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New Barclays chief executive Antony Jenkins is

looking for a new finance director following the

departure of Chris Lucas, the bank said yesterday.

Barclays shake-up
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THE GOVERNMENT is undermining
banks stability and hitting lending
to businesses and households by
threatening to break up the institu-
tions, banks warned last night.
Chancellor George Osborne will
today announce his plan to electrify
the ring fence that will sit between
banks retail and investment opera-
Under the proposal, banks that try
to dodge this partial separation will
be threatened with a full break-up,
as recommended by the MPs and
Lords of the parliamentary commis-
sion on banking standards.
The idea is to scare banks into
keeping to the spirit of the new
rules, not just the letter of the regu-
If a bank flouts the rules, the reg-
ulator and the Treasury will have
the power to break it up altogether
full separation, not just a ring
fence, the chancellor will tell an
audience at a JP Morgan office in
Were not going to repeat the mis-
takes of the past. In America and
elsewhere, banks found ways to get
around the rules.
Greed overcame good gover-
nance. We could see that again so
we are going to arm ourselves in
advance. We will electrify the ring
fence, he will say.
But banks warned that hanging
this threat over the industry cannot
be good for long-term prosperity.
This will create uncertainty for
investors, making it more difficult
for banks to raise capital which will
ultimately mean that banks will
have less money to lend to business-
es, said Anthony Browne, chief of
the British Bankers Association.
What banks and business need is
regulatory certainty so that banks
can get on with what they want to
do, which is help the economy grow.
This decision will damage Londons
attractiveness as a global financial
Instead the chancellor argues the
move will create more certainty by
pushing banks to obey the rules.
He will add that he is trying to
make the sector more competitive
by making it easier to switch cur-
rent accounts, and that he wants to
change banks culture.
The chancellor has previously sug-
gested setting up a professional
body to monitor bankers in the
same way as the medical and legal
The speech is being held in
Bournemouth to show that it is not
only the City which benefits from
financial services in the UK. JP
Morgan is Dorsets largest private
sector employer, with 4,000 workers.
But Labour leaders said the
reforms do not go far enough and
called for all banks to face being bro-
ken up, not just those that misbe-
have under the new criteria.
The government must imple-
ment both the letter and spirit of
Vickers recommendations and we
must see fundamental cultural
change in our banks. If this does not
happen then banks will need to be
split up completely, as we made
clear in the autumn, said shadow
Treasury minister Chris Leslie.
He also criticised the govern-
ments plans for 33-times leverage
ratio cap, which is less tough than
the 25-times limit that Sir John
Vickers proposed.
Despite all the rhetoric the chan-
cellor hasnt got the appetite for the
radical banking reform we need, he
Recession-busting career opportunities, every Monday
Turn to p19-22
Follow me on Twitter: @allisterheath
Barclays finance director
announces his departure
BARCLAYS finance director Chris
Lucas is to announce his
resignation today, the bank has
revealed, continuing the clear-out
of top executives since the Libor
interest rate manipulation scandal
broke last summer.
General counsel Mark Harding
is also leaving the bank.
The resignations come just days
after it emerged the authorities
are investigating a 2008
fundraising in Qatar, though
sources close to the bank insist the
retirements are not linked to the
And on Friday chief Antony
Jenkins said he will not take a
bonus for 2012 as penance for the
banks PPI, Libor and interest rate
swaps crises of recent years.
Lucas has been on the board
since 2007 while Harding joined
as general counsel 10 years ago.
The search has begun for a new
finance director and Lucas will
stay in post until a successor is
found which could take up to a
He received almost 4m in 2010
and in 2011 in salary, bonus and
long-term incentives, though he is
not expected to get a large payoff
on retirement.
Chris and Mark have given
London skyscraper faces downgrade
The Pinnacle the partly built skyscraper
that was planned as the tallest in the City
of London could be knocked down and
built from scratch. With work started on
just seven of the planned 63 storeys and
progress stalled for more than a year, the
developers are considering a cheaper
scheme at the site in Broadgate.
Citigroup hires seniors amid cuts
Citigroup has hired one of Europes best-
known dealmakers as the US group seeks
to add a string of top investment bankers
even as it is sharply reducing junior staff.
Luigi de Vecchi, a former Credit Suisse and
Goldman Sachs banker, has been
appointed as chairman for corporate and
investment banking in continental Europe,
the US bank will announce today.
European bank bonuses face cut
European investment banks are set to cut
their bonus pools in the coming weeks by
20 per cent in a move that will exacerbate
the pay gap with their US rivals. Bankers
and consultants estimate banks will cut
overall group bonus levels for 2012 by up
to 15 per cent.
Merlin floats idea of New York debut
Europes biggest theme park and
attractions operator could opt for New
York over London as it plots a possible
3bn-plus stock market flotation, The
Times has learnt.
Wind farm factory jobs at risk
One of Britains biggest renewable energy
developers has warned that the wind farm
market is grinding to a halt, risking
thousands of factory jobs. SSE blamed
uncertainty over government plans.
Parlophone boycotts Google Play
Parlophone, one of Britains most
prestigious record labels which counts
Coldplay and Kylie among its artists, has
launched a boycott of Googles new music
service, Google Play.
Concerns over Store Twenty One jobs
Concerns are rising about the future of
1,000 jobs at discount retailer Store
Twenty One after bailiffs were called to a
collection of shops to claim stock. It is
understood that debt collectors have been
called by at least two landlords about
unpaid rent.
Boeing stays course on stretch 787
Boeing is expected to begin piecing
together the next version of its
Dreamliner jet in the coming weeks, even
without a fix for what has bedeviled the
planes electrical system.
Spains leader aims to stop scandal
Prime Minister Mariano Rajoy moved to
contain a scandal over alleged secret cash
payments to him and other leaders of his
party by promising to disclose his tax
returns and financial assets this week.
CITY hiring jumped sharply last
month, rebounding from record
lows recorded in December and
hinting there may be some hope
that the pressures on financial
services firms are easing a touch,
according to new data out today.
A total of 2,509 jobs were created
in January, recruiters Astbury
Marsden report today, more than
three times the 802 created in
That figure was the lowest
recorded since Lehman Brothers
collapsed and the credit crunch
struck in 2008. And despite the
rebound, hiring remains well
below the 13,000 per month seen
before the famous US institution
New job creation in the City has
been extremely depressed as
politicians and regulators have
put enormous pressure on the
investment banks to scale back
activity, said Astbury Marsdens
Mark Cameron. The amount of
capital investment banks now
have to maintain on their balance
sheets makes them less profitable
and that means huge job cuts.
In fact so damaging have those
attacks on banks been to the job
creation agenda that there are
signs, in some areas, that regula-
tors are easing off slightly.
City boosted
by early year
jobs pick-up
Chris Lucas, left, and Mark Harding, right, are both leaving
To contact the newsdesk email news@cityam.com
he rich are getting poorer. Yes,
you read that right. The top one
per cent of income taxpayers
an individual needs to earn
150,000 per year to qualify will
account for 11.7 per cent of total
taxable income this year, down from
12.2 per cent in 2011-12. Their income
share peaked at 13.9 per cent in 2009-
10, and is now only slightly higher
than it was in the early 2000s.
There seem to be a number of rea-
sons for this, starting with the poor
economy and the crisis in the City.
Higher taxes have moved some eco-
nomic activity and jobs abroad. There
is also a reduced incentive for people
to declare income, and a greater
incentive for them to delay it so-
called forestalling until the top rate
falls to 45 per cent in April.
The top half of taxpayers share of
pre-tax earnings has dropped from a
Recession and higher tax taking toll on Britains top earners
record of 77.9 per cent in 2007-08 to
75.8 per cent, while the bottom half
has increased its share from 22.1 per
cent to 24.2 per cent, its highest since
at least the 1990s. One partial reason
may be that there are fewer taxpayers
down to 29.9m this year from 32.5m
in 2007-08, as the zero-taxed thresh-
old has gone up drastically which
has biased the figures by removing
many low paid workers.
But these fascinating shifts, all
revealed in updated estimates from
HMRC, destroy a great myth the idea
that only the poor have suffered and
that the rich have continued to do
well. It is, as ever, much more compli-
cated. In after-tax terms, which ulti-
mately is the only variable that
matters, the top one per cents share
has fallen precipitously from 11.2
per cent in 2009-10 to seven per cent
in 2012-13 as a result of a spate of tax
hikes and is now the lowest of any
time in recent history.
This continues as one goes down the
income distribution: the top five per
cent are down from 22.5 per cent in
2007-08 to 16 per cent this year; the
top 10 per cent from 31.8 per cent to
23.6 per cent and the top 50 per cent
from 75.2 per cent to 60 per cent.
These are massive drops, so large
that one suspects that some will even-
tually be revised. It is bad news for the
Tory party that one chunk of their
will pay 12.31bn in income tax. This
is down substantially from last years
13.88bn, as their taxable income is
expected to slump from 30.8bn in
2011-12 to 27.4bn in 2012-13, partly
because of reduced bonuses and part-
ly because of forestalling, in itself a
hugely important story which demon-
strates that the chancellor was silly to
announce his tax cut so long in
advance. Yet the tax take of those on
1m+ remains only marginally lower
than the 13.93bn handed over by the
13.68m taxpayers (and millions more
under the personal allowance) who
earn 20k or less. Like with every-
thing else in British politics, it is time
for a few more facts and a little less
grandstanding from a position of
abject ignorance.
natural supporters those on higher
than average incomes are being
Another problem is that George
Osbornes policies mean that the
number of 40p and 50p taxpayers will
hit 4.127m this year, 13.8 per cent of
the total, as a result of the lowering of
the threshold to compensate for the
higher personal allowance. These folk
will pay 61.3 per cent of all income
tax, up from 54.2 per cent in 2010-11.
Those on the very highest incomes
continue to contribute disproportion-
ately to direct taxation. The top one
per cent will pay 26.5 per cent of
income tax this year, down on last
years 27.4 per cent but still the second
highest ever. The 299,000 who earn
150k up from 284,000 last year
will hand over 152,000 on average,
40.8 per cent of their incomes.
The 13,000 people who earn 1m+
tremendous service to Barclays,
said Jenkins. The chairman, the
board and all my executive
committee colleagues and I shall be
very sorry to see them go.
The departure of the two
executives means that Jenkins can
start to put a brand new team in
In a few days he is going to
announce details of a new five to
ten year strategy for the bank,
which will focus on making
Barclays a go-to bank for retail
Lucas, who has suffered from ill
health, joined the bank from
Barclays PLC
1 Feb 28Jan 29Jan 30Jan 31 Jan
308 p
CAREERS: Page 19 22

The new jobs website for London professionals
changes from
new broom
HETHER or not the
departures of Chris
Lucas and Mark
Harding from Barclays
are related to any ongoing
investigations (and the bank is
very keen to point out that
theyre definitely entirely
separate), the pair were notably
among a dwindling number of
executives to remain from the
era of the banks swashbuckling
former chief executive Bob
Yesterdays official statement
confirming the news is tellingly
shot through with new boss
Antony Jenkins favourite theme,
articulated by words such as
transition, inflection points
and a new direction of travel.
These are stock phrases that will
no doubt pepper Jenkins speech
when he sits in front of MPs
He will be hoping to discuss
the banks future, as well as to
the past to which Lucas and
Harding belonged.
THREE, the UKs fourth-biggest
mobile network company, will not
charge a premium for 4G services.
The company, which is set to
launch a high-speed 4G service later
this year, says it will offer the
technology as standard rather than
creating separate price plans for 4G
and 3G services.
The move contrasts with the
decision taken by the UKs first 4G
network, EE, which is charging
customers roughly 5 a month
more than for equivalent lower-
speed contracts.
We dont want to limit ultrafast
services to a select few based on a
premium price and weve decided
our customers will get this service
as standard, Threes chief executive
David Dyson said.
Three, owned by Chinas
Hutchinson Whampoa, does not yet
have the necessary airwaves to run
a 4G network.
It is buying a some 4G-approved
spectrum from EE later this year,
and is set to win more when an
auction of the airwaves is finished
in the next few weeks. However it is
likely to end up with less of the 4G
spectrum than its rivals EE, O2 and
Vodafone, and will use 4G to top up
its current 3G network.
Three pledges
not to charge
extra for 4G
THE OWNER of the Orange and T-
Mobile phone networks is planning
an end-of-year initial public offering
that could be Londons biggest stock
market listing in over two years.
EE, formerly known as Everything
Everywhere, is being prepared for a
listing that would raise billions for its
owners, France Telecom (FT) and
Deutsche Telekom (DT).
Everything Everywhere was formed
in 2010 when Orange and T-Mobile
merged, creating the UKs biggest
mobile company. It has since
launched Britains first high speed 4G
mobile network under the EE name
and boasts 27m customers.
FT and DT, which each own half of
EE, will retain majority control.
However, floating a quarter of the
firm could raise as much as 2.5bn,
giving the firms a cash injection. An
IPO would be Londons biggest since
commodities giant Glencore raised
6bn in 2011, and would breathe life
Mobile giant in
plan to float on
London market
into a dormant IPO market.
EEs owners have been hit by weak-
nesses in Europe, and slashed their
dividends last year. DT has focused on
investment in the US and Germany
while Frances mobile market has seen
prices cut in order to compete.
A DT spokesperson said: DT and FT
have decided to conduct a strategic
review on the asset and consider dif-
ferent options with an IPO as the pre-
ferred option. An FT spokesperson did
not comment, although the French
firm has appeared open to floating EE.
RBS looks to IPO 316 branches
as rival bidders offer too little
RBS is set to float 316 branches as an
independent bank after failing to
get any attractive bids from smaller
banks or private equity buyers, it
emerged yesterday.
The bank is being forced to sell
the branches, which come with
1.8m customers and 250,000 small
business accounts, by the European
Commission as part of its state
bailout package.
But its initial plan to sell them for
1.5bn to Santander fell through
late last year, leaving the institution
scrabbling to find a buyer before the
ECs deadline of the end of 2013.
In recent months it has been
running a dual track process,
preparing for an initial public
offering (IPO) and for a sale. It now
looks likely to press ahead with the
former after a lack of good offers.
The IPO is being considered as
the best option for staff,
shareholders and customers, said a
source with knowledge of the
situation. But if a trade buyer came
up with a good enough offer then
the bank would take that.
Groups including Nationwide
building society, Virgin Money and
JC Flowers were all believed to be
interested, but have dropped out or
failed to offer enough. Analysts
believe the sale may raise as little as
500m. RBS declined to comment.
Meanwhile George Osborne is
pushing the bank to pay any Libor
fine out of its bonus pot. The move
represents an unprecedented
intervention into the affairs of the
bank, which is usually run at arms
length rather than ministerial order.
UKFI, which manages the
governments stake in RBS, declined
to comment.
ADVERTS at this years Super Bowl
have hit record prices, with the
price of a 30-second advertisement
at the event reaching an average of
$3.8m (2.4m).
Companies including Samsung,
Budweiser and Coca-Cola have
paid US television network CBS
around nine per cent more than
they did last year for the event,
which was broadcast last night.
Following the explosion of video
websites and online marketing,
adverts for American footballs
season finale have become many
Super Bowl advertisements hit
record prices in age of YouTube
BY JAMES TITCOMB times more valuable than just a
few years ago, with the short video
clips likely to be played many
times over on the internet, adding
additional value.
Technology, food and drink, and
car companies are traditional big
spenders. Most US car
manufacturers are advertising,
while BlackBerry is spending
heavily to promote its new range
of smartphones, which the
company launched last week.
The Super Bowl is the USs most-
watched television event, with an
average 111m viewers in the last
two years.
Ads for this years Super Bowl cost an average of 2.4m for half a minute of airtime
STRICKEN City broker Seymour
Pierce has cleared a major hurdle
in its bid to avoid administration
after one of its largest creditors
made it clear he was willing to be
patient about calling his funds
Hopes the 130-year-old
brokerage could be saved from
administration were raised
yesterday after a major Ukrainian
investor indicated he would be
willing to extend the repayment
period of a 3m debt investment
made last year.
An extension of the repayment
Seymour Pierce has reprieve as
creditor agrees to late payment
period relieves some of the
immediate pressure on the
beleaguered firm, which put
administrators on standby last
week for potential insolvency,
making it more attractive to
potential buyers.
The unknown Ukrainian outfit
ploughed money into the historic
City broker last summer in the
hopes of buying a substantial
stake in the company, only for
the deal to be rebuffed by the
Financial Services Authority.
Seymour Pierce, whose holding
company is chaired by prominent
football financial adviser Keith
Harris, has been hunting for
investment for some months.
Megafon 2012 1.1bn 7.2bn
Direct Line 2012 787m 2.6bn
Glencore 2011 6bn 37bn
Polymetal 2011 491m 3.55bn
Essar 2010 1.3bn 5.4bn
EE (est.) 2013 2.5bn 10bn
Company Year Amt. Raised Value
Chinas services expand slightly
nGrowth in Chinas increasingly
important services sector rose for the
fourth straight month in January,
though the slim increase added to
evidence that the recovery in the
worlds second-largest economy
remains a modest one. Chinas official
purchasing managers index for the
non-manufacturing sector rose to 56.2
in January from 56.1 in December, the
National Bureau of Statistics said
MPs lack of trust threatens banks
nOut of all industries MPs trust
banking the least, according to the
results of a new Edelman survey. A net
balance of 61 per cent of MPs distrust
the banking and finance industry. This
lack of trust means banks will find it
hard to have their concerns listened to
and so could lead to revolutionary
change to Britains banks, Edelman
warned, adding to the already weight
regulatory burden on the firms. Labour
MPs are the least likely to trust banks.
Sales up at Patisserie Valerie
nPatisserie Holdings, the company
behind Patisserie Valerie cafes, has
capitalised on consumers sweet
tooths with a 22 per cent increase in
turnover in the year to September
2012. Turnover jumped to 49.5m
while pre-tax profits rose 28 per cent
to 5.9m in the same period.
Patisserie Valerie is planning to add
more than 20 branches this year.
The business is owned by Risk Capital
Partners, chaired by Luke Johnson.
INCOMING Bank of England governor
Mark Carney will face a grilling from
MPs on Thursday as an influential
backbench committee makes the
most of its first ever chance to ques-
tion an incoming governor.
Carney is set to take up the role this
summer just as the Bank receives
huge new powers over finance firms.
That makes Carney the most power-
ful unelected official in the land and
means the Treasury Select Committee
is keen to ask him how he will man-
age the role.
Earlier comments from the Bank of
Canada governor sparked a debate
around the very nature of central
banking. Towards the end of last year
he discussed the possibility of aban-
doning inflation targeting in favour
of nominal GDP targets.
Sir Mervyn and former monetary
policy committee (MPC) member
Adam Posen have attacked the idea as
it could lead to higher inflation par-
ticularly at times of crisis.
And Carney also appears to have
disagreed with senior Bank of
England figure Andy Haldane over
Carney getting
ready for tough
MPs questions
the complexity of banking rules.
But more personal matters will also
be discussed, including Carneys pay.
At 480,000, the governor elect has a
much bigger basic salary than outgo-
ing governor Sir Mervyn King, as well
as a large housing allowance, and will
receive another 30 per cent of his
salary in lieu of a pension.
Labour MP John Mann has criticised
the compensation package as puz-
zling at a time when the Bank is miss-
ing its two per cent inflation target,
squeezing incomes. And the impact of
money printing on pensions is also
likely to be raised as MPs fear the poor
and vulnerable are being harmed by
the inflationary policy.
The Bank has struggled to control ination
Dec12 Dec11 Jun11 Dec10 Jun10 Dec09 Jun12
6 CPI, annual %change
Is inflation targeting the best way to
run monetary policy?
Carney has suggested either ignoring the
two per cent inflation target until growth
recovers or scrapping it in favour of nominal
GDP targeting. Both mean higher inflation
even after years of above-target price rises
so Carney faces a challenge to convince MPs
he has the UKs best interests at heart.
How will you cope with the Banks
major new powers?
Ex-policymaker Adam Posen said the
governor and his deputies already works 18
hours every day of the year. Carney will have
to explain how he thinks he can manage the
extra burden of regulatory powers.
Are you going to help savers?
The Bank of Englands Funding for Lending
Scheme has driven down savers interest
rates in the last six months, but only had a
Mark Carney will head the Bank for five years less than the eight years previously expected
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small impact on lending so far and mainly
mortgages. That comes after years of low
rates and high inflation have hit savers hard.
Carney will be asked how he plans to help
this hard pressed, prudent group.
How can you ease tensions between
you and other senior policymakers?
Carney and rising central banker Andy
Haldane have appeared to criticise each
other in recent months. The Canadian will be
keen to show the committee he can defuse
any rows and manage a tight ship when he
takes over at the Bank of England, to present
a united and stable front.
How can you justify your pay packet?
At a time when the Banks policies are
pushing up prices and hitting those on low
wage or living off savings, a huge pay packet
and housing allowance will attract a lot of
attention, potentially making the session
uncomfortable for Carney.
BUSINESS sentiment improved in the
first month of the new year, as firms
bet the UK could put decline behind it
and dodge a triple-dip recession.
Confidence hit an 18-month high in
January, according to Lloyds Banks
business barometer, out this morn-
ing, with 46 per cent more firms say-
ing their trading prospects would
improve than saying they would get
worse, up from Decembers 40 per
cent margin.
And three other data releases
echoed Lloyds findings. The
Confederation of British Industrys
(CBI) small and medium enterprise
trend survey, also out this morning,
said a nine per cent majority of small
firms were expecting new orders to
grow over the coming three months.
A seven per cent majority of the
CBIs respondents said output would
rise in the coming quarter, bouncing
back from the decline suffered during
the the three months to January.
And the ICAEW/Grant Thornton
business confidence monitor also sug-
Firms spirits
up on hopes of
2013 recovery
BY BEN SOUTHWOOD gested the UK would avoid the two
consecutive quarters of contracting
GDP that would signal the country
was technically in a triple-dip reces-
sion. Their index rose from plus 4.2 in
the last quarter of 2012 to hit 12.8 in
the first quarter this year, which they
say is consistent with 0.4 per cent GDP
growth through this period.
Begbies Traynors data on financial
distress also projected a more upbeat
image of the economy. The fourth
quarter of 2012 saw a 12 per cent
plunge in the number of firms in
financial distress, the data showed,
with 196,636 firms registering signifi-
cant or critical financial problems,
down from 223,125 a quarter earlier.
But the embattled retail sector was
much less optimistic. Like-for-like sales
fell 0.4 per cent over the year to
January, BDO said today, while overall
sales fell some four per cent.
The cheery noise coming from busi-
ness may have influenced the Institute
of Economic Affairs shadow rate-set-
ters, who recommended that policy-
makers hike rates 0.25 per cent, the
first time in 16 months.
Berlusconi was Italian PM
for most of 1994-2011
196,636 FIRMS
FROM 223,125
ROSE TO 12.8
FROM 4.2
Jan 13 Nov 12 Sep 12 Jul 12 May 12 Mar 12 Jan 12 Nov 11 Sep 11
Balance of positive over negative responses, %
Condence in their rm
Condence in the economy
ITALIAN former Prime Minister
Silvio Berlusconi yesterday staked
out the battle lines in the
upcoming election, promising
sweeping tax cuts if he is
He said that a centre-
right government would
reimburse a tax on
families primary
residences, freeze VAT,
eliminate a regional
business tax, and refrain
from imposing a
wealth tax.
Part of the cost of
Berlusconi promises swathe of
tax cuts if he wins Italian poll
these giveaways would come from
cutting the cost of government,
halving the size of parliament and
cutting public finance to political
parties, he said. Another chunk
would be financed through a tax
deal with Switzerland, the
media baron and AC Milan-
owner pledged.
This comes as a review of
research, released yesterday,
suggested Berlusconis grip
on the Italian media
boosted his vote share by 5.5
to 7.5 percentage points.
TAXPAYERS may be hit with a
bill of up to 41bn per year to
cover the cost of public sector
pensions, according to research
out today.
This bill would represent
1,600 per family, the Centre for
Policy Studies (CPS) said, due to
the generosity of the pensions
given to state workers.
The total payout would come
from 17bn of employer
contributions, 15bn to cover
the gap between contributions
and payouts, and at least 9bn
from the end of contracting-out
the think-tank said.
Taxpayer faces 41bn per year
bill for public sector pensions
There could even be a further
2bn cost from out-of-date life-
expectancy modelling the bills
architects are using, the CPS
Lord Hutton claimed that his
proposals for public sector
pension reform would be fair,
sustainable and balanced; and
that taxpayers can have
confidence that the costs are
controlled, said CPS director
Tim Knox.
Sadly, none of this is true
taken together, the coalitions
pension proposals are unfair
and the costs at 1,600 a year
for every household are
clearly not controlled.
THE SPEED of rent growth is set to
slow down in 2013, according to a
survey out this morning, due to an
influx of new investment.
Investors are piling into buy-to-let,
the survey from Rightmove
suggested, due to high returns.
Twelve per cent of accidental
landlords are looking to boost their
capacity, the survey showed, while 74
per cent of professional landlords
plan to invest more during the year.
Buy-to-let investors, attracted by
evidence of sustained demand and
strong yields, will provide much
needed relief to Generation Rent,
said Rightmoves Miles Shipside.
Investment to
cut rent hikes
WM Morrison, the supermarket
chain, has bought seven former
Jessops outlets from the collapsed
specialist camera chains adminis-
trators PwC.
The UKs fourth largest grocer
plans to convert the sites into M
Local shops as it begins its assault
on the fast-growing convenience
store market this year.
Four of the former Jessops stores
are in London and three are else-
where in the UK.
Jessopss administration last
month led to 187 stores closures
and the loss of 1,500 jobs at the
The brand and existing stock was
sold last week to a group of buyers
including Dragons Den star Peter
Jones, though the deal was focused
on the value of the brand and is
unlikely to see Jessops stores
Morrisons is also in talks to buy a
Morrisons buys
Jessops stores
for expansion
BY KASMIRA JEFFORD further handful of sites from music
chain HMV and video rental service
Blockbuster, which also collapsed
into administration last month.
A spokesperson declined to com-
ment yesterday.
The Bradford-based retailer,
which is behind its rivals opening
convenience stores, plans to open
up to 70 M Local shops by the end of
It has launched around 12 conven-
ience stores to date, which it also
hopes will help revive sales.
The chain last month confirmed
its position as the turkey among
the big four supermarkets over
Christmas after reporting a 2.5 per
cent slump in like-for-like sales in
the six weeks through to 30
But Jessops fared even worse over
the festive period. PwC was called in
on 9 January after nervous suppli-
ers pulled the plug, citing worse-
than-expected trading during the
holiday season.
Morrisons has taken over a handful of Jessops stores, which collapsed last month
A WEAKER sterling has helped to
boost demand for central London
property among European buyers,
according to data published today
by Knight Frank.
The property consultancys
monthly report shows property
prices in prime central London
rose 0.4 per cent in January, as
overseas buyers looking for a safe
haven for their money continued
to drive demand for luxury homes.
Liam Bailey, head of residential
research, said the drop in the value
of the sterling has also made
investing in the UK more attractive.
While prices for prime central
London property increased 0.5 per
cent since November currency
Sterling slide boosts overseas
demand for London property
movements mean that for euro-
denominated buyers property
values have actually declined by
four per cent in that time, making
entry into the market more
affordable for European buyers,
he said.
Knightsbridge remained the
best performing region in terms of
price growth, reporting a 1.5 per
cent rise during January.
Notting Hill, which has seen
prices steadily decline since
September, reversed some of these
losses with 0.8 per cent price
growth in January.
Knight Frank said its outlook
for 2013 remained unchanged and
it does not expect any significant
price movement in the prime
central London property market.
SIR Stuart Rose,
the former boss
of Marks &
Spencer, has been
appointed as
chairman of
clothing brand Fat
Face, less that
two weeks after
being named as
the new chairman
of online grocery
firm Ocado. Sir
Stuart will take
the helm at the
private equity-
owned group in
July, replacing
Alan Giles, who
will step down
after seven years
in the role.
A US online advertising company will
today announce plans to raise up to
12.5m on Londons Alternative
Investment Market (Aim) as a spring-
board for expansion into Europe.
Digital Global Services (DGS), which
buys advertising space on search
engines and Facebook for telecoms
companies, is looking to float in mid-
February despite not yet having a
presence in the UK.
Chief executive Jeff Cox told City
A.M. that despite a dearth of recent
London technology flotations, he
expects strong demand for the
shares. If you look at our
finances, its a strong growth
company, we are highly cash
generative and we pay divi-
dends, Cox said.
DGS will use the 9m-12.5m it
expects to raise to launch opera-
tions in Europe, starting with
Germany, France and the UK.
The Colorado-based company is
hoping to expand based on a rep-
utation acquired by serving
nine of the biggest 10 US
US web ad firm
to raise 12.5m
in London IPO
telecommunications companies and
Mexicos three biggest operators.
The firm has capitalised on the
increasing competition for online
advertising space as more people
search the internet for deals. DGSs
technology selects the best advertis-
ing slots to bid for on Google,
Facebook and other search engines
such as Yahoo and Bing, in an attempt
to drive sales.
The company can also handle other
parts of the sales process, for example
by operating call centres. It then takes
a fee for each sale completed, thus
eliminating the risk of adver-
tising for the seller.
The company has been
profitable since 2009
the year after it was
founded and it saw
revenues grow by 65
per cent last year.
As well as expanding
in Europe, DGS will use
the cash to improve its
operations in Latin
America, and also branch
out into offering services
to other utilities
clients such as gas
and electricity
Digital Global Services is being advised by
small and mid cap company brokers N+1
Singer for its listing on Londons Alternative
Investment Market.
The advisory rm was created in July last
year from the merger of Singer Capital
Markets and N+1 Brewin, in a deal that made
it one of the top small and mid cap brokers
in the UK. DGSs listing will be one of the
most signicant in N+1 Singers time as a
joint company. The team advising the US
advertising rm is being headed up by
Shaun Dobson, the brokers head of corpo-
rate nance. He joined Singer Capital mar-
kets in 2009, following positions at
Landsbanki Securities, Bridgewell and RW
Baird. Dobson also advised British technol-
ogy rm blur on its October IPO and recent-
ly helped N+1 Singer win a contract to
become house advisers to Porta
Joining Dobson on the team were N+1s
Aubrey Powell, a director of corporate
nance who joined last year after a 12-year
stint at Panmure Gordon, and Matt Thomas,
who worked at Singer Capital Markets
before the merger.
BIG-NAME London hedge funds
Odey Asset Management and
Egerton Capital are among those
upping their bets against Monte
dei Paschi di Siena in recent days,
after revelations the troubled
Italian bank faces heavy losses.
Italys third-biggest bank is
under investigation for an opaque
series of derivatives and
structured finance contracts
between 2007 and 2009 that could
cost it 720m (625.9m).
The scandal surrounding the
worlds oldest bank, which is
already in need of a 3.9bn state
bailout, has become a campaign
issue three weeks before Italy
holds national elections.
Shares in Monte Paschi are
now the most in demand in Italys
Hedge funds build positions in
crisis-hit bank Monte dei Paschi
BY CITY A.M. REPORTER FTSE MIB blue-chip index for
short-selling by hedge funds, with
75 per cent of those of its shares
available to borrow the lending
pool supplied by institutional
invstors now out on loan,
according to data group Markit.
Prime brokers, who provide
finance and lend stock to hedge
funds, have had to meet some of
the demand for shares in the 540-
year-old Tuscan lender from their
own supplies, such has been the
interest from short-sellers.
Egerton took a short position
of 0.68 per cent of Monte Paschi
on 24 January, according to the
website of Italian regulator
Consob, and had increased this to
0.97 per cent by Friday.
Meanwhile Odey took a
position of 0.57 per cent on 24
Chief executive Jeff
Cox wants up to 12.5m
FORMER Tesco boss Sir Terry Leahy
was in charge of the playlist yesterday,
getting listeners dancing in the aisles
by mixing folk with Handels Messiah
on Radio Fours Desert Island Discs.
Sir Terry began his Tesco career as a
shelf-stacker in Wandsworth
and rose to become chief
executive of the grocer
from 1997 to 2011.
Now chairman of the
retailer B&M Bargains,
the Liverpudlian told
host Kirsty Young that
the loss of his supermar-
ket heavyweight status
was a pleasure as he had
never enjoyed the lime-
However it
seems that
despite leaving the firm over a year
ago, he is still loyal to the Tesco brand:
I actually bribe my children to inform
on my wife Alison if she ever goes to
Waitrose, he confessed.
Sir Terry takes a tough-love stance on
the plight of the high street. When
asked if the decimation of little high
street butchers made him sad, he said
it was part of progress and that
high streets are medieval and the way
we live now is very different. If [the
butcher] was good enough, it could
Ever the humble man, Leahy picked
tea as his luxury item to take with him
as a castaway. Tescos own brand, pre-
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One Lombard Street, the stalwart
City diner started by former
Merrill Lynch and Goldman Sachs
banker Soren Jessen, has been running
a competition for one thirsty patron to
design a new cocktail. The signature
tipple will be served in the 1776
restaurant and The Capitalist can reveal
that the winner, chosen by judges
including Jessen and celebrity chef Tom
Parker Bowles, is Chloe Pripachailo with
a gin-based pear and lavender drink
called the 1776. To win the coveted prize
she fended off stiff competition (pardon
the pun) from a marmalade-based gin
concoction and a spicy Bourbon with a
pink peppercorn syrup mixer.
Got A Story? Email
Former Tesco chief
exec Sir Terry Leahy
Left to right: Judges Bill Knott, Jennie Rae and Tom Parker Bowles with cocktail
competition winner Chloe Pripachailo and One Lombard founder Soren Jessen
No Waitrose for
Sir Terrys wife
The HAILO app.
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Sign up to
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THE platinum-rich country has
been forced into the spotlight for
all the wrong reasons over the past
six months. Violent strikes took
place across South Africas
platinum belt last summer,
culminating in a showdown at
Marikana, outside Johannesburg,
that left 45 people dead.
Blue chip miner Anglo
American recently announced a
huge overhaul of its South African
platinum operations, threatening
up to 14,000 jobs, to stop its
business from leaking cash.
Prices, meanwhile, are under
pressure from sluggish European
car demand. With all these sparks
flying, is South Africa still a
compelling place to invest?
Anglo American Platinums
long-awaited review into its
operations was met with fierce
criticism from the government
and workers, although investors
welcomed the plan to cut Amplats
platinum output by almost a fifth.
But its restructuring could be a
positive step for the region,
according to Travis Hough of
Kemet Group, which advises
African governments on natural
resources policy.
Anglo American is closing
shafts and laying off people, but
when the economy perks up,
where are they going to get
resources from? We must keep
projects ticking over, Roy
Pitchford, founder of Zimbabwe-
focused business Ferrex, told City
A.M., adding that Africa will will
play a really big part in resources
going forward.
South Africa has come under a
degree of suspicion from investors,
with mining increasingly seen as
too political. Miners are sick and
tired of all the bureaucracy they
just want to dig stuff out of the
ground, a source with knowledge
of the country said. South Africa
could lose out because of this.
A poll by FTI Consulting out
yesterday showed that 80 per cent
of the South Africans it surveyed
see bribery and corruption as the
biggest threat to foreign
investment. Labour problems are
seen as an obstacle by 70 per cent.
Jonathan Harris of Zamba
Bauxite which develops bauxite
in Cameroon agrees that the
issues are mainly political, as the
South African minister of mines
gets involved with everything.
We need to get over that first, he
says. Theres a huge disparity in
wealth, and then theres the
perception of western-type
companies like Anglo American,
which is seen as foreign.
Martin French, non-executive
director of Sub Saharan-focused
North River Resources, is
optimistic on the fortunes of the
nation, though he concedes there
are downsides to working there.
The infrastructure is poor, and
nationalism is alive in large parts
of South Africa, so theres a degree
of unpredictability, he adds.
The ongoing political pressures
mean South Africa has become
less attractivre to some. It used to
be the easiest place to do business
but its a less stable place to be at
the moment, although there are
still a lot of opportunities across
Africa, counters Simon Raggett of
consultancy Strand Hanson.
If the market is buoyant, retail
customers snap at the heels of the
African junior mining stocks. But,
as Raggett highlights, there are
almost no brokers raising money
for mining projects, as the funding
just isnt there. And thats why
Indaba, where 7,000 delegates are
heading, is so key: deals are done,
contacts network and it provides a
great chance to clinch that all-
important fundraising for projects.
Its going to be a better year in
the markets. Itll still be difficult,
but itll be a better year than last,
said John Theobald, executive
director and chief exec at mining
royalty group Anglo Pacific.
And as for the fortunes of South
Africa, it still looks like a waiting
The worlds miners get
together in Cape Town
South African instability
is the main focus this
week as the worlds
miners descend on
Cape Town for the
annual Indaba mining
conference, writes
Cathy Adams The Marikana platinum mine has been the focal point of worker disquiet
Its a less stable
place at the moment
although there are still
a lot of opportunities....

HEATHROW is set to unveil a 3bn

expansion plan later this month
which will see it invest in terminal
facilities, despite continued uncer-
tainty over the future of airport
However, Heathrow is also expected
to unveil a substantial hike to the
amount it charges airlines to use its
facilities, up from the existing 17 per
person, potentially pushing up the
cost of flying.
The investment programme is
scheduled for the 2014 to 2019 period,
during which time the government
will announce its plans on expanding
runway capacity in the south east of
England. This could see Heathrow
lose its status as the UKs hub airport
but it intends to push on regardless
with extending its terminals, adding
more gates capable of hosting the
Airbus A380 super jumbo and improv-
ing baggage handling facilities.
Heathrow, the company formerly
known as BAA, said yesterday further
Heathrow eyes
3bn boost for
details of the infrastructure invest-
ment would be unveiled at the end of
this month.
On Friday Sir Howard Davies, chair-
man of the commission set up by the
government to consider the future of
Britains airport capacity, said he
would consider a proposal by the
Policy Exchange think tank to build
two new runways at Heathrow, despite
fierce opposition from west London
Davies has been told to report his
findings after the 2015 general elec-
tion, ensuring the issue does not dam-
age relations within the coalition
government but also infuriating busi-
ness leaders who want a swift deci-
Mayor of London Boris Johnson has
repeatedly campaigned against expan-
sion of Heathrow in favour of building
a new hub airport in the Thames estu-
ary. But it is understood that he is com-
ing around to the idea of expanding
Stansted airport to meet demand on
the basis that it is a more achievable
In association with
For more information visit gauchopolo.com
Ultra Electronics
The security, defence and energy
company has appointed Mary
Waldner as its group finance
director. She is currently director,
group finance at QinetiQ Group,
and has previously served as
group finance controller at 3i.
Waldner additionally spent 10
years in senior roles at British Airways.
William Kirschner has been elected partner in the law
firms Asia corporate practice. He joins from White &
Case, where he has been a partner since 2008.
Kirschner is a mergers and acquisition lawyer in Asia,
and has a particular focus on Indonesia.
Parity Group
The business solutions firm has appointed Suzanne
Chase as executive director and general counsel. She
was previously group general counsel and company
secretary at Morse. Chase has held a number of senior
business and legal roles, including compliance partner
at King Sturge, group general counsel and company
secretary at the Big Food Group, and general counsel at
Association of Investment Companies
The investment association has appointed William
Hemmings to its board. He is currently head of closed-
ended funds at Aberdeen Asset Management.
Hemmings has been involved with the management of
investment companies since 1990, and has been a
member of the Association of Investment Companies
Managers Forum for several years.
The law firm has recruited ten additional solicitors. The
new hires include Joanna Bullard, who joins Keystones
real estate commercial property team from Thomas
Eggar. Nia Jones joins from Hanne & Co Solicitors,
where she was head of private clients. Clare Lucas joins
from Motorola Mobility, where she was senior
commercial counsel. Lucinda Russell-Jones joins from
DLA Piper, where she was a senior associate. And
Nicholas Tall joins from Speechly Bircham, where he
was a partner.
Alvarez & Marsal
The professional services firm has appointed Osman
Khan as a managing director in its transaction advisory
team. He previously worked in PwCs transactions
services practice, and has over 15 years experience in
providing mergers & acquisitions due diligence.
+44 (0)20 7092 0053
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
in association with
TWO US pension funds have filed a
lawsuit against BlackRock, alleging
that the worlds biggest asset
manager had looted securities-
lending revenues from iShares
exchange-traded funds investors,
and breached its fiduciary duties.
In the suit, filed in Tennessee,
the pension funds allege that
several iShares ETFs spent funds on
grossly excessive compensation to
agents affiliated with the ETFs, as
well as on other agents, and they
want to recover the funds for
BlackRock president Robert
Kapito and iShares chairman
Michael Latham are named as
defendants in the suit. BlackRock
said yesterday the complaint was
without merit, adding it will
contest it vigorously.
BlackRock in
US iShares row
FORMER customers of Jon Corzines
collapsed brokerage MF Global
would recover most, and probably
all, of their money under the latest
projections by the trustee
liquidating its bankrupt parent
In a court filing late on Friday,
trustee Louis Freeh, the former FBI
chief, outlined an amended version
of a plan for how to divvy up MF
Globals assets and distribute them
among various creditor classes.
Freeh projected MF Globals US
broker-dealer unit could have up to
a $120m (76m) surplus, which
would mean full payback for the
traders whose money was frozen
when the brokerage went bankrupt
in October 2011. But Freeh also said
the broker-dealer unit could wind
up with a $6m shortfall.
MF Global cash
to be returned
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CADO will be in the spotlight
this week as the online grocer
reveals whether it is edging
closer to making a profit.
The firm has recently hired Sir
Stuart Rose as chairman and is also
gearing up to open a second distribu-
tion warehouse in Warwickshire.
Ocado, which was founded in 2000,
is yet to go into the black. But it said it
enjoyed a very merry Christmas after
posting a 14 per cent rise in gross sales
to 91.6m in the six weeks to 6
Incoming Bank of England governor
Mark Carney is also likely to grab the
headlines on Thursday as he
announces his intentions to MPs on
the Treasury Select Committee.
And on the same day both the Bank
of Englands Monetary Policy
Committee (MPC) and the European
Central Bank (ECB) will announce
their latest monthly decision on inter-
est rates and quantitative easing (QE).
Economists expect no change for
We expect the MPC to keep its QE
programme on hold in February,
said Philip Rush of Nomura.
The Inflation Report forecast is
unlikely to convince many members
that more needs to be done when
most of the news has been positive in
recent months. However, we would
not rule out more being done. And
just because we expect no new pur-
chases does not mean we expect no
gilts to be bought.
In other economic news, the latest
British Retail Consortium (BRC) survey
of the high street will point to how
much effect Januarys snowy weather
had on retail sales. Construction and
services PMIs will also shed light on
how well the economy is faring, while
a Halifax house prices survey and fig-
ures for new car registrations in
January will give an idea of how much
consumers have got to spend. Further
economic cheer comes today from the
Lloyds Business Barometer, which
showed an 18-month high in confi-
dence, with businesses betting their
trading prospects are improving.
Randgold Resources is set to report
its final figures today, at the start of a
busy corporate reporting week.
Tomorrows line-up of yearly figures
includes those of ARM Holdings, BP,
BG Groupand St Modwen Properties.
On Wednesday GlaxoSmithKline
and Wolfson Microelectronics are set
to give year-end figures, while
Hargreaves Lansdown, Daily Mail
and General Trust, Grainger,
Quintain Estates, Homeserve, WS
Atkins and Canaccord Financial will
all update the market.
Smith & Nephew and Beazley will
also give final results on Thursday,
with further announcements expect-
ed from Vodafone, Compass Group,
Avon Rubber, SuperGroup, Thomas
Cook, ICAP, TUI Travel and Bellway.
On Friday Cable & Wireless
Communications will report.
Ocado to reveal
its progress on
road to profits
1 Feb 28Jan 29Jan 30Jan 31Jan
1 Feb
Great rotation
may be just a
bullish January
ALL Streets current jubilant
narrative is that a rush into
stocks by small investors has
sparked a great rotation
out of bonds and into equities that
will power the bull market to new
That sounds good, but there is a
snag: The evidence for this is a few
weeks of bullish fund flows that are
hardly unusual for January.
The S&P 500 rose five per cent in
January, its best month since October
2011 and its best January since 1997,
driving speculation that retail
investors were flooding back into the
stock market. Heading into another
busy week of earnings, the equity
market is now knocking on the door
of all-time highs.
Late-stage bull markets are typically
marked by an influx of small
investors coming late to the party
such as when your waiter starts giving
you stock tips. For that to happen you
need a good story. The great rota-
tion, with its monumental tone, is
the perfect narrative to make you feel
like youre missing out.
Even if something approaching a
great rotation has begun, it is not
necessarily bullish for markets. Those
who think they are early to the party
may actually be arriving late.
Investors pumped $20.7bn into
stocks in the first four weeks of the
year, the strongest four-week run
since April 2000, according to Lipper.
But that pales in comparison with the
$410bn yanked from those funds
since the start of 2008.
Im not sure you want to take a cou-
ple of weeks and extrapolate it into
whatever trend you want, said Tobias
Levkovich, chief US equity strategist at
Citigroup. We have had instances
where equity flows have picked up in
the last two, three, four years when
markets have picked up. Theyve gen-
erally not been signals of a continua-
tion of that trend.
Panmure Gordons Simon French has reiterated his sell rating on TUI Travel ahead
of Thursdays interim results statement. Issuing a target price of 245p, he believes
the aborted bid from TUI AG highlighted that the parent company does not want to
pay a premium for control of this minority. Despite this he expects a strong update
as Britons booked foreign holidays due to the miserable weather at the end of 2012.
Alicia Forry at Canaccord Genuity has restated her buy rating on Tate & Lyle with a
target price of 900p, despite Fridays results failing to meet expectations. In spite of
strong price increases in the US market the company was hit by a decline in the
European market for artificial sweetener Sucralose. Canaccord Genuity insists the
shares are still trading at a discount to our sum-of-the-parts based valuation.
Several brokers downgraded oil giant Shell following last weeks results but
Theepan Jothilingam at Numis has issued a buy rating with a target price of
2,500p. He has concerns about the performance of the oil giants but says Shell is the
best of the bunch due to long-term growth options within a deep and impressive
resource base together with a strong technology set.
TUI Travel PLC
28 Jan 29 Jan 30 Jan 31 Jan 1 Feb
p 298
1 Feb
Tate & Lyle PLC
28 Jan 29 Jan 30 Jan 31 Jan 1 Feb
p 840
1 Feb
Royal Dutch Shell PLC
28 Jan 29 Jan 30 Jan 31 Jan 1 Feb
p 2,325
1 Feb
HE defining characteristic of
Londons success in recent
times is its international
outlook. New census data
vividly demonstrates this fact,
by showing that more than 100
different languages are now spoken
in virtually every London borough.
Skilled individuals from across the
globe choose to call the capital
home. This pool of talent is, in turn,
a key attraction for multinational
institutions, particularly in the City.
Leading financial and professional
services firms locate here because
they can hire the best regardless of
This makes reports suggesting that
Britain is losing out on potentially
significant revenue from Chinese
N HIS speech on Britains
relationship with the EU, David
Cameron reminded us that
European politics is still
characterised by a competition for
influence in pursuit of the national
interest. There is, of course, no longer
a military dimension to that contest.
A common European market and
common institutions have weakened
the link between economics, military
power and political influence. The
problem is that the rest of the world
looks quite different.
The troublesome link between eco-
nomics and international security
endures across the world. And there
are two trends that currently give rise
to concern: economic weakness in the
West, and the rise of the rest.
With all the focus on saving the euro,
little analysis has been directed at the
long-term security implications of the
Eurozone debt crisis. But recent devel-
opments betray disturbing deficien-
cies. Although Europeans were quick to
assert a leadership role in the Libyan
crisis, for instance, it soon became clear
that they lacked essential capabilities,
During conflict in
Libya, Italy withdrew its
aircraft carrier due to
lack of funds to buy fuel
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Crisis in the Eurozone is brewing up
security problems for years ahead
or even the munitions, to sustain their
mission. Perhaps the best, or most dis-
tressing, example was provided by the
Italians. They were forced to withdraw
the aircraft carrier Garibaldi from the
campaign because they could no
longer afford the fuel needed to keep it
at sea.
For many, the solution to maintain-
ing military effectiveness in an era of
shrinking resources is pooling and
sharing. But this presumes there is
something left to pool and share. Take
tanker aircraft, for example.
Europeans have discussed the need to
build an independent aerial refuelling
capability for years. The results are now
on display in Mali. French officials
were forced to ask the US for tankers
for the operation. As one unnamed
French official put it, our command-
ers feel much more comfortable, when
things are not going to plan, to have
support from the Americans very
But the Americans are now retrench-
ing. The Pentagon may have been
spared draconian cuts, as the US gov-
ernment narrowly avoided the fiscal
cliff, but Barack Obama still intends
to bring Americas global commit-
ments into line with its fiscal capabili-
ties. This means sizeable reductions in
defence spending, and a redirecting of
resources to parts of the world that
seem less stable than Europe. It also
means asking weakened allies to do
more. At least for the remainder of
Obamas presidency, the desire to draw
down US debt will diminish Americas
willingness to take on new commit-
Of course, it wasnt long ago that
American weakness prompted
observers to herald the dawn of a new
multi-polar order that, as the US and
Europe ended their roles as guardians
of global security, others would stand
up to the task. But the assumption
behind this view that BRIC countries
would continue to rise rapidly, and US
would fall into relative decline seems
out of date. Today smart observers note
that growth rates in many BRIC
nations are declining, while the
prospect of energy independence in
the US is likely to fuel a new period of
sustained economic growth. Moreover,
it appears that China will grow old
before it grows rich. Will an ageing
society, with low per capita income,
have the stomach to challenge the US
and its allies in pursuit of political
In this unstable context, understand-
ing the links between the uncertain
economic fortunes and political ambi-
tions of aspiring regional players is key
to devising a strategy for preserving
global peace and security.
But if understanding the goals of
these states, and reconciling them
with the existing institutions of the
international system, is essential to
avoiding conflict, the task is made dif-
ficult by a lack of transparency in
Beijing, Moscow and Tehran. We do not
know enough about how the Chinese,
Russian or Iranian leadership see the
world, and their place within in it. In
any event, integrating aspiring powers
to the liberal economic order presup-
poses that this order holds the promise
of prosperity for all. It will also require
the continued leadership of the West,
with the US at the fore.
In his speech on the EU, Cameron
suggested that the goal was no longer
to win peace, but to secure prosperi-
ty. In a globalised economy, it is hard
to see how we can enjoy one without
the other.
James W Davis is professor of political sci-
ence and director of the Institute of Political
Science at the University of St. Gallen,
visitors, due to a restrictive visa
regime, a serious concern.
This is an issue that affects not
only tourists but also business
visitors from China and elsewhere.
The recent announcement from
Downing Street that it plans to
reduce bureaucracy and make it
easier for Chinese individuals to
come to the UK legitimately is
welcome. But more needs to be done.
In order to prove the UK is open
for business, we need a visa regime
that is fit for purpose. Of course,
adapting the current system to meet
the realities of a fast-changing global
economic landscape presents a
major challenge. But it is one we
must meet urgently.
Despite Europe continuing to
dominate the headlines, it will be
centres in Asia and Latin America
that drive growth in financial and
professional services over the
coming years. This makes it
imperative for the government to
take a serious look at obstacles to
trade including visa policy with
these regions and then to
implement reforms.
Just last week, we hosted a major
conference at Guildhall focusing on
financing Indias infrastructure. As
part of its current five year plan,
India projects a need for investment
of $1 trillion (631bn) in
infrastructure with 50 per cent
coming from the private sector. This
presents considerable opportunities
for City firms across the supply and
financing chain, providing that the
government of India can offer the
right conditions for international
investors to participate
Meanwhile, new figures published
by the City of London Corporation
show that the London renminbi
market grew significantly in the first
six months of 2012, with transaction
volumes in foreign exchange up 150
per cent overall, and trade services
growing strongly. Confidence in
London as an international centre
for services and products
denominated in the Chinese
currency has been further boosted
by the Bank of England indicating it
is, in principle, ready to agree a swap
line with the Peoples Bank of China.
This international outlook is what
makes London stand out against its
peers. When it comes to foreign
exchange, for example, twice as
many US dollars are traded in the UK
than in the US, and twice as many
euros as in the Eurozone. In order to
retain this advantage, however, we
need to match the open for business
rhetoric with action on visas.
Mark Boleat is policy chairman at the
City of London Corporation.
Britain needs action on visa restrictions to stay open to international business
In association with
ONE WAY FARE INCLUDES ALL TAXES AND CHARGES, IN-FLIGHT 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 1 February. Non-refundable, non-changeable. Subject to availability. Bookings need to be made a minimum of 30 days before the date of outbound departure.
London by night
[RE: Tube could run until 2am, says
transport boss, Thursday]
Last weeks announcement that London
Underground will run extended weekend
Tube services is a boon for businesses
across the capital. It is also positive for
businesses like Addison Lee, as we also
benefit from Londoners being able to get
around at busy times. Like everyone in
London, I wish that we could introduce
the changes right now, rather than wait
until 2015. The greatest city in the world
deserves the greatest transportation
network. And it is exactly this sort of
initiative that can help unlock economic
growth and boost enterprise in the
Liam Griffin, managing director, Addison Lee
German efficiency
[RE: Seven reasons to like the plc model
of company ownership, Friday]
The public company model is essential.
But it is also worth looking at the venture
capital market, which seems to facilitate a
short-term strategy in the UK (build a
company up, then cash in when it is ready
to float). This model hinders innovation,
instead favouring short-term profit.
Contrast how companies are financed in
Germany. Its banks take a comprehensive
view of financing enterprise. They provide
more funding, and also take a longer-
term view. This is one of the (many)
reasons why Germany keeps developing
new technology, and German corporates
are such successful exporters.
Michael Fourie
RANSPORT for London has
raised the prospect of the
Underground running until
2am at weekends. Starting in
2015, this could deliver a
signifciant boost to Londons 8bn a
year dining, drinking and
entertainment industry, and would
provide a boon to the thousands of
Londoners who flock to the West
End for a night out.
This isnt the first time timetables
have been extended. In 1902, the
Metropolitan Railway Company ran
trains until 2.30am to cater for King
Edward VIIs coronation celebrations.
During his reign, late night theatre
specials ran until 1am to whisk the-
atregoers back to the suburbs. And
for decades, the Tube has run all
nighters on New Years Eve.
But in these latest plans, late night
services would be regular a huge
breakthrough. For years, mainte-
nance and industrial relations have
made night running problematic
and expensive. Ken Livingstone tried
to introduce it. Boris included it in
his 2008 transport manifesto. But
until recently not much changed.
International observers may won-
der what all the fuss is about. Other
cities, including Chicago and New
York, run services twenty-four hours
a day. Berlin operates all night at
weekends. On the Paris Metro, servic-
es run well past 1am. Londons last
trains run from central London at
So why has it taken until now for
more concrete plans to be floated?
Perhaps crucially, the Olympics
raised public expectations. During
London 2012, the Tube ran an hour
later every night of the week. It oper-
ated earlier on Sundays and clocked
up hours of reliable service. Londons
transport system showed that
improvements can be delivered.
Commentators rightly asked, if later
Should Frances economic weakness be a
cause for increasing concern in the Eurozone?
French economic weakness is not only apparent from its very high
unemployment figures and persistent lack of growth. Its even more
striking when you analyse leading indicators like manufacturing
purchasing managers indices the worst of all Eurozone countries,
except for Greece. Frances manufacturing downturn is accelerating,
with both output and new orders contracting at the fastest pace for
over three and a half years. This is a direct consequence of Frances
lack of economic competitiveness. Gains in external
competitiveness in the PIGS nations (Portugal, Ireland, Greece and
Spain) have also been associated with larger fiscal adjustment,
which is still lacking in France. Worryingly, the country lacks a sense
of urgency. If the government continues on its current course,
France will slide towards a recession in 2013.
Yannick Naud is portfolio manager at Glendevon King Asset
Yannick Naud
Nicholas Spiro
While Frances economy is flirting with a recession, its deep and
liquid government bond market a gauge on how risky investors
think a country is is still considered relatively safe. This is relieving
pressure on the Hollande government to implement much-needed
structural reforms to close the competitiveness gap with Germany.
While the governments recent labour reforms are a step in the right
direction, they will still be insufficient to boost job creation and put
an end to Frances dual labour market. The weakness of the
economy undermines Frances fiscal credibility, making it even more
difficult to carry out structural reforms. But France is unlikely to
suffer a run on its bond market, even though its sickly economy
remains a source of concern for investors. Benchmark yields
currently stand at 2.3 per cent, which is a sign that its not all doom
and gloom for the country.
Nicholas Spiro is managing director of Spiro Sovereign Strategy.
Tubes and smoother traffic were pos-
sible for athletes and spectators, why
not every day for Londoners?
Part of the answer also lies in the
huge levels of investment that are
starting to pay off. Catching up on
years of underfunding, new track
and electronic signalling systems
should be generating efficiencies. If
fewer hours are required for inspec-
tions and repairs, there is more time
for trains to run. In addition, Tube
drivers and other staff may well be
privately enthusiastic. There could
also be fare box benefits too.
Londons two mayors have deliv-
ered significant improvements to the
transport system. Smart ticketing
(Oysters), congestion charging and
the Boris bike hire scheme have
proven successful; new Routemasters
are on the way. For years, extending
hours on the Tube was thought to be
too difficult. Londoners and their city
representatives are choosing to dis-
agree. There should now be a contin-
ued push to tackle long-standing
obstacles to how London moves.
Taming buses in Oxford Street, build-
ing new river crossings to the east
and running the Tube and buses on
Christmas day all come to mind.
London faces fierce rivalry for
investment and talent. Later running
on the Tube at weekends is the sort of
quality of life factor that will help to
keep the city competitive. Thanks to
the Olympics, it may be a Games lega-
cy that Londoners finally get to keep.
Alexander Jan is global head of Arups
transactional advice team for transport.
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RLY 69
Fly from London City Airport visit cityjet.com
The boss of Barclays should have taken his
bonus. Its up to shareholders, not the public,
to set the tone of his bonus.
It is hugely embarrassing for David Cameron
to have the difference between borrowing
and debt explained to him.
Employment is stagnant, wages are falling,
growth contracting, and institutions are
failing. Yet the markets are booming.
David Cameron visited Libya? Well I guess his
holiday options with EU leaders have pretty
much run out.
LETTERSto the editor
E: theforum@cityam.com | Comment: cityam.com/forum | @cityamforum
A late night Tube is
simple way to keep
London competitive
HAT are the three words
in the English language
beginning with Dw? Our
boozey boys lunch
suddenly took an
intellectual turn when someone
lobbed in this cracker of a question.
Our bodies momentarily froze and
we stared into the distance, slight
frowns, deep in thought,
competition now upon us. Dwarf!
someone yelled, and at first I
thought he was commenting on my
height, but he was just triumphant
to find the first word. As the mental
search continued, I talked about the
movie Snow White and the Seven
Guys, speaking of dwarves, you
know someone that I admire? Walt
Disney. He was a genuine
entrepreneur; a risk-taker and an
innovator in an innovative industry.
Annabel Palmer meets Clippy McKenna, the woman bringing character to supermarket aisles
OU may have seen Clippy
McKennas eponymous
preserves on your
supermarket shelves. Her
two-man show (it is just
Clippy and fianc Paul Gorman
working at the business; everything
else, including the actual jam-
making, is contracted out) now
stocks its products in some of the
biggests stores including Tesco and
Harvey Nichols.
After graduating as a mature stu-
dent (she had previously worked in
travel), McKenna got her first taste
for catering to the public at a food
concession in Harvey Nichols, before
making it to the TV stages of
Masterchef. Thomasina Miers the
chef behind Mexican chain
Wahaca won that year, and
McKenna felt she lacked the calm
nerves necessary to provide top cui-
sine for Gregg Wallace and John
Torode. But the experience made her
realise she wanted to start up her
own business. She carried out thor-
ough research into gaps in the mar-
ket and found it was lacking a jam
brand with a face (and with less
sugar than the others). It had to be
something she could do from home,
and so her kitchen became a highly
efficient production unit, where
McKenna would make, jar and label
her product to sell at local farmers
markets and delicatessens.
But, by 2009, McKenna wanted to
branch out. So she pitched to Harvey
Nichols and won a contract to supply
their stores around the country. By
2010, her products were in Fortnum
and Masons and Ocado, in 2011 they
went into Booths and Asda in the
north west, and the following year
into Tesco and Morrisons.
Clippys has no investors or loans,
so it has had to be a lean and mean
organisation, with no overheads,
because thats how you maintain
good margins. Fortunately,
McKenna and Gorman have comple-
mentary skills Gorman is the
number cruncher; McKenna is the
creative brain and they took on a
non-executive director last year. I
recently told a radio interviewer that
I pay myself the minimum wage. He
responded: Then why would anyone
want to be an entrepreneur?, she
laughs. The reason is simple:
McKenna is determined to build
something bigger, a brand. But build-
ing a brand is difficult because you
have to convince the public to buy
your product over something else
The trusted brand with
personality at its core
Company name: Clippys
Founded: 2008
Number of staff: 2 (Clippy and her
Company turnover: 500,000
Job title: Creative director,
Age: 39
Born: Gateshead
Lives: South Manchester
Studied: BA Hons Cultural Studies
and Sociology at Manchester
Drinking: Fevertree lemon tonic
and Hendricks gin
Reading: The Island, by Victoria
Favourite business book: I tend not
to read them too close to
home but next on my list is
quirky business book Funky
Business, by Kjell Nordstrm
Motto: You only live once, so
make sure you enjoy yourself
First ambition: To eat my way
around the world
Heroes: Anyone who starts a
business and is still alive to tell
the tale
Clippy takes centre stage in her brands identity
Disney ending for the man who started golden era of animation
that has the same price tag.
It certainly wont be easy, especially
with quite modest resources. Jam is
viewed as a commodity nowadays, she
says, where customers dont peruse,
they make their decision based on
price. And those aisles are dominated
by the big boys Bonne Maman,
Premier Foods, Hartleys. So how can
Clippys set itself apart? My story and
the fact that we suggest what our prod-
uct should be eaten with have been big
differentiators. Were also working on
two new projects that arent in a jar,
which should increase brand recogni-
tion. So when people do make that
fleeting trip to the jam aisle, theyll
identify the Clippys logo.
But McKenna says they now need to
raise 350,000, in exchange for part of
the business, to help grow the brand,
launch into new markets, and employ
more staff. As such, they are now in
the process of looking for investors.
It hasnt been a smooth ride. Due to
its sugar content, the product didnt
come under the jam, reduced jam, or
conserve classification according to EU
rules on food labelling, meaning they
had to relabel all their products at
huge cost. McKenna worries that trou-
bles like these may deter future entre-
preneurs from taking the plunge. She
does warn that, if youre a small busi-
ness, everything takes twice as long
as you think. McKenna hit many
stumbling blocks for example, not
knowing when the supermarkets held
their range reviews (it is information
that cant be accessed online) and
missing out on pitching to them until
a year later.
But these battles have been worth it
to see shoppers put her product in
their baskets.
RNST & Young has just opened
nominations for its UK Entrepreneur
of the Year competition. Previous
category winners have included
Hilary Devey of BBCs Dragons Den
(and more impressively, founder of Pall-Ex,
the freight company), and the former boss
of JD Sports Peter Cowgill.
Certainly, of the many competitions out
there, Ernst & Youngs has one of the finest
heritages. Now in its twenty seventh year, it
covers 50 countries, distributes 500 awards,
and involves 900 judges. But why enter?
Isnt it just self-congratulatory? Unless you
win, some argue its just a waste of time.
Three specific benefits have been cited by
previous entrants. First, your business gains
recognition. Secondly, you get access to
events. And third, you have a chance to
network. Competitions are a good
opportunity to raise your profile, perhaps
meet potential investors, or just get to know
fellow entrepreneurs. You may even find a
future customer. Dana Elemara, founder of
the organic food company Arganic, says
one of the judges of Shells LiveWire contest
approached her after the event with a view
to setting up a future business relationship.
But the rigorous format of these
competitions can be useful in itself. Matt
Riley of Daisy Communications (an internet
communications company) argues that
entering is an chance to refine your business
plan. You have to look at your business
from the outside. You take a step back and
think thoroughly about your business and
how you present it.
This process could be a useful discipline.
Many start-ups, especially the most
embryonic, can be sophisticated ideas but
most companies miss a few details along
the way. Setting out a plan in front of
respected judges forces you to fully explain
the rationale for your company, how your
model practically works, and to consider
any weaknesses.
Full details on how to enter Ernst &
Youngs UK Entrepreneur of the Year
Competition can be found at
Tom Welsh is business features editor at
City A.M.
Business contests
arent just vanity
As a child in the early 1900s, he
loved to draw cartoons, and he honed
his skills sketching for a neighbour, a
retired doctor known as Doc. As a
youth, he passed up acting and, erm,
ambulance driving, to pursue this
artistic passion. His talent was timely
for the movie industry. Animation
was proving popular, as silent films
evolved from flickering black and
white images into sound and colour.
Popeye and Betty Boop became as big
as Brad and Angie are today.
Fine Richard, but you dont need
to dwell on that! someone
interrupted with exaggerated
But I continued. By the early
1930s, Walt had started his own
studio, gone bust and bounced back,
and was riding high on the success of
Mickey Mouse. Thats when he
decided to risk everything and make
Snow White, based on a fairytale he
had liked as a child. It took three
years and cost over $1m (631,000) a
huge sum. Everyone thought he had
gone dopey, and in Hollywood the
project was disparagingly labelled as
Walts folly. Walts wife Lillian
wasnt happy. No ones ever gonna
pay a dime to see a dwarf picture,
you idiot, she said. Okay, I added the
last two words, but do you get the
picture about the picture?
Ah yes! someone answered
unbashfully. Confidence in Walt
had dwindled!
For the production, it is
incredible how hands-on and what a
driving force Walt was. He agonised
over the storyline, and changed the
plot to emphasise the dwarfs over the
prince. He debated the choice of the
dwarfs names,
rejecting other choices
such as Burpy and
Flabby. Right decision
there, Walt! And can you
imagine the amount of
effort involved in
managing over 500
people and over 2m
The movie was an
instant success, the
highest grossing
movie to that time.
Everyone loved it, Oscar
included, even though kids peed
themselves in abundance at the scary
bits. With the release of the first-ever
soundtrack, the music was popular
too. The films success ushered in a
golden era of animation and
enabled Walt to move on to things
like Bambi, Dumbo and Peter Pan.
Interesting, Richard. But can we
talk about something simpler? I
think I might have dwunk too
much. Groans all around.
Richard Farleigh has operated as
a business angel for many years,
backing more early-stage
companies than anyone else in the
Just what Doc ordered: Snow
White was an instant success
HE common view of the City
hiring market isnt optimistic.
Last year, the Centre for
Economics and Business
Research made the gloomy projection
that the number of positions in 2013
will fall 33 per cent below its 2007
peak. But within the detail, there is
room for hope. If you know where to
look, and can adapt to meet changing
demand, there are still opportunities
for the ambitious to advance their
careers in 2013.
In banking, the headline figures seem
glum, and jobs prospects are certainly
expected to be disappointing in the
major investment banks. A survey by
PwC predicts that the sector will
reduce hiring by 88 per cent in the first
quarter of 2013. But the markets they
are leaving are not necessarily unprof-
itable smaller, less risk-averse bou-
tiques are still creating jobs for
experienced professionals. Some larger
banks are also bucking the trend. Glen
Roberts, associate director at Marks
Sattin, says there is optimism among
large and medium-sized retail and
wholesale banks, where short-term hir-
ing plans are ramping up.
Insurance is also looking good, with
demand improving. General insurance
is set to increase hiring by 7 per cent in
the first quarter of 2013, while life
insurance is projected to boost hires by
a massive 76 per cent. Making the
move into the industry is challenging,
but not impossible with the right pro-
fessional qualifications.
The legal jobs market looks quiet,
with just 35 per cent of lawyers expect-
ing their team to grow in 2013. But
there will be pockets of demand in
prime services, compliance and pay-
ments positions. Given that almost a
third of private practice lawyers are
seeking to move in-house this year,
demand within firms may improve.
An uncertain market has also created
demand for more flexible workers.
Between 2010 to 2012, the number of
interim managers on assignment in
the finance sector rose from 46 per cent
to 71 per cent. If you are an expert in
your field, and have the discipline to
market yourself, contracting your serv-
ices could be a lucrative move.
As in any challenging market, the key is
adapting your skills to respond to
demand. It also makes sense to look
beyond the usual suspects. Some pri-
vate equity firms, for example, have
diversified into distressed debt and are
now seeking experienced talent.
Perhaps your skills would fit their bill.
Finally, the regulatory clampdown
means compliance is booming the
industry grew 68 per cent between the
first and second halves of 2012. But
compliance staff are recruited from a
wide range of backgrounds, including
accountancy and back office roles. Look
beneath the surface of the trends, and
youll likely find an opportunity.
Some areas of the London market are still brimming with potential
Chris Harlowuncovers
the key hiring trends
in the City and where
to find your next job
How senior managers can capitalise
on their experience and cast out alone
into the lucrative business of interim
Find your next step at
Why there are still plenty of
career opportunities in 2013
Technology Insurance
Salary: Highly competitive
Location: Central London
Deloitte is seeking to recruit a
director for its technology insurance
team. This is an excellent
opportunity for the right candidate
to enhance his or her leadership
skills in an innovative partnership.
Candidates must have knowledge
of general insurance business
operations, and experience of
delivering complex projects.
For more stories, go to:
Much is said of the growth of the
compliance industry. But what are the
benefits for lawyers considering the
move? Is it always worth it?
Break into interim management
Compliance and the law
Accountants at all levels are facing
unpredecented levels of competition.
Its more crucial than ever to stand out
from the crowd. Heres how to do it.
Whats happening to the mergers and
acquisitions jobs market? Mid-cap
houses and boutiques are providing
much of the demand.
The accountancy market in 2013
M&A hiring explained
Expected hiring in 2013
Overall FS Banking Building
Management S
: C
I /

l S
-90 -88
76 66
Q42012 Q1 2013
Insolvency Partner
Salary: 125,000 to 300,000 per annum, plus bonus and benefits
Central London
A well-known mid tier firm is seeking a partner to grow its
insolvency practice. Applicants must currently be working in an
accountancy firm or an insolvency boutique.
Text: JOB 33325 to 60066
Salary: 150,000 to 200,000 per annum, plus benefits
Central London
A large accountancy firm is looking to create a trustee department.
Candidates must be scheme actuaries, with entrepreneurial flair
and the backing of a large organisation and brand behind them.
Text: JOB 33241 to 60066
Sarbanes Oxley Subject Matter Expert
Salary: 120,000 to 168,000 per annum
A large professional services firm is looking for candidates for a
three to six months contract. Prior experience of rolling out
Sarbanes Oxley frameworks from start to finish is desirable.
Text: JOB 33129 to 60066
Tax Manager
Salary: 90,000 to 125,000 per annum
Central London
A growing tax consultancy requires a highly-qualified individual to
manage its London team. Candidates will be chartered accountants
with at least five years experience in the industry.
Text: JOB 33265 to 60066
Senior Finance Manager
Salary: 60,000 to 80,000 per annum
West End, Central London
A prestigious talent management agency is looking to fill a senior
role in its London finance team. Candidates will be ACA/ACCA/CIMA
qualified, with more three years post-qualification experience.
Text: JOB 33610 to 60066
Finance Manager
Salary: 50,000 to 55,000 per annum, plus bonus and benefits
Central London
A growing general insurance firm requires a qualified accountant
with practical knowledge of the sector. Responsibilities will include
performing detailed analyses of new standards.
Text: JOB 33767 to 60066
Accountant - Modeller
Salary: 50,000 to 55,000 per annum
Central London
An international insurance broker requires an ACCA/CIMA/ACA
qualified accountant with experience of budget modelling.
Candidates will also need decent stakeholder management skills.
Text: JOB 33799 to 60066
Business Analyst
Salary: 40,000 per annum, plus bonus and benefits
Central London
A leading blue chip international banking group requires a part-
qualified accountant to enter its planning team. Candidates will
have relevant experience in a large complex company.
Text: JOB 33775 to 60066
Financial Accountant
Salary: 52,500 to 57,500 per annum, plus benefits
Central London
A globally-recognised asset management business requires a
qualified accountant. Candidates will have experience in
researching and concluding technical accounting issues.
Text: JOB 33752 to 60066
Senior Management Accountant
Salary: 38,000 to 42,000 per annum
Central London
A commodity and exchange products firm is looking to hire a
qualified management accountant to join its finance team.
Candidates will have a 2.1 degree from a red brick university.
Text: JOB 33715 to 60066
Group Reporting Accountant
Salary: 78,000 to 90,000 per annum
Central London
A private equity firm requires an accountant with two to four years
post-qualified experience. The job involves supporting the group
financial controller through the year end process.
Text: JOB 33556 to 60066
Tax Accountant
Salary: 45,000 to 55,000 per annum, plus bonus and benefits
South East
An international car firm requires a tax accountant for its head
office. The role suits a chartered accountant or qualified tax adviser.
Text: JOB 33584 to 60066
Life Statutory Reporting Accountant
Salary: 50,000 to 65,000 per annum, plus benefits
Central London
A large UK life insurer requires a qualified accountant to assist with
external reporting and ad hoc projects like Solvency II.
Text: JOB 33533 to 60066
Accounts Assistant
Salary: 15,000 to 20,000 per annum
Central London
An energy charity is looking for a candidate to work on a part-time
basis (three days per week).
Text: JOB 33497 to 60066
Interim Finance Manager
Salary: 96,000 per annum
A niche operator in the asset management field requires a
candidate to run its finance team. All-round accounting expertise
in London is essential, especially tax computations.
Text: JOB 33496 to 60066
Performance Measurement Analyst
Salary: 48,000 to 60,240 per annum
Central London
A major wealth and asset management firm is seeking an
experienced performance-reporting analyst to join its team.
Candidates with IMC or CIPM qualifications are preferred.
Text: JOB 33677 to 60066
Investment Risk Manager
Salary: 50,000 to 55,000, plus benefits and bonus
Edinburgh, Scotland
A leading investment management firm is looking to fill a position
in its investment risk team. Candidates must have one to four
years experience in a quantitative or risk managerial role, and
knowledge of equities and property asset classes.
Text: JOB 33590 to 60066
Oversight Manager - Middle Office/Trade Operations
Salary: Competitive
A leading asset management firm seeks candidates with
experience in trade operations at the supervisor/manager level.
Duties will include oversight of an outsourced administrator.
Text: JOB 33813 to 60066
Compliance Head of Training
Salary: 120,000 to 160,000 per annum
A leading global investment bank seeks a head of training for its
compliance department. The position involves a high level of
independence and the ability to create and maintain relationships
with many parts of the firm. Candidates preferably have a financial
services background, experience of an investment bank
compliance department, and managerial experience.
Text: JOB 33570 to 60066
Senior Equity Fund Manager
Salary: Competitive
Hong Kong
A top tier asset management firm is looking to expand its equities
division. The ideal candidate will have extensive equity fund
management experience in Asia, and a top tier track record.
Text: JOB 33215 to 60066
Director - Mining Corporate Finance
Salary: 125,000 per annum, plus bonus and benefits
West End
A boutique investment bank, with a strong Canadian parent,
requires an experienced mining financier to establish a team and
grow it over the next few years. Candidates must be experienced
bankers looking for roles with autonomy.
Text: JOB 33689 to 60066
Securities Business Manager
Salary: 65,000 to 80,000 per annum
Central London
A London-based securities house requires a business manager,
with broad responsibility across business areas. Duties will include
relationship management, change delivery, and product
development. Candidates must have cash equities coverage, and
knowledge of derivatives products is an advantage.
Text: JOB 33541 to 60066
Head of Monitoring and Surveillance
Salary: 110,000 to 140,000 per annum
Central London
An investment bank requires a highly experienced candidate to
overlook its monitoring and surveillance activities. Duties will also
include overseeing the control framework, and ensuring strong
communication flows between both UK and German offices.
Text: JOB 33272 to 60066
Compliance Officer
Salary: 70,000 to 90,000 per annum
The UK arm of a successful US investment firm requires a candidate
with a strong investment management or hedge fund compliance
background to join its small London office.
Text: JOB 33678 to 60066
Control Room Compliance Officer
Salary: 60,000 to 84,000 per annum
Central London
A City based investment bank is looking to fill a role in its central
compliance team. The successful candidate will have previous
control room experience gained from wholesale banking.
Text: JOB 33231 to 60066
Senior Compliance Associate
Salary: 60,000 to 65,000 per annum, plus benefits and
discretionary bonus
A premier hedge fund requires a degree-educated professional to
become deputy within its compliance team. This is a generalist
role, and will involve assisting the chief compliance officer in all
Text: JOB 33338 to 60066
Compliance Officer
Salary: 50,000 to 70,000 per annum
Central London
One of the top hedge funds in Europe requires an experienced
compliance professional to provide maternity cover. Candidates
must be degree educated with an interest in the financial markets.
Text: JOB 33621 to 60066
Compliance Monitoring Specialist
Salary: 50,000 to 60,000 per annum
A top global investment bank requires a candidate with experience
of control testing within a global custody bank. Duties will include
conducting on site inspection of UK business units.
Text: JOB 33569 to 60066
Compliance Analyst
Salary: 30,000 to 40,000 per annum
A reputable investment manager is looking for candidates with a
working knowledge and understanding of applicable rules and
regulations and strong interpersonal skills.
Text: JOB 33538 to 60066
Compliance Monitoring Officer
Salary: 45,000 per annum
Central London
A top tier investment house urgently requires a compliance
monitoring office to develop and implement its programme.
Applicants must have excellent writing and communication skills.
Text: JOB 33661 to 60066
Director/Assistant Director
Salary: Competitive
Central London
A leading professional services firm, with a focus on real estate
services, requires a director for its valuation team. This is a unique
position, and requires candidates with professional qualifications,
direct client contact experience, and excellent analytical experience
(particularly financial modelling).
Text: JOB 31938 to 60066
Group Accountant
Salary: 108,000 per annum
Central London
A rapidly-growing company requires a
group accountant. Candidates will be
qualified accountants with multi-currency
accounting experience. Experience of
Oracle would be useful.
Text: JOB 33085 to 60066
Director, Private Banking
Salary: 120,000 to 150,000 per annum,
plus transparent bonus structure
Central London
A rare opportunity has opened up in a
prestigious private bank. Successful
applicants must have reached director level
or above and have an existing client base.
Text: JOB 33614 to 60066
for details text JOB [job number] to 60066
For hundreds more top positions go to
Director, Head of EMEA Compliance
Salary: 140,000 to 240,000 per annum
Central London
An international asset manager requires a
head of compliance advisory for its retail
team. Experience of holding a high impact
position is essential.
Text: JOB 33824 to 60066
Texts are charged at standard network rate
Terms apply. See www.cityamcareers.com
For hundreds more top positions go to
Senior Consultant - Data Management
Salary: 37,000 to 62,000 per annum, plus benefits
Central London
A candidate with proven relevant experience in consulting or
industry is required for a role working on the delivery of key
transformation projects.
Text: JOB 33710 to 60066
Front Office Consultant
Salary: 70,000 to 85,000 per annum, plus bonus and benefits
Central London
One of Londons top consulting firms to the buy-side financial
sector is looking for a consultant to join its front office technology
team. Candidates must have 5 years business analyst experience.
Text: JOB 33695 to 60066
Energy Software Consultant
Salary: 60,000 to 70,000 per annum, plus benefits
London or Zurich
A world leading software vendor is seeking a consultant with
knowledge or experience in a commodity. Knowledge of an Energy
Trading and Risk Management (ETRM) system is highly desirable.
Text: JOB 33750 to 60066
Senior Consultant Internal Audit
Salary: 30,000 to 38,000 per annum, plus bonus
West End, Central London
A US listed consultancy is looking to appoint two senior consultants
to its internal audit or transactional services division. An excellent
opportunity for highly organised trainee chartered accountants.
Text: JOB 33521 to 60066
Institutional FX Sales
Salary: 50,000 to 80,000 per annum
Central London
A global financial institution has an opportunity for several senior
FX institutional sales candidates. The ideal applicant must have at
least three years experience and a strong transferable client base.
Text: JOB 33741 to 60066
Technical Analyst
Salary: 40,000 per annum, plus bonus and benefits
Central London
A large asset manager, with a fundamental long short equity focus,
is urgently looking for a technical analyst. Would suit a junior
analyst or broker from operations or the back office.
Text: JOB 33627 to 60066
Corporate FX Sales
Salary: 20,000 to 35,000 per annum +
Central London
A candidate with 2 years corporate FX experience is sought for a
sales role. Applicants must possess an excellent telephone manner
and be able to work as part of a dynamic team.
Text: JOB 33738 to 60066
Head of Capital Planning
Salary: 100,000 to 150,000 per annum, plus bonus and benefits
and relocation package
A leading global insurance group is seeking a head of capital
planning to work in its Switzerland office. The role will involve
leading the team responsible for analysing economic capital model
results. Candidates will have a strong mathematical/quantitative
finance background.
Text: JOB 33740 to 60066
Financial Risk Manager
Salary: 65,000 to 80,000 per annum, plus benefits, car and
South East
A financial services firm requires a financial risk manager to
support its head of insurance and financial risk. Candidates need
understanding of Solvency II and FSA regulatory requirements.
Text: JOB 33514 to 60066
Senior Marine Cargo Claims Adjuster
Salary: 45,000 to 65,000 per annum
Central London
A leading international insurer is looking to expand its claims
division. Candidates must have previous experience of working
within the international marine cargo insurance market.
Text: JOB 33528 to 60066
Commercial Account Handler
Salary: 32,000 per annum
Central London
A leading insurance broker is looking to expand its commercial team.
Candidates must be able to maintain commercial relationships.
Text: JOB 33082 to 60066
Merger and Acquisition Assistant Director
Salary: 110,000 per annum
Central London
A leading corporate finance firm is seeking a very high calibre
assistant director. The role will focus on origination and execution,
building client relationships, and leading business expansion.
Text: JOB 33787 to 60066
Senior Equity Analyst, Mining
Salary: 60,000 to 100,000 per annum, plus quarterly bonus
Central London
An experienced mining analyst is required to establish a research
team and grow it over the next few years. Candidates must cover
mid-cap global mining stocks.
Text: JOB 33685 to 60066
Mergers and Acquisitions Associate
Salary: 60,000 per annum
Central London
A leading pan-European corporate finance firm is seeking an
exceptional associate. A proven record of achievement within a
reputable investment bank or big four practice is ideal.
Text: JOB 33788 to 60066
Commercial Underwriter
Salary: 30,000 to 40,000 per annum
Central London
A UK insurer requires an experienced commercial underwriter. The
role will suit someone who wants a lot of contact with brokers.
Text: JOB 33691 to 60066
Internal Auditor
Salary: 40,000 to 60,000 per annum
Central London
A leading insurance broker is looking to fill a position in its internal
audit function. Candidates must be ACA/ACCA/CPA qualified.
Text: JOB 33257 to 60066
Mergers and Acquisitions Analyst
Salary: 50,000 per annum, plus bonus
Central London
A corporate finance boutique requires a senior analyst. Candidates
must have experience in an investment bank or Big Four practice.
Text: JOB 33785 to 60066
Mergers and Acquisitions Healthcare Analyst
Salary: 55,000 per annum, plus bonus and benefits
Central London
A specialist life science boutique requires an analyst. Applicants
should have a background in healthcare or life sciences.
Text: JOB 33790 to 60066
Operations Analyst
Salary: 75,000 to 90,000
Central London
A newly-established hedge fund is looking to recruit an analyst to
report directly to its head of operations. Responsibilities will span
desk support and middle and back offices. Candidates must have
knowledge of credit derivatives.
Text: JOB 33611 to 60066
Operations Supervisor
Salary: 40,000 to 50,000 per annum
A supervisor with experience working for a large company is
required. Candidates will have an in-depth knowledge of the trade
life cycle and settlements cycle.
Text: JOB 33423 to 60066
Corporate Actions Manager
Salary: 45,000 to 50,000 per annum
Central London
A London-based wealth management firm requires a corporate
actions manager. Candidates must be IAQ qualified (or equivalent),
have management experience. Previous experience of Figaro is
highly desirable.
Text: JOB 33209 to 60066
Cash Team Manager
Salary: 45,000 to 50,000 per annum
Central London
A London-based wealth management firm requires a private client
reconciliations team manager. Responsibilities will include
ensuring all bank reconciliations are completed on a daily basis.
Text: JOB 33208 to 60066
Senior Private Banker
Salary: 120,000 to 240,000 per annum, plus bonus and benefits
A well-known market name is looking to acquire private bankers
and wealth managers who cover clients across Switzerland and
emerging markets. Responsibilities will include mentoring junior
Text: JOB 33255 to 60066
Senior Private Banker
Salary: 65,000 to 120,000 per annum, plus bonus and benefits
A superb name in the market requires candidates from a private
banking and wealth management background. Applicants should
be potentially mobile or have a network of referrals. Strong drive
and motivation are essential.
Text: JOB 33254 to 60066
Junior Private Banker
Salary: $80,000 to $120,000 per annum
Singapore, Asia
A bank with ambitions to expand its network into Asian markets is
looking to hire a new junior private banker for its Singapore office.
Experience of working with senior relationship managers is
essential. Strong CRM skills are required.
Text: JOB 33224 to 60066
Junior Partner
Salary: Competitive
Central London
A top-tier venture capital firm, with a focus on the technology
sector, requires a candidate with principal investment experience
from a venture capital firm.
Text: JOB 33230 to 60066
Investment Director
Salary: Competitive
Hong Kong, Asia
A reputable private equity fund is looking to hire an experienced
investment director. A business network in Hong Kong, Singapore
and China is highly desirable.
Text: JOB 7671 to 60066
Private Equity Associate
Salary: 70,000 per annum, plus bonus and benefits
Central London
An independent private equity fund manager, with a focus on the
European cleantech and industrials markets, is looking to expand
its two investment teams. Candidates must have a strong interest
in technology
Text: JOB 33706 to 60066
Quant Trader
Salary: 120,000 per annum, plus bonus and benefits
Central London
A high frequency proprietary trading firm is looking to recruit a
quant trader. Candidates must have a PhD or masters degree in
computer science from a top 100 global university.
Text: JOB 33509 to 60066
Senior Quantitative Risk Modeller
Salary: 70,000 to 100,000 per annum, plus bonus and benefits
A leading global investment bank is looking to hire two
quantitative individuals to join its global risk modelling team.
Strong coding ability including C++ and possibly Python is essential.
Text: JOB 33774 to 60066
Mergers & Acquisitions Director
Salary: 90,000 to 100,000 per annum,
plus bonus and benefits
Central London
A leading professional services firm
requires an M&A director to join its
expanding business and to assist with its
strategic growth.
Text: JOB 33545 to 60066
Director, Private Banking
Salary: $300,000 to $500,000 per annum
North America
A top tier international private bank
requires a new director to report to its head
of private banking. Candidates must have
experience of managing a portfolio worth
$100m or more
Text: JOB 33552 to 60066
German Investment Manager
Salary: Competitive
A long-established turnaround fund
requires two new investment managers.
Candidates must have excellent academic
records, strong German language skills, and
be a good cultural fit.
Text: JOB 24195 to 60066
for details text JOB [job number] to 60066
Texts are charged at standard network rate
Terms apply. See www.cityamcareers.com
Market Risk Project Manager
Salary: 85,000 to 95,000 per annum, plus benefits and bonus
Central London
A global investment bank requires a project manager/business
analyst to join its market risk change management team. Ideally,
candidates will have worked in a market risk control role before,
and will have derivative product knowledge.
Text: JOB 33090 to 60066
VP Operational Risk
Salary: 65,000 to 75,000 per annum
Central London
A leading investment bank requires a senior operational risk
individual to implement and improve its processes. Candidates
need five to seven years experience at a top tier institution, and
will have exposure to new product approval.
Text: JOB 33229 to 60066
Internal Audit Manager
Salary: 55,000 to 70,000 per annum, plus car and benefits
City, Central London
An exciting opportunity has opened up for a global audit and risk
manager. The main responsibility will be delivering risk based
internal audit reviews. ACA/ACCA qualified candidates are desirable.
Candidates must be prepared to travel frequently.
Text: JOB 33821 to 60066
Internal Auditor
Salary: 52,000 to 62,000 per annum, plus bonus
City, Central London
A transport infrastructure firm requires two lead internal auditors
to improve its enterprise risk management. Successful candidates
will be CMIAA qualified or equivalent.
Text: JOB 33437 to 60066
Market Risk Business Analyst
Salary: 60,000 to 70,000 annum, plus benefits and bonus
Central London
A global investment bank requires a market risk analyst to join its
change management division. Candidates must have prior market
risk methodology experience.
Text: JOB 33091 to 60066
Manager - Credit Risk
Salary: 50,000 to 55,000 per annum, plus bonus and benefits
Central London
A leading financial services provider requires a credit risk manager
to join its portfolio management team. Ideal candidates will have
proven ability to interact with senior management.
Text: JOB 33616 to 60066
Data Sales Energy Trading Representative
Salary: 90,000 to 100,000 per annum
A growing international software company requires sales
representatives for its market data and analytics product. Ideal
candidates will have sales experience of energy, oil, or metals.
Text: JOB 33312 to 60066
Capital Markets Consulting Business Manager
Salary: 80,000 to 100,000 per annum
Central London
A global software services firm requires an experienced business
development manager to bring in new business in the UK and later
Europe. Candidates must have experience of board presentations.
Text: JOB 33181 to 60066
Pre Sales Consultant
Salary: 50,000 to 70,000 per annum
A pre sales consultant is required by an award-winning provider of
reporting solutions to the asset management industry. Candidates
must have experience in investment management technology.
Text: JOB 33733 to 60066
Institutional Sales Manager
Salary: 50,000 to 60,000 per annum
Central London
An enthusiastic institutional sales manager is required. Candidates
require a proven track record of success in telephone sales.
Text: JOB 33739 to 60066
Senior German Sales Executive
Salary: 40,000 to 50,000 per annum
Central London
Candidates with a minimum of four years experience in FX and
CFDs are required. Applicants with knowledge of Austrian and
Dutch markets are preferred.
Text: JOB 33735 to 60066
Corporate Partnership Lawyer
Salary: 65,000 to 80,000 per annum, plus benefits
Central London
A City law practice requires a lawyer to advise on financial services
business. Applicants must have one to three years post-
qualification experience.
Text: JOB 33346 to 60066
Employment Lawyer
Salary: 55,000 to 75,000 per annum, plus benefits
Central London
An astute and technically able employment lawyer is required by
an in-house team. One to two years pure employment law
experience is essential.
Text: JOB 33336 to 60066
Compliance Lawyer
Salary: 25,000 to 55,000 per annum, plus benefits
Central London
A law firm requires professionals to join its internal compliance and
risk unit. Candidates must have compliance experience, alongside
analytical and research skills.
Text: JOB 33351 to 60066
Chief Technology Officer
Salary: 100,000 to 150,000
London and Moscow
A software vendor requires a chief technology officer to join on a
permanent basis. Candidates should have a Java background,
commodities knowledge, and be able to be based in Russia for the
first three months.
Text: JOB 33384 to 60066
Contract Senior Developer
Salary: 120,000 to 156,000 per annum
Central London
A City-based international derivatives house requires senior
developers. Candidates must have substantial experience of real-
time systems development and deep knowledge of derivatives
and/or energy commodities financial instruments.
Text: JOB 33468 to 60066
Senior Project Manager, Infrastructure
Salary: 120,000 to 132,000 per annum
Central London
A global investment bank requires multiple infrastructure project
managers to partner with the business to deliver support
solutions. Candidates must have investment bank experience.
Text: JOB 33712 to 60066
Chief Architect
Salary: 100,000 per annum, plus bonus and medical
Central London
A leading commodities trading and risk management software
provider requires a chief architect. Candidates must have
experience of SAAS.
Text: JOB 33615 to 60066
Senior Enterprise Data Architect
Salary: 132,000 to 144,000 per annum
Central London
A global management consultancy requires an enterprise data
specialist. Candidates must be seasoned professionals with
experience of tactical and strategic planning.
Text: JOB 33567 to 60066
Payments Technical Solution Architect
Salary: 120,000 per annum
Central London
A leading payment solutions provider requires an architect to
design schemes for its growing market. Candidates must have
understanding of UK payment schemes, and at least five years
experience creating Outline solution designs.
Text: JOB 33446 to 60066
C# Quant Developer
Salary: 100,000 per annum, plus 100 per cent bonus
A hedge fund requires an exceptional coder to work on its high
frequency trading platform. Candidates must have an MSc/PhD in
computing or mathematics.
Text: JOB 33387 to 60066
Chief Technical Architect
Salary: 90,000 to 100,000 per annum, plus benefits and bonus
Central London
A global technology innovator requires an experienced chief
technical architect. Candidates must have Java technology
architectural experience. Russian speakers are desired.
Text: JOB 33868 to 60066
ETL Data Warehouse Designer
Salary: 72,000 to 96,000 per annum
Central London
An investment bank urgently requires a senior ETL designer to join
on a six month contract. Applicants must have extensive technical
Text: JOB 33861 to 60066
Senior Support Engineer
Salary: 40,000 to 50,000 per annum
Central London
A prestigious investment bank requires a senior support engineer
to assist with server and desktop infrastructure issues. Candidates
must have experience with Watchguard technology.
Text: JOB 33850 to 60066
Application Support Analyst
Salary: 35,000 to 50,000 per annum, plus bonus and benefits
Central London
A leading financial software provider requires a well-motivated
and career-driven application support analyst.
Text: JOB 33749 to 60066
Sales Consultant
Salary: 80,000 to 100,000 per annum
Central London
An energy trading and risk management
solutions company requires a sales
consultant with experience of trading
systems. Candidates must have energy
market knowledge.
Text: JOB 33417 to 60066
Senior Audit Manager
Salary: 65,000 to 75,000 plus bonus and
excellent benefits
Central London
One of the UKs largest retail networks
requires a qualified audit professional to take
control of the design and development of
internal auditing programmes.
Text: JOB 33438 to 60066
Senior Wealth Planner
Salary: 90,000 to 140,000 per annum
An international wealth management firm
requires a senior wealth planner.
Applicants must have a university degree in
law, and a strong background in tax
planning or corporate planning matters.
Strong Portuguese language skills desired.
Text: JOB 33753 to 60066
Chief Technology Officer
Salary: 200,000 per annum
Central London
A leading commodities trading software
house requires a chief technology officer.
Candidates must have Russian language
knowledge and serious line management
Text: JOB 33730 to 60066
For hundreds more top positions go to
@CAMC_Banking @CAMC_Banking
Tom & Isabella
15.11.12 at 1.55pm
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meet someone amazing

Its Davos, but not as you know it
When the politicians go home and the snow melts, the Swiss town transforms into an idyllic paradise, says Julian Harris
ESPITE being a 30-something
supposed grown-up, I must
confess to still suffering from
the occasional nightmare.
While on duty as a night editor of
this newspaper, for example, my
sleep can be disturbed by a recurring
dream in which Im culpable for
printing over 130,000 front page
headlines of UK ECOMONY DIPS
AGAIN (yes, reread if you missed it).
But theres an even worse night-
mare one scary enough to cause any
business hack to bolt upright at 5am,
drenched in chilly sweat: being sent
to report on the World Economic
Forum in Davos.
The latest Forum known as WEF
finished last week, the highlight
appearing to be the fact that old
chums David Cameron, George
Osborne and Boris Johnson had pizza
for dinner. Wonderful stuff: hold the
front page.
Let me explain, in case youre bliss-
fully unaware at the turn of each
year, the small Swiss mountain town
of Davos is colonised by leading busi-
ness figures, and politicians who pre-
tend to understand business.
Its the place to be seen for these
funny folk, who mingle around the
conference centre while Angela
Merkel stands at a lectern and reels
off platitudes about budget consoli-
dation. Anyone whos anyone is
there, which is one reason why its
good to be a no one.
But the unattractiveness of the
WEF is not the fault of Davos itself.
Rather, one of the worst things about
the WEF is that people travel to such a
stunning part of the world, and then
waste it in a bleak conference centre.
Being sent to Davos for the WEF is
like being promised a day at
Silverstone with a Ferrari, only to find
out that its been rained off and you
have to spend two hours in the cafete-
ria with your mother-in-law.
Fortunately, I visited Davos and
the nearby town of Klosters during
the summer, when there was no
hint whatsoever of an impending
economic conference. Counter-intu-
itively, the summer months count as
the off-season. Apart from the WEF,
this idyllic region of the Swiss Alps
is best known for its winter activi-
ties, mainly skiing and other snow-
related fun.
Klosters has a modern history as a
kind of celebrity-magnet: it is one of
Prince Charles favourite places to
slide down some slopes and be pho-
tographed playing dad with his grin-
ning sons. However, it was originally
enjoyed by the rich and famous as an
escape from the devious eye of the
During the Second World War,
American GIs trapped in Europe dis-
covered it wasnt the worst place in
the world to while away the days until
the battles were won. And, upon the
arrival of peacetime, word spread
across the pond that Klosters made
for a superb holiday location. Before
long Hollywood stars like Greta Garbo
and Gene Kelly were gathering in the
Chesa Grischuna hotel, where hoards
of thespians congregated in order to
get smashed, dance on tables and
indulge in all manner of revelry
happily out of the public eye. Being
famous in Klosters became so normal
that it offered a kind of highly-covet-
ed anonymity.
More recently Renee Zellweger has
lodged in Chesa Grischuna, a place
that is like a microcosm of the town
itself: traditional, charming, unpre-
tentious and welcoming. There is
nothing particularly showy or extrav-
agant about Klosters; rather, it is sim-
ply nice and everything works.
Within an hour of arriving follow-
ing a seamless train journey from
Zurich, consisting of a couple of
unusually stress-free interchanges I
found myself serenely accepting these
Swiss stereotypes. The angst of rush-
hour London Bridge station and its
signal failures felt like a lifetime ago,
as I took in the sight of the awesome
surrounding mountains from my
hotel balcony.
During the summer months, the
snow having melted, the hills around
Davos become ideal for hiking and
This kind of ambitious feel-good
capitalism is in evidence around
Davos, too, as we visit a small cheese
factory that has been built up a hill in
the middle of where the cows graze
So we dont have to transport the
milk or the cows: its better this way
as well as what Im promised is the
highest brewery in Europe, at Davos
Walking to both, we often found
ourselves a few hundred yards
beneath a local, who would be effort-
lessly sky gliding in the clear blue
space above our heads. As they calmly
sailed through the air, and the cows
mooed, and I sipped on the bottle of
locally brewed beer that Id guilt-
tripped the guide into buying me, it
became obvious why Formula One
drivers and wealthy financiers move
to the Swiss Alps. It may be expensive,
but this part of the world really does
have an awful lot going for it and
not just during the skiing season.
cycling. Ready-made paths run along
the side of the hills, so one isnt bur-
dened too much by constant climbs
or drops.
On a spirit-lifting sun-drenched
Friday we hiked to the nearby
Schlappin valley where we met
Rudolf Wotzel, a former M&A banker
at UBS, Deutsche Bank and Lehman
Brothers. Wotzel has become known
for his dramatic exit from the world
of finance, which involved an isolated
trek across the Alps (from Germany to
France) followed by a book Across
the Mountains to Myself and finally
buying and opening a hostel and
restaurant in this postcard-perfect lit-
tle valley.
Wotzel stresses he has not turned
his back on capitalism, but rather
opted for a different type. This is not
an indulgence project, he tells me.
We have a business plan and are
looking to break into profit this year
or next.
Getting to Klosters / Davos
n There are many flights from
London to Zurich. Swiss offer daily
services from Heathrow and City
airports, while EasyJet go there
from Gatwick. Flights on Swiss start
from 119 return.
n Train journeys from Zurich take
around two hours, switching at
Landquart. For simplicity, a Swiss
Transfer Ticket covers a round-trip
between the airport and your
destination. Prices are 90 in second
class and 142 in first class.
For more information visit:
call the Switzerland Travel Centre
on 00800 100 200 30 or
email, for information:
For packages, trains and air tickets
email sales@stc.co.uk
The conference
may be unattractive
but Davos in the
summer is beautiful

Left: Davos and its spectacular surroundings

Above: Frauenkirch Church
Below: summer landscape in the Dischma valley

7pmNetbusters 7.30pmLive
Football League 10pmNetbusters
10.30pmSoccer AM: The Best
Bits 11.30pmNetbusters 12am
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4.30amThrillseekers 5am-6am
Super League Full Time
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Motorway Patrol
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Junior Doctors: Your Life in Their
Hands 9pmThe Year of Making
Love 10pmWorlds Craziest Fools
10.30pmEastEnders: 11pmFamily
Guy 11.45pmAmerican Dad!
12.30amThe Year of Making Love
1.25amWorlds Craziest Fools
1.55amPrince Harry: Frontline
Afghanistan 2.55am-3.55am
Junior Doctors: Your Life in Their
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmNew Girl 9pm
Revenge 10pmMy Mad Fat Diary
11pmInbetweeners 11.35pmThe
New Normal 12amThe Big Bang
Theory 12.55amHappy Endings
1.25amRevenge 2.15amMy Mad
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Purpose 3.55amHappy Endings
4.15am-6amMade in Chelsea
7pmStorage Wars 7.30pmPawn
Stars 10pmAmerican Pickers
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Pawn Stars 1amAmerican Pickers
3amIce Road Truckers 4am
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5.30am-6amStorage Wars
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Hunters 11.30pmAuction Kings
12amDangerous Flights 1amDual
Survival 2amJungle Gold 3am
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Chopper: Senior Versus Junior
5.30am-6amMeerkat Manor
7pmPortland Babies 8pmJon and
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10.35pmCHOICE Being Eileen
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1.50am-6amBBC News
6.30pmGreat British Railway
Journeys Goes to Ireland
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9pmCHOICE Dancing on the
Edge: New series. Drama, by
Stephen Poliakoff.
10.30pmNewsnight; Weather
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3amThe Jeremy Kyle Show
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8.30pmWild Things
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the Car Park
10.35pmThe Plane Crash
12.10amRandom Acts
12.15amThe Shooting Gallery
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2.10amScandal 2.50amI Am
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4.20amHow to Look Good Naked
5.15am-6.10amDeal or No Deal
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9pmRory & Will Champions
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10pmFILMThe Punisher:
Comic-book thriller, starring
Thomas Jane. 2004.
12.25amHow Do They Do It?
1amSuperCasino 4amHouse
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4.50amMichaelas 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.
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
1 2 3 4 5
7 8
10 11
12 13 14 15 16
18 19
13 6 7
24 23
12 8 10
21 5 4
6 8
24 14 16
1 Pick out (6)
6 Not clear (6)
7 Person or scheme
that comes to no
good (coll) (3,3)
9 Fast-running African
ightless bird (7)
10 Side sheltered from
the wind (3)
12 Former republic
in north central
Europe (4,7)
17 Brazilian port, ___
de Janeiro (3)
18 Popular avour of
ice cream (7)
20 Quantity (6)
21 Shouts of approval (6)
22 Warning signals
that wail (6)
1 Barely noticeable (6)
2 Women (6)
3 Garments, clothes
generally (4)
4 Aromatic liquid
used in aftershave
lotion (3,3)
5 Giacomo ___,
Buttery (7)
8 Instrument sounded
to announce
a meal (4)
11 Otalgia (7)
13 Lavatory (6)
14 Quantity of paper (4)
15 Stimulate (6)
16 Young people (6)
19 Young woman (4)



3 1 2 1 6 9 7
8 3 5 4 2 9 7 6 1
9 4 2 3 1 4 2
6 7 9 4 8 8 4
9 2 8 6 5 4 7
7 5 9 8 3 1 5 2
1 7 9 5 3 6 4
2 1 3 6 1 2 4
9 6 8 7 2 7 1
7 4 9 1 5 6 3 8 2
8 2 3 8 8 9 7
The nine-letter word was
BBC1, 10.35PM
New series. Domestic sitcom about
the Lewis family, starring Sue
Johnston. Panic sets in when mum
Eileen goes missing.
Drama by Stephen Poliakoff following
the fortunes of a black jazz band in
early-1930s London. Starring Chiwetel
Ejiofor and Matthew Goode.
Documentary following the work of
Cumbrias Roads Policing Unit. A stick
of dynamite is brought into Carlisles
main police station.
England pair snubbed for IPL
nCRICKET: England wicketkeeper
Matt Prior and his batting team-mate
Ravi Bopara both failed to attract any
bids at yesterdays Indian Premier
League (IPL) auction. Australias
Glenn Maxwell fetched the highest
price, with Mumbai Indians paying
$1m (637,000) for his services.
Fellow Australians Michael Clarke and
Ricky Ponting have attracted criticism
for signing up to this years IPL, due
to fears of burn-out ahead of the
summer tour of England.
Gallachers first win since 2004
nGOLF: Scotlands Stephen
Gallacher grabbed only the second
European Tour win of his career
yesterday, finishing the Dubai Desert
Classic 22 under par. The 38 year-old,
who had not won on the European
Tour for over eight years, held off
South African Richard Sterne to win
by three strokes.
Ali brother reveals health fears
nBOXING: The brother of
Muhammad Ali has revealed that the
legendary fighters health has
severely deteriorated. My brother
cant speak, he doesnt recognise me.
Hes in a bad way. Hes very sick. It
could be months, it could be days. I
dont know if hell last the summer,
said Rahman Ali. The 71 year-old
former champion has faced a long
battle with Parkinsons disease.
Marathon tie sees Czechs progress
nTENNIS: The Czech Republic moved
into the quarter-finals of the Davis
Cup yesterday after Tomas Berdych
beat Swiss opponent Stanislas
Wawrinka. Just a day earlier the pair
both took part in a record-breaking
marathon doubles match which lasted
over seven hours, and featured a
24-22 final set victory for the Czechs.
MANCHESTER City boss Roberto
Mancini last night insisted that the
title race is still alive, despite seeing
his team draw for the second time in
a week.
City trail local rivals Manchester
United by nine points at the top of the
Premier League, after goals from Edin
Dzeko and Sergio Aguero could only
cancel out two excellent strikes from
Daniel Sturridge and Steven Gerrard
for Liverpool.
But asked if his teams chances of
retaining the trophy are dead,
Mancini said: No, absolutely not.
Today we were so nervous, I dont
know why. But it is still 13 games to
the end, so no, [its not over yet].
But the Italian admitted that his
team face an uphill struggle if they
are to catch United. I think we need
to win probably all of our games and,
if not, then 11 or 12 games, he said.
City had not conceded a single goal
since the start of the new year, yet
could have been behind after 20
minutes yesterday. Former City player
Sturridge burst to the touchline and
found Suarez with a left-footed pull-
back yet the Uruguayan uncharac-
teristically miss-hit his shot far wide
of goal.
Just four minutes later the home
side took the lead. David Silvas clever
through-ball found James Milner
inside the area whose low cross from
Mancini refuses to give up title
hope despite nine point deficit
the left was knocked in from close
range by Dzeko.
The lead did not last long, however,
as Liverpool equalised shortly before
the half-hour mark. Dzeko was again
involved, lying on the ground after
complaining about a challenge by
Daniel Agger. Referee Anthony Taylor
declined to stop play, and despite
protests from the home fans, Liverpool
continued a patient attack that culmi-
nated in Sturridge firing into the bot-
tom corner of the net from just
outside the box.
The equaliser appeared to instil con-
fidence in the visitors, who started the
second half the strongest. And on 73
minutes the Reds took the lead.
A cross from the left was cleared by
the outstretched leg of Gael Clichy but
dropped to Gerrard. The captain took
one touch and then let rip a stunning
volley into the corner of Joe Harts net.
But the honour of scoring the best
goal of the game was not yet decided
due to a brilliant finish from Aguero
five minutes later. A ball over the top
into Citys inside right channel inex-
plicably saw Jose Reina rush out of his
goal. The goalkeeper was beaten to the
ball by Aguero, who touched it past
him before curling home from an
angle that seemed impossibly tight.
The result leaves Liverpool nine
points behind a top four place.
Spurs march on but Villas-Boas faces
striker headache after injury to Defoe
TOTTENHAM manager Andre Villas-
Boas admitted that he is sweating
over the fitness of Jermain Defoe
after the striker limped out of
yesterdays win at the Hawthorns.
A second half strike from Gareth
Bale earned Spurs all three points
against West Brom, who played
nearly half of the game with 10 men
due to Goran Popov being sent off
for spitting towards Kyle Walker.
Without Defoe, Tottenham
are lacking a recognised senior
striker although soon Villas-
Boas will be boosted by the
return of Emmanuel Adebayor,
whose Togo side were knocked
out of the Africa Cup of Nations
by Burkina Faso last night.
Hopefully it will only be two
to three weeks, he said of
Defoes injury. He has some
ligament damage to his ankle.
We will have to see the full
extent of the injury. But we will
miss him badly.
I can understand you dont
see a striker but I think we have
goals throughout the squad.
Defoe has been pulled out of
the England squad for
Wednesdays friendly against
Brazil, while former Spurs
midfielder Michael Carrick
has also withdrawn from the
Three Lions squad.
Defoe came off seven
minutes before the
break yesterday, and
was replaced by new
signing Lewis Holtby.
Holtby took up a
midfield role while, with
Spurs not having
another striker
to call upon,
Clint Dempsey
moved up
And shortly
their chances
Steven Gerrards sublime volley was his fifth goal in Liverpools last 10 games
TOTTENHAM HOTSPUR...............1
MANCHESTER CITY.....................2
were improved by the home
side being reduced to 10 men.
Popov was unhappy at being
challenged by Walker, and by
spitting in the Spurs
defenders direction earned
himself a straight red card.
Spurs pushed forward
and on 67 minutes found
the goal they needed,
as Gareth Bale cut
inside James Morrison
and let rip with an
unstoppable left-
footed drive from
20 yards.
Bale has 13 goals for
Spurs this season
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Man Utd 25 20 2 3 60 31 62
Man City 25 15 8 2 47 21 53
Chelsea 25 13 7 5 51 27 46
Tottenham 25 13 6 6 42 29 45
ENGLAND centre Billy Twelvetrees
has hailed his fledgling partnership
with fly-half Owen Farrell after the
pair drew comparisons with the 2003
World Cup winning Will Greenwood-
Jonny Wilkinson axis.
Twelvetrees capped a barnstorming
debut with a try as England began
their RBS Six Nations campaign with
a handsome victory over Scotland at
Twickenham on Saturday.
Farrells ever-reliable boot reaped
18 points, while Chris Ashton, Geoff
Parling and Danny Care also crossed
as Stuart Lancaster celebrated a year
in charge by lifting the Calcutta Cup.
Twelvetrees display and under-
standing with Farrell have, however,
posed Lancaster a selection conun-
drum for Sundays trip to Ireland,
when powerhouse centre Manu
Tuilagi is expected to return from an
ankle injury.
I made it my goal to get to know
guys as quickly as possible and how
they play, said Twelvetrees.
I watch Owen in the Premiership
every week and what he does. We sat
down to work out what would work
best for us against Scotland. We
communicate well out on the
field and you can click.
I always wanted to score a try
for England at Twickenham. It
was a very nice moment.
I always believed I was good
enough, it was getting a chance
to do it. Stuart and the
coaches have really
cityam.com/sport @cityam_sport
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Twelvetrees elicits
2003 comparisons
backed me up on that. I just wanted
to get my hands on the ball and do
what I do every week for Gloucester.
I felt like I did that well. As soon as
the points started rolling over I felt
quite comfortable.
Lancaster insists he is ready to start
with Twelvetrees again, even if
Tuilagis anticipated return in Dublin
could see the debut star relegated to
the bench, with Brad Barritt reverting
to inside centre.
Were delighted with the way he
took the try but his confidence
and composure has been good all
week. It shows hes ready to
make the step," Lancaster said.
There are a few selection
debates. With Manu coming
back into consideration there
will be some selection deci-
sions to make. We need
to knuckle down to
what will be a mas-
sive game against
Lancaster expects
Tuilagi back in Dublin
Twelvetrees (pictured)
and Owen Farrell have
been compared to Will
Greenwood and Jonny
27 cityam.com
NGLAND started slowly but
proved simply too powerful,
and the second half was
something of a nonsense as the
Scottish defence capitulated.
England had left out half of their
best players, so the gulf between the
sides was laid bare. Sadly, it wasnt a
great advert for the sport.
Youre right. Thats not the game
you watched. This was the womens
Six Nations match played at Esher on
Saturday when England won 76-0,
but it highlights the debate between
those who want more coverage for
womens sport, and those who say
its not of sufficient quality to
warrant it. One of sports perennial
chicken and egg dilemmas.
Television companies are
governed by the who cares?
factor; if nobody cares, theyre not
in general going to broadcast it.
People are more likely to care if the
sport is competitive, and there are
big crowds watching. But how do
you get big crowds if the match is
one-sided, and if you never show it
anyway. Round and round.
Governing bodies always claim
theirs is the fastest growing sport
in Britain. But how many times
have you been on a tube and seen
young women carrying cricket bats
to night-time nets? Hockey sticks,
yes. Pads? Englands opening World
Cup match against Sri Lanka was
thrilling, but there seemed more
people on the field than in the
stands, which looks dreadful and
makes the uncommitted observer
switch off. But if you dont cover it
at all, then no one will ever know
its on. Round and round.
Cricket is in the vanguard of
promoting womens sport, via
clever marketing and television
contracts, and long-term that is
what all womens sport needs. So
the onus is on the FA, the RFU, and
other bodies when they negotiate
their TV deals to interlink coverage
of all aspects of their sport. If you
want the champagne moments, you
have to take others with less fizz.
Thats the only way that, one day,
they may sparkle in their own right.
TV would love to show more
womens sport, in order to attract
different audiences and advertisers.
But it cannot be an unconditional
cheerleader for womens sport, and
that is where the responsibility lies
with administrators and players to
have a clear vision for their product.
By sharing resources, the home
nations could create a competitive
rugby championship that inside a
decade would attract 10-20,000
crowds, with full live TV coverage.
That would enrich all of our
sporting lives. That is the challenge
for those within the sport, and
those who cover it.
John Inverdales column is brought to
you by QBE, the business insurance
specialist. QBE is an Official Partner of
England Rugby and Premiership Rugby.
For more information, please visit
In association with
Womens sport: a perennial chicken and egg dilemma
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Fancied France
stunned as Italy
toast shock win
CAPTAIN Sergio Parisse believes Italy
have given their credibility an enor-
mous shot in the arm by inflicting a
huge upset on RBS Six Nations
favourites France in Rome yesterday.
Parisse and Leicester prop Martin
Castrogiovanni scored the tries and
replacement Kris Burton a decisive
drop-goal as the Azzurri repelled a
French fight-back spurred by Louis
Picamoles and Benjamin Fall scores.
Italys astonishing victory was their
second in succession on home soil
FRANCE ....................................18
against France, but only their third of
all time and far more convincing than
the 22-21 triumph in 2011.
We are really happy with the victo-
ry, said Parisse. We talked a lot
about our ambition as a team before
the tournament, but when you talk
and you dont get the result, you
dont have any credibility.
Today, we have won against
France, a team that played very well
in November. For us, it is a fantastic
beginning to the Six Nations. I think
we really deserved the win.
After Parisse and Picamoles had
traded tries, Luciano Orqueras kicks
nudged the hosts ahead, only for Fall
and the boot of Frederic Michalak to
give France an 18-13 half-time lead.
But Castrogiovanni reasserted
Italys dominance and Burtons kick
extended the advantage.
admitted his side had to dig deep
after they booked an LV= Cup home
semi-final clash with Bath by edging
past the Ospreys 16-12 in Bridgend.
Guest yesterday led a dynamic
display from the much-changed
Aviva Premiership champions, who
progressed via Matt Hoppers try and
11 points from Ben Botica.
In the second half we just ground
it out, Guest said after Quins 10th
successive victory. We are on a
massive winning run. The young
guys played their hearts out and its
a great achievement and gives us
confidence for the semi-final.
Ernst Jouberts try and 17 points
from Ben Spencer gave Saracens a 22-
12 win at Worcester on Saturday and
set up a last-four trip to Sale.
London Irish lost 10-6 to Cardiff
Blues on Friday, while Wasps and
London Welsh also suffered defeats,
to Sale and Newport Gwent Dragons.
The LV= Cup. Watch the next
generation break through. For tickets and
info, visit www.lv.com/rugby
Victory No10
propels Quins
into cup semis
Parisse, who scored the first try, said the win had backed up Italian fighting talk
He has some ligament damage to his ankle.
We will have to see the full extent of the injury,
but we will miss him badly

Sunday football round-up: Page 25

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