BUSINESS WITH PERSONALITY

HARRIET Harman, the shadow

culture secretary, yesterday called for
News Corp to be stripped of its 39
per cent stake in BSkyB.
Speaking on the Sunday Politics
Show, Harman said that Rupert
Murdoch was not a fit and proper
person to own a broadcast licence
because of the widespread
criminality that went on at his
British newspapers.
Murdoch-led News Corp, which
owns a 39.1 per cent controlling
stake in BSkyB, publishes The Sun
and formerly published The News of
the World via its British division
News International.
Harmans comments follow last
weeks announcement that Ofcom,
the media regulator, has widened its
investigation into whether News
Corp is a fit and proper owner of a
broadcast licence to also include
evidence of phone hacking.
Ofcom escalated its inquiry by
asking News Corp to share private
documents relating to the civil
lawsuits brought by victims of phone
hacking at its British newspapers.
The probe is also evaluating the
propriety of News Corp executive
James Murdochs role as a BSkyB
director.
Ofcom could choose to strip BSkyB
of its broadcast licence unless James
Murdoch resigns from the board or
News Corp sells its controlling stake.
Harman yesterday reiterated her
calls for Jeremy Hunt to resign after
emails suggesting he passed sensitive
information to News Corp regarding
its ill-fated bid for the shares in
BSkyB it didnt already own.
BORIS Johnson is set to gain control
of suburban rail services after the
transport secretary Justine Greening
gave City A.M. the strongest indica-
tion yet that she is willing to hand
him control of key commuter routes
if he is re-elected on Thursday.
Under the proposals Transport for
London (TfL) would have direct con-
trol over certain routes and run
them on the same basis as the
London Overground services.
Last night Johnson said: The frac-
tured organisation of Londons sub-
urban railways is totally inefficient
and needs a complete overhaul. My
vision is for one integrated suburban
service operating to the standards we
have demonstrated can be achieved
on London Overground, which is
now one of the most reliable and
popular railways in the UK.
This is an opportunity for
Londoners. This service would be
more punctual, more reliable,
cheaper and would be integrated
www.cityam.com FREE
with the London Underground net-
work.
Johnson believes that he can
improve staffing levels at stations
and institute a turn up and go
level of service on suburban routes
all while using cost savings to keep
fares down for commuters.
He initially wants to take control of
certain lines on the South Eastern
and Greater Anglian networks when
the existing privately held franchises
are up for renewal in 2014.
This includes existing routes out of
BY LAUREN DAVIDSON
FTSE 100 5,777.11 +28.39 DOW 13,228.39 +23.77 NASDAQ3,069.20 +18.59 /$ 1.63 +0.01 / 1.23 +0.01 /$ 1.33 +1.01
FA MOVE FOR
HODGSON
See Page 34 See Page 21
Certified Distribution
27.02.2012 till 01.04.2012 is 99,462
Murdoch must
be stripped of
BSkyB stake,
says Labour
MAYORAL
ELECTION
BY JAMES WATERSON
EXCLUSIVE
Charing Cross, London Bridge and
Victoria to destinations such as
Dartford, Hayes and Sevenoaks, in
addition to services from Liverpool
Street to Hertford East, Chingford
and Enfield Town.
A new five-year national rail plan is
due for publication in June and
Greening has suggested she is will-
ing to accede to Johnsons demands.
Boris has been making the case
strongly for TfL to be given control
over more rail services in London,
she said.
Were in the middle of a
Government consultation on rail
devolution. But if Boris is re-elected,
we will give serious consideration to
his proposals and work together to
deliver a better rail network for
London.
Johnson has said that his plan
could save up to 100m over 20 years
by removing the need for private
franchisees to build risk premiums
into their ticket prices.
A spokesman for Ken Livingstone
commented: The agreement that
Londoners really need to know about
is by how much Johnson has prom-
ised the Tory government he will
raise fares each year.
BORIS POISED TO
TAKE CONTROL OF
COMMUTERTRAINS
Boris Johnson wants to export the London Overground model to suburban services
AFTER THE BOARDROOM
MAYORAL COVERAGE: Page 10-11

PM DEFENDS HUNT: Page 4

WE TALK TO CONTROVERSIAL TELECOMS BOSS JOHN PLUTHERO
ISSUE 1,622 MONDAY 30 APRIL 2012
Alistair Brownlee
Triathlete, 2011
World ITU No.1
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IN BRIEF
UN report: austerity not working
nFiscal austerity and tough labour
reforms have failed to create jobs,
leading to an alarming situation in the
global employment market that shows
no sign of recovering, the International
Labour Organization said yesterday. It
said advanced countries, especially
Europe, would not see a return to the
pre-crisis employment levels of 2008
until the end of 2016. This is two years
later than it previously predicted
because of a slowdown in production.
An estimated 196m people were
unemployed worldwide at the end of
last year, forecast to rise to 202m in 2012
for a rate of 6.1 per cent, according to the
United Nations agencys annual flagship
report, World of Work Report 2012.
Long-term jobseekers are demoralised
and an average of 40 per cent of job
seekers in their prime (aged 25-49) in
advanced countries have been without
work for more than a year, the report
found.
Investor says GSK offer too low
nGlaxoSmithKlines $2.6bn (1.6bn)
offer for Human Genome Sciences
undervalues the biotech company,
according to Taube Hodson Stonex, a
leading investor in the US group. The
price that's been offered, although it is a
big premium to where the shares were
trading, is not high enough, said Mark
Evans, a fund manager at Taube, which
is the sixth largest investor in Human
Genome with a 5.6 per cent stake. GSK,
Britain's biggest drugmaker, says its $13
a share offer is full and fair and it is the
only obvious owner for the US firm,
given their long-term partnership.
B
B
C
PRIME Minister David Cameron has
said his government will redouble
all our efforts to turn around the
UK economy in the face of a fresh
recession and a very long and
painful process to fix the
Eurozone.
Cameron said last weeks confir-
mation of a double dip recession in
Britain was very disappointing.
He said: Whats actually happen-
ing in our economy is a very diffi-
cult, very painstaking process of
rebalancing our economy because
the old model of growth all about
financial services, all about the
south of England, all about debt in
our banks and houses and govern-
ment that model is broken, he
told the BBCs Andrew Marr show.
Cameron was very bearish on the
prospects for the Eurozone, saying
he did not think the single currency
bloc was anywhere near halfway
through the crisis.
But he said he will not throw
away plans to cut public spending.
Shadow chancellor Ed Balls
warned that last weeks figures
highlighted the risks of a lost
decade for the British economy,
made worse by the coalitions cuts.
Right now the government must
come forward with a plan for jobs
and growth to get the economy
Nokia in talks to sell Vertu to Permira
Nokia is in advanced talks to sell the worlds
most expensive mobile phone brand to
Permira, the private equity group, as the
Finnish company looks to dispose of non-
core assets to help turnround its devices
division. Permira is in discussions to acquire
Vertu in a deal that will raise about 200m
for Nokia.
NYSE shareholder vote reflects pay
discontent
Only a small majority of shareholders voted
in favour of the pay of top executives at
NYSE Euronext, the global exchange
operator, in the latest sign of rising
shareholder discontent with executive pay.
Alliance Boots chief attacks UK tax
regime
Stefano Pessina, executive chairman of
Alliance Boots, has launched a stinging
attack on the climate for big business in the
UK, warning that a relentless focus on tax
could drive away global corporations. Mr
Pessina also said that he was ready for
another transformational deal, possibly in
the US. Alliance Boots has been resident in
Zug in Switzerland since 2007.
Stake sale on the radar as airlines raise
value of Nats
A consortium of airlines has increased its
valuation of a stake in Britains air traffic
control system by 10 per cent, delivering a
boost to the governments coffers. The latest
accounts of the Airline Group value its 42
per cent stake in Nats at 227m, up from
206m a year earlier and implying a
valuation of 540m for the partly state-
owned company. This suggests the
government would receive about 65m
more than analysts estimated if it sold its 49
per cent share in Nats.
Sir John Beckwith teams with Digby
Jones for fund launch
Sir John Beckwith, the property tycoon
and financier, is joining forces with Lord
Jones, the former boss of the CBI, to
launch a foreign exchange fund manager.
East London in Olympics boost
The Olympic Park and surrounding area
has already attracted more than 1.6bn of
private investment ahead of the 2012
Olympics, boosting ambitious plans to
regenerate East London after the Games.
China Postal plans large IPO
China Postal Express & Logistics plans to
raise 9.98bn yuan (971m) in an initial
public offering in China this year, joining a
growing list of state-run firms eager to
tap a slowly recovering domestic stock
market.
Japan Tobacco's Bright Light
Japan Tobacco has emerged as a clear
winner among Japans blue-chip
companies, with strong earnings and an
even more impressive rise in share price.
WHAT THE OTHER PAPERS SAY THIS MORNING
HOUSE prices slowed to a crawl this
month and will slump again
through the second half of 2012, a
new report warns today.
The double dip recession is
dragging down demand and
consumer confidence is draining out
of the market, according to
Hometrack, just as supply is starting
to pick up.
Prices rose just 0.1 per cent in
April, down from 0.2 per cent in
March, the survey of estate agents
found.
London remained the strongest
region with prices rising 0.3 per
cent, while the South East saw
increases of 0.1 per cent and every
other area saw stagnation or decline.
In previous months prices were
driven by first-time buyers snapping
up property before the end of the
stamp duty holiday last month but
this demand seeped away through
April after the tax break was
scrapped.
Demand slowed sharply in April,
with new buyer registrations up by
2.1 per cent, down from 4.4 per cent
in the previous month and from a
much bigger 25 per cent over the
quarter.
If Aprils slowdown in demand
and rising supply continues over the
coming months, we will begin to see
an impact on prices, said
Hometrack.
Double dip set
to push house
prices lower
Prime Minister David Cameron said the coalition will now throw away its plans for cuts
4
NEWS
BY TIM WALLACE
BY MARION DAKERS
To contact the newsdesk email news@cityam.com
I
F you repeat a myth often enough,
it eventually becomes the received
wisdom. That is as true in the City
as it is politics. Take the supposedly
well-established fact that profits are
booming despite the recession. That
is certainly the story in America and
in emerging markets. But while most
large UK-based quoted firms are
doing well, thanks to buoyant
demand from Asia, the general
picture for profits generated in the
UK is actually pretty gloomy. In fact,
anybody who can be bothered to look
up the figures from the Office for
National Statistics (ONS) will soon
discover that the situation is actually
quite horrendous something which,
bizarrely, most commentators have
completely missed.
The bounce-back in UK profits in
2009-10 has already been dramatically
reversed, with the share of profits by
EDITORS
LETTER
ALLISTER HEATH
Secret collapse in corporate profits is hurting UKs recovery
MONDAY 30 APRIL 2012
private companies (excluding oil and
financial firms) down from 18.2 per
cent of GDP in the second quarter of
2007 (prior to the popping of the bub-
ble and subsequent recession) to 14.6
per cent of GDP in the fourth quarter
of 2011, if the ONS figures are to be
believed. It gets worse: as the excel-
lent Michael Saunders of Citigroup
points out, profits account for their
lowest share of GDP since 1984. (The
definition of profit used here is gross
operating surplus). And while profits
are recovering in finance, they too
remain very weak.
One reason why everybody thinks
UK profits are at all-time highs is that
in the US, profits as a share of value
added for non-financial companies
have just hit their highest level since
1969 with the share of output going
to labour in the form of wages at its
lowest in decades. The lazy assump-
tion that this must also be true in
the UK is entirely wrong. As profits
have declined, labours share of UK
GDP has risen from 60.1 per cent at
the start of 2008 to 62.9 per cent at
the end of last year, well above the
1985-2010 average of 61.7 per cent,
according to Citigroup.
That is excellent news in the short-
run for all of us in work: we have
grabbed a greater share of the pie. But
those putting up the capital without
which our jobs wouldnt exist have
real wages are going to have to fall.
Collapsing profits are the key reason
why firms are not investing more. If
they have spare capital, they are bet-
ter off pulling it out of the UK and
investing in an emerging nation.
Companies invest and hire for one
reason only: to make money. That is
why the coalition needs to start free-
ing up the economy, rather than
merely talking about it and then
doing the opposite. Unless the UK
becomes a more profitable place for
firms to conduct business, we will be
condemned to years of falling real
wages, scandalously high unemploy-
ment and economic stagnation. Most
UK firms, especially small ones, are
hurting. Its a shame the coalition
cannot grasp this.
taken a hit (and of course, millions of
workers own shares directly or indi-
rectly) and are now far less inclined to
invest and recruit in the UK.
This temporary victory of labour
over capital explains why unemploy-
ment remains such an appalling
problem in Britain: real unit labour
costs are up 3.4 per cent since the
start of 2008 because productivity has
fallen faster than wages. Workers are
being priced out of work: real unit
labour costs were flat at the same
stage of the economic cycle in the
1970s, and had fallen in the 1980s and
1990s. No wonder we are not seeing
the jobs boom associated with previ-
ous recoveries. At last count, real per-
sonal disposable income remained 1.7
per cent higher than before the reces-
sion even though the economy is 4.1
per cent smaller. This cannot last:
unless growth recovers very quickly,
moving, a cut in VAT, bring forward
infrastructure projects, repeat the
bank bonus tax for youth jobs, a cut
for small firms taking on new work-
ers, a VAT cut to help small businesses
doing repairs and maintenance, Balls
said.
Away from the economy, the Prime
Minister appeared to take a harder
line on culture secretary Jeremy
Hunt, who is under fire for his depart-
ments close contact with News Corp
while the media group was trying to
take full control of BSkyB.
While deferring to the ongoing
Leveson inquiry into media ethics,
Cameron said Hunt could be forced to
resign if he is shown to have misled
parliament.
As things stand, I dont believe
Jeremy Hunt breached the ministerial
code. If evidence comes out through
this exhaustive inquiry where youre
giving evidence under oath, if he did
breach the ministerial code then
clearly thats a different issue and I
would act... Im not trying to duck any
of my responsibilities.
He insisted, however, that he had
never made a grand deal with
Murdoch to smooth News Corps path
in exchange for political support.
The new jobs website for London professionals
CITYAMCAREERS.com
ECONOMICS: Pages 18-19

Cameron pledges to do
more to boost economy
Made an
estimated 100m
or more when the
bookmaker was
sold in 1999
G
E
T
T
Y
GUY Hands is set to win the battle for
control of Four Seasons Health Care
and could clinch a deal as soon as
today.
The Terra Firma private equity boss
has moved ahead of a consortium of
Patron Capital and Formation Capital
and is expected to pay around 820m
for the group, a market leader with
500 care homes that look after 25,000
people.
He will take a major majority stake,
City A.M. understands, and is expected
to refinance Four Seasons with a bond
issue and cut its current 780m debt.
The buyout would be Hands largest
since his disastrous takeover of EMI in
2007, on which Terra Firma racked up
a loss of 1.75bn.
Last month Hands returned to the
fray when he agreed a 276m deal to
buy Garden Centre Group, which
trades as Wyevale and Blooms. His
vehicle also retains ownership of the
Odeon and UCI cinema chains.
The tycoons investment in care
homes could prove controversial, fol-
lowing the collapse last year of
Southern Cross, which was owned by
Blackstone between 2004 and 2007.
The US firm has hit out at mislead-
ing criticism of its ownership.
Hands close to
820m deal for
Four Seasons
BY PETER EDWARDS Bosses at Four Seasons have repeated-
ly stressed, however, that their busi-
ness is unlike its former rival. It has a
higher bed occupancy rate, currently
around 89 per cent, and owns a
greater proportion of the homes from
which it operates.
The firm, which is profitable and is
being advised by Rothschild and
Gleacher Shacklock, is controlled by a
group of lenders led by Royal Bank of
Scotland.
It is said to have previously attracted
the interest of Hong Kong tycoon Li Ka-
Shings CK Life Sciences, as well as care
homes business Bondcare.
Four Seasons had been looking at
refinancing loans, raising new equity
from existing and new investors, or a
combination of these options, to give
it adequate funds before its debt
matures in September.
It has been struggling with its debt
since its takeover in 2006 by a Qatari-
backed fund, which financed the deal
almost entirely with loans.
Four Seasons management, led by
Peter Calveley, struck a deal in 2009
whereby lenders, led by taxpayer-
backed RBS, took control of the compa-
ny in return for writing off about half
its 1.6bn of debt.
RBS, Terra Firma and Four Seasons
declined to comment.
Four Seasons is set to be taken over by Guy Hands Terra Firma
THOUSANDS of people protested
across Spain yesterday against
government cuts aimed at tackling
a debt crisis that has pushed the
country into recession and sent
unemployment close to 25 per cent.
Protesters closed central parts of
the capital Madrid to protest
against cuts to education and
health services the government
says must be made to help slash the
public deficit.
The peaceful protests were
mirrored in over 50 cities across
Anti-austerity protests spread
through major Spanish cities
BY CITY A.M. REPORTER the country as Spaniards grow
weary of austerity measures and
years of hardship triggered by a
real estate crash in the wake of the
global financial crisis in 2008.
The central government aims to
make savings in its budget this year
of around 27bn (22bn), with a
further 10bn to be made in
healthcare and education.
Labour unions called for large-
scale protests to continue in the
coming months to persuade leaders
they should not rely solely on cuts
to deal with the deficit and should
aim to stimulate growth also.
MONDAY 30 APRIL 2012
5
NEWS
cityam.com
Hands high-profile Terra Firma investments
Agreed a 276m
deal to buy
Garden Centre
group last
month
Thought to have
made a slight
profit after
selling the off-
licence in 2007
Threshers
Bought the
American wind
energy business
in a 215m deal
in 2009
Everpow
er
Netted a huge loss
after a 4bn deal in
2007. Citigroup
took control and
broke up the record
label last year
EMI
Invested in the
two cinema firms
for 1.02bn in
2004 and
merged them
Odeon & UCI
Terra Firma was established by Guy Hands as Nomura Internationals Principal Finance Group in 1994 before being spun out in 2002
William Hill
Garden Centre
Group
THE total level of assets under
management in Britain will bounce
back from a poor 2011 to grow by
more than 10 per cent to 851bn this
year, according to research published
today.
Assets will rise 10.7 per cent this
year, providing concern over
Eurozone sovereign debt does not
trigger another major sell-off in
equities, according to the Ernst &
Young ITEM Club outlook for
financial services.
The rate of growth will settle at
around seven per cent a year by
2014-15 and assets will top 1
trillion by the middle of the decade,
the report says.
It picked out absolute return
strategies as likely to be popular in
the high-return area.
Although disrupted during the
2008 financial crisis and the initial
Eurozone problems in 2011,
absolute return strategies have
generally avoided the performance
setbacks experienced by other
forms of active management, whose
previous appeal to investors has also
been eroded by greater
transparency over total expenses.
The growth in total assets
expected this year is well ahead of
the 0.4 per cent achieved last year
but well below the level achieved in
2010, when assets jumped by 26 per
cent.
UK assets under
management
to hit 1 trillion
BY PETER EDWARDS
R
E
X
NBNK Investments is under renewed
pressure to close a deal with Lloyds for
600 branches after National Australia
Bank said last night that it will not be
putting its UK retail business up for
sale.
NBNK is understood to be in talks
with several Middle Eastern sovereign
wealth funds to finance its bid for the
Lloyds branches, which are now the
only major high street banking busi-
ness up for grabs.
NBNK, which is led by City grandee
Lord Levene, had hoped to buy NABs
British business if, as expected, NAB
had decided to quit Britain. But NAB
UK said last night that it will restruc-
ture its bank rather than offload it.
NABs decision means that if NBNK
cannot edge out Lloyds current pre-
ferred bidder, the Co-operative Group,
it will be left with few viable assets to
go after. Lloyds exclusive talks with
the Co-op collapsed recently, but
NBNK has yet to take its place.
In a disappointment for Levenes
buy-out vehicle, NAB UK has said it
will keep its 330 branches and their
frontline staff but will lay off 1,400
NBNKs options
narrow as NAB
stays put in UK
BY JULIET SAMUEL
other employees in the next three
years. As part of the overhaul, NAB will
also transfer a 6.2bn portfolio of trou-
bled commercial real estate loans
from its UK banks Clydesdale and
Yorkshire Bank to their parent com-
pany for winding down.
NAB said it expects to save 74m a
year by restructuring, but will incur
up-front costs of 195m from redun-
dancy, software impairment, lease
break fees and other costs. Clydesdale
Bank alone was also hit by write-offs of
141m in the first quarter of this year
and NAB UK had to make an addition-
al 120m provision to compensation
customers who were mis-sold pay-
ment protection insurance.
Lloyds Banking Group PLC
23Apr 24Apr 25Apr 26Apr 27Apr
29.50
30.00
30.50
31.00
31.50
32.00 p
31.19
27Apr
CITY veteran Sir Nigel Rudd has
emerged as one of the frontrunners
to replace Harvey McGrath as
chairman of insurance group
Prudential.
Rudd, 65, is believed to be up
against Glen Moreno, the chairman
of publisher Pearson, to replace
McGrath later this year.
McGrath had become a focus of
investor dissent after Prudentials
$35.5bn (21.8bn) deal for AIA was
scrapped, despite chief executive
Tidjane Thiam taking most of the
flak initially. More than a fifth of
shareholders voted against
Rudd tipped to be offered the
chairmans role at Prudential
BY PETER EDWARDS
McGraths reappointment after the
Pru racked up 377m in costs and
fees for the deal.
It is not certain whether Rudd,
who has held a series of top positions
at British blue-chips, would accept
the Prudential job if it was offered.
He is currently chairman of BAA and
engineer Invensys and is a former
deputy chairman of Barclays. He is
best known, however, for building up
conglomerate Williams Holdings
with Roger Carr in the 1980s.
Moreno also had a brief stint as
chairman of UK Financial
Investments, set up to manage
taxpayers stakes in the banks.
Prudential declined to comment.
MONDAY 30 APRIL 2012
6
NEWS
cityam.com
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G
E
T
T
Y
BRITAIN is worried that a new set of
European banking rules will widen a
fracture at the [EUs] heart and has
marshalled the support of at least six
other member states for a long list of
demands in the negotiations.
Europes finance ministers head to
a crucial meeting in Brussels this
week to thrash out a deal on new
rules that are meant to make the
regions banks safer, one of the key
issues that sparked David Camerons
veto of an EU treaty last December.
Ahead of the meeting, the UKs full
list of demands is revealed today as
City A.M. publishes a 10-page Treasury
document (extracts below) outlining
Britains position on a the set of rules
known as the Capital Requirements
Directive IV or CRD IV.
The document shows that rather
than standing up for the City, the
UK tables long
list of demands
in EU bank talks
UK is most concerned about retaining
the ability to toughen up the rules hit-
ting financial firms.
And it is highly critical of attempts
by other EU countries understood to
be led by France and Germany to
[allow] less stringent prudential stan-
dards and calls on Brussels to
[remove] the majority of options and
discretions in the rules.
The UK is also infuriated by Frances
attempt to retain a loophole for banks
that own insurers, allowing double
counting of their capital reserves.
But since Britain set out its position,
which proved so unpopular in
December, it has won the support of
Spain, Poland, the Netherlands, the
Czech Republic and Hungary in addi-
tion to that of Sweden.
Denmark, which currently holds
the EUs presidency, will attempt to
broker a compromise on Wednesday.
Key extracts from a leaked paper outlining the UKs lobbying position on CRD IV, a
set of new EU regulations intended to put the Basel III capital rules in place.
George Osborne will travel to Brussels this week in an attempt to strike a deal
THE taxpayers stake in Royal Bank of
Scotland could be sold off in as little
as two years, according to outgoing
bank executive Brian Hartzer.
My sense would be that we are
probably a couple of years away
now, he told Sky News Murnaghan
show, adding that selling the shares
would make people more willing to
invest in the bank and would allow
RBS to be run on a more
commercial basis.
Treasury sources had said the
chance of a sale before the general
election in 2015 was virtually nil.
Hartzer was RBSs chief executive
of retail and wealth for two years.
RBS exec: sale
of stake soon
BY JENNY FORSYTH
n The Treasury has outlined 10 pages of
changes it wants made to new EU rules on
how much banks must keep in reserve,
know as CRD IV or the EUs Basel III.
n Britain is concerned that the EU is letting
other states water down the rules for their
banks, instead of giving strict and detailed
minimum standards for the whole region.
n But the UK is also anxious that EU is not
giving Britain enough flexibility to goldplate
the rules and implement its own banking
and regulatory policies on top of them.
n Among the key sticking points are how
strictly the EU should define core capital
and what kinds of asset should count
towards banks buffer of liquidity held
against a credit crunch.
n France and Germany are the main
opponents of Britains position. Finance
ministers are meant to thrash out a deal on
Wednesday after months of deadlock, but if
they fail, the dispute could go on into June.
KEY POINTS: CRD IV
EXCLUSIVE
BY JULIET SAMUEL
VIEW THE WHOLE DOCUMENT
at www.cityam.com

MONDAY 30 APRIL 2012
8
NEWS
cityam.com
T
H
E
F
O
R
U
M
cityam.com/forum

JOIN THE DEBATE
SEE PAGES 26-27
On the EUs unwillingness to let the UK
goldplate the new rules: No compelling
evidence is provided for this approach in
the proposals impact assessment... It is
important that member states retain the
discretion to react to systemic risks
emergingthroughnationalspecific
structural characteristicsorcreditcycles.
On the French demand that banks that
own insurers retain a loophole: Allowing member states to continue
using divergent approach is also inconsistent with the single rule book
in banking... [it allows] dangerous double counting of capital between banks and insurance subsidiaries.
On applying the rules to investment firms:
These proposals are disproportionate and
were not subject to an impact assessment.
On the proposal that member states
should be allowed to define common
equity: The current fragmented
definition of equity [is] one of the key
deficiencies... CRD 4 would further
exacerbate this fracture at the heart of
[Europe]
On keeping covered bonds exempt from
extra scrutiny: There should be no
question of such a permanent exemption
existing that will distort the single market.
Total sales growth in the 12 weeks ending 15 April
J S
a
in
sb
u
ry
A
sd
a
W
m
M
o
rriso
n
Te
sco
Ice
la
n
d
Lid
l
A
ld
i
W
a
itro
se
27.9
11.1
9.1
4.2
3.6
4.3
5.4
9
Source: Kantar
%
Troubling times for retailers to the squeezed middle
S
PARE a thought for the
squeezed middle. No, not the
ordinary family as defined by
Ed Miliband, but the places they
shop and the things they buy. The
mid-market consumer firm is finding
the going very tough indeed.
There has been much written about
Tescos troubles in recent months,
punctuated by a series of ignominious
firsts, including a drop in like-for-like
UK sales. Some of the blame can be
pinned on management, but the
supermarket giant is not alone in its
woes. This week it is Wm Morrisons
turn: on Thursday it is expected to
announce that like-for-like sales have
fallen for the first time since 2004.
As the chart to the right shows, the
mid-market grocers are under-per-
forming the wider grocery market,
which grew sales by five per cent in
the 12 weeks to 15 April, according to
Kantar. Those retailers who outper-
formed are either discounters Aldi,
Lidl and Iceland or at the higher end
Waitrose and J Sainsbury.
The pattern holds for non-food retail-
ers too. Primark, AB Foods discount
fashion chain, grew revenue by 15 per
cent in its first half. Burberry, the lux-
ury fashion label, increased its sales
by 18 per cent in the six months to the
end of March. No such joy for Marks &
Spencer, the mid-market player that
recently reported virtually flat sales
for its fourth quarter.
A similar thing is happening in the
technology space. Apple sold 35m
units of its high-end iPhone in the
first quarter. Samsung managed to
better that by selling 44.5m handsets,
again thanks to sales of higher-end
phones such as the Galaxy Note and
Galaxy One. At the cheaper end of the
market, Chinas Huawei expects to
sell 100m smartphones this year.
Nokia, firmly in the middle of the
market and struggling to stage a fight
back, sold just 2m of its own Lumia
smartphones in the first quarter.
There are some who argue this is
common sense. Hard-pressed middle
class families are trading down to dis-
counters to make ends meet.
According to the compilers of the
Sunday Times rich list, Britains
wealthy are richer than ever before,
explaining the resilience of the luxu-
ry sector, which is also benefiting
from huge international demand.
But what if consumption patterns
are changing? Some customers might
be scrimping by buying cheaper gro-
ceries and Primark underwear so they
can afford an iPhone or Burberry
handbag. There is no guarantee that
they will stop doing so when real
incomes start to grow again.
That would spell disaster for mid-
market consumer companies. Their
biggest fear is that good enough just
isnt good enough any more.
IN BRIEF
Goldmans ONeill linked to Bank job
n Goldman Sachs' Jim O'Neill is said to
have been approached by the Treasury
as a possible candidate to be the next
governor of the Bank of England. It is
said that officials from the Treasury
made the approach several months ago.
A spokesman for the Treasury declined
to comment, referring to a statement by
chancellor George Osborne last week
that the search for a new Bank of
England chief would not start in earnest
until later in the year. Governor Mervyn
King is due to retire in June 2013.
O'Neill combines a distinguished
pedigree as one of the world's most
famous economists with over a decade
of experience at the world's most
powerful investment bank. In his
current post as chairman of Goldman
Sachs Asset Management, he helps
oversee $714.6bn (439bn) in assets.
BOTTOM
LINE
DAVID CROW
MONDAY 30 APRIL 2012
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BORIS Johnson yesterday distanced
himself from the unpopular
Conservative party, pledging to
campaign for lower taxes ahead of
Thursdays mayoral election.
I am, overall, a tax-cutting
Conservative, the incumbent
mayor said in an interview with the
Sunday Telegraph. I certainly think
London needs to be tax
competitive.
Hinting at disputes with
chancellor George Osborne he said:
I dont mind having a row in
Whitehall, I dont mind how much
plaster comes off the ceiling,
providing its done in a robust and
sensible way and London gets the
money it needs.
In his manifesto, Johnson claims
to have saved the taxpayer 445 by
freezing the mayoral share of
council taxes over the past three
years.
He added that he would focus on
bearing down peoples expenses
and promoting freedom,
democracy, taxpayer value and
building up the sense of
neighbourliness and duty towards
each other.
Johnson also claimed that council
tax went up by 964 for a person in
Band D when Ken Livingstone was
Mayor of London from 20002008.
We have cut out all that kind of
demented waste, he said.
Johnson plans
to cut taxes as
polling looms
BY LAUREN DAVIDSON
POLITICIANS last night warned of a
serious collapse of confidence in
Londons electoral system after City
A.M. discovered a flat that has just
two adult residents but seven
active voters.
Ahead of this weeks mayoral elec-
tion we visited an address in Brune
House, Shoreditch just five
minutes walk from Liverpool Street
station where a resident confirmed
that two adults lived in the small flat.
But we have learnt that seven
postal votes were returned by adults
registered at the address in last
weeks local council election.
The same electoral roll and postal
voting entitlement will be used for
Thursdays Mayor of London elec-
tion, raising fears that the outcome
could be affected by fraudulent votes.
Last week police opened an investi-
gation into allegations of postal vot-
Fear of election
fraud ahead of
vote for mayor
ing fraud and vote harvesting in
Tower Hamlets.
But when this newspaper asked
Tower Hamlets mayor Lutfur Rahman
whether he was concerned by allega-
tions of electoral fraud in the bor-
ough, he replied: I have no comment
to make at this time.
Labours Ken Livingstone cam-
paigned for Rahman in 2010, against
his own partys candidate.
Conservative councillor Peter Golds
said yesterday: There have been con-
cerns about the electoral register and
postal voting in Tower Hamlets for
years, yet the Electoral Commission
say that the Tower Hamlets systems
are robust. At the election on
Thursday there will be phantom vot-
ers and dubious postal votes in this
one borough.
Last week Golds told City A.M. that
he would hate the election for
Mayor of London to be decided by
votes in Tower Hamlets.
In a separate case we visited a three-
bedroom house in Newham where
fourteen adults are registered to vote.
A resident confirmed that just six of
the people on the electoral roll cur-
rently live at the address. Boris Johnson is attempting to distance himself from his party ahead of the 3 May poll
L
A
U
R
A

L
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N
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C
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MONDAY 30 APRIL 2012
cityam.com
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50
MAYORAL
ELECTION
BY JAMES WATERSON
AND CLARE HILL
EXCLUSIVE
MORE than 70 per cent of our readers
panel think that recent political turmoil
including the Conservative partys slipping
poll scores and the UKs return to recession
have harmed Boris Johnsons chances of
re-election as London Mayor.
According to the results of our latest
Voice of the City poll, run in association
with PoliticsHome.com, 71 per cent of
respondents said the poorer opinion of
Boris Conservative party, together with the
shrinking GDP figures and so-called Budget
omnishambles, had hit his campaign
though just 14 per cent thought the pres-
sure has strongly weakened his chances.
Despite this, the percentage that think
Boris will win re-election later this week
slipped by just two per cent from our last
survey on 15 April, with 88 per cent still
identifying the incumbent mayor as a
clear winner.
When questioned on specific policy areas,
Boris is also well ahead in our readers
opinions, dominating every category in
which we asked who was
stronger of the two main can-
didates.
Though challenger Ken
Livingstone edged closest on
housing and the environment
where 28 per cent and 36
per cent respectively
ranked each candidate
the same Boris was
still ahead in both cat-
egories.
His clearest victo-
ries came when our
panellists, made up
of business and finance professionals
across the capital, were asked about
Londons budget, with just four per cent
saying Ken would handle the finances bet-
ter, versus 61 per cent strongly in favour of
keeping the coffers under Boriss control.
And our panel deemed Boris to be the bet-
ter ambassador for the capital, with 56 per
cent saying he makes a much stronger
candidate to promote London internation-
ally. Just six per cent felt Ken would do
a better job.
It also seems as if recent controver-
sies over Ken Livingstones tax affairs
and health care provisions have
dented voters trust in his candidacy.
Just three per cent said they were
more inclined to trust Ken going
into the election, compared to 82 per
cent who felt Boris came out on top.
Apply to join the Voice of the City panel
at www.cityam.com/panel
IMPACT OF RECENT EVENTS ON BORIS CHANCES?
14 2
55
2
21
56
To what extent have recent political and economics concerns
impacted Boris Johnson's re-election chances?
Strongly weakened Boris re-election chances
Dont know
Strongly helped Boris re-election chances
Slightly helped Boris re-election chances
Made no diference to Boris re-election chances
Slightly weakened Boris re-election chances
MONDAY 30 APRIL 2012
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Panel says government omnishambles have hit
Boriss shot at a second term but hell still win
VOICE OF THE CITY
PoliticsHome.com PoliticsHome.com
In association with
BY ELIZABETH FOURNIER
WHO IS STRONGER ON THE FOLLOWING ISSUES?
Crime Transport Housing Londons
Budget
Overall
Trust
Promoting
London
Internationally
Olympics Environment Getting a
better deal
out of the
treasury
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
Ken Stronger Ken and Boris are the same Boris stronger Dont know
Our panel dont see Ken as
an ambassador for London
ASTRAZENECA is considering
whether to give outgoing chief
executive David Brennan a multi-
million pound exit package.
The pharma firms remuneration
committee has not met to sign off
Brennans final pay deal yet, as he
only formally told the board of his
intention to quit last Wednesday
one day before his shock departure
was announced to the market
alongside a profits warning.
Brennan has amassed a pension
fund worth just under 1m a year,
plus conditional awards for almost
1m shares.
The firm won 91.4 per cent
support for its remuneration report
at last weeks investor meeting.
Analysts, however, have raised
concerns over the firms dwindling
drugs pipeline as some of its
blockbuster patents expire.
A spokesperson for AstraZeneca
said: The exact terms of David
Brennans package on retirement
have yet to be agreed by the board,
and we will disclose in due course.
The pension fund he
has built up reflects a
36-year career within
the company at
increasingly senior
positions.
AstraZeneca
mulls millions
for Brennan
BY MARION DAKERS
G
E
T
T
Y
STANDARD Chartered is heading for a
bust-up over how much it pays its top
staff, after investor advisory group
Pirc advised its members to vote down
the banks remuneration report.
The bank plans to pay out $92.1m
(56.6m) to its top 13 staff, which
includes five board members, for last
year.
Pirc is thought to have told
StanChart shareholders that the
banks pay targets are skewed towards
short-term performance and bonus
payments.
It has said shareholders should vote
down the banks pay plans as part of a
protest vote against the entire annual
report, to raise concerns over corpo-
rate governance, at the firms share-
holder meeting on 9 May.
Chief executive Peter Sands is in line
for more than $8m altogether, includ-
ing $2.1m in deferred shares and
$2.7m in performance-related share
awards.
Meanwhile head of wholesale bank-
ing Mike Rees is to be awarded $13.8m
for last year slightly lower than the
$14.1m he was paid in 2010.
Top pay under
fire at Standard
Chartered bank
BY MARION DAKERS
Standard Chartered notched up a
ninth consecutive year of record earn-
ings in 2011. The firm, which makes
more than three quarters of its profit
in Asia, posted an annual pre-tax prof-
it of $6.8bn in February.
A spokesperson for the bank said this
financial track record shows a com-
mitment to long-term performance.
The Association of British Insurers,
which also advises investors on corpo-
rate governance issues, said it was
offering members no comment on
Standard Chartereds annual report.
Rival bank Barclays last week suf-
fered a bloody nose over its pay plans,
with 27 per cent of shareholders vot-
ing down its remuneration report.
Standard Chartered PLC
23Apr 24Apr 25Apr 26Apr 27Apr
1,505
1,510
1,495
1,500
1,515
1,520
1,525
1,530 p 1,523.00
27Apr
AstraZenecas
outgoing chief
David Brennan
SLY Bailey faces an investor
rebellion over changes to her pay
packet at Trinity Mirrors annual
general meeting next week.
Following shareholder unrest,
the publisher of the Daily Mirror
proposed a 500,000 cut to Baileys
short-term cash and stock bonuses.
But the Trinity Mirror chief
executive will be eligible to receive
144 per cent of her 750,000 base
salary compared to the current
80 per cent in a share scheme
that could see her long-term
incentives increase by up to
480,000 a year, effectively
Trinity Mirror shareholders still
unimpressed as meeting looms
BY LAUREN DAVIDSON balancing out the bonus cuts.
About a third of investors are
expected to vote against the
publishers placation attempt.
In the nine years since Sly Bailey
became boss she has pocketed
14m, while the companys share
price has nosedived by 90 per cent.
Her pay packet totalled 1.3m in
2011, the year in which Trinity
Mirrors pre-tax profits dropped by
40 per cent.
Schroder, Aviva and Standard
Life, which together own 37.6 per
cent of the publishing company, are
all said to have voiced concerns
with incoming chairman David
Grigson over the pay package.
MONDAY 30 APRIL 2012
12
NEWS
cityam.com
Sly Bailey faces an investor rebellion over proposed changes to her pay packet
IN BRIEF
Dewey & LeBoeuf merger talks end
nEmbattled law firm Dewey & LeBoeuf
said yesterday it had removed its former
chairman from various leadership
positions amid a probe by the
Manhattan district attorney and said that
talks with rival firm Greenberg Traurig
about a potential transaction ended with
no deal. According to an internal firm
memo, Dewey's executive committee
voted to oust Steven Davis from its ranks
and remove him from a five-member
management team put in place during a
leadership shakeup last month. The
firm's management also said talks with
Greenberg Traurig had ended. Today
sees the firm face a deadline to secure
an extension on $75m it owes to lenders.
Regulators to vote on Slim penalty
n Regulators will vote today on one of
Mexico's biggest antitrust cases, a $1bn
fine for tycoon Carlos Slim, which has
been bogged down in court appeals and
disputes for a year. Federal competition
commission Cofeco slapped Telcel with
the record sanction in April 2011 after
ruling the company charged excessive
prices to connect to its network.
Ferrero sets aside $3m for law suit
n Italian confectionery group Ferrero
has agreed to set aside $3m to settle a
class-action lawsuit championed by a
Californian mother after she discovered
the group's Nutella chocolate spread
packed more calories than jam or syrup.
Notices of class action settlements said
Ferrero USA, the group's US division,
would pay up to $4 for every jar of
Nutella bought in California since August
2009, or bought anywhere else in the
United States since January 2008.
WHILE Britons continue to tighten
their belts in hard economic times,
one luxury that few of us seem to be
prepared to give up is eating out.
A new report by Allegra Strategies
and Barclays forecasts that sales
across the UKs branded restaurants
are set to grow by 22 per cent to
13.6bn by 2015 as dining out
becomes increasingly ingrained in
consumer behaviour.
The research consultancy, which
quizzed 300 industry leaders and over
12,000 consumers for its Project
Restaurant 2012 report, forecasts that
sales in the sector will grow by 5.6 per
cent this year to a total of 11.1bn.
Anya Marco, director of Insight at
Allegra Strategies, added: Although
industry sentiment is guarded, under-
standably dampened by a cautious
economic outlook, it is clear that UK
consumers are refusing to give up on
affordable eating out.
In the next 12 months, 70 per cent
of consumers expect to dine out at
the same rate as they have done in the
past year, the report showed.
UK restaurant
sector to strike
13bn by 2015
BY KASMIRA JEFFORD
But hard-pressed consumers are still
hunting out affordable treats, with
more than half of those surveyed say-
ing they regularly use discount vouch-
ers.
Some 17 per cent of consumers said
they would stop going to a restaurant
regularly if discounting stopped being
offered there.
As discretionary spend continues to
come under pressure, consumers are
taking active steps to switch their
spending towards more affordable
restaurants, Mike Saul, head of hospi-
tality and leisure at Barclays, said.
As a result there has been a clear
shift by operators to meet these price
sensitive needs, he added.
Around 45 per cent of restaurant
operators expect discounting to
become more widespread in future.
Almost half of those businesses attrib-
uted a boost of up to five per cent in
sales to these offers.
The report forecasts that fast food
operators will outperform the dining
out sector as a whole, with growth of
6.7 per cent this year as chains such as
McDonalds, Nandos and Dominos
continue to press ahead with expan-
sion plans.
MONDAY 30 APRIL 2012
14
NEWS
cityam.com
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McDonalds
Europe
Europe Sales up
Q1
5%
Yum! Restaurants Intl,
parent of KFC
and Pizza Hut
UK Sales up
6%
Q1
3.6%
Dominos Pizza
UK and Ireland
UK Sales up
Q1
Fast-food outlets are booming
12.98
Average spend per
person on lunch
6.7%
growth in sales
outperforming
other sectors
Fast food
operators to see
22%
to 13.6bn
by 2015
Restaurant sector
to grow by
MR & MRS SMITH, the travel
publisher and boutique hotel
specialist, has taken a different tack
to funding its expansion today by
launching its first retail bond, which
pays interest to investors in the form
of holidays.
Husband and wife team James and
Tamara Lohan, who founded the
business in 2003, are aiming to raise
up to 5m to fund expansion in the
UK and overseas without the help of
bank debt or private equity
financing.
Theyre our way of raising the
funds we need for our expansion
plans while giving our members and
supporters the chance to share in
the success of our development,
James Lohan, chief executive, said.
The four-year Smith bond offers a
fixed rate of 7.5 per cent in cash
twice a year, with a minimum
investment of 1,000.
Alternatively bondholders can
receive their interest in so-called
loyalty money and receive a higher
9.5 per cent return, which can then
be used toward bookings at any of
the 900-plus hotels across the world
listed by the site.
Other retailers including
chocolatier Hotel Chocolat have
enticed investors with capital
returns in the form of chocolate, but
Mr & Mrs Smith claims it is the first
SME retail bond by a travel brand.
Boutique hotel
firm launches
a retail bond
BY KASMIRA JEFFORD
G
E
T
T
Y
BRITAINS high street and luxury
stores enjoyed record breaking
tourist spend in the first quarter of
the year driven by a surge in Chinese
and south east Asian tourists (SEATs).
Global Blue, the tax-free
shopping services company,
said spend from Chinese
shoppers grew by 62 per
cent in the three months to
March, despite figures last
week showing that retail
sales in April were hit by
cautious UK consumer
spending,
Retailers from high
end to high street
benefited from earli-
er key holiday peri-
ods than usual, with
spend peaking around
Chinese New Year and
the Spring Festival in
January.
Chinese shoppers,
who typically
spend around
747 per transac-
Chinese luxury
spenders keep
UK tills ringing
BY KASMIRA JEFFORD
tion, now account for a fifth of all tax-
free spend across the UK, according
to Global Blue more than spending
from the Bric countries combined.
Richard Brown, vice president of
Global Blue UK, said: Despite con-
cerns for Chinas economic outlook
in the last quarter, we have seen the
number of travellers able to afford
shopping focused trips to the UK
rocketing.
SEATs also posted a strong quarter
with spend by tourists from Malaysia
up 42 per cent year-on-year and
Thailand up 51 per cent over the
same period in 2011.
Spend from Japanese tourists
up 43 per cent this year is
expected to rise this week with
more tourists coming over dur-
ing the countrys national holi-
day period, or Golden Week.
Global Blue, however, expects
luxury sales to fall flat during
the Olympics as high-spenders
from China and the Middle East
put off visiting the capital.
Japanese tourist spend rose
by 43 per cent in the quarter
TWO of the wealthiest investors
from Abu Dhabi and China are
competing to back Manchester
Airports Groups bid for Stansted
Airport.
The group, which owns East
Midlands, Bournemouth and
Humberside airports, is looking to
raise approximately 1bn to bid
for the London airport should
BAA place it on the market later
this year.
Li Ka-Shing, via his investment
vehicle Cheung Kong
Infrastructure, and the Abu Dhabi
Investment Authority, which is
Abu Dhabi ruling family and Li
Ka-Shing vie for airports stake
BY LAUREN DAVIDSON owned by the countrys ruling
family, are vying with Australian
investor Industry Funds
Management for the 50 per cent
stake in Manchester Airports
Group.
The winning bidder could be
announced within the next few
weeks.
But the sale of the stake will
only complete if the groups bid
for Stansted Airport is successful.
Heathrow-operator BAA, which
sold Edinburgh Airport last week
for 807m, was instructed by the
Competition Commission in 2009
to sell Gatwick and Stansted
airports.
MONDAY 30 APRIL 2012
15
NEWS
cityam.com
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Li Ka-Shing wants to buy a controlling stake in Manchester Airports Group
Britains Top 10 Richest Source: Sunday Times Rich List
Rank Name Worth Rise/Fall Source of Wealth
Lakshmi Mittal & family 12.7bn 4.8bn
Steel
Alisher Usmanov 12.315bn 85m
Mining, Investment
Roman Abramovich 9.5bn 800m
Industry, Oil
Sri & Gopi Hinduja 8.6bn 2.6bn Industry, Finance
Leonard Blavatnik 7.58bn 1.3bn Industry
Ernesto & Kirsty Bertarelli 7.4bn 530m Pharmaceuticals
The Duke of Westminster 7.35bn 350m Property
David & Simon Reuben 7.083bn 907m Property, Internet
John Fredriksen & family 6.6bn 400m Shipping, Oil Services
Galen&GeorgeWeston&family 5.9bn 100m
Retailing
G
E
T
T
Y
THE wealth of Britains richest people,
including a series of investors in
Glencore, jumped by nearly five per
cent to a record 414bn last year,
according to new research.
The combined assets of the 1,000
most affluent people rose 4.7 per
cent, according to the Sunday Times
Rich List, despite the nations plunge
back into recession.
Several saw their wealth swelled by
the $10bn listing of mining giant
Glencore, in May. Aristotelis
Mistakidis, head of the companys
zinc and copper unit, made his first
appearance on the list with an esti-
mated fortune of 1.7bn, making him
the 38th richest person in Britain.
Alex Beard, head of oil trading, has
1.3bn, putting him in 52nd position.
Chris Mahoney, head of Glencores
agricultural arm, has grown his
wealth from 80m to 630m, putting
him at number 132.
Businessmen and women from the
worlds of land, property, financial
services and industry dominated the
list, which included 77 billionaires.
The three top places in the list were
filled by foreign-born magnates with
a base in Britain who earned their for-
tunes from industries such as miner-
als, steel and oil.
Lakshmi Mittal and family came out
on top despite losing a quarter of their
Glencore float
fuels wealth of
UKs super rich
BY PETER EDWARDS
wealth over the past year following a
fall in the share value of his company
ArcelorMittal, the worlds largest steel-
maker.
The Indian-born businessman saw
his personal worth slide 27 per cent to
12.7bn but heads the list for the
eighth year running.
Uzbek-born billionaire Alisher
Usmanov, who owns around 30 per
cent of Arsenal football club, was
again in second place. His fortune
dipped 0.7 per cent to 12.3bn.
Roman Abramovich, the Russian
who owns Chelsea, held onto third
place with a personal value of 9.5bn,
down 7.8 per cent from last year.
The richest British-born billionaire
was the Duke of Westminster, who slid
from fourth to seventh place even
though his largely property-based for-
tune rose five per cent to 7.35bn.
Britains richest woman was former
Miss UK beauty queen Kirsty
Bertarelli, who shares a 7.4bn fortune
with her Swiss-Italian entrepreneur
husband Ernesto.
Amanda Staveley, the dealmaker
who helped the Abu Dhabi royal fami-
ly to invest in Barclays and Manchester
City, had estimated assets of 100m.
The annual list is based on identifi-
able wealth, including land, property
and other items such as art, racehorses
or significant shares in publicly quot-
ed companies, but does not include
bank accounts.
Six of the richest: (left to right) steel tycoon Lakshmi Mittal, energy oligarch Roman Abramovich, landlord the Duke of Westminster, property entrepreneur Simon Reuben, retailer Sir Philip Green and ex-model Kirsty Bertarelli
MONDAY 30 APRIL 2012
16
NEWS
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PENSION savers and ISA holders are
today being urged to contact their
fund managers and urge them to
vote down excessive pay packages.
The campaign by FairPensions
argues that institutional investors
have failed to stop spiralling pay
awards at FTSE 100 companies, and
that activism from savers could be
the best way to influence pay at the
top.
Until now scrutiny of high
paying companies has been left to
big investors who have shown
themselves reluctant to take a
strong stance on spiralling pay
awards, said campaign boss
Catherine Howarth.
Now the public has a chance to
influence this debate and have to
their say on pay.
The government is seeking to
expand shareholder powers over
executive pay, and FairPensions now
wants increasing scrutiny of
shareholders themselves.
Savers deserve to know how
their pension and ISA providers vote
on issues that matter to them, said
Howarth.
Drive for mass
vote on exec
remuneration
BY TIM WALLACE
MORE companies will fail to pay
back loans now Britain is in reces-
sion, Ernst and Young economists
forecast this morning, warning
the corporate loans market will
only return to pre-crisis levels in
2016.
Lending to firms is expected to
fall 6.8 per cent this year to 419bn,
following last years 6.1 per cent
drop as banks continue to face
lower earnings for lending and a
deterioration in loan quality.
That deterioration is underlined
by a forecast 1.9 per cent rise in
write-offs, focused in areas outside
southern England, where Ernst
and young expects the economy to
be weakest.
However, the renewed recession
is not the only problem the
Recession hits
firms ability to
pay back debts
BY TIM WALLACE
report also warns that regulatory
capital requirements are holding
back lending, and that in any case,
many firms have built up large
cash surpluses and so may not
need to borrow to expand when
the economy recovers.
Meanwhile the analysts predict a
7.6 per cent fall in consumer credit
to 109bn following 2011s seven
per cent drop, with mortgage lend-
ing remaining sluggish.
Labour MPs want investigation
into alleged mis-selling to SMEs
SMALL and medium-sized
enterprises may have been ripped
off by banks mis-selling financial
products, and the government
needs to offer more help, Labour
shadow ministers argued yesterday.
Toby Perkins and Chris Leslie
yesterday called on the government
to push for a full investigation by
the Financial Services Authority
(FSA) into interest rate swap
products that some small firms
claim were mis-sold.
A growing number of businesses
are reporting that they did not
BY TIM WALLACE
realise the level of risk attached to
these products which were sold as
providing cover to the customer;
that they believe the products often
had additional bells and
whistles that meant that the
product was very complicated
and the full implications of
the products were not made
clear; that the terms of the
contracts enabled banks to
pull out of the contracts on a
fairly short term basis but
tied the customer to the
contract on a much longer
term basis and that the
termination penalties were so
severe as to mean that the
customer could not find any
alternative bank to take them
in the event that they wanted
to move, said the MPs
letter to Vince Cable
and Treasury minister
Mark Hoban.
The FSA is looking
into the claims, and is
expected to decide at
the end of next month
whether or not to
launch a full
investigation.
Bank lending to non-nancial corporations
0 - 10 - 20 - 30 - 40 - 50
Other NFCs
Construction
and real estate
Manufacturing
% change from 2009 Q1 to 2011 Q4
Toby Perkins wants a large
investigation into the sales
MONDAY 30 APRIL 2012
18
NEWS
cityam.com
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C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
IN BRIEF
Firms fear bribery regulations
nA quarter of middle managers
believe the Bribery Act is affecting
Britains competitiveness, according
to research out today from Ernst and
Young. Of those worried, 78 per cent
cited the effects of losing out to
competitors paying bribes and 22 per
cent the cost of compliance placed on
firms. However, Ernst and Youngs
John Smart argued they were wrong
to be concerned. With the right
policies, procedures and systems in
place, British companies have nothing
to fear, and neither do their
customers, he said.
British shipping trade booming
nThe UKs sea trade is worth 513bn,
equivalent to over a third of the
countrys GDP and is set to climb
further, according to research out
yesterday from the RSA shipping
forecast and the Centre for Economics
and Business Research. The study
predicts trade values will exceed
700bn by 2017, a further 37 per cent
rise. Europe remains the UKs major
trading partner.
Market problems push up bills
nInefficiencies in the energy market
could mean customers lose out on up
to 1.9bn in savings by 2020, the
Institute for public policy research
(IPPR) warned today. The report
argues tougher regulations are
needed to improve competition and
ensure pricing is fair for consumers.
Annual savings of just 2.5 per cent
could leave consumers almost 2bn
better off, more than offsetting the
cost of new green policies, it claims.
G
E
T
T
Y
CONSUMERS are increasingly confi-
dent and feel more secure in their
jobs than they did three months ago,
according to a study out today, despite
the UK officially returning to reces-
sion in the last quarter.
Deloittes consumer tracker shows a
fragile picture and only a small improve-
ment on the final quarter of 2011, but
does expect the UK to avoid any further
quarters of GDP contraction.
The study shows 18 per cent of peo-
ple feel less secure in their job this
quarter, down from 24 per cent three
months ago.
Similarly the number feeling pes-
simistic about personal debt has fall-
en from 25 per cent to 22 per cent,
and fewer people are buying cheaper
products 27 per cent traded down,
compared with 32 per cent in the pre-
vious quarter and 40 per cent in the
third quarter of 2011.
However the outlook remains slug-
gish 51 per cent are pessimistic
about their households disposable
income, which is holding back a sus-
tained consumer recovery.
Confidence up
despite a new
GDP downturn
BY TIM WALLACE
Deloittes chief economist Ian
Stewart warned that the picture is
only likely to change slowly.
For consumers to spend more, dis-
posable incomes need to improve.
Wages are unlikely to see much
growth this year, so the big hope is
that sharply lower inflation will sup-
port consumer spending power, he
said.
If inflation drops in the second half
of this year, the UK consumer should
see some modest growth. Yet the UK
consumer remains vulnerable to
events, particularly an intensification
of the euro crisis or further rises in oil
and energy prices.
Retail sales have improved in recent months
Mar 20 Mar 2011 Mar 2010 Mar 2009 Mar 2008
2
1
0
-1
-2
-3
-4
3
4
5
Monthlyretail sales
3perMov. Avg.
%
c
h
a
n
g
e
o
n
y
e
a
r
HOTEL prices are soaring in the
run-up to the Jubilee in June,
according to a study out today
from Santander, with some rising
by as much as 223 per cent.
The survey found London hotel
prices rising by an average of 54
per cent over the Jubilee weekend
compared with the same length of
stay in May.
The three- and five-star hotels
studied ranged in price between
832 and 6,606 for a four-night
stay from Saturday 2 June to
Wednesday 6 June, for a family of
Hotel prices rocket on demand
for Jubilee weekends in London
BY TIM WALLACE
four.
That compares with a range
from 710 to 4,302 for a Saturday
to Wednesday stay in mid-May.
Families visiting Edinburgh can
expect to pay an average premium
of 28 per cent, or 312, while those
staying in Manchester are likely to
be pay eight per cent more, or 48.
Demand for hotel rooms in
London is likely to be fierce over
the Jubilee Bank Holiday
weekend the premiums our
research has uncovered will price
many families out of the capital
altogether, said Santanders Andy
Smith.
MONDAY 30 APRIL 2012
19
NEWS
cityam.com
The average London hotel is charging 54 per cent more over the Jubilee weekend
| ADVERTISEMENT PROMOTION
Eight Club is an exclusive City Club with premises at Bank (Change Alley) and Moorgate (near Finsbury Square) Both clubs
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T
he meticulous attention to detail
and blending of art with nature is
a defining characteristic of
Japanese culture. For almost 90
years, Japanese whisky distillers have
evolved an approach defined as the Art
of Japanese Whisky.
It can be discerned through such dis-
tinctive whiskies as
the Yamazaki and
Hakushu 12 year old
single malts or the
Hibiki 17 year old
blended whisky.
For this reason
the Yamazaki,
Hakushu and
Hibiki ranges have become
the most honoured whiskies
in the world with over 60
Trophies and Medals for
excellence from internation-
ally-recognised competitions
such as the International
Wine and Spirit
Competition and the
International Spirit
Challenge.
The sudden world awak-
ening to the qualities of
Japanese whisky began in
2003 when Suntorys
Yamazaki 12 year old won a
gold medal at the
International Spirits
Challenge in London.
Remarkably, in 2010
Suntory, Japans leading dis-
tiller of premium whiskies,
was awarded the title of Best
Distiller in the World, the first
time such a title had gone to a
Japanese company. Last year,
Hibiki 21 year old was named
Worlds Best Blended Whisky, for
the second year in succession.
In fact, the Hibiki brand,
whether for the 30 year-old
or the 21 year-old, has held
this much-envied title for the
last four years.
If that were not enough,
Yamazaki 25 year old was
named Worlds Best Single
Malt at the same event this
year: the World Whiskies
Awards organised by Whisky
magazine.
Rob Allanson, Editor of Whisky maga-
zine said: This is a stunning liquid with
really good integration between distilla-
tion and maturation. A sherry bomb
with flavours of sherry and
Christmas cake. Suntory is
consistently excellent.
There are amazing things
coming from Yamazaki espe-
cially excellent balance
and harmony.
WIN
a Suntory whisky and cigar
tasting evening at Eight Club,
in the heart of the City
Suntory and Eight Club are offering five pairs of tickets to an exclusive whisky and cigar sampling evening
conducted by Zoran Peric (left), Suntory Brand Ambassador and Przemek Zaneap, Bar Manager, at the
clubs Moorgate premises, 1 Dysart Street, London EC2A 2BX Tel: 0808 1801858. Time - 6.30pm on June 7.
Final date for entries is May 18. Winners will be notified by e-mail. Bring a friend and enjoy the whisky
and cigar experience together.
To enter, please answer the following question:
When did whisky distilling in Japan begin?
Email your response and contact details to:
lucky@cityam.com
The first five correct entries will win two double tickets. You
will be notified by e-mail. Terms and conditions apply. Visit
www.cityam.com/lifestyle/suntory-whisky-and-cigar-tasting-
competition for details.
THE EXTRAORDINARY ART OF JAPANESE WHISKY
NEXT WEEK one of Londons oldest
coin auction houses will host a sale
particularly fitting for the Diamond
Jubilee year, as a collection of coins
representing the power and glory of
Queen Elizabeth IIs predecessors
goes on sale.
On 8 May the house will sell the
first part of the Bentley Collection
a multi-million pound assortment
of over 1,200 gold sovereigns built
up over 34 years by a private collec-
tor.
The origins of the sov-
ereign date back to
1489, but the modern
gold sovereign was
introduced for cur-
rency in 1817 after
the Coinage Act of
1816 passed during the
reign of King George III.
And there hasnt been a gold-
en opportunity for numismatists to
Money for old
money at royal
sovereign sale
get their hands on rare sovereigns
since Black Monday forced collectors
to cash in their coins in the 1990s.
The most important piece of the
London Royal Mint section of the col-
lection is the impressive 1819 sover-
eign, added to the collection at the
end of the last century and still the
finest known specimen in private
hands, valued at a six-figure sum.
So, with the pound in your pocket
devaluing quicker than your ability
to spend it, you might feel like
throwing your lot in with some
sovereigns.
Goldbugs like Spandau
Ballet always believe in
gold. If they turn out to be
right, a sovereign will give you
a piece of history that could
make a mint.
This rare 1819 sovereign is expected to
bring a six-figure sum at auction
ITS the end of April, which can only
mean one thing: its Christmas party
season for City stalwart Winterflood
Securities.
The market makers festive parties
are famed for two things: the vast
quantity of alcohol up for grabs, and
the yearly theme, with guests being
treated to royal wedding, James
Bond and school disco knees-ups
over the years.
So it was with great consternation
that hundreds of bankers, traders
and analysts tried to work out what
this years theme actually was.
Winterfloods mysterious bash
Greeters at the entrance of the Royal
Exchange were wearing fake, thick-
rimmed glasses and dressed all in
black.
The food on offer was an austere
spread of traditional fare including
cones of chips. Whatever could it
mean?
One Winterflood staffer suggested
that in these straitened times, the
firm had gone without one this year
out of respect for the economy.
Or perhaps the mystery theme was
too subtle for the sozzled guests to
discern.
PRIVATE equity firms were once
known as Barbarians at the Gate
after KKRs $25bn leveraged buyout
of RJR Nabisco in 1988 was
immortalised in a bestseller of that
name but their image has picked
up, at least according to one expert.
Peter Hemington, M&A partner
at BDO, said buyout firms are no
longer barbarians but white
knights, due to their plethora of
rescue takeovers. With private
companies choosing to maintain
cash reserves, it has been the
private equity industry that has
come to the rescue of both
businesses and, critically for the
government, the jobs of the
employees.
Can he prove it? Well, new BDO
figures do show private equity
firms are still stumping up the cash
despite the slip back into recession.
Its private equity price index was
14.1 in the first quarter of this
year well up on the 10.8 multiple
seen this time last year, and the
proportion of disclosed private
equity deals over 50m rose from
31 per cent to 50 per cent. All good
news for retailers that need a
lifeline just dont expect another
book about it.
Private equity
rides to rescue
of failing firms
Got A Story? Email
thecapitalist@cityam.com
20
cityam.com
cityam.com/the-capitalist
THECAPITALIST
WHERES BORIS?
ELECTION watchers were left scratching
their heads yesterday as a previously-
billed interview with Boris Johnson on
the BBC Sunday Politics Show turned
out to be a grilling of his deputy, Kit
Malthouse, instead.
Malthouse gave a spirited defence of the
Mayors track record with just days to go
before the election, but said Boris had a
long-standing engagement, which the
BBC has actually known about since
March. The purpose of this mystery
mayoral meeting remains just that,
though Johnson was later spotted doing
a spot of electioneering on the streets of
Wimbledon.
MONDAY 30 APRIL 2012
PY's career to date has included member of the
French Olympic lce Hockey team, vice President of
Park Operations at Disneyland Paris, Chief Executive
of the Dome and today, he runs the largest Leisure
property group in the UK......And he's a scratch
golfer too!
After 15 years of success in Corporate Rescue, which
included, turning Euro Disney into Europe's biggest
visitor attraction, and several other turnarounds for the
WDC, Disney CEO Michael Eisner recommended him
to Tony Blair and PY was appointed Chief Executive of
the Dome in February 2000.
Today, capitalising on his "corporate rescuer" career
(9 successful turnarounds since 1991j, PY is Chief
Executive of X-Leisure, which grew, from 70m of
asset under management, since PY joined in 2001,
to more than 1.3 billion in 2007.
As an academic, PY has lectured since 2001, on the
MBA program of the London Business School, and at
the as a Professor of Entrepreneurship at the
lmperial College, running a module on the
Experienced Economy and corporate rescue.
'Jazz in the City' on JazzFM is kindly sponsored by
global fund manager Aberdeen Asset Management.
' , , _
' '_' '
' '
Brought to you by
IN ASSOCIATION with Repskan.com,
City A.M. is measuring the relative Olympic
media buzz around the London 2012
Olympic and Paralympic Games partners,
week by week. The leaderboard, right,
reflects their ranking over the past week, in
this case from Wednesday 18 April to
Wednesday 25
April.
Samsung has
done well in our
rankings, more
or less since day one. At the moment it has
several campaigns that are helping to drive
online conversation around its brand. The
company has recently launched its Olympic
Genome Project, through a game called
How Olympic Are You?. The idea is to use
Facebook to discover how people are
connected to the Olympics through their
similarities with athletes. Samsung also has
its Global Bloggers campaign which, via a
competition, enables people to become
video bloggers and report their experience
of exploring London during the Olympic
Games.
OLYMPIC MEDIA BUZZ
LONDON 2012 PARTNERS
Brand Position change
DOW 5
Samsung -1
McDonalds 0
Coca-Cola 3
P&G 0
Adidas -4
BP -3
Visa 2
Cisco -1
BMW -1
TOP TEN PARTNERS BY MENTIONS
%
16
52
5
18
Blogs
National News
Topicals
Twitter
Other
9
SAMSUNG OLYMPIC
MENTIONS BY
CATEGORY
MONDAY 30 APRIL 2012
21
NEWS INTERVIEW
cityam.com
T
ALKING about art with John
Pluthero is a bit like learning to
ballroom dance with Tony
Hayward pleasant but slightly
surreal. He is showing me around an
exhibition he helped to curate at the
Kings Place Gallery in Islington.
Bright swirls of colour leap from
every wall, accompanied by a
passionate commentary by Pluthero.
He may be a long-standing art col-
lector, but anyone in the business
world will know him from his previ-
ous, most recent incarnation, as
chief of Cable & Wireless Worldwide
(CWW), the company sold to
Vodafone last week for 1bn. To say
he left under a cloud is something of
an understatement.
He cuts an imposing figure: tall
and broad, with the heavy brow of a
PE teacher, albeit one dressed in a
fedora and a baby-blue seersucker
jacket. I expect him to be prickly,
evasive, flanked by PRs and limited
to as many pre-approved sound-
bites as you can squeeze into 15
minutes.
If this was the plan, he didnt fol-
low the script. Two hours later, were
still sitting sans PR drinking cof-
fee and talking about life after CWW.
He is softly spoken, measured but
candid, often accompanying his
answers with a schoolboy laugh. I
must admit, I was rather charmed.
You can see how he convinced share-
holders to approve his now infamous
bonus.
The payout he received in the wake
of CWWs de-merger from Cable &
Wireless Group (of which he was
chief executive) netted him more
than 10m even as the company
floundered. It made him one of the
most controversial chief executives
in the country.
With Pluthero as chairman, CWW
hemorrhaged value, issuing three
profit warnings in just over a year. A
443m first half loss in November
2011 was enough to force out chief
executive Jim Marsh, heralding the
brief return of Pluthero to the helm.
Six months later, he resigned.
CWW has since said Plutheros
management team spent too little
integrating acquisitions such as
Thus and Energis. He stands accused
by critics of being more interested
in meeting the targets of his (clearly
flawed) incentive scheme than
investing in the long-term future of
the company. It is telling that the
1bn Vodafone will pay for CWW
amounts to the same as the com-
bined cost of Thus and Energis
hardly value-adding purchases and
a remarkable reminder of the value
destruction at a once proud firm.
Someone who worked closely with
Pluthero through the Cable &
Wireless years told me he is
immensely proud and apt to hold a
grudge. This might explain why he
hasnt spoken to the media since his
departure. You can see why by the
latter stages of his tenure, open sea-
son had well and truly been declared.
No-one comes out alive, Pluthero
says of running a public company.
You take Lord Browne. He ran BP
brilliantly and was a truly world-class
business leader. Right at the end he
gets hounded out through the fact
that hes gay and might have talked
about the business to his partner.
You show me a business leader who
doesnt talk to his wife. But thats the
The controversial
telco boss on life
after the C-suite
world we live in. I do wish it were a bit
different.
The sheer weight of negative cover-
age must have hurt though, right? It
is tiresome. I dont think Ive been
treated any worse than anyone who
finds themselves in the public eye. If
you poke your head above the para-
pet, you have to accept there will be
people who want to have a shot at it.
Im not a great one for regrets. You
make decisions as best you can at the
time hindsight is a very cruel mis-
tress. Youre looking back thinking
well I could have done that slightly
differently.
Since his departure, Pluthero has
thrown himself into his new project,
AbstractCritical (or AbCrit as he
calls it), aimed at promoting the
abstract art community, which
Pluthero admits hasnt been the
most popular genre. It recently held
its first Newcomers Award, which
hopes to find the best young abstract
artists in the country. By all accounts,
it has been very successful. Pluthero
is particularly taken with a young
artist called Jack Sutherland, of
whom he has high hopes (at first I
wasnt really taken with him but the
more I look the more Im convinced
hes a true contemporary artist).
AbCrit launched when he was still
at CWW but his subsequent depar-
ture has given him considerably more
time to devote to it. So how did it
start?
Robin [Greenwood, a London-based
abstract painter and sculptor] and I
started bemoaning the state of
abstract art. Im not a very good spec-
tator, though, so I said either we shut
up about all this or we do something
about it. So we did.
Even when hes discussing art, you
can hear the executive coming
through, with his talk of distribu-
tion networks and his desire to pro-
mote the long tail and the J-curve
the smaller artists who are at the
base of the pyramid that more
famous artists sit at the top of.
He says his status is a mixed bless-
ing for AbCrit. It means the project
attracts more publicity than it may
otherwise have but it also leaves
people asking whats his angle,
whats he after, this Pluthero guy?
One newspaper rather snarkily
worked out that if Pluthero were to
invest his bonus in the Newcomer
Award, he would be able to keep the
5,000 prize running over 2,000
years.
Pluthero is a multi-millionaire who
could comfortably while away his
days attending opening nights and
expanding his art collection (which is
already outgrowing the space he has
to store it in). But what does a 48-year-
old former chief executive with a tar-
nished reputation do next?
My concern, and it is a significant
one, is that I have two young children
and I absolutely believe they should
not grow up seeing their old man get-
ting up at 9am and padding around
in his dressing gown.
I never expected to have the choice
[over whether to work or not]. Ive
never had time off before. Im enjoy-
ing it. Im finding it a lot easier than
I thought I would, or than others
thought I would. There are such a lot
of things you put off because you
dont have time: I have a whole book-
shelf I have put off reading, places I
have put off visiting. Ive lost a stone
since I quit because I actually have
time to go to the gym.
[Being a chief executive] is not a
wonderful lifestyle: stress, lack of
exercise, lots of international travel
messing your body clock up. But then
you get very well paid and people
hang on your every word: you get the
whole gig.
Surely, though, he must miss the
cut and thrust of the corporate world,
especially in light of the sale to
Vodafone?
I dont miss it at the moment. I
suspect I will but Im actually very
open-minded about it. Mentally I
had made the break before I left it
was essentially Gavins [Darby, cur-
rent CWW boss] business since
before Christmas.
But you look for parallels else-
where you get racing drivers who
retire then reappear a few years later
they couldnt get the satisfaction
elsewhere or they received an offer
that was too good and for whatever
reason, theyre back. Of course, you
get others who say no, that was fine.
I lived that kind of life. Only time
will tell which camp Im in.
At the moment I get up on Monday
and look at my diary for the week and
there is very little in it indeed and
that makes me smile very broadly
indeed.
Its hard not to read a trace of wist-
fulness into his voice. For better or
worse, I dont think we have seen the
last of John Pluthero.
Former Cable & Wireless Worldwide chief John Pluthero gives his
first interview since he left the firm under a cloud. By Steve Dinneen
Im not a great one
for regrets. You make
the best decisions
you can. Hindsight is
a cruel mistress

Racing drivers
retire and come back
after a few years
because they couldnt
get the same buzz

Former Cable & Wireless Worldwide boss John Pluthero attracted shareholder ire for taking a 10m bonus as the business floundered
CV: JOHN PLUTHERO
Born: 1964 in
Chelmsford, Essex
Education: London
School of Economics
Career:
1990: Director of
Chelsea Harbour for P&O
1992: Strategy and
planning manager,
Holiday Inn Worldwide
1994: Business review
director, Dixons
1998: Managing director
of Mastercare, part of
Dixons group; also
founded Freeserve and
was appointed chief
executive
2002: Chief executive of
Energis (bought by Cable
& Wireless in 2005)
2005: Chief executive
C&Ws UK operations
2010: Becomes
chairman of C&W
Worldwide (CWW)
following demerger from
parent company
2011: Becomes chief
executive of CWW
November 2011: Steps
down as CWW chief
Cable & Wireless Worldwide PLC
Mar 12 Jan12 May11 Jul 11 Sep11 Nov11
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CNBC COMMENT
MONDAY 30 APRIL 2012
SPC
The Society of Pensions
Consultants has announced that
Roger Mattingly has been elected
society president, with effect
from 1 June. He succeeds Kevin
LeGrand, head of technical
services at Buck Consultants.
Mattingly is a board director at
JLT Benefit Solutions and has sat
on the SPC council for the past
thirteen years.
R3
Lee Manning has been made president of R3, the insolvency
trade body. He succeeds Frances Coulson, who will remain
on R3s council. Manning is currently a partner in
restructuring services at Deloitte, where he has been
involved in the administrations of several football clubs,
including Millwall, Bradford City and Swindon Town. He
joined Deloitte in 2004 after spending over twelve years
with Kroll, the corporate investigations firm and risk
consultancy firm.
Norton Rose
The law firm has appointed David Shearer as a partner in its
London structured finance and capital markets practice.
Shearer joins from Allen & Overy, where he has been a
partner in its structured finance group for the past nine
years. He qualified as a lawyer in New Zealand in 1993 and
in England and Wales in 1999.
Berwin Leighton Paisner
Janet Turner QC has been hired into the charities group of
BLPs private client practice. Turner is a lawyer with more
than twenty five years experience and joins from Taylor
Vinters, where she was head of the not for profit group. She
also previously spent eight years as in-house counsel for
WRVS, the national volunteering charity. She is also non-
executive director of N&P, the building society.
CBRE
The commercial real estate services firm has appointed
Chris Vydra as executive director. He will work in the
companys city leasing team, and will work closely with Dan
Roberts and Mark Slim. Vydra was previously with CBRE
until 2005, when he joined Knight Frank as a partner.
Europcar
The car rental company has promoted Justin Shaw to the
position of fleet director. Shaw has twenty five years
experience in the industry. He joined Europcar in 2002, in
operations, and became fleet operations director in 2011.
YFM Equity Partners
Andrew Marchant has joined the private equity firm in the
new position of non-executive chairman. He has spent
three decades working in the industry, starting at
Prudential and subsequently becoming director and co-
owner of Cinven. He is currently chairman of Unigestion UK.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Jobs news and
earnings vital
for S&P 500 lift
I
T will be another battleground for
S&P 500 index this week. Will the
bears finally give up and let the
bulls have their way?
The S&P 500, the markets broadest
measure, managed to close out the
week above the psychologically
important 1,400 mark for the first
time since early April. But the index
is still down 0.4 per cent for the
month so far even after gaining 1.8
per cent for the week, with only one
trading day left in April.
Brian Lazorishak, senior quantita-
tive analyst and portfolio manager at
Chase Investment Counsel, said a
close above 1,400 is positive, but the
recent high, near 1,422, is a more
important technical level.
Thats what were looking for on
the upside as confirmation theres
room to move higher, Lazorishak
said.
A close above that would open the
window to testing highs back to early
2008. The next natural area you'd see
is a run to at least 1,440, the May
2008 high.
This weeks release of a slew of eco-
nomic data on the US labour market
and the beginning of the latter half
of corporate earnings will be keenly
watched to see if they are enough to
allow stocks to break above the
recent trading range.
The S&P 500, up 11.6 per cent for
the year, jumped 4.4 per cent in
January, 4.1 per cent in February and
3.1 per cent in March, but is down 0.4
per cent so far this month.
At the top of investors radar screen
this week will be the governments
closely watched monthly jobs report
for April, to be released on Friday.
Jobs growth in March slowed to
120,000, the smallest increase since
October, disappointing investors even
though the unemployment rate fell
to a three-year low of 8.2 per cent.
Ahead of the governments payrolls
report, investors will be watching the
ADP Employment Report due on
Wednesday and weekly jobless data
on Thursday for signs of whether the
States labour market is gaining
momentum.
A
PPROPRIATELY, the European
Central Bank holds its monthly
policy-setting meeting in
Barcelona this week. Not that
it can do much to ease the pain of
Catalan football supporters post
Barcas Champions League exit and
the loss of their coach but at least
theyll get a firsthand account of
whats going on at the frontline of
Europes economic battleground.
On the face of it, market reaction to
ratings agency S&Ps two notch down-
grade of Spanish debt and news that
nearly a quarter of the working popu-
lation is now unemployed was very
muted. But to anyone whos looked at
the numbers it was pretty clear which
way the trend was going and, as S&P
suggests, will continue to do so.
The Spanish government comment-
ed on Friday that it may have to put
more money into the banking sector.
They would aim to do so without
resorting to Eurozone funds but plen-
ty wonder if thats feasible. If Spain did
take aid from the EU, then bondhold-
ers face a risk of subordination, some-
thing definitely not in the price.
S&Ps Moritz Kraemer told me it
would depend on where and when
the money was taken. If from the
European Financial Stability Facility,
in place until July, there would be no
subordination in the event of a
default. But if they wait until the ESM
has replaced it at the end of that
month, its a different story.
Regardless of that time bomb, most
if not all fixed income guests I inter-
view expect yields on Spanish debt to
have a sustained move higher, to well
above six per cent. It would then be
reasonable to expect the ECB to
reopen its Security Markets
Programme and restart the practice of
buying peripheral debt in the second-
ary market. But the threshold for
doing so might be quite a bit higher
than some think.
In the meantime the ECB might help
the periphery by holding rates as low
as it can, even if it risks a reflationary
boom for the core.
But Guy Monson of Sarasin says
holding rates falsely low for prolonged
periods always risks asset and invest-
ment bubbles, a fate that likely awaits
Germany and possibly Switzerland,
via the Swiss Franc ceiling.
As a result investors in real estate,
exporters, insurance and perhaps even
one day bank assets in those countries
will ultimately benefit.
Ross Westgate co-hosts Worldwide
Exchange daily from London and anchors
Strictly Money on CNBC
ECB faces tricky choice on rates BESTof theBROKERS
Legal & General Group PLC
25Apr 26Apr 27Apr 23Apr 24Apr
p
120
119
118
117
116
121
119.00
27 Apr
LEGAL & GENERAL
Panmure Gordon rates the insurance group buy with a target price of 139p ahead
of its interim management statement due on Thursday. The broker is forecasting
total new business sales to fall six per cent to 405m thanks to the tough economy
and lack of appetite for large annuity sales. However, Panmure expects to see cash
generation to rise nine per cent and 9.1bn gross inflows in the firms investment
management business. The broker is also keen to get an update on outgoing chief
executive Tim Breedons replacement.
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
NEW YORK
WEEK AHEAD
in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
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MORNING UPDATE
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cityam.com
British Land Co PLC
25Apr 26Apr 27Apr 23Apr 24Apr
p
495
490
485
480
475
500
497.00
27 Apr
BRITISH LAND
JP Morgan Cazenove said it has taken the plunge and upgraded the property giant
to overweight with a price target of 580p, due to its recent share price
underperformance compared to peers. The broker thinks British Land could step up
to play Champions League property development by demerging specialised
divisions, such as the Broadgate vehicle, eyeing up UK small caps and increasing
focus on London while selling off its European exposure. Currently, JP Morgan thinks
the firm is trading at 18 per cent discount to its total net asset value.
Aer Lingus Group PLC
25Apr 26Apr 27Apr 23Apr 24Apr

1.00
0.99
0.98
0.97
0.96
1.01
0.96
27 Apr
AER LINGUS
UBS rates the airline neutral and has raised its price target from 0.90 to 1.10
ahead of first quarter results due on Thursday. The broker believes Aer Lingus has
enjoyed strong growth in the quarter, with the firm managing to keep its flights full
while not sacrificing on margins. UBS is also expecting operating losses to be
around 31m, greatly reduced compared to last year when Aer Lingus was hit by
industrial action, and hopes to see evidence of further margin growth for the rest of
the year.
R
ICHARD Marsden describes
his meeting with University
of Southampton scientists
in 2003 as one of the most
memorable moments of his
life. That very meeting, about a
potential new medicine, could
prove pivotal to the health of
millions of people. If Richard
hadnt been there, the idea may
never have been developed.
The discussion was all about
lungs. The scientists had
discovered that a vital defence
mechanism didnt always work.
When the lungs are under attack,
they normally produce interferon
beta, a protein that helps fight off
nasty viruses. This reaction can be
key to stopping an ordinary head
cold travelling south to the lungs
where it could do real damage.
People such as asthmatics and
smokers dont always produce
enough of the protein, and can
suffer badly, even fatally, when
they have a cold.
Having discovered a possible
cause, the obvious idea was to
create an inhaled drug containing
the protein to top-up the levels in
the lungs of those at risk. And so
the journey began. But it almost
ended right there in the
academic world, it can be publish
or perish, and the scientists were
keen to publish their results,
without patents, saying simply:
We dont know how to patent.
Most people new to business are in
a rush to patent, while I am
usually more of a believer in first
mover advantage and business
expertise. Patents are tricky to get
and expensive to defend. In the
pharmaceutical world though,
they are a necessity. Its not about
greed, its about cost. The average
cost to market of a pharmaceutical
drug is over $1bn (615m). A drug
company needs to get a good
price to recoup these
costs. Without patent
protection, another
company without those
costs can copy the drugs
ingredients and sell it at a
fraction of the price. Sometimes,
only a monopoly position makes
sense.
Thankfully, Richard organised
the patents, and the new company,
Synairgen, partly owned by the
university and the scientists,
looked for investors. I joined in,
with a cheque for nearly 500,000,
and Synairgen was listed on the
stock market. Richard and I chat
regularly ever since about strategy
and results.
Now, business isnt usually as
easy or quick as the examples of
Facebook or Skype might have
you believe. Its taken eight
years, and Synairgen has
been looking at the drug as
an asthma treatment:
testing for safety, dosages,
patient choice and
effectiveness.
This month it announced
that a trial of 147 patients
demonstrated significant benefits
to vulnerable asthma sufferers.
Still more trials are needed, which
could involve partnering with a
big pharmaceutical company, but
theyve made huge steps towards a
possible treatment against a broad
range of viruses for a vulnerable
population. The company has also
become more confident that a
similar treatment could be
effective for things like bronchitis
and emphysema (smokers curses),
and it could even be stockpiled by
governments as a defence against
unknown strains such as bird flu.
Eight years on, and I am as
optimistic as ever.
Since the mid-1990s Richard Farleigh has
operated as a business angel, backing
more early-stage companies than anyone
else in the United Kingdom.
Accelerators can provide the ideal environment in which to transform a nascent plan into
a successful enterprise here are three to get your entrepreneurial creative juices flowing
Ready steady go: Time to put
your business ideas to the test
T
HE finalists of the UK Ernst &
Young Entrepreneur of The Year
are announced today. The
leading professional services and
accountancy firm has sought out
top UK business leaders who have
shown drive and innovation in starting
and growing companies in challenging
economic conditions.
Following a record number of
applications, 150 of the UKs most
entrepreneurial businessmen and
women are competing to win the title.
And the capital city is well represented.
For example, James Miles and Justin
Gibbs of Battersea-based Liv-ex an
online stock exchange for wine have
made the cut. They have introduced price
transparency and electronic trading to a
traditionally opaque and inefficient
market. Liv-ex has generated growth
exceeding 50 per cent per year and
revenues approaching 54m in 2011.
All finalists have big ambitions. Lance
Uggla, founder of Markit, the global
financial information services company
headquartered in London, wants to
achieve a $10bn valuation and a $500
share price in the next 5 to 7 years.
Nick Wheeler of Charles Tyrwhitt
Shirts, which has been nominated this
year thinks people are quick to criticise
and talk this country down. There are
very few global menswear brands and
we are keen to join their rank.
Ernst & Young is one of a number of
large companies actively supporting
entrepreneurship. Many people think of
big business as the antithesis of
innovation and certainly startups
creatively destroy their more established
competitors. But each needs the support
of the other, with large companies
buying the best of the new, or
increasingly outsourcing their innovation
to smaller companies.
Visit www.eoy.co.uk to find out more
about the Ernst & Young Entrepreneur of
The Year.
philip.salter@cityam.com
Twitter: @Philip_Salter
ENTREPRENEURS
24
Ernst & Youngs UK
top entrepreneurs
INNOVATION
DIARY
PHILIP SALTER
MONDAY 30 APRIL 2012
cityam.com
of a SERIAL
ENTREPRENEUR
RICHARD FARLEIGH
CONFESSIONS
ACCELERATOR ACADEMY
www.acceleratoracademy.com
The Accelerator Academy works with
emerging entrepreneurs to help them to
achieve high growth, through intensive
training, mentoring from successful tech
entrepreneurs and providing them with
access to seed capital. Applicants are
initially assessed by a Manchester Business
School devised eTeamTool assessment
process. Delivered over 12 weeks, the part-
time programme improves the market
traction and investor readiness of 25 of
Londons most ambitious start-ups, helping
them to succeed and achieve higher
growth.
DATES 8 May to 30 July 2012 / September to
December 2012
LOCATION Innovation Warehouse, Farringdon,
London
COSTS 50 per week, and commitment to sell
3-5 per cent of options, shared between the
Academy and mentors.
CONTACT
Email: info@acceleratoracademy.com /
Phone: 0203 280 3705 / Twitter: @XLR8Ruk
SPRINGBOARD
www.springboard.com
Springboard combines investment capital
with an intensive 13-week mentor-led
accelerator programme. It is aimed at
ambitious and scalable early stage
businesses from UK and overseas. In
addition to its office space, Springboard
provides seed capital (investment funding of
5,000 per founder typically 10,000 to
15,000), over 100,000 of free services, and
one-to-one support from over 100 high
calibre experienced entrepreneurs and
investors. The process ends with an investor
day where the teams present their proposals
to an audience of angel investors and
venture capitalists.
DATES Second and fourth quarter annually
LOCATIONS Google Campus in London and
ideaSpace in Cambridge
COSTS 6 per cent equity on founder friendly
terms.
CONTACT Email: jon@springboard.com /
Phone: 07713 632388 (Jon Bradford) /
Twitter: @springboardnews
STARTUPBOOTCAMP
www.startupbootcamp.org
Startupbootcamp is a pan-European startup
accelerator programme, which provides
startups with seed investments and business
mentorship, while exposing and connecting
startups to an expanding European
community. The programme runs quarterly
during the year, selecting 10 startups to fund
in each programme. The startups get seed
funding from 15,000 per team (plus up to
50,000 in free services like office space,
server space etc.) and mentorship for
launching and scaling to European and global
markets. At the end of each programme,
startups pitch their transformed product to
investors at a demo day.
DATES Now accepting applications for
Startupbootcamp Berlin (closing date 17 June
2012)
LOCATIONS Pan-European: Dublin, Amsterdam
and Berlin
COSTS No upfront costs. Startupbootcamp
takes 8 per cent equity.
CONTACT Email ck@rainmaking.dk /
Twitter: @carstenkolbek
Its cough might be worse
than its tweet
A healthy dose of British ingenuity, money, patents and patience
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W
HEN I assumed the
position of chairman of
policy and resources at
the City of London
Corporation in 2008, I
knew that there would be
difficulties. But very few people
could have anticipated the scale of
the challenges that lay ahead.
Over the last four years there have
been sequences of events that have
defined my time as chairman.
The 2008 financial crisis gave a
shock of seismic proportions to the
international financial services
industry. It also fundamentally
challenged the Citys position in the
economy and our standing in the
community.
Last year was perhaps the most
T
HE Western European view of
Russia has not moved with
developments in the country
since the crash of 1990. To the
Western media, Russia remains
a kleptocracy run by the mafia. It is
seen as secretive, corrupt, plutocratic,
hugely unequal and unjust.
Yet the challenges that Russia faces
are not unique in the world of emerg-
ing markets look at Saudis vulnera-
bility to swings in commodity prices;
Mexicos income inequality and plu-
tocracy; Malaysias political jackboot-
ing; and Argentinas corruption and
recent property grab. Russias chal-
lenges are entirely consistent with the
level of its affluence and stage of eco-
nomic and political development.
And while Vladimir Putins re-elec-
tion is widely considered regressive,
we see it as the beginning of another
cycle of transformation of the worlds
largest country into the vibrant econ-
omy it deserves to be.
To understand why, we must appre-
ciate one very important and obvious
correlation. The staying power of
Russias ruling regime is determined
cityam.com/forum
Putin must find new
sources of growth to lift
GDP and diversify away
from commodities
In association with
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Top responses will be reprinted in The Forum.

26
MONDAY 30 APRIL 2012
PLAMEN MONOVSKI
Time for Russia 2.0: Putins return
promises an economic revolution
by its ability to raise living standards
by generating economic growth. In
2012, the traditional sources of that
growth are all but gone.
Today the ruble is fairly-valued;
there is scant room for production
growth in the extractive industries;
the oil price is unlikely to rise fast
from here, and, even if it does, it
would not be good for Russia anyway.
Putin must therefore find new
sources of growth to lift GDP and
diversify away from a dependence on
commodities which currently con-
trols Russias fortunes and make it
vulnerable to market gyrations.
Putin has, therefore, no choice but
to engage in dynamic policy action.
This is what we think he will do:
nA Kremlin privatisation programme,
the largest in the world, will increase
productivity sharply. The over-expand-
ed Russian state has become a hin-
drance to growth. It must be pruned.
nRed tape will be cut and regulation
improved to support business, especial-
ly small and medium-sized firms, by
streamlining taxation, providing
investment incentives and, inevitably,
tackling corruption. Putin will know
that corruption is best tackled from
below, rather than top-down where it
is usually most entrenched.
n Putin will preside over one of the
largest-ever infrastructure cycles
about $1 trillion (616bn) which will
lift potential GDP by at least 1-2 per
cent a year, upgrading Russias dilapi-
dated infrastructure and generating
mass employment. This will create an
entirely new value chain of companies
and huge wealth on the stock market,
judging by the precedents of China,
India, Malaysia, Chile, Singapore, and
more recently, Brazil.
n The floodgates to foreign portfolio
and direct capital will be opened to
generate high growth in investment.
The local corporate bond market
attracted institutional flows never
seen before after its infrastructure was
upgraded to world-class level in 2011.
Only 4 per cent of it is owned by for-
eigners; getting to 20 per cent the
median in emerging markets means
$50bn annual inflow for a few years.
This will reduce the cost of financing
and increase return on investment.
nHe will dramatically improve corpo-
rate governance. Ossified and corrupt
managers will be replaced by profes-
sionals with strong track records. Cash,
previously stolen, hoarded or wasted in
dubious capital expenditure will be
returned to shareholders via buybacks
and dividends.
nLastly, Putin will put in place a com-
prehensive pension reform, ensuring
that a domestic investor base is built,
smoothing asset market volatility.
In 1990, the Russian economy had a
$2.9 trillion output, second only to
the US. Today, the Chinese economy is
more than three times larger than
Russias, which has slipped to ninth
position. Putins measures will mimic
the steps that made China what it is
today and provide exceptional oppor-
tunities in the next few years.
Russia looks like many other coun-
tries of the same level of development
governed by a system that is part
democratic, part authoritarian;
informed by partly-free media; and
powered by an economy tied to the
commodity cycle.
To the savvy investor, however,
Russia is a treasure trove of opportu-
nity which is likely to translate into
some of the best investment returns
in the world. This will be the true
rebuilding of a superpower. Russia 2.0
starts now.
Plamen Monovski is chief investment offi-
cer for Renaissance Asset Managers.
difficult, but I am hopeful that the
value of the City to the UK economy
is now better understood and the
government remains supportive. We
acknowledge that serious errors of
judgement were made, with
disastrous consequences, and both
culture and business models had to
change. I believe the City has taken
this on board and the reform agenda
will continue.
I can say that, despite the
problems, the City has come
through this very difficult period,
battered but still intact, maintaining
its title as the worlds leading
international financial centre.
One of the great strengths of the
City of London Corporation is its
capacity to bring people together,
ensuring the voice of UK business is
heard. In 2010 we founded
TheCityUK to create a practitioner-
led body to coordinate and lead the
promotion of UK financial services
at home and abroad. Im delighted
with its success and wish it well in
the future.
A lot of my time has been taken by
the whole Brussels agenda, fighting
to ensure that regulations proposed
by the European Commission and/or
Parliament do not erode the Citys
global competitive position. These
challenges remain and the fight
continues. The City needs good
regulation not over-regulation, often
promulgated for political reasons.
Looking ahead, I anticipate we will
see a further broadening of our
international focus. Over the past
four years, we have nurtured a
collegiate approach to our
international partnerships, sharing
skills and experiences. This approach
will continue to bring incremental
benefits, as I hope to be the case
with our initiative to build London
as an offshore renminbi market.
With time, I believe this will be seen
as a major achievement and a source
of substantial business.
I cannot ignore the issues we had
over the Occupy movement and the
campsite at St Pauls. I hope we have
made our position clear in that the
City is open to protesters but not
campers! I believe the City
Corporation should protect
everyones rights to move freely and
to trade, and that no group has the
right to take that away.
A difficult four years. Economic,
political and regulatory issues
continue, so I wish my successor
every future success and thank all
those who have helped steer the City
through such troubled waters.
Stuart Fraser is policy chairman at the
City of London Corporation.
CITY
MATTERS
STUART FRASER
Four challenging years guiding the City through its tumult and turmoil
27
Holiday ending
[Re: What course should George Osborne
take, Thursday]
A temporary VAT cut isnt the answer. Itll
lead to a temporary surge in consumer
spending, before falling back when the rate
is restored. Similarly, a temporary cut in NIC
isnt a good enough reason for an employer
to take on staff. They need to see
sustainable long term business benefits
resulting from the hire, like increased sales
and margin. Businesses need permanent,
sustainable reductions in taxation to release
spending, not temporary holidays. We need
labour market reforms. We need substantial
public spending cuts reductions. We need a
third runway at Heathrow.
DavidPeddy, managingdirector of Surgical
Instrument GroupHoldings
Name of the game
[Re: We must campaign with one voice to
end financial illiteracy in the UK, Friday]
I totally agree with you about the need for
consumers to be more financially literate.
Can we then start with a definition of
inflation. People, governments and NGOs
use it to describe rising prices when it
actually means falling money. Can we start
by shaming economists who dont know
their subject.
IanEdwards
[Re: Tackling football too hard over tax nets
an own goal, Friday]
Peter Hackleton is right. Dont give foot-
ballers a hard time over tax bills. Then again,
why stop at footballers?
MarkAdlington
T
ODAY, the UK has a huge
array of entrepreneurial
talent. However, with the
latest GDP figures showing
the country back in
recession, we need more than
political spin from Westminster
about promoting innovation and
entrepreneurship. We need the
politicians to get out of the way so
we can achieve results.
No project has inflamed more
political debate recently than Tech
City, Britains answer to Silicon
Valley. The government leapt in to
support its early promise, after the
number of high-tech companies
jumped from about 20 to 200 in
just four years. But the project is
now in danger of stalling. If the
project is to build on its success, it
cant rely on big government to
guide it. The project needs to
remain tightly connected to people
who have a heritage and a track
record in technology and a
propensity for risk.
The emphasis should be on
incubating startups, and, yes,
theres room for help here, with tax
incentives and financing all geared
to small firms, supported by
extensive mentoring programmes.
But there should also be even more
focus on community-building, so
developers help one other on
technical and business matters.
Tech Citys hopes are tied to the
mobile internet, where the power
of social networking meets a
marketplace of more than 6bn
personal mobile devices. Ease of
developer access and commercial
potential are fuelling a powerful
new wave of global innovation,
decentralising power into
distributed hubs around the globe.
This is no surprise. Large
organisations simply cant innovate
fast enough to keep up with mobile
TOP TWEETS
Tories down at Blair level polling. All that
Cameron modernisation for nothing.
@WhiteWednesday
Can someone point me to the line in
Levesons terms of reference where it says
hes to adjudicate on ministerial decisions?
@ChrisBryantMP
Im looking forward to Hollandes victory in
France so we can poach their brightest and
prove that high taxation doesnt work.
@Thomas_Stringer
A significant minority voting against execu-
tive pay at Barclays. A sign of more activist
shareholders or an isolated reaction?
@StallabrassM
Is it time to shake-up the way history is
taught to children in Britains schools?
YES
History is a big story. The episodes are connected. They have causes
and consequences. They explain each other. Think of watching
football on television, entirely made up of snippets from different
matches. It might be exciting at first, but soon you would realise that
it made no sense. Yet that is how history is taught in our secondary
schools. Bits of disconnected history from different times and places
are studied, often in minute detail. Do you know a lot about Titos
visit to Czechoslovakia in 1968, or the Lytton Commission, or
Bulgarian postwar elections? No, neither do I. Yet children spend a
lot of time learning details like this. History in schools needs to be
connected up, as a continuing story over time, and focusing mainly
on our own country. This is our common story. Our children deserve
to learn it.
Robert Tombs is co-author of History in the New Curriculum and
professor of French history at the University of Cambridge.
Robert Tombs
NO
Katharine Burn
History teachers are well aware of the seamless web that history
represents. But trying to cover it all even for Britain alone
requires time. In many schools that time is in short supply. Some
children receive only 38 hours specialist history teaching before
being allowed to drop the subject. They wont be among those at
GCSE exploring what we might learn from earlier failures of
international peace-keeping. Without more time, children can only
tackle the challenges of explaining causes and evaluating
consequences by studying a selection of events, in sufficient detail
to understand the reality of past lives and what particular changes
actually meant. In the circumstances, watching a few great matches
with the highlights in slow motion gives a much better feel for
the game than a quick glance at each weeks results table.
Dr Katharine Burn is senior lecturer in history education at the
Institute of Education, part of the University of London.
RAPIDresponses
internet technology. Innovators in
the mobile space and other sectors
are free radicals, in both the
chemical and sociological sense.
Highly reactive within their
environment, they emerge in a
time of economic uncertainty,
triggering change. Orderliness is
not part of their makeup.
Tech City is capable of an
extraordinary future, but only if it
can escape the danger of becoming
a government project. The pace of
traditional government doesnt
match up well with the rapid
ambition that brings innovation.
Over time, politicians who must
constantly balance the needs of
many tend to turn to middle-of-
the-road mediocrity. Tech City is
the embodiment of a principle that
people are just beginning to
understand: Silicon Valley is not a
geographic location but a platform,
a set of services and expertise with
a highly engaged community
brought together on behalf of
innovation. Tech City has many of
the best attributes of Silicon Valley
already. For continued success,
government needs to know its
limits, release the apron strings on
Londons entrepreneurial spirit
and allow innovative technology
vendors to lead the economic
recovery.
Robert Marcus is chief executive of
QuantumWave Capital, a mobile
internet investment banking firm, and
author of The Fifth Wave.
www.fifthwavebook.com
MONDAY 30 APRIL 2012
ROBERT MARCUS
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Email theforum@cityam.com or comment at cityam.com/forum
Tech Citys free
radicals cant be
run by the state
F
OR obvious reasons, most
women dont look upon their
engagement ring as an
investment at least not in
monetary terms but
diamonds can, and perhaps should,
also be valued for their present and
potential future value.
A NEAR-PARAGON
Diamonds are tangible, portable
assets, highly concentrated in value,
which offer a great opportunity to
protect investors wealth says
Monica Bortolin-Cossa, managing
director of MBC Diamonds.
In recent years the price of dia-
monds has been rising. Much of this
has been a rebound from the latest
crash, but even after recovering,
prices have continued to rise. In
2011 the price of diamonds rose by
up to 30 per cent, notes Bortolin-
Cossa. Salim Hasbani of Hasbani UK
and Tresor Paris says in general the
price of diamonds has been on an
increase, with sizes from 3 to 4
carats in the D to G colour and Vs+
(very slight inclusions) gaining the
most some 30 to 40 per cent
increase in prices over the last two
and half years.
Hasbani says the economic down-
turn has driven prices up as wealth-
ier clients have opted for investing
in precious commodities: The high
value of diamonds and its very low
weight make it a much easier com-
modity to transport, also the loss of
trust in financial institutions made
diamonds a more attractive option.
Perhaps unsurprisingly, most peo-
ple in the diamond trade are bull-
ish. Vania Leles of VanLeles
Diamonds thinks prices will only
go up massively because supply
cant cater for demand.
Diamonds are the worlds best friend
IN THE ROUGH
Like all bets on future prices you will
have to take the rough with the
smooth. Bortolin-Cossa says prices
crashed in the Great Depression in
1929, which of course started with
the crash on Wall Street; they also
tumbled after the dramatic collapse
of 2008. On the latter event, Vashi
Dominguez, the founder of
Di amondManufacturers. co. uk
explains that prices almost halved
from October 2008 into 2009 as a
result of the credit crunch. Many
had to liquidate their holdings and
crystallised large losses.
But Dominguez adds: By 2010, the
diamond industry was at around 80
per cent of the previous level of
activity, and by 2011 prices were
level with pre-crash prices. They
then continued increasing even fur-
ther, partly thanks to the increased
demand for diamonds in fast emerg-
ing diamond markets like China and
India.
DIAMONDS ARE ALMOST FOREVER
Many people claim that diamonds
are intrinsically valuable; this is
nonsense. Diamonds like every-
thing in this world have no intrin-
sic value. Its all about context. A
man dying of thirst would likely
swap a diamond as big as the Ritz
for a glass of water. A story from the
early Middle Ages by St Hildegarde
tells of the use of diamonds to cure
illnesses. Pope Clement and others
swallowed diamonds; presumably,
they assumed that something so
valuable was bound to help. The
cure failed disastrously.
Today, if they werent considered
beautiful, gem-grade diamonds
would be worth no more than indus-
trial-grade stones. And it should
never be forgotten that fashions may
come and go. Jean Ghika of
Bonhams explains that the most
desirable stones in todays market
are fancy coloured diamonds (partic-
ularly blue and pink) however,
only 100 years ago these were consid-
ered a curiosity and certainly did
not exceed the value of colourless
diamonds in the way they do today.
Bortolin-Cossa explains that
expert investors spread their risk
through various investment prod-
ucts so that they can provide greater
stability and growth. She says the
same applies to diamond invest-
ments: The investor should hold a
diversified diamond portfolio that
will include a variety of diamond
qualities and sizes, both in the white
diamond family and in the natural
colour diamond family.
LONG-TERM
Also, diamonds cant be seen as a
short-term investment. As
Dominguez explains: Buyers
should be aware that VAT is levied at
20 per cent on all retail purchases,
and cannot be reclaimed when sold
on, making it a disincentive to casu-
al buyers hoping to make a profit.
But whatever their carat, colour,
clarity or cut, for the foreseeable
future, the publics love of diamonds
looks set to remain as durable as the
gem themselves.
GARETH JONES
Bright sparks might
invest in this gem,
writes Philip Salter
MONDAY 30 APRIL 2012
28
cityam.com
PERSONAL FINANCE MANAGEMENT WEALTH
J
EWELLERS use the universal
four Cs carat, colour, clarity
and cut to describe a
diamonds characteristics and
assess its value.
NOT JUST A QUESTION OF SIZE
Carat is simply a measure of
weight, not size as commonly
thought. One carat (1 ct) equals
0.20 grams and is divided into 100
points, half a carat, for instance,
can be described as a 50 pointer
diamond. It is important to
remember that a diamond is not
valued by carat weight alone and
two diamonds of equal carat
weight can have very different
values.
ALL THE COLOURS OF THE RAINBOW
Fancy coloured diamonds are the
rarest, and are prized among
connoisseurs. Polished diamonds
are graded for minute variations in
depth of colour, from colourless
to light colour. This is
universally known as the D
(exceptional white) to Z (tinted
colour) colour scale.
EVERY ONE UNIQUE
Nature ensures that every
diamond is unique and as
individual as the person who wears
it. Naturally-occurring features,
known as inclusions, appeared
while the diamonds were forming
in the earth. Clarity measures the
diamonds purity; it refers to how
free a diamond is from these tiny
blemishes and inclusions. The
clarity scale goes from flawless (no
inclusions at all) to included (many
visible inclusions).
BRILLIANT SHAPES
Cut refers to the shape and
proportions of the diamond.
Round, princess and emerald are
some of the most familiar with
rounds being the most popular.
Cut is the factor most involved in
the sparkle of a polished diamond
and is expressed in terms of the
brilliance, fire and scintillation. To
maximise sparkle, a diamond must
be cut to very specific parameters
with a strict attention to the
polished finish of the diamond.
The size and shape of the
diamond you choose, combined
with personal style, will create a
different overall effect from
person to person. Brilliant-round
diamonds are quite traditional
whereas choosing a marquise or
pear-shaped diamond will create a
more modern, contemporary look.
There are a huge variety of
diamond designs to choose
between, but remember that your
diamond should be one that you
feel an affinity with.
Gareth Jones is the diamond expert
from Forevermark, the diamond brand
from De Beers Group.
MAJOR DIAMOND
MINING COUNTRIES
nBotswana
nRussia
nSouth Africa
nAngola
nNamibia
nAustralia
nDemocratic
Republic of Congo
MINOR DIAMOND
MINING COUNTRIES
nBrazil
nGuyana
nVenezuela
nGuinea
nSierra Leone
nLiberia
nIvory Coast
nGhana
nCentral African
Republic
nTanzania
nChina
nIndonesia
nZimbabwe
nIndia
The four key criteria for getting your perfect diamond
A diamond has no carbon copy
Global diamond mines
MONDAY 30 APRIL 2012
29
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1654.00 5.75
SILVERLDN FIX AM..........................................31.32 0.24
MAPLE LEAF 1 OZ ............................................33.78 0.23
LON PLATINUM AM......................................1567.00 8.00
LON PALLADIUM AM ....................................669.00 3.00
ALUMINIUM CASH......................................2040.00 0.50
COPPER CASH.............................................8355.00 70.00
LEAD CASH..................................................2112.50 30.50
NICKEL CASH............................................17960.00 480.00
TIN CASH..................................................22490.00 840.00
ZINC CASH..................................................2012.00 21.50
BRENT SPOT INDEX.........................................119.71 1.00
SOYA............................................................1481.25 7.75
COCOA.........................................................2327.00 25.00
COFFEE ..........................................................174.70 -1.25
KRUG ...........................................................1731.30 8.10
WHEAT...........................................................177.75 2.00
AIR LIQUIDE......................................................98.97 1.46 102.30 80.90
ALLIANZ ...........................................................84.98 0.94 107.45 56.16
ANHEUS-BUSCHINBEV.....................................55.10 0.35 56.80 33.85
ARCELORMITTAL ................................................13.27 0.28 25.40 10.47
AXA...................................................................10.98 0.27 15.94 7.88
BANCO SANTANDER...........................................4.84 0.09 7.96 4.53
BASF SE............................................................65.25 0.25 70.22 42.19
BAYER ..............................................................55.66 1.66 59.44 35.36
BBVA ..................................................................5.22 0.07 8.44 4.84
BMW..................................................................72.13 0.88 73.95 43.49
BNP PARIBAS....................................................31.05 0.46 55.20 22.72
CARREFOUR......................................................15.54 0.03 28.19 14.53
CRH PLC ............................................................15.44 0.45 16.93 10.28
DAIMLER ..........................................................42.08 -0.59 53.95 29.02
DANONE ...........................................................53.68 -0.28 54.81 41.92
DEUTSCHE BANK ..............................................33.50 0.31 44.56 20.79
DEUTSCHE BOERSE...........................................48.40 1.81 57.68 35.65
DEUTSCHE TELEKOM ...........................................8.53 0.05 11.38 7.88
E.ON...................................................................17.22 0.26 23.54 12.50
ENEL ...................................................................2.53 0.03 4.86 2.39
ENI ....................................................................16.92 0.36 18.72 11.83
FRANCE TELECOM..............................................10.48 0.07 15.96 9.86
GDF SUEZ...........................................................17.72 0.05 28.00 17.59
GENERALI ASS. ..................................................10.53 0.30 16.38 9.84
IBERDROLA........................................................3.60 0.04 5.94 3.45
INDITEX............................................................68.36 0.16 74.73 52.20
ING GROEP CVA..................................................5.39 0.03 9.07 4.21
INTESA SANPAOLO ...............................................1.17 0.02 2.13 0.85
KON.PHILIPS ELECTR..........................................15.27 -0.05 20.75 12.01
L'OREAL ............................................................91.65 0.32 94.80 68.83
LVMH...............................................................126.25 1.35 136.80 94.16
MUNICHRE .....................................................109.95 -7.20 118.35 77.80
NOKIA.................................................................2.74 -0.01 6.36 2.60
REPSOL YPF ......................................................14.70 0.25 24.45 13.92
RWE.................................................................32.89 0.35 44.48 21.15
SAINT-GOBAIN ..................................................32.19 0.46 47.64 26.07
SANOFI..............................................................58.21 1.43 59.56 42.85
SAP...................................................................50.51 0.00 54.85 32.88
SCHNEIDER ELECTRIC ........................................47.97 0.51 60.63 35.00
SIEMENS...........................................................70.58 0.26 99.07 62.13
SOCIETE GENERALE............................................18.16 0.54 46.60 14.32
TELECOM ITALIA..................................................0.87 0.02 1.03 0.70
TELEFONICA .......................................................11.32 0.19 18.34 10.70
TOTAL ...............................................................36.50 -0.01 43.61 29.40
UNIBAIL-RODAMCO SE ....................................144.75 1.50 162.95 123.30
UNICREDIT..........................................................3.08 0.06 11.57 2.20
UNILEVER CVA..................................................26.04 -0.32 27.16 20.96
VINCI ................................................................35.56 1.45 45.48 28.46
VIVENDI ............................................................14.28 0.41 21.37 12.42
VOLKSWAGEN VORZ ........................................141.85 4.65 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . . 5777.11 28.39 0.49
FTSE 250 INDEX . . . . . . . . . . . . . . . 11479.74 118.36 1.04
FTSE UK ALL SHARE . . . . . . . . . . . . 3003.97 16.94 0.57
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 776.69 3.49 0.45
DOWJONES INDUS 30 . . . . . . . . . . 13228.31 23.69 0.18
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1403.36 3.38 0.24
NASDAQ COMPOSITE . . . . . . . . . . . 3069.20 18.59 0.61
FTSEUROFIRST 300 . . . . . . . . . . . . . 1051.50 7.19 0.69
NIKKEI 225. . . . . . . . . . . . . . . . . . . 9520.89 -40.94 -0.43
DAX 30 PERFORMANCE. . . . . . . . . . 6801.32 61.42 0.91
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 3266.27 36.95 1.14
SHANGHAI SE INDEX . . . . . . . . . . . 2396.32 -8.38 -0.35
HANG SENG. . . . . . . . . . . . . . . . . . 20741.45 -68.26 -0.33
S&P/ASX 20 INDEX. . . . . . . . . . . . . 2605.40 -9.50 -0.36
ASX ALL ORDINARIES. . . . . . . . . . . 4433.40 -11.60 -0.26
BOVESPA SAO PAOLO . . . . . . . . . . . 61691.21 -506.85 -0.81
ISEQ OVERALL INDEX . . . . . . . . . . . 3242.59 29.21 0.91
STRAITS TIMES . . . . . . . . . . . . . . . . 2994.48 -13.73 -0.46
IGBM. . . . . . . . . . . . . . . . . . . . . . . . . . 721.15 11.25 1.58
SWISS MARKET INDEX. . . . . . . . . . . 6116.36 -6.05 -0.10
Price Chg %chg
3M....................................................................89.36 0.04 98.19 68.63
ABBOTT LABS ...................................................61.99 0.13 62.57 46.29
ALCOA ................................................................9.75 -0.11 17.96 8.45
ALTRIA GROUP ..................................................32.13 0.20 32.22 23.20
AM INTL GRP....................................................34.46 0.75 34.91 19.18
AMAZON.COM.................................................226.85 30.86 246.71 166.97
AMERICAN EXPRESS .........................................60.17 0.58 60.96 41.30
APPLE............................................................603.00 -4.70 644.00 310.50
AT&T .................................................................32.67 0.23 32.75 27.29
BANK OF AMERICA.............................................8.25 -0.02 12.71 4.92
BOEING CO........................................................77.27 0.28 80.65 56.01
CATERPILLAR..................................................104.56 0.17 116.95 67.54
CHEVRON.......................................................106.20 -0.02 112.28 86.68
CISCO SYSTEMS.................................................19.98 0.38 21.30 13.30
CITIGROUP .......................................................33.50 -0.38 46.00 21.40
COCA-COLA.......................................................76.63 0.92 77.82 63.34
COMCAST CLASS A............................................30.28 0.04 30.44 19.19
CONOCOPHILLIPS ..............................................71.98 -0.21 81.50 58.65
DU PONT(EI) DE NMR.......................................53.72 -0.02 57.50 37.10
EMC CORP.........................................................28.32 -0.17 30.00 19.84
EXXON MOBIL ..................................................86.08 0.01 88.13 63.47
GENERAL ELECTRIC............................................19.78 0.16 21.00 14.02
GOOGLE A.......................................................614.98 -0.49 670.25 473.02
HEWLETT PACKARD..........................................24.75 -0.12 41.74 19.92
HOME DEPOT ....................................................51.95 0.08 52.39 28.13
IBM.................................................................206.81 1.23 210.69 157.13
INTEL CORP ......................................................28.38 0.16 28.78 19.16
J.P.MORGAN CHASE..........................................43.34 -0.46 46.49 27.85
JOHNSON & JOHNSON.....................................64.84 0.09 68.05 55.76
KRAFT FOODS A...............................................39.40 0.40 39.54 24.30
MC DONALD'S CORP..........................................97.38 1.55 102.22 76.55
MERCK AND CO. NEW.......................................38.46 -0.01 39.43 29.47
MICROSOFT .......................................................31.98 -0.13 32.95 23.65
OCCID. PETROLEUM...........................................91.74 -0.16 117.89 66.36
ORACLE CORP...................................................29.24 0.22 36.50 24.72
PEPSICO............................................................66.10 -0.27 71.89 58.50
PFIZER .............................................................23.08 0.02 23.30 16.63
PHILIP MORRIS INTL .........................................89.81 1.26 90.63 60.45
PROCTER AND GAMBLE ...................................64.44 -2.43 67.95 56.57
QUALCOMM INC.................................................64.18 0.27 68.87 45.98
SCHLUMBERGER...............................................73.95 -0.30 95.53 54.79
TRAVELERS CIES ...............................................64.01 -0.76 64.82 45.97
UNITED TECHNOLOGIE......................................82.00 0.75 91.83 66.87
UNITEDHEALTH GROUP .....................................57.91 -0.46 59.71 41.27
US BANCORP DELAWRE....................................32.43 0.33 32.55 20.10
VERIZON COMMS..............................................40.23 0.09 40.48 32.28
VISA CL A ........................................................123.52 0.33 124.21 73.11
WAL-MART STORES..........................................59.03 0.08 62.63 48.31
WALT DISNEY CO..............................................43.35 -0.01 44.50 28.19
WELLS FARGO & CO..........................................33.77 -0.07 34.59 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................................0.255 0.00
LIBOR Euro - 12 months ...............................1.308 0.00
LIBOR USD - overnight.................................0.146 0.00
LIBOR USD - 12 months ................................1.047 0.00
Halifax 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 long bond yield.......................................3.120 -0.01
European repo rate......................................0.126 0.00
Euro Euribor .................................................0.316 0.00
The vix index................................................16.32 0.08
The baltic dry index....................................1156.0 8.00
Markit iBoxx................................................242.16 -2.50
Markit iTraxx...............................................142.77 1.83
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .303.0 1.9 340.8 248.1
Chemring Group . . . . . .324.0 7.1 677.0 311.7
Cobham . . . . . . . . . . . .229.8 -3.8 239.5 165.9
Meggitt . . . . . . . . . . . . .413.0 5.2 414.1 304.9
QinetiQ Group . . . . . . . .155.0 1.2 159.3 101.5
Rolls-Royce Holdi . . . . .834.5 3.0 844.0 557.5
Senior . . . . . . . . . . . . . . .211.8 0.0 214.6 135.6
Ultra Electronics . . . . . .1715.0 9.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .207.8 1.0 245.0 157.0
Barclays . . . . . . . . . . . . .223.1 10.1 286.2 138.9
HSBC Holdings . . . . . . .559.4 6.8 662.5 463.5
Lloyds Banking Gr . . . . . .31.2 -0.3 59.3 21.8
Royal Bank of Sco . . . . . .24.4 0.8 42.9 17.3
Standard Chartere . . . .1523.0 5.5 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1169.0 -18.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .387.3 1.6 444.0 289.9
Diageo . . . . . . . . . . . . .1574.5 5.0 1589.0 1112.0
SABMiller . . . . . . . . . .2602.5 -7.5 2660.0 1979.0
AZ Electronic Mat . . . . . .319.8 2.0 338.1 206.1
Croda Internation . . . .2282.0 41.0 2287.0 1597.0
Elementis . . . . . . . . . . .207.4 -0.4 208.8 107.5
Johnson Matthey . . . .2370.0 12.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1464.0 1.0 1590.0 1025.0
Yule Catto & Co . . . . . . .235.6 0.4 253.0 148.0
/$ 1.3251 0.0003
/ 0.8148 0.0002
/ 106.40 0.0250
/ 1.2275 0.0000
/$ 1.6265 0.0001
/ 130.60 0.0450
FTSE 100
5777.11
28.39
FTSE 250
11479.74
118.36
FTSE ALL SHARE
3003.97
16.94
DOW
13228.39
23.77
NASDAQ
3069.20
18.59
S&P500
1403.36
3.38
Brown (N.) Group . . . . .231.5 2.8 304.5 222.4
Carpetright . . . . . . . . . .604.0 4.0 741.0 375.0
Debenhams . . . . . . . . . .82.3 1.0 82.7 51.2
Dignity . . . . . . . . . . . . .847.0 3.0 860.0 727.0
Dixons Retail . . . . . . . . .18.0 -0.2 19.9 9.4
DunelmGroup . . . . . . .505.0 5.0 533.0 389.0
Halfords Group . . . . . . .275.3 4.7 405.9 268.1
Home Retail Group . . . .107.5 3.2 228.5 72.5
Inchcape . . . . . . . . . . . .368.6 7.5 425.4 268.1
JD Sports Fashion . . . . .807.5 32.5 1030.0 570.0
Kesa Electricals . . . . . . . .53.8 -2.8 151.4 52.7
Kingsher . . . . . . . . . . .293.0 0.3 313.8 217.0
Marks & Spencer G . . . . .361.1 4.5 402.2 301.8
Next . . . . . . . . . . . . . .2958.0 25.0 3060.0 2153.0
Sports Direct Int . . . . . .302.0 7.5 302.1 190.0
WHSmith . . . . . . . . . . .527.5 1.5 559.0 451.6
Smith & Nephew . . . . . .611.5 4.5 694.0 521.0
Synergy Health . . . . . . .829.5 -3.5 981.0 809.5
Barratt Developme . . . .135.0 2.1 151.5 67.5
Bellway . . . . . . . . . . . . .784.0 2.0 859.5 540.5
Berkeley Group Ho . . .1296.0 21.0 1414.0 1025.0
Bovis Homes Group . . .469.2 4.4 518.5 326.5
Persimmon . . . . . . . . .640.0 1.5 706.5 374.0
Balfour Beatty . . . . . . .265.5 6.8 333.7 214.6
CRH . . . . . . . . . . . . . . .1268.0 48.0 1665.5 1053.0
Galliford Try . . . . . . . . .649.5 18.5 649.5 383.8
Kier Group . . . . . . . . . .1172.0 16.0 1489.0 1095.0
Drax Group . . . . . . . . . .545.5 4.0 581.5 439.9
SSE . . . . . . . . . . . . . . . .1335.0 0.0 1423.0 1193.0
Domino Printing S . . . .590.0 0.0 701.5 434.3
Halma . . . . . . . . . . . . . .407.3 3.0 429.6 306.3
Laird . . . . . . . . . . . . . . . .217.8 5.1 222.0 128.5
Morgan Crucible C . . . . .321.7 7.6 360.0 224.0
Oxford Instrument . . .1230.0 -18.0 1285.0 714.0
Renishaw . . . . . . . . . .1480.0 51.0 1886.0 800.0
Spectris . . . . . . . . . . . .1866.0 9.0 1874.0 1039.0
Aberforth Smaller . . . .625.0 10.0 714.0 494.0
Alliance Trust . . . . . . . .363.3 1.3 392.7 310.2
Bankers Inv Trust . . . . .418.7 1.8 433.8 346.5
BH Global Ltd. GB . . . . .1188.0 6.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.8 0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.7 0.2 20.2 16.5
BH Macro Ltd. GBP . . .2050.0 5.0 2078.0 1698.0
BH Macro Ltd. USD . . . . . .19.5 0.2 20.2 16.4
BlackRock World M . . .669.0 2.0 797.5 574.5
BlueCrest AllBlue . . . . .160.8 -0.2 176.2 160.5
British Assets Tr . . . . . . .126.7 2.5 139.4 109.0
British Empire Se . . . . . .413.4 5.9 533.0 404.0
Caledonia Investm . . .1430.0 22.0 1800.0 1337.0
City of London In . . . . . .297.4 2.5 306.9 257.0
Dexion Absolute L . . . . .139.5 -0.5 150.0 130.0
Edinburgh Dragon . . . .239.9 1.9 253.1 201.4
Edinburgh Inv Tru . . . . .497.0 1.0 504.0 422.5
Electra Private E . . . . .1668.0 5.0 1750.0 1287.0
Fidelity China Sp . . . . . . .77.8 0.7 113.9 70.0
Fidelity European . . . .1093.0 12.0 1287.0 912.0
Foreign and Colon . . . . .305.1 1.1 327.9 261.5
Herald Inv Trust . . . . . . .517.5 8.0 545.5 419.0
HICL Infrastructu . . . . . .119.3 0.8 123.6 112.7
John Laing Infras . . . . .106.7 -0.1 110.6 103.8
JPMorgan American . . .911.0 7.0 965.5 721.5
JPMorgan Asian In . . . . .191.6 0.6 243.9 170.1
JPMorgan Emerging . .546.0 2.5 610.5 480.1
JPMorgan Indian I . . . .330.5 -3.5 442.7 313.1
JPMorgan Russian . . . .547.0 5.5 689.0 415.1
LawDebenture Cor . . . .382.8 4.8 398.7 323.0
Mercantile Invest . . . . .1015.0 13.0 1119.0 823.0
Merchants Trust . . . . . .378.8 3.8 431.8 341.5
Monks Inv Trust . . . . . . .337.0 2.0 367.9 298.1
Murray Income Tru . . . .653.0 6.5 674.0 568.0
Murray Internatio . . . . .962.0 5.5 1012.0 818.5
NB Global Floatin . . . . .100.2 0.1 103.0 92.5
Perpetual Income . . . .269.7 0.5 276.0 236.5
Personal Assets T . . . .34110.0 0.0 35350.031750.0
Polar Capital Tec . . . . . .389.1 2.6 404.0 299.5
RIT Capital Partn . . . . .1154.0 13.0 1360.0 1136.0
Scottish Inv Trus . . . . . .480.5 4.5 524.0 417.0
Scottish Mortgage . . . .689.5 7.5 781.0 565.0
SVG Capital . . . . . . . . . .280.0 1.0 295.5 165.1
Temple Bar Inv Tr . . . . .930.5 1.0 970.0 791.0
Templeton Emergin . . .561.5 1.0 678.5 497.0
TRProperty Inv T . . . . .150.5 1.4 206.1 136.2
TRProperty Inv T . . . . . .65.5 0.5 94.0 59.8
Witan Inv Trust . . . . . . .479.0 4.3 533.0 401.5
3i Group . . . . . . . . . . . . .192.2 6.5 294.1 166.9
3i Infrastructure . . . . . .126.2 0.0 128.0 115.6
Aberdeen Asset Ma . . .274.0 4.5 277.8 167.8
Ashmore Group . . . . . .385.7 6.8 420.0 306.4
Brewin Dolphin Ho . . . .164.9 1.7 177.0 113.7
Camellia . . . . . . . . . . .9850.0 55.0 10950.0 8800.0
Charles Taylor Co . . . . . .141.5 1.5 160.0 115.6
City of London Gr . . . . . .72.0 0.0 88.0 61.3
City of London In . . . . . .387.5 10.0 440.0 304.3
Close Brothers Gr . . . . .746.0 10.5 820.0 590.0
F&C Asset Managem. . . .67.0 0.3 81.7 56.1
Hargreaves Lansdo . . . .526.5 16.5 643.5 402.5
Helphire Group . . . . . . . . .1.5 -0.1 13.5 1.2
Henderson Group . . . . .120.5 1.4 163.7 95.1
Highway Capital . . . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .382.9 13.9 524.0 311.6
IG Group Holdings . . . .464.0 4.1 502.5 393.6
Intermediate Capi . . . . .261.4 8.3 345.0 197.9
International Per . . . . .266.8 4.7 388.8 148.5
International Pub . . . . .118.0 0.0 121.7 112.7
Investec . . . . . . . . . . . .360.3 7.7 522.0 318.4
IP Group . . . . . . . . . . . . .145.5 0.8 151.0 36.0
Jupiter Fund Mana . . . .227.9 6.4 310.5 184.9
Liontrust Asset M . . . . . .114.5 0.0 125.0 57.9
LMS Capital . . . . . . . . . . .60.0 0.5 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.3
London Stock Exch . . .1082.0 5.0 1094.2 756.5
Lonrho . . . . . . . . . . . . . . .10.8 0.0 19.8 8.9
Man Group . . . . . . . . . . .107.0 13.3 259.6 92.6
Paragon Group Of . . . .182.5 1.7 206.1 134.6
Provident Financi . . . . .1157.0 6.0 1181.0 915.0
Rathbone Brothers . . .1308.0 8.0 1316.9 977.0
Record . . . . . . . . . . . . . . .18.4 0.0 35.5 9.8
RSM Tenon Group . . . . . . .7.8 -0.1 32.8 5.6
Schroders . . . . . . . . . .1450.0 30.0 1906.0 1183.0
Schroders (Non-Vo . . .1148.0 30.0 1554.0 970.0
Tullett Prebon . . . . . . . .342.2 4.7 427.3 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .212.9 -3.2 232.1 161.0
Cable & Wireless . . . . . .32.9 0.8 48.9 30.1
Cable & Wireless . . . . . .35.8 0.2 55.0 14.2
COLT Group SA . . . . . . . .106.6 2.6 150.6 84.1
KCOM Group . . . . . . . . . . .71.6 -0.4 84.0 60.5
TalkTalk Telecom . . . . .128.8 -1.7 150.0 118.9
TelecomPlus . . . . . . . .695.0 12.5 802.0 472.0
Booker Group . . . . . . . . .78.7 -1.0 85.3 60.0
Greggs . . . . . . . . . . . . .500.0 0.5 558.0 445.0
Morrison (Wm) Sup . . .283.2 -1.9 328.0 277.0
Ocado Group . . . . . . . . .130.0 8.2 233.0 52.9
Sainsbury (J) . . . . . . . . .307.2 -0.4 362.8 263.5
Tesco . . . . . . . . . . . . . . .318.0 4.1 420.1 310.5
Associated Britis . . . . .1223.0 -9.0 1239.0 977.0
Cranswick . . . . . . . . . . .809.5 6.5 841.0 588.5
Dairy Crest Group . . . . .296.1 1.6 409.7 290.4
Devro . . . . . . . . . . . . . .306.0 -0.4 332.2 232.0
Tate & Lyle . . . . . . . . . .689.5 2.5 720.5 544.5
Unilever . . . . . . . . . . . .2109.0 -26.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .582.5 14.5 664.0 413.5
Centrica . . . . . . . . . . . . .312.3 2.5 330.3 278.8
International Pow . . . . .417.4 0.0 417.8 279.4
National Grid . . . . . . . .663.0 -0.5 667.5 569.0
Pennon Group . . . . . . .734.5 0.5 751.0 623.5
Severn Trent . . . . . . . .1702.0 8.0 1720.0 1375.0
United Utilities . . . . . .620.0 3.0 637.0 560.0
Cookson Group . . . . . . .740.5 3.5 747.5 395.8
Rexam. . . . . . . . . . . . . .430.5 2.3 438.0 299.8
RPC Group . . . . . . . . . . .369.1 4.1 393.2 300.5
Smith (DS) . . . . . . . . . . .170.6 3.0 183.7 113.3
Smiths Group . . . . . . .1078.0 27.0 1332.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3589.0 -1.0 3660.0 3100.0
Redrow . . . . . . . . . . . . .125.0 0.5 126.0 90.2
Taylor Wimpey . . . . . . . .51.0 0.7 52.8 28.7
Bodycote . . . . . . . . . . . .437.1 22.0 439.6 225.6
Fenner . . . . . . . . . . . . . .447.4 -0.6 483.7 280.0
IMI . . . . . . . . . . . . . . . .1016.0 5.0 1119.0 636.5
Melrose . . . . . . . . . . . . .441.6 8.2 442.7 268.0
Northgate . . . . . . . . . . .203.8 5.8 342.0 190.0
Rotork . . . . . . . . . . . . .2222.0 9.0 2222.0 1501.0
Spirax-Sarco Engi . . . .2334.0 13.0 2338.0 1649.0
Weir Group . . . . . . . . .1740.0 20.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .376.3 12.2 460.5 315.0
Ferrexpo . . . . . . . . . . . .292.3 3.7 499.0 238.7
Talvivaara Mining . . . . .188.5 12.5 538.5 174.2
BBA Aviation . . . . . . . . .197.7 1.2 223.4 156.0
Stobart Group Ltd . . . . .126.0 0.0 149.5 112.0
Admiral Group . . . . . .1220.0 25.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .331.3 6.6 427.0 270.6
Beazley . . . . . . . . . . . . .143.5 1.8 151.8 109.6
Catlin Group Ltd. . . . . . .425.7 1.9 449.0 337.0
Hiscox Ltd. . . . . . . . . . .402.4 1.4 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .86.2 0.5 89.9 51.7
Johnston Press . . . . . . . . .6.0 0.5 8.0 4.1
MecomGroup . . . . . . . .149.5 3.3 310.0 134.5
Moneysupermarket. . . .132.8 3.0 135.7 93.4
Pearson . . . . . . . . . . . .1167.0 17.0 1255.0 1038.0
PerformGroup . . . . . . .309.0 7.0 319.7 150.0
Reed Elsevier . . . . . . . . .513.5 5.5 578.0 461.3
Rightmove . . . . . . . . .1520.0 10.0 1527.0 1036.0
STV Group . . . . . . . . . . . .112.3 -3.0 168.0 76.3
Tarsus Group . . . . . . . . .146.5 1.0 165.0 119.5
Trinity Mirror . . . . . . . . . .32.8 0.0 54.3 30.8
UBM . . . . . . . . . . . . . . . .593.5 10.5 641.5 416.0
UTVMedia . . . . . . . . . . .153.8 -0.8 159.5 92.5
Wilmington Group . . . . .92.0 0.3 151.0 78.5
WPP . . . . . . . . . . . . . . .844.0 6.0 880.0 578.0
Yell Group . . . . . . . . . . . . .3.8 -0.2 11.0 3.4
African Barrick G . . . . .362.0 0.0 616.5 351.2
Anglo American . . . . .2381.0 16.5 3181.0 2138.5
Anglo Pacic Gro . . . . . .314.6 0.6 340.0 237.9
Antofagasta . . . . . . . .1205.0 13.0 1491.0 900.5
Aquarius Platinum . . . .144.9 6.1 360.0 129.5
Avocet Mining . . . . . . . .172.6 3.6 286.8 159.8
BHP Billiton . . . . . . . . .1966.0 16.0 2524.5 1667.0
Bumi . . . . . . . . . . . . . . .508.0 10.1 1158.0 490.0
Centamin (DI) . . . . . . . . .68.4 2.6 141.5 63.1
Jardine Lloyd Tho . . . . .705.0 6.0 764.5 576.0
Lancashire Holdin . . . .808.0 6.5 821.0 618.5
RSA Insurance Gro . . . .104.7 1.9 139.8 99.6
Aviva . . . . . . . . . . . . . . .316.7 4.3 450.3 275.3
Legal & General G . . . . .119.0 0.0 135.0 89.8
Old Mutual . . . . . . . . . . .150.0 2.0 188.1 112.1
Phoenix Group Hol . . . .535.0 10.0 688.0 451.1
Prudential . . . . . . . . . . .760.0 13.5 797.5 509.0
Resolution Ltd. . . . . . . .226.6 2.7 316.1 220.6
St James's Place . . . . . .339.0 0.4 376.0 294.0
Standard Life . . . . . . . .226.9 2.8 250.7 172.0
4Imprint Group . . . . . . .267.5 2.5 312.5 200.0
Aegis Group . . . . . . . . . .177.3 2.0 187.4 115.7
Bloomsbury Publis . . . .106.9 0.1 138.0 91.3
British Sky Broad . . . . .667.5 0.0 850.0 618.5
Centaur Media . . . . . . . .32.0 1.0 56.3 30.5
Chime Communicati . .220.8 -0.8 298.5 163.0
Creston . . . . . . . . . . . . . . .56.1 0.9 121.0 47.0
Daily Mail and Ge . . . . .424.4 5.5 505.5 343.4
Euromoney Institu . . . .793.0 17.0 809.5 522.5
Future . . . . . . . . . . . . . . . .11.3 0.5 19.5 8.3
Haynes Publishing . . . .190.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . . .47.3 1.0 76.3 32.3
Informa . . . . . . . . . . . . .421.5 7.4 451.0 313.9
ITE Group . . . . . . . . . . . .223.3 0.3 258.0 157.7
Eurasian Natural . . . . .561.0 5.0 911.5 522.0
Fresnillo . . . . . . . . . . . .1613.0 -1.0 2150.0 1302.0
GemDiamonds Ltd. . . .261.9 6.9 310.6 179.8
Glencore Internat . . . . .437.3 2.3 531.1 348.0
Hochschild Mining . . . .504.0 12.6 610.0 365.9
Kazakhmys . . . . . . . . . .879.0 8.0 1405.0 730.0
Kenmare Resources . . . .51.6 -0.1 61.5 31.0
Lonmin . . . . . . . . . . . .1058.0 28.0 1642.0 941.0
NewWorld Resourc . . .413.0 6.8 1060.0 396.3
Petra Diamonds Lt . . . .156.8 -3.3 188.2 97.0
Petropavlovsk . . . . . . .488.2 17.6 913.0 451.8
Polymetal Interna . . . .894.0 -21.0 1175.0 877.0
Randgold Resource . .5615.0 -5.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3503.5 31.5 4595.0 2712.5
Vedanta Resources . . .1241.0 21.0 2325.0 928.0
Xstrata . . . . . . . . . . . . .1202.0 7.5 1521.5 764.0
Inmarsat . . . . . . . . . . . .443.5 2.5 620.0 389.3
Vodafone Group . . . . . . .171.1 -1.0 182.7 155.1
Genesis Emerging . . . .495.4 -0.6 543.5 424.0
Afren . . . . . . . . . . . . . . .136.3 0.5 171.0 73.6
BG Group . . . . . . . . . . .1444.0 13.5 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .446.4 2.1 504.6 363.2
Cairn Energy . . . . . . . . .344.0 6.0 511.6 291.9
EnQuest . . . . . . . . . . . . .125.3 1.6 139.1 85.7
Essar Energy . . . . . . . . .134.3 0.7 461.0 101.6
Exillon Energy . . . . . . . .139.8 2.4 469.7 123.0
Heritage Oil . . . . . . . . . .146.5 3.6 262.1 133.1
Ophir Energy . . . . . . . . .578.0 -8.0 587.0 184.5
Premier Oil . . . . . . . . . .379.3 -3.6 500.0 310.0
Royal Dutch Shell . . . .2188.0 -7.5 2402.0 1883.5
Royal Dutch Shell . . . .2264.0 -2.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .197.0 -3.0 230.0 125.0
Salamander Energy . . .255.3 -0.8 302.8 182.3
Soco Internationa . . . . .305.1 2.5 397.5 278.0
TullowOil . . . . . . . . . .1540.0 -14.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1130.0 9.0 1207.0 740.5
Hunting . . . . . . . . . . . .954.0 9.0 968.0 530.0
Kentz Corporation . . . .433.0 11.0 508.0 375.0
Lamprell . . . . . . . . . . . .346.7 -2.3 395.2 220.7
Petrofac Ltd. . . . . . . . .1739.0 -8.0 1772.0 1108.0
Wood Group (John) . . .787.5 21.5 789.5 469.9
Burberry Group . . . . . .1469.0 1.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .340.6 11.3 387.9 285.0
Supergroup . . . . . . . . .350.0 0.8 1600.0 335.0
AstraZeneca . . . . . . . .2680.5 14.0 3194.0 2543.5
BTG . . . . . . . . . . . . . . . .379.8 -1.3 385.3 236.8
Genus . . . . . . . . . . . . .1439.0 94.0 1464.0 853.5
GlaxoSmithKline . . . . .1423.5 3.5 1497.0 1205.0
Hikma Pharmaceuti . . .605.5 -3.0 869.0 555.5
Shire Plc . . . . . . . . . . . .2013.0 -27.0 2300.0 1818.0
Capital & Countie . . . . .198.2 -0.4 203.7 158.1
Daejan Holdings . . . .3200.0 23.0 3300.0 2282.0
F&C Commercial Pr . . . .103.5 0.0 108.0 92.6
Grainger . . . . . . . . . . . . .99.2 0.2 133.2 77.3
London & Stamford . . . .110.6 -1.4 140.0 103.9
Savills . . . . . . . . . . . . . .354.5 11.0 427.1 256.2
UK Commercial Pro . . . .73.4 -0.1 85.5 65.1
Big Yellow Group . . . . .295.2 4.4 344.4 218.0
British Land Co . . . . . . .497.0 13.7 629.5 444.0
Capital Shopping . . . . .330.2 5.2 408.6 288.7
Derwent London . . . . .1766.0 5.0 1880.0 1400.0
Great Portland Es . . . . .366.0 6.4 445.0 312.9
Hammerson . . . . . . . . .422.8 6.4 490.9 345.2
Hansteen Holdings . . . . .73.4 0.2 89.5 68.0
Land Securities G . . . . .739.5 12.5 885.0 612.0
SEGRO . . . . . . . . . . . . . .228.8 2.6 329.6 195.0
Shaftesbury . . . . . . . . . .518.0 13.0 539.0 441.2
Aveva Group . . . . . . . .1658.0 25.0 1799.0 1298.0
Computacenter . . . . . . .411.0 2.1 490.0 324.7
Fidessa Group . . . . . . .1500.0 5.0 2109.0 1444.0
Invensys . . . . . . . . . . . . .211.5 10.6 340.6 180.9
Logica . . . . . . . . . . . . . . .79.8 1.1 144.8 59.0
Micro Focus Inter . . . . . .471.3 10.9 476.7 242.9
Misys . . . . . . . . . . . . . . .348.6 0.3 420.2 214.9
Sage Group . . . . . . . . . .288.0 1.3 312.4 231.7
SDL . . . . . . . . . . . . . . . . .714.0 4.0 756.0 586.0
Telecity Group . . . . . . .798.0 -15.0 818.0 450.5
Aggreko . . . . . . . . . . .2272.0 5.0 2316.0 1522.0
Ashtead Group . . . . . . .252.0 6.1 271.1 99.4
Atkins (WS) . . . . . . . . . .733.0 -1.5 820.0 490.2
Babcock Internati . . . . .837.5 -1.0 851.0 570.5
Berendsen . . . . . . . . . .520.5 -5.5 568.0 402.7
Bunzl . . . . . . . . . . . . . .1029.0 4.0 1032.0 676.5
Cape . . . . . . . . . . . . . . .376.0 0.5 591.5 295.0
Capita . . . . . . . . . . . . . .685.0 6.5 767.0 611.5
Carillion . . . . . . . . . . . . .286.7 9.2 403.2 264.6
De La Rue . . . . . . . . . . .984.5 43.5 1001.0 730.0
Diploma . . . . . . . . . . . .459.6 9.4 459.6 284.0
Electrocomponents . . .228.5 4.1 294.9 182.2
Experian . . . . . . . . . . . .980.5 -0.5 998.0 665.0
Filtrona PLC . . . . . . . . . .464.9 -5.1 484.5 296.3
G4S . . . . . . . . . . . . . . . .284.2 3.5 292.1 219.9
Hays . . . . . . . . . . . . . . . . .91.1 1.7 118.7 58.9
Homeserve . . . . . . . . . . .251.1 6.5 532.0 214.7
Howden Joinery Gr . . . .123.7 1.1 130.8 93.1
Interserve . . . . . . . . . . .283.8 -1.8 341.3 270.1
Intertek Group . . . . . . .2551.0 -9.0 2605.0 1744.0
Michael Page Inte . . . . .427.2 1.7 552.5 323.0
Mitie Group . . . . . . . . . .290.8 -0.3 294.0 206.8
PayPoint . . . . . . . . . . . .651.5 -0.5 670.0 450.0
Premier Farnell . . . . . . .212.5 8.2 301.0 144.5
Regus . . . . . . . . . . . . . .108.5 2.5 117.5 64.0
Rentokil Initial . . . . . . . . .87.6 1.0 100.9 58.2
RPS Group . . . . . . . . . . .236.4 1.9 253.0 156.6
Serco Group . . . . . . . . .546.5 3.0 597.5 458.0
Shanks Group . . . . . . . . .92.4 0.8 130.9 90.8
SIG . . . . . . . . . . . . . . . . .107.0 1.0 153.5 77.0
Travis Perkins . . . . . . .1043.0 1.0 1125.0 715.0
Wolseley . . . . . . . . . .2400.0 43.0 2558.0 1404.0
ARM Holdings . . . . . . . .537.0 4.0 645.0 464.0
CSR . . . . . . . . . . . . . . . .232.8 22.2 391.4 154.1
Imagination Techn . . . .696.0 3.5 717.0 296.9
Spirent Communica . . . .168.1 0.1 172.8 105.8
British American . . . .3186.0 9.5 3248.5 2592.0
Imperial Tobacco . . . .2503.0 0.0 2591.0 1974.0
Betfair Group . . . . . . . . .801.5 -6.5 901.0 567.0
Bwin.party Digita . . . . .158.0 7.0 174.0 100.6
Carnival . . . . . . . . . . .2050.0 50.0 2642.0 1742.0
Compass Group . . . . . .647.5 -3.5 671.0 512.5
Domino's Pizza UK . . . .440.2 4.0 526.0 377.0
easyJet . . . . . . . . . . . . .495.0 2.6 498.0 302.5
FirstGroup . . . . . . . . . . .200.9 7.0 370.2 190.0
Go-Ahead Group . . . . .1141.0 6.0 1598.0 1119.0
Greene King . . . . . . . . . .512.5 4.5 523.5 410.0
InterContinental . . . . .1485.0 25.0 1497.0 955.0
International Con . . . . . .177.2 4.4 258.7 132.0
Ladbrokes . . . . . . . . . . .180.4 0.4 183.0 114.0
Marston's . . . . . . . . . . . . .97.8 1.0 112.0 84.6
Millennium& Copt . . . .485.0 6.3 535.0 371.2
Mitchells & Butle . . . . . .269.1 5.6 336.8 215.6
National Express . . . . .216.9 8.1 270.2 201.6
Rank Group . . . . . . . . . .119.0 -4.3 153.7 109.5
Restaurant Group . . . . .284.5 0.0 335.0 254.9
Spirit Pub Compan . . . . .55.3 0.8 62.8 35.3
Stagecoach Group . . . .250.6 2.3 287.4 220.0
TUI Travel . . . . . . . . . . . .190.1 3.2 250.0 136.7
Wetherspoon (J.D. . . . . .411.7 4.9 468.3 380.5
Whitbread . . . . . . . . . .1907.0 -14.0 1925.0 1409.0
WilliamHill . . . . . . . . . .281.7 0.6 287.5 183.3
Abcam . . . . . . . . . . . . . .371.3 2.3 460.0 320.0
Advanced Medical . . . . .76.0 -0.8 95.0 64.8
Albemarle & Bond . . . .327.0 3.0 400.1 295.0
Amerisur Resource . . . . .23.8 0.0 29.0 9.5
Andes Energia . . . . . . . .38.8 -0.3 82.8 17.5
Andor Technology . . . .553.0 5.0 685.0 471.8
Archipelago Resou . . . . .60.3 0.3 79.0 56.5
ASOS . . . . . . . . . . . . . .1460.0 65.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .21.0 -0.3 71.0 16.0
Avanti Communicat . . .278.8 18.8 465.0 241.3
Blinkx . . . . . . . . . . . . . . .53.8 5.5 158.0 41.3
Borders & Souther . . . . .87.8 2.3 131.0 43.5
BowLeven . . . . . . . . . . . .89.0 2.8 342.3 62.0
Brooks Macdonald . . .1320.0 0.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .84.0 0.5 112.8 66.5
Cove Energy . . . . . . . . .226.8 2.0 242.0 61.0
Daisy Group . . . . . . . . .108.0 -1.0 127.0 95.0
EMIS Group . . . . . . . . . .583.0 18.0 583.0 397.5
Faroe Petroleum . . . . . .172.8 -1.5 177.0 130.0
Gulfsands Petrole . . . . .127.8 -0.8 290.0 125.3
GWPharmaceutical . . . .90.0 0.0 130.0 78.5
H&T Group . . . . . . . . . . .291.3 1.3 395.0 285.0
Hargreaves Servic . . . .1225.0 -5.0 1264.0 855.0
Healthcare Locums . . . . . .1.9 -0.0 1.9 1.8
ImpellamGroup . . . . . .350.0 0.0 382.6 225.0
Iomart Group . . . . . . . . .138.5 0.5 151.0 85.5
James Halstead . . . . . .522.5 10.5 534.5 410.3
London Mining . . . . . . .300.8 3.0 436.5 257.5
Lupus Capital . . . . . . . .130.0 4.0 142.0 86.0
M. P. Evans Group . . . . .490.0 -7.5 511.5 371.0
Majestic Wine . . . . . . . .463.5 3.3 510.0 315.0
May Gurney Integr . . . . .247.1 5.1 302.0 230.0
Monitise . . . . . . . . . . . . .36.0 0.3 40.0 24.0
Mulberry Group . . . . .2254.0 -66.0 2325.0 1290.0
Nanoco Group . . . . . . . . .67.4 -0.8 90.0 38.0
Nautical Petroleu . . . . .333.5 4.8 392.5 223.5
Nichols . . . . . . . . . . . . .696.5 5.5 700.3 487.5
Numis Corporation . . . . .83.3 -3.0 119.6 72.0
Pan African Resou . . . . .16.5 1.0 18.3 9.5
Patagonia Gold . . . . . . . .37.3 0.3 70.0 34.0
Prezzo . . . . . . . . . . . . . . .70.0 0.0 71.5 53.5
Rockhopper Explor . . .344.8 -5.3 393.5 141.0
RWS Holdings . . . . . . .505.0 -8.8 560.0 389.0
Secure Trust Bank . . . .1060.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . .22.0 2.3 32.0 6.4
Songbird Estates . . . . . .115.0 -5.0 160.3 103.0
Valiant Petroleum . . . .585.0 1.5 628.5 400.0
Young & Co's Brew . . . .615.5 0.5 712.0 580.0
Man Group . . . . . . . . . . . . . . . . .107.0 14.1
CSR . . . . . . . . . . . . . . . . . . . . . . .232.8 10.5
Talvivaara Mining . . . . . . . . . . .188.5 7.1
Genus . . . . . . . . . . . . . . . . . . . .1439.0 7.0
Ocado Group . . . . . . . . . . . . . . . .130.0 6.7
Bodycote . . . . . . . . . . . . . . . . . . .437.1 5.3
Invensys . . . . . . . . . . . . . . . . . . . .211.5 5.3
Barclays . . . . . . . . . . . . . . . . . . . .223.1 4.7
Bwin.party Digital . . . . . . . . . . .158.0 4.6
De La Rue . . . . . . . . . . . . . . . . . .984.5 4.6
Kesa Electricals . . . . . . . . . . . . . . .53.8 -5.0
Rank Group . . . . . . . . . . . . . . . . .119.0 -3.5
Polymetal Internat . . . . . . . . . .894.0 -2.3
Petra Diamonds Ltd . . . . . . . . . .156.8 -2.1
Telecity Group . . . . . . . . . . . . . .798.0 -1.9
Cobham . . . . . . . . . . . . . . . . . . .229.8 -1.6
AG Barr . . . . . . . . . . . . . . . . . . .1169.0 -1.5
Ruspetro . . . . . . . . . . . . . . . . . . .197.0 -1.5
BT Group . . . . . . . . . . . . . . . . . . .212.9 -1.5
Oxford Instruments . . . . . . . . .1230.0 -1.4
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
http://corporate.webfg.com
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Tsy 5.250 12 . . . . . .100.49 -0.05 104.9 100.5
Tsy 9.000 12 . . . . . . .101.25 -1.06 110.2 101.3
Tsy 2.500 13 . . . . . .283.76 -0.03 287.7 282.8
Tsy 4.500 13 . . . . . . .103.47 -0.05 106.4 103.4
Tsy 8.000 13 . . . . . . .110.68 -0.08 116.4 110.7
Tsy 5.000 14 . . . . . . .110.70 -0.10 112.9 100.7
Tsy 8.000 15 . . . . . .126.25 -0.13 129.2 125.2
Tsy 4.750 15 . . . . . . .113.67 -0.11 115.4 110.5
Tsy 4.000 16 . . . . . . .113.15 -0.14 114.7 107.3
Tsy 2.500 16 . . . . . .343.40 -0.03 345.7 322.5
Tsy 12.000 17 . . . . . .118.69 0.00 127.9 117.8
Tsy 1.250 17 . . . . . . . .115.82 -0.19 117.1 109.9
Tsy 8.750 17 . . . . . . .139.37 -0.43 141.9 135.4
Tsy 5.000 18 . . . . . . .121.13 -0.18 122.5 112.8
Tsy 4.500 19 . . . . . . .119.68 -0.17 120.9 109.0
Tsy 3.750 19 . . . . . . .114.82 -0.18 115.9 103.2
Tsy 2.500 20 . . . . . .365.39 0.15 369.3 329.5
Tsy 4.750 20 . . . . . .122.38 -0.13 123.5 110.4
Tsy 8.000 21 . . . . . .150.79 -0.20 153.4 138.1
Tsy 1.875 22 . . . . . . .126.92 -0.08 129.2 114.9
Tsy 4.000 22 . . . . . .116.58 -0.23 118.2 103.0
Tsy 2.500 24 . . . . . .328.33 0.11 334.7 288.9
Tsy 5.000 25 . . . . . . .127.75 -0.28 130.6 111.5
Tsy 1.250 27 . . . . . . .122.54 -0.14 127.0 107.6
Tsy 4.250 27 . . . . . . .118.85 -0.36 122.7 101.7
Tsy 6.000 28 . . . . . .143.00 -0.36 148.0 123.7
Tsy 4.125 30 . . . . . . .310.66 0.16 322.8 272.0
Tsy 4.750 30 . . . . . .124.88 -0.32 130.5 107.3
Tsy 4.250 32 . . . . . . .117.14 -0.38 123.1 100.3
Tsy 4.250 36 . . . . . . .116.67 -0.46 123.9 99.6
Tsy 4.750 38 . . . . . .126.02 -0.47 134.2 107.9
Tsy 4.500 42 . . . . . .122.32 -0.54 130.8 104.1
% %
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TRAVEL & LEISURE
AIM 50
You will yearn to
be marooned
or concussed
by a coconut
on Bora Bora
LIFE&STYLE
MONDAY 30 APRIL 2012
30
cityam.com
TRAVEL
W
hats in Bora Bora? I asked
a frequent visitor there.
Sharks but in a good
way, was the answer. Did
that justify twenty hours flying
time to French Polynesia, I
wondered. A few weeks later,
swimming in a lagoon so blue it
looked digitally enhanced and
watching grey-tipped reef sharks, I
had my answer.
Lying north-west of Tahiti, Bora
Boras a small island a mere 9 km
north to south and 4 km across. Its
winding coastal road is overhung by
rampant hibiscus and plantations of
papaya, mangos and noni the uni-
versal medicine tree. Islanders
swear the juice of its knobbly, smelly
fruit cures anything from headaches
to hernias. In the mountainous inte-
rior, fingers of volcanic basalt rock
point dramatically skywards, caught
in seeming freeze-frame at the
moment of eruption. Yet Bora Boras
greatest beauty is its vast, shimmer-
ing lagoon almost entirely enclosed
by a reef and dotted with motus
tiny islets. Gazing at its constantly
shifting shades of blue, its not sur-
prising to learn that, just as the
Inuit have many words for snow, the
Polynesians have many for the seas
colour from ninamu matie green
blue to moana dark blue, deep
as the ocean.
Even far from the shore in places
the water is shallow enough to stand
as rays undulate around hoping to
be fed with fish. Disappoint them
and these giant creatures velvety
smooth to the touch will buffet
you. The prospect of easy pickings
also attracts the reef sharks. The first
time you are in the water and see
their silvery-beige forms some are
well over five foot long is a shock.
Their small eyes look speculative.
You cant help a certain film score
running through your mind but
theyre harmless and unlike the
bumptious rays, rather shy.
The lagoon is snorkel heaven. Coral
gardens lie in the deeper waters.
Fragile antler-like branch coral sway
and other corals shaped like giant
brains or cauliflowers glow pink,
blue, orange and purple. The fish
inhabiting them are suitably flam-
boyant rainbow-hued parrot fish,
unicorn fish with long pointed
snouts, the surreal Picasso fish
with a purple band over its eyes that
makes it look like a bandit and tiny
but feisty iridescent blue damselfish
so territorial theyre not afraid to
nip at you.
Bora Bora also has some fine diving
sights and, for non-divers, a subma-
rine descending outside the reef to a
depth of 35 metres where lemon
sharks, surgeon fish and barracuda
slink about. I tried an aquabike
which looks like a scooter except for
a hood that covers your head and
shoulders and provides enough air
for you to breathe normally. Though
your lower body is entirely in the
water, your head and shoulders stay
dry. I had a few misgivings as, sitting
on my scooter which had been wait-
ing for me on a raft out in the
lagoon, I was lowered with a bit of a
bump and a grind into the water.
But I was soon gliding serenely
ahead at a depth of three metres,
escorted by clouds of striped orange
and white clown fish. A diver swim-
ming ahead pointed out green and
purple-lipped clams, silvery-blue
A riot of flowers and
R
ecently, at a friends engagement party,
another guest was telling me the details of
her sons birth within minutes of our
meeting, and then that at first he only
slept in 40-minute instalments and had to be
strapped to her chest 24/7. She then whipped out
her iPhone and showed me a video of her baby
James gurgling gleefully, bobbing around what
looked like a Jacuzzi. Hes a completely different
baby now, she cooed, Ive been taking him to
the Baby Spa.
Two magic words. Baby Spa. It didnt matter
that my eight-week-old (Plum) hated bath-time,
I was in.
Located off Kensington Church Street, the
Baby Spa is well placed. Crucially, it has the air
of a grown-up spa but with everything a new
mother might need, from bottle warmers to
breast-feeding cushions, on hand.
Plums session begins with a 15-minute float
in purified water. Every measure is taken to
ensure the water and the room is the perfect
temperature for babies aged from four days to
six months (wear a T-shirt, its hot), with
surfaces covered in soft fluffy towelling.
Laura Sevenus, who runs the spa, has been
handling newborns for more than 40 years and
is an expert in infant swimming. Working with
babies is her vocation and she assures me that
although Plum is of a nervy disposition, once in
the water, she will be able to tap into her innate
swim senses and embrace the freedom that
comes with weightlessness.
At first, as I feared, Plum protested about
wearing the special collar designed to keep her
head above water and squealed when Laura
gently lowered her into the water, but by
talking to Plum, holding her hand and keeping
my cool, Plums temperament quickly changed.
Within minutes she was completely at ease, in
a state of almost nirvana, curiously wiggling
her way around the pool. Witnessing my baby
exploring her watery surroundings with such
confidence was remarkable and intensely
gratifying.
When her time was up, one of Lauras
assistants swiftly removed Plums collar and
swim nappy, swept her up into a heated towel
and started massaging organic grapeseed oil
into her legs, arms and back. Looking on, I
found the whole experience fascinating and
when other babies came in for their dips, I was
intrigued to see how they reacted to the
pampering. After multiple visits, Id estimate
that 90 per cent of babies take to it like ducks to
water, while for more sensitive babies, it is
crucial to time their sessions so that they arent
tired or hungry.
Laura has a track record of helping babies
with all kinds of malaises from clicky hips and
chronic colic to cerebral palsy with some
incredible results, and the benefits of exercising
in the water are plain to see. Following regular
sessions, Ive noticed Plums digestion
dramatically improve (she suffered from reflux)
and her coordination appears to be quite
advanced for her age. Plus, call it a coincidence
but after just three visits, Plum started sleeping
through the night and I dont know many
other babies who can manage 12 straight hours.
But most precious of all, each week, I get to
spend a few hours having real fun one-on-one
with my baby, and when youre locked into what
can often feel like a life sentence of parental
drudgery, that is truly priceless. Baby Spa,
6 Lancer Square Kensington Church Street,
www.yourbabyspa.com
Leo Bear
Where tiny tots learn to
chill: All hail the Baby Spa
jackfish, a darkly sleek spot-
ted eagle ray and the stream-
lined head of a conger eel
protruding from the rocks,
jaws agape in hopes of a
passing snack.
These seas once teemed
with green turtles long
MONDAY 30 APRIL 2012
31
You cant help a certain film score running
through your mind but the reef sharks are
harmless and unlike the bumptious rays, rather shy

NEED TO KNOW
January to March is the
humid season but you can
visit year round. Le Meridien
Bora Bora (www.lemeridien-
borabora.com) with
glass-floored bungalows
over the water and lagoon-
side bungalows costs from
450 per night. Le Meridien
Tahiti (www.lemeridien-
tahiti.com) with LAtelier, a
studio where you can watch
artists at work costs from
230.
Air Tahiti
(www.airtahiti.com) flies
between the islands. For
diving go to
www.diveinstyle.com and for
the aquabike experience
check out
aquabikadventure.com. For
information on Bora Bora,
the other islands, package
deals and special offers
contact Tahiti Tourisme on
0207 367 0931 or visit
www.tahiti-tourisme.co.uk
Astronomers alert: Those
interested in emulating
Captain Cook, sent to Tahiti
by the Admiralty to observe
the rare transit of Venus in
1769, should note that the
next transit falls on 5 June
2012.
Left: Le Meridien Bora Bora.
Inset: a self-portrait by
Gauguin, who lived out the
last of his days in Tahiti.
worshipped by the Polynesians but
now threatened by poachers despite
their protected status. Le Meridien
Bora Bora, a hotel situated on a quiet
motu facing Mount Otemanu, runs a
turtle sanctuary. The youngest tur-
tles live in nursery pens while older
ones have their own coral filled
lagoon. Once strong enough they are
returned to the ocean. Accompanied
by Eve, a French biologist who
ensured I didnt get too close, I swam
with these gentle creatures as they
flippered about, occasionally poking
their snouts out of the water to take
a gulp of air. Eve explained that
when they reach maturity around
twenty five years old they stop eat-
ing fish in favour of sea grasses that
turn their fat green (hence their
name though their shells are
amber). Theyll migrate as far as New
Caledonia, nearly 5,000 kilometres
away, in search of feeding grounds
but return to lay their eggs.
Time slips seductively by on Bora
Bora, from watching turtles to pad-
dling an outrigger canoe across the
lagoon as the setting sun flushes the
sky deep rose. After dark its nice sit-
ting in the warm night air sipping a
glass of wine amazingly it can be
Polynesian if youre up for it. Grapes
cultivated on the coral atoll of
Rangiroa produce red, rose and
white wine. Fragrant blanc de corail
is probably the best and goes well
with fresh-caught grilled swordfish
or tuna. Unlike most tropical places
visitors neednt worry about biting
bugs after dark. There are no poison-
ous insects or snakes either in
the Polynesian islands. In fact,
theres nothing more alarming than
a few wild pigs or a mildly combat-
ive centipede. The greatest danger is
of being whacked on the head by a
falling coconut.
Id have welcomed a mild case of
concussion as a reason to stay longer
on Bora Bora. On the short flight
back to Tahiti, I felt real regret as the
islands impossibly blue lagoon and
ring of white-sand islets merged into
the greater expanse of the Pacific.
But Tahiti itself still awaited and
proved far more than just a jumping
off point to Bora Bora. Its dramatic
coastline complete with blow holes,
waterfalls and wild interior sprout-
ing pandanus palms, lady ferns and
waxy torch ginger flowers not to
mention the good looks of the locals
who routinely wear flowers in their
hair explains why it attracted
artists like Matisse and Gauguin
who called Tahiti this Eden and
some of whose descendants live
here.
Places like Polynesia are hard to
leave as Captain Bligh discovered
when his crew mutinied soon after
sailing from Tahiti. I tried not to
look too mutinous as I boarded my
flight home to London, forsaking
the big blue and the brilliant light
for the wintry grey.
fish in Gauguins paradise
If you want to feel the hot spring sun on your
back and white sand between your toes, the
Princesa Yaiza Suite Hotel Resort is a good
place to forget European financial turmoil and
completely succumb to the gods of pleasure.
The sprawling but characterful 385-room
resort is on the Canary Island of Lanzarote, 75
miles off Morocco's southern coast.
The five-star hotel covers a large portion of
the Playa Dorada beachfront on the south of
the island; when you walk around it gives the
impression of a series of interconnected
white-fronted colonial-style villas. Indeed,
despite its size, it's more of an attractive mini
village than a massive resort and has an air of
real vibrancy: bright colours light up
numerous terraces and tempting swimming
pools, located at the heart of the resort.
Half of the resort's guests are families, while
most of the remainder are couples. And with
this in mind, it is set out to allow adults to laze
around, while their children scamper about
having a whale of a time.
Children have a 108,000 sq ft area called
Kikoland reserved just for them. It caters for
babies up to teenagers, and for the more
active, there are football pitches and tennis
courts, while for the creative there are magic
shows and musicals the kids can put on
themselves.
Adults, on the other hand, can saunter
between the beach, and the resort's
swimming pools, eight restaurants and 52-
room spa.
The Isla deLobos is probably the pick of the
eateries. Head chef Paolo Soggui is
passionate about using local produce and
slow-cooking it to bring out the flavours. We
ate pork that had been cooked for 14 hours at
45 degrees centigrade. A fork was all you
needed to part the tender meat from the
bone, and every mouthful made you
appreciate the effort it had taken to get to
your plate.
The thalassotherapy spa is also a feature of
the resort. The spa uses seawater and
seaweed treatments that are rich in salts,
vitamins and amino acids, which are
supposed to be good for us. Though after an
hour of having seawater projected at me from
all angels, I couldn't helping thinking that I
would have been better off bobbing about in
the actual sea, which was only 50 yards away.
But actually the two go together rather well.
It's a decadent approach, but hey, that's what
the place is all about.
John Faithorne Princess Yaiza Suite Hotel Resort in Lanzarote is large but elegant.
Yaiza! A 52-room spa, eight restaurants, six pools...
WORDS BY
DIANA PRESTON
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SKY SPORTS 1
7pmLive Monday Night Football
11pmSoccer AM: The Best Bits
12amNetbusters 12.30amSPL
Round-Up 1amMonday Night
Football 3.30amSoccer AM: The
Best Bits 4.30amFIFA Futbol
Mundial 5am-6amMax Power
SKY SPORTS 2
6.30pmNASCAR 7.30pmLive
Elite League Speedway 9.30pm
British Rally Championship
10.30pmThrillseekers 11pmElite
League Speedway 1amBritish
Rally Championship 2amEuropean
Tour Golf 3amWonderful World of
Golf 4.30am-5.30amPGA Tour
Classic
SKY SPORTS 3
7pmWarren Miller Skiing Films
8.30pmThrillseekers 9pm
Sporting Greats 9.30pmBritish
Miler 10pmThinking Tackle
11pmWWE: Late Night Bottom
Line 12amWWE: Late Night
Afterburn 1amWWE: NXT
2am-4.15amLive WWE: Late
Night Raw
BRITISH EUROSPORT
7pmLive Snooker: The World
Championship 10pmMotoGP
11pmEurogoals 12am-1amFutsal
ESPN
7pmPardon the Interruption
7.30pmESPN Game of the Week
8pmESPN Kicks: Extra 8.15pm
DTM Racing 10pmESPN Kicks:
Scottish Premier League 10.15pm
Bundesliga Review Show11.30pm
Press Pass 2012 12amESPN
Kicks: Serie A 12.15amThe
Ultimate Fighter 1.15amUFC 145:
Jones v Evans 4.15amESPN Kicks:
Scottish Premier League 4.30am
Bundesliga Review Show
5.45am-6amESPN Kicks: Serie A
SKY LIVING
7pmCriminal Minds 8pmThe
Love Machine 9pmSteps: On the
Road Again 10pmCriminal Minds
11pmBedlam12amSteps: On the
Road Again 1amBones 1.50am
Medium2.40amBones 3.30am
Americas Next Top Model 4.20am
Nothing to Declare 5.10am-6am
Jerry Springer
BBC THREE
7pmThe Voice UK 8.30pmThe
Voice UK Results 9pmEscape
from the Worlds Most Dangerous
Place 10pmEastEnders 10.30pm
World Series of Dating 11pm
Family Guy 11.45pmAmerican
Dad! 12.30amEscape from the
Worlds Most Dangerous Place
1.25amWorld Series of Dating
1.55amBritain Unzipped 2.55am
Dont Blame the Dog
3.50am-4.50amLip Service
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmMy Name Is
Earl 9pmOne Tree Hill 10pm
Made in Chelsea 11pmRude Tube
12.05amThe Big Bang Theory
1.05amScrubs 2amHow I Met
Your Mother 2.25amRude Tube
3.20amRules of Engagement
3.40amGreek 4.20amMade in
Chelsea 5.15am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
Pawn Stars. The guys inspect a
1930s electric guitar. 9.30pm
American Restoration 10pm
American Pickers 11pmCash
Cowboys 12amPawn Stars
12.30amAmerican Restoration
1amAmerican Pickers 2am
Storage Wars 3amAmerica: The
Story of the US 4amHeir Hunters
5am-6amAncient Discoveries
DISCOVERY
7pmBear Grylls: Born Survivor
8pmAuction Hunters 9pm
Dealers 10pmSons of Guns 11pm
Worlds Toughest Expeditions with
James Cracknell 12amBear Grylls:
Urban Survivor 1amDealers 2am
Sons of Guns 3amDeadliest Catch
3.50amIce Pilots 4.40am
Wheeler Dealers: On the Road
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pm
Surviving Sextuplets and Twins
9pmUntold Stories of the ER
10pmHospital Sydney 11pmA&E
12amUntold Stories of the ER
1amHospital Sydney 2amA&E
3amSupernanny US 4amA Baby
Story 5am-6amBaby Tales
SKY1
7pmThe Simpsons 8pmThe Top
Ten Show8.10pmRoad Wars
9pmA League of Their Own 10pm
Spartacus: Blood and Sand
11.05pmFringe 12.05amRoad
Wars 1.05amAirline 2.05amReal
Filth Fighters 2.55amMy Holiday
Hostage Hell 3.45amSafebreakers
4.35amCustoms UK 5.05am-6am
Best of Oops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News 6.30pmBBC
London News 6.55pmParty
Election Broadcast 7pmThe One
Show7.30pmBang Goes the
Theory: BBC News 8pmEastEnders
8.30pmRip Off Britain. The
presenters investigate disparities in
broadband speeds. 9pmSilent
Witness 10pmBBC News 10.25pm
Regional News 10.35pmMatch of
the Day 11.05pmLate Kick Off
11.35pmThe Graham Norton Show
12.25amWeatherview12.30am
Sign Zone: Our Food 1.30amSign
Zone: Toughest Place to Be a
Fisherman 2.30amSign Zone:
Antiques Road Trip 3.15amSign
Zone: Great British Railway
Journeys 3.45am-6amBBC News
6pmEggheads
6.30pmGreat British Menu
7pmLive Snooker: The World
Championship
8pmChaplains: Angels of
Mersey
8.30pmHome Cooking Made
Easy
9pmCHOICE The 70s
10pmSounds of the 70s 2
Troubadours Peaceful Easy
Feeling
10.30pmNewsnight: Weather
11.20pmSnooker: The World
Championship 12.10amSnooker
Extra 2.10amBBC News 4am-6am
BBC Learning Zone
6pmLondon Tonight
6.25pmParty Election
Broadcast
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmThe Dales
8.30pmCoronation Street
9pmScott & Bailey
10pmITV News at Ten 10.30pm
London News 10.35pmThe Mighty
Mississippi with Trevor McDonald
11.35pmBabies Behind Bars
12.30amThe Zone; ITV News
Headlines 2.30amChampions
League Weekly 2.55amITV
Nightscreen 4.35am-5.30amThe
Jeremy Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
8pmCHOICE Foxes Live: Wild
in the City
9pmEmbarrassing Bodies
10pmRamsays Kitchen
Nightmares USA
11pm8 Out of 10 Cats Uncut
11.45pmHomeland
12.55amRandom Acts
1amFILMUdaan: Drama, starring
Rajat Barmecha. 2010. 3.15amA
Family Portrait 3.20amFILMCry
Havoc: Second World War drama,
starring Margaret Sullavan. 1943.
5amGone Fishing 5.15am-6am
Smallville
6pmHome and Away
6.30pm5 News at 6.30
7pmCowboy Traders: 5 News
Update
8pmThe Gadget Show: World
Tour: 5 News at 9
9pmCHOICE Robsons
Extreme Fishing Challenge
10pm10 Things I Hate About
1987
11pmFILMA Perfect Getaway
2009.
12.50amSuperCasino
4amHouse Doctor. Making rooms
look larger. 4.25amMichaelas
Wild Challenge 5.15amWildlife
SOS 5.35am-6amWildlife SOS
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
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
WORDWHEEL
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
1 2 3 4 5 6
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9
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ACROSS
1 Machine for
bundling hay (5)
4 Thoroughly
unpleasant (5)
7 Vanguard (9)
9 Particular items (5)
10 Tiny morsel of
bread or cake (5)
12 Dried-up river bed (4)
14 Comes to the
assistance of (4)
16 Hungarian composer
of classical music (5)
18 Lubricated (5)
20 Degeneration (9)
21 Number of players in
a netball team (5)
22 Implement with a
shaft and barbed
point (5)
DOWN
1 Confer, grant a
right or title (6)
2 Course of existence
of an individual (4)
3 Less common (5)
5 Vigorously active,
gymnastically (9)
6 Canned (6)
8 Swing from side to
side regularly (9)
11 Device ensuring
continuous electricity
(inits) (3)
13 Unit of electric
current (6)
15 Seat for the rider
of a horse (6)
17 Divided into
regions (5)
19 Lacking excess
esh (4)
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C A B B Y A M A S S
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U N I T E S T E E M
N H A D L E
W I F E U D I E T
I I R O N O R E I
L E G S D A R U M
L H A B C E
I N T E R N H I S S
N E T M P
G I R L S K A Y A K
4 9 1 3
2 1 4 5 8 2 4 7
6 3 7 9 4 5 9
5 6 8 7 3 4 2 1
8 9 9 6 7 8
7 9 3 1
1 3 5 2 7 2
4 6 7 3 9 8 1 5
3 9 1 2 3 8 3
7 8 9 4 9 1 4 2
5 1 6 9
4
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The nine-letter word was
GENTLEMAN
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
THE 70S
BBC2, 9PM
The years 1975 to 1977, which saw
improved employment rights for
women, the rise of punk rock and
fighting on the football terraces.
FOXES LIVE: WILD IN THE CITY
CHANNEL4, 8PM
New series. Mark Evans and Anita
Rani explore the lives of foxes across
the UK, using amateur footage to learn
more about the creatures.
ROBSONS EXTREME FISHING
CHALLENGE CHANNEL5, 9PM
Robson Green heads to Canada to take
on the countrys most experienced
fishermen, visiting the Fraser River
Canyon in search of white sturgeon.
TVPICK
32
TV & GAMES
cityam.com
MONDAY 30 APRIL 2012
G
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LEINSTER reached their third
Heineken Cup final in four years
after a thrilling semi-final victory
away to Clermont.
The Irish province, winners in
2009 and 2011, trailed 12-6 at half-
time but survived a dramatic
finish to fight back and set up
a final meeting with 1999
winners Ulster.
A try from Cian Healy, con-
verted by Jonny Sexton, Rob
Kearneys drop-goal and three
further Sexton penalties
earned the win as Clermont
ultimately failed to add to
five penalties from
Brock James.
Fly-half Sextons two
Lucky Leinster
survive late call
to reach final
first-half penalties kept Leinster in
contention while four from James
gave the French side their lead.
When Healy touched down early in
the second half, and Kearney and
Sexton increased the lead with their
scores, Leinster still required luck
when Wesley Fofanas late try was dis-
allowed, after he lost control of the
ball over the line, by the televison
match official (TMO). Clermont con-
tinued to pressure in the games clos-
ing stages but resilient defending
proved enough to secure an all-Irish
final at Twickenham on 19 May.
It goes to the TMO sometimes
you get them, sometimes you
dont. We got it there and at the
end of the day thats the differ-
ence between the two teams,
said Leinster captain Leo Cullen.
On Saturday, Ulster edged their
own close semi-final after 17 points
from fly-half Ruan Pienaar inspired
a 22-19 victory over Edinburgh.
IN BRIEF
Dawson fight would be Clever
n BOXING: Waless world light-
heavyweight champion Nathan Cleverly
is being lined up to face Chad Dawson in
a unification clash after the American
outpointed veteran Bernard Hopkins for
the WBC title on Saturday night.
Cleverly, who withdrew from a planned
title defence against Robin Krasniqi due
to illness, previously admitted his desire
to face the winner.
Nadal sets record on favoured clay
n TENNIS: World No2 Rafael Nadal won
the Barcelona Open yesterday with a
7-6 (7-1), 7-5 final victory over fellow
Spaniard David Ferrer. He becomes the
first man in the Open era to capture two
ATP events seven times. He said: This
is my hardest clay match this season.
Dujardin breaks record in Germany
n EQUESTRIAN: Britains Charlotte
Dujardin yesterday set a new dressage
world record at Hagen, Germany, by
scoring 88.022 per cent aboard her
Olympics-bound horse Valegro. It is a
new test and it was the first time we
had ridden it competitively, but he was
just amazing, said Dujardin.

Celtic win adds to Rangers misery
n FOOTBALL: Scottish Premier League
champions Celtic beat financially
stricken rivals Rangers 3-0 with goals
from Charlie Mulgrew, Kris Commons
and Gary Hooper, yesterday. Its been a
great day for the players, club and
supporters, said Celtic manager Neil
Lennon, whose side are now 21 points
clear of their closest challengers.
WIGGINS MAKES HISTORY WITH ROMANDIE VICTORY
BRITAINS Bradley
Wiggins won the
Tour de Romandie
yesterday after
edging the 16.5km
time trial in Crans-
Montana by a
second, winning
the overall race by
12 seconds with a
time of 28 minutes
56 seconds. The
victory makes the
Team Sky man the
first Briton to win
the race through
Switzerland in its
65-year history.
Andrew Talansky
came second, with
Rui Costa third.
Kearney scored a drop-
goal for Leinster
SPORT
33
MONDAY 30 APRIL 2012
cityam.com
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CLERMONT AUVERGNE.............15
LEINSTER..................................19
BY DECLAN WARRINGTON
HEINEKEN CUP
FORMER drug-cheat sprinter Dwain
Chambers looks set to compete for
Team GB at London 2012, with
confirmation expected today that
the British Olympic Association has
lost a landmark legal battle.
Chambers, cyclist David Millar and
shot-putter Carl Myerscough had
been deemed ineligible for selection
under the BOAs rules, which banned
for life any athlete found guilty of a
serious doping offence.
But the Court of Arbitration for
Sport, which has spent a month
considering the case, is this
afternoon poised to declare the
BOAs policy unenforceable as it does
not comply with the World Anti-
Doping Association.
The decision marks a dramatic
reprieve for the likes of Chambers,
less than three months before the
Olympics begin, and looks certain to
divide opinion among fellow Team
GB members. It will also force the
BOA to redraw its selection policy,
which it has consistently argued that
it alone should be allowed to
determine.
Chambers, 34, served a two-year
ban from 2003 after admitting using
the steroid THG but has since made a
successful comeback, winning 60m
gold at the 2010 World Indoor
Championships and the 2011
European Indoors. He has made no
secret of his desire to represent
Britain at Olympic level again,
although Scottish road racer Millar,
35, has suggested he may not want
to compete at London 2012 as a
black sheep.
Opponents of the BOAs byelaw
claim it is an unfair additional
punishment for athletes who have
already served their punishment,
namely the standard two-year ban
dictated by Wada. The BOA had
countered that it was not banning
athletes, rather exercising its right to
formulate its own eligibility criteria
for selection to Team GB, which
excluded those with doping history.
Chambers free
to compete at
London 2012
G
E
T
T
Y
WEST BROMS Roy Hodgson is poised
to take charge of England for this
summers European Championship
after the Football Association con-
firmed it had opened talks with the
64-year-old.
City A.M. revealed last month that
FA chiefs had significantly cooled
their interest in Tottenhams Harry
Redknapp, the initial favourite for the
role, and were considering appoint-
ing Hodgson.
FA chairman David Bernstein
began negotiations with former
Liverpool, Fulham, Inter Milan and
Switzerland manager Hodgson yester-
day and confirmed that there had
been no approach to Redknapp or any
other candidate.
The urgency of appointing a perma-
nent successor to Fabio Capello was
revealed last week when caretaker
manager Stuart Pearce let slip that
plans were in place to name
Englands Euro 2012 squad by
Thursday 10 May.
An FA statement read: West
Bromwich Albion have today granted
permission for the FA to speak with
Roy Hodgson regarding the position
of England manager. This follows an
approach from FA chairman David
Bernstein to West Bromwich Albion
chairman Jeremy Peace.
Bernstein confirmed he had begun
discussions with Hodgson, adding:
Roy is the only manager we have
approached and we remain on course
to make an appointment within the
timescale we set-out soon after
Fabio Capellos departure.
Further conversations will
now take place with Roy
and my Club England col-
leagues before any fur-
ther announcements can
be made.
Hodgson has publicly
confirmed his interest in
the England job and, with
his contract ending in the sum-
mer, would not cost the FA anything
in compensation, paving the way for a
Chambers served a ban for steroid use
MONDAY 30 APRIL 2012
34
SPORT
cityam.com/sport
BY FRANK DALLERES
BY FRANK DALLERES
TOTTENHAM HOTSPUR ..............2
BLACKBURN ROVERS ................0
BY DECLAN WARRINGTON
PREMIER LEAGUE
Tickets for the London 2012
football tournament will go back
on sale this morning on a first-
come, first-served basis. Some
1.4m seats are still available for
matches at Wembley and across
Britain, with Team GBs men set to
face Uruguay, Senegal and the
United Arab Emirates at the group
stage. Tickets go on sale at 11am
from the London 2012 official
website and on 0844 847 2012.
deal to be completed quickly. It is
thought that further talks will take
place today, with an appoint-
ment possible this week. He
has said of the job: If ever
the people in charge decid-
ed that I was the man they
wanted then I would be
delighted to do it.
Redknapp was installed
as hot favourite for the job in
March, when he was cleared of
tax evasion on the same day that
Capello quit in protest at the FAs deci-
sion to strip John Terry of the captaincy
against the Italians will.
But key powerbrokers within the FA
began to harbour doubts about his suit-
ability, concerns not thought to be con-
nected to an unfortunate decline in
Tottenhams form. Redknapp, mean-
while, insisted he would not talk to the
FA until the end of the season.
Former England manager Glenn
Hoddle, who was sacked in 1999 after
making controversial comments about
the disabled, also stated his interest and
was discussed as a potential candidate by
the FA, it is understood.
Pearce, who is currently juggling roles
Hodgson set
for England
role as FA
opens talks
Hodgson has held initial talks with FA chairman Bernstein and could be appointed this week
4
Defeats in 30 qualifiers
Hodgson suffered with
Finland, Switzerland
and UAE
Bale staying at Tottenham, says Redknapp
TOTTENHAM manager
Harry Redknapp believes
winger Gareth Bale will
stay at the club after
victory over Blackburn
strengthened their bid to
finish in the Premier
Leagues top four.
Bale, 22, has admitted
he may leave the
Londoners if they fail to
secure Champions League
football this season, after a
run of just three wins in 14
games turned possible title
contention into a desperate scramble
to qualify for Europes elite club
competition.
Yet on a weekend when Spurs
closest rivals Newcastle lost away to
Wigan, Redknapp revealed he
expects the sought-after Bale to stay
at White Hart Lane,
despite being linked
with Spanish
giants Barcelona,
after goals from
Rafael van der Vaart
and Kyle Walker
suddenly made a top-four
finish look more likely.
He has got to worry
about that [Champions
League football] at the end
of the season, said
Redknapp. He has got a long
contract at the club, I dont think he
will be going anywhere, he isnt
going to find too many better clubs
than Tottenham.
I dont think he is a boy to go
abroad at the moment. The first
opportunity he gets he goes home to
his family in Wales so I dont think
he is a boy who would be suited to go
abroad at this stage of his career.
I think this is a great club for
him. You cant be letting Gareth Bale
go, he is the future of the club.
With Blackburn battling against
relegation to the Championship, the
afternoon threatened to be a
difficult one for the home side but
Van der Vaarts 22nd-minute, close-
range opener settled any potential
nerves and ensured they went on
to dominate.
Though the final scoreline failed
to reflect as much, Spurs controlled
the game throughout as Blackburn
played like a side whose future was
as settled as the grass on which they
played. Redknapps men had 19
shots in contrast to the solitary
corner, and complete inability to
shoot, of Steve Keans side.
When Rovers top scorer Yakubu
was substituted with around 20
minutes remaining, a home win
already looked secure but Kyle
Walker, with an effort to earn parity
with the worlds best, then
masterfully curled a free-kick into
the top right corner for Spurs
winner just a few minutes later.
Modern managerial mantras may
dictate that a one-goal lead is never
safe but if ever such logic could be
questioned it was here; Tottenham
were in complete control and that
was never under threat.
Van der Vaart scored the
opening goal for Spurs
FOOTBALL ASSOCIATION chiefs are cooling on appointing Tottenhams Harry Redknapp as England manager
Capellos successor will need to be in place before Englands first Euro 2012 warm-up in less than nine weeks time. Hodgson, who has continental expe- rience from spells in charge of Inter Milan and S i l
e
MILAN SMOT
EXCLUSIVE
BY FRANK DALLERES
FA cooling on
Redknapp as
door opens for
Hoddle return
City A.M. revealed last month the FA had
gone cold on Redknapps candidacy
35
Leinster fight back to beat Clermont and
set up all-Irish Heineken Cup final with Ulster
cityam.com
MONDAY 30 APRIL 2012
CHELSEA boss Roberto Di Matteo
insists his team must beat
Newcastle on Wednesday night if
they are to secure a top-four
Premier League finish, after
Fernando Torres first Blues hat-
trick gave them all three points
against west London rivals QPR
yesterday.
Goals from John Terry, Daniel
Sturridge and Florent Malouda
completed the 6-1 rout, although a
late consolation from Djibril Cisse
gave the vocal travelling Hoops
fans something to cheer.
The win ended a sterling April for
Di Matteos men, a month in which
they have progressed to the FA Cup
and Champions League finals and
extended an unbeaten run to
eleven games in all competitions.
We just look after ourselves, its
the only thing we can influence
and we have to try to win the next
game to have a chance to finish
fourth, the interim Chelsea
manager said after the game.
Newcastle visit Stamford Bridge
one point ahead, yet the Blues tails
are up after another morale-
boosting victory which saw a
rejuvenated Torres score his first
hat-trick in more than two and a
half years.
He was always working very
hard for the team and putting
assists on [in recent games], Di
Matteo said. Im pleased for him
today, its great for a striker, for his
confidence, but we work as a team.
The defeat leaves QPR level on
points with fellow relegation
battlers Bolton Wanderers, having
played one game more. Mark
Hughes men now have a worse
goal difference than Wigan, who
they trail by three points.
Weve obviously damaged our
own goal difference, Hughes said,
We cant be as naive as we were.
You need big performances from
everybody, we needed everybody
playing at the top of their game, we
didnt get that today.
Despite winning recent crucial
home games, QPR still have the
divisions worst away record.
The visitors endured the worst
possible start to the game, as
Sturridge cut in onto his right foot
and curled the ball inside the near
post from 20 yards just 45 seconds
after kick-off.
The game had begun without the
usual handshakes between the
players, a decision taken due to the
ongoing case involving Terry and
QPR defender Anton Ferdinand.
Terry stands accused of racially
abusing Ferdinand earlier this
season, a charge he denies.
And it was Terry who doubled the
lead on 12 minutes, rising above
Clint Hill to head in a Frank
Lampard corner.
Chelsea went into cruise control,
passing the ball confidently
through QPR despite heavy rain and
a water-soaked pitch. A superb
TOP FOUR RUN-IN
Remaining fixtures
ARSENAL
5 May, Norwich (H)
13 May, West Brom (A)
TOTTENHAM
2 May, Bolton (A)
6 May, Aston Villa (A)
13 May, Fulham (H)
NEWCASTLE
2 May, Chelsea (A)
6 May, Man City (H)
13 May, Everton (A)
CHELSEA
2 May, Newcastle (H)
8 May, Liverpool (A)
13 May Blackburn (H)
Man Utd 35 26 5 4 86 32 83
Man City 35 25 5 5 87 27 80
Arsenal 36 20 6 10 68 44 66
Tottenham 35 18 8 9 59 39 62
Newcastle 35 18 8 9 53 46 62
Chelsea 35 17 10 8 62 39 61
TOP SIX
TEAM PLD W D L F A PTS
TIMELINE: ROYS CAREER
nHas an unremarkable playing career
as a defender, which peaks at Crystal
Palace and also takes in Maidstone
nBegins managerial career at
Swedish team Halmstad, winning to
tiltes from 1976 to 1980
n Had a spell at Bristol City
nIn 1983 he joins Orebro, before
winning five titles and two Swedish
cups at Malmo
nMoves to Neuchatel Xamax in
Switzerland, then steps up to the
national team job and qualifies for
both World Cup 94 and Euro 96
nRewarded with the Inter Milan job,
but fired after just under two seasons
nTakes over at Blackburn. Guides his
new team to Uefa Cup qualification
yet was sacked following a disastrous
start to the 1998-99 season
nBetween 1999 and 2007 he jumps
from jobs at Grasshopper,
Copenhagen, Udinese, the United
Arab Emirates, Norwegian side Viking
FK, and the Finnish national team
nAt the end of 2007 takes over at
Fulham, leading the team to a
remarkable escape from relegation
and, in 2010, to a Europa League final
nIn 2010 joins Liverpool yet lasts
only six months after failing to turn
around the clubs fortunes
nIn 2011 joins West Brom
The in-form Fernando Torres scored his first hat-trick since September 2009
CHELSEA.............................6
QUEENS PARK RANGERS ....1
BY JULIAN HARRIS
PREMIER LEAGUE
MANCHESTER City manager
Roberto Mancini admits tonights
Premier League summit derby may
represent their last chance to
overtake neighbours and
title rivals Manchester
United.
Victory over the
holders in the most
eagerly-anticipated
Manchester derby in
recent memory would
lift Mancinis team, who
are seeking the clubs first
top-flight championship
since 1968, level on points with
United with just two games
remaining. He expects United to win
their fixtures against Swansea and
Sunderland, meaning that only
maximum points this evening
would afford City any chance of
snatching the trophy from their
clutches.
They have one difficult
game against us, then they
have two easy games. They
will probably get six
points, said Mancini. It
is clear we have a chance.
We want to take that
chance.
City have rediscovered
flashes of their scintillating
early-season form since losing
1-0 at Arsenal this month, scoring
12 goals in three victories over
West Brom, Norwich and Wolves.
Six appeal at the Bridge as rejuvenated
Torres bags hat-trick against rivals QPR
as England Under-21 manager and coach
of Team GB at London 2012, took charge
for Englands friendly against Holland in
February and made plain his eagerness to
stay in charge for Euro 2012.
Hodgsons stock has risen this season,
leading West Brom to 10th in the Premier
League, just three points behind
Liverpool, who discarded Hodgson last
season after just six months at Anfield.
In a globe-trotting career that has also
taken in stints with Finland, the United
Arab Emirates and Udinese, he guided
Switzerland to their first major tourna-
ment for almost 30 years.
G
E
T
T
Y
Giggs: Lets show why were top
MANCHESTER United
midfielder Ryan Giggs
has urged his side to
show Manchester
City who the Premier
Leagues real
superpower is by
winning tonights title
decider at the Etihad
Stadium.
City have taken 49
from a possible 51
home league points
this season and,
though Giggs
admits their
cross-city rivals
are Uniteds
biggest
threat, he
wants to underline exactly why it is
theyre the champions.
Both have played 35 league games
but United have a three-point
advantage over City before playing
highly-winnable fixtures against
Swansea and Sunderland, meaning
a point at the Etihad should be
enough for them. Giggs, however,
remains adamant United should do
more than edge supremacy.
Im sure they will be fancying
themselves to win because theyre
a good team and theyre at
home, said Giggs. But the
scenarios are more in our favour
than Citys. Were Manchester
United, were the champions and
well try and put out a statement
that we deserve to win this league.
Uniteds lead is more fragile after
some erratic form allowed City to
narrow the Red Devils advantage
when they looked in complete
control but Giggs, 38 and a veteran
of 12 league title wins, is confident
they will respond by winning.
As a United player, youre used to
big games, he said. You have to
block out the hype and predictions.
Thats been going on all the season,
with people saying City were going
to win the title and then United.
Weve had reminders throughout
the season where weve lost games
or put in poor performances and
weve always reacted. Thats one of
the reasons were still up there. Now
its come down to this. Weve got to
try and win.
BY DECLAN WARRINGTON
Giggs says United must press for a
win in tonights crunch battle
Beating United is Citys
last chance, says Mancini
BY FRANK DALLERES
49
Points, from possible
51, City have won at
home this season
through-ball from Salomon Kalou
set Torres free to round goalkeeper
Paddy Kenny for the third, and
Chelsea soon had a four-goal lead as
the Spaniard took advantage of a
mistake by Nedum Onuoha.
In the second half QPR pressed
forward and Jamie Mackie went
close from distance, yet they were
caught on the break allowing
Torres, who is seeking a Spain recall
for Euro 2012, to grab his hat-trick,
springing the offside trap and side-
footing past Kenny. Substitutes
Ramires and Malouda combined for
a sixth goal 10 minutes before the
end, before Cisse turned in a late
consolation to deprive goalkeeper
Petr Cech of a clean sheet.
AT STAMFORD BRIDGE
Rugby union: Page 33