Glencore Set For 50Bn Mega-Deal: Facebook Surges in Grey Trade

FTSE 100 5,796.07 +5.35 DOW 12,705.34 -11.12 NASDAQ 2,859.68 +11.41 /$ 1.58 unc / 1.20 unc /$ 1.
1.58 unc / 1.20 unc /$ 1.31 -0.01

Facebook
surges in
grey trade
THE VALUE of Facebook hit $123bn
in grey market trading yesterday,
after the social networking phenom-
enon announced it would raise $5bn
in a public offering later this year.
Financial spread betting firm IG
Group, which is running a grey mar-
ket in Facebook, said the website had
attracted an unprecedented level
of demand.
IG Indexs chief market strategist
David Jones told City A.M.: We had
lots of buyers coming in at one
point the market cap was pushed as
high as $123bn. Its clear the view of
our clients is pretty bullish.
IG Index ran similar markets prior
to the Ocado and Betfair flotations in
2010. According to Jones, the grey
market valuations were not a mil-
lion miles away from the actual
market capitalisations on flotation.
At close of trading yesterday, IGs
traders priced Facebook at $112bn.
A valuation close to this price will
make millionaires of many, includ-
ing about a third of Facebooks 3,200
staff, who hold company stock.
Facebook Europe boss Joanna
Shields, based in London, stands to
make a fortune. Other London staff
will also benefit.
They will be joined by graffiti artist
David Choe, who accepted stock over
cash when he decorated the
Facebook offices in 2005. He could
reap $200m.
MORE: P8, THE FORUM: P20
BY LAUREN DAVIDSON
TECHNOLOGY
MINING giants Xstrata and Glencore

have revealed they are in talks over a
merger that would create the worlds
fifth largest commodities company,
potentially worth over 50bn and with
revenues of nearly $200bn.
If the deal goes ahead, Glencores
outspoken chief Ivan Glasenberg is set
to cede the chief executive spot to his
long-time rival and head of Xstrata
Mick Davis.
But two sources familiar with the
situation said that the plan would be
for Glasenberg to take a deputy role
only temporarily, so that Davis could
collect some of the benefits of the
mergers synergies before moving on
from the company.
Glasenberg is prepared to cede con-
trol to get the deal done, said one
source, but not on a permanent basis.
The source also said that Xstrata chair-
man Sir John Bond is being lined up to
head the resulting entity, which could
leave Glencores eccentric figurehead,
Simon Murray, out in the cold.
Aside from boardroom personality
differences, the source warned there
could be competition issues.
Any deal would consist of a share-
swap billed as a merger of equals,
which a second source said indicates
that Glencore is likely to pay only a
skinny premium to Xstrata share-
holders.
GLENCORE SET FOR
50BN MEGA-DEAL
BY JULIET SAMUEL & DAVID HELLIER
COMMODITIES
www.cityam.com Issue 1,563 Friday 3 February 2012 FREE

BUSINESS WITH PERSONALITY
The source added that Davis had
held out for some years despite pres-
sure from Glencore, which already
owns 34 per cent of Xstrata, in the
hopes of getting a significant bonus
over the miners share price.
But since Glencore floated in May
last year, mitigating concerns over the
difficulty of valuing its trading arm,
the argument for a premium has
diminished, said the source.
If the merger goes ahead, it will
reunite two firms that were originally
part of the same mining enterprise
and which are now based only a few
miles from one another in the Swiss
towns of Zug and Baar. Glasenberg
said yesterday: Weve always had the
belief that these two companies
should be together.
Xstrata was spun off from a collec-
tion of coal assets owned by Glencore
in 2001, enabling its parent to concen-
trate on commodities trading over
mining. Since then, Xstrata has
expanded into nickel, zinc and copper.
But the combined entity would be
predominantly a miner. Analysts have
estimated the deal would generate
synergies of $700m.
Under British takeover rules,
Glencore now has until 1 March to
make a bid. MORE: P6-7
Certified Distribution
28/11/11 till 01/01/12 is 92,879
Xstrata chief Mick Davis could take over control of the merged firm, but Glencore boss Ivan Glasenberg may only cede control temporarily
W W W . C I T Y A M C A R E E R S . C O M
THE BEST ROLES NEED
THE BEST CANDIDATES.
New from City A.M., we bring you the latest
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PROFESSIONALS
LAUNCHES TODAY
PAGES 13 & 22
News
2 CITYA.M. 3 FEBRUARY 2012
Regulator now
costs 580m
THE CITY regulator has demanded an
extra 80m from the firms it supervis-
es in order to cover a 16 per cent rise in
costs in the run-up to its abolition.
The Financial Services Authority,
which admitted several failures in the
period leading up to the financial cri-
sis, said it would need 578.4m for
2012-13, up from 500m for this year,
sparking anger in the Square Mile.
It said it needs the money as it
invests in technology to prepare for its
replacement by two agencies covering
companies and consumer protection.
The British Bankers Associations
said it was in favour of smart regula-
tion but added: We want to see an
increase in fees going on quality regu-
lators and not a hike in bureaucracy
and red tape.
Simon Morris of law firm CMS
Cameron McKenna said: A regulator
on whom the sun is setting should cap
its expenditure accordingly.
Otto Thoresen, director general of
the Association of British Insurers,
whose members own a fifth of the
stock market, said the increased bur-
den would push up insurance prices
for consumers and companies.
The FSA said large firms will bear
the brunt of the increase, reflecting
their greater use of its resources, with
42 per cent of regulated companies
paying only the minimum 1,000 fee.
BY PETER EDWARDS
REGULATION
RISKY DEBT USE ON REPO MARKET

HITS 2008 LEVELS
The use of lower-rated debt in a key
US funding market has returned to
pre-crisis levels, fuelling fears that the
so-called shadow banking system is
becoming riskier. The repo market is
an important part of the shadow
banking sector, which consists of
unregulated financial institutions
and activities.
ROYAL CARIBBEAN CRUISES WARNS IN
AFTERMATH OF CONCORDIA DISASTER
Royal Caribbean Cruises yesterday
became the first operator to reveal a
full and detailed impact of the Costa
Concordia disaster on its bookings,
saying first-quarter earnings per
share could be 20-60 per cent lower
than expectations. The statement
came after Carnival, whose sub-
sidiary Costa Crociere operated the
Costa Concordia, said in a regulatory
filing on Monday that in percentage
terms its bookings were down in the
mid-teens.
INDIAN COURT REVOKES 122 MOBILE
PHONE LICENCES
Indias congested telecoms market is
poised for a shake-up after the 122
mobile telephone licences awarded in
2008 by Andimuthu Raja, the coun-
trys fomer telecoms minister, were
cancelled in a surprise move by the
supreme court.
QUINN FAMILY IN CHALLENGE TO ANGLO
The family of bankrupt Irish business-
man Sean Quinn has alleged that
Anglo Irish Bank lent them more than
2bn (1.7bn) to prop up the compa-
nys share price illegally. In a prelimi-
nary court hearing in Dublin
yesterday, lawyers for Quinns wife and
children challenged Anglos claim
that they owe the money and should
pay it back. The lawyers also accused
Anglo of serious illegal activity on a
persistent and ongoing basis.
ASDA PROPERTY CHIEF HEADS FOR
THE DOOR IN NEW SHAKE-UP
Asda has parted company with its
retail development director in a fur-
ther sign of upheaval at the supermar-
ket. The property and retail
development unit, which acquires
sites for new stores, is being over-
hauled and its leader, Steve Masters,
and Bob Simpson, the director of sus-
tainable development, are leaving.
RUNNING WITH THE NEW LEADERS AT
FITNESS FIRST
The Fitness Industry Association
vowed to work with new manage-
ment of the worlds biggest fitness
club operator after a brutal board-
room clearout by its private equity
owner. Almost the entire board of
Fitness First was axed by BC Partners
this week in an attempt to stem
potential losses of hundreds of mil-
lions of pounds on its investment.
CAIRN INDIA BOSS NETS 6.6M IN
SHARE SALE
Rahul Dhir, chief executive of oil and
gas producer Cairn India, has netted
512.68m rupees (6.6m) by selling half
of his stake in the company, ahead of
receiving another round of stock
options. Mr Dhir sold 1.5m shares
between 30 January and 1 February,
with shares worth 339 rupees at close
yesterday. He is expected to become
eligible to exercise options to by
2.24m shares in the next two months.
PHYSICAL BOOK SALES NOSEDIVE
The number of paperback books sold
in the UK has slumped dramatically
since Christmas due to the increasing
popularity of e-readers. Sales of print-
ed novels over the first four weeks of
2012 fell by a over a million copies
compared to the same month a year
ago, according to industry figures
seen by The Daily Telegraph.
CHINA REINFORCES ENERGY SUPPLIES
A unit of China National Petroleum
agreed to buy a big slice of a shale-gas
play in Canada from Royal Dutch
Shell, bolstering Beijings footprint in
North Americas energy patch, as two
other Chinese firms sealed energy
deals in the US and Europe.
PetroChina said that it bought a 20 per
cent stake in Shells Groundbirch nat-
ural-gas development in British
Columbia.
EGYPT RIOT STOKES ANGER AT POLICE
Police fired tear gas at thousands of
protesters who flooded Egypts capital
last night to vent rage at security
forces who they blamed for negligence
in allowing at least 74 people to be
killed in a football-match riot.
Demonstrators filled the streets sur-
rounding Cairos fortress like Ministry
of Interior, chanting against Egypts
interim ruling military regime.
WHAT THE OTHER PAPERS SAY THIS MORNING
FSA is missing a trick on living wills
ENTIRELY unsurprisingly, the FSA is
increasing its budget, by a cool 16 per
cent. One thing it should do with the
money is to accelerate its plans for a
new bankruptcy code for complex
banks. This crucial reform known as
a special resolution scheme would be
based around living wills: a detailed
guide explaining what to do to
unwind the most complex universal
bank in an orderly fashion while pro-
tecting the rest of the system and econ-
omy, as well as taxpayers. Such
schemes, discussed at length by the
FSA, the G20 and Vickers, have yet to
be finalised, and are the missing piece
in the jigsaw of financial reform.
Capitalism requires that bad firms
be allowed to go bust, wiping out
shareholders and staff contracts and
hitting bondholders. Without this
auto-corrective mechanism, losses risk
being nationalised while profits
remain privatised; not only does this
warp incentives and encourages exces-
sive risk-taking, it also robs the system
of its basic morality. Any industry not
subject to proper capitalist discipline
will end up being regulated to death.
Lehmans disorderly collapse
showed that banks are different to
many other companies because of
their inter-connectedness; uncon-
trolled and unmanaged failure can
trigger havoc, unlike with the bank-
ruptcy of a small manufacturer. Yet
the same is true of some other kinds of
companies, such as nuclear power
plants or airports; yet special bank-
ruptcy codes already exist for these
industries. They are covered by special,
pre-agreed plans to allow them to con-
tinue to operate and be transferred
seamlessly to new owners if the exist-
ing ones go bust. Similar procedures
need to be introduced for banks.
Under such a system, bailouts (state
provided equity capital or guarantees
for bondholders) will become a thing
of the past. If another UK bank hits the
rocks, the authorities would be able to
force through a bail-in by turning sen-
ior unsecured debt (and possibly also
other kinds of liabilities) into equity
overnight. On top of their equity
buffers, all the big UK banks have
much more loss-absorbing capacity
that could be used to protect taxpayers
and depositors.
It is a tragedy that such wind-down
schemes were not in place four years
ago. Regulators, who write bankruptcy
law, are to blame. RBS could have been
bailed-in without the need for taxpay-
er cash. Arguably, large insurance com-
panies and the Big Four accountancy
firms should also be covered by such
rules. Some accountants and policy-
makers have been discussing this for
the past year or so; the issue is to make
sure the Big Four could never suddenly
become the Big Three or even the Big
Two, eradicating competition and trig-
gering government intervention.
There is intense frustration among
those bankers who understand the
need for urgency that the FSA is
stalling on this issue. There are appar-
ently too many other issues on the reg-
ulators plate. But this is a tragedy: the
UK should pioneer resolution
schemes, with UK banks used as global
test cases. The only way the City will
ever regain the moral high ground is if
finance is finally truly reprivatised.
CITYAMCAREERS.COM
A QUICK public service announce-
ment: City A.M. is today launching our
long-awaited jobs website for London
professionals so do go to
www.cityamcareers.com and browse
to your hearts content (and see p13
and p22). Have a great weekend.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
AMERICAS public finances are clear-
ly unsustainble, Ben Bernanke said
yesterday although the Federal
Reserve chief advised the government
against immediate strong cuts.
Referring to the need for fiscal con-
solidation, Bernanke told the House
budget committee that even more
aggressive strategies than have been
pursued recently are warranted over
the longer term.
Yet he warned that cuts must not
jolt the recovery by coming in all at
once, adding: As long as theres a
credible, strong plan over time...and
we move into that plan [then] well
achieve most of the objectives of fiscal
sustainability.
The US state has debts in excess of
$15 trillion.
Bernanke also defended the US cen-
tral banks policies against charges
from Republican politicians that they
risked sparking inflation, saying the
economy still needs plenty of support.
BY JULIAN HARRIS
US ECONOMY
Fed: cut harder but slower

US SENATORS have voted to block
bonuses for directors at bailed-out
mortgage financers Fannie Mae and
Freddie Mac.
Americas upper chamber moved to
ban the payouts, worth nearly $13m,
under a bill amendment put forward
by Republican John McCain and
Democrat John Rockefeller.
The bill, approved by a huge major-
ity of 96-3, also needs to be passed by
the House of Representatives before it
becomes law.
Fannie Mae and Freddie Mac were
rescued by the US government in
2008 as they struggled to cope with
the subprime mortgage crisis.
The chief executives of both compa-
nies are due to leave this year, having
joined in 2009 to steer the firms
through their bailouts.
Ban on bonuses
looms at Fannie
and Freddie
Federal Reserve chief Ben Bernanke proposed a long-term plan Picture: GETTY
POLITICS
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
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The FSA, led by Hector
Sants, is soon to be
replaced by fresh
regualators, yet wants
80m more cash
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7248 2711
Email: news@cityam.com www.cityam.com
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 Gavin Billenness
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
THE DESIGN house run by Lord Foster
has increased sales and profits for a
year in which it completed a series of
major projects in London, Spain and
America.
Foster + Partners, which is responsi-
ble for some of the best-known build-
ings in the City, took turnover up 18.8
per cent to 159.27m while operating
profit rose 13.3 per cent to 49.64m.
The firm is backed by 3i, Britains
oldest private equity house, which
took a 40 per cent stake in 2007.
Mouzhan Majidi, who took over
from Foster as chief executive in
2007, described the 12 months to
30 April as a record perform-
ance and highlights the success of
its push for global growth.
Despite the continuing fragili-
ty of the world economy we have
been effectively gauging the
geo-economic markers
around the globe
and responding by
seeking out new
opportunities in
regions where
healthy eco-
nomic growth continues, he said in
accounts to be published soon.
The firm completed 16 projects
including the Walbrook offices in
London, the Museum of Fine Arts in
Boston, the Faustino Winery in
Castilla y Leon in Spain.
Projects in Asia, China, North
America and the Middle East make up
about two-thirds of its work.
The firm, which was set up in 1967,
has worked on major projects includ-
ing the Gherkin, City Hall, the
Millenium Bridge and the UK head-
quarters of HSBC, all in London. It also
worked on the Reichstag parlia-
ment building in Berlin.
Today Lord Foster (pic-
tured) is chairman.
He recently produced a
blueprint for the worlds
largest airport in the
Thames Estuary. The project
would include a four run-
way airport on the Isle of
Grain in Kent and a road and
rail hub and would cost
50bn.
F+Ps level of debt was
flat at 322m. Pre-tax
profit was 10.98m, up
from 1.67m.
Global vision
helps Foster
to build profit
THE PRESIDENT of Blackstone has
mounted a vigorous defence against
attacks on the private equity industry.
Tony James spoke out against
vicious, politically motivated criti-
cism after Mitt Romney, the former
Bain Capital boss, came under fire in
the race to be the US Republican presi-
dential candidate.
Blackstone, the largest publicly list-
ed alternative asset manager, also
reported lower fourth-quarter earn-
ings. Performance fees fell 21 per cent
to $358m (226.5m) but fee-earning
assets under management increased
25 per cent to a record $137bn.
Total assets under management
increased 30 per cent to $166bn on
strong fundraising. Its dry powder
capital available for deals hit a high of
$32.9bn at the end of 2011.
Cash-rich Blackstone hits out
at attacks on private equity
BY PETER EDWARDS
ASSET MANAGEMENT
News
Fosters designs define the London skyline Picture: GETTY
ANALYSIS l Blackstone Group LP
$
27Jan 30Jan 31 Jan 1 Feb 2Feb
16.75
16.25
15.75
15.25
16.68
2 Feb
BY PETER EDWARDS
EXCLUSIVE
CITY HALL WEMBLEY

MILLENIUM BRIDGE THE GHERKIN
CANARY WHARF UNDERGROUND
DEUTSCHE Bank was plunged into the
red by the Eurozone debt crisis at the
end of last year, Germanys biggest
lender revealed yesterday.
It lost 351m before taxes in the
fourth quarter of 2011 due to extreme
market conditions, the bank said, a
dramatic reversal from the same peri-
od the previous year, when it booked a
707m pre-tax profit.
Deutsches private client and wealth
management business was forced to
take a 144m hit in large part from
write-downs on Greek bonds, the full
effect of which is still being negotiated
with Athens.
But Deutsches investment bank
was also hit hard by what it called sig-
nificantly reduced client activity
across the industry. The division lost
422m during the fourth quarter
despite a drop a nine per cent its cost
base due shrinking bonus packages.
Bonuses were cut due to falling rev-
enues, which dropped by over 35 per
cent to 1bn in debt sales and trading
and by 38 per cent to 539m in equi-
ties. But the banks primary advisory
business saw an even worse decline:
revenues nearly halved to 430m.
The only part of the wholesale bank
to see a marked increase in revenues
in the fourth quarter was its loan prod-
ucts division, where the top line
swelled by over a fifth to 61m.
Overall, the bank was forced to put
aside more cash to cover credit losses,
for which provisions rose by a quarter
to 540m for the quarter, mostly due
to integrating its acquisition of
Postbank.
Debt turmoil
tips Deutsche
into the red
EUROPEAN banks are still looking to
offload some 2.5 trillion in non-
core assets, according to research
released today by PwC, suggesting
that the region will have to suffer
through a flood of more deleverag-
ing before it can produce sustained
growth again.
But PwC also estimates that
lenders will try to jettison loans
with a face value of around 50bn,
indicating that banks are trying to
hold onto their unwanted assets
until their values rise.
But in a worrying sign about the
hangover of toxic assets from the
financial crisis, the research also
suggests that lenders are holding
around half a trillion euros of non-
performing loans, on which banks
will have to take some kind of loss.
The research is supported by an
uptick in non-performing loans
showing up in banks fourth quarter
results, particularly in peripheral
Eurozone economies.
PwC partner Richard Thompson
said: While the main markets for
transactions over the next year are
likely to be Spain, the UK and
Ireland, we expect increasing activi-
ty in some of the other European
markets, including Germany and
Italy.
PwC: non-core
EU asset value
is 2.5 trillion
Francisco Gonzlez, BBVA chairman and chief executive Picture: REUTERS
BY JULIET SAMUEL
BANKING
BANKING
News
SPANISH bank BBVA yesterday posted a
35 per cent fall in net profit for 2011, as
it was hit by provisions for bad proper-
ty loans at home and a one-off charge
on its US business.
BBVAs 2011 net profit fell to 3.0bn.
Its bad debts ratio declined to four per
cent of total loans, versus 4.1 per cent
in September.
The bank has borrowed 11bn from
the ECBs new 3-year lending facility at
the December auction.
The results came as the Spanish
economy ministry ordered banks in
the country to raise an extra 50bn to
compensate for foreclosed loans and
bad loans to housebuilders on their
balance sheets.
Banks must make a specific provi-
sion from results totalling about
25bn across the entire sector, econo-
my minister Luis de Guindos said.
In addition, banks must put aside
capital equal to 20 per cent of the book
value of undeveloped lots and 15 per
cent for unfinished developments.
BBVA income falls as Spain
orders banks to raise cash
BANKING
ANALYSIS l Deutsche Bank AG

34.00
33.00
33.50
32.50
32.00
33.90
2 Feb
PROFITS at insurer Munich Re plum-
meted 71 per cent during 2011 after
a series of earthquakes and floods
hammered the firms bottom line.
Preliminary figures show 2011
year-end net profit of 710m
(591m), down from 2.43bn in
2010.
The company has promised a
return to its previous levels of prof-
itability this year, emphasising that
almost all of 2011s earnings came
from the final quarter.
Jrg Schneider, the firms finance
chief, said 2011 was an exceptional
year as extreme burdens from nat-
ural catastrophes combined with
the financial crisis to rack up enor-
mous losses.
Given the huge strains these
placed on results, it is a notable
achievement that we still posted a
profit of 0.71bn, he said in a state-
ment.
Munich Re took a 1.5bn hit fol-
lowing the Japanese earthquake
and increased its claims estimate
for the New Zealand earthquake to
the same amount.
Tax clawbacks provided a 550m
boost but the firm wrote down the
value of Greek government debt
holdings by 1.2bn.
Munich Re profits slump on
the back of natural disasters
BY JAMES WATERSON
INSURANCE
News
TULLOW Oil, the FTSE 100 oil explor-
er, yesterday parted company with its
long-standing corporate brokers,
Bank of America Merrill Lynch (BAML)
and RBS Hoare Govett, appointing
Barclays Capital and Morgan Stanley
in their place.
BAMLs position had been precari-
ous ever since the bank parted compa-
ny with corporate broker Andrew
Osborne in November.
Osborne, whom Tullow described
yesterday as a very valuable broker to
the company left BAML after being
investigated by the Financial Services
Authority over claims that he passed
over inside information to a large
shareholder in a client, Punch
Taverns, in 2009. Osborne maintains
that he did not deliberately breach
any rules and is considering appeal-
ing against a 350,000 fine.
BAML says it will maintain a close
BY DAVID HELLIER
ADVISERS
POLITICIANS have called for the direc-

tors of Network Rail to turn down
their bonuses.
Tom Harris MP yesterday tabled a
motion, signed by 27 other Labour
politicians, urging chief executive Sir
David Higgins and other directors to
reject any bonus payments after the
rail watchdog ORR censured the
group for major asset failures, con-
gested routes and poor management
of track conditions.
But transport minister Norman
Baker said the government had
extremely limited powers to step in.
Labour calls for Network Rail
execs to forfeit their bonuses
TRANSPORT
BUSINESSMAN and TV personality Donald

Trump is endorsing Mitt Romney (inset) in the
race for the 2012 Republican nomination, sources
said yesterday, a day after US media said Trump
would be endorsing Romneys rival Newt
Gingrich.
Tullow Oil to
ditch BAML
as its broker
How we predicted the loss in December
TRUMP BACKS ROMNEY FOR THE WHITE HOUSE
relationship with Tullow, to whom it
is a lender and an adviser.
RBS Hoare Govett, which has been
sold to Jefferies, also expected to lose
the mandate.
BarCap will be especially pleased
with the win. It has been picking up
big UK broking clients like British
Airways owner IAG, and 3i, the pri-
vate equity group. Alastair Gain and
Bertie Whitehead were on the pitch,
while Andrew Foster and Tom Perry
led Morgan Stanleys campaign.
THE merger of equals of Glencore
and Xstrata will create a corporate
titan worth an estimated 50bn.
The firms are headquartered with-
in 3km of each other in Switzerland,
and have been the subject of specula-
tion over a possible tie-up for
months.
A merger would mean a combined
workforce of 127,500 with revenue of
$175.5bn (110.9bn).
The deal brings together Xstrata
a miner with decades of practical
experience with the marketing
might of Ivan Glasenbergs Glencore,
which completed a high profile IPO
last year.
Some analysts suggested that
bringing together the two strands
would mean the forming of a new
powerhouse to line up against the
likes of rivals Rio Tinto and BHP
Billiton.
Glenstrata: a
company to
reckon with
300 INSURANCE
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BY JOHN DUNNE
M&A
Mining mega-merger
ANALYSIS l Xstrata PLC
p
1,250
1,200
1,150
1,100
1,230.50
2 Feb
A STRING of advisers are involved in
the negotiations over the potential
merger between Xstrata and
Glencore. JP Morgans Ian Hannam is
expected to be one of the key advisers
to Xstrata. Hannam is regarded as the
doyen of the mining industry by cor-
porate financiers. Xstrata has also
called on Nomura, Goldman Sachs and
Deutsche, while Glencore has recruit-
ed Citigroup and Morgan Stanley.
David Wormsley at Citigroup and
Thomas Gottstein at Credit Suisse
have advised the firm before.
A total of $140m in fees is up for
grabs for the banks advising.
ADVISERS: JP MORGAN
IAN HANNAM
CHAIRMAN OF
CAPITAL
MARKETS
It aint over until Ivan Glasenberg sings
IT aint over till Ivan Glasenberg
sings. Everyone knows the rationale
for the deal: massive scale, a raft of
cost-saving synergies, and a much-
improved presence for Glencore in
commodity markets.
Indeed one of the main reasons
the famously secretive Glencore
went public was so it could bag
Xstrata, whose other shareholders
were cold on a merger when the pri-
vately-held Glencore was so difficult
to value.
This isnt yet a done deal though.
We understand that several big
shareholders in Xstrata think
Glencore should pay a sweetener. If
Glencore, which already owns 34
per cent of Xstratas shares, insists
on a nil-premium merger of equals,
it could end up struggling to acquire
the other 17 per cent or so it needs
to take control.
Xstratas management has recent-
ly suggested it has outgrown its big
brother and nothing has happened
to suggest this is no longer the case.
Competition authorities are also
likely to pay close attention to the
power wielded by such a firm. As a
massive commodities-trader-cum-
miner, the combined company
would surely have some influence
on prices; the Chinese, for one,
would be very unhappy.
If the merger goes through, we
should expect a flurry of similar
deals in the sector. Anglo American
is the most likely to consider a tie-up
or acquisition in order to retain its
scale within the market.
We still think a merger is the
most likely outcome, although prob-
ably with a bit of cash for Xstrata
shareholders. But this is far from a
done deal.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
HOW A COMBINED COMPANY
57,500 70,000
127,500
EMPLOYEES
GLENCORE XSTRATA
$3.8bn* $10.4bn*
$14.2bn
OPERATING
PROFIT
GLENCORE XSTRATA
$145bn* $30.5bn*
$175.5bn
REVENUE
GLENCORE XSTRATA
*based on 2010 accounts
MERGING Glencore and Xstrata will
create fierce competition for posi-
tions on the new board and most
of the potential directors already
know each other.
The two firms have a long history
of sharing board members and are
based just 3km apart in the twin
towns of Zug and Baar, Switzerland.
Mick Davis was a Glencore employ-
ee when he was appointed as
Xstratas chief executive in October
2001, ahead of the mining company
going public.
The man who appointed him,
Glencores chief executive Ivan
Glasenberg, is now a rival as the two
men thrash out details of the merger
and decide who gets to run the com-
bined firm. Both are South African
and highly competitive.
Three members of Glencores
board, including Glasenberg, are non-
executive directors of Xstrata while
Steve Kalmin, Glencores chief finan-
cial officer, used to work for Xstrata.
Both firms have high profile chair-
men, and one man will lose his posi-
tion. Glencores Simon Murray is a
former French legionnaire who head-
ed Asian operations for Deutsche
Bank, while Xstratas Sir John Bond is
a former chairman of HSBC and
Vodafone.
Directors scrap
for positions
post-merger
M&A
Mining mega-merger
Current Glencore chief exec Ivan Glasenberg is vying with Mick Davis for the top spot
Simon Murray (L) and Sir John Bond (R) are chairs of Glencore and Xstrata respectively
WOULD LOOK
Baar
Zug
A
GLENCORE
The worlds largest
commodities trading house
also extracts, ships and
refines raw materials in
three groups metals and
minerals; energy products;
and agricultural products.
XSTRATA
One of the worlds biggest
mining groups, whose
assets include copper mines
in South America, zinc in
Spain, and ferrochrome and
vanadium in Australia and
South Africa.
The two companies are
already headquartered just
3km apart in Switzerland,
with Glencore settled in Baar
and Xstrata resident in Zug
Facebook float
ZYNGA shares jumped 17 per cent yes-
terday following Facebooks revelation
that 12 per cent of its 2011 revenues
came from the social gaming company.
Facebooks IPO filing on Wednesday
also confirmed that Morgan Stanley
will lead the troupe of underwriters,
who could accept a fee of just one per
cent in their keenness to land the deal.
However, at an estimated valuation
of $100bn this would still amount to
$1bn a staggeringly large fee com-
pared to other tech IPOs.
According to Capital IQ, Russian
search engine Yandex paid its under-
writers a sizable 40.3m, while Zynga
offered a fee of 20.9m and LinkedIns
banks earned 15.3m.
But the social networks ultimate
market capitalisation is still under
question. While grey traders have
hiked Facebooks value to around
$100bn, the companys financial data
and investment risks will undergo
great scrutiny in the run-up to its IPO.
Concerns have been raised about
the slowing rate of growth at the net-
work, which already has penetration
rates of 80 per cent in some countries
and 60 per cent in the UK and US, and
its heavy dependence on advertising,
which is currently not compatible
with the fast-growing mobile site.
It also remains to be seen whether
Facebook will successfully break into
the Asian markets, where other social
networks dominate. Facebook reaches
less than 15 per cent of Japan and
Russia, and is restricted in China.
But Zuckerbergs power in the com-
pany is more concrete. Though he
owns a 28.4 per cent stake, he controls
56.9 per cent of voting rights due to
the dual class stock and allegiances
with early investors. As a controlled
company, Facebook is not obliged to
have majority independent directors.
Zynga soars
but Facebook
has yet to fly
BY LAUREN DAVIDSON
TECHNOLOGY
BARCLAYS Capitals claims to be one

of the major players in the world of
equity capital markets will only have
been enhanced by its inclusion as
one of the book-runners in
Facebooks $5bn flotation.
It is the only UK-based bank on the
list and that alone can act to rein-
force the view that it picked up a
gold-mine when it bought the US
business of the collapsed Lehman
bank in 2008.
The Facebook mandate follows
hard on the heels of the banks
involvement in the Groupon flota-
tion, where it was a book-runner, and
the flotation of Freescale.
And BarCap came second overall
last year as an adviser for US technol-
ogy IPOs.
But its not just been floats that
BarCap is getting itself involved in.
On the mergers front, BarCap was
the lead adviser to Hewlett Packard
last year when it bid $10.3bn for Mike
Lynchs Autonomy Group.
In London, BarCap has been going
out all guns blazing to win corporate
brokerships, with a view to winning
more company related financing
deals.
Recent wins include IAG, the par-
ent of British Airways and Iberia,
Clive Cowderys Resolution Group
and 3i. Yesterday it won joint broker-
ship of FTSE 100 company Tullow Oil.
BarCaps mandate on $5bn
float shows its growing clout
BY DAVID HELLIER
ADVISORY
27-year old Mark Zuckerberg will control 56.9 per cent of Facebook Picture: GETTY
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VIVEK ABRAHAM| TATE BANK OF INDIA
I think hes in it for the money - hes getting a big chunk of it!
This way his investors can get out of the business. I dont believe
he just wants to build the technology.
REBECCA HOBBS | RECRUITER
Its for financial reasons. Facebook is all free at the moment and
although he makes enough out of the advertising he probably
wants to get out. Theres a big incentive to take the money.
ALEX GOULD | RECRUITER
He realised there was an opportunity to build a business and hes
exploited it. But I think hes realised theres only so far you can take
the company, hes made a lot of money and he wants to cash in.
* These views are those of the individuals below and not necessarily those of their company
CITY VIEWS: DO YOU BELIEVE ZUCKERBERG WHEN HE SAYS
WE DON'T BUILD SERVICES TO MAKE MONEY; WE MAKE
MONEY TO BUILD BETTER SERVICES? Interviews by James Waterson
MARKETS rose yesterday as Chinese
Premier Wen Jiabao suggested the
country will invest in the Eurozone
bailout fund but fell later when
Eurogroup leader Jean Claude Juncker
cast doubt on the success of Greek
debt talks.
Wen (pictured) said the country
supports efforts to stabilise the cur-
rency, and could invest some of its
huge foreign currency reserves in the
European Stability Mechanism (ESM).
The euro rose on his comments,
although he stopped short of giving
any firm commitment to invest in the
bailout fund which is planned to
stand at 500bn by July.
Premier Wen made the com-
ments, and stressed the impor-
tance of a Eurozone recovery to
Chinese and world economic
growth, after meeting German
Chancellor Angela Merkel.
However, the cur-
rency dropped
again, ending the
day 0.9 per cent
down against the
dollar, after
Juncker described
the on-going Greek debt talks as
ultra-difficult. The negotiations
need to be complete by 20 March to
prevent the country defaulting on its
debts.
Juncker also said the steps taken by
EU leaders on Monday to toughen
rules on fiscal discipline are largely
insufficient, potentially undermin-
ing markets confidence in the deal.
Positive news came as Spain and
France both sold bonds at interest
rates below those seen last month,
and the UK issued 2029-dated index-
linked bonds at negative real yields.
However, weaker figures came as
car registrations dropped 0.3 per cent
in January in Germany and 21 per
cent in France.
The data reflect the ongo-
ing concerns of households
towards big-ticket expendi-
ture, said Marion Laboure
from Barclays Capital.
Meanwhile producer prices
fell 0.2 per cent in the
Eurozone in
December, potential-
ly opening the door
to further monetary
loosening by the
European Central
Bank next week.
NEW claims for unemployment bene-
fits in the US fell more than expected
last week, pointing to more healing in
the nations battered jobs market.
Data on jobless claims zigzagged
over the last few weeks, but the figures
suggest employers are less eager to lay
off workers, offering hope they could
also step up hiring as the economy
recovers.
Initial claims for state unemploy-
ment benefits dropped 12,000 last
week to a seasonally adjusted 367,000,
the Labor Department said yesterday.
A separate report from the depart-
ment showed growth in US nonfarm
productivity slowed in the fourth
quarter, which also suggested compa-
nies might be closer to squeezing all
they can out of their current staff.
For the moment thats a good
thing because it means that any
expansion in demand will lead to hir-
ing, said Pierre Ellis, an economist at
Decision Economics in New York.
Meanwhile, US home prices fell in
2011 for the fifth year in a row,
weighed down by distressed sales of
houses scooped up at bargain prices,
data analysis firm CoreLogic said.
CoreLogics home price index fell
4.7 per cent in 2011. Excluding distress
sales, prices declined just 0.9 per cent.
The report also showed home prices
fell for the fifth consecutive month in
December, down 1.4 per cent com-
pared to the previous month. But
without distressed sales, home prices
gained 0.2 per cent.
American jobs market showing signs
of gradual recovery, new data shows
CHINESE people save around nine
times more than Britons, as a propor-
tion of income, according to figures
released yesterday.
Since 2001 the savings ratio in
China spiked from 27 per cent to a
staggering 47 per cent, according to
research from Lloyds TSB.
In the UK the recession saw the sav-
ings ratio rise to seven per cent,
where it is expected to remain in the
near future, the report said.
And 11 per cent of British adults
have no savings whatsoever, com-
pared to just three per cent of non-
savers in China.
The typical (median) UK house-
hold has an average of 5,009 in sav-
ings and investments this is around
3,600 lower than the typical German
household, Lloyds TSB found.
The typical UK household has only
around a quarter of the amount in
savings and investments owned by
the typical Chinese household
19,334, it said.
Brits savings dwarfed by
large Chinese nest eggs
PERSONAL FINANCE
THE FINANCIAL crisis will leave the

UK with a higher rate of structural
unemployment, and even when the
economy recovers joblessness will
remain elevated, according to a
report published today by the
National Institute for Economic and
Social Research (NIESR).
Economic output will fall by 0.1
per cent over 2012 as a whole, before
recovering strongly to grow by 2.3
per cent in 2013, the think tank
believes.
However, this return to growth
will not stop unemployment rising
to around nine per cent, and remain-
ing higher than in the boom years
for the decade or more ahead.
NIESR expects joblessness to
remain one per cent higher than
before the crisis.
Unemployment at this elevated
level for such a long period is likely
to do permanent damage to the sup-
ply side of the economy, with large
long-run economic costs, the report
warned.
The think tank also believes con-
sumer price inflation will fall below
two per cent in the second half of
this year and hit 1.4 per cent in 2013.
NIESR also cut its growth forecasts
for the global economy by 0.5 per-
centage points to 3.5 per cent this
year and four per cent in 2013.
This assumes a delayed but ulti-
mately successful resolution of the
euro area crisis, NIESR said.
Nevertheless, we expect a mild
recession in the Euro Area as a
whole, as well as in the UK.
We forecast growth of about two
per cent in the US this year, while
China and India, although slowing,
will continue to drive world growth.
Recession will cause unemployment to
be permanently higher, think tank says
UK ECONOMY
MONETARY Policy Committee (MPC)

member Adam Posen yesterday
revealed he had pushed colleagues to
extend quantitative easing beyond
government bonds.
The arch-dove wants the Bank to
buy corporate debt as part of a wider
series of reforms to boost lending,
particularly to small businesses.
Posen has long argued in favour of
quantitative easing, and believes it
has successfully boosted economic
growth.
The MPC is widely expected to
announce another 50bn of asset pur-
chases at next weeks meeting,
though currently only UK govern-
ment bonds are purchased.
The aim is to take the assets from
financial services firms, which will
then invest in other assets like corpo-
rate debt, lowering interest rates and
boosting borrowing.
If the Bank of England bought cor-
porate bonds itself, if could directly
lower those borrowing costs though
difficulties may come in deciding
which firms debt to buy.
There is too much of a fear of a
public role in creating financial infra-
structure, he said. It would not be
the end of the world if the MPC were,
as part of the asset purchases, to buy
things other than gilts.
Speaking to a Trades Union
Congress (TUC) audience, he also
argued that greater competition in
the banking sector in part though
the establishment of a state invest-
ment bank standardised loan appli-
cation forms and the development of
a junk bond market would all help
SMEs.
We need more diversity and com-
petition to get credit flowing, he
said, saying UK firms rely too much
on bank lending and not enough on
bond markets.
Posen: Extend QE beyond gilts
BY TIM WALLACE
UK ECONOMY
Chinese may
invest in euro
bailout funds
BY TIM WALLACE
EUROZONE
BY HARRY BANKS
US ECONOMY
News
THE WEAK UK housing market and
cuts to government building budgets
have slowed growth in construction
activity, Markits purchasing man-
agers index (PMI) showed yesterday.
The headline index fell from 53.2
in December to 51.4 in January, while
the employment index fell to 50 the
no-change mark.
Construction output has now
increased for 13 consecutive months,
but January saw the weakest growth
in four months and fell below the
long-term trend rate of expansion.
Commercial activity increased in
the month, but declines in housing
and civil engineering slowed overall
growth.
It is clear that many businesses
have replenished their levels of opti-
mism and have high expectations for
improving economic conditions and
new contracts, said an upbeat David
Noble from the Chartered Institute of
Purchasing and Supply.
Construction sector still
expanding but rate slows
BY TIMWALLACE
UK ECONOMY
CHRIS HUHNE TO LEARN FATE OF SPEEDING CASE TODAY

Energy secretary
Chris Huhne will
learn this morning
whether he is to be
prosecuted over
claims he lied to
avoid a speeding
ban, in a decision
that could derail his
political career and
force a cabinet
reshuffle. The Liberal
Democrat minister
has denied any
wrongdoing over
allegations he asked
his estranged wife
Vicky Pryce to take
responsibility for a
speeding offence in
2003.
The cocktail party is one of the high-
lights of the worlds largest mining invest-
ment conference, which starts next
Monday in Cape Town although the
expected 7,000 delegates start flying out
from today to maximise the weekend.
The elephant in the room when South
Africas mineral resources minister Susan
Shabangu (below) takes to the stage next
Tuesday will be Impala Platinum, after the
worlds largest platinum producer yes-
terday sacked 17,200 workers for ille-
gally striking. We hope Shabangu
will reassure people it is still safe to
do business in South Africa, said
the director of one Aim-listed
explorer as he prepared to fly out.
Ministerial delegations from the
Democratic Republic of Congo
and Sweden are among those
attending, as are representa-
tives of Stellar Diamonds,
the FTSE 250-listed
Centamin, Liberia-based
Aureas and
Hummingbird Resources,
the gold miner run by 35-
year-old Daniel Betts that
is undergoing lightning growth.
Glencores executives are otherwise
occupied as they manoeuvre the $80bn
merger with Xstrata, but Xstratas local
South African team will still be making an
appearance. I know this, because they
called me on another matter, said an
Indaba spokesperson.
The same Xstrata that pre-Glencore
takeover announcement was rumoured
to be looking at a number of companies
itself such as Nkwe Platinum, the
Australian-listed explorer led by Peter
Landau. But all that is now on hold,
says a mining mole.
STOCK CHECK
SHARE PRICES of the companies attending
Indaba tend to go up in the run-up to
the event, says an observer, because the
conference that translates as news in
the local dialect is the ideal place to make
a big announcement.
Petra Diamonds, whose stock soared
10.5p, or eight per cent, as the delegates
packed their suitcases yesterday, seems to
bear that out.
HUMAN CAPITAL
THOMAS Edison tried more than 9,000
experiments before he invented the first
successful lightbulb. And the vacuum
cleaner created by James Dyson that is
now found in a third of all British homes
was launched in a recession.
Two facts, says HSBC Private Banks
managing director Charlie Hoffman, that
show why a downturn acts as a catalyst for
growth for entrepreneurs and small busi-
nesses. Economic hardship or uncertain-
ty can drop or reshape barriers to entry, it
can free up human capital, and it can cre-
ate diamond ideas from a coal seam, he
said as he launched the nominations for
the HSBC and PwC-backed Private
Business Awards.
This years voting panel includes
Dechert partner Miriam Gonzales, Carla
Stent, the chief operating officer of Virgin
Management, and Paul Dreschler of Wates
Group, last years Private Business Awards
chief executive of the year.
DA VINCI CODE
CREDIT SUISSE gave its senior bankers a
preview of the Leonardo da Vinci exhibi-
tion as the lead sponsor of the sold-out
show (The Capitalist, 23 November).
And, not to be outdone, Bank of
America Merrill Lynch is bankrolling
the restoration of one of da Vincis earli-
est manuscripts at the Castello Sforzesco
in Milan.
Five Marc Chagall paintings at the Tel
Aviv Museum of Art and a collection of
first-century BC Urartian jewellery at
Istanbuls Rezan Has Museum are also
being restored, as this years recipients of
Merrills art conservation programme.
GOLDMANS
OUTSPOKEN
PRESS AIDE
SIGNS OFF
LUCAS VAN Praag was well-known for fir-
ing cerebral, elegantly worded scorn on
anyone who crossed paths with Goldman
Sachs. So the PR mans exit from the
bank, as confirmed yesterday, was similar-
ly well-phrased.
Cest la vie, emailed Goldmans chief
spokesman, the logical conclusion to the
leak earlier this week that Jake Siewart,
former aide to Treasury secretary Tim
Geithner and press secretary in the
Clinton administration, was in talks to
take over his role.
Goldman declined to comment but
the reshuffle marks an end of a commu-
nications era at the bank, a reign where
van Praag memorably presided over Lloyd
Blankfeins Sunday Times interview
where the Goldman CEO said that
bankers do Gods work.
The Rolling Stone profile that described
the bank as a vampire squid also fell
under van Praags watch, as did earlier
this week the retort to the Wall Street
Journals questions about rumours
Blankfein is planning to resign. It is pre-
posterous that the Wall Street Journal
would even consider publishing such
effluent, fumed van Praag.
So where now for the man who
reached Goldman in 2006 via the
Merchant Navy, the Bankers Trust and
financial comms house Brunswick,
where he was said to be a right-hand
man to Alan Parker, the PR guru who
made Gordon Brown his sons god-
father? No doubt van Praag will,
in time, supply an elegantly word-
ed statement.
OUT OF AFRICA
IT SEEMED like a good idea at
the time when Richard
Williamson of Jendens
Securities dived into the
fountain at Mirabaud
Securities party at the
Indaba mining conference.
This year, the industry is
hoping for a repeat per-
formance.
Chief spokesman Lucas van Praag (inset) is set to leave the building at Goldman Sachs New York HQ Picture: Getty
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The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
Charlie Hoffman, MD of HSBC Private Bank
K
>

h s
THE BEST ROLES NEED
F I NA NC E B A NK I NG L E GA L I T
ROYAL Dutch Shell yesterday
announced an expansion plan aimed
at ramping up oil production.
Unveiling a profits rise of 50 per
cent to $28.6bn (18.1bn) for 2011, the
company said it would pump $30bn
into new oil and gas projects this year.
The profits, which fell short of ana-
lyst estimates, compare with $24bn in
2011, when production fell and prof-
its were mainly fuelled by higher
prices.
Production averaged 3.215m bar-
rels of oil equivalent per day in 2011, a
three per cent drop on 2010.
Chief executive Peter Voser said
that world global demand for oil was
increasing but that volatility in the
energy sector had been triggered by
events such as the earthquake in
Japan and the Arab Spring.
In a world of volatility, volatile
earnings are a fact of life. We stay
focused on the longer term, he said.
We are balancing the payouts for
investors and the investment needed
for the company.
Shell has been in the process of
scaling back its refinery operations
and Voser said that shift in the busi-
ness was keeping to the timetable it
had laid out.
The company said that in the final
three months of 2011 net income was
$6.5bn, up from $5.7bn for the com-
parative period the year before.
Shells downstream division swung
to a quarterly loss of $278m after its
refinery margins were hammered
and sales of oil products dropped.
Voser said that the companys divi-
dend would be hiked in 2012, though
at a lower level than some analysts
had been expecting.
The company said it would add
$0.01 to its first quarter dividend for
2012, to $0.43 per share.
Shells Class A shares shot down 2.3
per cent after the announcement, but
settled to close down 0.15 per cent.
BT is today expected to unveil plans to
launch ultra-fast broadband that
will become available to most British
homes and businesses next year.
The telecoms firm, which will
report its third quarter results today,
has completed trials of a new fibre-
overlay technology that would see
the company offer speeds of up to
300mbps, a source said last night.
This compares with the current
average UK broadband speed of
7.6mbps.
The group will carry out further
tests this summer and hopes to make
it commercially available by spring
2013.
The move would come as welcome
news to the government, which has
pledged to provide 90 per cent of
homes and businesses with access to
superfast broadband by 2015. It
would also propel the UK ahead of its
European peers in the race for the
fastest broadband speed.
BT currently provides the majority
of its fibre connection only as far as
the so-called cabinets situated in
the street, with copper wire making
the final link with the end user.
However, new fibre overlay tech-
nology would make it viable for BT to
bring fibre optic connections directly
to homes and business, delivering
faster internet speeds.
The service is expected to be avail-
able on a wholesale basis to other
internet service providers as well as
BTs own retail business.
BT is set to unveil plans to roll out
ultra-fast broadband across the UK
SMITH & NEPHEW, Europes biggest
artificial knee and hip maker,
trimmed costs to shore up profit in
the last three months of 2011, putting
it back on track for what it expects to
be a tough 2012 after a disappointing
third quarter.
The groups trading margin
bounced back to 25.2 per cent, from
19.8 percent in the third quarter,
resulting in fourth quarter trading
profit of $279m, down one per cent
but ahead of analyst expectations.
Smith & Nephew, which also has
endoscopy and advanced wound
management units, has struggled
with high costs, and chief executive
Olivier Bohuon is cutting $150m
(94.8m) from the business, including
shedding seven per cent of its 11,000-
strong workforce.
Demand for replacement knees
and hips, made by Johnson &
Johnson, Styker and Zimmer as well
as Smith & Nephew, stalled when
global economies weakened.
Smith & Nephew results
fuelled by cost cutting
MANUFACTURING
DEFENCE technology company

QinetiQ said yesterday it expects to
meet full-year profit forecasts
despite uncertainty on future levels
of military spending in Britain and
the United States.
Late last year the company said it
would beat its own earnings expecta-
tions for the year by 20 per cent after
restructuring and cost cuts drove a
45 per cent surge in first-half profit.
QinetiQ is expected to post an
average pre-tax profits of 126m for
the year to end-March according to
analysts.
During its third quarter QinetiQ
won a 38m naval combat integra-
tion contract from the Ministry of
Defence. However, it said budgets
and spending priorities were still
uncertain in the US delaying the
award of contracts.
The US, easily the worlds largest
defence spender, has capped its mili-
tary budget at last year's levels for
2012.
QinetiQ to hit forecasts
despite defence cutbacks
DEFENCE
UK REFINERY Coryton has attracted

more than 40 interested parties follow-
ing the insolvency of its owner, Swiss
refining group Petroplus and some of
them are very credible, its adminis-
trator said yesterday.
There have been over 40 expres-
sions of interest from the speculative
to the highly credible, said Katherine
Howbrook, a spokeswoman for PwC.
There have been a wide variety [of
interested parties] including from
major European oil companies to trad-
ing houses and companies from the
Middle East and Russia.
The Coryton refinery, which can
process 175,000 barrels of crude oil per
day, has been in UK administration
with PwC since 24 January.
The administrator bought one cargo
of crude on Tuesday, allaying fears
that a lack of supplies would force it to
stop operations.
The plant is the most sophisticated
and most profitable of the compa-
nys refineries. Coryton supplies 10 per
cent of the UKs fuel overall and 20 per
cent in the south east.
Energy minister Charles Hendry has
been working to keep the site open
and has expressed fears that petrol
supplies could be hit. East of England
MEP Richard Howitt also said he
feared petrol supplies would be affect-
ed and any job losses would have a
devastating impact on the local
economy.
However, analysts from KBC Energy
Economics said that other UK refiner-
ies had been running at only around
80 per cent of capacity in 2011, mean-
ing they had plenty of spare capacity
to make up for a shortfall from
Coryton.
Even before Petroplus filed for insol-
vency, Coryton had been refining at
significantly below its maximum
capacity.
Coryton attracts 40 suitors
BY HARRY BANKS
ENERGY
Shell targets
growth after
profits miss
BY JOHN DUNNE
ENERGY
BY KASMIRA JEFFORD
TELECOMS
News
ANALYSIS l Royal Dutch Shell Plc
p
2,280
2,260
2,240
2,220
2,265.00
2 Feb
IS SHELLS STRATEGY A WINNER IN VOLATILE MARKETS? By John Dunne
RICHARD HUNTER
HARGREAVES LANSDOWN
The initial disappointment of this
update does not detract from the longer term
view, where Shells drive for progressive busi-
ness and dividend growth remains strongly on
track. the market consensus of the shares as a
buy and the sectors preferred play is likely to
stay intact. Shell is striving to boost produc-
tion and is expecting some of its proj-
ects shortly to reach full production.
STUART JOYNER | INVESTEC

We are concerned about Shell's ever-rising investment expenditure, which could mean the company is spending
"more for less" with costs coming in higher than forecast, for less return. We expect to see material downgrades to the
consensus FY2012/13 earnings numbers. The overall result represents a substantial undershoot. Gearing fell to
13 per cent so the company has the ability to sweeten the earnings and capex disappointments if it choses to.
TONY SHEPARD
CHARLES STANLEY
The share price has been weak
ahead of these results and understandably,
the share price has initially fallen on publi-
cation of the results but longer term, Shell
has set out a strong set of new growth pri-
orities. Our recommendation remains
Accumulate.
Peter Voser said

Shell plans to
ramp up its
production
Picture: GETTY
VOSERS NEW STRATEGY
Shell surprised analysts yesterday
by unveiling an aggressive growth
strategy for the next six years.
The oil major said it plans to
move back into production
growth through 60 new projects
containing a potential 20bn bar-
rels of oil, turning around its
downward output trend over the
last ten years. The firm is target-
ing a 50 per cent rise in cashflow
and a 25 per cent rise in gas and
oil production by 2018.
To achieve this, Shell will splash
out $30bn this year, up from
$31.5bn a year ago, chiefly on
exploration and extraction. And it
will renew its focus on tight oil
projects, which have the potential
for higher margins than natural
gas, which has fallen in price.
ASTRAZENECA is cutting a further
7,300 jobs and expects earnings to fall
14-18 per cent this year as patents on
key drugs expire and governments in
Europe and the US squeeze prices.
Britains second-biggest drugmaker
said yesterday the latest phase of cuts,
equivalent to 12 per cent of the work-
force, would deliver an extra $1.6bn
(1.02bn) in annual benefits by the
end of 2014. It will cost $2.1bn to
implement.
The drugmaker faces loss of exclu-
sivity on many of its top-selling drugs
over the next five years and has few
obvious replacements in its pipeline.
The antipsychotic medicine
Seroquel, its second-biggest drug, will
lose exclusivity in the US in March
and also goes off patent in European
countries this year.
That will contribute to a tough
year, with group sales expected to
decline by a low double-digit percent-
age in 2012.
The company has already imple-
mented two earlier rounds of cut-
backs involving 21,600 job losses
since 2007, which has reduced its
worldwide headcount to 61,000.
AstraZeneca now expects recently
launched products and the pipeline
to contribute $2-4bn to sales by 2014,
down from $3-5bn estimated a year
ago and $4-6bn seen in 2010.
It now expects overall revenues in
the period up to 2014 to be in the
lower half of the previously forecast
range of $28bn to $34bn a year. Sales
were $33.6bn in 2011.
Despite the challenges,
AstraZeneca is committed to return-
ing cash to shareholders and plans to
buy back $4.5bn in shares in 2012,
more than analysts had expected. The
2011 dividend was raised by 10 per
cent to $2.80 a share.
In the fourth quarter of 2011, earn-
ings rose 16 per cent to $1.61 per
share on flat sales of $8.6bn.
MERCK & Co yesterday reported bet-
ter-than-expected fourth quarter
earnings, helped by a decrease in
research spending, and predicted rel-
atively flat 2012 results as the second
biggest US drugmaker girds for
cheaper generic forms of its biggest
product, asthma drug Singulair.
Merck posted a fourth quarter net
profit of $1.51bn (955m), or 49 cents
per share, compared with a loss of
$531m, or 17 cents a share, a year ago,
when the company took a $1.7bn
charge related to a major clinical set-
back.
Merck earned 97 cents per share
excluding items, including acquisi-
tion and restructuring expenses,
Global revenue rose two per cent to
$12.2bn, just shy of Wall Street expec-
tations of $12.53bn.
Sales of Singulair, whose US patent
lapses in August, jumped eight per
cent to almost $1bn, well above any
other Merck product.
Sales of its Januvia diabetes drug
soared 42 per cent to $96m, while a
related combination product called
Janumet jumped 34 per cent to
$386m suggesting the fast-growing
diabetes franchise will be able to help
offset Singulairs approaching
decline.
Merck said it expects full-year 2012
earnings of $3.75 to $3.85 per share,
excluding special items.
The forecast reflects earnings 0.5
per cent lower to 2.1 per cent higher
than those seen in 2011.
Merck profits impress Wall Street as
research spending is trimmed in 2011
VIACOM posted a lower quarterly
profit yesterday due to weaker than
expected advertising sales at its stable
of cable networks, including MTV
and Nickelodeon.
Viacom shares dropped initially by
around four per cent in early trading
before recovering as Viacom execu-
tives assured investors they had seen
a recovery in the market during the
current quarter.
The media company said advertis-
ing revenue fell three per cent in its
fiscal first quarter, surprising some
analysts.
Viacom said earnings from contin-
uing operations in the quarter to 31
December fell five per cent to $591m
(374m). But earnings per share rose
four per cent to $1.06, boosted by
aggressive share buybacks.
Revenue rose three per cent to
$3.95bn, helped by a double-digit
increase in fees paid by cable, satellite
and phone distributors for carriage of
its networks.
Viacom shares drop after
weaker advertising sales
MEDIA
ELECTROLUX faces further head-

winds in debt-ridden Europe this
year while the US offers a glimmer
of hope, the household appliances
maker said yesterday as it reported a
near 40 per cent fall in 2011 core
earnings.
Makers of fridges, washing
machines and vacuum cleaners have
been buffeted by weak consumer
confidence on both sides of the
Atlantic and have expanded into
faster growing emerging markets.
They pushed through price rises
in 2011 to offset soaring raw materi-
als costs, but 2012 is still looking
challenging.
Electrolux, which makes 65 per
cent of its sales in mature markets,
said 2011 earnings before interest
and tax before non-recurring items
plunged 39 per cent year-on-year to
3.98bn Swedish crowns (364m).
In the fourth quarter alone, core
earnings fell 16 per cent to 1.44bn
crowns.
Electrolux earnings fall
as it faces a tough year
RETAIL
TROUBLED electronics company Sony

is set to make its fourth consecutive
annual loss the worst run in its 54
years as a listed firm as the group
yesterday upped its loss forecast from
90bn (750m) to 220bn.
Sony also slashed its previous oper-
ating income forecast of 20bn to a
95bn loss.
The third quarter usually lifted by
the Christmas season brought losses
of 91.7bn, down from a 137.5bn
profit in the same period last year.
Sony saw sales drop over 17 per
cent to 1.8 trillion, blaming the
exceptionally strong yen, the earth-
quake in Japan, flooding in
Thailand and the state of the
economy.
It also mentioned the
63.4bn one-off charge
incurred from exiting its
flat-screen TV partnership
with Samsung.
The grim news follows
Wednesdays announce-
ment that exec-
utive vice
presi dent
K a z u o
Hirai (pic-
tured) will take over as chief executive
from Sir Howard Stringer in April.
Despite its struggling TV divi-
sion, which could lose up to
230bn this year, Hirai told
journalists the company
would maintain its aim to
sell 20m TV sets this year.
But the firm cut forecasts
of digital camera sales from
23m to 21m and PlayStation3
consoles to 14m.
Sony said it aims to
halve losses on its
TVs next year and
collect operating
profit of 200bn.
Sony to lurch further into red
BY LAUREN DAVIDSON
TECHNOLOGY
AstraZeneca
cuts jobs as
takings dive
BY HARRY BANKS
PHARMA
BY HARRY BANKS
PHARMA
News
WATCHES SHINE AS SWISS EXPORTS DECLINE
THE SWISS watch industry was the star performer among the countrys exporters last year,
with shipments climbing 19.2 per cent in 2011 from a year earlier, the Federation of the
Swiss Watch Industry said yesterday. Watch sales, including luxury brands such as Piaget,
vastly outperformed other industries, where demand for Swiss goods fell. Total exports from
Switzerland fell in December by a real 1.6 per cent.
NEWS | IN BRIEF
Botox makers earnings rise
Allergan said yesterday its fourth-quarter
earnings rose 6.4 per cent, as higher sales
of its eye drugs Lumigan and Restasis off-
set lower-than-expected sales of wrinkle
treatment Botox. The company's forecast
for the year was lower than anticipated,
sending its shares down 1.8 per cent in
mid-morning trading, although some ana-
lysts consider the outlook to be conserva-
tive. Net income rose to $279.8m
(176.8m), or 90 cents a share, from
$263m, or 85 cents a share, a year ago.
Product sales rose 7.2 per cent to $1.38bn.
Revenue rose to $1.4bn from $1.3bn.
Statoil seeks Iraq sale consent
Norways Statoil wants to sell its stake in
a giant 12.9bn barrel oilfield in southern
Iraq to Russias Lukoil, and the Iraqi oil
ministry has no objection in principle,
an Iraqi oil official said yesterday. Statoil
holds 18.75 per cent of the West Qurna
Phase-2 field, with Lukoil at 56.25 per
cent and Iraq's North Oil Company 25
per cent. The Norwegian state company
has considered quitting Iraq for some
time and turning its attention to less-
risky assets elsewhere, industry sources
said. It is planning billions of dollars
worth of investments in areas such as
offshore Norway and in the US.
International Paper beats Street
International Paper, the packaging pro-
ducer trying to buy rival Temple-Inland,
posted a better-than-expected quarterly
profit yesterday as it cut costs to offset
tenuous demand. The weak economy has
taken a bite out of packaging sales, espe-
cially in North America where 70 per cent
of IPs business is centered. The company
posted fourth-quarter net income of
$257m (173.8m), or 59 cents per share,
compared with $316m, or 74 cents per
share, in the year-ago period. Operating
profit at the company's printing papers
unit dropped 20 per cent to $189m but
rose at the company's three other units.
ANALYSIS l AstraZeneca PLC
p
3,050
3,000
2,950
2,900
2,984.00
2 Feb
CONSUMER goods group Unilever
said 2012 will be a difficult year as
growth in emerging markets, which
accounts for more than half its busi-
ness, slows and demand in Europe
and North America stays flat at best.
The gloomy outlook sent shares in
the Anglo-Dutch group sharply lower
yesterday after it broadly matched
2011 sales growth and profit margin
forecasts.
Unilever, which pushed up the
prices of brands such as Dove,
Hellmanns, and Knorr to offset high-
er commodity costs, said growth in
emerging markets had now slowed
due to these price rises and weak con-
sumer confidence.
Finance director Jean-Marc Huet
said growth in emerging markets
such as Africa, Asia and Latin America
stayed strong but the company need-
ed to do better in Russia and eastern
Europe, where its performance was
sluggish.
The worlds third-biggest consumer
goods group said underlying sales in
2011 rose 6.5 per cent in line with fore-
casts of 6.4 per cent, with annual
growth of 6.6 per cent compared to
rival Procter & Gamble which saw a
four per cent rise.
Its fourth quarter underlying sales
rose 6.6 per cent, just missing fore-
casts of 6.8 per cent, but the rise was
made up of 6.5 per cent from price
and just 0.1 per cent from volume
gains.
Emerging markets, which make up
54 per cent of Unilevers business,
grew 11.5 per cent in 2011. In product
terms, its personal care goods like Lux
and Sunsilk were the fastest growing
at 10 per cent while its foods grew just
over three per cent.
Overall annual turnover rose five
per cent to 46.5bn, and it paid a quar-
terly dividend of 22.5 cents a share
compared to 20.8 cents the same time
in the previous year.
DOW CHEMICALS quarterly profit
and revenue missed Wall Streets
expectations yesterday as demand for
electronics, plastics and coatings
plunged, causing the company to
slash production and aggressively dis-
count some products.
The results sent shares of Dow, the
largest US chemical maker by rev-
enue, down 1.2 per cent.
Dows operating rate, a reflection
of its full capacity, fell nine percent-
age points to 72 per cent in the quar-
ter, levels not seen since the last
recession.
Most of the capacity cuts came in
Europe, where the continents debt
crisis has sharply affected exports and
where demand for Dows products is
weakest, chief executive Andrew
Liveris said.
We quickly intervened and started
moving volume and basically gave up
on price, he said yesterday. Europe
is a headwind for the whole year.
The US economy is actually recov-
ering nicely, with electronic sales
improving from a weak fourth quar-
ter, though weak construction
demand is a concern, he said.
For the fourth quarter, the compa-
ny posted a net loss of $2m, or two
cents per share, compared with net
income of $426m, or 37 cents per
share, in the year-ago period.
Excluding one-time items, the com-
pany earned 25 cents per share.
Revenue rose two per cent to
$14bn. Analysts expected $14.1bn.
Dow Chemicals shares slide after its
revenues fail to impress the markets
COMPASS Group, the worlds biggest
caterer, said yesterday first-quarter
sales rose more than eight per cent,
as continued strength in North
America and emerging markets off-
set weakness in Europe, putting it
on track to achieve its full-year out-
look.
We have seen good levels of new
business wins and the improved
level of retention we achieved in the
second half of last year has contin-
ued into the new financial year, the
company said in a statement.
Compass provides meals for office
workers, members of the armed
forces and schoolchildren world-
wide.
North America and emerging
markets had helped the company
post a rise in full-year profit, helping
offset tough economic conditions in
Europe and the earthquake in Japan.
Shares in Compass closed up 0.75
per cent at 605.5p yesterday, valuing
the company at just over 11.4bn.
Caterer Compass gets a
boost from US business
SUPPORT SERVICES
MASTERCARD reported a higher quar-

terly profit yesterday as consumers
around the world spent more money
using credit and debit cards, but a liti-
gation-related charge took a large bite
out of its earnings.
The worlds second-largest credit
and debit card processing network
said it incurred a $495m (312m) after-
tax charge related to merchant litiga-
tions in the US over the fees they pay
on credit card transactions.
This special item represents the
companys financial portion of a
potential settlement in these cases,
chief executive Ajay Banga said in a
statement.
For the fourth quarter, the compa-
ny, which has consistently beaten ana-
lysts expectations for seven straight
quarters, posted a net income of $19m,
or 15 cents a share, compared with
$415m or $3.16 a share last year.
Total revenue was $1.72bn, up 20
per cent. Excluding items, the compa-
ny posted a net income of $514m.
Mastercards results are
hit by litigation charges
SUPPORT SERVICES
GREAT PORTLAND Estates, the

London property developer, has seen
its net asset value jump in the quarter
after landing two major pre-lets with
media firm UBM and property agency
Savills.
The group said the value of its port-
folio rose 2.6 per cent in the three
months to 31 December and gained
10.6 per cent to 1.9bn in the year.
Chief executive Toby Courtauld said:
Whilst macro-economic conditions
for the UK as a whole remain challeng-
ing, London and its property markets
continue to fare relatively well;
investor demand, particularly from
overseas, remains strong whilst tenant
take-up has increased over the quarter
to the long run average level.
A lack of debt finance is keeping a
tight lid on new development starts
and landlords will benefit as a result
when economic growth returns,
Courtauld said.
The company completed 35 new let-
tings in the period, generating 11.8m
per year, and began the development
of a 237,000 square foot site for media
company UBM in south London.
Great Portland said enabling works
at its 100 Bishopsgate skyscraper were
progressing well and were on track to
be completed by July 2012. However,
they said the scheme will only go-
ahead once a major pre-let is secured.
Great Portlands NAV jumps
BY KASMIRA JEFFORD
PROPERTY
Outlook grim
for Unilever as
markets slow
BY HARRY BANKS
CONSUMER
BY HARRY BANKS
CHEMICALS
News
MILK CUTS INTO DAIRY CRESTS GROWTH
Dairy Crest unveiled a two per cent rise in sales in the first nine months of the year despite
what it called a challenging business environment. The cheesemaker said its five key
brands Cathedral City, Country Life, St Hubert Omega 3, Clover and Frijj were up eight
per cent compared with the previous year. But trading remained tough in its Dairies busi-
ness where high milk purchase prices and lower cream selling prices has hit its profitability.
NEWS | IN BRIEF
LVMH expects an excellent year
LVMH, the world's biggest luxury goods
group, said yesterday the outlook for 2012
was excellent and hiked its dividend
after rapid growth in Asia and at its Louis
Vuitton brand helped it post a forecast-
beating rise in full-year operating profit.
The French group, which last year bought
Italian jeweller Bulgari, shrugged off con-
cerns about the global economy with a 22
per cent rise in profit from recurring oper-
ations to 5.26bn (4.38bn) on sales up
16 per cent at 23.66bn. Chief executive
Bernard Arnault said business trends in
January had been the same as at the end
of last year, adding that the company's
priority remained organic growth.
Game Group gets loan lifeline
Struggling retailer Game Group has won a
lifeline from its lenders, after they agreed
to revise the terms of the firms loan facili-
ties. Game said last night it now has sup-
port from its stakeholders and lenders,
and expects to meet its loan covenant
tests at the end of the month having low-
ered the limits on its loans. The firm pre-
dicted a pre-tax loss of 18m for the year
to 31 January and said it will provide an
updated strategy soon. Chief executive Ian
Shepherd said: Were pleased to reach
agreement with our lenders, but should be
under no illusions about the challenges in
our market or the hard work that is
required to deliver our strategic plan.
CME surprises with dividend
CME Group has surprised investors with a
huge increase in its dividend, sending
shares soaring about six per cent and
overshadowing disappointment with both
its earnings and a new insurance fund to
protect farmers from another MF Global-
like collapse. CME, the biggest US futures
exchange operator, said it sought to
attract new investors with a 59 per cent
increase in its quarterly dividend, an
increase in its payout target and the intro-
duction of a new special annual payment.
ANALYSIS l Unilever NV

25.80
25.60
25.40
25.20
25.00
24.80
24.77
2 Feb
ANALYSIS l Great Portland Estates PLC
p
375
370
365
360
363.60
2 Feb
Bfinance
The independent consultant has
appointed Michel Haski as head of
EMEA institutional coverage. Haski joins
from Allianz Global Investors Europe,
where he held the roles of chief execu-
tive officer and co-head of sales, in addi-
tion to his position of director general of
Allianz Global Investors France.
Broadwalk AM
Simon Strong has joined Broadwalk
Asset Management to work with
founder Charlie Cottam to expand the
firms investment portfolio. Strong was
most recently a director at Evolution
Securities, covering the software and IT
services sector.
State Street
State Street Global Markets has
appointed John Minderides as head of
its portfolio solutions business for
Europe, the Middle East and Africa,
based in London. Previously, Minderides
was managing director and global head
of transition management at JP
Morgan, with responsibility for teams in
London, New York, Sydney and Tokyo.
Healthcare Locums
Sue Bygrave has been appointed as
chief finance officer, to succeed interim
CFO Bill Jessup. Bygrave, who moves
from Aim-listed Biome Technologies,
where she was group finance director,
will start as executive director on the
board on 6 February.
Novo Altum
Sabimir Sabev has joined as shared
services and outsourcing practice leader.
He moves from Everest Group, where he
was managing partner, Europe.
Edison Investment Research
Edison Investment Research has
opened an office in Berlin, to be led by
Reena Dennhardt, the founder and
managing director of logistics and
retail firm CCBGmbH, which she ran
from 2000 to 2011. Dennhardt moved
to Germany after starting as a City
analyst, first at Dresdner Kleinwort
Benson and then at JP Morgan.
KKR
Kohlberg Kravis Roberts & Co has
appointed Vincent Policard as a director
in its infrastructure team, based in
London. He joins KKR from the infra-
structure fund team at Morgan Stanley.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Investors wait for
key US jobs report
I
NVESTORS largely took a wait-and-
see approach yesterday as US
stocks ended little changed ahead
of todays key employment report,
but tech shares rose after strong earn-
ings from chipmaker Qualcomm.
Recent economic data suggesting
the economy is on a slow but steady
path to recovery has helped fuel a rally
in stocks.
Todays nonfarm payrolls report,
which is expected to show the improv-
ing labour market trend remained
intact in January, will be a key test of
the rally.
The optimism over the labour mar-
ket was reinforced as new claims for
jobless benefits dropped more than
expected in the latest week, according
to data released yesterday.
A decent number, and I would
expect equities to continue their
advance, a not decent number and
well have a correction. Its that sim-
ple, said Frank Lesh, a futures analyst
and broker at FuturePath Trading in
Chicago.
US employment growth probably
slowed in January as temporary work-
ers hired during the busy holiday
shopping season were laid off, but the
underlying picture is expected to
remain relatively positive, say econo-
mists.
Nonfarm payrolls likely rose by
150,000 after increasing 200,000 in
December, according to a Reuters sur-
vey. The unemployment rate is seen
holding steady at a near three-year low
of 8.5 per cent.
Technology shares outperformed
the broader market. Qualcommhit its
highest level in 12 years after first-
quarter profit trounced estimates. Its
shares gained two per cent to $60.73
after hitting a high of $61.95.
The Dow Jones industrial average
dropped 11.05 points, or 0.09 per cent,
to 12,705.41. The Standard & Poors 500
Index gained 1.45 points, or 0.11 per
cent, to 1,325.54. The Nasdaq
Composite Index rose 11.41 points, or
0.40 per cent, to 2,859.68.
MasterCard rose 6.7 per cent to
$381.57 after the payment processor
beat analysts estimates for the seventh
straight quarter.
Healthcare shares were among the
losers. Drugmaker Merck & Co, the
number two US drugmaker, said profit
would be little changed in 2012. The
shares fell 0.5 per cent to $38.44.
Insurer Cigna posted a lower-than-
expected fourth-quarter profit, hurt by
performance in its disability and life
coverage business and international
plans.
Cigna also forecast 2012 earnings
below Wall Streets target, sending
shares down 3.4 per cent to $44.13.
B
RITAINS top share index
paused yesterday after recent
sharp gains with a rally in min-
ers on the prospects of a big
sector merger counterbalanced by
warnings from bluechips of a tough
year ahead.
The FTSE 100 finished 0.1 per cent,
or 5.35 points, higher at 5,796.07,
retreating from a six-month intra-
day high of 5,809.82 after stumbling
into resistance above the key 5,800
level.
News that mining group Xstrata
and commodities trader Glencore
are in merger talks to create a com-
bined group worth more than 50bn
boosted sentiment for the sector and
fanned speculation that other deals
could follow.
Its good for sentiment. Obviously
stocks are better, it may force other
businesses to think again [about
M&A[, Arthur Gordon, co-head of UK
sales at Canaccord Genuity invest-
ment bank, said.
I think the market is going high-
er, equities are very attractive relative
to other asset classes. My favourites
are E&P [exploration and produc-
tion], the mining sector.
The global financial crisis had
choked off the European mergers
and acquisition market, but UBS
expects it to start picking up this year
thanks to the recent stocks rally,
falling volatility and improving earn-
ings momentum.
The FTSE volatility index fell for a
third session in a row, pointing to
improved investor risk appetite.
Shares in Xstrata jumped 10 per
cent to six-month highs, with trading
volumes nearly three times their 90-
day average. Glencore added seven
per cent.
The broad mining sector was up
three per cent, also getting a boost
from a bigger than expected fall in
US weekly jobless claims.
Coupled with news of a rise in
global manufacturing activity on
Wednesday, the data bodes well for
future demand including for met-
als as the world economy slowly
heals.
Consumers, however, remain in a
cautious mood.
London-listed consumer goods
group Unilever led the FTSE 100 loser
board after it warned that 2012 will
be a difficult year as problems in the
developed world filter through to
slower growth in emerging markets.
Shares in the soups and soaps
maker fell 4.4 per cent.
AstraZeneca also warned investors
of harder times ahead as patents on
key drugs are due to run out, sending
shares in Britains second-biggest
drugmaker 3.4 per cent lower.
The possibility of a messy default
in Greece remained the biggest con-
cern for investors, with Eurozone
finance ministers now aiming to
agree a second bailout for Athens on
Monday.
You do get the sense that there is
money on the sidelines waiting for a
resolution of the Greek situation and
if there was a positive resolution, the
FTSE could push higher in the near
term, Bill McNamara, technical
strategist at Charles Stanley, said.
If something like that happened,
a run up to 5,935 is not impossible,
that was a level from the summer
last year.
Meanwhile, European shares hit a
fresh six-month closing high yester-
day after US weekly jobless claims
showed the market was improving.
Gains, however were capped as the
FTSEurofirst 300 index failed to
break a major resistance level due
the uncertainty over the Greek debt
swap talks.
FTSE sees boost from M&A
muted by outlook warnings
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Spirent Communications plc
130
125
120
115
110
105
Dec Jan
p
130.20
2 Feb
SPIRENT COMMUNICATIONS
Goldman Sachs initiates coverage of the communications technology com-
pany with a buy rating and a target price of 160p, and says it expects the
company to maintain its position in the market due to strong customer
relationships and sound product innovation. The broker expects Spirents
stock performance to be catalysed by upside to earnings driven by mobile
handset performance-based testing.
ANALYSIS l Imperial Tobacco Group PLC
2,450
2,400
2,350
2,300
2,250
Dec Jan
p 2,308.00
2 Feb
IMPERIAL TOBACCO
Nomura has upgraded Imperial Tobacco from reduce to neutral with the
target price raised from 2150p to 2155p. The broker downgraded Imperial in
November on concerns over margin pressures and a lack of M&A activity, but
now sees the investment case more influenced by prospects for consolidation
activity. Nomura stays three per cent below consensus for earnings per share
in 2012 but says it cannot remain underweight going into the second half.
ANALYSIS l Bovis Homes Group PLC
500
480
460
440
420
Dec Jan
p 479.10
2 Feb
BOVIS
Citigroup has upgraded Bovis Homes Group from neutral to buy, and
raised its target price from 495p to 520p. The broker says Bovis strong
balance sheet and strategic land bank position mean it is well-placed to
pursue site expansions that should lead to more aggressive volume growth.
Citi is expecting volume growth of 8-10 per cent per year in 2012-13, which
should be at the top end of industry figures.
p
5,825
5,725
5,750
5,775
5,675
5,700
5,800
ANALYSIS l FTSE
5,796.07
2 Feb
Laurence Davidson
The specialist legal recruitment firm has appoint-
ed Guy Adams as lead director of its European
private practice team. Previously, Adams worked
as a tax lawyer at Norton Rose, McGrigors and,
most recently, Reynolds Porter Chamberlain,
where he assisted in the growth of the firms tax
litigation practice. Adams subsequently spent
three years with Taylor Root, managing the com-
panys London-based international recruitment
team, before joining Carmichael Fisher to estab-
lish its European legal practice.
News
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A
few years ago a very clever young man
created a platform that changed the art
of communication forever. Its impact is
still reverberating, its democratisation
of information leading to revolutions and top-
pling world leaders.
Its creator was a maverick and like most mav-
ericks he was not immune to controversy. The
beginnings of his empire were played out across
the courts, with his financial backer questioning
the very provenance of the venture.
That maverick was, of course, Johannes
Gutenberg, who in 1439 invented the printing
press, forever inking his name into the history
books. The financial backer was Johann Fust,
who invested 8,000 guilders in the project a
vast sum at the time. Not many people remem-
ber Fust today after all, all he did was pay for
the thing.
Almost 600 years later, Facebook founder and
chief executive Mark Zuckerberg says he is on
the cusp of a similar revolution.
We often talk about inventions like the
printing press, he said in Facebooks IPO filing.
They led to a complete transformation of
many important parts of society. They gave
more people a voice. They encouraged progress.
They changed the way society was organized.
They brought us closer together. Today, our soci-
ety has reached another tipping point.
The $5bn (3.16bn) Facebook will (comfort-
ably) raise in its IPO gives it a significant mone-
tary advantage over Gutenbergs enterprise. But
that hasnt stopped Zuckerberg adopting a sim-
ilar attitude to his would-be investors.
When he was starting out at Facebook,
Zuckerbergs business cards read: Im the CEO,
bitch. It was a two fingered salute to the busi-
ness world he was a visionary, a digital pio-
neer, a programmer with a mind
immeasurably superior to theirs, working on
the cutting edge of communication. He was cre-
ating a new printing press, for Gods sake. He
worked with businessmen sometimes bril-
liantly but only because he had to.
Yesterday Zuckerberg went one better.
Standing atop his mountainous $28bn personal
fortune which will be crystalised by the flota-
tion he said money isnt Facebooks motiva-
tion. Two fingers up.
We dont build services to make money; we
make money to build better services. And we
think this is a good way to build something.
These days I think more and more people want
to use services from companies that believe in
something beyond simply maximizing profits.
Thats a bit like splashing about in your own
personal swimming pool filled with trifle and
saying people should stop worrying about star-
vation. To say that profit isnt a primary motiva-
tion for Facebook is more than a tad
disingenuous. This is a company that has ruth-
lessly expanded, crushing native rivals like an
invading weed choking the fragile native flora.
Remember Bebo? MySpace? Now Facebook is
reaping the rewards of that growth.
Zuckerberg isnt just a petulant kid who
made it big nobody makes it to ninth place on
the Forbes Rich List (based on his projected post-
flotation wealth) without the goods to back it
up. This is a 27-year-old who recently sat at the
side of the President of the United States. In just
eight years he has built Facebook from his
Harvard dorm room to a company with 845m
users making $1bn a year.
He shares a mindset with Apple founder
Steve Jobs; another maverick who also swore by
following the product, knowing the money
would eventually find him. Its now the biggest
company in the world.
Moreover, the open letter is a statement of
intent. Zuckerbergs 28.4 per cent stake in
Facebook gives him more than 50 per cent of
voting rights. If he wants to pursue projects
that might not initially appear to be in the
interests of his fellow shareholders, thats exact-
ly what hes going to do. Hes the CEO, bitch.
Its also a pretty shrewd warning that
Facebook wont put its long term profitability
on the line for a short term gain. The pressure
to more aggressively exploit the gold-mine of
personal information Facebook has gathered
will be intense, with shareholders clamouring
for a return on their investment. Zuckerberg,
though, has been burnt over privacy in the
past hes too smart to make the same mis-
takes twice.
Despite his apparent disdain for the business
world, Zuckerberg is a great businessman. He is
the envy of not only Silicon Valley but Wall
Street. He is a sharp operator, barely putting a
foot wrong in Facebooks astonishing ascendan-
cy. He is an inspiration for entrepreneurs. But to
succeed, you have to play the game, just like
Zuckerberg did. Then, one day, you might make
enough profit to claim to be above it all.
Francis Bacon said Gutenbergs printing press
changed the whole face and state of things
throughout the world. But without people like
Johann Fust supplying the cash, Gutenberg
wouldnt even have been an afterthought in his-
torys blotting pad. Zuckerberg should always
remember that.
Steve Dinneen is Deputy Lifestyle editor at City A.M.
and writer of the weekly Geek Speak column.
20
The Forum
CITYA.M. 3 FEBRUARY 2012
To say that profit isnt a
primary motivation for
Facebook is more than a
tad disingenuous
Billionaire Zuckerberg says
its not about money, but he
is a consummate capitalist
cityam.com/forum
STEVE DINNEEN
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.
21
New study shows
children are more
freedom-loving
than their parents
Free trade and
property rights
come naturally
T
HOSE who dislike the idea of individual
freedom often accuse its proponents of
dishing up just as artificial a plan for
the human race as that offered by social
planners. Theres no such thing as a free mar-
ket, they say. Its all culturally determined.
Its nice then to find some evidence from
the psychologist Ori Friedman from the
University of Waterloo in Canada that begs to
disagree. Friedmans findings indicate that
children as young as four or five have a natu-
ral respect for property rights, indicating an
innate sense of private ownership. Culture
can distort that, of course. But the default set-
ting of humanity seems to be pro-individual,
suspicious of the idea that someone bigger
can just come in and grab something a person
owns in the name of a claimed greater good.
The experiment is simple enough: two pic-
tures are shown, one of a boy holding a crayon
with the word user above it; one of a girl,
with the word owner above it. The question
is, if the girl wants her crayon back, should
she get it? Three quarters of four and five year
olds give a resounding yes. Rather more dis-
tressingly, only a fifth of adults given the
same test agree.
By contrast if you repeat the experiment
but say that the crayon is owned by their
school and the girl has no special claim on it,
both adults and children agree that the user
has fair dibs.
Friedman suggests that a concept of own-
ership rights may be a product of the way we
naturally think early in life, and that it per-
haps grows out of how children think about
their bodies and the fact that no one has a
right to touch or control them without per-
mission. If so, they agree with John Lockes
famous formulation, that everyman has a
property in his own person. This no body has
any right to but himself. The labour of his
body, and the work of his hands, we may say,
are properly his.
In truth, the argument that there is noth-
ing natural about free exchange or property
rights has always been specious. Adam Smith
was hardly the first to observe the human
propensity to truck, barter, and exchange
one thing for another, but we do ourselves a
disservice when we ignore how rare a quality
this is. Even among hominids, it is an excep-
tional trait. One of the reasons why the nean-
derthal fork of our evolutionary tree died out
may well have been the inability of nean-
derthals to trade. Trade relies on both a
sophisticated theory of mind, the ability to
see that another person may want something
you do not, and may also be willing to give up
something you covet in return. It relies too on
a robust concept of property. If no one owns
anything, then exchange is meaningless. In a
world of property rights, trade emerges as an
alternative to force.
But natural gifts can be squandered if they
are not appreciated. And a creature born to
freedom can still find itself everywhere in
chains. The frightening aspect of Friedmans
experiment is not the liberal instincts of the
young, but the illiberal adults it reveals. We
grow up and we choose our lives, but if we for-
get the values our own nature teaches us, we
reject our most precious birthright.
Marc Sidwell is City A.M.s business features
editor.
Get up, stand up
Great article by Gina Miller (Join
our campaign to fight fund man-
agers high fees and lack of
transparency, Wednesday).
Financial services, as an industry,
has always been overpriced for
the value it adds.
Transparent performance related
charges for investment products
is the way to go, especially if
they are returnable when per-
formance is poor or negative.
Taking a percentage whether a
fund does well or badly is hardly
aligning objectives. Thats why
some investors look to see what
personal stake a fund manager
has in their fund. Equally, charges
should be calculated over longer
periods of time to minimise the
effect of short-term volatility. Its
high time fund managers were
paid by the hour as other pro-
fessionals such as lawyers,
accountants, consultants, whose
expertise are not arbitrary per-
centages.
Chris Charlton
I have given my money to a
selection of fund managers in the
hope that they will somehow
make it grow. They choose the
specific shares in which to invest
my money, for which I pay them
an annual fee. But there is anoth-
er way of investing. You can
invest in an index tracker fund,
where your cash buys a repre-
sentative basket of shares from
an index. There is no active fund
manager, so consequently theres
a much lower annual fee.
Very often I receive news that
my actively managed shares has
under-performed the computer
controlled index fund. This begs a
simple question: what are we
paying the fund manager for?
We pay them to fly business
class, have lunch at the best
restaurants with various chief
executives and sit in box on the
centre court at Wimbledon.
I propose a solution. Where the
active fund manager underper-
forms the computer controlled
benchmark index fund, the active
fund manager takes no fee.
Where they beat the index they
get their fee. Fair and simple.
Orall Cornelius
Defend occupation
Allister Heath is right is his call
encouraging business leaders to
make their case publicly (Bosses
must engage with the media,
Tuesday). We face the greatest
economic crisis since the 1930s,
the impact of which is being felt
extremely widely. No one pre-
tends that the route back to
prosperity is straightforward, but
it certainly has to start with an
open conversation.
Naomi Colvin
Occupy London
History lessens
Your article (Apprenticeships in
Britain plainly have not worked,
yesterday) indicates that the two
lecturers from the London School
of Economics have a woeful lack
of knowledge of the modern liv-
ery movement. The concentra-
tion in the article is on what
happened in the past, as opposed
to what is happening now. This
was immensely depressing and
risks undermining sensible initia-
tives to improve the lot of the
nations youth.
The Goldsmiths Company has
operated a successful appren-
ticeship scheme for centuries,
and today it remains highly perti-
nent to the trade of the gold-
smith. The scale is necessarily
small, but there are currently 24
young individuals enrolled in
apprenticeships varying in dura-
tion from 3 to 5 years. On com-
pletion of the apprenticeship,
they receive a level 4 licentiate-
ship (City & Guilds).
The Goldsmiths Company has
also been instrumental in devel-
oping national occupational stan-
dards (NOS), in partnership with
Creative and Cultural Skills,
which in turn will enable signifi-
cant numbers of young people to
gain meaningful qualifications
across academia and industry.
The modern livery movement has
much to offer.
Dick G Melly
The Goldsmiths Company
Chris Minns and Patrick Wallis
discussed the apprenticeship sys-
tem with references dating from
1390 to 1700. If one discussed
medicine using the same time-
frame, one might come to a simi-
lar conclusion: that the medical
establishment was ineffective
and that we should all go back to
being treated by witchdoctors.
The apprenticeship system
worked well, especially in the
manufacturing industries using
day release, as it allowed on-the-
job training at little cost to the
trainee (no debt at the end). The
main disadvantage was, that at
least in the 1970s, one could not
migrate from courses such as the
Higher National Certificate
(HNC) and diploma to degree
level without starting from the
beginning again.
There were several reasons why
these part time courses began to
vanish in manufacturing. This
was partly attributed to the
unions demanding full pay for
trainees. Much of the manufac-
turing industry which supported
apprenticeships closed or moved
production overseas and the
establishment preferred training
in universities to a degree level.
This, of course, has now become
prohibitively expensive for some
students and applications to uni-
versities are falling.
There is nothing wrong with
apprenticeships, which should
have some academic rigour
incorporated and allow migration
to a higher level.
Derek Coggrave
Top tweets
Claire Billings
@clairebillabong
Good advice from City AM today
saying that city bosses such as
Hester should talk to the press
more.
Mike Bokaie
@bokmike
Agree that Tories, Labour, Lib
Dems are all anti-business. Fed
up with their relentless attacks
on corporate Britain.
Jonathan Davis
@JonathanDavisWM
CityAM on Hesters pay at RBS:
No bank must ever be bailed out
again 100% agreed.
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
MARC SIDWELL
CITYA.M. 3 FEBRUARY 2012
The Forum
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
Business Features| www.cityamcareers.com
22
H
OW far do you need to go to
get that job? It wont be
news to you if we report that
the jobs market in finance is
pretty tough at the moment. But
with hundreds of applicants for
each position, how do you max-
imise your chances?
FRESHEN UP YOUR CV
Your CV is your advertisement to
the world: make it stand out. Many
candidates for finance jobs have
multiple versions, one for corpo-
rate finance, one for asset manage-
ment, and so on. The person
reading the CV must feel that you
are ideal for the job.
Get a friend to read it through:
bad formatting and spelling mis-
takes are a sure way to get your
prospects thrown directly into the
small round filing cabinet under
the desk.
At our careers seminars we find
that a little bit of care, and a sec-
ond (and third) opinion, will help
to make your CV irresistible.
GET THE IMC OR CFA
Or at least start the process. The
Investment Management
Certificate (IMC) can be passed in
the space of a few months while
the Chartered Financial Analyst
(CFA) program takes three years or
more.
Although the CFA program can
seem daunting, you will be learn-
ing skills that employers are look-
ing for. Candidates are encouraged
to state on their CV that they are
doing the exams, and it is a clear
indication that you are walking
the walk.
In fact, we have found that a
high proportion of our students
get job offers even before their first
exam: studying for the CFA exams and
being prepared for technical interview
questions is the best proof that youre
keen on a finance career. The CFA pro-
gram is also the most global finance
exam: our Hong Kong office receives as
many enquiries from expats, as from
true Hong Kongers.
NETWORK EFFECTIVELY
A good LinkedIn profile is essential. You
need quality not quantity of contacts,
and can look at your extended network
to find the right people at your target
firms. When you send out your CV, try to
write to named people. Never
mailmerge it it is easier to delete an e-
mail than to send one.
Your Facebook profile also matters.
You can be sure that your interviewer
will have searched you out before meet-
ing you. A presence on Facebook is more
revealing than LinkedIn, and you really
dont want the first impression of you to
be in a drunken stupor.
READ THE PAPERS
A favourite opening interview question
that we use in our careers seminars is:
So what did you find interesting in
todays paper? Your interviewer doesnt
want to hear about celebrities, royal
scandals or footballers wives. Stories
about company results, economics or
the stock market will show youre up for
the job.
It may be that you dont find it partic-
ularly exciting when a company
appoints a new chief executive. However
if you read a paper regularly youll soon
get to know the history and personali-
ties of the most important players in the
City.
As for choosing the right paper full
marks on that front already.
Nicholas Blain is chief executive of Quartic
Training
W
ITH investment banks com-
ing under increasing pres-
sure from the government
and City shareholders to cut
or even cancel staff bonuses, what
effect will this have on resignations
during this years bonus season?
The intense and acrimonious
debate around Stephen Hesters bonus
shows that the subject is still far from
closed. There is, as yet, no consensus
between City employers, the politi-
cians and regulators that subject those
institutions to so much scrutiny and
shareholders over what is a fair level
for bonuses.
Human resources departments and
managers at investment banks are
now between a rock and a hard place,
with pressure to trim or cancel bonus-
es and at the same time the need to
retain staff for the long-term.
When bonuses are poor City
employers rightly worry that a high
level of staff resignations will follow
as employees decide they are just not
valued. But this year there is some
good news for banks. We surveyed
1,360 City professionals and found res-
ignations will be less of a problem
after this years bonus round.
Our recent research suggests that
there has been a shift in sentiment
and that there will be a far lower num-
ber of staff resignations during this
years bonus season. A year ago 48 per
cent of workers said they would try to
change employer if they were disap-
pointed with their bonus. This year
the figure has dropped to 33 per cent.
Indeed, 12 per cent of workers are not
expecting a bonus at all.
Pay and bonus expectations among
City staff became more conservative as
2011 progressed from spring to sum-
mer, and the number of investment
bankers who are confident about their
bonus size is falling by the day. The
banks themselves have done a very
good job of explaining to their staff
why bonuses will be low for everyone.
They have effectively managed staff
expectations in advance of the bonus
season.
With a general gloom in the City
and redundancy programmes wide-
spread, bankers are fully aware of the
economic outlook and are now more
likely to pursue routes other than
resigning to keep their overall pay in
line with their expectations.
However, London based banks and
politicians must tread carefully as,
despite the drop in anticipated resig-
nations, there are still those workers
who will look for job opportunities
overseas.
11 per cent of bankers we surveyed
said they would consider moving to an
overseas financial services centre such
as Hong Kong or Singapore if their
bonus was disappointing.
Even with the cooling of the mar-
kets in the Far East there is a continu-
ing flow of talented City workers from
London to the region not least because
many staff relocating there can
achieve a higher take home pay. In
London, taxes are far higher than in
Asia and this, combined with a greater
regulatory and government scrutiny
of banks remuneration packages, is
never a good recipe for retaining a
highly motivated, cosmopolitan,
multinational labour force in London.
Many of the best and brightest of
those working in the City have few ties
to the UK outside of their job they
are far more mobile than the talent
that flooded out of the UK in the
1970s brain drain.
On the whole, we anticipate there
will be fewer bonus related resigna-
tions among banks over the next few
months and a less traumatic and dis-
ruptive experience for employers than
in previous years. But there is a slower
burning problem for banks in London,
and for taxpayers that own some of
them. If bonuses are suppressed below
international rates then the City will
find it harder to attract the best and
brightest from countries such as
China and Singapore and will contin-
ue to lose staff from London to those
locations.
Mark Cameron is chief operating officer
of financial services recruitment firm,
Astbury Marsden.
Bankers beating the bonus time blues
With such tough conditions, you need
to make sure you get the basics right
NICHOLAS BLAIN
CHIEF EXECUTIVE,
QUARTIC TRAINING
MARK CAMERON
CHIEF OPERATING OFFICER,
ASTBURY MARSDEN
With the City feeling the squeeze, many wont get their usual boost however, workers are staying put
The four pillars of a successful job hunt
Climbing the
ladder is getting
more difficult
Picture: GETTY
THE BEST ROLES NEED
K
>

h s
OUR NEW CAREERS
WEBSITE LAUNCHES
TODAY. PAY US A
VISIT, UPLOAD YOUR
CV AND GET KNOWN.
LON GD ONCE FIX AM...........1747.50 3.50
SILVER LDN FIX AM ..................34.23 0.35
MAPLE LEAF 1 OZ ....................36.82 0.34
LON PLATINUM AM................1619.00 8.00
LON PALLADIUM AM...............694.00 1.00
ALUMINIUM CASH .................2219.00 -38.00
COPPER CASH ......................8351.00 -133.50
LEAD CASH...........................2209.50 -41.00
NICKEL CASH......................20865.00 -260.00
TIN CASH.............................24055.00 -230.00
ZINC CASH ............................2091.00 -34.00
BRENT SPOT INDEX................112.00 0.31
SOYA .....................................1215.25 16.25
COCOA..................................2225.00 -66.00
COFFEE...................................214.10 -0.95
KRUG.....................................1814.60 5.10
WHEAT ....................................165.93 -1.12
AIR LIQUIDE........................................97.48 -0.08 100.65 80.90
ALLIANZ..............................................87.33 0.84 108.85 56.16
ANHEUS-BUSCH INBEV ....................47.58 0.52 48.63 33.85
ARCELORMITTAL...............................16.32 0.19 28.55 10.47
AXA......................................................12.48 0.21 16.16 7.88
BANCO SANTANDER...........................6.31 0.14 9.00 4.94
BASF SE..............................................60.48 0.59 70.22 42.19
BAYER.................................................54.31 -0.09 59.44 35.36
BBVA......................................................7.05 0.16 9.17 4.94
BMW ....................................................68.00 0.01 73.85 43.49
BNP PARIBAS.....................................34.10 0.26 59.93 22.72
CARREFOUR ......................................17.92 0.02 31.98 14.66
CRH PLC .............................................15.33 -0.17 17.40 10.28
DAIMLER.............................................44.10 0.25 57.22 29.02
DANONE..............................................47.28 -0.70 53.16 41.92
DEU.BOERSE OFFRE ........................47.31 1.83 55.75 35.46
DEUTSCHE BANK..............................33.90 -0.15 48.70 20.79
DEUTSCHE TELEKOM.........................8.73 0.05 11.38 7.88
E.ON.....................................................16.88 -0.06 25.02 12.50
ENEL......................................................3.07 -0.05 4.86 2.78
ENI .......................................................17.20 0.06 18.66 11.83
FRANCE TELECOM............................11.50 -0.06 16.65 11.09
GDF SUEZ ...........................................21.22 0.02 30.05 17.65
GENERALI ASS...................................12.06 -0.10 17.05 10.34
IBERDROLA..........................................4.62 0.02 6.10 4.16
INDITEX ...............................................68.55 0.67 69.40 50.92
ING GROEP CVA...................................7.44 0.10 9.50 4.21
INTESA SANPAOLO.............................1.55 0.01 2.47 0.85
KON.PHILIPS ELECTR.......................15.45 -0.25 24.12 12.01
L'OREAL..............................................82.55 -0.15 91.24 68.83
LVMH..................................................126.40 -0.40 132.65 94.16
MUNICH RE.......................................103.60 2.05 126.00 77.80
NOKIA....................................................3.80 -0.12 8.49 3.33
REPSOL YPF.......................................21.10 0.21 24.90 17.31
RWE.....................................................30.73 0.05 53.86 21.15
SAINT-GOBAIN...................................36.01 0.50 47.64 26.07
SANOFI ................................................55.79 -0.56 57.42 42.85
SAP......................................................47.31 0.51 47.47 32.88
SCHNEIDER ELECTRIC.....................48.61 0.36 61.83 35.00
SIEMENS .............................................74.20 1.07 99.39 62.13
SOCIETE GENERALE.........................22.61 1.04 52.70 14.32
TELECOM ITALIA..................................0.78 -0.01 1.16 0.70
TELEFONICA ......................................13.45 -0.05 18.75 12.50
TOTAL..................................................40.89 0.24 44.55 29.40
UNIBAIL-RODAMCO SE...................146.40 -4.40 162.95 123.30
UNICREDIT............................................3.97 0.00 13.34 2.20
UNILEVER CVA...................................24.78 -1.11 27.16 20.90
VINCI ....................................................36.50 0.38 45.48 28.46
VIVENDI ...............................................16.22 0.16 21.68 14.10
VOLKSWAGEN VORZ ......................138.20 -0.45 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5796.07 5.35 0.09
FTSE 250 INDEX. . . . . . . . 11086.51 65.49 0.59
FTSE UK ALL SHARE . . . . 2995.51 5.17 0.17
FTSE AIMALL SH . . . . . . . . 775.24 8.80 1.15
DOWJONES INDUS 30 . . 12705.34 -11.12 -0.09
S&P 500 . . . . . . . . . . . . . . . 1325.54 1.45 0.11
NASDAQ COMPOSITE . . . 2859.68 11.41 0.40
FTSEUROFIRST 300 . . . . . 1059.45 2.37 0.22
NIKKEI 225 . . . . . . . . . . . . . 8876.82 67.03 0.76
DAX 30 PERFORMANCE. . 6655.63 38.99 0.59
CAC 40 . . . . . . . . . . . . . . . . 3376.66 9.20 0.27
SHANGHAI SE INDEX . . . . 2312.56 44.48 1.96
HANG SENG. . . . . . . . . . . 20739.45 406.08 2.00
S&P/ASX 20 INDEX . . . . . . 2567.50 0.00 0.00
ASX ALL ORDINARIES . . . 4333.20 0.00 0.00
BOVESPA SAO PAOLO. . 64593.10 25.92 0.04
ISEQ OVERALL INDEX . . . 3065.82 -2.52 -0.08
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 882.07 8.09 0.93
SWISS MARKET INDEX. . . 6064.41 -5.50 -0.09
Price Chg %chg
3M........................................................87.43 0.08 98.19 68.63
ABBOTT LABS ...................................54.45 0.19 56.84 45.08
ALCOA ................................................10.42 0.22 18.47 8.45
ALTRIA GROUP..................................28.54 0.11 30.40 23.20
AMAZON.COM..................................181.72 2.26 246.71 160.59
AMERICAN EXPRESS........................51.16 0.54 53.80 41.30
AMGEN INC.........................................69.62 -0.22 70.00 47.66
APPLE...............................................455.12 -1.07 458.99 310.50
AT&T....................................................29.79 0.19 31.94 27.27
BANK OF AMERICA.............................7.45 0.09 14.95 4.92
BERKSHIRE HATAW B.......................78.73 0.07 87.65 65.35
BOEING CO.........................................75.22 -0.15 80.65 56.01
CATERPILLAR..................................110.33 -0.19 116.55 67.54
CHEVRON.........................................103.69 0.90 110.99 86.68
CISCO SYSTEMS................................19.80 0.00 22.34 13.30
CITIGROUP.........................................31.99 0.39 49.60 21.40
COCA-COLA.......................................67.83 -0.02 71.77 61.29
COMCAST CLASS A..........................26.69 -0.16 27.17 19.19
CONOCOPHILLIPS.............................69.91 0.59 81.80 58.65
CVS/CAREMARK................................42.66 0.01 43.17 31.30
DU PONT(EI) DE NMR........................51.40 -0.16 57.00 37.10
EXXON MOBIL....................................83.53 -0.44 88.23 63.47
GENERAL ELECTRIC.........................18.75 -0.02 21.65 14.02
GOLDMAN SACHS GRP ..................113.39 -0.06 169.90 84.27
GOOGLE A........................................585.11 4.28 670.25 473.02
HEWLETT PACKARD.........................28.50 -0.26 49.39 19.92
HOME DEPOT.....................................44.46 -0.01 45.50 28.13
IBM.....................................................191.53 -1.09 194.90 151.71
INTEL CORP .......................................26.49 -0.06 27.00 19.16
J.P.MORGAN CHASE.........................37.55 -0.05 48.36 27.85
JOHNSON & JOHNSON.....................65.59 -0.10 68.05 55.76
KRAFT FOODS A................................38.58 0.11 39.00 24.30
MC DONALD'S CORP ........................98.62 0.22 102.22 72.89
MERCK AND CO. NEW......................38.44 -0.19 39.43 29.47
MICROSOFT........................................29.95 0.06 30.17 23.65
OCCID. PETROLEUM.........................98.48 -0.82 117.89 66.36
ORACLE CORP...................................28.81 -0.07 36.50 24.72
PEPSICO.............................................66.40 0.02 71.89 58.50
PFIZER.................................................21.11 -0.20 22.17 16.63
PHILIP MORRIS INTL .........................75.84 0.09 79.96 57.33
PROCTER AND GAMBLE ..................63.32 0.11 67.72 56.57
QUALCOMM INC ................................60.73 1.17 61.95 45.98
SCHLUMBERGER ..............................77.31 1.19 95.64 54.79
TRAVELERS CIES..............................59.39 0.12 64.17 45.97
UNITED TECHNOLOGIE ....................80.02 -0.20 91.83 66.87
UNITEDHEALTH GROUP...................52.54 -0.72 54.18 40.90
VERIZON COMMS ..............................37.56 -0.24 40.48 32.28
WAL-MART STORES..........................61.94 -0.24 62.63 48.31
WALT DISNEY CO ..............................38.91 -0.42 44.34 28.19
WELLS FARGO & CO.........................29.90 0.01 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 ..................0.282 0.00
LIBOR Euro - 12 months ................1.709 -0.01
LIBOR USD - overnight...................0.141 0.00
LIBOR USD - 12 months.................1.086 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.010 -0.01
European repo rate.........................0.237 0.00
Euro Euribor ....................................0.391 0.00
The vix index ...................................18.16 -0.39
The baItic dry index ........................622.0 -58.0
Markit iBoxx...................................242.95 -1.38
Markit iTraxx..................................136.89 -6.51
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . . .311.1 -2.2 356.5 248.1
Chemring Group . . . .404.8 14.7 736.5 368.8
Cobham . . . . . . . . . . .184.9 -1.8 236.5 165.9
Meggitt . . . . . . . . . . . .362.0 -3.0 397.6 304.9
QinetiQ Group . . . . . .134.5 -1.9 142.8 101.5
RoIIs-Royce HoIdi . . .768.0 -2.5 773.5 557.5
Senior . . . . . . . . . . . . .182.3 -5.8 190.6 132.6
UItra EIectronics . . .1554.0 -11.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .220.0 4.5 245.0 157.0
BarcIays . . . . . . . . . . .227.9 3.8 333.6 138.9
HSBC HoIdings . . . . .545.7 3.8 730.9 463.5
LIoyds Banking Gr . . .32.7 0.5 69.3 21.8
RoyaI Bank of Sco . . .28.4 0.7 49.0 17.3
Standard Chartere .1579.0 14.0 1712.5 1169.5
AG Barr . . . . . . . . . .1275.0 25.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .360.5 5.2 449.2 289.9
Diageo . . . . . . . . . . .1429.5 -2.5 1433.5 1112.0
SABMiIIer . . . . . . . . .2449.5 -12.5 2470.0 1979.0
AZ EIectronic Mat . . .314.2 6.4 338.1 206.1
Croda Internation . .1950.0 0.0 2081.0 1456.0
EIementis . . . . . . . . . .156.0 -5.1 187.4 107.5
Johnson Matthey . .2226.0 67.0 2251.0 1523.0
Victrex . . . . . . . . . . .1347.0 -2.0 1590.0 1025.0
YuIe Catto & Co . . . . .196.9 -0.6 253.0 148.0
C/$ 1.3146 0.0027
C/ 0.8319 0.0009
C/ 100.10 0.2441
/C 1.2018 0.0014
/$ 1.5802 0.0049
/ 120.32 0.4288
FTSE 100
5796.07
5.35
FTSE 250
11086.51
65.49
FTSE ALLSHARE
2995.51
5.17
DOW
12705.34
11.12
NASDAQ
2859.68
11.41
S&P 500
1325.54
1.45
RPC Group . . . . . . . .390.9 9.7 392.0 231.5
Smiths Group . . . . . .960.0 0.0 1429.0 869.5
Brown (N.) Group . . .236.0 3.2 304.5 227.0
Carpetright . . . . . . . . .610.0 7.5 770.5 375.0
Debenhams . . . . . . . . .70.0 -0.5 74.8 51.2
Dignity . . . . . . . . . . . .787.5 -2.0 854.5 648.5
Dixons RetaiI . . . . . . .13.7 0.1 22.3 9.4
DuneImGroup . . . . . .468.0 0.0 524.5 383.9
HaIfords Group . . . . .327.0 2.5 411.4 268.6
Home RetaiI Group . .110.3 4.3 235.0 72.5
Inchcape . . . . . . . . . .356.1 5.9 425.4 268.1
JD Sports Fashion . .750.0 27.0 1030.0 570.0
Kesa EIectricaIs . . . . .70.5 -0.2 151.4 60.2
Kingfisher . . . . . . . . .267.3 0.9 287.1 217.0
Marks & Spencer G . .333.6 1.0 402.2 301.8
Next . . . . . . . . . . . . .2696.0 14.0 2810.0 1868.0
Sports Direct Int . . . .248.3 -2.0 266.2 159.0
WH Smith . . . . . . . . . .537.0 -22.0 564.0 433.8
Smith & Nephew . . . .640.0 27.5 742.0 521.0
Synergy HeaIth . . . . .860.0 4.0 981.0 808.0
Barratt DeveIopme . .114.3 -0.2 119.0 67.5
BeIIway . . . . . . . . . . . .760.0 2.0 776.5 540.5
BerkeIey Group Ho .1292.0 6.0 1360.0 885.0
BaIfour Beatty . . . . . .279.9 -0.1 357.3 214.6
CRH . . . . . . . . . . . . .1278.0 -9.0 1700.0 1053.0
GaIIiford Try . . . . . . . .482.0 -4.0 530.0 309.0
Kier Group . . . . . . . .1386.0 -5.0 1458.0 1097.0
Drax Group . . . . . . . .541.5 -3.0 581.5 371.9
SSE . . . . . . . . . . . . . .1222.0 -12.0 1423.0 1162.0
Domino Printing S . .599.5 -2.0 705.0 434.3
HaIma . . . . . . . . . . . . .365.0 -1.0 429.6 306.3
Laird . . . . . . . . . . . . . .168.9 0.0 207.0 127.9
Morgan CrucibIe C . .320.0 -0.6 357.1 224.0
Oxford Instrument . .948.5 21.5 1010.0 600.5
Renishaw . . . . . . . . .1463.0 16.0 1886.0 800.0
Spectris . . . . . . . . . .1611.0 6.0 1679.0 1039.0
Aberforth SmaIIer . . .591.0 3.0 714.0 494.0
AIIiance Trust . . . . . .361.4 1.4 392.7 310.2
Bankers Inv Trust . . .403.0 5.0 428.0 346.5
BH GIobaI Ltd. GB .1161.0 -4.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.5 0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.5 -0.1 20.2 16.3
BH Macro Ltd. GBP 2029.0 5.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.4 -0.2 20.2 16.2
BIackRock WorId M .729.0 3.0 815.5 574.5
BIueCrest AIIBIue . . .161.3 -1.4 176.2 159.0
British Assets Tr . . . .125.0 0.3 139.5 109.0
British Empire Se . . .444.2 0.3 533.0 404.0
CaIedonia Investm .1484.0 -3.0 1825.0 1337.0
City of London In . . .290.7 0.2 306.9 257.0
Dexion AbsoIute L . .139.5 -0.1 151.0 130.0
Edinburgh Dragon . .242.5 1.5 252.0 201.4
Edinburgh Inv Tru . . .476.4 -2.9 492.2 414.9
EIectra Private E . . .1499.0 44.0 1755.0 1287.0
F&C Inv Trust . . . . . .300.4 0.1 327.9 261.5
FideIity China Sp . . . . .84.4 1.8 114.3 70.0
FideIity European . .1079.0 8.0 1287.0 912.0
HeraId Inv Trust . . . . .488.9 -1.7 545.5 419.0
HICL Infrastructu . . . .118.2 0.0 121.3 112.7
Impax Environment . .98.0 -0.8 125.4 88.5
John Laing Infras . . .109.3 -0.1 109.6 103.4
JPMorgan American .908.5 1.5 924.0 721.5
JPMorgan Asian In . .200.0 0.0 244.0 170.1
JPMorgan Emerging .566.0 2.0 610.5 480.1
JPMorgan European .703.0 0.0 983.5 624.0
JPMorgan Indian I . . .378.0 1.2 459.0 313.1
JPMorgan Russian .560.0 1.5 741.0 415.1
Law Debenture Cor . .359.7 -0.3 385.0 321.0
MercantiIe Inv Tr . . . .967.5 4.0 1137.0 823.0
Merchants Trust . . . .373.4 -0.5 431.8 341.5
Monks Inv Trust . . . .325.0 0.2 367.9 298.1
Murray Income Tru . .645.0 0.5 673.0 568.0
Murray Internatio . . .957.5 1.5 991.5 818.5
PerpetuaI Income . . .262.0 -0.6 276.0 236.5
PersonaI Assets T .34250.0 -50.0 34300.030210.0
PoIar Cap TechnoI . .354.4 1.9 391.2 299.5
RIT CapitaI Partn . . .1242.0 -2.0 1360.0 1173.0
Scottish Inv Trus . . . .476.0 0.4 524.0 417.0
Scottish Mortgage . .666.5 4.5 781.0 565.0
SVG CapitaI . . . . . . . .230.0 9.0 279.8 165.1
TempIe Bar Inv Tr . . .903.5 -4.5 952.0 791.0
TempIeton Emergin .612.5 9.5 684.5 497.0
TR Property Inv T . . .157.0 1.9 206.1 136.2
TR Property Inv T . . . .63.8 -0.2 94.0 59.8
Witan Inv Trust . . . . .474.0 2.0 533.0 401.5
3i Group . . . . . . . . . . .194.6 1.0 319.4 166.9
3i Infrastructure . . . .120.8 0.0 124.0 113.4
Aberdeen Asset Ma .250.1 0.1 253.4 167.8
Ashmore Group . . . .384.2 8.9 420.0 301.5
Brewin DoIphin Ho . .155.0 2.7 185.4 113.7
CameIIia . . . . . . . . . .9950.0 254.010950.0 8800.0
CharIes TayIor Co . . .127.0 0.5 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .345.0 -1.4 450.0 304.3
CIose Brothers Gr . . .701.5 17.5 875.0 590.0
CoIIins Stewart H . . . .91.8 0.3 94.0 48.5
F&C Asset Managem .68.9 0.1 91.0 56.1
Hargreaves Lansdo .432.6 8.4 646.5 402.5
HeIphire Group . . . . . . .2.3 -0.1 17.4 1.4
Henderson Group . . .115.2 2.2 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .381.3 19.3 556.5 311.6
IG Group HoIdings . .489.1 8.7 502.5 393.6
Intermediate Capi . . .296.5 3.9 354.7 197.9
InternationaI Per . . . .203.9 9.3 388.8 148.5
InternationaI Pub . . .121.4 0.3 121.5 108.6
Investec . . . . . . . . . . .402.1 7.5 522.0 318.4
IP Group . . . . . . . . . . .100.0 -1.0 101.8 33.7
Jupiter Fund Mana . .234.5 -0.1 337.3 184.9
Liontrust Asset M . . . .91.1 2.4 91.3 57.9
LMS CapitaI . . . . . . . . .56.3 -0.3 64.8 51.5
London Finance & . . .23.5 0.0 23.5 19.0
London Stock Exch .923.5 6.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.5 0.0 19.8 8.9
Man Group . . . . . . . . .126.8 5.1 311.0 104.5
Paragon Group Of . .184.0 2.0 206.1 134.6
Provident Financi . . .989.0 10.0 1124.0 915.0
Rathbone Brothers .1190.0 1.0 1257.0 977.0
Record . . . . . . . . . . . . .11.6 -0.4 35.5 11.1
RSM Tenon Group . . . .6.1 0.1 57.8 5.8
Schroders . . . . . . . .1588.0 12.0 1906.0 1183.0
Schroders (Non-Vo .1269.0 9.0 1554.0 970.0
TuIIett Prebon . . . . . .314.6 5.6 428.6 262.3
WaIker Crips Grou . . .44.0 0.0 51.5 44.0
BT Group . . . . . . . . . .205.9 -0.6 208.8 161.0
CabIe & WireIess . . . .43.5 -1.3 51.2 31.3
CabIe & WireIess . . . .20.9 0.0 76.9 14.2
COLT Group SA . . . . .91.8 -1.3 156.2 84.1
KCOM Group . . . . . . . .73.6 -0.7 84.0 57.5
TaIkTaIk TeIecom . . .122.6 -1.4 160.5 119.8
TeIecomPIus . . . . . . .680.0 -8.0 802.0 440.0
Booker Group . . . . . . .73.7 1.2 80.0 54.5
Greggs . . . . . . . . . . . .520.0 0.0 550.5 445.0
Morrison (Wm) Sup .286.0 -0.1 328.0 268.5
Ocado Group . . . . . . .109.5 11.4 285.0 52.9
Sainsbury (J) . . . . . . .288.7 -5.3 391.2 263.5
Tesco . . . . . . . . . . . . .319.0 -2.5 420.1 312.4
Associated Britis . . .1164.0 -11.0 1182.0 940.0
Cranswick . . . . . . . . .795.5 -9.5 862.0 588.5
Dairy Crest Group . . .320.5 -3.2 409.7 311.0
Devro . . . . . . . . . . . . .276.6 1.2 296.9 223.5
Tate & LyIe . . . . . . . . .675.5 -3.5 720.5 520.0
UniIever . . . . . . . . . .1994.0 -91.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .530.5 8.0 664.0 413.5
Centrica . . . . . . . . . . .295.6 -1.6 345.8 278.8
InternationaI Pow . . .340.3 1.6 427.0 279.4
NationaI Grid . . . . . . .625.0 -9.0 649.5 543.5
Pennon Group . . . . . .691.5 -11.5 737.5 584.5
Severn Trent . . . . . .1501.0 -56.0 1600.0 1375.0
United UtiIities . . . . .594.5 -14.5 637.0 550.0
Cookson Group . . . . .596.5 -1.5 724.5 395.8
DS Smith . . . . . . . . . .227.9 -3.2 266.2 164.4
Rexam . . . . . . . . . . . .380.4 0.3 400.0 299.8
Price Chg High Low
Bovis Homes Group .479.1 9.0 499.6 326.5
Persimmon . . . . . . . .530.0 -3.0 544.0 374.0
Reckitt Benckiser . .3398.0 -33.0 3578.0 3015.0
Redrow . . . . . . . . . . . .129.5 2.7 136.2 103.5
TayIor Wimpey . . . . . . .43.5 -0.1 43.8 28.7
Bodycote . . . . . . . . . .325.0 4.6 397.7 225.6
Fenner . . . . . . . . . . . .465.8 6.6 471.0 280.0
IMI . . . . . . . . . . . . . . . .883.0 9.0 1119.0 636.5
MeIrose . . . . . . . . . . .381.8 4.0 386.1 268.0
Northgate . . . . . . . . . .249.4 8.1 346.7 190.9
Rotork . . . . . . . . . . .1919.0 -16.0 1979.0 1501.0
Spirax-Sarco Engi . .2045.0 10.0 2082.0 1649.0
Weir Group . . . . . . .2018.0 -4.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .455.5 -0.5 460.0 315.0
Ferrexpo . . . . . . . . . . .351.5 1.4 499.0 238.7
TaIvivaara Mining . . .339.5 6.9 622.0 195.2
BBAAviation . . . . . . .190.1 -3.8 240.8 156.0
Stobart Group Ltd . . .129.0 3.5 163.6 112.0
AdmiraI Group . . . . . .962.0 29.0 1754.0 787.0
AmIin . . . . . . . . . . . . .338.1 -1.0 427.0 270.6
BeazIey . . . . . . . . . . . .143.6 -0.3 144.7 109.6
Informa . . . . . . . . . . . .399.9 -4.1 461.1 313.9
ITE Group . . . . . . . . . .230.0 23.1 258.2 157.7
ITV . . . . . . . . . . . . . . . . .75.8 0.5 93.5 51.7
Johnston Press . . . . . . .6.0 0.0 12.8 4.1
MecomGroup . . . . . .202.5 -8.5 310.0 134.5
Moneysupermarket. .120.0 2.0 120.4 84.8
Pearson . . . . . . . . . .1196.0 10.0 1255.0 1013.0
PerformGroup . . . . .252.1 -5.6 260.0 150.0
Reed EIsevier . . . . . .528.5 -3.5 590.5 461.3
Rightmove . . . . . . . .1290.0 -5.0 1408.0 843.5
STV Group . . . . . . . . . .91.0 0.0 168.0 76.3
Tarsus Group . . . . . .142.0 4.4 165.0 119.5
Trinity Mirror . . . . . . . .48.8 2.0 89.5 37.5
UBM . . . . . . . . . . . . . .566.5 3.5 725.0 416.0
UTV Media . . . . . . . . .109.5 1.5 150.0 92.5
WiImington Group . . .79.8 0.5 183.0 78.5
WPP . . . . . . . . . . . . . .764.5 4.0 846.5 578.0
YeII Group . . . . . . . . . . .5.9 -0.1 11.0 3.4
African Barrick G . . .531.5 4.5 616.5 393.5
AIIied GoId Minin . . .139.4 -0.4 281.3 34.4
AngIo American . . .2830.5 97.5 3437.0 2138.5
AngIo Pacific Gro . . .300.0 3.0 369.3 237.9
Antofagasta . . . . . . .1366.0 36.0 1524.0 900.5
Aquarius PIatinum . .169.2 2.0 419.0 149.0
BHP BiIIiton . . . . . . .2195.0 20.5 2631.5 1667.0
CatIin Group Ltd. . . .421.5 14.0 425.2 334.0
Hiscox Ltd. . . . . . . . . .384.9 3.9 424.7 340.5
Jardine LIoyd Tho . . .690.0 1.5 764.5 576.0
Lancashire HoIdin . . .721.5 16.5 774.5 532.5
RSA Insurance Gro . .109.7 1.2 143.5 99.6
Aviva . . . . . . . . . . . . . .363.6 6.6 477.9 275.3
LegaI & GeneraI G . . .119.0 1.3 123.8 89.8
OId MutuaI . . . . . . . . .151.5 0.1 152.4 98.1
Phoenix Group HoI . .590.0 0.0 688.0 451.1
PrudentiaI . . . . . . . . .719.0 0.0 777.0 509.0
ResoIution Ltd. . . . . .277.6 2.7 316.1 229.5
St James's PIace . . . .368.0 9.4 376.0 294.0
Standard Life . . . . . . .224.4 0.9 244.7 172.0
4Imprint Group . . . . .259.0 -3.0 295.0 200.0
Aegis Group . . . . . . .160.0 0.1 161.5 115.7
BIoomsbury PubIis . .112.0 2.0 138.0 91.3
British Sky Broad . . .686.0 4.0 850.0 618.5
Centaur Media . . . . . . .36.5 0.8 73.0 32.5
Chime Communicati .216.0 -2.0 298.5 163.0
Creston . . . . . . . . . . . .50.8 2.3 121.0 47.0
DaiIy MaiI and Ge . . .461.1 9.8 594.5 343.4
Euromoney Institu . .706.5 1.0 736.0 522.5
Future . . . . . . . . . . . . . .10.5 0.5 30.0 8.3
Haynes PubIishing . .205.0 -5.0 257.0 200.0
Huntsworth . . . . . . . . .43.1 -1.1 81.0 32.3
Bumi . . . . . . . . . . . . . .890.0 0.0 898.0 876.0
Centamin (DI) . . . . . .100.6 2.2 154.2 78.5
Eurasian NaturaI . . .705.0 -12.5 1076.0 522.0
FresniIIo . . . . . . . . . .1848.0 42.0 2150.0 1302.0
GemDiamonds Ltd. .215.5 3.5 306.0 179.8
GIencore Internat . . .461.7 30.0 531.1 348.0
HochschiId Mining . .522.0 1.5 680.0 365.9
Kazakhmys . . . . . . .1191.0 0.0 1631.0 730.0
Kenmare Resources . .49.5 0.5 59.9 31.0
Lonmin . . . . . . . . . . .1082.0 22.0 1880.0 941.0
New WorId Resourc .494.0 31.5 1060.0 409.4
PetropavIovsk . . . . . .813.0 25.0 1090.0 543.5
PoIymetaI Interna . .1170.0 15.0 1173.0 877.0
RandgoId Resource 7420.0 120.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3980.5 68.5 4712.0 2712.5
Vedanta Resources 1323.0 72.0 2518.0 928.0
Xstrata . . . . . . . . . . .1230.5 111.0 1550.0 764.0
Inmarsat . . . . . . . . . . .406.0 4.0 719.5 389.3
Vodafone Group . . . .170.8 0.3 182.8 155.1
Genesis Emerging . .514.5 12.0 548.5 424.0
Afren . . . . . . . . . . . . . .132.4 8.6 171.2 73.6
BG Group . . . . . . . . .1432.0 -13.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .477.9 -5.1 497.5 363.2
Cairn Energy . . . . . . .287.0 -5.0 469.7 257.8
EnQuest . . . . . . . . . . .112.1 3.0 158.5 85.7
Essar Energy . . . . . .132.0 0.0 533.5 120.0
ExiIIon Energy . . . . . .255.0 2.2 469.7 184.2
Heritage OiI . . . . . . . .192.5 -4.6 332.2 160.0
Ophir Energy . . . . . . .299.7 4.6 318.8 184.5
Premier OiI . . . . . . . . .409.1 0.0 535.0 310.0
RoyaI Dutch SheII . .2265.0 -3.5 2402.0 1883.5
RoyaI Dutch SheII . .2297.5 -28.5 2489.0 1890.5
SaIamander Energy .234.4 6.3 317.6 182.3
Soco Internationa . . .297.3 -2.9 400.0 278.0
TuIIow OiI . . . . . . . . .1440.0 24.0 1493.0 945.5
Amec . . . . . . . . . . . .1036.0 15.0 1228.0 740.5
Hunting . . . . . . . . . . .845.0 29.5 845.0 530.0
Kentz Corporation . .480.7 7.7 508.0 347.0
LampreII . . . . . . . . . . .331.1 10.0 395.2 220.7
Petrofac Ltd. . . . . . .1495.0 45.0 1603.0 1108.0
Wood Group (John) .670.5 6.0 715.8 469.9
Burberry Group . . . .1431.0 24.0 1600.0 1092.0
PZ Cussons . . . . . . . .311.6 -0.8 387.9 285.0
Supergroup . . . . . . . .656.5 1.5 1820.0 435.2
AstraZeneca . . . . . .2984.0-105.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .340.2 2.2 341.6 210.1
Genus . . . . . . . . . . . .1035.0 -2.0 1111.0 853.5
GIaxoSmithKIine . . .1396.0 -28.5 1497.0 1127.5
Hikma Pharmaceuti .709.5 -0.5 869.0 555.5
Shire PIc . . . . . . . . . .2082.0 -24.0 2243.0 1634.0
CapitaI & Countie . . .193.0 -1.3 203.7 142.8
Daejan HoIdings . . .2982.0 -28.0 3040.0 2282.0
F&C CommerciaI Pr .103.9 0.0 108.0 92.6
Grainger . . . . . . . . . . .104.1 0.1 133.2 77.3
London & Stamford .106.0 1.0 140.0 103.9
SaviIIs . . . . . . . . . . . . .361.5 0.3 427.1 256.2
UK CommerciaI Pro . .74.0 -0.4 85.5 65.1
Unite Group . . . . . . . .180.2 -8.4 224.1 152.9
Big YeIIow Group . . .293.7 -1.3 344.4 218.0
British Land Co . . . . .495.2 -1.1 629.5 444.0
CapitaI Shopping . . .334.6 4.6 408.6 288.7
Derwent London . . .1730.0 -18.0 1880.0 1400.0
Great PortIand Es . . .363.6 -5.2 445.0 312.9
Hammerson . . . . . . . .378.3 0.4 490.9 345.2
Hansteen HoIdings . . .73.6 0.9 89.5 68.0
Land Securities G . . .675.5 -3.5 885.0 612.0
SEGRO . . . . . . . . . . . .222.2 -0.8 331.3 195.0
Shaftesbury . . . . . . . .512.0 -4.5 539.0 436.8
Aveva Group . . . . . .1660.0 22.0 1799.0 1298.0
Computacenter . . . . .409.2 -3.4 490.0 324.7
Fidessa Group . . . . .1668.0 -6.0 2109.0 1444.0
Invensys . . . . . . . . . . .202.9 -0.7 357.8 180.9
Logica . . . . . . . . . . . . .78.0 1.6 147.2 59.0
Micro Focus Inter . . .445.0 2.7 455.0 242.9
Misys . . . . . . . . . . . . .325.5 4.3 420.2 214.9
Sage Group . . . . . . . .295.8 -0.8 310.1 231.7
SDL . . . . . . . . . . . . . . .670.0 0.0 711.5 586.0
TeIecity Group . . . . . .662.5 2.5 668.0 450.5
Aggreko . . . . . . . . . .2105.0 -18.0 2139.0 1394.5
Ashtead Group . . . . .247.0 4.0 247.9 99.4
Atkins (WS) . . . . . . . .726.5 2.5 820.0 490.2
Babcock Internati . . .735.0 -5.5 758.0 542.0
Berendsen . . . . . . . . .469.0 1.5 568.0 402.7
BunzI . . . . . . . . . . . . .869.5 -3.5 906.5 676.5
Cape . . . . . . . . . . . . . .424.8 23.8 591.5 295.0
Capita . . . . . . . . . . . . .620.0 -5.0 786.5 610.0
CariIIion . . . . . . . . . . .314.5 -0.1 403.2 281.0
De La Rue . . . . . . . . .966.0 25.0 970.0 679.5
DipIoma . . . . . . . . . . .401.4 -24.1 425.5 263.5
EIectrocomponents .234.1 6.1 294.9 182.2
Experian . . . . . . . . . . .882.5 8.5 902.5 665.0
FiItrona PLC . . . . . . . .384.0 -2.1 404.5 280.0
G4S . . . . . . . . . . . . . . .270.1 -0.7 291.0 219.9
Hays . . . . . . . . . . . . . . .80.0 5.9 130.0 58.9
Homeserve . . . . . . . .289.1 -3.3 532.0 218.5
Howden Joinery Gr . .109.8 0.6 127.5 93.1
Interserve . . . . . . . . . .294.3 -2.4 341.3 239.8
Intertek Group . . . . .2159.0 7.0 2163.0 1738.0
MichaeI Page Inte . . .425.2 6.8 567.0 323.0
Mitie Group . . . . . . . .260.4 2.0 271.0 195.9
PayPoint . . . . . . . . . . .580.0 9.5 591.0 327.3
Premier FarneII . . . . .218.4 2.2 308.8 144.5
Regus . . . . . . . . . . . . .102.3 3.0 119.0 64.0
RentokiI InitiaI . . . . . . .76.8 1.8 103.4 58.2
RPS Group . . . . . . . . .220.0 -0.1 253.0 156.6
Serco Group . . . . . . .514.0 0.0 618.5 458.0
Shanks Group . . . . . .113.0 13.2 130.9 90.8
SIG . . . . . . . . . . . . . . .102.8 -0.8 153.5 77.0
Travis Perkins . . . . . .923.5 3.5 1090.0 715.0
WoIseIey . . . . . . . . .2245.0 0.0 2274.0 1404.0
ARM HoIdings . . . . . .577.0 -15.5 651.0 464.0
CSR . . . . . . . . . . . . . .232.3 1.3 447.0 154.1
Imagination Techn . .588.0 -3.0 595.5 296.9
Spirent Communica .130.2 9.5 160.0 105.8
British American . .2988.0 -8.5 3079.0 2300.0
ImperiaI Tobacco . .2308.0 5.0 2444.0 1878.0
Betfair Group . . . . . . .879.0 -0.5 1030.0 567.0
Bwin.party Digita . . .168.2 6.3 204.0 100.6
CarnivaI . . . . . . . . . .1928.0 22.0 2983.0 1742.0
Compass Group . . . .605.5 4.5 619.5 512.5
Domino's Pizza UK . .463.4 1.4 549.0 377.0
easyJet . . . . . . . . . . . .458.4 11.0 459.8 301.0
FirstGroup . . . . . . . . .306.0 -10.5 379.1 301.8
Go-Ahead Group . . .1275.0 -14.0 1598.0 1190.0
Greene King . . . . . . .508.0 -2.5 520.5 410.0
InterContinentaI . . .1335.0 1.0 1435.0 955.0
InternationaI Con . . .184.3 0.8 268.1 132.0
JD Wetherspoon . . . .409.5 -2.2 468.3 380.5
Ladbrokes . . . . . . . . .144.7 0.6 155.3 114.0
Marston's . . . . . . . . . . .97.8 -0.5 112.0 84.6
MiIIennium& Copt . .455.0 -2.0 600.5 371.2
MitcheIIs & ButIe . . . .262.0 -0.4 348.7 215.6
NationaI Express . . .224.2 1.3 270.2 201.6
Rank Group . . . . . . . .137.6 -0.4 153.7 109.5
Restaurant Group . . .302.6 -3.3 335.0 254.9
Spirit Pub Compan . . .50.5 0.0 55.0 35.3
Stagecoach Group . .279.9 -7.5 287.6 200.0
TUI TraveI . . . . . . . . . .198.7 4.2 250.0 136.7
Whitbread . . . . . . . .1673.0 9.0 1863.0 1409.0
WiIIiamHiII . . . . . . . . .229.7 0.5 244.1 176.8
Abcam . . . . . . . . . . . .330.8 -3.3 460.0 320.0
Advanced MedicaI . . .92.0 2.8 96.0 64.8
AIbemarIe & Bond . .347.0 0.0 400.1 281.0
Amerisur Resource . .19.3 0.8 29.0 9.5
Andor TechnoIogy . .561.5 -18.5 685.0 387.1
ArchipeIago Resou . . .70.0 1.5 79.0 55.5
ASOS . . . . . . . . . . . .1838.0 61.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.5 0.3 92.0 16.0
Avanti Communicat .285.3 2.0 628.0 248.5
BIinkx . . . . . . . . . . . . . .64.0 -3.3 158.0 50.5
Borders & Souther . . .70.5 -0.5 73.5 43.5
BowLeven . . . . . . . . . .79.0 -2.0 382.3 62.0
Brooks MacdonaId .1130.0 0.0 1372.5 940.0
Cove Energy . . . . . . .137.0 0.5 138.8 61.0
Daisy Group . . . . . . .103.5 -1.0 127.0 88.0
EMIS Group . . . . . . . .440.0 -7.5 580.0 397.5
Faroe PetroIeum . . . .169.3 -0.8 202.0 130.0
GuIfsands PetroIe . . .173.8 0.0 342.0 142.5
GWPharmaceuticaI . .91.0 0.0 130.0 78.5
H&T Group . . . . . . . . .344.0 -1.0 395.0 277.0
Hargreaves Servic .1180.0 15.0 1180.0 855.0
HeaIthcare Locums . . . .3.6 0.6 3.8 3.2
Immunodiagnostic . .382.0 8.0 1218.0 288.8
ImpeIIamGroup . . . .243.0 0.0 387.5 210.0
Iomart Group . . . . . . .138.3 0.0 139.2 85.5
James HaIstead . . . . .475.0 2.5 495.0 410.0
KaIahari MineraIs . . .242.8 0.0 301.0 198.3
London Mining . . . . .294.5 8.3 436.5 257.5
Lupus CapitaI . . . . . .125.5 -3.5 150.0 86.0
M. P. Evans Group . .442.5 -1.0 475.0 371.0
Majestic Wine . . . . . .410.3 -7.8 510.0 315.0
May Gurney Integr . .294.6 4.6 302.0 234.0
Monitise . . . . . . . . . . . .29.0 0.5 40.0 20.5
MuIberry Group . . . .1905.0 20.0 1950.0 1065.0
Nanoco Group . . . . . . .61.3 -0.8 93.3 38.0
NauticaI PetroIeu . . .323.3 -6.0 547.0 223.5
NichoIs . . . . . . . . . . . .605.0 2.5 615.0 410.0
Numis Corporation . . .92.5 -2.0 126.0 72.0
Pan African Resou . . .17.8 0.4 17.8 9.5
Patagonia GoId . . . . . .45.5 1.8 70.0 37.3
Prezzo . . . . . . . . . . . . .68.3 0.3 71.5 53.5
Pursuit Dynamics . . . .99.8 -0.8 410.0 67.0
Rockhopper ExpIor .354.0 10.3 386.0 141.0
RWS HoIdings . . . . . .470.5 19.5 481.6 328.0
Secure Trust Bank .1005.0 0.0 1030.0 755.0
Songbird Estates . . .103.0 -4.5 160.3 103.0
VaIiant PetroIeum . . .420.0 0.8 645.0 400.0
Young & Co's Brew . .632.0 -1.5 712.0 565.0
Shanks Group . . . . . .113.0 13.2
Ocado Group . . . . . . .109.5 11.6
ITE Group . . . . . . . . .230.0 11.2
Xstrata . . . . . . . . . . .1230.5 9.9
Hays . . . . . . . . . . . . . . .80.0 7.9
Spirent Communicat .130.2 7.9
Afren . . . . . . . . . . . . .132.4 7.0
GIencore Internati . . .461.7 6.9
New WorId Resource 494.0 6.8
Cape . . . . . . . . . . . . . .424.8 5.9
DipIoma . . . . . . . . . . .401.4 -5.7
Unite Group . . . . . . . .180.2 -4.5
UniIever . . . . . . . . . .1994.0 -4.4
WH Smith . . . . . . . . . .537.0 -3.9
Severn Trent . . . . . .1501.0 -3.6
AstraZeneca . . . . . .2984.0 -3.4
FirstGroup . . . . . . . . .306.0 -3.3
EIementis . . . . . . . . . .156.0 -3.2
Senior . . . . . . . . . . . . .182.3 -3.1
CabIe & WireIess C . . .43.5 -3.0
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 5.000 12 . . . .100.42 -0.04 104.4 100.3
Tsy 5.250 12 . . . .101.67 -0.02 105.6 101.7
Tsy 9.000 12 . . . .104.31 0.00 111.7 103.3
Tsy 2.500 13 . . . .283.31 -0.01 287.7 279.0
Tsy 8.000 13 . . . . .112.46 -0.02 116.9 112.4
Tsy 4.500 13 . . . .104.46 -0.01 106.5 104.4
Tsy 5.000 14 . . . . .111.84 0.00 112.9 109.2
Tsy 8.000 15 . . . .127.80 -0.09 129.2 123.7
Tsy 7.750 15 . . . .100.00 0.00 106.3 99.4
Tsy 4.750 15 . . . . .114.68 -0.13 115.4 108.6
Tsy 2.500 16 . . . .342.64 -0.07 344.2 312.1
Tsy 4.000 16 . . . . .113.88 -0.16 114.7 104.9
Tsy 1.250 17 . . . . .115.72 -0.12 116.6 106.7
Tsy 12.000 17 . . .121.25 0.40 128.9 120.9
Tsy 8.750 17 . . . .141.23 -0.52 141.9 132.9
Tsy 5.000 18 . . . .121.74 -0.27 122.5 109.7
Tsy 4.500 19 . . . . .119.88 -0.30 120.7 105.4
Tsy 3.750 19 . . . . .114.73 -0.36 115.6 99.4
Tsy 2.500 20 . . . .363.59 -0.19 367.1 314.0
Tsy 4.750 20 . . . .122.30 -0.39 123.5 106.6
Tsy 8.000 21 . . . .151.50 -0.41 153.4 133.8
Tsy 4.000 22 . . . . .116.59 -0.50 118.2 99.0
Tsy 1.875 22 . . . .126.74 -0.11 129.1 111.3
Tsy 2.500 24 . . . .327.94 -0.17 334.7 275.6
Tsy 5.000 25 . . . .128.41 -0.66 130.6 107.4
Tsy 4.250 27 . . . .120.42 -0.83 122.7 97.9
Tsy 1.250 27 . . . .123.97 -0.13 127.0 104.8
Tsy 6.000 28 . . . .145.28 -0.81 148.0 119.5
Tsy 4.125 30 . . . .316.44 -0.29 322.8 262.9
Tsy 4.750 30 . . . .127.55 -1.04 130.5 103.0
Tsy 4.250 32 . . . .120.12 -1.13 123.1 96.0
Tsy 4.250 36 . . . .120.52 -1.32 123.9 95.0
Tsy 4.750 38 . . . .130.08 -1.43 134.2 102.8
Tsy 4.500 42 . . . .126.65 -1.54 130.8 98.9
% %
CITYA.M. 3 FEBRUARY 2012 23
Wealth Management | ISAs
Lifestyle| Reviews
24
Film
YOUNG ADULT
Cert: 15
hhhhh by Steve Dinneen
Y
OUNG Adult takes a premise from
the Hollywood Rom Com Storyline
Generator and subverts it deli-
ciously.
Charlize Theron plays ageing prom
queen Mavis Gary, who returns to her
hick hometown to try to rekindle her
high school romance with Buddy Slade,
who is now married with a baby.
She pretends shes only back in town for
a real estate thing, soaking up her reputa-
tion as the successful girl who left for the
big city and a career as a novelist.
In reality, she is a faltering ghostwriter
for a cancelled teen series (hence the title)
that looks set to be pulped. You often see
her hunched over a laptop, grinding out
lines of appalling dialogue stolen from
local teenagers while drinking a lot, often
whilst driving and pining over her lost
youth. She looks like Sex and the Citys
Carry Bradshaw after a crystal meth binge
(except, obviously, less like a starving pony
thats strayed too close to a threshing
machine). We are treated to repeated shots
of shots of her waking up mid-afternoon
with a raging hangover, glugging Diet Coke
to make the pain go away, and visiting the
beauty parlour to smooth things out again.
In the rom com version of Young Adult,
Buddys wife would be awful. She would
probably practice yoga or make bad art.
Hilarity would ensue. In this shes nice; she
plays drums in a (terrible) covers band, and
does her best to juggle having a life and a
baby. Naturally, Gary has nothing but con-
tempt for her, and for everyone else in her
gross hometown, who have settled for the
grinding mundanety of real life. Everyone
except for the slightly dopey Buddy hes
dreamy mostly because he reminds her of
herself but younger. Which is definitely a
good thing.
She lives and acts like a poorly fleshed-
out character from one of her books, even
carrying a neglected dog in her hand-
bag. She is the eponymous young adult: a
grown woman still mentally residing in
what she probably wrongly assumes to
have been her best years.
Patton Oswalt plays high school geek
(another staple rom com cliche) Matt
Freehauf, who Gary doesnt recognize until
she realizes he was the hate crime guy
so badly beaten at high school for being gay
(which he wasnt) that he still walks with
Nasty, bitchy
and...brilliant
crutches and has a bit of a nightmare
downstairs.
He and Theron become drinking buddies
but its never really a friendship. Theron
wants to get loaded and Freehauf gets to
hang out with the prom queen. The same
social hierarchy applies as when they were
at school; as Freehauf admits, guys like me
were born in love with women like you. No
mater how messed up Gary gets, however
unhappy and spiteful, shell always be out
of sight on the social ladder. The sparky
chemistry between the two is brilliant
that both were left off the Oscar nomina-
tion list is this years biggest travesty.
Therons performance is pitch perfect
there are plenty of laughs but it is all played
against a backdrop of misery and spite.
There are reasons for her behaviour alco-
holism, depression, overbearing parents
but they arent really put forward as excus-
es. Take these away and youd still have a
spoiled, obnoxious woman.
In fact, Theron is so perfectly unlikable
that Young Adult can stray a little close to
misogyny. She is the archetypal beautiful,
unhinged woman intent on getting her
manicured fingernails into your man, no
mater what. Give her a few years and shell
be Glenn Close in Fatal Attraction. Diablo
Codys (Juno) sharp script, though, makes
sure Young Adult stays the right side of the
line.
It isnt giving anything away to say that
there is little redemption. This is a film
where nobody changes and theyre all
pretty awful most of the time. What a
refreshing concept.
Charlize Theron is
shockingly good as
the misanthropic
Mavis Gary.
Tate bites off more than it can chew
Art
MIGRATIONS
Tate Britain
hhhII by Zoe Strimpel
MIGRATIONS is not a user-friendly exhibit
abstract and vague from the get-go (what
is the plural of migration when applied to
art, exactly?), I walked in feeling out of my
depth. But once inside, Migrations comes
into its own or at least, it tries to. London
has always drawn the best and brightest of
the continent as it has long been consid-
ered Europes best art marketplace. So
when it comes to artistic migrants to this
sceptred isle, there are very rich pickings
indeed. The ambitious exhibit seeks to
show the ways in which foreign artists
used Britain to launch or develop them-
selves and new ideas over the last 400
years.
Portraiture, landscape, decorative art
and ship and boat painting were some of
the genres introduced to Britain by
European painters under Charles I, an
ardent patron of the arts. Most of the
court painters shown here (these include
the likes of Van Dyck) are Flemish. Their
expansive, finely-hewn landscape paint-
ings are particularly lovely, from
Hampton Court and gardens to the hills
of Yorkshire. Charles also favoured
Italians, including Canaletto and Antonio
Verrio (no less), and this is a chance to see
their richly colourful, ornate work, too.
Moving along the time-line takes us to a
terrific room, featuring some breathtak-
ing Singer Sargents and Whistlers, both
of whom were American (and European-
influenced) but lived in London. Works
like Sargents Study of Madame Gautrau
in a revealing dress were deemed too racy
by the British chattering classes: this
room is all about the clash of French and
English tastes and values.
It wasnt long until British prudery
migrated along with the incoming flock
of painters. A room devoted to Jewish and
immigrant art is tightly focused and
interesting, with work made by those
who fled Nazi or other oppressive
regimes. Work by Bomberg, Siegfried and
Charoux is captivating.
The 1950s and onwards sees the intro-
duction of all sorts of artistic ideas, but at
this point the unifying idea of the exhib-
it feels too loose and harried. With
Migrations, Tate Modern has bitten off
more than it can chew, but it should be
applauded for the effort.
And its a chance to see some classic
stunners alongside some unusual gems
from recent times.
She Stoops stands up very, very high indeed
Theatre
SHE STOOPS TO CONQUER
Olivier Theatre at The National
hhhhI by Steve Dinneen
OLIVER Goldsmiths famous play is a good
old-fashioned romp. Cases of mistaken iden-
tity abound, incriminating snippets of con-
versation are overheard, priceless jewels are
misplaced.
Summarising the labyrinthine plot,
which twists and writhes for two and a half
hours, would take pages. Suffice it to say the
well-to-do young Marlow is duped into
thinking he is staying at an inn rather than
the home of a bride his father has lined up
for him and that the father of the bride is
an innkeeper with delusions of grandeur.
This proves quite handy, as Marlow is
dumbstruck when faced with women of
his own class but is quite happy to letch
on the riff-raff below him just the
kind of man the vivacious young
Miss Hardcastle, whom he mistakes
for a bar maid, is looking for.
While the whole thing could quite
easily descend into a slightly nasty cri-
tique of the class system past and
present the performances are
light and animated enough to
keep it all whimsical rather than pointedly
satirical.
The cast is decidedly A-list. The League of
Gentlemens Steve Pemberton charges the
cantankerous, put-upon master of the
house with energy. Corries Katherine Kelly
is solid as Miss Hardcastle, although she
fights a sometimes-losing battle against an
under developed character.
David Fynn provides the laughs as lovable
oaf Tony Lumpkin, who turns unlikely hero
after devising a complicated masterplan.
But John Hefferman steals the show as the
breathless, roguish Hastings, Marlows in-
the-know foil. His dialogue with Marlow
provides the stand-out moments of Jamie
Lloyds adaptation.
The whole thing is played with a camp,
sometimes Carry On humour, with double
entendres flying and some decidedly risque
encounters between the courting lovers.
The set design puts the rotating stage to
impressive use, morphing seamlessly from
the ramshackle inn to a creepy foggy wood-
land.
The dancing, musical interludes some-
times stray a little close to twee,
notwithstanding the impressive choreog-
raphy, but thats a small gripe. When you
reach the end of She Stoops to Conquer
its hard not to smile as everything falls
neatly into place and getting there is
never anything less than great fun.
Katherine Kelly, of
Coronation Street
fame, as Miss
Hardcastle.
Film
CARNAGE
Cert: 15
hhhhI by Stevie Martin
When Roman Polanski directs a discus-
sion between two tense couples about
a playground dispute, you know its not
going to turn out well. Bleak and biting,
Kate Winslet, Jodie Foster, John C.
Reilly and Christopher Waltz are unable
to stop the discussion escalating to
intense proportions. As the faade of
civility begins to slide, the entire cast
delivers pitch perfect performances-
including Polanski himself, cameoing as
a neighbour. Poking his head through
the door at the frenzied behaviour, the
respectable classes are truly cut down
to size.
Nervously hysterical, Winslet strug-
gles to keep a lid on it from the off, her
husband (Reilly) incredibly uncomfort-
able as she spars with the equally frag-
ile Foster. However, its Waltz who
comes closest to winning any sort of
sympathy, continuously on his ill-fated
Blackberry and given all the wittiest
one liners. Carnage is a showcase of
top class performances, but its admit-
tedly difficult to get to the heart of
something with absolutely no heart. In
fact, this is the film equivalent of a
short, sharp slap around the face.
Polanskis superbly tense social hell
Kate Winslet in Polanskis masterful movie.
LA TZOUMAZ:
VERBIERS QUIETER
NEIGHBOUR
IN TRAVEL ON MONDAY
T
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CORONATION STREET
ITV1, 7.30PM
Carla heads back to court to endure
the rest of Franks trial, before the
verdict is delivered. Tracy is stunned to
find Steve has converted the house
into two self-contained flats.
NEWGIRL
CHANNEL 4, 8.30PM
While staying the night, Cece
convinces Jess that Nick likes her as
more than a flatmate, and deals with
amorous advances from Schmidt.
WORLDS TOUGHEST TRUCKER
CHANNEL 5, 8PM
The challenge moves to Canada, where
the drivers navigate the treacherous
mountain roads in the Elaho Valley,
north of Vancouver.
BBC1
SKY SPORTS 1
7pmLive Super League 10pm
Take It Like a Fan 10.30pm
Premier League Preview11pm
Football League Weekend 12am
Test Cricket 1.30amTwenty20
International Cricket 2.30am
Take It Like a Fan 3amPremier
League Preview3.30amFootball
League Weekend 4.30am-6am
Test Cricket
SKY SPORTS 2
7pmLive Darts 11pmWWE:
Late Night Smackdown 1am
WWE: Late Night Bottom Line
2amNFL: Americas Game 3am
NFL: Total Access 4am-6am
Super League
SKY SPORTS 3
7pmTight Lines 8pmLive PGA
Tour Golf 11pmEuropean Tour
Golf 1amPGA Tour Golf 4am
Elite League Ice Hockey
5am-5.30amTake It Like a Fan
BRITISH EUROSPORT
6.30pmBobsleigh 7.30pmLive
Snooker 10.30pmBoxing
11.30pm-12.30amAfrica Cup of
Nations
ESPN
7pmGoal! Special 7.30pmLive
Bundesliga 9.30pmESPN Kicks:
Serie A 9.45pmFrench Top 14
Rugby Union 11.30pmPress Pass
2012 12amOff the Ball 12.30am
NBA Countdown 1amLive NBA
Basketball 3.30amNBA Action
4am-5amUFC 143 Countdown
Show
SKY LIVING
7pmCriminal Minds 8pm
Strictly Baby Ballroom9pm
Criminal Minds 10pmCSI: Crime
Scene Investigation 11pmBones
12amCriminal Minds 1amCSI:
Crime Scene Investigation
2.40amMy Wife and Kids
3.30amBones 4.20amNothing
to Declare 5.10am-6amJerry
Springer
BBC THREE
7pmDoctor Who 8.30pmThe
Real Hustle: Celebrity Chancers
9pmRussell Howards Good
News 10pmEastEnders
10.30pmSun, Sex and
Suspicious Parents 11.30pm
Family Guy 12.15amAmerican
Dad! 1amRussell Howards Good
News 2amBizarre Crime
2.30amReal Hustle: Celebrity
Chancers 3amSun, Sex and
Suspicious Parents 4am-5am
Britains Gay Footballers
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pm
Supernanny US 9pmFILM
Beverly Hills Cop II 1987.
11.05pmPlaying It Straight
12.05amThe Big Bang Theory
1amScrubs 2amHow I Met
Your Mother 2.30amRules of
Engagement 2.50amGreek
3.30amWildfire 4.15am-6am
Switched
HISTORY
7pmMounted in Alaska 7.30pm
Pawn Stars 8pmIRT Deadliest
Roads: The Andes 9pmMud Men
10pmCash Cowboys 11pmHow
London Was Built 12amPawn
Stars 12.30amMounted in
Alaska 1amThe True Story 2am
How London Was Built 3am
Gladiators: Back from the Dead
4amDeep Sea Detectives
5am-6amAmerican Pickers
DISCOVERY
7pmBear Grylls8pmBears Wild
Weekend with Miranda 9pm
Storm Chasers 10pmAmerican
Chopper: Senior Versus Junior
11pmDeadliest Catch 12amBear
Grylls: Born Survivor 1amStorm
Chasers 2amAmerican Chopper
3amWheeler Dealers 3.50am
Mythbusters 4.40amMark
Williams on the Rails
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon
and Kate Plus 8 9pm19 Kids and
Counting 10pmSister Wives
11pmEmergency 12am19 Kids
and Counting 1amSister Wives
2amEmergency 3am
Supernanny US 4amA Baby
Story 5am-6amBringing Home
the Babies
SKY1
8pmFuturama 8.30pmThe
Simpsons 9pmStella 10pmAn
Idiot Abroad 2 11pmA League of
Their Own 12amDog the Bounty
Hunter 1am99 Most Bizarre
1.50amFringe 2.40amRoad
Wars 4.20amLion Man
5.10am-6amDont Forget the
Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
6.30pmBBC London News
7pmThe One Show: BBC News
8pmEastEnders
8.30pmRoom 101
9pmHustle
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton
Show
11.20pmThe National Lottery
Friday Night Draws
11.30pmFILMRoad Trip
2000.
1amWeatherview1.05amSign
Zone: Question Time 2.05amFilthy
Cities 3.05am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys Goes to Ireland
7pmEgypt Children of the
Revolution
8pmMastermind
8.30pmMastermind
9pmCutty Sark: National
Treasure
10pmQI
10.30pmNewsnight
11pmThe Review Show
11.45pmWeather
11.50pmFILMYouth Without
Youth 2007.
1.50amBBC News 3.05am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCHOICE Coronation
Street
8pmSafari Vet School
8.30pmCoronation Street
9pmLaw & Order: UK
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMJaws 3 1983.
12.25amThe Zone; ITV News
Headlines
2.30amFILMExorcist: The
Beginning: 2004. Horror prequel,
starring Stellan Skarsgard.
4.20am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
6.55pm4thought.tv
7pmChannel 4 News
7.30pmChannel 4 Presents
2012: David Smith Part Two
7.35pmCome Dine with Me
8.30pmCHOICE New Girl
9pmThe Million Pound Drop
Live
10.30pmChris Moyles Quiz Night
11.20pmRude Tube: Utter Pranks
12.25amFILMHarsh Times 2005.
2.25amPerfect 2.40amRandom
Acts 2.45amMy Name Is Earl
3.30amHung 4.30amBrothers &
Sisters 5.15am-6amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmRoyal Navy: Caribbean
Patrol; 5 News Update
8pmCHOICE Worlds
Toughest Trucker; 5 News at 9
9pmFILMThe Last of the
Mohicans: Period adventure,
starring Daniel Day-Lewis.
1992.
11.15pmWorlds Scariest Near
Misses
12.15amSuperCasino
4amMotorsport Mundial 4.25am
Wildlife SOS 5.10amMichaelas
Wild Challenge 5.35am-6am
Michaelas Wild Challenge
1 2 3 4 5
6 7 8
9
10 11 12
13 14
15 16 17 18
19 20
13 12 6
22 3
27 6
4 39
22 8
10 30
23 9
21 16
24 28
8 38
10 3 6
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29
27
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7
34
19
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17
5
17
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20
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6
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 Unrened (5)
3 Inventories (5)
6 Sternwards (5)
7 Kingdom in the
South Pacic (5)
10 Deserving reward
or praise (11)
13 Autonomous (4-7)
15 In a peculiar
manner (5)
18 Wireless (5)
19 Tempest (5)
20 Fence formed by
a row of closely
planted shrubs (5)
DOWN
1 Enchant (5)
2 Double-dealing, intending
to mislead (9)
3 Ignited (3)
4 Boy child (3)
5 Closes with a bang (5)
8 Bring into being (9)
9 One stroke over par in golf (5)
11 Adams wife (3)
12 Container for ashes (3)
13 Catches sight of (5)
14 Treasure of unknown
ownership (5)
16 Singing couple (3)
17 Sweet potato (3)
T
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4

K L E I N M E E T S
O N I X T
R I G S K N O T T Y
A R U B U R L
N A I R A T R A C E
S E R R I E D
O U T D O A G I N G
U M N E A T O
T R I V E T T E N D
E L S T L
R O L E S B A D L Y
2 6 1 8 9 4
8 7 9 3 2 6 1 3
1 6 9 8 8 2 9
2 1 9 7 2
5 9 8 6 4 4 1
1 3 7 9 4 2 8 6 5
6 4 7 3 1 5 2
1 5 2 7 2
4 8 3 7 9 8 6
7 9 4 8 6 2 1 4
3 2 1 8 1 5
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
WHETSTONE
Lifestyle | TV&Games
15 MINUTES
15 MINUTES
A development by:
0800 883 8953 or (out of hours) 0800 032 0077
www.caxtongaramond.co.uk
Computer generated image of Garamond Building. Times are approximate and are courtesy of www.tfl.gov.uk. *Price correct at time of going to press.
020 7791 7000
Selling Agents:
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 from nearby Shadwell DLR station.
EXCEPTIONAL
APARTMENTS
ZONE 1
1 & 2 bedroom apartments, ready for occupation March 2012
Prices from232,500*
City or Canary Wharf in under 15 minutes!
&
CAXTON
APARTMENTS
GARAMOND
BUILDING
LONDON E1
Living | Property
DOWN HOUSE
Price: 1.1m
A five bedroom Georgian house, situated in the edge of a village set-
ting, with off-road parking, garden and extensive grounds.
Contact Knight Frank on 020 7629 8171 or knightfrank.co.uk
FERNCLYFFE
Price: 3.6m
Gigantic home
featuring
entrance hall,
four reception
rooms, conserva-
tory, kitchen,
games room, util-
ity room, eight
bedrooms, dress-
ing room, and
five bathrooms
Contact Knight
Frank on 020
7629 8171 or
knightfrank.co.uk
FOCUS ON: TUNBRIDGE WELLS
BETH HOLME
Price: 1.6m
A six bedroom
Edwardian family
house with
detached coach-
house two miles
from town. Has
well kept gardens
and is bounded by
woodland.
Contact Knight
Frank on 020
7629 8171 or
knightfrank.co.uk
OLD
BULLING-
STONE
Price: 1.25m
Four bedroom
property on a
quiet rural lane
with a detached
barn comprising
a games room
reception/dining
room, play-
room/bedroom.
Also features
large gardens and
grounds with
woodland.
Contact Knight
Frank on 020
7629 8171 or
knightfrank.co.uk
FOREST
ROAD
Price: 735,000
Spacious four
bedroom proper-
ty close to the
town centre of
Tunbridge
Wells, featuring
an internal
garage and park-
ing and an
attractive court-
yard style garden
Contact Knight
Frank on 020
7629 8171 or
knightfrank.co.uk
Nick Wheeler of the Country House department at Knight
Frank said: The pretty villages and market towns surround-
ing Tunbridge Wells make the area an attractive option for
would-be buyers wanting a change of lifestyle. Access to
renowned schools, excellent shopping and good transport
links ensure that good quality, character homes continue to
attract good demand. The market for prime country proper-
ty in the area has been relatively strong with two common themes the subject proper-
ty must be of quality and the guide price must be competitive. Once these two objectives
are met, strong sales have been achieved. Given the wider economic conditions we do
not predict that the market will see much change in the foreseeable future.
EXPERT VIEW | AREA INSIGHT
IN THE KNOW | PRICES Source: Savills
Detached Terraced Flats
Tunbridge Wells 556,024 237,510 186,892
Kent 391,057 176,629 143,661
Te Circle SE1
430,000 leasehold
A 1 bedroom apartment with garden views situated in the ever popular Circle
development in Shad Tames. Te property benefts from 24 hour porterage,
underground secure parking & a balcony.
Spice Quay Heights SE1
465 per week
A modern & bright 1 bedroom apartment on the 7th foor of this well run portered
development in the heart of Shad Tames. Te apartment benefts from having parking
& lift, as well as access to leisure facilities including a pool in the adjacent development.
Jamestown Way E14
675,000 freehold
A substantial 4 bedroom terraced house enjoying direct river views. Other features include
an integral garage, private drive & rear garden. Te property is located 300 metres from
East India Quay DLR station & benefts from 24 hour concierge.
Millharbour E14
2,900 per week
A stunning duplex penthouse that was originally 2 penthouse apartments & has now been
converted into one large unit. Te property comprises 3 double bedrooms all with en-suites
& a large roof terrace with bar area & views of the dock.
Tower Bridge
020 7357 7999
sales.towerbridge@chestertonhumberts.com
Tower Bridge
020 7357 6911
lettings.towerbridge@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8300
sales.canarywharf@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8310
lettings.canarywharf@chestertonhumberts.com
chestertonhumberts.com
SEARCH FOR PROPERTY
WITHIN FACEBOOK
Join one of the frst estate agents to ofer a
property search function within Facebook
www.facebook.com/chesterton.humberts
CALL 020 8357 4444
EMAIL sales@nhhg.org.uk
VISIT www.nhhg.org.uk/theterrace
*For a 30%share of the full market value of 350,000. **Subject to eligibility.
Details correct at time of going to print. January 2012. ***Texts are subject to
standard network charges.
Scan me!
Or text*** Terrace to 60123
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The Terrace E8 is a stylish new
development comprised of 34
apartments of which 17 are available to
buy through Shared Ownership. Only
minutes from Hackney Downs station,
these striking 1, 2 and 3 bedroom homes
are at the heart of bustling Hackney.
With affordable shares from 30% to 75%
you could be owning your own home in
East London.**
COMPUTER GENERATED IMAGE ILLUSTRATING
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Living | The UK
Oh I do long to be beside the (British) seaside
The best of our
coastal properties
rival anything in
France, says
Zoe Strimpel
I
TS not the South of France or the
Amalfi Coast. But Britains seaside has
plenty of charm of its own and not
just of the quaint and slightly run-
down variety, but of a beautiful, unique
and in some cases, highly exclusive type. For
instance, Knight Frank recently sold a man-
sion in south Cornwall to a Greek family
who had been previously been looking in
the South of France.
Rich Greeks aside, whats the verdict on
the British seaside: a cold and pebbly (dis-
tant) second best to Europes coast or a
clement haven with sandy beaches and
impressive houses? A clever investment or a
back-water punt?
The answer is both and neither. Britains
habitable coast spans a great many regions,
from Wales and Scotland to Devon and Kent
and each area offers a variety of styles.
Christopher Bailey, head of Waterfront at
Knight Frank, says: The British seaside has
definitely got an image of being pebbly and
shingly and not particularly exciting,
when you compare it to the South of France.
But the reality is that there are definitely
areas of the coast, all the way round, where
you have sunny and sheltered beaches and
where the water is quite warm.
There are two main types of seaside prop-
erty in the UK: that located on or by an estu-
ary this means sheltered waters, no strong
tides and lovely huge sandy beaches. The
other is the blustery, rocky promontory
type: romantic as such spots may be, their
exposed beaches weather strong tides, and
the result is pebbly beaches, winds and
chilly water.
Because of this, the most popular areas
are near estuaries Devon, Dorset and
Cornwall, for example, offer the Chelsea or
Belgravia equivalent of coastal property.
Sandbanks, which is near the estuary of
Poole Harbour, has attracted the wealthiest
of British buyers for over 100 years.
Your bargain basements are not to be
found in estuary hotspots but Bailey says
thats rather the point. If youre looking for
value for money or an investment, its loca-
tion, location, location. Max out on a top
location theyre going to hold their value
more. For instance, for me, a one-bed in
Belgravia would be a better buy than a four-
Who needs the
Riviera when youve
got Dorset?
Picture: GETTY
watch Torquay. There are palm trees there,
but a dearth of high value properties.
Theyre talking about bringing in a link
road to make the traffic better, though, so
you could see it become a hotspot in the
next few years. Equallly, an airport in
south-west Wales could cause values to
shoot up. Keep your ears out.
In the end, the likes of Sandwich and
Tenby are good if you want to take a punt
like buying in Clapham 15 years ago, says
Bailey. Only with ocean breezes.
Sandwich Bay, which have the advantage of
being near London.
Transport links with the capital are the
make-or-break of solid seaside investments.
The airport in Newquay, speedy trains to
Exeter (though not so speedy beyond) and
good motorways to London open up the
classic southerly area. Tenby in
Pembrokeshire, however beautiful, is very
far west, and requires driving along a com-
plex network of A-roads.
Baileys top tip? You might want to
bed in South London. Safe spots include
Rock and Padstow in Cornwall, Devons
Salcombe and the beautiful big sandy
beaches of Puttsborough Beach and
Braunton Sands, while Sandbanks will
always attract money.
Not everyone is so conservative or rich.
Bailey admits that there are undervalued
bits of coast that are beautiful and worth-
while Trearddur Bay in noth Wales offers
amazing value for money as does some
of the Kentish coast, such as Ramsgate and
Marine Drive West,
West Wittering,
Chichester
Price: 1.2m
A five-bedroom beach-
side house with three
receptions and a real
sense of space, Marine
Drive West has been
built to a unique design
and layout situated in a
sought after private
road with breathtaking
southerly sea views.
Contact: Chesterton
Humberts Chichester,
01243 531010,
www.chesterton-
humberts.com
Flag House, Banks Road, Sandbanks, Poole, Dorset
Price: 5m
An elegant period property built in the 1930s, with one of the best locations in the world-
famous Sandbanks. Period features are to be found in the propertys five bedrooms, kitchen,
breakfast room, beach chalet and balcony and three bathrooms. Direct beach access.
Contact: Aylesford Intl, 020 7351 2383, www.aylesford.com
Penmore, St Ives
Price: 1.35m
Just 400 yards
Porthminster Beach,
this stunning house
holds a spectacular
position overlooking St
Ives Bay and Godrevy
Lighthouse. It has
four-five bedrooms,
three reception rooms,
pantry, terraced gar-
dents, private gated
driveway and garage,
and is only a short
walk to the beaches.
Contact: Savills
Cornwall, tel: 01872
243 200.
www.savills.com
Littledene House,
Bonchurch,
Isle Of Wight
Price: 875,000
Located in a quiet seaside
village, this house, dating
from 1896, combines an
array of attractive period
features with some par-
ticularly well propor-
tioned principal rooms, all
of which face south over
the well planted, mature
gardens. Dickens,
Swinburne and Shaw all
lived in Bonchurch, drawn
by its sea views and ele-
gant houses.
Contact: Knight Frank
Hampshire, 01962
850333, www.knight-
frank.com
0800 883 8712 or (out-of-hours) 0800 032 0077
www.matchmakerswharf.co.uk
Selling Agent:
*Prices correct at time of going to press. CGI of Matchmakers Wharf from the River Lea and photography of previous Telford Homes showhome interior.
Studio apartments from175,000*
1 bedroom apartments from215,000*
2 & 3 bedroom apartments from260,000*
Exceptional interiors featuring designer kitchens with integrated appliances and
flooring throughout
Landscaped communal deck and roof terraces
Just 15 - 20 minutes walk to Stratford International Station for quick travel into
The City and Canary Wharf
Many apartments have wide open views towards the 2012 Olympic Park,
Canary Wharf, The City or the vast open greenery of Hackney Marshes
24 hour concierge service and exclusive residents only gymnasium
Matchmakers Wharf - minutes from
the heart of the action at Stratford City
MATCHMAKERS WHARF
LONDON E9
Actual view from eleventh floor residents roof terrace at Matchmakers Wharf.
Stylish studio, 1, 2 and 3 bedroom waterside apartments ready from March 2012,
prior to the London Olympic Games. The ideal place to invest or make your home!
READY FOR MOVE-IN
FROM MARCH 2012
Were now at home in Borough
Our new Borough branch is open. If youre buying, selling, letting or renting,
weve got the experience, the neighbourhood knowledge and the Londonwide
contacts to get the best results for you.
Find us on 44-48 Borough High Street
Sales 020 3465 9230
Email sbo@kfh.co.uk
Lettings 020 3465 9240
Email lbo@kfh.co.uk
Living | Property
Q.
I am about to put my flat on the market and
have about 5,000 to spend getting it looking
its best. How should I spend it?
A.
The trick in selling a property is to realise that
most people buy within the first 30 seconds of
walking in, so first impressions are vital. Given you
live in a flat, this puts the onus on getting the approach to
your block, and the common parts, looking their best. You
may think you have no control but most lessees will thank
you for getting this right especially if the managing agents
arent good at keeping this in hand. So get any front gar-
den looking good, make sure the front door is freshly paint-
ed and, depending on what floor youre on, ensure the paint
in the common parts and the carpets are looking their
best. If not, ask your neighbours permission to repaint and
recarpet if necessary, they may contribute. If not, its
money well spent even if it could account for the first half
of your budget. Walk into your flat as if you were a buyer.
We all know about decluttering, so hire a self storage
space and take out the padding in your life that buyers
wont appreciate. Bathrooms and kitchens are next and
500 should be enough to have tiles regrouted and
cleaned up and, if necessary, tighten up loose fittings. You
may have got used to non-aligned kitchen cupboards and a
mouldy shower curtain but buyers will smell neglect. A
good new work surface in the kitchen might add a few
hundred quid but will be worth it and if the fitted cup-
boards in the kitchen are ropey consider replacing. Bear in
mind that dcor can be a bottomless pit and clean carpets
and walls should be OK unless the colours are very individ-
ual. Always look through a buyers eyes and ask your estate
agent what they think. The most helpful things are free
though: get a good solicitor and make sure you have your
Title Deeds from your Mortgage Company and three years
service charges ready to go.
ED MEAD
DIRECTOR
DOUGLAS & GORDON
Q A
&
BUY
NEW DEVELOPMENT TO LAUNCH IN LEWISHAM
Contributing to the major regeneration of Lewisham, housing provider,
Family Mosaic is delighted to announce the launch of its impressive new
development, Central Park, this April. The high specification one, two
and three bedroom apartments are in close proximity to neighbouring
Blackheath and Greenwich and perfectly placed in one of London's most
dynamic and exciting areas.
Just minutes from the DLR, the development is also conveniently
located near the City of London, Stratford International, The Eurostar
and City Airport. Each of the homes will be surrounded by an attractive
urban park and finished to the highest standard with an integrated
oven, hob, extractor fan, fridge freezer and washing machine, semi-
glazed balconies providing valuable outdoor space and optional tailor
made furniture packs by David Phillips. Additional environmental meas-
ures will also include solar paneled roofing which will generate electrici-
ty from daylight, and help to power the lifts and communal lighting.
Those looking to invest at this stage are also expected to benefit in
years to come with the nearby Olympic Village and improved local
amenities adding great value to the area. Prices start from 179,950 for
a one bedroom apartment.
To register your interest now, visit www.centralparkliving.co.uk or call
Savills 020 7089 3917
PROPERTY NEWS
CURRENT MORTGAGE DEALS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
First Direct Flexible 1.99 2 years 3.6 65
Santander Flexible 2.09 2 years 4 60
Chelsea BS Flexible 2.39 March 2014 5.4 70
NatWest Flexible 2.45 March 2014 3.9 60
HSBC Fixed 2.24 May 2014 3.8 60
Santander Fixed 2.35 April 2014 4.1 60
Market Harborough BS Fixed 2.69 February 2014 5.1 75
Chelsea BS Fixed 2.94 March 2015 5.3 70
GREENWICHCREEKSIDE
*Terms and conditions apply. **Subject to legal completion by 30
th
March 2012. Meridian Fitness is due to open in March 2012 and is not the
responsibility of Telford Homes Plc. Price correct at time of going to press. Photographs depict Atriuminterior and Atriumshowhome interior.
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Prices from 247,500
A development by:
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FEBRUARY: RECEIVE A YEARS FREE GYM
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greenwichcreekside.com
0800 883 8627or (out-of-hours) 0800 032 0077
EXCLUSIVE APARTMENTS
NOW ON SALE
With unique and distinguished architecture from renowned architects Squires & Partners, The Atrium allows natural
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Punter | Racing
CITYA.M. 3 FEBRUARY 2012 32
LUKE MORRIS RIDE
OF THE WEEKEND
DIAMOND VINE 2.25PM
LINGFIELD
(TOMORROW)
I
TS been a profitable few
weeks on the all-weather for
us. Diamond Vines victory in
round four of the Blue
Square Sprint Series was a third
winner in the last three weeks.
Luke Morris nominated his
mount as his ride of the weekend
and Blue Squares other exclusive
blogger, ATRs all-weather special-
ist Simon Mapletoft, also selected
Ron Harris charge.
Diamond Vine lines up in
round five (Div 2) tomorrow
(2.25pm) and it wouldnt be a big
surprise to see him go in again.
However, hes up 3lb for last
weeks victory and that will make
things more difficult for the four-
year-old even from trap one.
The sponsors offer 1,000 each
to the leading jockey and trainer
of the Series and last years win-
ning trainer David Evans is 5/4 to
repeat the feat. He runs Captain
Dimitrios again tomorrow,
who won the second divi-
sion of round one, but hes
up 8lb since that victory
and I think hell struggle
off a mark of 64.
Richard Guests
WAABEL has
appeared in all
four rounds of the Series and has
been a measure of consistency. He
is due some luck and I think
tomorrow could be the day from
stall three in Div 2 at 1.55pm.
William Carson takes the ride
again and he is 4/7 to land the top
jockey prize, having already
amassed 40 points, and he certain-
ly knows how to ride this track.
The Blue Square Winter
Carnival App is available to down-
load and the firm are once again
refunding bets if your selection
is beaten less than a length.
RACING TRADER BILL ESDAILE LOOKS AHEAD TO THE CHELTENHAM
FESTIVAL AND PREVIEWS THE WEEKEND ACTION
Oscars could Well be
the only one to live
with Hurricane Fly
N
O Champion Hurdle winner
has set the pulse racing as
much as Istabraq in the past
20 years, but some would
argue that Hurricane Fly has the
potential to be even greater. The 10-
time Grade One winning hurdler
has had some niggling problems
during his career, but when on his
game, he is breathtaking.
Last years Champion Hurdle
was widely regarded as one of the
strongest renewals in recent mem-
ory, yet Peddlers Cross was the only
one to give Willie Mullins son of
Montjeu a moments worry.
Hurricane Fly then went on to
annihilate his rivals in the
Rabobank Champion Hurdle at
Punchestown, before silencing his
doubters in last weekends Irish
Champion Hurdle at Leopardstown
following a lengthy break.
Blue Square offer a best price
10/11 about Hurricane Fly going on
to land back-to-back Champions
and he will be much shorter on the
day if he lines up and the vibes are
positive. He is an incredibly special
horse and as long as he remains
healthy, I think theyre all playing
for second place.
Grandouet and Zarkandar are
next in the betting and although
last years Triumph form is work-
ing out well, five-year-olds have a
poor record in this race. Binocular
was hardly impressive when beat-
ing Rock On Ruby in the Christmas
Hurdle at Kempton and it is
OSCARS WELL who looks the each-
way value in the race for me.
Jessica Harrington is a brilliant
trainer who has tasted plenty of
success at Cheltenham in the past.
She won last years RSA Chase with
Bostons Angel and Oscars Well
would have come very close to win-
ning the Neptune had he not stum-
bled on landing after the last.
He had been slightly disappoint-
ing this season prior to his excel-
lent run behind the Fly last
weekend in terrible conditions.
However, his trainer said he would
improve for better ground and a
fast run two miles is exactly what
Oscars Well needs. I would be very
surprised if he can beat Hurricane
Fly, but he is decent each-way value
at 14/1 with Coral. That said, an
even better bet might be to take the
13/2 Paddy Power offer in the with-
out Hurricane Fly market, again
each-way.
The Fred Winter Handicap
Hurdle is the penultimate race of
the Wednesday and it is a contest
that trainers like to target with
their juveniles who are a tad below
Triumph Hurdle standard. Arthur
Moore landed the prize with the
well-handicapped What A Charm
last year and Alan King has come
out and said that VENDOR will be
going straight for this race.
That is the key thing for me, as
one impressive performance
against inferior rivals in the lead
up to the Festival can ruin a handi-
cap mark. Nicky Henderson was
confident of landing this prize last
year with A Media Luz, but she
went up an incredible 18lb for win-
ning an egg and spoon race at
Huntingdon in imperious style.
Alan King is a brilliant trainer of
juveniles his three runners in this
race last year finished second, third
and fifth and the fact that hes
protecting Vendors mark speaks
volumes. The grey gelding won
really well on his debut for the yard
at Newbury on New Years Eve,
despite losing momentum at the
final flight. Hes available at 8/1
with William Hill and I expect him
to be half that price come the day.
Im not going to spend too much
time on this weekends jumps
action as the weather seems to be
catching up with us. The highlight
from a betting point of view is
Sandowns Betfred and Levy Board
Heroes Handicap Hurdle (3.05pm).
Paul Nicholls has won three of the
last five runnings, so it is under-
standable that his Sonofvic has
been well backed this week.
The seven-year-old made a huge-
ly promising chasing debut behind
Grands Crus, only to disappoint
when favourite at Cheltenham last
time. He could be on an extremely
handy mark here back over hur-
dles, but he will have his work cut
out to beat the Lanzarote winner
SWINCOMBE FLAME.
Nick Williams nearly pulled off
the Lanzarote-Heroes double 12
months ago with Alfie Spinner and
I fancy him to go one better this
time around. The six-year-old mare
was a gutsy winner at Kempton
and although this is a hotter race,
she only has to carry 10st.
It could be a good day for
Williams, if the weather behaves,
as FOR NON STOP looks a notch
above his rivals in the Scilly Isles
Chase (2.30pm).
I received a press release yester-
day telling me that Katherine
Jenkins will be singing the
National Anthem to the Queen at
Epsom on Investec Derby Day
which falls on Saturday 2nd June.
The sunshine at Epsom seems a
long way off during this cold snap.
You can follow me on Twitter
@BillEsdaile.
POINTERS...
OSCARS WELL (w/o Hurricane Fly) 13/2 e/w
Champion Hurdle, Cheltenham
VENDOR 8/1 e/w Fred Winter, Cheltenham
FOR NON STOP 2.30pm Sandown tomorrow
SWINCOMBLE FLAME 5/1 3.05pm Sandown
tomorrow
Punter| Sport
SPORT TRADER DAVID WILD AND BEN CLEMINSON
BRING YOU THE BEST SIX NATIONS AND PREMIER LEAGUE BETS
Super Saint-Andre can
lead France to trophy
W
HO is under the most pressure
ahead of this years Six
Nations? Is it Stuart Lancaster,
Englands interim coach who,
should he achieve anything less than a
Grand Slam, will probably be out of a
job?
Or is his opposite number at France,
Philippe Saint-Andre, who inherited a
talented but undisciplined group of
players that, against the odds, pro-
gressed to the World Cup final? Or per-
haps Wales captain Sam Warburton,
who will be aiming to deliver the trophy
to a hopeful nation of rugby fanatics
while simultaneously staking a claim to
be the next captain of the British and
Irish Lions?
The fallout from the World Cup has
meant more than the usual level of
anticipation for the upcoming tourna-
ment but reshuffled squads at the start
of a new four-year cycle also makes it dif-
ficult to predict the outcome. England,
France, Wales and Ireland are all capable
of beating each other and so Corals 8/11
for no Grand Slam winner appeals.
While a new crop of promising play-
ers including one-cap captain Chris
Robshaw heralds a bright future for
England, a long list of unknowns and
injuries to key experienced players like
Toby Flood suggests they cannot retain
their title. The selections will be
unavoidably experimental when consis-
tency is required.
There are unknowns too for France but
they have more in their favour and are
the outright tip at 13/8 with Coral. As a
former international captain, and with
over a decade of coaching experience,
Saint-Andre is well-known and well-
respected among the players and his abil-
ity to galvanise his squad should not be
underestimated. When they lost to New
Zealand by a point in the World Cup
final, Les Bleus showed that they are a
serious force when they put their collec-
tive mind to it and the leadership prof-
fered by the new coach alongside captain
and IRB Player of the Year Thierry
Dusautoir will ensure that is the case.
Frances strongest challengers are con-
sidered to be Wales, Coral making them
11/4 second favourites. However, I feel
there is too much optimism for Warren
Gatlands men and advise selling their
outright spread at 28 with Sporting
Index. A profit would be made if they
finish third or lower.
Wales will be forced to field a weak-
ened tight five in a tricky opener in
Dublin Matthew Rees joining Gethin
Jenkins, Alun Wyn-Jones and Luke
Charteris on the injury list while other
experienced players such as Jamie
Roberts are doubts. There is the option
to trade out if the Red Dragons do lose to
the Irish, but they may also struggle in
important games at Twickenham and
against France at the Millennium
Stadium.
WELCOMING the Auld Enemy to
Murrayfield on a freezing cold day must
be the perfect way for a Scotsman to get
his Six Nations campaign underway.
Welcome is not quite the right word
though, because Andy Robinsons side
have a score to settle.
The last time England paid a visit to
the home of Scottish rugby the match
was tied 15-15, when missed chances
saw the hosts eventually become the
not-so-proud owners of the wooden
spoon. Exactly a year later, Scotland
came close to grabbing an elusive win at
Twickenham, a Jonny Wilkinson penal-
ty eventually securing the hosts victory
by 22-16. In the Pool B match at the
Rugby World Cup a win was again
beyond Scotland but this time the gap
was even closer just four points. The
Scots might think theyre due one and
will be baying for blood against
Englands new boys.
However, for all the intent, motivation
and dogged determination, there still
lies a problem for the Scots. In 24 match-
es under Robinson, they have scored just
20 tries at an average of 0.8 a game,
while conceding 38.
Without the reliability of retired kick-
er Chris Paterson to fall back on, its dif-
ficult to see how Scotland will find
enough points to topple a physically
stronger and fitter England. Im confi-
dent enough to back England with a
three-point handicap at 10/11 with
Coral, but if you prefer to bet on the win
market, it makes sense to take the 4/6
with Coral, who are offering a 20 per
cent bonus if the team you back wins by
more than 13 points this weekend.
We can expect this to be close and low
scoring the last three Calcutta Cup
clashes at Murrayfield have averaged just
28 points, with the Scots winning by six
in both 2006 and 2008. Spread bettors
should sell points at 34 with Sporting
Index while Bodogs 20/1 for a half-time
draw/England victory is tempting.
POINTERS...
France at 13/8 with Coral
No Grand Slam winner at 8/11 Coral
Sell Wales outright tournament index at 28 with
Sporting Index
POINTERS...
England (-3) at 10/11 with Coral
HT Draw/ FT England at 20/1 with Bodog
Sell total match points at 34 with Sporting Index
RBS SIX NATIONS
CHAMPIONSHIP
FROM TOMORROW
TOMORROW 5.00PM BBC ONE
ENGLAND
SCOTLAND
AS a man who checks his watch every
five seconds, Sir Alex Ferguson wont
need telling that its squeaky bum time
in the Premier League. Having allowed
Manchester United to draw level at the
top of the table, Roberto Mancini will
certainly be squirming in his seat at the
Etihad Stadium.
Manchester Citys defeat at Everton
has handed the initiative back to their
local rivals and United will be looking to
capitalise on Sunday at Stamford Bridge.
In recent seasons backing away wins
on this ground has been a pretty unre-
warding tactic, but the aura of invinci-
bility that surrounded the Bridge has
given way to an air of opportunity for
visiting teams.
This season, Arsenal, Liverpool and
Aston Villa have plundered nine points
between them from this part of west
London. And Liverpool returned to
secure a 2-0 Carling Cup win just over a
week after their league triumph.
Although United lost at Anfield in the
FA Cup last weekend, they have the divi-
sions outstanding away record, with
eight wins and a single loss from their
11 road trips, and are the recommended
selection at a best price 19/10 with
Coral.
Chelsea are dismissed at 8/5 having
won just two of their last eight league
matches and their vulnerability was
there for all to see in the 1-1 draw with
Swansea on Tuesday night. The Blues
have been unfamiliarly frail at the
back hence the signing of Gary Cahill,
who could make his debut with Ashley
Cole suspended. They have already con-
ceded more home goals this term than
in total for each of the previous nine
completed seasons.
United won the reverse fixture 3-1 in
September and Im expecting goals
again. Spread bettors are encouraged to
buy goals at 2.7 with Sporting Index as
there have been an average of 3.64 in
Chelseas 11 home league fixtures.
POINTERS...
Man United at 19/10 with Coral
Buy goals at 2.7 with Sporting Index
SUNDAY 4.00PM SKY SPORTS 1
MANCHESTER UNITED
CHELSEA
Sport
34
ENGLAND chiefs were last night dis-
cussing whether John Terrys
position as captain of the
national side has become
untenable following
Wednesdays announce-
ment that the Chelsea
defenders court case,
where he is accused of
racially abusing QPRs
Anton Ferdinand, will not
take place until after this sum-
mers European Championships.
Terry denies the charge which
relates to an offence alleged to have
taken place during Octobers stormy
west London derby at Loftus Road
and his barrister entered a formal
not guilty plea at Westminster mag-
istrates court earlier this week.
But the spectre of the 31-
year-old skippering his
country in June with such
a serious allegation hang-
ing over him has prompt-
ed Football Association
chairman David
Bernstein to contact all
the other members of the
12-strong board to seek their
views on whether Terry (inset)
should be forced to relinquish the
armband a decision could be made
as early as today.
ENGLANDS struggling batsmen will
be playing for the right to be part of
the touring party to Sri Lanka in
March when the third Test against
Pakistan gets underway today.
Back-to-back defeats mean England
can only salvage pride from a series
characterised by batting collapses, and
captain Andrew Strauss warned the
likes of Kevin Pietersen, Ian Bell and
Eoin Morgan that another abject dis-
play will put their places in jeopardy.
You cant keep underperforming
forever, said Strauss. So all of us have
a responsibility on our shoulders to
improve our games.
Strauss: Ill axe batsmen
CRICKET
FOOTBALL
FA chiefs deciding whether

Terry should stand down
RUGBY | IN BRIEF
Hook seeks Wales redemption
RUGBY UNION: Wales star James Hook
says his World Cup troubles are behind
him as he prepares for the Six Nations
opener in Ireland. The 26-year-old con-
cedes he had a poor tournament
although Wales earned plaudits for their
fourth place. The World Cup semi-final
was the lowest I have been, he said.
But I have got over that now and it is
about this Six Nations and beyond.
Fords focus solely on Scotland
RUGBY UNION: Scotland captain Ross
Ford will pay little heed to England's
line-up for the Six Nations opener on
Saturday. Only six players remain from
the side that started the Red Roses
World Cup quarter final defeat against
France in October, but Ford said:
Whatever England bring, we'll just have
to deal with it and combat that the way
that works best for us. We can only con-
trol what we do on the pitch.
Pietersen, Bell and Morgan have all been out of form against Pakistan Picture: GETTY
EXCITING SELECTION
It looks a mobile team and the good thing is
its full of players who are on top form for their
clubs, like David Strettle, Phil Dowson and Alex
Corbisiero. Individually, its probably the form
fifteen players in the Premiership, which is
how you should pick a team. Having said that,
it lacks a bit of experience. But its exciting, a
new era, lets see what happens. England have
talked a good game for the last few weeks;
now its time to front up. I think the public will
be expecting a new brand of rugby, which is all
well and good, but this is about winning ugly
it doesnt really matter how.
SCOTS ENTITLED TO BE COCKY
Murrayfield is a tough place to go. England
havent won there easily for quite a few years
and Ill be interested to see how the new team
copes with the pressure of that environment.
So of course Scotland coach Andy Robinson
can feel confident. He has some really good
players, others coming back too, and has a rea-
sonably settled team. The question will be
whether they can convert their pressure into
points, which has been their problem for a
long time.
FRANCE ARE FAVOURITES
First off, I dont think anyones going to get the
grand slam. France have to start as favourites
Philippe Saint-Andre is a very clever coach
and I imagine hell galvanise them better than
anyone although Wales are the form team
and itll be interesting to see if they can contin-
ue in that vein. I dont think England will win
the championship, but I do expect them to do
enough to provide encouragement for the
future with a new brand of rugby.
Kyran Bracken was speaking courtesy of
GamePlan Solutions: Managing high pro-
file and popular sport stars; speakers,
leaders, motivators, ambassadors
www.gameplansolutions.co.uk
ENGLAND head coach Stuart
Lancaster has boldly predicted his
new-look side will cast aside their
relative inexperience and tri-
umphantly usher in a new era for
the national side by getting their
Six Nations defence off to a win-
ning start at Murrayfield tomorrow.
The former Saxons coach
announced his team yesterday and
confirmed first starts for Saracens
trio Owen Farrell, Brad Barritt and
Mouritz Botha, as well as Leicesters
30-year-old No8 Phil Dowson.
Lancaster also handed recalls to
Sarries pair Charlie Hodgson, the
fly-half rejuvenated by his summer
move to the Premiership champi-
ons, and wing David Strettle in a
side that features just six of the
players who started against France
in Octobers miserable World Cup
quarter final defeat.
Such wholesale change renders
England something of an unknown
quantity, but Lancaster, who was
appointed on an interim basis fol-
lowing the departure of Martin
Johnson in November, believes he
has chosen a side that delivers on
his promise to field a team for now
and a team for the future.
At the outset I talked about
building a team that has longevity,
and giving opportunities to new
players, said Lancaster.
We also talked about developing
a style of play that allows us to
express ourselves in terms of talent
from both an attacking and a defen-
sive point of view, and I like to
think we have been true to our
word in this selection.
We go to Murrayfield for the
first time and experience it and
that is part of our journey. Equally,
we also know that the result is para-
mount at the weekend.
Hodgson, 31, meanwhile, who
will make his first England start in
nearly four years, has backed his
young club colleagues Farrell and
Barritt to make instant impressions.
Owen has an old head on young
shoulders, he seems to smash
through any obstacle, he said.
Brad is one of the most consis-
tent players at Saracens week in and
week out. He gives you everything
you need and more as one of those
guys who gets over the gain line,
with ease.
BY JAMES GOLDMAN
RUGBY UNION
SCOTLAND
ENGLAND
Revitalised
England ready
for battle
Sarries pair Farrell and Barritt among new faces set to usher in new era against Scotland in Six Nations opener
KYRAN BRACKENS
PRE MATCH
VIEW
Laureus World Sports Awards, London, 6 February
T
HE greatest sportsmen on the planet on
Monday go head-to-head to see which of
them will be named Laureus World
Sportsman of the Year the most presti-
gious individual honour in mens sport.
Novak Djokovic took Rafael Nadals tennis
world No1 ranking last year and beat the
Spaniard in last weekends epic Australian Open
final can he also succeed him as holder of the
Laureus Award?
Will Barcelonas brilliant footballer Lionel
Messi become the first team player to win this
individual Award? Can Jamaican sprint star
Usain Bolt, despite false-starting in the World
Championships 100m, win his third Laureus
Award?
The answers will be revealed at Central Hall,
Westminster on Monday. The winners of the
Laureus World Sports Awards are chosen by the
Laureus World Sports Academy, the ultimate
sports jury, made up of 47 of the greatest sports-
men and sportswomen of all time.
Tennis world No1 looks to cap perfect year but faces stiff
competition from the undisputed king of Formula One
Djokovic eyes up
another of Nadals
prestigious titles
USAIN BOLT
(Jamaica) Athletics
Usain Bolt is best remembered
in 2011 for the false start
which disqualified him from
the World Championship
100m. However, he still won
two gold medals in Daegu
the 200m and the 4x100m
relay, in which he and the
Jamaican team set a new
world record.
CADEL EVANS
(Australia) Cycling
Won the Tour de France after
dramatically taking the lead in
the time trial on the penultimate
day of the race. He was the first
Australian to win the Tour and,
at 34, the oldest winner in the
post-war era. He was also
second in 2007 and 2008. Also
won the Tirreno-Adriatico and
Tour de Romandie.
DIRK NOWITZKI
(Germany) Basketball
Won Most Valuable Player
award in the NBA Finals as
Dallas Mavericks beat Miami
Heat to win their first ever NBA
title. In the best-of-seven series,
Nowitzki scored 62 points in the
decisive game in Miami. Plays
power forward, but has mobility
and shooting ability to play other
front court positions.
T
H
E

N
O
M
I
N
E
E
S
NOVAK DJOKOVIC
(Serbia) Tennis
The dominant player in mens
tennis in 2011, winning three
grand slams the Australian
Open, Wimbledon and the US
Open and rising to No1 in the
world. He is the first man from
Serbia to win a grand slam
singles title and youngest, at
24, to reach the semi-finals of
all four grand slams.
SEBASTIAN VETTEL
(Germany) Motor Racing
Claimed his second successive
Formula One World
Championship in 2011. Driving a
Red Bull, he secured the title at
the Japanese Grand Prix in
October, four races before the
end of the season. It made
Vettel the youngest driver, at
24, to have won two world
titles.
LIONEL MESSI
(Argentina) Football
The greatest footballer of his
generation and still just 24
Messi scored 53 goals for
Barcelona in the 2010/11 season.
Messi played a key role in
Barcelonas Champions League
success, scoring 12 times. In the
final, he scored the decisive sec-
ond goal in the 3-1 victory
against Manchester United.
Results
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email sport@cityam.com
SPORT | IN BRIEF
Tremlett to miss Sri Lanka tour
CRICKET: England seamer Chris
Tremlett has been ruled out of his
sides tour of Sri Lanka in March. The
30-year-old was forced to fly home
early from the current tour of Pakistan
after breaking down following the
humiliating 10-wicket defeat in the
first Test in Dubai earlier this month.
He revealed on Twitter yesterday:
After seeing specialist scans reveal a
bulging disc and may require a little
clean up. Hopefully back playing mid to
end of April.
TOTTENHAM manager Harry
Redknapp admitted misleading a
journalist over payments to his off-
shore account but angrily denied
telling the court a pack of lies as his
tax evasion trial neared a conclusion
yesterday.
Redknapp, taking the stand for a
second day of cross-examination,
raised his voice at John Black QC after
another increasingly tense exchange
between the Spurs boss and the pros-
ecutor.
Black concluded his questioning of
the 64-year-old by saying: I suggest
you have been telling the court a pack
of lies, Mr Redknapp. Youve come to
this court and twisted your account
to get you off the hook.
Redknapp, who denies dodging tax
on sums totalling 189,400, shook his
head and retorted: You think I put
my hand on the Bible and told lies?
Thats an insult, Mr Black. Ive told
you no lies. I dont do that.
The confrontation came on the
ninth day of the high-profile trial,
which will end next week, at
Southwark Crown Court. Closing
arguments will be made today and on
Monday, with the jury retiring to con-
sider its verdict on Tuesday.
Redknapp and co-accused Milan
Mandaric, the former Portsmouth
chairman, deny two charges of cheat-
ing the public revenue over payments
made into a Monaco account code-
named Rosie 47, after Redknapps pet
dog, between 2002 and 2007.
Former Portsmouth manager
Redknapp said he misled a reporter
about the nature of the payments
because he wanted to get him off the
phone and prevent the newspaper
running a story on him the next day.
I dont have to tell Mr Beasley the
truth, he said. I have to tell the
police the truth, not Beasley.
The trial continues.
Redknapp shows anger at
claim he told pack of lies
BY FRANK DALLERES
FOOTBALL
Redknapp clashed with the prosecution in court Picture: GETTY

ENGLAND
15. Ben Foden 22 caps
14. Chris Ashton 18 caps
13. Brad Barritt 0 caps
12. Owen Farrell 0 caps
11. David Strettle 7 caps
10. Charlie Hodgson 36 caps
9. Ben Youngs 17 caps
1. Alex Corbisiero 10 caps
2. Dylan Hartley 34 caps
3. Dan Cole 23 caps
4. Mouritz Botha 1 cap
5. Tom Palmer 33 caps
6. Tom Croft 31 caps
7. Chris Robshaw 1 cap
8. Phil Dowson 0 caps
TOTAL CAPS: 233
SCOTLAND
15. Rory Lamont 26 caps
14. Lee Jones 0 caps
13. Nick De Luca 29 caps
12. Sean Lamont 60 caps
11. Max Evans 24 caps
10. Dan Parks 66 caps
9. Chris Cusiter 55 caps
1. David Denton 1 cap
2. Ross Rennie 11 caps
3. Alasdair Strokosch 23 caps
4. Jim Hamilton 34 caps
5. Richie Gray 16 caps
6. Euan Murray 41 caps
7. Ross Ford 53 caps
8. Allan Jacobsen 60 caps
TOTAL CAPS: 499
CALCUTTA CUP | TEAM LINE-UPS
UNITED CAN INFLICT MORE
MISERY ON FADING CHELSEA
READ THE PUNTERS GUIDE TO THE
WEEKENDS SPORTING ACTION: P33
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