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FTSE 100 5,441.80 +46.10 DOW 11,518.85 -102.55 NASDAQ 2,604.73 +21.70 /$ 1.57 +0.01 / 1.14 unc /$ 1.38 +0.01
Firms: cut
red tape to
boost jobs
A CHORUS of business groups and
think-tanks yesterday called for a raft
of supply side measures to boost the
economy and cut unemployment,
which rose to 8.1 per cent in August.
Youth unemployment in particular
shot up to 721,000 -- excluding full
time students -- representing 20 per
cent of 16-24 year olds.
Regulations under fire include
employers national insurance contri-
butions, greater parents rights, and
compulsory pension schemes.
The government needs to boost the
private sectors ability to create jobs,
and employ those people likely to lose
their jobs in the public sector, said
David Kern of the British Chambers of
Commerce. They should cut red tape
and help people to acquire new skills.
The Unlisted Companies Group
called for the minimum wage to be
reduced and new pension require-
ments to be scrapped.
Thousands of people are excluded
from the labour market as their servic-
es are priced too high, said former
Clarks boss Roger Pedder. Many
youngsters lives are blighted by job-
lessness. This will worsen as pension
schemes are forced on small firms.
Philip Booth of the Institute for
Economic Affairs highlighted red tape
that could be scrapped to boost jobs:
Burdens include: an extension of the
minimum wage; increased maternity
rights; compulsory pensions; and the
temporary workers directive.
ALLISTER HEATH: P2, MORE: P6-7, 22
BY TIM WALLACE
EMPLOYMENT
BLACKBERRY maker Research In Motions

(RIM) crisis deepened yesterday when servic-
es in the US and Canada also collapsed.
Customers in the UK were forced to cope
without data services on their beloved hand-
sets for a third day, with no sign the misery
is about to end.
Analysts told City A.M. the latest break-
down means between 40m and 50m of
RIMs 70m customers are likely to have expe-
rienced problems. Services have now failed
across Europe, South America, the US,
Canada, Africa and the Middle East.
Activist shareholder Jaguar has seized on
the outage to redouble its calls for a sale of
the company or radical corporate reshuffle.
Jaguar, which hopes to build on its eight per
cent stake in RIM, has called for co-chief
executives Mike Lazaridis and Jim Balsillie to
be replaced. RIM has lost two thirds of its
value since the start of the year.
The phone-maker said the failure was trig-
gered by a core switch failure, causing a
gigantic backlog of data. The extra weight
on the system led to the delays and interrup-
tions experienced across the world.
BlackBerry software boss David Yach said all
emails will eventually be delivered.
Sources say it could take until at least the
weekend to solve the issue, which is under-
stood to originate in its Slough data centre.
Yach refused to comment on his compa-
nys response to the crisis, which has come
in for heavy criticism.
Users are now demanding compensation
for their lost services.
One industry insider told City A.M.
the cost of data over the period so far
could amount to an average of 3 to 4
per user. Based on this, RIM could be
set for a payout of around 160m.
However, law partner Toby Rogers of
Clyde & Co said it is unlikely cus-
tomers will have a legal claim. Instead
pressure is mounting on RIM to make
announce a make-good payment.
Yach again declined to comment.
RIM apologised to users in a letter
last night, adding that it has people
around the world working around
the clock to address this situation.
The outage could not have come at
a worse time for RIM, which has seen
its market share eroded by the popu-
larity of Googles Android handsets
and Apples iPhone. It has invested
heavily in a new range of products,
including touch-screen handsets
and its PlayBook tablet, which have
failed to make an impact.
Apple boss Tim Cook used the
launch of the iPhone 4S to stress
that he is gunning for BlackBerrys
share of the enterprise market,
claiming that more than 90 per
cent of Fortune 500 firms are now
trialling or using the iPhone.
Even Lord Sugar waded into the
debate, saying the outage is the
biggest he has ever experienced,
adding he could not understand
how it is taking so long to fix.
CITY VIEWS: P10
BY STEVE DINNEEN
TECHNOLOGY
www.cityam.com Issue 1,488 Thursday 13 October 2011 FREE

GADGET
REVIEWS
WE GIVE THE BEST
COFFEE MACHINES
A ROASTING P34
PREMIER LEAGUE CLUBS HIT
OUT AT LIVERPOOL TV PLOT
NEWS AND ANALYSIS P38
BUSINESS WITH PERSONALITY
Certified Distribution
01/08/11 till 28/08/11 is 92,745
ANALYSIS l Research In Motion
CAD
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50
40
30
2011 Feb Mar Apr May Jun Jul Aug Sep
24.27
12 Oct
CRISIS MOUNTS
FOR BLACKBERRY
News
2 CITYA.M. 13 OCTOBER 2011
EU to speed up
Basel III rules
EUROPES banks face a race to bring
their capital levels up to Basel III stan-
dards much sooner than anticipated
under a recapitalisation plan laid out
by European Commission president
Jos Manuel Barroso yesterday.
All of the 90 banks covered by the
EUs stress tests including the UKs
major lenders will be included in a
programme to get their capital up to
a temporary significantly higher
capital ratio of highest quality than
the scheme to which lenders are cor-
rectly working.
The minimum core tier one capi-
tal-to-assets ratio for large banks
under Basel III will eventually move
up to 9.5 per cent, but Barroso speci-
fied that the EU plan will require
banks to get to this level or higher as
swiftly as possible and to calculate
their capital base after write-downs
on their sovereign bonds.
The plan also implied that banks
that dont reach the required level
should be forcibly recapitalised by
governments or by the Eurozone
bailout fund if states cannot afford it.
It is not clear what time frame banks
will have to comply, though some
reports suggested six to nine months.
The plan could prove controversial
because it will force banks to cut
lending and investment even as econ-
omists warn of an impending credit
crunch.
Bankers also believe it will be diffi-
cult to raise capital on the open mar-
ket as investors are reluctant to put
money into a sector with depressed
returns and low dividends. As City
A.M. revealed yesterday, there is grow-
ing disquiet among bankers over the
prospect of a large-scale forced recap-
italisation in Europe.
BY JULIET SAMUEL
BANKING
When good intentions destroy jobs

BRITAINS unemployment crisis is a
national scandal that must urgently be
tackled. The two major issues are long-
term unemployment (which has been
a nightmare for years) and youth
unemployment, which has increased
substantially.
The key problem is that the number
of jobs has been falling in recent
months while the number of workers
keeps on growing. The latest figures
show that employment fell by 178,000
on the quarter and by 47,000 on the
year to reach 29.1m, a 0.2 per cent drop
and the first decline since early 2010.
Losses were concentrated among part-
time workers, pensioners and the UK-
born. There was only one piece of
non-bad news: the total number of
hours worked actually rose slightly on
the quarter but fell slightly on the year.
The demand for labour has thus been
roughly constant over the past few
months, suggesting little GDP growth
but no collapse.
The public sector has clearly failed
to introduce the pay freeze that David
Cameron has demanded. In the three
months to August 2011, average total
pay in the public sector, excluding
nationalised financial services, rose by
1.7 per cent on a year earlier (and two
per cent excluding bonuses). This helps
explain the accelerating rate of layoffs
in the state sector: civil servants are
choosing to retain fewer people but
pay them more.
There were other worrying develop-
ments. Shockingly, the figures suggest
that there was an eight per cent quar-
ter on quarter collapse in the number
of pensioners in work. Were there a
huge number of sackings of older
workers dressed up as retirement
prior to the change of law which now
means companies can no longer force
a worker to retire when they reach 60
or 65? This could certainly explain part
of the drop. Most likely, the figures are
just too enormous to be correct.
The reduction in part-timers can be
explained in part by the fact that a lot
of the public sector workers who are
losing their jobs or not being replaced
are part-timers. Employers may also
have been preemptively reducing their
demand for agency workers, ahead of
the drastic increase in the red tape
and cost of employing them.
The real scandal in yesterdays num-
bers was the fact that the jobless rate
among young people aged 16-25 years
is now 21.2 per cent in the UK, higher
even than the 20.4 per cent in the
Eurozone. The last few months are the
first time in over 20 years that the UKs
youth jobless rate has exceeded the
Eurozone and European Union aver-
ages, as Citigroup reminds us. The UK
jobless rate was 6.5 percentage points
below the Eurozone as recently as in
2004. The UK used to have much lower
youth unemployment in the days
when we enjoyed a more flexible and
deregulated labour market; not sur-
prisingly, as our own regulations have
become similar to those of continental
economies, so has youth joblessness.
As the Unquoted Companies Group
points out, many unskilled young peo-
ple with no experience have been
priced out of the labour market by
well-meaning but tragically counter-
productive policies to try and boost
their incomes and rights. This a tragic
tale of good intentions gone wrong.
Britains youth doesnt need more QE
or a fiscal stimulus; it needs better edu-
cation and a bonfire of the rules and
red tape that are discouraging firms
from employing them. George
Osborne needs to get his thinking cap
on and stand ready to confront
Brussels.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
SLOVAKIAS centre-left opposition party
has agreed to back changes to Europes
bailout fund yesterday in return for
early elections, to be held March 2012.
The vote on boosting the European
Financial Stability Facility (EFSF) will
take place today or tomorrow after a
debate both on the fund and the early
poll.
Slovakia, the regions second poor-
est economy, will see its guarantees for
the fund rise from 4.4bn to some
7.7bn under the proposed changes.
The European Commission
demanded that Slovakia hurry up,
telling its parties to rise above the
positioning of short-term politics and
seize the next occasion to ensure a
swift adoption of the new agreement.
Newedges Bill Blain said despite
the deal, Slovakias initial defiance
could stir problems: If one country is
willing to be the mouse that roars,
then others may follow, he said.
Slovak parties
strike deal to
pass bailout
NEWS | IN BRIEF
Buffett reveals his $6.9m tax bill
Billionaire Warren Buffett paid an effec-
tive tax rate of 17.4 per cent on his
$39.8m income last year, he has dis-
closed in a letter to a congressman. He
was responding to a call to publish his
tax return after he wrote last month
that the rich are not taxed enough in the
US. Tim Huelskamp, a Republican repre-
sentative in Kansas, had said he would
publish his tax return if the Sage of
Omaha did the same. In response,
Buffett gave his total tax bill and said he
would publish the rest as part of a deal
in which other tycoons followed suit.
Citi could split EMI for sale
EMI, the home of Coldplay and Katy
Perry, looks increasingly likely to be sold
off as two separate businesses record-
ed music and song publishing after
final bids came in last week, according
to several people familiar with the mat-
ter. The music company is reviewing
competing offers for EMI Publishing
from BMG Music, a joint venture
between Bertelsmann and private equity
firm KKR, and Sony/ATV, a joint venture
between Sony Corp and the estate of
Michael Jackson, these people said.
EUROZONE
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
l Jos Manuel Barroso presented the
outlines of a European rescue plan yes-
terday, the centre-piece of which was a
recapitalisation plan for EU banks.
l Details were scarce, but it will
require banks to significantly acceler-
ate their capital-raising to comply with
Basel III rules as soon as possible or
face forced bailouts. The plan should
please Germany because it requires
sovereign states to bail out banks
before tapping the collective Eurozone
bailout fund, a key demand from Berlin.
l Many of the other measures are
fairly standard reiterations of the com-
mitment to make Greece curb its
spending and speed up reforms to
make European economies function
more competitively.
l But, significantly, Barroso emphasis-
es that the crisis plan will involve
treaty changes that will give the EU
the power to scrutinise member states
budgets and request amendments and
second readings if it deems them inap-
propriate.
l The document also suggests a finan-
cial transaction tax be introduced as
soon as possible to ensure that the
financial sector contributes fairly.
BARROSOS PLAN
SHAREHOLDER ACTIVISM RISING IN US
Activism by prominent shareholders
is on the rise in the US, as beaten-
down share prices and a renewed
focus on streamlining companies give
investors an opportunity to push for
change at large companies. In the
first three quarters of the year, there
was a 90 per cent rise in the number
of companies worth more than $1bn
targeted by activist shareholders,
according to analysis by JPMorgans
investment bank.
CLEAR CHANNEL TO BRING NEW
SCREENS TO LONDON
Clear Channel Outdoor is bringing a
new wave of interactive billboards to
London, installing 100 roadside digi-
tal screens with near-field communi-
cation capabilities in the coming
weeks. The UK rollout will include
sites in Oxford Street, Kings Cross
and Islingtons Upper Street.
CAUDWELL BUYS MAYFAIR CAR PARK
FOR 150M
John Caudwell, the entrepreneur and
founder of Phones 4U, is set to pay
Irelands National Asset Management
Agency close to 150m for the UKs
most valuable car park. The deal,
which ends years of speculation over
who would buy one of Namas most
coveted assets, is expected to close at
the end of this month and is likely to
result in the Mayfair site being rebuilt
as an upmarket residential develop-
ment.
ALCATEL IN DEAL TO SELL ITS CALL
CENTRE BUSINESS
Alcatel-Lucent, the Franco-American
communications equipment maker,
has agreed to sell its corporate call
centre services business for as much
as $1.5bn to Permira, the private equi-
ty group. The deal was rumoured to
have floundered last month over
finance issues. Private equity buy-outs
have been hampered in recent
months by market turbulence.
BAD GUYS WILL PROSPER FROM NEW
COMPULSORY STAFF PENSIONS
Proposals to introduce compulsory
workplace pensions contain little pro-
tection for employees and could lead
to widespread mis-selling, a promi-
nent critic has suggested. Renowned
fund manager David Pitt-Watson said
that the governments plans could
leave consumers unprotected and
without the information they need.
INFLATION PUTS THE SQUEEZE ON
BUILDERS AS CUSTOMERS SIT TIGHT
Builders face rampant price inflation
when buying and hiring goods and
equipment, new figures reveal. Travis
Perkins said in a trading update that
high product inflation was keeping
revenues growing. While the wider
market was generally in slight
decline, the soaring cost of what it
was selling had seen like-for-like per
trading day revenues leap 9.6 per cent.
MARIO DRAGHI FEARS ITALIAN DEBT
SPIRAL
Italy risks a debt spiral without dras-
tic steps to cut spending and restore
confidence in public finances, the
countrys central bank governor has
warned. We must act fast. The sorts
of interest rate rises seen over the last
three months, if protracted, could
lead to an uncontrollable spiral, said
Mario Draghi, who takes over as head
of the ECB next month.
EX-POLICE OFFICER ADMITS 300M
VAT FRAUD
A former police officer has admitted a
300 million VAT fraud believed to be
the biggest in UK history. Nigel
Cranswick, 47, was a director of Ideas
2 Go (I2G), which he ran from a small
office in a Sheffield business park,
and claimed to have bought and sold
at least 2bn of goods in just eight
months.
CHINA TO SUPPORT SMALL FIRMS
Chinas State Council, or cabinet, yes-
terday unveiled a package of meas-
ures including tax breaks and
lending preferences to support small
companies. The move comes as
Chinas smaller companies have had
difficulty accessing credit from the
state-dominated banking system,
leading to increasing distress in areas
such as the private-sector hub city of
Wenzhou in eastern China.
EU PROPOSES CAP ON FARM SUBSIDIES
Officials have kicked off what promis-
es to be more than a year of bitter
wrangling over how to revise its
$75bn a year program to aid Europes
farmers. The European Commission
yesterday released its proposals to
limit subsidies for big farms and
oblige them to set aside more land for
preservation, as part of an effort to
rein in spending.
WHAT THE OTHER PAPERS SAY THIS MORNING
A CONTROVERSIAL third phase of
quantitative easing could still be on
the cards in the US, it emerged last
night.
Two of the Feds 10-person commit-
tee said that current conditions and
the outlook could justify stronger pol-
icy action than the central banks
Operation Twist, the minutes to its
September meeting revealed.
Operation Twist which the Fed
announced last month -- involves it
selling shorter-term paper to finance
the acquisition of longer-term bonds.
The move is an attempt to hold down
long-term yields, with the aim of
boosting private sector investment in
the economy without having to raise
the size of its own balance sheet.
Yet the Feds balance sheet could
still be expanded with more asset-pur-
chases, the minutes showed.
A number of participants saw large-
scale asset purchases as potentially a
more potent tool [than Operation
Twist] that should be retained as an
option in the event that further policy
action to support a stronger economic
recovery was warranted, the minutes
said. The unnamed couple of Fed
members leaning towards QE3 said
that they had supported Operation
Twist because it did not rule out bold-
er interventions.
Yet three hawks on the committee
continue to make a stand against the
Feds ultra-loose policy. Richard Fisher,
Narayana Kocherlakota, and Charles
Plosser voted against the Feds state-
ment.
Plosser last night said that
Americas sticky level of unemploy-
ment was still a serious challenge,
despite a relatively positive jobs report
for September.
As the economy strengthens,
prospects for labor markets will con-
tinue to improve and the unemploy-
ment rate will gradually decline,
undoubtedly too gradually for many of
us, Plosser warned.
QE3 is still on
the table, Fed
minutes show
THE UKs top tax collector admitted
yesterday that he should not have
struck a secret deal with Goldman
Sachs to forgive a chunk of unpaid tax.
David Hartnett was called before a
committee of MPs to explain his role
in agreeing a deal that saved the bank
up to 10m in interest on a tax bill it
had fought for five years in court.
Referring to the agreement,
Hartnett said: Im entirely responsible
for the Goldman Sachs mistake.
Although the revenue in question is
a drop in the ocean for both HMRC
and Goldman, it threatens to cost the
civil service its top taxman.
Jesse Norman MP, member of the
influential Treasury Select Committee
(TSC), called for Hartnett to resign,
claiming he had misled the TSC over
his role in the Goldman deal.
He strongly implied that he was
not involved in the Goldman Sachs
case, Norman blogged. The MP also
complained that Hartnett had said
that he was not legally permitted to
discuss the matter in detail with MPs.
Legal advice to HMRC published
online shows that its lawyers strongly
advised against discussing it for fear of
breaking confidentiality laws, but the
ultimate decision rested with
Hartnett.
Goldman declined to comment.
REPUBLIC, the private equity owned
clothing chain now run by former
Asda chief executive Andy Bond, has
achieved record sales despite the
slump on the high street.
The accounts for Republic (Retail)
show sales rose 4.5 per cent to
181.19m. Operating profit for the
year to 30 January fell 7.3 per cent to
27.27m, however, with the firm
investing nearly 10m in store open-
ings and upgrades as well as IT and
infrastructure.
The chain, which did not return
calls, was bought by US private equity
house TPG in a 300m deal last year.
Bond joined Republic, based in
Leeds near his home, as executive
chairman in January despite being
linked with a number of top jobs at
FTSE 100 firms. He is also executive
chairman of Euro Garages, the
Blackburn-based forecourt retailer.
Call for taxman
to resign over
Goldman case
Record sales at Republic
despite UKs retail slump
Andy Bond could not be lured to the City after stepping down from Asda
BY JULIAN HARRIS
US ECONOMICS
News
CITYA.M. 13 OCTOBER 2011
BY PETER EDWARDS
RETAIL
BY JULIET SAMUEL
BANKING
3
THE STRUGGLING hedge fund indus-
try suffered another blow yesterday
as Man Group revealed its flagship
vehicle had been caught out by the
recent rally in equities.
Shares in Man, the worlds largest
listed hedge fund, plunged six per
cent after it said AHL, its computer-
driven vehicle, lost 5.5 per cent last
week as hopes of measures to tackle
the Eurozone debt crisis prompted a
rally in equities. AHLs position was
also hit by a sell-off in bonds.
The $24.9bn (15.79bn) AHL fund
uses complex algorithms to follow
market trends. Analysts at Numis
have estimated it provides about 80
per cent of Mans profit.
AHL said in its weekly commentary
that a change in market direction in
the week to 10 October had hit its
long positions in fixed income, as
well as its short positions in equities
and energy markets.
The fund is down 3.2 per cent so far
this year, between eight and nine per
cent away from its high-water mark,
above which it can earn lucrative per-
formance fees. Shares in Man closed
down 5.96 per cent at 156.3p last
night, prompting speculation of a
takeover approach for the group.
City A.M. understands Anglo-
Australian fund manager Henderson,
which has taken over rivals Gartmore
and New Star over the last two years,
is unlikely to be interested in an
approach but could look at hiring
staff or teams from Man if the oppor-
tunity arose.
Henderson said it did not com-
ment on speculation and Man
declined to comment.
Hedge funds have endured a torrid
summer with many failing to antici-
pate the swings in global markets.
Shares in Man
plunge after
losses at AHL
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BY PETER EDWARDS
HEDGE FUNDS
News
ANALYSIS l Man Group plc
p
6Oct 7Oct 10Oct 11 Oct 12Oct
170
165
160
155
156.30
12 Oct
Integration of GLG is still main issue
THERE was, until yesterday, a solitary
bright spot for Man Group, the belea-
guered hedge fund giant. AHL, its
flagship vehicle and main profit driv-
er, was still performing well despite a
torrid time for the rest of the busi-
ness, adding $1.5bn in the second
quarter while almost every other
fund lost money.
Thats no longer the case. AHL, like
other quant funds, has been caught
out by last weeks rally. Its long posi-
tions in fixed income bonds and its
shorts on equities forced it to post a
5.5 per cent loss for just one week.
To make matters worse, Goldman
turned negative on Man stock, on the
grounds that it expected poor third
quarter performance with no visibili-
ty on when things might improve.
The shares, which have lost some
37 per cent since its disastrous
update a fortnight ago, closed down
by six per cent yesterday.
AHL is a victim of see-sawing mar-
kets rather than poor management.
Quant funds computer driven
funds that pick stocks based on com-
plex algorithms often struggle
when markets act irrationally.
The GLG funds acquired by Peter
Clarke last year are supposed to offset
any volatility in the performance of
AHL but they are dragging down
performance even further.
In the second quarter, less than a
third of Mans GLG funds managed
to outperform the average hedge
fund. That suggests the integration of
those fund managers isnt proceed-
ing as planned.
AHL might be worrying investors
today but we think GLG is a poten-
tially much bigger problem.
BOTTOMLINE
Analysis by David Crow
Chief executive Peter Clarke has seen Man shares fall this week Picture: REUTERS
Turbulence prompts mass
exodus from hedge funds
INVESTORS pulled out around five
times more cash from hedge funds in
the month to 1 October than in the
prior period, during one of the most
turbulent few weeks for stock and
bond prices since the 2008 financial
crisis dampened appetite for risk.
Gross outflows, as measured by the
GlobeOp Capital Movement Index,
which tracks monthly net subscrip-
tions and redemptions from hedge
funds running around $170bn
(109bn) of assets, hit 3.17 per cent
last month, the fourth time gross
exits topped three per cent in 2011.
Withdrawals from hedge funds
had fallen to 0.58 per cent in the
month to 1 September, the lowest
level since before the credit crunch as
investors swapped safe havens like
gold in favour of portfolios expected
to make money in all seasons.
GlobeOps index showed hedge
fund inflows were still net positive,
rising 0.31 per cent in the month to 1
October on the back of a 3.48 per cent
gross influx of capital.
HEDGE FUNDS
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t c a x
UNEMPLOYMENT hit a 17-year high in
August as new private sector jobs
failed to offset public sector lay-offs,
according to the Office for National
Statistics figures, out yesterday.
According to the latest statistics
from the Labour Force Survey, 8.1 per
cent of the workforce was unem-
ployed from June to August .
That represents an increase of
114,000, taking the total to 2.57m
from 2.45m in March to May.
And in September, 1.6m people
claimed job-seekers allowance, up
17,500 on Augusts figures.
Youth unemployment, excluding
full time students, rose to 721,000, or
20.2 per cent 74,000 more than in
the previous three months.
Total employment fell by 178,000
over June, July and August. Only 2,000
were full time roles with the vast
majority of the fall accounted for by
over 175,000 part-time jobs.
Analysts are split on the reasons for
the huge decline in part-time roles.
Large numbers of part-time staff
wok in the public sector, which is
responsible for most losses, said the
Institute for Employment Studies
Nigel Meager. Also, during the reces-
sion many employers held onto
skilled workers, cutting hours instead
of jobs. Now demand is falling again,
they may have to cut those jobs entire-
ly.
David Kern, chief economist at the
British Chambers of Commerce point-
ed to other factors. Many retail staff
are part-time, and the industry has
been hit by falling consumer confi-
dence so may be cutting jobs.
From August 2009 to August 2010,
400,000 part time jobs were created.
Economists say this too may be a rea-
son for the recent sharp decline.
Part-time jobs may be the easiest to
add and the easiest to lay off, said
Howard Archer, from IHS Global
Insight. Furthermore, firms may also
see full-time workers as more skilled.
Unemployment soars
as economy weakens
BY TIM WALLACE
ECONOMICS
News
ANALYSIS l Unemployment rate
%
1992 1995 1998 2001 2004 2007
UK
EU
Eurozone
2010
25.0
20.0
15.0
10.0
5.0
0
ANALYSIS l Unemployment level
million
1992 1995 1998 2001 2004 2007 2010
4
3
2
1
0
2.57m
ANALYSIS l Inflation vs Earnings growth
11 10 09 08 07 06 05 04 03 02
6
5
4
3
2
1
0
4.5%
1.8%
ANALYSIS l Unemployment rate
%
1992 1995 1998 2001 2004 2007 2010
12.0
9.0
6.0
3.0
0
8.1%
ANALYSIS l Change on quarter
thousand
(Rounded)
All employment Full-time Part-time
300
200
100
-100
-200
-300
0
- 178,000 - 175,000
- 2,000
Jobs misery
1.6m people claimed job-seekers allowance in September Picture: REX
Labour market estimates
June - August 2011
Unemployment
2.57 million
Employment
29.10 million
114,000
178,000
26,000
17,500
Inactivity
9.35 million
Claimant Count
1.60 million
(compared to March to May 2011)
September 2011
(compared to August 2011)
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CTY OF LONDON
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8tories supplied by the City of London
ADVERT8EMENT
Moonlight madness in the City
uildhall Art Gallery hosts 'Moonlight Madness', a late view
with poetry, performance and 'moonbeam cocktails' on 21
October from 6pm - 10pm to coincide with the John Atkinson
Grimshaw Painter of Moonlight exhibition. Admission FREE.
Lord Mayor Michael Bear hosts
the annual City Banquet at The
Mansion House on 20 October.
The Lord Mayor and Lord
Turner, Chairman of the
Financial Services Authority,
will deliver the keynote
speeches to City guests.
The City of London
Corporation has been given a
Gold 'Borough of the Year'
Award by London in Bloom.
The panel of judges looked at
several areas, including
horticulture, sustainability,
cleansing and community
engagement.
Keats House in Hampstead holds a reading of Leigh Hunt's
poetry and letters to celebrate his birthday on 19 October from
3 4pm. FREE - with an admission ticket to the House. More
details from www.cityofIondon.gov.uk/keatshousehampstead
Top award for City
of London
Lord Mayor hosts
City Banquet
Poetry at Keats House
G
PUBLIC sector workers have seen pay
increases outstripping those in the pri-
vate sector, despite George Osbornes
promise of a pay freeze.
Average regular pay (excluding
bonuses) for state workers in the three
months to August increased by 2.2 per
cent on the same period last year, tak-
ing weekly pay to 470 per week.
Private sector workers only saw a
rise of 1.6 per cent, and regular pay is
lower at 424.
When retail price index inflation
which stood at 5.2 per cent in August
is taken into account, private sector
wages fell by around 3.6 per cent.
Increases in public sector pay
appear to contradict the chancellors
2010 promise to freeze pay for two
years.
HM Treasury did not respond to City
A.M.s requests for an explanation in
time for publication.
However, the rise may have come
about because of a 250 increase
promised to those earning under
21,000. Average pay levels may also
rise as promotions are awarded.
When bonuses are included, pay
increased by 2.1 per cent in the private
sector, to 458 per week, and by 2.3 per
cent in the public sector, to 476 per
week.
Public sector pay freeze
ignored as inflation bites
BY TIM WALLACE
UK ECONOMY
News
News
STANDARD Life yesterday said it was
preparing for an explosion in its UK
business as 400,000 new customers
could start saving into its pension
schemes for the first time next year.
The life and pensions group said it
had ramped up investment in pension
management software as it prepares
for an expected 150bn of pension
money to move around UK schemes in
the next five years.
New regulation will require about
1.3m UK businesses to auto-enrol
employees into pension schemes from
next year, which Standard Life
believes could start five to seven mil-
lion workers saving.
The extra 400,000 customers should
come from the 35,000 firms it already
services with a corporate pension
plan, it said at its investor day.
We have more assets and employ-
ees ready for the explosion in auto-
enrolment, Standard Lifes UK chief
executive Paul Matthews said.
It said it expected surging demand
for its online platforms for pension
management thanks to the Retail
Distribution Review, which will
change fee models for financial advice
from 2013. About 168bn has moved
onto platforms in the past 18 months,
and it could reach 400bn by 2014.
Standard Life eyes 400,000 new clients
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your prots too early.
PEPSICO is planning to raise prices on
some drinks and snacks in the coming
weeks to help offset higher commodi-
ty costs.
The maker of Pepsi-Cola reported
slightly better than expected third-
quarter earnings last night, sending
shares up four per cent.
The US firm reported net income of
$2bn (1.27bn) compared with $1.92bn
a year earlier.
Revenue climbed to $17.58bn, up
from $15.51bn a year ago and slightly
ahead of average analyst forecasts.
Price hikes, on top of other increases
taken earlier this year, are helping the
company stand by its full-year earn-
ings growth target. PepsiCo expects
2011 earnings to grow at a high single-
digit rate.
But due to a recent strengthening of
the dollar, that forecast now only
includes a one percentage point boost
from foreign exchange, having earlier
expected a two-point boost. The firm
said it was too early to give an outlook
for 2012, given current volatility.
PepsiCo also denied rumours on
Wall Street that it was planning to
split its drinks and snacks divisions.
Pepsi posts better profit
BY HARRY BANKS
CONSUMER
PENSION funds are shifting away

from gold and private equity as they
look for alternative investment strate-
gies, according to a new report from
UBS.
Trustees have also cooled on invest-
ments in hedge funds and exchange
traded funds, according to the
European Equity Strategy research.
The switch has been driven by the
need to find alternatives to fixed
income funds, which have provided
low returns.
Various strategies, such as hedge
funds and private equity have become
less popular because of high fees and
poor liquidity respectively.
Interest in gold has declined,
despite its price soaring in September,
because of the lack of income it gen-
erates, it said.
The report, produced by Karen
Olney, head of thematic strategy in
European equities at UBS, highlight-
ed the collapse in real government
bond yields and said the proportion
of pension fund assets invested in
equities has fallen from 85 per cent to
around 45 per cent over the last two
decades.
Some major employers have turned
to more unorthodox measures in an
attempt to plug pension deficits and
are putting assets, rather than cash,
into the schemes.
Last year drinks group Diageo
agreed a plan with its pension fund to
use up to 2.5m barrels of maturing
Scotch whisky to help tackle its
deficit.
As the whisky matures, the plan
books income. This prevents too
much cash getting siphoned off into
the plan, the UBS report said.
The report was produced after a
pensions event with Jeremy Dell of
actuarial and business consultants
Lane, Clark and Peacock.
Pension
plans shift
strategies
HOPES of a long-term recovery in
Britains global buying power are
boosted today with the publication of
figures showing it has held on to its
position as the second-most active
nation in mergers and acquisitions.
British companies made $83.26bn
(52.82bn) of acquisitions overseas so
far this year while foreign firms
spent $64.35bn on buying British
businesses, according to research
from law firm Allen & Overy.
Only US firms carried out more
M&A work abroad, according to the
figures, which cover the first three
quarters of the year.
The close transatlantic trading
relationship was underlined by the
fact that the US was the top target
market for British companies, fol-
lowed by India, Germany France and
Canada.
Deals for companies in utilities,
financial services and infrastructure
led the expansion overseas.
One of the most high-profile deals
came in June, when Pizza Express
founder Hugh Osmond bought US
temporary power provider APR.
Richard Browne, head of the UK
corporate practice at Allen & Overy,
said: Given the relatively stagnant
state of the UK economy, its not sur-
prising that UK based companies are
looking abroad for growth and that
we remain a net acquirer of foreign
assets.
However, were unlikely to see a
return to the frothy levels of M&A
activity witnessed a few years back
any time soon. Steady growth for the
next few years would be welcome,
but well only see that once issues
with the euro can be put to bed.
The value of private equity deals is
up 51 per cent so far this year, with
the number of transactions up 14 per
cent.
UK groups
buy abroad
amid slump
VENTURE capitalist Jon Moulton
will raise new funds for his
Better Capital vehicle, with ana-
lysts speculating it could be as
much as 100m.
Better Capital has already
bought a string of companies,
including the Readers Digest
and engineer Gardner, since
floating two years ago.
The company, through its Enigmatic
Investments business, recently had a
9.7m bid for Clarity Commerce
rejected, prompting Moulton (pic-
tured) to question the firms credi-
bility. Clarity responded yesterday
by saying it has received several
indicative expressions of
interest [with] signifi-
cantly better overall
return.
Moulton set to raise funds
Pepsi chief executive Indra Nooyi plans to raise the price of its snacks Picture: REUTERS
BY PETER EDWARDS
M&A
BY ALISON LOCK
INSURANCE
BY PETER EDWARDS
PENSIONS
BY STEVE DINNEEN
PRIVATE EQUITY
News
THE PIMCO Total Return Fund, the
worlds largest bond fund, increased
its exposure to mortgages in
September and showed a dramatic
drop in cash equivalents and money
market securities for the same period,
according to its website yesterday.
Pacific Investment Management
Co, which has $1.3 trillion in assets
under management, increased expo-
sure to mortgages in September to 38
per cent from 32 per cent in August.
And while the funds exposure to
the US Treasury market remained
steady at 16 per cent for the second
month, the holding marks a big
departure from Pimcos exit from the
market at the start of the year on fears
of inflation eroding the value of
bonds.
In late August, Pimco co-chief
investment officer and Total Return
Fund manager Bill Gross said the pre-
cipitous decline in Treasury yields
reflected a high probability of reces-
sion. The yield on the benchmark 10-
year US Treasury note then dropped
below two per cent to 1.98 per cent in
the wake of the Feds Operation Twist.
Yesterday, the 10-year yield stood at
2.16 per cent.
Equally noticeable was the Total
Return Funds dramatic drop in cash
equivalents and money market securi-
ties of negative 19 per cent in
September from negative nine per
cent in August, the funds website
showed.
Meanwhile, Pimcos head of global
equities said yesterday that while the
global outlook remains very volatile,
the firm is not counting on the
Eurozone collapsing.
I personally think the [European
Central Bank] will end up putting a
lot more sovereign debt on its balance
sheet, said Neel Kashkari. Not
because it wants to, but because it has
no choice. Whether they expand the
EFSF or not, the ECB is the back-up ...
They hate it, but that is what they are,
just like the Federal Reserve was in
the US.
Pimco beefs
up exposure
to mortgages
BY HARRY BANKS
US ECONOMY
CITY VIEWS: HOW BADLY HAS THE BLACKOUT HIT BLACKBERRY?

Interviews by Phoebe Torrance
I dont think it has done any good it may make
people want to change phone completely. It is hard
because so many people depend on their mobile
phone for business or personal reasons. No
company can afford to mess up like that.
FARAZ KHALID | ANTARES
It will have some damage, but other models,
like the iPhone, compared to BlackBerry are so
expensive, changing your phone would be a
hassle. It is only the first time these
blackouts have occurred.
THOMAS HUS | GROUPAMA TRANSPORT
Obviously it has had some negative effect, but I am sure they will be able to bounce back. This sort of thing could
happen to anyone! I have a BlackBerry and personally it has not affected me enough to cause me to want
to change phone.
PETER GODFREY | JRP UNDERWRITING
* These views are those of the individuals above and not necessarily those of their company.
THIS week we are asking members
of our readers panel whether RIMs
reputation can recover from three
days of server outages, which have
prevented millions of customers
from accessing emails on their
BlackBerrys.
We want to know how badly the
brand has been damaged, and
whether it will eventually lose busi-
ness to rivals such as Apple.
To answer these questions and
others, readers can apply to join the
Voice of the City panel made up
exclusively of those working in busi-
ness and financial services in and
around the City by applying at
www.cityam.com/panel
The results of the poll will be
printed in Mondays edition of City
A.M.
In partnership with
PoliticsHome.com PoliticsHome.com
How badly has RIMs reputation been hurt
by three days of BlackBerry server failures?
Apply to join today at www.cityam.com/panel
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LUNCH PRICES HIKED TO
HIGHLIGHT PROBLEMS
FACED BY THIRD WORLD
LONDONERS may be accustomed to
signing away the vast majority of
their pay packet on the capitals ris-
ing rents, but what if everyday food
was as much of an outlay, account-
ing for 50 to 80 per cent of income
every month?
Thats what the Red Cross is hop-
ing to highlight as it takes over pop-
ular City lunchspot Spitalfields
Market today, upping prices by 500-
800 per cent to show how food price
inflation is hitting the worlds poor-
est countries.
The Food Insecurity Market will
set up shop in Spitalfields today
ahead of World Food Day on Sunday,
hosted by TV star and chef Hardeep
Singh Kohli.
With the price of a loaf of bread
hiked to between 5-7, and a tin of
baked beans set to hit around 6,
The Capitalist thinks it doesnt sound
like a bad deal compared to some of
the Citys more pricey establish-
ments...
A PERFECT PRESENT
FOR everyone planning ahead for
the perfect Christmas present for a
wife, mother, girlfriend or sister,
Scottish auctioneers Lyon &
Turnbull may just have the answer.
The historic auction house is hold-
ing a sale on 30 November to sell a
specially commissioned pendant
made by jewellers Eric N Smith.
Already given the seal of approval by
supermodel Stella Tennant, all pro-
ceeds from the sale will go to the
Teapot Trust, which raises funds to
provide art therapy for chronically
ill children. Jewellery and
charity...the Capitalist can think of no
better way to a womans heart.
EDITED BY
ELIZABETH FOURNIER
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
The Capitalist
CITYA.M. 13 OCTOBER 2011 11
City workers lunching in Spitalfields Market today might be surprised by the higher than normal prices
BAE SYSTEMS has warned that flood-
ing in the US and significant uncer-
tainty over future levels of military
spending may disrupt short-term trad-
ing, but it remained confident of win-
ning further contracts despite a
squeeze in government budgets.
The worlds second biggest defence
contractor said trading for the three
months from 1 July had been in line
with expectations and earnings per
share for the year will be broadly sim-
ilar to 2010.
BAE, which announced last month
that it will cut around 3,000 jobs
across the UK due to slower sales of the
Eurofighter jet, said: [W]ith con-
straints on government expenditure
in many of the groups principal mar-
kets, affordability continues to be a
key focus for customers.
The group, which makes the
Typoon aircraft as part of a four-nation
consortium including Frances EADS,
delivered its first 24 Typhoon to the
Royal Saudi Air Force in the period.
It said it was pursuing a number of
significant business opportunities
including the possible sale of a
Typhoon aircraft to India as well as the
Sultanate of Oman.
BAE warned it is also assessing the
implications of serious flood damage
an electronics facility on the US east
coast, which could lead to some sales
being deferred to 2012.
BAE warns of
uncertainty
in US budgets
BY KASMIRA JEFFORD
DEFENSE
BAEs chief Ian King announced 3,000 UK job losses last month Picture: REUTERS
News
12
ANALYSIS l BAE Systems
p
280
270
260
282.00
12 Oct
Ryanair keeps pressure
on Aer Lingus for payout
RYANAIR ramped up pressure on Aer
Lingus yesterday, calling in an open
letter for the airline to take urgent
action to improve its share price.
Undeterred by Aer Lingus plan for
a shareholder meeting announced
yesterday, Ryanair penned its third
open letter in the space of a month
to ask for a 0.20 per share special
dividend.
Ryanair, which holds a 29.8 per
cent stake in Aer Lingus, has also
asked the Irish airline to halt pay-
ments into its defined contribution
pension scheme until shareholders
give their approval.
Ryanair chief executive Michael
OLeary also repeated demands to see
a report commissioned by Aer Lingus
into a 30m (26.3m) tax settlement.
Aer Lingus said yesterday that it
will use a meeting on 4 November to
seek approval from shareholders to
cancel up to 500m in reserves, giv-
ing it flexibility to return cash to
investors.
Shares in Aer Lingus, which have
lost nearly half their value since the
start of 2011, closed flat at 0.64 yes-
terday.
TRANSPORT
A FORMER lawyer and Wall Street

trader caught up in the US govern-
ments crackdown on insider trading
that ensnared Galleon founder Raj
Rajaratnam was last night ordered to
serve two years and six months in
prison for his role in the case.
Michael Kimelman, who co-found-
ed trading firm Incremental Capital
with brothers Zvi Goffer and
Emmanuel Goffer, was convicted by a
Manhattan federal court jury in June
on securities fraud and conspiracy
charges alongside the Goffers.
Rajaratnam, who was convicted in
May, is due to be sentenced today.
JUST 33 companies in the UKs FTSE
100 have set targets for the percent-
age of women they plan to appoint to
their boards, ignoring calls for board-
room equality to be addressed.
Six months after the publication of
Lord Mervyn Davies government-
commissioned report into women on
boards, a progress review by the
Cranfield School of Management has
shown that just a third of firms have
targets in place.
Just ten firms are aiming for more
than a 10 percentage point increase
in female board representation,
despite Lord Davies saying FTSE 100
boards should aim for a minimum of
25 per cent women by 2015.
At a Downing Street reception yes-
terday, Prime Minister David
Cameron welcomed the progress that
had been made, but said there was
still a lot to be done.
Since the Davies Report was pub-
lished there have been 21 new female
appointments to FTSE 100 boards
22.5 per cent of all appointments
made. Of these just three are execu-
tive positions, with the rest taking
non-executive positions.
Women now make up 14.2 per
cent of FTSE 100 directors, an
increase from 2010s figure of 12.55
per cent.
The Prime Minister also confirmed
yesterday he had written to the FTSE
350 firms that are yet to set out their
plans, encouraging them to set goals.
FTSE 250-listed engineer Fenner
and bookmaker William Hill both
announced yesterday they had hired
new female directors to their boards,
as research showed 133 FTSE 250
boards now have female-held direc-
torships.
Most of FTSE
are ignoring
Davies report
MINING group Anglo American said
it would consider the implications
of Codelcos announcement that it
hopes to use its option to buy Anglos
49 per cent shareholding in its
Chilean copper assets.
State-run Codelco said its has lined
up $6.75bn (4.3bn) of funds in a deal
with Japanese trading house Mitsui.
Anglo has held the two mines and
a smelter since 2002, but Codelco has
had an option to buy since 1978.
Codelco has the opportunity to exer-
cise its option every three years, with
the next such window coming up in
January.
Anglo may lose
Chilean mines
US jails three in
huge fraud case
BY ELIZABETH FOURNIER
CORPORATE GOVERNANCE
ENFORCEMENT
MINING
A six-month update has showed firms falling short of Lord Davies targets Pic:REUTERS
News
13
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COVERED WARRANTS ARE LEVERAGED PRODUCTS. CAPITAL IS AT RISK AND LOSSES MAY EXCEED THAT OF INVESTING IN THE UNDERLYING ASSET DIRECTLY.
LUXURY goods group Burberry batted
away fears of an economic slowdown
in its key Chinese market yesterday as
it unveiled forecast-beating results.
Revenues for the three months to
September hit 463m above a fore-
cast for 448m by a poll of analysts.
Luxury goods stocks have fallen
sharply in recent weeks on signs of an
economic slowdown in China -- the
engine of recent strong growth in
demand for luxury goods -- and fears
the Eurozone debt crisis could tip the
world back into recession.
But Burberry, whose shares were
also given a boost after the launch of
its collection at London Fashion Week
last month, has bucked the trend.
There is no evidence of any slow-
down... What we have seen is consis-
tent strong brand momentum and
business growth, Burberry finance
director Stacey Cartwright said.
Comparable store sales growth
accelerated to 16 per cent in the sec-
ond quarter from 15 per cent in the
first, with sales in China steady at
around 30 per cent.
Burberry said the first-half operat-
ing margin in its retail and wholesale
businesses would be broadly flat,
compared with a previous forecast for
a small decline.
Demand was driven by new store
openings and by tourists from
around the world, including China,
Brazil and Russia, Cartwright said.
She added that she did not expect
any change in analysts consensus
full-year profit forecast of 370m.
Demand for
Burberry is
still booming
BY JOHN DUNNE
RETAIL
News
ANALYSIS l Burberry Group
p
1,300
1,250
1,200
1,308.00
12 Oct
ANALYST VIEWS: CAN BURBERRY MAINTAIN ITS SALES MOMENTUM?
By John Dunne
RICHARD HUNTER
HARGREAVES LANSDOWN
The company intends to continue its
expansion plans, whilst remaining flexible in
tapping on the brakes should circumstances
dictate. Continuing investment in its business
will of course weigh on profit in the medium
term, whilst the company could become a vic-
tim of its own success given increasingly tough
comparatives. Even so, Burberry
remains a retail growth success.
DAVID JEARY
INVESTEC
Retail revenue growth (45 per cent
underlying) drove the beat. Concerns about
Chinese growth have weighed on the shares of
late we feel this is overdone. Operating mar-
gin guidance has been nudged up and full year
guidance reiterated. Although Burberry will
not be immune from continued market turbu-
lence, on a medium-term view we
strongly reiterate our Buy.
CHRIS ALEXANDER | BNP PARIBAS

Burberrys second quarter and first half trading update is very resilient and has come in as per estimates indi-
cated in our preview, with underlying sales growth of 30 per cent giving first half sales of 830m. Those anticipating a
more severe slowing in growth rates are likely to revise estimates upwards but overall we expect limited change
to current forecasts.
Chief executive Angela Ahrendts has steered Burberry on to a path of impressive growth. Picture: REX
TRAVIS Perkins yesterday reported
strong sales at its heating and
plumbing business BSS, which offset
weakness at its Wickes DIY chain.
Across Travis Perkins businesses,
like for like sales rose by 5.9 per cent
over the nine months to September.
The company said sales growth at
its merchanting business and at its
plumbing and heating unit BSS off-
set a particularly challenging period
for Wickes.
Travis Perkins said third quarter
turnover at builders merchant
depots open more than a year
increased 7.7 per cent, while
turnover was up 2.6 per cent at BSS.
Chief executive Geoff Cooper said:
We continue to take market share
against a tough market backdrop,
confirming the sustainable strength
of our organic growth strategy.
Our positive merchanting and
BSS performance is balancing the
effect of a challenging consumer
environment for our retail busi-
ness.
Wickes, the 200-store DIY chain,
saw same store sales drop by two per
cent in the three months to October.
Kitchen and bathroom sales were
down by 12.4 per cent over the last
nine months.
Shares in Travis Perkins had lost
22 per cent of their value over the
last six months before the latest
results were published.
However, they rose eight per cent
after the market update yesterday as
analysts saw the performance as
resilient.
Travis Perkins
is buoyed by
BSS sales lift
JAPANS Fast Retailing yesterday fore-
cast a 16 per cent rise in annual oper-
ating profit thanks to higher sales at
its domestic Uniqlo outlets and
expansion of the budget clothing
chain, after posting its first profit rise
in six quarters.
Asias top apparel retailer is
expanding overseas to offset slowing
growth in Japan due to persistent
deflation and increased competition.
The company said operating profits
rose 33 per cent to 11.8bn (90m) in
the fourth quarter
The year to August 2012 numbers
are based on assumptions of overseas
profits rising, so it all depends on
how the overseas expansion goes,
said Mitsushige Akino, chief fund
manager at Ichiyoshi Investment
Management.
Fast Retailing gets
boost from Uniqlo
BY JOHN DUNNE
CONSTRUCTION
BY JOHN DUNNE
RETAIL
News
Charlize Theron, who is a brand ambassador for the Uniqlo clothing range
ANALYSIS l Travis Perkins
p
840
800
760
865.00
12 Oct
Esprit hit by claim that it
overstated shop numbers
SHARES in fashion chain Esprit
dropped yesterday after it was
claimed that it had exaggerated the
number of stores it has in China.
The company has said it has 498
outlets and 404 retail spaces in
department stores in mainland China
a number disputed in a report in
Next magazine.
Next reported that it had found
numerous instances of exaggeration,
saying that out of 37 directly operat-
ed stores and 35 sales counters in
department stores in Shanghai, seven
of the total did not exist and
reporters were unable to contact 13
with the telephone numbers provid-
ed. Esprit is the largest clothes compa-
ny listed in Hong Kong and has said it
plans to double its sales in China to
offset weak European markets.
According to the companys annual
report Esprit had 300 directly operat-
ed stores in China at 30 June. That
represents a net increase of 12 from
last year. The company shares went
down 14 per cent after the dispute
surfaced.
RETAIL
FRESNILLO, the Mexican precious

metals miner, yesterday cut its sil-
ver production guidance for 2011,
after the company was to forced to
improve safety conditions at all of
its projects following the death of
two miners in July.
The FTSE 100 company said quar-
terly production decreased by 5.8
per cent compared to the third
quarter of 2010, mainly due to the
slowdown of production at its
largest mine in Mexico, from which
Fresnillo takes its name.
Fresnillo said both deaths were
caused by falling rocks which
resulted from breaches of
Fresnillos safety policies and said
it continued to reinforce safety con-
ditions.
The group lowered its guidance
for the full year from its earlier fore-
cast of 44m to 41m ounces of silver.
However, the company revised its
full year total production target for
gold from 400,000 to 430,000
ounces because of an ongoing
expansion at two mines in Mexico.
Headquartered in Mexico City,
Fresnillo is the worlds largest pro-
ducer of silver and Mexicos second-
largest gold miner. It floated on the
London Stock Exchange in 2008.
Numis analyst Cailey Barker
described the results as a mixed
bag but generally disappointing,
after forecasting 10.5m ounces of
silver output for last quarter.
Shares fell two per cent, closing
at 1,665p last night.
Fresnillo cuts
guidance for
silver output
A RUSSIAN court is likely to throw out
a $2.8bn (1.8bn) lawsuit brought by a
shareholder against two BP executives
on the board of the oil majors Russian
joint venture, TNK-BP, after a judge
denied the claimant more time to
gather the necessary investor support.
Andrey Prokhorov, a minority share-
holder in TNK-BP, filed a claim against
the execs over its failed alliance with
state-controlled Rosneft, despite BPs
previous agreement to use TNK-BP as
its main investment vehicle in Russia.
Prokhorov, who owns 0.0000106 per
cent of TNK-BPs shares, had asked the
Siberian court to extend the deadline
for investors to join the claim which
the judge yesterday denied.
This means the case should be
thrown out on the date set for a hear-
ing on 10 November if Prokhorov does
not gather support from at least one
per cent of TNK-PBs investors.
BP still faces a separate $4.9bn law-
suit brought by Prokhorov and other
minor shareholders over BPs failed tie-
up with Rosneft.
But it was not all good news for BP
the US offshore drilling regulator yes-
terday issued sanctions against BP and
contractors involved in last years
Deepwater Horizon disaster, leaving
them open to fines. BP was given seven
of the 15 non-compliance notices.
BHP BILLITON yesterday approved
$1.2bn (761m) in pre-commitment
capital to start expansion work on its
Olympic Dam copper and uranium
mine, which analysts say could nearly
cost 30 times this sum to develop fully.
The funds will be used to buy
trucks, build worker housing and for
other items requiring lengthy lead
times, it said.
BHP said it will not make a final
decision to go ahead until mid-2012,
after it weighs up the 150 environmen-
tal conditions imposed on the project
by the national and South Australia
state governments this week.
The Olympic Dam project team is
completing studies to create one of the
worlds largest open pit mines, with
the potential to increase copper pro-
duction from around 180,000 tonnes
per annum to 750,000 tonnes per
annum and beyond, BHP chief execu-
tive Marius Kloppers said in a state-
ment.
BP gets upper
hand in Russian
director lawsuit
BHP Billiton commits to
$1.2bn capital for mine
The Olympic Dam project could cost up to 30 times the initial capital Pic: REUTERS
BY KASMIRA JEFFORD
MINING
ENERGY
News
BY HARRY BANKS
MINING
ANALYSIS l Fresnillo
p
1,700
1,650
1,600
1665
12 Oct
HOME EVENT
News
20-27 November
The O2
GET YOUR TICKETS TODAY
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FOR CORPORATE HOSPITALITY, PLEASE CONTACT IMG ON 020 8233 5888 OR ATPTennis@imgworld.com Follow the stars on their journey to compete
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You have to be there.
Its the ultimate climax
to an incredible season.
NOVAK DJOKOVIC
US PROSECUTORS indicted two private
bankers with Julius Baer for helping
wealthy Americans evade taxes, draw-
ing yet another Swiss bank into the
crosshairs of the US Justice Department
amid a widening crackdown on off-
shore tax evasion.
While the indictment of the two
bankers, Daniela Casadei and Fabio
Frazzetto, did not name their employer
and referred only to Swiss Bank #1,
Julius Baer confirmed the indictment
concerned one current and one former
employee.
The bank is one of a number of Swiss
financial institutions supporting the
ongoing negotiations between the US
and Switzerland and is cooperating
with the US government investigation,
Julius Baer said in a statement.
The two bankers and a number of
unnamed colleagues helped about 180
rich American clients of Julius Baer hide
about $600m (380m) in secret Swiss
bank accounts that went undeclared to
the US Internal Revenue Service, accord-
ing to the indictment.
Casadei and Frazzetto were accused
of conspiracy to defraud the US.
According to court papers, Casadei
worked at Julius Baers Zurich office
from at least the early 1990s and
Frazzetto worked at the Zurich office
from around 2005.
Baer bankers
accused of tax
evasion role
Julius Baer, run by CEO Boris Collardi, said its staff were involved in the case Pic: REUTERS
BY HARRY BANKS
ENFORCEMENT
ANALYSIS l Julius Baer Gruppe AG

CHF
32.50
31.50
32.97
12 Oct
If youre 75 and over or eligible disabled you can get help
switching to digital TV.
The switch to digital TV is coming, so you need to get ready. The Switchover Help Scheme has helped hundreds
of thousands of people switch to digital and can provide everything you need to keep watching your TV.
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Everyone who is entitled to help will receive an information pack from the Help Scheme.
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Dont lose your TV channels.
The Switchover Help Scheme
is run by the BBC
DUTCH chip equipment maker ASML
has said that tablets and smart-
phones are driving the sector, but it
sees signs of slowing growth else-
where in the industry.
ASML, seen as a bellwether for the
technology sector, said 2012 will be a
difficult year to forecast. Chief
financial officer Peter Wennink said
the slowdown in the semiconductor
industry is evident from ASMLs
fourth-quarter order book, although
this is still understood to be higher
than its third quarter.
Technology investors eagerly await
details of ASMLs order book develop-
ments, which serve as a barometer for
the big chip makers such as Intel. The
reaction was largely positive yester-
day, with ASML shares surging more
than six per cent. Intel and chip
designer ARM Holdings also rose by
around one per cent.
Wennink said that unlike this time
last year, when bookings for technolo-
gy upgrades and capacity expansion
reached record levels, now cus-
tomers arent certain about what the
future will bring, which isnt giving
us any confidence to say anything
about 2012.
However, he said the semiconduc-
tor equipment used for producing
chips in smartphones and tablet com-
puters will continue to see demand.
He added that, if necessary, ASML is
able to cut its cost base by up to 20 per
cent within six months.
ASML said it expects fourth-quarter
sales to be above 1.1bn (960m). In
the third quarter it made a net profit
of 355m, up 32 per cent from a year
ago, on sales up 24 per cent at
1.46bn.
ASML sees a
slowdown in
chip industry
BY STEVE DINNEEN
TECHNOLOGY
News
ANALYSIS l ASML Holding NV
29.00
28.00
27.00
26.00
28.19
12 Oct
Online surge spearheads
rise in marketing budgets
MARKETING budgets were revised up
in the last quarter, ending a nine
month period of decline for the ailing
industry, according to the latest
IPA/BDO bellwether report.
For the first time since the second
quarter of 2007, budgets for all sectors
were revised up. The internet saw the
steepest increase by a wide margin
and the largest quarter-on-quarter
jump in the history of the report.
An encouraging 21 per cent of com-
panies reported an upward revision in
marketing spend, compared to 17 per
cent that reported a reduction. The
resultant net balance rose to a one-
and-a-half-year high of 3.4 per cent.
Direct marketing budgets were
revised upwards to the greatest degree
for a year.
However, business optimism is
falling, with marketing executives
confidence for the industries in which
they operate hitting a two-and-a half
year low.
Meanwhile, a separate report sug-
gests TV advertising has become more
effective, with an average return of
1.70 for every 1 invested, 22 per cent
higher than five years ago.
TECHNOLOGY
NEWS | IN BRIEF
Meggitt wins US army contract
Engineering firm Meggitt yesterday
unveiled a $475m (301.5m) contract to
provide the US army with live-fire train-
ing ranges. Meggitt, which was promot-
ed to the FTSE 100 index last month,
said the fixed-price contract would run
over the next five years at US army
operations worldwide. Meggitt is work-
ing alongside four other companies on
the contract, including defence giant
Lockheed Martin and Saab Training.
Ronald Vadas, president of Meggitt
Training Systems, said in a statement:
"Our selection is testament to the
strength of our 15-year relationship with
the US Army and we look forward to
continuing to respond to its evolving
range development and modernisation
requirements.
Infosys earnings soar 10 per cent
Infosys, Indias second largest software
services exporter, yesterday reported a
rise in quarterly profit of almost 10 per
cent. It also cut its full-year sales outlook
by less than expected, easing investor
worries of a sharp slowdown in the out-
sourcing sector. Kicking off results for
Indias 48bn IT sector, Infosys shares
ended seven per cent higher yesterday to
their strongest level in more than two
months, outperforming a 2.5 per cent rise
in the broader Mumbai market.
Media Corp sales are on the rise
Advertising and online gaming group
Media Corp said revenues have risen 46
per cent in the year to the end of
September, despite challenging market
conditions. The firm said unaudited gross
profit was up 16 per cent at 5.8m, and
that on a like-for-like basis, losses are
expected to narrow compared with last
year. Chief executive Justin Drummond
said the firm had delivered a pleasing
performance this year, adding in a state-
ment that the firm is exploring bolt-on
acquisitions.
Sony to recall 1.6m Bravia TVs
Sony may recall 1.6m of its Bravia LCD
TV screens after failures caused several
to melt or emit clouds of smoke. At least
11 TVs in Japan have been struck by the
faulty part. The setback is the latest blow
for Sonys struggling TV business, which
is heading for its eighth straight year of
losses as it battles fierce competition
from Samsung and LG of South Korea. No
injuries have been reported. Peter Wennink said ASMLs customers are uncertain about the future Picture: REUTERS
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News
DO YOU NEED
INVESTMENT FOR A
BUSINESS IDEA?
Despite Government sound bites the nancial institutions are reluctant to lend.
We, on the other hand, have money to invest immediately.
If you are a dynamic, forward thinking company or individual, require between
50,000 to 1.5m of investment and can create substantial shareholder value
please send us your business plan.
This is a rare chance to reach high level, decisive, expedient principal investors and
gain the investment you need in your business.
The closing date for business plans is 4th November. You will be notified if you have
been short-listed by 14th November and asked to attend an interview in front of the
panel week commencing 21st November. The full criteria of which will be sent out
with the notifications.
Please submit plans to matt.reid@bakertilly.co.uk or via post to Matt Reid,
Baker Tilly, Hanover House, 18 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1ED
All business plans received as part of this process will be treated in strictest
confidence and seen by only the principle investors and nominated advisors to
Company Investment Club
CiC
COMPANYINVESTMENTCLUB
BRITISH American Tobacco (BAT) has
completed its $452m (270m) swoop
for Colombias Protabaco.
The newly acquired firm is the sec-
ond largest cigarette company in
Colombia, selling 5.5bn domestic cig-
arettes in 2010.
Its biggest brand, Mustang, is the
countrys second best selling ciga-
rette with a market share of around
18 per cent. BAT itself sold 708bn cig-
arettes in 2010.
BAT said funding for the cash acqui-
sition will be from the groups existing
resources. The deal represents a multi-
ple of 11.3 times Protabacos $40m
domestic 2010 Ebitda on net domestic
revenues of $110m.
BAT, which has 200 brands world-
wide including Dunhill, Lucky Strike
and Kent, was advised by investment
bank Rothschild on the Protabaco
deal.
The company has said one of its key
aims is to make acquisitions to grow
across the globe.
Last quarter BAT reported an
increase in earnings after it raised its
prices to counter what it branded a
tough sales environment, with vol-
umes down on the previous three
months.
BAT finalises
its acquisition
of Protabaco
BY STEVE DINNEEN
RETAIL
ROCKHOPPER Exploration yesterday

agreed a deal to give it greater expo-
sure to its oil find in the Falkland
Islands, and said it has received inter-
est from potential partners for a
major expansion.
Rockhopper, which this week lifted
its oil estimates for the Sea Lion field
by 20 per cent, said it will acquire a
52.5 per cent extra stake in part of a
licence controlled by another UK
explorer, Desire Petroleum.
Rockhopper will in return pay for a
well to be drilled on the licence. The
firms shares jumped 10.8 per cent yes-
terday.
The group will fund the plan with
a share placing, run by Canaccord
Genuity and Merrill Lynch, which yes-
terday raised 46.5m from institution-
al investors and employees.
The firm added that it had been
approached by industry partners look-
ing to co-invest with it in a $2bn proj-
ect to develop pipelines and a floating
production system needed to get oil
pumping from its Sea Lion discovery,
to be funded by a combination of part-
ner financing and debt.
Rockhopper plans to open up an
online data room towards the end of
the year to allow interested parties to
learn more.
Rockhopper jumps again as
it ramps up Falklands project
BY MARION DAKERS
ENERGY
Rockhopper chief executive Sam Moody

ANALYSIS l British American Tobacco PLC
p
10Oct 11 Oct 12Oct 6Oct 7Oct
2,780
2,760
2,740
2,840
2,820
2,800
2,720
2,751.00
12 Oct
ADVISING British American Tobacco
was Rothschild.
Roberto Paiva, vice chairman of
Rothschild Latin America and a board
member of Rothschild Mexico, led the
deal team on BATs acquisition of
Protabaco.
Cambridge-educated Paiva has 20
years experience, 10 of those with
Rothschild and previously Lazards. He
recently handled the 1.2bn acquisi-
tion by MAN of Volkswagens truck
business in Brazil.
The deal for Protabaco saw negoti-
ations starting in January, with a team
of bankers in London backing up Chile-
based Paiva. He dealt directly with the
family owners of the Colombian firm,
which had been an acquisition target
for rival Philip Morris.
The negotiations were described as
smooth and the price tag was the
same as that offered by Philip Morris
two years ago.
Paivas success in sealing the deal
now gives BAT a strong footprint in
the Colombian market.
MEET THE ADVISERS
ROBERTO PAIVA
ROTHSCHILD
News
RADICAL changes to the tax system
are needed to kick-start business activ-
ity and counter unemployment in the
absence of strong UK economic
growth, two think-tanks have argued.
Taxes on employment could be cut
by 14bn to create jobs and raise eco-
nomic growth because current low
growth levels threaten the govern-
ments deficit-cutting target, the
Centre for Policy Studies (CPS) says in a
report published today.
Its findings echo calls by the
Organisation for Economic
Cooperation and Development (OECD)
yesterday for tax breaks on businesses
to encourage them to employ new
staff, and tax credits to raise incomes
for struggling workers.
It is essential that a strong pro-
growth message is heard, both domes-
tically and internationally, CPS
economist Ryan Bourne said.
Bourne warns that if the UK grows
at half the rate forecast by the Office of
Budget Responsibility until 2015, the
deficit would still be nine per cent of
GDP only two percentage points
lower than in 2010.
He proposes that the government
should lift 14bn from the tax burden
on business and workers, funded by
reductions in budgets for internation-
al aid and pensions reform, to boost
jobs and investment.
It calls for a drop in headline
employer National Insurance contribu-
tions to 12 per cent from 13.8 per cent,
and a four percentage point reduction
in corporation tax to 21 per cent.
The government should also aban-
don the 50p top rate of income tax rate
and raise the personal allowance to
10,500, it says 500 more than the
coalitions current target.
The OECD suggests giving low-
income workers, older people and fam-
ilies tax concessions to raise their
household income. It wants to see gov-
ernments targeting tax breaks at those
that feel the burden of higher taxes
most keenly, to encourage low-skilled
and second earners back to work.
But it too backs pro-growth changes
to employer taxes such as social securi-
ty contributions and payroll taxes such
as NI contributions as a way to
increase labour demand.
Half of all tax revenue in OECD
states including the UK, Germany,
France and the US is generated by
employment income, making it a crit-
ical lever for growth, the OECD said.
These tax burdens discourage
employers from hiring. They also
reduce the incentives for the unem-
ployed to look for a job, and for those
in employment to work longer or hard-
er, it added.
UK told to cut
taxes on pay
and business
BY ALISON LOCK
POLITICS
THE NEW round of quantitative

easing (QE2) is necessary to boost
the UKs economy and keep infla-
tion from falling below target,
according to Bank of England chief
economist Spencer Dale (pictured),
speaking yesterday.
Last Thursdays monetary policy
committee (MPC) meeting saw the
asset purchase programme extend-
ed by 75bn, from the current level
of 200bn.
International problems are push-
ing the economy downward, Dale
told Reuters, and those internation-
al pressures will be the main factor
the committee will take into
account when deciding future
moves.
I cant think of any obvious
period in history where weve
seen such an acute and pro-
longed period of financial
turmoil, he said.
But I think whats very
different now to the Great
Depression is whats happen-
ing in the real economy,
he said.
The comments
follow MPC gover-
nor Sir Mervyn
Kings claim last
week that the financial crisis may
be the worst even seen.
Dale voted for a 0.25 per cent
increase in interest rates in every
monthly meeting from
February through to July of
this year.
CPI inflation stands at 4.5
per cent, well above target
but the MPC loosened policy
further because it fears infla-
tion will fall below target in
the future.
The minutes
released next week
will show whether or
not he backed QEs
expansion.
QE2 needed to combat weak global
economic outlook, says MPCs Dale
BY TIM WALLACE
UK ECONOMY
ECB lending
up as banks
lose trust
BANKS increased borrowing from the
European Central Bank (ECB) as con-
cern grew over access to finance, fig-
ures out yesterday revealed.
Institutions borrowed 4.14bn
(3.64bn) overnight on Tuesday, in the
wake of the failures of Dexia, Max
Bank and Proton Bank.
Lending has remained high at over
1bn each night for more than a
week. Overnight deposits also jumped
at the start of this week because banks
were concerned about each others
credit-worthiness.
Meanwhile, falling revenues
pushed Greeces budget deficit wider
over the nine months to September,
the government announced in a state-
ment yesterday.
The deficit for 2011 so far stands at
19.2bn a 15.1 per cent rise on the
deficit for the same period of 2010,
which stood at 16.65bn.
The government announced that
expenditure increased by seven per
cent compared with the first nine
months of last year.
Debt servicing costs increased by
2.38bn, social security funds were
given an extra 1.8bn to make up for
reduced receipts from workers as
unemployment increased, 306m
extra was spent on unemployment
benefits, and hospitals needed 834m
more to cover current and past pro-
curement expenditures.
An initial budget deficit target of
7.6 per cent of GDP was set, but Greece
is now aiming to hit 8.5 per cent.
BY TIMWALLACE
EUROZONE ECONOMY
NEWS | IN BRIEF
UK economy growth slowing
The conference board leading econom-
ic index (LEI) for the UK decreased 0.5
per cent in August, and now stands at
104.0. That compares with an increase
of 0.3 in July. Such a large decline sug-
gests the outlook for the UK is weak-
ening. The worsening of the external
environment reflected in the recent
plunge in the LEI for the Euro Area
may add to an already weak domestic
demand outlook, said the conference
boards senior economist for Europe,
Jean-Claude Manini. If exports or the
more accommodative monetary policy
fail to support growth, current eco-
nomic conditions may deteriorate fur-
ther and lead to a new downturn. The
index aims to measure economic activ-
ity and is compiled from data including
consumer confidence, expected output
and productivity.
Eurozone factory output rising
Industrial production in the Eurozone
was much stronger than expected in
August, data showed yesterday, indi-
cating the economic slowdown in the
third quarter might be smaller than
feared. Official agency Eurostat said
industrial production in the 17 coun-
tries using the euro rose 1.2 per cent
month-on-month in August and by 5.3
per cent compared with the same
month last year. The European
Commission expects growth in the
Eurozone to slow to 0.1 per cent quar-
ter-on-quarter in the third and fourth
quarters of 2011 from 0.2 per cent in
the April-June period, largely because
of the negative impact on confidence
from the sovereign debt crisis.
THE WHITE House stepped into the
furore over Chinas control of the yuan
yesterday, after Chinese authorities
blasted US plans to impose sanctions
on any state that manipulated its cur-
rency for trade advantage.
The US Senate passed a bill on
Tuesday in retaliation for Chinas poli-
cy of flooding the US with artificially
cheap goods by holding the yuan at a
weak exchange rate against the dollar.
China in turn warned that the USs
actions could spark a trade war.
Discussions are now taking place
between the White House and US law-
makers over concerns with the bill,
press secretary Jay Carney said.
Aspects of the legislation do...raise
concerns about consistency with our
international obligations, which is
why we are in the process of dis-
cussing with Congress those issues,
Carney said. We share the goal of the
legislation in taking action to ensure
that our workers and companies have
a level playing field with China,
including addressing the undervalua-
tion of their currency.
Chinas foreign ministry spokesman
Ma Zhaoxu earlier issued a stinging
rebuke against the Senates decision,
warning that the bill would leave
trade relations between the two coun-
tries severely damaged.
ING strategist Chris Turner said
Chinas anger was uncharacteristically
fierce: Chinese authorities seem to
be more concerned by this bill than
any other over the last decade.
BY ALISON LOCK
US ECONOMY
US faces China yuan fury

China is furious at US efforts to impose sanctions over its currency Picture: REUTERS
News
SAV Credit
SAV Credit Limited, a specialist credit
card provider, has appointed Ali
Chaudhry as managing director and
chief risk officer. He joins from
Barclaycard, where he was managing
director of its open market businesses
in the UK and previously was a country
manager for Citibank Global Consumer
Group.
NFU Mutual
The rural insurance group has appoint-
ed Richard Percy as chairman, replac-
ing Sir Don Curry, who will step down
as chairman after 14 years with the
group. Percy joined the NFU Mutual
Board in 2003 and became vice chair-
man in 2008. He previously held a
number of roles at the National
Farmers Union.
Baring Asset Management
The international investment manage-
ment firm has appointed Michael
Simpson as head of Latin American
equities. Simpson joins from Wells
Capital Management in San Francisco.
Prior to this, he held a number of Latin
American equity analysis positions,
most recently with Seven Global
Research in New York.
Pimco
The investment management firm has
completed its emerging markets equi-
ty team with the hiring of five invest-
ment professionals in its London, New
York and Singapore offices. In London,
John Longhurst joins as senior vice
president and head of emerging mar-
kets equity research, while Richard
Flax joins as senior vice president and
emerging markets equity analyst.
RSM Tenon
The professional services firm has pro-
moted four people in London to direc-
tor and associate director positions
within the organisation. Chris Harris
has been awarded director, risk man-
agement, while David Foley, Gordon
Stevenson and David Moran were
appointed as associate directors.
Barclays Wealth
The wealth manager has hired
Amaury Hendrickx as director and Jad
Fadl as vice president in the strategic
solutions group in London. Amaury
joins from Merrill Lynch Global Private
Equity; Jad joins from Citi.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Traders chase a
rare market rally
U
S STOCKS rose yesterday as
Europes progress toward bol-
stering its financial rescue
fund brought more battle-
weary investors back into the market.
Momentum buying was partly in
play, analysts said, as investors tried
to latch on, or catch up with, what
they hoped was a lasting rally,
which has been a rare trend this
year.
The S&P 500 is up about 12 per
cent from its intraday low hit last
week on Tuesday and had its largest
seven-day rally since March 2009.
The Dow briefly bounced back into
positive territory for the year.
A lot of the people who have cash
and who have been afraid of some of
these big, macro risks are thinking:
Maybe we should get back in
because this has been a rough year,
and it would be really rough if we
missed a big fourth quarter, said
Hank Smith, chief investment offi-
cer of Haverford Trust in
Philadelphia.
Bank shares led the advance
again, with the KBW Bank Index up
3.3 per cent. Citigroup gained five
per cent to $29.22.
The Dow Jones Transportation
Average rose 1.3 per cent.
Worries that the Eurozone debt
crisis could tip the global economy
into another recession have pres-
sured stocks in recent months.
Slovak lawmakers struck a deal to
ratify more powers for the
Eurozones rescue fund, known as
the EFSF, effectively ending a crisis
that had threatened the euros sur-
vival and has weighed on stocks and
other risky assets for months.
Slovakia is the last country in the
17-member currency zone left to
approve the revamped EFSF.
The Dow Jones industrial average
rose 102.55 points, or 0.90 per cent,
to end at 11,518.85. The S&P 500
gained 11.71 points, or 0.98 per cent,
to 1,207.25. The Nasdaq shot up
21.70 points, or 0.84 per cent, to
close at 2,604.73.
The S&P 500 traded above 1,200
for the first time in three weeks, tak-
ing the benchmark near the upper
end of a range it has been stuck at
since early August.
A sustained break above resist-
ance at 1,215 would be seen as a bull-
ish signal, analysts said.
On the earnings front, PepsiCo
rose 2.9 per cent to $62.70 after it
reported slightly better-than-expect-
ed earnings and affirmed its full-
year target. But Alcoa fell 2.4 per
cent to $10.05 and ranked as one of
the biggest drags on the Dow, a day
after reporting results.
S
TRONG miners and banks
boosted Britains top shares yes-
terday, keeping the index on an
upward tilt, underpinned by
progress in tackling the Eurozone
sovereign debt crisis and recent
upbeat US data.
The mood, already elevated by
hopes European leaders will unveil
new measures to solve the crisis by
the months end, was further lifted
when Slovakian lawmakers said they
would approve a plan to expand pow-
ers in the Eurozone rescue fund.
As long as we continue towards a
solution to the European sovereign
debt crisis, and as long as we contin-
ue to see an improvement in terms of
US economic data, it should be
enough to encourage investors to
take advantage of cheap valuations,
said Henk Potts, markets strategist at
Barclays Wealth.
The important thing is what we
hear from the Fed later today. The
expectation is that theyll suggest
that growth is likely to be better in
the second half of the year than in
the first half, but the risk still
remains skewed to the downside.
The FTSE 100 ended up 46.10
points, or 0.9 per cent, at 5,441.80,
and has notched up gains of about 10
per cent since it struck lows a week
ago.
Phil Roberts, chief European tech-
nical strategist at Barclays Capital,
said there was likely more upside for
the index, which may reach the
March and June lows over the course
of the next month, around the 5,600
mark.
Miners, led by ENRC and
Antofagasta, which enjoyed respec-
tive gains of 7.4 per cent and 6.9 per
cent, bounced back from a weaker
start after disappointing results from
US aluminium group Alcoa.
ENRC grabbed the top spot on the
blue chip leader board as Deutsche
Bank said it saw the firms recent
deal to take up a $650m option to
control Kazakh coal producer
Shubarkol Komir as a boost for the
company.
Silver and gold miner Fresnillo
bucked the trend, off two per cent,
after cutting full-year silver produc-
tion guidance after output fell in the
third quarter, as it reinforced safety
conditions at all of its projects follow-
ing the deaths of 10 workers.
Banks, beaten down this year on
worries over exposure to the
Eurozone crisis, rallied, with Barclays
the standout gainer in the sector, up
6.4 per cent.
Traders attributed Barclays out-
performance in part to a target price
hike from Macquarie.
Societe Generale said it remained
very upbeat on UK domestic banks,
and reiterated buy recommenda-
tions on Royal Bank of Scotland,
Lloyds Banking Group and Barclays,
despite cutting target prices across
the sector.
Sticking with financials, Man
Group dropped six per cent, the top
FTSE 100 faller, after the hedge fund
firm said its flagship AHL fund fell
5.5 per cent last week.
Meanwhile, engineers were boost-
ed, with IMI and Weir up 4.3 per cent
and 3.7 per cent, as Berenberg Bank
started its coverage on both firms
with a buy rating.
Burberry was another good gainer,
up 3.5 per cent, after the British luxu-
ry goods group issued a reassuring
first-half trading update.
Ex-dividend factors knocked 2.7
points off the FTSE 100, with Capital
Shopping Centres, Old Mutual,
Smith & Nephew, Tesco, Wolseley
and WPP Group all losing their pay-
out attractions.
FTSE rises as miners gain and
euro hope pushes bank stock
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Kesa Electricals PLC
130
140
110
120
100
90
80
Aug Sept Oct
p
98.65
12 Oct
KESA ELECTRICALS
Nomura rates the Comet-owner as neutral with a target price of 120p, say-
ing the ongoing disposal of the Comet unit will remove uncertainty from the
group and offer valuation upside. The broker sees the key benefits of disposal
as the freeing up of around 70-80m of working capital, the removal of over
20m of earnings before interest and tax losses, and the reduction in future
capital expenditure and management time.
ANALYSIS l Laird PLC
180
190
160
170
150
140
130
Aug Sept Oct
p
150
12 Oct
LAIRD
UBS upgrades the electrical components manufacturer to buy with a target
price of 160p, seeing long-term growth potential for most of Lairds end-mar-
kets remaining healthy, particularly in smartphones, tablets and telematics. To
de-risk numbers, the broker lowers forecasts by 3-17 per cent for 2011/12
earnings to embody a grey sky cyclical decline in 2012. UBS forecasts a five
per cent decline in revenue in 2012, and earnings per share of 14.8p.
ANALYSIS l Abb Ltd PLC
20
21
18
19
17
16
15
Aug Sept Oct
CHF
17.47
12 Oct
ABB
Deutsche Bank rates the power and automation technology group as a buy
with a target price of SwF23, forecasting orders of $10bn, revenue of $9.7bn
and earnings before interest and tax of $1.3bn. Last weeks announcement by
the Obama administration that $9bn of investment will be fast-tracked into
the US power grid suggests a potential uplift to annual spend of 20 per cent
over five years.
18Jul 5Aug 25Aug 5Oct 15Sep
6,000
5,200
5,600
ANALYSIS l FTSE
5441.8
12 Oct
Gazprom
Gazprom Marketing and Trading, the sub-
sidiary of the Gazprom Group, the worlds
largest gas company by asset base, has
appointed Tony West as power strategy man-
ager. West joins from Scottish Power, where
he managed the commodity market risks with-
in the energy management division. Prior to
joining Scottish Power, he worked at Sapient.
He has also held front office trading and senior
management positions at National Power, BP,
Vanol, JP Morgan and Standard Chartered.
24
The Forum
B
IG Food is widely regarded as the
polar opposite of good food. Big food
companies, we are told by campaign-
ers and celebrity chefs, produce poor
quality, waistline-busting, environment-
wrecking, small-farmer-bankrupting prod-
ucts. The supermarkets allegedly destroy
communities to sell rubbish to zombified
shoppers. Industrial agriculture gives us
nutrient-lite, flavourless, chemical-soaked
food produced in a shockingly wasteful
manner. Fast-food restaurants produce
bland, homogenised, artery-clogging,
street-littering meals.
These ideas get repeated so often
that even among people who are gen-
erally in favour of the free market
and big business they have a certain
purchase. But I think this litany of
misery bears little relationship to
reality.
If we rolled back 100 years, we
would see a very different picture.
Around 11 per cent of the UK work-
force was in agriculture. Machinery
was limited, artificial fertilisers
were non-existent, pesticides were
primitive. Everything was organic
back then. It was also a lot more
expensive and a lot less efficient in
its use of both land and labour.
Food was locally produced for the
most part, too. Such developments
as modern refrigeration, rapid
transport and sophisticated logis-
tics were still a long way off.
When the food arrived in town,
it had to be bought by housewives
going into one shop at a time the
butcher, the baker and the greengro-
cer an almost daily chore. Food could-
nt be stored all that well at home, so it
needed to be cooked pretty much immedi-
ately, although poorer households cooking
facilities often amounted to an overworked
frying pan on a feeble stove. Many people
lived on a dull diet of bread and potatoes
which wiped out a sizeable chunk of their
incomes.
If a committee had sat down back then to
work out some kind of idealised food system
for the future, what would they have envis-
aged? First and foremost, they would have
wanted a plentiful supply of food that was-
nt constantly at the mercy of the next bad
harvest. They would have wanted that food
to be nutritious and substantially cheaper,
so that families could spend their money on
more interesting things instead. That said,
wouldnt it be great if new foods could be
brought in from around the world, to get
away from the same old meat-and-three-veg?
The women would surely have demanded
an end to the hassle of their daily shop and
the grind of dragging heavy bags of shop-
ping home. And how about getting rid of
the need to cook every day or at least make
the process of cooking more convenient?
Without central planning, we got the lot.
Food shortages in the UK are unheard of.
Where food took up around 30 per cent of
household incomes even in the mid-1930s,
in recent years it has fallen to around 10 per
cent. Food-related deficiency disease is also
a thing of the past. Government surveys find
that the average family gets plenty of pro-
tein, energy, vitamins and minerals. In fact,
if there is any cause for concern, it is about
people eating too much, not too little.
The daily shop is gone, replaced by a once-
weekly drive to the supermarket or, better
still, a van rolling up outside your home to
deliver your selections made from the com-
fort of a computer keyboard. Bored of cook-
ing? The microwave oven makes the process
almost instant, or you can pick up a phone
and get a piping-hot dinner delivered to
your door. Now when we cook, it is as much
a hobby or a form of entertainment as a
necessity.
Yet foodies, health campaigners and eco-
warriors have found a whole new bunch of
things to complain about. They would have
us return to a past where what you ate was
determined by the time of year, the area you
happened to live in or the pennies in your
pocket; a time when the next meal could
never be guaranteed and where millions of
people worked in back-breaking jobs to keep
us all fed. All of that would be better, they
would argue, than our fossil-fuelled cornu-
copia. I know which one I prefer.
This doesnt mean that the big supermar-
kets, food manufacturers and agricultural
chemical makers are all driven by a vocation
to make the world a better place. Theyre
not, by and large; their over-riding concern
is profit, which is why theyve given us,
their customers, everything we would have
asked for.
All you need is a bit of historical perspec-
tive to realise that, for all its faults, our cur-
rent food system still provides us with better
food, of higher quality, in wider range, with
greater convenience and at lower prices
than we could have dared to hope for a cen-
tury ago. We should count our blessings.
Rob Lyons is the author of Panic on a Plate, pub-
lished by Imprint Academic. He is speaking in the
debate Is Big Business Ruining Food? at the Battle
of Ideas festival at the Royal College of Art on
Saturday 29 October, which is sponsored by City
A.M. www.battleofideas.org.uk
Food took up around 30%
of household budgets in the
1930s; it is only 10% today.
Celebrate Big Food: Our diet
is cheaper, richer and more
nutritious than ever before
cityam.com/forum
ROB LYONS
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
Comment now on Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
25
This is the worst
possible time for
an EU ban, says
an industry body
Dont end naked
credit default
swaps in Europe
A
T A TIME when the sovereign debt
crisis is gripping Europe and threat-
ening to destabilise the global econo-
my, the European Union is
considering doing something which would
make global debt markets less efficient, less
liquid and less transparent making it
more difficult rather than easier for EU
states to raise money to fund their activities.
The EU is considering a ban on uncovered
(or naked) sovereign credit default swaps
(CDS). These are derivative contracts which
pay out in the event of a sovereign default
and are often used to hedge against just
such a default. Many real economy invest-
ments in EU states only happen because
investors can hedge against the risk of that
country defaulting with a sovereign CDS.
The sovereign CDS market is also a key indi-
cator of the markets concern about the abil-
ity of individual countries to pay their debts.
A ban is being contemplated because the
issue of sovereign CDS has become a politi-
cal football to be kicked around in Brussels.
The European Council, which represents the
EU member states, originally took a firm
and unanimous position against such a ban.
Nearly all EU member states were rightly
worried. But the European Parliament is
now pushing aggressively for the ban
despite a mounting pile of independent
research (some of it even commissioned by
the Parliament) warning of its negative con-
sequences. Those who support the ban have
repeatedly stated that their goal is to hurt
speculators. They are not talking about
more intelligent or even tougher regulation
but are using the language of retribution.
They do not want to better regulate a mar-
ket but to undermine it.
The European Parliament has made one
nominal concession, which is to allow some
hedging use of sovereign CDS. This will be
very difficult to implement in practice, as
investors will have to prove that whatever
investment they are hedging with the CDS
is highly correlated to the price of cash
government bonds in that state. But how
can you prove that if you are investing in
real or illiquid assets with no publicly avail-
able prices?
The consequence of a ban would be an
increase in the cost of debt funding for EU
member states and a reduction of direct
investment in the economies and assets of
those member states. Introducing such a
ban in an environment where banks are try-
ing to dispose of assets to repair their bal-
ance sheets and where governments are
trying to raise finances via privatisations is
also highly questionable. Restricting the use
of CDS will drive down the prices of those
assets, as it will be uncertain if investors will
be able to use CDS to manage their risks.
Imposing a ban would be both illiberal
and counter-productive. It would hurt those
it is ostensibly designed to help. And it
would also send all the wrong signals about
the future economic direction of the EU to
the outside world.
Jiri Krol is director of government affairs at
AIMA, the global hedge fund industry association.
Women welcomed
The article by Jennifer Harris in
Wednesdays Forum rather miss-
es the point on women in the
boardroom. Voluntary quotas are
quite different from compulsory
targets. Earlier this year, volun-
tary EU quotas were proposed to
bring women into high-level posi-
tions in business and I welcomed
them. However, when later in
2011 the previously voluntary
scheme turned into a legislative
proposal for a 40 per cent quota
for women on company boards,
I voted against it. What David
Cameron is putting forward is
just what it should be: a self-reg-
ulatory initiative to increase
womens numbers on company
boards, not a top-down
Norwegian-style edict. Binding
legislative targets are wrong
and women dont wish to be
patronised in this way.
Marina Yannakoudakis,
MEP for London and
Conservative spokesman on
womens rights
@cityamforum
Re: Americas solar scandal.
When the # of families in fuel
poverty reaches critical mass,
attitudes to green policies are
likely to turn to outright hostility.
Paul Parkinson
Speak your mind
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
RAPID RESPONSES
In association with
JIRI KROL
BY ANTHONY BROWNE
The Forum
E
VEN the govern-
ments supporters
admitted that yes-
terdays unemploy-
ment figures were grim.
The number of people
out of work is now
2.57m, the highest for
17 years, with more than
one in five young people
now jobless. Labour was quick to make political cap-
ital out of it by blaming it on the governments cuts,
citing the drop in public sector jobs. But the reality is,
as the government pointed out, the UKs recovery
from recession is being shackled by the worsening
global economic crisis. Economic growth is just too
slow to create jobs fast enough to keep unemploy-
ment falling. With fewer private sector jobs being
created than public sector jobs being lost, unemploy-
ment is rising again. One small positive note, as some
economists pointed out, is that most of the decrease
in employment was because of a fall in the number of
part-time jobs, while the number of full-time jobs
remains pretty steady.
The figures particularly the continuing slow
growth in average earnings make it even less likely
that interest rates will rise in the near future. But
they are also likely to have political consequences.
Chris Grayling, the employment minister, did a
valiant tour of the TV and radio studios, announcing
a new initiative to help the young into jobs. Labour
will do its best to turn this into a narrative about a
return to the uncaring 80s, when Conservatives
were seriously weakened by appearing to shrug
their shoulders at the human tragedy of lengthening
dole queues. Unemployment became a dominant
political issue, finally helping Tony Blair to sweep
into power in 1997. To make sure that doesnt hap-
pen again, the government must have a strong story
to tell about what it is doing to help those that need
help most. In particular, the Conservative part of
the government cant afford to subcontract concern
about unemployment to the Liberal Democrats
Tories have to show they care too.
It is vital that the chancellor, in next months
growth review, highlights policies targeted at help-
ing the unemployed, and in particular the young
unemployed. In London, in partnership with national
government, we have been doing our bit to get com-
panies to take on apprenticeships 28,000 in just
the last nine months meaning that the number of
apprenticeships is rising more rapidly in London
than anywhere else in the UK. But the national gov-
ernment is able to target tax breaks and mould wel-
fare reforms to ensure that more is done to create
jobs, and help the jobless into them.
The government has already provided a national
insurance holiday for start-up companies taking on
employees, and the Federation of Small Businesses
is urging the government to extend that national
insurance holiday to all small companies when they
take on new employees. Another proposal is to give
national insurance holidays to companies that take
on workers who are currently jobless and on bene-
fits. If sufficiently well targeted, such measures
shouldnt cost the Treasury money, but actually save
it money by reducing the benefits bill.
The most important thing is not to let bouts of
short-term unemployment turn into entrenched
long-term unemployment, which is far more difficult
to tackle and causes far more human misery. Only
with imaginative and powerful policies, and a strong
story to tell about helping the unemployed, can the
government stop unemployment again dominating
the political agenda.
Anthony Browne is the former director of the
leading think tank Policy Exchange.
anthony@anthonybrowne.org
Bolder policies would
help to limit job losses
Email: theforum@cityam.com
Twitter: @cityamforum
Business Features| MBAs
Entrepreneurs:
born or made
with an MBA?
With ever more programmes offering enterprise
education, Donata Huggins asks whether a university
can teach you to build a successful startup business
Dont let the gown fool
you. Steve Jobs dropped
out as an undergraduate
D
O not let Steve Jobss gown fool you
in this photo. The recently depart-
ed, near-legendary founder of
Apple and Pixar never finished his
undergraduate degree, let alone got an
MBA. In this picture, he is giving Stanford
Universitys 2005 commencement
address. In the speech, he told his audi-
ence that he couldn't see the value in
doing a degree and that the dropping out
allowed him to follow interests that led
to his eventual success. Hes not the only
one either. Bill Gates, Michael Dell and
Mark Zuckerberg are all university
dropouts too.
This is not exactly the best advert for
MBAs. Yet many of the UKs most presti-
gious institutions are now offering cours-
26
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es or facilities for building startups.
Cass Business School, for instance, is
investing in a business incubator
and the London Business School is
offering electives in new creative
ventures.
GUT INSTINCT
Some people are really not con-
vinced. David Scott, the entrepre-
neur behind Vestra Wealth says: A
true entrepreneur will often not fol-
low the logical path but will be led
by their gut instinct. An MBA will
never teach you how to trust your
gut instinct.
There are, however, a number of
high-profile entrepreneurs that cred-
it their success to their MBA. Julie
Meyer, the founder of Ariadne
Capital, says: Had I not gone to
Insead, I wouldnt be where I am
today. It absolutely gave me the tools,
network and the courage to build a
company rather than just look for a
job.
THINKING TIME
Recent success Nick Jenkins, who is
rumoured to have sold his online
card business Moonpig for over
100m earlier this year, did an MBA
at Cranfield University. In June, he
told me that the purpose of going to
business school was to spend some
time thinking of a business idea and
drawing up business plans. He came
up with five ideas, setting his heart
on Moonpig by graduation.
Nick Badman of Cass Business
School doesnt think you can teach
entrepreneurship, but that doesnt
mean aspiring entrepreneurs
shouldnt do an MBA: A lot of the
problems entrepreneurs face are
very similar, whether its working
out how to raise finance, build a
team or market a product fast and
on a tight budget. Casss focus on
teaching cashflow, risk manage-
ment, selling, teambuilding and the
role of the founder only serves to
increase a business owners chances,
he argues.
Serial entrepreneur Richard
Farleigh sympathises with Badmans
view, but adds: I have occasionally
been amazed what some MBA hold-
ers I have met dont know such as
spreadsheets or how to write a press
release.
ATTRACTING INVESTMENT
Could the professional qualification
improve your chances of getting
investment? Doug Richard, investor
and founder of the School for
Startups, says he would be unlikely
to invest in a company on the basis of
qualifications, but he does think
there is a role for MBA programmes:
Entrepreneurial training serves an
important purpose of empowering
people to take risks, hope for reward,
and move on from failure.
Perhaps then, Farleighs advice
sums it up best: Choose carefully.
And when you pass the MBA, stay
humble, the real learning is on the
job.
Matching you with
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Business Features | MBAs
I
TS an accepted truth in business
schools that diversity is a good
thing. Meeting people from differ-
ent cultures or sectors opens your
eyes to how business is done elsewhere,
helps you to challenge your own precon-
ceptions, and also boosts your contacts
book. But is diversity really all its
cracked up to be? Should diversity play a
role in your choice of business school?
And what does it mean, anyway?
This summer Wharton, one of the top
American schools, revealed that it has
increased the number of women on its
latest full-time MBA intake to 45 per
cent, a record high. Harvard also has its
highest proportion of women ever this
year too, with 39 per cent. Admirable, no
doubt, and by all accounts the result of a
heroic effort, but in other respects these
schools are surprisingly monocultural.
Although 68 countries are represented
in Harvards latest MBA cohort (the class
that will graduate in 2013) 70 per cent
are North Americans.
E PLURIBUS UNUM
At Wharton, 66 per cent are American,
at Stanford 37 per cent are international
(although this includes those who are
permanent US residents). Overall, then,
about 70 per cent of people on the top
American MBA courses are Americans.
Compare this to London Business
School, where 89 per cent of students are
from outside the UK. Spanish school
ESADE also has 89 per cent international
students, while at Swiss school IMD, 99
MBA programmes aim to offer a mixed
student body. Jeremy Hazlehurst asks if this
should inform your choice of institution
The desirability
of diversity at
business school
Diversity is trickier
than it looks
Picture: GETTY
per cent are international.
A glance at the sectors also casts doubt
on the top three US schools diversity. At
Stanford, 32 per cent of the latest MBA
cohort comes from manufacturing and
services, and 26 per cent from invest-
ment management, which includes
banking, hedge funds, private equity and
venture capital. Eight per cent come
from NGOs or government. At Harvard,
21 per cent come from consulting, 14 per
cent from manufacturing, 13 per cent
from venture capital and private equity
and 12 per cent from financial services.
The story is similar at most schools.
Perhaps thats not surprising. MBAs are
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Wharton and
Harvard have
added more
women to
their intake,
but they are
monocultural
still on other
measures.
only useful to, or affordable to, those in
certain jobs. Diversity of sectors is a pipe-
dream, to an extent.
DIVERSITY DRIVE
There seem to be two forces that deter-
mine the make-up of MBA cohorts.
Firstly, there is the deliberate drive to
increase diversity. At EM Lyon admit-
tedly a small school with a cohort of just
30, compared to 1,000 at Insead and 396
at Stanford there is a definite vision of
what it wants its cohort to look like: My
targets are 30/30/30: 30 per cent French,
30 per cent female, and an average of 30
years old, says Joseph Li Puma, MBA pro-
gramme director. As far as other nation-
alities, a target of 15 different countries
is desirable, with a 30 per cent represen-
tation from Asia China, Japan, India,
and Asean countries 20 per cent from
the Americas, US, Canada, Mexico, Brazil
and so on. Ten per cent other European
and 10 per cent African would be ideal.
Micromanagement? Perhaps.
MARKET FORCES
The second trend is one that cant be
controlled. Bluntly, schools can only
recruit the people who are out there. So,
the drop in the number of students with
technology backgrounds reported by EM
Lyon (down from 70 per cent to 30 per
cent in a few years) is a hangover from
the tech boom of the late 90s; lots of peo-
ple who went into that sector were at
MBA age in recent years. Thats over now.
And while recruitment drives have some
effect, you cant get people from Bric
countries if they dont want to come. In
some respects, schools are at the mercy
of the markets.
Broader social changes also play a
part. The record numbers of women at
Wharton and Harvard are offset by a
reduction in the number of women in
the Stanford cohort, suggesting that
there is a finite number of women of suf-
ficient quality applying to top MBA
schools in the US. Why? Perhaps women
of MBA age, in their late 20s and early
30s, might be having children. And per-
haps there is a question whether, at least
in some countries, the numbers of 30-
year-old women in business is lower than
the number of men.
Claire Lecoq, IMDs director of MBA
career services, says: If we lower our age
limit, we could probably attract more
women. But this would lead to less expe-
rienced students studying with us and
would fundamentally alter the value of
having a cohort of mid-tier executives all
learning from their shared workplace
experiences. This is not a compromise
we are willing to make, and would not
be in the interests of our students.
So sometimes more equality means
lower quality. Perhaps a good MBA
cohort reflects the workforce, which
raises the question of whether diversity
per se is an unalloyed good? Critics see
the increase in the number of nationali-
ties or the percentage of women as a cyn-
ical box-ticking exercise designed to
raise a schools standing in MBA rank-
ings, some of which award extra points
for these things. Diversity, like so much,
is a tricky old thing.
31%
12%
16% 21%
10%
Geographical origins of MBA students at London Business School
4% 1%
5%
Europe
Asia/South Pacific
North America
Central/South America
Australasia/Oceania
Middle East
Africa
United Kingdom
10%
4%
70%
13%
Geographical origins of MBA students at Harvard Business School
1%
North America
Asia/South Pacific
Europe
Central/South America
Africa
Australasia/Oceania
2%
Business school alumni are creating bonds
for their near-peers to help them get a
business education, says Jeremy Hazlehurst
New ways to raise funds for your MBA
Business Features | MBAs
Loans from MBA
alumni to the next
generation are helping
fill the funding gap
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UNDING an MBA can be a tricky
thing. Many schools offer grants
and scholarships, often sponsored
by businesses or donors, and some
lucky students fees are paid by their
businesses. But for many, stumping up
the cash for those three little letters
involves dealing with banks. As we all
know, banks are not exactly keen to
lend money at the moment.
Surprisingly, perhaps, that even goes for
MBAs, who you would have thought are
one of the safest bets around. Citi and
HSBC pulled out of funding MBAs last
year, while NatWest followed them in
January. Barclays has also reduced the
amount it lends to students.
ALUMNI LOANS
So far not many have stepped into the
gap, but one firm that has is Prodigy, an
innovative peer-to-peer lending firm set
up by three Insead alumni in 2006. The
idea is that students ask for money and
investors, who are former Insead alum-
ni, buy a bond that is linked to a partic-
ular cohort. The scheme started at the
founders alma mater and so far 500 stu-
dents of 80 nationalities have borrowed
an average of 35,000, with 50 investors
so far stumping up cash. (A minimum
investment of 50,000 has kept the
numbers down, a deliberate plan, say
the founders, to keep things simple.)
What might have seemed in its early
days like a quirky idea is starting to look
like a very interesting one indeed.
Prodigy has just announced that it has
extended the scheme to London
Business School, Vlerick in Belgium, and
Skolkovo School of Management in
Moscow, and says that it will be
announcing a number of other deals in
the near future.
STRONG RETURNS
So far a total of 15m has been lent,
which will increase to 20m by the end
of the year. The investment is an unusu-
ally good one. As Prodigys chief execu-
tive Cameron Stevens says: You are
investing in a pool of students and so
that means multiple industries and
countries, there is a lot of diversity built
in. Returns are good EURIBOR or
LIBOR plus 4 per cent depending on
your currency, and since 2007 there
have been no defaults. The bond has out-
performed the FTSE (not hard, its true)
but also AAA and BBB bonds. Crucially,
central to the idea is the community
you are investing in your peers, or near-
peers, and the details of your repay-
ments are visible on a website, so
everybody can see if you miss a pay-
ment. There is a large social pressure to
repay the loan, says Stevens.
In keeping with this community
aspect, between 80 and 90 per cent of
investors so far have been Insead alum-
ni, although there has been interest
from institutional investors with an
educational slant, says Stevens. From
January, they will be looking for a
broader range of investors.
Peer-to-peer lending, broadly on the
Prodigy model, has enjoyed something
of a boom during the downturn, with
firms like Zopa doing well. Some critics
think that once the banks start lending again peer-to-peer will vanish. However,
there are good reasons to think that
peer-to-peer has a better chance of sur-
vival in the MBA market. The story of
banks pulling their MBA lending looks
like a long-term one, says Stevens.
BANKING ON MBAS
That might seem odd, given the sure-
fire bet that MBAs arguably represent,
but MBAs apparently dont fit the tem-
plates that banks understand. They are
international workers and tend to zip all
over the world, so they dont always
stick about to invest their money or take
out mortgages; they are a diverse lot
who take effort to understand. Even
worse, its hard to evaluate what sort of
risk they are; banks tend to look back-
wards at how much you have earned in
the past, and the whole point of an MBA
is that it boosts your earnings in the
future. The MBA market is made for spe-
cialist lenders and the ties that bind
MBAs are strong; MBAs are big on alum-
ni networks and the pressures not to
default are undoubtedly strong.
With over a billion euros of loans
made every year to MBAs, this is a big
and attractive market for those willing
to step into the gap. So is Prodigy wor-
ried that competitors will piggy-back on
its success? Not quite yet, it seems.
Devising a legal model that allows it to
enforce the loans in lots of jurisdictions
is not easy, and setting up repayment
channels in dozens of countries is chal-
lenging, says Stevens. The firm has also
devised a complex scorecard that pre-
dicts students future earnings essen-
tial for evaluating the risk of your
investment, but complicated to do.
Equally important has been creating a
scalable model. Prodigys aim is to be
lending 120m a year for top-class
schools, and then expand into business
or science-focused masters programmes.
And then? As anybody who has been fol-
lowing the revolution in UK university
funding will know, there is definite
scope for innovation in that market. So
are there plans to expand into under-
graduate funding? Maybe, as a long-
term proposition, says Stevens. One
day, perhaps, all student loans will look
like this.
>
>
@
MORE NEWS
ONLINE
www.cityam.com
Banks tend to look backward
at how much youve earned in
the past; the point of an MBA
is to increase future earnings.
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Wealth Management| Institutional FX
31
Retreating to the safety of the krone
S
INCE the Swiss National Banks
(SNB) decision to de-facto peg the
Swiss franc to the euro on 6
September, investors have been
scrambling for alternative safe havens in
order to allocate part of their liquid cash
position. Golds violent drop in value dur-
ing the second half of September has
made this quest for safety even harder.
However, in order to rationally decide
which currency is really safe in this cur-
rent environment, investors should step
back and analyse fundamental factors
the most important being the creditwor-
thiness of the underlying country.
RATING THE RATINGS
As per Moodys, Standard & Poors and
Fitch, only 14 countries are still AAA rated.
But as the table above shows, not all AAA
rated countries are equal, and the credit
default swap (CDS) market is now pricing
these countries very differently.
Investors are pining for
the fjords
Picture: REX
For example, Japans long history of
market intervention should rule out the
yen as the next long-term haven currency.
On the other hand, Norways central
bank governor Oystein Olsen, while stat-
ing in early September that liquidity in
the currency was probably too low for it to
be considered a safe haven, added that:
Investors must realise that the door is
narrow when they want to leave the
krone and that he could consider cutting
interest rates. He has always dismissed any
speculation that they will intervene to
weaken the currency.
Furthermore, Norge Bank has left the
key rate on hold, at 2.25 per cent, for the
third rate-setting meeting in a row. It has
stated that it has no opinion on a specific
normal band or any equilibrium level for
the krone.
Given Swiss franc-Norwegian krone
price fluctuation since 2008, a relatively
low historical correlation with equity mar-
kets, and taking into account extremely
low absolute levels of debts, and our fore-
cast of an even stronger fiscal position
(the economy expanding by 2.75 per cent
in 2012, with record low unemployment
of less than 3.3 per cent), our medium
term target for Swiss franc-krone is now
5.75kr. This implies a potential capital gain
of more than 8 per cent versus the Swissie
including a telling differential of interest
rate. If traders are willing to face the
chance of the illiquid krone overheating,
then Norway is the haven for them.
GLENDEVON KING ASSET MANAGEMENT
YANNICK NAUD
The widest AAA CDS is now France at
+172 bps, and Norway is in the strongest
position at +46 bps, followed by Sweden,
Switzerland and Finland.
Other sources are confirming this analy-
sis. Ratings from Dagong Global Credit
Rating based in Beijing are also interest-
ing, especially given the fact that Chinas
State Administration of Foreign Exchange
(SAFE) is now one of the largest sovereign-
wealth funds. According to the agency, the
list of AAA countries in both local and
foreign currency is rather small: Norway,
Denmark, Finland, Luxembourg, Hong
Kong, Singapore and Switzerland.
NON-INTERVENTIONISM
The second important factor to consider is
the underlying countries monetary policy
whether the authorities are ready and
willing to intervene in order to weaken
their currency.
GLOBAL AAA SOVEREIGN 5 YEAR CDS
France 172.43 Germany 95.22 Switzerland 65.79
Austria 161.98 UK 90.94 Sweden 60.50
Denmark 126.06 Australia 83.50 Norway 46.50
Netherlands 95.23 Finland 75.71
Source: Bloomberg
Wealth Management | Investment Insight
32 CITYA.M. 13 OCTOBER
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T IS risky to invest in unstable
countries, and autocracies are on
average more unstable than
democracies, despite some com-
mentators views to the contrary. But
surprisingly the data suggests that
whether or not a country is democrat-
ic shouldnt be a key factor for
investors decisions.
IMMORTAL DEMOCRACIES
Stability and growth matter for
investors. Happily, promoting eco-
nomic growth also turns out to be the
best guarantee of stability in a democ-
racy. Although Singapore and the oil
producing countries show that eco-
nomic growth isnt always and every-
where a corollary of democratic rule,
democracies require wealth to sur-
vive, a useful incentive for their voters
and politicians. Charles Robertson,
global chief economist at Renaissance
Capital, points out: The most stable
democracies in emerging markets are
the immortal democracies which is
what all democracies are if their per
capita GDP is above $10,000 (6,300).
Some commentators such as
author and New York Times colum-
nist Thomas Friedman claim that
enlightened autocracies like China
have great economic advantages.
However, New York Universitys
William Easterly demonstrates in
Benevolent Autocrats that this
ignores available evidence and is
often based on a policy bias towards
bigger government in the analysts
own country. Easterly cautions schol-
ars about jumping too quickly to
benevolent autocrat explanations of
growth successes. In Africa: The
Bottom Billion becomes the Fastest
Billion, Robertson notes that democ-
racy tends to reduce corruption. For
Bestinvests Adrian Lowcock, with a
centrally controlled government and
economy, no-one knows if the data
coming out of China is accurate.
REFORM AGENDAS
However, that isnt the whole story.
We all started as non-democracies,
says Robertson, and investors have
made money in countries without
full democracy, from the UK in the
eighteenth and nineteenth centuries
to investors in China in the twenty-
first century. For Robertson, the key
is to buy into countries with reformist
governments, which have a strong,
growth-minded leadership. He cites
the case of Chiles Augusto Pinochet.
The most strongly reformist country
in Europe, the Middle East and Africa
(EMEA) may be Rwanda, says
Robertson, which is generally not
labelled as democratic, but which is
advancing a reform agenda that Chile
or Singapore followed in the twenti-
eth century.
FOOLED BY FACTORS
Yet a growth agenda is not an infalli-
ble investment cue either. Despite
what appears to be the obvious and
irrefutable correlation between the
Pinochet coup, his radical economic
reforms and the countrys growth,
economic growth spurts occur with-
out reforms. Growth Accelerations, a
paper by Ricardo Hausmann, Lant
Pritchett and Dani Rodrik, concludes:
While economic reform is a statisti-
cally significant predictor of growth
accelerations that are sustained...
most instances of economic reform
do not produce growth accelerations.
Hausmann et al. find increases in
investment and trade to be of greater
importance. These could be driven by
technology and other factors outside
of governmental control.
Today, countries starting from a
low base can reliably outstrip the
growth of developed countries simply
by copying technological innovations
and best practice. Investors should
seek to be exposed to this trend,
although David Miller of Cheviot cau-
tions that the absence of contract law
and proper company titles can still be
a concern. He also thinks investors
shouldnt get trapped into the simplis-
tic belief that emerging markets are
good and developed markets are bad.
Miller says investors can also invest in
companies in developed markets with
business models predicated on emerg-
ing market growth. That may offer
the best of both worlds.
Autocracys risky;
but so is buying
freedom too dear
Democratic rule isnt the main driver
of economic growth, says Philip Salter
Stable democracies vote for wealth-creation Picture: GETTY
0.06
0.05
0.04
0.03
0.02
0.01
0
-0.01
-0.02
ANALYSIS l Common year effects for per capita growth in autocracies and democracies
1
9
6
1
1
9
6
4
1
9
6
7
1
9
7
0
1
9
7
3
1
9
7
6
1
9
7
9
1
9
8
2
1
9
8
5
1
9
8
8
1
9
9
1
1
9
9
4
1
9
9
7
2
0
0
0
2
0
0
3
2
0
0
6
autocracy
democracy
Source: Benevolent Autocrats, William Easterly (May 2011)
BAE Systems . . . . . .282.0 0.9 369.9 248.1
Chemring Group . . . .537.5 2.5 736.5 485.0
Cobham . . . . . . . . . . .170.4 -4.6 245.6 168.5
Meggitt . . . . . . . . . . . .357.1 0.2 397.6 303.9
QinetiQ Group . . . . . .118.0 1.2 136.3 96.7
RoIIs-Royce Group . .626.0 1.5 665.0 557.5
Senior . . . . . . . . . . . . .161.6 5.8 190.6 131.1
UItra EIectronics . . .1633.0 4.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .190.0 2.5 245.0 157.0
BarcIays . . . . . . . . . . .187.0 11.3 333.6 138.9
HSBC HoIdings . . . . .529.1 9.4 730.9 473.6
LIoyds Banking Gr . . .36.3 -0.0 72.7 27.6
RoyaI Bank of Sco . . .25.8 0.5 49.0 19.7
Standard Chartere .1435.0 24.5 1950.0 1169.5
AG Barr . . . . . . . . . .1225.0 7.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .316.4 1.4 503.5 289.9
Diageo . . . . . . . . . . .1294.0 16.0 1307.0 1112.0
SABMiIIer . . . . . . . . .2275.0 -16.5 2340.0 1979.0
AZ EIectronic Mat . . .251.2 3.0 338.1 206.1
Croda Internation . .1777.0 39.0 2081.0 1367.0
EIementis . . . . . . . . . .129.6 3.6 187.4 103.0
Johnson Matthey . .1771.0 -15.0 2119.0 1523.0
Victrex . . . . . . . . . . .1201.0 29.0 1590.0 1025.0
LON GD ONCE FIX AM...........1687.00 25.00
SILVER LDN FIX AM ..................32.51 0.65
MAPLE LEAF 1 OZ ....................35.37 0.77
LON PLATINUM AM................1543.00 25.00
LON PALLADIUM AM...............614.00 9.00
ALUMINIUM CASH .................2184.00 -1.00
COPPER CASH ......................7215.00 -98.00
LEAD CASH...........................1956.00 -19.50
NICKEL CASH......................18840.00 10.00
TIN CASH.............................22245.00 -705.00
ZINC CASH ............................1880.00 -23.00
BRENT SPOT INDEX................109.24 1.30
SOYA .....................................1235.50 77.25
COCOA..................................2604.00 -48.00
COFFEE...................................223.40 -0.95
KRUG.....................................1743.40 14.20
WHEAT ....................................147.20 -4.00
AIR LIQUIDE........................................92.75 1.33 100.65 80.90
ALLIANZ..............................................80.88 1.80 108.85 56.16
ANHEUS-BUSCH INBEV ....................39.28 0.10 46.33 33.85
ARCELORMITTAL...............................14.53 0.53 28.55 10.47
AXA......................................................11.83 0.24 16.16 7.88
BANCO SANTANDER...........................6.42 0.12 9.67 5.15
BASF SE..............................................51.04 0.74 70.22 42.19
BAYER.................................................44.86 1.25 59.44 35.36
BBVA......................................................6.71 0.26 9.82 4.94
BMW ....................................................54.91 1.16 73.85 43.49
BNP PARIBAS.....................................35.35 1.91 59.93 22.72
CARREFOUR ......................................17.91 0.43 35.29 14.66
CRH PLC .............................................13.08 0.44 17.40 10.28
DAIMLER.............................................37.85 2.00 59.09 30.52
DANONE..............................................46.20 0.84 53.16 41.92
DEU.BOERSE OFFRE ........................42.18 1.45 55.75 35.46
DEUTSCHE BANK..............................29.29 1.44 48.70 20.79
DEUTSCHE TELEKOM.........................9.58 0.20 11.38 7.88
E.ON.....................................................18.12 0.23 25.54 12.50
ENEL......................................................3.59 0.08 4.86 2.81
ENI .......................................................15.12 0.37 18.66 11.83
FRANCE TELECOM............................13.11 0.16 17.45 11.12
GDF SUEZ ...........................................23.13 -0.04 30.05 18.32
GENERALI ASS...................................12.72 0.29 17.05 10.34
IBERDROLA..........................................5.35 0.10 6.50 4.29
INDITEX ...............................................65.97 -0.25 66.81 50.92
ING GROEP CVA...................................6.19 0.39 9.50 4.21
INTESA SANPAOLO.............................1.40 0.07 2.53 0.85
KON.PHILIPS ELECTR.......................14.99 0.65 25.45 12.01
L'OREAL..............................................77.85 0.76 91.24 68.83
LVMH..................................................114.20 3.60 132.65 94.16
MUNICH RE.........................................98.14 1.32 126.00 77.80
NOKIA....................................................4.65 0.15 8.49 3.33
REPSOL YPF.......................................21.95 0.56 24.90 17.31
RWE.....................................................31.33 0.80 55.88 21.22
SAINT-GOBAIN...................................33.54 1.16 47.64 26.07
SANOFI ................................................50.03 0.11 56.82 42.85
SAP......................................................40.55 0.39 46.15 32.88
SCHNEIDER ELECTRIC.....................45.59 1.96 61.83 35.94
SIEMENS .............................................74.08 1.23 99.39 62.13
SOCIETE GENERALE.........................23.16 1.31 52.70 14.32
TELECOM ITALIA..................................0.90 0.04 1.16 0.70
TELEFONICA ......................................15.30 0.33 19.69 12.50
TOTAL..................................................36.56 0.85 44.55 29.40
UNIBAIL-RODAMCO SE...................146.60 3.75 162.95 124.05
UNICREDIT............................................1.05 0.02 2.03 0.64
UNILEVER CVA...................................23.77 -0.01 24.08 20.82
VINCI ....................................................35.57 1.07 45.48 29.49
VIVENDI ...............................................16.67 0.52 22.07 14.10
VOLKSWAGEN VORZ.......................111.80 3.70 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5441.80 46.10 0.85
FTSE 250 INDEX . . . . . . . 10320.00 164.92 1.62
FTSE UK ALL SHARE . . . . 2809.53 26.38 0.95
FTSE AIMALL SH . . . . . . . . 711.96 7.65 1.09
DOWJONES INDUS 30 . . 11518.85 102.55 0.90
S&P 500 . . . . . . . . . . . . . . . 1207.25 11.71 0.98
NASDAQ COMPOSITE . . . 2604.73 21.70 0.84
FTSEUROFIRST 300 . . . . . . 977.02 15.60 1.62
NIKKEI 225 AVERAGE. . . . 8738.90 -34.78 -0.40
DAX 30 PERFORMANCE. . 5994.47 129.46 2.21
CAC 40 . . . . . . . . . . . . . . . . 3229.76 76.24 2.42
SHANGHAI SE INDEX . . . . 2420.00 71.48 3.04
HANG SENG. . . . . . . . . . . 18329.46 187.87 1.04
S&P/ASX 20 INDEX . . . . . . 2543.60 -13.30 -0.52
ASX ALL ORDINARIES . . . 4266.40 -22.40 -0.52
BOVESPA SAO PAOLO. . 53838.47 565.36 1.06
ISEQ OVERALL INDEX . . . 2606.65 48.23 1.89
STI . . . . . . . . . . . . . . . . . . . . 2737.75 44.70 1.66
IGBM. . . . . . . . . . . . . . . . . . . 910.29 18.83 2.11
SWISS MARKET INDEX. . . 5781.13 48.94 0.85
Price Chg %chg
3M........................................................78.36 1.94 98.19 68.63
ABBOTT LABS ...................................52.33 -0.37 54.24 45.07
ALCOA ................................................10.05 -0.25 18.47 8.45
ALTRIA GROUP..................................27.77 -0.03 28.14 23.20
AMAZON.COM..................................236.81 1.33 244.00 151.40
AMERICAN EXPRESS........................47.03 1.27 53.80 37.90
AMGEN INC.........................................56.64 -0.45 61.53 47.66
APPLE...............................................402.19 1.90 422.86 292.49
AT&T....................................................28.99 0.22 31.94 27.20
BANK OF AMERICA.............................6.58 0.21 15.31 5.13
BERKSHIRE HATAW B.......................74.71 1.30 87.65 65.35
BOEING CO.........................................64.32 0.35 80.65 56.01
BRISTOL MYERS SQUI ......................32.82 -0.14 33.20 20.05
CATERPILLAR....................................81.70 1.04 116.55 67.54
CHEVRON...........................................97.78 0.18 109.94 80.41
CISCO SYSTEMS................................17.25 0.26 24.60 13.30
CITIGROUP.........................................29.20 1.36 51.50 21.40
COCA-COLA.......................................67.48 0.68 71.77 59.33
COLGATE PALMOLIVE......................91.22 0.87 94.89 74.39
COMCAST CLASS A..........................23.60 0.62 27.16 17.72
CONOCOPHILLIPS.............................67.85 0.83 81.80 58.37
DU PONT(EI) DE NMR........................43.98 0.56 57.00 37.10
EXXON MOBIL....................................77.16 0.89 88.23 63.47
GENERAL ELECTRIC.........................16.40 0.26 21.65 14.02
GOOGLE A........................................548.50 5.32 642.96 473.02
HEWLETT PACKARD.........................25.87 -0.05 49.39 19.92
HOME DEPOT.....................................34.72 0.01 39.38 28.13
IBM.....................................................186.12 1.12 188.00 136.70
INTEL CORP .......................................23.12 0.13 26.78 18.90
J.P.MORGAN CHASE.........................33.20 0.90 48.36 27.85
JOHNSON & JOHNSON.....................64.33 0.37 68.05 57.50
KRAFT FOODS A................................34.60 0.20 36.30 24.30
MC DONALD'S CORP ........................88.36 -0.98 91.22 72.14
MERCK AND CO. NEW......................32.57 0.64 37.68 29.47
MICROSOFT........................................26.96 -0.04 29.46 23.65
OCCID. PETROLEUM.........................81.01 0.12 117.89 66.36
ORACLE CORP...................................31.11 0.18 36.50 24.72
PEPSICO.............................................62.70 1.75 71.89 58.50
PFIZER ................................................18.82 -0.03 21.45 16.25
PHILIP MORRIS INTL .........................66.31 1.01 72.74 55.85
PROCTER AND GAMBLE ..................64.89 0.32 67.72 56.57
QUALCOMM INC ................................52.04 0.39 59.84 42.45
SCHLUMBERGER ..............................67.31 0.49 95.64 54.79
TRAVELERS CIES..............................51.44 1.02 64.17 45.97
UNITED TECHNOLOGIE ....................74.24 0.50 91.83 66.87
UNITEDHEALTH GROUP...................46.38 -0.26 53.50 34.07
VERIZON COMMS ..............................36.67 0.17 38.95 31.60
WAL-MART STORES..........................55.20 0.48 57.90 48.31
WALT DISNEY CO ..............................33.76 1.15 44.34 28.19
WELLS FARGO & CO.........................26.95 0.90 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.910 -0.23
LIBOR Euro - 12 months ................2.058 0.00
LIBOR USD - overnight...................0.140 0.00
LIBOR USD - 12 months.................0.904 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.250 -0.50
European repo rate.........................0.828 -0.02
Euro Euribor ....................................1.186 0.00
The vix index ...................................30.08 -2.70
The baItic dry index ........................2.106 0.07
Markit iBoxx...................................230.82 -1.40
Markit iTraxx..................................179.19 1.27
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.3815 0.0165
C/ 0.8762 0.0007
C/ 106.89 2.1850
/C 1.1435 0.0018
/$ 1.5766 0.0174
/ 121.99 2.4586
FTSE 100
5441.80
46.10
FTSE 250
10320.00
164.92
FTSE ALLSHARE
2809.53
26.38
DOW
11518.85
102.55
NASDAQ
2604.73
21.70
S&P 500
1207.25
11.71
Rexam . . . . . . . . . . . .325.6 1.9 400.0 299.8
RPC Group . . . . . . . .342.0 2.0 384.8 215.4
Smiths Group . . . . . .974.5 22.0 1429.0 907.5
Brown (N.) Group . . .272.6 1.0 311.2 252.5
Carpetright . . . . . . . . .517.0 13.0 835.5 472.5
Debenhams . . . . . . . . .66.0 0.7 77.4 51.2
Dignity . . . . . . . . . . . .842.5 2.5 854.5 633.0
Dixons RetaiI . . . . . . .12.8 0.4 28.5 10.6
DuneImGroup . . . . . .469.6 -0.5 550.0 383.9
HaIfords Group . . . . .318.5 2.0 459.7 268.6
Home RetaiI Group . .131.6 0.1 235.0 105.1
Inchcape . . . . . . . . . .327.7 7.6 425.4 268.1
JD Sports Fashion . .848.0 13.0 1030.0 753.5
Kesa EIectricaIs . . . . .98.7 -1.2 174.0 80.0
Kingfisher . . . . . . . . .260.4 -0.2 287.1 217.0
Marks & Spencer G . .328.9 1.0 427.5 301.8
Mothercare . . . . . . . .206.5 -3.7 627.5 179.6
Next . . . . . . . . . . . . .2601.0 17.0 2649.0 1868.0
Sports Direct Int . . . .221.6 2.7 266.2 125.5
WH Smith . . . . . . . . . .527.5 4.5 532.0 433.8
Smith & Nephew . . . .581.0 0.0 742.0 521.0
Synergy HeaIth . . . . .869.5 5.5 981.0 736.0
Barratt DeveIopme . . .93.7 4.7 119.0 67.5
YuIe Catto & Co . . . . .164.0 2.0 253.0 148.0
BaIfour Beatty . . . . . .262.5 -6.0 357.3 228.6
GaIIiford Try . . . . . . . .435.0 25.0 530.0 276.5
Kier Group . . . . . . . .1352.0 4.0 1418.0 1097.0
Drax Group . . . . . . . .470.0 3.8 536.5 353.6
SSE . . . . . . . . . . . . . .1338.0 -4.0 1423.0 1108.0
Domino Printing S . .474.4 18.2 705.0 434.3
HaIma . . . . . . . . . . . . .331.9 -1.7 429.6 306.3
Laird . . . . . . . . . . . . . .150.0 8.3 207.0 127.9
Morgan CrucibIe C . .276.2 6.2 357.1 222.3
Oxford Instrument . .802.0 48.0 1010.0 495.0
Renishaw . . . . . . . . .1028.0 33.5 1886.0 918.0
Spectris . . . . . . . . . .1211.0 16.0 1679.0 1039.0
Aberforth SmaIIer . . .524.5 8.5 714.0 508.5
AIIiance Trust . . . . . .333.9 0.7 392.7 310.2
Bankers Inv Trust . . .374.0 -5.9 428.0 346.5
BH GIobaI Ltd. GB .1195.0 -3.0 1210.0 1058.0
BH GIobaI Ltd. US . . . .11.8 0.0 12.2 10.4
BH Macro Ltd. EUR . . .19.1 -0.1 20.1 15.8
BH Macro Ltd. GBP 1960.0 0.0 2070.0 1630.0
BH Macro Ltd. USD . . .18.8 -0.0 20.1 15.8
BIackRock WorId M .630.5 17.5 815.5 574.5
BIueCrest AIIBIue . . .170.2 -0.3 176.2 162.4
British Assets Tr . . . .119.1 0.6 140.5 109.0
British Empire Se . . .447.8 7.8 533.0 409.9
CaIedonia Investm .1545.0 -5.0 1928.0 1470.0
City of London In . . .281.0 2.5 306.9 257.0
Dexion AbsoIute L . .134.6 1.6 151.0 130.0
Edinburgh Dragon . .223.5 1.9 262.1 201.4
Edinburgh Inv Tru . . .468.1 -1.4 492.2 414.9
EIectra Private E . . .1428.0 33.0 1755.0 1287.0
F&C Inv Trust . . . . . .286.3 3.2 327.9 261.5
FideIity China Sp . . . . .77.5 1.4 128.7 70.0
FideIity European . .1030.0 38.5 1287.0 912.0
HeraId Inv Trust . . . . .459.0 10.0 545.5 419.0
HICL Infrastructu . . . .116.7 0.3 121.3 112.7
Impax Environment . .92.1 -0.1 130.5 88.5
JPMorgan American .815.0 -1.5 916.0 721.5
JPMorgan Asian In . .184.2 2.7 250.8 170.1
JPMorgan Emerging .524.0 11.5 639.0 480.1
JPMorgan European .740.0 3.0 983.5 692.5
JPMorgan Indian I . . .371.2 10.2 502.0 350.0
JPMorgan Russian .466.0 18.0 755.0 415.1
Law Debenture Cor . .345.2 3.6 385.0 309.8
MercantiIe Inv Tr . . . .926.5 17.0 1137.0 856.5
Merchants Trust . . . .373.5 3.5 431.8 347.0
Monks Inv Trust . . . .322.5 2.7 367.9 298.1
Murray Income Tru . .618.0 7.0 673.0 568.0
Murray Internatio . . .888.0 0.0 991.5 818.5
PerpetuaI Income . . .252.9 0.9 276.0 234.8
PoIar Cap TechnoI . .337.4 4.5 391.2 299.5
RIT CapitaI Partn . . .1313.0 46.0 1334.0 1127.0
Scottish Inv Trus . . . .448.0 -2.4 524.0 417.0
Scottish Mortgage . .652.5 11.5 781.0 586.5
SVG CapitaI . . . . . . . .208.8 7.2 279.8 183.0
TempIe Bar Inv Tr . . .852.0 9.0 952.0 791.0
TempIeton Emergin .555.0 17.0 689.5 497.0
TR Property Inv T . . .169.8 3.2 206.1 150.0
TR Property Inv T . . . .74.5 0.3 94.0 69.5
Witan Inv Trust . . . . .442.7 5.5 533.0 401.5
3i Group . . . . . . . . . . .205.1 8.5 340.0 184.1
3i Infrastructure . . . . .119.7 -0.5 125.2 112.9
Aberdeen Asset Ma .184.8 2.3 240.0 167.8
Ashmore Group . . . .331.4 10.6 420.0 301.5
Brewin DoIphin Ho . .121.9 1.9 185.4 113.7
CameIIia . . . . . . . . . .8900.0 11.010950.0 8850.0
CharIes TayIor Co . . .135.5 0.4 193.0 122.0
City of London Gr . . . .73.5 -1.0 93.6 73.5
City of London In . . .333.0 1.3 461.5 321.3
CIose Brothers Gr . . .725.0 -25.0 888.5 656.5
CoIIins Stewart H . . . .63.0 -0.8 90.8 59.0
EvoIution Group . . . . .83.5 1.5 94.0 62.3
F&C Asset Managem .65.1 4.1 92.9 56.1
Hargreaves Lansdo .481.1 11.1 646.5 402.5
HeIphire Group . . . . . . .2.9 -0.1 35.0 2.2
Henderson Group . . .120.1 6.3 173.1 95.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .433.9 6.3 570.5 383.7
IG Group HoIdings . .470.3 6.5 553.0 393.6
Intermediate Capi . . .236.3 7.2 360.3 197.9
InternationaI Per . . . .247.6 5.6 388.8 196.5
InternationaI Pub . . . .115.6 0.2 118.3 108.6
Investec . . . . . . . . . . .375.6 9.6 538.0 331.8
IP Group . . . . . . . . . . . .61.0 -0.5 62.5 27.9
Jupiter Fund Mana . .212.5 3.5 337.3 184.9
Liontrust Asset M . . . .64.0 0.5 94.3 63.0
LMS CapitaI . . . . . . . . .61.3 -0.1 64.8 44.8
London Finance & . . .22.5 0.0 23.5 16.5
London Stock Exch .882.0 13.5 1076.0 681.0
Lonrho . . . . . . . . . . . . .15.0 -0.5 19.8 12.5
Man Group . . . . . . . . .156.3 -9.9 311.0 152.3
Paragon Group Of . .170.0 5.7 206.1 134.6
Provident Financi . .1045.0 7.0 1124.0 728.5
Rathbone Brothers .1058.0 -17.0 1257.0 854.0
Record . . . . . . . . . . . . .23.3 -1.0 50.5 20.3
RSM Tenon Group . . .20.5 -0.3 66.3 20.3
Schroders . . . . . . . .1396.0 41.0 1922.0 1183.0
Schroders (Non-Vo .1177.0 29.0 1554.0 970.0
TuIIett Prebon . . . . . .364.1 8.3 428.6 327.8
WaIker Crips Grou . . .46.0 0.0 51.5 45.0
BT Group . . . . . . . . . .184.1 3.8 204.1 142.9
CabIe & WireIess . . . .37.0 0.8 55.3 31.3
CabIe & WireIess . . . .28.0 0.2 76.9 26.9
COLT Group SA . . . . .96.4 -1.1 156.2 96.0
KCOM Group . . . . . . . .69.0 -0.8 84.0 47.5
TaIkTaIk TeIecom . . .131.0 2.9 168.3 119.8
TeIecomPIus . . . . . . .728.5 18.0 732.5 375.0
Booker Group . . . . . . .73.5 -0.8 77.9 49.7
Greggs . . . . . . . . . . . .502.0 -3.0 550.5 429.1
Morrison (Wm) Sup .299.4 1.5 308.3 262.7
Ocado Group . . . . . . . .92.4 0.9 285.0 88.1
Sainsbury (J) . . . . . . .293.8 -0.9 391.5 263.5
Tesco . . . . . . . . . . . . .400.8 -6.3 439.0 356.3
Associated Britis . .1075.0 6.0 1182.0 940.0
Cranswick . . . . . . . . .688.5 11.5 896.0 588.5
Dairy Crest Group . . .347.0 0.7 424.9 325.0
Devro . . . . . . . . . . . . .262.2 7.7 296.9 218.0
Premier Foods . . . . . . . .3.8 -1.0 35.1 3.7
Tate & LyIe . . . . . . . . .624.5 -1.5 656.0 489.1
UniIever . . . . . . . . . .2037.0 7.0 2081.0 1777.0
Mondi . . . . . . . . . . . . .522.5 16.5 664.0 450.1
Centrica . . . . . . . . . . .311.9 4.3 345.8 282.6
InternationaI Pow . . .325.7 -6.3 448.6 279.4
NationaI Grid . . . . . . .631.5 -8.5 649.5 530.0
Northumbrian Wate .464.2 -0.2 469.5 295.5
Pennon Group . . . . . .690.5 -0.5 737.5 584.5
Severn Trent . . . . . .1553.0 -12.0 1571.0 1333.0
United UtiIities . . . . .611.5 -7.0 631.5 543.5
Cookson Group . . . . .505.0 35.1 724.5 395.8
DS Smith . . . . . . . . . .190.0 10.4 266.2 161.7
Price Chg High Low
BeIIway . . . . . . . . . . . .688.0 3.5 753.5 511.0
BerkeIey Group Ho .1220.0 22.0 1299.0 789.5
Bovis Homes Group .450.9 5.0 464.7 326.5
Persimmon . . . . . . . .488.6 3.5 502.5 336.5
Reckitt Benckiser . .3341.0 -4.0 3648.0 3015.0
Redrow . . . . . . . . . . . .116.2 -0.2 139.0 98.4
TayIor Wimpey . . . . . . .37.4 0.6 43.3 22.3
Bodycote . . . . . . . . . .272.3 20.0 397.7 225.6
Charter Internati . . . .871.5 3.5 876.5 538.5
Fenner . . . . . . . . . . . .345.0 7.2 422.5 252.6
IMI . . . . . . . . . . . . . . . .817.5 33.5 1119.0 636.5
MeIrose . . . . . . . . . . .325.0 14.0 365.4 265.7
Northgate . . . . . . . . . .251.3 0.9 346.7 202.0
Rotork . . . . . . . . . . .1618.0 28.0 1895.0 1501.0
Spirax-Sarco Engi . .1788.0 -24.0 2063.0 1649.0
Weir Group . . . . . . .1728.0 61.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .330.0 24.2 499.0 238.7
TaIvivaara Mining . . .226.2 6.2 622.0 205.0
BBAAviation . . . . . . .181.2 1.2 240.8 156.0
Stobart Group Ltd . . .128.1 -0.4 163.6 122.0
AdmiraI Group . . . . .1238.0 7.0 1754.0 1220.0
Haynes PubIishing . .210.0 -5.0 257.0 203.5
Huntsworth . . . . . . . . .60.3 -1.8 85.0 56.0
Informa . . . . . . . . . . . .360.5 8.4 461.1 313.9
ITE Group . . . . . . . . . .185.6 7.7 258.2 157.7
ITV . . . . . . . . . . . . . . . . .63.7 1.0 93.5 51.7
Johnston Press . . . . . . .4.8 0.0 14.0 4.4
MecomGroup . . . . . .137.5 -1.5 310.0 135.3
Moneysupermarket. .104.1 1.4 120.4 75.7
Pearson . . . . . . . . . .1174.0 14.0 1207.0 926.0
PerformGroup . . . . .206.4 1.8 234.5 150.0
Reed EIsevier . . . . . .524.0 6.0 590.5 461.3
Rightmove . . . . . . . .1264.0 -5.0 1307.0 736.5
STV Group . . . . . . . . . .98.3 0.5 168.0 90.3
Tarsus Group . . . . . .137.5 0.0 165.0 112.5
Trinity Mirror . . . . . . . .43.8 -0.3 108.0 37.5
UBM . . . . . . . . . . . . . .482.3 4.5 725.0 416.0
UTV Media . . . . . . . . .124.8 -2.9 150.0 101.0
WiImington Group . . .90.5 -0.5 183.0 82.5
WPP . . . . . . . . . . . . . .648.5 17.5 846.5 578.0
YeII Group . . . . . . . . . . .4.0 0.2 16.1 3.7
African Barrick G . . .544.5 17.5 623.5 393.5
AIIied GoId Minin . . .167.8 3.2 281.3 34.4
AngIo American . . .2420.0 29.0 3437.0 2138.5
AngIo Pacific Gro . . .277.0 17.0 369.3 237.9
Antofagasta . . . . . . .1151.0 74.0 1634.0 900.5
AmIin . . . . . . . . . . . . .312.3 23.0 427.0 270.6
BeazIey . . . . . . . . . . . .118.4 -0.3 139.2 109.6
CatIin Group Ltd. . . .390.0 5.5 421.4 331.5
Hiscox Ltd. . . . . . . . . .382.6 -4.6 424.7 340.5
Jardine LIoyd Tho . . .674.0 4.0 709.0 566.0
Lancashire HoIdin . . .722.0 1.0 733.5 529.0
RSA Insurance Gro . .114.4 2.2 143.5 106.0
Aviva . . . . . . . . . . . . . .343.5 18.2 477.9 275.3
LegaI & GeneraI G . . .106.3 1.8 123.8 89.8
OId MutuaI . . . . . . . . .111.7 1.3 145.2 98.1
Phoenix Group HoI . .497.4 17.4 699.5 451.1
PrudentiaI . . . . . . . . .636.5 22.5 777.0 509.0
ResoIution Ltd. . . . . .274.7 9.4 316.1 211.3
St James's PIace . . . .340.1 10.3 376.0 236.2
Standard Life . . . . . . .212.7 4.3 244.7 172.0
4Imprint Group . . . . .213.0 0.0 295.0 200.0
Aegis Group . . . . . . .135.7 4.4 163.5 119.4
BIoomsbury PubIis . .101.0 0.0 138.0 95.1
British Sky Broad . . .685.0 10.0 850.0 618.5
Centaur Media . . . . . . .39.3 0.0 73.0 36.0
Chime Communicati .206.0 10.5 298.5 173.0
Creston . . . . . . . . . . . .84.0 0.0 121.0 72.0
DaiIy MaiI and Ge . . .399.3 10.4 594.5 343.4
Euromoney Institu . .605.0 10.0 736.0 522.5
Future . . . . . . . . . . . . . .10.1 0.0 30.0 9.5
Aquarius PIatinum . .204.9 14.4 419.0 163.1
BHP BiIIiton . . . . . . .1964.5 52.5 2631.5 1667.0
Centamin Egypt Lt . .104.3 6.3 197.1 89.7
Eurasian NaturaI . . .671.5 46.5 1125.0 522.0
FresniIIo . . . . . . . . . .1665.0 -34.0 2150.0 1223.0
GemDiamonds Ltd. .201.0 -0.8 306.0 179.8
GIencore Internat . . .425.5 5.5 531.1 348.0
HochschiId Mining . .470.9 6.9 680.0 397.0
Kazakhmys . . . . . . . .932.0 48.5 1671.0 730.0
Kenmare Resources . .39.8 2.3 59.9 18.4
Lonmin . . . . . . . . . . .1129.0 29.0 1983.0 974.5
New WorId Resourc .495.8 -2.1 1060.0 410.5
PetropavIovsk . . . . . .671.5 41.5 1165.0 543.5
RandgoId Resource 6595.0 185.0 7215.0 4425.0
Rio Tinto . . . . . . . . .3362.0 100.5 4712.0 2712.5
Vedanta Resources 1263.0 50.0 2559.0 948.0
Xstrata . . . . . . . . . . . .981.2 45.3 1550.0 764.0
Inmarsat . . . . . . . . . . .482.2 5.0 719.5 389.7
Vodafone Group . . . .171.9 -0.7 182.8 155.1
Genesis Emerging . .460.0 12.3 568.0 430.0
Afren . . . . . . . . . . . . . . .90.7 6.6 171.2 73.6
BG Group . . . . . . . . .1314.0 6.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .412.0 6.1 509.0 363.2
Cairn Energy . . . . . . .290.4 -3.3 469.7 261.4
EnQuest . . . . . . . . . . .102.2 2.5 158.5 86.6
Essar Energy . . . . . .276.0 -0.5 589.5 235.1
ExiIIon Energy . . . . . .265.0 14.2 469.7 184.2
Heritage OiI . . . . . . . .234.0 -0.4 486.0 190.0
Ophir Energy . . . . . . .242.2 2.0 299.0 184.5
Premier OiI . . . . . . . . .373.5 5.5 535.0 310.0
RoyaI Dutch SheII . .2129.0 8.5 2326.5 1883.5
RoyaI Dutch SheII . .2167.5 15.5 2336.0 1890.5
SaIamander Energy .209.7 1.2 317.6 182.3
Soco Internationa . . .334.8 0.5 400.0 279.8
TuIIow OiI . . . . . . . . .1343.0 -54.0 1493.0 945.5
Amec . . . . . . . . . . . . .865.0 11.0 1251.0 740.5
Hunting . . . . . . . . . . .608.0 15.0 817.0 530.0
Kentz Corporation . .443.0 2.0 494.5 275.5
LampreII . . . . . . . . . . .224.5 -39.5 395.2 221.8
Petrofac Ltd. . . . . . .1320.0 40.0 1685.0 1108.0
Wood Group (John) .577.0 9.0 715.8 432.5
Burberry Group . . . .1308.0 44.0 1600.0 959.5
PZ Cussons . . . . . . . .337.6 1.0 409.0 320.5
Supergroup . . . . . . . .692.0 -3.0 1820.0 663.9
AstraZeneca . . . . . .3005.0 1.0 3359.0 2543.5
BTG . . . . . . . . . . . . . .279.9 -2.1 309.7 210.1
Genus . . . . . . . . . . . .1050.0 5.0 1111.0 800.0
GIaxoSmithKIine . . .1379.5 -8.0 1390.0 1127.5
Hikma Pharmaceuti .621.0 -5.0 900.0 555.5
Shire PIc . . . . . . . . . .1989.0 -33.0 2136.0 1448.0
CapitaI & Countie . . .174.3 1.8 203.7 140.7
Daejan HoIdings . . .2610.0 -66.0 2954.0 2282.0
F&C CommerciaI Pr . .97.3 1.8 108.0 88.0
Grainger . . . . . . . . . . . .89.3 2.4 133.2 77.3
London & Stamford .117.5 0.7 140.0 112.9
SaviIIs . . . . . . . . . . . . .289.0 -3.2 427.1 256.2
UK CommerciaI Pro . .77.8 0.8 85.5 70.4
Unite Group . . . . . . . .174.0 3.8 224.1 152.9
Big YeIIow Group . . .268.5 4.3 353.3 234.2
British Land Co . . . . .519.5 14.5 629.5 452.0
CapitaI Shopping . . .340.0 0.6 424.8 296.4
Derwent London . . .1603.0 42.0 1880.0 1400.0
Great PortIand Es . . .360.8 9.1 445.0 317.4
Hammerson . . . . . . . .410.8 11.6 490.9 353.0
Hansteen HoIdings . . .78.3 3.8 89.5 70.0
Land Securities G . . .702.0 22.5 885.0 616.0
SEGRO . . . . . . . . . . . .238.6 6.8 331.3 210.1
Shaftesbury . . . . . . . .507.0 13.4 539.0 431.7
Aveva Group . . . . . .1388.0 17.0 1799.0 1298.0
Computacenter . . . . .385.4 2.4 490.0 332.0
Fidessa Group . . . . .1590.0 60.0 2109.0 1409.0
Invensys . . . . . . . . . . .219.0 6.4 364.3 199.6
Logica . . . . . . . . . . . . .85.6 0.1 147.2 73.9
Micro Focus Inter . . .341.0 7.0 426.2 239.4
Misys . . . . . . . . . . . . .252.4 5.9 420.2 214.9
Sage Group . . . . . . . .274.0 -0.1 302.0 231.7
SDL . . . . . . . . . . . . . . .654.0 4.0 711.5 555.0
TeIecity Group . . . . . .578.0 -10.0 591.5 430.0
Aggreko . . . . . . . . . .1725.0 32.0 2034.0 1394.5
Ashtead Group . . . . .153.8 4.6 207.9 99.4
Atkins (WS) . . . . . . . .542.5 8.5 820.0 490.2
Babcock Internati . . .680.5 1.5 733.0 513.5
Berendsen . . . . . . . . .423.9 3.9 568.0 391.3
BunzI . . . . . . . . . . . . .785.0 11.0 812.5 676.5
Cape . . . . . . . . . . . . . .470.7 14.7 591.5 348.8
Capita Group . . . . . . .712.5 -4.0 794.5 635.5
CariIIion . . . . . . . . . . .358.6 5.6 403.2 298.8
De La Rue . . . . . . . . .854.5 4.0 860.0 549.5
EIectrocomponents .208.0 8.0 294.9 182.2
Experian . . . . . . . . . . .757.5 17.5 833.5 665.0
FiItrona PLC . . . . . . . .343.4 3.4 385.5 227.5
G4S . . . . . . . . . . . . . . .277.6 2.1 291.0 237.7
Hays . . . . . . . . . . . . . . .74.3 -2.3 133.6 66.6
Homeserve . . . . . . . .459.9 -2.8 532.0 408.0
Howden Joinery Gr . .114.4 3.5 127.5 75.4
Interserve . . . . . . . . . .309.3 0.3 341.3 183.5
Intertek Group . . . . .1941.0 69.0 2148.0 1715.0
MichaeI Page Inte . . .366.2 14.6 567.0 338.7
Mitie Group . . . . . . . .238.4 -1.4 244.0 193.9
Premier FarneII . . . . .170.0 1.4 308.8 144.5
Regus . . . . . . . . . . . . . .67.0 0.3 119.0 64.0
RentokiI InitiaI . . . . . . .70.1 0.5 104.9 64.8
RPS Group . . . . . . . . .163.0 -3.1 253.0 156.6
Serco Group . . . . . . .505.0 0.0 633.0 490.9
Shanks Group . . . . . .110.1 -1.0 130.9 103.0
SIG . . . . . . . . . . . . . . . .97.0 0.6 153.5 83.8
SThree . . . . . . . . . . . .268.4 18.8 447.6 213.2
Travis Perkins . . . . . .865.0 64.0 1127.0 715.0
WoIseIey . . . . . . . . .1694.0 -28.0 2261.0 1404.0
ARM HoIdings . . . . . .600.5 5.0 651.0 338.9
CSR . . . . . . . . . . . . . .185.0 1.6 447.0 177.7
Imagination Techn . .445.0 20.0 502.0 296.9
Pace . . . . . . . . . . . . . . .93.3 -1.8 231.8 88.1
Spirent Communica .125.5 0.0 160.3 109.5
British American . .2751.0 -67.0 2871.0 2282.5
ImperiaI Tobacco . .2150.0 -15.0 2231.0 1784.0
Betfair Group . . . . . . .780.0 61.0 1550.0 567.0
Bwin.party Digita . . . .114.0 -0.1 285.2 100.6
CarnivaI . . . . . . . . . .2192.0 62.0 3153.0 1742.0
Compass Group . . . .548.5 12.5 612.0 511.5
Domino's Pizza UK . .461.1 1.1 586.0 377.0
easyJet . . . . . . . . . . . .367.1 3.1 479.0 301.0
FirstGroup . . . . . . . . .338.4 8.2 412.6 301.8
Go-Ahead Group . . .1432.0 44.0 1598.0 1097.0
Greene King . . . . . . .442.7 1.1 518.0 410.0
InterContinentaI . . .1118.0 41.0 1435.0 955.0
InternationaI Con . . .165.8 4.0 305.0 141.6
JD Wetherspoon . . . .412.5 4.5 468.3 380.5
Ladbrokes . . . . . . . . .128.0 7.2 155.3 114.0
Marston's . . . . . . . . . . .94.0 0.1 117.1 84.6
MiIIennium& Copt . .413.4 7.2 600.5 375.6
MitcheIIs & ButIe . . . .252.5 0.7 361.0 216.4
NationaI Express . . .241.7 3.8 270.2 219.6
Rank Group . . . . . . . .124.6 -0.6 153.7 109.5
Restaurant Group . . .284.0 0.7 335.0 254.9
Stagecoach Group . .259.3 4.0 272.4 185.2
Thomas Cook Group .47.5 1.0 204.8 33.7
TUI TraveI . . . . . . . . . .165.6 3.1 271.9 137.2
Whitbread . . . . . . . .1659.0 31.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .237.5 3.5 240.6 155.5
Abcam . . . . . . . . . . . .341.0 -0.8 460.0 307.0
AIbemarIe & Bond . .331.0 -6.0 400.1 272.0
Amerisur Resource . .12.0 -0.5 29.0 9.5
Andor TechnoIogy . .505.5 5.5 685.0 340.0
ArchipeIago Resou . . .66.0 3.5 79.0 32.3
ASOS . . . . . . . . . . . .1561.0 73.0 2468.0 1111.0
AureIian OiI & Ga . . . .17.3 0.0 92.0 16.0
Avanti Communicat .320.0 0.0 735.0 248.5
Avocet Mining . . . . . .246.3 6.5 286.8 173.8
BIinkx . . . . . . . . . . . . .152.8 3.0 158.0 70.5
Borders & Souther . . .49.8 0.8 73.0 43.5
BowLeven . . . . . . . . . .78.5 -2.3 398.0 74.5
Brooks MacdonaId 1222.5 10.0 1372.5 915.0
Cove Energy . . . . . . . .83.3 2.0 112.8 61.0
Daisy Group . . . . . . .108.0 -1.0 127.0 88.0
EMIS Group . . . . . . . .547.5 -2.5 580.0 376.5
Encore OiI . . . . . . . . . .79.0 1.3 151.5 40.8
Faroe PetroIeum . . . .143.0 1.8 218.3 130.0
GuIfsands PetroIe . . .197.3 -1.8 401.5 142.5
GWPharmaceuticaI . .98.0 5.5 130.0 83.0
H&T Group . . . . . . . . .345.0 7.0 395.0 277.0
Hamworthy . . . . . . . .535.0 3.0 705.0 373.8
Hargreaves Servic .1076.0 26.0 1097.3 676.0
HeaIthcare Locums . . . .3.9 -1.0 4.9 3.6
Immunodiagnostic .1005.0 20.0 1218.0 768.5
ImpeIIamGroup . . . .330.0 8.0 387.5 138.5
James HaIstead . . . . .459.8 -0.4 495.0 345.5
KaIahari MineraIs . . .248.0 -1.0 301.0 152.0
London Mining . . . . .325.8 12.8 436.5 283.0
Lupus CapitaI . . . . . . .98.0 10.0 150.0 86.0
M. P. Evans Group . .405.3 -2.3 500.5 371.0
Majestic Wine . . . . . .420.0 1.5 510.0 334.0
May Gurney Integr . .294.5 2.5 300.0 211.0
Monitise . . . . . . . . . . . .38.0 -0.3 39.0 18.5
MuIberry Group . . . .1373.0 -9.0 1920.0 520.0
Nanoco Group . . . . . . .50.5 1.8 115.8 48.5
NauticaI PetroIeu . . .323.0 7.5 547.0 223.5
NichoIs . . . . . . . . . . . .543.0 1.3 579.0 410.0
Numis Corporation . . .92.5 2.4 137.8 88.6
Pan African Resou . . .12.3 0.0 14.5 9.4
Patagonia GoId . . . . . .55.0 0.0 70.0 20.3
Prezzo . . . . . . . . . . . . .55.4 0.0 71.5 53.3
Pursuit Dynamics . . .198.0 5.3 700.0 160.5
Rockhopper ExpIor .212.0 20.8 460.0 141.0
RWS HoIdings . . . . . .434.0 2.0 479.8 266.5
Songbird Estates . . .115.5 0.5 160.3 110.3
VaIiant PetroIeum . . .485.0 -0.5 750.0 435.0
Young & Co's Brew . .618.0 18.5 712.0 530.0
Betfair Group . . . . . . .780.0 8.5
Travis Perkins . . . . . .865.0 8.0
AmIin . . . . . . . . . . . . .312.3 8.0
Bodycote . . . . . . . . . .272.3 7.9
Ferrexpo . . . . . . . . . .330.0 7.9
Afren . . . . . . . . . . . . . .90.7 7.8
Aquarius PIatinum . .204.9 7.6
SThree . . . . . . . . . . . .268.4 7.5
Cookson Group . . . . .505.0 7.5
Eurasian NaturaI R . .671.5 7.4
Premier Foods . . . . . . . .3.8 -20.0
LampreII . . . . . . . . . . .224.5 -15.0
Man Group . . . . . . . . .156.3 -6.0
TuIIow OiI . . . . . . . . .1343.0 -3.9
CIose Brothers Gro . .725.0 -3.3
Hays . . . . . . . . . . . . . . .74.3 -2.9
Cobham . . . . . . . . . . .170.4 -2.6
Daejan HoIdings . . .2610.0 -2.5
British American T .2751.0 -2.4
BaIfour Beatty . . . . . .262.5 -2.2
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
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mailto:
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AUTOMOBILES & PARTS
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CHEMICALS
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MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.28 0.00 103.1 100.3
Tsy 5.000 12 . . . .101.75 -0.01 106.1 101.7
Tsy 5.250 12 . . . .103.03 -0.01 107.5 103.0
Tsy 9.000 12 . . . .108.49 1.59 114.7 106.5
Tsy 4.500 13 . . . .105.39 0.00 108.8 105.4
Tsy 2.500 13 . . . .284.20 0.00 287.7 277.6
Tsy 8.000 13 . . . . .114.22 -0.02 120.7 114.1
Tsy 5.000 14 . . . . .111.57 -0.09 114.1 109.2
Tsy 7.750 15 . . . .102.50 0.44 108.9 101.5
Tsy 4.750 15 . . . . .113.56 -0.17 114.8 108.6
Tsy 8.000 15 . . . .127.33 -0.16 131.3 123.7
Tsy 2.500 16 . . . .340.21 -0.23 342.0 310.2
Tsy 4.000 16 . . . . .111.92 -0.23 113.4 104.9
Tsy 12.000 17 . . .123.10 -0.81 134.0 122.5
Tsy 1.250 17 . . . . .114.33 -0.37 115.3 106.7
Tsy 8.750 17 . . . .138.47 -0.38 142.1 132.9
Tsy 5.000 18 . . . . .118.69 -0.39 121.0 109.7
Tsy 4.500 19 . . . . .115.87 -0.51 118.8 105.4
Tsy 3.750 19 . . . . .110.41 -0.56 113.5 99.4
Tsy 4.750 20 . . . . .117.71 -0.56 121.4 106.6
Tsy 2.500 20 . . . .349.18 -0.62 355.6 312.4
Tsy 8.000 21 . . . .146.57 -0.37 151.8 133.8
Tsy 4.000 22 . . . . .111.89 -0.75 115.6 99.0
Tsy 1.875 22 . . . .122.17 -1.00 125.4 111.3
Tsy 2.500 24 . . . .312.34 -0.91 320.1 273.5
Tsy 5.000 25 . . . .122.97 -0.87 126.9 107.4
Tsy 1.250 27 . . . . .117.21 -1.22 121.0 104.6
Tsy 4.250 27 . . . . .114.36 -0.98 118.1 97.9
Tsy 6.000 28 . . . .138.30 -0.98 142.9 119.5
Tsy 4.125 30 . . . .295.53 -1.01 305.4 261.2
Tsy 4.750 30 . . . .120.97 -1.03 125.6 103.0
Tsy 4.250 32 . . . . .113.00 -1.07 117.9 96.0
Tsy 4.250 36 . . . . .112.60 -1.23 117.6 95.0
Tsy 4.750 38 . . . .121.32 -1.28 126.9 102.8
Tsy 4.500 42 . . . . .117.54 -1.41 123.0 98.9
% %
ALTERNATIVE ENERGY
Wealth Management
H
ENRY LANE FOX, brother of Martha (the
UKs official Digital Champion), is a dig-
ital expert and the chief executive of
the Browser website. He began his
career at lastminute.com before founding
manufacturing network Maxipos.com and
Amuse Bouche champagne bars.
The Browser was founded by Economist jour-
nalist Robert Cottrell, and investor Al Breach,
and curates a manageable list of daily reading
for the intellectually curious. Each post com-
prises a link to the original source, and a short
summary written by the Browsers editors
explaining why the article is worth reading.
The site also interviews experts on the best
books to read in their field in its FiveBooks sec-
tion. Recent interviews have included Woody
Allen on inspiration. It has also recently
launched an iPhone app.
Q.
Why did you get involved in the Browser?
A.
I loved this curation model a place
where people you trust are putting out
hard-to-nd, interesting articles from expert
sources. The Browser solves a problem how
to nd the articles we should be reading that
are genuinely worthwhile? Although found-
ing member Robert Cottrell had already done
a brilliant job, I was brought in to see how we
could make the Browser into a larger busi-
ness. There was a steady readership of 25-
30,000 loyal regulars a month, but it was
uncertain how it would grow bigger. After we
re-launched (in 2010), readership has grown
dramatically to 300,000 individual readers on
the site last month.
Q.
Whats your challenge for the UK?
A.
To increase readership in the UK. At the
moment 60-65 per cent of our readership
is still in the States. The Browser gives good
detailed background to political and econom-
ic events, and provides a great transatlantic
bridge. Quite frankly, the media is more con-
stricted here than it is in the US the blogos-
phere is better in the States. Theres an
enormous amount of great writing over there
of international value.
Q.
How will you monetise this? You current-
ly charge 69p for your iPhone app.
A.
This is the great question. What fasci-
nates me about this industry is were at a
changing point where the publishing and
media industries are faced with enormous
challenges online. Nobody has managed to
solve this yet. Were starting to develop differ-
ent technologies and ways to get people to
interact with the website.
Q.
Whos your competition?
A.
The Hufngton Post. We see ourselves as
the background to the news with longer-
term analysis and opinion pieces. Theres an
immediate distinction between the content
we carry and the content that gets trawled
through something like Google reader. We
have technology that pre-lters sources for us,
but the difference is that we do physically
read the articles. What sets us aside is that we
write individual short summaries of what
youre going to get.
Q.
Monocle magazine charges more for its
iPad version than for the physical
magazine. Are you thinking of emulating that
model?
A.
From the readers point of view, it will be
preferable to have one price for the prod-
uct, whether its through the iPad, Kindle or a
web experience on your laptop. The key is to
have one low cost that will give you access to
everything in one go.
Q.
What have you learned from
lastminute.com?
A.
That sense of experimentation and the
understanding that this market is a con-
stantly evolving beast. Also, how to build tech
and the ex and speed of change that comes
with startups thats the hardest thing to stay
on top of. I know it wont be clear what well
end up with in two years time. We saw that in
the early days of lastminute. You wouldnt
make a plan; youd try something quickly, fail
quickly, then try something else.
Q.
Are you an entrepreneur?
A.
I dont know. I like creating jobs and cre-
ating a great product. Thats what I get a
kick out of. I make sure Im creating a service
I myself would want to use.
Q.
Was there a surge of subscribers when
Stephen Fry tweeted about you?
A.
He tends to break websites when he
tweets. Unfortunately he didnt tell me he
was going to tweet about us, and he sent a
desperately apologetic email afterwards say-
ing he felt terrible. He does tend to crash web-
sites, but were terribly lucky to have great
people like Stephen Fry who appreciate the
service.
I tried out The Browser, one of the more high pro-
file of the recent slew of curation websites, on my
phone. Its first recommendation for me, in its
Best of the Moment section, was an article enti-
tled All the Single Ladies, which started with the
line When I was 28 I broke up with my
boyfriend... Not a great start. But if you dig around
there are some gems to be found (a great piece on
HG Wells, for instance). Its biggest selling point is
the ability to save stories so you can read them
later on the tube. Definitely one to watch out for.
B
EING particular about how your
coffee is made is no bad thing.
Discernment is a means to an end
and when you want to make your-
self a coffee on a glorious Sunday after-
noon, just because you can, you want to
have one thats rightly made.
Its a confusing world of coffee
machines out there, so weve picked a
selection of five that range from the pro-
fessional home kit to the convenient cof-
fee-at-the-touch-of-a-button.
Brew your perfect coffee with our pick of these
technological wonders, writes Helena Lee
Lifestyle | Technology
34
The crema de la
crema of coffee
making machines
LATISSIMA+, NESPRESSO
It may be surprising to learn that the Ledbury in Notting Hill, the double
Michelin starred eatery also awarded the Restaurant of the Year Award this
week, has used Nespresso coffee machines for a year and a half. Finishing a
meal with a quality coffee that consumers know and are familiar with
ensures that the customers experience at the restaurant is consistently
excellent, says Stephen Quinn, the Ledburys manager. The home machines,
which are more convenience-focused, are for the Italian die-hards who want
their classics. This model, the Latissima+, is about quality-coffee-at-speed. At
the touch of a button, you can have your espresso, lungo (a long espresso),
cappuccino (but never after 11am, if youre a true Italian), and silky latte.
229, www.nespresso.com
STEVE DINEEN REPLY
LA MARZOCCO GS/3
The Marzocco GS/3 is frickin awe-
some, says Cameron McClure, owner
of Flat White coffee House in Soho,
though he admits that it may be too
complicated for those craving an aver-
age cup of joe: its essentially a home
machine, but its ludicrous. And ludi-
crous it is. Strictly for the aficionado,
the spec talks about steam power
and performance recovery and gives
the option of water reservoir or
plumb-in options. This lives in the
realm of coffee-divinity.
Approx 5,700, www.mulmar.com
CLASSIC
RI8161,
GAGGIA
True to its name, this
machine is a classic. Its
brass components keep
the drinks at a constant
temperature, the steam
nozzle does a good job
of frothing the milk. For
me, this is the machine
equivalent of using a
stove-pot Moka: nostal-
gic, reliable and func-
tional.
239, www.myespres-
so.co.uk
SPEEDSTER, KEES VAN DER WESTEN
This machine delivers everything youd hope for in an Italian-style espresso,
says Jeremy Challender, trainer at Prufrock caf in Clerkenwell. The reason?
This professional-grade home device maintains pressure, and gives the user a
lot of control. It keeps the caramel flavour of the coffee, and the right amount
of acidity so its not bitter. He recommends that the user takes a few classes
before attempting to use the machine.
Approx 5,100, www.espressoworks.co.uk
A MODO MIO FAVOLA,
AEG AND LAVAZZA
This very new espresso machine is the
next generation of the neon range of A
Modo Mio. With a capsule system
developed with the University of Turin,
particular attention has been paid to
creating the perfect espresso and
crema the foam that every well-shot
espresso should have. This is the most
compact machine, and has a steam arm
for milk when youre craving a
macchiato.
149, www.lavazzamodomio.co.uk
Q A
&
Henry
Lane Fox
CHIEF EXECUTIVE
THEBROWSER.COM
INTERVIEW | THE DIGITAL ENTREPRENEUR
HEAD SOMMELIER AND MANAGER OF
LUTYENS RESTAURANT
ANDREW CONNOR
QUAFFERS CORNER
B
Y the time you read this, my first child
should have been born. As one does I
have been contemplating what sort of
wine to lay down for his 18th birth-
day. Its a little early to judge the 2011 vin-
tage; the grapes have either just been picked
or are still on the vine. Nevertheless I
thought it would be timely to consider the
kind of wines I will be looking at.
An obvious option is fortified wine. 18
years is nothing to a vintage port (although
its not made every year). The high alcohol
content and sweetness preserve the wine
and, provided the port is stored carefully, it
can keep going for half a century or more as
it increases in complexity and interest. The
initial blast of intense fruit will give way to
something more savoury and spicy.
Barolo and Barbaresco from Piemonte in
Northern Italy have a combination of high
acidity and strong tannins that give them
the capacity to age gracefully too. In the
best years and from the greatest producers
a decade will pass before they will even be
ready to drink and will reward patient cel-
laring with a complex and intoxicating bou-
quet. Think truffles, balsamic spices and
flowers.
The classic sweet Rieslings from
Germanys Mosel have the combination of
lush sweetness and thrilling acidity to last
the necessary couple of decades as well. The
ageing process will make them seem drier,
and they can be surprisingly food friendly.
Look for Auslese, Beerenauslese or
Trockenbeerenauslese on the label these
correspond to increasing levels of sweet-
ness. Generally, the sweeter the wine, the
greater the ageing potential.
To age your wine at home, keep your bottle
in the dark, in the cool and away from big
fluctuations in temperature or strong smells.
Also keep away from the kitchen and the
boiler. And if you are really contemplating
keeping them for 18 years, its worth con-
sulting a specialist on how to store them
properly for you.
Follow Andrew on Twitter @LutyensWine

Keeping those
reds under the
beds for later
T
ONIGHT, Jos Pizarro is a rock star in
his own restaurant. Hes shaking
everyones hand, or rather, every-
ones shaking his hand. Hardeep
Singh Kohli, the Scottish Sikh presenter,
and his chums are settling in round a pil-
lar to order and are giving him the pats on
the back. It could be because today the
Bermondsey Street restaurant, his first
solo venture since he left as executive chef
from the Brindisa tapas restaurants, won a
Bib Gourmand from those bods at
Michelin, an award which indicates good
food at moderate prices, and joins a rank
of restaurants that are just too trendy for
actual stars the likes of Polpo, Morito and
Salt Yard. Less than a week later Jos goes
on to become the 54th best restaurant in
the country at the National Restaurant
Awards.
It seems Mr Pizarro can do no wrong
with his sherry bar.
And everythings sold out. Last time I
was here, it was just the padrn peppers
that had gone, but the dishes on the black-
board were being wiped out as often as
Jonny Utah taking his virgin surf in Point
Break. No more whitebait, no more clams
with fino and jamon, no more girolles. We
begin to panic order. 8pm, Thursday night
is prime time at Jos.
Not that were disappointed by what
does come. Padrn peppers are sweet
nicely oiled and succulent. They are quick-
ly followed with a small plate of Jamn
Iberico small squares of luscious pink,
the fat gorgeous, caramelised and glisten-
ing. The ham is from pigs fed with acorns
for the last four months of their lives and
hail from Extremadura, where Jos him-
self is from. Fat razor clams have a bursting
sweetness, lifted by the salt-tang of chorizo
cubes. There are prawns, with chilli and
garlic, coated with an olive oil thats
almost banana-like in richness. Its oil you
want to lick and prawns you want to suck.
The menu changes almost every day,
and today theres a new addition Iberico
pork meatballs with tomato sauce with
the unusual flavour of orange. The lightly
battered hake with allioli is a wonder as it
separates into silken flakes as you press
into it. Rare Iberico pork fillet sprinkled
with pimenton (smoked paprika) is a treat
not seen much in London. The last time I
had it was at Eyre Brothers, which I
learned he introduced to the menu when
Helena Lee gets a
taste for sherry and
tapas at Jos Pizarros
smash success in
Bermondsey
Lifestyle | Food & Drink
3 OTHER | SHERRY BARS
CAPOTE Y TOROS, 157 OLD BROMPTON ROAD, SW5
A ham, tapas and sherry bar in South Ken that draws inspiration
from Cadiz.
FINO, 33 CHARLOTTE STREET, W1
Named after the sherry, this lovely restaurant is more formal. Great
roast suckling pig.
PEPITO, 3 VARNISHERS YARD, N1
Trendy bar near Kings Cross, which offers cold cuts and sherry to
be enjoyed on barrel-topped tables.
he worked there.
The sherry list is curated by Master of
Wines Tim Atkin and Jo Ahearne. But
one feels the real key to the places suc-
cess is that Jos is there, present in his
restaurant, slicing away behind
the leg of jamn.
Turns out, sherry should
be drunk with dinner, not
just for tapas. The general
rule is that cold and light
sherry like a Fino goes well
with salty foods and lighter
meats such as almonds,
fish and chicken, whereas
cold Manzanilla goes well
with ham or darker meats.
The problem with the bar
is that its a victim of its
own success. There will be a
wait, and there are no reser-
vations. But true to his inten-
tion, this is a standing up,
social place thats fun. And
tapas bars are all about fun,
Jos says authoritatively.
His next venture will be
Pizarro, which is down the road
from Jos. I always thought the
other downside of Jos (the first being that
its just too popular), was that there wasnt
another tapas bar to swing by after a cou-
ple of plates.
But it seems this problem has been
resolved. Pizarro promises to be more
regional. Always known for the quality of
his ingredients, Jos will introduce key spe-
cialities from the south such as gazpacho
with crab. He mentions amazing roast par-
tridge from La Mancha, although
England has such good partridge of
course he will buy locally. Expect a daily
fried fish special, and food from all the
islands.
And he intends to change the percep-
tion of yet another unfashionable drink.
The spotlight has fallen on Cava.
Says Jose: Pizarro will be very focussed
on Cava. Like sherry, Cava is a very under-
rated drink. If you come to Pizarro, I will
show you how the drink should be drunk,
and make people feel confident to go and
order Cava. The best cava is Gramona its
wonderful! Light, crispy, refreshing. It
makes me feel as though Im back home.
Im sure wed all like a sip of Gramona
and a taste of his homeland. 104 Bermondsey
Street, SE1. Tel: 020 7403 4902.
Above: the
sherry bar.
Right:
Jos
Pizarro
The sherry bar thats rocking
South Londons food scene
T
E
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Fill the grid so that each block
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1 Scarper (5)
4 Donkey (3)
6 Beneath, below (5)
7 Domain (5)
9 Due (5)
10 Goddess of
retribution (7)
13 Be false to (7)
15 At liberty (5)
16 Flip to a vertical
position (5)
17 Firm open-weave
fabric used by
window-cleaners (5)
18 Billiards stick (3)
19 Motorcycle rider (5)
DOWN
1 Go at top speed (6)
2 Contagious viral
disease (5)
3 Farewell remark (5)
4 Truce (9)
5 Garden pest (4)
8 Place endowed for the
support and lodging
of the poor (9)
11 Nickname of
US president
Eisenhower (3)
12 Seller (6)
13 Express strong
disapproval of (5)
14 Tiny morsel of
bread or cake (5)
15 Secular (4)
T
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I S
N
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O
4
4
4

D O C K S S C R A P
U O E H A E
C O M P A R A T I V E
K M L R N L
S C A R M E S S E S
O A A A Y
S T A T E D T I E S
H G X D R I
E X A M I N A T I O N
L I T T S K
F I N D S A S H E S
5 7 9 6 8 3 2
2 4 8 1 5 9 7 1
1 2 6 5 3 8 9 7
3 1 3 2 1 4 5
2 8 6 7 8 9
9 3 4 9 6 5
4 1 3 2 5 6
5 6 7 8 9 1 7
5 2 1 5 7 4 8 9
9 7 1 3 6 2 4 8
8 4 2 4 1 3 5
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
WINDSTORM
Lifestyle | TV&Games
ENGLAND batsman Jonathan Trott
insists he doesnt feel his place in the
one-day side has been placed in jeop-
ardy by the emergence of rising star
Jonny Bairstow.
Trott, the International Cricket
Councils Player of the Year, has
become a mainstay of the 50 over side
and boasts a higher ODI batting aver-
age than the likes of Kevin Pietersen.
However, Trotts conservative style
means his place in the side is not as
secure as the statistics suggest it
should be, and, with Bairstow
announcing himself on the interna-
tional stage in such dramatic fashion
last month, Englands selectors face a
difficult decision ahead of tomor-
rows match against India in
Hyderabad.
Its not a case of looking
over your shoulder, insisted
Trott, who could well be for-
given for doing so after
Bairstow hit a 53-ball century
against Hyderabad CA XI on
Tuesday.
You cant go very far
forward if youre look-
ing over your shoulder
the whole time. I dont
think thats a very
good mentality.
Kevin Pietersen,
who failed to make a
significant contribu-
tion in either of the
two warm-up fixtures,
and Ian Bell, only recent-
ly recovered from a stomach
upset, are two other high-pro-
file names who could make
way for Bairstow. But Trott
believes team harmony will
remain unaffected whichever
way the selectors go.
You dont want to have
a thing where people
are worried and try-
ing to look after
their own places.
Youve got to go
out there and
play the attack-
ing brand of
cricket that is
always expected of
you whenever you pull
on the England shirt or
helmet.
WIGAN chairman Dave Whelan has
blamed Liverpools American owners
for an attempted football television
rights breakaway from the rest of the
Premier League, calling it appalling
and greedy.
Reds managing director Ian Ayre
has indicated the club would like the
freedom to strike their own potential-
ly more lucrative overseas broadcast
deals, as Spanish giants Barcelona
and Real Madrid already do.
That would mean scrapping the
current collective selling model
employed so successfully by the
Premier League, and would require
support from 13 of the top tiers other
19 clubs which is unlikely as
Chelsea, Manchester United and
Tottenham all oppose a breakaway.
Whelan, whose teams top flight
status would be threatened by such a
move, said he abhorred the idea and
pointed the finger at John
Henry and Tom Werner, the
American sports moguls
who bought Liverpool
last year.
This is an
American dream,
Whelan (inset) told
City A.M. I think its
entirely wrong. Im
really, really against
this. And Im sure
Liverpool supporters are
as well they dont want to
break from the league.
They might get support from
other big clubs but there is no way it
will be passed by the Premier League.
The big four teams would be absolute-
ly useless on their own. Im appalled.
I am stone cold against it.
I am surprised [that Liverpool have
been first to break ranks],
because Liverpool fans,
like Everton, are so loyal.
It is just greedy to take
the money away from
the other 16 clubs in
the Premier League.
Whelans com-
ments came as
Henry, whose
Fenway Sports Group
also own baseballs
Boston Red Sox, admit-
ted he knew virtually
nothing about the club or
English football when he took over 12
months ago.
Overseas rights revenue is current-
ly split equally between the divisions
20 teams, while domestic television
income is partially determined per-
formance by league position and
number of matches broadcast.
Champions United yesterday indi-
cated they would not support
Liverpools stance, while Chelsea said
they remained supportive of the
current deal.
Tottenham, who, like Liverpool,
might stand to gain in the short term
from individual selling, are under-
stood to be fully committed to collec-
tive bargaining and privately
surprised by the Reds stance.
Premier League clubs received
18m each last season from an over-
seas rights deal that expires in 2013.
Barca and Real pocket around 135m
a year from their individually negoti-
ated contracts.
Hot to Trott: Bairstow emergence of
no concern to Englands Mr Reliable
BY JAMES GOLDMAN
CRICKET
Sport
38
THE REPUBLIC of Irelands hopes of
qualifying for Euro 2012 were given a
major boost yesterday after Uefa con-
firmed Giovanni Trapattonis side as
one of the seeded teams ahead of
todays play-off draw.
Ireland secured second spot in
Group B following Tuesdays jittery
2-1 home win over Armenia and will
now avoid the likes of Portugal,
Croatia and the Czech Republic.
Their opponents in the draw in
Krakow will be chosen from Turkey,
Bosnia and Herzegovina, Estonia and
Montenegro, runners-up to England
in Group G, who are the four unseed-
ed teams.
Seeded teams will no longer be
guaranteed the second leg at home
however that rule was scrapped
after the Republics controversial
defeat to France in the 2010 World
Cup play-of, which saw a Thierry
Henry handball in the build up to
William Gallas decisive goal deny
Ireland a place in South Africa.
Trapattonis Ireland benefit from
Euro 2012 play-off seeding boost
FOOTBALL
John Henry (l)

and Tom Werner
bought the club
last year.
Picture: ACTION
IMAGES
Liverpool, Man United, Chelsea,
Arsenal these clubs produce the
audiences and revenues for the now
huge overseas contracts, and as such they
deserve a bigger share than they are getting.
They should not be able to negotiate their
overseas rights individually but they should
get a fair reward for what they contribute.
The way they split domestic rights 50 per
cent goes to everyone and then success and
popularity are rewarded should be applied
to overseas rights. It makes com-
mon sense and it would be fairer.
Alex Fynn, author and sports marketing
expert who advised on the establishment
of the Premier League
I think Liverpool are sabre-rattling,

but you cant blame them because
they are between a rock and a hard
place. They are losing about 1.5m-2m
every home game against clubs with big sta-
diums like Manchester United and Arsenal,
because of their lower capacity and much
lower income from corporate boxes. So the
only area where a club like Liverpool can try
to get more income is the overseas television
rights thats why theyve gone for it. Is it
fair and reasonable the way its done at the
moment? No its not. Is it likely to change in
the short term? Not in my view.
Turkeys dont vote for Christmas.
John Taylor, chairman of sponsorship
company Sports Impact
Were seeing a move away from a

social democratic way of doing
things to a much more individualis-
tic, libertarian one. This situation has been
building and were going to reach a point at
which the tension becomes so much that one
club will break and in this case its
Liverpool. What you will find is very soon
after, Chelsea, Manchester United and
Arsenal will then, if not do it, then certainly
talk about the potential for doing it. And
because of the way the operating environ-
ment has changed it is now much
more likely they could do this kind
of thing on their own.
Simon Chadwick, professor of sport
business strategy and marketing
at Coventry University
ANALYSIS | EXPERT VIEWS

Americans to
blame in Reds
TV cash row,
says Whelan
BY FRANK DALLERES
BUSINESS OF SPORT
EURO 2012 | PLAY-OFF GUIDE

Seeded teams: Portugal, Croatia, Czech
Republic of Ireland.
Unseeded teams: Turkey, Bosnia and
Herzegovina, Estonia and Montenegro.
Play-off dates: First-legs to be played on
11 and 12 November, second-legs to be
played on 15 November.
Already qualified: Poland, Ukraine,
Germany, Italy, England, Holland, Spain,
Denmark,Sweden, Greece, Russia, France.
Results
Johnson blow
as critic Cotton
to lead review
UNDER-FIRE Martin Johnsons
hopes of retaining his position as
England manager suffered a major
setback yesterday when one of his
harshest critics, Fran Cotton, agreed
to chair an independent review of
the entire England structure at the
Rugby Football Union.
Cottons team, which will com-
prise a two or three-man panel, will
be charged with reviewing the per-
formance of the RFUs professional
rugby department and assessing
rugby operations director Rob
Andrews own report into Englands
dismal World Cup campaign.
Johnsons (right) current contract
expires in December and if he is to
continue until England host the
World Cup in 2015, he may have to
accept working in a new-look struc-
ture, assuming he is offered a new
deal.
Such a prospect can hardly be
considered a certainty following
Englands dismal displays in New
Zealand, which Cotton yesterday
depicted as a damning indictment
of Johnsons tenure.
He said: We were knocked out in
the quarter-finals and we played
poorly throughout the competition.
It is a failure as far as we are con-
cerned.
Martin has now been in charge
three-and-a-half years and it is
very difficult to understand
what style of play this England
rugby team is all about.
The basic skills of rugby at
that level just arent good
enough and I haven't seen an
improvement in the last
three-and-a-half years.
The players have got to take a
huge responsibility. When they go
on the pitch they are in charge of
their own game and it was very
obvious in this World Cup that
there seems to be a lack of leader-
ship.
While England were largely
found wanting on the field in New
Zealand, their antics off it hardly
painted them in a favourable light.
And Cotton, a former internation-
al prop forward, also took a dim
view of the controversy Mike
Tindall found himself embroiled in
following a night out in
Queensland.
Unfortunately Mike Tindalls
incident forget the incident with
the lady in the bar what con-
cerned me is that one of the leading
players was out at two in the morn-
ing and obviously hammered.
That is not part of a professional
athletes lifestyle
and what
example does
that set to
the younger
players in
t h e
squad.
BY JAMES GOLDMAN
RUGBY UNION
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email sport@cityam.com
MANCHESTER CITY outcast Carlos
Tevez is set to face will face discipli-
nary proceedings over his conduct
during last months Champions
League defeat against Bayern
Munich.
The club conducted an internal
investigation following accusations
from manager Roberto Mancini that
the Argentina international refused
to take to the field as a second-half
substitute, and as a result the 27-year-
old may face further sanction, follow-
ing the two-week ban he has already
served.
The club has been conducting an
investigation into the events of 27
September at the Allianz Arena, said
a club statement.
The club has now reached a stage
in its investigation where it has con-
cluded that there is a case for Carlos
Tevez to answer of alleged breaches of
contract. Accordingly, the club has
informed him that he will face disci-
plinary proceedings and the hearing
will be convened shortly.
Tevezs initial punishment expires
today and he is expected to train with
the rest of the squad this morning for
the first time since the episode which
has tainted Citys bright start to the
season.
Mancini had claimed the striker
was finished at the club while he
remained at the helm.
Tevez faces City misconduct hearing
BY JAMES GOLDMAN
FOOTBALL
SPORT | IN BRIEF
Wales stand firm on Gatland
RUGBY UNION: Wales rugby boss Roger
Lewis has warned off possible suitors of
coach Warren Gatland. Speaking ahead
of Wales semi-final against France on
Saturday, Lewis said: We have got a
watertight contract. Even if anyone
wanted to talk with us it would cost
them a heck of a lot of money.
Rooney to learn Euro 2012 fate
FOOTBALL: Wayne Rooney will receive a
three-match ban for violent conduct if
Uefas disciplinary laws are followed
stringently today. Uefas control and dis-
ciplinary body will rule on the strikers
suspension for his red card against
Montenegro as fears grow he could miss
Englands group games at Euro2012.
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Rockhopper chief executive Sam Moody

THE NEW round of quantitative

US faces China yuan fury

John Henry (l)

I think Liverpool are sabre-rattling,

Were seeing a move away from a

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