Cityam 2011-12-16

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Sleepless in the City: Lloyds boss explains his absence
CITY institutions and their employees
paid a whopping 63bn in tax to the
Treasury this year, more than any
other industry in the UK, new figures
published today show.
City firms paid almost 10bn more
tax this year than in 2010, despite the
stretched trading conditions con-
tributing more than 12 per cent of
the UKs entire tax take, up from 11.2
per cent in 2010.
Higher levels of corporation tax,
employment taxes such as National
Insurance and PAYE, and VAT meant
financial services firms and their
staff paid 18 per cent more tax in this
financial year than the last, the fig-
ures compiled for the City of London
Corporation by PwC show.
Finance firms paid direct tax of
27.6bn, of which 7.2bn was corpora-
tion tax, and they collected a further
35.4bn on behalf of their customers
and employees.
Banks the biggest taxpayers in
the financial services sector also
paid 3.4bn of extra payroll tax, in
the form of the bonus tax levied on
their 2009 employee compensation.
Business supporters seized on the
figures as evidence of the Citys vital
contribution to the UK economy, at a
time when European leaders seem
determined to stall its growth by
imposing a slew of regulations and a
new financial transactions tax.
IN COMES TAX
BY ALISON LOCK
POLITICS
www.cityam.com Issue 1,534 Friday 16 December 2011 FREE

BUSINESS WITH PERSONALITY
Stuart Fraser, the City of London
Corporations policy chairman, said
the figures highlight the huge fiscal
contribution the sector continued to
make despite the difficult economy.
London is Europes leading inter-
national financial and business cen-
tre, and the success of UK-based
financial services is integral to the
success of our counterparts across
the Channel, he said.
We must be wary of crossing a tip-
ping point when it comes to taxation.
The European Commissions own
impact assessment highlighted that
between 70 and 90 per cent of all
derivatives trading could move out-
side of Europe if a financial transac-
Certified Distribution
31/10/11 till 27/11/11 is 100,007
tion tax was implemented.
We must continue to make the
case that such a move would hurt the
City, and hurt Europe.
MP Andrew Tyrie, chairman of the
Treasury Select Committee, warned
against taxing and regulating the
City too harshly.
These figures demonstrate the
continuing importance of financial
services to the UK economy. The
financial services sector is a great
British success story the kind other
countries envy, he said.
Bad mistakes have been made in
banking. Smart regulation can help
remedy those mistakes and create the
conditions for success in the future,
he added. Regulation driven by
recrimination wont help anyone.
The financial services sectors 1.1m
employees, equivalent to almost four
per cent of all UK workers, paid
29.2bn in employment tax this year,
or an average of 20,269 per person.
The sectors employment benefits
are not just concentrated in London
and the south east either: two thirds
of the jobs are outside those regions.
Meanwhile, MPs on the Public
Accounts Committee will publish
their report next Tuesday into tax
deals struck by a number of compa-
nies with HM Revenue & Customs to
slash their tax bills.
City investment bank Goldman
Sachs cut its tax payment by between
5m and 8m as a result of such a
sweetheart deal.
Financial services contributed 63bn to UK revenue in 2011
LLOYDS chief Antnio Horta-Osrio
admitted that he had not been able to
sleep for five days in a row before
going on sick leave last month.
The exhausted executive returned
to his banks HQ in Gresham Street yes-
terday to shake hands and demon-
strate what chairman Sir Win Bischoff
called his new, bushy-tailed condi-
tion following almost six weeks leave.
In an attempt to shore up confi-
dence in his planned return to work
on 9 January, he also splashed out
146,000 on Lloyds shares.
But many analysts continue to see
the stock as a punt. Seymour Pierces
Bruce Packard said that Lloyds is still
not investable despite bringing back
its star chief exec and agreeing a deal
with the Co-op to sell 632 branches.
Even when they sell [the branches],
the loans-to-deposit ratio will be 141
per cent, said Packard.
He added that the bank should tack-
le the problem by forcing its mortgage-
holders to convert to repayment,
rather than interest-only, loans.
Doing so, he said, would make the
stock investable rather than a punt,
but would cause shrieks of protest.
Horta-Osrio said yesterday that
upon going on leave he retreated to
high-end rehab centre the Priory,
famous for celebrity patients such as
the late Amy Winehouse and Robbie
Williams. After a week, he then went
home to sleep for eight hours a night.
BY JULIET SAMUEL
BANKING
Financial services
workers paid an
average of 20,269
tax each this year
PICTURE: REUTERS
JUST FOUR DAYS
LEFT TO BID IN
OUR CHRISTMAS
AUCTION P 11
News
2 CITYA.M. 16 DECEMBER 2011
CVC STRUGGLES WITH TERRIBLE
RESULTS IN ASIA
When CVC raised a $4.12bn Asian buy-
out fund in 2008, Marc St John, its
head of investor relations, referred to
the private equity groups record in
the region when he said investors
like what they see. A few years and a
financial crisis later, investors are no
longer happy about what they see
from a group seen as a profitmaking
machine. Their second Asian fund is
very disappointing, one says.
DEUTSCHE BANK PUTS 2BN PRICE TAG
ON UNIT
Deutsche Bank has launched the sale
of its global asset management busi-
ness following a strategic review, put-
ting a price tag of about 2bn on it.
Initial bids are due in the spring. As
many as 50 parties have registered an
interest, including Wells Fargo, Royal
Bank of Canada and Ameriprise.
LEADING BARRISTER TO TAKE OVER AT
FRAUD OFFICE
David Green, a leading barrister and
former head of Revenue and Customs
prosecution office, is to take charge of
the Serious Fraud Office next year as
it extends its powers into new areas
and grapples with stiff budget cuts.
People familiar with the situation
told the Financial Times that the
attorney-general would name Mr
Green to the post, possibly as early as
Friday.
BARCAP SET FOR 1BN SALE OF
GERMAN PROPERTIES
Barclays Capital is preparing for the
sale of more than 1bn worth of
German apartments in a deal that
would mark one of Europes largest
residential property deals since the
start of the financial crisis. The sale,
understood to have generated interest
from private equity and trade buyers,
involves 26,000 residential properties,
predominantly in Berlin, Hanover
and Magdeburg.
MANY HAPPY RETURNS FOR MAN
BEHIND CLINTON CARDS
A get well soon card might have
been more appropriate given the
struggles of his company, but instead
Don Lewin, the founding chief execu-
tive of Clinton Cards, was paid 1m
last year even though the retailer
dived to an annual operating loss.
The payment, the second year run-
ning in which he banked 1m, raised
eyebrows among some shareholders.
WORLD ECONOMY PAYS RECORD BILL
FOR NATURAL DISASTERS
A torrent of natural disasters in
which about 30,000 people lost their
lives has cost the worldwide economy
a record $350bn (226bn) this year,
according to figures published yester-
day. Earthquakes, hurricanes and
floods wrought havoc, leaving
homes, businesses, bridges and roads
devastated.
SSE TO PAY 5M TO CUSTOMERS WHO
WERE MISSOLD
British utility SSE pledged 5m to
reimburse customers who had been
misled into switching suppliers,
including through controversial
doorstep sales of energy that it
scrapped in July this year. The guar-
antee will apply to any household
energy sale made by SSE since
October 2009, and takes effect from
January, it said.
OLEG DERIPASKA'S RUSAL WANTS
FLEXIBILITY FROM LENDERS
The worlds biggest aluminium pro-
ducer sounded a warning on global
demand as it asked its lenders to ease
the terms of its loans. Rusal, headed
by Russian billionaire Oleg
Deripaska, said it is in talks with its
banks in light of possible continu-
ing weakness of global commodity
markets over the next 12 months.
SINO-FOREST INVESTOR TURNS
AGAINST IT
Sino-Forest Corps biggest sharehold-
er, previously a staunch ally of the
timber company in its defense against
fraud allegations, on Thursday called
on the Chinese-Canadian firm to
name a new chief executive and
replace board members. Richard
Chandler also called disappointing
and regrettable Sino-Forests decision
this week to skip an interest payment
of about $10m.
AMERICAN AIR WARNS OF CUTS
AMR chief executive Tom Horton
issued his first warning of hard times
ahead since the American Airlines
parent filed for bankruptcy-court pro-
tection two weeks ago. In a letter to
the Texas airlines 88,000 workers, Mr.
Horton confirmed what many already
expected: a downsized network,
pruned labour contracts and layoffs.
WHAT THE OTHER PAPERS SAY THIS MORNING
Dont let IPO row endanger London
G
RAFF Diamonds, one of the
most famous jewellers in the
world, is based in New Bond
Street, Mayfair. Its headline
web-page promotes London as a sign
of its class. And yet its forthcoming
flotation, in which it hopes to raise
$1bn, is all going on in Hong Kong.
There isnt even a secondary listing in
London.
When Manchester United recently
explored the idea of an IPO, it too had
the Far East in mind as the best place
to market its shares.
Neither group, despite their brands
being among the best that Britain can
offer, considered London as the best
place to float their shares. And a look
at the pipeline listed daily in the influ-
ential IFR confirms that London is not
exactly flavour of the month at the
moment when it comes to lucrative
share issues.
So it is perhaps not the best time for
pension fund representatives and
other institutional shareholders to be
campaigning for tighter listing rules
in order to enhance investor rights.
The issue has come to the fore
because of the high number of for-
eign-owned resources groups that
have fortunately chosen London as
the place to list their shares. It is also
an issue because of the large number
of floats that have resulted in losses
for many of those brave enough to buy
shares.
If the likes of Glencore, Essar Energy
and Evraz had shunned London like
Manchester United and Graff have
done, then the Citys investment
bankers would have had even more
time on their hands than most of
them do now.
But the result has been a growing
influence in the FTSE indices of com-
panies under foreign ownership, con-
trolled often by dominant foreign
(often Russian) shareholders.
FTSE, the index compiler, earlier
this week raised the free float thresh-
old for inclusion in its UK indices
from 15 to 25 per cent. But this does
not seem to have satisfied some in the
corporate governance lobby who are
now campaigning for the limit to be
raised to 50 per cent.
The lobbyists have the feel of the
Tory Eurosceptics about them. Having
won a major victory in a long-running
battle, they now scent blood.
But in this case any further tighten-
ing of the rules will be a big blow for
the Citys chances of gaining ground
on its biggest rivals. As FTI
Consultings John Waples writes on
page 20, the UK has enough problems
on its plate without the need to side-
line itself as a financial capital.
ANOTHER ONE BITES THE DUST
Even before the City workers at
Evolution and Investec have learned of
their fate following the merger of their
two firms, the small-cap broking and
investment banking sector is set for
another seismic change.
Yesterday the Canadian group
Canaccord announced an agreed
merger with Collins Stewart
Hawkpoint, one of the doyens of the
small- to mid-cap sector, for 253m.
The deal follows a major consolida-
tion and contraction in the sector,
with Altium, Man Financial, Matrix,
Arbuthnot and Unicredit among those
either being restructured or closed
down.
The new group boasts of having 153
corporate clients and will see
Canaccord accede to a main (as
opposed to Aim) listing on the London
market. There are bound to be job cuts,
with those working in trading and
equities especially vulnerable.
david.hellier@cityam.com
Allister Heath is away
NEWS | IN BRIEF
Fitch downgrades eight banks
Frances two biggest banks were among
eight downgraded by ratings agency
Fitch yesterday after it put them on neg-
ative watch two months ago. Fitch hit
BNP Paribas, Socit Gnrale, Deutsche
Bank, Credit Suisse, Barclays, Bank of
America, Morgan Stanley and Goldman
Sachs with downgrades to their viability
ratings and one or two notch cuts to
their long-term issuer default ratings.
The agency said the banks were partic-
ularly sensitive to the increased chal-
lenges the financial markets face.
RIM co-CEOs pay cut to just $1
BlackBerry maker Research in Motion
will pay its two co-chief executives $1
each next year after it posted a 27 per
cent drop in quarterly profit and gave a
dismal outlook for the Christmas period.
Jim Balsillie and Mike Lazaridis will cut
their salaries as they work to fix the
firms problems. Revenues fell six per
cent and it said a line of improved
BlackBerry 7 smartphones had per-
formed badly in holiday sales, and its
successor line of QNX-based BlackBerry
10 phones would only be launched in the
second half of 2012.
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
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EDITORS LETTER
DAVID HELLIER
Noyer: France
safer than UK
FRENCH central bank chief Christian
Noyer lashed out at the UK economy
yesterday, saying Britains sovereign
should be downgraded before any cut
to Frances gold-plated credit rating.
Noyers unexpected attack drew
responses from Number 10 and the
Treasury. Prime Minister David
Cameron pointed to the credibility
granted by the UKs low bond yields
and his governments plans to reduce
the mammoth annual deficit.
A Treasury source told City A.M. that
markets clearly dont agree with
Noyers assessment.
Noyer earlier said that the UK had
more deficits, as much debt, more
inflation, less growth than us, claim-
ing that rumours of a French down-
grade revealed irrational behaviour
at credit rating agencies.
They threaten even when states
have taken strong and positive deci-
sions, Noyer said. One could think
that the use of agencies to guide
investors is no longer valid.
Otherwise, they should start by
downgrading Britain, he said.
Yet Frances woes look likely to con-
tinue after its statistics office said that
the economy is entering an official
recession. Insee expects a 0.2 per cent
contraction this quarter, and a 0.1 per
cent dip next quarter.
Meanwhile Noyers compatriot
Christine Lagarde, head of the IMF,
said that no country is immune from
the escalating Eurozone crisis.
Lagarde said the outlook for the world
economy is quite gloomy and
warned that failure to act collectively
could lead to protectionism and isola-
tion reminiscent of the 1930s.
BY JULIAN HARRIS
ECONOMY
CHRISTIAN Noyer appears to be the

typical establishment statesman. Born
in the French capital in 1950, Noyer
also graduated in Paris having studied
law. Following a spell of military serv-
ice in the French Navy, he swiftly
signed up at the cole nationale d'ad-
ministration essentially a training
camp for people who, believe it or not,
aspire to becoming bureaucrats. The
school clearly did the trick for Noyer,
who has spent the subsequent decades
adding to his portfolio of official roles.
After starting at the French Treasury
in the mid-1970s, he had a two-year
stint in Brussels in 1980; and in 1998
his European adventure extended to
Frankfurt, becoming vice president of
the new European Central Bank (ECB).
He has also held positions at the OECD,
the G7, G10, IMF and World Bank.
Perhaps not the kind of person one
would expect to let go a heated tirade
attacking the UKs credit rating.
Christian Noyer launched a passionate defence of Frances sovereign rating
PROFILE:
CHRISTIAN NOYER
SHARES in finance group Collins
Stewart Hawkpoint rocketed more
than 75 per cent yesterday after it
agreed a sale of the business to
Canaccord Financial for 253.3m.
The 96p per share cash and shares
offer put the bid at a 90 per cent pre-
mium to Collins Stewarts share price
on Wednesday, and shareholders will
also still be paid the 2.6p dividend
planned for 31 January.
Canadian group Canaccord had
been openly seeking a City acquisition
and approached Collins Stewart just
months after walking away from acri-
monious talks with Evolution Group
when Evolution decided to recom-
mend a rival offer from Investec.
Canaccord had built up a war chest
to acquire a London-based broker and
wealth manager to expand its large
operations in Canada and Collins
Stewart, with its brokerage,
Hawkpoint M&A advisory business
and 8.1bn assets under manage-
ment, combines the assets it sought.
Canaccords chief executive Paul
Reynolds said it would be a transfor-
mative expansion.
When the transaction closes,
Canaccord will have operations in
twelve countries and capabilities to
list companies on ten stock
exchanges, he added.
Sources close to Collins Stewart told
City A.M. Canaccords approach was
unsolicited and the high price offered
had prompted the decision to sell.
The new group will be listed in
Toronto and London, with Collins
Stewarts London listing to be trans-
ferred from the Aim to main market.
Collins Stewarts major institutional
shareholders welcomed the deal, and
Aberforth, its largest investor with a
10.7 per cent stake, said it would vote
for the deal. Others holding 7.9 per
cent also gave their support.
Canaccord in
253m Collins
Stewart deal
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BY ALISON LOCK
FINANCIAL SERVICES
News
COLLINS Stewart was founded in
1991 by Andy Stewart and Leigh
Collins as a partnership with the
investment bank Singer &
Friedlander Securities.
Collins retired from the firm in
March 2000, and in May that year,
chief executive Terry Smith and
Stewart led a 122m management
buyout from Singer & Friedlander.
The company subsequently floated
on the London Stock Exchange in
October 2000 as Collins Stewart
Tullett, with a market cap on list-
ing of about 326m.
This was the golden age for the
company, posting pre-tax profits of
almost 18m for the first half of
2000. At the time, Smith who held
an 8.5 per cent stake described the
firms ethos as enlightened despot-
ism. People work here because we
get the job done, he said.
But things became less amicable
in 2003, when Smith ousted Stewart
from the firm he had helped build
up into a City powerhouse. The last
straw, said the racehorse fanatic
who went on to found the brokerage
Cenkos in 2005, was that the
Cheltenham Gold Cup clashed with
a board meeting.
Back at Collins Stewart, the com-
pany demerged in December 2006
into stockbroker Collins Stewart and
interdealer-broker Tullett Prebon.
Several acquisitions at Collins
Stewart later including Hawkpoint
Partners and the much-criticised C E
Unterberg Towbin deal sharehold-
ers this May approved the groups
change of name to Collins Stewart
Hawkpoint. A short-lived moniker,
as it turns out, as new owner
Canaccord rebrands yet again.
Boom and bust-ups at the broker
Faith in Bank of England
collapses to a record low
PUBLIC satisfaction in the Bank of
Englands managing of inflation has
plummeted to the lowest level since
records began in 1999.
The net proportion of respondents
satisfied that the Bank is doing its
job to set interest rates to control
inflation collapsed to plus nine per
cent in a survey conducted last
month down from plus 16 per cent
in August.
The Banks satisfaction rating
remains above those of the three
political party leaders in the UK,
noted Citi economist Michael
Saunders. But the BoEs poor infla-
tion forecasting record in recent years
appears to have had some cost to its
external reputation.
Respondents expect inflation of 4.1
per cent in the coming year, very
slightly down on Augusts surveyed
level of 4.2 per cent. In 2013 respon-
dents still predict above-target infla-
tion of 3.4 per cent, while long term
inflation expectations remain sticky,
at 3.5 per cent.
UK ECONOMY
ANALYSIS l Collins Stewart Hawkpoint PLC

p
9Dec 12Dec 13Dec 14Dec 15Dec
90
80
70
60
50
89.00
15 Dec
Terry Smith (left) and Andy Stewart led a buy-out of Collins Stewart in 2000 Picture: REX
BY HARRIET DENNYS
PROFILE
EUROPEAN Union efforts to further

integrate member states took a blow
yesterday, with senior politicians in
the Czech Republic and Hungary
voicing concerns over a proposed
new treaty.
The eastern European states will
not be party to a tighter European
agreement if it compromises their
fiscal independence, it was suggest-
ed.
Czech Prime Minister Petr Neas,
head of the conservative Civic
Democratic Party, said that proposed
fiscal rules to stop states from run-
ning up large deficits should only be
applied to Eurozone states.
He was speaking after meeting
Hungarian counterpart Viktor Orbn
in Budapest. We support the solu-
tions which result in the stabilisation
of the Eurozone -- but we are con-
vinced that tax harmonisation would
not mean anything good for us.
Orbn issued similar sentiments,
telling journalists that cooperation
with the Eurozone would not be
done at the expense of Hungarys
competitiveness.
Earlier in the day the European
Central Bank had warned that a new
bill in Hungary could pose a risk to
the independence of its central bank.
But in a move to smoothe relations
with the UK following Prime Minister
David Camerons veto, the EU has
invited the country to participate at
some level in talks on a pact with the
other 26 members.
Europes deal
faces dissent
from the east
BY JULIAN HARRIS
EUROZONE
THE DECLINE in the Eurozones pri-

vate sector eased a little this month,
but a recession still looks inevitable
with the regions periphery struggling
badly, a key business survey showed
yesterday.
Markits Eurozone Composite
Purchasing Managers Index (PMI),
which measures the activity of thou-
sands of Eurozone companies, rose for
a second month in December to 47.9
from 47, confounding expectations for
a fall to 46.5.
But the preliminary reading lin-
gered well below the 50 mark that
divides growth and contraction for a
fourth month.
Survey compiler Markit said France
and Germany were responsible for the
improved headline figure, while debt-
laden peripheral countries remained
firmly in contraction territory.
Overall these are an encouraging
set of numbers which point to the
recent declines in activity beginning
to bottom out, said Socit Gnrale.
Meanwhile energy prices helped
keep Eurozone annual consumer price
inflation at three per cent in
November, separate data from
Eurostat showed yesterday.
Eurozone decline less sharp than
feared, new survey data reveals
EUROZONE
STANDARD & Poors downgraded 10

Spanish banks yesterday, and left the
threat of further rating cuts hovering
over the troubled lenders.
The rating agency downgraded
prominent names such as Bankia,
Caixabank, Ibercaja, Bankinter,
Sabadell, and Popular.
S&P was applying new ratings crite-
ria after altering its methodology last
month.
Spanish banks are heavily exposed
to bad, and potentially bad, loans
after a prolonged housing bubble
burst in 2007, and risks remain even
after prolonged restructuring and
recapitalisation.
However, there was better news
from elsewhere yesterday as Spanish
authorities saw solid demand for its
bonds.
Spain paid more than two percent-
age points less to borrow over five
years than Italy a day earlier as budg-
et cuts helped ease concerns it could
be among the next to fall in the
Eurozones debt crisis.
The Tesoro [was] seemingly taking
advantage of the calmer market envi-
ronment, auctioning bonds worth
6bn (5bn), almost twice the maxi-
mum target, commented Daiwa
Capital in a note. Yet yields were still
near euro-era highs amid doubts over
leaders ability to find a lasting solu-
tion to the blocs debt crisis.
S&P takes dim view of Spains
banks with fresh downgrades
BY HARRY BANKS
EUROZONE
News
Czech Prime Minister Petr Neas is wary of more pan-European fiscal union
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ZYNGA will top off a lively week for
US flotations today as it begins trad-
ing on Nasdaq, after pricing its heavi-
ly-anticipated IPO at $10 per share,
raising $1bn (645m) and valuing the
social gaming company at $8.9bn.
This is a large step down from the
$2bn it wanted to raise and the valua-
tion of $20bn that Zynga expected
when it filed to go public in July.
In the biggest internet IPO since
Google floated in 2004, Zynga put just
15 per cent of its shares up for public
sale a move that would not be
allowed under stricter FTSE rules in
the UK that would enforce a mini-
mum free float of 25 per cent.
No pre-IPO investors sold shares in
the float.
The company behind Farmville is
one of 11 businesses to go public in
the US this week, making it the
busiest week for US flotations since
November 2007.
Others include Jive Software, which
priced its stock at $12 apiece when it
floated on Tuesday, and Michael Kors
Holding, which sold shares yesterday
at $20. Both companies sold more
shares than originally planned.
Today, the last day of trading before
markets close until the New Year,
wraps up a year which has seen 123
IPOs priced in the US, according to
Renaissance Capital, of which 42 are
in the technology sector.
By contrast, the UK has had a
notably dry year for flotations as sev-
eral companies have cancelled or
postponed their intended IPOs,
including vacuum technology group
Edwards and online payments service
Skrill.
Discount-deals service Groupon
floated amid great expectations in
early November but disappointed
investors when its shares fell below
their IPO price within three weeks,
only returning to above $20 last week.
Eyes will now turn to Facebook,
which is likely to go public next year
and aims to raise $10bn, valuing the
company at more than $100bn.
Zynga is said to have brought in
$829m of revenue in the first three
quarters of 2011, doubling the figure
from the previous year.
Zynga biggest
tech flotation
since Google
BY LAUREN DAVIDSON
TECHNOLOGY
NOKIA is preparing to launch a fol-

low-up to its make-or-break Lumia
800 handset, less than a month
after its launch, City A.M. has
learned.
The new smartphone, which may
be called the Lumia 900, will be
built into the same chassis as its
predecessor but will feature a big-
ger screen and may be loaded with
a more powerful processor.
The move is an indication that
Nokia is not content to rely on its
first major smartphone release in
years to regain the firms place as a
major player in the fast-growing
handset market.
The former industry leader has
slipped behind rivals including
Taiwans HTC and Koreas Samsung,
as well as Apples all-conquering
iPhone.
However, it has seen a new lease
of life after signing an exclusive
deal with Microsofts Windows
Phone 7 software and announced
last week it will make a new push
into the US after previously pulling
out of the market.
The Lumia 800 has been met with
critical acclaim, although the firm
is yet to announce sales figures.
Nokia could not be reached for
comment last night.
FORUM: PAGE 21
Nokia looks to launch another
handset a month after Lumia
News
US LISTINGS: HOW TECH FIRMS TAPPED THE MARKET WITH SMALL FREE FLOATS
ONLINE SEARCH AND ADVERTISING ONLINE RADIO PLATFORM SOCIAL GAMING DEAL-OF-THE-DAY WEBSITE BUSINESS SOCIAL NETWORK
BY STEVE DINNEEN
EXCLUSIVE
SHARES in insurer and pensions

group Old Mutual soared more than
10 per cent yesterday after it said it
would raise SEK 22.5bn (2.08bn) by
offloading its Nordic businesses.
The London-listed group will sell
the long-term savings and banking
operations in Sweden, Denmark and
Norway to Skandia Liv, its mutual
unit owned by policyholders.
Old Mutual, which runs banking,
insurance and asset management
operations in 33 countries, has been
under pressure to cut its debt pile
after concerns its sprawling range of
assets had depressed market value.
The deal cheered investors with
shares closing up 11.44 per cent at
123.7p. Analysts at Goldman Sachs
said: This sale price is significantly in
excess of our sum of the parts compo-
nent for these businesses of 1.4bn.
Old Mutual will now quicken the
reduction in debt and is set to return
cash to shareholders.
The complex deal comes down to
combining Skandia Liv and Nordic,
and remutualising the latter, said one
person familiar with the matter.
Skandia Liv, founded 138 years ago,
is Swedens largest life insurer. It will
pay for the acquisition by selling
some of its portfolio assets, mainly
shares, chairman Gunnar Palme said.
Old Mutual sold its American life
insurance business to hedge fund
Harbinger this year and remains keen
on selling its stake in South African
lender Nedbank. Skandia UK is not
affected by the deal.
Relief as Old
Mutual deal
cuts debt pile
CAR production rose in November,
providing a glimmer of hope that
Britains industrial sector might
avoid a new recession.
Production went up for the sixth
month in a row, gaining 8.5 per cent
compared to last year to reach
136,111 cars, according to the Society
of Motor Manufacturers and Traders.
In the year to date, production is
up 6.1 per cent on 2010, despite the
wider economic uncertainty.
The UK exported more than
119,000, or 88.1 per cent, of the cars.
Car output up
for sixth month
Sitting pretty: boss Julian Roberts is set to cut Old Mutuals debt Picture: Getty
BY PETER EDWARDS
FINANCIAL SERVICES
INDUSTRY
News
A DEAL as large and as complex as
Old Mutuals disposal of its Nordic
businesses, which will see Skandia Liv
pay for the acquisition by selling some
of its portfolio assets, required a hefty
team of advisers.
Peter Brown and Henrietta Baldock at
Bank of America Merrill Lynch and
James Agnew and Andrew Thompson
from Deutsche Bank were corporate
brokers to Old Mutual. The joint finan-
cial advisers were Andrew Sibbald,
Ollie Clayton and Tony DSouza from
Evercore, a boutique advisory firm
which has defied the critics who
called it a retirement home, and
Jakob Lindquist, Chris Kaladeen and
Paul Baker at Morgan Stanley.
One of the best-known names to work
on the deal was Agnew, a veteran
banker with almost 20 years experi-
ence in corporate broking, who cur-
rently sits on the Takeover Panel and
has had a prolific City career.
He also advised News Corp on its
approach later abandoned as the
phone hacking scandal deepened
for the shares it does not already own
in British satellite broadcaster BSkyB.
Kaladeen led the Morgan Stanley
team on the deal. He was among a
group of 133 managing directors
appointed three years ago.
JAMES AGNEW
DEUTSCHE BANK
ADVISERS: DEUTSCHE BANK
ANALYSIS l Old Mutual PLC
p
122.50
120.00
117.50
115.00
112.50
123.70
15 Dec
SHAREHOLDERS at Italian bank
UniCredit yesterday overwhelmingly
backed a highly dilutive 7.5bn
(7.3bn) capital increase to shore up
its ravaged balance sheet.
Italys most internationally
exposed lender faces a 7.97bn capi-
tal shortfall the second-biggest in
Europe after Spains Santander -- to
meet tougher requirements set by
the European Banking Authority to
buttress the regions lenders.
Around 98 per cent of investors
approved the rights issue, which will
be priced in early January.
UniCredit is set
for capital raise
BANKING
ONE of the most senior executives at

UK Financial Investments (UKFI), the
state agency that manages taxpayers
stakes in nationalised banks, is to step
down.
Keith Morgan, who manages gov-
ernment stakes in Northern Rock, UK
Asset Resolution (or the Northern
Rock bad bank) and Bradford &
Bingley, will leave in the first half of
2012. The move follows the agreement
of a deal to sell the Rock to Virgin
Money for 747m.
AS MPs finally bowed to pressure yes-
terday and debated financial educa-
tion for young people in the
Commons, a poll showed that a huge
majority of the UK public is in favour
of compulsory finance teaching.
Ninety-four per cent of people think
financial education in UK schools is
necessary, according to a poll by
ComRes of behalf of the Chartered
Insurance Institute, with 74 per cent in
agreement that the general publics
knowledge of financial matters is
poor.
The numbers in support of intro-
ducing financial literacy teaching into
the curriculum has risen markedly
since 2004, when the same poll found
around 75 per cent in favour.
During the debate in parliament
yesterday, schools minister Nick Gibb
called for a greater emphasis to be put
on mathematics teaching in school,
but stopped short of backing a move
towards compulsory financial teach-
ing.
Gibb blamed a got to have it now
culture amongst school-age children
for breeding unachievable expecta-
tions of wealth, adding: Developing
childrens intellectual capabilities and
interests is a direct antidote to materi-
alism.
Yesterdays debate took place after
more than 100,000 signatures were
gathered on a petition backing a cur-
riculum change, backed by mon-
eysavingexpert.com founder Martin
Lewis, and by MP Justin Tomlinson.
Earlier this week, a group of 226
MPs across all parties published their
recommendations on how financial
education should be improved in
schools, after an eight-month study
into the subject.
MORGAN Stanley became the latest
investment bank to announce anoth-
er round of job cuts yesterday, saying
that it will slash 1,600 employees by
the end of March next year.
The bank said the losses would be
across all geographies, levels of hierar-
chy and front- and back-office roles.
But City A.M. understands that the
front-office cuts are likely to fall most
heavily on fixed income, structured
credit and securitisation all areas
penalised most heavily by new Basel III
capital rules.
By contrast, its flow business is
understood to have held up fairly well
and equities is likely to escape relative-
ly unscathed.
The cuts are most likely to be decid-
ed in February after a performance
management exercise, said a source
familiar with the situation. In other
words, staff will be given a review of
their performance and a chance to
improve before they are laid off.
The bank joins its rivals in cutting
thousands of jobs this year, with
Goldman Sachs, Barclays Capital and
JP Morgan Chase all having
announced lay-offs.
However, the likelihood of few cuts
in equities makes Morgan Stanley
unusual among its peers.
Morgan Stanley joins bank
slashing with 1,600 jobs to go
BY ELIZABETH FOURNIER
FINANCIAL EDUCATION
BANKING
BY JULIET SAMUEL
BANKING
News
UKFI executive to stand
down following Rock sale
Kuwaitis buy into City safe haven
MPs debate
over financial
school lessons
KUWAITI property
firm St Martins
Corporation has
bought a 176m office
development at the
heart of the City from
Hammerson, in the
latest sign of overseas
investors buying into
London as a safe
haven. The nine-storey
office tower at 60
Threadneedle Street is
on the site of the for-
mer stock exchange,
having been redevel-
oped by Hammerson
in 2009 at a cost of
124m. The 214,200
square foot property
represents an initial
yield of 4.75 per cent
for the Kuwaiti govern-
ment. More than 5bn
of property is on the
market in the City and
Canary Wharf, as sell-
ers look to cash in on
an appetite for the rel-
ative safety of prime
London real estate.
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Offer available until 25th December 2011. All information is accurate at the time of going to print. Important due to the fast moving nature of all offers, prices and availability are subject to change. 1Tablet not included. BlackBerry, RIM, Research in motionand related trademarks, names and logos are property of Research in Motion Limited and are registered and/or used in the U.S.
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Convertible Case
THE INSURANCE group Omega yester-
day rejected a reduced tender offer
from entrepreneur Mark Byrne, warn-
ing that it would also take action to
protect its interests.
Byrne recently lapsed an offer to
buy up to 25 per cent of the shares in
the group at a price of 83p each, claim-
ing that regulatory clearances he need-
ed to cement the offer had not been
granted. The move has infuriated
shareholders who had agreed to
accept the offer and embarrassed the
Omega board, who preferred the pro-
posal above a full takeover from
Canopius.
Byrne has since come back with an
offer for 25 per cent of Omega shares,
but at a reduced price of 74p.
Yesterday Omegas board said it was
not supportive of the revised proposal
or of any engagement with Byrne over
the offer. Last week Omegas chief
executive Richard Pexton pulled out of
a meeting with Byrne at short notice
as relations between the two sides
grew frosty.
Omega said it refuted Byrnes claims
about its financial position and noted
that he had not claimed that the mate-
rial adverse change clause in the offer
document was triggered.
Byrne has intimated that he no
longer wants to keep Pexton on staff if
his bid for management control of the
group succeeds.
Below: how we reported the Omega row
Omega rejects
Mark Byrnes
reduced offer
FUND manager Henderson said profit
will rise by more than half despite
global turmoil hitting the markets.
The firm expects underlying profit
for 2011 to reach between 155m and
159m, which would take it to growth
of up to 57.9 per cent. It also said it
should earn 11m in performance
fees for the second half of the year.
Henderson, which manages more
than 65bn in client assets, has
focused on attracting more money to
higher-margin products. It recently
signed up Real Madrid and former
Chelsea boss Jose Mourinho the self-
styled special one to help pro-
mote its brand against a backdrop of
sluggish business and flatlining fund
fees.
Earlier this year it said it was wind-
ing down its low-fee earning business-
es to focus on more lucrative active
fund management. Separately it is
mounting a vigorous defence against
legal claims from a group of pension
funds over the handling of its invest-
ment in construction firm John Laing.
Henderson feeling special
as 2011 profit set to soar
Chief executive Andrew Formica expects a jump in profits Picture: Getty
BY DAVID HELLIER
INSURANCE
News
NEWS | IN BRIEF
Ofcom drops TV ads review
British media regulator Ofcom has
decided not to refer the television
advertising trading market for a full
competition review after finding that
the system was functioning properly, it
said yesterday. Ofcom had in June
opened a consultation on whether the
way TV advertising was bought and
sold could restrict competition.
Waitrose tops supermarket poll
Waitrose has topped the Which? annual
customer satisfaction survey for the
third year running, winning a score of
83 per cent as its big four rivals failed
to impress. Budget retailers Aldi and
Lidl came second and third respectively,
beating Mark & Spencer which came
fourth for the first time. Tesco and
The Co-operative got the lowest joint
score of just 46 per cent satisfaction.
BAE gets earnings lift in tax deal
Europe's biggest defence contractor
BAE Systems said yesterday it had
done a deal with the UK tax authorities
that will give a benefit to its earnings
per share of around 5.9p for the current
year. BAE said the deal addressed the
interpretation of complex tax rules
relating to research and development
tax credits.
SEC to appeal Citigroup decision
Americas top market regulator is
appealing a judge's rejection of a major
Citigroup civil securities fraud settle-
ment, according to court papers filed
yesterday. The $285m settlement was
rejected by a judge last month as "pock-
et change for Citi and he criticised the
SECs policy of settling cases without
defendants admitting wrongdoing.
ASSET MANAGEMENT
Were nearly at 300,000!

There are just four days to go before City A.M. closes its first-ever online charity
auction. Visit today to bid on our unique and exclusive lots while there is still time
A case of malt
Arran whisky
www.cityam.com/auction
City A.M. Christmas Appeal
Design and Print is full of jargon so we dont blame
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CALL US TO DISCUSS 0800 93 94 93
or FIND YOUR NEAREST STORE on www.color.co.uk
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Meet Frank Dalleres, City A.M.s sports editor, who will take three guests to the exclu-
sive club level of Emirates Stadium to watch Arsenal play Queens Park Rangers on New
Year's Eve. The match kicks off at 3pm.
W
e have been overwhelmed
by the huge support from
our readers for City A.M.s
first-ever Christmas charity
appeal.
After just four weeks of fundraising
we are delighted to be within reach of
raising 300,000 for our chosen chari-
ty, Opportunity International, which
offers small loans and banking servic-
es to entrepreneurs in southern
Malawi.
Were now asking for your help to
make one final push to make this
appeal an even bigger success.
There are just four days left in
which to place your bids in our online
auction, which is offering a range of
experiences and treats that you can-
not buy anywhere else.
From football fans to foodies, we
believe these gifts will keep everybody
happy. And with all proceeds going to
support a fantastic cause, we hope
youll take a closer look online at
www.cityam.com/auction today.
In these last few days of our appeal,
we are calling on all our readers to
make any last donations you can.
Phone us on 01865 725304; text your
5 or 10 donation to 70070; or go
online at www.cityam.com/appeal. All
donations from UK individuals will be
matched by the Government pound
for pound.
Three tickets to Arsenal v Queens Park Rangers
with City A.M.s sports editor Frank Dalleres
A round of golf and lunch for two with Sam Torrance
Enjoy 18 holes on the
Championship Sunningdale
Golf Course near Windsor,
with Sam Torrance, City A.M.
columnist and former captain
of the European Ryder Cup
team, and Lawson Muncaster,
founder of City A.M.
During the round, Torrance will
share some of the secrets of
his winning technique and
anecdotes from his glittering
golf career. In the clubhouse
over lunch youll be able to
indulge in some post-game
analysis.
Savour a three-course dinner for two at one of
the world's best-known luxury establishments.
After a multi-million pound refit in 2010, head
chef James Pare and his team have injected new
life into the old classics. Pares la carte menu
has a modern French style and incorporates the
finest seasonal ingredients with luxury and flair.
Three course dinner for two at
River Restaurant at the Savoy
A 10-day internship at City A.M.
Feel the buzz of the news-
room when a big story is
breaking. Get close to the
City's key players as they
face the media at press
conferences. Spend
some time picking up
tips in the heart of
London.
City A.M. is inviting a
lucky intern to be part
of their team for two
weeks in 2012 report-
ing on the unfolding
drama in the financial
markets. The lucky
winner will play a
part in creating a
newspaper that is
read by 300,000-plus readers every day.
FTSE 100 5,075.50 -52.98 DOW 10,655.30 -258.08 NASDAQ 1,628.03 -4.18 /$ 1.54 -0.02 / 1.17 +0.01 /$ 1.32 -0.02
Chelsea in
stadium
move plot
CHELSEA Football Club last night gave the clearest indication yet that it intends to leave Stamford Bridge, in a move that could trigger two huge west London property deals. The club has made a formal proposal to buy back from supporters the freehold on which its home of more than a century sits. Owning the freehold would remove a significant barri- er to selling the ground. Chelsea said in a statement that it had no current plans to move, while chief executive Ron Gourlay empha- sised: I should be clear that we have not identified a site for a new stadium elsewhere. But the Premier League outfit is known to have looked at possible loca- tions, including a move to Earls Court that could cost it as much as 1bn, having grown frustrated with difficul- ties in expanding Stamford Bridge. Other destinations the club is thought to have considered include White City and Nine Elms. The pitch and stands at Stamford Bridge have been owned by a support- er-led group called the Chelsea Pitch Owners since 1993, when it bought the freehold in order to ward off property developers. Chelsea has offered to buy back the freehold at the same price 100 a share that it was sold for 14 years ago and pledged not to move more than three miles from Stamford Bridge before 2020.
COMMENT: SPORT P31
BY FRANK DALLERES
BUSINESS OF SPORT
Chancellor George Osborne aims to plough billions of pounds of government cash into small firms by buying debt Picture: PA
GEORGE Osborne, the chancellor, yesterday unveiled plans to inject tens of billions of pounds worth of government cash into small firms, as he sought to silence critics who say he is not doing enough to promote economic growth. The so-called credit easing scheme will see the government finance companies by buying their debt in the secondary bond markets, allowing small and medium-sized firms to raise cash without having to rely on bank loans. Aides to the chancellor said the scheme could eventually be expanded to include larger firms and corporations if the Eurozone crisis deepens and bond markets dry up. Osborne said: As part of my determination to get the economy moving I have set the Treasury to work on ways to inject money directly into parts of the economy that need it such as small businesses. The Treasury will raise cash to fund the bond purchases by selling gilts, before asking the Bank of England or an arms length body to buy the commercial paper on its behalf. The government claims that because it is buying assets rather than cutting taxes or increasing spending the scheme will not add to the deficit. However, if a large number of companies default on the bonds, as is often
www.cityam.com
Issue 1,481 Tuesday 4 October 2011
FREE
DEXIA IN
CRISIS
BOARD SAYS A
RESTRUCTURING
IS POSSIBLE P4
the case with small and medium sized firms, it could leave the Treasury nurs- ing huge losses and do real damage to the public finances. Terry Smith, chief executive of Tullett Prebon, said: So-called credit easing is totally misconceived. If you thought the banks were bad at lending, wait until you see what happens when the government try it. Currently, the market for commercial paper issued by Britains smaller firms is virtually non-existent and the cost of borrowing is prohibitively high. The government claims that by buying
bonds it will push down yields and encourage private investors to follow suit, thus growing the entire market. Meanwhile, Osborne announced plans to introduce fees for employment tribunals. From April 2013, employees will have to pay as much as 250 to bring an unfair dismissal or discrimination claim and an extra 1,000 if they decide to take the case to a hearing. Fees, which would be refunded if the claimant wins, will be substantially higher for those trying to claim compensation over 30,000. The chancellor also confirmed he
will double to two years the amount of time that a member of staff must be employed before they can claim unfair dismissal. Of course some people will say its unfair, an aide to Osborne said. But if you want a more competitive economy youve got to make some controversial decisions. As Osborne took to the stage, he received an unexpected boost from ratings agency S&P, which said the UKs triple-A debt rating was safe but only if it sticks to its deficit reduction plan.
Certified Distribution 01/08/11 till 28/08/11 is 92,745
FORUM: WHY NOW IS NOT THE TIME FOR MORE QE ANDREW SENTANCE P20
BY DAVID CROW IN MANCHESTER
CONSERVATIVE CONFERENCE
BUSINESS WITH PERSONALITY
OSBORNE TO INJECT
BILLIONS INTO FIRMS
Six nights at the Vamizi Island Lodge in Mozambique
Arching out of the Vamizi seas, this
12km curve of beach and bush is
drenched in sunshine and breezes.
In castaway chic, the Vamizi Island
Lodge boasts 13 impossibly roman-
tic timber villas strung loosely along
one of the worlds most beautiful
beaches. The island is also home to
the green and hawksbill turtles, so
you may catch a rare sighting.
A four-course dinner for 10 people in the imposing
Jack Vettriano Room, complete with champagne
reception, wines to match the menu, and an after-
dinner tutored tasting of Chivas Regal 12 yr, 18yr
and 21yr Royal Salute, to a live jazz performance.
This 14-year-old Arran malt
came from a single cask
No.1102 filled in August
1996 at the Lochranza dis-
tillery and bottled in October
2010. Light the fire, sink into
the armchair and luxuriate
in its rich golden elixir vitae.
Lunch with Allister Heath,
editor of City A.M.
Take this opportunity to dig beneath the headlines and
gain an insight into the top business issues of the day
over lunch with City A.M.s editor, Allister Heath. With
deep knowledge of the City and the economy, business
trends and financial literacy, Allister has a unique per-
spective on the global economic crisis and the changing
business environment worldwide. Beyond City A.M.,
Allister is chairman of the 2020 Tax Commission and reg-
ularly appears as a commentator on BBC and Sky News.
A sumptuous dinner for 10
at Boisdale, Canary Wharf
SPORT DIRECTs majority owner Mike
Ashley could be in line for a 12m
shares windfall if the sporting goods
retailer meets a series of targets over
the next four years.
Under new proposals Ashley, who
currently receives no pay for his role
as executive deputy chairman, stands
to be granted 6m shares if the group
achieves a target of 225m in earnings
before interest, tax and depreciation
(Ebitda) this year.
The proposed Super-Stretch
bonus scheme, which will be voted on
by shareholders next year, must hit
more demanding targets than the
215m milestone for this years staff
bonus scheme.
News of the scheme came as Sports
Direct reported a two per cent rise in
underlying earnings to 139.2m in
the 26 weeks to 23 October, compared
with 136.5m the year before.
The company, which owns Sports
World and Lillywhites stores as well as
brands including Slazenger, said rev-
enues rose 8.4 per cent to 888.6m,
with a strong performance across all
of its divisions.
Dave Forsey, chief executive, said
the strong performance was delivered
against both a tough FIFA World Cup
comparison last year and an especial-
ly fragile consumer environment.
The board remains very confident
of reaching our full year Ebitda target
of 215m [before bonus scheme costs]
and we believe our employee bonus
share scheme continues to underpin
our performance, he said.
Ashley in line
for a Sports
Direct bonus
MENSWEAR brand Moss Bros has
posted a double-digit rise in sales in
defiance of tough trading conditions
on the high street.
The suits specialist said like-for-like
sales for the first 19 weeks of the sec-
ond half were 10.5 per cent up on the
previous year, despite tougher mar-
ket conditions.
Gross profits were 7.9 per cent
ahead of last year, despite inflation
in raw material costs earlier this year.
We enter this important trading
period in good shape but ever mind-
ful of the fragile nature of consumer
confidence, said Brian Brick, chief
executive.
The group had earlier in the year
sold eight of its nine Cecil Gee stores
to sportswear retailer JD Sports
Fashion and disposed of 15 Hugo Boss
franchised stores in order to focus on
strengthening its core Moss brand.
It also opened its first refurbished
store in Canary Wharf earlier this
year, followed by two further open-
ings at Meadowhall shopping centre
in Sheffield and Bluewater in Kent.
The retailer operates through the
Moss fascia as well as hire formal
wear under the Moss Bros Hire
brand.
Shares closed up 0.77 per cent at
32.75p yesterday.
Moss Bros sees
sales buck high
street gloom
Newcastle United owner Mike Ashley owns 70 per cent of Sports Direct Picture: Reuters
BY KASMIRA JEFFORD
RETAIL
RETAIL
News
ANALYSIS l Sports Direct International PLC
p
215
210
205
200
195
190.00
15 Dec
Comparisons were always going to
be tough, but the game will go on
WHEN youre a sports retailer
reporting against a period that
last year included the FIFA World
Cup, the comparatives are never
going to look good. So though
shares fell five per cent after
Ashley announced a slight fall in
profits yesterday, underlying fig-
ures show little proof of a change
in upward fortunes especially
when you consider the events that
lie ahead.
Mike Ashleys push into interna-
tional markets is well-timed con-
sidering the next few years bring
major tournaments in Poland,
Ukraine, Brazil and Qatar not to
mention next years Olympics on
home ground.
Sports Directs bullish stance on
upcoming forecasts and insistence
on setting itself super-stretch
targets are refreshing among the
doom that has been spreading
across the retail sector in recent
months, and with its main compe-
tition coming in the form of JJB
and JD Sports we see little reason
to doubt its confidence.
Shares already trading at a sur-
prising discount to the sector
closed yesterday at just 190p. We
say get on the starting line before
the gun fires.
BOTTOMLINE
Analysis by Elizabeth Fournier
BRITISH energy services firm John
Wood Group yesterday warned that
a unit it bought a year ago for
almost $1bn (644m) was underper-
forming casting a shadow over an
overall solid performance, with trad-
ing in line for the full year.
The FTSE 100-listed group, which
builds oil rigs and pipelines, said
yesterday growth in 2012 would be
strong, with high oil and gas prices
helping to boost business.
John Wood said its engineering
and GTS maintenance divisions had
performed ahead of expectations
but that its oil production services
unit Wood Group PSN had fallen
short in the second half due to
delays on an Oman development
and losses in Colombia.
Overall, performance for 2011 is
anticipated to be in line with expec-
tations, the company said in its
trading update. We anticipate good
growth in all divisions in 2012.
The company said it had not been
hit by the volatility in global mar-
kets.
We are not witnessing any mate-
rial change in customer behaviour
as a consequence of volatility in
financial markets.
The company said its results for
the full year ending 31 December
will include a net exceptional gain
of over $2bn related to sale of its
well support division.
In April John Wood Group com-
pleted the $2.8bn sale of the divi-
sion to US conglomerate General
Electric.
John Wood in
line but new
unit is a drag
Pursuit boss
quits after
losses jump
Classic Christmas Hamper, 150
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THERE I S NOTHI NG L I KE
WHATEVER YOU SEND FAMILY AND FRIENDS THIS
Everything you need for a show-stopping performance may be
found at Fortnum & Mason: glittering decorations, exceptional
gifts and, of course, the very nest hampers brimming with food
and wine. Whats more, theres free delivery on all orders over
50 when you shop online before midnight 16
th
December.
A GIFT FROM FORTNUMS
www.fortnumandmason.com

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BRITISH technology developer Pursuit
Dynamics yesterday announced a
deeply-discounted cash call to share-
holders, a wider annual loss and the
departure of its chief exec Roel Pieper.
The firm said it needed to raise
9.4m to fund the commercialisation
of its portfolio, which includes tech-
nologies for saving energy and speed-
ing up mixing and heating processes.
The one-for-eight rights issue at
100p a share -- a 51 per cent discount
to Wednesdays closing price -- comes
just eight months after Pursuit
Dynamics raised 8m through a plac-
ing in April.
For the year ended to 30 September
the company reported pre-tax losses of
15.3m, compared with 8.7m last
year. Sales totalled just 490,000.
Pursuit Dynamics forecast sales of
at least 22m for 2011-12 and said it
expected to be cash flow positive
before the end of this financial year,
having missed its prior target.
Non-executive director Jeremy
Pelczer will act as interim chief execu-
tive until a permanent replacement
for Pieper is found. Pursuits shares
slumped 54 per cent yesterday.
BY JOHN DUNNE
ENERGY
BY HARRY BANKS
TECHNOLOGY
News
Business travellers make
move into economy class
MORE business air travellers bought
economy tickets in October, as they
shifted from premium to cheaper
seats, particularly in Europe, due to
the economic crisis, industry body
IATA said yesterday.
Although overall travel has not
stopped growing so far, airline prof-
itability will be more challenging in
this quarter as jet fuel prices have not
fallen from third-quarter levels, the
International Air Transport
Association said.
Growth in the number of passen-
gers travelling premium (first and
business class) on international
flights fell sharply in October, rising
only 0.1 per cent from the same
month last year, against year-on-year
growth for September of 6.7 per cent.
We interpret this as being mostly
due to business travellers shifting to
cheaper seats, IATA said in its month-
ly premium traffic monitor.
TRANSPORT
Business passengers
are scaling down to
economy class
ANALYSIS l John Wood Group PLC
p
650
640
630
620
610
628.50
15 Dec
Henderson Global Investors
Phil Wagstaff has been appointed as
global head of distribution, effective
from January 2012. Wagstaff, who will
lead Hendersons distribution across
institutional, retail and hedge fund, has
held senior distribution roles at
Gartmore, New Star and M&G.
Ashcourt Rowan
The wealth management group has
appointed Alfio Tagliabue, an experi-
enced consultant to financial institu-
tions, as group chief financial officer,
effective from 9 January. In addition,
Richard Sinclair, Ofcoms Olympic and
Paralympics delivery director, will join
as chief operating officer on 1
February. Neil Hale and Jeremy Rance
have stepped down from the board
and have left the company with
immediate effect.
Natixis
Olivier Gaudez has been promoted from
global head of loan syndication and
trading for Europe and Asia to head of
international corporate coverage, taking
charge of teams in the Americas, Asia
Pacific and EMEA, coordinating with
the heads of Natixis local debt plat-
forms and country managers.
Troika Dialog
The full-service CIS investment house
has appointed Yuri Aldakimov as cash
equity senior trader in global markets,
with a focus on Russia and the CIS. He
joins from Otkritie Financial Corporation,
where he was head of the special situa-
tions team; prior to that, he was head of
Russian equity trading at Citi.
Hamptons International
Lesley Benwell has been appointed as an
associate to run the agencys land and
new homes team in the Thames Valley
and Oxfordshire region, based in the
Maidenhead office. Most recently,
Benwell has managed sales for
Laing/Taylor Wimpey, Consero Homes
and Tilmore Developments.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Smith & Williamson
Finbarr OConnell, the former managing partner
of turnaround specialist Re10, has joined the
accountancy and investment management
group as a director, bringing the total number of
staff in the restructuring and recovery team to
70. OConnell is a past president of the
Insolvency Practitioners Association and has 25
years restructuring and turnaround experience.
At Smith & Williamson he will specialise in
areas including fraud and asset tracing, not-for-
profit organisations, and commodity trading.
him yesterday lunchtime. But he
opened up in the end, revealing that
he was about to witness a group of
Russians dance around a Christmas
tree at Gows restaurant on Old Broad
Street.
The festive dance was the highlight
of the annual Christmas dinner hosted
by TheCityUKs Russian group, whose
guests had stayed on in London after
the previous days meeting at Mansion
House with Lord Mayor David Wootton
to progress talks about the alliance
between the financial centres of
Moscow and London.
The Russian delegation included
Nikolay Sobolev, director of Finex
Consulting Group and Dmitry
Stepanov, partner at Egorov Puginsky
Afanasiev & Partners, while Londons
representatives included Robert
Barnes, managing director of equities
at UBS and Chris Cummings, chief
executive of TheCityUK. The EUs loss
could be Russias gain, said a source
close to the Christmas tree set.
BROAD CHURCH
QUINTESSENTIALLY founder Ben Elliot
was among the congregation at
Chelsea church St Lukes for the
Christmas carol service backed by
Coutts in aid of music therapy charity
Nordoff Robbins.
Readings from actors Bill Nighy,
Minnie Driver and Jonathan Pryce and
performances from the Dragon School
choir and singers Noah Stewart and
Eliza Doolittle helped Coutts repre-
sented by UK chief executive Michael
Morley and Rory Tapner, CEO of RBSs
wealth division raise 70,000 for
music therapy programmes.
MANAGERS PULL THE PLUG ON THE
OPENING OF NEW 25M SOHO CLUB
IT SEEMS The Capitalist spoke too soon
about the resurgence in Piccadillys
entertainment scene. Just hours
before the champagne was due to be
uncorked at the new 25m club Dstrkt
on Rupert Street, as reported yesterday
(15 December), the long-awaited
launch was abruptly cancelled.
No official word on why last nights
opening didnt go ahead it was a
result of unforeseen circumstances
outside of our organisations con-
trol, said a spokesperson for the
venue.
Presumably the club was opera-
tional when it hosted the X Factor
wrap party on Tuesday evening, so
these mysterious circumstances must
have been dramatic indeed.
The clubs co-owners Fraser
Donaldson and Ivaylo Krastev were
yesterday unavailable to shed more
light on the matter. But The Capitalist
understands a disagreement
between the clubs owners and its PR
firm played its part in the no-show.
RUSSIAN DANCERS
DANNY Corrigan, Icaps managing
director of rouble products, was ini-
tially cagey about his movements
when The Capitalist caught up with
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
London 2012
IMAGE OF THE WEEK
On Tuesday, BT launched its torchbearer
nomination process. BT is one of three
presenting partners for the Paralympic
torch relay the others being Lloyds TSB
and Sainsburys. On 28 and 29 August
next year, 580 torchbearers will work in
teams of five to carry the flame during an
overnight relay from Stoke Mandeville to
the opening ceremony of the Paralympic
Games at the Olympic stadium.
Between now and the 2012 Games,
City A.M. is publishing its Olympic
Image of the Week. We welcome
photos from all sources sponsors,
athletes, local businesses, commuters,
residents if you have a shot you
think readers will like, please email
pictures@cityam.com with IOW2012
in the subject line. Full details:
www.cityam.com/london-2012.
LONDON 2012 | COMMUNICATING NOMINATIONS
Closed for business: the lounge at Dstrkt was last night empty after the cancelled launch
FRENZIED discounting across high
street stores failed to stave off a drop
in retail sales last month as wary
consumers continued to rein in their
spending in the crucial Christmas
trading period.
And in more bearish news for the
economy, a survey from the CBI
showed that orders at manufactur-
ers have slumped to their lowest bal-
ance since October 2010.
Demand for exports from British
factories also sunk to its weakest
level since January 2010, the CBI
said.
Manufacturers expect to reduce
production over the next three
months, the report warned.
In the UKs shops, retail sales vol-
umes fell 0.4 per cent in November
compared with the previous month,
figures from the Office for National
Statistics (ONS) revealed yesterday.
Excluding fuel, sales fell 0.7 per cent
on the month.
Howard Archer, chief economist at
IHS Global Insight, said the figures
showed not a very merry start to
the Christmas season for retailers.
It is the Christmas period that is
particularly vital for most retailers
and the 0.4 per cent drop in sales vol-
umes in November indicates that
they are having their work cut out to
get pressurised and worried con-
sumers to spend, Archer said.
Last week shoemaker Barratts
Priceless became the latest victim of
the retail gloom, falling into admin-
istration.
Overall sales growth for the three
month period, however, was more
positive, with sales up by 0.7 per cent
following a one per cent rise in
October. The volume of sales was up
0.7 per cent on the year.
Meanwhile, the average weekly
spend on online retailing has surged
to 787.9m, up from 546.4m the
same time last year and is now esti-
mated to account for 12.2 per cent of
all retail sales excluding automotive
fuel.
Factories and
shops caught
up in gloom
MORTGAGE lenders expect the num-
ber of repossessions to shoot up by
over 20 per cent next year, figures out
yesterday revealed.
Around 37,000 properties have
been repossessed this year, the
Council of Mortgage Lenders (CML)
estimates, and it expects the figure to
rise to around 45,000 in 2012.
And while mortgage lending grew
in November for the fourth consecu-
tive month, the group said the eco-
nomic worries had prompted it to
revise down its forecasts for the com-
ing year.
The CML now expects net mortgage
lending of just 5bn in 2012, com-
pared to 9bn this year.
The gloomy economic outlook is
causing people to perceive the value
of their homes falling even harder
than before, according to separate
data released this morning.
More than a fifth of households
said the property in which they live
fell in value this month, the index
from Markit and Knight Frank
showed. Only seven per cent thought
the value had increased.
Rents have dipped for the first time
in 10 months in December, falling 0.4
per cent on the month -- yet remain
3.5 per cent higher than this time last
year, LSL Property Services said today.
Lenders expect
repossessions
to rise in 2012
Fresh claims for unemployment benefits in the US have slowed Picture: Reuters
BY KASMIRA JEFFORD AND JULIAN HARRIS
RETAIL
PROPERTY
News
US jobless claims fall to a
three-and-a-half-year low
THE NUMBER of Americans filing new
claims for jobless benefits dropped to a
three-and-a-half-year low last week and
factory activity in New York state
scaled a seven-month high in
December, more evidence of a pick-up
in economic activity in the States.
Initial claims for state unemploy-
ment benefits dropped 19,000 to a sea-
sonally adjusted 366,000, the Labor
Department said yesterday.
That was the lowest level since May
2008, and confounded economists
expectations for a rise to 390,000.
In a separate report, the New York
Federal Reserve said its Empire State
general business conditions index rose
to 9.53 the highest since May from
0.61 in December.
The index was boosted by a strong
rebound in new orders and an
improvement in hiring.
It all speaks to further stabilisation
and a very positive trend in the US
economy. Stability in the US economy
is going to be a vital part of stabilising
global GDP. This comes in a very good
time, said Peter Kenny, managing
director at Knight Capital in New
Jersey.
The unexpected drop in claims last
week pushed them closer to the
350,000 mark that analysts say signals
labour market strength.
US ECONOMY
News
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Cairn Energy PLC
310
300
290
280
270
260
Oct Nov Dec
p
264.60
15 Dec
CAIRN ENERGY
Investec rates the energy explorer hold
with a target price of 291p. Despite the
early Christmas present of a 154p per
share dividend in the wake of Cairns deal
with Vedanta, the broker remains cautious
about the firms prospects, pointing to a
lack of success in Greenland and weak
growth in India. Investec sees five per cent
upside in Cairns shares, compared with 41
per cent at rival Tullow.
ANALYSIS l Britvic PLC
300
310
320
330
340
Oct Nov Dec
313.80
15Dec
BRITVIC
Collins Stewart rates the drinks firm sell
with a target price of 260p. The broker is
concerned that the firm will be unable to
grow its cash flow in the current tough
economic environment, and thinks a divi-
dend hike in these conditions is unwise.
High levels of debt are also a worry for the
broker, which wants to see an end to the
constant use of exceptional charges in the
firms figures.
ANALYSIS l London Stock Exchange Group PLC
775
800
825
850
875
900
925
Oct Nov Dec
774.50
15Dec
LONDON STOCK EXCHANGE
Goldman Sachs has a sell rating on the
stock exchange owner with a target price
of 750p. Goldman thinks the LSEs recent
purchase of the other half of FTSE will add
between three and 10 per cent to earnings
per share, though this depends heavily on
the cost of funding. The broker maintains
that recent central bank actions to improve
liquidity could crowd out up to one third of
LSEs earnings.
FEDEX reported a higher-than-
expected quarterly profit yesterday
and said it is buying 27 new Boeing
aircraft to update its fleet for fuel
efficiency and cost savings.
The company also said it is defer-
ring delivery of some Boeing
freighter aircraft, adjusting for slow-
ing volume out of Asia.
The worlds second-biggest pack-
age delivery company reported sec-
ond-quarter net profit of $497m
(320.3m), or $1.57 per share, up
from $28m, or 89 cents per share, a
year ago. Analysts had been
expecting a profit of
$1.52 a share.
FedEx also affirmed
its 2012 guidance for
$6.25 to $6.75 per
share, after trim-
ming it in
September on
tepid global eco-
nomic growth and
high fuel costs.
Our improved performance was
largely a result of effective yield
management programs and strong
demand for FedEx Home Delivery
and FedEx SmartPost services,
FedEx chief executive Frederick
Smith said.
With the healthy growth in
online shopping this holiday season,
demand is increasing for these resi-
dential delivery services.
FedEx Express has signed an
agreement with Boeing to buy 27
new 767-300F aircraft, replacing
some that are more than
40 years old.
The company
said the 767s will
provide similar
capacity as the
MD10s being
retired, with
about 30 per
cent more fuel
efficiency and a mini-
mum 20 per cent reduction
in unit operating costs.
FedEx to buy
new planes as
profits rise
BY HARRY BANKS
TECHNOLOGY
ADVERTISING giant WPP has

acquired a majority stake in Qais
Consulting, the Singapore-based dig-
ital marketing agency, for an undis-
closed amount.
VML, the digital marketing arm of
WPP, will be joined with Qais, which
boasts Standard Chartered, the
Singapore Ministry of Defence and
Sony among its clients.
Qais revenues for 2010 were S$4m
(2m) with gross assets of around
S$1.6m.
WPP expands
in Singapore
M&A
HIWAVE Technologies reported losses

of 3.9m for the 15 month period to
30 September, up from 2m in 2010.
The company reached a turnover of
2m in the period, which was longer
than usual due to a financial year
change, just up from 1.9m in 2010.
HiWave also reported total assets of
5.3m, a hefty increase on last years
1.8m, and 1.1m of orders taken.
Chairman David Bramwell said:
2012 will be tough and challenging
but the company now has the team
capable of meeting the challenges.
HiWave sees
losses widen
TECHNOLOGY
BEST OF THE BROKERS

B
RITAINS blue-chip index
staged a modest rebound in
thin volumes yesterday, with
battered insurers and oil
stocks boosted by some short-cover-
ing ahead of todays futures and
options expiries.
Life insurers regained most of the
ground lost the previous day, rising
2.9 per cent, with Old Mutual jump-
ing 11.4 per cent on hopes the
planned $3.2bn sale of its Nordic
business would help the group cut
its debt and boost shareholder
returns.
Energy firms led the FTSE 100s
fallers, with Cairn Energy dropping
1.6 per cent, Tullowoff 0.9 per cent
and BG Group down 0.8 per cent.
The FTSE 100 ended up 34.05
points, or 0.6 per cent, at 5,400.85.
The market, which traded at 85
per cent of its 90-day volume aver-
age, staged a short-lived rally in the
afternoon as data from the US sug-
gested that the worlds largest econ-
omy is improving.
Old Mutual leads modest FTSE rally
THELONDON
REPORT
p
5,550
5,450
5,475
5,500
5,375
5,400
5,425
5,525
ANALYSIS l FTSE
5,400.85
15 Dec
THE WHISTLEBLOWER in Japans
Olympus scandal, ex-chief execu-
tive Michael Woodford, blasted
Japanese shareholders yesterday
for failing to stand up for him,
amid signs that domestic and for-
eign investors are split over his
campaign to be reinstated.
Woodford, an Englishman who
was a rare foreign CEO in Japan,
went public with his concerns
over crooked accounting at
Olympus after his dismissal in
October, leading to the uncovering
of a $1.7bn (1.1bn) fraud that has
left the company badly weakened.
He is now lobbying sharehold-
ers of the maker of cameras and
medical equipment to support his
reinstatement and replace the
board with a new team that he is
assembling.
We saw a shameful state of the
companys finances yesterday, but
not one Japanese shareholder
stood up and said publicly Mr
Woodford is right, thank you Mr
Woodford, anything, a total, an
utter silence, Woodford said, a
day after Olympus released its
restated accounts.
His comeback campaign has
highlighted the contrasting opin-
ions of foreign and Japanese share-
holders on the future leadership
of Olympus, which has been found
to have carried on a $1.7bn fraud
to hide investment losses for 13
years.
At least three big foreign share-
holders have backed Woodfords
bid to return to the company, but
not one Japanese shareholder or
lender has openly supported him
since he blew the whistle.
Ex-Olympus chief
slams shareholders
BY HARRY BANKS
TECHNOLOGY
FOR MORE NEWS

@
www.cityam.com
News
Market gains on strong factory data
U
S stocks rose yesterday as
signs of strength in the
economy and higher-than-
expected profit at FedEx out-
weighed warnings about Europe.
The US equity market continued
its familiar back-and-forth rota-
tion between optimism about the
US economy and fears Europes
debt crisis could spark a global
recession.
Lately the fear trade has been
winning, but FedEx boosted senti-
ment. Shares shot up eight per
cent to $82.47 after the package
delivery company, viewed as an
economic bellwether, posted
stronger-than-expected quarterly
profit.
Data showed weekly applica-
tions for unemployment benefit
fell to a three-and-a-half year low,
while a gauge of New York state
manufacturing activity rose to its
highest level since May.
The Dow Jones industrial aver-
age was up 45.33 points, or 0.38
per cent, at 11,868.81. The
Standard & Poors 500 Index was
up 3.93 points, or 0.32 per cent, at
1,215.75. The Nasdaq Composite
Index was up 1.70 points, or 0.07
per cent, at 2,541.01.
THENEW YORK
REPORT
LON GD ONCE FIX AM...........1590.00 -45.00
SILVER LDN FIX AM ..................28.90 0.20
MAPLE LEAF 1 OZ ....................31.62 0.01
LON PLATINUM AM................1398.00 -78.00
LON PALLADIUM AM...............614.00 -28.00
ALUMINIUM CASH .................1975.50 -44.50
COPPER CASH ......................7349.50 -235.50
LEAD CASH...........................2016.50 -59.50
NICKEL CASH......................17825.00 -560.00
TIN CASH.............................18610.00 -895.00
ZINC CASH ............................1873.00 -59.50
BRENT SPOT INDEX................108.71 1.12
SOYA .....................................1100.00 -18.50
COCOA..................................2180.00 79.00
COFFEE...................................215.10 -3.55
KRUG.....................................1643.80 -26.40
WHEAT ....................................142.88 1.12
AIR LIQUIDE........................................90.32 0.96 100.65 80.90
ALLIANZ..............................................73.47 1.94 108.85 56.16
ANHEUS-BUSCH INBEV ....................44.60 0.34 45.61 33.85
ARCELORMITTAL...............................12.89 0.09 28.55 10.47
AXA........................................................9.79 0.10 16.16 7.88
BANCO SANTANDER...........................5.59 0.08 9.20 5.05
BASF SE..............................................51.13 0.55 70.22 42.19
BAYER.................................................44.99 0.19 59.44 35.36
BBVA......................................................6.16 0.14 9.17 4.94
BMW ....................................................50.74 0.49 73.85 43.49
BNP PARIBAS.....................................27.93 0.06 59.93 22.72
CARREFOUR ......................................16.44 -0.18 31.98 14.66
CRH PLC .............................................13.38 0.20 17.40 10.28
DAIMLER.............................................32.16 0.51 59.09 29.02
DANONE..............................................47.00 0.09 53.16 41.92
DEU.BOERSE OFFRE ........................42.05 -0.42 55.75 35.46
DEUTSCHE BANK..............................27.65 0.40 48.70 20.79
DEUTSCHE TELEKOM.........................9.03 -0.04 11.38 7.88
E.ON.....................................................16.59 0.26 25.54 12.50
ENEL......................................................2.99 0.06 4.86 2.78
ENI .......................................................15.50 0.05 18.66 11.83
FRANCE TELECOM............................12.00 0.05 16.65 11.12
GDF SUEZ ...........................................20.05 0.42 30.05 17.65
GENERALI ASS...................................11.14 -0.09 17.05 10.34
IBERDROLA..........................................4.75 0.04 6.50 4.29
INDITEX ...............................................64.21 1.46 69.40 50.92
ING GROEP CVA...................................5.25 0.19 9.50 4.21
INTESA SANPAOLO.............................1.26 0.07 2.47 0.85
KON.PHILIPS ELECTR.......................14.95 0.31 25.45 12.01
L'OREAL..............................................78.16 1.43 91.24 68.83
LVMH..................................................105.40 -0.50 132.65 94.16
MUNICH RE.........................................91.44 1.67 126.00 77.80
NOKIA....................................................3.79 -0.06 8.49 3.33
REPSOL YPF.......................................22.24 -0.04 24.90 17.31
RWE.....................................................26.23 0.19 55.70 21.15
SAINT-GOBAIN...................................27.87 0.13 47.64 26.07
SANOFI ................................................53.20 1.39 56.82 42.85
SAP......................................................43.35 0.23 46.15 32.88
SCHNEIDER ELECTRIC.....................37.75 0.24 61.83 35.00
SIEMENS .............................................71.54 -0.54 99.39 62.13
SOCIETE GENERALE.........................16.31 0.00 52.70 14.32
TELECOM ITALIA..................................0.81 0.01 1.16 0.70
TELEFONICA ......................................13.05 -0.13 18.75 12.50
TOTAL..................................................37.59 0.02 44.55 29.40
UNIBAIL-RODAMCO SE...................129.10 1.80 162.95 123.30
UNICREDIT............................................0.71 0.01 2.03 0.64
UNILEVER CVA...................................25.29 -0.03 25.77 20.90
VINCI ....................................................31.58 0.10 45.48 28.46
VIVENDI ...............................................16.44 0.27 22.07 14.10
VOLKSWAGEN VORZ.......................115.85 0.90 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5400.85 34.05 0.63
FTSE 250 INDEX . . . . . . . . 9827.28 83.05 0.85
FTSE UK ALL SHARE . . . . 2772.25 17.47 0.63
FTSE AIMALL SH . . . . . . . . 677.95 -0.77 -0.11
DOWJONES INDUS 30 . . 11870.02 46.54 0.39
S&P 500 . . . . . . . . . . . . . . . 1215.76 3.94 0.33
NASDAQ COMPOSITE . . . 2541.01 1.70 0.07
FTSEUROFIRST 300 . . . . . . 961.75 9.33 0.98
NIKKEI 225 . . . . . . . . . . . . . 8377.37 -141.76 -1.66
DAX 30 PERFORMANCE. . 5730.62 55.48 0.98
CAC 40 . . . . . . . . . . . . . . . . 2998.73 22.56 0.76
SHANGHAI SE INDEX . . . . 2180.90 -47.63 -2.14
HANG SENG. . . . . . . . . . . 18026.84 -327.59 -1.78
S&P/ASX 20 INDEX . . . . . . 2488.10 -31.60 -1.25
ASX ALL ORDINARIES . . . 4197.80 -52.00 -1.22
BOVESPA SAO PAOLO. . 56505.27 -141.60 -0.25
ISEQ OVERALL INDEX . . . 2708.27 27.06 1.01
STI . . . . . . . . . . . . . . . . . . . . 2635.25 -37.14 -1.39
IGBM. . . . . . . . . . . . . . . . . . . 825.71 6.76 0.83
SWISS MARKET INDEX. . . 5784.14 65.05 1.14
Price Chg %chg
3M........................................................78.86 0.35 98.19 68.63
ABBOTT LABS ...................................54.89 0.66 55.61 45.07
ALCOA ..................................................8.78 -0.16 18.47 8.45
ALTRIA GROUP ..................................29.11 0.38 29.25 23.20
AMAZON.COM..................................181.26 1.05 246.71 160.59
AMERICAN EXPRESS........................46.42 -0.66 53.80 41.25
AMGEN INC.........................................58.62 1.00 61.53 47.66
APPLE...............................................378.94 -1.25 426.70 310.50
AT&T....................................................28.79 -0.02 31.94 27.20
BANK OF AMERICA.............................5.26 0.03 15.31 5.03
BERKSHIRE HATAW B.......................74.90 -0.62 87.65 65.35
BOEING CO.........................................70.61 0.67 80.65 56.01
BRISTOL MYERS SQUI ......................34.27 0.53 34.40 20.05
CATERPILLAR....................................87.70 0.70 116.55 67.54
CHEVRON...........................................99.67 -0.86 110.01 86.68
CISCO SYSTEMS................................18.04 0.06 22.34 13.30
CITIGROUP.........................................25.92 -0.14 51.50 21.40
COCA-COLA.......................................66.89 0.63 71.77 61.29
COLGATE PALMOLIVE......................90.58 1.28 94.89 74.86
CONOCOPHILLIPS.............................68.29 -0.23 81.80 58.65
DU PONT(EI) DE NMR........................43.70 0.48 57.00 37.10
EXXON MOBIL....................................80.03 0.59 88.23 63.47
GENERAL ELECTRIC.........................16.79 0.18 21.65 14.02
GOOGLE A........................................619.54 1.47 642.96 473.02
HEWLETT PACKARD.........................26.16 -0.22 49.39 19.92
HOME DEPOT.....................................39.42 0.28 40.93 28.13
IBM.....................................................187.48 -1.24 194.90 144.15
INTEL CORP .......................................23.31 0.00 26.78 19.16
J.P.MORGAN CHASE.........................31.76 0.25 48.36 27.85
JOHNSON & JOHNSON.....................64.00 0.82 68.05 57.50
KRAFT FOODS A................................36.46 0.30 36.90 24.30
MC DONALD'S CORP ........................98.14 0.53 98.95 72.14
MERCK AND CO. NEW......................36.36 0.80 37.65 29.47
MICROSOFT........................................25.56 -0.03 29.46 23.65
OCCID. PETROLEUM.........................87.52 -0.90 117.89 66.36
ORACLE CORP...................................29.03 -0.84 36.50 24.72
PEPSICO.............................................64.85 0.87 71.89 58.50
PFIZER ................................................21.14 0.28 21.45 16.63
PHILIP MORRIS INTL .........................75.92 1.06 77.03 55.85
PROCTER AND GAMBLE ..................64.99 0.54 67.72 56.57
QUALCOMM INC ................................52.55 -0.55 59.84 45.98
SCHLUMBERGER ..............................66.33 -0.67 95.64 54.79
TRAVELERS CIES..............................56.81 0.84 64.17 45.97
UNION PACIFIC ..................................98.79 0.17 107.89 77.73
UNITED TECHNOLOGIE ....................73.53 0.36 91.83 66.87
UNITEDHEALTH GROUP...................48.52 0.76 53.50 34.94
VERIZON COMMS ..............................38.42 0.16 38.95 32.28
WAL-MART STORES..........................57.95 0.30 59.40 48.31
WALT DISNEY CO ..............................35.19 0.03 44.34 28.19
WELLS FARGO & CO.........................25.61 -0.25 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.436 -0.01
LIBOR Euro - 12 months ................1.971 0.00
LIBOR USD - overnight...................0.150 0.00
LIBOR USD - 12 months.................1.105 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................2.940 0.01
European repo rate.........................0.357 -0.05
Euro Euribor ....................................0.762 0.00
The vix index ...................................24.40 -1.65
The baItic dry index ........................1.912 -0.01
Markit iBoxx...................................240.01 0.63
Markit iTraxx..................................191.09 6.71
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .271.6 2.9 361.1 248.1
Chemring Group . . . .374.5 3.0 736.5 368.8
Cobham . . . . . . . . . . .168.5 -0.9 236.5 165.9
Meggitt . . . . . . . . . . . .339.7 0.2 397.6 304.9
QinetiQ Group . . . . . .132.7 1.5 137.4 101.5
RoIIs-Royce Group . .714.5 5.5 738.0 557.5
Senior . . . . . . . . . . . . .165.6 2.9 190.6 132.6
UItra EIectronics . . .1403.0 -41.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .171.1 0.8 245.0 157.0
BarcIays . . . . . . . . . . .170.5 0.2 333.6 138.9
HSBC HoIdings . . . . .482.4 2.4 730.9 463.5
LIoyds Banking Gr . . .24.1 0.0 69.6 21.8
RoyaI Bank of Sco . . .19.6 0.1 49.0 17.3
Standard Chartere .1371.5 6.5 1769.0 1169.5
AG Barr . . . . . . . . . .1183.0 -32.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .313.8 -1.6 488.1 289.9
Diageo . . . . . . . . . . .1362.5 -5.0 1390.0 1112.0
SABMiIIer . . . . . . . . .2176.0 18.5 2354.5 1979.0
AZ EIectronic Mat . . .243.3 5.8 338.1 206.1
Croda Internation . .1733.0 25.0 2081.0 1456.0
EIementis . . . . . . . . . .130.6 1.6 187.4 107.5
Johnson Matthey . .1760.0 1.0 2119.0 1523.0
Victrex . . . . . . . . . . .1073.0 -5.0 1590.0 1025.0
YuIe Catto & Co . . . . .152.7 1.2 253.0 148.0
C/$ 1.3021 0.0034
C/ 0.8394 0.0002
C/ 101.39 0.0905
/C 1.1913 0.0014
/$ 1.5509 0.0041
/ 120.77 0.0406
FTSE 100
5400.85
34.05
FTSE 250
9827.28
83.05
FTSE ALLSHARE
2772.25
17.47
DOW
11870.02
46.54
NASDAQ
2541.01
1.70
S&P 500
1215.76
3.94
Smiths Group . . . . . .893.5 7.5 1429.0 869.5
Brown (N.) Group . . .238.8 0.8 311.2 234.6
Carpetright . . . . . . . . .477.5 40.1 835.5 375.0
Debenhams . . . . . . . . .57.0 -0.2 74.8 51.2
Dignity . . . . . . . . . . . .824.0 4.5 854.5 648.5
Dixons RetaiI . . . . . . .10.2 -0.1 25.5 9.4
DuneImGroup . . . . . .432.7 3.9 550.0 383.9
HaIfords Group . . . . .301.0 0.0 459.7 268.6
Home RetaiI Group . . .82.1 -0.6 235.0 72.5
Inchcape . . . . . . . . . .288.0 3.9 425.4 268.1
JD Sports Fashion . .570.0 -45.5 1030.0 560.0
Kesa EIectricaIs . . . . .65.3 1.3 166.7 62.6
Kingfisher . . . . . . . . .240.2 3.0 287.1 217.0
Marks & Spencer G . .310.4 2.4 402.2 301.8
Mothercare . . . . . . . .162.8 -1.3 626.5 127.3
Next . . . . . . . . . . . . .2603.0 18.0 2810.0 1868.0
Sports Direct Int . . . .190.0 -9.5 266.2 146.0
WH Smith . . . . . . . . . .515.0 9.0 558.0 433.8
Smith & Nephew . . . .583.0 0.0 742.0 521.0
Synergy HeaIth . . . . .841.0 4.5 981.0 808.0
Barratt DeveIopme . . .92.0 2.5 119.0 67.5
BeIIway . . . . . . . . . . . .709.5 18.5 776.5 540.5
BerkeIey Group Ho .1265.0 17.0 1360.0 884.5
BaIfour Beatty . . . . . .243.7 7.2 357.3 214.6
GaIIiford Try . . . . . . . .451.0 1.0 530.0 286.5
Kier Group . . . . . . . .1320.0 28.0 1458.0 1097.0
Drax Group . . . . . . . .545.5 8.5 581.5 359.2
SSE . . . . . . . . . . . . . .1265.0 14.0 1423.0 1159.0
Domino Printing S . .469.0 -9.4 705.0 434.3
HaIma . . . . . . . . . . . . .330.0 -0.8 429.6 306.3
Laird . . . . . . . . . . . . . .145.3 -0.8 207.0 127.9
Morgan CrucibIe C . .251.0 7.0 357.1 224.0
Oxford Instrument . .992.0 4.5 1010.0 600.5
Renishaw . . . . . . . . . .930.5 56.0 1886.0 800.0
Spectris . . . . . . . . . .1216.0 46.0 1679.0 1039.0
Aberforth SmaIIer . . .503.0 8.0 714.0 492.0
AIIiance Trust . . . . . .331.5 1.5 392.7 310.2
Bankers Inv Trust . . .371.5 0.9 428.0 346.5
BH GIobaI Ltd. GB .1185.0 -14.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.7 -0.2 12.2 10.4
BH Macro Ltd. EUR . . .19.6 0.0 20.2 15.8
BH Macro Ltd. GBP 2038.0 -2.0 2078.0 1630.0
BH Macro Ltd. USD . . .19.6 -0.2 20.2 15.8
BIackRock WorId M .606.0 3.5 815.5 574.5
BIueCrest AIIBIue . . .166.3 -0.7 176.2 162.4
British Assets Tr . . . .114.2 -0.6 140.5 109.0
British Empire Se . . .405.9 0.9 533.0 404.5
CaIedonia Investm .1352.0 2.0 1928.0 1341.0
City of London In . . .276.0 0.1 306.9 257.0
Dexion AbsoIute L . .134.5 0.4 151.0 130.0
Edinburgh Dragon . .210.0 -2.3 262.1 201.4
Edinburgh Inv Tru . . .467.0 5.4 492.2 414.9
EIectra Private E . . .1426.0 -11.0 1755.0 1287.0
F&C Inv Trust . . . . . .281.9 1.9 327.9 261.5
FideIity China Sp . . . . .73.1 -1.0 121.4 70.0
FideIity European . . .954.0 11.5 1287.0 912.0
HeraId Inv Trust . . . . .440.0 1.9 545.5 419.0
HICL Infrastructu . . . .117.9 0.4 121.3 112.7
Impax Environment . .94.5 -0.5 130.5 88.5
JPMorgan American .832.0 -1.5 916.0 721.5
JPMorgan Asian In . .183.2 1.2 250.8 170.1
JPMorgan Emerging .510.0 4.0 639.0 480.1
JPMorgan European .629.5 5.5 983.5 620.0
JPMorgan Indian I . . .320.4 4.4 488.0 314.0
JPMorgan Russian .483.0 -2.3 755.0 415.1
Law Debenture Cor . .339.3 -0.4 385.0 321.0
MercantiIe Inv Tr . . . .825.0 2.0 1137.0 821.0
Merchants Trust . . . .357.1 2.2 431.8 341.5
Monks Inv Trust . . . .305.5 -2.5 367.9 298.1
Murray Income Tru . .605.5 0.5 673.0 568.0
Murray Internatio . . .889.0 9.5 991.5 818.5
PerpetuaI Income . . .247.9 0.4 276.0 236.5
PersonaI Assets T .33470.0 -10.0 34060.030210.0
PoIar Cap TechnoI . .324.9 0.4 391.2 299.5
RIT CapitaI Partn . . .1235.0 15.0 1360.0 1173.0
Scottish Inv Trus . . . .440.5 -1.5 524.0 417.0
Scottish Mortgage . .573.5 -1.0 781.0 570.1
SVG CapitaI . . . . . . . .168.0 2.2 279.8 165.8
TempIe Bar Inv Tr . . .845.0 2.0 952.0 791.0
TempIeton Emergin .535.0 2.0 689.5 497.0
TR Property Inv T . . .139.5 0.6 206.1 138.0
TR Property Inv T . . . .64.0 -0.6 94.0 64.0
Witan Inv Trust . . . . .432.0 4.0 533.0 401.5
3i Group . . . . . . . . . . .171.7 -3.7 340.0 171.1
3i Infrastructure . . . . .117.6 0.6 125.2 113.1
Aberdeen Asset Ma .199.0 1.5 240.0 167.8
Ashmore Group . . . .318.3 6.3 420.0 301.5
Brewin DoIphin Ho . .135.7 0.9 185.4 113.7
CameIIia . . . . . . . . .10095.0-155.010950.08800.0
CharIes TayIor Co . . .124.8 -2.5 166.5 119.5
City of London Gr . . . .61.3 0.0 93.6 61.0
City of London In . . .319.3 -2.5 461.5 315.5
CIose Brothers Gr . . .599.0 9.0 888.5 586.0
CoIIins Stewart H . . . .88.5 38.0 93.5 48.5
F&C Asset Managem .65.0 0.0 92.9 56.1
Hargreaves Lansdo .434.9 13.5 646.5 402.5
HeIphire Group . . . . . . .2.1 0.0 17.4 1.4
Henderson Group . . .105.0 2.2 173.1 95.1
Highway CapitaI . . . . .12.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .329.5 7.4 570.5 311.6
IG Group HoIdings . .463.5 10.9 528.0 393.6
Intermediate Capi . . .225.2 5.1 360.3 197.9
InternationaI Per . . . .165.0 -16.8 388.8 161.8
InternationaI Pub . . . .119.8 0.8 119.9 108.6
Investec . . . . . . . . . . .338.0 9.5 538.0 318.4
IP Group . . . . . . . . . . . .75.0 -0.5 76.5 30.2
Jupiter Fund Mana . .220.0 -5.2 337.3 184.9
Liontrust Asset M . . . .75.5 -1.0 87.5 57.9
LMS CapitaI . . . . . . . . .54.4 -0.6 64.8 44.8
London Finance & . . .23.5 0.0 25.0 17.5
London Stock Exch .774.5 18.0 1076.0 751.0
Lonrho . . . . . . . . . . . . . .9.7 -0.3 19.8 8.9
Man Group . . . . . . . . .133.5 3.5 311.0 123.6
Paragon Group Of . .177.0 2.4 206.1 134.6
Provident Financi . . .950.0 6.5 1124.0 842.0
Rathbone Brothers .1059.0 18.0 1257.0 977.0
Record . . . . . . . . . . . . .12.5 0.0 40.5 12.5
RSM Tenon Group . . . .9.1 -0.2 66.3 8.8
Schroders . . . . . . . .1269.0 3.0 1922.0 1183.0
Schroders (Non-Vo .1027.0 2.0 1554.0 970.0
TuIIett Prebon . . . . . .269.4 2.4 428.6 258.0
WaIker Crips Grou . . .45.0 1.0 51.5 44.0
BT Group . . . . . . . . . .187.8 0.8 204.1 161.0
CabIe & WireIess . . . .38.3 0.3 52.9 31.3
CabIe & WireIess . . . .16.9 0.2 76.9 14.2
COLT Group SA . . . . .88.4 1.9 156.2 83.8
KCOM Group . . . . . . . .67.2 -0.7 84.0 55.0
TaIkTaIk TeIecom . . .136.3 1.3 168.3 119.8
TeIecomPIus . . . . . . .773.0 2.0 802.0 433.0
Booker Group . . . . . . .73.8 1.1 80.0 54.5
Greggs . . . . . . . . . . . .500.5 2.1 550.5 445.0
Morrison (Wm) Sup .317.7 0.8 322.9 262.7
Ocado Group . . . . . . . .72.9 -1.2 285.0 71.3
Sainsbury (J) . . . . . . .289.9 1.3 391.5 263.5
Tesco . . . . . . . . . . . . .386.3 -0.1 439.0 356.3
Associated Britis . .1090.0 4.0 1182.0 940.0
Cranswick . . . . . . . . .752.5 -1.5 882.0 588.5
Dairy Crest Group . . .325.1 -4.3 424.9 318.8
Devro . . . . . . . . . . . . .253.5 -1.1 296.9 223.5
Premier Foods . . . . . . . .5.7 -0.1 35.1 3.3
Tate & LyIe . . . . . . . . .679.0 1.5 689.5 511.0
UniIever . . . . . . . . . .2094.0 -3.0 2137.0 1793.0
Mondi . . . . . . . . . . . . .440.0 12.9 664.0 413.5
Centrica . . . . . . . . . . .287.0 5.4 345.8 281.6
InternationaI Pow . . .326.7 3.1 448.6 279.4
NationaI Grid . . . . . . .612.0 6.5 649.5 530.0
Pennon Group . . . . . .682.5 6.5 737.5 584.5
Severn Trent . . . . . .1474.0 7.0 1600.0 1368.0
United UtiIities . . . . .592.0 1.0 637.0 543.5
Cookson Group . . . . .471.0 7.3 724.5 395.8
DS Smith . . . . . . . . . .191.0 4.5 266.2 164.4
Rexam . . . . . . . . . . . .341.0 2.1 400.0 299.8
RPC Group . . . . . . . .342.0 0.6 384.8 218.6
Price Chg High Low
Bovis Homes Group .435.6 6.7 499.6 326.5
Persimmon . . . . . . . .468.9 7.2 518.5 374.0
Reckitt Benckiser . .3198.0 36.0 3648.0 3015.0
Redrow . . . . . . . . . . . .111.3 0.5 139.0 103.5
TayIor Wimpey . . . . . . .35.6 0.7 43.3 27.3
Bodycote . . . . . . . . . .253.0 5.7 397.7 225.6
Charter Internati . . . .933.0 -1.5 952.0 538.5
Fenner . . . . . . . . . . . .384.3 5.4 422.5 280.0
IMI . . . . . . . . . . . . . . . .722.5 11.5 1119.0 636.5
MeIrose . . . . . . . . . . .330.1 3.3 365.4 268.0
Northgate . . . . . . . . . .199.5 -0.5 346.7 197.0
Rotork . . . . . . . . . . .1787.0 32.0 1858.0 1501.0
Spirax-Sarco Engi . .1760.0 12.0 2063.0 1649.0
Weir Group . . . . . . .1940.0 72.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .250.0 -1.7 499.0 238.7
TaIvivaara Mining . . .209.2 -1.8 622.0 195.2
BBAAviation . . . . . . .181.5 4.4 240.8 156.0
Stobart Group Ltd . . .121.0 1.0 163.6 112.0
AdmiraI Group . . . . . .800.5 13.5 1754.0 787.0
AmIin . . . . . . . . . . . . .312.0 -1.1 427.0 270.6
BeazIey . . . . . . . . . . . .133.3 3.5 139.2 109.6
Informa . . . . . . . . . . . .338.5 0.7 461.1 313.9
ITE Group . . . . . . . . . .199.0 2.8 258.2 157.7
ITV . . . . . . . . . . . . . . . . .62.4 1.4 93.5 51.7
Johnston Press . . . . . . .5.0 0.0 12.8 4.1
MecomGroup . . . . . .200.0 -1.0 310.0 134.5
Moneysupermarket. .103.5 1.1 120.4 75.7
Pearson . . . . . . . . . .1134.0 7.0 1207.0 983.0
PerformGroup . . . . .200.0 -7.0 234.5 150.0
Reed EIsevier . . . . . .507.0 0.5 590.5 461.3
Rightmove . . . . . . . .1201.0 20.0 1408.0 743.0
STV Group . . . . . . . . . .83.0 -2.5 168.0 83.0
Tarsus Group . . . . . .128.0 -5.5 165.0 114.0
Trinity Mirror . . . . . . . .48.5 -1.5 93.0 37.5
UBM . . . . . . . . . . . . . .459.8 -7.4 725.0 416.0
UTV Media . . . . . . . . . .96.0 -4.3 150.0 95.5
WiImington Group . . .87.0 0.3 183.0 82.5
WPP . . . . . . . . . . . . . .643.0 5.0 846.5 578.0
YeII Group . . . . . . . . . . .5.2 0.0 14.8 3.4
African Barrick G . . .440.7 -3.2 618.5 393.5
AIIied GoId Minin . . .147.7 -4.5 281.3 34.4
AngIo American . . .2308.0 28.5 3437.0 2138.5
AngIo Pacific Gro . . .268.4 9.8 369.3 237.9
Antofagasta . . . . . . .1130.0 10.0 1634.0 900.5
Aquarius PIatinum . .153.2 4.2 419.0 148.5
BHP BiIIiton . . . . . . .1836.0 0.5 2631.5 1667.0
CatIin Group Ltd. . . .392.6 9.9 421.4 334.0
Hiscox Ltd. . . . . . . . . .368.5 7.0 424.7 340.5
Jardine LIoyd Tho . . .640.0 1.0 764.5 576.0
Lancashire HoIdin . . .704.5 8.5 774.5 532.5
RSA Insurance Gro . .100.9 0.3 143.5 100.5
Aviva . . . . . . . . . . . . . .288.3 0.5 477.9 275.3
LegaI & GeneraI G . . .101.5 2.7 123.8 89.8
OId MutuaI . . . . . . . . .123.7 12.7 144.8 98.1
Phoenix Group HoI . .530.0 4.0 688.0 451.1
PrudentiaI . . . . . . . . .614.5 14.0 777.0 509.0
ResoIution Ltd. . . . . .245.7 -5.2 316.1 229.5
St James's PIace . . . .320.6 5.5 376.0 265.7
Standard Life . . . . . . .198.1 4.7 244.7 172.0
4Imprint Group . . . . .225.5 6.0 295.0 200.0
Aegis Group . . . . . . .136.6 1.2 158.5 115.7
BIoomsbury PubIis . . .98.4 0.1 138.0 91.3
British Sky Broad . . .725.0 0.0 850.0 618.5
Centaur Media . . . . . . .34.0 0.0 73.0 34.0
Chime Communicati .164.8 -4.3 298.5 164.3
Creston . . . . . . . . . . . .74.0 -1.0 121.0 71.0
DaiIy MaiI and Ge . . .382.1 -0.1 594.5 343.4
Euromoney Institu . .656.0 -19.0 736.0 522.5
Future . . . . . . . . . . . . . . .9.0 0.0 30.0 8.8
Haynes PubIishing . .215.0 0.0 257.0 210.0
Huntsworth . . . . . . . . .38.5 -0.3 85.0 36.3
Centamin Egypt Lt . . .84.8 -1.6 177.2 80.8
Eurasian NaturaI . . .611.0 0.0 1125.0 522.0
FresniIIo . . . . . . . . . .1512.0 18.0 2150.0 1296.0
GemDiamonds Ltd. .187.2 2.2 306.0 179.8
GIencore Internat . . .387.0 3.5 531.1 348.0
HochschiId Mining . .386.2 -14.8 680.0 386.2
Kazakhmys . . . . . . . .847.0 0.5 1671.0 730.0
Kenmare Resources . .42.2 1.5 59.9 25.8
Lonmin . . . . . . . . . . . .952.5 8.0 1983.0 944.0
New WorId Resourc .443.4 31.9 1060.0 410.5
PetropavIovsk . . . . . .645.0 4.0 1147.0 543.5
RandgoId Resource 6385.0 25.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3029.0 -6.5 4712.0 2712.5
Vedanta Resources 1081.0 16.0 2559.0 928.0
Xstrata . . . . . . . . . . . .948.0 9.5 1550.0 764.0
Inmarsat . . . . . . . . . . .403.7 8.5 719.5 389.3
Vodafone Group . . . .175.0 0.8 182.8 155.1
Genesis Emerging . .440.5 -2.5 568.0 424.0
Afren . . . . . . . . . . . . . . .78.5 1.9 171.2 73.6
BG Group . . . . . . . . .1316.5 -11.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .447.9 6.9 509.0 363.2
Cairn Energy . . . . . . .264.6 -4.3 469.7 261.4
EnQuest . . . . . . . . . . . .89.0 1.0 158.5 85.7
Essar Energy . . . . . .193.7 0.6 589.5 191.9
ExiIIon Energy . . . . . .239.0 -12.2 469.7 184.2
Heritage OiI . . . . . . . .173.7 0.9 486.0 160.0
Ophir Energy . . . . . . .254.0 2.8 299.0 184.5
Premier OiI . . . . . . . . .359.8 -7.2 535.0 310.0
RoyaI Dutch SheII . .2264.0 7.0 2326.5 1883.5
RoyaI Dutch SheII . .2340.0 9.5 2388.0 1890.5
SaIamander Energy .209.1 -1.1 317.6 182.3
Soco Internationa . . .286.4 -0.1 400.0 278.0
TuIIow OiI . . . . . . . . .1316.0 -12.0 1493.0 945.5
Amec . . . . . . . . . . . . .878.0 -6.0 1251.0 740.5
Hunting . . . . . . . . . . .689.5 1.0 817.0 530.0
Kentz Corporation . .446.1 -4.9 508.0 300.0
LampreII . . . . . . . . . . .264.4 5.0 395.2 220.7
Petrofac Ltd. . . . . . .1421.0 18.0 1685.0 1108.0
Wood Group (John) .628.5 -7.5 715.8 469.9
Burberry Group . . . .1148.0 9.0 1600.0 1030.0
PZ Cussons . . . . . . . .333.5 1.5 404.0 308.7
Supergroup . . . . . . . .516.5 -22.0 1820.0 435.2
AstraZeneca . . . . . .2929.5 14.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .300.4 -2.6 309.7 210.1
Genus . . . . . . . . . . . .1068.0 -2.0 1111.0 831.5
GIaxoSmithKIine . . .1458.0 20.0 1463.5 1127.5
Hikma Pharmaceuti .625.5 -1.5 900.0 555.5
Shire PIc . . . . . . . . . .2119.0 9.0 2152.0 1513.0
CapitaI & Countie . . .175.4 4.4 203.7 142.8
Daejan HoIdings . . .2750.0 -19.0 2954.0 2282.0
F&C CommerciaI Pr .104.0 1.5 108.0 92.6
Grainger . . . . . . . . . . .103.5 3.0 133.2 77.3
London & Stamford .106.1 2.0 140.0 103.0
SaviIIs . . . . . . . . . . . . .310.0 -0.1 427.1 256.2
UK CommerciaI Pro . .68.0 0.0 85.5 67.5
Unite Group . . . . . . . .169.1 3.8 224.1 152.9
Big YeIIow Group . . .248.0 1.0 352.2 218.0
British Land Co . . . . .454.6 10.6 629.5 443.4
CapitaI Shopping . . .299.6 4.8 424.8 288.7
Derwent London . . .1536.0 41.0 1880.0 1400.0
Great PortIand Es . . .323.7 7.0 445.0 315.0
Hammerson . . . . . . . .354.5 5.8 490.9 345.8
Hansteen HoIdings . . .71.1 3.1 89.5 66.9
Land Securities G . . .624.5 12.0 885.0 612.0
SEGRO . . . . . . . . . . . .199.4 -2.1 331.3 198.9
Shaftesbury . . . . . . . .470.7 7.2 539.0 435.4
Aveva Group . . . . . .1452.0 15.0 1799.0 1298.0
Computacenter . . . . .338.9 5.9 490.0 327.2
Fidessa Group . . . . .1516.0 -24.0 2109.0 1444.0
Invensys . . . . . . . . . . .197.3 2.2 364.3 180.9
Logica . . . . . . . . . . . . .62.0 -0.2 147.2 61.5
Micro Focus Inter . . .383.0 19.9 426.2 239.4
Misys . . . . . . . . . . . . .225.6 0.7 420.2 214.9
Sage Group . . . . . . . .284.9 3.4 302.0 231.7
SDL . . . . . . . . . . . . . . .662.0 -28.0 711.5 586.0
TeIecity Group . . . . . .641.0 12.5 644.5 430.0
Aggreko . . . . . . . . . .1809.0 11.0 2034.0 1394.5
Ashtead Group . . . . .199.4 2.5 211.7 99.4
Atkins (WS) . . . . . . . .624.0 9.5 820.0 490.2
Babcock Internati . . .692.5 1.0 733.0 540.5
Berendsen . . . . . . . . .412.9 -1.1 568.0 402.7
BunzI . . . . . . . . . . . . .848.0 -1.5 855.0 676.5
Cape . . . . . . . . . . . . . .310.0 4.5 591.5 295.0
Capita Group . . . . . . .611.5 -3.0 786.5 608.0
CariIIion . . . . . . . . . . .295.7 5.6 403.2 281.0
De La Rue . . . . . . . . .895.0 7.5 936.0 667.0
DipIoma . . . . . . . . . . .331.0 2.0 414.3 263.5
EIectrocomponents .188.3 -0.6 294.9 182.2
Experian . . . . . . . . . . .823.0 7.0 844.0 665.0
FiItrona PLC . . . . . . . .372.6 0.0 397.1 242.9
G4S . . . . . . . . . . . . . . .250.8 1.4 291.0 219.9
Hays . . . . . . . . . . . . . . .61.1 2.3 133.6 58.7
Homeserve . . . . . . . .286.6 3.5 532.0 218.5
Howden Joinery Gr . . .98.3 1.9 127.5 93.1
Interserve . . . . . . . . . .323.5 8.5 341.3 207.0
Intertek Group . . . . .1918.0 14.0 2148.0 1715.0
MichaeI Page Inte . . .323.0 -2.1 567.0 316.6
Mitie Group . . . . . . . .236.5 0.7 258.1 195.9
Premier FarneII . . . . .177.0 -2.8 308.8 144.5
Regus . . . . . . . . . . . . . .83.0 5.2 119.0 64.0
RentokiI InitiaI . . . . . . .60.1 1.9 104.9 57.6
RPS Group . . . . . . . . .175.4 -0.9 253.0 156.6
Serco Group . . . . . . .459.0 1.0 618.5 454.7
Shanks Group . . . . . .101.5 0.1 130.9 101.0
SIG . . . . . . . . . . . . . . . .77.8 0.8 153.5 76.6
SThree . . . . . . . . . . . .200.2 1.0 447.6 197.5
Travis Perkins . . . . . .768.0 8.0 1127.0 715.0
WoIseIey . . . . . . . . .1952.0 52.0 2261.0 1404.0
ARM HoIdings . . . . . .551.0 3.0 651.0 389.6
CSR . . . . . . . . . . . . . .190.7 7.9 447.0 154.1
Imagination Techn . .524.5 40.6 532.2 296.9
Pace . . . . . . . . . . . . . . .72.8 3.0 231.8 44.0
Spirent Communica .109.6 1.9 160.0 106.3
British American . .3003.0 -4.5 3045.5 2282.5
ImperiaI Tobacco . .2397.0 29.0 2402.0 1784.0
Betfair Group . . . . . . .787.5 -8.0 1075.0 567.0
Bwin.party Digita . . .130.0 0.7 231.0 100.6
CarnivaI . . . . . . . . . .2140.0 6.0 3153.0 1742.0
Compass Group . . . .584.0 6.5 612.0 512.5
Domino's Pizza UK . .403.4 3.4 586.0 377.0
easyJet . . . . . . . . . . . .376.2 2.6 474.0 301.0
FirstGroup . . . . . . . . .324.5 7.5 412.6 301.8
Go-Ahead Group . . .1369.0 64.0 1598.0 1190.0
Greene King . . . . . . .462.8 6.6 518.0 410.0
InterContinentaI . . .1072.0 4.0 1435.0 955.0
InternationaI Con . . .144.6 2.0 305.0 132.0
JD Wetherspoon . . . .418.0 11.2 468.3 380.5
Ladbrokes . . . . . . . . .122.3 0.6 155.3 114.0
Marston's . . . . . . . . . . .89.5 1.1 114.5 84.6
MiIIennium& Copt . .389.0 -1.4 600.5 371.2
MitcheIIs & ButIe . . . .229.2 3.7 361.0 215.6
NationaI Express . . .212.5 3.5 270.2 201.6
Rank Group . . . . . . . .129.3 -8.7 153.7 109.5
Restaurant Group . . .288.6 2.6 335.0 254.9
Stagecoach Group . .263.4 8.0 272.4 200.0
Thomas Cook Group .15.8 1.2 204.8 10.2
TUI TraveI . . . . . . . . . .155.9 6.5 271.9 136.7
Whitbread . . . . . . . .1528.0 20.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .187.9 -0.9 244.1 164.2
Abcam . . . . . . . . . . . .333.8 2.3 460.0 307.0
Advanced MedicaI . . .94.3 2.5 96.0 64.8
AIbemarIe & Bond . .350.0 -1.5 400.1 272.0
Amerisur Resource . .17.5 0.3 29.0 9.5
Andor TechnoIogy . .556.5 1.0 685.0 387.1
ArchipeIago Resou . . .72.0 -0.5 79.0 51.0
ASOS . . . . . . . . . . . .1164.0 22.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.8 -0.5 92.0 16.0
Avanti Communicat .291.0 1.3 705.0 248.5
BIinkx . . . . . . . . . . . . . .54.3 1.8 158.0 49.5
Borders & Souther . . .61.5 -0.3 72.3 43.5
BowLeven . . . . . . . . . .65.8 2.0 398.0 60.9
Brooks MacdonaId 1092.5 0.0 1372.5 940.0
Cove Energy . . . . . . . .99.8 0.0 112.8 61.0
Daisy Group . . . . . . .102.8 2.3 127.0 88.0
EMIS Group . . . . . . . .524.0 13.0 580.0 415.8
Encore OiI . . . . . . . . . .74.3 -1.5 151.5 40.8
Faroe PetroIeum . . . .149.8 -0.3 218.3 130.0
GuIfsands PetroIe . . .165.0 -5.0 401.5 142.5
GWPharmaceuticaI . .89.0 1.0 130.0 85.0
H&T Group . . . . . . . . .320.0 -5.0 395.0 277.0
Hamworthy . . . . . . . .827.0 -1.0 833.5 377.3
Hargreaves Servic .1131.0 31.0 1180.0 788.5
HeaIthcare Locums . . . .2.8 -0.3 3.2 2.6
Immunodiagnostic . .425.3 -8.8 1218.0 425.3
ImpeIIamGroup . . . .270.6 0.0 387.5 180.5
James HaIstead . . . . .440.0 -5.0 495.0 365.0
KaIahari MineraIs . . .244.5 3.0 301.0 198.3
London Mining . . . . .289.5 5.5 436.5 278.5
Lupus CapitaI . . . . . .104.3 1.0 150.0 86.0
M. P. Evans Group . .419.5 3.0 500.5 371.0
Majestic Wine . . . . . .333.0 -3.3 510.0 333.0
May Gurney Integr . .289.8 -7.3 302.0 234.0
Monitise . . . . . . . . . . . .29.3 0.3 40.0 18.5
MuIberry Group . . . .1500.0 -20.0 1920.0 890.0
Nanoco Group . . . . . . .54.0 -3.0 104.0 38.0
NauticaI PetroIeu . . .265.0 5.0 547.0 223.5
NichoIs . . . . . . . . . . . .521.3 14.3 579.0 410.0
Numis Corporation . . .80.0 2.0 131.0 78.0
Pan African Resou . . .14.5 0.8 17.0 9.5
Patagonia GoId . . . . . .44.3 0.0 70.0 37.3
Prezzo . . . . . . . . . . . . .56.1 -1.4 71.5 53.5
Pursuit Dynamics . . . .93.0-110.3 501.0 78.0
Rockhopper ExpIor .253.8 1.0 386.0 141.0
RWS HoIdings . . . . . .481.6 7.6 485.0 307.0
Songbird Estates . . .108.5 -4.0 160.3 104.0
VaIiant PetroIeum . . .420.0 11.0 672.0 400.0
Young & Co's Brew . .662.5 17.5 712.0 565.0
OId MutuaI . . . . . . . . .123.7 11.4
Carpetright . . . . . . . .477.5 9.2
Thomas Cook Group .15.8 8.5
Imagination Techno .524.5 8.4
New WorId Resource 443.4 7.8
Regus . . . . . . . . . . . . . .83.0 6.7
Renishaw . . . . . . . . . .930.5 6.4
Micro Focus Intern . .383.0 5.5
Go-Ahead Group . . .1369.0 4.9
Hansteen HoIdings . . .71.1 4.6
InternationaI Pers . . .165.0 -9.2
JD Sports Fashion . .570.0 -7.4
Rank Group . . . . . . . .129.3 -6.3
ExiIIon Energy . . . . . .239.0 -4.9
Sports Direct Inte . . .190.0 -4.8
Supergroup . . . . . . . .516.5 -4.1
SDL . . . . . . . . . . . . . . .662.0 -4.1
HochschiId Mining . .386.2 -3.7
Perform Group . . . . .200.0 -3.4
AIIied GoId Mining . .147.7 -3.0
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 5.000 12 . . . .101.04 -0.01 105.1 101.0
Tsy 5.250 12 . . . .102.32 -0.02 106.4 102.3
Tsy 9.000 12 . . . .105.66 0.00 112.8 104.8
Tsy 4.500 13 . . . .105.05 -0.05 107.3 105.0
Tsy 2.500 13 . . . .283.62 -0.03 287.7 277.6
Tsy 8.000 13 . . . . .113.50 -0.06 118.3 113.4
Tsy 5.000 14 . . . . .112.36 -0.12 112.9 109.2
Tsy 4.750 15 . . . . .115.10 -0.15 115.4 108.6
Tsy 8.000 15 . . . .128.55 -0.14 129.2 123.7
Tsy 7.750 15 . . . .100.15 0.00 107.5 100.1
Tsy 4.000 16 . . . . .114.04 -0.25 114.7 104.9
Tsy 2.500 16 . . . .340.88 -0.10 342.7 310.2
Tsy 8.750 17 . . . .140.98 -0.27 141.9 132.9
Tsy 1.250 17 . . . . .114.78 -0.20 115.4 106.7
Tsy 12.000 17 . . .122.75 -1.59 130.8 122.3
Tsy 5.000 18 . . . .121.63 -0.38 122.3 109.7
Tsy 4.500 19 . . . . .119.82 -0.49 120.4 105.4
Tsy 3.750 19 . . . . .114.62 -0.46 115.2 99.4
Tsy 2.500 20 . . . .361.36 -0.02 361.8 312.9
Tsy 4.750 20 . . . .122.63 -0.29 123.0 106.6
Tsy 8.000 21 . . . .151.97 -0.09 153.8 133.8
Tsy 4.000 22 . . . . .116.68 -0.27 117.0 99.0
Tsy 1.875 22 . . . .125.78 0.04 126.0 111.3
Tsy 2.500 24 . . . .325.86 0.08 326.2 275.4
Tsy 5.000 25 . . . .128.54 -0.35 129.0 107.4
Tsy 4.250 27 . . . . .119.97 -0.35 121.9 97.9
Tsy 1.250 27 . . . .122.23 0.26 123.7 104.8
Tsy 6.000 28 . . . .144.70 -0.34 145.8 119.5
Tsy 4.750 30 . . . .127.17 -0.25 128.5 103.0
Tsy 4.125 30 . . . .312.55 0.35 316.0 262.1
Tsy 4.250 32 . . . . .119.54 -0.31 121.1 96.0
Tsy 4.250 36 . . . . .120.11 -0.37 122.2 95.0
Tsy 4.750 38 . . . .129.82 -0.42 132.3 102.8
Tsy 4.500 42 . . . .126.08 -0.47 129.2 98.9
% %
19
Wealth Management | Markets
T
HERE is a well-used phrase in manage-
ment, that it is better to make a wrong
decision than none at all. The exception
must be Mark Makepeace, chief executive
of the FTSE Group, who this week ruled all list-
ings in London from next month must have a 25
per cent free float
In enforcing this, he is potentially sending the
City back into the dark ages. Makepeace was
reacting to concerns that the FTSE 100 index has
been hijacked by overseas commodity and ener-
gy groups like ENRC, Ferrexpo and Fresnillo,
who have listed in London but with a free float
under 25 per cent.
Some pension fund managers, particularly
those that run index funds, have said this scarci-
ty of stock made available to them serves to
inflate the value of the company and give a free
ride to those who refused to dilute their holding
beyond the bare minimum.
Ian Hannam at JP Morgan Cazenove, who has
done more than any other banker to bring
emerging market companies into the FTSE 100,
slammed it as a Little Britain attitude. He is
right to do so, the decision could end up making
us a lost Britain as well.
That is what will happen if the National
Association of Pension Funds gets its way. It
believes the free float should ultimately be lifted
to 50 per cent. Bankers, lawyers and accountants
in Hong Kong, New York, Singapore and
Shanghai must be rubbing their hands in glee at
the business that will be heading their way.
Remember Americas Sarbanes Oxley Act in
2002, which was introduced after the dotcom
boom? As well intentioned as it was, the overload
of regulation to tighten up boardroom behav-
iour sent the Big Apple into reverse.
This time round it is the City, the UKs most
prized asset, that could be sent into a tailspin. It
appears we have been denied a proper debate,
not even one that discussed whether index
funds should have an A or a B category, the latter
category being for free floats below 25 per cent
which they cant invest in. Such a scheme would
be simple, easy to implement and send out a
message that we are still open for business.
The UK has enough problems on its plate with-
out being sidelined as a financial capital as well.
Until this point the Citys willingness to act as a
global stock exchange for emerging market com-
modity stocks has directly plugged us into the
main arteries of the world economy.
Commodities fed the last boom and if we are to
feed the army of advisers in London we want
them on our doorstep for the next boom.
We are never going to find gold, aluminium
or other minerals in the UK certainly in the
quantities that are required but we can provide
the finance, as well as the intellectual capital in
legal, accountancy and other areas.
Ever since the South African beer group SAB
(now SABMiller) moved its primary listing to
London in 1999, it has been followed by a steady
trickle of other overseas groups wanting to use
the London market to finance global ambitions.
But it wasnt until six years ago that the trend
accelerated on the back of the booming emerg-
ing markets and the demand for commodities
led by China. The City was one of the first finan-
cial centres to spot the opportunity, and as a
result companies from India and Mexico to
Russia and Kazakhstan were lined up to list in
London and enjoy a Western valuation.
However, it is the latest wave of Russian com-
panies and the knowledge there are many
more to come that has brought the tensions to
the surface. When overseas groups listed here
before there was a view that they were raising
money to help finance international ambitions.
Some fund managers believe that is not the case
here, that fundraisings are this time more about
lining the pockets of oligarchs.
Its a short-sighted view. We shouldnt be wor-
ried about ownership, we should be concentrat-
ing on the quality of the assets and the ability to
invest in them. That is what matters, not that
some oligarch will have another few billion
added to his wealth.
In time and through more corporate activity,
oligarchs will dilute their holdings to increase
the free float above 25 per cent. In the mean-
time, so long as fund managers are confident in
the independent boards appointed to police
these companies and have assurances from the
owners that they will not abuse their majority
shareholding, then the City must ensure the
door is kept open, not closed.
Most of us can still recall the dotcom boom
when index funds piled into multibillion tech-
nology flotations and went on to lose it all. We
have since learned that the valuations attributed
to those listings did come from outer space,
which cannot be said about the emerging mar-
ket companies. A phalanx of advisers and experts
spend many months holed up in various out-
posts of the world to ensure that reserves are
proven and the assets are genuine.
If only that same level of diligence had been
done back in the dotcom days.
John Waples is UK head of strategic communications
for FTI Consulting and has advised Polyus Gold on a pos-
sible London float.
20
The Forum
CITYA.M. 16 DECEMBER 2011
The UK has enough on its
plate without being sidelined
as a financial capital as well
Dont lock the world out of
London: New rules send the
City back to the dark ages
cityam.com/forum
JOHN WAPLES
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
21
Partnering with
Microsoft could
prove an inspired
business decision
Nokias Lumia
has made me see
it in a new light
I
HAVENT always been Nokias biggest fan.
Earlier this year I might have said its tie-up
with Microsoft was not so much a case of
rearranging deckchairs on the Titanic as
sending a diving team to the bottom of the
ocean to drape bunting over its rusting shell. I
might have said it was duller than Canadas
vast swathes of icy tundra. I might have said
that its boss, Stephen Elop, could drop his
trousers in front of the worlds press and
nobody would bother looking. Thankfully the
latter was never tested; what Elop dropped
instead was the Lumia 800 and I looked
twice.
Nokias latest handset is, against the odds,
very good and it hasnt been shy about it.
Earlier this month it projected a gigantic light
show onto Millbank to show it off. It shipped
over Canadian DJ Deadmau5 to take care of
the music (the equation goes something like
this: Deadmau5 is down with the kids you
can tell by the number in his name Nokia
knows who Deadmau5 is, ergo Nokia is down
with the kids).
People Ive spoken to at the major networks
say that, while the Lumia is selling, it isnt set-
ting anything on fire. This hasnt deterred
Nokia from announcing it will make a return
to the US though; a market in which it has
spectacularly failed to sell any phones in the
past.
It is staking a lot on this phone.
So whats all the fuss about? The Lumia is
basically a solid handset running a great (and
very underrated) operating system in
Microsofts Windows Phone Seven (WP7)
Mango. The mobile market is all about what
industry players insist on calling ecosystems
Googles Android, Apples iOS and WP7
handsets are just a way of interacting with
them. And on this front, the Lumia works. Its
sleek, its got a great camera and a vibrant
screen (although it falls down on its incredibly
frustrating map software).
Nokias decision to jump into bed with
Microsoft is looking like a smart move. At the
moment Microsoft has a great product that
nobody uses (somewhere between one and six
per cent of the market, depending on who you
ask). Almost exactly 10 years ago it was in a
very similar position with its new Xbox games
console. Sonys PlayStation was flying high and
Nintendo had its hardcore fan-base. So
Microsoft threw money at the problem. Lots of
it. It made a significant loss on each unit sold
but, slowly, it chipped away at the competition.
It is now the clear leader in the console space
and neither Sony nor Nintendo look likely to
catch up any time soon. While a repeat of the
financial promiscuity demonstrated back then
is unlikely, rest assured Microsoft will make
WP7 work.
All of which is good news for Nokia. Its mar-
keting boss Niels Munksgaard was ridiculed
this week for saying young people are fed-up
with iPhones and frustrated by Android, which
is akin to the Liberal Democrats saying voters
are sick of Labour and the Tories before suc-
cumbing to yet another trouncing at the polls.
But there is a shade of truth behind the spin: I
own phones running all three operating sys-
tems. Whats in my pocket right now? A Nokia.
Steve Dinneen is the deputy lifestyle editor for
City A.M.
All hail shale
I wholeheartedly agree with
Matt Ridley [In America, the
shale gas revolution is creating
jobs and growth, yesterday].
The country would be much
richer for letting the shale gas
industry compete on a level
playing field with subsidised
green energy.
Crucially, doing so would spark
much-needed industry in the
north-west. Many people in
Blackpool, which would be at
the epicentre of the energy rev-
olution, are struggling unem-
ployment is around 9 per cent
and rising.
Politicians obsess about rebal-
ancing the economy, but rather
than wasting money on wealth-
destroying green jobs and
enterprise zones, they should
let the price mechanism decide.
We have gas reserves that com-
pare with those of Venezuela to
tap into. Its about time we got
our priorities in order.
Jim Stephens
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
STEVE DINNEEN
BY MARC SIDWELL
CITYA.M. 16 DECEMBER 2011
The Forum
D
AVID Cameron
spoke of ending a
responsi bi l i ty
deficit yesterday.
He wasnt talking about
the Eurozone, but he
could have been. Its
steadily-compounding
financial disaster is an
epic tale of failed responsibility, the consequence of
spending without thought to the consequences. And yet
lazy references to PIIGS, while they point rightly to
the dysfunctional choices made by some economies on
the Eurozone periphery, are misguided, tilting the table
to send the blame all one way. In truth, the Eurozone
and the EU as a whole is a project in which responsi-
bility is excluded as a matter of philosophical principle.
Responsibility isnt a European word, dating instead
to the American founding. Mark Reibling has tracked
its first published use to 1788, with Federalist Paper
63 by James Madison, who says: I add as a sixth
defect [which a senate should answer], the want, in
some important cases, of a due responsibility in the
government to the people. He adds This remark will,
perhaps, appear not only new, but paradoxical. It must
nevertheless be acknowledged, when explained, to be
as undeniable as it is important. Reibling finds that
the first recorded use of the term was actually a little
earlier than this, on 1 June 1787, at the constitutional
convention, and indeed by July 1787 Madison was
already concluding The responsibility of all to the will
of the community seemed to be generally admitted as
the true basis of a well constructed government.
The EU, of course, disagrees. It is notorious for
retaking referendums until it gets the result it wants.
And it is telling that, as the Eurozone crisis continues,
the cry is always for leadership, not for the will of
euro-users to be consulted. Italians and Greeks have
seen their entire governments given to technocrats.
The growth of democracy worldwide after the fall
of the Soviet Union has made it easy to forget the
originality of the American constitution. It was
designed not to introduce periodic voting to legitimise
state power, but to upend the political philosophy of
the old world, in which only men of exceptional virtue
could be relied on to govern. In the American vision, as
Lawrence Goldman writes in his introduction to the
Federalist Papers, we see a transition from a depend-
ence on human virtue as the foundation of political
society to a new confidence in the capacity of laws
and institutions to make men live up to their obliga-
tions. America is built on the idea that ordinary men
and women can run the state, if their powers are limit-
ed and their fellow-citizens can hold them responsible.
By contrast, the modern European project rests on
an ancient, aristocratic belief: that grand central plans,
bulldozed through without responsibility by a vast
bureaucracy, will create a better world. The American
founders understood that worldview too well to
admire it. A representative for Massachusetts
observed that public bodies feel no personal responsi-
bility, and give full play to intrigue and cabal. It is
scarcely any wonder that a lack of responsibility has
become visible on the Eurozones extremities it is a
disease spread from the centre.
Americas system was drawn up by geniuses to be
run by ordinary men and women; Europes treaties
have been drafted by ordinary minds to create a labo-
ratory for philosopher-kings. Europe is finding that no
leader is equal to that task. Its responsibility deficit
must at last be paid off, and that means building a
Europe of citizens, not of experimental subjects.
Marc Sidwell is the business features editor for
City A.M.
Europes responsibility
deficit is out of control
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
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and patio garden to the rear. Contact Wilfords London on 0207 361 0400
PEEL STREET,
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Price: 1.8m
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This fully refurbished
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0400
Q.
I'm a homeowner with a property
in central London - despite the fact
that this area isn't directly affect-
ed by the Olympics, I am keen to capi-
talise from the influx of tourists coming
to London in the summer, but where do I
start?
A.
Many homeowners across London
are considering the option of a short
let for their property, as demand
from potential tenants for the Olympic peri-
od starts to show itself. There are various
points to consider in order to weigh up
whether the ultimate income is worth the
upheaval. Firstly, insurers and mortgage
companies must be notified as permission
may be needed and premiums increased.
Local councils should also be consulted as
some have restrictions on short lets, and
planning permission can even be required.
Provision of efficient property management
will be important as short term tenants are
less tolerant of small maintenance issues.
Various regulations governing furniture, gas
and electricity must also be explored. If you
decide to hold a deposit against dilapida-
tions, this may have to be logged with a
Government-approved deposit scheme. Of
course tax is payable on rental income, so
this must be declared. Seeking advice from
all relevant sources will be essential, and
your agent should be equipped to make you
aware of the risks as well as the costs
involved.
Q.
I'm a first-time buyer looking to
invest in a buy-to-let property -
what is the outlook like for the
rental market in 2012?
A.
Traditionally January is busy, but
given the highly volatile year we
have experienced, it is difficult to
make predictions for 2012. We are very
dependent on what happens to the economy.
The Government is indicating that they are
going to make it easier for first time buyers
to purchase properties, but without the ben-
efit of job security, many may opt to contin-
ue renting. The properties at the lower end
of the market in central London should con-
tinue to rent quickly. We are finding that a
lot of tenants are opting to renew tenancies
at the moment, so the rents are usually being
increased at least by the RPI which is cur-
rently 5.4 per cent. We are suffering from a
lack of good quality properties at all levels,
as we are seeing less investors coming back
into the market.
Catherine
Cockcroft
HEAD OF RENTALS
AYLESFORD INTERNATIONAL
Q A
&
DEMAND FOR PROPERTIES DURING OLYMPICS UPS THE RENTAL BAR
Harrods Estates is marketing a number of luxury properties around the
Olympic stadium for 40,000 to 80,000 a week an increase of 220
per cent on their normal rental value. The dearth of properties in close
proximity to the Olympic stadium has driven short-term rental prices
through the roof, with most deals already snapped up months ago. A typi-
cal homeowner can usually expect to achieve a 40-50 per cent increase.
HOUSE PRICE DECLINE INCREASED THIS MONTH
Knight Frank/Markits November House Price Sentiment Index (HPSI)
shows that the rate of decline in house prices increased in December.
More than 20 per cent of households said that the value of the property
in which they lived fell during the month, with only seven per cent report-
ing a rise. The resulting HPSI figure of 43.3 is down from 44.7 in
November. Any figure under 50 indicates that prices are falling.
PUNTER SOUTHALL GROUP LETS SPACE ON THE STRAND
Orchard Street Investment Management , the specialist commercial
property investment manager, has let 35,200 square feet of office space
on a ten year lease at 11 Strand to Punter Southall Group. The letting fol-
lows the completion of a 3.5m refurbishment of the upper floors in
September and the earlier expansion and refurbishment of the ground
floor to incorporate retail units let to Next and Paul UK.
PROPERTY NEWS
BY STEVE DINNEEN
COMMUTING: Kensington is serviced
by two underground stations,
Kensington (Olympia) and High Street
Kensington, both providing easy access
to central London is less than 30 min-
utes. The overground line from
Kensington (Olympia) also runs regular
services to North and South London.
EDUCATION: There are 60 schools in
Kensington and Chelsea. There are four
schools local to Kensington which are
highly graded state schools (graded as
level 1 by Ofsted). These include two com-
munity schools, Fox Primary School and
Holland Park Secondary School, as well as
two voluntary aided schools, St Barnabas
and St Philips Church of England Primary
School and St Mary Abbots Church of
England Primary School.
NEED TO KNOW | AREA INSIGHT
CURRENT MORTGAGE DEALS BY STEVE DINNEEN Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
Santander Flexible 2.09 2 years 4 60
Skipton BS Flexible 2.38 2 years 4.8 60
Yorkshire BS Flexible 2.39 February 2015 4.6 75
Chelsea BS Flexible 2.39 January 2014 5.4 70
Santander Fixed 2.35 February 2014 4.1 60
Hanley Economics BS Fixed 2.35 November 2013 5 60
Market Harborough BS Fixed 2.69 December 2013 5.1 75
Chelsea BS Fixed 2.89 January 2015 5.3 60
RENT KENSINGTON AND CHELSEA BY STEVE DINNEEN
Living| Focus on
www.haygroup.com/ww/enemyofengagement
Why cant you deliver?
A book to help you put an end to workplace frustration -
and get the most from your people.
Scan the QR code to download the frst chapter
Scan QR code
for frst chapter
Diverse workplace
Recognising and
valuing difference
Talent management
Engagement, retention
and development
Growth through training
Rewarding performance,
building commitment
AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
COMPLETE HR
No. 1 / Dec. 11
Bringing it together: Robert Potter, Chair of the
City HR Association, on linking the organisation and the individual
GET THE
BEST OUT
OF YOUR
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WORKFORCE
2 DECEMBER 2011 AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
T
he past year has
seen considerable
reliance on the Hu-
man Resource pro-
fession, as organisa-
tions seek to address
their legal and regu-
latory duties whilst enhancing em-
ployee engagement.Pitched against
the backdrop of a faltering economy,
this has created a climate of uncer-
tainty for employers and employees
alike. Never before has there been
such a need for steady stewardship
at the top of the HR function.
There is no doubt that uncertain-
ty creates stress, so many organisa-
tions have implemented wellbeing
programmes.Whilst the larger rms
have Occupational Health Depart-
ments, smaller companies are reli-
ant on their Employee Assistance
Programmes or corporate medical
practice for employee support.
Additionally,there is the need for
positive employee relations. Creat-
ing a fair working environment is
not just good practice, but a mat-
ter of employment law. Extensive
legislation exists to protect indi-
viduals employment rights and
HR is regularly required to pro-
vide advice, counsel and mediation
from contractual entitlements to
workplace disputes, supported by
employment lawyers.
Diversity advances
1
The City HR Association is proud
to have made a diference in
the area of gender diversity. By way of
background,the City HR Association
represents the HR departments of al-
most 200 nancial and professional
service rms on matters from lobby-
ing and consultation to HR bench-
marking and training.
The Association has worked hard
with its members to create best
practice guides, provide case stud-
ies and to consult with the EHRC re-
garding the issues in the Financial
Services Inquiry: sex discrimina-
tion and the gender pay gap.
Charlotte Sweeney, Head of Di-
versity and Inclusion at Nomura
says: Diversity and Inclusion is
likely to take a greater prominence
during 2012, particularly when ex-
amining the impact of the Lord Da-
vies review and the outputs of the
rst FSA Diversity Survey. Compa-
nies will need to consider how these
issues remain on the business agen-
da in a meaningful way during chal-
lenging economic times.
Part of this supplement looks at di-
versity and a joint seminar is being
planned between CityHR and the EH-
RC for Womens Dayon 8th March 2012.
CHALLENGES
Managing talent tops the
human resource agenda
As we enter 2012 the HR profession is the lynchpin that will ensure employees are
fully trained, well engaged and less stressed than the year before, says Andrea Eccles,
Managing Director of the City HR Association.
Most companies
are looking to grow,
and if they dont think
differently, how are
they going to do that?
WE RECOMMEND
PAGE 4
COMPLETE HR, 1ST EDITION
DECEMBER 2011
Managing Director:
Christopher Emberson
Editorial Manager: Faye Godfrey
Business Development Manager:
Dominic Webber
Responsible for this issue:
Project Manager: Talia Levine
Phone: 020 7665 4401
E-mail: talia.levine@mediaplanet.com
Distributed with: City AM
December 2011
Print: City AM
Mediaplanet contact information:
Phone: 020 7665 4400
Fax: 020 7665 4419
E-mail: info.uk@mediaplanet.com
We make our readers succeed!
Mediaplanets business is to create
new customers for our advertisers by pro-
viding readers with high-quality editorial
content that motivates them to act.
management aspects which may
arise from a faltering economy or
any potential fall-out from the Euro.
City CEOs and HR leaders also need
to pay heed to the public and me-
dias perception of pay and ethics.
According to Robert Potter,City HR
Chair,HR initiatives can contribute
towards trust and integrity because
HR acts as the vital link between or-
ganisations and individuals.
But there have also been some
major positive developments from
which to take heart.
Talent Management is still preva-
lent, particularly employee engage-
ment, retention and development.
A recent City HR survey showed
that even in dif cult times, mem-
ber organisations were investing
in training, mostly geared towards
leadership and professional/regu-
latory qualications.There was also
an increase in employee coaching.
Finally, there is planning around
the HR implications arising from
the Queens Diamond Jubilee and
London 2012 Olympics.
This Mediaplanet supplement
showcases some of the innovative
practices going on within the HR
function,both now and in the future.
For more details please viisit
www.cityhr.co.uk
Andrea Eccles, Managing Director of the
City HR Association
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Robert Potter,
Chair of the City HR Association
HR central role
2
There is no doubt that HR lead-
ers are facing major challeng-
es. This includes the people
Dianah Worman
Advisor to the CIPD
on diversity
INSPIRATION
Diversity offers new
opportunities
In a time of austerity it is perhaps
understandable that some employ-
ers will not welcome new rules on
how to ensure all groups within a
company are treated fairly.Howev-
er,the Equality Act of 2010 could ac-
tually help companies grow mar-
ket share as well as build a happier
workplace,explains Worman.
Diversity rules can sometimes
be seen as very technical and a lit-
tle cumbersome but there is a lot of
guidance available to ensure that
companies not only stay the right
side of the law but actually use the
law to ourish, she says.
Diversity and equality in the
workplace are simply about recog-
nising and valuing diference. This
isnt just within the workplace, but
also with how you treat clients and
customers. Companies have to re-
alise that with a global workplace
people are becoming increasingly
diverse. That not only means your
staf, but also your end customers
and the companies you work with.
So the question is; can compa-
nies aford not to actively encour-
age diversity and equality in the
workplace? Its a huge opportunity
to reach out to new customers and
new areas of society whose skills
and custom a business might not
otherwise fully tap in to.
New thinking
A point Worman is very keen to
make is that if a company does
not engage with all of its employ-
ees and ofer everyone an equal
opportunity to progress their ca-
reers, how are they going to know
the opportunities they are missing
out on? By acting on diversity rec-
ommendations, companies should
not be thinking solely about stay-
ing the right side of the law.Treat-
ing all people within a company
the same - regardless of age, gen-
der, ethnicity, religion, disability
or sexual orientation not only
avoids friction,it allows fresh ideas
to percolate to the top.
Most companies are looking to
grow and if they dont think dif-
ferently, how are they going to do
that? asks Worman.
Diversity laws account for ev-
eryone but,in particular,the groups
that they primarily seek to pro-
tect represent huge markets which
companies could be helped to tar-
get if they encourage diversity
throughout the business.
Diversity is a little like a shop-
ping loyalty card, Worman be-
lieves. When a supermarket starts
to glean knowledge about its cus-
tomers,it nds it can sell more pro-
duce and get ideas for new lines.
Similarly, by engaging all staff
within a business,innovative ideas
ourish and access to new markets
begin to open up.
Thought needed
Although some companies may be
put of encouraging diversity by a
fear of getting to grips with new
regulations, Worman maintains
there are good sources of impar-
tial advice.
In addition to studying these rec-
ommendations, diversity training
is advisable for those light bulb
moments when staf realise they
may unwittingly treat some of their
co-workers or clients diferently.
Encouraging positive employee
relations is a duty most managers
take very seriously because it en-
sures all staf feel comfortable and
valued at work, and able to perform
to the best of their abilities. Con-
icts and misunderstandings be-
tween members of staf can esca-
late and impact productivity and
work quality if there is not a culture
of supporting all employees and en-
suring the working environment is
free from friction.
Question: Diversity and
equality rules are sometimes
seen as a burden on
employers, is this the case?
Answer: Not at all.
According to Dianah Worman,
Advisor to the CIPD on
diversity, new rules could
actually boost the bottom line.
SEAN HARGRAVE
info.uk@mediaplanet.com
CHANGE
Dianah Worman
Advisor to the CIPD on diversity
PROPOSED EMPLOYMENT LAW CHANGES
Protected conversations
this proposed change is intend-
ed to allow employers to raise
workplace issues such as perfor-
mance or conduct with employ-
ees in an open way, free from the
worry it will be used as evidence
intribunal.
The government will increase
the unfair dismissal qualifying
period to two years from April
2012, apparently to give greater
condence to employers in re-
cruiting new employees, without
undermining workers sense of
job security.
Compromise agreements
the government will consult on
whether and how to enable com-
promise agreements to cover all
existing and future claims with-
out the need for a full list of caus-
es of action.
SOURCE: PHILIPDAVIES, OF EVERSHEDSLLP
Total rewards
bring exibility
Rewards management
used to be a fairly narrow
field limited to company-
wide perks, such as low
cost gym memberships
and crche vouchers.
However, according
to the Head of Reward
Consulting at Hayes,
Stuart Hyland, forward
thinking companies are
now working on total
reward programmes. This
encapsulates flexibility in
pay and conditions as well
as how employees feel
about their employer.
Rewards used to be fairly inex-
ible and so crche vouchers were
of no use to a single person and a
gym was useless to someone who
doesnt work out, he says.
Today, companies are being a
lot more exible through ofering
access to a pot of money which
can be used for a wide variety of
rewards. Its basically extend-
ing the option to have a compa-
ny car or extra salary to other re-
wards. There are also interesting
schemes that, for example, allow
people to buy extra days of work.
Crucially, total rewards pro-
grammes need to look at the type
of company employees want to
work for and ensure the company
lives up to it.Working for a really
well respected brand which has
strong values that it lives up to is
reward itself for most people.
Encouraging loyalty
Nick Hurley, Partner for Charles
Russel LLP discusses the impor-
tance of valuing your staf. He
said: Training staf and treating
them well is good because not on-
ly is it likely to promote loyalty
and productivity, but it will limit
any legal risks associated with al-
legations that any unfavourable
treatment or failure to ofer train-
ing is motivated by discrimina-
tion based on one of the protected
characteristics (e.g. sex, race, dis-
ability,religious belief,age etc.).It
will also avoid claims that the im-
plied term of trust and condence
is engaged,which might allow an
employee to bring a claim in con-
structive dismissal.
SEAN HARGRAVE
Diversity ownership and equal opportunity policies
from the City HR Benchmarking Survey 2010
Stuart Hyland
Head of Reward Consulting at Hayes
11%
7%
11%
71%
HR - 71%
Senior management - 11%
Chief Executive - 11%
Diversity team - 7%
This graph comes from the City HR Association
Policies Benchmarking Survey and shows who
owns the diversity policy within organisations.
There were 56 participants, all from different
major nancial institutions involved in banking,
asset management and insurance.
Any company is only as good as its
people and so, even in a time of aus-
terity, those that are focussed on fu-
ture growth are ensuring employees
are well trained.
In particular, companies are in-
creasingly eager to move towards
performance management where,
rather than dealing with employ-
ees as a single block,individuals are
rewarded according to their perfor-
mance. According to Andrew Pull-
man, Managing Director of People
Risk Solutions, for the transition to
go smoothly, training is needed to
ensure managers can gauge perfor-
mance and employees can make as-
sessments a two way process.
Companies are starting to realise
that if they are to become perfor-
mance-driven they need managers
to become a lot better at giving ap-
praisals, he says.
The main point is they need to be
only forty per cent about the past and
sixty per cent about the future so you
have a sense of moving forwards.Too
often these appraisals just sum up the
year thats been and never move on.
The really advanced companies
are also seeking training for em-
ployees so they can perform better
in these annual or quarterly con-
versations. They need training in
how to bring matters to their em-
ployers attention as well as explain
how they feel they contributed to
the company and how they see that
contribution developing.
Showing commitment
The major point the move to per-
formance-based HR underlines, is
that what Pullman considers the
good old days are long gone and
today employers and employees
must engage better.
Employers used to all want loy-
alty, but those days are long gone,
he says.
If you want loyalty, get a dog.
What modern companies realise
they need is commitment and that
goes two ways. It means you cant
just keep the troops in the dark,
you need to engage with them and
explain what is going on inside the
company and where its headed.
All employees secretly ask
themselves not just if theyre get-
ting paid enough, but also if they
are doing something worthwhile
and if they have a manager they
can learn from to help with their
career development. So, employ-
ers are investing in the neces-
sary training to engage and com-
municate with staf to encourage
this commitment and ensure staf
keep focus.
As with so many HR issues, al-
though initiatives such as perfor-
mance based reviews may be ini-
tiated to promote excellence in
employees, it can place a focus on
managers to improve their own
performance and seek training. If
a company is underperforming it
can always be linked to poor lead-
ership, Pullman believes.
If managers need an example,
they should consider the way the
MacLaren F1 team holds a meeting
with all staf after every race to ex-
plain what went well and where im-
provements are needed. It means
that all employees feel part of the
bigger picture.It is this kind of lead-
ership that makes people feel they
belong and commit to a compa-
ny even though there may be the
chance of better pay elsewhere.
Training focus shifts to
performance management
NEWS
SEAN HARGRAVE
Question: In difcult times,
surely training is an avoidable
expense?
Answer: Far from it. Companies
are beginning to focus on growth
through training managers and
staff to reward performance and
build commitment.
Coping during dif cult times is as much about
taking stock as it is about taking action. Acas has
been advising all types of organisations on employ-
ment relations and HR best practice for over thirty
years. Weve seen that when times are tough, bu-
sinesses often need to up-skill their managers to
ensure they have the right skills and knowledge to
push the business forward and implement change,
while ensuring legal requirements are met. At the
same time a well trained manager is able to take
their staf along with them by maintaining em-
ployee engagement and having the confdence to
tackle dif cult workplace situations before they get
out of hand.
The past 18 months has also seen signifcant chan-
ges in employment law which all managers and HR
staf need to feel confdent with. From the introduc-
tion of Fit Notes, to the Equality Act 2010, through
to the removal of the Default Retirement Age and
the new agency worker regulations, theres been a
lot going on!
Acas uses decades of experience in working with
thousands of employers and employees to develop
training courses which provide down-to-earth ad-
vice and practical solutions. We design competiti-
vely priced bespoke training programmes which
can be delivered at your workplace. You can save
time and money by training a group of managers
at once and shape the training to suit the unique
needs of your company.
We cover a variety of employment relations and HR
topics ranging from the fundamentals, such as con-
tract writing, absence management and discipline
and grievance procedures through to the more ad-
vanced, such as helping ensure equality and diver-
sity, mediation, investigations and redundancy and
restructuring. Just tell us what you need.
Managing in dif cult and changing times?
Investing in training can provide valuable solutions
Find out more at www.acas.org.uk/london or call 08457 38 37 36
HR training
essential
The current economic
climate is not what most
in HR would wish for. Cut
backs can mean morale is
low and that can apply to the
HR team itself just as much
as the rest of the business.
This makes it more important
than ever to ensure skills are not
lost forever within the team if
numbers are depleted. So, in addi-
tion to facilitating training for de-
partments across a business, HR
executives should themselves con-
sider extra training to ensure their
team has no skills gaps.
According to PennyDe Valk,Chief
Executive at leadership development
consultancy,Fairplace Cedar,in addi-
tion to keeping skills up to date,HR
teams should invest in training to
help the team develop a coaching
culture throughout the business.
The HR department is a cru-
cial link between employees and
management and so its got a
huge role to play in communicat-
ing what is going on, she says.
Its really important for HR ex-
ecutives to develop as business
people and a critical part of this is
to become coaches to colleagues
throughout the business to help
them through a difcult time.This
can be to help them have those aw-
ful conversations where somebody
has to be made redundant but it can
also be about being positive. Once
difcult decisions have been made,
coaching and mentoring can move
on to being more upbeat and com-
municating how the company is
planning to grow so the people left
are less anxious about the future.
TIPS
Think ahead
1
To get best value from train-
ing, plan it as part of your
business Training and Develop-
ment Plan. Have a clear vision of
how your team and individual
staf will develop over the next
year.
Use your imagination
2
These plans can be fun to
write.Include wider learning
activities such as web research,
visits, team presentations.
Mix it up
3
Remember that your staff
will learn best if taught in
their favourite learning style.
Some need to understand the the-
ories behind things (theoretical
learners) while others learn by do-
ing.(Action Learners)
SOURCE: CAROLDRIVER, DIRECTOR, RUBICONCONSULTING
All employees
secretly ask
themselves not just
if theyre getting
paid enough, but
also if they are
doing something
worthwhile
Andrew Pullman
Managing Director, People Risk Solutions
FLEXIBLE SOLUTIONS
Your
move
But its no game. You have to make big decisions
that could afect the lives and careers of the people
around you. That means having a clear resource
strategy and the best people to help you.
And thats why ARM is much more than a
recruitment consultancy.
Our fexible solutions division, ARM Consulting,
provides a suite of talent deployment solutions from
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Outsourcing and Training Services to specialist HR,
Procurement and Graduate recruitment.
Whether youre planning your own career or a full
scale resource programme, ARM Consulting can help
you to make sure your next move is the right one.
For more information talk to Martin Grady on
02392 228 288 or visit www.armconsult.co.uk
As someone in charge of how you deploy your frms resources,
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[U8 kfqUISIJIUN - ULUMf fAMPAINS - PfkMS 8 JfMPS - INJfkIfw Sfhf0ULIN - UNLINf JIMfShffJS - SUfffSSIUN PLANNIN
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Y
ou can see where writer and director
DR Hood was going with this low-
budget,personal study of love, lies
and secrets. Unfortunately, the result
feels like an overlong episode of a Sunday
afternoon drama, the sort grandparents
love and everyone else falls asleep to.
Trying for a baby, Dawn (Claire Foy) and
David (Benedict Cumberbatch) are sur-
prised one day by a visit from Davids trou-
bled brother Nick (Shaun Evans). Having
been in the army and suffering from night
terrors, Dawn watches her idyllic relation-
ship falter as it becomes clear Nick isnt the
only troubled son in the family.
Theres nothing terribly wrong with
Wreckers the British cast are strong, espe-
cially Cumberbatch, and the story is divert-
ing. Unfortunately, its also fairly one-note.
The number of coincidental meetings,
not to mention inexplicable decisions
taken by characters, mean that Wreckers
isnt quite as acutely realised as it imagines,
much like Dawn and Davids relationship.
Meaningful looks, natural light and the
odd loaded sentence dont automatically
make something real, and Wreckers would
have done well to concentrate a little more
on pace. It plods along reasonably enough
but is lumbered with the sort of script bet-
ter suited to a subplot in a soap opera a
shame, given the talent on show. SM
Lifestyle
Film
SHERLOCK: GAME OF SHADOWS
Cert: 12A
hhhII
T
he second Guy Ritchie reworking of
Arthur Conan Doyles classic series
is bigger, louder and infectiously
entertaining, if a little elementary.
Exhilaratingly sharp, sweeping visuals
pack a punch and Robert Downey Jnr
throws everything hes got into carrying
the Holmes-does-1890s-Bond juggernaut.
But is isnt quite enough to conceal a lack-
lustre plot.
Having intercepted a letter, as well as a
bomb, Downey Jrs Sherlock Holmes takes
a break from the manic inventions he
dreams up while drinking embalming
fluid to drag the world-weary Dr Watson
(Jude Law) away from his honeymoon to
go up against evil genius Professor
Moriarty (a terrifying, subtle performance
by subtle Jared Harris).
Trying to work out what Moriarty is up
to, the pair are led to Noomi Rapaces
mysterious gypsy woman, all the time
bickering, acting homoerotically and get-
ting into well-executed fight sequences.
That said, it sometimes feels Ritchie is
just waiting for the next set-piece so he
can go mental with the slo-mo button
again.
Holmes tendency to visualise the dif-
ferent elements of an upcoming bout of
fisticuffs was a fresh gimmick in the first
film, as was Ritchies epilepsy-inducing
editing, but it starts to tire, as does his
overuse of slow motion and underuse of
Noomi Rapace. Despite being set up as a
knife-wielding, if stereotypical, gypsy able
to give Holmes a run for his money, shes
all of sudden reduced to looking vaguely
shocked and following people about
while wearing jangly earrings.
However, credit where credits due:
Downey Jnr and Ritchies inherent sense
of fun is impossible to ignore. People are
thrown from trains, things explode,
Downey Jnr sports an impressive selection
of beards and Stephen Fry gets naked all
Ritchies Sherlock
is vapid fun, but
Cumberbatch fails
to save Wreckers
set to plinky-plonky-East-End-boozer
piano strains.
The nude scene is a little gratuitous
and the film often slides into the cartoon-
ish, skipping past scientific impossibility
for the sake of entertainment. But maybe
it doesnt matter if Watson suddenly
becomes adept at combat, or that
Moriartys solution to disguising terror-
ists from their relatives is utterly ludi-
crous: there is a convoluted evil
master-plan to be unravelled and a lot of
fun to be had doing it. Stevie Martin
SECRET CINEMA
Londons worst-kept secret is back as
of this week. As ever, the location
and movie to be screened are hush-
hush but there seems to be a military
theme. Limited tickets available.
FILM
WHATS ON THIS WEEKEND?
BY STEVE DINNEEN
Film
WRECKERS
Cert: 15
hhIII
THE SKY LODGE
This weekend is your last chance to
check out the Alpine themed pop-up
bar nestled under the shadow of the
Shard on Tooley Street. Email ahead
to make sure you get in.
BOOZE
MOJO AT THE BARBICAN
This family-oriented dance, music and
puppetry performance about the tri-
als and tribulations of growing up
starts tonight. Nostalgic adults will
be as pleased as their kids.
THEATRE
Robert Downey Jnr
puts his all into his
portrayal of Sherlock
Holmes
T
E
R
R
E
S
T
R
I
A
L
THE GRAHAMNORTON SHOW
BBC1, 10.35PM
The host welcomes Robert Downey Jr
and Jude Law, stars of new film
Sherlock Holmes: A Game of Shadows.
Rebecca Ferguson performs.
THE CULTURE SHOW
BBC2, 7PM
Andrew Graham-Dixon reflects on
this years cultural highlights,
including his visit to the Wakefield
Hepworth gallery.
BRITISH COMEDY AWARDS 2011
CHANNEL4, 9PM
Jonathan Ross hosts the ceremony
that celebrates the countrys greatest
comic talent, with a host of stars
dishing out the prestigious accolades.
BBC1
SKY SPORTS 1
7pmLive Darts 11.30pmSuper
Six Final Countdown 12amTake It
Like a Fan 12.30amPremier
League Preview1amFootball
League Weekend 2amEuropean
Cup Rugby Union 4.30amPremier
League Preview5.30amLive
Asian Tour Golf
SKY SPORTS 2
6.30pmTight Lines 7.30pmLive
European Cup Rugby Union 10pm
Take It Like a Fan 10.30pmSuper
Six Final Countdown 11pm
Football League Weekend 12am
NFL: Total Access 1amAsian Tour
Golf 2amGolf 3amLadies
European Tour Golf 4amTake It
Like a Fan 4.30amISAF World
Sailing Championship 5am-6am
Elite League Ice Hockey
SKY SPORTS 3
7pmAsian Tour Golf 8pmGolf
9pmLadies European Tour Golf
10pmWWE: Late Night
Smackdown 12amWWE: Late
Night Bottom Line 1amTest
Cricket 3amNFL: Total Access
4am-6amNFL
BRITISH EUROSPORT
7pmAlpine Skiing 8pmSkeleton
9pmLive Equestrian 10.15pm
Alpine Skiing 10.45pmSki
Jumping 11.15pmBiathlon
12.15am-12.30amGT Academy:
Road to Dubai
ESPN
7pmGoal! 7.30pmLive
Bundesliga 9.30pmPremier
League Preview10pmTotal
Italian Football 10.30pmESPN
Kicks: FA Cup 10.45pmESPN
Kicks: Extra 11pmSerie A Rivals
11.30pmESPN Press Pass 12am
UFC 3am-6amUEFA Europa
League Highlights
SKY LIVING
7pmCriminal Minds 8pmBones
9pmCriminal Minds 10pmJerry
Bruckheimers Chase 11pmBones
12amCriminal Minds 1amCSI
2.40amBones 3.30amCSI:
Miami 5.10am-6amJerry
Springer
BBC THREE
7pmTop Gear USA 7.45pmMerlin
8.30pmWorlds Craziest Fools
9pmHim & Her 9.30pmRussell
Howards Good News 10pm
EastEnders 10.30pmFamily Guy
11.15pmAmerican Dad! 12am
Mongrels 12.30amRussell
Howards Good News 1amHim &
Her 1.30amWorlds Craziest Fools
2amSkin Deep: The Business of
Beauty 2.30amHot Like Us
3.30amThe Worlds Strictest
Parents Changed My Life
4.30am-5amMongrels
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmDesperate
Scousewives 9pmWorlds
Greatest Body Shockers
11.05pmBritish Comedy Awards:
Live Lock In 12.10amThe Big
Bang Theory 1.05amScrubs 2am
How I Met Your Mother 2.20am
Goks Clothes Roadshow: Get the
Look for Less 3.15amGreek 4am
Rules of Engagement 4.20am
Wildfire 5.05am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
Pub Dig 10pmCash Cowboys
11pmHow Britain Was Built
12amPub Dig 1amCash Cowboys
2amHow Britain Was Built 3am
Heir Hunters 4amAmerica: The
Story of the US 5am-6am
Ancient Discoveries
DISCOVERY
8pmWheeler Dealers Revisited
9pmOne Man Army 10pmSpy
Factory 11pmStan Lees
Superhumans 12amBear Grylls
1amOne Man Army 2amSons of
Guns 3amDeadliest Catch
3.50amMutant Planet 4.40am
Moon Machines 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pm19 Kids and Counting 8pm
Supernanny 9pmHappily Ever
Laughter 10pmRaising 10 Kids:
The Hayes Way 11pmTrauma
Team12amHappily Ever Laughter
1amRaising 10 Kids: The Hayes
Way 2amTrauma Unit 3am
Supernanny 4amDeliver Me
5am-6amBringing Home Baby
SKY1
8pmFuturama 8.30pmThe
Simpsons 9pmAn Idiot Abroad
10pmA League of Their Own
11pmThe Cafe 11.30pmWall of
Fame 12amCop Squad 1am
Armed and Dangerous: Ultimate
Forces 1.50amNCIS: Los Angeles
2.40amMental 4.20amFat Pets,
Fat Owners 5.10am-6amBill
Baileys Birdwatching Bonanza
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show:
BBC News
8pmEastEnders
8.30pmThe Two Ronnies
Sketchbook
9pmHave I Got News for You
9.30pmLive at the Apollo
10pmBBC News
10.25pmRegional News
10.35pmCHOICE The Graham
Norton Show
11.20pmNational Lottery Draws
11.30pmFILMMillions 2004. 1am
Weatherview1.05amSign Zone:
Frys Planet Word 2.05am
MasterChef: The Professionals
3.05am-6amBBC News
6pmStrictly Come Dancing
It Takes Two
7pmCHOICE The Culture
Show
8pmMastermind
8.30pmMasterChef the
Professionals: Michels Classics
9pmStuffed: The Great British
Christmas Dinner
10pmQI
10.30pmNewsnight
11pmThe End of Year Review
Show: Weather
12.05amFILMWhere the
Truth Lies: Mystery. 2005.
1.45amThe Culture Show2.45am
BBC News 3.05am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmWild Britain with Ray
Mears
8.30pmCoronation Street
9pmThe Big Quiz Coronation
Street v Emmerdale
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMUnforgiven:
Western. 1992.
1amThe Zone; ITV News
Headlines 3amFILMColumbo:
Ashes to Ashes: Drama. 1998.
4.30am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmCome Dine with Me
9pmCHOICE British Comedy
Awards 2011
11.10pmChris Moyles Quiz
Night
11.55pmSean Lock: Lockipedia
Live
1amMusic on 4: The Crush 1.55am
Random Acts 2amComedy Lab:
The Warm-Up Guy 2.25amMy
Name Is Earl 3.10amHappy
Endings 3.35amSt Elsewhere
4.25amBrothers & Sisters
5.10am-5.55amCountdown
6pmHome and Away
6.25pmOK! TV
6.55pmCars Toons
7pm5 News at 7
7.30pmFifth Gear: 5 News
Update
8pmIce Road Truckers:
Deadliest Roads: 5 News at 9
9pmFILMSpeed 1994.
11.25pmComedy Kings: Best
of Just for Laughs
11.55pmInside Hollywood
12amSuperCasino
4.05amMotorsport Mundial
4.30amFifth Gear 4.55amCounty
Secrets 5.10amHouseBusters
5.35am-6amHouseBusters
1 2 3 4 5 6
7 8
9 10 11
12 13 14 15
16 17 18
19 20
3 18 16
45
20 11
24 22
8 21
30 18
38 16
6 21
10 8
45
10 23 6
17
27
11
19
29
11
16
14
29
9
35
34
6
28
17
15
7
35
10
15
22
13
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 How a result is
obtained or an end
achieved (5)
4 Intonate (5)
7 Series of pictures
representing a
continuous scene (7)
8 Enclosure for swine (3)
9 Discontinue (5)
11 In that place (5)
12 Common
crustaceans (5)
14 Footing (5)
16 Cereal grass (3)
17 Original disciple (7)
19 Eagles nest (5)
20 Select by a vote (5)
DOWN
1 Army doctor (5)
2 Bustle (3)
3 Frighten away (5)
4 Trade (5)
5 Localised sore (7)
6 Aromatic herb (5)
10 Item which enables
something to be used
in a way diferent
from that for which
it was intended (7)
12 Pungent spice, popular
in apple pies (5)
13 Relative magnitude (5)
14 Alcoholic drink (coll) (5)
15 Cleaned with a
broom (5)
18 Be equal, draw (3)
N
E
I
O
T S
M
G
H

4

4
4
C A N T S A F E T Y
A H O E R
L A C E A C T U A L
C M O P
I N T E R S P E R S E
U O K O N
M A R C H I O N E S S
B O O L
C O R N E T R I G A
V A N T V
B E H E A D H I V E
1 7 6 8 9 2 9
2 8 1 2 7 3 4 5
5 9 8 7 4 2 1
3 4 1 2 6 1 3 2
3 5 8 9 9 3
5 8 2 3 9 6 1 7 4
1 3 4 5 7 3
8 9 5 7 8 6 9 4
6 2 9 1 2 6 3
3 4 1 5 6 2 8 2
6 7 7 9 3 7 1
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
OBSTETRIC
Lifestyle | TV&Games
CITYA.M. 16 DECEMBER 2011 32
I
T has been a tough couple of
weeks for Manchester City after
being dumped out of the
Champions League by Napoli
and then tasting defeat for the first
time in the Premier League at
Stamford Bridge on Monday night.
They didnt perform badly in either
game, though, and Roberto Mancini
will be desperate for his men to pick
up three points against Arsenal on
Sunday.
City have won all seven home
league matches this campaign and
although they havent come up
against anyone as strong as Arsenal
at the Etihad yet, they should still
take all the beating at around 1.73
on Betdaq. The Gunners won here 3-
0 last season, but this is a much
stronger City side and the Chelsea
defeat should have galvanised the
league leaders. Arsenal have won
their past two league games, but
this will be a big test for Arsene
Wengers men. They have lost three
of their seven away games in the
league this season and I fancy it to
be four from eight after Sundays
game.
These two sides have been
involved in some of the most high
scoring games in recent Premier
League history. There have been four
or more goals scored in 11 of Citys
last 15 league contests and the same
is true in 12 of Arsenals last 19 away
matches. The Gunners have failed to
score in just two of those fixtures, so
buying goals at 3.2 with Sporting
Index looks the most sensible
option.
Andre Villas-Boas has answered
his critics in style over the past few
weeks and he will be hoping for a
fourth straight win across all com-
petitions at Wigan tomorrow
evening. The Latics have taken a soli-
tary point from their last five home
matches and their four defeats have
been by the HT/FT double result.
Chelsea have registered HT/FT victo-
ries in six of their last 10 visits to
bottom-six finishers and Blue
Square offer an attractive looking
evens for a repeat.
Manchester United registered a
much-needed victory against Wolves
last weekend and they travel down
to QPR for Sundays lunchtime kick-
off. There have been two or fewer
goals in five of Rangers seven home
games this season and the same is
true in Uniteds last five on the road.
The Red Devils have won their last
three away fixtures 1-0 and it would
be no surprise to see another repeat
of that scoreline which can be
backed at 6/1 with Ladbrokes. I
would also advise spread bettors to
sell goals at 2.8 with Sporting Index.
If youre heading out Christmas
shopping this weekend, make sure
you ditch the missus and drop into
one of the Samvo gaming cafes in
Hammersmith or Camden which
are being turned into Man Creches.
Sexy Santas will be handing out free
mince pies, yuletide logs and hot
chocolate, while punters will also
receive a 5 free bet on the weekend
football. What better way to avoid
traipsing around the shops?
City can bounce back
after their first defeat
C
HAMPION trainer Paul
Nicholls sends a powerful team
to Ascot tomorrow headed up
by Big Bucks who looks impos-
sible to oppose in the Lough Derg
Long Walk Hurdle (2.30pm). The
eight-year-old is looking for his 14th
consecutive win, but were not going
to get rich backing him at 1/4.
Nicholls also saddles the well-fan-
cied Prospect Wells in the Ladbroke
Hurdle, the main betting race of the
day, and the ex-French-trained six-
year-old is no bigger than 7/2. In fact,
I can see him being sent off nearer
2/1 come 3.35pm tomorrow, so if you
want to beat the price, back him
now.
He may have only ever run three
times over hurdles to date, but he
has created a really good impression
in recording two impressive victories
and only failing by a quarter length
to reel in Steps To Freedom at
Cheltenham last month. There is
every chance that he could make a
mockery of his mark of 142, but this
is a tough assignment for a horse
with relatively little experience and
Im prepared to let him go
unbacked.
Interestingly, the one that catches
my eye is the in-form Dr Richard
Newland-trained ACT OF KALANISI
at a massive 16/1 with Blue Square.
The formerly useful flat-campaigner
made an impressive hurdling debut
at Newbury last season and bounced
back from a couple of disappoint-
ments to end it with a decent win in
a competitive soft ground handicap
at this track.
He was well beaten on his seasonal
reappearance behind Celestial Halo
at Wincanton last month, but trav-
elled much better than the bare
result implies and I expect him to
strip much fitter tomorrow. The
ground looks ideal and with his sta-
ble in top form, it would be disap-
pointing if he didnt outrun his
odds.
Nicky Henderson grabbed the
headlines with a big race treble last
weekend and Ill also be having a few
quid on his GIBB RIVER at 8/1 with
Blue Square. He looked the winner
approaching the last in a warm look-
ing Sandown handicap last time on
very similar ground and will surely
strip fitter tomorrow. He has been
raised 5lb for that run which doesnt
look too harsh a penalty.
Over at Newcastle and its leg six
of the Blue Square Novices Hurdle
Series (2.05pm), the aim of which is
to identify jump racings most prom-
ising young stayers, culminating in a
20,000 final at Uttoxeter in
February. Donald McCain took leg
four at Sedgefield last month and he
can notch another win with the well-
regarded AVENGING ACE.
Looking at todays Ascot action
and Charlie Longsdons HAZY TOM
can land the Grade Two Novice
Hurdle at 1.55pm. The unbeaten five-
year-old impressively shrugged off
Irish raider Sea Of Thunder at
Wetherby last time and he had a bet-
ter race in the bag at Cheltenham
last weekend before crashing out at
the last. Hell surely have too much
class for Molotof whose presence
should guarantee us a better price.
I was really taken by KUMBESH-
WAR on his chasing debut at
Hereford a few weeks ago and fancy
him to turn over Chablais in the
2.30pm.
You can follow me on Twitter
@BillEsdaile for all my up-to-date
views.
POINTERS...
HAZY TOM 1.55pm Ascot (today)
KUMBESHWAR 2.30pm Ascot (today)
AVENGING ACE 2.05pm Newcastle (tomorrow)
GIBB RIVER e/w 3.35pm Ascot (tomorrow)
ACT OF KALANISI e/w 3.35pm Ascot (tomorrow)
Punter | Sport
SPORT TRADER BEN CLEMINSON AND BILL ESDAILE TEAM UP TO BRING
YOU THIS WEEKS BEST FOOTBALL AND RACING BETS
POINTERS...
Manchester City at 1.73 on Betdaq
Buy goals (City v Arsenal) at 3.2 with Sporting
Index
Chelsea HT/FT at evens with Blue Square
Manchester United 1-0 at 6/1 with Ladbrokes
Sell goals (QPR v United) at 2.8 with Sporting
Index
Act Of Kalanisi too big at 16/1 for the in-form Newland yard
Sport
34
ARSENAL and Chelsea will be eager to
avoid AC Milan when the draw for the
Champions League last 16 is made
this morning.
The Italian giants, crowned kings
of Europe seven times, appear the
biggest threat among the seven teams
apiece the English clubs could meet.
Napoli and Basel, who eliminated
Manchester City and Manchester
United respectively, are also potential
opponents for the Gunners and the
Blues.
City and United, having failed to
progress from the group stage, join
the Europa League and will be inter-
ested observers when the last 32 draw
is made, also today.
Possible adversaries include Ajax,
Porto, Lazio, Lokomotiv Moscow,
Trabzonspor and Wisla Krakow, who
edged Fulham out at the group stage.
City face having to play their sec-
ond leg on a Tuesday afternoon.
English clubs prepare for Euro draws
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CHELSEA captain John Terry and
Liverpool striker Luis Suarez are today
expected to learn whether they face
action over separate instances of
alleged racist behaviour.
Terry is under investigation from
the police following accusations he
abused QPR defender Anton
Ferdinand during Octobers defeat at
Loftus Road a claim he strenuously
denies.
The England skipper is sweating on
the decision of the Crown Prosecution
Service, who have been mulling over a
file they received from the police a
fortnight ago.
Videos of Terry appearing to mouth
an obscenity at Ferdinand surfaced on
the internet just hours after Chelsea
slipped to a costly 1-0 loss.
And in a new, potentially damaging
development, the CPS is understood
to have received fresh TV footage of
the incident earlier this week.
Should the 31-year-old face a crimi-
nal charge, the Football Association
would be under pressure to follow
suit. The governing body is waiting
until the police probe has been con-
cluded before making a move.
Meanwhile, a secretive inquiry
began on Wednesday after the FA
charged Suarez, who has pleaded not
guilty, with insulting Manchester
Uniteds Patrice Evra, and referring to
his ethnic origin and/or colour
and/or race during Octobers 1-1 draw
at Anfield.
Protesting his innocence, Suarez,
who was accused of using a racist
insult at least 10 times by Evra, said
last month: I called him something
his team-mates at Manchester call
him, and even they were surprised by
his reaction.
Terry and
Suarez wait
on verdicts
BY JAMES GOLDMAN
FOOTBALL
BY FRANK DALLERES
FOOTBALL
Terry denies racially abusing QPR defend-

er Ferdinand Picture: ACTION IMAGES
Arsenal
Napoli
CSKA Moscow
Basel
Lyon
Bayer Leverkusen
Zenit St Petersburg
AC Milan
Chelsea
Napoli
CSKA Moscow
Basel
Lyon
Marseille
Zenit St Petersburg
AC Milan
LAST 16 | POSSIBLE OPPONENTS
Draw takes place this morning at 11am
REDKNAPP
STORM
TOTTENHAM manager Harry Redknapp
could find himself in hot water with Uefa
after he appeared to aim a clenched-fist ges-
ture at Shamrock Rovers supporters during
last nights 4-0 win in Dublin which failed to
prolong his sides Europa League campaign.
Goals from Steven Pienaar, Andros
Townsend, Jermain Defoe and Harry Kane
ensured a comfortable evening for Spurs on
the pitch, but the 1-1 draw Russian outfit
Rubin Kazan claimed away against PAOK
Salonika saw them qualify at the expense of
the Premier League side.
Off the field, however, Redknapp
endured a testing evening and was con-
stantly barracked by the home support. The
64-year-old appeared to lose his temper with
20 minutes remaining and aimed a gesture
at fans seated behind the visiting dugout.
When asked if he had made an obscene
gesture towards the Rovers fans, Redknapp
said: Not really. Did I make an obscene ges-
ture? No, I didnt make one. No.
I have spent enough time in Ireland to
know what lovely people they are. If you go
and meet them afterwards they are proba-
bly lovely people. But they get together and
shout a load of nonsense and that is foot-
ball. Thats life. I dont hold any grudges.
Spurs made nine changes to the side
which slumped to a first defeat in 12 league
games at Stoke on Sunday and initially
struggled to find the fluency that has char-
acterised their recent impressive form.
Indeed, it took until the 29th minute for
the Premier League aristocrats to break the
deadlock. Pienaar was afforded too much
space on the edge of the area and the South
Africa international located the far corner
with the aid of a slight deflection.
Townsend doubled the lead 10 minutes
later when he curled an inch-perfect first-
time effort inside Paul Brushs left-hand
post and a rout looked like it was on the
cards when Defoe, via another helpful
deflection, prodded beyond Brush from six
yards in first-half injury-time.
But with news filtering through of Rubin
Kazans equaliser in Greece, Spurs notice-
ably eased up in the second half and could
easily have been reduced to 10 men when
Karl Sheppard was prevented from running
through on goal by Jake Livermores agricul-
tural challenge.
Spurs had to wait until the last minute to
add to their tally when substitute Kane
spun his marker and swept home his first
goal for the club.
It was disappointing. I want to win every
game. We havent not gone through for lack
of trying, added Redknapp. If I had played
players like Scott Parker we might have
sneaked through, but we might not have
won 10 out of 11 league games though.
BY JAMES GOLDMAN
FOOTBALL
0
4
SHAMROCK ROVERS
TOTTENHAM
Spurs manager could face Uefa sanction over hand
gesture after watching his side crash out of Europa
League despite thumping win over Irish minnows
35
Visit www.welbeckgroup.co.uk
Email: marketing@welbeckgroup.com
Speak to one of our expert advisers
call us on 0207 7762135
Bespoke Financial Advice
T
OMORROW we are privileged to face
Scottish opposition in the final round
of the British and Irish Cup pool
matches.
Melrose are the visitors to the Richmond
Athletic Ground (kick-off 3pm), and after a
victory over Ayr during our pre-season cam-
paign, it is great to be able to test ourselves
against another top Scottish club.
Melrose are currently flying high in the
Scottish Premiership, and we anticipate
another test from this famous old club
tomorrow afternoon.
To date, London Scottish have used the
British and Irish Cup as a development tool
for our fringe 1st XV players.
However, I am well aware that there will
be great interest in the result from people
on both sides of the border for a number of
different reasons.
For us, this game is a part of our contin-
ued development as a club, having made the
step up this season to the Championship,
and we will aim to showcase the ability of
our squad. We have a number of first XV
players returning from long-term injury,
and several will certainly be involved as the
final step of their rehabilitation.
INNATE DETERMINATION
I also read with interest this week about
Jonny Wilkinsons retirement from
International rugby.
I grew up with Jonny, and he was in the
same age-group as me throughout our jun-
ior rugby development.
Much has been written about his dedica-
tion and professionalism, and I would like to
echo those sentiments.
Even at a young age, Jonny was the most
dedicated person I have ever seen. As a 14-
year-old, he was spending two or three hours
a day on kicking practice including
Christmas Day.
It was his desire for perfection and atten-
tion to detail that marked him out as a titan
of the game.
Every single day he would work on every
part of his technique, and this desire to suc-
ceed was obviously something he was born
with: an innate determination to squeeze
every single drop of talent and ability from
his potential.
He was the fittest member of the England
squad, and in my opinion, the epitome of
the modern professional rugby player.
Simon Amor is Head Coach at London Scottish.
They take on Melrose tomorrow at 3pm in the
British and Irish Cup. Tickets are available from
www.londonscottish.com
RUGBY UNION COMMENT
SIMON AMOR
MATCH ANALYSIS
GAME STATS
SHAMROCK 0-4 SPURS
4 ATTEMPTS ON TARGET 14
5 ATTEMPTS OFF TARGET 9
2 CORNERS 10
50% POSSESSION 50%
1 YELLOW CARDS 2
0 RED CARDS 0
5 OFFSIDES 1
KEY MOMENT
Spurs always looked likely to fulfil their
part of the qualification bargain by
recording a convincing victory, but unfor-
tunately for them their fate was always
destined to be dictated by events some
1,500 miles away in Salonika. A goal
behind and down to 10 men, Rubin Kazan
appeared to be on the brink, but Nelson
Valdezs 48th minute leveller rendered
Tottenhams efforts in Dublin irrelevant.
BY JAMES GOLDMAN
TALKING POINT
In a roundabout sort of way Harry
Redknapp got what he wanted last night
a convincing win achieved without having
to field the likes of first team regulars
Luka Modric and Gareth Bale, while the
embarrassment that accompanies an early
European exit is likely to subside once the
competition starts up again in February. A
Thursday-Sunday playing schedule is a
scenario both Manchester clubs will now
have to contend with, while Spurs, as the
old saying goes, are now free to concen-
trate on the league.
SPORT | IN BRIEF
Villa faces lengthy injury lay-off
FOOTBALL: Barcelonas Spanish striker
David Villa faces a race to be fit in time for
next summers European Championships
after he suffered a fracture to the tibia in
his left leg yesterday. Villa, who is set to
spend up to five months on the sidelines,
suffered the injury in Barcas 4-0 Club
World Cup semi-final victory over Al-Sadd.
Westwood shoots career best 60
GOLF: Englands Lee Westwood shot a
magnificent career best 12-under-par 60 to
lead the Thailand Golf Championship yes-
terday. Westwood holds a five-shot lead
over American John Daly.
London beefs up security for 2012
OLYMPICS: London will be protected by
13,500 military personnel during next
years Games twice as many as had been
predicted. Defence Secretary Philip
Hammond said security would remain
police-led but the Armed Forces would
make a significant contribution.
Results
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email sport@cityam.com
DOUBLE Olympic champion Daley
Thompson has tipped world-beating
distance runner Mo Farah to sweep
the board next year.
Farah, who won 5,000m gold and
10,000m silver at this years World
Championships, is one of six Britons
shortlisted for the 2012 Laureus
Sports Awards, which will be held in
London on 6 February.
And decathlon great Thompson is
tipping the 28-year-old to win the
headline Sportsman of the Year gong
at the 2013 awards if he realises his
hopes of winning both events at the
London 2012 Olympic Games.
If Mo Farah does the double I reck-
on hell win it, Thompson said. I
dont reckon hell have a problem. He
was fantastic [this year] and is really
likeable.
For the upcoming awards
Farah is nominated in the
Breakthrough of the Year cat-
egory, where he faces com-
petition from Northern
Irish golfer Rory McIlroy
and Wimbledon womens
champion Petra Kvitova.
Other home stars in con-
tention include McIlroys com-
patriot and rival Darren Clarke, for
Comeback of the Year and Englands
cricketers, in the Team of the Year cat-
egory.
The nomadic awards ceremony
arrives in London ahead of a land-
mark sporting year for the capital,
and Thompson, one of the select
Laureus Academy members who will
decide on the winners, said the city
was a natural choice.
Next year the most important
place for sport is London, so this
should be here really, he added.
Everybody in the organisation
thought it was a brilliant idea, and
its confirmation that this is the cen-
tre of the sporting universe for the
next year.
Farah can go distance
in 2012, insists Daley
BY FRANK DALLERES
SPORT
Thompson (left) is a fan of Farah (main) Picture: ACTION IMAGES

World Sportsman of the Year
Usain Bolt; Novak Djokovic; Cadel Evans;
Lionel Messi; Dirk Nowitzki; Sebastian Vettel
World Sportswoman of the Year
Vivian Cheruiyot; Maria Hofl-Riesch;
Carmelita Jeter; Petra Kvitova; Homare
Sawa; Yani Tseng
World Breakthrough of the Year
Yohan Blake; Mo Farah; Petra Kvitova;
Rory McIlroy; Li Na; Oscar Pistorius
World Team of the Year
All Blacks; FC Barcelona; Dallas
Mavericks; England Cricket Team; Japan
Womens Football Team; Red Bull
World Comeback of the Year
Eric Abidal; Darren Clarke; Crusaders;
Sergio Garcia; Liu Xiang; Queensland Reds
Sportsperson of Year with a Disability
Daniel Dias; Terezinha Guilhermina;
Oscar Pistorius; Esther Vergeer; David
Weir; Irek Zaripov
World Action Sportsperson of the Year
Jamie Bestwick; Philip Koster; Carissa
Moore; Travis Rice; Kelly Slater; Shaun White
NOMINEES | LAUREUS WORLD SPORTS AWARDS 2012
PAOK FC 6 3 3 0 10 6 12
Rubin Kazan 6 3 2 1 11 5 11
Tottenham 6 3 1 2 9 4 10
Shamrock 6 0 0 6 4 19 0
GROUP A
TEAM PLD W D L F A PTS
Perfectionist Jonny has been model pro
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