworld.com.
The Prodigy Finance Loan Programme
is a scheme which allows alumni to
invest in students at business schools
around the world. Its an innovative way
for potential students to finance their
MBAs by enabling them to access a
wider source of funding. Prodigy is not
charity. Its a way for alumni to
contribute to the success of highly-
motivated and ambitious MBA students.
It also provides a fairly good investment
return to alumni, says David Simmons,
executive director of the full-time MBA
programme at the Cranfield School of
Management. Many candidates
approach an MBA ruling themselves out
of a loan for various reasons, but
Prodigy is based on future earnings. In
the past five years, it has distributed
over $20m (12.4m) in loans to MBA
students from more than 80
nationalities, with zero defaults.
Another option worth considering is
the Rotary Ambassadorial Scholarship,
designed for UK students studying
vocational subjects abroad.
Alternatively, there are Postgrad
Solutions Study Bursaries, which are
open to anyone starting a UK or
European postgraduate course.
The best advice, says Cousins, is to not
rule anything out. Have conversations
with your bank and look into
scholarships. Ask colleagues and friends
who have done MBAs for advice. Tell
yourself there is a chance I can get this,
because there probably is.
ANNABEL PALMER
26
MARKETS
cityam.com
LON GD ONCE FIX AM ...................................1747.75 10.25
SILVERLDN FIX AM.........................................33.04 0.11
MAPLE LEAF 1 OZ ............................................35.35 0.08
LON PLATINUM AM......................................1652.00 11.00
LON PALLADIUM AM.....................................642.00 5.00
ALUMINIUM CASH.......................................1930.00 -19.50
COPPER CASH.............................................8140.50 11.50
LEAD CASH..................................................2127.00 -11.00
NICKEL CASH.............................................17025.00 -175.00
TIN CASH..................................................21400.00 200.00
ZINC CASH...................................................1874.00 -13.00
BRENT SPOT INDEX.........................................115.01 0.05
SOYA............................................................1493.75 1.25
COCOA.........................................................2418.00 64.00
COFFEE..........................................................162.80 1.95
KRUG...........................................................1806.10 1.00
WHEAT..........................................................198.38 0.12
AIR LIQUIDE......................................................96.28 -0.03 100.00 76.82
ALLIANZ............................................................95.82 0.86 97.33 64.26
ANHEUS-BUSCHINBEV.....................................67.48 -0.32 71.05 38.61
ARCELORMITTAL ................................................12.36 0.59 17.96 10.60
ASML HOLDING..................................................39.15 -2.17 48.34 27.11
AXA...................................................................12.63 0.39 13.25 8.50
BANCO SANTANDER............................................6.13 0.22 6.17 3.87
BASF SE............................................................65.50 -0.08 68.63 46.06
BAYER ..............................................................69.62 -0.74 70.50 42.38
BBVA..................................................................6.66 0.35 7.09 4.24
BMW.................................................................61.66 0.67 73.95 48.52
BNP PARIBAS....................................................41.76 1.06 41.86 24.54
CARREFOUR .......................................................17.10 0.59 20.51 12.87
CRH PLC .............................................................14.15 0.28 16.93 11.85
DAIMLER...........................................................38.64 0.31 48.95 29.02
DANONE............................................................47.33 -1.45 54.96 45.11
DEUTSCHE BANK ..............................................35.00 0.40 39.51 22.11
DEUTSCHE TELEKOM...........................................9.07 0.01 10.06 7.69
E.ON..................................................................18.54 0.11 19.74 14.05
ENEL...................................................................3.00 0.05 3.59 2.02
ENI ....................................................................18.08 0.18 18.72 14.37
ESSILOR INTERNAT.............................................71.03 -0.39 75.52 50.30
FRANCE TELECOM ...............................................9.67 0.15 13.60 9.20
GDF SUEZ...........................................................17.96 0.20 23.94 15.62
GENERALI ASS. ..................................................12.62 0.26 13.70 8.16
IBERDROLA.........................................................4.07 0.13 5.08 2.63
INDITEX.............................................................99.13 0.63 101.00 59.50
ING GROEP CVA ..................................................7.04 0.12 7.58 4.44
INTESA SANPAOLO ..............................................1.36 0.04 1.65 0.85
KON.PHILIPS ELECTR .........................................19.22 0.28 19.56 13.08
L'OREAL...........................................................101.60 1.00 102.50 74.15
LVMH...............................................................128.90 0.65 136.80 103.20
MUNICHRE .....................................................128.00 0.50 128.35 82.93
NOKIA ................................................................2.20 0.03 5.19 1.33
REPSOL .............................................................15.96 0.49 23.18 10.90
RWE..................................................................35.78 0.36 37.12 25.67
SAINT-GOBAIN..................................................27.40 0.57 37.63 23.90
SANOFI .............................................................68.79 -0.60 69.46 47.00
SAP..................................................................54.80 -0.68 56.82 39.77
SCHNEIDER ELECTRIC........................................49.75 0.91 53.47 35.00
SIEMENS...........................................................78.05 0.61 80.49 62.13
SOCIETE GENERALE............................................26.12 0.83 26.25 14.88
TELEFONICA ......................................................10.86 0.34 15.55 7.90
TOTAL...............................................................40.00 0.45 42.97 33.42
UNIBAIL-RODAMCO SE.....................................172.35 0.35 173.30 123.30
UNICREDIT...........................................................3.71 0.08 6.57 2.20
UNILEVER CVA...................................................28.51 0.04 28.83 23.15
VINCI .................................................................35.51 0.87 40.85 28.46
VIVENDI ............................................................16.02 0.02 17.06 12.02
VOLKSWAGEN VORZ ........................................148.10 1.20 155.65 107.25
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5910.91 40.37 0.69
FTSE 250 INDEX. . . . . . . . . . . . . . . 12045.88 60.58 0.51
FTSE UK ALL SHARE . . . . . . . . . . . . 3085.24 20.09 0.66
FTSE AIM ALL SH. . . . . . . . . . . . . . . . . 711.74 5.45 0.77
DOWJONES INDUS 30. . . . . . . . . . 13557.00 5.22 0.04
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1460.91 5.99 0.41
NASDAQ COMPOSITE . . . . . . . . . . . . 3104.12 2.95 0.10
FTSEUROFIRST 300. . . . . . . . . . . . . . 1118.62 5.48 0.49
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 8806.55 105.24 1.21
DAX 30 PERFORMANCE. . . . . . . . . . 7394.55 18.28 0.25
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 3527.50 26.56 0.76
SHANGHAI SE INDEX. . . . . . . . . . . . 2105.62 6.81 0.32
HANG SENG. . . . . . . . . . . . . . . . . . 21416.64 209.57 0.99
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2778.80 21.80 0.79
ASX ALL ORDINARIES. . . . . . . . . . . 4550.90 37.00 0.82
BOVESPA SAO PAOLO . . . . . . . . . . 60087.29 343.42 0.57
ISEQ OVERALL INDEX. . . . . . . . . . . . 3273.16 2.13 0.07
STRAITS TIMES . . . . . . . . . . . . . . . . 3045.67 -1.14 -0.04
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . 819.02 18.66 2.33
SWISS MARKET INDEX . . . . . . . . . . 6786.40 12.38 0.18
Price Chg %chg
3M ....................................................................94.81 0.58 95.46 75.49
ABBOTT LABS...................................................69.04 -3.09 72.47 51.53
ALCOA.................................................................9.18 0.24 11.66 7.97
ALTRIA GROUP.................................................33.50 0.24 36.29 26.80
AMAZON.COM.................................................247.49 3.55 264.11 166.97
AMERICAN EXPRESS.........................................59.37 0.74 61.42 44.69
AMGEN INC ......................................................89.20 1.17 89.64 54.59
APPLE.............................................................644.61 -5.18 705.07 363.32
AT&T .................................................................35.72 0.32 38.58 27.41
BANK OF AMERICA.............................................9.44 -0.02 10.10 4.92
BOEING CO........................................................73.63 0.15 77.83 61.33
CATERPILLAR....................................................86.63 1.67 116.95 78.25
CHEVRON .........................................................115.18 1.09 118.53 92.29
CISCO SYSTEMS..................................................18.71 -0.15 21.30 14.96
CITIGROUP........................................................38.43 1.18 38.48 23.30
COCA-COLA........................................................37.74 -0.16 40.67 32.37
COMCAST CLASS A..............................................37.12 0.45 37.22 20.90
CONOCOPHILLIPS...............................................58.12 0.50 79.96 50.62
DU PONT(EI) DE NMR.......................................49.85 0.11 57.50 43.06
EBAY................................................................48.20 -0.04 50.65 28.15
ELI LILLY & CO ...................................................53.67 0.01 53.99 35.46
EXXON MOBIL ...................................................93.39 1.01 93.54 73.90
GENERAL ELECTRIC............................................22.91 0.27 23.18 14.68
GOOGLE A.......................................................755.49 10.79 774.38 556.52
HEWLETT PACKARD...........................................14.72 0.15 30.00 14.02
HOME DEPOT.....................................................61.39 0.53 63.20 34.43
IBM ................................................................200.63 -10.37 211.79 176.17
INTEL CORP.......................................................21.79 -0.56 29.27 21.27
J.P.MORGAN CHASE ..........................................43.32 0.49 46.49 28.28
JOHNSON & JOHNSON......................................71.00 1.45 71.18 55.76
MC DONALD'S CORP .........................................93.70 -0.39 102.22 85.92
MERCK AND CO. NEW.......................................47.39 0.22 47.50 32.19
MICROSOFT ......................................................29.59 0.10 32.95 24.30
OCCID. PETROLEUM..........................................84.60 1.43 106.68 76.59
ORACLE CORP....................................................31.23 -0.64 33.81 24.91
PEPSICO............................................................70.10 -0.20 73.66 61.50
PFIZER..............................................................25.84 0.04 25.93 18.15
PHILIP MORRIS INTL..........................................91.85 -0.67 94.13 65.36
PROCTER AND GAMBLE....................................69.47 0.47 69.97 59.07
QUALCOMM INC................................................60.98 0.62 68.87 49.78
SCHLUMBERGER ...............................................74.55 1.03 80.78 59.12
TRAVELERS CIES................................................71.38 0.89 71.38 49.52
UNITED TECHNOLOGIE......................................78.54 0.94 87.50 70.41
UNITEDHEALTH GROUP....................................55.99 -0.89 60.75 42.86
US BANCORP DELAWRE...................................34.20 0.59 35.46 23.54
VERIZON COMMS..............................................44.72 0.64 48.77 35.17
VISA CL A........................................................142.56 1.40 142.77 88.78
WAL-MART STORES...........................................77.03 0.12 77.60 54.48
WALT DISNEY CO..............................................52.29 1.05 53.40 33.14
WELLS FARGO & CO..........................................34.47 0.74 36.60 23.19
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 ................................0.013 0.00
LIBOR Euro - 12 months...............................0.583 0.00
LIBOR USD - overnight .................................0.153 0.00
LIBOR USD - 12 months ...............................0.905 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate ............................................0.750 0.00
Finance house base rate .............................1.000 0.00
US Fed funds................................................0.210 -0.05
US long bond yield......................................2.970 0.06
European repo rate.......................................0.02 0.00
Euro Euribor ..................................................0.08 0.00
The vix index................................................14.98 -0.24
The baltic dry index.....................................981.0 40.00
Markit iBoxx................................................253.81 -2.13
Markit iTraxx ...............................................121.69 -4.58
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .321.3 -7.8 363.6 251.4
Chemring Group . . . . . .353.0 14.9 529.5 267.3
Cobham . . . . . . . . . . . . .217.7 0.7 239.5 165.9
Meggitt . . . . . . . . . . . . .400.2 -1.8 414.9 337.3
QinetiQ Group . . . . . . . .195.0 -1.8 199.9 114.3
Rolls-Royce Holdi . . . . .875.5 -5.0 890.0 657.0
Senior . . . . . . . . . . . . . .194.5 0.3 213.0 153.3
Ultra Electronics . . . . .1680.0 35.0 1780.0 1400.0
GKN . . . . . . . . . . . . . . . .207.0 2.2 237.2 166.3
Bank of Georgia H . . . .1192.0 -7.0 1330.0 929.8
Barclays . . . . . . . . . . . .244.4 -1.7 256.8 147.9
HSBC Holdings . . . . . . . .612.7 1.7 614.8 463.5
Lloyds Banking Gr . . . . . .42.1 -0.6 43.4 21.8
Royal Bank of Sco . . . . .286.1 6.1 291.7 173.4
Standard Chartere . . . .1487.0 8.5 1662.5 1228.5
Barr (A.G.) . . . . . . . . . . .452.9 6.5 481.6 348.0
Britvic . . . . . . . . . . . . . .359.5 2.4 398.0 260.1
Diageo . . . . . . . . . . . . .1768.5 -14.0 1797.0 1280.0
SABMiller . . . . . . . . . . .2654.5 -19.5 2868.5 2078.0
AZ Electronic Mat . . . . . .337.5 10.5 344.0 228.6
Croda Internation . . . .2318.0 32.0 2501.0 1647.0
Elementis . . . . . . . . . . .230.0 0.0 240.3 127.5
Johnson Matthey . . . .2283.0 -1.0 2573.0 1724.4
Victrex . . . . . . . . . . . . .1422.0 19.0 1516.0 1063.0
/$ 1.3125 0.0030
/ 0.8125 0.0003
/ 103.40 0.0891
/ 1.2308 0.0004
/$ 1.6155 0.0033
/ 127.27 0.0897
FTSE 100
5910.91
40.37
FTSE 250
12045.88
60.58
FTSE ALL SHARE
3085.24
20.09
DOW
13557.00
5.22
NASDAQ
3104.12
2.95
S&P500
1460.91
5.99
Brown (N.) Group . . . . .301.0 -5.9 306.9 222.4
Carpetright . . . . . . . . . .687.5 -5.5 728.5 375.0
Debenhams . . . . . . . . . .111.3 0.0 111.8 56.4
Dignity . . . . . . . . . . . . . .927.0 -0.5 951.5 755.5
Dixons Retail . . . . . . . . .21.8 0.2 21.9 9.4
DunelmGroup . . . . . . .674.0 -10.0 695.0 421.3
Halfords Group . . . . . . .325.9 -1.8 342.3 189.0
Home Retail Group . . . .108.9 5.4 123.1 69.2
Inchcape . . . . . . . . . . . .377.4 20.8 418.2 284.1
JD Sports Fashion . . . . .775.0 25.0 863.0 570.0
Kingsher . . . . . . . . . . .282.8 1.7 313.8 237.2
Marks & Spencer G . . . .388.8 -0.7 392.0 302.7
Next . . . . . . . . . . . . . .3600.0 -17.0 3644.0 2540.0
Sports Direct Int . . . . . .410.9 10.2 412.2 190.0
Ted Baker . . . . . . . . . . .963.0 4.0 1017.0 633.0
WHSmith . . . . . . . . . . .625.0 -4.0 659.0 471.7
NMC Health . . . . . . . . . .185.0 -2.5 230.0 180.0
Smith & Nephew . . . . .665.0 -4.5 693.0 540.5
Synergy Health . . . . . . .919.5 -1.0 957.0 762.5
Barratt Developme . . . .187.4 3.2 187.6 82.8
Bellway . . . . . . . . . . . . .990.5 10.5 998.5 660.0
Berkeley Group Ho . . .1498.0 7.0 1540.0 1155.0
Bovis Homes Group . . . .511.0 0.5 519.0 399.3
Yule Catto & Co . . . . . . .159.3 5.4 251.0 127.4
Balfour Beatty . . . . . . . .307.8 4.3 313.8 214.6
CRH . . . . . . . . . . . . . . . .1147.0 21.0 1420.0 1052.0
Galliford Try . . . . . . . . . .731.0 1.0 733.5 424.6
Kier Group . . . . . . . . . .1336.0 16.0 1489.0 1095.0
Drax Group . . . . . . . . . .544.5 7.0 581.5 442.0
SSE . . . . . . . . . . . . . . . .1458.0 12.0 1461.0 1209.0
Dialight . . . . . . . . . . . . .1163.0 -24.0 1244.0 685.0
Domino Printing S . . . .550.0 -8.0 670.0 436.5
Halma . . . . . . . . . . . . . . .414.1 -2.8 448.5 310.9
Laird . . . . . . . . . . . . . . . .217.5 -1.0 243.9 128.5
Morgan Crucible C . . . . .231.0 6.6 360.0 220.3
Oxford Instrument . . .1252.0 -30.0 1390.0 760.5
Renishaw . . . . . . . . . . .1679.0 -21.0 1776.0 800.0
Spectris . . . . . . . . . . . .1566.0 -28.0 1902.0 1122.0
Aberforth Smaller . . . .680.0 2.0 684.0 494.0
Alliance Trust . . . . . . . . .375.9 2.4 378.2 324.6
Bankers Inv Trust . . . . .443.5 1.5 443.9 355.2
BH Global Ltd. GB . . . . .1170.0 -5.0 1212.0 1135.0
BH Global Ltd. US . . . . . . .11.6 0.0 12.1 11.1
BH Macro Ltd. EUR . . . . . .19.4 -0.1 20.2 18.3
BH Macro Ltd. GBP . . .1995.0 -5.0 2078.0 1892.0
BH Macro Ltd. USD . . . . . .19.1 -0.1 20.2 18.2
BlackRock World M . . . .595.0 14.0 747.0 525.0
BlueCrest AllBlue . . . . .166.6 0.1 169.9 160.5
British Assets Tr . . . . . . .122.3 1.1 130.0 111.0
British Empire Se . . . . . .451.2 -2.2 476.2 386.6
Caledonia Investm . . .1544.0 6.0 1599.0 1237.0
City of London In . . . . . .317.0 1.9 318.6 263.9
Dexion Absolute L . . . .140.0 -0.1 142.0 132.5
Edinburgh Dragon . . . .249.5 0.5 253.5 206.0
Edinburgh Inv Tru . . . . .517.0 2.5 529.5 443.1
Electra Private E . . . . .1865.0 43.0 1865.0 1383.0
Fidelity China Sp . . . . . . .76.1 0.2 88.9 70.3
Fidelity European . . . .1225.0 13.0 1225.0 929.5
Foreign and Colon . . . . .319.1 0.2 319.9 273.1
Herald Inv Trust . . . . . .525.0 4.0 527.5 430.2
HICL Infrastructu . . . . . .123.7 0.2 123.9 114.5
John Laing Infras . . . . .108.2 -0.1 111.3 105.3
JPMorgan American . . .943.5 -1.5 970.0 780.5
JPMorgan Emerging . . .555.0 1.0 583.0 484.5
JPMorgan Indian I . . . .366.6 -2.6 400.4 303.4
LawDebenture Cor . . . .407.0 2.5 420.9 329.0
Mercantile Invest . . . .1068.0 9.0 1080.0 823.0
Merchants Trust . . . . . .380.0 3.2 392.7 341.5
Monks Inv Trust . . . . . . .310.3 0.5 343.6 303.0
Murray Income Tru . . . .684.0 4.0 690.0 580.0
Murray Internatio . . . .1028.0 4.0 1068.0 863.5
NB Global Floatin . . . . . .99.3 -0.5 100.9 92.5
Perpetual Income . . . .284.0 0.0 288.2 241.5
Personal Assets T . . . .35530.0 -70.0 36000.032990.0
Polar Capital Tec . . . . . .390.0 0.5 404.0 321.0
RIT Capital Partn . . . . .1163.0 -6.0 1360.0 1096.0
Scottish Inv Trus . . . . . .484.0 2.0 495.5 429.0
Scottish Mortgage . . . . .719.5 -0.5 727.0 565.0
SVG Capital . . . . . . . . . .270.0 1.0 295.5 165.1
Temple Bar Inv Tr . . . . .979.0 2.0 981.0 805.0
Templeton Emergin . . .564.0 0.5 633.5 505.0
TRProperty Inv T . . . . . .167.8 1.1 173.9 136.2
TRProperty Inv T . . . . . .82.5 0.5 82.5 59.8
Utilico Emerging . . . . . .163.7 0.7 169.5 141.0
Witan Inv Trust . . . . . . .498.0 4.0 505.5 412.2
Worldwide Healthc . . .875.0 2.0 880.0 671.5
3i Group . . . . . . . . . . . . .221.9 -1.2 227.9 166.9
3i Infrastructure . . . . . . .126.1 -0.1 128.0 117.0
Aberdeen Asset Ma . . .332.5 0.1 334.5 181.0
Ashmore Group . . . . . .369.6 3.6 402.7 307.8
Brewin Dolphin Ho . . . .179.8 3.3 179.8 118.0
Camellia . . . . . . . . . . . .9737.5 35.0 10250.0 8800.0
Charles Taylor . . . . . . . .184.5 -0.3 189.8 115.6
City of London Gr . . . . . .74.5 0.0 81.0 61.3
City of London In . . . . . .291.5 1.0 390.0 287.5
Close Brothers Gr . . . . .842.0 -20.5 873.5 590.0
F&C Asset Managem . . .98.9 1.6 99.5 59.5
Hargreaves Lansdo . . . .737.0 -0.5 740.0 412.2
Helphire Group . . . . . . . . . .1.1 0.0 3.2 0.8
Henderson Group . . . . .118.7 2.7 128.3 90.6
Highway Capital . . . . . . .16.5 0.0 17.0 12.0
ICAP . . . . . . . . . . . . . . . .329.4 11.4 432.6 301.1
IG Group Holdings . . . . .457.8 -1.3 502.5 409.4
Intermediate Capi . . . .304.7 -1.8 321.5 209.3
International Per . . . . .332.5 9.5 336.0 148.5
International Pub . . . . .124.3 0.0 125.4 115.2
Investec . . . . . . . . . . . . .378.7 11.7 414.9 310.4
IP Group . . . . . . . . . . . . .124.5 -0.8 155.0 65.5
Jupiter Fund Mana . . . .263.8 2.3 268.8 188.5
Liontrust Asset M . . . . . .112.5 0.0 125.0 57.9
LMS Capital . . . . . . . . . . .63.3 -0.3 68.8 54.0
London Finance & . . . . .20.0 0.0 23.5 18.0
London Stock Exch . . .1000.0 12.0 1105.0 756.5
Lonrho . . . . . . . . . . . . . . .10.3 -0.3 14.8 6.7
Man Group . . . . . . . . . . .92.6 -0.1 160.9 63.3
Paragon Group Of . . . .236.0 -1.1 238.8 150.9
Provident Financi . . . .1422.0 2.0 1428.0 915.0
Rathbone Brothers . . .1314.0 -23.0 1373.0 989.0
Real Estate Credi . . . . . . .95.3 0.3 96.3 79.5
Record . . . . . . . . . . . . . . .24.4 -0.1 25.0 9.8
S & U . . . . . . . . . . . . . . .897.5 -17.5 915.0 597.5
Schroders . . . . . . . . . .1564.0 -6.0 1650.0 1166.0
Tullett Prebon . . . . . . . .299.9 6.7 381.2 260.0
Walker Crips Grou . . . . . .35.5 0.0 46.0 35.5
BT Group . . . . . . . . . . . .222.0 2.1 236.8 176.5
Cable & Wireless . . . . . .37.5 1.3 45.2 27.3
COLT Group SA . . . . . . . .118.7 -2.9 127.4 84.1
KCOM Group . . . . . . . . . .76.5 1.0 85.2 65.8
TalkTalk Telecom . . . . . .177.6 -0.8 196.6 118.9
TelecomPlus . . . . . . . .882.0 -10.0 892.0 612.0
Booker Group . . . . . . . . .94.4 -1.5 97.8 69.4
Greggs . . . . . . . . . . . . .486.3 0.2 558.0 457.0
Morrison (Wm) Sup . . .269.1 1.9 328.0 263.0
Ocado Group . . . . . . . . . .66.2 2.1 131.8 52.9
Sainsbury (J) . . . . . . . . .357.7 1.3 358.8 283.2
Tesco . . . . . . . . . . . . . . .316.3 8.4 411.3 297.1
Associated Britis . . . . .1357.0 -5.0 1364.0 1070.0
Cranswick . . . . . . . . . . .774.0 8.5 858.0 663.5
Dairy Crest Group . . . . .351.9 5.1 361.0 290.4
Devro . . . . . . . . . . . . . . .335.0 0.3 341.2 234.0
Tate & Lyle . . . . . . . . . . .707.0 11.5 720.5 633.5
Unilever . . . . . . . . . . .2346.0 4.0 2353.0 1977.0
Mondi . . . . . . . . . . . . . .670.0 1.5 671.5 413.5
Centrica . . . . . . . . . . . . .332.0 -4.5 341.3 278.8
National Grid . . . . . . . .700.5 -2.0 703.5 597.5
Pennon Group . . . . . . .723.0 6.0 796.0 673.5
Severn Trent . . . . . . . .1685.0 -12.0 1796.0 1454.0
United Utilities . . . . . . .724.0 -7.0 736.0 589.0
Cookson Group . . . . . . .544.0 10.0 747.5 427.1
Rexam . . . . . . . . . . . . . .460.1 0.7 461.6 321.6
RPC Group . . . . . . . . . .420.0 -1.9 447.0 316.5
Smith (DS) . . . . . . . . . .209.6 1.6 210.3 125.3
Smiths Group . . . . . . .1067.0 5.0 1113.0 869.5
Price Chg High Low
Persimmon . . . . . . . . . .791.5 5.5 794.5 446.2
Reckitt Benckiser . . . .3670.0 3.0 3682.0 3100.0
Redrow . . . . . . . . . . . . .159.7 0.8 161.6 90.2
Taylor Wimpey . . . . . . . .58.6 -0.2 59.0 34.9
Bodycote . . . . . . . . . . . .365.4 6.0 437.1 242.9
Fenner . . . . . . . . . . . . .360.6 5.1 483.7 324.8
IMI . . . . . . . . . . . . . . . . . .911.5 5.5 1022.0 681.5
Melrose . . . . . . . . . . . . .242.1 5.0 259.6 177.5
Rotork . . . . . . . . . . . . .2325.0 -12.0 2387.0 1550.0
Spirax-Sarco Engi . . . .1948.0 -7.0 2334.0 1708.0
Weir Group . . . . . . . . .1785.0 14.0 2236.0 1397.0
Evraz . . . . . . . . . . . . . . .252.6 8.9 460.5 211.5
Ferrexpo . . . . . . . . . . . .206.5 12.0 366.3 147.5
Talvivaara Mining . . . . .139.9 6.1 359.1 122.0
BBA Aviation . . . . . . . . .211.4 1.2 218.8 164.7
Stobart Group Ltd . . . . . .117.5 0.7 137.0 110.3
Admiral Group . . . . . . .1162.0 -13.0 1261.0 787.0
Amlin . . . . . . . . . . . . . .398.2 -4.5 405.0 280.0
Beazley . . . . . . . . . . . . . .177.0 1.7 177.0 123.0
Catlin Group Ltd. . . . . . .485.7 -3.9 491.7 369.5
Hiscox Ltd. . . . . . . . . . . .487.0 -1.3 488.7 359.0
ITV . . . . . . . . . . . . . . . . . .92.4 0.0 93.2 58.8
Johnston Press . . . . . . . . .11.5 -1.0 13.2 4.1
MecomGroup . . . . . . . . .79.3 0.0 226.5 51.0
Moneysupermarket. . . .137.5 2.0 144.8 97.0
Pearson . . . . . . . . . . . . .1217.0 -26.0 1294.0 1069.0
PerformGroup . . . . . . .430.0 0.0 437.2 190.0
Reed Elsevier . . . . . . . . .617.5 0.0 622.0 469.4
Rightmove . . . . . . . . . .1593.0 -41.0 1679.0 1181.0
STV Group . . . . . . . . . . . .93.0 0.5 119.5 76.3
Tarsus Group . . . . . . . . .180.6 0.0 183.0 126.5
Trinity Mirror . . . . . . . . . .68.5 -2.5 72.3 25.5
UBM . . . . . . . . . . . . . . . .722.5 -8.5 736.5 448.0
UTVMedia . . . . . . . . . . .141.5 0.8 159.5 92.5
Wilmington Group . . . .134.0 -5.0 141.8 78.5
WPP . . . . . . . . . . . . . . .849.5 -5.0 880.0 616.5
African Barrick G . . . . .492.0 9.8 569.0 309.8
Anglo American . . . . .1905.5 96.5 2910.0 1748.5
Antofagasta . . . . . . . .1305.0 26.0 1399.0 991.0
BHP Billiton . . . . . . . . .2014.0 65.0 2206.5 1681.0
Bumi . . . . . . . . . . . . . . .254.0 4.7 934.5 147.1
Centamin (DI) . . . . . . . .102.8 3.5 115.3 60.7
Eurasian Natural . . . . .352.2 23.8 749.5 296.1
Fresnillo . . . . . . . . . . . .1964.0 26.0 1976.4 1307.0
Glencore Internat . . . . .347.6 9.0 482.6 293.6
Hochschild Mining . . . . .511.0 5.0 532.5 365.9
Jardine Lloyd Tho . . . . .773.0 -5.0 790.0 635.0
Lancashire Holdin . . . . .871.0 -2.0 877.0 680.0
RSA Insurance Gro . . . . .115.9 0.9 121.5 97.7
Aviva . . . . . . . . . . . . . . .341.5 4.4 382.6 255.3
Legal & General G . . . . .136.8 0.5 138.0 96.0
Old Mutual . . . . . . . . . . .176.1 0.5 188.1 116.9
Phoenix Group Hol . . . .510.0 0.0 590.0 405.3
Prudential . . . . . . . . . . .862.0 -8.0 870.6 555.0
Resolution Ltd. . . . . . . . .217.9 0.0 287.2 190.3
St James's Place . . . . . .392.2 4.3 394.7 294.0
Standard Life . . . . . . . .294.3 2.3 294.3 185.1
4Imprint Group . . . . . . .333.0 -1.6 342.0 213.0
Aegis Group . . . . . . . . .235.7 0.4 237.8 122.3
Bloomsbury Publis . . . .139.8 1.0 146.5 91.3
British Sky Broad . . . . .749.5 -5.0 773.0 635.5
Centaur Media . . . . . . . . .48.1 -0.5 49.1 28.5
Chime Communicati . .228.0 -5.0 255.0 143.0
Creston . . . . . . . . . . . . . .84.0 -0.5 93.5 47.0
Euromoney Institu . . . .787.0 14.5 828.0 601.5
Future . . . . . . . . . . . . . . .16.3 0.6 16.5 8.3
Haynes Publishing . . . .187.0 -1.0 230.0 165.0
Hibu . . . . . . . . . . . . . . . . .0.5 0.0 6.3 0.4
Huntsworth . . . . . . . . . .48.0 0.3 62.3 32.3
Informa . . . . . . . . . . . . .407.0 -2.9 451.0 328.2
ITE Group . . . . . . . . . . .200.0 1.1 240.6 172.0
Kazakhmys . . . . . . . . . .760.0 51.0 1214.0 570.0
Kenmare Resources . . . .41.0 0.9 61.5 31.0
Lonmin . . . . . . . . . . . . .520.5 29.5 1166.0 486.6
NewWorld Resourc . . .272.7 14.1 598.0 250.3
Petra Diamonds Lt . . . . .104.1 3.1 188.2 97.0
Petropavlovsk . . . . . . .460.0 20.0 813.0 347.9
Polymetal Interna . . . .1155.0 -5.0 1178.0 765.0
Randgold Resource . .7745.0 40.0 7810.0 4596.0
Rio Tinto . . . . . . . . . . .3184.0 123.0 3988.0 2715.5
Vedanta Resources . . .1147.0 48.0 1502.0 832.5
Xstrata . . . . . . . . . . . . .993.6 29.6 1283.0 785.8
Inmarsat . . . . . . . . . . . .578.0 5.0 602.0 389.3
Vodafone Group . . . . . .174.8 1.8 191.3 164.3
Genesis Emerging . . . .557.5 -0.5 558.0 424.0
Afren . . . . . . . . . . . . . . . .142.1 0.7 150.0 74.4
BG Group . . . . . . . . . . .1344.0 18.5 1547.0 1200.5
BP . . . . . . . . . . . . . . . . .448.4 13.0 504.6 392.0
Cairn Energy . . . . . . . . .290.4 4.6 360.0 248.2
EnQuest . . . . . . . . . . . . .119.9 -0.3 132.6 85.7
Essar Energy . . . . . . . . .132.5 1.5 326.4 99.1
Heritage Oil . . . . . . . . . .202.3 9.2 238.4 115.1
Ophir Energy . . . . . . . . .573.5 -6.0 641.0 225.5
Premier Oil . . . . . . . . . .380.2 10.4 449.7 322.3
Royal Dutch Shell . . . .2178.0 18.5 2402.0 1970.5
Royal Dutch Shell . . . .2232.5 15.0 2489.0 2039.0
Ruspetro . . . . . . . . . . . .107.9 1.9 230.0 100.0
Salamander Energy . . .202.2 1.6 212.9 154.2
Soco Internationa . . . . .331.9 -1.5 354.7 254.9
TullowOil . . . . . . . . . . .1468.0 43.0 1601.0 1236.0
Amec . . . . . . . . . . . . . . .1119.0 16.0 1172.0 838.0
Hunting . . . . . . . . . . . . .803.5 16.5 968.0 617.5
Kentz Corporation . . . .428.2 3.0 508.0 325.0
Petrofac Ltd. . . . . . . . .1630.0 7.0 1772.0 1273.0
Wood Group (John) . . .860.0 7.0 861.5 560.0
Burberry Group . . . . . .1186.0 22.0 1586.0 1000.0
PZ Cussons . . . . . . . . . . .327.5 6.8 374.2 285.0
Supergroup . . . . . . . . . .675.0 -7.0 725.0 264.5
AstraZeneca . . . . . . . .2928.0 3.5 3111.5 2591.0
BTG . . . . . . . . . . . . . . . .359.0 -9.2 423.0 268.7
Dechra Pharmaceut . . .595.5 4.5 601.5 418.3
Genus . . . . . . . . . . . . .1466.0 4.0 1529.0 965.0
GlaxoSmithKline . . . . .1428.0 -12.5 1507.5 1329.0
Hikma Pharmaceuti . . .770.5 10.5 779.5 596.0
Shire Plc . . . . . . . . . . . .1870.0 14.0 2300.0 1743.0
Capital & Countie . . . . . .231.8 -0.3 232.8 165.2
Daejan Holdings . . . .2890.0 40.0 3323.0 2450.0
F&C Commercial Pr . . . .102.4 -0.4 107.3 96.2
Grainger . . . . . . . . . . . .108.0 1.0 116.0 83.1
London & Stamford . . . .115.5 0.4 121.4 101.8
Raven Russia Ltd . . . . . .68.3 0.8 69.5 48.8
Savills . . . . . . . . . . . . . .402.0 -6.7 416.5 267.7
St. Modwen Proper . . . .198.8 0.8 220.0 103.5
UK Commercial Pro . . . .65.4 0.1 79.0 65.1
Unite Group . . . . . . . . . .274.0 1.6 274.1 154.1
Big Yellow Group . . . . .340.0 -3.0 343.0 218.0
British Land Co . . . . . . .538.5 0.5 549.5 444.0
Capital Shopping . . . . .339.5 -0.4 354.2 288.7
Derwent London . . . .2026.0 6.0 2032.0 1495.0
Great Portland Es . . . . .460.0 0.6 464.3 312.9
Hammerson . . . . . . . . .474.3 0.1 477.1 345.2
Hansteen Holdings . . . . .78.9 -0.2 80.0 68.0
Land Securities G . . . . .807.0 3.5 815.0 612.0
SEGRO . . . . . . . . . . . . . .234.5 1.5 259.2 195.0
Shaftesbury . . . . . . . . .530.5 -8.0 549.0 459.7
Workspace Group . . . .299.0 9.0 301.0 213.3
Anite . . . . . . . . . . . . . . .135.0 -0.9 136.3 64.8
Aveva Group . . . . . . . .2024.0 -6.0 2037.0 1417.0
Computacenter . . . . . .369.0 0.2 461.9 292.4
Fidessa Group . . . . . . .1381.0 50.0 1766.0 1300.0
Invensys . . . . . . . . . . . .227.2 3.2 257.0 180.9
Micro Focus Inter . . . . . .558.5 -10.5 590.5 338.9
Playtech Ltd. . . . . . . . . .393.0 5.0 396.0 215.5
Sage Group . . . . . . . . . .307.2 -1.6 324.8 247.7
SDL . . . . . . . . . . . . . . . . .581.0 6.0 756.0 568.0
Telecity Group . . . . . . . .947.0 -8.0 961.2 571.5
Aggreko . . . . . . . . . . .2279.0 1.0 2400.0 1676.0
Ashtead Group . . . . . . .356.4 10.9 362.5 150.5
Atkins (WS) . . . . . . . . . .683.5 3.0 799.0 501.5
Babcock Internati . . . . .960.5 -9.0 970.2 666.0
Berendsen . . . . . . . . . .566.0 -5.5 577.0 412.0
Bunzl . . . . . . . . . . . . . .1099.0 -18.0 1167.0 778.5
Capita . . . . . . . . . . . . . .733.5 0.5 781.5 602.0
Carillion . . . . . . . . . . . . .297.7 5.0 360.3 235.5
De La Rue . . . . . . . . . .1070.0 15.0 1074.0 837.5
Diploma . . . . . . . . . . . .447.0 -0.3 497.9 299.0
Electrocomponents . . . .210.2 -0.8 263.0 187.5
Experian . . . . . . . . . . . .1071.0 -10.0 1087.0 749.0
Filtrona PLC . . . . . . . . . .559.5 1.5 563.0 350.5
G4S . . . . . . . . . . . . . . . .266.7 -0.9 292.1 230.0
Hays . . . . . . . . . . . . . . . . .81.0 1.0 92.5 58.9
Homeserve . . . . . . . . . .232.1 3.3 485.3 137.5
Howden Joinery Gr . . . .160.3 -1.2 162.0 96.4
Interserve . . . . . . . . . . .368.2 -10.8 385.0 270.1
Intertek Group . . . . . .2828.0 -6.0 2861.0 1812.0
Menzies(John) . . . . . . .624.0 -6.5 652.0 475.0
Michael Page Inte . . . . .367.0 6.9 497.0 323.0
Mitie Group . . . . . . . . . .296.0 -2.1 299.4 235.8
PayPoint . . . . . . . . . . . .771.5 3.5 785.0 475.0
Premier Farnell . . . . . . .172.2 1.2 228.8 153.2
Regus . . . . . . . . . . . . . . .107.0 1.6 117.5 69.9
Rentokil Initial . . . . . . . .88.6 0.6 89.9 58.2
RPS Group . . . . . . . . . . .244.7 -1.5 256.6 166.6
Serco Group . . . . . . . . . .571.0 -6.5 602.0 458.0
Shanks Group . . . . . . . . .80.4 0.8 115.9 75.8
SIG . . . . . . . . . . . . . . . . .107.0 1.0 123.2 77.0
Travis Perkins . . . . . . . .1107.0 -7.0 1135.0 752.5
Wolseley . . . . . . . . . . .2696.0 16.0 2811.0 1697.0
ARM Holdings . . . . . . . .599.5 3.5 645.0 469.0
CSR . . . . . . . . . . . . . . . .330.9 -10.2 341.1 154.1
Imagination Techn . . . .479.5 0.6 717.0 406.7
Pace . . . . . . . . . . . . . . . .170.0 -1.4 180.0 44.0
Spirent Communica . . .150.0 0.1 174.0 105.8
British American . . . .3230.5 -6.5 3488.0 2779.0
Imperial Tobacco . . . .2305.0 9.0 2595.0 2179.0
Betfair Group . . . . . . . .736.5 0.5 901.0 695.0
Bwin.party Digita . . . . .120.2 3.7 174.0 91.9
Carnival . . . . . . . . . . . .2470.0 53.0 2472.0 1841.0
Compass Group . . . . . .684.0 -10.5 727.0 544.0
Domino's Pizza Gr . . . .506.5 -5.5 563.0 393.1
easyJet . . . . . . . . . . . . .601.0 1.0 619.5 343.2
FirstGroup . . . . . . . . . . .189.8 3.3 345.3 184.6
Go-Ahead Group . . . . .1290.0 -5.0 1470.0 1086.0
Greene King . . . . . . . . .600.5 -1.5 625.0 436.7
InterContinental . . . . .1587.0 -6.0 1727.5 1001.4
International Con . . . . . .157.6 2.0 189.7 132.0
Ladbrokes . . . . . . . . . . . .181.1 2.1 185.9 120.7
Marston's . . . . . . . . . . . .121.2 0.6 121.6 87.5
Millennium& Copt . . . .502.0 3.8 513.0 371.2
Mitchells & Butle . . . . . .316.9 1.1 318.0 215.6
National Express . . . . .205.4 0.0 252.0 180.0
Rank Group . . . . . . . . . .151.5 -1.3 153.4 111.0
Restaurant Group . . . . .375.8 7.8 379.3 269.2
Stagecoach Group . . . . .277.9 -0.2 297.2 230.4
TUI Travel . . . . . . . . . . .249.9 3.1 249.9 136.7
Wetherspoon (J.D. . . . .495.2 -3.5 499.9 371.3
Whitbread . . . . . . . . .2363.0 -13.0 2401.0 1508.0
WilliamHill . . . . . . . . . .342.4 0.4 342.4 183.3
Abcam. . . . . . . . . . . . . .383.0 -2.5 431.0 324.5
Advanced Medical . . . . .71.8 -0.8 95.0 64.0
Albemarle & Bond . . . .248.0 1.0 372.0 232.0
Amara Mining . . . . . . . . .76.5 0.3 104.0 50.0
Amerisur Resource . . . . .43.0 0.0 44.0 11.8
Andor Technology . . . .430.0 0.0 605.0 305.0
Archipelago Resou . . . . .60.8 0.3 73.8 49.0
ASOS . . . . . . . . . . . . . .2495.0 101.0 2495.8 1142.0
Aurelian Oil & Ga . . . . . . .9.0 0.2 26.0 7.3
Avanti Communicat . . .279.0 4.0 419.0 241.3
Blinkx . . . . . . . . . . . . . . . .51.3 -1.5 158.0 33.5
Borders & Souther . . . . .23.5 0.0 131.0 15.3
BowLeven . . . . . . . . . . . .79.3 0.8 136.0 53.5
Brooks Macdonald . . .1262.5 -12.5 1365.0 1022.5
Daisy Group . . . . . . . . . .95.5 -2.0 115.5 86.0
EMIS Group . . . . . . . . . .945.0 40.0 945.0 397.5
Faroe Petroleum . . . . . .153.0 3.3 177.8 136.5
Gemelds . . . . . . . . . . . .41.3 -0.3 42.1 20.0
Gulfsands Petrole . . . . . .93.3 2.0 212.3 82.0
H&T Group . . . . . . . . . .300.0 -2.5 357.5 253.0
Hargreaves Servic . . . . .724.5 -4.0 1264.0 551.0
Healthcare Locums . . . . . .1.8 0.0 1.9 1.7
IDOX . . . . . . . . . . . . . . . . .39.3 -0.3 40.3 21.5
IGas Energy . . . . . . . . . . .76.5 0.5 77.5 44.5
ImpellamGroup . . . . . .340.0 -2.5 362.5 225.0
Iomart Group . . . . . . . .202.5 -1.5 208.0 103.0
James Halstead . . . . . .649.0 -6.0 660.3 422.0
London Mining . . . . . . .168.8 12.8 342.0 129.0
Lupus Capital . . . . . . . . .171.5 1.5 174.0 97.1
M. P. Evans Group . . . . .505.0 5.0 553.8 390.0
Majestic Wine . . . . . . . .462.0 4.6 483.0 315.0
May Gurney Integr . . . . .147.5 -0.8 302.0 99.0
Monitise . . . . . . . . . . . . .38.5 -0.3 40.0 25.5
Mulberry Group . . . . . .1310.0 -5.0 2472.0 1119.0
Nanoco Group . . . . . . . . .57.0 -1.8 77.5 38.0
Nichols . . . . . . . . . . . . .804.0 4.0 805.0 505.0
Numis Corporation . . . .105.0 1.0 105.0 72.0
Pan African Resou . . . . .18.0 0.6 18.5 12.0
Patagonia Gold . . . . . . . .25.5 1.0 58.8 16.5
Personal Group Ho . . . .347.0 7.0 388.5 258.8
Prezzo . . . . . . . . . . . . . . .64.5 0.3 70.0 53.8
Rockhopper Explor . . . .170.5 2.3 393.5 159.0
RWS Holdings . . . . . . . .555.5 -9.0 564.5 410.0
Secure Trust Bank . . . .1475.0 85.0 1515.0 755.0
Sirius Minerals . . . . . . . . .21.5 1.3 32.0 11.0
Smart Metering Sy . . . .236.0 11.0 258.0 90.5
Songbird Estates . . . . . .116.0 0.0 122.0 100.0
Thorpe (F.W.) . . . . . . . .1035.0 -5.0 1070.0 765.0
Valiant Petroleum . . . .450.5 6.5 585.0 353.5
Young & Co's Brew . . . .700.0 -2.8 712.9 601.5
Eurasian Natural R . . . . . . . . . . .352.2 7.3
Kazakhmys . . . . . . . . . . . . . . . .760.0 7.2
Ferrexpo . . . . . . . . . . . . . . . . . . .206.5 6.2
Lonmin . . . . . . . . . . . . . . . . . . . .520.5 6.0
Inchcape . . . . . . . . . . . . . . . . . . .377.4 5.8
NewWorld Resource . . . . . . . . .272.7 5.5
Anglo American . . . . . . . . . . . .1905.5 5.3
Home Retail Group . . . . . . . . . . .108.9 5.2
Heritage Oil . . . . . . . . . . . . . . . .202.3 4.8
Talvivaara Mining . . . . . . . . . . . .139.9 4.6
CSR . . . . . . . . . . . . . . . . . . . . . . .330.9 -3.0
Interserve . . . . . . . . . . . . . . . . . .368.2 -2.9
Rightmove . . . . . . . . . . . . . . . .1593.0 -2.5
BTG . . . . . . . . . . . . . . . . . . . . . . .359.0 -2.5
Close Brothers Gro . . . . . . . . . . .842.0 -2.4
COLT Group SA . . . . . . . . . . . . . . .118.7 -2.4
BAE Systems . . . . . . . . . . . . . . . .321.3 -2.4
Oxford Instruments . . . . . . . . .1252.0 -2.3
Pearson . . . . . . . . . . . . . . . . . . .1217.0 -2.1
Dialight . . . . . . . . . . . . . . . . . . .1163.0 -2.0
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 8.000 13 . . . . . . .107.26 -0.01 114.2 107.2
Tsy 4.500 13 . . . . . . .101.63 -0.01 105.4 101.6
Tsy 2.500 13 . . . . . .280.99 -0.02 285.0 280.1
Tsy 5.000 14 . . . . . .108.92 -0.03 112.6 108.8
Tsy 4.750 15 . . . . . . .112.67 -0.13 115.4 112.6
Tsy 8.000 15 . . . . . . .123.85 -0.13 129.0 123.8
Tsy 4.000 16 . . . . . . .113.21 -0.26 115.0 112.1
Tsy 2.500 16 . . . . . .342.67 -0.20 348.1 339.1
Tsy 8.750 17 . . . . . . .137.80 -0.43 142.0 137.8
Tsy 12.000 17 . . . . . .113.20 -0.12 124.7 112.5
Tsy 1.250 17 . . . . . . . .114.43 -0.35 117.1 113.6
Tsy 5.000 18 . . . . . . .121.38 -0.43 124.1 118.9
Tsy 4.500 19 . . . . . .120.82 -0.49 123.7 116.3
Tsy 3.750 19 . . . . . . .116.57 -0.54 119.2 110.9
Tsy 2.500 20 . . . . . .368.10 -0.47 373.5 349.2
Tsy 4.750 20 . . . . . .123.87 -0.55 126.9 118.2
Tsy 8.000 21 . . . . . . .152.15 -0.66 156.6 145.9
Tsy 1.875 22 . . . . . . .126.89 -0.65 130.3 120.5
Tsy 4.000 22 . . . . . .119.54 -0.75 122.8 112.1
Tsy 2.500 24 . . . . . .330.71 -0.68 339.4 307.5
Tsy 5.000 25 . . . . . . .131.38 -0.89 135.9 122.9
Tsy 4.250 27 . . . . . .123.04 -1.05 128.0 113.9
Tsy 1.250 27 . . . . . . .120.51 -0.81 127.0 113.6
Tsy 6.000 28 . . . . . .147.30 -1.04 153.7 137.8
Tsy 4.750 30 . . . . . . .130.10 -1.08 135.8 120.5
Tsy 4.125 30 . . . . . . .307.10 -0.74 322.8 289.4
Tsy 4.250 32 . . . . . .122.04 -1.09 127.8 112.7
Tsy 4.250 36 . . . . . .120.49 -1.16 127.2 112.7
Tsy 4.750 38 . . . . . .129.50 -1.14 137.2 121.8
Tsy 4.500 42 . . . . . .124.60 -1.16 133.6 118.4
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXEDLINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER &MULTIUTILITIES
GENERAL INDUSTRIALS
GENERAL RETAILERS
HEALTH CARE EQUIPMETN & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
NON LIFE INSURANCE
LIFE INSURANCE
MEDIA
MINING
MOBILE TELECOMS
NON EQUITY INVESTM. COMM.
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
REAL ESTATE INVEST. TRUSTS
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. &EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
Our FREE morning newsletter.
Digest the City in three minutes.
CITYA.M.
Sign up at cityam.com
LIFE&STYLE
27
cityam.com
AGENT PROVOCATEUR | ARTI SAN FI NE ART | BACHET | BOODLES
BULGARI | CHURCHS | CROCKETT & JONES | DE BEERS | GUCCI | GRAND CAF
HARRYS OF LONDON | HERMS | IMPERIAL CITY | JO MALONE LONDON
KIEHLS SINCE 1851 | KOJIS | LOEWE | LORO PIANA | LULU GUINNESS| LOCCITANE
MOLTON BROWN | MONTBLANC | OMEGA | PAUL A. YOUNG FINE CHOCOLATES
PAUL SMITH | PENHALIGONS| PRETTYBALLERINAS| ROYAL EXCHANGEJEWELLERS
SAGEBROWNFINELEATHER| SEARLE&COJEWELLERS| SAUTERELLERESTAURANT
SMOKER S PARADI SE | PAVAROT T I ' S | SMYTHSON | TATEOSSI AN
THEO FENNELL | TIFFANY & CO. | VILEBREQUIN | WATCHES OF SWITZERLAND
ROYAL EXCHANGE, BANK, CITY OF LONDON, EC3V 3LR
STORE TRADING HOURS 10AM - 6PM RESTAURANTS & BARS 8AM - 11PM
FOR FURTHER I NFORMATI ON VI SI T THEROYALEXCHANGE. COM
Pretty Ballerinas, Marilyn
red
suede
studded
toeca
p
p
u
m
p
s
F
irst impressions count and for
actors, they count double.
Aside from the rather crucial
fact that they play an
important role in determining
whether or not we believe, for
instance, that Johnny Depp is, in
fact, a crazy pirate, costumes often
tell you all you need to know about a
character before theyve even
opened their mouths. Take Daniel
Craig as James Bond or Meryl Streep
as Margaret Thatcher in The Iron
Lady; so much of what we
understood about these characters
came from what they didnt say. And
its this that forms the basis of the
V&As highly anticipated exhibition,
Hollywood Costume.
The exhibition showcases some of
the most iconic costumes in cinema
over the last century: perfect timing,
considering that the British Film
Festival officially kicked off this
week. The first room showcases some
of the developments over time, par-
ticularly in period films. So the out-
fit that Bette Davis wore as Elizabeth
I in the 1955 film The Virgin Queen
sits alongside the more recent cos-
tume that Cate Blanchett wore play-
ing her in Elizabeth: The Golden Age
in 2007.
But its not all about period cos-
tumes. The white dress that Marilyn
Monroe wore in Seven Year Itch is
there too, as is the outfit Michelle
Pfeiffer wore in Catwoman and the
yellow jumpsuit
Uma Thurman
wore in Kill Bill. Even
Harry Winston, the
exhibitions sponsor,
created a replica of
the diamond neck-
lace with a yellow
sapphire pendant that
Kate Hudson wore in
How To Lose A Guy In 10
Days.
Alongside the more iconic
outfits sits more subtle pieces
like the simple outfit Matt
Damon wore as Jason Bourne in
the trilogy. The outfit, like many
others in the exhibition, sits along-
side a video that explains the cos-
tume designers thought process in
creating it.
And thats exactly what the exhibi-
tion was designed to do; celebrate
the craft of costume design and, to a
large extent, champion these unsung
heroes that play such a vital role in
the story telling process. Other
designers have to please the human
eye, late costume designer Adrian
once said. I have to satisfy the dis-
cerning eye of the camera, an instru-
ment much more calculating than
the human eye, and its this that
makes the exhibition such a must
see.
Hollywood Costume runs at the
V&A Museum from 20 October
2012 27 January 2013
Iconic costumes
take a leading
role at the V&A
BY NAOMI MDUDU
P
H
O
T
O
G
R
A
P
H
S

L
A
U
R
A

L
E
A
N
/
C
I
T
Y
A
M
One of Meryl Streeps outfits from Mamma Mia; the much-loved shoes from The Wizard of Oz
The yellow outfit Uma Thurman wore in Kill Bill; two costumes from Shakespeare in Love
Clockwise from top left: costumes from
The Queen; Angel; The Iron Lady;
Brokeback Mountain
Marilyn Monroe
in 1955 film The
Seven Year Itch
From Bond to Margaret Thatcher,
this exhibition of clothing from
the silver screen is captivating.
FASHION
cityam.com
28
GEEK
SPEAK
@STEVE_DINNEEN
Fable: right game, wrong execution
The fantasy adventure disappoints Steve Dinneen, while Sleeping Dogs is a surprisingly adept noir thriller
W
HEN I was a child, I was
afraid of the tumble
dryer. Not an all-
consuming phobia more
of a general distrust, as if the
offending appliance wasnt an
immediate threat but a vaguely
malign presence in the corner of
the kitchen. When it rumbled into
life I would adopt a low voice like
a child from a horror movie,
glower at it and mutter: Tum-bel-
DRYER. This led my auntie to
believe that I was in fact
communing with a particularly
unimaginative spirit that had
chosen to manifest itself as a white
good.
This dislike of appliances has
continued into adulthood. I have
no tum-bel-DRYER and the
washing machine is used as a last
resort. So why am I about to write
about a vacuum cleaner in this
column, which is usually devoted
to the kind of shiny, bleepy
products that cavemen would have
worshipped as gods?
Well, as a teenager, I remember
two close friends almost coming to
blows over who had the best
vacuum cleaner (the moral of this
story is, of course, that I had
chosen the wrong friends). They
both had a Dyson.
And, after putting the Dyson
DC44 through its paces, I can kind
of, almost, understand why. The
hand-held, rechargeable unit looks
a bit like a futuristic self-pleasure
device, all smooth curves and
metallic tubing.
For something so light (2.3kg), it
can certainly suck. On a test under
the cushions of my sofa
(conveniently gathering grime since
I moved in over two
years ago) it fared
only slightly
worse than my
trusty old
Henry (who
had, alas, rolled
over onto his side like a disoriented
drunk by the end of the
experiment, his smiley face turned
into a melancholy frown).
And the best part is, the DC44
stores all your household detritus
in a clear box so you can gage just
how much of a dirty little beast
you are. You can let the dust
linger in your home until it is
swimming in muck before
sucking it all up and examining it.
Freud would have had a field day.
Another test involved
clearing out all
the ghastly, twisted arachnids that
hang out around the edges of my
ceiling the kind with tiny raisin
bodies and long, gangly legs. Most
of them disappeared into the mass
of hair and crumbs that had
gathered in the filth box, but one
was pressed against the clear
plastic, peering angrily out,
plotting its terrible revenge.
The DC44 is further proof that
Dyson is the Apple of the
home appliance world.
Vacuuming ceases to be a
chore its more like a
sub-game from Kinect
Sports: a short
diversion before you get
back to playing the main
title. Dont expect me to start
reviewing tumble dryers, though.
Fable: The Journey fails
to deliver on the promise
of an expansive Kinect
game but Sleeping Dogs
(inset) is a blast
A childhood fear of household appliances didnt put me off the new Dyson
FABLE: THE Journey is exactly the
game Microsofts Xbox Kinect needs:
a much-loved title that plunges
gamers into a familiar environment.
The Kinect has shown it can excel in
mini party games but has, thus far,
come up empty on anything grander.
Its a shame, then, that The Journey is
so hopelessly, infuriatingly
unplayable.
The Journey is the fifth game set in
the lush, sandbox world of Albion, in
which you assume the role of an
annoying Yorkshireman elf called
Gabriel. Unfortunately, the conver-
sion to the Kinect format means
there is zero opportunity to explore
this world. Instead you spend vast
swathes of time waving your hands in
the air trying to steer an unrespon-
sive horse who is compelled to run
head-long into whatever obstacles
present themselves.
This is symptomatic of the overall
gameplay, which is essentially a re-
masked version of Kinect Star Wars,
with the same powers: pick up and
throw foes or use the force to push
them away. Only The Journey doesnt
even let you wield a lightsaber, which
is that titles only saving grace.
The basic principle is straightfor-
ward: hold your hand in the air and
push forward to fire magic bolts at
enemies. It should be childishly easy
but the biggest battle is against the
console itself, which rarely responds
how you intend. When you finally get
it to work, it never feels like enough
of a challenge, even after you have
waded through the chronically slow
first 90 minutes.
The half-hearted nods to explo-
ration, which are sandwiched
between soupy cut scenes, are so on
rails they are laughable. One early
truck-stop invites you to look around
a stable, which involves leaning left
and right to cycle through items you
can interact with (reach up to pick
an apple, hold out your hand to
feed the apple to your horse). It
plays like an updated version of
Grannys Garden on the BBC Micro,
in which yes or no answers dictate
your progression (you start to walk
up the stairs. Would you like to hold
on to the bannister? [YES] The ban-
nister turns into a snake and eats
you. You are dead.).
Microsoft desperately needs a suc-
cessful, rollicking adventure game to
prove its Kinect concept is more than
a neat party trick. The Journey cer-
tainly aint it.
SLEEPING DOGS takes a rare gamble
for a mainstream game it displaces
its action from America (or a quasi-
American intergalactic set-up) to Asia.
It sees you take the role of an under-
cover cop called Wei Shen as he infil-
trates the grimy criminal underworld
of Hong Kong. This, though, is the only
gamble it takes.
It is essentially a clone of Grand
Theft Auto IV, right down to the idio-
syncratic details that make Rockstars
franchise so endlessly playable (push
past people in the street and they will
respond with lines like: I hope my
dead grandmother comes back to
haunt you!)
This isnt necessarily a bad thing:
GTA IV is one of the most successful
and best games of the last decade. All
the familiar gameplay mechanics are
present: from the mini-map displaying
your missions to the ability to march
up to a parked car, elbow your way in
and promptly streak off, this time
through the streets of Hong Kong.
Where it differs slightly is the com-
bat system, which relies much more
on martial arts-based scrapping than
its trigger-happy inspiration. The free-
flowing fights take a leaf out of
Batman: Arkham City and include
John Woo-style slo-mo scenes that
allow you to take down several ene-
mies before they see you coming.
In a world without GTA IV and its
various imitators, five stars wouldnt
be enough for Sleeping Dogs. As it is,
its a solid, well built sandbox crime
thriller, albeit one that feels a little
too familiar.
GAMES
FABLE: THE JOURNEY
Xbox Kinect
hiiii
GAMES
SLEEPING DOGS
Xbox 360, PlayStation 3, PC
hhhii
LIFE&STYLE TECHNOLOGY
The Dyson DC44
handheld vacuum cleaner
is 279 on amazon.co.uk
30
TV & GAMES
cityam.com
T
E
R
R
E
S
T
R
I
A
L
BBC1
SKY SPORTS 1
7pmLive European Challenge Cup
Rugby Union 10pmThe Footballers
Football Show11.30pmRingside
12.30amPremier League World
1amLive NFL 4.30amSky Sports
Classics 5amPremier League
World 5.30am-6amAmericas Cup
Discovered
SKY SPORTS 2
7pmPremier League World 7.30pm
Americas Cup Discovered 8pm
Ringside 9pmNFL 10pmWWE:
Late Night Raw12amWWE: NXT
1amATP Tour Uncovered 1.30am
Americas Cup Discovered 2amThe
Footballers Football Show
3.30am-4.30amRingside
SKY SPORTS 3
7pmLive PGA Tour Golf 10pm
European Tour Golf 12amPGA Tour
Golf 3am-4amChampion of
Champions Bowls
BRITISH EUROSPORT
5.30pmLive WTA Tennis 7.30pm
MotoGP 8pmBritish Superbikes
Extra 9pmBritish Superbikes
10.30pmWorld Cup World Tour
11.30pm-12.30amPoker
ESPN
7pmESPN FC Press Pass 7.30pm
ESPN Kicks: Extra 7.45pmESPN
Kicks: Brasileirao 8pmFrench Ligue
1 Preview8.30pmGoal! Bundesliga
Preview9pmWorld Series of Poker
11pmESPN FC Press Pass 11.30pm
French Ligue 1 Preview12amGoal!
Bundesliga Preview12.30am
Premier League World 1amESPN
Kicks: Brasileirao 1.15amESPN
Kicks: Extra 1.30amFIBA
Basketball 2amLive College
Football 5am-6am30 for 30
SKY LIVING
7pmCriminal Minds 8pmAmericas
Next Top Model 9pmFILMBig
1988. 10.55pmGreys Anatomy
11.55pmCriminal Minds 12.55am
Bones 1.50amSupernatural
2.40amMedium3.30amBones
4.20amAmericas Next Top Model:
All-Stars 5.10am-6amPassport
Patrol
BBC THREE
7pmPops Greatest Dance Crazes
7.15pmMerlin 8pmDont Tell the
Bride 9pmRussell Howards Good
News 9.30pmCuckoo 10pm
Wilfred 10.20pmGreat Movie
Mistakes 10.30pmEastEnders
11pmFamily Guy 11.45pm
American Dad! 12.30amRussell
Howards Good News 1amCuckoo
1.30amWilfred 1.50amDont Tell
the Bride 2.50amUnzipped
3.35am-4.05amCuckoo
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pmHow I Met Your
Mother 9pm2 Broke Girls 9.30pm
New Girl 10pmFILMFrom Dusk
Till Dawn 1996. 12.05amThe Big
Bang Theory 1amThe IT Crowd
1.35amHow I Met Your Mother
2.05amThe Event 2.45amScrubs
3.10am90210 3.50amBeing Erica
4.35amOne Tree Hill 5.15am-6am
Switched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmSwamp People 9pmIce
Road Truckers 10pmStorage Wars
10.30pmStorage Wars: Texas
11pmStorage Wars 11.30pmPawn
Stars 12amIce Road Truckers 1am
Storage Wars 1.30amStorage
Wars: Texas 2amAmerican Pickers
3amAx Men 4amThe Last Days of
World War Two 5amPawn Stars
5.30am-6amAmerican Restoration
DISCOVERY
7pmGold Divers: After the Dredge
8pmWheeler Dealers 9pmBattle
Castle with Dan Snow10pm
George Cross Heroes 11pm
Deadliest Catch 12amBattle Castle
with Dan Snow1amGeorge Cross
Heroes 2amSons of Guns 3am
Battle Castle with Dan Snow
3.50amGeorge Cross Heroes
4.40amDiscovery Atlas
5.30am-6amMeerkat Manor
DISCOVERY HOME &
HEALTH
7pmDr Oz 8pmIm Pregnant and
HIV Positive 8.30pmIm Pregnant
and Homeless 9pmYour Kid Ate
What? 10pmEmbarrassing Bodies
11pmHoarding: Buried Alive 12am
Your Kid Ate What? 1am
Embarrassing Bodies 2am
Hoarding: Buried Alive 3amIm
Pregnant and HIV Positive 3.30am
Im Pregnant and Homeless
4am-6amA Baby Story
SKY1
7pmThe Simpsons 8pmThe
Middle 8.30pmModern Family
9pmMoone Boy: Martin becomes a
tearaway. Last in the series.
9.30pmMoone Boy: Behind the
Scenes 10pmTrollied 10.30pmCop
Squad 11.30pmRoad Wars
12.30amDog the Bounty Hunter
1.30amRoad Wars 2.30amDog
the Bounty Hunter 3.30amUK
Border Force 4.30amBest of Oops
TV 5.30am-6amAirline
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
6pmBBC News
6.30pmBBC London News
7pmThe One Show:
7.30pmEastEnders: BBC News
8pmWaterloo Road:
9pmCHOICE Hunted:
10pmBBC News
10.25pmRegional News 10.35pm
Question Time: 11.35pmThis Week:
12.20amHoliday Weatherview
12.25amSign Zone: Kill at Will?
America on Trial Panorama
12.55amSign Zone: Countryfile
1.55amSign Zone: Andrew Marrs
History of the World 2.55amSign
Zone: Dead Good Job 3.55amSign
Zone: Celebrity MasterChef
4.25am-6amBBC News
6pmEggheads:
6.30pmStrictly Come Dancing
It Takes Two:
7pmThe Hairy Bikers: Mums
Know Best: Recipes for lazy
weekends of cooking.
8pmWartime Farm:
9pmThe Choir: Sing While You
Work:
10pmCHOICE Hebburn:
10.30pmNewsnight: Weather
11.20pmIan Hislops Stiff
Upper Lip An Emotional
History of Britain:
12.20amThe Culture Show
12.50amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight 6.30pmITV
News 7pmEmmerdale:
7.30pmIs Technology Taking
Over Our Lives?: Tonight
8pmEmmerdale
8.30pmEmmerdale at 40
9pmCHOICE Homefront
10pmITV News at Ten 10.30pm
London News 10.35pmCorfu: A
Tale of Two Islands: 11.05pm
Grimefighters: 11.35pmThe Late
Debate: 12.05amThe Jonathan
Ross Show1amJackpot247; ITV
News Headlines 3amIs Technology
Taking Over Our Lives?: Tonight
3.25amITV Nightscreen
4.35am-5.30amThe Jeremy Kyle
Show
6pmThe Simpsons: 6.30pm
Hollyoaks: 7pmChannel 4 News
7.55pmStand Up to Cancer:
8pmLocation, Location,
Location:
9pmEmbarrassing Bodies
Special:
10pmMy Tattoo Addiction:
11.05pm999: Whats Your
Emergency? 12.10amRandom Acts
12.15amJewish Mum of the Year
1.10amJews at Ten 1.35amSing
for Your Life 2.30amSex, Death
and the Meaning of Life 3.25amMy
Kidney and Me 3.50amDeal or No
Deal 4.45amCountdown
5.30am-5.55amBaking Mad with
Eric Lanlard
6pmHome and Away:
6.30pm5 News at 6.30
7pmClassic Car Rescue: Bernie
Fineman and Mario Pacione
restore a Ford Mustang; 5
News Update
8pmHeroes of the Skies: 5
News at 9
9pmFILMPale Rider:
Western, directed by and
starring Clint Eastwood. 1985.
11.25pmHow Do They Do It?
12amSuperCasino
3.55amGreat Artists 4.20am
House Doctor 4.45amMichaelas
Wild Challenge 5.10amWildlife
SOS 5.35am-6amWildlife SOS
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6
7 8 9
10 11
12
13
14 15 16 17
18 19
20
21
22
6 6 16
45
16 29
9 5 7
45
15 14
45
21 5 11
30 11
45
12 8 4
8
17
10
14
17
16
13
38
10
12
18
15
30
20
28
7
22
10
33
32
16
7
9
3
ACROSS
1 Disperse from a
central point to cover
a wide area (3,3)
6 Rupture in smooth
muscle tissue (6)
7 Reach a
destination (6)
10 Business conducted
over the internet (1-8)
12 Continental quilt (5)
13 Inated feeling of
self-worth (3)
15 Flower leaf (5)
18 Gut (9)
20 Ofcial in charge
of a prison (6)
21 Tiny Japanese tree (6)
22 Ditch worn by
running water (6)
DOWN
1 Criminal
deception (5)
2 Postponed for
attention at a
later date (2,3)
3 Those people (4)
4 Put into code (9)
5 Stratum (5)
8 Highly
ofensive (9)
9 Electors (6)
11 Shortsighted-
ness (6)
14 Legs or arms (5)
16 Register formally
as a participant (5)
17 Haulage
vehicle (5)
19 Small branch (4)
D
R
O
S
L C
T
E
G
4

4

4
P A T I N A L M
I E C L I Q U E
C H A P N M L
K C D E C I D E D
I N U R E T I
N P A N A C E A R
G G A D A G E
S T E W A R D C C
E E U C H A T
C A R E S S E L
R K T R E N D Y
1 7 2 5 4 8 2 7
7 8 9 7 6 9 4 8
3 9 1 6 2 4 3 5
4 6 5 7 9 8 1 3
2 1 3 8 7 4 6 9
1 5 3 2
5 4 2 3 1 1 2 4
9 8 6 4 7 3 1 2
6 1 2 7 3 9 3 1
7 6 1 8 2 1 5 3
8 5 4 9 7 8 9 6
4
4
4
4
4
4
4
4
4
The nine-letter word was
SURVEYING
T
E
R
R
E
S
T
R
I
A
L
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
HUNTED
BBC1, 9PM
The family travels to a country estate,
where Jack Turner and other
interested parties are bidding on the
dam contract. Melissa George stars.
HEBBURN
BBC2, 10PM
Comedy about a Tyneside family,
scripted by and starring comedian
Jason Cook, based on his experiences
of growing up in the North East.
HOMEFRONT
ITV1, 9PM
Matts brother Tom is sent home to
give evidence at the inquest, and faces
a dilemma when Pete advises him to
stick to his original witness statement.
TVPICK
FOOTBALL Association chiefs have
threatened to boycott matches in
Serbia in protest after England
defender Danny Rose complained of
racist abuse during Tuesdays bad-
tempered Under-21 clash.
Serbia responded to the
allegations by denying any
occurrences of racism during
the Euro 2013 play-off second
leg and accused Rose of
inappropriate, unsportsmanlike
and vulgar behaviour.
Sports minister Hugh Robertson
urged Uefa to take the toughest
possible measures against Serbia, a
call echoed by FA general secretary
Alex Horne, who raised doubts over
future England trips to the country.
We were shocked and appalled by
the disgraceful events that occurred
in Serbia, said Horne. Our players
and staff were subjected to racial
abuse, violence as well as missiles
being thrown at them throughout
the match. What occurred is
inexcusable and not acceptable. No
football team should be asked to play
in any environment where racial
abuse, violence and threatening
behaviour is prevalent. We must
question the validity of sending a
team to Serbia in the future.
Tottenhams Rose complained of
being hit by stones and targeted with
monkey chants, with the abuse
intensifying when he was sent off
following Englands late winner.
But the Serbian FA hit back, saying
it absolutely refuses and denies that
there were any occurrences of
racism before and during the
match. The statement blamed Rose
for provoking the melee that
followed, adding: while most of the
English team players celebrated the
score, their player number 3, Danny
Rose, behaved in an inappropriate,
unsportsmanlike and vulgar manner
towards the supporters.
Uefa, which has been criticised for
its meagre punishments for
instances of racism, said it would
wait for its delegate report before
deciding whether to take any action.
FA chiefs mull
Serbia boycott
over race row
ENGLAND manager Roy Hodgson said
that their interrupted build-up to yes-
terdays game had hampered his
sides performance after their surren-
der of a one-goal lead in the 2014
World Cup qualifier away to Poland.
England were once more a disap-
pointment in labouring to a pre-
dictable draw against the worlds
54th best side after their failure to
build on Wayne Rooneys first-half
goal and retain possession was again
costly. They sit top of Group H with
eight points from four games but it is
a total the manager perhaps feels
could be greater given the difficult
circumstances imposed by Tuesdays
20-hour delay from heavy rain.
On Monday, after the training ses-
sion on the pitch, the players were
looking very sharp and lively,
Hodgson said. I didnt get that
impression [yesterday]. I dont want to
give the impression we were hard
done by and our opponents werent.
But if a game is postponed it is a
little easier if you are on home soil.
We had that extra day in the hotel.
There was no question the pitch
was playable but it wasnt suited to
quick passing. Both teams made quite
a few passing mistakes. At half-time
we were quite surprised how many
passes we had sent astray.
The reality was that Englands play
was again undermined by the same
long-term problems. For all of James
Milners occasional class and
consistent endeavour, that he was
yesterday considered Englands
finest performer in a team where
there are individuals that supposedly
pervade the world-class category is
ultimately damning.
Amid the myriad misplaced passes
and their below-par composure,
Hodgson rues rain delay after
England fail to retain their lead
England played without both the nec-
essary purpose and sophistication
required to succeed in international
football, and even after taking the
lead it was apparent that a lack of
confidence and nous was continuing
to compromise their chances.
It was never truly clear where any
potential England goal would come
from so it was in some ways fitting
that it should arrive in such uninspir-
ing fashion. 31 minutes in captain
Steven Gerrard masterfully curled a
corner into the Polish penalty area
which bounced off of Rooneys shoul-
der and into the back of the next. The
forward had attempted but failed to
head the ball but in hitting his shoul-
der it then glanced off Lukasz
Piszczek and beyond goalkeeper
Przemyslaw Tyton for the lead. It was
one England did not necessarily
deserve, but one that it was regard-
less hoped they would not waste.
With their continued misuse of
possession came the invitation for
Poland to equalise but their threat
was ultimately minimal until Joe
Harts costly mistake. Around 20 min-
utes remained when the goalkeeper
naively jumped for a cross he had lit-
tle hope of reaching, to leave Kamil
Glik with most of the goal to aim
at, and to head the equalising effort
that settled the ultimate outcome of
the game.
Nike accuses Armstrong of lying
and ditches doping-row cyclist
SPORTSWEAR giant Nike finally
severed ties with cyclist Lance
Armstrong yesterday, a week after
the US Anti-Doping Agency
(USADA) published its avalanche of
claims that he masterminded a
doping conspiracy.
Nike cited the seeming
insurmountable evidence against
Armstrong, who stands to lose his
seven Tour de France titles after
declining to contest the USADA
charges. The move came as
Armstrong, who denies doping,
stepped down as chairman of his
charity Livestrong.
Due to the seemingly
insurmountable evidence that Lance
Armstrong participated in doping
and misled Nike for more than a
decade, it is with great sadness that
we have terminated our
contract with him, the
company said in a
statement.
Nike does not
condone the use of
illegal performance
enhancing drugs in
any manner. Nike
plans to continue
support of the
Livestrong initiatives
created to unite,
inspire and
empower
people affected by cancer.
USADA last week released more
than 1,000 pages of what it says is
conclusive and undeniable proof
that Armstrong, now retired, led
the most sophisticated,
professionalized and successful
doping programme the sport has
ever seen. Cyclings world
governing body, the UCI, is yet to
give its verdict on the findings.
Nike this week denied
allegations that it paid former UCI
president Hein Verbruggen
$500,000 to cover up a positive
Armstrong drugs test.
IN BRIEF
Borini out for three months
n FOOTBALL: Liverpool forward Fabio
Borini has been ruled out for three
months and requires surgery on a
broken foot aggravated while with
Italys U21s last week. Following Andy
Carrolls loan move to West Ham, Luis
Suarez is the clubs only fit front man.
Groves to fight Johnson
n BOXING: George Groves is to fight
former world light heavyweight
champion Glen Johnson in London on
December 15, and has admitted that he
in future would like to fight fellow
Briton and IBF super middleweight
champion Carl Froch.
England goalkeeper Joe Harts (centre) failure to deal with a cross allowed Polands Kamil Glik (right) to head his sides equaliser
31
[Trash talk] is good. He should
keep talking because he isnt fighting
the moment David Haye on Tyson Fury
SPORT
cityam.com/sport
BY FRANK DALLERES
BY FRANK DALLERES
Armstrong denies leading
a systematic doping effort
POLAND......................................1
ENGLAND....................................1
BY DECLAN WARRINGTON
WORLD CUP 2014 QUALIFIER
@cityam_sport
Results
=FFK98CC
GfcXe[%%%%%%%%%%%%%%%%%%%% ' ( <e^cXe[%%%%%%%%%%%%%%%%%%%%%%%( (
>c`b.' Iffe\p*(
8kk1+*#'''
G N ; C = 8 >; Gkj
<e^cXe[%%%%%%%%%%%%%%%%%%%%%%%%%%%% + ) ) ' () ) (' /
Dfek\e\îf%%%%%%%%%%%%%%%%%%% * ) ( ' 0 ) . .
GfcXe[%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% * ( ) ' , * ) ,
Dfc[fmX%%%%%%%%%%%%%%%%%%%%%%%%%%% + ( ( ) ) . $, +
LbiXè\%%%%%%%%%%%%%%%%%%%%%%%%%%%%% * ' ) ( ( ) $( )
JXeDXièf%%%%%%%%%%%%%%%%%%%% * ' ' * ' (* $(* '
AF?EJKFE<JG8@EKKIFG?P
EFIK?<IEJ<:K@FEJ<:FE;IFLE;
Efkkj:flekp%%%%%%%% ' ( J_\]]Lk[%%%%%%%%%%%%%%%%%%% ) +
Jk\nXik ., D`cc\i )+# ,)# DX^lì\ +,# ,+
K<EE@J
NK8 9>C 9EG G8I@98J CLO<D9FLI> FG<EIe[(18
B\fk_Xmfe^>YiYkB9\ik\ejE\[-$)-$)%
KF;8PJ;@8IP
:I@:B<K
:_Xdg`fejKn\ekp)'C\X^l\$>iflg91DldYX`@e[`Xejm
Pfibj_ì\:Xg\Kfne#+%*'%
IL>9PLE@FE
8dcè:_Xcc\e^\:lgGffc(.%+,1 >cflZ\jk\im9fi[\Xlo$
9\^c\j%Gffc+.%+,1 8^\em9Xk_%
PLAYER RATINGS
Joe Hart Exposed for goal 5/10
Glen Johnson Generally tidy 7/10
Phil Jagielka Defended well 7/10
Joleon Lescott Did little wrong 6/10
Ashley Cole Good again 7/10
James Milner Contributed most 7/10
Steven Gerrard (c) Uninspiring 6/10
Michael Carrick Tidy enough 6/10
Tom Cleverley Largely listless 4/10
Wayne Rooney Englands scorer 7/10
Jermain Defoe Isolated figure 4/10
Subs: D Welbeck (67 mins, 6/10),
A Oxlade-Chamberlain (73 mins, 6/10)
The One Plan.
All you
can eat
data
2000
Any network
minutes
5000
Three-to-Three
minutes
5000
Texts

Cityam 2012-10-18

Transféré par

Informations du document

Description originale:

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Cityam 2012-10-18

Transféré par

Droits d'auteur :

Formats disponibles

BUSINESS WITH PERSONALITY

A GROUP of oligarchs last night bowed

I think its improving in London as we expand

MPC split over effect

THURSDAY 18 OCTOBER 2012

INSPIRING GLOBAL EXCELLENCE

Vous aimerez peut-être aussi