Académique Documents
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Culture Documents
BY TIM WALLACE
Slump drags finance jobs to eight-year low
2008.
To cover the cost Bank of America
will use existing reserves, sell the serv-
icing rights on 2m loans and use
$2.5bn in representations and war-
ranties provision, but will still have to
take a $2.5bn hit to fourth quarter
earnings, due out next week.
The combined payments of close to
$20bn take the industry a big step clos-
er to cleaning up the disputes from the
boom years and the financial crisis,
though more banks are still in talks
with the Fed and with Fannie Mae.
US stocks on the Dow Jones fell 0.52
per cent, with the share price of most
of the affected banks slipping.
SunTrust led the fall with its stock
down 1.9 per cent, followed by Wells
Fargo which dipped 1.12 per cent.
Bank of Americas stock initially
edged up suggesting markets had
priced in the charge, but it ended the
day down 0.66 per cent.
The compensation payments will see
10 banks give $3.3bn in cash to cus-
tomers, followed by $5.2bn in other aid
such as eased terms on loans.
Individual borrowers will receive
compensation of between several hun-
dred dollars and $125,000.
The banks involved are: Aurora; Bank
of America; Citibank; JP Morgan Chase;
MetLife Bank; PNC; Sovereign;
SunTrust; US Bank; and Wells Fargo.
The settlement ends the time con-
suming process customers have had to
go through until now to claim money
back, bringing in a quicker process.
Bank of Americas settlement with
Fannie Mae sees the bank pay $3.6bn in
THE MAYORS Fund for London and Magic Breakfast has today
launched a campaign to provide 5,000 children with free healthy
breakfasts across Londons most disadvantaged areas. Ninety-three
per cent of teachers say they have noticed an improvement in
behaviour and concentration from children who have had a good
breakfast. Mayor of London Boris Johnson said: The children and
young people of this great city are its future. It is vital that we invest
in these youngsters now in order to ensure the future of our city.
The Mayors Fund focuses on young disadvantaged Londoners.
US BANKS were hit with compensation
payments and settlement costs of
almost $20bn (12.4bn) yesterday as
regulators and the industry moved to
end long-running rows over the toxic
debt and aggressive repossessions of
the credit crunch era.
Ten banks will have to pay a total of
$8.5bn in compensation and mortgage
assistance to customers who suffered
from bad foreclosure practices, under
an agreement with the Federal Reserve
and the Office of the Comptroller of
the Currency.
And Bank of America Merrill Lynch
has agreed to pay $10.35bn to Fannie
Mae to settle a long-running battle
over bad mortgage books it sold to the
state-backed agency between 2000 and
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BY TIM WALLACE
BANKS HAMMERED BY
$20BN MORTGAGE BILL
ISSUE 1,792 TUESDAY 8 JANUARY 2013
THE CAPITALIST: Page 11
Certified Distribution
from 29/10/12 to 25/11/12 is 129,356
AXELLE
LEMAIRE Page 21
SAM
TORRANCE Page 27
COMMENT YOU
CAN COUNT ON
ANDREW LILICO Page 21
ROSS
WESTGATE Page 19
PHILIP
BOOTH Page 20
ITS MAGIC: BORIS JOHNSON LAUNCHES BREAKFAST CAMPAIGN
THE COLLAPSE in UK finance jobs
continued apace in December, with
the number of persons working in
regulated jobs falling to its lowest
level since 2004, according to new
data published yesterday.
Just 153,835 people are now on
the Financial Services Authoritys
approved persons list down 10.6
per cent on the February 2008
peak, analysts at Imas revealed.
The banking sector led the
decline with a 17.2 per cent fall,
taking the number of staff on the
register down to 36,380. Large-scale
savings programmes Swiss bank
UBS is cutting 11,000 jobs while
Bank of America is losing 16,000
are set to roll on for several years.
Big banks have high cost bases,
and have been hit hard there is
very little activity in bond, equity
and derivatives markets, so they are
cutting back, said Robert Harbron
from the Centre for Economics and
Business Research, which estimates
more than 100,000 City jobs have
been lost since the financial crisis.
In addition it is very hard to set
up a new bank, which could also
drag down approved staff levels.
But a few areas have seen growth,
with the number in investment
advice roles up 7.7 per cent.
cash and repurchase certain residen-
tial mortgage loans for $6.75bn, as it
had previously valued them at less
than the purchase price.
Fannie Mae has diligently pursued
repurchases on loans that did not
meet our standards at the time of orig-
ination, said the agencys Bradley
Lerman, arguing the settlement is in
the best interest of taxpayers.
Analysts at ratings agency Fitch
praised Bank of Americas settlement.
The settlement amount is below
expectations under various stress sce-
narios, the agency said.
This settlement substantially
addresses much of the uncertainty
related to this exposure.
The deal follows another last
February, when Bank of America,
Citigroup, Wells Fargo, JP Morgan
Chase and Ally Financial agreed to give
homeowners $25bn to settle claims
over improper foreclosure practices.
THE 10 BANKS PAYING OUT
The number of staff approved by the FSA fell to an eight-year low in December
*peaked in February 2005 at 11,970
Category Change on February 2008 peak
All approved persons Down 10.6% to 151,835
Lending Down 17.2% to 36380
Finance and mortgage brokers Down 54.9% to 1454
Traders Down 13% to 21052
Debt management and admin Down 19% to 153
Investment distributors Down 12.1% to 27661
Insurance brokers and distributors Up 4.3% to 10,846*
Insurance firms Down 26.8% to 4,809
Insurance support services Down 7% to 1,048
Fund managers, private equity and actuaries Up 7.7% to 45,911
Life firms and mutuals Down 14% to 1530
Financial technology support Up 22.2% to 912
Research and outsourced services Up 41.8% to 2539
DAVID
BUIK Page 18
SOME OF TODAYS TOP COLUMNISTS
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
MARTIN Glenn, the boss of Iglo
Group, which includes Birds Eye
foods, is quitting after six years
running the company.
The chief executive will leave in
the next few months, Sky reported
last night, after leading the
company through the recession
and austerity.
Birds Eye products have done
well in straitened times, as cash-
strapped consumers have switched
from fresh to cheaper frozen
goods. Birds Eye is owned by
private equity firm Permira.
Birds Eye boss
to step down
BY BEN SOUTHWOOD
THE US Securities and Exchange
Commission (SEC) is investigating
whether accountancy firm Ernst &
Young violated auditor rules by
letting its lobbying unit perform
work for several major audit clients,
according to Reuters.
US rules bar auditors from serving
in an advocacy role for audit
clients. An SEC spokesman declined
to comment. An Ernst & Young
spokeswoman told Reuters: All of
our services for audit clients
undergo considerable scrutiny to
confirm they are consistent with
applicable rules.
BY CITY A.M. REPORTER
Goldman says austerity
plan is slower than peers
THE SPENDING cuts and tax hikes
scheduled to hit the UK in 2013 are
milder than most other advanced
economies, according to a Goldman
Sachs research note out yesterday.
Fiscal policy is planned have a
tightening effect of about one per
cent of GDP this year, Goldman esti-
mates, as the government brings the
budget deficit down from the 11 to
12 per cent of GDP it hit during the
heights of the crisis.
But criticism from Labour and
other commentators, attacking the
governments austerity programme
as too far too fast is wrongheaded,
Goldman suggests. Contrary to pop-
ular perception, the speed of the
planned fiscal adjustment in the UK
in 2013 is actually slower than it is in
most other advanced economies,
the authors say.
And even though the cuts will add
to the demand shortage in the UK
economy, failing to arrest the speed
the national debt was growing
would have risked a debt crisis led to
a much worse demand problem in
the long run, the researchers say.
These comments came in a note
arguing that chancellor George
Osborne and the Treasury would
stick to their so-called Plan A and
continue trying to erase the cyclical-
ly-adjusted structural budget deficit.
Icelandic raider pleads not guilty
Jn sgeir Jhannesson, the Icelandic
corporate raider who used to own large
parts of the UK high street, has pleaded
not guilty as one of the most notorious
sagas in the collapse of the Icelandic
banking system came to court.
Obama announces new security team
Barack Obama has announced his new
national security team, tapping loyalists
to oversee the continuing pursuit of
terrorists, the implementation of defence
budget cuts and a drawdown of US
military operations overseas. Shrugging
off a campaign against Chuck Hagel as
secretary of defence for his views on Iran
and Israel, Obama said the former
Republican senator was the leader our
troops deserve and urged the Senate to
approve him promptly.
China media stand-off escalates
Striking Chinese journalists have
escalated their stand-off with censors in
the southern city of Guangzhou,
presenting Beijings new leaders with
their first full-blown political crisis since
taking power in November.
Music stops again for Virgin
Virgin France is to close its megastore on
the Champs Elyses and file for insolvency
after a collapse in sales. The music chain
says it is drawing up an emergency plan to
save some of its 27 stores in France.
Waless biggest firm looks to grow
IQE, the Cardiff business that uses clever
nanotechnology to manufacture wafers for
microchips, is believed to be in the process
of raising 17.5m with which to make an
acquisition.
US seriously mulling $1 trillion coin
The US is seriously considering creating a $1
trillion (620bn) platinum coin to write
down part of its debt to stop the worlds
largest economy defaulting as early as next
month, financial analyst Cullen Roche told
BBCs today programme yesterday.
Sterling faces triple cocktail in 2013
Sterling will weaken this year, HSBC said, as
the UK faces a potentially testing triple
cocktail of sovereign downgrade looms,
austerity hits and the fiscal cliff fades away.
Netflix signs Warner Bros. deal
In a sign that Netflixs appetite for new
content remains as healthy as ever, the
video-streaming service struck a licensing
deal with Warner Bros., covering a series of
fresh TV shows.
France looks to hike internet costs
The French government is studying ways
to push large web companies to pay local
internet providers more for the
bandwidth being used, a minister said
yesterday.
BALFOUR Beatty last night said Ian
Tyler will step down from his role
as chief executive on 31 March,
marking the end of an eight year
stretch at the top of the FTSE 250-
listed infrastructure group.
Tyler will hand the reins to
deputy chief executive Andrew
McNaughton before exploring new
opportunities outside Balfour
Beatty, he said in a statement.
The firm has trebled in size
under Tylers tenure, the firm said,
though this year it has seen tough
trading that prompted a profit
warning in November.
McNaughton was promoted to
Tylers deputy in July, as part of the
boards succession plan. He has
worked for the firm since 1997.
The board is delighted that
someone of Andrews calibre has
developed from within the business
and is now ready to take over the
role of chief executive from Ian,
said chairman Steve Marshall.
Balfour, which is due to release a
trading update today, also revealed
yesterday that it will work
with Skanska on a 321m
contract to upgrade parts
of the M25, and its US
arm has won a power
station contract.
Balfour Beatty
chief to hand
reins to deputy
Goldman Sachs analysts predicted George Osborne would stick to his so-called fiscal Plan A
2
NEWS
BY MARION DAKERS AND
CATHY ADAMS
BY BEN SOUTHWOOD
To contact the newsdesk email news@cityam.com
I
F you travelled abroad over
Christmas, you will have noticed
that goods in shops are often
cheaper than in the UK. A uSwitch
survey cited by the Institute of
Economic Affairs shows that a food
basket costs roughly a fifth more in
the UK than it does in Germany,
France and the Netherlands.
Once again, misguided rules are
responsible for Britains woes and for
the excessively high prices that are
hurting all of us and the poor espe-
cially badly. As explained in an excel-
lent paper by Paul Cheshire, Christian
Hilber and Ioannis Kaplanis, pub-
lished by the London School of
Economics spatial economics centre,
planning policies, including the noto-
rious town centre first ideology,
have had a devastating impact on
retailers productivity and thus
pushed up the cost of food and goods
EDITORS
LETTER
ALLISTER HEATH
Daft planning rules are pushing up the price of food in shops
TUESDAY 8 JANUARY 2013
sold by supermarkets. The LSE paper
published in 2011 but which I finally
read over Christmas found that the
total factor productivity of supermar-
kets has been reduced by at least 20
per cent since the late 1980s by plan-
ning policies. Three main factors have
increased space costs and hence
prices: the restriction of the total
availability of land for retail; rules
directly limiting store sizes; and rules
concentrating retail development on
central locations, rather than in out
of town locations. Every minister
should study these findings; we shall
soon find out whether the coalitions
relaunch will actually lead to real
action being taken on this vital front.
Older statistics suggest that at one
stage in British cities the most expen-
sive land for retail was 250 times as
expensive as the most expensive retail
land in comparable US cities. More
recent estimates cited by the authors
suggest that the cost of land for UK
supermarkets is at least five to ten
times greater than in similar
Continental European countries. No
wonder food and other retail goods
are cheaper in those countries; exces-
sive land prices are being passed on to
the consumer, as ever.
Several studies, including one by the
European Commission, have shown
that the planning system also artifi-
cially restricts the competition
sive price of homes relative to
incomes, especially in London and
the commuter belt. But such restric-
tive policies are equally detrimental
to commercial property and are
therefore pushing up retail prices, the
cost of living and office costs.
Im certainly not calling for sky-
scrapers in every back garden, or for
the paving over of the countryside
just for a little more common sense,
greater respect for ownership rights
and a move towards a genuine mar-
ket in property, including mecha-
nisms to compensate losers from
development. Planning rules are now
one of the key factors preventing a
genuine, sustainable recovery of the
UK economy. The coalition needs to
take urgent, radical action.
between supermarkets.
The cost of other kinds of commer-
cial property is also being propped
up. Separate work by Cheshire and
Hilber has found that planning red
tape has massively hiked the cost of
office space thus also pushing up
rents, the cost of doing business and
hitting jobs. They found that the
extra burden imposed by the UKs
land use planning system was not
only substantially higher than in any
other country for which it was possi-
ble to get the requisite data but over
1999-2005 imposed the equivalent of
a tax on construction costs of more
than 800 per cent in the most con-
stricted jurisdiction where demand
was strongest Londons West End.
There is growing recognition that
the UKs housing policies are far too
restrictive and that insufficient house
building is a key reason for the exces-
Goldman said it thought the Office
for Budget Responsibility (OBR) the
official fiscal watchdog had now
revised its forecasts to a reasonable
point, after data came in consistently
far worse than predicted. Since policy
is made based on OBR projections, if
these are roughly accurate, the chan-
cellor will not have to engage in any
extra unpopular austerity measures to
meet his remaining deficit target.
And loosening up fiscal policy was
not the only economic intervention
Goldman thought to be on balance
misguided. The banks researchers
claimed evidence had shown that the
Bank of Englands quantitative easing
programme was largely ineffective in
reducing the cost and/or easing the
availability of credit to the private sec-
tor and said the Bank was unlikely to
add to its 375bn stock of gilts in 2013.
Further, the authors did not place
faith in a switch to targeting nominal
GDP, a policy switch raised by incom-
ing Bank of England governor Mark
Carney and welcomed by Osborne, and
claimed such a change could lead to
out-of-control inflation.
COMMENT: Pages 19, 20
The new jobs website for London professionals
CITYAMCAREERS.com
WHAT THE OTHER PAPERS SAY THIS MORNING
Incoming Balfour chief
Andrew McNaughton
Ernst & Young
probed by US
COAL miner Bumi yesterday agreed to
a meeting to discuss Nat Rothschilds
plans for a board overhaul, although it
added that the financier must take a
significant amount of responsibility
for the companys situation.
Bumi co-founder Rothschild is seek-
ing to remove 12 of the 14 current
directors including chief executive
Nick Von Schirnding and senior inde-
pendent director Sir Julian Horn-
Smith, among others and replace
them with new directors, including
himself. His proposal has the support
of Schroders UK head of equities
Richard Buxton.
Bumi yesterday defended its board,
saying it had taken extremely serious-
ly the findings of the Macfarlanes
investigation, and that Bumis board
structure had changed materially
over the past few months.
As a board we have been working
extremely hard to solve the various
highly complicated and challenging
governance, operational and legal
issues at the company and to max-
imise value for shareholders, senior
independent director Horn-Smith said
yesterday.
The Bakrie family, who brought in
Indonesian arm Bumi Resources,
called Rothschilds proposal a distrac-
tion, and again called for the finan-
cier to give up his 16m bonus shares.
Bumi agrees to
Nat Rothschild
board meeting
BY CATHY ADAMS
APPLE has seen more than $10bn
(6.2bn) spent on apps since it
launched its App Store four and a half
years ago.
The iPad and iPhone maker said
that more than 40bn apps have been
downloaded since July 2008, and that
the rate is increasing, with nearly
20bn of those downloads occurring in
2012 alone.
Apple takes a 30 per cent cut on all
apps, meaning that it has raked in
over $3bn and paid $7bn to develop-
ers since the App Store opened. This
business alone would make Apple one
of the worlds biggest media firms.
The company said December
had been record-breaking, with
more than 2bn apps down-
loaded in the month
that millions of iPhones
and iPads were
unwrapped on Christmas
day.
Over 775,000 apps have been
developed since Apple introduced
App Store has
made $10bn in
sales for Apple
BY JAMES TITCOMB
the store along with the launch of its
second-generation iPhone, the 3G.
Developers have made over seven
billion dollars on the App Store, and
we continue to invest in providing
them with the best ecosystem so they
can create the most innovative apps in
the world, Apples software chief
Eddy Cue said.
App development has become an
increasingly lucrative business for
developers. One of the most success-
ful, Swedish firm Rovio, is now esti-
mated to have revenues of more than
100m from its wildly-popular Angry
Birds franchise. Meanwhile, average
salaries for app developers in the UK
are now at an all-time high of
70,000, according to ReThink
Recruitment. Of the 775,000
apps available, around
300,000 are dedicated to the
iPad, Apple said.
Citis Corbat hires new exec team
CITIS new chief executive Michael
Corbat yesterday announced a root
and branch overhaul of the banks
senior leadership team just three
months into his tenure at the firm.
Corbat, who replaced former
chief executive Vikram Pandit after
his high profile exit in October, has
promoted Citi veterans Jamie
Forese and Manuel Medina-Mora to
be his key lieutenants in the new-
look regime.
Forese will oversee the banks
institutional business and Manuel
Medina-Mora will look after its
consumer banking interests.
BY MICHAEL BOW
Citi also announced plans to
restructure its operations and
technology division, breaking out
the parts underpinning its
commercial and institutional side
and placing them under the control
of Forese and Medina-Mora, as it
seeks to modernise its operations.
The overhaul
follows a torrid
year for Citi,
which saw a
dramatic dip in
profits and the
shedding of
11,000 jobs at the
bank.
Yesterdays announcement also
saw Jim Cowles made chief
executive of Europe, the Middle
East and Africa. He was formerly
chief operating officer for the
region. Having worked with Jim
very closely last year, I have great
confidence in his ability to lead our
businesses in the region, Corbat
said.
Top risk officer Brian Leach
has also been made responsible
for overall compliance at the
bank.
BRAZILIAN football legend Ronaldo is heading to the UK to work for Sir Martin Sorrells
advertising giant WPP. The 37-year-old, who owns sports marketing company 9ine with
WPP, will work on deals ahead of Brazils 2014 World Cup. Ronaldo told a Brazilian
newspaper: Learning from Martin Sorrell will be perfect. I won't leave him alone.
RONALDO TRANSFERS TO UK TO PICK SORRELLS BRAIN
Medina-Mora (l) and Forese
are Citis key lieutenants
Angry Birds is one of
the top-selling apps
CES 2013: Page 13
TUESDAY 8 JANUARY 2013
3
NEWS
cityam.com
REPRESENTATIVES from the UKs
big four will face a grilling over
the payment protection
insurance (PPI) mis-selling
scandal from a sub-panel of the
Parliamentary Commission on
Banking Standards (PCBS).
The commission, headed by
Conservative MP Andrew Tyrie,
who also chairs the Treasury
Select Committee, is looking for
top executives involved in the
retail side of the banking
business, which sold PPI. It has
PPI mis-selling bankers to face
banking commission grilling
BY BEN SOUTHWOOD
set up a sub-panel, led by Lord
McFall of Alcuith, and manned
by Lord Turnbull, Pat McFadden
MP, Mark Garnier MP and
Andrew Love MP.
This could potentially include
Barclays chief executive Antony
Jenkins, who used to run
Barclaycard, though the
commission has not yet
identified the bankers it wants to
talk to. Barclays declined to
comment.
Royal Bank of Scotland, Halifax
and HSBC make up the other
three of the big four UK banks.
BANK shares jumped yesterday after
regulators eased incoming liquidity
rules, giving banks more time to
build up their buffers as well as let-
ting lenders use a wider range of
instruments.
The aim of the rules is to make sure
banks have a buffer of liquid assets
big enough to match outflows of cash
in a month-long stressed position.
Initially, they were meant to come
in in 2015, but the authorities feared
that could be too rapid, forcing banks
to raise buffers at the expense of lend-
ing and so harming the economy.
Now the rules will be phased in
from 2015 to 2019.
Barclays, RBS and Lloyds all saw
their shares jump sharply Barclays
led the field with a 3.79 per cent rise.
The banks declined to comment,
but a source at a major lender said the
change was a very positive step.
Banks have been pulled in several
different directions by regulators, and
it is good that they have recognised
the need for growth, the source said.
Yesterday the Basel Committee on
Banking Supervision gave more
Markets lap up
easing of bank
liquidity rules
BY TIM WALLACE
details on the instruments allowed
towards the buffer including the
retail mortgage backed securities
(RMBS) which will be allowed to make
up below 15 per cent.
They must not be issued by the bank
itself; must have a double-A rating or
better; must be traded in large, deep
and active repo or cash markets; have
a track record of liquidity in markets
even under stressed conditions; and be
based on residential mortgages and
contain no structured products; the
owner of the underlying mortgages
must be liable for any shortfall in sales
proceeds from the property in the
event of a foreclosure; and the issuer
must retain a stake in the assets they
securitise. Similar conditions are
applied to the new equity and corpo-
rate debt securities now eligible.
But despite the tough constraints
bankers praised the move to allow
RMBS into the buffer, both because it
gives another source of liquidity and
because it creates more uses for RBMS
and so stimulates the market.
The authorities also said the buffer
must be regularly tested, selling or
repoing assets to make sure they as liq-
uid and valuable as expected.
Tough new funding rules next
target on finance lobby hit list
BANKS will spend the coming years
pushing regulators to scrap incom-
ing rules which will force them to
match long term lending with long
term funding, emboldened by their
success in getting liquidity rules
weakened, City A.M. has learned.
The British Bankers Association
spent several years arguing the
Liquidity Coverage Ratio would
force banks to reduce lending and
so harm the economy, resulting in
regulators giving banks a longer
timetable to comply, as well as a
wider range of instruments to use
in building their liquidity buffers.
So the BBA has now set its sights
on the net stable funding ratio
(NSFR) rules, coming in in 2018.
They will force lenders to back
loans with long-term funding,
which banks say effectively ends the
maturity transformation model on
which they rely, pushing up costs
for customers and hitting lending.
On top of that insurers are facing
new rules which make it more
expensive for them to lend funds
for a long time, making it harder
for banks to get such funding.
We want regulators to lower the
proportion of one year plus funding
required to recognise such longer
term funding will be expensive for
banks, if it is available at all, said
the BBAs Simon Hills.
That extra cost can only be
passed on to customers. It might
not have a huge impact on
residential mortgages, but for
infrastructure finance the costs will
rise which will affect things like the
price of renewable energy.
Sir Mervyn King heads Basels supervisory committee and announced the easing of the rules
EXCLUSIVE
BY TIM WALLACE
FORUM: Page 21
TUESDAY 8 JANUARY 2013
4
NEWS
cityam.com
Q
What is the LCR?
A
The Liquidity Coverage Ratio is a
measure intended to decide how
big a buffer of liquid assets a bank
needs to survive a month-long
squeeze. The bank will be able to sell
the assets in the buffer to cover the
outflow of cash in the tough period,
relying on its own assets rather than
the central bank.
Q
And RMBS?
A
Residential mortgage backed
securities are assets made up of a
bundle of mortgages. They got a bad
name in the crisis, but
high quality ones are
fundamentally strong
and based on real
underlying assets. But they are not
considered as strong as, say,
government bonds, so banks will
only be allowed a small number in
the buffer.
Q
What about HQLA?
A
The buffer must be made of high-
quality liquid assets that is,
assets that they can sell even in a
crisis, and which are not tied up as,
say, collateral in other deals.
Q
A
and
WHAT ARE ALL THESE ACRONYMS?
LORD Strathclyde, Leader of the
House of Lords, resigned yesterday
after 25 continuous years on the
Conservative front bench. The
hereditary peer, 52, said he took the
surprise decision to quit the cabinet
halfway through this parliament so
he can pursue a second career in
business before it is too late.
I started my life in the private
sector and at some stage always
hoped to return, I would now like to
do so, he told the Prime Minister in
his resignation letter.
It is unclear what role Strathclyde
has in my mind but he began his
career in the City as an insurance
broker with Bain Clarkson. He
continues to be a name at Lloyds of
London, controls his familys estate
management business and has held
various non-executive directorships.
His parliamentary private
secretary, Nigel Adams MP, told City
A.M. that the peer has been
an incredibly astute and
popular politician who
served with distinction
and will be sorely missed.
Strathclyde will be
replaced as leader by
Lord Hill, a former
political secretary
to John Major.
Lords leader
quits to return
to business
BY JAMES WATERSON
DAVID Cameron and Nick Clegg yes-
terday insisted the coalition would
last a full five-year parliamentary
term and said a range of policy
announcements on infrastructure
investment, childcare costs and
housebuilding would form the basis
of the governments work for the next
two years.
Despite this a leading business
group responded by demanding the
duo go further, faster and imple-
ment more radical reforms before the
May 2015 general election.
The government must redouble
their efforts to enact radical reform
across the board, said Graeme Leach,
of the Institute of Directors. On tax
simplification, slashing red tape and
setting the private sector free to grow
we need to see the coalition put the
pedal to the metal.
CBI director-general John Cridland
agreed: We dont need a flurry of
new announcements, but we do need
to see the coalitions ideas translated
into action now.
Speaking at a rare joint press confer-
Cameron and
Clegg pledge to
stay until 2015
BY JAMES WATERSON
ence to launch the part-appraisal, part-
manifesto mid-term review document,
the PM and his deputy insisted they
were happy to govern in a coalition.
Its not a marriage, its a Ronseal
deal, it does what it says on the tin,
Cameron said. We said we would
come together, we said we would form
a government, we said we would tack-
le these problems, we said we would
get on with it in a mature and sensible
way and that is exactly what weve
done. Clegg agreed, saying this was
the unvarnished truth.
Many of the policies in the mid-term
review have already been announced,
while details on other measures
trailed in the 48-page document
such as plans to reduce the cost of
childcare, an improved state pension
and caps on care home fees are
expected before the Budget in March.
Meanwhile MPs will today debate the
Welfare Benefits Up-rating Bill, which
seeks to limit increases to most work-
ing-age benefits to one per cent. Last
night Labour successfully tabled an
amendment backing a jobs guarantee
for the long term unemployed.
Clegg and Cameron last hosted a joint Downing Street press conference in 2010
Strathclyde is an
ex-tourism minister
n Set out detailed plans for public
spending for the 2015-16 fiscal year
before the summer.
n Move as rapidly as possible towards a
national high speed rail network by
bringing forward legislation for High
Speed Two.
n Accelerate the road building
programme and upgrade key roads such
as the A1 to motorway standard.
n Encourage private sector investment in
infrastructure, especially the road
network.
n Backing for Airports Commission into
additional capacity.
n Cap care home fees for the elderly and
help parents with the cost of childcare.
n Create a 10bn debt guarantee scheme
to support the construction of new homes
to be made available for private rent or to
buy at an affordable price.
n Invest in action to cut down on tax
evasion and avoidance, with the hope of
raising an additional 2bn a year.
n Strengthen consumer rights against
energy companies and rogue bailiffs.
n Introduce a register of lobbyists before
the next election.
n Reform the state pension to reward
individuals who save for retirement.
WHAT HAS THE GOVERNMENT PROMISED TO DO?
MORE IN THE FORUM: Page 20
n n
TUESDAY 8 JANUARY 2013
6
NEWS
cityam.com
MORRISONS chief executive Dalton
Philips yesterday defended his strate-
gy for the group after the grocer con-
firmed its position as the turkey
among the big four this Christmas.
The grocer reported a 2.5 per cent
slump in like-for-like sales in the six
weeks to 30 December, despite the
help from an extra pre-Christmas
trading day compared with last year.
Philips said the performance was
disappointing and admitted the
grocers main challenge was the
accelerating importance of online
and convenience.
Philips added that while core cus-
tomers stuck with the grocer over
Christmas, it had lost floating cus-
tomers to other grocers via promo-
tions and vouchers.
He said Morrisons needed to
improve on marketing and shout
about our points of difference such
as its skilled butchers and bakers.
The group announced it has pro-
moted Nick Collard to marketing and
customer director to spearhead its
Morrisons says
Christmas sales
disappointing
BY KASMIRA JEFFORD marketing strategy.
Morrisons has lagged behind rivals
in moving online and opening conven-
ience stores. It has opened 12 M Locals
so far and plans to open another 70 by
the end of this year.
The grocer has in the past been reti-
cent about launching online grocery
but Philips said Morrisons was looking
closely at the idea and would update
the market in March.
Defending claims that his role at the
grocer is likely to come under scrutiny
if sales continue to slide, Philips said:
Its not just about month-on-month
figures, you have got to look at direc-
tion of travel.
HOUSE OF FRASER BASKS IN BUMPER CHRISTMAS
HOUSE OF FRASER
has become the
latest retailer to
boast of a bumper
Christmas, with
like-for-like sales
up 6.3 per cent in
the period.
Following hot on
the heels of rival
John Lewis, the
department store
group said in a
trading statement
yesterday that its
stores performed
well while online
sales rose a record
48 per cent, with
mobile devices
accounting for 35
per cent of sales.
WM Morrison Supermarkets PLC
31 Dec 3Jan 2Jan 4Jan 7Jan
256
258
260
262
264 p
259.61
7Jan
Kelly Brook in a dress she
designed for New Look
VALUE fashion retailer
New Look said it enjoyed
a stellar Christmas
trading period as it
benefited from
shoppers delaying
spending and
hunting for bargain
buys.
The firm, owned
by private equity
groups Apax,
Permira and
founder Tom Singh,
posted a 3.7 per
cent rise in UK like-
New Look says turnaround plan
paying off as festive sales rise
BY KASMIRA JEFFORD for-like sales for the 14 weeks to 29
December.
Group sales were 4.5 per cent
ahead of last year.
Chairman Alistair McGeorge
said its performance was a
testament to the success of our
recovery programme and the
strength of our brand.
The retailer, which has over
1bn of debt, has been
attempting to revive sales by
revamping stores and
targeting a more mature
customer.
TUESDAY 8 JANUARY 2013
8
NEWS
cityam.com
This trading statement is grim, but there is no direct prot warning, in
part because consensus continues to fall. We see continued downside to consen-
sus prots for 2014 and 2015, given the likely sales underperformance
and the costs of entry into new channels.
ANALYST VIEWS
20
TUESDAY 8 JANUARY 2013
PHILIP BOOTH
Coalition tinkering on family tax
and pensions is too little too late
To complicate matters further, the
government has now proposed tax
relief of up to 2,000 a year to assist
working mothers with the costs of
childcare. In other words, yet more tin-
kering, with stay-at-home mothers
implicitly discriminated against. A bet-
ter solution would have been to deregu-
late the sector to drive down the costs
of childcare now some of the highest
in Europe. Since the mid-1990s, the
number of child minders has fallen by
nearly 50 per cent, after the last Labour
government pushed up the costs of
training and the bureaucracy associat-
ed with being registered.
There is also no clear direction over
infrastructure. When in opposition,
the Conservatives promised to build a
high speed rail link to Birmingham to
compensate for their opposition to an
extra runway at Heathrow. But this just
replaces a project that would have been
financed by the private sector with one
that will be planned and guaranteed
by government. We have also heard
mutterings that tolls will be intro-
duced on new roads. But which hotel
chain would decide to only charge for
new rooms? Either tolls are a good idea
or they are not.
So, what should the coalition have
done in its relaunch? We cannot expect
it to become coherent overnight. But
the government should recognise that
the state is too big, the role of the fami-
ly in providing for its own needs espe-
cially in old and young age is too
small, and that there needs to be a deci-
sive change in direction. We should
also expect rigorous economic analysis
of policy before implementation.
Yes, we need to build new infrastruc-
ture. But it should not be a process led,
directed and financed by the state. The
planning system should work with the
grain of the market. Those affected by
new building should be compensated.
The private sector should finance and
bear the risk of new projects, and road
use should be properly priced.
We also need to transform health,
long-term care and pension provision.
As in many OECD countries, we have
designed a system by which the taxes of
the working generation pay for the old-
age provision of the retired, and we are
sleep-walking towards disaster. When it
comes to pensions and long-term care,
the coalition should be enacting
reforms so that needs are provided for
by the family and through saving.
Unfortunately, we are unlikely to see
any of this. With regard to long-term
care we will see some fudged imple-
mentation of the Dilnot review, where-
by the state contributes even more
towards total care costs than it does at
present. When it comes to pension pro-
vision, increased private sector saving is
the last thing on the mind of the gov-
ernment. It is hammering the last nails
in the coffin of the ability to contract
out of the state pension (a policy sup-
ported even by 1970s Labour minister
Barbara Castle), and it has nationalised
the assets of the Royal Mail pension
scheme. The proposed flat-rate state
pension will be simpler, but this will be
partly financed by using money that
people would have saved in private sec-
tor schemes. This is short-termism at its
worst.
While producing coherent policy in
these areas, the government needs to
look again at family tax and benefit
policy. Reform here has been too timid.
People should pay less tax, they should
receive less in benefits and the state
should be smaller. These 17 words
should dominate the thinking of the
coalition at its half-way point.
Philip Booth is professor of insurance and
risk management at Cass Business School,
and editorial and programmes director at the
Institute of Economic Affairs.
the door to lots of other sorts of
easing like credit easing under
Funding for Lending, or qualitative
easing. What began as a plan to buy
high quality private debt has
morphed in response to subsequent
events. Both the Fed and the Bank of
England are conducting very
different programmes to the ones
they initially intended.
We are experiencing what the
economist Ludwig von Mises referred
to as the dynamics of intervention.
An initial policy decision may appear
wise, but if it fails to work then it is
modified. This can make things even
worse. There is a danger that we
enter a vicious cycle, where the
failure of one intervention begets
another, and the result is an
outcome that was never intended at
the start.
A similar phenomenon took place
for my wife during childbirth. The
natural way to give birth is in a calm
and safe environment (like a home),
with a medical expert on hand to
provide assistance. But when my wife
recently went into labour with our
second child, we were forced to go
into hospital. The first intervention
was a fetal heart rate monitor, which
was reassuring but which restricts
the mothers movement. The second
was a drip to reduce discomfort, but
which again reduced my wifes
movement. Partly as a result of this,
labour became more painful and an
epidural was required injected
directly into the spine. The
cumulative effect of all of this was
that the decision to go to hospital
ultimately led to an emergency blood
transfusion in an operating theatre.
The argument is not that
interventions are always bad. A small
minority of home births end in a
tragedy that may have been
preventable with better medical
equipment. Modern medicine is a
marvel and hospital staff do a
fantastic job.
But whether its monetary policy
or childbirth, you need to look at the
long game. A narrow focus on
marginal interventions can obstruct
the bigger picture. Decisions we
make can put us on a path that is
almost impossible to turn back from.
Advocates of intervention would do a
better job of selling it to sceptics if
they confronted this point, and
spelled out the downside risks.
There is a dynamic of intervention.
Each decision can seem small in
isolation, but inevitably leads to
further action. What starts as pain
relief can soon go much further.
Anthony J. Evans is associate professor of
economics at ESCP Europe Business School.
www.anthonyjevans.com, @anthonyjevans
FRONTLINE
ECONOMICS
ANTHONY J. EVANS
The dynamics of QE have set the Bank of England on an unintended journey
DUBLIN
*
One way fare includes all taxes and charges, in-ight snacks and 12kg hand luggage. Check-in luggage is not permitted for this fare, but can be purchased for an additional fee during online check-in or at the airport. Correct as of 7January. Non-refundable, non-changeable. Subject to availability.
21
TUESDAY 8 JANUARY 2013
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
Broadband policy
[Re: Think tank slams plan to splash out on
UK broadband arms race, yesterday]
This is an essential look at the UKs costly
and ineffective broadband policies. But it
fails to recommend immediate policy
changes that would result in much-needed,
competition for fixed line and mobile
internet access. Allowing wholesale internet
service providers to lease from BT for both
commercial and residential properties, as
well as offering competitive access to
physical infrastructure are just two
proposals. They would see new businesses
enter the market and create more
competition. Ultimately, it is Ofcoms
responsibility to ensure that broadband
competition happens. Until we see a review
of Ofcoms remit, which is unlikely to
happen in this government, taxpayers
money will be wasted on rolling out
somewhat superfast broadband by BT, the
monopoly incumbent, to some of the
country. There is no guarantee that
consumers will even take it up.
DominiqueLazanski
[Re: Public understanding of economic
principles will decide 2015 election, Friday]
The most depressing thing is that the
overwhelming majority seem to think the
government is making swingeing cuts. It is
not. Although James Frayne is right to
recommend a better-framed debate, all the
best arguments come to nothing without
concerted action.
RoryMaw
W
HAT should discipline
how much cash a
business keeps aside to
service its debts what
we might call its
liquidity buffer? The answers
pretty obvious: how much the debts
are; how often they fall due; to what
extent they can be called up early;
how secure are the inflows from a
businesss cash-generating activities
and so on.
The key discipline is these market
factors. Obviously, its undesirable if
firms operate fraudulently, and tak-
ing on additional debts when you are
already bust is akin to fraud. So all
firms are subject to certain regulato-
ry obligations about their liquidity
and solvency. But regulatory require-
ments, of the sort announced on
Sunday by the Basel Committee on
Banking Supervision, should only be
a backstop the main source of disci-
pline must always be market factors.
What is true of other businesses is
also true of banks. There is nothing
magical about a bank that means it
shouldnt have to repay its debts, or
that it should not be mainly market
factors that discipline its activities.
What is unusual about a bank, and
intrinsic to its business, is that a rela-
tively high proportion of its debts are
subject to early recall in particular
the loans to the bank we call
deposits. Banks need to keep ade-
quate liquidity available, or have
available credit lines, to pay ordinary
and unusual withdrawals by deposi-
tors. If it does not maintain adequate
liquidity for that purpose, the bank
should fail, as other businesses fail.
And as with other business failures,
that might mean that not all credi-
tors are made whole. In the case of a
bank, that means depositors may lose
money. Thats not improper or some
epic failure of the economic system.
Its just what a business failure is.
TOP TWEETS
Something tells me Nick Cleggs regular
phone-in to hear what people think may be
a rather short-lived initiative.
@A_Liberty_Rebel
UK car sales have reached a four year high.
Could this be a reflection of the poor state of
national public transport?
@DelphineMusic
More inflation. My first day in London in 2013,
and my train ticket was up by 4 per cent -
double the Bank of England inflation target.
@asentance
Joined up government? Its child benefit
changes are costly, confusing and complicated.
Now it wants to help fund childcare.
@MCUK54
As Grard Depardieu flees to Russia, will
the 75 per cent tax rate damage France?
YES
Franois Hollandes policy of a 75 per cent rate of income tax for
top earners is already a disaster for the countrys image, and it will
have a negative impact by reducing Frances economic
competitiveness. France needs entrepreneurs and risk-takers to
create wealth. Heavy taxation is unfair on talented people who
create jobs for others. The tax may be symbolic to some, since it
will supposedly only affect 1,500 people. But such confiscation will
discourage anyone who wants to be financially successful from
being domiciled in France. This affair has once again demonstrated
Hollandes incompetence. The idea of a 75 per cent income tax was
improvised during his presidential campaign. Sadly, although the
Constitutional Council has rejected this tax as being illegal, there
are already plans to present this policy again.
Emmanuelle Savarit is the former UMP candidate for Northern
Europe in the French Parliament.
Emmanuelle Savarit
NO
Axelle Lemaire
President Hollande made a pledge during his campaign: everyone
must contribute to the efforts towards reducing deficit and public
debt. He chose that approach on the grounds of social fairness and
was elected by the French people as a result. Conservative
governments have asked the vast majority of citizens to pay the
price of the crisis. These citizens have consequently lost their jobs
and seen a reduction in the benefits and services provided by the
welfare state at a time when they needed them most. But French
public debt has doubled in the last ten years, and fiscal rebates
havent created economic value. It was time we reversed this trend.
In a crisis of historic proportions, everyone should be making an
effort, and those who are least affected should contribute as much
as they are able to. What we need is a stable fiscal and economic
environment to support competitiveness and the real economy.
Axelle Lemaire is Parti Socialiste MP for Northern Europe.
RAPIDresponses
Basel III extension
is a pointless tonic
to a deeper disease
In a fractional reserve banking sys-
tem, the central bank may be a
source of at-a-pinch liquidity last
resort lending for an otherwise-sol-
vent and otherwise-liquid bank. Such
a central bank should not provide last
resort lending to a bank that does not
manage its own liquidity properly. So
it is perfectly proper for the central
bank to tell banks that they will only
receive last resort lending if they hold
a certain amount of liquidity in nor-
mal times. The Basel rules are an
example of this. But, fundamentally,
liquidity requirements cannot be set
by a committee in Switzerland for
the whole world. They must be deter-
mined in a supervisory relationship
by the last-resort lender, the central
bank.
The Basel Committee is increasing
liquidity requirements, but now not
phasing them in until 2019. If they
were not set excessively high, the tim-
ing would be irrelevant, since the
Bank of England should only grant a
banking license to banks with ade-
quate liquidity now, not in 2019. But
unfortunately, the banking commu-
nity sees regulation as the key disci-
pline of liquidity, because it is yet to
face up to the need to expose deposi-
tors to genuine risk of loss, and hence
use market disciplines properly.
Only when depositors are credibly
exposed to losses will the banking sys-
tem become more healthy. Were a
long way from politicians and regula-
tors accepting that.
Andrew Lilico is chairman of Europe
Economics.
ANDREW LILICO
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LIFE&STYLE
TUESDAY 8 JANUARY 2013
23
cityam.com
GOING OUT
Get set for Europes finest boatshow
T
HE Tullett Prebon London
Boat Show returns to ExCeL
London from 12-20 January
2013 and promises to light up
the capital with a stunning
showcase of all things marine.
The annual Show, this year situat-
ed within ExCeLs South hall, is
widely renowned for being the first
place to see the newest marine
innovations, designs and technolo-
gy. The 2013 Tullett Prebon London
Boat Show will host the latest
launches, products and marine
brands, as well as offer a wide range
of activities that will entertain the
whole family. The 2013 Show
Attractions Include:
THE KNOWLEDGE BOX
The Knowledge Box is the place to
head for those keen to learn from
leading experts on a wide range of
subjects. This years Knowledge Box
programme will consist of a variety
of talks, such as how to successfully
maintain an engine to compelling
tales of journeys across the oceans.
Show visitors will be able to see
experts from renowned TV chef
Richard Fox giving seafood cookery
demonstrations, power boating spe-
cialist Alan Priddy and the first
woman and youngest person to row
solo across the Indian Ocean, Sarah
Outen.
FEATURE BOATS & LAUNCHES
Two Global Challenge yachts will
be out on the marina for the 2013
Show. These 72ft boats will also be
available for visitors to climb
aboard and explore. There will also
be the Gulliver G, a Nicholson 32
Mk V Sailing Yacht.
Some of the most acclaimed and
luxurious brands will be holding
world launches for their latest mod-
els at the Show, such as the Princess
82 Motor Yacht. Other super yachts
on display will be the Sunseeker
Predator 115 and the Fairline
Squadron 60.
BLACK & WHITE BAR AND SUNSEEKER CHAMPAGNE
BAR
The bar is centrally located and the
perfect place to indulge in a cock-
tail or two. On Thursday, 17
January, the Show will be open
until 9pm. With live music to enter-
tain, grab a drink and some food
and soak up the atmosphere.
MULTI-ACTIVITY POOLS
The On The Water multi-activity
pools are at the centre of the
Shows action and offer the perfect
opportunity to test your skills at a
variety of activities. You can either
try canoeing or kayaking, or if you
prefer not to get wet, head down to
the Micro Magic attraction to take
part in the model yacht racing.
WORLD CRUISING
Brand new for 2013, the World
Cruising attraction will immerse
visitors into the life of a cruiser.
Show goers will have the chance to
speak with experts and gain first-
hand how-to advice.
THE MARINA AND DOCK EDGE
Scaling from model boats right
through to the largest vessels on
display at the Show, the marina is
an essential spectacle, as is the
500m of dock edge, which will
boast some impressive craft and on-
water displays from four times
British Jet Ski Freestyle Champion
Jack Moule.
UK STAR CHAMPIONSHIPS
This three day live regatta is a first-
of-its-kind collaboration between
world class yachting and interna-
tionally acclaimed fine artists, fea-
Four times UK Freestyle Jet Ski Champion Jack Moule (above) will perform at the 59th Tullett Prebon London Boat Show, a showcase of the very the best marine industry has to offer
For details and more information about
the Show, please visit
www.londonboatshow.com
n Book your tickets in advance either
online or by calling 0871 230 7140.
Calls cost 10p per minute plus network
extras. If you are calling outside of the
UK please use the international number
+44 1159 934 456
n Two children, 15 years and under go
free with every paying adult ticket
n Located at ExCeL, it could not be
easier to visit the Show, with the new
cable car spanning the river from
Greenwich to the Royal Docks
n The Show is also accessible by DLR,
rail and car. Parking tickets can be
purchased in advance for a daily price
of 12 with an adult or concession
advance Show ticket.
HOW TO GET THERE
turing over 18 renowned Olympic
and World champion sailors and
world-famous artists such as Ben
EINE, Goldie and Eley Kishimoto.
FIVE SHOWS IN ONE
The Show continues the element of
enjoying the very best the marine
lifestyle has to offer with the com-
plementary Luxury Brand Show, sit-
uated within the South hall.
From 17-20 January, the North
Hall, opposite the Tullett Prebon
London Boat Show, will play host to
the London Bike, Outdoors and
Active Travel Shows. Access to all
these shows, including The Luxury
Brand Show is granted with just
one ticket, offering excellent value
for money with entrance to five
Shows for the cost of just one.
CITYA.M.
READER OFFER
E
X
C
L
U
S
I
V
E
City A.M. readers have the chance to purchase tickets with 5
off the full ticket price of 20.
Simply log on to www.londonboatshow.comor call the ticket
hotline* on 0871 230 7140 and quote PL23 when booking.
*Calls cost 10p per minute plus network extras
TUESDAY 8 JANUARY 2013
24
cityam.com
LIFE&STYLE FASHION
FASHION
SENSE
NAOMI MDUDU
London Collections Men: day one
A
FTER A stellar debut last summer,
London Collections: Men kicked off
in style yesterday with David
Cameron officially opening the
festivities with a reception at Downing
Street.
This years event will showcase over 60 of
the capitals best menswear designers,
cementing the capitals position as a key
player in the international menswear world.
Scottish born designer Lou Dalton was
perfect to open the event. She continues to
be one of the most promising emerging
designers on the schedule owed, in part, to
her ability to fuse traditional tailoring and
wearability with artistic flair and a nod to
the new in that respect, her latest collec-
tion was business as usual. This season she
took inspiration from the North Sea oil
boom and the rugged beauty of the
Northern Isles, sending models down the
runway in classic utilitarian oversized outer-
wear. Naturally, it wasnt all traditional. As
the collection progressed, skinny tartan
trousers, oilskins and proofed technical fab-
rics were thrown in for good measure. The
collection also showcased the designers lat-
est collaboration with British boot makers
Grenson. This season she created a modern
take on the labels iconic Monkey Boot,
transforming it into a bold, workwear style
that will no doubt go down well with retail-
ers like Harvey Nichols and Mr Porter, whose
buyers were positioned front and centre,
pens at the ready.
Next up was Bally. The Swiss label took
over Bedford Square for the morning, filling
it with a big tent full of explorer gear to cel-
ebrate the 60th anniversary of the first
Everest ascent. The event marked the first of
many celebrations to mark the time when
Tenzing Norgay took the trip to Everest in
1953 with Sir Edmund Hilary, wearing a pair
of Bally Reindeer Himalaya boots. Guests
including Dominic Cooper and Benedict
Cumberbatch tucked into bacon buttys and
cups of tea while viewing the collection.
If theres ever a brand that can fall victim
to being gimmicky, its Topman but this sea-
son the label outdid itself and the show took
guests on a sartorial adventure. Like Kim
Jones at Louis Vuitton last winter, it was all
about travel. Tibetan-print boiled wool pea
coats made a welcomed appearance along-
side oversized cropped parkas and explorer
knits in rich orange and warm red.
Functionality was key too, particularly on
accessories. All of the models sported over-
sized rucksacks that came complete with
leather hip flask, iPad and compass holders.
Lee Roach was another highlight. For
autumn, the designer continued his pen-
chant for minimalism and sobriety. The cuts
were clean and the colour palette stark,
rarely deviating from monochromatic
shades. Fabrics were where he really experi-
mented, presenting knitwear for the first
time by teaming cashmere sweaters with
angular jackets.
The highlight of the day was the latest
offering from design duo Agape Mdumulla
and Sam Cotton of Agi & Sam. The pair, who
showed as a part of the Topshop and Fashion
East menswear platform MAN, went all
English gentleman, but in a modern way.
Tweed trousers came styled with clashing
printed trousers and tailored blazers were
updated with puffa jacket-style sleeves.
If yesterday is anything to go by, this is
going to be another stellar week.
The inaugural three-day
showcase is back and
bigger than ever
Lee Roach stuck to his guns and presented
the minimalist pieces hes known for
Despite showing more separates this
season, suits still dominated at Mr Start
It was all about rich mixed textures at the
latest Topman show
Lou Dalton had the English weather in mind
when creating this waterproof parka
The traditional English gentleman aesthetic was updated at Agi & Sam with single
breasted peacoats coming with contrast collars and teamed with clashing trousers
25
TV & GAMES
cityam.com
T
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BBC1
SKY SPORTS 1
6.30pmRevista De La Liga
7.30pmLive Capital One Cup
10pmRevista De La Liga 11pm
Footballs Greatest 11.30pm
Football Asia 12amCapital One
Cup 1.30amRevista De La Liga
2.30amFootball Asia 3am
Capital One Cup 4.30am
Revista De La Liga
5.30am-6amFootballs
Greatest
SKY SPORTS 2
7pmPGA Tour Golf 9pm
Thrillseekers 9.30pmT20
Cricket The Big Bash 10pm
Super League 12amBadminton
1amPGA Tour Golf 2am-3am
Pool
SKY SPORTS 3
7pmThrillseekers 7.30pmLive
British Basketball 10pmGolfing
World 10.30pmPGA Tour Golf
11.30pmT20 Cricket The Big
Bash 12amSports Unlimited
1am-3amSpeedway
BRITISH EUROSPORT
10pmTriathlon: Arch to Arc
Triathlon 10.30pmGT
Academy: Race to Dubai
10.45pmDakar Rally 11.15pm
Inside ERC Rally
11.45pm-12.15amDakar Rally
ESPN
6.30pmLive Darts: BDO World
Championships 10pmESPN
Kicks: FA Cup 10.30pmSerie A
Review11pmESPN FC Press
Pass: Football-related debate.
11.30pmFIS Alpine Ski World
Cup Report 12amLive NBA
Basketball 2.30amFIS Alpine
Ski World Cup Report 3am30
for 30 4.30amPlanet Speed
5amSerie A Review
5.30am-6amESPN FC Press
Pass
SKY LIVING
7pmCriminal Minds 8pm
Bones 9pmCSI 11pmCriminal
Minds 1amSupernatural
2.40amBones 3.30amCSI
4.20amNothing to Declare
5.10am-6amMotorway Patrol
BBC THREE
7pmGreat Movie Mistakes IV
7.30pmFILMMonsters vs
Aliens 2009. 9pmSun, Sex and
Suspicious Parents 10pm
Pramface 11pmEastEnders
11.30pmFamily Guy 12.15am
Sun, Sex and Suspicious Parents
1.15amPramface 2.15am
Russell Howards Good News
Extra 3am-3.55amSun, Sex
and Suspicious Parents
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFILM
Avatar 2009. 11.20pmRude
Tube: Mashed n Mixed
12.25amThe Big Bang Theory
1.25amHappy Endings 1.55am
The Ricky Gervais Show
2.25amThe Cleveland Show
2.50amRude Tube: Mashed n
Mixed 3.45amThe Secret Life
of Us 4.30am-6amMade in
Chelsea
HISTORY
7pmStorage Wars 7.30pm
Pawn Stars 9pmStorage Wars
10pmStorage Wars Unlocked
11pmStorage Wars 11.30pm
Pawn Stars 12amStorage Wars
1amStorage Wars Unlocked
2amAmerican Pickers 3amIce
Road Truckers: Deadliest Roads
4amSwamp People 5am-6am
American Restoration
DISCOVERY
7pmBear Grylls: Born Survivor
8pmIce Pilots 9pmJungle
Gold 11pmSwamp Loggers
12amJungle Gold 2amSons of
Guns 3amJungle Gold 4.40am
Discovery Atlas 5.30am-6am
Meerkat Manor
DISCOVERY HOME &
HEALTH
7pmDr Oz 8pmJon and Kate
Plus 8 9pmIm Addicted to
Plastic Surgery 10pmSuper
Face Surgeries 11pmA&E 12am
Im Addicted to Plastic Surgery
1amSuper Face Surgeries 2am
A&E 3amDr Oz 4amFrom Here
to Maternity 5am-6am
Midwives
SKY1
8pmLast Resort 9pmDavid
Attenboroughs Galapagos
10pmFILMSpecies 1995.
12.10amBrit Cops: Frontline
Crime UK 1.10amRoad Wars
3.35amCrash Test Dummies
4am-6amStargate SG-1
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
6.30pmBBC London News
7pmThe One Show:
7.30pmEastEnders: BBC News
8pmHolby City:
9pmCHOICE Death in
Paradise:
10pmBBC News
10.25pmRegional News; National
Lottery Update 10.35pmParking
Mad: 11.25pmFILMThe Rebound:
2009. 12.55amWeatherview1am
Sign Zone: Dara O Briains Science
Club 2amSign Zone: MasterChef:
The Professionals 3amSign Zone:
Youve Been Scammed 3.30am
Sign Zone: Youve Been Scammed
4am-6amBBC News
6pmEggheads: Quiz show,
hosted by Jeremy Vine.
6.30pmGreat British Railway
Journeys:
7pmHeir Hunters:
8pmCHOICE Stargazing Live:
9pmStargazing Live: Back to
Earth: New series. Discussion
and debate from the team.
9.30pmThe Polar Bear Family
and Me:
10.30pmNewsnight: Weather
11.20pmDarts: BDO World
Championships:
12.10amDarts Extra
2.10amBBC News 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale:
7.30pmRiver Monsters:
8pmCelebrity Who Wants to
Be a Millionaire?
9pmAll You Can Eat:
Supersized meals, restaurant
challenges and eating contests.
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMMickey Blue
Eyes: Romantic comedy, with
Hugh Grant. 1999.
12.30amJackpot247
3amLoose Women 3.50am-6am
ITV Nightscreen
6pmThe Simpsons:
6.30pmHollyoaks:
7pmChannel 4 News
7.55pm4thought.tv:
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9pmCHOICE The Undateables
10pmDont Blame Facebook:
11.05pmRandom Acts:
11.10pmWhat Happens in
Kavos:
12.15amEuropean Poker Tour
1.15am KOTV Boxing Weekly
1.40amInternational Volleyball
2.35amFILMOffside: Comedy
drama, with Sima Mobarak-Shahi.
2006. 4.10amSmallville 4.50am
Deal or No Deal 5.45am-6.10am
Baking Mad with Eric Lanlard
6pmHome and Away:
6.30pm5 News at 6.30
7pmGreat Northern
Cookbook: 5 News Update
8pmBenidorm ER: 5 News at
9
9pmBody of Proof:
10pmCelebrity Big Brother:
11pmCelebrity Big Brothers
Bit on the Side:
12amShane Lynch: Dyslexia
My Secret Past
1amSuperCasino 3.55amHouse
Doctor 4.20amDivine Designs
4.45amMichaelas Wild Challenge
5.10amWildlife SOS 5.35am-6am
Wildlife 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
23
24
3 23 11
12 12 8
22 13
9 11
14 20
45
10 7
30 21
15 8
10 17 12
12 11 9
14
24
17
25
22
33
10
3
12
8
19
16
29
6
7
35
38
26
5
6
10
ACROSS
4 Protective cover
spread on the soil (5)
7 Geographical feature
such as Krakatoa (7)
8 Moon-related (5)
10 Occupy (a dwelling)
illegally (5)
12 Sleeveless outer
garment worn
by Arabs (3)
13 Group of musicians
playing trumpets,
trombones,
horns, etc (5,4)
17 Calm central region
of a cyclone (3)
19 Kick out (5)
22 ___ Asimov,
science-ction
writer (5)
23 Even-tempered (7)
24 Back of a ship (5)
DOWN
1 Reproductive
structure (5)
2 Two-dimensional (6)
3 Former name of
the Indian city of
Chennai (6)
4 Kate ___, celebrity
model (4)
5 Stead (4)
6 Country, capital
Port-au-Prince (5)
9 Become less
intense (5)
11 Wharves (5)
14 Capital of Lebanon (6)
15 Close at hand (6)
16 Ursine creatures (5)
18 Eight singers who
perform together (5)
20 Speed (4)
21 Right to withhold
the property of
a debtor (4)
E
N
P
R
I U
A
C
Y
4
4
4
4
A R O M A S R C
N O A P P E A R
T A I L G M I
I T O D I O U S
C R E E K E V P
E N N O B L E
A L O T A S T E
S O W E T O M L
I O U B A U D
D A R K E R D E
E M S L A V E R
9 8 7 6 7 8 9 2
8 6 4 2 5 3 9 7 1
1 2 4 6
1 2 5 7 9 4 9
9 7 8 2 4 6 3 1 5
9 7 6 8 5
8 3 7 4 1 5 2 9 6
3 1 8 9 1 3 2
9 6 8 4
4 6 8 1 3 2 9 7 5
2 1 4 3 1 6 3 2
4
4
4
4
4
4
4
4
4
The nine-letter word was
LUBRICANT
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
TUESDAY 8 JANUARY 2013
DEATH IN PARADISE
BBC1, 9PM
The return of the drama starring Ben
Miller as a British detective working in
the Caribbean where the owner of a
sugar plantation is murdered.
STARGAZING LIVE
BBC2, 8PM
Dara O Briain and Professor Brian Cox
explore the night skies, asking viewers
to help investigate an uncharted area
of Mars surface.
THE UNDATEABLES
CHANNEL4, 9PM
New series. Return of the
documentary following people with a
range of restrictive conditions as they
search for romance.
TVPICK
PARIS Saint-Germain president
Nasser Al-Khelaifi insists the football
clubs contentious 570m deal with
the Qatar Tourism Authority (QTA) is
justified and should not fall foul of
financial fair play (FFP) rules.
Experts behind European govern-
ing body Uefas FFP regulations,
which stipulate clubs losses for the
period 2011-13 must not exceed 45
(37m) if they want to play in the
Champions League, say the deal
stretches credibility.
Teams are not permitted to boost
their revenues artificially through
contracts with related companies
under FFP. QTA is controlled
by the Qatari state, which
also ultimately owns the
French club.
PSG stand to receive
150m (122m) per sea-
son, rising to 200m
(163m) by the end of the
four-year contract, despite
the deal not giving QTA
shirt sponsorship or stadium
naming rights their most obvi-
ously valuable branding assets.
The contract with QTA is justified
because PSGs influence in the whole
region, not only in Qatar, has been
important, said Al-Khelaifi, speak-
ing about the record-breaking agree-
ment for the first time.
We have been building an inter-
national brand. This deal is a strong
Paris Saint-
Germain chief
says 570m
deal justified
symbol. Qatar have benefited a lot
from their investments in PSG.
PSG have spent more than 200m
net since summer 2011, when Qatar
Sports Investments took over the
French giants, who had fallen behind
Lyon, Marseille and other rivals over
the previous decade.
The deal with QTA is back-
dated to the start of the sea-
son, meaning it could
help them balance their
books and meet FFP
requirements unless
Uefa deem it to be a
breach of rules regard-
ing related companies.
David Lampitt, the chair-
man of Supporters Direct
who sat on an expert panel that
helped fine-tune Uefas FFP rules, told
City A.M. last month that PSGs deal
would pose a major test to the govern-
ing body.
It looks like a pretty astounding
deal that certainly stretches credibili-
ty, Lampitt said. Whether it under-
mines FFP or not rests with Uefa and
how they deal with it.
New bowling rules play into our
hands, declares England coach
ENGLAND bowling coach David
Saker expects the latest rule tweaks
to make them a more formidable
force in one-day international
cricket.
Fast-bowlers will now be able to
deliver two bouncers per over,
rather than just one a change that
should suit Englands Steven Finn,
Stuart Broad and Tim Bresnan.
The only immediate drawback is
that it may have little effect on the
flatter wickets of India, where
England are set to begin a five-
match ODI series on Friday.
I think they [the rules] will be in
favour of us with the fast-bowling
attack we have, definitely in English
conditions although India may be a
little different, said Saker.
My philosophy is to do the basics
right and our normal plans should
still work well, but the big thing is
the extra bouncers that will be
bowled. If the wicket is conducive
then it is going to play into our
hands.
Captain Alastair Cook is expected
to return from illness to lead
England in their final warm-up
match today as they look to restore
morale after beginning their 2013
campaign on a disappointing note.
The tourists lost by 53 runs to
India A on Sunday Ian Bells 91 in
his audition as opening batsman was
one of the few high points but
Saker believes England could benefit
from the unexpected defeat.
I think it was a good wake-up call
not to take any side lightly and make
sure youre on top of your game,
Saker added.
The game of cricket has a habit of
biting you on the bottom if you dont
get the basics right and we probably
didnt get the basics right [on
Sunday].
Well be concentrating really
hard to put that right. We didnt get
things right but better to do that in a
warm-up than the first ODI.
163
Value in millions of
pounds per year of
PSGs deal
SARACENS director of rugby Mark
McCall has signed a contract
extension that will keep him at the
club until 2015.
McCall, who took over from
Brendan Venter during the 2010-11
season, led the Vicarage Road outfit
to the Premiership title in his first
season, as well as reaching the
Heineken Cup semi-finals last year.
The 45-year-old has been joined by
four members of his backroom staff
in signing new contracts.
Kicking coach Dan Vickers, backs
coach Kevin Sorrell and forward
coaches Paul Gustard and Alex
Sanderson all put pen to paper on
deals running until the end of the
2014-15 season.
Saracens boss
gets new deal
TUESDAY 8 JANUARY 2013
26
SPORT
cityam.com/sport
TOTTENHAM face possible action
from European governing body
Uefa over Novembers Europa
League clash at Lazio a match in
which Spurs fans were allegedly
subjected to racial abuse.
Uefa has opened a case against
the Rome club over claims some
supporters targeted their rivals,
known for their links to the Jewish
community, with anti-Semitic
chants during the 0-0 draw.
A Tottenham fan suffered knife
wounds on the eve of the match in
an attack by dozens of Lazio Ultras
in a busy bar in the Italian capital.
But Spurs are also facing
investigation over claims their
supporters were involved in crowd
disturbances at the fixture.
Tottenham could be without
Emmanuel Adebayor until mid-
February after Togo chiefs said the
striker had performed a U-turn and
agreed to play at this months
Africa Cup of Nations. Adebayor
had originally suggested he would
opt out of the tournament,
following disagreements with the
Togo Football Federation.
But president Ameyi Gabriel
said: Were in the African Nations
Cup with Adebayor, we will be
together in South Africa. It is very
important to have him there.
Spurs in dock
over race-row
Lazio fixture
BY FRANK DALLERES
WEST HAM have had a 2m bid for
Blackburn full-back Martin Olsson
rejected, as boss Sam Allardyce looks
to bolster his squad.
The Sweden international has
impressed for Blackburn in the
Championship this season, and
Hammers boss Allardyce is known to
be an admirer, having worked with
him during his time at Ewood Park.
A defender who likes to maraud
forward down the left flank, Olsson
made 27 Premier League
appearances last season.
The east London side have been
performing well in the top flight
this season, but with George
McCartney out for some time with
medial ligament damage they were
forced to play 18-year-old Dan Potts
at left-back against Manchester
United on Saturday, and Allardyce is
thought to be keen to bring in
another defender or two during the
January transfer window.
If the deal were to go through
Olsson would be the third high-
profile player to join West Ham this
January, alongside Joe Cole and
Marouane Chamakh. Midfielder Cole
left Liverpool on a free transfer while
forward Chamakh is on loan from
Arsenal. The Hammers have also
picked up Irish teenager Sean
Maguire from Waterford United on a
two-and-a-half-year contract.
Allardyce 2m
bid for Olsson
turned down
BY JONNY SINGER
BY FRANK DALLERES
BY JONNY SINGER
@cityam_sport
SPOTLIGHT ON
financial fair play in
FOOTBALL
BY FRANK DALLERES
Nikica Jelavic
began the
thrashing as
Everton swept
into round four
27
GOLF
COMMENT
SAM TORRANCE
ANOTHER FINE MESSI
BARCELONA star Lionel Messi last night collected a record-breaking fourth consecutive
Ballon dOr trophy, awarded for the worlds best footballer of last year. The Argentina
forward, who scored 91 for club and country in 2012, polled 41.6 per cent of votes from
journalists, national coaches and captains. Real Madrids Cristiano Ronaldo was second.
I really want to be in a final like that one day.
Thats my goal, what Im working towards
cityam.com
TUESDAY 8 JANUARY 2013
BROADCASTER ESPN has apologised
after commentator Jon Champion
branded Liverpool striker Luis Suarez
a cheat.
Suarez controlled the ball with his
hand while scoring the second goal
in Sundays 2-1 FA Cup win over
Mansfield, prompting Champion to
describe it as the work of a cheat.
But after receiving complaints the
television channel yesterday
announced it had reprimanded the
veteran commentator.
ESPNs editorial policy is for
commentators to be unbiased and
honest, to call things as they see
them. Inevitably this can involve
treading a fine line on occasion,
especially in the heat of the
moment, a spokesman said.
Comments during the Mansfield
v Liverpool match caused offence
where none was intended and we
have spoken to our commentator
about this incident.
Liverpool manager Brendan
Rogers has supported Suarez, saying
that it was the responsibility of the
officials to rule if the goal stood.
Suarez cheat
barb prompts
ESPN apology
BY JONNY SINGER
Race hots up to host 2020 Games
TOKYO, Istanbul and Madrid
submitted their bids to host the
2020 Olympics to the International
Olympic Committee (IOC) yesterday.
The three cities will host an IOC
delegation led by British vice-
president Craig Reedie for four days
before the winning bid is revealed in
September. All three are due to
publish details of their submissions
to the public today.
Tokyo is thought to be favourite to
land the 32nd Olympiad, although
wild card Istanbul is known to be
popular among some IOC members.
The shortlist of three is smaller
than usual after Rome pulled out
last year, having failed to receive the
backing of the Italian government,
and Doha and Baku were rejected in
the first round by the IOC.
BY JONNY SINGER
Watch Ryder Cup stars go at Majors in 2013
W
HAT an exciting year we
have ahead of us, after
perhaps the best ever 12
months for European golf in
2012, with Rory McIlroy confirming
his status as the worlds best player
and that magical Ryder Cup triumph.
My money would be on McIlroy
hanging onto his world No1 ranking
for some time now, and Im also
extremely excited to see how he and
some of the other heroes of
Medinah fare at the Majors.
Im particularly desperate to
follow McIlroy at the Masters the
Ulsterman has unfinished business
there following his rollercoaster
2011 tournament, but we know how
well he can play at Augusta.
His change of club from Titleist to
Nike has got people wondering
whether hell need a period of
adjustment but I dont think so.
Sand wedges and putters tend to be
the main difference irons are
much the same but hes so good he
could play with a hockey stick.
I also fancy his Ryder Cup team-
mates Justin Rose and Ian Poulter to
be strong contenders at the big four.
HUNTING
Rose has stepped up a gear, his swing
has got even better and hes become
a more accomplished all-round
player. The Masters looks the best fit
for him, while fellow Englishman
Poulter seems better suited to the
Open or US Open, which favour
fighters.
We all eagerly wait to see whether
Tiger Woods can continue his
resurgence and return to the top,
because last year he looked at about
90 per cent of his best. Age is
certainly no barrier hes only 37
and I played my best golf at 43 so
its a question of desire. If Woods
wants it enough, he can win another
Major and challenge McIlroy.
It was unfortunate to see Miguel
Angel Jimenez break his leg over
Christmas, and you have to wonder
how easy itll be for a more
experienced player like him to come
back from a five-month lay-off.
Time is also ticking for Lee
Westwood. The Englishman has been
so consistent but is still hunting that
elusive first Major. Is this his last year
as a serious contender? He must be
getting close.
Sam Torrance OBE is a multiple Ryder
Cup-winning golfer and media
commentator. Follow him on Twitter
@torrancesam
EVERTON manager David Moyes
revelled in a rare goal spree last
night after his side swept
Cheltenham Town aside to set up
an FA Cup fourth round trip to
Sunderland or Bolton.
Nikica Jelavic, Leighton Baines,
Leon Osman, Seamus Coleman and
Marouane Fellaini all scored as the
Toffees hit five for only the second
time in almost two years.
Weve not scored a lot of goals
like that we scored at different
times and from different
goalscorers and its something we
need to improve on, said Moyes.
They always had a chance even
at 3-1 they had a sniff of one and
the game can swing, but we scored
some good goals and played well
enough to win the game.
Moyes named a strong team to
face the League Two high-fliers and
was rewarded as his team raced
into the lead after 12 minutes,
striker Jelavic reacting quickly after
Fellainis shot hit the post.
Fellaini was involved nine
minutes later when Cheltenham
captain Alan Bennett climbed on
the Belgium midfielder to concede
a penalty that Baines clinically
despatched low to the left.
The Premier League side looked
safe when Osman collected a Baines
cut-back, showed neat footwork
and fired the third past Scott
Brown just after half-time, but the
hosts instantly hit back through
Russell Penn.
Full-back Coleman lifted over
Brown for the fourth his first
goal since March 2011 just before
the hour and Fellaini capped the
rout by finishing Victor Anichebes
cross a minute from time.
Toffees smash
five to waltz
into round four
IN BRIEF
Blair calls time on Scotland career
n RUGBY UNION: Former Scotland
scrum-half Mike Blair has retired from
international rugby. Blair won 85 caps,
including 14 as captain, but opted to
end his Test career after deciding a
place in the squad for the 2015 World
Cup was unrealistic. Welsh flanker
Morgan Stoddart has also announced
his retirement from rugby, after failing
to recover from a broken leg.
Juve bid for ex-Blues star Drogba
n FOOTBALL: Juventus have made an
enquiry about signing former Chelsea
striker Didier Drogba from Shanghai
Shenhua during the January transfer
window. The Italian champions are
seeking forward cover and the 34-
year-old Ivory Coast star has been
linked with a move despite only
moving to China from Stamford
Bridge last summer.
THE CANDIDATES
Tokyo
n The bookies favourite, seen by many
as a safe option, with much of the
infrastructure already in place
n Tokyo has hosted the Olympics once
before, in 1964
nPromises a compact Games with
almost all competitions to be held within
a 10km radius
nThe IOCs technical report called
Tokyos bid a very strong application
Istanbul
n Offers a new Olympic location, and
would be the first host with a majority
Muslim population
n The city has applied five times for the
Games, always unsuccessfully
n Bid received more national backing
after Turkeys offer to host footballs
Euro 2020 failed
n Despite being the least prepared in
terms of infrastructure, the IOC said
Istanbul offers good potential
Madrid
n Outsider for the Games, despite
coming third with its 2012 bid and
second for 2016
n Hindered by the economic troubles in
Spain, which have cast doubts over their
ability to put on the spectacle
n Madrid has never hosted the
Olympics, but Spain staged the 1992
Games in Barcelona
Results
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Naticral |cctball |eaae Pla]cffs. N|O wil4 Oar4.
w+s||rtar Res||rs 4 Se+tt|e Se+|+W|s Z4.
8LKF
Dalar Rall] ZOIJ Stae J (PisccNatca, Rca4 Secticr.
OO|m, Spec|+|. Z4J|m) Biles. | lape/ (O||) KTV Z|rs
Jm|rs 54secs, Z P Oarc+|1es (Par) Has|1+rr+ Z.J9.OZ, J O
Despres (|r+) KTV Z.4Z.OZ. Oars. N A|Att|]+| (O+t) & l
Ora/ (Sp+) Ba] Z.JO.4, Z R Oarar (USA) & K w+|c|
(USA) Hammer Z.J.JZ, J S Peter|+rse| (|r+) & J P Oattret
(|r+) V|r| Z.J4.Oo.
98JB<K98CC
NBA. Detra|t O O|+r|atte O8 (OT), lA l+|ers O5 Der1er
Z, V|+m| 99 w+s||rtar , P|aer|t 8 Vemp||s 9Z,
Tararta 9Z O||+|am+ O|t] O4.
;8IKJ
|alesi4e wcrl4 Prcfessicral Darts Olampicrslips,
|rimle] Oreer, Sarre]. wcmer's Qaarterfiral. T Oa|||1er
(Er) |t J Oare (w+|) ZO. Her's Ist r4. O e Vas (Be|) |t T
Ecc|es (Er) JZ, P Jerr|rs (Er) |t R Vartamer] (Sca)
J, S w+|tes (Er) |t w V+r e w|e| (Ne) JO.
I8:@E>
KNPT0N
I.Z5 Tr+1e|||r (R]+r T+te) o Z H|er+rc| (S|a||+r
V|||er) o J D|1|re Ra|e (T|am+s BraWr) 8
I.55 Oamptar R+|r|aW (R]+r T+te) 9Z Z E+s] l|fe (V
DW]er) o J l|||+r+ (l Varr|s) Z
Z.JO Sm||esW|t|||se]es (R w|rstar) 94 Z N|r+r+ (D+1|
Pra|ert) 45 |+1 J ||rst S+re+rt (A K|r|]) J
J.OO D+r| l+re (l Varr|s) 94 Z D|t|e OW+||+ (V+rt|r
l+re) JJ J Be+t T|e Be|| (V DW]er) J8 |+1
J.JO Na||e S||| (l Varr|s) Z Oa |+1 Z w||am+r (A
K|r|]) Z Oa |+1 J Naac|| (T O Vc|+a|||r) 4
4.OO SWeet l||ert+ (D+1| Pra|ert) 9Z Z T|r|er|e|| w|||
(N+t+||+ Oeme|a1+) 4 J V|ss|ar+|re (J|m OraW|e]) Z5
4.JO l+st||rafscat|+r (O B+|er) 4o |+1 Z Dam|r|am
(Rer+ta Saa/+) J Be||rs|] (J|m OraW|e]) J
K<EE@J
ATP & wTA APIA INTCRNATIONA| SYDNCY (S]re],
Aastr+||+)-Her's Sirles Rr4 I. J Berrete+a (|r+) |t P
Araj+r (Sp+) oJ 5 oZ, D lstam|r (U/|) |t J
Dac|Wart| (Aas) o (4) o4 o (J), (8) H Orarcllers
(Sp+) |t V E|er (Aas) 5 5 o, (5) | Ha]er (Oer) |t
J Saas+ (Par) o oZ. wcmer's Sirles Rr4 I. K D+te
Kramm (Jpr) |t O De||+c|a+ (Aas) o4 o, J J+r|a1|c
(Ser) |t T P+s/e| (Aat) oZ o (5), R V|rc| (lt+) |t (8)
N Petrca (Ras) 5 5, (4) N |i (O|r) |t O VcH+|e (USA)
o (Z) 5, A Var|t+ (Jpr) |t D H+rtac|a1+ (S1|) o
oJ oJ, V Ke]s (USA) |t l S+f+ra1+ (O/e) oZ o, J
Z|er (O|r) |t (6) S Stcsar (Aas) oJ o (9) o4, (J) S
Crrari (lt+) |t K P||s|a1+ (O/e) o oJ, S Ka/retsa1+
(Ras) |t J Oaeres (Oer) Jo oJ oJ, O Vas|a|ae1+ (K+/)
|t Y w|c|m+]er (Be|) Jo o (5) oZ.
KF;8PJ;@8IP
(.45pm ar|ess st+te)
0ap|ta| 0ae 0ap Sem|-I|aa| ||rst |eq
Br+far O|t] 1 Astar V|||+ ...........................................................................
apewer |eaqae Twe
Varec+m|e 1 D+er|+m & Re|r|e ....................................................
Jehasteae's Pa|at Trephy Seathera Sect|ea
Sem|-||aa|
le]tar Or|ert 1 Yea1|| (pm)........................................................................
Otfar Ut 1 Saat|er...................................................................................
B|ae Sqaare Bet Prem|er
Herefar 1 A|O Te|far ...................................................................................
Saat|part 1 l|rca|r O|t] ................................................................................
latar 1 B+rraW ..................................................................................................
Br+|rtree Tr 1 V+cc|esf|e| ..........................................................................
A|fretar Tr 1 wret|+m ..................................................................................
O+tes|e+ 1 Or|ms|] .......................................................................................
:I@:B<K
Tcar Hatcl. De||| 1 Er|+r (De|||, Oo.JO).
CHELTENHAM TOWN...................1
EVERTON....................................5
BY FRANK DALLERES
FA CUP
Laura Robson aims to emulate fellow Brit Andy Murrays grand slam win