Cityam 2011-10-28

THE TOTAL value of City bonuses is set
to plunge nearly 40 per cent to 4.2bn

this financial year as Eurozone tur-
moil and weaker bank profits drag
down payouts to barely a third of pre-
crisis levels.
The level of bonuses in 2011-12 will
be the lowest for nine years, according
to the Centre for Economics and
Business Research (CEBR). It expects
payments to be subdued until 2016.
The report comes after a string of
disappointing third-quarter results
from some top banks and is a further
blow to chancellor George Osbornes
plan to repair the public finances.
The tax take from bonuses will be
around 2.5bn in 2011-12, or 60 per
cent of the 4.18bn paid out, com-
pared to the 6.8bn collected by the
Treasury in 2007-08 from a bonus pool
of 11.57bn.
Douglas McWilliams, chief execu-
tive of the CEBR, said: Although I
wouldnt want to be a Porsche sales-
man now the real losers from falling
bonus payments are the Treasury and
the taxpayer.
The report also said the total paid
in City bonuses is unlikely to recover
quickly. The bonus pool will be virtu-
ally flat at 4.17bn in 2012-13 before
rising one per cent to 4.22bn the fol-
lowing year, in part because more pay-
ments are being deferred.
By 2015-16 the total will reach
4.65bn, the CEBR said.
Banks have had to slash cash bonus-
es following new European rules
which effectively stop bankers from
taking any more than 20 to 30 per
cent of their bonus in up-front cash.
Bank profits have been hit as
Eurozone leaders struggle to tackle
the sovereign debt crisis, while invest-
ment banking divisions have suffered
falls in revenue at their fixed income
and equity trading arms as the vol-
ume of work slumps.
Rob Harbron, co-author of the
CEBR report, said the drop in bonus
payments is a concern for the reputa-
tion of London as a financial centre.
With financial services helping
drive the capitals economy and
London historically leading the
growth of national output, subdued
activity spells more weak prospects
for the coming year.
Last week Goldman Sachs said the
cost of pay and bonuses had dropped
59 per cent to $1.58bn (985m) after it
reported its second-ever quarterly loss
as a public company. At UBS, quarterly
pay costs rose to 94 per cent of rev-
enue in its investment banking arm,
reflecting deferred payments from
earlier in the year, after net profit
plunged by more than a third.
The City will shed more than
26,000 jobs this year, the CEBR said
earlier this week. In the US, the
Federal Reserve has said more than 60
per cent of the bonuses of top bank
executives are being deferred.
Despite this, separate research
showed that directors at the UKs top
companies saw their pay and benefits
increase by 50 per cent in the past
year, to an average 2.7m. Chief execu-
tives pay rose by 43 per cent, Incomes
Data Services said.
Should nancial regulation intervene in the
portfolio choice of investors?
Francesca Cornelli, Professor of Finance
Masters in Finance (full-time and weekend formats available)
Meet us on campus at an information event and speak with alumni, students and admissions staff:
Q Tuesday 8 November, 19.00 Q Monday 12 December, 19.00
Visit www.london.edu/mif/ | Email mif@london.edu | Call +44 (0)20 7000 7514 Leading Financial Thinking

www.london.edu/mif/
Leading Financial
Thinking
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AMBITION AND BETRAYAL
IN THE IDES OF MARCH
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BUSINESS WITH PERSONALITY
Issue 1,499 Friday 28 October 2011
Certified Distribution
29/08/11 till 02/10/11 is 98,447
Markets surge on US
growth and euro plan
AMERICAS economy grew at its fastest
pace in a year, official data for the
three months to September claimed
yesterday.
Stocks surged as the bell rang on
Wall Street, after the governments fig-
ures estimated annual GDP expansion
of 2.5 per cent in the third quarter.
The Dow Jones industrial average
soared by over 258 points in the open-
ing moments, a spike of 2.18 per cent
eventually ending the day up 2.86 per
cent at 12,208.48 points.
Equities were also relieved by state-
ments from European leaders, who
sought to assure markets that a reme-
dy to the debt crisis was in motion.
The S&P 500 is up more than 13 per
cent this month, on pace for its biggest
monthly gain since October 1974.
Wall Streets fear gauge, the CBOE
Volatility Index, fell 15 per cent.
On this side of the pond, stocks were
also boosted by the relatively bullish
news. The Euro Stoxx 50 climbed over
six per cent during the day.
Safe haven spot gold slipped $2.50 to
$1,721.20 an ounce, while ICE Brent
December crude rose $3.26 to $112.17
a barrel, as oil received a boost.
The pound rose against the dollar yet
was outperformed by the euro, which
nearly reached $1.42 at one stage.
FORUM: P29
BY JULIAN HARRIS
WORLD ECONOMY
Americas GDP estimate was a pleasant surprise for President Barack Obama
CITYBONUSES
WILL PLUNGE
TO 2003 LOWS
BY PETER EDWARDS
BANKING
Chancellor George
Osborne will pick up
2.5bn in tax from
bonuses in 2011-12,
according to the CEBR
News
2 CITYA.M. 28 OCTOBER 2011
Markets wait
for the devil
in the details
THE EURO continues to rest on solid
fundamentals, proclaimed the
Eurozone statement put out at 4am
yesterday morning.
Despite surpassing markets low
expectations and providing some
patches of long-desired detail, the
statement was met with increasing
scepticism by the evening.
Leaders agreed to leverage the
European Financial Stability Facility
(EFSF) the regions bailout fund by
up to four or five times, for example,
after Chancellor Angela Merkel won
parliamentary permission for
Germany to take on most of the risk.
But with only 280bn of the 440bn
fund available for leveraging (the rest
being already committed for bailouts),
that puts its firepower around 1 tril-
lion half market hopes of 2 trillion.
More pressing is how it will be
achieved. The details of how Europe
plans to create a collateralised debt
obligation to share risk between junk
bond-issuers (Greece) and triple-A
issuers (Germany) will be key to
judging its viability. They are
promised in November.
Another question is who will
buy the debt amassed by the
EFSF. Euro leaders are keen to
tap the billions in reserves built
up by China and Middle
Eastern states. But the
worlds wealthiest sov-
ereigns will not buy
any old junk they
will have to be sure that enough
German money stands behind it.
Even if Europe can pull off this
clever financial engineering, however,
its success comes back to the funda-
mentals of the euro.
Markets simply dont believe they
are solid. Mediterranean
economies, most notably Italy, are
charged with unwinding a
decade of economic mismanage-
ment, tearing up their welfare
states, labour rules and pensions.
On Monday, French President
Nicolas Sarkozy was asked
whether he has faith in
Italys leaders to take on
the challenge.
His reply? A smirk.
Why the euphoria
was not justified
MARKETS are hugely preferable to
central planning but sometimes
capitalisms finest get it spectacularly
wrong. Yesterdays deluded jump in
stock prices the FTSE is now back up
to 5,713.82 was a gross over-reaction
to the Eurozones deal. A sigh of relief
that the outcome wasnt worse would
have been understandable; but there
was no justification for euphoria.
Frances President Nicolas Sarkozy
summed up the day best when he
launched a devastating attack on
Athens dodgy accounting at the time
of the euros launch, admitting that it
was a mistake to allow Greece to join.
I would go further: as many critics
argued at the time, it was a mistake
for anybody to join the euro. The
entire single currency plan was mis-
conceived from the start and now
traps its members in a system
plagued by cripplingly high exit costs.
But arguments about the looming
political tensions as politicians seek
to forge a transfer union without
bothering to ask their electorate was
not what the financial markets want-
ed to hear yesterday. They wanted
some sort of deal and thats what
they convinced themselves they had
got. It was not just UK and Eurozone
equity markets that soared: the Dow
and S&P are on track for the best
monthly gains in decades.
The US rebound at least makes
some sense. Third quarter GDP fig-
ures were decent at an annualised 2.5
per cent (0.65 per cent in UK quarterly
terminology). The US economy is now
bigger than it was just prior to the
bursting of the bubble, an important
milestone (the UK economy remains
substantially smaller). The US double-
dip recession all those forecasters
kept predicting hasnt materialised,
though plenty of dark clouds remain.
But the rebound of European mar-
kets is not justified. The 50 per cent
voluntary haircut on Greek bonds
supposedly agreed after hours of
meetings only applies to a group of
private sector investors; governments
and central banks that own 35 per
cent of the debt arent losing a penny.
In reality, the deal hasnt been
finalised. Even the haircut itself is
dodgy: it is a reduction of half in the
net present value of the bonds, a con-
cept which requires contentious
assumptions about discount rates.
The result is that if all goes well,
which it wont Greeces debt to GDP
ratio should fall back to a still unman-
ageable 120 per cent of GDP by 2020,
back to the level it was just two years
ago. And what are the 30bn of cred-
it enhancements to the private sec-
tor contained in the fine print? We
need answers. What is certain is that
the bulk of the Greek banking system
is now likely to be nationalised; and
given the febrile political climate in
Greece at present it is very doubtful
that proper policies will be put into
action. At best, Greece will be insol-
vent again in three years time, with
another write-off required. It could
happen much sooner than that.
The 1 trillion bailout fund
remains equally opaque; no money
has yet been raised. The idea is to con-
struct an extremely complex set of
mechanisms similar to the ill-fated
CDOs with their debt tranches and
the equally useless monoline bond
insurers that rose to prominence dur-
ing the sub-prime crisis. Insuring the
first 20 per cent of losses on govern-
ment bonds, one of the ideas mooted,
would have failed to help Greece.
The Chinese will be tapped, per-
haps to the tune of 100bn, to help
leverage the fund but it is vital that
the full terms be made public. Until
now, it was merely hypocritical of the
EU to criticise Beijing for distorting
the global credit markets by manipu-
lating its exchange rate and accumu-
lating excessive forex reserves. It soon
may no longer be financially possible
for it to do so either. The markets have
been temporarily assuaged but the
euphoria cannot possibly last.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
A RECESSION may be on the way, Paul
Fisher from the Bank of Englands
monetary policy committee (MPC)
warned yesterday, as new data
revealed retail sales and consumer
confidence are plummeting.
The economy could slide back
approaching a recession, which is
always possible with the sort of finan-
cial crisis overhanging, Fisher told
Bloomberg Television.
In the fourth quarter the economy
at best seems likely to be flat, could
easily have negative growth.
The following quarter could also be
negative, he said making the down-
turn an official recession.
Fisher hopes to see a solution to the
Eurozones woes, which should
return confidence to the economy. If
that doesnt happen then we will
have to look and see if we need to give
more support, he said, just weeks
after announcing 75bn in additional
quantitative easing.
Retailers are reporting sales for the
time of year are their weakest for two
and a half years. The CBIs distributive
trades survey found a net balance of
34 per cent suffering from poor sales.
Consumer confidence is at levels
last seen in 2008 and 1990, immedi-
ately before the UK entered recession,
according to the GfK NOPs survey.
The index declined to two points to
minus 32 this month thirteen
points lower than October 2010.
The data suggests the government
cant rely on people spending their
way out, said Nick Moon of GfK NOP.
MPCs Fisher: Significant risk of
a double dip recession in the UK
UK ECONOMY
EDITORS LETTER
ALLISTER HEATH
7
th
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24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
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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
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Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
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MAYOR TELLS EU TO DROP FINANCIAL
TAX
Boris Johnson has stepped up
Londons opposition to European
Union plans for a tax on financial
transactions, urging Brussels to drop
the proposal at the earliest opportu-
nity. The mayor says he is strongly
opposed to the scheme, which would
drive business out of London.
WHAT THE OTHER PAPERS
SAY THIS MORNING
SIRIUS FINDS POTASH UNDER
YORKSHIRE
The task of feeding the worlds seven
billion people may have got a bit easi-
er after a significant discovery
beneath the North Yorkshire Moors.
Potash is a key ingredient in fertiliser
and as the worlds population has
grown demand for the mineral has
soared.The price of potash has trebled
in the past decade.
l ANALYSIS l THE THREE PLANKS OF
440bn
1 trn
160bn*
Firepower of Eurozone bailout
fund, the EFSF, to be boosted
from 440bn to 1 trillion using a
combination of a special purpose
investment vehicle and a debt-
insurance scheme
*160bn of the original 440bn
has already been spent on
bailouts
1. BAILOUT FUND
Yet the fine print is the least of our worries, writes Juliet Samuel
Sarkozy says Greece joining euro was a
mistake as Osborne hints at IMF cash
IT WAS a mistake to let Greece join
the euro single currency when it did
because its economy was not ready to
form a monetary union with others
in the club, French President Nicolas
Sarkozy said yesterday.
It was a mistake, Sarkozy said,
when asked during a TV interview
about having Greece adopt the euro
two years after the single currency
was created. Its economy was not
ready, he added.
And Sarkozy told French house-
holds they will have to weather a fur-
ther 6-8bn in budget cuts to
compensate for faltering domestic
growth that the government now sees
at one per cent next year.
The cuts come on top of 11bn of
savings already identified in the 2012
budget, and according to the
President mean that the country
could still meet its economic growth
forecast of 1.75 per cent for the year.
Despite having almost no sleep fol-
lowing the drawn-out crunch talks on
Wednesday night, Sarkozy also found
time to speak on the telephone with
Chinese premier Hu Jintao about the
possible involvement of the worlds
second-biggest economy in Europes
bailout.
The head of the European
Financial Stability Facility (EFSF),
Klaus Regling, is travelling to China to
promote the cause to officials face-to-
face. But it looks like he will have his
work cut out Chinas new agency
Xinhua said yesterday that emerging
economies should not be seen as the
EUs Good Samaritans.
UK chancellor George Osborne also
brought up the latest Eurozone
accord in parliament yesterday,
telling MPs that very good progress
has been made and that European
leaders have started down the right
road.
He hinted that the UK could hand
over more money to the International
Monetary Fund (IMF) to ensure the
institution can perform its job as the
lender of last resort.
But he stressed to the Eurosceptic
Tory faithful that the money would
not be spent directly on bailing out
the single currency, even though the
IMF is currently involved in rescue
packages for a number of European
nations including Greece and Italy.
He added that Britain would not be
putting money into the EFSF, but con-
ceded that the cash could indirectly
end up helping out the Eurozone.
EUROZONE
EU banks: we
wont need
public money
EUROPES banks insisted yesterday
that they can handle ramped-up capi-
tal requirements from EU authorities
without resorting to state bailouts.
Despite some analysts having called
a nine-month timeline for raising bil-
lions in new funds unrealistic,
lenders are determined to appear
unruffled.
Yesterday, the European Banking
Authority (EBA) unveiled preliminary
results of the stress tests it is conduct-
ing on EU banks, which called for total
new capital of 106bn (93.4bn) condi-
tional on a 50 per cent haircut on
banks holdings of Greek debt.
The lions share of that will have to
be found by Greek and Spanish banks.
Greeces main lenders have to raise
30bn as a result of holding billions in
Athens debt. But Spains banks were
also deemed to be drastically under-
capitalised: its top five need to find
26bn, with many of its other lenders
having already been nationalised.
BBVA is the worst hit: it has to raise
7.01bn, but insisted it can generate
4.7bn of that purely through profits.
Frances banks were told to raise
8.8bn, with only Credit Agricole
deemed to have enough capital.
BNP Paribas said it will not need to
do a rights issue to raise its 2.1bn,
while Socit Gnrale did not rule
out tapping markets but said it would
not need public funds to find 3.3bn.
Both SocGen and BNP Paribas will
speed up their effort to offload non-
core assets to meet the target.
Germanys Commerzbank said it
would not need to tap public funds to
raise its required 2.9bn.
Banks that do have to tap markets
could find it difficult to persuade
investors to stump up the cash given
ongoing Eurozone risks, plunging
share prices and low dividends.
And one intriguing detail was left
unexplained: the EBA appeared to sug-
gest that contingent convertible bonds
(cocos, which turn into equity if a
banks reserves drop too low) will be
an acceptable form of capital.
The Basel Committee rejected cocos
earlier this year, but they have been
endorsed by Swiss regulators and
could now be adopted by the EU.
BY JULIET SAMUEL
BANKING
News
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THE EUROZONE RESCUE PLAN
2. GREEK HAIRCUT
3. BANK RECAPITALISATIONS
Banks will
have to raise
an extra
106bn in
capital to
withstand the
50pc haircut
on their Greek
bonds
TEN-YEAR yields on German govern-
ment bonds jumped by the most in
almost three months yesterday and
spreads across the Eurozone nar-
rowed, as investors reacted to politi-
cians plans by shifting their risk
exposure.
German bunds became a less attrac-
tive safe haven after the countrys par-
liament backed an increase to the
European Financial Stability Facility,
to which it contributes some 211bn.
But at the same time yields on
Spanish, Italian and Greek sovereign
debt fell, narrowing spreads and sug-
gesting some appetite for more risky
assets had returned. The spread
between yields on 10-year Greek and
German debt fell to 2002.3; down
123.4 basis points from the previous
days close.
But the credit default swap market
yesterday fell off a cliff, after it became
clear that the contracts were unlikely
to class Greeces haircuts as a default.
David Geen, general counsel at the
International Swaps and Derivatives
Association, said that the arrange-
ment was still classed as voluntary.
The Markit iTraxx SovX Western
Europe Index of credit default swaps
on 15 governments fell 42 basis points
to 291 yesterday. The volume of
Greekand other CDS trades has col-
lapsed in recent weeks.
BY ELIZABETH FOURNIER
MARKETS
Bond spreads narrow as investors react

A WAVE of weak data in the Eurozone
points towards a recession, analysts
are warning, piling more pressure on
Eurozone leaders.
Figures out yesterday from the
European Commission showed con-
sumer and business confidence wors-
ening into October.
Economic sentiment slipped to a 22-
month low, falling 0.2 points to 94.8.
Consumer confidence declined 0.8
points to -19.9 on Septembers figures.
The evidence suggests Italy and
Spain are in recession, and the
Eurozone as a whole could shrink this
quarter, said Lombard Street
Researchs Jamie Dannhauser.
Economists stress immediate pres-
sure is on Berlusconi to reform Italys
finances. He needs to avoid a default,
overwhelming the bailout fund.
Markets have priced in a 0.25 per
cent rate cut in December, though
some analysts hope it happens sooner.
Germany recorded no inflation this
month, upping the chance of a cut.
Markets hope incoming European
Central Bank (ECB) boss Mario Draghi
will cut interest rates next week.
BY TIM WALLACE
EUROZONE
Leaders face falling GDP

Austria
Belguim
Cyprus
France
Germany
Greece
Italy
Norway
Portugal
Spain
Sweden
2,938m
4,143m
3,587m
5,184m
30,000m
14,771m
1,312m
8,844m
7,804m
26,161m
1,359m
157% 120%
2011 2020
10-YEAR YIELDS YESTERDAY
1 Germany +17bp 2.21%
2 Spain -15bp 5.33%
3 Italy -5bp 5.88%
4 Greece -29bp 24.73%
Eurozone leaders say this will
reduce Greeces debt-to-GDP ratio
from 157 per cent in 2011 to 120
per cent by 2020. But there wont
be haircuts for public sector owners
of Greek debt such as the ECB
Private sector
bondholders to take a
writedown of 50 per
cent on their holdings of
Greek sovereign debt
HOW EUROPES BANKS WILL RAISE CAPITAL
Bank Amount needed
BBVA 6.3bn
Said it will not need public funding
and will generate capital internally
Commerzbank 2.9bn
Will not seek state aid to raise extra
capital
BNP Paribas 2.1bn
Said it will not need to raise funds on
the markets
Societe General 3.3bn
Will reach requirements by its own
means without public funds
Group BPCE 3.3bn
Will set aside profits and continue to
regularly issue capital shares
Banco Comercial Portugues 2.4bn
Will deleverage, and could draw on
Lisbons public 12bn credit line
Banco BPI 1.7bn
Will deleverage, and could draw on
Lisbons public 12bn credit line
Svenska Handelsbanken 1.1bn
Will meet requirements through
adjustments to its balance sheet
Swedbank 300m
Said strong results should mean it
doesnt need to raise new capital
GRUPO Santander saw its quarterly
pre-tax profits rise by nine per cent
yesterday, despite failing to signifi-
cantly reduce its impairments.
The banks shares were also boosted
by its assurance that it will overshoot
European authorities nine per cent
capital ratio target by 100 basis points
without the need to issue new capi-
tal while also paying out a dividend
of 60 euro cents per share.
From a base of 8.3 per cent core tier
one capital at the moment, Santander
vowed to reach 10 per cent by June
next year the EU deadline.
While large portions will come
from earnings and bonds due to con-
vert to equity next year, the bank said
that about 0.7 per cent of its new cap-
ital will stem from other measures
in other words, large-scale disposals of
its non-core portfolio, in large part
made up of real estate assets.
However, it could find it difficult to
reach its desired sale price for some of
the assets due to a large overhang of
similar portfolios on the continent.
Santander should be able to rely on
increasing revenues, however. Its quar-
terly earnings came in at 2.77bn for
the third quarter of this year while
net loan loss provisions edged down
only marginally to 2.91bn versus
2.94bn last year. Other impairments
more than doubled from 41m to
84m.
The overall quality of its loan book
was little changed, however, and the
bank warned that it expects condi-
tions to continue on a downward
trend in its home market, Spain,
where the proportion of non-perform-
ing loans increased to 5.15 per cent.
Nine-month earnings were also
down by over six per cent as a solid
third quarter failed to make up for
previous under-performance.
And results deteriorated for its UK
business, where pre-tax profits
dropped 19 per cent to 496m, in part
due to a 547m provision for compen-
sation those mis-sold payment protec-
tion insurance.
Its stock closed up 7.5 per cent,
buoyed by market exuberance over
the euro bailout accord.
BY JULIET SAMUEL
BANKING
MOODYS chief executive Raymond

McDaniel has said the corporate bond
rating business looks poised to
rebound when credit markets sta-
bilise, after reporting a third-quarter
profit that beat Wall Street estimates.
McDaniel said the pipeline of corpo-
rations waiting to issue new bonds is
pretty strong, but warned it was
hard to predict when it may happen.
Its earnings beat forecasts through
a combination of share buybacks, an
unusually low tax rate and strength in
its less well-known Moodys Analytics
businesses of financial research and
consulting services.
Earnings per share in the third
quarter were 57 cents compared with
the 49 cents expected by analysts on
average. But net income fell four per
cent to $130.7m (81.7m) while total
revenue rose just one per cent.
Moodys expects bond market
growth as gains beat forecasts
FINANCIAL SERVICES
ELITE US investment bank Lazard

pleased investors with a 24 per cent
surge in revenue gained from advis-
ing on M&A in the third quarter.
Lazard shares bounced as much as
18 per cent after it posted the better
than expected rise in advisory rev-
enues to $199.1m (124.5m), while its
newly-acquired boutique Evercore
saw M&A revenues rise a still-bigger
38 per cent. Despite the gain, Lazards
third-quarter pre-tax profits fell 12
per cent to $69.6m as its core business
operating revenue rose just two per
cent to $470.3m as expenses rose.
Chief financial officer Matthieu
Bucaille said Lazard gained market
share during the quarter because of
fortuitous deal closings, but is conser-
vative about its outlook.
We remain cautious because the
volatility weve experienced recently
has really impacted confidence, he
said. In M&A, confidence is key.
Assets under management had fall-
en 16 per cent since June to $135.8bn,
or five per cent year-on-year, after a
torrid quarter in equity markets,
where Lazards asset management
business is focused. But asset manage-
ment revenues gained four per cent
to $216.7m as Lazard raised its fees.
Lazard booked an $18.2m pre-tax
gain from buying back subordinated
bonds, but did not include this in its
profit figures.
Lazard shares soar despite
profit fall on market turmoil
BY ALISON LOCK
BANKING
News
Santander
vows to beat
capital target
ANALYSIS l Banco Santander SA

21 Oct 24Oct 25Oct 26Oct 27Oct
6.20
5.90
6.10
6.00
6.30
6.40
6.50
6.44
27 Oct
THE CANON Chancellor of St Pauls
has quit the cathedral, say-
ing he did not want to see
violence used to clear
the protesters camp.
Reverend Dr Giles
Fraser (right) said his
conscience meant he
could not support St
Pauls if it joined
with the City of
L o n d o n
Corporation to evict
the Occupy LSX
activists.
He wrote on
Twitter that he was leaving with
great regret and sadness and later
said he would have preferred to see
the size of the camp reduced and the
cathedral remain open.
It came as London Mayor Boris
Johnson called for new law to pre-
vent protest camps erupting like
boils, and the head of the
Metropolitan Police is
said to be deciding
within 48 hours
whether to
forcibly move
the camps at
the cathedral
and Finsbury
Square.
Canon Chancellor quits St Pauls
over threat to force out activists
POLITICS
THE WORLDS finance watchdog yes-

terday outlined plans to clamp down
on the poorly-regulated $60 trillion
(37.5 trillion) shadow banking sys-
tem, to reduce the risks it poses to
mainstream banks worldwide.
The Financial Stability Board, a
global banking regulator, said it
would add new regulation next year
to make it harder and more expensive
for banks to do business with the
shadow banking sector, which
includes money market funds, securi-
tisation and securities lending.
While the FSB admitted that shad-
ow banking entities provided extra
funding and liquidity, it said the sec-
tor poses systemic risks to world finan-
cial structures.
With regulation on banks tight-
ened, it is important to address sys-
temic risks...arising from the shadow
banking sector and its interaction
with the regular banking system,
said Lord Adair Turner, chairman of
the FSBs supervisory and regulatory
cooperation committee.
He said the new rules expected next
year would be fundamental to the sta-
bility of the global financial system.
Lord Turner also chairs City regulator
the Financial Services Authority and
sits on the Bank of Englands new
Financial Policy Committee.
The FSB unveiled draft recommen-
dations for closer supervision and reg-
ulation of shadow banks, such as
setting stricter limits on the size and
nature of a banks exposure to shadow
banking entities.
Any shadow banking entities a
bank sponsors should be included on
its balance sheet so that it would have
to account for them in its mandatory
regulatory capital buffer, and leverage
and liquidity ratios, it added.
The FSB estimates that the sector
represents between 25 and 30 per cent
of the global financial system.
But money market funds have
rejected their inclusion in the FSBs
definition of shadow banks, saying
they have rigorous constraints.
THE FINANCIAL Services Authority
has said it wants to clamp down on
the way banks and building societies
sell insurance on packaged accounts
which can turn out to be useless.
The regulator wants to prevent
another mis-selling scandal by forc-
ing lenders to check whether a cus-
tomer is eligible to claim under each
policy and then to tell them.
About one in five UK adults has a
packaged account, a form of current
account which can cost up to 300 a
year and comes with other products
such as ticket discounts or protection
from identity theft.
Sheila Nicoll, FSA director of policy,
said: We are concerned that it may
be too easy at the moment for firms
to sell customers something they do
not understand or need
The regulator has published a con-
sultation paper which also suggests
banks and building societies provide
customers with an annual eligibility
statement to see if their circum-
stances have changed and tell them if
a packaged account is unsuitable.
A spokesman for the British
Bankers Association said packaged
accounts could be a good deal but
added: Customers should shop
around for the deal which suits their
own needs best.
FSA wants new
rules on pricey
account extras
BY ALISON LOCK
REGULATION
BANKING
News
Shadow bank
sector faces
clampdown
RETAIL veteran John Lovering has
returned to the board of the invest-
ment group that owns Peacocks, the
struggling fashion chain he chaired
for six years until 2003, City A.M can
reveal.
Last month the British high street
retailer, which sells discount fashion
lines, called in KPMG to conduct an
independent business review as fears
grow that it is in danger of breaching
its banking covenants.
The group was left with huge debt
in 2006 when it was taken private by a
consortium of investors.
The 400m deal was led by manage-
ment with the backing of Goldman
Sachs, several hedge funds and
Echelon, an investment vehicle owned
by John Lovering.
Lovering will now take up Echelons
seat on the board of Peacocks parent
company after an Echelon partner
stepped down.
The former chairman of
Debenhams and Homebase, who is
known for his ability to turn firms
around, said he will not be taking any
active part in the running of Peacocks.
BY KASMIRA JEFFORD
RETAIL
John Lovering returns to

fashion chain Peacocks
John Lovering, former chairman of Peacocks, will join the board of its parent company
ROYAL Dutch Shell is more worried
about Europes competitiveness than
the macroeconomic effects of the sov-
ereign debt crisis, the oil giant said yes-
terday, warning that it is likely to keep
reducing its support of projects the
region.
Chief financial officer Simon Henry
said Shells investment in European
projects had been cut to only 15 per
cent of the companys total annual
investments and this proportion is
likely to drop further.
Fundamentally, we have more of a
concern in Europe as a whole about
competitiveness. Europes macroeco-
nomic position can only recover and
the sovereign debt crisis can only be
addressed through underlying eco-
nomic growth, he said.
We do not see the European Union
creating the conditions for that, in fact
quite the opposite.
Henrys comments came as the
group reported it had doubled its
third-quarter profits to more than
$7bn (4.4bn) third quarter of this
year, boosted by high oil prices. Brent
crude averaged $113 a barrel, up 48 per
cent on the same quarter in 2010.
Shell saw overall production, exclud-
ing divestments, rise by two per cent
compared with the same period last
year at 3.01m barrels of oil per day,
helped by its oil sands project in
Canada and its liquefied natural gas
scheme in Qatar.
Shell said the third quarter payout
will continue at 42 US cents per share.
The group closed up 27p at 2,280p.
Shell gloomy
on EU growth
as profits rise
EXXON Mobil Corps profit soared 41
per cent in the third quarter, as gains
in crude oil prices and higher refining
margins boosted results.
The worlds largest publicly traded
oil company, reported a profit of
$10.33bn (6.4bn) up from $7.35bn a
year earlier.
Profit in the companys exploration
and production business rose 54 per
cent while its refining business saw
profit rise 36 per cent.
However, Exxon suffered a drop in
oil and natural gas production by four
per cent to 4.28m barrels oil equiva-
lent (boe) per day in the quarter, its
first drop in production since the sec-
ond quarter of 2009.
The decline in production came
despite the fact that Exxon spent a
record $26.7bn in the first nine
months of the year.
The company is spending heavily to
increase its shale gas production, espe-
cially in North America, to help boost
the profitability of its domestic asset.
Last year, it closed a deal for gas pro-
ducer XTO Energy, and the oil compa-
ny has steadily been purchasing
acreage in shale fields like the
Marcellus in the Eastern United States.
Shares yesterday closed at $81.88 in
New York last night, up by one per
cent on the day.
Exxon profits
soar on higher
energy prices
BY KASMIRA JEFFORD
ENERGY
ENERGY
News
p
ANALYSIS l Royal Dutch Shell PLC
2,260
2,200
2,240
2,220
2,280
2,300
2,320 2,280.00
27 Oct
ANALYST VIEWS: WERE SHELLS RESULTS ON
TRACK? Interviews by Kasmira Jefford
RICHARD GRIFFITH | EVOLUTION SECURITIES

Dare we say it but things appear to be going very smoothly for Shell. Key
projects are ramping up on time, there appears to be no operation reliability issues
and it is making play opening exploration discoveries. It is in a sweet spot and
should continue to get stronger as over 20 major projects come on stream.
RICHARD HUNTER | HARGREAVES LANDSDOWN

One market adage... is Never sell Shell. Todays update is a timely
reminder why this is still the case. A doubling of earnings has been possible through
both higher oil prices and stronger refining margins. Shells aggressive investment poli-
cy continues apace, helped along by the extra income it has generated.
IAIN ARMSTRONG | BREWIN DOLPHIN

We are talking about a cash machine here. I believe that the conditions
within the company, with a sharp change in underlying trading, would suggest that
they will be free cash flow positive next year, which gives them the opportunity to
hand money back to shareholders in the form of higher dividends next year.
CEO Peter Voser

said Shells profits
were helped by
higher oil prices.
Picture: REUTERS
COMMERCIAL property agent CBRE
yesterday posted a cheering 12 per
cent rise in net profit for the past
quarter as global property sales
jumped 23 per cent.
The results, released after US mar-
kets closed, showed that its revenues
hit $1.5bn (940m) in the third quar-
ter, 21 per cent higher than in the
same quarter in 2010, while net profit
was $63.8m.
Global mortgage loans were up 52
per cent from last year, to about
$5.8bn, while leasing revenues also
rose almost a fifth, it said.
Chief executive Brett White said
the company was very pleased with
the results at a time of such econom-
ic uncertainty.
Global revenue rose significantly
in nearly all of our major service lines
and geographies, reflecting the dura-
bility of the commercial real estate
market recovery, coupled with our
ability to improve market share in an
uneven macro environment, he said.
CBRE said its EMEA business pro-
duced the biggest revenue rise, of 28
per cent, despite Europes sovereign
debt worries, while its leasing rev-
enues from the region rose by a third
as it signed big deals in the UK,
France, Germany and the
Netherlands. White said its Americas
business also performed well, with
property sales rising 42 per cent com-
pared with 2010.
Investors welcomed the news, send-
ing CBREs shares 7.4 per cent higher
in after-hours trading.
CBRE revenue
hits $1.5bn as
property sells
PROCTER & Gamble posted a slight dip
in quarterly profit that was in line
with expectations yesterday, as the
worlds largest household products
maker raised prices and notched sales
gains in each unit.
The maker of Pampers nappies and
Tide detergent earned $3.02bn
(1.87bn), or $1.03 per share, in the
quarter ended on 30 September, com-
pared with $3.08bn, or $1.03 per share,
a year earlier. It had fewer shares out-
standing in the most recent quarter.
P&G, which makes everything from
Gillette razors to Pantene shampoo,
announced or implemented price
increases on brands that account for
the majority of its US sales and has
pulled back on some promotional
spending, which also effectively raises
the prices consumers pay.
Sales rose 8.9 per cent to $21.92bn.
Organic sales, which strip out the
impact of acquisitions, divestitures
and foreign exchange fluctuations,
rose four per cent, coming in at the
high end of the companys two per
cent to four per cent forecast.
The volume of goods sold rose two
per cent, excluding acquisitions, asset
sales and currency fluctuations, with
growth in developing regions partially
offset by a decline in developed
regions.
P&G remains in
line as quarterly
earnings decline
BY ALISON LOCK
PROPERTY
CONSUMER
News
Time Warner Cable sinks
as video customers wane
TIME Warner Cable missed Wall
Street forecasts yesterday, sending the
cable companys shares down as
much as eight per cent, as it lost
more video customers than expected
and lost phone customers for the first
time.
The number two US cable operator
said its third-quarter profit missed
analysts expectations due to mount-
ing programming costs and a drop in
premium video subscriptions.
Time Warner Cable lost 128,000
video subscribers in its residential
services in the quarter.
However, it added 89,000 sub-
scribers for its broadband services
during the period.
It also lost 8,000 phone customers,
the first quarter it has done so since it
started selling voice services.
The company posted revenue of
$4.91bn (3.1bn) -- slightly below the
$4.95bn pegged by Wall Street ana-
lysts. Profit for the three-month peri-
od ended 30 September fell to $356m.
MEDIA
Glenn Britts company is losing video subscribers Picture: REUTERS

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ANALYSIS l CBRE Group Inc
16.50
15.00
16.00
15.50
17.00
17.12
27 Oct
News
COLGATE-PALMOLIVE has posted a
higher quarterly profit, as the tooth-
paste maker benefited from expansion
in emerging markets even as rising
costs for raw materials eat its margins.
The maker of Colgate toothpaste
and Palmolive dish soap said it
expected earnings per share to rise at
a mid-single-digit percentage rate in
2011 and that its goal was to return to
double-digit earnings growth in 2012.
Colgate profits
in new markets
CONSUMER
MOTOROLA Solutions yesterday raised

its revenue target for the full year cit-
ing strong demand from businesses
and government clients for its wireless
equipment.
It increased its 2011 revenue growth
target to seven per cent from a previ-
ous target range of 5.5 per cent to six
per cent. For the third quarter, the
company said its operating profit rose
to $253m (157m).
Motorola ups
revenue target
TECHNOLOGY
DOW Chemical narrowly missed Wall

Streets quarterly profit expectations
yesterday as cost increases and eco-
nomic worries dented demand in
Europe and North America.
Dow reported net income of $815m
(506m), or 69 cents per share, com-
pared with $512m, or 45 cents per
share, in the year-ago period.
Revenue rose 17 per cent to
$15.11bn.
Dow Chemical
misses forecast
INDUSTRIALS
MOODYS Corp reported higher-than-

expected quarterly earnings yesterday
after share buybacks and an increase
in research and consulting revenue
countered the hit its bond rating busi-
ness took from government debt
crises.
Third-quarter net income fell four
per cent to $130.7m (81m) from
$136m a year earlier. Revenue rose
four per cent to $531.3m.
Moodys results
beat estimates
FINANCIAL SERVICES
US REGULATORS are formally inves-

tigating whether Avon broke bribery
laws overseas, and the cosmetics
company has said it was again
reassessing its strategy after quarter-
ly profit fell far short of market
expectations.
Avons third-quarter profit fell to
$164.2m, or 38 cents per share, from
$166.7m, or 38 cents a share, a year
earlier. Revenue rose 5.7 per cent to
$2.76bn.
Avon also sold five per cent fewer
products in the quarter.
Avon slumps on
bribery inquiry
CONSUMER
EVERCORE Partners quarterly earn-

ings topped expectations yesterday as
the boutique investment bank earned
more fees from advising clients
despite a tepid merger market.
The company also raised its quar-
terly dividend by 11 per cent to 20
cents a share, effective in the fourth
quarter.
On an adjusted, pro-forma basis,
the firm earned 46 cents a share, on
revenue of $163.9m (101.8m).
Investment banking revenue rose
38 per cent.
Evercore raises
quarter dividend
FINANCIAL SERVICES
SHAREHOLDERS of broker-turned-
wealth manager Evolution Group
voted firmly in favour of its sale to
South African investment group
Investec yesterday despite concerns
over the real price of the deal.
Nearly 95 per cent of shareholders
that chose to vote gave the takeover
the green light, despite a ten per cent
drop in the value of the deal to 210m,
from 233m when it was announced
in September. The all-share offer was
worth 1 per share, but has now
slipped to about 90p.
The falling value of the deal had
raised the ire of Evolutions biggest
shareholder Aberforth Partners,
which pulled its support for the deal
when it slumped to as low as 82p per
share last week.
But Andy Brough, fund manager at
Schroders, which holds about eight
per cent of Evolution, told City A.M. a
revival in Investecs price this week
meant the deal now looked better
than many had anticipated.
It feels like we are leaving the
party with a balloon, he said while
the other shareholders maybe went
home with a slightly prettier girl
than they expected.
Only 56 per cent of Evolutions
shareholders voted either for or
against the offer at the general meet-
ing, though, while 12 investors with-
held their votes completely.
Evolutions chief executive Alex
Snow will now take a seat on Investecs
board and become executive chair-
man of its UK investment bank.
Investec bid
for Evolution
gets yes vote
FRANCES biggest insurer, Axa, said its
life and savings division had been hit
by the slowing global economy but
said its UK pensions business was
growing fast yesterday.
Axa said life and savings revenues,
which make up the lions share of its
business, fell 9.3 per cent to 39.8bn
(24.9bn) in the first nine months of
the year compared to the same period
in 2010. That caused Axas overall rev-
enues to fall 4.8 per cent compared
with 2010, to 65.9bn.
Despite this, its shares soared by
almost 15 per cent on optimism after
the late-night deal struck between
Eurozone leaders on Wednesday.
Axa played down the poor perform-
ance in its life division, where net
inflows almost halved to a net 4.5bn
in the first nine months of 2011.
We are in line with our strategic
plan, chief financial officer Gerald
Harlin said. We stand by all the com-
mitments we have made.
Describing the economic climate as
difficult, he said Axas balance sheet
was solid and its exposure to peripher-
al Eurozone debt was marginal.
Revenues from property and casual-
ty insurance rose 3.8 per cent as Axa
raised its prices, while Axa Wealth, its
UK-based pension business, saw assets
rise 9.6 per cent to 18.3bn.
SIMON Lee, the well-regarded interna-
tional head of insurance group Royal
Sun Alliance, will step up to the post
of group chief executive next
Tuesday, two months earlier than
originally announced.
Lee replaces Andy Haste, who has
led RSA since 2003 and overseen a
period of strong growth and prof-
itability at the home and motor insur-
er. Haste was due to step down at the
end of the year but with the handover
complete will leave ahead of time.
Lee, 50, a former NatWest execu-
tive, has overseen rapid expansion of
RSAs Europe and Canada businesses,
which now account for almost half of
the groups premium income.
His promotion has been planned
for months and is expected to drive
further overseas growth. RSA expects
70 per cent of premium to come from
its global operations by 2016.
Axa shares up
despite 9pc fall
in life revenues
Simon Lee steps up to
lead RSA ahead of time
Simon Lee will become RSA group chief executive on 1 November
BY ALISON LOCK
BANKING
INSURANCE
News
BY ALISON LOCK
INSURANCE
ANALYSIS l Evolution Group PLC

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27 Oct
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CHINESE companies have bought a
record number of European targets so
far this year, taking their total spend-
ing on M&A to $12.1bn (7.6bn), data
from Dealogic yesterday showed.
Chinese companies made 64
European mergers and acquisitions
in the first nine months of this year,
up from 47 in the whole of 2010.
German companies were most
sought-after, with 14 M&A closing,
while France attracted the highest
prices, as Chinese firms spent $4.7bn
buying eight local companies.
City banker Rothschild topped the
list of advisers to Chinese firms.
BOB IVELL was yesterday confirmed
as executive chairman of Mitchells &
Butlers as interim chief executive
Jeremy Blood stepped down, follow-
ing a bruising period when largest
shareholder Joe Lewis made an abort-
ed takeover attempt.
The shake-up brings the number
of board-level changes in the last
four years to nine, with six chair-
men and three chief executives at
the helm of the pub group.
Doug Evans, general counsel and
company secretary, has been appoint-
ed to the board to become its fifth
member, alongside finance director
Tim Jones and Doug Evans and Ron
Robson, both representatives of
Lewiss Piedmont vehicle.
Ivell, who took on the chairmans
role on an interim basis in July, is lead-
ing the search for a new CEO and will
take on those duties until an appoint-
ment is made. Blood will remain with
the business for a short time to ensure
an effective handover.
Analysts said the appointment of
Ivell a veteran of the hospitality sec-
tor after spending nearly 40 years in
the industry as chairman of Regent
Inns, managing director of Scottish &
Newcastle Retail and managing
director of Beefeater restaurants
should start to bring some calm to
Mitchells & Butlers troubled ship.
These are tentative signs M&B is
making moves towards a return to
normality and management stability
after the disruption caused by board-
level resignations and the recent
takeover talks from Piedmont, said
Paul Crawford at RBS.
Ivell said: My immediate key tasks
are to recruit a permanent, high-qual-
ity chief executive and strengthen the
board further with additional non-
executive directors. Shares in M&B
closed up 5p at 246p on the news.
Ivell takes on
a new exec
role at M&B
TEMPORARY power provider APR
delivered a bullish trading update yes-
terday, saying it saw growth acceler-
ate in the past quarter with revenues
up 63.5 per cent to $57.5m (35.7m).
APR, which only re-listed in June
after being taken over by Hugh
Osmonds Horizon vehicle, signed a
new agreement to supply turbines to
engineering group Pratt & Whitney
yesterday and said its order book was
robust, giving it a strong pipeline of
new business.
The group also said it expected its
full-year net profits to come in ahead
of market expectations.
APR sees 64pc
revenue jump
Chinese M&A
in Europe soars
BY HARRIET DENNYS
LEISURE
M&A
INFRASTRUCTURE
Mitchells & Butlers executive chairman Bob Ivell and largest shareholder Joe Lewis
News
All this pub firm needs is some stability
TO BE honest, my eight-year old
nephew could become executive
chairman of Mitchells & Butlers
and the pubs firm would enjoy
more stability than it has in recent
years. This is the ninth change in
either chief executive or chairman
in the last four years. Hopefully
Bob Ivell will stick around for
longer than his predecessors. He is
said to have a good relationship
with activist shareholder Joe
Lewis, which should help.
There is no doubt that Ivell is an
industry pro. His CV includes exec-
utive stints at Scottish & Newcastle
and Whitbread, and he is a direc-
tor of soft drinks company Britvic.
In M&B, he now controls one of
the best portfolios of pubs in the
business, with a strong focus on
the increasingly important pub-
with-food segment.
Its share price and operational
performance has been hurt by the
interminable board-room soap
opera. Ivells first job will be to
steady the ship.
Next, he must find a chief execu-
tive. In many ways it is a plum job,
but potential candidates are sure
to be deterred by the fates of their
predecessors. Analysts say the
appointment of a bright young
turk or an internal candidate
which both carry risks is the
most likely outcome.
Like all consumer-facing indus-
tries, pubs are suffering as real
wages are hit by pay freezes and
soaring inflation. But beneath the
constant director bust-ups, brands
like All Bar One give M&B a real
competitive advantage.
Hopefully Ivell can stop squan-
dering it by bringing some much-
needed stability to the company.
BOTTOMLINE
Analysis by David Crow
p
ANALYSIS l Mitchells and Butlers PLC
21 Oct 24Oct 26Oct 27Oct
242.50
225.00
240.00
227.50
245.00
247.50
250.00
25Oct
246.00
27 Oct
News
16
London 2012
IMAGE OF THE WEEK
With the announcement that more than
2,012 of the athletes apartments have
now been completed, culture and
Olympics secretary Jeremy Hunt visited
the construction site to see the
progress. After the Games, the apart-
ments will be adapted for permanent
use, creating 2,818 new homes.
Between now and the 2012 Games, City
A.M. is publishing its Olympic Image of
the Week. We welcome photographs
from all sources sponsors, athletes,
local businesses, commuters, residents
if you have a shot you think readers will
like, email pictures@cityam.com with
IOW2012 in the subject line. Full details:
www.cityam.com/london-2012.
LONDON 2012 | OLYMPIC AND PARALYMPIC VILLAGE
LONDONERS
CHARM IS A
SERVICE FOR
WEALTHY
WHERE THE wealth lies and, more impor-
tantly, how to persuade customers to part
with it was the theme of the Wealth
Summit run by monthly magazine Luxury
Briefing in association with City A.M.
Master of ceremonies was James
Reatchlous, who bought Luxury Briefing
from Princess Alexandras son James
Ogilvy in 2009 before expanding into
spin-offs such as Luxury Connections, the
soon-to-be-launched quarterly little
black book for suppliers.
Reatchlouss supporting cast included
Ben Elliot, founder of the rich mans
concierge Quintessentially, and Rob
Hersov, who sold his private jet company
Marquis Jets Europe to NetJets in 2008
before founding high net worth consul-
tancy Adoreum Partners.
You have to reach the rich with a level
of trust, Hersov told The Capitalist, still
inspired by his breakfast the previous
day with Vernon Hill, the man giving
HSBC, Barclays and friends a run for
their money by bringing the customer-
oriented Metro Bank to the UK. The
banks here have got it all wrong, he con-
tinued. They are selling products rather
than focusing on relationships.
nephew Mark Ronson is the director of
music. Also spotted dining at the private
members club since it opened on 12
September are Rolling Stone Ronnie
Wood, steel magnate Lakshmi Mittal and
Killik & Co partner Paul Killik.
It must be the connections of the clubs
business advisory board entrepreneur
David Tang, Addleshaw Goddard senior
partner Paul Lee and property investor
Gary Landesberg, to name but a few that
has persuaded 1,500 arts enthusiasts to
part with the 1,200 joining fee plus
1,500 annual membership.
The Arts Club has already become a
powerhouse of networking, said The
Capitalists man in Mayfair.
RAIN MAKERS
THE SHAPESHIFTING Hindu god Krishna
met business transformation recruiter
Venquis last night at the firms Diwali
party to celebrate Krishna defeating the
god of rain. Lets hope the sovereign debt
clouds dont dampen the spirit of giving,
said the firms spokesperson as he sup-
plied the donation link
www.justgiving.com/shivia/donate
Not so, said William Cash, editor-in-chief
of Spears magazine, who said that if the
UK does anything well it is service in fact,
the consequence of the Big Bang is that
Londons banking classes have become
the financial waiters of the world.
We are experts in social grovelling;
some call it charm, he said. For
Malaysian, Russian and Middle Eastern
oligarchs, there is nothing more reassur-
ing than an English accent.
BOOM AND BUST
CASH also read an extract from his forth-
coming novel Drawdown, which opens at
the height of Londons golden boom in
2007 before chronicling the downfall of
banker Mike Mowbray, who loses every-
thing after being embroiled in a scandal
that leads to prison.
The author has spent the last five
years sitting ringside on the bleachers
of Londons Circus Maximus, observ-
ing scenes similar to the fictional char-
ity auction organised by the Alpha
Return for Children Foundation that
opens his comedy novel.
Any similarity to Arki Busson and Ian
Waces hedge fund gala Absolute Return
for Kids is, of course, purely coinciden-
tal but all will be cleared up next year,
just as soon as agents Aitken Alexander
find a publisher. We are going to auc-
tion the book to the highest bidder, just
like in the City, said Cash happily.
ARTISTIC LICENCE
PROPERTY tycoon Gerald Ronson has
found a new favourite haunt: the Arts
Club on Dover Street, where his DJ
Left: Rob Hersov of
Adoreum Partners,
Bloombergs Dina
Najia and Luxury
Briefing owner James
Reatchlous
Above: The Arts Club
on Dover Street
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Product type Underlying asset Lower Barrier Upper Barrier Expiry date Bid* Ask* Max. Payout at Expiry Max % return EPIC code
Stay Low Super10s FTSE 100 -- 5,800 16-Dec-11 6.92 7.07 10 41.44 SU47
Range Super10s FTSE 100 4,800 6,000 16-Dec-11 6.52 6.67 10 49.93 SU55
Stay High Super10s FTSE 100 5,100 -- 18-Nov-11 7.07 7.22 10 38.50 SU80
Range Super10s FTSE 100 5,000 6,000 18-Nov-11 7.68 7.83 10 27.71 SU85
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A SAMPLE OF THE SUPER-10S RANGE
HEAD OF LISTED PRODUCTS SALES AND
MARKETING, UK AND NORTHERN EUROPE
ALEXANDRE HOUPERT
17
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
The Capitalist
CITYA.M. 28 OCTOBER 2011
CARD and gift retailer Clinton Cards
posted an 83 per cent slump in full-
year profit, hit by a combination of
low consumer confidence and
intense competition from supermar-
kets and the internet.
The firm said it made an adjusted
operating profit of 3.2m in the year
to 31 July, down from 18.8m on rev-
enues down 7.6 per cent at 364.2m.
The group ended the period trad-
ing from 596 Clinton Cards stores
and 127 Birthdays outlets, employ-
ing about 8,350 people. It said sales
at stores open over a year were down
1.5 per cent in the first 12 weeks of
the new financial year.
The firm has extended its 55m
debt facility to July 2013, which
fuelled a share price rise after the
announcement. Shares in Clinton
closed up 11.8 per cent yesterday.
The fortunes of Clinton contrasted
with those of Card Factory, its pri-
vate equity-owned rival, which post-
ed a 56 per cent rise in pre-tax
profits to 55.66m.
The accounts for Sportswift,
which trades as Card Factory, also
showed turnover rose nine per cent
to 228.83m in the year to 31
January.
OUTDOOR goods specialist Blacks
leisure yesterday announced a half-
year loss of 16m and said it was
examining its funding options in a
bid to shore up the struggling firm.
The company, which also trades
under the Millets brand, is fighting
for survival due to mounting losses
and surging debts.
The pre-tax loss for the six months
to 27 August compared with 7.2m in
the same period last year.
Sales at stores open for at least a
year fell seven per cent to 81.1m,
while stock levels were cut by 28 per
cent.
Chief executive Julia Reynolds said:
We dont have any exact figures or
date [for the funding], but we are
working on that currently.
Blacks, which went through a
restructuring under former chief
executive Neil Gillis, streamlined its
property portfolio last year by exiting
more than 100 stores.
The company currently operates
about 300 outlets. It has been
involved in a long-running spat with
its largest shareholder Mike Ashley,
the founder of rival firm Sports
Direct, whose bid for Blacks was
rejected last year.
New chairman Peter Williams, the
former chief executive of Selfridges,
said yesterday that Blacks is not cur-
rently in talks with anyone over a
potential takeover.
He added that the company was
well placed to receive a sales boost
over Christmas.
But Charles Stanley retail analyst
Sam Hart said: Discounting and
margin pressure remain rife in the
outdoors sector. Blacks and Millets
both remain poorly positioned for
now. We continue to see limited
scope for the groups return to prof-
itability.
Blacks losses
mount as it
eyes funding
Clinton Cards profits nosedive as
it negotiates a fresh credit deal
BY JOHN DUNNE
RETAIL
RETAIL
BETTING giant William Hill yesterday

said revenue growth slowed in the
third quarter as the company came
up against tough comparatives with
last years football World Cup.
William Hill, which has 2,350 bet-
ting shops and takes more than a
million bets a day, said net revenue
grew by two per cent in the quarter
and five per cent in the year to date.
Retail net revenue dropped by
three per cent during the period and
was flat in the year to date. Group
operating profit was 22 per cent
lower in the period, reflecting the
impact of the World Cup and results
in the football league that favoured
the bookmaker.
In the year to date, operating prof-
it is down three per cent. William
Hill benefited, however, from a sharp
rise in online revenue, which grew by
28 per cent in the quarter, driven by a
number of product innovations and
an increase in the number of in-play
betting markets on offer.
We have delivered a solid per-
formance in quarter three, in spite of
a highly competitive market place
and a tough consumer environ-
ment, chief executive Ralph Topping
said.
The company said it remained on
target for the full year.
William Hill revenue growth
slows but on target for year
CONSUMER
Chief executive Ralph Topping is on target for the year Picture: REX
News
p
ANALYSIS l Blacks Leisure Group PLC
8.9
8.6
8.5
8.8
8.7
9
9.1
9.2
25Oct
8.50
27 Oct
News
VIRGIN Media yesterday announced it
has added more high-value customers
but saw its shares tank as cashflow
generation ran out of steam.
It made net customer adds of 6,300,
bouncing back from a traditionally dif-
ficult second quarter that saw 36,000
people left the service.
Investors struggled to digest the
results, with Virgin trading up
slightly during afternoon trading in
the UK before lurching as much as
10.5 per cent upon the opening of
the US markets, where the majority
of its stock is listed. It closed down
7.4 per cent in London and 5.9 per
cent in New York.
Virgin said strong growth in its TiVo
content-on-demand service helped
drive its average revenue per user to a
record 47.86.
Enders analyst Ian Watt described
the results as one of the most interest-
ing Ive seen in the sector, saying it is
difficult to gauge the firms perform-
ance.
He told City A.M.: Its a glass half full
or half empty situation. Cashflow has
more or less ground to a halt after two
years of strong growth. Volumes are
positive, with strong uptake of fast
broadband and TiVo but there are also
quite a lot of people leaving through
the back door.
The group also announced an exten-
sion of its share buyback programme
of up to 250m.
Virgin tanks
despite jump
in customers
ASIAN chipmakers, including the
worlds top contract chipmaker TSMC,
reported sharply worsened quarterly
earnings and braced for another
uncertain quarter as a weak global
economy hit demand for computers.
Yesterday, Taiwans TSMC reported a
worse-than-expected 35 per cent
decline in profit to 620m, its fourth
straight quarterly drop.
Hynix Semiconductor of South
Korea, the worlds number two com-
puter memory chipmaker, reported its
first quarterly operating loss in two
years. In Japan, rival Elpida Memory
also tumbled to a quarterly loss.
Analysts said there were chances of
a recovery in the first half of next year,
when inventory adjustment was
expected to be complete and chip
prices bottom out. Roaring growth of
smartphones and tablets were the sin-
gle ray of sunshine in the gloomy
results.
Chipmakers across Asia hit hard
by gloomy economic conditions
BY STEVE DINNEEN
TELECOMS
TECHNOLOGY
HEWLETT-PACKARD last night

announced that it would keep its per-
sonal computer unit after all, follow-
ing an extensive review of the high
volume but low-margin business.
The retention of the PC business
marks another flip-flop in strategy as
the company had said earlier that its
preferred option was to spin out the
business.
The worlds largest technology com-
pany by revenue stunned investors
when it announced in August that it
is considering strategic alternatives
for the group and would kill its new
tablet computer as part of a major
revamping away from the consumer
market.
Citing deep integration of the PC
group in HPs supply chain and pro-
curement, recently appointed chief
executive Meg Whitman said the com-
pany was stronger with the unit.
Hewlett-Packard
flip-flops over PCs
Virgin Media CEO Neil Berkett said TiVo was popular with customers Pic: VISMEDIA
BY HARRY BANKS
TECHNOLOGY
p
ANALYSIS l Virgin Media Inc
1,700
1,650
1,650
1,750
25Oct
1,576.00
27 Oct
PRESSURE on scandal-hit camera-
maker Olympus mounted yesterday
after US patent records appeared to
point to a possible conflict of interest
in an investment in a cookware com-
pany.
A venture capitalist who managed
an Olympus fund that invested $225m
(158.4m) in the new enterprise was
part-owner of a cookware patent
which he transferred to the target busi-
ness, just as Olympus was pouring
money into it, various documents
appear to show. Olympus declined to
comment.
Olympus faces
fresh questions
TECHNOLOGY
NINTENDO this week marked the 25th

anniversary of the Legend of Zelda,
one of its most iconic titles. But the
fanfare gave way to crisis yesterday as
the firm said it would slip to its first
ever annual loss after issuing its sec-
ond profit warning this year.
The former undisputed heavy-
weight of the video games world has
seen its business attacked on multiple
fronts. The strength of the Japanese
yen, the popularity of rival consoles
from Microsoft and Sony and the
emergence of cheap gaming solutions
on smartphones and tablets have all
eaten away at its profits.
Its Wii console is coming to the end
of its life-span meaning sales have
become sluggish and its portable 3DS
device has failed to impress con-
sumers, forcing Nintendo to slash its
price.
It now expects an annual net loss of
around 20bn (164m), the first in its
history, and also slashed its full-year
operating profit forecast to just 1bn
from 35bn.
In the last quarter it tumbled to a
19.6bn operating loss, slightly bigger
than the market had expected and
much worse than the company had
forecast.
Nintendo, which has seen its stock
tumble more than 50 per cent in the
last year, has also cut its projected
game sales on weaker than expected
demand. It hopes the release of the
new Legend of Zelda title, Skyward
Sword, will help to ease its woes.
Nintendo set
to report its
first ever loss
BY STEVE DINNEEN
TECHNOLOGY
CONSUMERS in the US and Canada

have sued Research in Motion (RIM)
for a days-long service outage on its
BlackBerry devices that rippled across
the world earlier this month.
The system-wide failure of the serv-
ice left tens of millions of frustrated
BlackBerry users on five continents
without email, instant messaging
and browsing.
The firm apologised to millions of
BlackBerry customers for the four-day
outage that tarnished its image and
set back its drive to catch up with
Apple and other smartphone rivals.
But the gesture, along with an offer
of free premium app downloads for
those affected, has not been enough
for furious customers who have filed
lawsuits accusing RIM of breach of
contract, negligence and unjust
enrichment.
BlackBerry outage nightmare
not over as lawsuits hit RIM
TELECOMS
SONY has called time on its European

joint venture with Ericsson, taking
full control of their telecoms business
for 1.05bn (920m).
Sony Ericsson has struggled to gain
traction in a fiercely competitive
smartphone market dominated by
the likes of Apple and Samsung.
The business will now become part
of Sonys consumer division.
Analysts expect much tighter inte-
gration of the user experience
between Sonys smartphones and its
other consumer goods, such as
flatscreen TVs and its PlayStation
franchise.
Rivals including Panasonic have
launched handsets that can double as
TV remote controls and which can
seamlessly share content with other
devices.
Welsh-born Sony chairman Sir
Howard Stringer said: Its the begin-
ning of something which I think is
quite magical. We can more rapidly
and more widely offer consumers
smartphones, laptops, tablets and tel-
evisions that seamlessly connect with
one another and open up new worlds
of online entertainment.
The deal will give Sony ownership
of certain handset patents held by
Sweden-based Ericsson and will
enable it to cut costs in the mobile
business, with Stringer pointing to
savings in operations, R&D and mar-
keting.
The takeover of Sony Ericsson by
the Japanese group had long been
mooted but Stringer last year dis-
tanced himself from such a move.
Ericsson chief executive Hans
Vestberg said the company will use
the cash to strengthen its balance
sheet and has no plans to pay it out to
shareholders.
Sony buys out Ericsson JV
BY STEVE DINNEEN
TELECOMS
Satoru Iwatas company has struggled in the face of intense competition Picture: Reuters
News
ANALYSIS l Nintendo Co Ltd

11,200
11,000
10,800
11,400
11,800
12,000
11,600
11,110
27 Oct
LUFTHANSA, Europes biggest airline,
has cut back its plans to expand capac-
ity next year after posting weaker than
expected third quarter results.
Operating profit fell to 575m
(357m) from 783m a year earlier,
after being hurt by the European debt
crisis, turbulence in the financial mar-
kets and waning growth in the global
economy, the German aviation group
said in a statement yesterday.
Fears of a recession and concerns
about the effects of the debt crises in
Europe and the US have already had a
clear effect on the course of business
since the third quarter, chief execu-
tive Christoph Franz told reporters at a
press briefing.
Lufthansa issued a profit warning
last month, saying it no longer expect-
ed to improve on last years operating
profit after its passenger airlines unit
had a weaker than expected August.
The group has now scaled back its
plans to increase the number of seats
on planes next year to three per cent
from the original plans for nine per
cent. It had already cut planned capac-
ity growth for the winter season twice
to address sliding demand.
Lufthansa said it was exploring var-
ious disposals and strategic options
for its loss-making UK subsidiary
British Midland International (BMI),
and hoped to conclude a sale by the
end of the year.
Shares in the group closed up 3.44
per cent at 10.39 yesterday. The stock
lost 35.1 per cent in the third quarter,
ending September at 9.76.
Lufthansas
earnings miss
expectations
WWW.SGMARKETMASTER.CO.UK
7
th
November 5
th
December 2011

Covered Warrants, Super10s and Turbos are leveraged products and suitable for sophisticated retail investors. The underlying assets may be volatile and
both gains and losses could be greater than those incurred by the underlying asset itself. As the issuer, any failure by Societe Generale Acceptance N.V. to
make payments due may result in the loss of all or part of your investment. This is a marketing document issued in the UK by the London Branch of Societe
Generale. Societe Generale is a French credit institution (bank) authorized by the Autorit de Contrle Prudentiel (the French Prudential Control Authority).
Societe Generale is subject to limited regulation by the Financial Services Authority in the UK. Details of the extent of our regulation by the Financial Services
Authority are available from us on request. Any reproduction, disclosure or dissemination of these materials is prohibited.

SGMARKETMASTER.CO.UK
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cr ench Fr a is Generale Societe Generale.
in the loss of esult due may r make payments
than eater gr be could losses and gains both
urbos arrants, Super10s and TTu ed WWa Cover

e or dissemination of these materials is pr oduction, disclosur epr equest. Any r
egulation by the Financial Services Authority in the UK. Details of the extent of our r
de Contrle Prudentiel Autorit the by authorized (bank) institution edit cr
is a marketing document issued in the your investment. This or part of all in the loss of
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oducts and suitable for sophistica e leveraged prro urbos ar

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egulation by the Financial Services egulation by the Financial Services Authority in the UK. Details of the extent of our r
Contr Prudential ench (the Fr de Contrle Prudentiel
Branch of Societe UK by the London is a marketing document issued in the
Acceptance Generale Societe by e failur any , issuerr, the As
etail investors. The underlying assets may be ated rre

egulation by the Financial Services
Authority). ol rro
Branch of Societe
to . N.VV. Acceptance
etail investors. The underlying assets may be volatile and
BY KASMIRA JEFFORD
TRANSPORT
BRITISH bus and rail operator Go-

Ahead said first-quarter trading rose
as drivers turned to public transport to
avoid rising motoring costs, although
it remained cautious about the medi-
um-term wider economic outlook.
Go-Ahead said revenues at its non-
London bus unit, which includes serv-
ices in Oxford and Brighton, were four
per cent higher in the period to 26
October but passenger numbers
remained flat compared with the
same period last year. Bus revenues in
London were marginally up.
Passenger revenues across the
groups three rail franchises Southern,
Southeastern and London Midland
rail franchises all rose between eight
and twelve per cent.
Chief executive David Brown told
reporters that a 20 per cent increase in
the cost of car insurance and a surge
in fuel prices was driving growth at a
time when Britons incomes are
squeezed by rising prices, muted wage
growth and government austerity
measures.
We want a vibrant economy
because a vibrant economy means peo-
ple will travel more but there is a tight-
ening of belts amongst people and the
common theme would be if youve got
a second car, you get rid of the second
car, Brown said.
Shares rose 1.23 per cent, closing at
1,396p yesterday.
Go-Ahead revenues boosted
by commuters taking trains
BY KASMIRA JEFFORD
TRANSPORT
News
Lufthansa CEO Christoph Franz said the results did not have him jumping for joy
ANALYSIS l Deutsche Lufthansa AG

10.50
0.75
10.25
10.00
10.75 10.39
27 Oct
NEWS | IN BRIEF
Kenmare output lifts revenue
Kenmare Resources said third-quarter
revenue rose strongly from the second
quarter mainly on higher production and
also helped by increased prices. Ilmenite
production was 147,000 tonnes, up five
per cent from the second quarter, while
output of zircon grew 17 per cent to
11,200 tonnes from its Moma mine in
Mozambique.
Aquarius swings into loss
Aquarius Platinum swung to a quarterly
net loss, primarily due to adverse foreign
exchange moves, as precious metal pro-
duction declined on operational problems.
It posted a net loss of $91.8m (56.9m)
in the quarter to end September, includ-
ing a $94.3m foreign exchange loss from
inter-company loans, compared with a
net profit of $42.4m in the year-earlier
quarter.
Statoil net income up 50 per cent
Norway's Statoil said yesterday its
adjusted net income rose 50 per cent to
$2.07bn (1.28bn) in the third quarter
and its production climbed 14 per cent.
Statoil said its output rose 14 per cent in
the quarter compared with the same
period last year, to 1.57m barrels a day.
However, the company still expects its
output to be down slightly this year,
before rising next year.
HARRY Potter publisher Bloomsbury
posted a 52 per cent rise in its first-
half profits after sales of ebooks went
through the roof.
The firm saw digital sales increase
by almost six-fold to 2.5m, jumping
to 5.5 per cent of the groups overall
sales.
Pre-tax profit beat expectations to
hit 2.2m for the half, compared with
1.4m the year before. Revenue rose
16 per cent to 44.9m.
The results were buoyed by the
release of the latest movie version of
JK Rowlings boy-wizard, which led to
a surge in book sales. Bloomsbury is
also set for a boost when Rowlings
online Harry Potter ebook store,
Pottermore, finally opens. It was slat-
ed for an October release but has been
delayed after its beta version experi-
enced greater than expected traffic.
While Rowling has always main-
tained the digital rights to the books,
Bloomsbury says it will receive a slice
of the revenues.
Other strong sellers include 2010
Man Booker Prize winner The Finkler
Question, which has shifted 700,000
copies worldwide.
The companys shares, which have
lost 24 per cent since the acquisition
of Continuum International
Publishing Group, closed up one per
cent last night.
The firm has warned the consumer
economy remains at its worst for
decades and it remains cautious.
Harry Potter
publisher sees
profits surge
BY STEVE DINNEEN
PUBLISHING
News
CITYA.M. 28 OCTOBER 2011 23
SPRINGS TIME IS UP AT FUTURE
STEVIE Spring, the colourful chief executive of publisher Future, yesterday resigned with
immediate effect, just months after the company warned on its full-year results and said
it would undertake a restructuring. She was joined on the way out by finance director
John Bowman. Spring will be replaced by the companys UK head Mark Wood, while
Bowmans shoes will be filled by Graham Harding Picture: Rex
p
ANALYSIS l Bloomsbury Publishing PLC
20Oct 21 Oct 24Oct 25Oct 26Oct
101
100
99
102
103
104
99.75
27 Oct
NEWS | IN BRIEF
Hertz drops Dollar Thrifty offer
Car rental firm Hertz yesterday with-
drew its tender offer for shares in US
peer Dollar Thrifty Automotive, but said
it was still interested in buying its smaller
rival if antitrust regulators clear the deal.
Hertz cited Dollar Thrifty's share buy-
back plans and current market condi-
tions for withdrawing the exchange offer,
and said it would reassess the price and
terms of a deal once it gets approval. Its
last bid was worth $1.94bn.
Laird gets a boost from tablets
Laird, the products developer for wireless
and advanced electronics applications,
yesterday reported strong revenue
growth after bumper demand for tablets
and smartphones. However, it said there
was a continuing decrease in the PC,
notebook and flat screen TV segments.
Third quarter revenues from its perform-
ance materials and wireless systems divi-
sions were up 18 per cent from last year
to 121m. The electronics and technology
firms discontinued Handset Antennae and
Mechanisms businesses posted revenues
of 23m, down from 38m last year.
Havas sees strong revenue growth
Paris-based advertising company Havas
yesterday reported its strongest organic
revenue growth in three years, up more
than seven per cent. The groups third
quarter revenue rose five per cent to
339m, with a decline in its home mar-
ket the only blot in its copybook. Havas,
which competes with larger rivals
Publicis, WPP and Omnicom, said its
growth in Europe was more restrained
than in the first half of the year, but said
the UK contributed to growth in the
third quarter, with digital, media and
healthcare being key drivers.
GENERIC competition and pricing
pressures weighed on AstraZenecas
sales in the third quarter, ahead of a
key challenge to its top-selling choles-
terol drug Crestor in the US market-
place, it said yesterday.
A weaker dollar provided a prop to
Britains second-biggest drugmaker,
with sales at the reported level up
four per cent at $8.21bn (5.8bn),
while in local currencies they fell two
per cent. The result was slightly bet-
ter than expected.
The company also said it had raised
its full-year target for core earnings
per share, which excludes some
items, to between $7.20 and $7.40,
from $7.05 to $7.35, largely on curren-
cy movements.
A one-off gain from the $1.8bn sale
of dental and surgical unit Astra Tech
to Dentsply was excluded from core
results, which saw pre-tax profit flat
at $3.08bn in the quarter, equivalent
to EPS up 14 per cent.
Chief executive David Brennan said
the results, against a tough backdrop,
were in line with the groups own
expectations.
AstraZeneca faces a major chal-
lenge to Crestor from the end of next
month, when generic copies of
Pfizers market-leading cholesterol
pill Lipitor are due to hit the US mar-
ket.
Results from a head-to-head study
last month failed to show Crestor was
better than Lipitor in reducing clog-
ging in coronary arteries.
Finance chief Simon Lowth
acknowledged that generic Lipitor
would limit Crestors pricing power
but argued it would still have a strong
position for treating higher-risk heart
patients.
For now, Crestor is selling well -- its
sales rose 14 per cent to $1.66bn in
the quarter -- but investors fear it
could lose momentum just as rev-
enue from other blockbusters such as
heartburn pill Nexium is also falling.
AstraZenecas London-listed shares
closed up 1.3 per cent yesterday.
THE NUMBER of Brits saving for pen-
sions is at its lowest level since the
1950s, according to figures released
yesterday by the Office for National
Statistics (ONS).
In 2010, 8.3m people were actively
saving into occupational pensions,
down from 8.7m in 2009. The num-
ber of savers has declined steadily
since 1995.
The public sector accounts for 5.3m
members compared with 3m in the
private sector. However the bulk of
the decline has come in the private
sector, with 300,000 fewer contribu-
tors, compared with a drop of 100,000
in the public sector over the year.
Including pensioners receiving
payments and former employees
with preserved entitlements, there
were 27.2m members of such
schemes in 2010, down from 27.7m in
2009.
Three factors are contributing to
the decline, according to Adrian
Boulding from Legal and General.
Some companies have become less
willing to offer pensions, some indi-
viduals feel they cant afford to join
schemes, and structural changes in
UK employment, as large companies
which were more likely to offer pen-
sions have shed jobs, he told City A.M.
However, under the new auto-
enrolment scheme, large companies
will be forced to offer pensions from
July 2012. The government expects
membership to rise by five to eight
million.
Fewer workers saving for pensions as
consumers and companies make cuts
GLOBAL threats to the economy and
the impact of the strong yen pushed
the Bank of Japan into expanding its
asset purchase programme yesterday.
The policy board voted eight to one
to buy an extra 5 trillion (41bn),
increasing the total size of the pro-
gramme to 55 trillion.
An adverse effect from a slowdown
in overseas economies and the appreci-
ation of the yen will continue for the
time being, the Bank said, but
Japans economy is expected to
return to a moderate recovery path as
a global pick-up is anticipated.
Economic growth of 0.3 per cent is
expected through 2011, while the
Bank cut its forecasts for 2012 to 2.2
per cent, down from 2.9 per cent.
This is the second bout of easing
since August, as price stability is
another of the Banks targets.
Deflation is still a risk, depending on
developments in global financial mar-
kets and overseas economies, it said,
necessitating the extra QE.
Japan chooses more QE
to fight global slowdown
JAPANESE ECONOMY
MINING group Kazakhmys has posted

a dip in third-quarter copper produc-
tion, blaming an expected drop in the
amount of metal in ore mined, but
said it was on track to meet its full-
year target and appetite for its metal
was steady.
In spite of the considerable volatil-
ity in financial markets, we have seen
consistent demand for our copper,
chief executive Oleg Novachuk said.
Continuing demand for copper is
reflected in the current negotiations
for our 2012 off-take agreements,
which as in previous years should be
completed in the next few months.
Major miners have remained
upbeat about the state of demand in
energy-hungry economies like China,
key to Kazakhmys, despite uncertain-
ty and Eurozone troubles.
Kazakhmys produced 73,900
tonnes of copper cathode equivalent
over the quarter, virtually flat on a
year ago and down six per cent from
the second quarter.
Over the nine month period to the
end of September, the group pro-
duced 226,900 tonnes of copper cath-
ode equivalent, down five per cent on
a year ago, but closing in on its full-
year target of 300,000 tonnes.
The firms shares rose 9.4 per cent
yesterday to 10.16.
Kazakhmys posts a fall in
quarterly copper output
MINING
MICKEY Mouse will have to take a

crash course in Russian after Walt
Disney announced it will expand its
presence in the country.
The firm will launch a free Disney
Channel that will reach about 40m
households in one of the worlds fast-
growing entertainment markets. The
decision followed a meeting between
chief executive Bob Iger and Russian
President Vladimir Putin.
It will was buy a 49 per cent stake
in the Seven TV network from media
company UTH Russia. The new, ad-
supported Disney Channel will
replace Seven TV with popular Disney
shows such as Phineas & Ferb and
Mickey Mouse Clubhouse, as well as
original Russian programming.
Disney did not disclose financial
terms, but it is understood to have
paid in the region of $300m (186m)
for the stake.
Disney already operates a cable
channel in Russia, but it reaches only
about 6m households in a market
where subscription-TV is still a luxury
most decide not to pay for.
Earlier this year the entertainment
giant started work on a 2.3bn amuse-
ment park in Shanghai, which is due
to open in 2016. It is also expanding
its Hong Kong resort.
Disney buys
stake in a
Russian firm
MEDIA
EUROPEAN chemical groups warned

of slowing demand from construction
industry customers in both fast-grow-
ing Asia and moribund Europe, com-
pounding problems with rising raw
materials costs.
The chemical sectors dependence
on highly cyclical machinery makers,
carmakers and builders makes it espe-
cially vulnerable to a downturn.
Germanys Bayer flagged a slow-
down in Chinas robust construction
sector, while global chemical industry
leader BASF said its construction
chemicals business was unable to fully
pass on higher raw material prices to
customers.
We see a certain weakness in Asia,
mainly in China where the construc-
tion business is declining, Bayer chief
executive Marijn Dekkers said, adding
that this was weighing on demand for
Bayers insulation foams chemicals.
Bayer posted better-than-expected
third-quarter earnings of 1.81bn yes-
terday, up 8.5 per cent on a year ago
thanks to cost cuts at its drugs unit
and higher sales volumes of farming
pesticides and confirmed its 2011
group outlook.
BASF, whose third-quarter earnings
also beat forecasts, warned that
growth was slowing as customers run
down inventories.
BASFs customers planned more
cautiously, reduced inventories, and
partially delayed orders in expectation
of possible falling prices, it said.
Belgiums Solvay said a slowdown in
demand for PVC, used in construction
should be emphasised, adding the
impact was stronger in Europe.
Europe looks to be the worst of all.
We have been fairly downbeat on
growth prospects, if we can even talk
about growth at all, said ING analyst
Jan Hein de Vroe.
Slowdown hits chemical firms
BY HARRY BANKS
INDUSTRIAL
Generic rivals
knock sales at
AstraZeneca
BY HARRY BANKS
PHARMACEUTICALS
BY TIM WALLACE
UK ECONOMY
News
Mickey will soon be spending more time in Mouse-kow
ANALYSIS l BASF SE
51
49
53
55
54.37
27 Oct
FREE INVESTMENT SEMINARS
WITH ANDREW MCHATTIE, DAVID STEVENSON AND MARK GLOWREY
SIGN UP TODAY
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3RD NOVEMBER 2011 6:00PM - 7:30PM
In this interactive seminar, Financial Times Journalist, David Stevenson will be looking at
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AN INTRODUCTION TO TECHNICAL ANALYSIS
7TH NOVEMBER 2011 6:00PM - 7:30PM
In his first seminar for Societe Generale, Mark Glowrey will be focusing on the importance of
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To s|gn up to these events, v|s|t our webs|te sg||stedproducts.co.uk/educat|on
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UNDERLYING. INVESTORS CAPITAL IS FULLY AT RISK. INVESTORS MUST BE AWARE THAT THEY COULD LOSE ALL THEIR CAPITAL WHEN INVESTING IN EXCHANGE TRADED FUNDS.
DAIMLER yesterday reported weaker
than expected third-quarter operating
profit as the downturn hit sales of its
luxury cars in western Europe.
Earnings before interest and tax
(Ebit) dropped 19 per cent to 1.97bn
(1.73bn) in the three months to the
end of September, less than the aver-
age analyst estimate of 2.21bn in a
poll.
Car sales growth has been shrink-
ing in Europe, with Germany the only
major market in the region to expand
in September, and the boom in China
that has bolstered German car makers
in recent quarters has tempered to a
milder pace for now.
In western Europe, there is little
sign of any significant growth impe-
tus, Daimler said, adding it expected
the regions markets to shrink slightly
in the full year 2011.
Daimlers automotive business
Mercedes-Benz Cars sold two per cent
fewer vehicles in western Europe in
the third quarter, with stagnating
German sales, and its Ebit was down
15 per cent.
Daimler affirmed its outlook for
2011, saying it saw full-year Ebit up
very significantly from 2010, with rev-
enues of significantly more than
100bn, but warned that the econom-
ic environment was becoming more
gloomy.
Daimler Trucks, which generates
more than a quarter of group rev-
enues, was a bright spot in the quar-
ter, its Ebit of 555m exceeding
consensus.
Weak luxury
car sales dent
Daimler gains
BY HARRY BANKS
TRANSPORT
News
ANALYSIS l Daimler AG
39
36
38
37
40
39.07
27 Oct
NEWS | IN BRIEF
Asia Pacific lifts Inchcape revenue
Multinational car dealer Inchcape has
posted a rise in third-quarter revenue,
with an uneven global recovery in the car
industry showing strong growth in Asia
Pacific and the emerging markets but a
further weakening of consumer confi-
dence in the UK and Europe. The British-
based firm, which sells and distributes
cars for manufacturers such as Toyota,
Mercedes-Benz and BMW in 26 countries,
said yesterday it was maintaining its guid-
ance for the full year. Inchcape's revenue
increased by 2.2 per cent to 1.46bn in
the three months to 30 September, with
like-for-like revenue up 4.1 per cent.
DS Smith cheers rising turnover
Shares in recycled packaging company DS
Smith climbed more than five per cent
yesterday after it said like-for-like sales of
its key corrugated products in the first
half of its current financial year had
climbed three per cent on a year ago. The
company said the improvement was
against tough comparatives from last year
and was in line with previously announced
targets. As a result of the improving rev-
enues the company says it expects to see
strong growth in earnings per share in the
half year to the end of October.
Profits up at Croda International
Croda International posted a higher third-
quarter profit on improved performance
at its consumer care business, and said it
expects further progress into 2012. The
company, which makes chemicals for
cosmetics, healthcare and home care
industries, said sales rose 13 per cent in
consumer care products and were well
ahead of 2010 in all business areas. July-
September pre-tax profit rose to
182.2m from 143.4m a year ago.
VOLKSWAGEN has posted a forecast-
beating 45 per cent rise in third-quar-
ter operating profit, driven by
emerging markets and strong demand
for VW and Audi vehicles, but warned
Europes debt crisis would weigh on
demand for cars in western Europe.
Volkswagens third-quarter operat-
ing profit rose 45.7 per cent to 2.89bn
(2.54bn), above the 2.61bn forecast
in a poll. Its nine-month operating
profit got a boost from derivatives
used in the planned merger with
Porsche, but Volkswagen did not say
how much of that impact came in the
third quarter.
Analysts cheered the results for
holding up in the third quarter, tradi-
tionally the auto industrys weakest.
Theres no apparent seasonality at
VW now its just consistently very
profitable, Bernstein analyst Max
Warburton wrote in a note.
We shall continue in coming
months to ... expand the Volkswagen
Groups strong position in the global
markets, Volkswagen chief executive
Martin Winterkorn said in a state-
ment.
BY HARRY BANKS
TRANSPORT
Volkswagen boosted by
emerging market growth
VW boss Martin Winterkorn said the group would expand its global position Pic: Reuters
Aberdeen Asset Management
The fund manager has appointed
Aidan Upton as a senior business
development manager focusing on the
groups multi-manager range. Prior to
joining Aberdeen, Aidan worked at
Architas, where he was an investment
development manager.
Barings
Baring Asset Management has appoint-
ed Tom Mann as an investment manag-
er in its international and world equities
team. Mann joins Barings from
Aberdeen Asset Management, where he
was an investment manager in the
European equities team.
American Express
Colin Walsh has been appointed as
executive vice president, head of
American Expresss international con-
sumer and small business services
businesses in Europe. Walsh joins
from Lloyds Banking Group, where he
led a number of businesses in the UK,
including mortgages, savings, invest-
ments, cards and payments.
BLP
Berwin Leighton Paisner has hired
Stuart Isaacs QC as its new head of
advocacy to provide an advocacy serv-
ice to the firms clients. In addition to his
London chambers, Isaacs has had his
own office in Singapore since 2008.
BNY Mellon
BNY Mellon Asset Management
International has appointed Scott
Stevens to the newly created position of
head of marketing, responsible for all
marketing activities within the EMEA
and LATAM regions. Stevens moves
from Mattherhorn Investment
Management, where he was responsible
for the firms distribution.
Lombard Odier
Lombard Odier Investment Managers
has hired Bruce C Turner to manage the
healthcare portfolio of its fundamental
strategies fund and global equity
long/short fund. He formerly managed
healthcare portfolios for First Manhattan
and Bank of America Merrill Lynch.
Cluttons
Cluttons Resorts has appointed Alex
Upson as director. Upson was previously
at One Property Solution in Dubai; prior
to that, he was a partner at Cluttons.
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
Best month in 37
years for the S&P
U
S stocks surged three per cent
yesterday as an agreement by
European leaders to help con-
tain the regions two-year debt
crisis lifted a cloud hovering over
markets.
Optimism that a deal would be
struck to prevent widespread finan-
cial distress fueled the markets
rebound in October. The S&P 500 is
up more than 13 per cent this month,
on pace for its biggest monthly gain
since October 1974.
But some traders said implement-
ing the agreememt will present
major challenges, observing that the
devil is in the details.
After more than eight hours of
talks, European heads of state, the
International Monetary Fund and
bankers sealed a deal that also fore-
sees a recapitalization of hard-hit
European lenders and a leveraging of
the blocs rescue fund to give it fire-
power of $1.4 trillion.
The agreement includes provisions
for write-downs on Greek bonds,
though decisions on how to recapi-
talise hard-hit European banks and
boost the EUs rescue fund have not
been finalised.
The Dow Jones industrial average
was up 339.51 points, or 2.86 per cent,
at 12,208.55. The Standard & Poors
500 Index was up 42.59 points, or 3.43
per cent, at 1,284.59. The Nasdaq
Composite Index was up 87.96 points,
or 3.32 per cent, at 2,738.63.
The days gains lifted the S&P 500
above its 200-day moving average for
the first time since the beginning of
August, a sign of an improving trend
for stocks after five straight months
of losses.
It was the strongest day for volume
since 4 October, and the rise above
the 200-day moving average may pull
more long-term buyers into the mar-
ket in coming days. About 11.22bn
shares traded on the New York Stock
Exchange, the American Stock
Exchange and Nasdaq, well over last
years daily average of 8.47bn.
Financials were the best perform-
ers, with JPMorgan Chase up 8.3 per
cent and Citigroup jumping 9.7 per-
cent. The KBW Bank index shot up six
per cent while the S&P financial
index soared 6.2 perc ent.
The CBOE Volatility index shed 14
per cent.
All 10 S&P sectors rose by more
than one per cent. Materials and ener-
gy shares were among the top gainers
as the resolution in Europe allayed
fears about how weak growth might
impact demand. Crude oil rose 4.3
percent.
Exxon Mobil rose one per cent after
the Dow components results.
B
RITAINS top share index
jumped to a near three-month
high yesterday as bullish
investors uncorked their cham-
pagne bottles and toasted Europes
plan to tackle its debt crisis.
The upbeat news from Europe
boosted appetite for riskier assets
such as banking and commodity
stocks, which helped the UKs bench-
mark index surge 160.58 points or 2.9
per cent to 5,713.82, its highest close
since early August.
Londons blue chips have gained
more than 19 per cent since plunging
to a year's low on 9 August, when con-
cerns peaked over Europes debt crisis
and the threat of a global slowdown.
Financials rallied as the deal boost-
ed confidence that politicians were
keen to do what it takes to prevent
the collapse of the banking system.
Barclays leapt 17.6 per cent, leading
the bank sector higher, while Aviva,
up 8.8 per cent, headed a strong per-
formance by insurers.
The FTSE is now just 2.9 per cent
off breaking even for the year, while
the FTSE Volatility index hit a three-
month low, a sign that investors
nerves had calmed.
Earlier the index broke through
the 61.8 per cent Fibonacci retrace-
ment level of around 5,590 from the
August low and just failed to hold
above the 200-day moving average
around 5,720.
After marathon talks in Brussels
European leaders agreed banks hold-
ing Greek debt should accept a 50 per
cent haircut. A mechanism to boost
the Eurozones main bailout fund
would be extended to about 1 tril-
lion and banks must also raise more
capital to protect them against losses
resulting from any future govern-
ment defaults.
Adding to the upbeat mood, US
data showed the economy grew at its
fastest pace in a year in the third
quarter, calming fears the worlds
biggest economy was heading back
into recession.
The train is back on the tracks, but
don't expect a smooth ride just yet,
said David Miller, partner at Cheviot
Asset Management.
It is good to see progress [in
Europe], but we are still a fair way off
a sound resolution ... Real money will
be needed to resolve the debt prob-
lem; the question now is where this is
going to come from. Until then, senti-
ment will remain fragile.
For now, commodity issues saw
strong demand as investors moved
back into riskier assets, with crude
oil, copper and gold all gaining.
Royal Dutch Shell was a top energy
gainer, up 1.2 per cent, after report-
ing a doubling in third-quarter net
profit, thanks to higher oil prices.
Miners were the second top per-
forming sector on hopes the deal in
Europe would spur growth in the
region, which had all but stagnated,
and improve the outlook for demand.
Kazakhmys rose 9.4 per cent after
saying it was on track to meet its full-
year target.
Defensive stocks, which had led the
index higher on Wednesday as nerv-
ous investors turned to stocks seen as
a shelter for their investments in case
a deal could not be reached in
Europe, inevitably fell back.
Drugmaker AstraZeneca underper-
formed the FTSE after its third-quar-
ter results failed to excite and
analysts said the market had been
anticipating higher earnings due to
foreign exchange effects.
Peers GlaxoSmithKline and Shire,
which are due to report today, fell as
much as 1.6 per cent, while other
defensives including National Grid
and British American Tobacco fell.
Euro exuberance pushes the
FTSE near three-month high
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 Tate and Lyle PLC
650
625
600
575
550
525
500
Aug Sep Oct
p
667.50
27 Oct
TATE AND LYLE
Ahead of first half results next Thursday, Citi rates the sweetener company
as neutral with a target price of 6.35. The broker forecasts revenues up
three per cent to 1.4bn, operating profit up 8.3 per cent to 181m and
earnings per share of 27.3p, a lift of 16 per cent. Citi expects Tate and Lyle
to be able to pass on the increase in corn costs in order to protect profits,
but does not expect any commentary on pricing until after completion.
ANALYSIS l Telenor ASA
95
90
85
80
Aug Sep Oct
NOK
98.85
27 Oct
TELENOR
After consensus-beating third quarter results earlier this week, Nomura rates
the Norwegian telecoms group as a buy with a target price of NOK120. The
broker says a strong performance in Asia drives material upgrades, and
increases its margin targets for 2011 to 31.4 per cent from 31.1 per cent. The
fact that Telenors chief executive implied progress had been made toward an
agreement with Vimpelcom should also improve sentiment, it adds.
ANALYSIS l SAP AG
42.5
40.0
37.5
35.0
Aug Sep Oct
43.69
27 Oct
SAP
After the business management software firm reduced losses and raised rev-
enues, Morgan Stanley rates the company as overweight with a target
price of 52. Co-chief executive Bill McDermott has cited the release of SAPs
High-Performance Analytic Appliance as an adrenaline shot, and the broker
says strong pipelines give upside to a solid core, while the double-digit main-
tenance growth gives downside protection.
p
1 Aug 31 Aug 20Sep 19Oct
6,000
5,200
5,000
5,400
5,600
5,800
ANALYSIS l FTSE
5,713.82
27 Oct
Otkritie Financial Corporation
Howard Snell (pictured) has been appointed
as the chief executive of Otkritie Securities
in the UK, reporting to Vadim Belyaev, who
has been appointed as chairman of the board
of directors at the groups investment bank-
ing arm Otkritie Capital. In addition, Roman
Lokhov has been promoted to first deputy
chairman of Otkritie Financial Corporations
board of directors and will join Otkritie
Capitals board of directors. Michael Belyaev
is now president at Otkritie Bank.
News
BAE Systems . . . . . .286.9 7.9 361.1 248.1
Chemring Group . . . .525.0 9.5 736.5 485.0
Cobham . . . . . . . . . . .183.7 4.0 236.5 168.5
Meggitt . . . . . . . . . . . .396.2 15.7 397.6 304.9
QinetiQ Group . . . . . .117.7 0.7 136.3 96.7
RoIIs-Royce Group . .726.0 17.5 728.5 557.5
Senior . . . . . . . . . . . . .164.1 4.1 190.6 131.1
UItra EIectronics . . .1600.0 19.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .202.9 9.4 245.0 157.0
BarcIays . . . . . . . . . . .210.0 31.4 333.6 138.9
HSBC HoIdings . . . . .555.3 29.1 730.9 473.6
LIoyds Banking Gr . . .37.1 2.8 70.3 27.6
RoyaI Bank of Sco . . .27.3 2.5 49.0 19.7
Standard Chartere .1515.0 113.0 1950.0 1169.5
AG Barr . . . . . . . . . .1230.0 12.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .333.5 5.6 503.5 289.9
Diageo . . . . . . . . . . .1319.0 5.0 1344.0 1112.0
SABMiIIer . . . . . . . . .2330.5 48.5 2340.0 1979.0
AZ EIectronic Mat . . .247.0 5.6 338.1 206.1
Croda Internation . .1820.0 -61.0 2081.0 1367.0
EIementis . . . . . . . . . .140.1 3.9 187.4 104.8
Johnson Matthey . .1931.0 106.0 2119.0 1523.0
Victrex . . . . . . . . . . .1263.0 66.0 1590.0 1025.0
YuIe Catto & Co . . . . .179.5 8.0 253.0 148.0
LON GD ONCE FIX AM...........1708.00 -5.00
SILVER LDN FIX AM ..................34.41 1.07
MAPLE LEAF 1 OZ ....................37.87 1.69
LON PLATINUM AM................1603.00 37.00
LON PALLADIUM AM...............653.00 5.00
ALUMINIUM CASH .................2195.00 1.00
COPPER CASH ......................7720.00 130.50
LEAD CASH...........................1937.00 -24.00
NICKEL CASH......................19630.00 -190.00
TIN CASH.............................21805.00 -480.00
ZINC CASH ............................1842.00 7.00
BRENT SPOT INDEX................110.41 -1.04
SOYA .....................................1210.50 -15.00
COCOA..................................2693.00 57.00
COFFEE...................................233.70 -2.85
KRUG.....................................1787.10 9.20
WHEAT ....................................152.75 1.12
AIR LIQUIDE........................................95.49 3.85 100.65 80.90
ALLIANZ..............................................84.64 6.00 108.85 56.16
ANHEUS-BUSCH INBEV ....................40.22 0.83 45.83 33.85
ARCELORMITTAL...............................15.55 1.70 28.55 10.47
AXA......................................................12.48 1.60 16.16 7.88
BANCO SANTANDER...........................6.44 0.45 9.20 5.05
BASF SE..............................................54.37 3.77 70.22 42.19
BAYER.................................................48.01 3.20 59.44 35.36
BBVA......................................................6.86 0.64 9.34 4.94
BMW ....................................................61.06 3.25 73.85 43.49
BNP PARIBAS.....................................35.13 5.09 59.93 22.72
CARREFOUR ......................................19.78 1.34 34.29 14.66
CRH PLC .............................................14.13 0.40 17.40 10.28
DAIMLER.............................................39.07 1.18 59.09 30.52
DANONE..............................................50.37 2.18 53.16 41.92
DEU.BOERSE OFFRE ........................41.29 2.41 55.75 35.46
DEUTSCHE BANK..............................32.80 4.37 48.70 20.79
DEUTSCHE TELEKOM.........................9.43 0.39 11.38 7.88
E.ON.....................................................18.22 0.97 25.54 12.50
ENEL......................................................3.56 0.20 4.86 2.81
ENI .......................................................16.67 0.62 18.66 11.83
FRANCE TELECOM............................13.59 0.48 17.45 11.12
GDF SUEZ ...........................................22.36 1.45 30.05 18.32
GENERALI ASS...................................13.52 0.77 17.05 10.34
IBERDROLA..........................................5.45 0.26 6.50 4.29
INDITEX ...............................................68.30 0.40 69.40 50.92
ING GROEP CVA...................................7.12 0.90 9.50 4.21
INTESA SANPAOLO.............................1.41 0.13 2.48 0.85
KON.PHILIPS ELECTR.......................15.73 0.82 25.45 12.01
L'OREAL..............................................80.46 1.91 91.24 68.83
LVMH..................................................124.50 6.10 132.65 94.16
MUNICH RE.......................................100.50 4.57 126.00 77.80
NOKIA....................................................5.12 0.32 8.49 3.33
REPSOL YPF.......................................22.40 0.64 24.90 17.31
RWE.....................................................32.91 2.16 55.88 21.22
SAINT-GOBAIN...................................35.10 1.86 47.64 26.07
SANOFI ................................................52.58 2.05 56.82 42.85
SAP......................................................43.70 0.22 46.15 32.88
SCHNEIDER ELECTRIC.....................45.74 3.11 61.83 35.94
SIEMENS .............................................77.80 2.65 99.39 62.13
SOCIETE GENERALE.........................23.00 4.23 52.70 14.32
TELECOM ITALIA..................................0.95 0.04 1.16 0.70
TELEFONICA ......................................15.83 0.74 19.69 12.50
TOTAL..................................................39.12 1.33 44.55 29.40
UNIBAIL-RODAMCO SE...................146.50 7.00 162.95 124.05
UNICREDIT............................................0.94 0.07 2.03 0.64
UNILEVER CVA...................................24.54 0.15 24.90 20.90
VINCI ....................................................37.71 2.47 45.48 29.49
VIVENDI ...............................................17.06 1.05 22.07 14.10
VOLKSWAGEN VORZ ......................130.55 12.35 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5713.82 160.58 2.89
FTSE 250 INDEX . . . . . . . 10733.34 310.96 2.98
FTSE UK ALL SHARE . . . . 2944.75 82.64 2.89
FTSE AIMALL SH . . . . . . . . 729.57 19.61 2.76
DOWJONES INDUS 30 . . 12208.55 339.51 2.86
S&P 500 . . . . . . . . . . . . . . . 1284.59 42.59 3.43
NASDAQ COMPOSITE . . . 2738.63 87.96 3.32
FTSEUROFIRST 300 . . . . . 1020.10 36.34 3.69
NIKKEI 225 AVERAGE. . . . 8926.54 178.07 2.04
DAX 30 PERFORMANCE. . 6337.84 321.77 5.35
CAC 40 . . . . . . . . . . . . . . . . 3368.62 199.00 6.28
SHANGHAI SE INDEX . . . . 2435.61 8.13 0.34
HANG SENG. . . . . . . . . . . 19688.70 622.16 3.26
S&P/ASX 20 INDEX . . . . . . 2627.80 62.80 2.45
ASX ALL ORDINARIES . . . 4403.90 103.10 2.40
BOVESPA SAO PAOLO. . 59270.13 2126.34 3.72
ISEQ OVERALL INDEX . . . 2766.38 100.34 3.76
STI . . . . . . . . . . . . . . . . . . . . 2778.97 34.80 1.27
IGBM. . . . . . . . . . . . . . . . . . . 932.74 45.47 5.12
SWISS MARKET INDEX. . . 5823.00 122.50 2.15
Price Chg %chg
3M........................................................81.41 4.39 98.19 68.63
ABBOTT LABS ...................................54.13 0.48 55.61 45.07
ALCOA.................................................11.34 0.98 18.47 8.45
ALTRIA GROUP..................................27.66 0.39 28.14 23.20
AMAZON.COM..................................206.78 8.38 246.71 156.77
AMERICAN EXPRESS........................52.06 1.61 53.80 39.14
AMGEN INC.........................................58.06 1.11 61.53 47.66
APPLE...............................................404.69 4.09 426.70 297.76
AT&T....................................................29.47 0.72 31.94 27.20
BANK OF AMERICA.............................7.22 0.63 15.31 5.13
BERKSHIRE HATAW B.......................80.49 2.47 87.65 65.35
BOEING CO.........................................67.49 0.93 80.65 56.01
BRISTOL MYERS SQUI ......................32.99 0.48 33.27 20.05
CATERPILLAR....................................96.33 4.76 116.55 67.54
CHEVRON.........................................108.97 2.20 110.01 80.41
CISCO SYSTEMS................................18.44 0.83 24.60 13.30
CITIGROUP.........................................34.17 3.02 51.50 21.40
COCA-COLA.......................................68.57 1.10 71.77 60.30
COLGATE PALMOLIVE......................91.33 0.79 94.89 74.39
CONOCOPHILLIPS.............................72.85 0.96 81.80 58.37
DU PONT(EI) DE NMR........................48.73 2.63 57.00 37.10
EXXON MOBIL....................................81.88 0.81 88.23 63.47
GENERAL ELECTRIC.........................17.37 1.02 21.65 14.02
GOOGLE A........................................598.67 12.36 642.96 473.02
HEWLETT PACKARD.........................26.99 1.24 49.39 19.92
HOME DEPOT.....................................37.22 0.67 39.38 28.13
IBM.....................................................185.88 3.91 190.53 138.53
INTEL CORP .......................................25.13 0.43 26.78 19.16
J.P.MORGAN CHASE.........................37.02 2.84 48.36 27.85
JOHNSON & JOHNSON.....................65.50 1.01 68.05 57.50
KRAFT FOODS A................................35.47 0.45 36.30 24.30
MC DONALD'S CORP ........................93.51 1.73 93.84 72.14
MERCK AND CO. NEW......................34.31 0.77 37.65 29.47
MICROSOFT........................................27.25 0.66 29.46 23.65
OCCID. PETROLEUM.........................95.66 8.46 117.89 66.36
ORACLE CORP...................................33.66 1.26 36.50 24.72
PEPSICO.............................................62.88 0.87 71.89 58.50
PFIZER ................................................19.84 0.56 21.45 16.25
PHILIP MORRIS INTL .........................72.00 1.20 72.74 55.85
PROCTER AND GAMBLE ..................65.26 0.31 67.72 56.57
QUALCOMM INC ................................53.52 1.92 59.84 43.21
SCHLUMBERGER ..............................75.77 5.93 95.64 54.79
TRAVELERS CIES..............................59.40 1.90 64.17 45.97
UNION PACIFIC ................................102.63 4.72 107.89 77.73
UNITED TECHNOLOGIE ....................79.30 3.24 91.83 66.87
UNITEDHEALTH GROUP...................49.18 0.42 53.50 34.50
VERIZON COMMS ..............................37.66 0.85 38.95 31.60
WAL-MART STORES..........................57.81 0.44 57.96 48.31
WALT DISNEY CO ..............................36.28 1.23 44.34 28.19
WELLS FARGO & CO.........................27.07 1.31 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 ..................0.850 0.00
LIBOR Euro - 12 months ................2.073 0.00
LIBOR USD - overnight...................0.142 0.00
LIBOR USD - 12 months.................0.931 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 .........................3.420 0.24
European repo rate.........................0.736 0.00
Euro Euribor ....................................1.140 0.00
The vix index ...................................25.24 -4.62
The baItic dry index ........................2.145 -0.01
Markit iBoxx...................................233.96 -0.85
Markit iTraxx..................................174.57 -0.11
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4201 0.0306
C/ 0.8815 0.0111
C/ 107.72 1.8066
/C 1.1340 0.0146
/$ 1.6103 0.0142
/ 122.18 0.4985
FTSE 100
5713.82
160.58
FTSE 250
10733.34
310.96
FTSE ALLSHARE
2944.75
82.64
DOW
12208.55
339.51
NASDAQ
2738.63
87.96
S&P 500
1284.59
42.59
RPC Group . . . . . . . .354.0 -0.3 384.8 215.4
Smiths Group . . . . . .962.0 33.5 1429.0 907.5
Brown (N.) Group . . .271.8 12.5 311.2 252.5
Carpetright . . . . . . . . .481.4 -10.3 835.5 472.5
Debenhams . . . . . . . . .68.0 0.2 76.5 51.2
Dignity . . . . . . . . . . . .833.0 17.0 854.5 640.0
Dixons RetaiI . . . . . . .12.6 0.5 27.7 10.6
DuneImGroup . . . . . .497.0 1.6 550.0 383.9
HaIfords Group . . . . .336.9 11.9 459.7 268.6
Home RetaiI Group . .108.3 8.0 235.0 99.5
Inchcape . . . . . . . . . .339.1 17.9 425.4 268.1
JD Sports Fashion . .835.0 7.0 1030.0 753.5
Kesa EIectricaIs . . . .108.8 3.8 174.0 80.0
Kingfisher . . . . . . . . .271.4 7.8 287.1 217.0
Marks & Spencer G . .330.2 1.2 427.5 301.8
Mothercare . . . . . . . .180.0 4.2 627.5 172.9
Next . . . . . . . . . . . . .2588.0 31.0 2668.0 1868.0
Sports Direct Int . . . .240.6 12.3 266.2 125.5
WH Smith . . . . . . . . . .554.5 4.0 568.0 433.8
Smith & Nephew . . . .574.0 5.0 742.0 521.0
Synergy HeaIth . . . . .850.0 4.5 981.0 747.5
Barratt DeveIopme . . .95.3 6.0 119.0 67.5
BeIIway . . . . . . . . . . . .746.0 22.5 753.5 511.0
BaIfour Beatty . . . . . .264.9 10.2 357.3 228.6
GaIIiford Try . . . . . . . .485.0 13.5 530.0 276.5
Kier Group . . . . . . . .1445.0 15.0 1463.0 1097.0
Drax Group . . . . . . . .529.0 10.5 540.5 353.6
SSE . . . . . . . . . . . . . .1342.0 -8.0 1423.0 1109.0
Domino Printing S . .562.5 7.5 705.0 434.3
HaIma . . . . . . . . . . . . .342.5 10.8 429.6 306.3
Laird . . . . . . . . . . . . . .152.0 13.0 207.0 127.9
Morgan CrucibIe C . .288.4 13.4 357.1 222.3
Oxford Instrument . .785.0 20.0 1010.0 495.0
Renishaw . . . . . . . . . .975.0 49.5 1886.0 862.0
Spectris . . . . . . . . . .1318.0 99.0 1679.0 1039.0
Aberforth SmaIIer . . .559.0 20.0 714.0 508.5
AIIiance Trust . . . . . .344.9 7.9 392.7 310.2
Bankers Inv Trust . . .399.8 18.9 428.0 346.5
BH GIobaI Ltd. GB .1190.0 0.0 1210.0 1058.0
BH GIobaI Ltd. US . . . .11.8 -0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.1 -0.2 20.1 15.8
BH Macro Ltd. GBP 1969.0 -1.0 2070.0 1630.0
BH Macro Ltd. USD . . .18.9 0.2 20.1 15.8
BIackRock WorId M .672.0 39.5 815.5 574.5
BIueCrest AIIBIue . . .168.9 0.9 176.2 162.4
British Assets Tr . . . .123.4 4.7 140.5 109.0
British Empire Se . . .475.0 21.4 533.0 409.9
CaIedonia Investm .1591.0 56.0 1928.0 1470.0
City of London In . . .293.5 10.5 306.9 257.0
Dexion AbsoIute L . .135.4 1.4 151.0 130.0
Edinburgh Dragon . .233.0 11.7 262.1 201.4
Edinburgh Inv Tru . . .482.0 11.1 492.2 414.9
EIectra Private E . . .1477.0 22.0 1755.0 1287.0
F&C Inv Trust . . . . . .298.0 10.5 327.9 261.5
FideIity China Sp . . . . .81.6 2.6 128.7 70.0
FideIity European . .1075.0 63.0 1287.0 912.0
HeraId Inv Trust . . . . .475.0 10.0 545.5 419.0
HICL Infrastructu . . . .118.4 0.6 121.3 112.7
Impax Environment . .91.8 2.3 130.5 88.5
JPMorgan American .852.0 20.0 916.0 721.5
JPMorgan Asian In . .195.0 7.0 250.8 170.1
JPMorgan Emerging .543.0 17.0 639.0 480.1
JPMorgan European .786.0 36.5 983.5 692.5
JPMorgan Indian I . . .380.0 11.0 502.0 350.0
JPMorgan Russian .549.0 28.0 755.0 415.1
Law Debenture Cor . .364.7 14.7 385.0 309.8
MercantiIe Inv Tr . . . .956.0 33.0 1137.0 856.5
Merchants Trust . . . .390.0 10.0 431.8 347.0
Monks Inv Trust . . . .328.0 11.4 367.9 298.1
Murray Income Tru . .641.0 18.5 673.0 568.0
Murray Internatio . . .922.5 20.5 991.5 818.5
PerpetuaI Income . . .263.0 9.4 276.0 234.8
PersonaI Assets T .33600.0 290.0 33750.030210.0
PoIar Cap TechnoI . .354.5 13.5 391.2 299.5
RIT CapitaI Partn . . .1345.0 41.0 1345.0 1130.0
Scottish Inv Trus . . . .462.0 11.7 524.0 417.0
Scottish Mortgage . .671.5 13.0 781.0 586.5
SVG CapitaI . . . . . . . .213.6 4.6 279.8 187.9
TempIe Bar Inv Tr . . .894.0 25.5 952.0 791.0
TempIeton Emergin .573.5 27.0 689.5 497.0
TR Property Inv T . . .173.9 4.9 206.1 150.0
TR Property Inv T . . . .76.3 1.2 94.0 69.5
Witan Inv Trust . . . . .469.4 22.4 533.0 401.5
3i Group . . . . . . . . . . .218.1 11.3 340.0 184.1
3i Infrastructure . . . .121.2 0.5 125.2 113.1
Aberdeen Asset Ma .198.0 9.1 240.0 167.8
Ashmore Group . . . .353.8 28.4 420.0 301.5
Brewin DoIphin Ho . .122.9 4.3 185.4 113.7
CameIIia . . . . . . . . . .8900.5 -9.510950.0 8800.0
CharIes TayIor Co . . .138.5 0.0 193.0 122.0
City of London Gr . . . .70.0 0.0 93.6 68.3
City of London In . . .360.0 19.5 461.5 321.3
CIose Brothers Gr . . .724.0 23.0 888.5 656.5
CoIIins Stewart H . . . .61.0 0.5 90.8 59.0
EvoIution Group . . . . .89.3 7.0 94.0 62.3
F&C Asset Managem .73.8 4.7 92.9 56.1
Hargreaves Lansdo .509.0 15.7 646.5 402.5
HeIphire Group . . . . . . .3.2 0.2 21.8 2.2
Henderson Group . . .128.0 8.8 173.1 95.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .421.3 16.6 570.5 383.7
IG Group HoIdings . .468.4 1.4 539.0 393.6
Intermediate Capi . . .256.2 22.0 360.3 197.9
InternationaI Per . . . .277.8 15.2 388.8 196.5
InternationaI Pub . . . .116.3 0.6 118.3 108.6
Investec . . . . . . . . . . .397.1 23.9 538.0 331.8
IP Group . . . . . . . . . . . .71.1 1.4 72.0 27.9
Jupiter Fund Mana . .238.0 15.0 337.3 184.9
Liontrust Asset M . . . .60.5 1.0 94.3 57.3
LMS CapitaI . . . . . . . . .61.4 0.0 64.8 44.8
London Finance & . . .22.5 0.0 23.5 16.5
London Stock Exch .912.0 -4.5 1076.0 717.0
Lonrho . . . . . . . . . . . . .13.8 0.5 19.8 12.5
Man Group . . . . . . . . .160.9 5.6 311.0 150.0
Paragon Group Of . .170.3 10.2 206.1 134.6
Provident Financi . .1113.0 24.0 1124.0 728.5
Rathbone Brothers .1130.0 50.0 1257.0 871.0
Record . . . . . . . . . . . . .23.8 0.0 45.5 20.3
RSM Tenon Group . . .24.5 0.5 66.3 20.3
Schroders . . . . . . . .1480.0 110.0 1922.0 1183.0
Schroders (Non-Vo .1273.0 102.0 1554.0 970.0
TuIIett Prebon . . . . . .357.6 2.6 428.6 327.8
WaIker Crips Grou . . .46.0 0.0 51.5 45.0
BT Group . . . . . . . . . .190.2 5.6 204.1 152.1
CabIe & WireIess . . . .36.7 1.1 54.1 31.3
CabIe & WireIess . . . .27.9 0.5 76.9 26.3
COLT Group SA . . . .102.1 1.2 156.2 91.6
KCOM Group . . . . . . . .73.2 2.9 84.0 47.5
TaIkTaIk TeIecom . . .138.0 4.1 168.3 119.8
TeIecomPIus . . . . . . .750.5 14.0 763.5 379.8
Booker Group . . . . . . .75.7 0.1 80.0 53.4
Greggs . . . . . . . . . . . .508.0 3.0 550.5 429.1
Morrison (Wm) Sup .306.2 2.4 309.2 262.7
Ocado Group . . . . . . . .96.3 6.2 285.0 84.8
Sainsbury (J) . . . . . . .307.6 4.1 391.5 263.5
Tesco . . . . . . . . . . . . .410.0 4.5 439.0 356.3
Associated Britis . . .1102.0 7.0 1182.0 940.0
Cranswick . . . . . . . . .691.0 13.0 895.0 588.5
Dairy Crest Group . . .349.7 1.2 424.9 325.0
Devro . . . . . . . . . . . . .245.5 10.5 296.9 218.0
Premier Foods . . . . . . . .4.0 -0.0 35.1 3.8
Tate & LyIe . . . . . . . . .667.5 11.5 673.0 490.2
UniIever . . . . . . . . . .2102.0 11.0 2130.0 1777.0
Mondi . . . . . . . . . . . . .480.0 5.4 664.0 448.4
Centrica . . . . . . . . . . .307.2 6.4 345.8 282.6
InternationaI Pow . . .338.3 4.6 448.6 279.4
NationaI Grid . . . . . . .627.5 -12.5 653.5 530.0
Pennon Group . . . . . .700.5 5.0 737.5 584.5
Severn Trent . . . . . .1529.0 17.0 1571.0 1364.0
United UtiIities . . . . .610.5 -7.0 631.5 543.5
Cookson Group . . . . .488.6 21.1 724.5 395.8
DS Smith . . . . . . . . . .215.0 10.0 266.2 164.4
Rexam . . . . . . . . . . . .350.2 10.7 400.0 299.8
Price Chg High Low
BerkeIey Group Ho .1269.0 19.0 1299.0 789.5
Bovis Homes Group .472.6 7.4 476.3 326.5
Persimmon . . . . . . . .518.5 10.0 525.5 336.5
Reckitt Benckiser . .3247.0 -13.0 3648.0 3015.0
Redrow . . . . . . . . . . . .119.9 1.4 139.0 98.4
TayIor Wimpey . . . . . . .38.4 0.7 43.3 22.3
Bodycote . . . . . . . . . .289.0 12.3 397.7 225.6
Charter Internati . . . .877.0 18.5 878.0 538.5
Fenner . . . . . . . . . . . .348.0 4.0 422.5 259.3
IMI . . . . . . . . . . . . . . . .864.0 61.0 1119.0 636.5
MeIrose . . . . . . . . . . .339.6 13.9 365.4 265.7
Northgate . . . . . . . . . .262.9 11.1 346.7 202.0
Rotork . . . . . . . . . . .1716.0 47.0 1858.0 1501.0
Spirax-Sarco Engi . .1941.0 42.0 2063.0 1649.0
Weir Group . . . . . . .1987.0 107.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .333.5 24.8 499.0 238.7
TaIvivaara Mining . . .250.0 24.5 622.0 205.0
BBAAviation . . . . . . .188.6 7.7 240.8 156.0
Stobart Group Ltd . . .122.0 3.2 163.6 118.8
AdmiraI Group . . . . .1261.0 34.0 1754.0 1206.0
AmIin . . . . . . . . . . . . .313.3 13.4 427.0 270.6
Huntsworth . . . . . . . . .59.3 1.0 85.0 55.3
Informa . . . . . . . . . . . .374.1 6.3 461.1 313.9
ITE Group . . . . . . . . . .189.4 10.3 258.2 157.7
ITV . . . . . . . . . . . . . . . . .64.7 2.7 93.5 51.7
Johnston Press . . . . . . .4.5 0.1 12.8 4.1
MecomGroup . . . . . .158.0 0.5 310.0 134.5
Moneysupermarket. .105.5 1.7 120.4 75.7
Pearson . . . . . . . . . .1185.0 31.0 1207.0 926.0
PerformGroup . . . . .210.0 10.2 234.5 150.0
Reed EIsevier . . . . . .554.5 10.0 590.5 461.3
Rightmove . . . . . . . .1340.0 -1.0 1364.0 736.5
STV Group . . . . . . . . .111.8 0.8 168.0 90.3
Tarsus Group . . . . . .134.5 1.4 165.0 114.0
Trinity Mirror . . . . . . . .48.3 1.5 106.5 37.5
UBM . . . . . . . . . . . . . .526.0 16.0 725.0 416.0
UTV Media . . . . . . . . .119.8 4.0 150.0 101.0
WiImington Group . . .88.0 -0.5 183.0 82.5
WPP . . . . . . . . . . . . . .677.0 24.5 846.5 578.0
YeII Group . . . . . . . . . . .3.7 0.0 16.1 3.6
African Barrick G . . .553.5 2.5 618.5 393.5
AIIied GoId Minin . . .160.0 3.7 281.3 34.4
AngIo American . . .2466.0 158.0 3437.0 2138.5
AngIo Pacific Gro . . .277.6 2.6 369.3 237.9
Antofagasta . . . . . . .1261.0 85.0 1634.0 900.5
Aquarius PIatinum . .200.8 22.1 419.0 163.1
BeazIey . . . . . . . . . . . .128.2 1.4 139.2 109.6
CatIin Group Ltd. . . .408.9 11.2 421.4 331.5
Hiscox Ltd. . . . . . . . . .392.3 2.3 424.7 340.5
Jardine LIoyd Tho . . .760.5 19.0 765.5 571.5
Lancashire HoIdin . . .728.0 0.5 747.5 529.0
RSA Insurance Gro . .115.0 2.7 143.5 106.0
Aviva . . . . . . . . . . . . . .375.5 30.5 477.9 275.3
LegaI & GeneraI G . . .114.9 7.3 123.8 89.8
OId MutuaI . . . . . . . . .117.2 7.5 144.8 98.1
Phoenix Group HoI . .530.0 14.5 688.0 451.1
PrudentiaI . . . . . . . . .681.0 41.5 777.0 509.0
ResoIution Ltd. . . . . .287.2 3.8 316.1 211.3
St James's PIace . . . .370.0 11.6 380.8 236.2
Standard Life . . . . . . .224.4 7.9 244.7 172.0
4Imprint Group . . . . .240.0 10.0 295.0 200.0
Aegis Group . . . . . . .140.8 2.4 158.5 115.7
BIoomsbury PubIis . . .99.8 1.0 138.0 95.1
British Sky Broad . . .729.0 -4.0 850.0 618.5
Centaur Media . . . . . . .40.3 1.3 73.0 36.0
Chime Communicati .198.5 3.5 298.5 173.0
Creston . . . . . . . . . . . .90.5 3.5 121.0 72.0
DaiIy MaiI and Ge . . .428.2 12.1 594.5 343.4
Euromoney Institu . .631.0 -0.5 736.0 522.5
Future . . . . . . . . . . . . . .10.5 0.1 30.0 9.8
Haynes PubIishing . .225.0 5.0 257.0 203.5
BHP BiIIiton . . . . . . .2109.0 140.5 2631.5 1667.0
Centamin Egypt Lt . .112.0 6.5 197.1 89.7
Eurasian NaturaI . . .702.5 34.5 1125.0 522.0
FresniIIo . . . . . . . . . .1729.0 75.0 2150.0 1247.0
GemDiamonds Ltd. .228.5 9.6 306.0 179.8
GIencore Internat . . .443.9 40.2 531.1 348.0
HochschiId Mining . .470.1 12.1 680.0 397.0
Kazakhmys . . . . . . .1016.0 87.0 1671.0 730.0
Kenmare Resources . .41.5 1.7 59.9 18.9
Lonmin . . . . . . . . . . .1155.0 74.0 1983.0 974.5
New WorId Resourc .561.0 53.0 1060.0 410.5
PetropavIovsk . . . . . .783.5 28.0 1165.0 543.5
RandgoId Resource 6860.0 -20.0 7215.0 4425.0
Rio Tinto . . . . . . . . .3562.5 262.5 4712.0 2712.5
Vedanta Resources .1411.0 154.0 2559.0 948.0
Xstrata . . . . . . . . . . .1111.0 108.0 1550.0 764.0
Inmarsat . . . . . . . . . . .482.9 9.4 719.5 389.7
Vodafone Group . . . .177.1 0.4 182.8 155.1
Genesis Emerging . .480.6 20.6 568.0 430.0
Afren . . . . . . . . . . . . . . .97.2 6.2 171.2 73.6
BG Group . . . . . . . . .1420.0 25.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .467.9 6.9 509.0 363.2
Cairn Energy . . . . . . .310.7 10.8 469.7 261.4
EnQuest . . . . . . . . . . .108.2 2.3 158.5 86.6
Essar Energy . . . . . .311.1 21.5 589.5 235.1
ExiIIon Energy . . . . . .284.0 8.9 469.7 184.2
Heritage OiI . . . . . . . .235.8 8.2 486.0 190.0
Ophir Energy . . . . . . .261.2 9.2 299.0 184.5
Premier OiI . . . . . . . . .376.1 5.6 535.0 310.0
RoyaI Dutch SheII . .2280.0 27.0 2326.5 1883.5
RoyaI Dutch SheII . .2330.0 11.0 2371.0 1890.5
SaIamander Energy .199.0 9.1 317.6 182.3
Soco Internationa . . .344.2 8.1 400.0 279.8
TuIIow OiI . . . . . . . . .1463.0 36.0 1493.0 945.5
Amec . . . . . . . . . . . . .933.5 32.0 1251.0 740.5
Hunting . . . . . . . . . . .696.5 21.5 817.0 530.0
Kentz Corporation . .497.7 4.5 509.0 275.5
LampreII . . . . . . . . . . .245.1 9.1 395.2 220.7
Petrofac Ltd. . . . . . .1463.0 54.0 1685.0 1108.0
Wood Group (John) .651.5 40.0 715.8 432.5
Burberry Group . . . .1390.0 87.0 1600.0 996.0
PZ Cussons . . . . . . . .368.1 6.1 409.0 320.5
Supergroup . . . . . . . .635.0 8.0 1820.0 627.0
AstraZeneca . . . . . .3080.5 39.0 3245.5 2543.5
BTG . . . . . . . . . . . . . .280.5 8.3 309.7 210.1
Genus . . . . . . . . . . . .1048.0 42.0 1111.0 800.0
GIaxoSmithKIine . . .1379.0 -14.0 1409.0 1127.5
Hikma Pharmaceuti .688.5 23.5 900.0 555.5
Shire PIc . . . . . . . . . .1973.0 -32.0 2136.0 1458.0
CapitaI & Countie . . .180.4 5.9 203.7 142.5
Daejan HoIdings . . .2790.0 -9.0 2954.0 2282.0
F&C CommerciaI Pr .104.0 3.0 108.0 88.0
Grainger . . . . . . . . . . . .90.0 2.5 133.2 77.3
London & Stamford .116.0 2.2 140.0 112.9
SaviIIs . . . . . . . . . . . . .302.6 11.2 427.1 256.2
UK CommerciaI Pro . .78.5 0.5 85.5 70.4
Unite Group . . . . . . . .180.5 3.2 224.1 152.9
Big YeIIow Group . . .254.9 5.6 352.2 234.2
British Land Co . . . . .512.0 22.1 629.5 452.0
CapitaI Shopping . . .336.0 12.0 424.8 296.4
Derwent London . . .1669.0 67.0 1880.0 1400.0
Great PortIand Es . . .375.0 18.2 445.0 317.4
Hammerson . . . . . . . .405.0 18.0 490.9 353.0
Hansteen HoIdings . . .77.4 0.3 89.5 70.0
Land Securities G . . .686.5 36.5 885.0 616.0
SEGRO . . . . . . . . . . . .246.1 13.4 331.3 210.1
Shaftesbury . . . . . . . .507.5 16.1 539.0 431.7
Aveva Group . . . . . .1572.0 31.0 1799.0 1298.0
Computacenter . . . . .390.7 15.2 490.0 354.8
Fidessa Group . . . . .1655.0 0.0 2109.0 1409.0
Invensys . . . . . . . . . . .230.0 14.5 364.3 199.6
Logica . . . . . . . . . . . . .96.9 4.3 147.2 73.9
Micro Focus Inter . . .346.2 8.4 426.2 239.4
Misys . . . . . . . . . . . . .290.7 12.9 420.2 214.9
Sage Group . . . . . . . .285.8 2.9 302.0 231.7
SDL . . . . . . . . . . . . . . .640.0 -5.0 711.5 555.0
TeIecity Group . . . . . .598.5 -1.5 615.0 430.0
Aggreko . . . . . . . . . .1729.0 27.0 2034.0 1394.5
Ashtead Group . . . . .171.5 7.4 207.9 99.4
Atkins (WS) . . . . . . . .584.5 34.5 820.0 490.2
Babcock Internati . . .705.0 13.0 733.0 513.5
Berendsen . . . . . . . . .452.0 3.3 568.0 391.3
BunzI . . . . . . . . . . . . .817.5 13.0 823.0 676.5
Cape . . . . . . . . . . . . . .497.9 21.2 591.5 358.3
Capita Group . . . . . . .740.5 9.0 786.5 635.5
CariIIion . . . . . . . . . . .360.3 15.3 403.2 298.8
De La Rue . . . . . . . . .850.0 7.5 857.5 549.5
DipIoma . . . . . . . . . . .331.0 13.1 414.3 258.0
EIectrocomponents .229.2 10.8 294.9 182.2
Experian . . . . . . . . . . .808.5 27.5 833.5 665.0
FiItrona PLC . . . . . . . .387.6 19.4 387.6 227.5
G4S . . . . . . . . . . . . . . .240.1 3.8 291.0 219.9
Hays . . . . . . . . . . . . . . .82.0 4.0 133.6 66.6
Homeserve . . . . . . . .480.2 8.2 532.0 408.0
Howden Joinery Gr . .118.0 1.1 127.5 76.1
Interserve . . . . . . . . . .332.8 4.5 341.3 183.5
Intertek Group . . . . .2023.0 33.0 2148.0 1715.0
MichaeI Page Inte . . .408.9 23.9 567.0 338.7
Mitie Group . . . . . . . .254.2 5.2 254.8 194.1
Premier FarneII . . . . .182.4 7.5 308.8 144.5
Regus . . . . . . . . . . . . . .81.2 3.0 119.0 64.0
RentokiI InitiaI . . . . . . .73.5 3.8 104.9 64.8
RPS Group . . . . . . . . .181.9 8.2 253.0 156.6
Serco Group . . . . . . .535.5 14.5 618.5 490.9
Shanks Group . . . . . .113.4 3.7 130.9 103.0
SIG . . . . . . . . . . . . . . .100.0 3.7 153.5 83.8
SThree . . . . . . . . . . . .285.0 12.9 447.6 213.2
Travis Perkins . . . . . .903.5 31.0 1127.0 715.0
WoIseIey . . . . . . . . .1935.0 84.0 2261.0 1404.0
ARM HoIdings . . . . . .606.5 21.0 651.0 338.9
CSR . . . . . . . . . . . . . .179.0 -0.7 447.0 176.6
Imagination Techn . .467.0 9.4 502.0 296.9
Pace . . . . . . . . . . . . . . .80.6 3.1 231.8 77.3
Spirent Communica .134.6 5.6 160.3 109.5
British American . .2893.5 -2.5 2962.0 2282.5
ImperiaI Tobacco . .2283.0 3.0 2319.0 1784.0
Betfair Group . . . . . . .806.5 14.5 1501.0 567.0
Bwin.party Digita . . . .114.0 1.2 266.0 100.6
CarnivaI . . . . . . . . . .2369.0 77.0 3153.0 1742.0
Compass Group . . . .581.0 11.0 612.0 511.5
Domino's Pizza UK . .483.1 9.1 586.0 377.0
easyJet . . . . . . . . . . . .369.3 12.2 479.0 301.0
FirstGroup . . . . . . . . .336.7 8.2 412.6 301.8
Go-Ahead Group . . .1396.0 17.0 1598.0 1203.0
Greene King . . . . . . .459.5 7.1 518.0 410.0
InterContinentaI . . .1181.0 59.0 1435.0 955.0
InternationaI Con . . .180.4 14.1 305.0 141.6
JD Wetherspoon . . . .435.8 3.5 468.3 380.5
Ladbrokes . . . . . . . . .143.0 2.1 155.3 114.0
Marston's . . . . . . . . . . .99.3 1.9 117.1 84.6
MiIIennium& Copt . .445.0 16.8 600.5 375.6
MitcheIIs & ButIe . . . .246.0 5.0 361.0 216.4
NationaI Express . . .233.5 5.1 270.2 219.6
Rank Group . . . . . . . .139.9 -0.1 153.7 109.5
Restaurant Group . . .302.4 4.4 335.0 254.9
Stagecoach Group . .243.1 -2.7 272.4 200.0
Thomas Cook Group .55.5 0.7 204.8 33.7
TUI TraveI . . . . . . . . . .176.8 5.0 271.9 137.2
Whitbread . . . . . . . .1709.0 35.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .222.9 -2.2 244.1 155.5
Abcam . . . . . . . . . . . .370.5 23.5 460.0 307.0
AIbemarIe & Bond . .306.0 -1.5 400.1 272.0
Amerisur Resource . .13.0 0.3 29.0 9.5
Andor TechnoIogy . .515.0 15.0 685.0 370.0
ArchipeIago Resou . . .65.5 1.0 79.0 40.3
ASOS . . . . . . . . . . . .1597.0 106.0 2468.0 1234.0
AureIian OiI & Ga . . . .18.8 0.8 92.0 16.0
Avanti Communicat .312.5 11.0 735.0 248.5
Avocet Mining . . . . . .248.5 1.5 286.8 173.8
BIinkx . . . . . . . . . . . . .150.5 4.5 158.0 70.5
Borders & Souther . . .47.5 0.8 72.3 43.5
BowLeven . . . . . . . . .102.0 1.8 398.0 74.5
Brooks MacdonaId 1335.0 -10.0 1372.5 940.0
Cove Energy . . . . . . . .91.3 4.0 112.8 61.0
Daisy Group . . . . . . .104.5 -0.5 127.0 88.0
EMIS Group . . . . . . . .542.8 7.8 580.0 406.0
Encore OiI . . . . . . . . . .78.8 0.8 151.5 40.8
Faroe PetroIeum . . . .168.0 4.5 218.3 130.0
GuIfsands PetroIe . . .199.8 9.0 401.5 142.5
GWPharmaceuticaI . .94.5 2.3 130.0 83.0
H&T Group . . . . . . . . .312.0 0.0 395.0 277.0
Hamworthy . . . . . . . .584.0 37.0 705.0 373.8
Hargreaves Servic .1120.0 1.0 1180.0 685.0
HeaIthcare Locums . . . .6.1 0.2 6.7 6.1
Immunodiagnostic . .923.0 48.0 1218.0 768.5
ImpeIIamGroup . . . .302.5 5.0 387.5 177.5
James HaIstead . . . . .470.5 -2.0 495.0 345.5
KaIahari MineraIs . . .237.0 4.0 301.0 168.0
London Mining . . . . .323.0 7.0 436.5 283.0
Lupus CapitaI . . . . . .103.5 1.8 150.0 86.0
M. P. Evans Group . .400.0 -5.0 500.5 371.0
Majestic Wine . . . . . .424.0 -2.0 510.0 352.0
May Gurney Integr . .297.0 12.0 300.0 211.0
Monitise . . . . . . . . . . . .34.0 -0.5 39.0 18.5
MuIberry Group . . . .1550.0 110.0 1920.0 530.0
Nanoco Group . . . . . . .42.4 0.4 114.3 40.0
NauticaI PetroIeu . . .309.8 4.0 547.0 223.5
NichoIs . . . . . . . . . . . .544.5 25.0 579.0 410.0
Numis Corporation . . .90.5 -2.5 137.8 88.0
Pan African Resou . . .13.3 0.4 14.5 9.4
Patagonia GoId . . . . . .52.3 -2.5 70.0 20.3
Prezzo . . . . . . . . . . . . .54.5 -0.5 71.5 53.3
Pursuit Dynamics . . .205.0 6.5 700.0 160.5
Rockhopper ExpIor .223.3 17.0 386.0 141.0
RWS HoIdings . . . . . .431.0 3.5 479.8 266.5
Songbird Estates . . .121.3 6.0 160.3 110.3
VaIiant PetroIeum . . .489.5 18.5 672.0 435.0
Young & Co's Brew . .657.8 25.3 712.0 535.0
BarcIays . . . . . . . . . . .210.0 17.6
Aquarius PIatinum . .200.8 12.4
Vedanta Resources .1411.0 12.3
TaIvivaara Mining . . .250.0 10.9
Xstrata . . . . . . . . . . .1111.0 10.8
New WorId Resource 561.0 10.4
RoyaI Bank of Scot . . .27.3 10.1
GIencore Internati . . .443.9 9.9
Intermediate Capit . .256.2 9.4
Kazakhmys . . . . . . .1016.0 9.4
Croda Internationa .1820.0 -3.2
Carpetright . . . . . . . .481.4 -2.1
NationaI Grid . . . . . . .627.5 -2.0
Shire PIc . . . . . . . . .1973.0 -1.6
United UtiIities G . . . .610.5 -1.1
Stagecoach Group . .243.1 -1.1
GIaxoSmithKIine . . .1379.0 -1.0
WiIIiam HiII . . . . . . . . .222.9 -1.0
BH Macro Ltd. EUR . .19.1 -0.9
SDL . . . . . . . . . . . . . . .640.0 -0.8
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
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
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CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.17 -0.01 102.9 100.2
Tsy 9.000 12 . . . .106.50 0.00 114.2 105.8
Tsy 5.000 12 . . . .101.60 0.00 105.8 101.6
Tsy 5.250 12 . . . .102.87 -0.01 107.2 102.8
Tsy 4.500 13 . . . .105.29 -0.02 108.5 105.2
Tsy 2.500 13 . . . .284.57 0.02 287.7 277.6
Tsy 8.000 13 . . . . .114.01 -0.04 120.2 114.0
Tsy 5.000 14 . . . . .111.75 -0.09 113.6 109.2
Tsy 4.750 15 . . . . .113.67 -0.18 114.8 108.6
Tsy 8.000 15 . . . .127.32 -0.19 130.5 123.7
Tsy 7.750 15 . . . .100.97 -0.18 108.5 101.0
Tsy 4.000 16 . . . . .112.05 -0.29 113.4 104.9
Tsy 2.500 16 . . . .339.06 -0.17 342.2 310.2
Tsy 8.750 17 . . . .138.52 -0.55 141.9 132.9
Tsy 12.000 17 . . .123.81 0.00 133.3 122.5
Tsy 1.250 17 . . . . .113.60 -0.37 115.3 106.7
Tsy 5.000 18 . . . . .118.89 -0.68 121.0 109.7
Tsy 4.500 19 . . . . .116.30 -0.86 118.8 105.4
Tsy 3.750 19 . . . . .110.88 -0.93 113.5 99.4
Tsy 2.500 20 . . . .349.03 -0.69 355.6 312.4
Tsy 4.750 20 . . . . .118.24 -1.04 121.4 106.6
Tsy 8.000 21 . . . .146.13 -1.19 151.8 133.8
Tsy 1.875 22 . . . .120.73 -0.96 125.4 111.3
Tsy 4.000 22 . . . . .112.24 -1.32 115.6 99.0
Tsy 2.500 24 . . . .307.44 -1.02 320.1 273.5
Tsy 5.000 25 . . . .123.16 -1.56 126.9 107.4
Tsy 4.250 27 . . . . .114.10 -1.77 118.1 97.9
Tsy 1.250 27 . . . . .113.54 -1.23 121.0 104.6
Tsy 6.000 28 . . . .138.03 -1.74 142.9 119.5
Tsy 4.750 30 . . . .121.19 -1.99 125.6 103.0
Tsy 4.125 30 . . . .289.91 -1.05 305.4 261.2
Tsy 4.250 32 . . . . .113.40 -2.06 117.9 96.0
Tsy 4.250 36 . . . . .113.47 -2.21 117.6 95.0
Tsy 4.750 38 . . . .122.69 -2.27 126.9 102.8
Tsy 4.500 42 . . . . .119.34 -2.40 123.0 98.9
% %
ALTERNATIVE ENERGY
Wealth Management | Markets
A
CHILD is born. Hurrah a time for cele-
bration. Babies usually bring out the opti-
mist in people. What a joy we coo over a
bundle of potential in swaddling this
could be the new Einstein, a modern Joan of Arc,
a future Steve Jobs. However, there seems wide-
spread reluctance to pop the champagne corks
for the birth of Baby 7 Billion (Baby7B), who is
due on 31 October 2011. This is the date the UN
has designated as the day that the human popu-
lation will reach 7bn, and has been accompanied
by an outbreak of pessimistic miserablism.
Lionel Shriver, author We Need To Talk About
Kevin, has been just one high profile celeb to roll
off a litany of woes that will afflict the world if
we keep on breeding. Campaign group
Population Matters (PM), whose patrons include
Sir David Attenborough, has announced it will
be marking the great day by cheery posters in
the London Underground warning commuters
in the overcrowded transport system of the
unsustainability of continued population
growth. Happy Birthday Baby7B Londons
infrastructural failings are
your fault.
Most galling are
those eco-worriers
who view the alleged
population time-bomb
through the apocalyptic lens
of impending climate
change catastrophe. Our
Baby7B is then reduced to the
cold, scientific calculation of a
carbon emitter. Charmingly, the
UN Population Fund (UNFPA) notes
that No human is genuinely carbon neutral.
You can forget the pitter-patter of tiny feet. To
quote PMs chair Roger Martin, its no use reduc-
ing your carbon footprint if you keep increasing
the number of feet. The NGO Population and
Climate Change African Forum (PCCAF) has set
up PopOffsets, a carbon offsets scheme aimed at
reducing the number of carbon emitters (that is,
babies). Maybe aware that this may smack of
uncomfortable racial tones if focused simply on
Africa, it is also suggested that: Where people
have choices, such as the UK, we are asking them
to have two or fewer children as part of a sus-
tainable lifestyle.
Such thinking is not only misanthropic and
authoritarian; it also underestimates human
potential and fatalistically overestimates natural
limits. The Population Institutes report From 6
Billion to 7 Billion argues there comes a day of
environmental reckoning... time is running
out to strike a better balance between the
demands we place upon the planet and the
Earths ability to satisfy our needs. The personi-
fication of the Earth with a capital E is telling.
Humans are assumed beholden to immutable
Mother Nature, who must satisfy our needs.
But surely mans progressive mission has been
to overcome natures limits precisely to satisfy
our needs? Weve done well. Some of moderni-
tys most important medical gains have been
made through humans overthrowing the seem-
ing natural limits of our biology, such as massive-
ly reducing infant mortality and disease through
man-made, unnatural medicines like insulin,
antibiotics and oral contraception. This should
be a source of triumph not despair.
Of course, disease, poverty and hunger still
stalk the world, but this is a political challenge;
to solve it we need to argue robustly for econom-
ic development; and to fight exploitation. What
we must oppose is the attempts to repackage
such social problems as demographic, and to
argue against those who tell us resources are
finite and wont be able to cater for future bil-
lions. This was the original error of Thomas
Malthus, the 18th-century vicar who falsely pre-
dicted that a rapidly growing population would
lead to starvation. He and his supporters wrong-
ly assumed that while population grows, all else
would stay the same.
Possibly Malthus had an excuse for his mis-
take, assuming that millions more people would
mean less food to go round. He did not witness
the industrial revolutions massive transforma-
tion to food production. But what excuse is there
for Jonathan Porritt, who recently blogged about
sub-Saharan Africa: Sorry to be neo-Malthusian
about it, but continuing population growth...
makes periodic famine unavoidable? Porritts
anti-population prejudice means he fails to note
that agricultures green revolution and, yes, Big
Food means we could feed everyone born and
more. The barrier is not too many mouths to
feed but the lack of economic development
Instead of arguing for economic growth, the
new Malthusians warn that all these newborns
will grow up desiring a better life, that we will
need two earths to sustain their consumption.
Wrong what we need are growth rates on a par
with China and India, the two most populous
countries in the world, who through economic
development are lifting millions from poverty.
There is no such thing as finite resources, just
new unimagined solutions waiting to be discov-
ered if we trust human ingenuity to the task. The
new billions are more than just consumers; they
are also creative producers and dynamic prob-
lem-solvers who can transform the world, and
Nature, for the better. Hurrah for Baby7B.
Claire Fox is director of the Institute of Ideas, which is
holding its annual Battle of Ideas festival at the Royal
College of Art, London, on 29 & 30 October, sponsored by
City A.M. http://www.battleofideas.org.uk.
28
The Forum
The new billions are more
than just consumers; they
are creative producers too.
Happy birthday, Baby Seven
Billion more human beings
are good news for the planet
cityam.com/forum
CLAIRE FOX
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.
29
Europes leaders
have failed again
to grasp the nettle
over Greek debts
The latest euro
deal isnt pretty
in cold daylight
A
NOTHER summit gone and another
Greek bailout plan to assess in the cold
light of day. On the surface this one
sounds promising: a 50 per cent write
down for Greek bondholders and 130bn in
new bailout funds should sort things for a
while, right? Well, unlike in previous rounds,
Wednesdays meeting between Eurozone lead-
ers saw some real progress. But with the risk of
being a killjoy, it still falls far short of what is
needed to solve the Greek and Eurozone crisis.
Firstly, even with this 50 per cent writedown
the EU/IMF/ECB troika estimates that the
Greek debt-to-GDP ratio will still top 120 per
cent in 2020. In other words, after almost a
decade, Greece will be where Italy is now, if
and thats a big if it meets all the growth and
austerity targets laid out for it.
Secondly, the headline figure of 50 per cent
writedown is misleading. The share of bond-
holders taking part is unknown, but it certain-
ly wont include the near 130bn held by the
EU, IMF and the ECB. In the most optimistic
scenario there would be a 90 per cent partici-
pation rate from the remaining 220bn, giving
a writedown revenue of around 100bn at best.
This means a 28 per cent debt reduction for a
country whose debt-to-GDP ratio could top 165
per cent next year, in the most optimistic sce-
nario. It doesnt exactly return the country to
solvency in the immediate or medium term.
Then theres the on-going issue of transfer-
ring debt from the private sector to taxpayer
backed institutions. Another 100bn in taxpay-
er loans will mean that by 2014, around 80 per
cent of Greek debt could be held by taxpayer
backed institutions. Given that Greece will in
all likelihood still be insolvent and will need to
default in the near future (see above), taxpay-
ers would be exposed to substantial losses. This
would not only be economically undesirable
but would potentially cause some serious polit-
ical divisions in the Eurozone. It would also
trigger more debate over the possible illegality
of the bailouts under the EU Treaties since
loan guarantees become outright losses. In
combination, this would present a threat to
the stability and sustainability of the
Eurozone, leading to profound uncertainty.
Equally worrying for taxpayers is that the
figures for this bailout dont quite stack up. Of
the 130bn headline figure, 30bn will go to
providing sweeteners for bondholders taking
part in the writedowns (collateral, guarantees
or even cash pay outs which is not what tax-
payers want to be funding), while at least
another 30bn will need to go towards recapi-
talising Greek banks. Greek financing needs
over the next three years could top 165bn (on
top of the original bailout payments), meaning
this bailout and writedown will at best only be
able to cover Greece for a few years.
Many questions remain but the specifics we
have arent pretty: a continually insolvent
Greece, an increasing taxpayer burden, a bond-
holder bailout and a looming default. Instead
of fabricating complicated financial instru-
ments (which they previously lambasted for
causing the crisis), Eurozone leaders should
accept a full hard restructuring in Greece, full
recapitalisation of European banks and begin
implementation of the necessary reforms to
boost growth and competitiveness.
Raoul Ruparel is the head of economic research
for Open Europe.
Big after the Bang
Reading yesterdays comment by
Terry Smith, I cant help but
reflect that there were very few,
if any, Terry Smiths working at
the top of firms in the City
before the deregulation imple-
mented in the Big Bang. For bet-
ter or for worse, the gentlemans
club of the Square Mile has been
replaced by the cosmopolitan
and meritocratic City. Where, OE
or grammar school boy, you can
make it to the top.
Michael Baker
Lesson of St Pauls
There is a modern parable of good
intentions and unintended conse-
quences being played at St Pauls
Cathedral. Canon Giles Fraser, a
liberal and kind hearted priest,
welcomed the anti-capitalism pro-
testers to pitch camp outside the
Cathedral. Unfortunately, as a
result the Cathedral was advised
to close its doors and Fraser has
now resigned. No matter our
desire to act on principle, we must
also be pragmatic. This is the
world the City deals with every
day, but tempering principle with
pragmatism is a lesson the Church
has difficulty learning. For exam-
ple, rather than obsessing about
cuts, it would be wiser to advocate
radically reduced public expendi-
ture, lower taxes and a bonfire of
regulatory constraints. After all, as
in our faith, economically and
metaphorically speaking, we first
need to be purged of our sins in
order to be resurrected to new life.
Mark Speeks,
City worker and Anglican priest
RAPID RESPONSES
RAOUL RUPAREL
BY MARC SIDWELL
The Forum
T
HE Vatican
waded into the
debate over the
financial crisis
this week, when the
Pontifical Council for
Justice and Peace
released a paper titled
Toward Reforming the
International Financial and Monetary Systems in the
Context of a Global Public Authority. Despite some
interesting analysis, as Robert Sirico of the Acton
Institute has pointed out, on the problems caused by
fiat currencies, the papacys note shows a curious
enthusiasm for the idea of a global financial body to
keep past excesses in check. At times, it is a vision of
such naive optimism as to be almost heartbreaking.
Who, in the midst of the ineffectual, self-serving,
horse-trading muddle of the Eurozones political
wrangling, can hear without incredulity the
announcement that the Authority shall have the
specific purpose of the common good, and will have
to work and not be structured as an additional lever
of power of the powerful over the weak.
It is extraordinary that a church which hears the
all-too-human confessions of its congregants week
after week should be so unaware of the realities of
power in human affairs, and the way utopian bod-
ies, created in the name of the many, end by serving
the few.
Its not as if the Bible doesnt explain the point in
some detail. In the eighth chapter of the first book
of Samuel, the elders of Israel go to their prophet
and demand a king to watch over them and keep
them safe. God is furious and has Samuel tell them
exactly what their dreams of abdicating their
responsibility to such an authority will bring:
If you have a king, this is how he will treat you.
He will force your sons to join his army Still others
will have to farm the kings land and harvest his
crops, or make weapons and parts for his chariots.
Your daughters will have to make perfume or do his
cooking and baking.
The king will take your best fields, as well as
your vineyards, and olive orchards and give them to
his own officials. He will also take a tenth of your
grain and grapes... The king will take your slaves
and your best young men and your donkeys and
make them do his work. He will also take a tenth of
your sheep and goats.
You will become the kings slaves, and you will
finally cry out for the Lord to save you from the
king you wanted. But the Lord wont answer your
prayers.
Perhaps today some princes of the Catholic
church spend more time reading pamphlets about
the need for global governance than their own wis-
dom literature. Thats a tragedy, for Christianitys
central message is indeed the triumph of the pow-
erless over worldly authority, a vision of universal
emancipation from monarchical service.
At its best in this world, it has allied itself with
the practical means of bringing such liberation
about: ending serfdom and slavery, encouraging
wide-ranging humanistic education and, in the
proto-capitalist monasteries of the Middle Ages
and the sixteenth-century School of Salamanca,
helping to lay the foundations for the free economic
system that continues, when interfering kings and
global busybodies allow, to liberate the wretched of
the earth through the growth it unleashes. That is a
surer route to peace and justice for all than dreams
of a global Authority of this world that can care for
the common good.
Marc Sidwell is the business features editor for
City A.M.
The Vaticans imperial
economic plan is naive
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
Donata Huggins goes in search of Britains
most horrifying, historic and haunted houses.
Here is what is available on the market now.
W
ITH Halloween weekend here, some
people cannot resist the excuse to
look at a haunted house. Strangely
enough, there are buyers for whom a
distinguished relationship with the dead makes
a property all the more attractive.
Haunted houses are a funny one, says veter-
an estate agent Kevin Allen of John D Wood & Co.
It makes some people much more interested in
a property and others run a mile. However, the
research shows that almost half of people sur-
veyed by Clydsedale and Yorkshire bank said
they were more likely to go view a house if it was
rumoured to be haunted. Telling clients the
horror stories may be a risky marketing strategy,
but it can, occasionally, pay dividends.
Scary stories dont ever really affect the
price, says Allen. Unless theyre really well
known, of course, then the notoriety pushes up
the price. One of the properties featured here,
Bowes Hall, certainly fits into that category. The
rather bloody and strange story of a previous ten-
ants mysterious death is said to have inspired
Charles Dickens to write Nicholas Nickleby.
Jenna Margetts of Stratton Creber has a subtler
approach when it comes to telling a propertys
spooky tale, saving the truth as long as she can. I
dont advertise the story to people straight away,
but if they want the history of the house
when were looking round then I tell them.
Whether you believed in ghosts or not, history
always fascinates. Harry Buchanan from
Jackson Stopps & Staff says that people regularly
choose a home with an interesting history
over one without. Indeed, they are
currently marketing a property that the author
of Dracula died in and it is attracting lots
of interest.
So whether youre easily spooked or not, it
is best to ask after a houses history. You would-
nt like any nasty surprises when the time comes
to sell.
Living| Historic Homes
ST. GEORGES SQUARE, LONDON
Price: 1,6m
Bram Stoker the Irish novelist best known for his 1897 Gothic novel Dracula died in the house for sale in St. Georges
Square in Pimlico in 1912. The property is a grade II-listed Thomas Cubitt building. Contact: Jackson-Stops & Staff
Pimlico on 020 7828 4050 or go to www.jackson-stops.co.uk
THE GRANGE, VIRGINIA WATER
Price: 840,000
This development was once a sanatorium for mentally afflicted persons, it has now been converted into a number of
luxury apartments. To make things errier still, the apartment currently on the market within this development is being
sold by a spiritual healer. Contact: Barton Wyatt on 0134 484 3000 or go to www.bartonwyatt.co.uk.
BOWES HALL, BOWES, BARNARD CASTLE, COUNTY DURHAM
Price: 1m
Bowes Hall in Country Durham is famously thought to be haunted. The wife of a previous owner George Clarksons
mysteriously died there. Furthermore, the story appears to have inspired Charles Dickens when he was writing
Nicholas Nickleby. Contact: Jackson-Stops & Staff, Darlington on 01325 489 948 or go to www.jackson-stops.co.uk
TREASSOWE MANOR, LUDGVAN, PENZANCE
Price: 1.2m
This Cornish Manor has its fair share of history and horror. It is built on the site of a 13th Century monastery; the ruins
remain in the garden to this day. It is also thought to have had a ghost until it was exorcised in the 18th century.
Contact: Stratton Creber on 01872 240999 or go to www.strattoncreber.co.uk
Living if you dare in a Halloween home
TWO SAINTS CHURCH, CHURCH HILL, SHEPHERDSWELL, KENT
Price: 565,000
This converted Methodist chapel in Kent has arched gothic windows. The original chapel dates back to around 1870
but has been sensitively remodelled.
Contact: Jackson-Stops & Staff, Canterbury on 01277 781600 or go to www.jackson-stops.co.uk
Welcome to
MODERN LIVING IN
CLASSIC SURROUNDINGS
Combine the desirable classic surroundings with the modern, elegantly styled
interiors and the result is a truly remarkable collection of homes, complemented
by beautiful courtyard gardens.
Brand new one bedroom apartments from 225,000
Show homes open daily 10am - 5pm
www.the-galleries.net
YOU VE A R R I VE D AT
Nightingale Court
To nd out more
call 01277 202122
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our picture
book home awaits
SCAN WITH YOUR SMART
PHONE TO VISIT THE GALLERIES

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ASSIC SURR CL
MODERN LIVING

Nightingale
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ALLERIES G EE G TH VISIT O T ONE H P
T MAR S OUR Y H IT W CAN S

VISIT THE NEW GREENWICH CREEKSIDE WEBSITE FOR DEVELOPMENT INFORMATION!
The Atrium
Bringing the great
outdoors, indoors
GREENWICHCREEKSIDE
NOW ON SALE
The Atrium
Greenwichs most distinctive
new apartment building
Prices correct at time of going to press. CGI of The Atrium from Creek Road and internal CGI of The Atrium. *With selected apartments only.
Bright, open airy Atrium to the core of
the building with extensive natural light
1, 2 and 3 bedroom homes with
a high internal specification and
optional parking*
Close to the heart of maritime Greenwich
Cutty Sark DLR and Greenwich
mainline station under 10 minutes
walk; rapid access to Canary Wharf
or London Bridge
Prices from 247,500
(Viewing strictly by prior appointment)

A development by:
0800 883 8627 or (out-of-hours) 0800 032 0077
www.greenwichcreekside.com creekside.sales@telfordhomes.plc.uk
020 8104 1111
Selling Agents:
Coning soon to Batteisea...
Join us Ioi the excIusive Iaunch oI The Regent. SW
To book an appointment to view call
88
To register your interest visit
Iindenhones.co.uk
Price correct at time of going
to press. Artist impression for
illustrative purposes only.
The Regent, Gwynne Road
LONDON SW113UW
In one of Londons most desirable locations this stylish
collection of 1 & 2 bedroom apartments gives you the
best of all worlds; whether its paying a visit to the lofy
haunts of Chelsea or kicking back in the quiet, leafy
gardens of Battersea Park. With Clapham Junction,
Britains busiest railway station only a 12 minute walk
away, everything you need is close at hand.
Piices Iion
ST THOMAS COURT, OLD SAINT MICHAELS
Price: 275,000
This two-bedroom apartment features a double-height living area with
exposed roof trusses and mezzanine floor. The property has been designed to
maximise on space, natural light and historical features. Contact: City &
Country Group on 01376 335 800 or go to www.oldsaintmichaels.co.uk
BRAINTREE | PRICES
Detached Terrace Flats All
Braintree 313,050 172,233 129,958 215,350
Essex 369,726 185,693 140,908 247,700
Source: Savills
Commuting to the City: Driving from
Braintree to the City takes just over an
hour. Taking the train, however, can get
you into Liverpool Street in just over
30mins. From Liverpool Street, you can
jump on the tube and the DLR to reach
Canary Wharf in 20 minutes.
Education: While the majority of
schools in the area dont have particu-
larly impressive academic results, the
independent Gosfield School performs
well. The school is co-educational and
teaches from the age of 4 to 18.
Boarding is optional.
NEED TO KNOW | BRAINTREE
PLACE HOUSE, DUNMOW ROAD
Price: 899,950
Place House is a four-bedroom house framed in medieval timber. It has
rendered elevations and a mellowed tiled roof. It dates back to the late
14th century. Contact: Strutt & Parker on 01245 258201 or go to
www.struttandparker.com
SHINBOROUGH BARNS, BLACKMORE END
Price: 700,000
This impressive barn conversion with annex accommodation and outbuildings
was formerly a farming estate. It has five bedrooms, three reception rooms
and three bathrooms. In total the estate extends over two acres. Contact: John
D. Wood on 01245 344 222 or go to www.johndwood.co.uk
FOCUS ON: BRAINTREE, ESSEX BY DONATA HUGGINS
Living | Focus On
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email: sales@galliardhomes.com www.galliardhomes.com
ON-SITE SALES AND LETTING SUITE OPEN
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Galliard_CityAM_FPC_21.10.11 19/10/11 09:32 Page 1
CURRENT MORTGAGE DEALS BY DONATA HUGGINS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
Santander Flexible 1.95 2 years 4 60
Skipton BS Flexible 1.98 2 years 4.8 60
Chelsea BS Flexible 1.99 December 2013 5.3 70
First Direct Flexible 2.09 2 years 3.6 65
Yorkshire BS Flexible 2.29 November 2014 4.4 75
Leeds BS Fixed 1.99 December 2013 5.5 75
Santander Fixed 2.35 December 2013 4.1 60
Chelsea BS Fixed 2.39 December 2013 5.4 70
ING Direct Fixed 2.69 November 2014 3.5 60
Yorkshire BS Fixed 2.79 November 2014 4.5 75
First Direct Fixed 2.79 3 years 3.7 65
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BUY A PROPERTY, GET SOME MODERN ART FREE
Union Developments is giving away 40,000 worth
of modern art from world famous artists, such as
Damien Hirst and Andy Warhol, to buyers who
reserve one of the final few apartments at their
development in Hackney called Arthaus. The offer is
only available on the weekend of 4-6 November.
Prices start from 315,000 for a one-bedroom apart-
ment. Contact: Union Developments on 0800 043
2523 or got to www.uniondevelopments.co.uk.
PROPERTY NEWS
BY DONATA HUGGINS
Q.
I would like to put my flat on the market
but Im concerned that now might not be
the best time given the current economic
climate. What do you advise?
A.
In recent months, buyers have become more cau-
tious and there has been a lack of urgency to buy.
That said, the market is far from dead. There is
still strong demand from both domestic UK buyers and
overseas purchasers who, despite the economic uncer-
tainty, still view London as a safe haven for their surplus
cash. They see London property as a great way to make a
long-term investment and to capitalise on the weak
pound. The key to getting a good sale is to price your
property correctly. Many agents are overpricing homes.
This is a mistake because prices have now reached a
plateau. Both domestic and international buyers are well
educated enough to know not pay a large premium for
anything but prime properties.
Q.
How much commission should I expect to
pay an agent?
A.
This is always a controversial subject, most rep-
utable agents will charge anywhere between 2
and 3 per cent plus VAT to sell your home. That
said, others will charge as little as half a percent. As
an agent, I believe that you need to be given an incen-
tive to do the best job possible for your client and we
always have a minimum fee level below which we
simply do not go. By all means negotiate with your
agent, but the question I ask clients is: If an agent
cant negotiate a decent fee level for themselves then
what hope do they have of negotiating the best price
for you when it comes to finding a buyer? The nego-
tiating skill of an agent can make a difference of hun-
dreds of thousands of pounds to a seller, which more
than outweighs a percentage point here or there. You
generally get what you pay for.
Martin Bikhit
DIRECTOR OF
CENTRAL LONDON
ESTATE AGENT KAY & CO
Q A
&
SELL
Selling
agents Superior homes... Superb locations
Call us on 0845 899 1329 or visit www.regency-gate.co.uk
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REGENCY GATE KINGSWOOD
BEECH DRIVE, SURREY KT20 6PS
Theres a private residence
behind every public face
Beech Drive, a private road in the affluent Kingswood
Warren Estate in leafy Surrey, is a fitting location for the two
classic seven bedroom homes of Regency Gate. This idyllic
countryside retreat lies within the M25, offering easy links to
central London.
Pemberley offers spacious and flexible accommodation over
four floors with access via a double-gated private road. All
bedrooms have en-suite facilities. There are five ground floor
reception rooms and the lower ground floor features a home
cinema, gymnasium, snooker room and wine cellar.
Staff quarters are provided as well as a sizable multi-use
home office. A triple garage, extensive grounds and over
8,000 sq ft of beautifully designed living space add up to a
home of real distinction.
At Regency Gate, seeing really is believing. Visit
Pemberley, our magnificent show home now open for
viewing Thursday to Monday 10am-5pm.
Only Pemberley house remains available,
priced at 3,250,000
Exterior and interior images show Pemberley at Regency Gate. *Net habitable sqft.
Price correct at time of going to press.
Price on application
To register your interest please call 01732 770991
www.millwooddesignerhomes.co.uk
GOLD
Best Small Housebuilder
A computer generated image of Braddick House
The entrance to Ruxley Heights Private Estate
Foley House &
Braddick House
Ruxley Heights, Claygate,
Surrey KT10 0TZ
Two substantial 5 bedroom
detached residences set
within an enviable location,
close to the village.
S how home
C OMI NG S OON
One New Change,
UPCOMING | EVENTS
First Birthday Celebrations
l The West End says happy birthday to One
New Change, with two exclusive performanc-
es in one week.
What: The Wonderful West end will perform
hits from Chicago to Mamma Mia to Jersey
Boys plus many, many, many more.
Where: One New Change, EC4M 9AF (lower
ground floor atrium)
When: Two exclusive performances on Friday
28 October 2011 at 12.45pm and 6.15pm
Cost: Free.
Transport: Nearest tube stations: St Pauls;
Monument; Bank; Mansion House. Buses: 4;
8; 25; 56; 100; 172; 242; 521
Website: www.onenewchange.com
l Searcys Champagne Bar is providing
complimentary champagne during the
shows and Bea's of Bloomsbury will be
providing the first 100 attendees at each
show a special One New Change birthday
cupcake. Visitors will be encouraged to
donate to The Princes Trust, One New
Changes charity partner.
Artefact display
l Until 30 October: Roman, Medieval and
Tudor artefacts discovered during the
building of One New Change on display
forming a fascinating exhibition in associ-
ation with the Museum of London.
Halloween weekend
lSunday 30 October. The House of Fairy
Tales is serving up a slice of magical
Halloween action: Give your children the
ultimate Halloween experience and
immerse yourself in a spooky and super-
natural universe with a visit to Permission
to Haunt by the House of Fairytales at One
New Change. The House of Fairy Tales was
established by celebrated artists Deborah
Curtis and Gavin Turk, and this years
Halloween spectacular promises to be a sur-
real and hilarious experience.
Christmas 2011
l Saturday 3 December
This Christmas, shopping hotspots One New
Change, Cheapside, Leadenhall Market, Royal
Exchange and House of Fraser are teaming
up to host a magical shopping event. For the
first time at Christmas, historic thoroughfare
and shopping street Cheapside will be pedes-
trianised for a day of retail magic from 10am
to 6pm on Saturday 3 December 2011. The
road closure will create a unique walking
route stretching from St Pauls to Poultry.
The event will be brought to life by a combi-
nation of family entertainment and unique
offers from many of the shops in the area.
Not only is it the first time the street has
been closed for a Christmas shopping event,
but it is also the first time in over a century
that both Leadenhall Market and the Royal
Exchange have opened their doors on a
Saturday.
lThe event will conclude with a carol sing-
a-long with the world famous choir of St
Paul's Cathedral. Follow the serene sounds of
the choir to the 6th floor roof terrace at One
New Change, which overlooks the famous
cathedral. From 6.30pm.
Buying a goodie thats perfect for party
season can be done in a one stop-stop-
shop at One New Change
Meat and the City: why
Barbecoa is thriving
Q.
One year in, can you shed light on the
Citys love affair with beef?
A.
Its a funny one, beef. It seems to be
the most robust thing through these
difficult economic times. Certainly theres
something very manly about red meat
in an environment dominated by suits
and business, having a big steak on your
plate somehow appeals.
There are numerous steak restaurants in
the City. How is Barbecoa different?
Where most other meat concept restau-
rants buy their meat from a supplier,
weve built very strong relationships with
abattoirs and farmers. Because were not
tied to one farm, we have a much wider
pool of meat to choose from.
Why is this good?
It gives us more control over our cuts.
Some abattoirs go through thousands of
sides, but for us theyll pick out 10 or 20
that are Barbecoa spec. We receive the
meat four days after slaughter thats the
point of difference as we get it really fresh
and early and can have a good look at
what were cutting. If theres something
we dont like, we can send it back.
Whats your most popular cut?
Rib-eye for two. We age it for 8-13 weeks,
longer than anyone would dream. Its on a
big bone, we slice it off the rib and bring it
out to share. Men like that big slab of beef
its 1.1 kilo. But get a really good mix
our rump steak is a beautifully prepared
piece of meat. And people will always pay
a little more for fillet.
Do the women always choose fillet or fish?
No, Ive been pleasantly surprised. Women
go for a mix of everything theyre learn-
ing that fat is flavour. Sometimes you get
a table of two guys and two girls; the guys
have fish, the girls will share the rib eye.
Have you been busy on the weekends?
Yes, weve been really surprised. Youve got
families going shopping and coming up to
the cathedral. Saturday nights are as big
as any other night of the week. At first we
were asking ourselves: how do we make
weekends work? But we dont have to do
anything no discounts or anything.
Weekend lunches are more of a challenge.
Have you found a symbiosis with the
shops?
Yes: itll be coats in workbags in the cloak-
room during the week, but on the week-
end, therell be a good stack of shopping
as people hit the shops to work and work
up an appetite.
How has the London restaurant
scene changed over the last few
years?
The formality and etiquette of
going out for a meal has gone
Jacques Dejardin, head of operations at
Jamie Olivers Barbecoa, talks to
Zoe Strimpel about beef and butchery
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WHERE TO BUY:
1 Thin-stripe scarf for women,
Banana Republic, 35
2 Irony in a blue mood,
Swatch, 105
3 Fringe dress, Phase Eight,
140
4 Paletot coat, Hugo Boss,
1,349
5 Velvet blazer, Reiss, 235
6 Lola dress, Reiss, 175
7 Mens La Paz jacket, North
Face, 150110
8 Hanover boot, LK Bennett,
275
9 Ruler cufflinks, Links of
London,
Lifestyle | One New Change
7
one year old
Reflections on
a positive year
Q.
Are you happy with One New
Change a year on? Has it been a com-
mercial success?
A.
In just 12 months, and despite
tough economic conditions, One
New Change is playing a leading role in
transforming the City of London into a
desirable weekday and weekend shop-
ping and eating destination for
Londoners and visitors to the Capital. It
is a bustling social attraction open seven
days a week thats revived a historic cor-
ner of the square mile and changed the
way people look at and feel about the
City.
Any surprises you werent anticipating
e.g. shops that have done amazingly
well?
Our restaurants have done incredibly
well. City workers still love eating out
and we are constantly on the lookout for
new concepts. Jamie Olivers restaurant
and butchers, Barbecoa, is always busy,
and the opening of Gordon Ramsays
Bread Street Kitchen last
month has provided
another reason for peo-
ple to stay out longer
during the week and
come back into the
City at weekends.
What niche has
ONC filled in the
City?
More than 300,000
people currently
work in the City of
London, and the area
welcomes seven million
visitors each year, but retail in
the area had been in decline for decades.
With a huge demand from both City
workers and visitors for more shopping
and dining options, we knew there was
an opportunity to bring together a selec-
tion of the UKs most loved brands, and
celebrity restaurants all in the shadow of
St Pauls Cathedral.
Is ONC affected by the opening of
Westfield Stratford?
We havent seen any impact. One New
Change offers a completely different
shopping trip to anywhere else in the
capital. Very often visitors will walk
along the South Bank, stopping to take in
cultural attractions such as the Tate
Modern or the Citys Barbican
International Arts Centre, before lunch
and shopping at One New Change. Our
sixth floor roof terrace has also been a
huge draw. Open to the public seven days
a week, it offers completely new views of
St Pauls Cathedral and the London sky-
line and is a great place for a coffee or a
glass of wine.
Are you concerned about retail patterns
in a fresh wave of austerity?
People are continuing to tighten their
bets, but ONC offers City workers a
choice of everyday essentials and every-
day treats, and were still welcoming a
huge amount of people through our
doors. Of course were closely watching
the economy, but by offering something
for every budget, were confident One
New Change will continue to go from
strength to strength.
Whats your favourite thing about ONC?
The view from the roof terrace still gives
me a buzz, watching the skyline change
and the domination of St Pauls.
Has the architecture been a hit?
The very influential City Planning
Officer, Peter Rees, commented at launch
that architectural critics attacked St
Pauls when it was built, but that he has
the same hopes for One New Change.
The shape of the building itself is sub-
servient to St Pauls, all but disappearing
from view when you are just a few streets
away despite offering office and retail
space covering the equivalent of 12 foot-
ball pitches. Gavin Turk, one of Britains
most celebrated sculptors, was commis-
sioned to create a striking new art instal-
lation set into the pavement at the main
entrance to One New Change, which
adds to the art already on site.
Is ONC thriving as a weekend
destination?
One New Change and
Cheapside are now full of
shoppers late into the
evening during the week
and at the weekends; its
transformed this part of
the Square Mile. Our City
Sleepover event saw 60
urban campers sleeping in
the shadow of St Pauls
Cathedral on our roof terrace
this summer, and male supermod-
el David Gandy brought his inimitable
style to One New Change when he visited
us on a Sunday to sign copies of his new
coffee table book by Dolce & Gabbana.
These weekend events have dramatically
changed the way Londoners and visitors
see the City, turning it from a working
place seldom visited out of hours, into a
bustling social destination. The positive
impact One New Change has had on the
area has also prompted some of our big
retail neighbours along Cheapside to
open over the weekend and of course the
parking is easy.
Will other people look to set up all-week
retail venues in the City?
We hope that other retailers continue to
follow as the City is revitalised, and that
One New Change remains one of
Londons most exciting and innovative
destinations.
Whats your vision for the way the food
and retail offerings work together?
Our vision has always been to offer some-
thing for everyone, whether youre look-
ing to shop or to eat. One New Change is
the place to go for the latest fashions
including the likes of Banana Republic,
H&M, Hugo Boss, Guess, Reiss, Topshop
and LK Bennett, but people also come for
a blow-dry at Hershesons or to indulge
themselves at one of our beauty shops.
The mix of restaurants is just as varied,
from Madison on the roof terrace, to Eat,
Zizzi and Searcys Champagne Bar.
David Atcherley-Symes, retail leasing director
of Land Securities, the developers of One New
Change, on why the shopping centre is thriving
away. People want to be welcomed by
knowledgeable and efficient staff. If were
not brilliant, we really want to know. We
have stripped back the etiquette and for-
mality and given you a really honest expe-
rience.
Why also have a butchery?
Well, its really developed a strong follow-
ing, but first we had to learn that catering
butchery and retail butchery are very dif-
ferent things. The butchery cuts all of the
meat for the business. Now that weve
really got that working well, people are
coming in and getting extraordinary
things taking whole sides, four quarters,
then sending amazing imagery of the
work theyre doing at home.
Arent first-timers a bit scared of
butcheries?
Butcheries are intimidating places but
we dont want this one to be. People can
come in and just ask: whats a slow cook,
whats a quick cook, whats a slow braise.
Plus, people are getting more adventur-
ous: weve got people coming in for hare,
game, wild boar, venison. One guy comes
in and buys pig heads.
Do you only do beef?
No, weve built brilliant relationships with
artisan suppliers who do fabulous chick-
en; our pork is magnificent and were get-
ting some beautiful lamb from Kent.
What do you suggest for a weekday
dinner?
The classic cuts are always popular: rump,
sirloin, rib. If you want quick: weve got
bavette, anglais and a south American cut
that you can flash in the pan. These are
also great value if your budget is limited.
But if you want to treat yourself, have a
serious rib eye. You cant beat it.
Any top tips?
My advice is that if youre going to buy
steak, dont buy individual, thinly sliced
ones, figure out how many people youre
feeding and get a slab. That way you can
control the temperature when youre
cooking, and make sure its caramelly on
the outside, medium rare on the inside.
Or just speak to the guys. Be brave: go and
ask; just say: hey fellas, whats good.
Theyll give you 10 options. Finally,
remember to try different things.
THE HELP
THE HIT BOOK IN
FILM, REVIEWED
ON PAGE 38
Above: the butch-
ery at Barbecoa,
seen from Watling
Street.
Left: Jacques
Dejardin.
It is certainly quite real, strangely so in
fact. Look at the backgrounds and the way
people move you could be watching live
action, but these are cartoon characters
they still have the big noses, daft hair and
primary-colour clothes Herg drew them
with. Its a strange combination and it
doesnt look right.
In all, it is a very enjoyable family film
and certainly worth seeing, but somehow,
it just isnt Tintin. Rob Goodway
Film
THE HELP
Cert: 12A
hhhII
SET in 1960s Mississippi when racial ten-
sion was at its height, The Help, Kathryn
Stocketts bestselling novel, follows the
struggles of Aibileen Clark, a black house-
keeper, and her unlikely friendship with
Eugenia Skeeter Phelan, a white, middle-
class writer. Tate Taylor has adapted the
story for the big screen and shrewdly casts
cult newcomer Emma Stone (Easy A and
Superbad) as Skeeter and Viola Davis as the
downtrodden Clark. When Skeeter begins
secretly writing a tell-all novel from the
perspective of the black housekeepers
beaten down by their white employees, the
book turns into a more dangerous project
than the pair could have imagined.
Scenes between Davis and Stone are well
executed. Its uncomfortable but com-
pelling viewing; the casual racism
throughout the film is dealt with sensi-
tively as key moments from Mississippis
murky history place the story firmly in
context. But countless other stories vie for
attention. Throw in a love interest, a
revenge plot strangely involving choco-
late pie, and hints at domestic vio-
lence; and the story becomes both
distracting and under-developed.
Theres too much going on for
anything to pack a punch. The
Help tries to be a powerful drama.
It tries to be a comedy.
Unfortunately, despite some good
moments, it falls just short of both.
Stevie Martin
Film
IDES OF MARCH
Cert: 15
hhhhI
SEX, ambition and betrayal are all part
and parcel of the race to become the
President of the United States. Or so it
seems in the Ides of March. Whoever wins
Ohios Democratic Primary reaches the
White House, and Governor Mike Morris
(George Clooney) is relying on his press
spokesman Stephen Meyers (Ryan Gosling)
and campaign manager Paul Zara (Philip
Seymour Hoffman), to do just that.
The aim may be simple, but the games
behind the scenes are anything but. This is
a good old-fashioned thriller. And thanks
to Clooneys back-to-basics direction and
clean adaptation of Beau Willimons hit
The fourth film from
Clooney as director
presents a dark
political vision
Lifestyle | Reviews
Clooney gives dirty politics an airing
play Farragut North, no prior knowledge
of American legislation is needed.
Ryan Gosling takes the lead as the intel-
ligent but idealistic Meyers, drawn into
the backstabbing world of party politics.
While fighting for the candidate he
believes in, Meyers is sucked into liaisons
with both the rival campaign manager (a
deeply unpleasant Paul Giamatti) and a
beautiful young intern (Rachel Evan
Wood), forcing him to risk his integrity for
the all-important Ohio vote.
Gosling portrays Meyers political awak-
ening with utter conviction, matched by
the ever brilliant, chain-smoking Seymour
Hoffman. As cracks start to show, the com-
plexities of their relationship are crystal
clear in every glance. Its a film hinged on
strong performances and clear direction.
Weve seen the nasty side of presidential
campaigns before (the Contender, Wag the
Dog), so while the Ides of March is not a
mind-blowingly controversial expos of
backroom politics, its been a while since
its been done with such an outstanding
array of talent behind and in front of the
camera. Its definitely not just for the poli-
tics nerds. Stevie Martin
Film
THE ADVENTURES OF TINTIN:
THE SECRET OF THE UNICORN
Cert: PG
hhhII
STEVENSPIELBERG and Peter Jackson have
poured 82m into this CGI reimagining of
Hergs classic comic book adventures, but
have they been successful? Well, the
answer probably depends on how dearly
you remember Tintin.
The cast is excellent: Jamie Bell (of Billy
Elliot fame) plays the ginger-quiffed hero,
Daniel Craig drools as the villainous
Sakharine, Simon Pegg and Nick Frost
bumble along as the Thompson twins and,
best of all, Jacksons partner-in-crime
Andy Serkis provides a booze-soaked
Captain Haddock. Thankfully, the 3D
looks like it belongs and doesnt impose
itself like a hasty afterthought. The
CGI is top quality too and has done its
job in recording the actors expres-
sions. However, while its technically
brilliant, it doesnt really look that spe-
cial. This Tintin is neither simple and
lovable like the comics, nor spectacular
like something Pixar would make.
Above: Ryan Gosling
as George Clooneys
right hand man.
Below: Tintin
reimagined in CGI.
lExperience Cinema
Spook yourself with horror film
classics (the Exorcist, the Blair
Witch Project, Halloween)
screened inside a church.
Runs from today until 31
October. The Round Chapel,
Hackney.
www.experiencecinema.com
lClapham Party Store
Need Halloween fancy dress?
Pop down to the much loved
store, which has reopened after
it was burned down during the
riots in August. It also has a
pop-up concession at
Debenhams, opposite.
ww.partysuperstores.co.uk
lKids Halloween Day at
Canal Museum
Blood-curdling story-telling
and face painting are
among the Halloween
activities at the Canal
Museum. Events run until
9pm.
www.canalmuseum.org.uk
HALLOWEEN TRICKS AND TREATS | HELENA LEE
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AUTUMNWATCH LIVE
BBC2, 8.30PM
Chris Packham, Michaela Strachan
and Martin Hughes-Games explore
wildlife in the ancient woodlands of
the Cotswolds.
AN AUDIENCE WITH BARRY
MANILOWITV1, 9PM
The singer performs his hits, including
Copacabana and Mandy, in front of a
celebrity audience and takes questions
on his award-winning career.
DERREN BROWN: THE GAMESHOW
CHANNEL4, 9PM
The illusionist hosts a game show
that examines peoples capacity for
evil and whether belonging to a group
affects the sense of right and wrong.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Four Nations Rugby
League 10pmTake It Like a Fan
10.30pmPremier League Preview
11pmFootball League Weekend
12amFour Nations Rugby League
1.30amTake It Like a Fan 2am
Premier League Preview2.30am
Football League Weekend 3.30am
Four Nations Rugby League 5am
Take It Like a Fan 5.30am-6am
Premier League Preview
SKY SPORTS 2
1.25pmLive International One-Day
Cricket 9.30pmRoad to London
10pmTight Lines 11pmNFL 12am
International One-Day Cricket 2am
Tight Lines 3amAquabike World
Championship 3.30am
International One-Day Cricket
5.30am-6amRoad to London
SKY SPORTS 3
5pmPGA Tour Golf 8pmEuropean
Tour Golf 10pmPGA Tour Golf
1amAquabike World
Championship 1.30amRoad to
London 2amElite League Ice
Hockey 3amNFL: Total Access
4amFootball League Weekend
5am-6amTight Lines
BRITISH EUROSPORT
3pmLive WTA Tennis 8.45pm
WTA Tennis 10.45pmOlympic
Dream11pmStrongest Man
12am-12.15amGT Academy: Road
to Dubai
ESPN
7pmLive Premiership Rugby Union
10pmFrench Top 14 Rugby Union
11.45pmESPN Press Pass
12.15amWorld Series of Poker
1.15amPremier League Preview
1.45amWRC 2.45amESPN Press
Pass 3.15amUFC 3.45amESPN
MMA Live 4.30amEuroleague
Basketball Show5am-6amWRC
SKY LIVING
7pmCriminal Minds 8pmDrop
Dead Diva 9pmCriminal Minds
10pmJerry Bruckheimers Chase
11pmBones 12amCriminal Minds
1amCSI: Crime Scene
Investigation 2.40amMaury
3.30amBones 4.20amNothing to
Declare UK 5.10am-6amJerry
Springer
BBC THREE
7pmTop Gear USA 7.45pmMerlin
8.30pmWorlds Craziest Fools
9pmLittle Britain 9.30pmRussell
Howards Good News 10pm
EastEnders 10.30pmFamily Guy
11.15pmAmerican Dad! 12amTop
Gear USA 12.45amRussell
Howards Good News 1.15amLittle
Britain 1.45amWorlds Craziest
Fools 2.15amThe Real Hustle: New
Recruits 2.45amEdinburgh
Comedy Fest Live 3.45amSmall
Teen, Bigger World
4.45am-5.15amThe Real Hustle:
New Recruits
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmMade in Chelsea
9pmSupersize vs Superskinny
10pmEmbarrassing Fat Bodies
11.05pmThe Idiot Awards 1.15am
The Big Bang Theory 2amScrubs
2.45amHow I Met Your Mother
3.10amRules of Engagement
3.30amDesperate Housewives
4.15amUgly Betty 4.55am-6am
Switched
HISTORY
7pmAmerica: The Story of the US
8pmStorage Wars 9pmAmerican
Pickers 10pmSwamp People 12am
The Nostradamus Effect 1amThe
True Story 2amSwamp People
3amAmerica: The Story of the US
4amPawn Stars 5am-6am
Ancient Discoveries
DISCOVERY
7pmMythbusters 9pmWeird or
What? 10pmAlone in the Wild
11pmGold Rush 12amBear Grylls:
Born Survivor 1amIce Pilots 2am
Battle Machine Bros 3amDeadliest
Catch 3.50amMutant Planet
4.40amInvisible Worlds
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmBirth Days 8pmIm Pregnant
and Morbidly Obese 8.30pmIm
Pregnant and Addicted 9pm
Supernanny 10pmSix Autistic
Kids: My Unique Family 11pm
Trauma Unit 12amSupernanny
1amSix Autistic Kids: My Unique
Family 2amTrauma Unit 3amIm
Pregnant and Morbidly Obese
3.30amIm Pregnant and Addicted
4amA Baby Story 5am-6am3 X
Twins
SKY1
7.30pmThe Middle 8pmModern
Family 8.30pmSpy 9pmAn Idiot
Abroad 2 10pmA League of Their
Own 11pmTrollied 12amBrit Cops:
Frontline Crime UK 1amRoad Wars
1.50amUK Border Force 2.40am
Lost 4.20amA Different Breed
5.10am-6amTop Design
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show:
7.30pmNigel Slaters Simple
Cooking: BBC News
8pmEastEnders:
8.30pmA Question of Sport:
9pmHave I Got News for You
9.30pmWould I Lie to You?
10pmBBC News 10.25pm
Regional News 10.35pmThe
Graham Norton Show: 11.20pm
The National Lottery Friday Night
Draws: 11.30pmFILMWeird
Science: 1985. 1amWeatherview
1.05amSign Zone: Question Time
2.05amTown with Nicholas Crane
3.05amReel History of Britain
3.35am-6amBBC News
6pmEggheads:
6.30pmStrictly Come Dancing
It Takes Two:
7pmThe Culture Show:
8pmGardeners World:
8.30pmCHOICE
Autumnwatch Live:
9.30pmAutumnwatch
Unsprung:
10pmQI:
10.30pmNewsnight:
11pmThe Review Show:
11.45pmWeather
11.50pmLater with Jools Holland:
12.55amFILMLa Zona: 2007.
2.25amThe Culture Show3.25am
BBC News 4am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale:
7.30pmCoronation Street:
8pmWild Britain with Ray
Mears:
8.30pmCoronation Street:
9pmCHOICE An Audience
with Barry Manilow:
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMBridget Jones:
The Edge of Reason: 2004.
12.35amThe Zone; ITV News
Headlines 2.35amFILMThe Day of
the Jackal: 1973. 5am-5.30amITV
Nightscreen
6pmThe Simpsons: 6.30pm
Hollyoaks: 7pmChannel 4 News
7.30pmUnreported World: 7.55pm
Channel 4 Presents Oscar
Pistorius Head Strong:
8pmCome Dine with Me:
9pmCHOICE Derren Brown:
The Gameshow:
10.10pmPete Versus Life:
10.45pm8 Out of 10 Cats: 11.15pm
Chris Moyles Hollywood Stars Quiz
Night: 12.10amFILMBunny and
the Bull: 2009. 2am4Music: On
Track 2.25amMy Name Is Earl
3.15amAccidentally on Purpose
3.40amWithout a Trace 4.25am
Night Walking 4.30amHill Street
Blues 5.20amCountdown
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
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Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Cleanse the entire
body (5)
4 Hidden storage
space (5)
7 Bituminous pitch (7)
8 Observe (3)
9 Jack (5)
11 Lift (5)
12 Pack of cards used for
fortune-telling (5)
14 Be overcome by a
sudden fear (5)
16 Organ of locomotion
and balance in shes (3)
17 Study of the body (7)
19 Battleground of
World War I (5)
20 Boundary (5)
DOWN
1 Cartridge containing
an explosive charge
but no bullet (5)
2 Bathroom xture (3)
3 Wipe of (5)
4 Captivate (5)
5 Bufer (7)
6 Consequence (5)
10 Word formed from
the initial letters of a
multi-word name (7)
12 Bunches of feathers
or hair (5)
13 Tantalise (5)
14 Product of an
oyster (5)
15 Church cellar (5)
18 Unit of electrical
resistance (3)
R
N
G
O
A S
E
D
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4

4

S E E D Y A S S A M
C U R H E
A R A B L E A R I A
N B V N N
T E A R J E R K E R
Y S O R E X A
W H I T E D W A R F
Z D N C R
E D G Y C A S T L E
T L E O S
A M B L E A W A S H
6 7 8 9 2 1 3
2 6 7 8 8 2 9 7
1 4 3 2 7 6 8 9
4 8 9 2 6 6 8
3 9 1 6 4 3 2 5
8 2 4 3 1
3 8 9 6 5 7 9 7
1 7 3 1 2 7 4
7 9 8 3 4 1 5 2
2 5 9 8 7 3 6 1
4 1 2 9 5 8 6
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
HINDRANCE
Lifestyle | TV&Games
G
AMES between Chelsea and
Arsenal normally have a huge
bearing on the title, but the
way Manchester City are play-
ing at the moment, its very hard to
see the trophy ending up anywhere
else other than the Etihad Stadium.
We backed City at 9/2 at the start of
the season and theyre now a best-
priced 6/5 with Ladbrokes, giving us
the opportunity to trade out if we
wish. Theres still a long way to go,
but they are so strong in every
department that Im going to keep
the bet running.
Andre Villas-Boas has had a testing
week with Chelseas disappointing
defeat at QPR on Sunday, when they
had two men sent off in the second
half, and the subsequent furore with
John Terry. The Blues bounced back
in midweek at Goodison Park to
progress to the quarter-finals of the
Carling Cup, but Villas-Boas must be
worried about his teams discipline
with three red cards in the past two
games.
However, prior to last weekends
defeat Chelsea were looking good
and they are particularly strong at
Stamford Bridge, where they have
won all four this campaign. They
have won nine of their last 10 home
fixtures against top-six sides, while
they have also beaten Arsenal four
times in the last five league
meetings home and away, with all of
those victories coming by the HT/FT
double result.
Arsenal have won four straight
games across all competitions, but
their form on the road is worrying to
say the least. They had the best away
record in the league last season, but
they have the joint-worst this time (a
solitary point), and have conceded
14 goals in four games. The Gunners
have also lost seven of their last nine
visits to top-six sides and they were
trailing at the break in six of those
defeats.
Arsene Wenger would be delight-
ed with a point from this game, but I
just cant see past another home win
for Chelsea and that should be
backed at 4/6 with Paddy Power.
There is also mileage in the HT/FT
double result at around 2.6 on
Betdaq.
I was planning to buy goals, as
Chelsea have conceded in all of their
four home games this season, but
the 3-3.2 quote with Sporting Index
doesnt offer much value. Ladbrokes
go 12/1 about a 3-1 home win and
that is worth a speculative wager
with Arsenals defence still suspect.
Sporting Indexs bookings market
is particularly interesting after
Chelseas recent indiscretions. The
firm have bookings points at 54-58
and I will be selling at that figure,
with Villas-Boas surely drilling it
into his team to keep their compo-
sure.
Arsenals last six league games
have averaged just 35 bookings
points, while there have been no
more than five yellow cards in the
last six meetings between the sides,
at an average of 30 points per game.
Andre Marriner is the man in the
middle and his five games this sea-
son have averaged 32 points with no
red cards.
SPORT TRADER BEN CLEMINSON AND BILL ESDAILE TEAM UP TO BRING
YOU THIS WEEKS BEST FOOTBALL AND RACING BETS
Harry a Diamond bet to land Wetherbys Charlie Hall Chase
TOMORROW 12.45PM SKY SPORTS
ARSENAL
CHELSEA
POINTERS...
Chelsea at 4/6 with Paddy Power
Chelsea HT/FT at 2.6 on Betdaq
Chelsea 3-1 at 12/1 with Ladbrokes
Sell bookings at 55 with Sporting Index
Away day Blues set to
continue for Gunners
Punter | Sport
Not every bookmuker
is the sume
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o8ooo z1 z1 or vIsIL www.sLursporLsbeL.co.uk Lo IInd ouL more.
T
HIS is the first weekend of the
autumn when the jumpers
take centre stage and the
highlight is tomorrows
bet365 Charlie Hall Chase (3.20pm)
at Wetherby. There are no 48-hour
declarations for this race, so its not
certain who will be running, but if
the key market principles hold their
ground it will be a top class renewal.
Nacarat bids to emulate Ollie
Magern, See More Business and One
Man by winning this a second time
and he goes very well fresh.
However, this is a much tougher
race than last year and the grey has
to concede weight to all of his
rivals. Expect him to go off hard
from the front, but Id be surprised
if something doesnt go past him at
the business end.
Time For Rupert looked a top
class novice chaser last season and
went off 7/4 favourite for the RSA
Chase. In hindsight, his run to fin-
ish fifth was remarkable seeing as
he bled after the race and hes also
an excellent jumper. My worry is
whether hes recovered from that
setback and youd also have to
think that there are bigger targets
ahead for Paul Webbers stable star.
Nick Williams has had some
decent horses in his day, but DIA-
MOND HARRY is surely the best and
his record of 10 wins from 13 starts
is formidable. He won last years
Hennessy in imperious style, miss-
ing out on the course record by just
0.7 seconds, and in so doing, keep-
ing up his 100% seasonal reappear-
ance record (five from five).
He was then trained with the
Gold Cup in mind, but suffered an
injury, and connections have said
that hes now back to his best. His
record fresh speaks for itself, and he
jumps, travels and stays, so all looks
set for a massive run at 5/2 with
Star Sports.
Poquelin goes well at this time of
year and he is the highest rated in
the field, but I just dont think he
has the scope of Diamond Harry.
Gordon Elliotts Chicago Grey is an
interesting outsider at 14/1 with
Paddy Power, who could sneak into
the places if fully recovered from
unseating Paul Carberry at
Cheltenham a couple of weeks ago.
There are some competitive hand-
icaps at Ascot tomorrow and MUIR-
HEAD must have a great chance of
landing the United House Gold Cup
(3.40pm) for the in-form Noel Meade
stable. The eight-year-old was fifth
in the 2009 Champion Hurdle and is
now starting to show what hes
made of as a chaser. He won the
Munster National readily last time
and although hes shot up in the
weights, there should still be plenty
of mileage in his handicap mark.
The williamhill.com Handicap
Hurdle at 3.00pm is wide open and
a chance can be given to pretty
much every runner. That said, I was
impressed with SIRE DE GRUGY last
season and Gary Moores horses are
flying at the moment. He always
targets these big handicaps and the
five-year-old looks worth backing
each-way at around the 10/1 mark.
Over at Newmarket, I expect DUX
SCHOLAR to give Sir Michael Stoute
an end of season fillip in the
4.25pm Listed contest. Its been a
disappointing season by Stoutes
high standards, but this Oasis
Dream colt deserves to get his head
in front.
You can follow me on Twitter
@BillEsdaile.
POINTERS...
SIRE DE GRUGY e/w 3.00pm Ascot (today)
DIAMOND HARRY 3.20pm Wetherby (today)
MUIRHEAD 3.40pm Ascot (today)
DUX SCHOLAR 4.25pm Newmarket (today)
SEVEN-TIME Formula One world
champion Michael Schumacher
insists the recent deaths of Marco
Simoncelli and Dan Wheldon were
down to fate rather than shortcom-
ings in the sports safety procedures .
Wheldon lost his life following a
collision in an IndyCar race in Las
Vegas, when his car was catapulted
into the air and into perimeter fenc-
ing. The British driver was a two-time
former winner of the famed Indy 500.
Simoncelli, meanwhile, was killed
in the MotoGP race in Malaysia last
weekend when he lost control of his
bike and slid into the path of riders
Valentino Rossi and Colin Edwards,
who broke his collarbone in the acci-
dent.
Schumacher believes motorsport
safety has been significantly
enhanced since he burst onto the
scene, but despite those improve-
ments, he believes all competitors
accept the inherent risk of serious
accidents.
If something has to happen, that
is something I would call fate, and
fate is something we are all faced
with, Schumacher said ahead of
this weekends maiden Indian
Grand Prix.
I am touched by what hap-
pened to both drivers but
unfortunately we have to say that is
life.
To have total safety - that is impos-
sible. I dont think when we drive we
are thinking about putting ourselves
in danger.
When we push our cars to the
limit, that is what we feel comfort-
able with.
Ferrari driver Fernando Alonso, a
two-time world champion, said
watching such accidents doesnt
affect you when youre driving. It
affects you during the week it was
very sad days.
Schumacher
claims deaths
unavoidable
BY JAMES GOLDMAN
FORMULA ONE
DI RESTA PAINTS SOUND PICTURE | India ready for Grand Prix debut
Sport
FORCE INDIA driver Paul di Resta is confident Sundays inaugural Indian Grand Prix will prove to be a roaring success. The Scot
recently spent time in a simulator getting a feel for the track, but after walking the circuit yesterday the 25-year-old Scot was more able
to appreciate the finer details and revealed he was impressed with what the organisers had accomplished. He said: When you go out
you can actually see where it is, you can see the off-camber, you can see the kerbs and I think theyve done a mighty job. Even to the
point down to where the kerbs are I think its in perfect condition ready to go. Picture: GETTY
ENGLAND batsman Kevin Pietersen
will have a fitness test on his broken
thumb today but is rated very doubt-
ful for his sides one-off Twenty20
match against India at Eden Gardens
tomorrow.
Pietersen missed the final match of
Englands 5-0 one-day series hammer-
ing by their hosts, at the same venue
on Tuesday, having injured his thumb
in last Sundays defeat in Mumbai.
The middle-order batsman was
optimistic yesterday that the bruising
was going down, and he might there-
fore be able to play on Saturday in a
match that will see England defend
their newfound status as the No1-
ranked team in the shortest format of
the game.
He will have a fitness test today, a
team spokesman said. He is still very
doubtful for Saturday.
Youngsters Alex Hales and Jos
Butler, who werent involved in the
one-day series, are likely to be given
the chance to impress.
CRICKET
A BRITISH bobsleigher was said to be

in a stable condition last night
after fracturing her back during a
training crash in Germany.
Brakewoman Serita Shone under-
went spinal surgery after the acci-
dent in Winterberg. Driver Fiona
Harrison, meanwhile, suffered a
head injury and is under observation
in hospital.
GB performance director Gary
Anderson said: I can confirm they
were injured during a training run
for the British Championships.
Serita has had spinal surgery and
is still under sedation. My focus is
now on the two athletes and their
families.
The bobsleigh came off the track at
high speed near the bottom of the
run. Shone, 22, from Dorset, had only
joined the bobsleigh squad last
month after switching from athlet-
ics, where she was a heptathlete.
Her spokesman Ben Clatworthy
said: Bobsleigh is described as
Formula 1 on ice and it can never be
100 per cent safe. Our thoughts are
with her and her family and friends.
Brit bobsleigh
star fractures
spine in crash
WINTER SPORTS
Pietersen injured his thumb last Sunday in Mumbai Picture: ACTION IMAGES
Pietersen a major doubt
for India Twenty20 clash
MANCHESTER CITY striker Carlos
Tevez has found ally in the shape of
the Professional Footballers
Association, who claim the four-week
fine he received this week for refus-
ing to play is not justified.
The Premier League lead-
ers found the Argentina
international to be
guilty of five separate
breaches of contract
in the Champions
League defeat at
Bayern Munich last
month.
But the PFA, which
must ratify the fine, sup-
ports Tevezs claim that he
did not refuse to play and says
that a two-week fine is all that is
allowed.
The PFAs opinion, based on all
the evidence presented, is that Carlos
Tevez never refused to play for the
club, said the PFA. This is accepted
by the club in that the charge against
Carlos made at the hearing was not
one of refusing to play.
As such the PFA considers that
there is no justification for a fine
other than up to the prescribed sanc-
tion of two weeks wages agreed by
the FA, the Premier League and PFA.
Following the incident at the
Allianz Arena, City launched an inter-
nal investigation which concluded
that among the contractual duties
breached by Tevez (inset) was
one which decrees he has
an obligation to partici-
pate in any matches in
which the player is
selected to play for the
club when directed by
a club official.
Tevez insists he only
refused to warm up,
while his advisors
believe that none of the
five reasons given by City for
upholding the charge of mis-
conduct which the club published
on their website are valid.
His advisors have further been
notified that City manager Roberto
Mancinis post-match comments in
Munich, where he said Tevez refused
to play and was finished at the club,
could amount to defamation of char-
acter and that legal action against
the Italian is a possibility.
BY JAMES GOLDMAN
FOOTBALL
PFA leap to defence

of City outcast Tevez
Sport
42
ARSENAL manager Arsene Wenger is
confident he can persuade club cap-
tain Robin van Persie to remain at the
club and extend his current contract.
The Dutchman is currently in the
best form of his career and has scored
eight of his sides 15 goals this season
following the brace he notched in last
weeks defeat of Stoke.
Van Persie, the only member of the
current Arsenal squad to have won a
trophy with the club, has 18 months
left on his current deal and although
official talks have yet to commence,
Wenger is sure the 28-year-old will
commit his long-term
future to the club.
He has 18 months to
go and Im confident hell
sign a new deal. Im
always confident, said
Wenger, yesterday.
The Frenchman was sim-
ilarly upbeat during the
summer about his chances
of maintaining the services
of Samir Nasri and Cesc
Fabregas, but the former,
who threatened to walk
away on a free next year,
was eventually sold to
Manchester City,
while after a pro-
tracted saga,
Fabregas eventually
sealed his dream return
to Barcelona.
Van Persie, who joined
Arsenal for just 2.5m from
Feyenoord eight years ago,
was part of the side which
won the FA Cup back in 2005
but has not tasted tangible
success since. Premier League
leaders Manchester City have
already been linked with a big-
money move for him.
FOOTBALL
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email sport@cityam.com
Results
FOOTBALL COMMENT
JAMES GOLDMAN
Gunners confident talisman Van Persie
will sign new contract
Wenger steals
show as Stan
breaks silence
ARSENALS majority shareholder
Stan Kroenke was forced to
defend long-standing chairman
Peter Hill-Wood during the clubs
stormy AGM yesterday.
The American tycoon had
flown in from his homeland to
address the 281 fans in atten-
dance at Emirates Stadium for
the first time since he acquired a
controlling stake in April.
Kroenke spoke only briefly,
outlining his faith in manager
Arsene Wenger and ensuring his
association with Arsenal would
prove to be more than a fleeting
dalliance, but was forced to inter-
ject when Hill-Wood came under
attack from several minority
shareholders.
One drew applause when he
called for Hill-Wood to resign
and make way for former
Gunners vice-chairman David
Dein, prompting Kroenke to grab
the microphone.
He said: Can I add some-
thing? We are all fans. Peter has
our support. We are with you.
Hill-Wood, who categorically
rejected the notion of major
shareholder Alisher Usmanov
being offered a seat on the
board, added: Im sorry to disap-
point you but I have no intention
of stepping down.
Despite the clubs worst start
to a domestic season in over half
a century, which followed a sum-
mer of upheaval capped by the
departures of Samir Nasri and
Cesc Fabregas, Kroenke believes
he has assumed control of a club
well equipped to succeed.
What a wonderful club,
Kroenke said. We are involved
extensively in sports in the
United States and had lots of
opportunities to involve our-
selves in lots of clubs around
Europe and in the [English]
Premier League.
We did not have an interest,
but as we became involved with
Arsenal in a commercial under-
taking in Denver, I became
more interested.
Arsenal has all the
elements that you need
to have success in this
kind of business.
Despite that positive
assessment, it was left
to Wenger to issue the
stirring rally-cry. The
Frenchman was
unwilling to take
questions from the
floor, but spoke pas-
sionately about the
need to remain unit-
ed amid a sense of
fear and discon-
tent.
I can see a lot of
fear and discontent
among you.
Wenger said.
And I can
understand that
because we live
in a world
where we fight
with people who
have extremely
high resources.
The way we can
compete is to try to be
intelligent but as well, to
be united. To stay at the top,
top level, we have to be united.
That is the only way to survive at
the top.
BY JAMES GOLDMAN
FOOTBALL
STAN KROENKE may have broken his

long silence at yesterdays AGM,
but shareholders who expected to
gain a clearer understanding of
the Americans motives were left
deeply unfulfilled.
Eloquent, if laden with plati-
tudes, yesterdays first address
may have been, but fans
remain no closer to knowing
whether his decision to
acquire a majority sharehold-
ing in the club stems from a
long-standing affection, or
simply a desire to build on
his vast personal wealth.
By leading an impromp-
tu defence of Peter Hill-
Wood he did demonstrate
a human quality that
suggested he is a man
who prefers to con-
duct his business the
Arsenal way.
That, however,
wont be enough on
its own to pacify sup-
porters who feel
i n c r e a s i n g l y
detached from the
club, and in an
attempt to raise his
own stock he could
do worse than hire
Arsene Wenger as his
speech writer. The man-
agers rallying cry
underlined his status as
the man most likely to
bring unity and contin-
ued success to the club.
LONDONS GIANTS
lKroenke forced to defend Hill-Wood
l Wenger identifies fear and discontent
l Usmanov to remain frozen out by board
QPR have categorically denied Paddy
Kenny, Clint Hill and Shaun Derry
had been called to give evidence in
the John Terry racism inquiry.
More than one report has suggest-
ed the Rangers trio were set to back
team-mate Anton Ferdinands take on
his altercation with Chelsea captain
Terry during Sundays west London
derby at Loftus Road.
All three are understood to be furi-
ous their names have been dragged
into the saga, with Derry not even on
the field of play when the alleged
incident took place.
A QPR spokesman said:
There is no truth in these
stories whatsoever.
None of the three
players have been
called to give evi-
dence or will be
called to give evi-
dence.
T u e s d a y
night saw the
F o o t b a l l
As s oci at i on
launch a
probe into
al l egati ons
Terry racially abused
Ferdinand towards the end of
Chelseas 1-0 defeat at Loftus
Road.
Terry, who has firmly
denied using a racist
slur against
Ferdinand, is expected
to return to the team
for tomorrows visit of
Arsenal, having been
rested for Wednesday
nights Carling Cup
fourth round victory
over Everton at
Goodison Park.
Rangers adamant no players called to
give evidence against Chelseas Terry
FOOTBALL
43
IF SOMETHING HAS TO HAPPEN,
THEN I WOULD CALL THAT FATE
SCHUMACHER INSISTS TOTAL SAFETY IN
MOTOR SPORT IS IMPOSSIBLE: PAGE 42
SPORT | IN BRIEF
Tuilagi out injured for six weeks
RUGBY UNION: Leicester Tigers centre
Manu Tuilagi is likely to be out of action
for six weeks with a broken cheekbone.
Tuilagi, one of the few on-pitch success
stories from Englands World Cup cam-
paign in New Zealand, was hurt in last
weeks win over Gloucester. The injury
will rule Tuilagi out of the opening stages
of the Heineken Cup campaign, which
begins on 12 November.
Robson loses quarter-final clash
TENNIS: Laura Robson could not build on
Wednesdays win over Heather Watson
as she went out of the Aegon GB Pro-
Series Barnstaple to Ekaterina Bychkova.
The Londoner, 17, had treatment on her
foot in the early stages and Russias
Bychkova won the quarter-final 6-4, 6-4.
Robson, currently ranked 135, is still set
to reach a career-high next week. Fellow
Briton Anne Keothavong continued her
fine recent run of form by beating
Switzerlands Stefanie Voegele 6-3, 7-6
(7-4) to reach the semis.
Haye waits for redemption shot
BOXING: Britains avid Haye admits only
time will tell whether the Klitschko
brothers try to lure him out of retirement
with a shot at redemption. Haye retired
earlier this month despite ending on a
low note following his heavyweight unifi-
cation loss against Wladimir Klitschko in
July. But, yesterday, he said: Only time
will tell whether the Klitschkos need me
more than I need them. They wont
believe that. But it depends what they
want out of boxing. If they want guaran-
teed easy victories then they can do
what theyve always done but if they
want a tough challenge youd think they
would want to beat down my door.
CHELSEA owner Roman Abramovich
suffered an embarrassing defeat yes-
terday and was sent back to the draw-
ing board as fans railed against his
bid to buy the land on which
Stamford Bridge sits.
The billionaire Russian oligarch
and his board were forced to rethink
their proposal to Chelsea Pitch
Owners, which was seen as the first
significant move towards leaving
Stamford Bridge in favour of building
a new stadium, after it was thrown
out at a highly-eventful extraordi-
nary general meeting yesterday.
Approval of 75 per cent of the
shareholders was needed to pass the
proposal, and although they gained a
healthy majority, only 61.5 per cent
of shareholders in CPO voted in
favour of selling the freehold for the
stadium back to the club.
Chelsea chairman Bruce Buck con-
firmed Abramovich had been quickly
made aware of the outcome.
Romans disappointed, but he
respects that Chelsea Pitch
Owners have spoken, said Buck
(right), who refused to speculate
whether the club would make a
fresh proposal.
Its really a matter of discussing
with the rest of the board
and discussing with Mr
Abramovich what if
any next steps there
should be, can be, will
be.
Buck and the
clubs chief executive,
Ron Gourlay, earlier
had been forced to field
two hours of awkward ques-
tioning from the floor at a
meeting that was attended
by around 700 sharehold-
ers.
Those not in favour of
the clubs proposals had
raised fears at the poten-
tial pitfalls letting go of the safety net
provided by CPO could bring, includ-
ing seeing the stadium fall into the
hands of property developers.
The opposition also suspected foul
play following the revelation that
around 200,000 worth of shares
had been sold to only a handful of
individuals since the clubs plans
were first revealed on 3 October the
suspicion being that shares had
snapped up by people willing to sup-
port Chelseas proposal.
That suggestion was readily dis-
missed by the club, but the view was
voiced by Clint Steele of the Say No
CPO (SNCPO) campaign, who asked if
the sales had not made this meeting
into a total farce? But those claims
were allayed by the result of the vote
which will force Chelsea to rethink
their stance before they press ahead
with plans to relocate.
Buck added: There is no way we
can just walk away from the site and
build a new stadium.
For any move to happen, we need
to take the proceeds from sell-
ing Stamford Bridge and
put them towards financ-
ing a new stadium.
The meeting ended on a
slightly bizarre note when
Buck asked the two factions
to put their differences
behind them and
unite to beat the
crap out of
Arsenal ahead
of tomorrows
eagerly antici-
pated London
derby at
Stamford Bridge.
We are all
Chelsea fans, and I
can only hope that
on Saturday we can
all get together,
support the club
and beat the crap
out of Arsenal,
he said.
Chelsea Pitch Owners reject clubs attempt to buy
back stadium freehold as board members forced to
endure a fractious extraordinary general meeting
BY JAMES GOLDMAN
FOOTBALL
Say No CPO victory a win for football fans as a whole

SAY NO CPO, the campaign group
who yesterday contributed towards
Roman Abramovichs failure to
seize the freehold of Stamford
Bridge, believe their victory repre-
sented a landmark success for foot-
ball fans as a whole.
Despite the odds being stacked
in their favour, Chelseas resolution
attracted only 61.6 per cent of the
vote, leaving them 13.4 per cent
short of their target.
And Tim Rolls, a member of Say
No CPO, believes yesterdays turn of
events demonstrates just why fans
should not allow clubs to ride
roughshod over them.
He told City A.M: I didnt think
wed win this. We only had three
weeks or so to mobilise our support
and Im so pleased for the people
who were involved in making it
work.
I think it was a real shock to the
board the way its turned out. They
clearly thought they could rush
this proposal through.
Id say it was a victory for foot-
ball fans as a whole. It shows we
want to be and deserve to be
involved in dialogue with regards
to the direction our club is headed.
I wouldnt expect that this
would lead to Roman Abramovich
opening the lines of communica-
tion with us, but certainly the
board will have to sit up and take
notice of us and attempt to involve
us in future proposals.
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89

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