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New UBS
chief to cut
more jobs
UBS will cut nearly 2,000 jobs at its
investment bank as it pares back its
risky assets by nearly half in order to
focus on wealth management.
The bank has also cut its return-on-
equity target to 12 to 17 per cent for
2013, from 15 to 20 per cent, vowed to
leave proprietary trading and said it
will pay its first dividend for five years
as it seeks to pacify shareholders after
the rogue trading scandal.
New chief executive Sergio Ermotti
told investors: We have chosen to sub-
stantially reduce the risk profile of the
bank by exiting and downsizing busi-
nesses which are not value added to
our client franchise or deliver unat-
tractive risk-adjusted returns.
The investment bank, which cur-
rently has 17,900 staff, will be cut to
16,500 by the end of 2013 and 16,000
by the end of 2016. It hopes to make
the majority of the changes through
natural wastage and restructuring
rather than redundancies.
A spokeswoman said a net 300 to
400 more jobs would go on top of
3,500 staff it said in August it would
cut globally. She said the number of
people leaving in London would be
very small but declined to rule out
redundancies.
UBS will also cut by nearly 50 per
cent investment bank risk-weighted
assets of SwFr300bn (207bn) by 2016
as the division is shrunk to being a
service provider to the private bank.
The bank will propose a dividend of
SwFr0.10 per share for 2011.
BY PETER EDWARDS
BANKING

BRANSON EXPANDS HIS


EMPIRE TO BANKING
www.cityam.com FREE
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REVIEWED: THE LATEST IN
THE TWILIGHT SERIES
BREAKING DAWN PART ONE P33
BUSINESS WITH PERSONALITY
Issue 1,514 Friday 18 November 2011
Certified Distribution
03/10/11 till 30/10/11 is 100,123
TERRITORY
THE VIRGIN Group staked its claim
to new territory yesterday as Sir
Richard Bransons financial servic-
es business announced that it has
won the auction to buy nation-
alised lender Northern Rock for
747m.
The acquisition creates a new
challenger bank with 75 branches,
over 4m customers and a brand
already familiar in travel, media,
and leisure to take on the big five
high street giants.
Virgin vowed to shake up the
retail banking market, known for
poor customer service and a legacy
of bad loans, and expects to lend
out 45bn to customers over the
next five years. MORE: P2, P4-5
BY JULIET SAMUEL
BANKING

News
2 CITYA.M. 18 NOVEMBER 2011
Occupy NY in
police clashes
MORE than 170 people were arrested
in New York yesterday as police
quashed an attempt by protesters to
shut down Wall Street.
Police set up barricades on the
roads around Wall Street and
pushed activists onto the pavement
to stop them from blocking the
route taken by staff at banks and the
New York Stock Exchange. The mar-
ket opened as normal after workers
showed identification to get past the
barriers.
Police reported seven officers
were injured, including one whose
hand was cut by a flying piece of
glass and five who were hit in the
face by a liquid believed to be vine-
gar.
Outside NYSE protesters from
Occupy Wall Street banged drums
and yelled We are the 99 per cent,
a reference to their claim that the
US political system benefits only the
richest one per cent.
Hundreds of people had assem-
bled in the early morning rain but
the turnout was below the tens of
thousands expected by organisers.
In London yesterday protesters
defied a demand to move on by 6pm.
Activists vowed to stay and used
chalk to daub slogans such as shar-
ing will save the world on the land
to the north of the cathedral.
Dozens of protesters held a
minutes silence before cheering
and wiggling their fingers in the air
as the bells of St Pauls chimed six.
Legal proceedings designed to
clear tents from the highways are set
to begin today or on Monday, a
spokesman for the City of London
BY PETER EDWARDS
POLITICS

AUCTION OF ICELAND FOODS BESET BY


DELAYS
The auction of Iceland Foods, the
frozen food retailer, is facing unex-
pected delays, with second-round
bids now not expected to be lodged
until the new year. Work on second-
round bids for Iceland Foods put on
the block in May by its majority
Icelandic owners with a price tag of
about 1.5bn with a sale anticipated
before Christmas is expected to
begin shortly.
SFO EYES PROBE INTO F1 BRIBERY
ALLEGATIONS
The UKs Serious Fraud Office is
examining whether to conduct its
own investigation into the bribery
allegations surrounding Bernie
Ecclestone, the Formula One chief,
who has admitted paying almost
$23m (14.6m) to a German banker
standing trial in Munich on corrup-
tion charges.
CRUDE SWITCH TRIGGERS US OIL
RECOVERY
It was one of the wildest rides in com-
modity markets. After years of trad-
ing within a few dollars of one
another, the worlds two most impor-
tant oil contracts parted company
this year. The spread between the
two rapidly became one of the most
popular trades for hedge funds, who
made and lost millions as a barrel of
North Sea Brent crude rose to as
much as $28 a barrel more than the
price of West Texas Intermediate, its
US counterpart.
GENERAL MARITIME FILES FOR
CHAPTER 11
The crisis in world tanker shipping
markets claimed its highest-profile
victim on Thursday when General
Maritime Corporation, which once
had a $5.3bn (3.4bn) market capitali-
sation, was forced to seek bankruptcy
protection.
YOURE GETTING IT ALL WRONG ON
AIRPORTS, CBI TELLS CAMERON
The CBI is setting itself on a collision
course with the Government over
what it regards as the coalitions fail-
ure to face up to the need for new
runways in the South East. John
Cridland, the Director-General, has
identified airport expansion as one of
the big policy battlegrounds of 2012.
Britain will be left behind the pre-
mier league of nations if it is not
addressed, he warned.
OLD BOSS TAKES THE REINS AT LAURA
ASHLEY
Laura Ashley has called in a former
chief executive to run the business
from the new year, after its current
leader announced her retirement. Ng
Kwan Cheong will return to the post
he held between 1999 and 2003 when
Lillian Tan leaves in January to pur-
sue other interests.
TONY HAYWARD MOVES INTO
KURDISTAN WITH GENEL ENERGY
Vallares, Tony Hayward and Nathaniel
Rothschild's oil investment vehicle,
will issue its Genel prospectus at
lunchtime on Friday three days soon-
er than expected. The move means the
shares can start trading in London on
Monday morning, completing the
reversal of private Turkish group Genel
Enerji into the cash shell. Vallares will
then be renamed Genel Energy.
8,000 APPLY FOR 1,000 JAGUAR LAND
ROVER JOBS WITHIN SEVEN DAYS
Luxury car maker Jaguar Land Rover
has received more than 8,000 applica-
tions for 1,000 jobs just a week after
launching a recruitment campaign, it
was revealed today. Des Thurlby,
human resources (HR) chief at JLR,
said the firm is hiring in extra HR peo-
ple just to handle the surge in applica-
tions.
ALCATEL SHAREHOLDERS LOSING
PATIENCE WITH CEO
Investors are losing patience with
Alcatel-Lucent chief executive Ben
Verwaayens efforts to turn around the
struggling telecommunications-equip-
ment maker. Shareholder pressure on
the Franco-American companys board
to replace Verwaayen is running high,
according to people familiar with the
situation. The company surprised
investors earlier this month by lower-
ing its 2011 profit forecast when it
reported third-quarter results.
RIO TINTO RAISES BID FOR HATHOR
The fight for Vancouvers Hathor
Exploration continued yesterday, with
London mining giant Rio Tinto boost-
ing its offer for the uranium company
to 4.70 Canadian dollars a share, top-
ping a recently sweetened rival bid
from Cameco Corp.
Rio Tinto values its increased offer for
WHAT THE OTHER PAPERS SAY THIS MORNING
Bransons challenge: change banking
FOR a man who built much of his
empire on the back of Boeing jumbo
jets, it was fitting to see Sir Richard
Bransons Virgin pay out 747m for
Northern Rock. George Osborne was
right to sell the Rock there was no
guarantee that holding on would have
engineered a better deal for the taxpay-
er, and a divorce between the state and
banking is desperately needed.
The pressing question that Branson
and his bank chief Jayne-Anne
Gadhia will have to answer is
whether it is possible to operate a prof-
itable bank in the current regulatory
climate while providing dramatically
better consumer satisfaction. Will
Virgin Money really be substantially
different to what is already available?
If Branson is able to pull it off,
Osbornes real gamble to inject
change into UK retail banking will
have succeeded.
There is a widespread belief that
increasing the number of largish play-
ers in the UK retail bank market would
make a big difference, including to the
supply and cost of credit. Ordinarily,
that would be self-evidently true but
in industries that are extremely and
very tightly regulated, as banking
undoubtedly is, the advantages of com-
petition are much reduced. It is hard
for companies or at least existing
banks to differentiate themselves.
During the bubble, it was possible for
companies to enter the market, spend
a fortune on marketing, raise billions
on the money markets and offer aston-
ishingly competitive interest rates on
current accounts or ultra-low, ultra-
generous offset mortgages. There was
a lot of competition and genuine price
and product differentiation but that
was utterly unsustainable.
These days, the barriers to entry are
massive and even if you do manage
to get in, everybody faces almost iden-
tical costs and hence will have to
charge very similar prices. Funding
costs are similar; everybody must hold
similar assets in similar quantities;
product innovation is closely moni-
tored. If loans all have to be met from
deposits, there is no way that extra
competition will by itself boost the
supply of credit to do that, the only
answer is to increase the supply of sav-
ings or to reduce the amount of
money banks have to put aside when-
ever they make a loan.
But there is one crucial way in
which greater competition from new
players entering the market with new
ideas and corporate cultures, not via
artificial break-ups would make a
real difference in todays ultra-regulat-
ed, homogenised banking market.
That is consumer service, which
remains pathetically inadequate
across the financial services industry.
Online banking is a great improve-
ment, and some branches are begin-
ning to open for longer. But overall
user experience remains dire and is
the main reason why the City is
despised by the public. We need new
players such as Virgin and Tesco to rev-
olutionise customer service and focus
on simple, clear products. Virgin
Moneys first branch, which is set to
open in Norwich, resembles a lounge:
it includes wi-fi access, refreshments
and open spaces. It will be open seven
days a week until late. YouGov polls
show that Virgin Atlantic is the high-
est rated of all airlines. Virgin Holidays
is the highest rated travel agents.
Virgin Trains is fourth in transport
but is only beaten by Eurostar, P&O
and National Express. The Virgin
brand hasnt always succeeded but if
anybody can introduce proper service
to banking, it will be Branson.
allister.heath@cityam.com
Follow me on twitter: @allisterheath
The US House of Representatives yes-
terday found a rare moment of accord
in the budget fights that have paral-
ysed Washington this year as lawmak-
ers voted to extend government
funding to December.
By a vote of 298 to 121, the
Republican-controlled House passed a
bill that would allow the government
to keep running when current fund-
ing expires on Saturday.
The Senate later approved it by 70
votes to 30, meaning it can be signed
into law by President Barack Obama.
One congressman described the co-
operation as a breath of fresh air.
But the committee racing to find
$1.2 trillion of spending cuts seemed
no closer to a deal last night, ahead of
a deadline on Wednesday, and the tar-
get may be scaled back.
US politicians
agree to avoid
funds shutdown
Protesters clashed with police in New York yesterday as they tried to close Wall Street
US ECONOMY

EDITORS LETTER
ALLISTER HEATH
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
Corporation said last night.
The corporation had suspended
its legal proceedings two weeks ago
but on Wednesday officials attached
legal notices to the tents, giving
their occupants 24 hours to end a
demonstration that has shaken the
Church of England, the Anglican
mother Church, and embarrassed
senior politicians.
Lawyer John Cooper, representing
the demonstrators, said he would
work to ensure his clients interests
were fearlessly defended.
The global Occupy movement suf-
fered a major blow this week when
police cleared the flagship camp in
New Yorks Zuccotti Park.
Similar semi-permanent tent
cities in Atlanta, Portland, Salt Lake
City and Oakland in California were
also removed through a mixture of
persuasion and police force.
But other demonstrators yester-
day targeted bridges they considered
in disrepair in cities such as Miami,
Detroit and Boston to highlight
what they said was the need for gov-
ernment spending on infrastructure
projects to create jobs.
News
3 CITYA.M. 18 NOVEMBER 2011
THE EUROZONE crisis threatened to
overwhelm Spain yesterday as the
countrys borrowing costs reached
euro-era highs, bringing closer the
prospect of another sovereign bailout.
France too faced higher borrowing
costs, as investors demanded a greater
return to put money into any sover-
eigns perceived as potentially at risk.
The embattled Spanish govern-
ment, which faces a general election
this weekend, sold 3.6bn (3.08bn) of
10-year bonds at a yield of 6.975 per
cent, up from 5.986 per cent on similar
bonds in July.
Greece, Ireland and Portugal had to
seek bailouts after their borrowing
costs reached seven per cent, a level
widely viewed as unsustainable.
Yields fell back later, ending the day
at 6.49 per cent. Analysts believe the
European Central Bank stepped in to
buy bonds and lower yields.
Further evidence that the crisis was
spreading to core economies came
with the spread of French 10-year bond
yields over German bunds hitting a
record high of 204 basis points.
France sold debt maturing in mid-
2016 at yields of 2.82 per cent, repre-
senting a 0.5 percentage point jump
from the 2.31 per cent paid in October
when similar debt was issued.
However, finance minister Francois
Baroin denied the country would fol-
low Italy and Spain. We are doing
everything to maintain our credit rat-
ing, to borrow more cheaply, he said.
German Chancellor Angela Merkel
vowed to push for a plan to amend
treaties to promote closer political
union at Decembers EU summit.
Prime Minister David Cameron is
due to meet with Merkel today, with
tense discussions expected over the
UKs role in helping the Eurozone.
THE FORUM: P25
Pain in Spain
as investors
fear its debts
ITALIAN Prime Minister Mario Monti
comfortably won a vote of confidence
in his new government yesterday,
after promising rigour and fairness in
painful reforms to dig the country
out of a financial crisis that threatens
the entire Eurozone.
As violent protests erupted in
Rome and Milan, Monti said he
would target tax evasion, education
reform and labour changes in a tough
round of measures to rescue Italy
from a serious emergency.
His government of technocrats
won a Senate vote by 281 votes to 25,
and is expected to win a further vote
in the lower house at lunchtime
today.
Monti also said he would reform
the pension system to remove unfair
disparities and also signalled the gov-
ernment would re-introduce a tax on
first homes that was abolished by
Berlusconi.
He would also sell off public assets,
while lower taxes on labour and out-
put would be balanced by higher
levies on consumption.
Students protested in Milan,
approaching the Bocconi University,
which Monti chairs. They threw fire-
crackers at police and chanted:
Monti will make us all beggars.
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Montis cabinet wins vote on
talk of austerity and fairness
DEMAND for gold spiked to a 15
month high in the third quarter of the
year, boosted by central banks rushing
to stock up on the precious metal.
Central bank net purchases in the
three months to September amounted
to a staggering 148.4 tonnes, although
the identity of the buyers was not
revealed by the World Gold Council.
Total demand for gold jumped to
1,053.9 tonnes, a six per cent increase
compared to the same period last year.
Global economic woes also prompt-
ed a rush to the so-called safe haven
commodity. Increasing levels of infla-
tion, the US credit rating downgrade, a
worsening Eurozone sovereign debt
crisis and the lacklustre performance
of many assets drove investors to
increase holdings in gold in order to
protect their wealth, explained
Marcus Grubb, the groups managing
director investment.
Indias imports fell 20 per cent in
the July to September period to just
200 tonnes but should pick up to beat
last years 281 tonnes in the fourth
quarter, the Council said.
With Indias imports totalling 753
tonnes in the first nine months of this
year, that would put the full year fig-
ure close to 1,034 tonnes well above
last years record of 960 tonnes and
ahead of expectations.
Central banks rush back to gold
as demand hits 15 month high
BY TIM WALLACE
EUROZONE

COMMODITIES

New Italian PM Mario Monti warned of fresh austerity as protestors took to the streets
BY MARION DAKERS & TIM WALLACE
EUROZONE

ANALYSIS l Yields on 10-year Spanish


bonds nearly hit seven per cent
%
Sep Oct Nov
7
6.5
6
5.5
5
News
4 CITYA.M. 18 NOVEMBER 2011
MEGA-BRAND ADDS BANKING TO ITS WIDE RANGING
VIRGIN
MONEY
VIRGIN
ACTIVE
GYMS
VIRGIN
ATLANTIC
VIRGIN
MEGASTORES
VIRGIN
RADIO
V-FESTIVAL
With the purchase of 74 Northern Rock
branches, the Virgin Money brand has
just got a whole lot bigger. It already has
a banking licence, having purchased
Church House Trust, a tiny bank, in
January 2010. It offers credit cards in
conjunction with MBNA; mortgages in a
joint venture with RBS-backed The One
Account; insurance provided by
InsureandGo; and a variety of savings
and pensions products. It could review
these partnerships after yesterdays deal.
Even after yesterday's deal, Virgin will
still own more gyms than banks. With
125 fitness centres and health clubs,
Virgin Active is the second-largest gym
chain after Fitness First. Having explored
both a flotation and sale to a private
equity house in recent years, we think
Richard Branson (pictured right) will exit
the business soon.
According to pollster YouGov, Virgin
Atlantic is the top-rated airline brand in
the UK. A 50/50 joint venture with
Singapore Airlines, the long-haul airline
has triumphed by preventing a funky, fun
alternative to its arch nemesis British
Airways. After yesterdays purchase,
many will be asking whether Branson
can do the same in the banking sector.
First opened in Oxford
Street in 1971, Virgin
Megastores recently
departed from the
British high street.
Branson sold out to
management in 2007,
who rebranded the chain Zavvi before it
collapsed a year later. Branson got out
just in time. Virgin Megastores still exist
in America, continental Europe and the
Middle East.
Virgin Radio is, like many of Bransons
ventures, nothing more than a brand.
Virgin Group owns the brand, but the
radio stations are owned and managed
separately, although they do get access
to exclusive content from V-Festivals (see
right). Virgin Radio was fronted by Chris
Evans (pictured above) between 1998
and 2000 but has since been renamed.
Never one to miss
out on a cultural
trend, Branson
sponsored his
first music festi-
val in 1996. Since
then, there have been
16 V-Festivals in the
UK, and a host of others in the US and
Australia. Branson might not have much
to do with the gigs these days the V
actually stands for Virgin Media, in
which he only has a minority stake but
the branding does help cultivate the cool
image that seems so important to
Virgins success.
ITS latest mandate advising UK Financial
Investments and Northern Rock on the banks
sale to Virgin Money is one in a string of govern-
ment deals secured by Deutsche Bank.
Most notably, Deutsche made hay advising
HM Treasury during the bail-outs of Lloyds,
Halifax Bank of Scotland and RBS in 2008.
The Northern Rock team was led by Irishman
Tadhg Flood, co-head of Deutsches European
financial institutions group, and James Arculus,
a managing director in the banks UK M&A busi-
ness. Nicholas Hunt was also on the team as a
director.
Flood is known for his longstanding relation-
ship with Barclays, having helped Deutsche to
win the bank as a client. He advised Barclays in
its attempted purchase of ABN Amro (in the
deal won by RBS that subsequently brought the
bank down). Flood also advised Barclays on its
acquisition of Lehman Brothers assets after the
US investment bank collapsed in 2008.
Arculus has worked on a range of general
M&A deals, including Stagecoachs attempted
purchase of National Express in 2009 and
HeidelbergCements acquisition of Hanson.
Deutsche Bank only narrowly won the man-
date to advise UKFI on the Rock sale after
Morgan Stanley was ruled out due to its rela-
tionship with National Australia Bank, which
was viewed as a potential buyer.
MEET THE ADVISERS
TADHG FLOOD AND
JAMES ARCULUS
DEUTSCHE BANK
NBNK Investments missed out on its
secondary acquisition target yesterday,
losing out to Virgin on Northern Rock.
But it is still in the process of trying to
buy 632 Lloyds branches and the UK
business of National Australia Bank.
The outcome prompted questions
about where NBNK will find the mar-
ket share it needs to satisfy the Vickers
Commissions demand that the buyer
of Lloyds branches have a six per cent
share of the current account market.
However, those close to the deal say
that the demand could fall by the way-
side in favour of getting any sale done.
NBNK loses out
to rival Virgin
BANKING

VIRGIN
TRAINS
VIRGIN
MEDIA
THE FLOPS
INTERESTS
THE GOVERNMENT accepted a loss of
at least 400m yesterday as it
offloaded the bailed-out lender
Northern Rock for just over half of the
cash it originally put into the bank.
Virgin Money paid 747m in cash
for the Rock, but promised that it
would give the Treasury up to 280m
more if it manages to float the busi-
ness for a profit within the next five
years.
If it manages to do so, the govern-
ment will end up with a maximum of
877m in cash and a 150m stake in
the bank.
The extra payments will consist of a
50m signing bonus when the deal
goes through on 1 January, 150m in
bonds that pay a 10.5 per cent annual
coupon rate and then convert into
equity and a 50-80m float bonus.
Even in a best-case scenario, howev-
er, taxpayers are 400m out of pocket.
In a worst-case, the loss rises to 650m.
The business sold to Virgin consists
of the good bank part of the Rock
nationalised in 2007. While its most
toxic assets were hived off into a
bad bank that is still in state hands,
the government used 1.4bn to set up
the rest as a standalone mortgage
lender with 14bn in assets.
Since then, it has lost hundreds of
millions, knocking its equity value
down to around 1bn. Factoring in a
significant sector discount brought
the expected price down to around
850m.
Labour used the difficult sale condi-
tions to attack the deal. Shadow chan-
cellor Ed Balls said: It is being sold off
at a loss, and I think there is a question
as to whether or not this is the best
time, with the markets in turmoil, to
get the best deal. George Osborne will
need to explain that.
However, he also added that he
would have preferred to see the Rock
mutualised, despite advice from the
Treasurys financial adviser, Deutsche
Bank, that a sale was the best way to
maximise proceeds from the deal.
The equity in the new banking busi-
ness to be run by Virgin Money will be
90 per cent owned by Sir Richard
Bransons Virgin Group and US billion-
aire and private equity investor Wilbur
Ross, who is known for buying up
heavily discounted bankrupt compa-
nies and recently took a stake in the
troubled lender Bank of Ireland.
Ross and Virgin Group will have
equal shares of 45 per cent each. The
banks board will be led by Sir David
Clementi as chairman while Jayne
Anne-Gadhia will continue as Virgin
Money chief executive.
BY JULIET SAMUEL
BANKING

News
5 CITYA.M. 18 NOVEMBER 2011
UK taxpayers
swallow a loss
on Rock sale
Virgin Media, formed by in 2006 by the
messy merger of NTL, Telewest and
Virgin Mobile, still suffers from legacy
issues inherited from the two old cable
companies. According to YouGov it is still
more popular than BT Vision and BSkyB.
The latter scuppered its ambitions by
buying a blocking stake in ITV to prevent
its planned merger with the broadcaster.
VIRGIN COLA
Initially suc-
cessful, the
might of Pepsi
and Coca-Cola
eventually
proved too
much for
Branson. It is still
sold on board Virgin aircraft
and in Virgin cinemas, but commercially
it has been a complete flop.
VIRGIN VIE
Cosmetics brand that disappeared in
2009.
Between the Rock and a hard place: Osborne should
be grateful that the government did not lose more
G
EORGE Osborne was never
going to please everyone with
the sale of Northern Rocks
good bank.
The criticisms came in thick and
fast yesterday: he didnt mutualise it,
he sold at a bad time, he swallowed a
huge loss.
Many in the City were simply glad
to see a deal done at all.
Not least executives over at trou-
bled rival Lloyds, which is struggling
to offload the 632 branches it must
sell due to EU competition law.
Analysts at Credit Suisse were
quick to speculate on what it could
mean for the deal, suggesting that
Virgins high capitalisation of the
business could imply Lloyds will
have to provide more capital along-
side the disposal.
More striking is the price the gov-
ernment received. At the end of the
summer, potential rival bidders such
as JC Flowers were valuing the Rock
at a maximum of 850m and since
then, economic conditions have only
worsened.
But the 747m-1bn price range
means that the government will get
at least 0.8 times the Rocks book
value, whereas Lloyds current trades
at around 0.6 times.
The Lloyds branches, however,
started with a funding gap of some
30bn, which the bank has been
forced to narrow to lure bids. The
Rock, by contrast, has a 2bn surplus,
with 16bn of deposits.
The excess liquidity could prove
unprofitable, but for an investor try-
ing to enter the banking industry
during a debt crisis, having a little
extra cash to play with is worth a lot.
BOTTOMLINE
Analysis by Juliet Samuel
Virgin Trains, run as a 50/50
joint venture with Stagecoach,
is Britains second most popu-
lar domestic train company,
according to YouGov. If
Branson can build a successful
company in the much-hated
rail industry, he could make a
fist of banking.
MICHEL Barnier, the European com-
missioner, is widely expected to post-
pone the publication of draft
legislation designed to clamp down
on the market dominance of the
big four accountancy firms next
week.
Barnier was planning to propose
controversial changes to auditing
rules to prevent potential conflicts
of interest and boost competition.
But the draft regulations are now
likely to be pushed back, potentially
until the end of the month, in
favour of a review of economic gover-
nance in the Eurozones less compet-
itive economies.
A delay would be a worrying sig-
nal that the workload of the
Eurozone crisis is colliding with the
flurry of regulatory change the EU is
pursuing.
City A.M. understands that the UK
is becoming increasingly concerned
that the EU is trying to rush through
too much regulatory change at once
during such a severe debt crisis.
In particular, HM Treasury is wor-
ried the measures are not being
properly scrutinised and that the
European Commission is over-bur-
dening the new supra-national agen-
cies it set up in January (such as the
European Banking Authority), which
lack enough staff to deal with the
workload.
The auditing regulations are high-
ly anticipated in the City, where
thousands are employed by the big
four: Ernst & Young, KPMG, Deloitte
and PricewaterhouseCoopers.
In order to shake up what he calls
an oligopoly, Barnier wants com-
panies to change their auditors every
nine years, and wants changes to the
tendering procedure to increase
competition. Firms providing audit-
ing services would also be banned
from providing other services.
But yesterday, Barniers office told
City A.M. that the proposals could be
delayed due to work on the
Eurozone crisis taking precedence.
EU probe into
auditors set
to be delayed
ONLINE retailer eBay is to open a
Christmas pop-up store in Londons
busiest shopping district.
The store, located on Dean Street
a stones throw away from Oxford
Street will not directly sell anything
but will feature display models with
codes customers can scan with their
smartphone if they want to make a
purchase.
It will open its doors for five days
starting from 1 December and will
also have an area fitted with tablet
computers for people to browse its tra-
ditional online catalogue.
The move follows the opening of
the first Google store in the UK, inside
a PC World on Tottenham Court Road,
where specialists are on hand to help
customers with the new range of
Chromebook laptops.
Online retailers look enviously at
the unprecedented success of Apples
high street shops, which arrived in the
UK in 2004.
House of Fraser has tried something
similar to eBay, opening a product-less
shop in Aberdeen where potential cus-
tomers can browse its website and
pick up a free coffee.
EBay is looking forward to a
bumper Christmas, with 5.8m people
expected to logon to its website on 4
December.
EBay to open
a pop-up shop
for Christmas
The online retailer will open a temporary store on Dean Street in Soho
BY JULIET SAMUEL & DAVID HELLIER
REGULATION

RETAIL

News
6 CITYA.M. 18 NOVEMBER 2011
INVESTEC could join the flurry of
banks laying off staff if conditions
worsen, managing director Bernard
Kantor told City A.M. yesterday as the
bank reported a small drop in profits.
As much as we dont like to hire
and fire, we have to live in the same
world as everyone else, he said. Its
tough out there This [economic tur-
moil] could be with us for a very, very
long time.
Investecs investment bank saw prof-
its plunge by 91.4 per cent to 3.66m
for the six months to September this
year, but Kantor insisted there are not
yet plans to lay off staff beyond the 140
in job cuts due to the closure of the
broking division of Evolution Group,
which Investec bought recently.
Overall, the bank saw six-month
operating pre-tax profits dip by two
per cent to 223.6m in part due to fur-
ther impairments in its private bank,
which lost 4.9m. Total impairments
at the private bank are on the rise,
reaching 286.7m for the six months
to October, up from 269.5m in the
previous half year.
However, six-month operating prof-
its at both its asset management and
wealth management businesses rose
by over a third to a combined total of
87.4m. The banks strategy is to con-
tinue its shift into managing assets,
which delivers a steadier income
stream than investment banking.
Investec sees
investment
bank suffer
Shares dip after turmoil
hits Close Brothers fund
ANALYSTS responded cautiously
after banking group Close Brothers
said assets under management had
sunk 1bn during the last quarter.
Close said its asset management
arm had fallen to a small loss. The
division was running 8.6bn of cash
at the end of October, down 10.4 per
cent from 31 July.
The banking division saw good
demand for its specialist lending
services and recorded strong
growth.
Average bargains per day at
Closes Winterflood brokerage had
been broadly in line with the previ-
ous year but income per bargain
was much lower, reflecting market
turmoil and a change in mix driven
by lower risk appetite among retail
investors.
Ian Poulter at Canaccord said the
banking business was flourishing
but the securities arm had been hit
by difficult market conditions.
Shares closed down 2.81 per cent
at 675.44p.
BY JULIET SAMUEL
BANKING

LOSSES from catastrophes this year


are higher than previously estimated
at Lloyds insurer Amlin, but it is
charging higher rates for its business
as a result, it said yesterday.
Shares in Amlin jumped 6.3 per
cent in trading and closed five per
cent higher as investors welcomed its
upbeat outlook on rates. About three
quarters of Amlins business should
benefit from higher rates in areas
such as areas hit by disasters.
The rating environment for catas-
trophe reinsurance is markedly
improved from the early part of the
year...We expect this to continue into
2012 with rate increases at 1 January
taking US rates back to peak levels, it
said in a statement.
Amlin warned that estimated loss-
es from disasters in the first half had
risen by 25m as damage claims
increased. Peel Hunt analyst Sarah
Lewandowski estimated total losses
were about 360m now and were like-
ly to top 400m by the year-end.
But its bullish outlook gave confi-
dence that it would gain from having
written 7.1 per cent more premiums
than a year ago, at 2.05bn, in the ten
months to the end of October.
Investors pick
Amlin despite
higher losses
INSURANCE

BANKING

News
8 CITYA.M. 18 NOVEMBER 2011
Close Brothers boss Preben Prebensen has seen a growth in demand for lending
Savills buoyed by London
and Asia amid Euro crisis
PROPERTY agent Savills said it was on track to
meet full-year expectations as its prime London
residential and Asia Pacific businesses help off-
set its poorer performance in continental
Europe.
The group is cutting its presence in non-core
markets as macro economic issues have cur-
tailed activity in many countries and is
instead focusing on stronger-performing
France, Germany, Sweden and Poland.
In its interim statement, Savills said City
office lettings have continued to see weak take-
up, while the West End remained resilient.
The firm, however, hopes that several proper-
ties put up for sale since the summer will
attract international capital over the next few
months.
Savills said demand for prime London homes
has become less frenetic compared to earlier
this year but Londons golden postcodes contin-
ued to be seen as a safe harbour for value in
uncertain times.
Commercial market activity in the Asia
Pacific region continued well through the peri-
od, with strong performances from Hong Kong
and mainland China, the firm said.
ANALYSIS l Investec
p
11 Nov 14Nov 15Nov 16Nov 17Nov
375
380
370
365
360
355
350
350.70
17 Nov
SOUTH African billionaire Nathan Kirsh could
soon be making a comeback to the City as the
new owner of the Tower 42 skyscraper.
Kirshs family office is understood to be in
advanced talks to buy Natwests former head-
quarters on Old Broad Street, which would mark
Kirschs first deal since selling a 29 per cent stake
in property firm Minerva earlier this year at a
huge profit.
Kirshs investment vehicle KiFin bought into
the debt-laden company when the shares were
at the bottom of the market at between 15p and
23p. He then launched a bid, which was rejected
by shareholders as too low. Minerva was taken
by a consortium led by Delancey in August.
Tower 42, which is joint-owned by LaSalle
Investment Management, Blackrocks UK prop-
erty fund and Hermes Real Estate, was put up for
sale again in September with a price tag of
around 290m.
The owners tried to sell the tower and its four
adjacent buildings last year for 300m to the chi-
nese billionaire Joseph Laus Chinese Estates but
the deal collapsed.
Selling agent Jones Lang LaSalle was unavail-
able for comment last night.
South African billionaire in
talks to take over Tower 42
PROPERTY

PROPERTY

Monday 21 November The O2


MURRAY vs FERRER
MONDAY AFTERNOON
LAST TICKETS REMAINING
www. BarclaysATPWorldTourFinals.com
FOR CORPORATE HOSPITALITY, PLEASE CONTACT IMG ON 020 8233 5888 OR ATPTennis@imgworld.com Follow the stars on their journey to compete at the 2011 ATP World Tour
season nale on The players shown are for illustrative purposes only. Qualication and participation subject to ATP rules.
GLENCORE International said third-
quarter trading in its marketing arm
was solid as it posted a jump in
metals output and announced it had
become an oil producer yesterday.
The trading update calmed the jit-
ters of some investors, who feared
the company could be hit by the
market turmoil that triggered a
quarterly loss at rival group Noble.
Production at Glencores key oper-
ations was in line or marginally
ahead of analyst expectations, with
copper up 40 per cent over the nine
months, zinc up 19 per cent and coal
18 per cent higher.
Despite the financial market
uncertainty and some weather and
equipment-driven disruptions,
Glencores overall healthy opera-
tional and financial performance
has continued through 2011, it said.
While miners have said for
months underlying demand was
holding up in the face of economic
turbulence, that tone has been
changing -- BHP Billiton told share-
holders yesterday that customers
were starting to face tougher credit
conditions.
Glencore, however, signaled its
marketing arm was holding up in
volatile markets. The firm is due to
announce its full results on 5 March.
Glencore gets
lift from coal
and copper
BY JOHN DUNNE
MINING

COAL miner Bumi, a venture between


Nat Rothschild and Indonesias
Bakrie family, said it was on track to
hit its 2011 output goal after a 35 per
cent rise in third-quarter production,
with prices ahead of expectations.
The company has been in sharp
focus in recent months as Bakrie
sought to seal a deal to keep its debts
under control.
Meanwhile Bumi yesterday
announced the planned repayment
of $482m (305.7m) of short-term
investments to part-owned PT Bumi
Resources as part of efforts to slash a
crippling $3.2bn debt burden.
Bumi said the move, added to the
refinancing of a loan from China
Investment Corporation (CIC)
announced earlier this month, would
cut the annual cost of PT Bumis debt
burden by $100m.
Double boost for Bumi as debt
deal is sealed and output rises
MINING

THE HEAD of mining giant BHP


Billiton, Marius Kloppers, sounded a
warning yesterday that trading condi-
tions for commodities firms were
worsening as the climate became
tougher.
Kloppers reassured investors at
BHPs annual meeting in Melbourne,
Australia, that the environment was
not as bad as during the financial cri-
sis in 2008, but said the group was
more cautious about the future.
Commodities groups have proven
resilient over recent months as
demand from Asian economies such
as China and India for resources such
as coal and metals has held up. With
the deterioration in Europe, however,
companies are concerned that the
uncertainty will hurt demand.
The heightened volatility and
uncertain economic outlook are
expected to continue to weigh on sen-
timent in the markets for our com-
modities, Kloppers said.
He added that while Chinese steel
mills had been rattled by Italys credit
crisis, he remained confident that the
Chinese government would continue
to target eight per cent economic
growth this year.
But he reiterated that customers
had turned cautious in managing
their stocks of raw materials and
some had cut production. BHPs
shares closed down 2.8 per cent.
BHP Billiton urges caution as
market outlook turns bleaker
BY ALISON LOCK
MINING

News
10 CITYA.M. 18 NOVEMBER 2011
Glencore chief executive Ivan Glasenberg said demand was solid Picture: REUTERS
ANALYSIS l Glencore
p
11 Nov 14Nov 15Nov 16Nov 17Nov
450
440
430
420
410
412.90
17 Nov
A MYSTERY third-party bidder for soft-
ware firm Clarity faces a put up or
shut up deadline on Monday after Jon
Moultons vehicles new offer was
rejected.
The Takeover Panel told the
unknown suitor, which is in advanced
negotiations with Clarity, that it must
show its hand by 7am on Monday.
The watchdog acted after Clarity,
which provides software solutions to
the entertainment, retail and hospital-
ity rejected an improved 10.36m
offer from Enigmatic Investments,
which is controlled by Moultons
Better Capital. Moulton could not be
reached for comment last night.
Enigmatic had initially offered
9.7m and has highlighted Claritys
1.6m loss from continuing opera-
tions for the year to 31 March.
Yesterday Clarity said the new 25p a
share offer still undervalues the firm.
It has refused to name any of the
firms which have made an approach
but in a statement said it remains in
discussions with one of those poten-
tially interested parties and negotia-
tions are at an advanced stage
regarding an alternative proposal
which would enhance both the inter-
national reach of the business and its
financial strength.
Put up or shut up poser
for Claritys new suitor
Jon Moultons second bid for Clarity was rejected by the firm Picture: REUTERS
BY PETER EDWARDS
FINANCIAL SERVICES

News
11 CITYA.M. 18 NOVEMBER 2011
@
@
@
w
w
w
.
c
i
t
y
a
m
.
c
o
m
NEWS | IN BRIEF
NYSE nears competition deal
Deutsche Boerse and NYSE Euronext
have proposed to sell equity-option busi-
nesses across Europe and to give rivals
access to a major derivatives clearing-
house, in an effort to win support for
their merger from antitrust regulators.
People working directly on the $9bn deal
said yesterday that the exchange opera-
tors submitted the plan to the European
Commission last night, the deadline for
the companies to propose concessions
meant to address competition concerns.
Carphones Ross approaches Cosalt
Carphone Warehouse tycoon David Ross
has made a bid for offshore safety group
Cosalt. Ross, who sits as a non-executive
director on the Cosalt board, has tabled a
preliminary bid to take the firm private
for around 400,000. The approach sent
the firms shares down 39 per cent yes-
terday, putting its market cap at 3.13m.
Ross family has had a stake in the firm
for more than 50 years and provides
funding alongside Cosalts banks.
Boeing gets $21bn plane order
The United States yesterday announced
a massive order for Boeing jets from
Indonesia's largest domestic airline, Lion
Air, to be showcased as US President
Barack Obama winds up an Asia-Pacific
tour. The sale of 230 short-haul 737 jets,
worth $21.7bn (13.8bn), is the largest
commercial order in Boeing's history,
toppling a previous record set just days
ago as the industry taps in to relentless
demand in emerging economies.
Rothschild raises Bumi stake
Nat Rothschild has raised his stake in
miner Bumi to 11.7 per cent, a regulatory
filing showed on Thursday, in a sign of
confidence in the coal venture despite
public clashes between the financier and
his Indonesian partners. The scion of the
Rothschild banking dynasty bought
110,000 shares at 9.11 each earlier in
the day, spending just over 1m to boost
his holding.
Nama collects 710m in debts
The National Asset Management
Agency said it had generated profits of
118m (101m) in the second quarter
of the year. The so-called bad bank set
up by Irish government to take over
toxic assets from the rest of the banking
sector, said it had generated net cash of
828m (710m) up to the end of June,
after it collected almost 900m
(770m) from debtors.
Serco on track despite austerity
Outsourcing firm Serco said yesterday it
had won almost 2bn of work to date in
the second half of the year, and that it
expected to meet full-year expectations.
Serco, which runs services from UK
immigration centres to the Dubai metro,
said total work won this year stood at
4.4bn, in line with last year, though its
UK and US markets are hampered by
government spending austerity plans.
CENTRICA yesterday issued a profits
warning as customers left to chase
cheaper energy tariffs and unseasonal-
ly warm weather cut back on their
fuel consumption.
The owner of British Gas said that
after it raised its prices by as much as
18 per cent, account numbers had
dropped since the start of the year to
15.9m.
The drop in account numbers,
which one analyst put at close to
100,000, was also due partly to
Centrica ending doorstep sales in
response to pressure from consumer
groups.
Centrica said average residential gas
consumption was 17 per cent lower
and electricity use was down three per
cent in the 10 months to October.
Business consumption fell 15 per cent
for gas and 12 per cent for electricity.
As a result of the unusually warm
weather experienced in the UK in
recent months, and the corresponding
impact on consumption, it is currently
anticipated that Centricas 2011 earn-
ings may be marginally lower than
current market expectations, it said
in a trading statement.
The company had been expected to
report a full-year pre-tax profit of
2.3bn, according to a poll of analysts.
Centrica said that it still expected a
profit increase relative to last year but
did not specify by how much.
Deutsche Bank has said with price
rises of 25 per cent by 2015, a quarter
of the country could fall into fuel
poverty.
Centrica blow
as customers
desert firm
NATIONAL Grid yesterday reported a
rise in first-half pre-tax profits and
said it was on track to deliver strong
full-year results.
Britains biggest energy distributor
said first-half profits rose two per cent
to 953m, and was up 19 per cent
excluding the impact of Hurricane
Irene.
That compared with estimates of
985.1m, according to a poll of ana-
lysts
The restructuring of our US busi-
ness is now largely complete and is
delivering operational and financial,
the company said in a statement.
Our existing price controls in the
UK continue to deliver attractive
returns.
National Grid has been restructur-
ing its US business after unveiling
plans in January to cut seven per cent
of its workforce in the country, for
annual cost savings of about $200m
(126.5m).
The gas and electricity transmis-
sion company also declared an inter-
im dividend of 13.93 pence, up eight
per cent, in line with its policy.
We remain well positioned to
deliver another good year, although
comparative progress will be impact-
ed by the timing differences that ben-
efited 2010-11, the company added.
National Grid
earnings grow
with cost cuts
BY JOHN DUNNE
ENERGY

ENERGY

News
12 CITYA.M. 18 NOVEMBER 2011
ANALYSIS l Centrica
p
11 Nov 14Nov 15Nov 16Nov 17Nov
310
305
300
295
290
294.60
17 Nov
ANALYST VIEWS: HOW STRONG IS CENTRICA
IN LIGHT OF LOWER PROFITS ? Interviews by John Dunne

ANGELOS ANASTASIOU | INVESTEC


Centricas statement indicates a slight downgrade in full year 2011
earnings per share, although growth is still expected in the full year. We
continue to believe that the underlying story here remains sound.

JONATHAN JACKSON | KILLIK & CO


In the near term, we expect the group to benefit from a new round of
cost savings the statement highlights that a review is being undertaken
although the precise level of savings has still not been quantified.

KEITH BOWMAN | HARGREAVES LANSDOWN


A progressive dividend and a diverse array of businesses continue to pro-
vide attraction. But the announcement provides clear disappointment,
supporting the downgrade from buy to strong hold.

Centrica chief executive Sam Laidlaw has seen customer numbers fall Picture: REX
INVESTORS changed the channel on
set top box-maker Pace yesterday after
it admitted its business is still reeling
from the Thai floods.
Its shares tanked more than 24 per
cent, after the firm said it now expects
operating profits of just 89.5m far
lower than its already downgraded
forecast of at least 95m.
The fall has been caused by a short-
age of the hard disk drives vital to its
set top boxes. Pace added that the
problems will persist into next year,
with the firm bracing itself for a hit of
up to 32m on 2012 operating profit.
The update caps off a torrid year for
Pace, with the Japanese tsunami in
March smashing its supply chain, lead-
ing to a series of huge share price
drops.
The company had already lost 20
per cent of its market value in March
after it announced that a customer
had delayed a major US contract.
It has now lost almost 80 per cent of
its value since its year-high in
February.
Colins Stewart analyst Jonathan
Imlah said: Set top boxes will remain
relevant for many years and Pace will
continue to lead the way... But the
company is clearly up against it in the
short term.
Pace is now seeking to cut costs in
its European business by around
4.4m.
This latest blow has also reignited
speculation amongst analysts that
Pace could emerge as a potential
takeover target.
Pace issues new
profit warning
ARM president
Tudor Brown
said that he cant
take Intels
smartphone bid
seriously Picture:
REUTERS
BY STEVE DINNEEN
TECHNOLOGY

News
13 CITYA.M. 18 NOVEMBER 2011
ANALYSIS l Pace
p
11 Nov 14Nov 15Nov 16Nov 17Nov
70
65
60
55
50
45.55
17 Nov
CHIP designer ARM yesterday poured
scorn on Intels chances of breaking
into the smartphone chip market.
ARM president Tudor Brown said
he cant take Intels hopes of launch-
ing rival chips seriously after so many
unsuccessful attempts. He said:
Theres been so many false hopes
and so many false marketing boasts, I
cant take it seriously. And even if one
exists, I cannot accept Intels solution
can be as cheap as ARMs solution.
Brown also warned ARMs growth
in licensing revenues will be slower
next year after an exceptionally
strong 2011.
However, he believes the semicon-
ductor industry is set to grow by a
few per cent, compared with just
one per cent this year.
Well probably be having a higher
level of licensing than a couple years
ago because as ARM grows, our port-
folio grows, so we have more available
products for licensing.
ARM says Intel not ready
for smartphone challenge
BY STEVE DINNEEN
TECHNOLOGY

AGGRESSIVE price cuts led to a sur-


prise jump in retail sales last month,
yet separate data suggests that high
street stores are set for a tough
Christmas.
Sales volumes in October were up
0.9 per cent compared the same time
last year, the Office for National
Statistics (ONS) revealed yesterday.
The value of sales, boosted by higher
prices, rose 5.4 per cent compared to
October 2010.
Yet despite intense inflationary
pressures, stores have recently
resorted to steep discounting.
Feedback from retailers suggests
that the monthly increase in sales
volume and value was a result of pre-
Christmas sales and in store promo-
tions, the ONS said.
The volume of sales was up 0.6 per
cent in October compared to
September, while the value of sales
rose 0.7 per cent.
However, John Lewis often seen
as a bellwether for the high street --
has reported weak takings this
month. Sales at the store were down
0.8 per cent for the week to Saturday
12 November, compared to the same
week last year.
Meanwhile Deloitte has predicted
zero growth in total Christmas retail
sales. Deloitte expects no sustain-
able growth in retail sales until 2013
at the earliest, it said in a note.
Tough Christmas looms
despite retail sales lift
BY JULIAN HARRIS
RETAIL

News
14 CITYA.M. 18 NOVEMBER 2011
TED BAKER BUCKS FASHION GLOOM
BRITISH fashion brand Ted Baker said yesterday it had seen strong third-quarter retail
sales growth, as group revenues rose 7.8 per cent in the 13 weeks to 12 November. Retail
sales increased 12.3 per cent but were offset by a fall in wholesale sales, which were down
4.7 per cent on the same quarter last year. Ted Baker is planning several international
store openings, including outlets in Tokyo, Beijing and on Fifth Avenue in New York.
Number of stores at risk
HMV 60 Revealed plans in January to close 40 HMV and 20
Waterstones stores
Oddbins 39 Went into administration in April
Focus DIY 55 sold Went into administration in May
123 closed
Mothercare up to 110 Said in May it would close stores, followed by a profit
warning in October
JJB 45 Sealed a deal with landlords but some stores still closed
Carpetright up to 50 Issued a profit warning in June
TJ Hughes 57 Went into administration in June
Habitat 30 Went into administration in June
HomeForm not disclosed Said some stores would close, putting 1,300 jobs at risk
Thorntons 180 Planning to close up to half its stores
Jane Norman 33 Went into administration in June
MOTHERCARE chairman Alan Parker
marked his first 100 days in office by
announcing an overhaul of the baby
products retailer after it revealed an
81.4m half-year loss.
Shares in the FTSE 250 firm plum-
meted by 17.87 per cent yesterday to
127.3p after the group posted an
underlying pre-tax loss, before excep-
tional costs, of 4.4m for the six
months to 8 October. This compared
with a profit of 12.2m last year.
Parker, who is running the compa-
ny following chief executive Ben
Gordons exit last month, said
Mothercare would conduct a struc-
tural and operational review looking
at the number, format and location
of its UK stores.
The group, which is facing fierce
competition in the UK from super-
markets and internet players, issued
its third profit warning last month,
knocking a third off its market
value.
Sales in the UK fell by 4.3 per cent
to 281m, while Mothercares inter-
national arm performed strongly
with sales growing by 15.7 per cent to
338.3m in the first half.
Parker said despite the challenges
in a weak consumer environment,
he wasconfident that we can return
to a profitable and sustainable busi-
ness in the UK over time.
Mothercare, which also owns the
Early Learning Centre, detailed plans
in May to close 110 of its 353 UK
stores. The retailer has 969 outlets
overseas.
Mothercare
battles with
poor UK sales
SHARES in fashion retailer French
Connection plummeted yesterday
after it issued an unplanned profit
warning saying that weak sales meant
it was unlikely to reach profit fore-
casts.
Broker Seymour Pierce downgraded
its rating on French Connection to
hold from buy and placed its target rat-
ing under review. Seymour Pierce says
it is downgrading 2012 pre-tax profit
forecasts to 7m from 10m.
Shares in French Connection closed
down 15.5 per cent at 62p.
Stock in French
Connection falls
BY KASMIRA JEFFORD
RETAIL

RETAIL

News
15 CITYA.M. 18 NOVEMBER 2011
2011'S HIGH STREET CASUALTIES
ANALYSIS l Mothercare
p
11 Nov 14Nov 15Nov 16Nov 17Nov
165
160
155
150
145
140
130
135
127.30
17 Nov
SEARS Holdings quarterly loss has
almost doubled as weak demand for
gadgets hit the retailer.
Revenue fell 1.2 per cent to $9.57bn
(6.05bn) in quarter three, below the
analysts average estimate of $9.60bn.
And Gap said its revenues fell by two
per cent to $3.59bn in the third quar-
ter, while profits slumped 36 per cent
though this figures was slightly ahead
of analyst expectations.
The owner of the Gap, American
Navy and Banana Republic brands said
it maintained its full year guidance.
Revenue dips at
Sears and Gap
RETAIL

Chairman Alan Parker admitted that Mothercare had a difficult first half
$42.7bn (27.1bn) of mortgage loans
Anglo Irish Bank is stuck with follow-
ing Irelands precipitous housing
crash, but a start nonetheless.
RAZOR-LITE
HIS SISTER Helena Bonham-Carter
famously grew a full face of facial
hair to play a monkey in the film
Planet of the Apes. And, ten years
later, her brother Edward, chief exec-
utive of Jupiter Asset Management, is
doing his best to follow suit as part of
53 members of his firms fundraising
efforts for Movember.
Bonham-Carter and his razor-chal-
lenged team which includes John
Chatfeild-Roberts, Philip Johnson and
star performers Philip Ehrmann and
Anthony Nutt are currently second
in Movembers UK league table, with
17,000 raised for prostate cancer.
Elsewhere on the leaderboard of
the Citys most hirsute at the half-
month point are Barclays on
10,415, Citi on 11,603 and BNP
Paribas on 15,670.
ESPIRITO GIVING
TO THE PATERNOSTER Chop House,
where Espirito Santo Investment
Holdings co-CEO Nick Finegold
(below) was refreshing himself
at the bar following the
banks charity trading day,
which raised 500,000 for
the Execution Noble charita-
ble trust.
Those of you with long
memories will remember
the trust was set up in 2002,
a year after Finegold found-
ed Execution, which then
merged with Noble. So
Execution Nobles
global COO
D a m i e n
Devine was
out for a few
d r i n k s ,
backed up
by ESIH
co- chi ef
executive
Luis Luna Vaz and about 100 of the
banks clients.
Without the clients, this wouldnt
have been possible, said Finegold.
People think this is a Pavlovian
response to tough times it is not, we
have been doing it for ten years.
SPORTS CLUB
MOVE over Facebook the City has a
new social networking addiction:
Tribesports, the LinkedIn for sports
fans launched by ex-Mydeco entrepre-
neur Steve Reid.
The site was introduced by stealth
this autumn with closed funding of
$400,000 and remains in beta for
now. But 150,000 members have
already signed up in 77 countries
around the world, with the top users
returning over 400 times a month.
Thats four whole days certain busy
professionals are spending talking to
fellow tribe members on online
forums for 360 pursuits including ulti-
mate frisbee, martial arts and, er,
bouldering. It is becoming a bit of an
addiction, said one early adopter.
LIES, DAMN LIES...
HOLD the front page: some dazzling
insights have landed in The
Capitalists inbox. Apparently, revealed
the hot-off-the-press survey, smart
workwear is perceived as more pro-
fessional than casual dress, while 92
per cent of respondents say poor time-
keeping is a turn off for bosses.
As is time-wasting by inventing spu-
rious statistics to PR your business.
Workwear specialist Alexandra, The
Capitalist is afraid that means you.
SEX IN THE CITY
OKAY, the headlines got your atten-
tion now read on if you are single
and ideally, a male American
banker with no fixed plans for
celebrating Thanskgiving.
If you fit the admittedly
specific bill and are able
to leave the office at a rea-
sonable hour next
Thursday 24 November,
then you are wanted at
the Thanksgiving dinner
at Le Caprice organised by
Kai Akram, founder of the
London Dinner Club. See
ht t p: / / www. l on-
dondi nner-
club.org
IRELAND AUCTIONS BUST TYCOONS
ART TO PAY OFF SUB-PRIME DEBTS
DEREK Quinlan is not a name you will
have read much about recently, after
the troubled property tycoon decided
to lie low on the shores of Lake
Geneva while he contemplated his
sizeable debts to Anglo Irish Bank.
But he was back in the spotlight
yesterday, when Quinlans $2.8m art
collection came under the hammer
at Christies through Irelands
National Asset Management Agency
(NAMA), in an attempt to claw back
some of the hundreds of millions of
euros that were lost when Quinlans
over-leveraged empire went spectacu-
larly bust.
The Capitalist didnt bid for any of
the 11 artworks in the sale of 20th
Century British and Irish Art prices
started at 40,000 but others raised
their hands enthusiastically, with
Still Life Variation 2 by Irish master
William Scott going for 385,250.
The London sale in St Jamess fol-
lowed a sale of two of Quinlans
paintings on 9 November in New
York, where Dollar Sign by Andy
Warhol went for $782,500 (497,357)
and Robert Motherwells Arches
Cover raised $74,500 (47,352).
In total, says The Capitalists man at
the auction, Quinlans art assets
fetched 1.65m a fraction of the
Derek Quinlans Still Life Variation 2 by William Scott fetched 385,250 at Christies
Caught by the fuzz: Bonham-Carter
The Capitalist
16 CITYA.M. 18 NOVEMBER 2011
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
FOUR of Britains biggest airlines put
aside their differences yesterday to
lobby the government to scrap its air
passenger duty (APD), which they
slammed as uncompetitive.
Ryanair, EasyJet, British Airways and
Virgin Atlantic have written to the
chancellor arguing the tax on passen-
gers, set to rise by twice the rate of
inflation in 2012, puts off tourists
from spending money in Britain, can-
celling out the revenues from the levy.
Theres not much these four air-
lines agree on, said Ryanairs chief
executive Michael OLeary. I think
BAs fares are too high, and Willie
[Walsh] thinks our service is too low,
but we agree on this.
Passengers have to pay between 24
and 170 in APD, depending on the
length of flight, substantially more
than when the tax started in 1994.
EasyJet chief Carolyn McCall
claimed that while the charge was
introduced as an environmental tax,
the Treasury now admits that it is
used as a revenue-raising measure.
All four were keen to stress that pas-
sengers, rather than the airlines, will
feel the benefit of scrapping this duty.
Walsh derided the tax as a whip
round for the chancellor, but pointed
to the Netherlands, which ditched a
similar tax after just a year when it
found it was taking 300m a year but
losing more than 1bn in tourism.
We believe families should be enti-
tled to taking a break We believe its
a right not a privilege people have to
take a holiday.
The Treasury, which hopes to
recoup 3bn from APD in 2012, said
yesterday that the government had
frozen the tax this year, and that it has
consulted on reform. THE FORUM: P25
Airlines lobby
to axe levy on
passengers
BY MARION DAKERS
TRANSPORT

News
18 CITYA.M. 18 NOVEMBER 2011
Walsh, the chief exec of British Airways parent IAG,
led the quartet in tearing into the tax yesterday, not-
ing how rare it was for all four companies to agree on
something. How often do you see the bitter rivalry
some might say hatred for each other put aside?
WILLIE WALSH | BRITISH AIRWAYS / IAG
RateSetter: A better way to Save and Borrow, Peer to Peer
www.RateSetter.com Customer Phoneline: 08442490115
CITY VIEWS: WILL AIR PASSENGER TAXES DAMAGE
UK TOURISM? Interviews by Marissa Cetin
I think they will, yes. For the average tourist, budgets
are tight as it is! Personally I will stay in the UK this year
unless it is essential to travel.
CHING MAN | MIZUHO
Probably not, because flying from Europe is cheap. Long-haul
flights are expensive anyway, so if you're making that commit-
ment, the tax isn't going to make much difference.
There is certainly a chance of it damaging UK tourism,
as the number of people choosing to stay home is rising
as it is, given the current economic climate.
ALEX GREEN | DEVONSHIRES
* These views are those of the individuals above and not necessarily those of their company.
JACK STOCKTON | JM GROUP
Ridgway, who has run Virgin Atlantic since 2001, was
occasionally drowned out by the more vociferous
chiefs at yesterdays press conference, but noted:
The Prime Minister has said tourism is going to be a
key point in the [economic] recovery.
STEVE RIDGWAY | VIRGIN ATLANTIC
Ryanairs chief executive OLeary has previously spo-
ken out against a tourist tax in Ireland, calling it dis-
astrous. He joked yesterday that he might set up a
campsite outside parliament until the air passenger
duty in the UK is dropped.
MICHAEL OLEARY | RYANAIR
EasyJets chief was adamant that the airlines are only
concerned about the economy, rather than their prof-
its or shirking green taxes: Its an easy accusation to
make that airlines dont take their environmental
responsibilities seriously, but its not the case.
CAROLYN MCCALL | EASYJET
LONDON-BASED brewer SABMiller
narrowly missed forecasts yesterday
with an 11 per cent rise in half-year
earnings, helped by strong emerging
markets, which made up 80 per cent
of company profits.
But earnings fell in North America
and Europe with flat volumes in the
former and a sales decline in the latter.
Group revenue rose 10 per cent to
$15.7bn (9.9bn) in the half-year and
operating profit was up 10 per cent to
$2.7bn, while underlying beer vol-
umes rose three per cent. The compa-
ny posted adjusted earnings per share
of 103.3 cents for its half-year to the
end of September, below the forecast
of 103.9 cents.
The worlds second-biggest brewer,
SABMiller said it would raise its half-
year dividend 10 per cent to 21.5 cents.
Chief executive Graham Mackay
said consumer confidence is hitting
beer drinking in Europe and US,
where consumers are facing high
unemployment and poor economic
growth prospects.
He did see favourable conditions in
Latin America and Africa where he
announced a $555m investment in
four African nations and Peru.
We are cautious about SAB because
we worry about margins in 2012-2013,
driven by rising input costs, weak vol-
umes in Europe, North America and
South Africa and a highly competitive
price situation in Europe, said analyst
Adam Spielman at Citi.
Europe and US
weigh on SAB
Miller profits
BILL Miller, the American stock-picker
who posted some of the mutual fund
industrys worst results during the
financial crisis after a 15-year-long win-
ning streak, will step down from his
flagship fund at Legg Mason in April,
the firm said yesterday.
Sam Peters, 42, who was named co-
manager with Miller last year will
become the sole manager of the
$2.8bn Value Trust fund and the Value
Equity strategy.
Legg Mason of Baltimore had
flagged Peters as Millers eventual suc-
cessor, but at the time Miller, 61, said
he had no plans to retire, leaving the
timing of the transition in doubt.
The move begins the endgame for
one of the mutual fund industrys
best-known stars, amid the intense
market volatility of the last few years.
The volatility of markets has made
it hard to be a good stock picker year
after year, Rosenbluth said. Risk isnt
being rewarded.
For Legg Mason, the move marks
another major casualty after suffering
several years of outflows and investor
pressure amid disappointing stock per-
formance.
Legg Mason shares have been down
29 per cent for 2011 so far, compared
with the Dow Jones index of asset
managers, down 23 per cent.
THE FORMER head of Olympus will
return to Japan next week to meet
police, despite previously saying he
would not feel safe in the country.
Michael Woodford, ousted from
the camera and endoscope firm after
questioning suspect payments, is due
to arrive on Wednesday to meet
Japanese police, prosecutors and offi-
cials of regulator the Securities and
Exchange Surveillance Commission.
Woodford fled Japan last month
and had said he didnt think it would
be safe for him to return. The scandal
has raised fears, denied by Olympus,
that the deals could be linked to
anti-social forces, a euphemism in
Japan for organised crime.
Separately Nippon Life Insurance,
Olympus top shareholder, has cut its
stake from 8.18 per cent to 5.11 per
cent but said it would continue to
support the company.
Legg Masons
veteran Miller
to leave his post
Woodford set to return
to Japan to meet police
Olympus faces more scrutiny when Michael Woodford returns to Japan Picture: REUTERS
BY HARRY BANKS
CONSUMER

ASSET MANAGEMENT

News
CITYA.M. 18 NOVEMBER 2011
BY PETER EDWARDS
TECHNOLOGY

19
ANALYSIS l SABMiller
p
11 Nov 14Nov 15Nov 16Nov 17Nov
2,280
2,260
2,240
2,220
2,200
2,180
2,191.50
17 Nov
EUROPES largest drinks can maker
Rexam said yesterday it was consid-
ering selling its personal care pack-
aging business after its continued
weak performance, and said tough
economic conditions in its key mar-
kets would make 2012 a challenging
year.
Performance in personal care
continued to be weak and we are
now exploring all options for this
segment of plastic packaging,
including divestment, to
improve returns and
maximise shareholder
value, Rexams chief
executive Graham
Chipchase said.
In June, City A.M.
revealed that Rexam
was offloading its
bottling unit to
Be r r y P l a s t i c s
(right), a manu-
facturer majori-
ty-owned by US private equity giant
Apollo for 220m.
The British firm, which makes Red
Bull and PepsiCo cans as well as
packaging for food, healthcare and
cosmetic products, said 2012 would
be a tough because of lower GDP
growth in several of its major mar-
kets, while its European beverage
cans unit would have to absorb some
20m of higher metal conversion
costs.
It will also be hit by a key health-
care product coming off patent.
Rexam said its beverage packaging
unit, which makes around 80 per
cent of its sales, producing 60bn
cans each year, was on track to
deliver an improved
o p e r a t i n g
profit in 2011,
as growth in
its North
American spe-
cialty cans busi-
ness helped
offset softer vol-
umes in Russia.
Rexam could
sell personal
care business
BY HARRY BANKS
MANUFACTURING

News
20 CITYA.M. 18 NOVEMBER 2011
London 2012
IMAGE OF THE WEEK
This week, Populous, the design practice
providing architectural and overlay design
services for the 2012 Games, released the
design layout for five temporary arenas at
ExCeL London and a computer-generated
vision of how the boxing venue will look
during competition time at the convention
centre (above).
Between now and the 2012 Games,
City A.M. is publishing its Olympic
Image of the Week. We welcome
photos from all sources sponsors,
athletes, local businesses, commuters,
residents if you have a shot you think
readers will like, please email
pictures@cityam.com with IOW2012 in
the subject line. Full details:
www.cityam.com/london-2012.
LONDON 2012 | BOXING CLEVER
NEWS | IN BRIEF
Lamprell expects results in line
Lamprell, a specialist engineering firm
serving the oil and gas industry, has
reported that it expects results for 2011
to be in line with market expectations.
The company said its results will be
helped by the group being awarded con-
tracts with a total value of $1.07bn
(677m) in the year to date and that the
bid pipeline remains at a consistent level.
WS Atkins boosted by overseas
WS Atkins has seen first half underlying
pre-tax profit rise 11.3 per cent in its
overseas and energy businesses. The
design and engineering consultancy also
saw total revenues rise 27 per cent to
842.9m. The company, which was
responsible for designing much of the
London 2012 Olympic site, raised its
interim dividend by 2.6 per cent to
9.75p.
Amec confident of demand
Amec,the oil and gas infrastructure
group, said demand in the oil, gas and
mining sectors remained strong and
the firm is confident in future growth.
The positive outlook from the resource
sector was echoed by Britain's Hunting,
a FTSE 250-listed oil and gas well
equipment firm, which said it was also
on track to meet market expectations
for 2011.
Hamworthy in takeover talks
Finnish ship and power plant engine
maker Wartsila is in talks to buy
Britain's Aim-listed Hamworthy in a
potential 370m takeover that
Wartsila said could boost its presence
in the energy sector. Hamworthy said
the discussions were advanced, though
no formal offer has been made.
P
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MANUFACTURING received a much-
needed boost in October as car man-
ufacturing rose on increasing
exports, according to figures out
yesterday from the Society of Motor
Manufacturers and Traders (SMMT).
Car production was up 14.1 per
cent on October 2010, and rose by
5.8 per cent on the year to date com-
pared with the same period of 2010.
Exports shot up 19.6 per cent on
the month and now represent 86.7
per cent of all UK-manufactured
cars.
However, domestic demand for
cars fell 12.5 per cent October-on-
October and 32 per cent in the year
so far compared with the same peri-
od of 2010.
Total vehicle output rose 12.5 per
cent on last October, and 5.1 per
cent for the ten months so far.
Of the 139,991 built in October,
118,199 or 84.4 per cent were for
export, up 16.3 per cent on the pre-
vious October.
Engine production also expand-
ed, rising 12 per cent on October
2010. Exports increased by 1.4 per
cent in the segment, now account-
ing for 65.3 per cent of the total.
However, commercial vehicle pro-
duction slumped, falling 2.9 per
cent on last Octobers output.
Strong export demand for UK-
built cars and engines is good news
for the economy during this diffi-
cult period, said SMMT chief execu-
tive Paul Everitt.
However, weak UK market
demand is a cause for concern and
makes it essential that the chancel-
lor uses his autumn statement to
help encourage private sector invest-
ment.
Car manufacturers
driven by exports
BY TIM WALLACE
UK ECONOMY

RENTS hit a new high in October,


according to LSL Property
Services monthly buy-to-let index,
published today, though the rate
of increase fell to its lowest since
February.
The average rent in England
and Wales rose by 0.2 per cent in
October to 720 per month, the
index showed.
The increase compares with a
jump of 0.7 per cent in September,
and over the last 12 months rents
have risen by 4.1 per cent.
Londons tenants experienced
the highest annual rate of
increase at 5.7 per cent.
However, the monthly rate in
the capital declined from 0.4 per
cent in September to 0.1 per cent
in October.
The south east saw the highest
monthly rates of increase, at 1.5
per cent in October and 1.8 per
cent in September.
Tenants may take comfort
from the fact that rents did not
climb at such a blistering pace in
October, said LSL Property
Services director David Newnes.
Nevertheless, despite the slow-
er rate of increase the cost of rent-
ing is still rising annually at
nearly twice the speed of the aver-
age salary.
Many tenants will need to ded-
icate a growing proportion of
their disposable incomes to the
cost of accommodation over the
next year.
Analysts believe the situation
for tenants will not improve any
time soon, particularly as would-
be first-time housebuyers struggle
to raise deposits.
Until the first-time buyer mort-
gage market springs back into life,
and competition amongst
prospective tenants eases, rents
can only go one way, said
Jonathan Moore of easyroom-
mate.co.uk.
Rents fell by 1.4 per cent in the
north east and south west, and by
0.8 per cent in Wales in October.
Meanwhile, the Knight Frank
house price index for November,
also published today, shows the
falls in prices beginning to slow.
The index rose from 42.1 in
October to 44.7, closer to the no
change reading of 50.
Rent rises start slowing
but still exceed incomes
HOUSING

THE NUMBER of new unemploy-


ment claimants in the US slid last
week, Department of Labor fig-
ures showed yesterday.
Weekly initial jobless claims
slipped by 5,000 to 388,000 in the
week ending 12 November, taking
claims to their lowest since April.
The figure stood 53,000 higher
in the same week last year.
The insured unemployment
rate fell to 2.9 per cent, from 3.4
per cent in the same week last
year.
Meanwhile, the Philadelphia
Feds manufacturing index stayed
positive, but slowed from 8.7 last
month to 3.6 this month.
The index is still well above the
deep negative readings seen a few
months ago, and the employment
index actually surged to 12.0 in
November, said Capital
Economics Paul Ashworth.
Given the general improve-
ment in the tone of the incoming
economic data we are not overly
worried by the half-step back in
the manufacturing index.
Joblessness is
down again on
USA recovery
US ECONOMY

News
22 CITYA.M. 18 NOVEMBER 2011
Peel Hunt
The independent broker and adviser
focusing on small- and mid-caps has
appointed Justin Jones as a director in
its industrials team. He joins Peel Hunt
from RBS Hoare Govett, where he was
head of ECM execution.
Aberdeen Asset Management
Dr David Smith, a forensic corporate
governance expert, has joined
Aberdeen Asset Managements Asian
investment team as head of corporate
governance. He joins from Institutional
Shareholder Services, where he was
head of Asia ex Japan research.
Coutts
Ian Ewart has been promoted to head
of products, services and marketing, in
addition to his existing responsibilities
for marketing. He replaces Byron
Coombs, the previous head of products
and services, following his decision to
retire from full-time management in the
UK tax and pensions division.
Kleinwort Benson
The private bank has hired Stephen
Rothwell as head of wealth manage-
ment. He joins from Schroders private
banking, where he was head of business
development. Prior to Schroders,
Rothwell was responsible for UK pri-
vate client business development at
Merrill Lynch Investment Managers.
CITY MOVES | WHOS SWITCHING JOBS Edited by Victoria Bates
ICI Global
The global trade body for the fund manage-
ment industry has appointed Giles Swan (left)
as director of global funds policy, effective from
January 2012. Swan joins from the Financial
Services Authority, where he was a technical
specialist on the collective investment schemes
policy team. Swan joined the FSA in May 2005.
Prior to that, he held a number of roles in the
European mutual sector.
+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
NEWS | IN BRIEF
Six new Tories in tax cut demand
Cutting corporation and capital gains tax,
promoting trade between the UK and India,
and encouraging retail investors to put cash
into infrastructure are among the economy-
boosting plans proposed today by six
Conservative MPs from parliaments 2010
intake. Bold cuts in business taxes will
stimulate growth more effectively than tin-
kering with the systems edges, said Karen
Bradley MP. Other suggestions include Chris
Heaton-Harris MPs plan to oppose EU regu-
lations like the Working Time Directive.
Business leaders reject HS2 trains
The government should improve existing
inter-city and commuter rail services instead
of spending billions on the new high speed
line (HS2), according to a survey out today
from the Institute of Directors (IoD). The
study found that 83 per cent of directors see
investment in congested roads as important
to their business, and 83 per cent want
motorway improvements. Seventy-nine per
cent want to see existing inter-city services
improved. compared with 53 per cent who
support the proposed HS2 development.
ECONOMICS
ANALYSIS l Exports are pushing up
car manufacturing
thousands
of cars
Total
Export
2006 2007 2008 2009 2010 2011
1,800
1,600
1,400
1,200
1,000
800
600
News
CITYA.M. 18 NOVEMBER 2011 23
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Intertek
2,000
2,100
1,900
1,800
Sep Oct Nov
p
1,938.00
17 Nov
INTERTEK
Goldman Sachs rates Intertek a buy with
a 29.44 target price after its latest interim
statement suggested it can sustain strong
organic revenue growth despite the uncer-
tain macro environment, and see more
gains in its underlying margin. Growth in
the next year may be enhanced by further
bolt-on acquisitions, and it trades at a 20
per cent discount to its peers, making it an
attractive investment opportunity.
ANALYSIS l Reed Elsevier
500
520
540
480
460
Sep Oct Nov
p
519.50
17 Nov
REED ELSEVIER
Nomura rates the publishing group buy
with a 668p target price as its core high-
margin insurance business is still growing
at about seven per cent despite the turmoil
in world economies. Its costs will grow
below revenue growth so earnings are
expected to stay steady this year, while the
disposal of its enterprise software business
in its risk division is expected to increase its
operating margin.
ANALYSIS l Talk Talk
130
135
140
125
120
Sep Oct Nov
p
136.60
17 Nov
TALKTALK
Citi rates TalkTalk neutral without a target
price at present after its recent results,
which the broker saw as disappointing.
Revenue growth has suffered in the past
year despite management efforts to raise
margins by cost cutting, and net broadband
additions have deteriorated every quarter
since the end of 2010. Citi believes TalkTalk
may not be cheap enough given the lack of
upcoming positive catalysts.
Choppy day
for Wall St
T
RIGGER-HAPPY investors
dumped US stocks yesterday,
scared by the markets sudden
fall through a key technical
level brought on by more worries
about Europes debt troubles.
The S&P 500 steadily slipped
through the morning until it broke
through 1,225, when selling picked
up in both the futures and cash mar-
kets.
Investors have been increasingly
focused on Europe, and markets were
cautious early as bond yields in Spain
and Italy rose to levels viewed as
unsustainable.
Some market sources cited squab-
bling between Democrats and
Republicans on the congressional
super-committee formed to find ways
to cut the US debt.
The Dow Jones industrial average
fell 134.71 points, or 1.13 per cent, to
11,770.88. The S&P 500 lost 20.73
points, or 1.68 per cent, to 1,216.18.
The Nasdaq Composite dropped 51.62
points, or 1.96 percent, to 2,587.99.
About 8.6bn shares traded on the
New York Stock Exchange, NYSE
Amex and Nasdaq, above the current
daily volume average of just above
8bn shares.
B
RITAINS top share index retreat-
ed yesterday, with nervous
investors ditching riskier assets
such as banks and retailers, as
corporates showed signs of stress in
the face of the intensifying debt conta-
gion in Europe.
Londons blue chip index shed 85.88
points, or 1.6 per cent to 5,423.14, with
the FTSE volatility index, up 10.2 per
cent showing investors were more pes-
simistic about the economic outlook.
Banks fell 2.3 per cent as funding
stress grew in the sector, with the
Eurozone sovereign debt crisis seeping
deeper into countries such as France
and markets looking to the European
Central Bank to take more dramatic
action.
Banks were under pressure from
the start of the day after Ratings
agency Fitch voiced concern over US
banks European exposure. That pres-
sure intensified as Spains bond yields
rose to unsustainable levels long-term
following a bond auction.
Miners and integrated oils fell too,
in tandem with weakening commodi-
ty prices as the uncertainty surround-
ing Europes debt crisis threatened
demand in the sector.
BHP Billiton, the worlds biggest
miner, fell 2.8 per cent as it turned
more wary on the outlook for com-
modity markets in the face of tighter
access to credit, but said conditions are
not as bad as during the global finan-
cial crisis.
Traders said technical factors point-
ed to potential further downside for
the UK FTSE 350 mining sector, with a
move back to the mid-October lows
around 18,700 possible, a correction of
some eight per cent from the current
levels of 20,360.
Commodities group Glencore, how-
ever, bucked the weak trend, rising 1.9
per cent as the firm said third-quarter
activity in its closely watched market-
ing arm was solid despite slowing
global growth.
FTSE falls as debt
turmoil intensifies
THELONDON
REPORT
THENEW YORK
REPORT
p
12Sep 22Aug 30Sep 20Oct 9Nov
5,800
5,000
5,200
5,400
5,600
ANALYSIS l FTSE
5,423.14
17 Nov
P
OLITICIANS of all parties are keen that the
British economys fortunes depend less on
the work of City A.M.s readers. Chuka
Umunna Labours shadow business sec-
retary told Bloomberg this week that under
the last government growth was too concen-
trated in too few sectors, and in too few regions.
Similar sentiments have been expressed by front-
benchers from every political party.
They certainly match those words with action
when it comes to taxing the people and business-
es of the City. But driving business out of London
to other financial centres wont help the rest of
the country grow. Surely the actual objective
shouldnt be to weaken the City and hurt the
financial services sector, but to look at the obsta-
cles to growth in other regions and industries?
Since the election, public spending and taxes
are up. New regulations like the Agency Workers
Directive are coming through more quickly than
the governments attempts to repeal others. So
the regulatory burden on business, hard as that
is to measure, is probably rising as well. With all
the threats in the world economy as well, it is no
surprise that growth is underwhelming.
The manufacturing industry also faces a more
specific problem: high energy costs. Energy is
about 60 per cent of costs in the chlor-alkali
industry, 40 per cent for aluminium smelters,
and 25 per cent for steel makers.
The Engineering Employers Federation (EEF)
thinks the largest industrial energy consumers
here are already paying 10 to 25 per cent
higher prices than their rivals in
Germany, and 60 to 75 per cent more
than those in France. Now the gov-
ernment is introducing a new car-
bon floor price, announced at the
last Budget, which would make
that gap even wider. By 2020, the
EEF thinks it will add ten per cent
to the electricity price paid by
those firms.
And the new tax here will
actually reduce the prices their
competitors pay. While we will
have a carbon floor price, in
other countries the price will
continue to be set on the carbon market. An arti-
ficially higher price here will depress demand,
thereby reducing the market price and lowering
the cost of emitting in other countries.
Thats why the scheme is a complete waste of
time as an attempt to forestall global warming: it
doesnt cut the overall cap on European emis-
sions. To the extent less carbon dioxide is emit-
ted in Britain, more will be emitted in the other
countries that participate in the EU Emissions
Trading System. At the same time, some of the
investment that avoids the new higher carbon
price here will go to countries like the United
States, India and China. That will increase emis-
sions there and mean the overall result of this
green tax is higher greenhouse gas emissions.
And it wont be sufficient to deliver the invest-
ment in low carbon generation that the govern-
ment is hoping for. EDF Energy in particular will
enjoy the windfall profit. But there are still enor-
mous risks in delivering new nuclear capacity or
carbon capture and storage on a significant
scale. Firstly there is the construction risk with
so many of those projects going over budget.
Then there is the risk that this policy, which
relies on the government systematically impos-
ing higher energy bills on domestic and industri-
al consumers in times of economic weakness
when the market carbon price will be lowest
wont be stuck to. Climate policy is less and less
stable thanks to being so unaffordable: just look
at the recent cuts to feed-in tariffs.
This industrial masochism has consequences.
Huge numbers of jobs are at stake, directly
and indirectly. The INEOS Chlor plant in
Runcorn for example, isnt just important for
the 1,000 people who work there. An industry
study found 46,000 jobs could be lost directly
within ten years if the plant closed, and a fur-
ther 87,000 would be threatened in the wider
economy, as the chlorine and caustic soda it pro-
duces is used in so many other industries. Jim
Ratcliffe, the founder of INEOS, has warned the
government that it may not be possible to keep
the plant open if energy costs continue to
mount.
The 1.4bn the government expects the meas-
ure to raise by 2015-16 may never materialise.
Revenues from the tax will be offset by the loss
of all the taxes paid by the workers losing out.
Tata Steel alone pays 280m a year in income tax
and national insurance contributions.
This tax should be scrapped. Or if that really
isnt possible then the government should at
least bring in the kind of protection for energy
intensive industry that is available in places like
Germany some action is promised in the
autumn statement, but half measures wont do.
Just this Wednesday, Rio Tinto Alcan announced
the closure of its aluminium plant in
Lynemouth, saying that the smelter is no
longer a sustainable business because its energy
costs are increasing significantly, due largely to
emerging legislation. If politicians want the rest
of the country to get growing, if they want a
British economy less dependent on the success
of the City, theyll need to stop hobbling British
manufacturing businesses.
Matthew Sinclair is the director of the TaxPayers
Alliance and the author of Let Them Eat Carbon, a new
book on climate policy.
24
The Forum
CITYA.M. 18 NOVEMBER 2011
Some action is promised in
the autumn statement, but
half-measures will not do.
Rebalancing the economy is
a priority: The carbon floor
price needs to be scrapped
cityam.com/forum
MATTHEW SINCLAIR
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
25
New Year rises in
flight duties are a
risk to thousands
of jobs in the UK
This tax will not
fly: Dont ground
Britains growth
T
HE chief executives of rival airlines
Virgin Atlantic, easyJet, Ryanair and the
IAG group which includes British
Airways do not normally agree to share
a platform. That they chose to yesterday morn-
ing outlining their opposition to Air
Passenger Duty (APD) is a sign of how serious-
ly the aviation sector takes this issue.
The UK has the highest aviation taxes of any
country in the world, netting the Treasury an
anticipated 2.5bn this year. APD has increased
by between 140 per cent for short haul and 325
per cent for long haul between 2007 and 2010;
and at the same time passenger numbers trav-
elling by air have, on Civil Aviation Authority
figures, declined from 240m to 210m. To make
matters worse, the chancellor plans to increase
APD by double inflation next year.
In addition to the significant additional cost
implications for business people, holidaymak-
ers and the travelling public generally, there
are a number of significant economic knock-
on effects from the UKs high level of APD. The
first is its profound impact on inbound
tourism. As an example, take China, one of the
worlds fastest growing outbound tourism
markets. Since 2000, global Chinese outbound
tourism expenditure has risen by in excess of
400 per cent. Yet visitor expenditure in the UK
from China has increased by just 125 per cent.
The reason? A family of four from China will
pay 600 more to visit the UK than most other
EU countries a combination of higher visa
and APD costs. In fact, last year 3m Chinese
tourists came to Europe yet only 127,000 of
them visited the UK. Were losing out on a
huge growth market at a time when the
British economy would benefit immeasurably
from the inbound investment this sort of
tourism brings.
The impact on UK businesses is also signifi-
cant. Business class passengers leaving UK air-
ports pay some 8.5 times the average of other
countries in Europe, which still levy a charge.
The Netherlands recently abolished their APD
altogether because of the economic damage it
was doing. Research by the Fair Tax on Flying
alliance found that businesses alone paid the
Treasury around 600m last year in aviation
tax; and according to a recent British
Chambers of Commerce (BCC) report, were
APD to be increased by 5 per cent in real terms
every year a very likely scenario there
would be incredibly serious consequences for
the UK economy. The increase in ticket prices
would have a knock-on effect on jobs and
growth. The BCC report found that growth
could be curtailed by more than 1bn by 2015,
with a potential loss to the economy of 3bn by
2020. In the words of the report, this could
reach a staggering 100bn by 2030. Similarly,
up to 25,000 jobs could be affected by 2015.
APD is bad for the UK economy, and hurts
aviations ability to deliver jobs and growth.
Almost 1m jobs depend on aviation, and a fur-
ther 2.6m jobs on tourism in this country. The
damaging impact of high and increasing levels
of APD on the UKs ability to grow and prosper
in these tough economic time is clear. The
Treasury must urgently re-think its plans for a
double inflation increase in the next Budget.
Darren Caplan is chief executive of the Airport
Operators Association. The AOA represents over 70
airport operators in the UK, and is also a member
of the Fair Tax on Flying campaigning alliance.
Backbone of Rock
The UK government has bitten
the bullet and cut its losses on
Northern Rock and sold it to the
private sector where it belongs.
It is this sort of decisive action
the leaders of Europe need to
make to halt the slide of the EU
into the economic abyss, but
sadly there is no sign of the nec-
essary backbone.
Clem Chambers,
chief executive,
financial markets website
ADVFN.com
German lessons
With youth unemployment now at
more than 1m, should we look to
introduce the German version of
apprenticeships? They teach a
very wide range of trades, from
bike mechanic to shoe-maker,
through a mixture of classroom
and practical training. It results in
a highly skilled and motivated
workforce. This would be better
than a growing number going to
university, many of whom then
find it hard to get jobs.
Ian Fraser
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
DARREN CAPLAN
CITYA.M. 18 NOVEMBER 2011
The Forum
T
HERE is not one
elected official in
Italys new govern-
ment, but its
apparently very bad form
to mention it. Democratic
government has been
suspended on the fringes
of the Eurozone with
barely a whisper. News
reports mention in passing that technocrats have
been ushered in to make sure Greece and Italy reform
their economies as Germany and France desire. How
quickly freedoms demise gets buried in jargon.
Technocrat comes from the Greek, tekne, which
means the skill of achievement. A democrat rules by
consent of the people, the demos. In theory, tech-
nocrats rule by dint of their skill at achieving goals.
Thats certainly the hope here. The technocrats will get
Italy and Greece to enforce their desperately needed
austerity programmes. But it is a disastrous policy. As
Douglas Carswell pointed out in 2005 in Direct
Democracy: The idea that administration should be in
the hands of disinterested officials rather than clam-
orous politicians has been a characteristic of every dic-
tatorial regime from Bonapartes onward.
Democracy is a good in itself, recognising citizens
natural right to self-rule by acknowledging any admin-
istration requires the consent of those governed. But it
is also, despite its superficial rambunctiousness, an
efficient system too. By allowing a plurality of views to
be openly debated, a democratic system is open to
self-correction. Rule by so-called experts has no such
flexibility. One can only pray that they are right.
Yet there is little reason to assume that they will be.
Although the idea of leaving it to the experts is a
tempting one, without any mechanism for feedback
and dissent experts rapidly become a self-serving
interest group divorced from the original goals. Worse
still, despite our sometimes magical belief in their
objectivity, work in the 1970s by Amos Tversky and
Daniel Kahneman showed that experts too are prey to
cognitive bias and error. And organisational theory
indicates that the information needed to make expert
judgements is restricted by a top-down system. In
1966, Kenneth Boulding wrote that: The larger and
more authoritarian the organisation, the better the
chance that its top decision-makers will be operating
in purely imaginary worlds. Which certainly sounds
like the Eurozone.
Mario Monti and George Papademos may be bril-
liant men. But the economist Friedrich Hayek said in
The Constitution of Liberty that compared with the
totality of knowledge which is continually utilised in
the evolution of a dynamic civilisation, the difference
between the knowledge that the wisest and that
which the most ignorant individual can deliberately
employ is comparatively insignificant. Why settle for
benevolent planners of genius when even they know
so much less than the free marketplace of ideas?
Hayek also argued, in The Road to Serfdom, that
planners would turn to populist dictators to bring their
ideas to fruition. It has been sixty-five years since Italy
had a dictator, and thirty-eight years for Greece. The
current crop of technocrats shows no signs of brutal
authoritarianism. But that presents a problem as well.
The austerity measures both countries need will be
unpopular, and while undemocratic leaders may pre-
vent squabbling at the top, dictators without teeth
could find it hard to keep the rioting demos in step.
Once freedom is discarded, rulers travel lightly down
the road to darker incursions on individual liberty.
Marc Sidwell is the business features editor for
City A.M.
Democracy is thrown
aside in the Eurozone
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
BY MARC SIDWELL
Investing in these tried-and-true Alpine spots will make you the envy of your friends, says Zoe Strimpel
Tis the season to get yourself a fabulous ski
chalet in one of Europes prime locations
Living| Chalets
26 CITYA.M. 18 NOVEMBER 2011
Industrial and Provident Society 30441Rexempt charity. Details correct at time of going to print November 2011. Your home is at risk if you
fail to keep up repayments on a mortgage, rent or other loan secured on it. Please make sure you can afford the repayments before you
take out a mortgage. Priority will be given to people living in the boroughs of Bexley, Bromley, Greenwich, Lewishamand Southwark.
Contemporary shared
ownership apartments
in SE10 and SE8
Discovery show
home viewing now
Thursday Sunday by appointment only.
Please contact us to make a booking.
Call: 0844 406 9296
Web: www.lqgroup.org.uk
L&Q @ Greenwich Creekside, SE8
Discovery on the Thames, SE10
Coming soon, register
your interest now
CHALET CHANTEL, CHAMONIX
Price: 2.5m
10 bedrooms, 2 receptions, 7 bathrooms, terrace, balconythis is the chalet
that has it all, especially if you like hosting parties. Near the slopes, with 2,120
sq m of private land. Contact: Knight Frank on 020 7629 8171,
www.knightfrank.com
VILA AM SEE, KITZBU HEL, AUSTRIA
Price: 4m
Adjacent to the famous Schwarzsee Lake and Golf Course and yet only min-
utes away from the centre of the village and the resorts amenities, the prop-
erty is contemporary and luxuriant, with an emphasis on technology. Contact:
Savills Alpine Homes: 020 7016 3740
CHAMPEX-LAC, VERBIER
Price: CHF1,390,000
A beautiful, expansive, 7-bedroom chalet, nestled in the valley by Verbier. Its
fully renovated, with a ski room, games room and wine cellar, and a brilliant
location close to the slopes. Contact: Chesterton Humberts International 020
3040 8210, www.chestertonhumberts.com
CHALET CHESA LUNA, VERBIER, SWITZERLAND
Price: CHF 9.95m
A splendid, traditional-style (but newly built) five-bedrrom chalet in Verbier
over three levels, with stunning views and excellent access to the centre of
Verbier and its glitzy bars and clubs.
Contact: Savills Alpine Homes on 020 7016 3740, www.savills.com
LES BALCONS DE LA CHAPELLE, MRIBEL
Price: From 720,000 for a 2-bed apartment to 2 million for a 4-bed chalet.
A new development from French eco developer Terresens, with beautiful views
and close proximity to the main ski lift, spa and fitness centre, Olympic ice rink,
shops and restaurants. Launch: December 2012. Contact Terresens on 020 30
101 110 or go to terresensproperties.com
LE HAMEAU DU KASHMIR, VAL THORENS
Price: Properties are available on a leaseback scheme and prices range from
277,592 to 613,712.
A 4-star ski-in, ski-out development managed by one of Frances most estab-
lished operators with panoramic views, spa and a Michelin starred restaurant.
www.ernalowproperty.co.uk
0800 883 8953
or (out-of-hours) 0800 032 0077
www.caxtongaramond.co.uk
0207 791 7000
A development by:
Offering exceptional and convenient City fringe living: a location
between Tower Bridge and Canary Wharf, proximity to The City that
means an easy walk to work in the Square Mile or 15 minutes
door-to-door commute (DLR) to Canary Wharf.

STUDIO, ONE & TWO BEDROOM APARTMENTS


Ready for occupation in March 2012 (est.)
CAXTON
APARTMENTS
LONDON E1
Selling Agents:
ZONE 1 APARTMENTS
exceptional
FROM JUST 195,000
*
Computer generated image of Caxton Apartments.

Times are approximate


and are courtesy of www.tfl.gov.uk. *Price correct at time of going to press.
Launching Satuiday th Novenbei
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 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
MEADOW LODGE, HAMMONDS LANE
Price: 2.5m
This property, encompassing grounds of 8.5 acres, includes a swimming pool, tennis court,
stabling and a garaging area. The property itself has five bedrooms, five reception rooms
and two bedrooms. Contact: Savills on 01582 465 000 or go to www.savills.co.uk
RYDER SEED MEWS
Price: 1.25m
This five-bedroom grade II-
listed farmhouse is just 22
miles from Marble Arch.
The house originates in the
15th century with addi-
tions in the 17th century.
The accommodation is flex-
ible, arranged over three
floors, and has many period
features including high ceil-
ings and fireplaces in the
drawing room and sitting
room. Contact Hamptons
International on 01727
890770 or go to
www.hamptons.co.uk
ST STEPHENS HOUSE
Price: 1.295m
This grade-II listed Georgian residence has six bedrooms and four reception rooms.
The grounds offer ample parking and have a number of mature garden areas. Contact:
Strutt & Parker on 01727 840285 or go to www.struttandparker.com
Q.
I believe the agent letting my house
is overvaluing it. I've compared my
property to other similar houses on
the market and they all are significantly
cheaper. Should I change agent?
A.
It is important to keep a dialogue with
your agent who will be able to tell you
why your property is not letting. It could
be the lack of demand is caused by the economic
climate and therefore the price should be adjusted
the rental market changes daily and some larger
properties have come down in price recently.
There are other factors to take into account: it
may need redecorating or refurbishing, the furni-
ture may be letting it down, or maybe even the
lack of furniture. Perhaps the property is too indi-
vidual. You may have spent a lot of money on a
beautiful hand painted Chinese dining room wall
and dark maroon reception room which looks love-
ly in the evenings, but neutral, light coloured paint-
ed walls and modern kitchen and bathrooms are
more likely to attract a potential tenant. Your
agent may be giving you advice that you do not
want to hear, but remember that they should have
experience with other properties similar to yours
and should know what is important to tenants. If
you feel that your agent is not giving you the cor-
rect advice, I would recommend that you discuss
this with another agent and then decide if you
wish to bring them in as well or switch agents
completely.
Q.
I have had the same tenant in my
property for over five years now. I
have never raised the rent as they are
very reliable tenants and good people. Now
my agent is urging me to charge a higher
rent. What should I do?
A.
Having a long-term excellent tenant is
very important, however, there comes a
time when you need to look at the invest-
ment and decide if you should increase its poten-
tial. After five years, redecoration and perhaps
other works need to be done. It may be that it is
time to upgrade some of the fittings, (put in new
kitchen appliances), upgrade the bathrooms or
lighting, or even just replace the carpets. All this
will attract potential tenants at a higher rent level.
It is also important to factor in the time that the
property will remain un-let, including remarketing
time to ensure you can cover any mortgage or
outgoings during this period. I would also speak to
your tenants directly and explain the situation.
They may be prepared to pay more rent rather
than find somewhere else (inevitably at a higher
price) as well as the costs of relocating. You could
include some upgrades while they are there or on
holiday, which will benefit both parties. I would
suggest that you discuss this with your agent first
so as to agree on the best strategy.
Catherine
Cockcroft
HEAD OF RENTALS AT
AYLESFORD INTERNATIONAL
Q A
&
GRAB A SLICE OF RIVERSIDE LIFE
Cambridge Riverside, a Berkleys development, is one of
the last housing spaces available in the historic city. The
Brooke House along Kingsley Walk has 14 one and two-
bedroom apartments with a balcony or terrace still avail-
able for purchase. Contact: Savills at 01223 656 010 or
go to www.cambridgeriverside.co.uk.
JAPANESE-INSPIRED BERMONDSEY
Grange Garden, a new Bermondsey development, com-
bines the relaxing quality of its Japanese-inspired decor
with its south London location to serve as a retreat and
connection to the city. Facilities include cinema and
wine rooms and free access to private bicycles. Contact:
Union Developments at 020 7252 0829.
LONDON PROPERTY OUTSHINES THE REST
Real estate prices in Greater London are expected to
rise by 2 per cent as opposed to a 0 per cent increase
across the rest of the UK, reveals Jones Lang LaSalles
report this week. Londons price growth is anticipated
to shoot ahead in sharp contrast to the rest of the
country.
FINDING NEW WAYS TO GET ON THE LADDER
New data from Hamptons International notes an
increase of young professionals getting creative when
renting property. Young tenants are "buddying up" and
branching out into Zone 2 to secure their ideal London
space, with one and two bedroom properties in the mid
to lower end of the price range in high demand.
PROPERTY NEWS
BY MARISSA CETIN
COMMUTING: St Albans
is just 20 minutes away
from London St Pancras.
From there it takes 15 min-
utes on the tube to the
City, whereas driving takes
an hour.
EDUCATION: St Albans
has some fantastic schools.
Pupils at St Albans (an all
boys school) and St Albans
High School for Girls both
achieve exceptionally high
results.
NEED TO KNOW | AREA INSIGHT
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
Chelsea BS Flexible 2.19 December 2013 5.4 70
Skipton BS Flexible 2.38 2 years 4.8 60
Yorkshire BS Flexible 2.39 November 2014 4.5 75
First Direct Flexible 2.39 2 years 3.6 65
Leeds BS Fixed 2.29 January 2014 5.4 70
Santander Fixed 2.35 January 2014 5.4 60
Hanley Economics BS Fixed 2.35 November 2013 5 60
Yorkshire BS Fixed 2.79 November 2014 4.5 75
ING Direct Fixed 2.84 November 2014 3.5 60
RENT ST ALBANS BY DONATA HUGGINS
Living | Focus On
28 CITYA.M. 18 NOVEMBER 2011
ST ALBANS | PRICES
Detached Semi-Detached Terraced Flats
St Albans 616,526 386,631 322,333 209,232
Hertfordshire 578,025 312,429 241,628 180,884
Source: Savills
Computer generated image shown is indicative only.
Kingsland Wharves, N1
London on your doorstep
London N1
1, 2 and 3 bedroom apartments
now available from 250,000
Kingsland Wharves offers canalside living around
the historic Kingsland Basin with close proximity
to Hoxton, Shoreditch, Islington and De Beauvoir.
Everywhere in London is within easy reach.
Trains from Haggerston station reach Canary Wharf
in 20 minutes, the West End in under 30 minutes,
and the City is within walking distance.
2.6 miles
3 miles
2.9 miles
2.3 miles
1 mile
1.8 miles
0.7 miles
KINGS CROSS
ISLINGTON
SHOREDITCH
THE CITY
SOHO
WATERLOO LONDON
BRIDGE
Journey times are
approximate only.
www.t.gov.uk
Sales Suite open Thursday to Monday. Book a viewing today.
call 0844 406 9299
visit www.kingslandwharves.co.uk

Price correct at time of going to press. Photograph of actual view from Cavatina roof terrace. Internal photographs of show apartment at Cavatina Point. External CGI of the development.
020 8104 1111
Selling Agents:
www.greenwichcreekside.com creekside.sales@telfordhomes.plc.uk
0800 883 8627 or (out-of-hours) 0800 032 0077
GREENWICH
CREEKSIDE
Inspirational apartment
living in Greenwich
1, 2 & 3 bedroom homes with a high
internal specification and optional parking*
Close to the heart of maritime Greenwich
Cutty Sark DLR & Greenwich mainline
station under 10 minutes walk; rapid
access to Canary Wharf or London Bridge
24 hour concierge service and
exemplary Customer Service with
24/7 support
Prices from 247,500

Sales centre & show apartment open daily.


Mon - Sat 10am - 6pm Sun 11am - 5pm
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(opposite the development)
Tel: 0800 883 8641
London Estate Agents | Investment & Development Consultants | Block Managers | Established 1982
ALBION CLOSE, HYDE PARK, W2
4 Bedrooms 3 Bathrooms 2 Receptions Mews
House Good Transport Links 1 Minute to Hyde Park
3,000 Per Week Unfurnished or Furnished
WELBECK WAY, MARYLEBONE, W1
3 Bedrooms 3 Bathrooms Garage Renovated
Close to Bond Street Station Oxford Street Nearby
1,900 Per Week Unfurnished or Furnished
GREAT CUMBERLAND PLACE, W1
3 Bedrooms 3 Bathrooms Split Level Penthouse
Parking Concierge Close to Marble Arch Station
1,900 Per Week Unfurnished or Furnished
MONTAGU SQUARE, MARYLEBONE, W1
2 Bedrooms 2 Bathrooms Gaggenau Kitchen
Balcony Garden Views Prestigious Location
1,500 Per Week Unfurnished or Furnished
HATHERLEY GROVE, BAYSWATER, W2
1 Bedroom Family Bathroom High Ceilings
Walking Distance to Westbourne Grove
475 Per Week Furnished
020 3394 0029 kayandco.com |
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mobile website
HYDE PARK STREET, HYDE PARK, W2
4 Bedrooms 3 Bathrooms 2 Receptions Duplex
Parking Hyde Park Views
3,000 Per Week Furnished
DORSET SQUARE, MARYLEBONE, NW1
2 Bedrooms Family Bathroom Separate kitchen
Fourth Floor Close to Marylebone High Street
625 Per Week Unfurnished
Photo guide to interior finish only
Give your rooms
a warming touch
Experts Candy & Candy and APD Interiors
tell us how to create a comfortable feel
indoors this winter, writes Donata Huggins
W
ITH the long, cold winter
nights creeping in, the
prospect of a night snuggled
up on the sofa is ever more
appealing. Naturally, the thick throws
are dug out of the cellar and some bed-
room cushions stray into the lounge, giv-
ing the place a cosy feel before the
Christmas decorations go up. Nearly
everyone does this, even people like
Candy & Candys creative director
Matthew Carlisle who does this with
added professional flair. He actually
redecorates his home each season. So we
asked him and another seasonally sensi-
tive designer Andrew Dunning of APD
Interiors for their tips. Heres their
advice.
1DARK DECADENCE
When I think of winter, I think of deca-
dence and decadence to me is dark,
warm colours, says Carlisle. Using soft
fabrics and dark colours are the best way
to achieve this, he explains. This includes
everything from sheepskin throws and
dark velvet cushions to a dark-coloured
winter dinnerware. Carlisle recommends
Ralph Lauren darker coloured sets for this.
2MOOD LIGHTING
Lighting is absolutely essential when try-
ing to create a rooms mood, says Carlisle.
But Dunning says the key to finding a cosy
reduced-light setting that you still work
under is a tricky business. Changing the
lampshades in a room or putting in more
side lamps with shades rather than using
the overhead lighting is really effective. Or
if you have large floor-mounted pot plants
in a corner then think about putting a
small light behind them that gives off a
low glow, this will lighten the corner and
add to the cosy feel.
3NATIVE STYLE
Geometric Native American-style patterns
Transform your home
into a winter
wonderland
Picture: GETTY
are big this season, says Carlisle. Pack your
home with those funky orange, white, red
and black patterns.
4A TOUCH OF SPARKLE
If you can afford to buy new thick curtains,
curtain ties and cushions, this is a great
way to give a room a new feel. Not to men-
tion keeping you warmer and saving you
money on your heating bill. Carlisle recom-
mends fabrics with flecks of gold woven
through. These look fantastic in low
light.
5RELIGHT YOUR FIRE
Andrew Dunning says: Most houses have
fireplaces in London, even if they are
blocked up. To unblock them is really easy.
It can be carried out in just two or three
days by a competent handyman.
Living | Interiors
30 CITYA.M. 18 NOVEMBER 2011
Andermatt Swiss Alps
Comfort and Solidity.
8 A S
A
S A u S
A
S A L k

P

S l


S
A

u
A


/

C
Ultimate Comfort.
True Swiss.
Secure Haven.
Alpine-Chic.
www.apdinteriors.com
*Nationwide Building Society.
No need to move, improve
Tel. 020 7687 6288
Email. info@apdinteriors.com
Twitter. @andrewdunning
Web. www.apdinteriors.com
Then make the most of our special offer and have the home you
want this year without breaking the bank.
We can deliver a complete home renovation, extensions or loft/
basement conversions, interior design or the redesign of a single
room, without disrupting your busy life.
Increase the value of your home by up to 22%* by investing in any
one of our services. For a free consultation and to make the most of
our offer, quote APDCAM
Is your home looking tired?
In need of a makeover?
Need to entertain in a beautiful
new kitchen or lounge?
32
Wealth Management
CITYA.M. 18 NOVEMBER 2011
ON GD ONCE FIX AM.............1756.00 -17.00
SILVER LDN FIX AM ..................32.54 -1.63
MAPLE LEAF 1 OZ ....................33.78 2.58
LON PLATINUM AM................1618.00 -12.00
LON PALLADIUM AM...............642.00 -17.00
ALUMINIUM CASH .................2097.00 -20.00
COPPER CASH ......................7591.50 -40.00
LEAD CASH...........................1980.00 -2.50
NICKEL CASH......................17770.00 160.00
TIN CASH.............................21350.00 -200.00
ZINC CASH ............................1911.00 6.00
BRENT SPOT INDEX ................111.81 -0.59
SOYA .....................................1187.75 -12.50
COCOA..................................2291.00 38.00
COFFEE...................................235.75 -4.00
KRUG.....................................1801.30 -19.30
WHEAT ....................................146.50 -2.00
AIR LIQUIDE........................................88.21 -0.53 100.65 80.90
ALLIANZ..............................................72.49 -0.65 108.85 56.16
ANHEUS-BUSCH INBEV ....................42.41 -0.36 45.11 33.85
ARCELORMITTAL...............................13.50 -0.28 28.55 10.47
AXA........................................................9.61 -0.23 16.16 7.88
BANCO SANTANDER...........................5.53 -0.08 9.20 5.05
BASF SE..............................................50.26 -0.32 70.22 42.19
BAYER.................................................46.78 -0.60 59.44 35.36
BBVA......................................................5.89 -0.01 9.17 4.94
BMW ....................................................54.49 -1.22 73.85 43.49
BNP PARIBAS.....................................28.49 -1.38 59.93 22.72
CARREFOUR ......................................18.72 -0.38 34.12 14.66
CRH PLC .............................................12.88 -0.30 17.40 10.28
DAIMLER.............................................31.66 -0.58 59.09 30.52
DANONE..............................................47.18 -0.33 53.16 41.92
DEU.BOERSE OFFRE ........................41.38 0.38 55.75 35.46
DEUTSCHE BANK..............................27.29 -1.06 48.70 20.79
DEUTSCHE TELEKOM.........................9.24 0.02 11.38 7.88
E.ON.....................................................17.15 -0.11 25.54 12.50
ENEL......................................................3.16 -0.03 4.86 2.81
ENI .......................................................15.74 -0.16 18.66 11.83
FRANCE TELECOM............................12.42 -0.16 16.95 11.12
GDF SUEZ ...........................................19.36 -0.39 30.05 18.32
GENERALI ASS...................................12.23 -0.08 17.05 10.34
IBERDROLA..........................................4.77 0.03 6.50 4.29
INDITEX ...............................................65.43 0.48 69.40 50.92
ING GROEP CVA...................................5.33 -0.16 9.50 4.21
INTESA SANPAOLO.............................1.19 -0.04 2.47 0.85
KON.PHILIPS ELECTR.......................14.02 -0.15 25.45 12.01
L'OREAL..............................................77.33 -0.42 91.24 68.83
LVMH..................................................113.15 -1.30 132.65 94.16
MUNICH RE.........................................89.38 -0.59 126.00 77.80
NOKIA....................................................4.88 -0.04 8.49 3.33
REPSOL YPF.......................................21.66 -0.21 24.90 17.31
RWE.....................................................28.79 -0.29 55.88 21.22
SAINT-GOBAIN...................................29.10 -0.85 47.64 26.07
SANOFI ................................................49.77 -0.07 56.82 42.85
SAP......................................................44.13 -0.10 46.15 32.88
SCHNEIDER ELECTRIC.....................38.80 -0.82 61.83 35.94
SIEMENS .............................................72.99 -0.12 99.39 62.13
SOCIETE GENERALE.........................16.95 -0.69 52.70 14.32
TELECOM ITALIA..................................0.86 -0.02 1.16 0.70
TELEFONICA ......................................13.79 0.00 18.75 12.50
TOTAL..................................................37.43 -0.28 44.55 29.40
UNIBAIL-RODAMCO SE...................127.95 -3.30 162.95 124.05
UNICREDIT............................................0.75 -0.01 2.03 0.64
UNILEVER CVA...................................24.40 -0.05 25.13 20.90
VINCI ....................................................31.69 -0.82 45.48 29.49
VIVENDI ...............................................15.88 -0.46 22.07 14.10
VOLKSWAGEN VORZ ......................124.60 -1.35 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5423.14 -85.88 -1.56
FTSE 250 INDEX . . . . . . . 10150.28 -125.28 -1.22
FTSE UK ALL SHARE . . . . 2794.66 -42.39 -1.49
FTSE AIMALL SH . . . . . . . . 708.41 -14.21 -1.97
DOWJONES INDUS 30 . . 11770.73 -134.86 -1.13
S&P 500 . . . . . . . . . . . . . . . 1215.50 -21.41 -1.73
NASDAQ COMPOSITE . . . 2587.99 -51.62 -1.96
FTSEUROFIRST 300 . . . . . . 957.85 -12.75 -1.31
NIKKEI 225 AVERAGE. . . . 8479.63 16.47 0.19
DAX 30 PERFORMANCE. . 5850.17 -63.19 -1.07
CAC 40 . . . . . . . . . . . . . . . . 3010.29 -54.61 -1.78
SHANGHAI SE INDEX . . . . 2463.05 -3.91 -0.16
HANG SENG. . . . . . . . . . . 18817.47 -143.43 -0.76
S&P/ASX 20 INDEX . . . . . . 2563.60 0.00 0.00
ASX ALL ORDINARIES . . . 4324.10 0.00 0.00
BOVESPA SAO PAOLO. . 56988.90-1571.09 -2.68
ISEQ OVERALL INDEX . . . 2638.62 -40.74 -1.52
STI . . . . . . . . . . . . . . . . . . . . 2778.97 34.80 1.27
IGBM. . . . . . . . . . . . . . . . . . . 828.89 -3.63 -0.44
SWISS MARKET INDEX. . . 5644.62 -41.18 -0.72
Price Chg %chg
3M........................................................80.43 -1.44 98.19 68.63
ABBOTT LABS ...................................53.41 -0.36 55.61 45.07
ALCOA ..................................................9.62 -0.35 18.47 8.45
ALTRIA GROUP..................................27.54 0.04 28.14 23.20
AMAZON.COM..................................204.52 -7.47 246.71 156.77
AMERICAN EXPRESS........................46.70 -1.42 53.80 41.25
AMGEN INC.........................................55.91 -0.10 61.53 47.66
APPLE...............................................377.41 -7.36 426.70 297.76
AT&T....................................................28.61 -0.17 31.94 27.20
BANK OF AMERICA.............................5.80 -0.10 15.31 5.13
BERKSHIRE HATAW B.......................74.30 -0.37 87.65 65.35
BOEING CO.........................................66.09 -0.25 80.65 56.01
BRISTOL MYERS SQUI ......................30.63 -0.21 33.27 20.05
CATERPILLAR....................................93.81 -1.94 116.55 67.54
CHEVRON.........................................100.08 -0.97 110.01 80.41
CISCO SYSTEMS................................18.48 -0.32 22.34 13.30
CITIGROUP.........................................26.00 -0.86 51.50 21.40
COCA-COLA.......................................66.62 -0.39 71.77 61.29
COLGATE PALMOLIVE......................88.04 -0.60 94.89 74.86
CONOCOPHILLIPS.............................69.56 -0.20 81.80 58.65
CVS/CAREMARK................................38.48 0.00 39.50 29.45
DU PONT(EI) DE NMR........................46.07 -1.03 57.00 37.10
EXXON MOBIL....................................77.86 -0.39 88.23 63.47
GENERAL ELECTRIC.........................15.64 -0.31 21.65 14.02
GOOGLE A........................................600.87 -10.60 642.96 473.02
HEWLETT PACKARD.........................27.29 -0.64 49.39 19.92
HOME DEPOT.....................................37.62 -0.22 39.38 28.13
IBM.....................................................185.73 -0.89 190.53 141.18
INTEL CORP .......................................24.34 -0.60 26.78 19.16
J.P.MORGAN CHASE.........................30.49 -0.98 48.36 27.85
JOHNSON & JOHNSON.....................63.94 -0.46 68.05 57.50
KRAFT FOODS A................................34.96 -0.22 36.30 24.30
MC DONALD'S CORP ........................92.29 -0.86 95.45 72.14
MERCK AND CO. NEW......................34.84 -0.25 37.65 29.47
MICROSOFT........................................25.54 -0.53 29.46 23.65
OCCID. PETROLEUM.........................94.43 -3.17 117.89 66.36
ORACLE CORP...................................30.82 -1.17 36.50 24.72
PEPSICO.............................................64.09 -1.00 71.89 58.50
PFIZER ................................................19.47 -0.10 21.45 16.25
PHILIP MORRIS INTL .........................72.08 0.46 73.46 55.85
PROCTER AND GAMBLE ..................62.94 -0.34 67.72 56.57
QUALCOMM INC ................................56.38 -0.50 59.84 45.98
SCHLUMBERGER ..............................71.71 -3.06 95.64 54.79
TRAVELERS CIES..............................55.73 -0.61 64.17 45.97
UNION PACIFIC ................................100.92 -1.09 107.89 77.73
UNITED TECHNOLOGIE ....................75.69 -1.76 91.83 66.87
VERIZON COMMS ..............................36.70 0.05 38.95 31.60
WAL-MART STORES..........................56.73 0.05 59.40 48.31
WALT DISNEY CO ..............................35.15 -0.38 44.34 28.19
WELLS FARGO & CO.........................24.67 -0.27 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 ..................0.641 0.00
LIBOR Euro - 12 months ................1.996 0.00
LIBOR USD - overnight...................0.142 0.00
LIBOR USD - 12 months.................1.007 0.01
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 .........................2.990 -0.07
European repo rate.........................0.458 0.00
Euro Euribor ....................................0.906 0.00
The vix index ...................................35.91 4.34
The baItic dry index ........................1.884 0.03
Markit iBoxx...................................240.60 -0.68
Markit iTraxx..................................183.61 -5.36
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .275.2 -6.1 361.1 248.1
Chemring Group . . . .484.0 -28.0 736.5 482.1
Cobham . . . . . . . . . . .178.0 -3.2 236.5 168.5
Meggitt . . . . . . . . . . . .389.2 -2.7 397.6 304.9
QinetiQ Group . . . . . .120.4 -0.5 136.3 99.0
RoIIs-Royce Group . .705.0 -19.5 738.0 557.5
Senior . . . . . . . . . . . . .164.6 1.8 190.6 132.6
UItra EIectronics . . .1539.0 -24.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .184.8 -5.3 245.0 157.0
BarcIays . . . . . . . . . . .168.1 -4.5 333.6 138.9
HSBC HoIdings . . . . .484.4 -10.5 730.9 473.6
LIoyds Banking Gr . . .25.7 -1.2 69.6 25.3
RoyaI Bank of Sco . . .20.5 -0.6 49.0 19.7
Standard Chartere .1304.0 -26.0 1878.0 1169.5
AG Barr . . . . . . . . . .1206.0 -14.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .336.3 -1.5 503.5 289.9
Diageo . . . . . . . . . . .1336.0 14.0 1344.0 1112.0
SABMiIIer . . . . . . . . .2191.5 -40.0 2354.5 1979.0
AZ EIectronic Mat . . .244.0 -0.8 338.1 206.1
Croda Internation . .1721.0 -25.0 2081.0 1395.0
EIementis . . . . . . . . . .140.5 -3.5 187.4 104.8
Johnson Matthey . .1863.0 -21.0 2119.0 1523.0
Victrex . . . . . . . . . . .1119.0 -23.0 1590.0 1025.0
YuIe Catto & Co . . . . .162.9 -1.7 253.0 148.0
C/$ 1.3457 0.0002
C/ 0.8545 0.0010
C/ 103.62 0.0305
/C 1.1706 0.0018
/$ 1.5746 0.0020
/ 121.26 0.1252
FTSE 100
5423.14
85.88
FTSE 250
10150.28
125.28
FTSE ALLSHARE
2794.66
42.39
DOW
11770.73
134.86
NASDAQ
2587.99
51.62
S&P 500
1216.17
20.74
RPC Group . . . . . . . .349.8 -0.1 384.8 215.4
Smiths Group . . . . . .919.5 -25.0 1429.0 907.5
Brown (N.) Group . . .257.0 -2.2 311.2 251.1
Carpetright . . . . . . . . .447.0 9.0 835.5 435.5
Debenhams . . . . . . . . .61.7 -0.9 75.7 51.2
Dignity . . . . . . . . . . . .831.5 -1.0 854.5 644.0
Dixons RetaiI . . . . . . .10.5 -0.6 26.6 10.1
DuneImGroup . . . . . .477.5 -14.7 550.0 383.9
HaIfords Group . . . . .340.0 0.0 459.7 268.6
Home RetaiI Group . . .75.4 2.7 235.0 69.5
Inchcape . . . . . . . . . .316.6 -5.4 425.4 268.1
JD Sports Fashion . .827.0 2.0 1030.0 780.0
Kesa EIectricaIs . . . . .86.0 -4.1 174.0 80.0
Kingfisher . . . . . . . . .251.4 -2.9 287.1 217.0
Marks & Spencer G . .319.4 -5.6 402.2 301.8
Mothercare . . . . . . . .127.3 -27.7 627.5 127.3
Next . . . . . . . . . . . . .2776.0 -34.0 2810.0 1868.0
Sports Direct Int . . . .234.5 -4.5 266.2 127.0
WH Smith . . . . . . . . . .525.5 -2.5 558.0 433.8
Smith & Nephew . . . .580.0 -5.5 742.0 521.0
Synergy HeaIth . . . . .898.0 -2.0 981.0 799.5
Barratt DeveIopme . . .97.1 1.0 119.0 67.5
BeIIway . . . . . . . . . . . .724.0 0.0 753.5 511.0
BaIfour Beatty . . . . . .234.3 0.2 357.3 228.6
GaIIiford Try . . . . . . . .481.7 1.4 530.0 276.5
Kier Group . . . . . . . .1398.0 -22.0 1448.0 1097.0
Drax Group . . . . . . . .580.5 -1.0 583.5 353.6
SSE . . . . . . . . . . . . . .1286.0 -17.0 1423.0 1111.0
Domino Printing S . .500.5 -8.5 705.0 434.3
HaIma . . . . . . . . . . . . .334.2 -3.8 429.6 306.3
Laird . . . . . . . . . . . . . .145.4 0.4 207.0 127.9
Morgan CrucibIe C . .262.9 -6.8 357.1 224.0
Oxford Instrument .1010.0 4.0 1012.0 517.0
Renishaw . . . . . . . . . .878.0 -23.0 1886.0 862.0
Spectris . . . . . . . . . .1242.0 -48.0 1679.0 1039.0
Aberforth SmaIIer . . .529.0 -6.0 714.0 508.5
AIIiance Trust . . . . . .334.6 -3.7 392.7 310.2
Bankers Inv Trust . . .379.0 -3.0 428.0 346.5
BH GIobaI Ltd. GB .1208.0 4.0 1213.1 1058.0
BH GIobaI Ltd. US . . . .12.0 0.1 12.2 10.4
BH Macro Ltd. EUR . . .20.1 0.1 20.1 15.8
BH Macro Ltd. GBP 2061.0 -8.0 2075.0 1630.0
BH Macro Ltd. USD . . .20.0 0.0 20.1 15.8
BIackRock WorId M .635.0 -14.5 815.5 574.5
BIueCrest AIIBIue . . .166.3 -0.7 176.2 162.4
British Assets Tr . . . .117.0 0.0 140.5 109.0
British Empire Se . . .442.0 -3.1 533.0 409.9
CaIedonia Investm .1453.0 -4.0 1928.0 1433.0
City of London In . . .276.7 -0.6 306.9 257.0
Dexion AbsoIute L . .134.6 -0.6 151.0 130.0
Edinburgh Dragon . .218.0 -1.0 262.1 201.4
Edinburgh Inv Tru . . .457.0 -7.7 492.2 414.9
EIectra Private E . . .1428.0 -20.0 1755.0 1287.0
F&C Inv Trust . . . . . .284.1 -4.1 327.9 261.5
FideIity China Sp . . . . .78.5 0.5 123.0 70.0
FideIity European . . .982.0 -18.0 1287.0 912.0
HeraId Inv Trust . . . . .452.0 -2.0 545.5 419.0
HICL Infrastructu . . . .115.6 1.1 121.3 112.7
Impax Environment . .98.5 -0.3 130.5 88.5
JPMorgan American .820.5 -13.0 916.0 721.5
JPMorgan Asian In . .188.8 -1.2 250.8 170.1
JPMorgan Emerging .516.5 -2.5 639.0 480.1
JPMorgan European .676.5 -10.5 983.5 676.0
JPMorgan Indian I . . .349.9 -8.0 492.0 342.0
JPMorgan Russian .507.0 -2.0 755.0 415.1
Law Debenture Cor . .348.0 -4.5 385.0 309.8
MercantiIe Inv Tr . . . .886.0 -17.0 1137.0 856.5
Merchants Trust . . . .360.7 -7.2 431.8 347.0
Monks Inv Trust . . . .313.5 -2.7 367.9 298.1
Murray Income Tru . .608.0 -1.5 673.0 568.0
Murray Internatio . . .884.5 3.5 991.5 818.5
PerpetuaI Income . . .248.8 -4.5 276.0 234.8
PersonaI Assets T .33820.0-155.0 34007.030210.0
PoIar Cap TechnoI . .342.0 -4.5 391.2 299.5
RIT CapitaI Partn . . .1325.0 -19.0 1360.0 1149.0
Scottish Inv Trus . . . .444.0 -6.0 524.0 417.0
Scottish Mortgage . .623.5 -9.0 781.0 586.5
SVG CapitaI . . . . . . . .192.3 -2.2 279.8 187.9
TempIe Bar Inv Tr . . .843.0 -6.0 952.0 791.0
TempIeton Emergin .554.5 -8.0 689.5 497.0
TR Property Inv T . . .157.0 -2.0 206.1 150.0
TR Property Inv T . . . .73.9 0.2 94.0 69.5
Witan Inv Trust . . . . .437.0 -7.9 533.0 401.5
3i Group . . . . . . . . . . .190.6 -6.5 340.0 184.1
3i Infrastructure . . . . .119.7 -0.1 125.2 113.1
Aberdeen Asset Ma .191.5 1.0 240.0 167.8
Ashmore Group . . . .328.7 -8.3 420.0 301.5
Brewin DoIphin Ho . .127.0 2.7 185.4 113.7
CameIIia . . . . . . . . . .9700.0 275.010950.0 8800.0
CharIes TayIor Co . . .138.0 1.0 174.0 122.0
City of London Gr . . . .64.0 0.0 93.6 63.0
City of London In . . .336.0 -2.5 461.5 321.3
CIose Brothers Gr . . .684.5 -10.5 888.5 656.5
CoIIins Stewart H . . . .49.8 -3.3 90.8 47.5
EvoIution Group . . . . .78.5 -4.3 94.0 62.3
F&C Asset Managem .67.9 -1.1 92.9 56.1
Hargreaves Lansdo .480.3 -14.4 646.5 402.5
HeIphire Group . . . . . . .2.4 -0.2 19.3 2.2
Henderson Group . . .112.5 -2.3 173.1 95.1
Highway CapitaI . . . . .12.5 -0.5 21.0 6.5
ICAP . . . . . . . . . . . . . .341.2 -8.7 570.5 336.8
IG Group HoIdings . .434.1 -8.8 528.0 393.6
Intermediate Capi . . .217.9 -4.7 360.3 197.9
InternationaI Per . . . .204.7 -7.8 388.8 196.5
InternationaI Pub . . . .118.4 1.3 118.5 108.6
Investec . . . . . . . . . . .350.7 -17.1 538.0 331.8
IP Group . . . . . . . . . . . .71.4 0.4 76.5 29.9
Jupiter Fund Mana . .211.0 -1.0 337.3 184.9
Liontrust Asset M . . . .77.5 -0.3 94.3 57.9
LMS CapitaI . . . . . . . . .57.0 -1.5 64.8 44.8
London Finance & . . .23.5 0.0 23.5 16.5
London Stock Exch .818.0 -17.0 1076.0 717.0
Lonrho . . . . . . . . . . . . .13.0 0.0 19.8 11.8
Man Group . . . . . . . . .140.6 -2.6 311.0 136.0
Paragon Group Of . .170.0 -4.0 206.1 134.6
Provident Financi . .1044.0 -13.0 1124.0 743.5
Rathbone Brothers .1105.0 2.0 1257.0 977.0
Record . . . . . . . . . . . . .14.0 0.0 43.0 13.3
RSM Tenon Group . . .20.0 -2.3 66.3 20.0
Schroders . . . . . . . .1298.0 -49.0 1922.0 1183.0
Schroders (Non-Vo .1085.0 -38.0 1554.0 970.0
TuIIett Prebon . . . . . .311.1 -4.9 428.6 301.3
WaIker Crips Grou . . .45.0 0.5 51.5 40.0
BT Group . . . . . . . . . .184.9 -4.3 204.1 161.0
CabIe & WireIess . . . .37.4 -0.6 52.9 31.3
CabIe & WireIess . . . .20.5 -1.4 76.9 20.4
COLT Group SA . . . . .96.7 -1.5 156.2 91.6
KCOM Group . . . . . . . .74.5 1.0 84.0 49.0
TaIkTaIk TeIecom . . .136.6 2.6 168.3 119.8
TeIecomPIus . . . . . . .718.0 -11.0 750.5 385.5
Booker Group . . . . . . .76.7 -0.1 80.0 54.5
Greggs . . . . . . . . . . . .509.5 3.0 550.5 429.1
Morrison (Wm) Sup .313.8 -3.4 320.0 262.7
Ocado Group . . . . . . . .81.0 -4.1 285.0 80.1
Sainsbury (J) . . . . . . .299.0 -1.4 391.5 263.5
Tesco . . . . . . . . . . . . .401.9 -4.9 439.0 356.3
Associated Britis . . .1110.0 -16.0 1182.0 940.0
Cranswick . . . . . . . . .701.0 4.5 883.5 588.5
Dairy Crest Group . . .335.8 -3.7 424.9 325.0
Devro . . . . . . . . . . . . .260.0 -3.0 296.9 223.5
Premier Foods . . . . . . . .4.5 -0.2 35.1 3.3
Tate & LyIe . . . . . . . . .684.5 -5.0 691.0 510.0
UniIever . . . . . . . . . .2058.0 -17.0 2114.0 1777.0
Mondi . . . . . . . . . . . . .444.1 -0.5 664.0 440.4
Centrica . . . . . . . . . . .294.6 -0.2 345.8 282.6
InternationaI Pow . . .334.9 0.4 448.6 279.4
NationaI Grid . . . . . . .641.5 15.0 649.5 530.0
Pennon Group . . . . . .718.5 4.0 737.5 584.5
Severn Trent . . . . . .1600.0 11.0 1609.0 1368.0
United UtiIities . . . . .632.0 0.0 637.0 543.5
Cookson Group . . . . .466.9 -13.7 724.5 395.8
DS Smith . . . . . . . . . .198.4 2.9 266.2 164.4
Rexam . . . . . . . . . . . .332.8 7.7 400.0 299.8
Price Chg High Low
BerkeIey Group Ho .1258.0 0.0 1299.0 789.5
Bovis Homes Group .451.0 -1.8 485.5 326.5
Persimmon . . . . . . . .500.5 3.0 518.5 338.4
Reckitt Benckiser . .3206.0 -38.0 3648.0 3015.0
Redrow . . . . . . . . . . . .112.1 0.6 139.0 99.5
TayIor Wimpey . . . . . . .39.4 0.3 43.3 23.8
Bodycote . . . . . . . . . .267.5 -5.5 397.7 225.6
Charter Internati . . . .941.5 -10.5 952.0 538.5
Fenner . . . . . . . . . . . .365.5 -4.5 422.5 280.0
IMI . . . . . . . . . . . . . . . .753.0 -21.0 1119.0 636.5
MeIrose . . . . . . . . . . .340.6 -0.4 365.4 265.7
Northgate . . . . . . . . . .238.3 -1.2 346.7 202.0
Rotork . . . . . . . . . . .1669.0 -11.0 1858.0 1501.0
Spirax-Sarco Engi . .1813.0 -30.0 2063.0 1649.0
Weir Group . . . . . . .1851.0 -60.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .268.6 -31.5 499.0 238.7
TaIvivaara Mining . . .195.2 -1.5 622.0 190.7
BBAAviation . . . . . . .169.4 -8.2 240.8 156.0
Stobart Group Ltd . . .118.5 -0.1 163.6 117.2
AdmiraI Group . . . . . .825.0 24.5 1754.0 784.7
AmIin . . . . . . . . . . . . .307.5 14.5 427.0 270.6
Huntsworth . . . . . . . . .59.0 0.9 85.0 55.3
Informa . . . . . . . . . . . .357.6 -10.8 461.1 313.9
ITE Group . . . . . . . . . .190.0 0.0 258.2 157.7
ITV . . . . . . . . . . . . . . . . .63.5 -3.5 93.5 51.7
Johnston Press . . . . . . .4.8 -0.4 12.8 4.1
MecomGroup . . . . . .148.3 -0.5 310.0 134.5
Moneysupermarket. .108.0 -0.6 120.4 75.7
Pearson . . . . . . . . . .1102.0 -17.0 1207.0 926.0
PerformGroup . . . . .205.0 3.0 234.5 150.0
Reed EIsevier . . . . . .519.5 -5.0 590.5 461.3
Rightmove . . . . . . . .1280.0 -59.0 1408.0 736.5
STV Group . . . . . . . . . .94.0 -9.8 168.0 90.3
Tarsus Group . . . . . .136.0 3.5 165.0 114.0
Trinity Mirror . . . . . . . .53.0 -1.3 93.0 37.5
UBM . . . . . . . . . . . . . .475.0 -10.0 725.0 416.0
UTV Media . . . . . . . . .110.3 -2.8 150.0 101.0
WiImington Group . . .85.3 0.0 183.0 82.5
WPP . . . . . . . . . . . . . .656.5 -7.5 846.5 578.0
YeII Group . . . . . . . . . . .4.5 0.2 14.8 3.4
African Barrick G . . .538.0 -8.0 618.5 393.5
AIIied GoId Minin . . .167.0 6.4 281.3 34.4
AngIo American . . .2394.0 -71.0 3437.0 2138.5
AngIo Pacific Gro . . .279.0 -4.0 369.3 237.9
Antofagasta . . . . . . .1103.0 -71.0 1634.0 900.5
Aquarius PIatinum . .178.5 -3.5 419.0 159.9
BeazIey . . . . . . . . . . . .132.1 0.5 139.2 109.6
CatIin Group Ltd. . . .392.2 -4.3 421.4 331.5
Hiscox Ltd. . . . . . . . . .386.1 1.5 424.7 340.5
Jardine LIoyd Tho . . .690.0 -15.0 764.5 571.5
Lancashire HoIdin . . .770.5 0.5 774.5 529.0
RSA Insurance Gro . .107.0 -1.8 143.5 105.3
Aviva . . . . . . . . . . . . . .297.0 -11.0 477.9 275.3
LegaI & GeneraI G . . .103.0 -2.0 123.8 89.8
OId MutuaI . . . . . . . . .108.9 -1.0 144.8 98.1
Phoenix Group HoI . .488.5 8.5 688.0 451.1
PrudentiaI . . . . . . . . .597.5 -18.0 777.0 509.0
ResoIution Ltd. . . . . .252.0 -8.3 316.1 211.3
St James's PIace . . . .319.8 -11.2 376.0 236.2
Standard Life . . . . . . .199.8 -3.8 244.7 172.0
4Imprint Group . . . . .220.0 -5.0 295.0 200.0
Aegis Group . . . . . . .133.0 -2.8 158.5 115.7
BIoomsbury PubIis . . .97.0 -1.0 138.0 95.0
British Sky Broad . . .721.0 5.0 850.0 618.5
Centaur Media . . . . . . .39.3 0.0 73.0 34.6
Chime Communicati .194.5 4.3 298.5 173.0
Creston . . . . . . . . . . . .82.0 -0.5 121.0 72.0
DaiIy MaiI and Ge . . .412.0 -8.1 594.5 343.4
Euromoney Institu . .695.0 5.0 736.0 522.5
Future . . . . . . . . . . . . . .10.5 0.0 30.0 9.8
Haynes PubIishing . .225.0 0.0 257.0 203.5
BHP BiIIiton . . . . . . .1906.5 -54.5 2631.5 1667.0
Centamin Egypt Lt . .102.5 -3.2 186.7 89.7
Eurasian NaturaI . . .646.0 -40.0 1125.0 522.0
FresniIIo . . . . . . . . . .1759.0-110.0 2150.0 1296.0
GemDiamonds Ltd. .221.2 -4.2 306.0 179.8
GIencore Internat . . .412.9 7.8 531.1 348.0
HochschiId Mining . .444.1 -4.5 680.0 397.0
Kazakhmys . . . . . . . .876.0 -39.0 1671.0 730.0
Kenmare Resources . .37.0 -1.3 59.9 23.4
Lonmin . . . . . . . . . . .1021.0 -39.0 1983.0 974.5
New WorId Resourc .426.8 -25.7 1060.0 410.5
PetropavIovsk . . . . . .692.0 -36.0 1165.0 543.5
RandgoId Resource 7315.0-200.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3324.0-122.0 4712.0 2712.5
Vedanta Resources 1014.0 -75.0 2559.0 948.0
Xstrata . . . . . . . . . . . .958.8 -38.7 1550.0 764.0
Inmarsat . . . . . . . . . . .436.8 -21.6 719.5 389.7
Vodafone Group . . . .173.5 -0.4 182.8 155.1
Genesis Emerging . .450.0 -4.0 568.0 430.0
Afren . . . . . . . . . . . . . . .88.5 -7.5 171.2 73.6
BG Group . . . . . . . . .1337.0 -26.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .455.6 -8.7 509.0 363.2
Cairn Energy . . . . . . .290.6 -4.4 469.7 261.4
EnQuest . . . . . . . . . . . .98.3 -3.7 158.5 86.6
Essar Energy . . . . . .242.5 -16.4 589.5 235.1
ExiIIon Energy . . . . . .299.7 -24.3 469.7 184.2
Heritage OiI . . . . . . . .189.7 -1.3 486.0 186.6
Ophir Energy . . . . . . .267.6 5.2 299.0 184.5
Premier OiI . . . . . . . . .371.6 4.3 535.0 310.0
RoyaI Dutch SheII . .2223.0 -9.0 2326.5 1883.5
RoyaI Dutch SheII . .2298.0 -23.5 2336.0 1890.5
SaIamander Energy .206.4 -4.0 317.6 182.3
Soco Internationa . . .300.0 -9.4 400.0 279.8
TuIIow OiI . . . . . . . . .1335.0 -43.0 1493.0 945.5
Amec . . . . . . . . . . . . .907.0 -17.5 1251.0 740.5
Hunting . . . . . . . . . . .667.0 -18.5 817.0 530.0
Kentz Corporation . .477.0 -8.0 508.0 275.5
LampreII . . . . . . . . . . .259.0 -4.9 395.2 220.7
Petrofac Ltd. . . . . . .1381.0 -41.0 1685.0 1108.0
Wood Group (John) .634.5 -17.5 715.8 469.9
Burberry Group . . . .1269.0 -53.0 1600.0 996.0
PZ Cussons . . . . . . . .369.0 -2.0 409.0 320.5
Supergroup . . . . . . . .591.0 -32.0 1820.0 579.9
AstraZeneca . . . . . .2876.5 -21.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .293.1 5.9 317.9 210.1
Genus . . . . . . . . . . . .1016.0 -17.0 1111.0 808.0
GIaxoSmithKIine . . .1387.0 -17.5 1405.5 1127.5
Hikma Pharmaceuti .631.0 -2.0 900.0 555.5
Shire PIc . . . . . . . . . .2034.0 -22.0 2136.0 1481.0
CapitaI & Countie . . .171.7 -2.2 203.7 142.5
Daejan HoIdings . . .2550.0 -55.0 2954.0 2282.0
F&C CommerciaI Pr .103.0 0.3 108.0 88.0
Grainger . . . . . . . . . . . .92.7 -0.7 133.2 77.3
London & Stamford .116.0 0.4 140.0 111.6
SaviIIs . . . . . . . . . . . . .286.4 -14.3 427.1 256.2
UK CommerciaI Pro . .75.3 -0.6 85.5 70.4
Unite Group . . . . . . . .161.0 -9.0 224.1 152.9
Big YeIIow Group . . .245.0 -11.6 352.2 234.2
British Land Co . . . . .475.0 -16.6 629.5 452.0
CapitaI Shopping . . .305.1 -8.1 424.8 296.4
Derwent London . . .1621.0 -48.0 1880.0 1400.0
Great PortIand Es . . .341.2 -9.7 445.0 317.4
Hammerson . . . . . . . .372.6 -14.0 490.9 353.0
Hansteen HoIdings . . .73.7 -3.3 89.5 70.0
Land Securities G . . .664.5 -21.5 885.0 616.0
SEGRO . . . . . . . . . . . .219.9 -6.8 331.3 210.1
Shaftesbury . . . . . . . .488.6 -11.9 539.0 431.7
Aveva Group . . . . . .1484.0 -21.0 1799.0 1298.0
Computacenter . . . . .368.8 3.3 490.0 354.8
Fidessa Group . . . . .1718.0 26.0 2109.0 1409.0
Invensys . . . . . . . . . . .199.0 -7.3 364.3 197.6
Logica . . . . . . . . . . . . .75.1 -1.9 147.2 73.9
Micro Focus Inter . . .369.3 -1.7 426.2 239.4
Misys . . . . . . . . . . . . .280.8 -2.2 420.2 214.9
Sage Group . . . . . . . .278.7 1.5 302.0 231.7
SDL . . . . . . . . . . . . . . .644.5 5.0 711.5 555.0
TeIecity Group . . . . . .614.5 -1.5 620.5 430.0
Aggreko . . . . . . . . . .1771.0 -34.0 2034.0 1394.5
Ashtead Group . . . . .164.6 -2.7 207.9 99.4
Atkins (WS) . . . . . . . .564.5 23.0 820.0 490.2
Babcock Internati . . .688.0 1.0 733.0 513.5
Berendsen . . . . . . . . .434.3 -0.6 568.0 391.3
BunzI . . . . . . . . . . . . .794.0 -7.5 820.5 676.5
Cape . . . . . . . . . . . . . .340.1 -12.8 591.5 328.0
Capita Group . . . . . . .667.5 -9.0 786.5 635.5
CariIIion . . . . . . . . . . .303.1 -6.8 403.2 297.9
De La Rue . . . . . . . . .884.5 -10.5 914.0 549.5
DipIoma . . . . . . . . . . .312.8 -4.6 414.3 263.3
EIectrocomponents .207.0 -2.6 294.9 182.2
Experian . . . . . . . . . . .805.5 -15.0 833.5 665.0
FiItrona PLC . . . . . . . .377.7 1.7 397.1 228.4
G4S . . . . . . . . . . . . . . .237.7 -6.7 291.0 219.9
Hays . . . . . . . . . . . . . . .74.1 -1.2 133.6 66.6
Homeserve . . . . . . . .266.0 -1.5 532.0 218.5
Howden Joinery Gr . .107.0 -1.5 127.5 90.0
Interserve . . . . . . . . . .312.1 -0.6 341.3 190.8
Intertek Group . . . . .1938.0 -14.0 2148.0 1715.0
MichaeI Page Inte . . .376.9 -8.5 567.0 338.7
Mitie Group . . . . . . . .244.0 -0.1 257.5 195.9
Premier FarneII . . . . .166.3 -2.6 308.8 144.5
Regus . . . . . . . . . . . . . .82.8 -1.0 119.0 64.0
RentokiI InitiaI . . . . . . .65.3 -0.5 104.9 64.1
RPS Group . . . . . . . . .183.5 0.4 253.0 156.6
Serco Group . . . . . . .498.9 -2.1 618.5 490.9
Shanks Group . . . . . .108.4 -2.6 130.9 103.0
SIG . . . . . . . . . . . . . . . .84.2 -3.7 153.5 83.8
SThree . . . . . . . . . . . .231.3 -0.8 447.6 213.2
Travis Perkins . . . . . .834.5 -8.5 1127.0 715.0
WoIseIey . . . . . . . . .1869.0 5.0 2261.0 1404.0
ARM HoIdings . . . . . .622.5 -11.5 651.0 360.6
CSR . . . . . . . . . . . . . .173.4 -5.1 447.0 170.2
Imagination Techn . .469.6 -4.5 502.0 296.9
Pace . . . . . . . . . . . . . . .45.6 -14.8 231.8 44.8
Spirent Communica .118.6 -5.0 160.3 109.5
British American . .2922.5 -27.0 2949.5 2282.5
ImperiaI Tobacco . .2287.0 -67.0 2354.0 1784.0
Betfair Group . . . . . . .749.5 -0.5 1479.0 567.0
Bwin.party Digita . . .134.0 8.0 257.6 100.6
CarnivaI . . . . . . . . . .2052.0 -93.0 3153.0 1742.0
Compass Group . . . .568.0 2.5 612.0 512.5
Domino's Pizza UK . .418.0 -4.5 586.0 377.0
easyJet . . . . . . . . . . . .357.2 -1.7 474.0 301.0
FirstGroup . . . . . . . . .336.2 -0.8 412.6 301.8
Go-Ahead Group . . .1277.0 -29.0 1598.0 1203.0
Greene King . . . . . . .451.9 -0.7 518.0 410.0
InterContinentaI . . .1075.0 -1.0 1435.0 955.0
InternationaI Con . . .141.5 -2.0 305.0 139.9
JD Wetherspoon . . . .421.2 -5.8 468.3 380.5
Ladbrokes . . . . . . . . .137.3 0.5 155.3 114.0
Marston's . . . . . . . . . . .92.1 -0.2 117.1 84.6
MiIIennium& Copt . .397.0 -7.3 600.5 375.6
MitcheIIs & ButIe . . . .223.7 0.8 361.0 216.4
NationaI Express . . .221.0 -1.2 270.2 218.1
Rank Group . . . . . . . .146.0 0.8 153.7 109.5
Restaurant Group . . .293.0 -1.0 335.0 254.9
Stagecoach Group . .256.6 2.1 272.4 200.0
Thomas Cook Group .40.8 -1.3 204.8 33.7
TUI TraveI . . . . . . . . . .151.8 -8.3 271.9 137.2
Whitbread . . . . . . . .1596.0 -40.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .211.7 -3.7 244.1 155.5
Abcam . . . . . . . . . . . .355.0 0.0 460.0 307.0
AIbemarIe & Bond . .318.0 0.0 400.1 272.0
Amerisur Resource . .13.3 0.0 29.0 9.5
Andor TechnoIogy . .522.5 27.5 685.0 370.0
ArchipeIago Resou . . .63.0 -1.0 79.0 45.3
ASOS . . . . . . . . . . . .1319.0 -73.0 2468.0 1234.0
AureIian OiI & Ga . . . .21.3 -2.8 92.0 16.0
Avanti Communicat .279.8 -9.3 735.0 248.5
Avocet Mining . . . . . .224.5 -7.0 286.8 177.5
BIinkx . . . . . . . . . . . . . .90.5 -8.5 158.0 70.5
Borders & Souther . . .64.3 -1.5 72.3 43.5
BowLeven . . . . . . . . . .88.8 -6.5 398.0 74.5
Brooks MacdonaId 1205.0 -40.0 1372.5 940.0
Cove Energy . . . . . . . .84.0 -1.8 112.8 61.0
Daisy Group . . . . . . .106.0 -0.5 127.0 88.0
EMIS Group . . . . . . . .485.3 -29.5 580.0 406.0
Encore OiI . . . . . . . . . .77.0 1.3 151.5 40.8
Faroe PetroIeum . . . .144.0 -3.0 218.3 130.0
GuIfsands PetroIe . . .185.0 -0.8 401.5 142.5
GWPharmaceuticaI . .97.6 1.1 130.0 87.0
H&T Group . . . . . . . . .315.0 5.0 395.0 277.0
Hamworthy . . . . . . . .675.0 -10.0 705.0 373.8
Hargreaves Servic .1160.0 7.0 1180.0 693.0
HeaIthcare Locums . . . .3.7 -0.1 3.7 3.3
Immunodiagnostic . .865.5 10.0 1218.0 768.5
ImpeIIamGroup . . . .265.0 0.0 387.5 180.5
James HaIstead . . . . .444.0 -11.0 495.0 357.5
KaIahari MineraIs . . .218.0 -3.0 301.0 186.8
London Mining . . . . .292.8 0.3 436.5 278.5
Lupus CapitaI . . . . . .102.0 0.0 150.0 86.0
M. P. Evans Group . .395.0 3.8 500.5 371.0
Majestic Wine . . . . . .376.5 -10.5 510.0 370.0
May Gurney Integr . .286.0 -2.0 302.0 211.0
Monitise . . . . . . . . . . . .36.3 -1.8 40.0 18.5
MuIberry Group . . . .1445.0 -20.0 1920.0 537.5
Nanoco Group . . . . . . .50.0 0.0 110.0 38.0
NauticaI PetroIeu . . .262.0 -10.0 547.0 223.5
NichoIs . . . . . . . . . . . .537.5 0.0 579.0 410.0
Numis Corporation . . .92.0 2.0 137.8 89.0
Pan African Resou . . .15.8 1.8 15.8 9.5
Patagonia GoId . . . . . .51.3 -3.3 70.0 28.3
Prezzo . . . . . . . . . . . . .55.5 -1.3 71.5 53.3
Pursuit Dynamics . . .179.0 -7.0 700.0 160.5
Rockhopper ExpIor .262.3 -5.8 386.0 141.0
RWS HoIdings . . . . . .432.0 -0.5 479.8 266.5
Songbird Estates . . .112.0 -4.3 160.3 110.3
VaIiant PetroIeum . . .414.8 -9.5 672.0 414.8
Young & Co's Brew . .650.0 3.5 712.0 542.5
Bwin.party DigitaI . . .134.0 6.4
AmIin . . . . . . . . . . . . .307.5 5.0
Atkins (WS) . . . . . . . .564.5 4.3
AIIied GoId Mining . .167.0 4.0
Home RetaiI Group . . .75.4 3.7
AdmiraI Group . . . . . .825.0 3.1
NationaI Grid . . . . . . .641.5 2.4
Rexam . . . . . . . . . . . .332.8 2.4
Brewin DoIphin HoI . .127.0 2.2
BTG . . . . . . . . . . . . . .293.1 2.1
Pace . . . . . . . . . . . . . . .45.6 -24.5
Mothercare . . . . . . . .127.3 -17.9
Ferrexpo . . . . . . . . . .268.6 -10.5
Afren . . . . . . . . . . . . . .88.5 -7.8
ExiIIon Energy . . . . . .299.7 -7.5
Vedanta Resources .1014.0 -6.9
CabIe & WireIess W . .20.5 -6.4
Essar Energy . . . . . .242.5 -6.3
Antofagasta . . . . . . .1103.0 -6.1
FresniIIo . . . . . . . . . .1759.0 -5.9
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
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Tsy 3.250 11 . . . . .100.00 -0.01 102.8 100.0
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Tsy 1.250 17 . . . . .114.86 -0.26 115.6 106.7
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Tsy 3.750 19 . . . . .113.51 -0.48 114.4 99.4
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Tsy 1.875 22 . . . .124.53 -0.22 125.4 111.3
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Tsy 2.500 24 . . . .319.36 -0.18 321.9 273.5
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% %
HAVE YOUhad enough Hamlet yet? If
youre not taken by the fascinating and
absorbing production at the Young Vic star-
ring Michael Sheen, give the German auteur
Thomas Ostermeiers seriously audacious,
violent Hamlet a go at the Barbican this is
the Bards most cerebral play, with a Berlin
twist, so expect serious darkness.
Otherwise, aside from the Sheen Hamlet, its
bit of a down period for new openings. If
you are looking for the best of the still-play-
ing, go for the much-vaunted Jerusalem,
starring Mark Rylance, which is still playing
at the Apollo Shaftesbury (NB: City A.M.
was not taken in by its implied class snob-
bery and cast of thuggish characters, but
the rest of the world was). Broken Glass,
the Arthur Miller play, is on at the
Vaudeville and stars Antony Sher and Tara
Fitzgerald on top form as they poignantly
portray a Brooklyn Jewish couple in the
1930s responding to news of Kristallnacht
(it was written fifty years after Hitlers
downfall). Theres some nice opera on this
week: Stile Antico at Wigmore Hall sees the
vibrant choir take on the best of Tomas Luis
de Victoria Spains most famous 16th cen-
tury composer alongside work by earlier
composers, while Harry Christophers
directs The Sixteen in Handels oratorio
about the conversaion of St Paul, at
Barbican. Both 22 Nov.
SOMETHING FOR THE WEEKEND | BY ZOE STRIMPEL
Lifestyle| Reviews
MANDELAS
HOMETOWN
EXPLORED BY DAVID CROW
IN MONDAYS TRAVEL
33
Film
JUSTICE
Cert: 15
hhIII
NICOLAS Cage stars in this latest action
thriller as school teacher Will Gerard, not
only plunged into a world where morality
blurs, but also plunged into a highly ques-
tionable wig. When Cages wife Laura (an
unremarkable January Jones) is raped and
ends up in hospital, a mysterious man
named Simon (Guy Pearce) offers to organ-
ise to have her attacker sorted out. It
saves pressing charges and watching his
wife relive her ordeal again in court, so
Gerard agrees. Allowing Simons vigi-
lante organisation to dole out their vio-
lent brand of justice turns out, of
course, to be a very bad idea.
A single scene in particular sums up
Justice. In order to give the go ahead to
Simon, Gerard must go to a vending
machine and eat a specific candy bar.
While this could be vaguely amusing in a
fun, cartoony way, Justice takes itself far
too seriously.
Director Roger Donaldson (No Way
Out) tries to maintain a fast pace,
and theres an alright scene
involving a chess game, but
everything zips along in a for-
gettable blur. Failing to
thrill and offering
some very lazy twists,
it never rises above
the routine and
the faintly ridiculous.
Much like Cages
wig.
Stevie Martin
Film
WEELCOME TO THE RILEYS
Cert: 15
hhhII
Welcome to the Rileys came out in 2010,
but is now on wide release. Its timing for
wide release coincides with the release of
its star Kristen Stewarts more famous
film: Twilight, Breaking Dawn.
Well, no better way to shake off
Twilight than by playing a foul-mouthed
stripper trying to have sex with James
Gandolfini (The Sopranos). Kristen
Stewart gives a warts-and-all perform-
ance as Mallory, the call girl with an aver-
sion to hair-washing who develops an
unlikely friendship with Doug Riley
(Gandolfini) after his own daughter died
eight years previously. Having grown
apart from his wife (Melissa Leo) since
her death, the straight talking Mallory
actually starts to help repair their
marriage.
As cult as this indie film wants to
be, and as impressive as Kristen
Stewart is, its undeniably noth-
ing more than entertaining melo-
drama with F words thrown in for
added edge.
The reason behind Dougs affec-
tion for Mallory isnt explored
beyond the simplistic idea that
hes replacing his daughter, and
darker elements are glossed
over. Its worth a look,
however, to see
Stewart prove she
can act and for the
the snappy, witty dialogue.
Stevie Martin
Twilight has dominated the week, but its the series worst film yet, while Cage disappoints in Justice
Above: Nicholas Cage
in Justice; right: Bella
Swan (Kristen
Stewart) falls preg-
nant with a
half-vampire child.
No justice for Cage or Twilight stars
Film
TWILIGHT
Cert: 12A
hhIII
It doesnt matter whether the Twilight
films based on the cult bestsellers by
Stephenie Meyer are good or not. The
people will come, regardless. And certainly
regardless of the scorn that most film crit-
ics including the ones that fall asleep in
screenings, snoring over their protuberant
guts tend to lavish on such pieces of
Hollywood artifice.
Well, for the uninitiated, non-fans, or
indeed any sentient adult, this film cant
be considered anything but bad. Awful, in
fact. Eclipse, the third in the series, was
tiresome enough (I loved one and two),
pointing towards either a collapse or a
revival. But as I say, it doesnt matter. Get R-
Patz (Robert Pattinson) as Edward Cullen
and Kristen Stewart as Bella Swan on
screen and they could be painting their liv-
ing room for two hours and still be a boxof-
fice smash. Throw in Taylor Lautner as
scorned lover Jacob (a warewolf) and you
have the entire female population under
20 panting in lust.
In London, 3,000 fans gathered at
Westfield Stratford for the premiere, many
of whom had waited all night for a chance
to get a glimpse of a star: A, B or D-list. As
for the films content, Bella marries
Edward and following a night of extreme
lust (the first time they have sex Edward
was born 200 years ago, where they had
certain codes of honour), she becomes
pregnant. However, her human womb
struggles to cope with a half-vampire fetus,
and all manner of stress, tragedy and bat-
tle begins. The plot is outlandish, difficult
to make sense of and fairly unrewarding.
But as I said, does it matter? Not a jot.
Zoe Strimpel
....and breathe in. Festive dresses get close to the skin this year, says Zoe Strimpel
Lifestyle
34 CITYA.M. 18 NOVEMBER 2011
Glad rags for partying in style
Newbury Racecourses 2011 Sportingbet Winter Festival the UKs most prestigious
fixture in the Jump racing calendar will be held from Thursday 24th Saturday 26th
November 2011. Day Two of the festival, 25th November, will see Gentlemens Day, the
racecourses answer to the ladies days that have dominated the summer season, fol-
lowed by the Hennessy Gold Cup on Day Three - one of the most important long dis-
tance handicap races of the season.
In celebration of the Winter Festival, the
racecourse has teamed up with Atlas
Helicopters and Donnington Valley Spa to offer
City A.M readers an exclusive luxury travel
package.
For a total price of 2,975 the offer entitles City
A.M readers to half price Premier tickets
to the Winter Festival on all three
days, a helicopter transfer from
London to Newbury Racecourse, a
nights stay in Donnington Valley Spa
in an
executive bedroom, including a full
English breakfast, full use of the spa and
health club facilities, a three course
dinner in their Winepress restaurant and a drink
reception before dinner with a Hennessy
cocktail and canaps.
FESTIVAL BREAKDOWN:
Thursday 24th November Newbury Day
A day for Newbury locals offering free ticket
to Newbury residents and partnering with local
businesses for a day of Jump racing.
Friday 25th November Gentlemens Day
Incorporating six Jump races and special events
including a gentlemens winter style competi-
tion.
Saturday 26th November Hennessy
Gold Cup Day
The prestigious Hennessy Gold Cup
is the feature of this three day festi-
val. The day is the largest of
Newburys winter fixtures and is often
attended by the stars. Following the racing
there will be an after party in The White Room.
To book this exclusive luxury package please
call Newbury Racecourse on: 01635 40015. For
more information on Gentlemens Day and
Newbury Racecourse please visit: www.new-
bury-racecourse.co.uk
EXCLUSIVE RACING PACKAGE
INCLUDING HELICOPTER,
RACING, DINNING AND HOTEL
| READER OFFER
This is a caption, this is a caption, Willy Twiston-Davies, Felix De Giles, Aidan Coleman
C
HRISTMAS party season and all
its fashion opportunities, work-
sanctioned bouts of alcohol con-
sumption, and colleagues letting
their hair down, is on hand. Whether
all this is a cause for celebration or
dread, one thing you can be sure of is
that looking like a festive fashionista
will only improve matters.
Even if youre not feeling like a lady
post office Christmas party, you
should look like one. The style is very
sassy and feminine: shapely dresses,
cinched-in waists, bright colours.
Ronnie Blue, a fashion consultant,
says: This Christmas party season
will be all about prom dresses; evok-
ing the 1960s; from mod to mad men.
The polka dot look remains on trend
and very festive look to Stella
McCartney for this. Finally, winter
floral prints are a huge hit. And if
you feel like really pushing the boat
out: go for a 90s look, a la Versace
print.
Heres a selection of the affordable
and the, err, more ambitious.
HOW TO GET
DRESSED
Q.
I am always cold but find wool knits unflatter-
ing on my petite frame. What are the
alternatives?
A.
Oversized chunky winter knits look great on the
runway but unless you are tall, they require
stacked heels to balance your proportions. The
secret to staying elegant but still warm and comfortable
at this time of year is layering. A long-sleeved base layer
in a tight-fitting fabric with an element of stretch will
help to define your silhouette. Belgian designer Anne
Q A
&
Clare Rous &
Kara Iland
FOUNDERS OF ROUS
ILAND MEMBERS
BOUTIQUE
1 Peacocks By Design Embellished Babydoll
Dress, 48.00, www.peacocks.co.uk
2 River Island purple aztec print one shoulder
dress, 22.00, www.riverisland.com
3 Betty Jackson Two Disco Pleat Printed
Dress, 190, www.johnlewis.com
4 Erdem Delal dress, 1,205.00, www.match-
esfashion.com
5 Lela Rose Printed stretch-cotton dress,
810, , www.net-a-porter.com
6 Ladies Geometric Sequin Dress,
22.40, www.peacocks.co.uk
7 McQ Tartan wool puffball mini dress,
470, www.net-a-porter.com
Valerie Hash has produced the perfect scoop neck and
roll-neck tops in a super soft yet durable machine wash-
able fabric. If you like the look of wool but not the
weight then add a delicate fine knit piece. Rebecca
Taylor has some beautiful examples this winter in intri-
cate web-like knits. Change the colour of your base layer
to play on the transparency of the knit to greater or less-
er effect. A modern alternative to a wool jumper is a
shell top in a fine wool felt. This form of wool is just as
warm but the more tightly compacted nature of the fab-
ric creates a contemporary structural shape for a chic
alternative. We love this seasons version by Spanish
designer Angel Schlesser. A wool or jersey blazer as a
third layer is just as comfortable as a chunky roll neck,
but again is more closely fitted to the body to define
your waist. Laark London is our go-to for a classic cut in
this innovative use of fabric. Keep winter chills at bay
with an oversized scarf. Even the lightest silk will trap a
layer of warm air against your body and is an easy way
to add an injection of colour to light up your complexion
on dark winter days. Remember that most of your heat
is lost through your head. Finish your outfit off with this
seasons wide-brimmed felt hat. For a selection of
options, visit members fashion boutique, ROUS ILAND
at 11-12 Dover Street. www.rousiland.com
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CHILDREN IN NEED 2011
BBC1, 7.30PM
Terry Wogan, Fearne Cotton, Tess Daly
and Alesha Dixon present another
bumper night of fundraising fun live
from BBC Television Centre in London.
STRICTLY COME DANCING IT
TAKES TWO BBC2, 6.30PM
Zoe Ball presents analysis of the
couples progress as they prepare
for tomorrow nights show at
Wembley Arena.
TAMARA ECCLESTONE: BILLION
$$ GIRL CHANNEL5, 10.45PM
Tamara prepares to move out of her
Chelsea pad into the 45million
mansion her father has bought her in
one of Londons most exclusive streets.
BBC1
SKY SPORTS 1
7pmLive Darts. The Grand Slam
of Darts. 11pmFootball League
Weekend 12am-6amLive Golf.
The Presidents Cup.
SKY SPORTS 2
6.30pmFour Nations Rugby
League 7.30pmLive European
Cup Rugby Union 10pmTake It
Like a Fan 10.30pmPremier
League Preview11pmNFL 1am
Darts 5amTake It Like a Fan
5.30am-6amPremier League
Preview
SKY SPORTS 3
6pmGolf 8pmLive Golf. The
Presidents Cup. 12amTake It
Like a Fan 12.30amPremier
League Preview1amEuropean
Cup Rugby Union 3.30am
Premier League Preview4am
Football League Weekend 5am
Kings of the Extreme
5.30am-6amAerobics Oz Style
BRITISH EUROSPORT
7pmTimbersports Series 8pm
Live Boxing 10pmPoker
11pm-1.05amBritish Superbikes
ESPN
7pmGoal! 7.30pmLive
Bundesliga 9.30pmWRC:
Access All Areas 10.30pm
Friday Night Fights 11pmESPN
MMA Live 11.30pmESPN Press
Pass 12amDTM Review Show
1amLive College Football 4am
ESPN MMA Live 4.30am
Euroleague Basketball Magazine
5amBasketball 5.30am-6am
ICC Cricket World Magazine
SKY LIVING
7pmDrop Dead Diva 8pmBones
9pmCriminal Minds 10pmJerry
Bruckheimers Chase 11pm
Bones 12amCriminal Minds
1.50amCSI 3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmTop Gear USA 7.45pm
Merlin 8.30pmWorlds Craziest
Fools 9pmHim & Her 9.30pm
Russell Howards Good News
10pmTop Gear USA 10.45pm
Family Guy 11.35pmAmerican
Dad! 12.20amMongrels
12.50amRussell Howards Good
News 1.20amHot Like Us
2.20amHim & Her 2.50amThe
Real Hustle: New Recruits
3.20amWorlds Craziest Fools
3.50amMongrels
4.20am-5.20amHot Like Us
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmMade in
Chelsea 9pmGoks Clothes
Roadshow: Get the Look for Less
10pmFILMGood Luck Chuck
2007. 12amThe Big Bang
Theory 12.55amScrubs 1.50am
How I Met Your Mother 2.10am
Goks Clothes Roadshow: Get the
Look for Less 3.05amUgly Betty
3.45amRules of Engagement
4.10amDesperate Housewives
4.50am-6amSwitched
HISTORY
7pmHeir Hunters 8pmStorage
Wars 9pmAmerican Pickers
10pmSwamp People 12amThe
Nostradamus Effect 1amThe
True Story 2amSwamp People
3amHeir Hunters 4am
American Pickers 5am-6am
Ancient Discoveries
DISCOVERY
7pmWhale Wars 8pmWheeler
Dealers 9pmWeird or What?
10pmWitness to Jonestown
12amBear Grylls: Born Survivor
1amWeird or What? 2amBear
Grylls: Born Survivor 3am
Deadliest Catch 3.50amRiver
Monsters 4.40amMoon
Machines 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmBabes in the Wood 8pmI
Didnt Know I Was Pregnant
9pmSupernanny. Tackling badly
behaved children. 10pm
Sextuplets & The City 11pm
Trauma Unit 12amSupernanny
1amSextuplets & The City 2am
Trauma Unit 3amI Didnt Know
I Was Pregnant 4amA Baby
Story 5am-6amBringing Home
Baby
SKY1
7pmSimpsons Encore 7.30pm
The Middle 8pmModern Family
8.30pmSpy 9pmAn Idiot
Abroad 10pmA League of Their
Own 11pmBrit Cops: Law &
Disorder 12amRoad Wars
1.50amMiami SWAT 2.40am
The Chicago Code 4.20am
Verminators 5.10am-6amVet
Adventures
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show: Children in
Need Special: The team counts
down to the fundraising
extravaganza.
7.30pmCHOICE Children in
Need 2011: Fundraising
extravaganza, with Terry
Wogan, Fearne Cotton, Tess
Daly and Alesha Dixon.
10pmBBC News
10.25pmRegional News
10.35pmChildren in Need
2011
2amWeatherview2.05am-6am
BBC News
6pmEggheads
6.30pmCHOICE Strictly
Come Dancing It Takes Two
7pmGreat British Food Revival
8pmMastermind
8.30pmAutumnwatch Live
9.30pmAutumnwatch
Unsprung
10pmChildren in Need 2011
10.40pmNewsnight
11.10pmThe Review Show;
Weather
11.45pmThe National Lottery
Friday Night Draws:
11.55pmLater with Jools Holland
The Sound of 2011 12.55amThe
Triangle 2.15am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmWild Britain with Ray
Mears
8.30pmCoronation Street
9pmIm a Celebrity Get Me
Out of Here!
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMHellboy II: The
Golden Army 2008
12.40amThe Zone; News 2.45am
FILMColumbo: Caution Murder
Can Be Hazardous to Your Health
1991 4.15am-5.30amNightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pmUnreported World
7.55pm4thought.tv
8pmCome Dine with Me
9pmFILMTransporter 3
2008
11.05pmRude Tube
12.05amStand Up for the
Week
12.55amRude Tube: Epic Fails
1.55amRude Tube: Animal
Madness 2.55amRude Tube:
Ultimate Champions 3.55am
Random Acts 4amMusic on 4: On
Track 4.30amSt Elsewhere
5.20am-6.05amCountdown
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmFifth Gear; 5 News
Update
8pmIce Road Truckers
Deadliest Roads; 5 News at 9
9pmFILMVacancy 2007
10.45pmCHOICE Tamara
Ecclestone: Billion $$ Girl
11.45pmInside Hollywood
12amSuperCasino. Live interactive
gaming. 4.05amMotorsport
Mundial 4.30amFifth Gear
4.55amRough Guide to Bang for
Your Buck 5.10amMichaelas Wild
Challenge 5.35am-6amMichaelas
Wild Challenge
1 2 3 4 5
6 7
8
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19 20
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9 6
28 12
4 8 16
43
11 29
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3
15
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38
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13
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.
COFFEE BREAK
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 Noisy altercation (5)
4 Mail (4)
6 Former communist
country (inits) (4)
8 Wanderer (5)
9 Blow that renders
the opponent
unconscious (8)
12 Not at home (4)
13 Informal term for a
British policeman (5)
15 State of depression (5)
17 Australian term for a
young kangaroo (4)
19 Fervent supporter of a
person or institution (8)
21 Heavens (5)
22 Presently (4)
23 Deprivation (4)
24 Propel through
the air (5)
DOWN
1 Play music in a public
place and solicit
money for it (4)
2 Dart (5)
3 Auspicious (5)
4 Diplomatic
etiquette (8)
5 Present time
or age (5)
7 Rebuf (4)
10 Carpentry pin (4)
11 Slipshod (8)
14 Young men (4)
15 Sybil Fawltys husband
in Fawlty Towers (5)
16 Neither good
nor bad (2-2)
17 Pleasure trip (5)
18 Duck valued for its
soft down (5)
20 Unfreeze (4)
T
A
I
T
N S
L
A
E
4


4

4



A R E A S O B U S
D P H O B I A A
R E C T O E L F
I O R S H A K E
F I N A N C E L
T S A A C
T S T A M I N A
B U R N T L K R
A U E B L A S E
L C H E Q U E S
D O T L M Y T H S
9 6 8 1 7 9
6 2 3 1 1 2 8 5
9 8 5
5 4 7 1 2 3 6
4 3 1 5 2 6 8 9
9 7 6 8 2 1 3 4
8 9 7 8 6 5 9 7
4 2 6 9 3 8 7
1 5 4
9 7 4 5 1 3 8 7
3 1 2 1 4 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
HERBICIDE
Lifestyle | TV&Games
35 CITYA.M. 18 NOVEMBER 2011
T
HE highlight of the Premier
League weekend is Liverpools
trip to Stamford Bridge on
Sunday. The Reds did the league
double over Chelsea last season and
will be feeling confident having gone
unbeaten since their 4-0 defeat at
White Hart Lane in mid-September.
Kenny Dalglishs side have won
their last four away games across all
competitions, but they have lost 13 of
their past 24 away fixtures since the
beginning of last season and have also
been defeated in seven of their last 11
trips to top-six teams. Consistency has
been an issue for Liverpool and they
have failed to beat Swansea and
Norwich in their last two home league
matches.
Chelsea suffered an embarrassing
defeat at home to Arsenal last month
and that would have hurt Andre Villas-
Boas. However, they bounced back at
Blackburn a fortnight ago and they
are generally very strong at Stamford
Bridge.
Since 2009/10, the Blues have won
16 of 20 home games against top-half
sides and 11 of those victories came by
at least two goals. Only three teams
have conceded more goals at home
than Chelsea this season (Wolves,
Blackburn and Bolton), but theyve
still managed to win four of five and I
think they are too big at 5/6 with
Ladbrokes.
The both teams to score market is
interesting at 4/5, as is a potential buy
of goals at 2.7 with Sporting Index, but
Ill stick with the outright bet on
Chelsea.
Tomorrow afternoons lunchtime
kick off sees Arsenal travel to Norwich
to take on the Premier League new
boys. The Canaries have made a solid
start to life in the top flight and sit in a
promising ninth position in the table.
They have conceded in all of their
five games at Carrow Road, but have
lost just the once, against West Brom
in September. It is true that they
havent had any severe tests at home
yet and the Gunners are a best-priced
7/10 with Paddy Power to take the
points. That does make some appeal,
but the total goals market is potential-
ly more profitable.
Paul Lambert's side's last three
home games have all had three or
more goals, with the last two produc-
ing a total of 10. Arsenal have won just
once on their travels so far this cam-
paign, but their last four away fixtures
have yielded an astonishing 28 goals.
Sporting Index quote goals at 3.1-3.3,
which is very high, but Im still going
to be a buyer.
Swansea are unbeaten at the Liberty
Stadium this season and they have
conceded only one goal. However,
tomorrow evenings game against
Manchester United is undoubtedly
their most difficult assignment so far.
The draw at around 4.2 on Betdaq is
interesting, but I wouldnt be at all sur-
prised to see the champions nick a
one-nil victory.
The best betting option is to sell
goals at 2.8 with Sporting Index, as
three of the Swans five home matches
this term have produced two or fewer
goals, while United have scored just
seven in their last six league games.
There have also been no more than
two goals scored in nine of the cham-
pions last 14 visits to promoted oppo-
nents.
SPORTS TRADER | BEN CLEMINSON AND BILL ESDAILE TEAM UP TO BRING YOU THIS WEEKS BEST FOOTBALL AND RACING BETS
POINTERS...
Chelsea at 5/6 with Ladbrokes
Buy goals in Norwich v Arsenal at 3.3 with
Sporting Index
Sell goals in Swansea v Man United at 2.8 with
Sporting Index
Punter | Sport
36 CITYA.M. 18 NOVEMBER 2011
Powerful team can give Henderson a Saturday to remember
Chelsea too big at 5/6 on home turf
LAST years Cheltenham Gold Cup
hero LONG RUN makes his eagerly
awaited return to the racecourse
tomorrow when he faces just five
rivals in the Betfair Chase at Haydock
(3.05pm). National Hunt racings new
star landed last seasons King George
at Kempton before going on to land
the Cheltenham Gold Cup in March.
Dual Gold Cup winner Kauto
Star finished third to Long Run on
both of those occasions and there
were many, including me, who
thought that Paul Nicholls might
retire the 11-year-old over the sum-
mer. However, he lines up again
tomorrow and there will be plenty of
loyal followers wholl be tempted by
the freely available 7/1.
Yet, his best days are surely behind
him and Long Runs biggest threat
looks likely to be Diamond Harry or
Weird Al. The former has an impecca-
ble record when fresh and put up a
breathtaking performance to win last
seasons Hennessy Gold Cup. He rel-
ishes some give underfoot and if the
weathermen are to be believed, he
wont get his conditions tomorrow.
Weird Al saw off Time For Rupert
at Wetherby last time and may be
flourishing now in the hands of
Donald McCain. It would just be a
major surprise if either were good
enough to lower Long Runs colours.
If pressed, Id probably side with
Diamond Harry to chase him home,
but it may be safer just taking the 5/6
available about a Long Run victory
with Paddy Power.
Incidentally, the same firm are
offering a special double on Long Run
winning tomorrow and then going
on to win another King George on
Boxing Day - the 9/4 may look very
generous come 3.15pm tomorrow.
Looking at the rest of Haydocks
card and the Henderson team look to
have an excellent chance of complet-
ing a treble with GRANDOUET
(12.15pm) and SENTRY DUTY (2.30pm).
Grandouet should have won at
Wincanton last time when falling
two out when still cruising. As for
Sentry Duty, he looks a cut above
handicap class and Jeremiah
McGrath takes off a valuable 5lb.
Hendersons luck can spread to
Ascot where he saddles OSCAR
WHISKY in the Coral Hurdle at
2.45pm. This horse has bundles of
class as he showed by winning at
Aintree last term after finishing third
in the Champion Hurdle. He seems to
run best when fresh and will be hard
to stop even with a penalty.
It seems strange to be talking about
the Cheltenham Festival already, but
Im going to recommend the first in a
series of ante-post bets on the event.
Philip Hobbs stipulated earlier this
week that he intended to drop
Wishfull Thinking back in trip to two
miles and run him in the Tingle
Creek at Sandown in December. If he
wins or even runs well, there is every
chance he could rise to the top of that
weak looking division and the freely
avaiable 25/1 about him winning the
Queen Mother Champion Chase
looks massive.
City A.M. and the Punter are head-
ing down to Newbury for
Gentlemen's Day next Friday and for
our loyal followers you can book half
price tickets at 14. Please call
Newbury Racecourse on 01635 40015
and quote City A.M.
If you are one for style, we have
another exclusive package for the
Winter Festival, including the
Hennessy Gold Cup, which avoids the
hassle thanks to an incredible heli-
copter trip, hotel, dining and of
course top quality racing. See the
offer on page 34 for more informa-
tion.
You can follow me on Twitter
@BillEsdaile for all my other thoughts on
tomorrows action
Lampard has been in fine goalscoring form and got the winner for England against Spain last week Picture: ACTION IMAGES
A
FTER a year which has seen
England cement their posi-
tion at the head of the Test
cricket, as well as record
series victories over the two nations
that contested the 50-over World
Cup final in April, spinner Graeme
Swann believes winning in the sub-
continent this winter would com-
plete the cycle of Andrew Strausss
side.
England travel to Abu Dhabi to
play Pakistan in a three-Test series
which starts in January, before jet-
ting off to Sri Lanka where they are
scheduled to play two five-day
matches in Galle and Colombo.
Despite their numerous accom-
plishments, having drawn two and
lost five of their last seven series
against the subcontinents three
major nations India, Sri Lanka and
Pakistan, Swann admits England
have one final frontier to conquer.
I think you always look at differ-
ent areas where you want to win
stuff and those tend to be where
youve struggled in the past,
Swann told City A.M. Australia
away was always the priority
because of the history and weve
ticked that box now.
Looking ahead, winning and
winning well in the subcontinent
is probably the last big accomplish-
ment for us as a Test unit. Its a bit
of a hole in our CV as a side. Weve
got a team who can adapt to differ-
ent conditions and its up to us to
show the sort of qualities you need
to win in these places.
Its a big couple of tours for me
because the wickets are likely to
take spin and Im looking forward
to being the focal point of the
attack again. Although we beat
India in the summer I didnt really
feel like I contributed.
At Trent Bridge they may as well
have had a competition for some-
one in the crowd to take my place.
It was a great win but in reality I
contributed about as much as the
bloke who cut the outfield.
While some of his Test col-
leagues were given a much-needed
break during last months one-day
series in India, Swann was afforded
no such luxury.
The Nottinghamshire twirler cut
a frustrated figure as England
slumped to 5-0 whitewash and
though he refused to
offer burnout as an
excuse for his sub-
standard perform-
ances, Swann
admitted he was
craving an oppor-
tunity to enjoy
time away from
the sport he
loves.
I t s
be e n
a bit
of a godsend having this time off,
he said. Ive put all my cricket gear
out of eyesight and I wont be
thinking about the game for a
month. Midway through the India
series I got that horrible feeling
where youre sick to death with
your own game.
You get that feeling sometimes
where youre praying for the game
to finish. Even when youre win-
ning you feel like you could do
with a weekend off. Its great to
recharge the batteries.
Ive got an eight-month old
baby so its just great to have an
opportunity to get to know him. I
got back from India and he looked
like a different child. Being away
and missing out on your child
growing up is as tough as it gets.
At 32 years of age Swanns inter-
national career still has some dis-
tance to run, but having carried
Englands spin burden single-hand-
edly since his breakthrough year in
2008, his longevity may have been
compromised.
Monty Panesar and Adil Rashid
have failed to provide the expected
competition, but Swann believes
21-year-old Scott Borthwick, who
featured on the recent tour of
India, has all the tools to provide
England with a much needed sec-
ond spinning option.
He reminds me of my self at
that age, said Swann. Hes enthu-
siastic and has a great attitude. As a
spinner its important not to get
too downbeat if you get smacked
for six and hes got that mindset.
Its obviously exciting to have
a leg-spinner coming through as
we dont produce many of those
and I really believe he could be
the real deal.
The Breaks Are Off by Graeme Swann,
published by Hodder & Stoughton, is
out now in hardback.
Swann: England primed to
overcome their final frontier
Sport
37 CITYA.M. 18 NOVEMBER 2011
Murray has shot at home triumph
Briton has good reason to fancy chances
at next weeks ATP World Tour Finals
GROUP STAGE
Eight players are split into two groups, in
which they all play each other once. The top
two players from each group qualify for the
semi-finals, with the final being held on
Sunday week.
SCHEDULE
Sunday 20 November
2pm Roger Federer v Jo-Wilfried Tsonga
8pm Rafael Nadal v Mardy Fish
Monday 21 November
2pm Andy Murray v David Ferrer
8pm Novak Djokovic v Tomas Berdych
Tuesday schedule to be confirmed on Sunday,
and further days thereafter.
ANDY MURRAY
Nationality: GB
World ranking: 3
Titles this year: 5
ATP WORLD TOUR FINALS
GROUP A GROUP B HOW TOURNAMENT WORKS
T
HAT first grand slam title
might still be on the to-do list,
but Andy Murray has a superb
chance of landing his biggest
prize yet and in front of a home
crowd in London next week.
The Scot faces the toughest possi-
ble opposition, with only the eight
best-performing players of 2011 quali-
fying for the season-ending ATP
World Tour Finals, which gets under-
way at the O2 on Sunday.
But he comes into the tournament
in sensational form, while some of
his most formidable rivals for the
prestigious title, second only to the
grand slams, have a litany of causes
for concern.
A serious spring-time wobble aside,
Murray has enjoyed a very strong
year, reaching at least the semi-finals
of all four Majors, climbing back into
the worlds top three ranked players
and winning five titles.
Three of those wins in Bangkok,
Tokyo and then Shanghai have
come in the last two months, and
even more impressively, in succes-
sion. Murray looked on his way to a
fourth in a row until he lost to even-
tual finalist Tomas Berdych at last
weeks Paris Masters, after being ham-
pered by a minor leg injury.
His biggest test in the group stage
next week is likely to come from
Novak Djokovic, the world No1 who
has utterly dominated 2011, winning
three grand slams and losing just
four matches. However, those achieve-
ments have taken their toll on the
Serbs body and he has played just
seven matches since winning the US
Open in early September.
In the other group, world No2
Rafael Nadal has not won a tourna-
ment since his firm favourite, the
French Open, in June, and lost to
Murray in the Tokyo final last month.
Roger Federer, the all-time great
who has slipped to fourth in the rank-
ings, is in form, having won his last
two competitions, but is not the force
of old, and is 6-8 down against the
Briton on head-to-head records.
Spinner tells James
Goldman winning in
subcontinent would
complete the set
DAVID FERRER
Nat: Spanish
World ranking: 5
Titles this year: 2
TOMAS
BERDYCH
Nat: Czech
World ranking: 7
Titles this year: 1
NOVAK
DJOKOVIC
Nat: Serbian
World ranking: 1
Titles this year: 10
MARDY FISH
Nat: USA
World ranking: 8
Titles this year: 1
RAFAEL NADAL
Nat: Spanish
World ranking: 2
Titles this year:
JO-WILFRIED
TSONGA
Nat: French
World ranking: 6
Titles this year: 2
ROGER FEDERER
Nat: Swiss
World ranking: 4
Titles this year: 3
EMBATTLED Fifa president Sepp
Blatter was facing fresh calls to resign
last night after he stood by his com-
ments claiming racism in football is
not prevalent, a stance which sparked
a public spat between himself and
Manchester United defender Rio
Ferdinand.
On a day when British footballers
and politicians united in their blanket
condemnation of Blatters controver-
sial views, the 75-year-olds position at
the head of world footballs govern-
ing body looked to remain
rock solid.
His notion that
instances of racist behav-
iour on the pitch could
be settled with a hand-
shake barely caused a
ripple in some parts of
Europe, but after trying
to clarify his comments
Blatter responded directly to
Ferdinands criticism on Twitter.
Ferdinand (inset) had slammed
Blatter, saying his comments were so
condescending its almost laughable,
and criticised Fifa for attempting to
clear up the Blatter comments with a
pic of him posing with a black man.
In a direct response to Ferdinand
the Swiss said: The black man as you
call him has a name: Tokyo Sexwale.
He has done tremendous work against
racism and apartheid in Africa.
Blatter also claimed Fifa has a long-
standing and proud record in the area
of anti-discrimination.
Ferdinand responded: To say what
you said about racism in football
spoke volumes of your ignorance to
the subject.
Rather than claiming his remarks
had been misconstrued, or even
admitting to an error of judgement,
Blatter invited further criticism yester-
day by standing behind his comments.
He said: I thought, and Im still a
very optimistic man, that after the
World Cup in South Africa where it
was really connecting the people, all
different races, all different cul-
tures being brought together
through football, that not
only in the continent of
Africa but everywhere in
the world that this [racism]
was over.
But if you also be a little
bit in a sporting spirit when
there is something happen-
ing on the field of play, during a
match, between two players I call
it foul language.
Im not saying about discrimina-
tion, but its foul language, its a foul
play. At the end of the match, if you
have foul play, [when] the match is
over you shake hands now because its
what we want to do.
Before the match and at the end of
the match everyone shall shake hands
and therefore also forget what has
been on the field of play.
Blatter race
row heats up
as Ferdinand
leads outcry
Sport
38
BY JAMES GOLDMAN
FOOTBALL

Blatter suggested
racism on the pitch
could be settled with a
handshake
Picture: PA
TOTTENHAM have received mixed
medical bulletins ahead of Mondays
clash against Aston Villa, with man-
ager Harry Redknapp optimistic of
returning to the dugout but top scor-
er Rafael van der Vaart an injury
doubt.
Redknapp has missed the last two
games after undergoing heart sur-
gery but is increasingly hopeful of
being able to resume charge of the
team, ahead of schedule, in their next
Premier League match.
First team-coach Joe Jordan said:
Hes very keen and is optimistic
theres a chance of that happening.
The Spurs boss, 64, was initially
expected to be out until next month,
following the operation to ease
blockage in his coronary arter-
ies.
Jordan added: It will depend
on his conversation with
the medical people who
are giving him advice.
He is feeling good and
sounds good. Theres a
possibility he would be
back for the Villa
game and maybe he
will pop in during the
lead up to that match.
If Harry comes to the
game he will be on the
bench.
The north
Londoners have
coped adequately in
his absence, with the ben-
efit of their 3-1 win over Fulham,
which kept them in fifth place, far
outweighing a 1-0 Europa League
defeat at Rubin Kazan.
But their hopes of maintaining
pressure on the top four have
suffered a setback after Van
der Vaart picked up a ham-
string injury while on inter-
national duty this week.
The Dutchman, who has
scored seven goals in 10
appearances for Spurs this
season, will have a late fit-
ness test before the Villa
fixture at White Hart
Lane.
Jordan said: It is
important he doesnt get
a recurrence of what he
had when he was away.
FULHAM manager Martin Jol has
backed striker Bobby Zamora to win a
place in Englands squad for Euro
2012, calling him the countrys most
gifted No9.
Zamora was given a chance to
impress against Sweden on Tuesday
and put in a mixed performance,
leading the line well but lacking ruth-
lessness in front of goal.
The 30-year-old faces stiff competi-
tion for a place in Fabio Capellos
final 23-man squad, notably from
Chelsea youngster Daniel Sturridge
and Liverpools Andy Carrol.
But, speaking ahead of tomorrows
Premier League trip to Sunderland,
Jol said: They are all different.
Darren Bent is different, Jermain
Defoe is different, Wayne Rooney cer-
tainly is different. I dont feel they
have a lot of players who are a real
No9 who can hold up the ball.
If he [Capello] wants to play with a
goalscorer, then Bent is probably the
best in England, hes certainly differ-
ent to Bobby. But if you play Bobby
with offensive midfield players he
can be very useful.
He is a No9 who will hold the ball
up all the time. His first touch is very
good, hes good in the box, hes a link-
up No9. Peter Crouch is probably sim-
ilar. Hes better than people give him
credit for at holding the ball. But
Bobby is probably the most gifted.
Jol is without full-back Stephen
Kelly for the Sunderland game after
he was injured on international duty.
Zamora is your most gifted
No9, says Fulham chief Jol
Spurs boss Redknapp hopes to return
for Villa but Van der Vaart is a doubt
Its appalling to suggest that
racism in any way should be
accepted as part of the game
PM David Cameron
Sepp Blatters comments are
completely unacceptable.
This is the latest episode that calls
into question whether this man
should be the head of world foot-
ball Sports Minister Hugh
Robertson
Coming on top of his com-
ments which were offensive
about female footballers, his
homophobic comments about
homosexuals not going to Qatar,
this is the straw that broke the
camels back Professional
Footballers Association chief
executive Gordon Taylor
Of course, he almost seems
untouchable. So I think that is a
big concern for me, that someone
in such a massively important
position is able to [make such
comments] and with almost no
recourse Birmingham manager
Chris Hughton
To come so far on such a
sensitive topic, [yet] in one fell
swoop he can almost give carte
blanche that racism is acceptable
between the hours of 3pm and
4.45pm on a Saturday PFA
chairman and a Kick It Out ambas-
sador Clarke Carlisle
Our position is very clear.
Adidas is totally opposed to
racism in football and in fact in any
sport at any level spokesperson
for Fifa sponsor Adidas

SEPPS ARMY OF
DETRACTORS

BY FRANK DALLERES
FOOTBALL

BY FRANK DALLERES
FOOTBALL


39
SARACENS chief executive Edward
Griffiths insists the club will resurrect
attempts to hold a European tie in
South Africa, despite yesterdays dra-
matic U-turn which saw the
Premiership champions axe Januarys
Heineken Cup match at Cape Town
Stadium.
The groundbreaking fixture
against Biarritz, due to take place on
14 January, had sparked a row in
South Africa between rival stadium
owners.
Western Province Rugby Football
Union (WPRFU), owners of traditional
rugby venue Newlands Stadium, were
angered that Cape Town Stadium, an
arena specifically constructed to host
football ahead of the 2010 World Cup,
had been selected to stage the match.
In a statement Saracens outlined
their determination not to be seen as
a catalyst for conflict but Griffiths
told City A.M. that the club will revisit
the prospect of playing abroad again,
with Cape Town the preferred city.
Its a great disappointment, he
said. Having jumped through so
many hoops to get to this stage its not
nice that weve been denied at the
last.
We could look at taking the game
elsewhere but Cape Town is the ideal
platform. Durban is prohibitively hot
at this time of year and it would be
difficult to play there.
Hopefully local circumstances will
ease over time and we can explore the
option again at some point. Weve
worked very hard to get this far and
Im conscious of that work not being
wasted. When the local circumstances
allow, hopefully well be able to put
this plan into action again.
Saracens announced Cape Town
Stadium as the venue last week and
despite the abandonment, Griffiths
denied his club were guilty of jump-
ing the gun.
He said: No, I dont think we were
too hasty. The WPRFU is effectively
run by two bodies. Our point of con-
tact all the way along had been the
commercial arm and they had indi-
cated that permission had been grant-
ed to play at Cape Town Stadium.
Saracens will refund around 100
fans who had bought tickets and
flights. Meanwhile, hooker Schalk
Brits has been banned from playing
until 8 December after pleading
guilty to a dangerous tackle during
last Sundays win against Treviso.
Stadium row forces Saracens to abandon
South Africa tie but they plan to be back
IM LOOKING FORWARD
TO BEING MAIN MAN
SWANN READY TO CONQUER
FINAL FRONTIER: PAGE 37
BY JAMES GOLDMAN
RUGBY UNION

TEST skipper Andrew Strauss will step


up his preparations for Januarys tour
of Abu Dhabi where he will lead his
side against Pakistan by joining up
with the England Performance
Programme in India next month.
Strauss, no longer involved in
Englands one-day set-up, has enjoyed
a three-month rest since guiding his
team to a 4-0 whitewash against India
in the summer.
The Middlesex left-hander will be
joined by quick bowlers Jimmy
Anderson, Stuart Broad, Chris
Tremlett and Graeme Onions as well
as fit-again batsman Eoin Morgan
and wicketkeeper Matt Prior.
CRICKET

Strauss and
Anderson step
up winter prep
Results
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SPORT | IN BRIEF
Henry can give Arsenal a lift
FOOTBALL: Arsenal manager Arsene
Wenger believes the presence of the
clubs record goalscorer, Thierry Henry, at
the clubs training ground this week can
help lift his players as they look to con-
tinue their recent good form at Norwich
tomorrow. Henry, 34, has taken the
opportunity to rejoin his old club after
the New York Red Bulls Major League
Soccer play-off campaign came to an
end. Thierry was in with our training
today, and he does not need to show how
good he is. When you are not the day
before the game, it is possible for him to
practise. It is always a lift to see him.
Hape banned for four weeks
RUGBY UNION: England centre
Shontayne Hape has received a four-
week ban after admitting making a dan-
gerous tackle during the Heineken Cup
clash between London Irish and
Edinburgh. The Kiwi-born star cannot
play again until 15 December, meaning he
will miss Heineken Cup games against
Cardiff Blues and Racing Metro, plus
Premiership clashes against London
rivals Wasps and Saracens. Irish are
already without Hapes banned England
team-mate until 9 December.
Grant in Northern Ireland frame
FOOTBALL: Former Chelsea and West
Ham boss Avram Grant has emerged as a
contender for the vacant Northern
Ireland job. Grant has been out of work
since he was sacked by the Hammers fol-
lowing their relegation from the Premier
League last season. The Israelis agent
has been in touch with the Irish Football
Association.
email sport@cityam.com
ENGLANDS World Cup winning
coach Sir Clive Woodward revealed he
advised Martin Johnson to turn down
his old job back in 2008 and believes
the Rugby Football Union took a gam-
ble that was always likely to backfire
by hiring a rookie manager.
Johnson, who resigned on
Wednesday after three-and-a-half years
in the role, led the Red Rose during
the sides wretched World Cup cam-
paign which ended in ignominious
defeat against France at the quarter-
final stage.
That failure, coupled with the vari-
ous off-field controversies in New
Zealand that tarnished the reputation
of the England team, ultimately forced
Johnsons hand, but Woodward
believes he should never have taken
the job in the first place.
He said: Lets be brutally honest, he
had no coaching experience, no man-
agement experience so it was a huge
risk by those who put him in and I just
dont feel they put any coaches with
him or behind him to negate that risk.
He actually rang before he took
the job and he said what do you think?
And I actually said no. I said in my pro-
fessional opinion you should come to
Leicester. Spend four or five years at
Leicester, really learn your stripes.
To see Martin like that at the press
conference, in that position is
extremely sad for him and its quite
sad for English rugby. If we have
allowed a rookie coach to actually run
his own ship for three-and-a-half years
without any assessment or analysis, I
think that is so wrong.
The RFU has already begun the
process of identifying Johnsons suc-
cessor and Woodward, who managed
the team previously between 1997 and
2004, had been mentioned as a possi-
ble contender.
But the 55-year-old insists he has no
intention of leaving his role as the
British Olympic Associations Director
of Elite Performance less than a year
before next summers Games begin.
He said: Im totally committed to
my Olympic role until after 2012. Ive
got no wish to coach England again.
If I were advising the RFU I would
be looking to delay this now. Theres a
couple of reasons. They have a new
Chief Executive starting, Id want to
wait until he, or she, are in so they can
make the decision too.
Id want to put a caretaker coach in
until we can get it right because we
must get it right.
Johnno should have
turned down England
Woodward won the World Cup as England boss in 2003 Picture: ACTION IMAGES
ONCE again Sepp Blatter, the most
powerful bureaucrat in world foot-
ball, finds himself the subject of
ridicule, vitriol and calls to step
down.
But once again, there is virtually
no prospect of him doing anything
other than riding out the storm and
waiting for the next one.
A few months ago he and his
organisation were pilloried after
Fifa awarded the World Cup to
Qatar, but carried on and was re-
elected unopposed.
Just last week he was harangued
over his organisations refusal to
allow England to wear poppies on
their shirts; again, he was unmoved.
It begs the question: what would
it take for Blatter to decide he had
to go? Apparently upsetting the
odd politically correct person is not
a huge concern to the former presi-
dent of the World Society of the
Friends of Suspenders.
However, were one of Fifas
major sponsors to decide against
renewing their contract in protest
at his comments, it would surely
change the landscape. Sadly, there
has been no such condemnation.
But Michel Platini, the president
of European governing body Uefa
and Blatters likely heir, was con-
spicuous by his silence.
Even the statements put out by
Premier League chairmen and the
Football Association, while reiterat-
ing an anti-racism stance, refused
to condemn Blatter directly.
While there is such a lack of
appetite within the football world
to confront the man, there is virtu-
ally no hope of him going before he
is ready.
ANALYSIS
FRANK DALLERES
Wounded
Fifa chief
wont quit
World Cup winner
Woodward says RFU
should be ashamed,
by James Goldman