Cityam 2012-02-08

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Date: 16 February 2012
Time: 18.15 21.00
FTSE 100 5,890.26 -1.94 DOW 12,878.28 +33.15 NASDAQ 2,904.08 +2.09 /$ 1.59 +0.01 / 1.20 -0.01 /$ 1.32 +0.01
Shambles
as Greece
stalls again
GREEK politicians exasperated
observers and stakeholders last night
with yet another delay to crunch
talks over a bailout package needed
to avoid a default next month.
A party official blamed this latest
missed deadline on a late arrival of
the bailout document: Political lead-
ers will not have the time [yesterday
night] to assess the measures.
Yet there are fears of lingering dis-
agreements over necessary austerity
measures, after conservative leader
Antonis Samaras voiced opposition to
planned cuts to pensions.
The euro lost some of its gains
against the dollar after news of the
delay broke. Analyst Louise Cooper
from BGC Partners said that markets
are not pricing in the real severity of
the ongoing debt crisis.
This [delay in the talks] doesnt
surprise me at all, Cooper said.
Eurozone politicians seems to be
getting as frustrated as we all are
with the Greek political class.
Talks are expected to resume this
morning with Prime Minister Lucas
Papademos remaining hopeful of
finalising a deal to present to
Eurozone ministers by tonight.
Yet even if a resolution is found,
analysts remain sceptical that the
deal can last. They come up with
grandiose announcements, but when
you look at the detail you think oh
theres not much there, Cooper
said.
And Capital Economics added in a
note: Even if a second Greek bailout
deal is soon agreed and implement-
ed, it may start to unravel before too
long, prompting a second more disor-
derly default. In such a scenario, we
think that Greece may end up leav-
ing the Eurozone too.
EUROZONE: P15, THE FORUM: P22
BY JULIAN HARRIS
EUROZONE
Mick Davis (left) is set to become chief executive while Ivan Glasenberg (right) will be his deputy
GLENCORE could be forced to boost its
offer for Xstrata after two of the
miners top shareholders said they
would refuse to vote in favour of the
56bn merger.
The two commodities giants
unveiled a deal yesterday that would
see Glencore shareholders pay an effec-
tive premium of 15.2 per cent on
Xstratas pre-deal share price to bring
off the merger, with the resulting enti-
ty renamed Glencore Xstrata
International.
The deal values Xstrata at 39bn, sig-
nificantly below the 45bn bid from
Vale that it rejected in 2008.
Xstrata investors say Glencores offer
is not nearly enough. Schroders
Richard Buxton and Standard Lifes
Peter Cummings, whose funds togeth-
er control 3.6 per cent of the stock,
both said yesterday that they would
vote against the deal, which requires
75 per cent support to get through.
Because Glencore owns 34 per cent
of Xstrata and is excluded from voting,
just 16.5 per cent of shareholder votes
could block the merger.
The threat could prompt Glencore
to revise its bid upwards slightly. One
source close to the deal said that it is
essentially being negotiated between
the two companies chief executives.
The source said: If these guys think
they need to tweak the deal to get it
over the line, theyll tweak it but
there is a line.
But one adviser on the deal said:
Maybe Xstrata should be paying a pre-
BY JULIET SAMUEL
M&A
UBS ROGUE TRADING SCANDAL WAS

A BLESSING IN DISGUISE
BUSINESS WITH PERSONALITY
mium for Glencore. Theres no guaran-
tee the deal will go through.
In addition to arguing over price,
investors are also sceptical that the
firms boards have their interests in
mind.
Buxton said yesterday: This is a fab-
ulous deal for Glencore, its probably a
great deal for the Xstrata manage-
ment, but its a poor deal for Xstratas
majority shareholders.
He added that he would need to see
the premium increased materially
to change his mind.
Xstratas chief executive Mick Davis
and chief financial officer Trevor Reid
have bagged both of the top manage-
ment jobs in the merged entity while
their chairman Sir John Bond will lead
the board.
Their counterparts at Glencore are
to take deputy roles, but two sources
close to the company told City A.M. this
week that Davis will be allowed to
reign over the merged company only
temporarily until his deputy Ivan
Glasenberg takes over.
If the deal does go ahead, it will be
the largest M&A transaction since the
US government nationalised AIG for
$59bn in 2010 and will be the largest
mining merger ever, according to
Dealogic. But aside from the price and
management issues, the deal is also
likely to face a challenge from EU com-
petition regulators. MORE: P8-9
Certified Distribution
28/11/11 till 01/01/12 is 92,879
BarCap is late entry
onto the adviser list
Barclays investment bank BarCap
has been brought in as an adviser to
Xstrata, writes David Hellier. Its
appointment came late on Monday
night, too late for the bank to be
named in the official announcement
yesterday. Its inclusion will help
BarCap maintain its climb up the
investment banking tables and
comes after the banks US arm
made it onto the roster for the
Facebook IPO.
BOTTOM LINE P4
www.cityam.com Issue 1,566 Wednesday 8 February 2012 FREE
GLENCORE FACES
SWEETENERCALL
Xstrata investors threaten to scupper 56bn merger
News
2 CITYA.M. 8 FEBRUARY 2012
No quick fix to
US jobs crisis
UNEMPLOYMENT in the US remains
elevated and is some way from a signif-
icant improvement, the head of the
Federal Reserve said yesterday.
Despite positive recent jobs data,
Ben Bernanke warned: Given the
anticipated modest pace of economic
recovery, the committee expects that
over coming quarters the unemploy-
ment rate will decline only gradually.
The official unemployment rate will
remain above eight per cent towards
the end of the year, according to pro-
jections cited by the Fed chairman.
Bernanke added that many more
jobless Americans have given up on
finding work, and are not even includ-
ed in the figures. The level of structur-
al unemployment is likely to have
edged upwards, he said.
The Fed chief showed no sign of
backing down from the ultra accom-
modative policies pledged by the cen-
tral bank.
Bernanke also advised Congress to
extend the tax breaks originally
brought in by former President George
W. Bush, which are due to expire at
the end of the year.
Yet separate data released yesterday
appeared to show some upturn for the
US economy. Consumer credit expand-
ed much more than expected in
December, growing by $19.3bn
(12bn).
BY JULIAN HARRIS
US ECONOMY
BOMBARDIER JOBS BELIEVED SAFE

Workers at the UKs last train maker
are expected to hear this week that
their jobs are safe, ending months of
uncertainty about the future of the
factory in Derby. Its owner,
Bombardier, put the future of the site
under review in the middle of last
year, after the government awarded a
1.6bn order for trains for the cross-
London Thameslink route to
Siemens, a German rival.
COUNCILS THREATEN JUDICIAL
REVIEW OF HS2
A group of 18 local authorities
opposed to a 32.7bn high speed rail
link between London and the north
have threatened the government with
a judicial review unless it withdraws
approval for the scheme. A letter from
the group to Justine Greening, trans-
port secretary, cites five grounds on
which it believes errors were made in
reaching a decision it calls unlawful.
UNDERUSED AIRPORTS MAKE CASE
FOR REGIONS
Justine Greening faces growing calls
to support the development of region-
al airports rather than commit
resources to building a hub in the
Thames estuary, a scheme seen by
many outside the south-east as a cost-
ly white elephant. The transport secre-
tary this week met Birmingham
airport officials who asked that she
use a report next month on aviation
policy formally to recognise the role
regional facilities can play in easing
crowding in the south east.
ANC REPORT REJECTS STATE-OWNED
MINES
South Africas mining industry
appears to have fended off calls for
nationalisation as a report commis-
sioned by the ruling African National
Congress party proposed higher taxes
for the sector but said state owner-
ship was not feasible.
CAMERON BACKS NHS REFORMS
David Cameron will set himself
against most of the medical profes-
sion today as he vows to push
through the governments controver-
sial health reforms against mounting
public and professional hostility. The
Prime Minister will defy critics by
insisting that the reforms are neces-
sary and throwing his weight behind
Andrew Lansley, his embattled health
secretary.
LITTLE CHEF OWNERS PRE-PACK PLAN
The private equity owner of Little
Chef is putting the chain through a
pre-pack administration to offload a
number of toxic leases. RCapital, the
turnaround specialist that rescued
the chain five years ago, said yester-
day that its hand had been forced
after landlords refused to renegotiate
rents. Last month, RCapital
announced plans to close 66 outlets.
PRESSURE ON NEWS CORP MOUNTS AS
FBI STEPS UP BRIBERY PROBE
News Corporation is under intensify-
ing pressure in the US after authori-
ties stepped up their investigations
into allegations of criminal activity, it
has been reported by Reuters. The
News of the World allegedly made
payments to police officers, totalling
more than 100,000. News Corp is
cooperating with the investigations
but declined to comment.
RUSSIA CLAIMS ASSAD PROMISED
CESSATION OF VIOLENCE IN SYRIA
Russias foreign minister claimed to
have won a promise of a cessation of
violence yesterday after meeting
President Bashar al-Assad in Syria. But
Sergei Lavrovs words were immedi-
ately undermined by the Syrian interi-
or ministry, which pledged to press on
with the offensive against armed ter-
rorist gangs in the city of Homs.
TIMES MISLED COURT ON EMAIL
INCIDENT
The editor of The Times has acknowl-
edged that the newspaper misled a
High Court judge about a 2009 email
hacking incident at the paper and has
sent an apology to the judge. James
Harding told a public inquiry probing
press standards that the newspaper
regrettably paid insufficient atten-
tion to a 2009 episode in which a
reporter hacked into the email
account of an anonymous blogger
who wrote about police activities.
GM SEEKS CUTS AT OPEL
General Motors is preparing to dis-
close horrendous fourth quarter
losses out of its European Opel /
Vauxhall unit and is demanding deep
cuts from labor unions there, a GM
official said. The official said the auto
makers patience with the money-los-
ing operation is running out.
WHAT THE OTHER PAPERS SAY THIS MORNING
UK cant count on others messing up
THERE are two ways a country can do
well. The first is to introduce domestic
policies that boost work, investment
and innovation, and trigger an entre-
preneurial revolution and job-creation.
Regrettably, while the coalition has
introduced a few pro-market policies
such as cutting corporation tax and
tweaking some regulations on bal-
ance it has made the UK a less compet-
itive country, with taxes up and a tidal
wave of regulation nodded through or
actively encouraged.
Radical changes to the City were
urgently required but many of the
reforms agreed will be counter-pro-
ductive, do nothing to prevent another
crisis and damage a sector responsible
for hundreds of thousands of jobs and
tens of billions in tax revenues. The
growing anti-business culture has also
become debilitating. It is lucky for the
UK, therefore, that there is another
way a country can prosper if its com-
petitors pursue even worse policies.
The bad news is that the only major
economy that is planning to shoot
itself in the foot is France, though of
course others may join in.
Nicolas Sarkozy is planning to chase
away what is left of his wholesale
banking and fund management indus-
try and hit investors and firms by
introducing a Tobin tax on some finan-
cial transactions. The tax wont be
comprehensive but the historical
precedent is grim: Sweden unilaterally
introduced a Tobin tax in the 1980s
and almost its entire bond and deriva-
tives market moved to London, forcing
it to ditch the tax.
But Sarkos stupidity pales in com-
parison to the utter madness that lies
in wait for France after the presiden-
tial elections, which increasingly look
as if they will see the socialist candi-
date Francois Hollande triumph. He
really, really hates finance, capitalism
and business; he makes Ed Miliband
sound like a moderate, pro-business
candidate. Hollande is the sort of 1970-
style leftist who hates dividends
(because he thinks they reduce invest-
ment; presumably investors should
provide their capital for free) and
believes companies should never sack
anybody (though resisting technologi-
cal change and going bust is hardly
good for jobs and productivity).
It wont be as bad as when Francois
Mitterrand was elected in 1981 and
governed in coalition with the com-
munists (the real deal in those days),
nationalised banks and a large chunk
of industry, almost bankrupted the
country and was forced into a humili-
ating U-turn two years later. But it will
still damage the economy and is
bound to trigger another exodus of
capital and talent from France, a trend
that has been ongoing for decades and
helps to explain why so many City pro-
fessionals are French (and why
Sarkozy, who hates the fact that
Frances best and brightest have emi-
grated, loathes the City so much). This
is both good and bad news for Britain:
good because we will get people and
capital; bad because it will reduce the
pressure on the coalition to improve
the UKs business climate.
Frances elections are also likely to
trigger a complete upheaval of EU pol-
itics: Hollande hates austerity, which
will put him on a collision course with
Germany, the IMF and reality. That
could force a seismic shift in the com-
position of the EU, and even change
the UKs relationship with it.
The problem for Britain is that we
cant count on everybody else messing
up; we need to get our own act togeth-
er. On that front, unfortunately, it is
hard to be optimistic.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
BEIJING office rents have soared over
75 per cent over the past year , making
Chinas capital more expensive to
locate an office than New Yorks
Midtown district, new research
shows.
Cushman & Wakefield, a property
consultant, said Beijing experienced
the steepest increase and now ranks
as the fifth most expensive office
market in the world with occupancy
costs averaging $130 per sq ft in 2012.
Asia Pacific is experiencing a boom
in office rents fuelled by rising
demand and increasingly limited
supply, and recorded the highest
rental growth globally.
Hong Kong remains the worlds
most expensive office market for the
second year running, followed closely
by Londons West End, Tokyo and
Moscow. Russias capital city enjoyed
the steepest increase in rents of all
European markets in 2011 up 41 per
cent.
BY KASMIRA JEFFORD
PROPERTY
Beijing rents outstrip NY

ILLUMINA has rejected as inadequate a
$5.7bn (3.6bn) hostile takeover bid
from Roche, saying it undervalued the
gene sequencing company.
Illumina, which said Roches hos-
tile bid failed to properly value its
existing and coming products, recom-
mended that stockholders not tender
any of their shares to Roche.
Last month, Roche launched a
$44.50 a share hostile takeover bid for
Illumina. A deal would give Roche a
leading position in the market for
gene sequencing.
Roche, which initially offered $40 a
share, was not available to comment
but has previously said its $44.50 a
share offer is full and fair.
Separately, Illumina posted better-
than-expected fourth quarter earn-
ings of $43.5m, or $0.35 per share.
Roche knocked
back again in its
bid for Illumina
The cost of renting an office in Beijing is now more expensive than some parts of New York
M&A
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
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Federal Reserve chief
Ben Bernanke stayed
downbeat over the US
unemployment rate, in
Washington yesterday
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7248 2711
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
Commercial
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Head of Distribution Nick Owen
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RBS chief Stephen Hester has taken the
unusual step of emailing every staff
member at the bank to rally morale
after its recent political battering.
His email reveals that the total cost
of restructuring the bank so far has
been 38bn from write-downs and
restructuring charges, which he says
are ahead of schedule and a meas-
ure of our recovery success in over-
hauling the failed behemoth.
The losses have been offset by 33bn
in earnings, he assures staff, which has
allowed us to afford to take the costs
of clean up from our risky inheri-
tance.
He hints that if the bank had not
generated such profits, it would have
been unable to crystallise losses on its
bad assets, leaving them all still on bal-
ance sheet.
But the note also voices Hesters con-
cern that the toxic political environ-
ment could hinder the banks
progress.
There is no doubt that our position
in the spotlight makes the job harder.
And we cant know how much damage
that will do to RBS or the interests of
those we serve, whether as customers
or shareholders, Hester writes.
We should try to be strong, to do
our jobs, to deal with facts not fears,
he says.
Hester: RBS
overhaul has
cost 38bn
BHP Billiton last night warned the
Eurozone debt crisis could hamper its
growth as it reported its first half-year
profit drop in two years.
The worlds largest miner also said
longer-term demand from China
would slow as it posted a seven per
cent fall in attributable profit before
exceptionals to $9.94bn (6.25bn) for
the six months to 31 December.
It said a disorderly unwinding of
European government debt is a key
risk and that prices had fallen as con-
cerns about the continent hit demand.
We expect volatility in commodity
markets to persist as the European sov-
ereign debt crisis and general weak-
ness in the manufacturing and
construction sectors across key mar-
kets are expected to weigh on cus-
tomer behaviour and sentiment.
The mining juggernaut benefitted,
however, from stronger growth in the
US and a rebound in Japanese busi-
ness.
The Anglo-Australian giant is stick-
ing to its plan to splash $27bn on proj-
ects, as part of an $80bn spending plan
over the five years to 2015, counting on
the expansions to drive growth.
Iron ore made up half of the groups
earnings, with underlying profit from
the core ingredient in steel rising 36
per cent to $7.9bn.
Eurozone fears
for BHP Billiton
as profits drop
BY JULIET SAMUEL
BANKING
News
SANTANDER said it would put aside a
further 2.3bn (1.92bn) to meet new
Spanish government rules on bad
property assets.
The Eurozones largest bank by mar-
ket cap said it needed a total of 6.1bn
of provisions. It has already booked
some 1.8bn against 2011 results and
2bn was already covered in an exist-
ing buffer. It said an additional 900m
would come from capital gains on its
sale of Banco Santander Colombia.
Meanwhile, Santander UK said it
had beaten its lending targets agreed
under Project Merlin.
The bank, which is run by Ana
Botin, lent 8.7bn to businesses in
2011, compared to a commitment of
6.7bn. It said 4.3bn of the cash went
to small and medium sized businesses.
The targets are agreed with the
Treasury but use different lending def-
initions from the Bank of England.
Santanders 6.1bn bill
to cover property fears
Ana Botin beat UK lending targets despite group fears over property Pic: REUTERS
BY PETER EDWARDS
BANKING
Extracts from Hesters letter to staff

Dear Colleagues,
the purpose of this message is simply to give
you my perspective, and it is this:
RBS is full of good people, doing their best
across a multiple set of challenges
RBS is still in its loss making phase over the
last 3 years we have generated over 33bn of
pre-impairment profits from improving our
Core businesses... This has allowed us to afford
to take the costs of clean up from our risky
inheritance, in loan losses, disposal costs and
restructuring charges (38bn so far)
On a personal note, thank you to those many
people who have given me messages of support
in recent days.
It's much appreciated.
Best,
BY PETER EDWARDS
MINING
UBS slashed its bonus pool by 40 per

cent at its investment bank last year in
an attempt to make up some of the
SFr1.8bn (1.24bn) in losses incurred
by an alleged rogue trader in quarter
three.
The bank revealed that pre-tax prof-
its for the year dropped by SFr1.9bn to
SFr5.5bn. The unauthorised trading
incident cost the bank just over
SFr1.8bn.
But even excluding the impact of
the incident, UBSs investment bank
has seen profits shrink.
While UBSs wealth management
divisions boosted earnings, its invest-
ment bank was hit by diminishing rev-
enues in what it called a lackluster
[fourth] quarter.
It made a pre-tax loss of SFr256m, or
SFr186m once gains from its own cred-
it and the trading incident are
stripped out. That is a dramatic
change in fortunes for a division that
generated SFr608m in profits during
the same period of 2010.
Its flow business in equities and
fixed income, currencies and com-
modities took a knock, with quarterly
revenues dropping 19 per cent to
SFr1.5bn, but fared better than its advi-
sory and capital markets business,
where revenues melted away from
SFr910 in 2010 to SFr280.
The bank repeated its plan to scale
down the investment bank to be sim-
pler, more focused and less capital-
intensive under its new chief
executive Sergio Ermotti.
In essence, the division will act as a
services centre for UBSs wealth man-
agement clients. Its wealth manage-
ment divisions saw a combined 18 per
cent rise in their full-year pre-tax prof-
its to SFr2.8bn.
While the bonus pool was cut by 40
per cent to SFr2.6bn for the year, aver-
age salaries fell by only 10.7 per cent.
UBS slashes
its bonuses to
recoup losses
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District
Park
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Beckton
Park
Royal Victoria
Gardens
Lyle Park
Greenwich
Peninsula
Ecology Park
Gallions
Hill
North
Greenwich
London
City Airport
King George V
Woolwich
Arsenal
Plumstead
Canning Town
Royal Albert
West
Silvertown
Pontoon Dock
Custom House
for ExCeL London
Prince
Regent
Royal
Victoria
East India
ckwall Gallions
Reach
Beckton
Beckton
Park
Cyprus
Woolwich
Dockyard
Charlton
River Thames
Royal Albert Dock
King George V Dock
Royal Victoria Dock
Woolwich Arsenal
Pier
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BY JULIET SAMUEL
BANKING
News
Rogue trading scandal was a blessing in disguise
THE ROGUE trading scandal that hit
UBS in September was a blessing in
disguise. The disaster sounded the
death knell for the groups invest-
ment bank, at least as we currently
know it, which has dragged on prof-
itability for far too long. The division
has lost around SFr3.5bn (now
$2.4bn) since the start of 2009.
We had a lot of time for former
UBS chief executive Oswald Grbel,
who came out of retirement to try to
rescue the bank in the aftermath of
the financial crisis. It was sad he
became the fall guy for the unautho-
rised trading incident but it was
also fundamentally necessary. He
was a trader at heart and the group
would never have turned its back on
investment banking as long as he
was at the helm.
Now new boss Sergio Ermotti is
cutting large swathes of the division
loose, and he is right to do so. From
now on, the investment bank will
focus on providing the kinds of serv-
ices required by its institutional and
wealthy clients. It will be less capital-
intensive (which is good news consid-
ering draconian Swiss regulations)
and more focused on equities, for-
eign exchange and advisory work.
The main worry following the
rogue trading incident was that its
high-net-worth wealth management
clients would flee UBS in their
droves. Thankfully that has not hap-
pened. In the last three months of
the year, its wealth management
arm pulled in net new money
totalling SFr3.1bn, capping off six
straight quarters of positive net
inflows (see chart).
Unlike politicians and regula-
tors, we are not claiming invest-
ment banking is inherently risky or
morally wrong, just that UBS is not
very good at making money from
it. The bank only woke up to that
fact because of the rogue trading
scandal. david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
CEO Sergio Ermotti is delivering changes
G
E
T
T
Y
ANALYSIS l Net New Money Wealth Management*
SwFrBn
* Exc Americas
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
20
10
-10
-20
-30
-40
0
Source: Company
ANALYSIS l UBS AG
CHF
1 Feb 2Feb 3Feb 6Feb 7Feb
13.40
13.20
13.00
12.80
12.60
13.02
7 Feb
SEB pays lower dividend
after profits dip sharply
SWEDISH bank SEB posted fourth-
quarter operating profits of 3.2bn
crowns (302m), down 28 per cent
from 4.4bn crowns a year ago.
As a result the bank is to pay a
lower-than-expected dividend for
2011, taking a cautious stance on pay-
outs as the industry hoards capital in
the face of tough new regulations.
Sweden aims to toughen capital
rules faster than elsewhere in Europe,
even though its lenders are already
among the most well-capitalised in
the region.
It is a challenge to, on top of
European regulation, adapt to an
even stricter Swedish regulatory
framework with earlier implementa-
tion than for our European peers,
SEB chief executive Annika
Falkengren said.
Keeping an eye on capital, SEB set a
1.75 crown per share dividend, short
of a 2.00 crown analyst forecast. The
payout corresponds to 35 per cent of
earnings per share, also lower than its
policy to pay out around 40 per cent
over a business cycle.
BANKING
BP yesterday tried to draw a line under

the Gulf spill crisis as it hiked its divi-
dend and reported a surge in profits.
The company said it was vigorous-
ly preparing for a flurry of law suits
in connection with oil spill claims to
start later this month.
Analysts were divided over whether
BP would settle beforehand, as chief
executive Bob Dudley made it clear
that the company would fight if the
terms on the table were not fair and
reasonable.
The oil major said replacement cost
profits the standard measurement
for the industry for the three
months to the end of December 2011
was $7.6bn (4.8bn).
That compares with $4.6bn for the
same period in 2010.
For the whole year, BPs profits were
$23.9bn compared with a $4.9bn loss
in 2010.
BP raised its quarterly dividend by
14 per cent to eight cents a share its
first hike since the Gulf of Mexico spill.
Dudley added: BP is on the right
path, working to grow value. We
expect financial momentum will
build as we complete payments into
the Gulf of Mexico Trust Fund.
BP has so far paid out $8.8bn in
damages claims for the Deepwater
Horizon rig blast nearly two years ago,
which killed 11 workers.
BP dividend
up as profits
bounce back
BY JOHN DUNNE
ENERGY
THE INDONESIAN shareholders in

coal giant Bumi yesterday fired a shot
across the bows of co-chairman Nat
Rothschild by saying they were confi-
dent of garnering sufficient support
to oust him.
Samin Tan and Indonesias Bakrie
Group, who together own 29.9 per
cent voting rights in Bumi, said last
week they were seeking to oust finan-
cier Rothschild and other key direc-
tors from the board of the London-
listed coal miner.
They require more than 50 per cent
approval from shareholders. And yes-
terday Tan said: We are very confi-
dent, otherwise we wouldnt have
done what we have done, because we
believe we have the vision to help
beautify the asset.
He added that he would cut Bumis
debt and create shareholder value.
We just want to achieve a board that
is cohesive, collaborative.
The Bakries who set up their ven-
ture with Rothschild just over a year
ago sold half their stake in Bumi
last November to a group backed by
Tan as they sought to pay off debts.
Tan has proposed himself and
Indra Bakrie as co-chairmen the role
currently held by Rothschild and
has also tabled resolutions to remove
four other directors including James
Campbell, a former Anglo American
head of coal.
Rothschild in the firing line as
Bumi investors stage a revolt
BY HARRY BANKS
RESOURCES
News
Samin Tan is calling for a boardroom shake-up at Bumi Picture: REUTERS
ANALYSIS l BP PLC
p
490
485
480
475
470
486.50
7 Feb
ANALYST VIEWS: IS BP ON THE RECOVERY
PATH AFTER THE GULF SPILL? Interviews by John Dunne
MALCOLM GRAHAM-WOOD | VSA CAPITAL

Despite the apparently positive mood I would have waited until after
the settlement of the case before I increased the pay-out, and as I have said
before BP were paying out too much in dividends before Macondo... They are
being more optimistic about life than more solid industry peers.
STUART JOYNER | INVESTEC

We continue to believe that BP will settle sooner rather than later
given the US presidential election and we see a 50 per cent chance this will occur
in the next few weeks. We continue to believe the $42bn of provisioning is broadly
right, i.e gross negligence is not a likely outcome in our view. Buy rating.
RICHARD HUNTER | HARGREAVES LANSDOWN

In all, BPs status as a recovery play is progressing well. The company
has marked a further milestone in its route back to relative normality, whilst the
dividend outlook is promising. The general market consensus of the shares as a
buy should be consolidated after these numbers.
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Apple, the Apple logo, and iPad are trademarks of Apple Inc., registered in
the U.S. and other countries. App Store is a service mark of Apple Inc.
GLENCORE and Xstratas $90bn
(57bn) merger faces a long road to
reach regulatory and competition
clearance.
While bigger commodities tie-ins
have been cleared in the past such
as the deals that formed Rio Tinto
and BHP Billiton merging a clear-
ing house with a miner could
encounter new hurdles, analysts said
yesterday after the blockbuster deal
was officially unveiled.
Many governments may take the
opportunity to review Glenstratas
influence on their food and industri-
al and energy imports and exports so
... it might be forced to relinquish
some of its other roles said Neil
Dwane, chief investment officer of
RCM, a unit of Allianz Global
Investors, an Xstrata shareholder.
The enlarged group would be the
worlds number three for copper out-
put, number one in zinc and lead,
number six in coal and number five
in nickel, according to analysts at
Numis.
And Glencore already accounts for
28 per cent of global traded volumes
in thermal coal, while it makes up
50 per cent of the market in copper
and 60 per cent of zinc trading.
Soaring prices of these commodi-
ties may have boosted Xstratas bot-
tom line (see above left) but price
volatility in the past year has drawn
Glencores deal
faces long road
BY MARION DAKERS
MINING
THE MANAGEMENT of Glencore and

Xstrata yesterday released results for
2011 and calculated their potential
combined firepower as they moved to
convince shareholders to back a merg-
er.
Xstrata, the smaller of the two
firms, generated revenues of $33.9bn
(21bn) for the full year to 31
December. Its net profit before excep-
tional items was up 12 per cent on the
previous year to $5.78bn.
The company which employs
70,000 people in 20 countries said it
had made cost savings of $391m
throughout the year, mainly in its coal
operations. However, it expanded its
copper resources during the period.
Meanwhile Glencore saw revenues
of $186.2bn during the year it went
public in London. It said its net profit
rose to $4.06bn, up seven per cent on
the previous year.
The company revealed that stronger
metal prices had helped offset weak-
nesses in its agricultural commodities
business. Glencore chief executive Ivan
Glasenberg branded the results
solid, adding that 2012 had started
strongly.
The combined Glencore-Xstrata
group would have reported revenues
of 131.7bn, with profits of 10.2bn in
2011, according to figures jointly
released by the companies.
It is estimated that 500m in effi-
ciency savings could be achieved by
the merger, mainly on the marketing
front.
Both companies said in a statement:
Glencore and Xstrata management
teams will be deployed according to
their key strengths.
Operating assets will be integrated
into the existing Xstrata business
units, while marketing will be man-
aged by the existing Glencore manage-
ment teams.
Results give hint of synergies
News
BY JOHN DUNNE
MINING
Barclays Capital was a

last minute entrant onto
the adviser list, City
A.M. learned yesterday.
The Bob Diamond-led
bank, which made it
onto the Facebook IPO,
declined to comment
last night.
BarCaps inclusion
came late on Monday
night as the final touch-
es were being put to the
deal. Inclusion will help
it maintain progress in
the investment banking
league tables.
Of the 18 investment
banking advisers to the
merger, there is proba-
bly one individual name
that stands out most:
that of Michael Klein,
formerly of Citigroup.
The star banker has
been acting as a sound-
ing board between the
directors on both sides
and has played an
important role in get-
ting the two companies
together.
Getting onto the ros-
ter of a deal of this
magnitude is pretty spe-
cial for a banker acting
as a consultant rather
than as part of an insti-
tution. It's the kind of
mandate that's awarded
very rarely, reminiscent
of BP asking Philip
Lambert to advise it on
its ultimately unsuc-
cessful acquisition of
Rosneft.
Citi's David
Wormsley, who took
several months off to go
travelling after his
involvement in a dra-
matic court dispute
with Nomura's Guy
Hands, is leading the
official advisory team
for Glencore alongside
Morgan Stanley's
Michael Antakly. Like
Wormsley, the Morgan
Stanley man worked on
Glencore's flotation last
year.
Goldman Sachs
remained on the side-
lines during the
Glencore flotation but
the bank is on the roster
this time around as one
of Xstrata's advisers. Its
ADVISERS ON THE UKS MEGA-MERGER
SIR JOHN BOND,
CHAIRMAN
MICK DAVIS,
CHIEF EXECUTIVE
10.2bn
THE NEW
MANAGEMENT
TEAM
IVAN GLASENBERG,
DEPUTY CEO
with Xstrata
to clearance
THERE was a time when UK institu-
tional shareholders could be relied
upon to back mangements in their
takeover aspirations, or at least keep
quiet about the whole thing until
they had had time to digest all the
details.
But yesterday both Schroders and
Standard Lifes David Cumming (near
left), accounting for a total of
around 3.5 per cent of
Xstratas shares, very pub-
licly slammed the merger
proposals for the Glencore Xstrata
deal even before they had held one-to-
one meetings with management.
Schroders Richard Buxton (below
right) has been here before. He pub-
licly last year criticised the board of
Charter for not agreeing to a bid from
Melrose. In the end, Charter was
taken over by Colfax, which came in
with a higher offer. To some, this
undermined Buxtons outspoken
stance throughout the whole bid.
Of course, investor opposition
might be a negotiating tool that leads
to better terms for Xstrata sharehold-
ers. But sources close to the company
were fairly dismissive last night:
Would you put your family money
behind Buxton or Ivan Glasenberg
and Mick Davis? I know what I
would do.
Fund managers voice objections early
BY DAVID HELLIER
FUND MANAGEMENT
News
focus towards the dominance of the
biggest players in the market.
Xstrata chief executive Mick Davis
said he expected the deal to be
cleared in Europe with few prob-
lems, as the two firms have been
treated as a singular entity since
2006, when Xstrata took over
Falconbridge.
But this is a tricky situation;
there are some overlaps, so the regu-
lator may decide to take a fresh
look, one antitrust lawyer added.
China, the firms biggest market,
and South Africa in particular could
snarl the deal in red tape and compe-
tition hearings, analysts have said.
Chinese authorities gave mixed
signals about the mega-merger yes-
terday, with industry group China
Nonferrous Metals Industry
Association welcoming the deal but
others voicing concerns over compe-
tition.
And in South Africa, analysts at
Credit Suisse and elsewhere expect
the merged firm to eventually make
another takeover approach for fel-
low miner Anglo American.
But even if the firm eschews a
risky bid for Anglo, following
Xstratas failed offer in 2009, some
market watchers including Numis
predict regulatory trouble regard-
less.
Moodys, on the other hand,
seemed upbeat about the deal: it
placed both Glencore and Xstrata on
review for a credit rating upgrade
yesterday.
team is led by Brett
Olsher, who has worked
with Xstrata in the past
and is known to have
close ties with Mick
Davis, the merged
group's chief executive.
Also on the Xstrata
team is Deutsche Bank,
whose Nigel Robinson is
no stranger to big deals,
and JP Morgans Ian
Hannam, a long-time
adviser to Davis.
JP Morgan also
missed out on the
Glencore flotation
because of Hannams
close links to Xstrata.
Nomuras William
Vereker is another
Xstrata adviser.
By David Hellier
BOB DIAMOND MICHAEL KLEIN
WILLIAM VEREKER DAVID WORMSLEY
%
OWNERSHIP STRUCTURE
XSTRATA
GLENCORE
55
45
p
490
440
450
460
470
420
430
480
1 Feb 2 Feb 3 Feb 6 Feb 7 Feb
443.25
7 Feb
p
1,200
1,250
1,100
1,150
1 Feb 2 Feb 3 Feb 6 Feb 7 Feb
1,200
7 Feb
The Glenstrata tie-up in numbers
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A BULLISH GlaxoSmithKline claimed
yesterday that it will defy the trend of
dwindling pipelines that is plaguing
the pharmaceutical industry.
GSK announced that financial
returns from its laboratories rose to
around 12 per cent, up from 11 per
cent two years ago and closing in on
its target of 14 per cent.
Chief executive Andrew Witty cited
a string of drugs in the final stages of
development, boasting of increasing
signs that we can replenish our
pipeline on an ongoing basis.
Britains largest drug maker said
that up to 30 programmes will
progress into late-stage clinical devel-
opment in the coming three years,
including treatments for hepatitis C,
melanoma, and another flu vaccine.
GSK reported profit after tax for
2011 of 5.26bn, up from 1.63bn the
previous year.
However, the results narrowly
missed investor forecasts and shares
ended down 0.95 per cent at 1,406p.
Figures before major restructuring
showed earnings per share of 28.4p in
the final three months of the year, up
from a loss of 7.5p per share at the
same point in 2010.
Analysts, on average, had forecast
sales of 7.33bn and earnings per
share of 29p, according to research by
Thomson Reuters. Turnover in quar-
ter four was down three per cent on a
year earlier, at 6.98bn.
GSK also said it lost 315m from
price cuts imposed by governments in
Europe and the US.
Upbeat Glaxo
puts faith in
drug pipeline
BANKING software groups Misys and
Temenos said yesterday they had
agreed some of the key terms of a pos-
sible 2bn all-share merger between
the peers, a deal which would see
Mike Lawrie relinquish his position as
chief executive of Misys.
Guy Dubois, currently chief execu-
tive of Temenos, will act as CEO of the
combined group and Stephen Wilson,
currently finance chief of Misys, will
continue in the same role at the com-
bined company.
Misys said in a statement that
Lawrie had told the board he would be
pursuing a new opportunity.
Misys shareholders will own
approximately 53.9 per cent of the
merged group, with Temenos share-
holders owning the remaining 46.1
per cent.
The new company will be listed in
London, with a possible secondary list-
ing on the Swiss stock exchange, Misys
said yesterday.
It is expected that the combination
will yield significant cost savings and
operational synergies through scale
efficiencies and cross-selling opportu-
nities, the groups said in a statement.
Lazard and Morgan Stanley are
advising Temenos, while Barclays
Capital and JP Morgan Cazenove are
acting for Misys.
Misys chief to
leave as part of
2bn merger
BY JULIAN HARRIS
PHARMA
US EQUITIES
News
ANALYSIS l GlaxoSmithkline PLC
p
1,430
1,420
1,410
1,400
1,390
1,380
1,406.00
7 Feb
YAHOO chairman Roy Bostock and
three other directors last night said
they would step down as the strug-
gling company ploughs ahead with
its overhaul, including a possible dis-
posal of its stakes in Alibaba Group
and Yahoo Japan.
The group last night said it has
appointed IBM veteran Alfred
Amoroso and ex-eBay chief operat-
ing officer Maynard Webb as inde-
pendent directors.
Bostock and fellow board mem-
bers Vyomesh Joshi, Gary Wilson
and Arthur Kern will not stand for
re-election at the next shareholders
meeting, the chairman said in a let-
ter to shareholders released yester-
day.
Their departures follow that of
founder Jerry Yang, who was blamed
for turning down a rich acquisition
offer by Microsoft Corp near the
height of Yahoos valuation.
Chief executive Carol Bartz left
abruptly last September.
TECHNOLOGY
Yahoo chair follows trail

of bosses out the door
Chairman Roy Bostock is leaving the troubled internet company
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EASYJET founder Sir Stelios Haji-
Ioannou has won the backing of Glass
Lewis, an influential shareholder
advisory body, in his latest campaign
to curb excessive top-level remunera-
tion packages at the budget airline.
The US firm, which advises
institutions holding 9.6 trillion
worth of investments, has rec-
ommended that shareholders
vote down the directors remu-
neration report at the annual
general meeting on 23
February.
Sir Stelios (pictured) is furi-
ous with the firm over a pay
deal that could award ten
executives shares worth
some 8m over the next
three years based what he called
phoney bonus calculations.
Glass Lewis report said: We are
concerned that the companys long-
term remuneration structure fails to
adequately align executive and share-
holder interests.
In a statement released yesterday,
Stelios who controls a 38 per cent
stake said the report marked a sig-
nificant step in forcing our board to
put shareholder interests first
ahead of their own.
Glass Lewis also advised News
Corp investors in October
last year to vote against
the re-election of Rupert
Murdochs two sons in
protest at the phone-
hacking scandal.
EasyJet declined to
comment.
Stelios wins
backing from
investor body
ONE of Facebooks investors intends to
make waves about the social net-
works corporate governance rules,
which will hand shareholders negligi-
ble say in the company when it floats
later this year.
Pension fund the California State
Teachers Retirement System
(CalSTRS) is planning to send a letter
to the firm, which outlined its corpo-
rate governance structure last
Wednesday in its IPO filing.
When Facebook goes public,
Zuckerberg who owns 28.4 per cent
of the company will control 56.9
per cent of the vote due to agreements
with certain investors and the dual-
class stock, which gives private shares
ten times the voting power of publicly
traded shares.
He also reserves the right to name
his successor at Facebook, which as a
controlled company does not need
majority independent directors.
Janice Hester-Amey, a portfolio
manager in CalSTRS corporate gover-
nance office, said: We are in the
beginning stages of talking to
Facebook.
Not that we want to tell
Zuckerberg how to run his company...
but it will be very hard to influence
him except if hes got some kind of a
conscience.
She added: I think there should be
some more respect for capital no
matter how brilliant you are.
CalSTRS, which has a portfolio
worth around $145bn (91bn), invests
in Facebook through two of its private
equity managers and is likely to buy
shares in the websites public offering.
The second-largest US pension fund
campaigned last year for companies to
disclose their political donations.
Lloyds bank announces
almost 1,000 job losses
LLOYDS Banking Group announced
990 job cuts yesterday, which the
part-nationalised bank said formed
part of last years broader plans to
axe 15,000 jobs across the company.
Around 990 positions are set to go
as a result of site closures in LTSB
Scunthorpe, LTSB Dudley and HBOS
Romford and HBOS Newcastle.
The roles will come from within
the group operations, group execu-
tive functions, risk, wholesale and
insurance divisions.
Lloyds group operations division,
which carries out back office pro-
cessing, is consolidating its activities
in fewer sites, reducing these from
27 to 15, and is expected to
announce more redundancies and
site closures during the course of
this year.
David Fleming, national officer for
the Unite trade union said: Already
some 28,000 employees have lost
their jobs as a result of the past poor
management decisions at the top of
this organisation. Now staff across
the LBG insurance, HR, wholesale,
retail and group operations will face
uncertain future.
The bank has announced plans to
cut 15,000 jobs as part of a restruc-
turing designed to save 1.5bn a year.
Pension fund wags finger at
Facebooks governance laws
BY KASMIRA JEFFORD
TRANSPORT
BANKING
News
NEWS | IN BRIEF
Mixed results for Royal London
Royal London has announced a six per
cent increase in new business during 2011,
despite a dreadful performance from its
asset management arm. The UKs largest
mutual life and pensions company bagged
3,291m of new income but income at its
RLAM division plummeted by 67 per cent
to 379m.
Electra PE is ready to spend
Electra Private Equity said it expects to
take advantage of the gloom in the buyout
sector as it reported a rise in net asset
value (NAV). Basic NAV per share inched
2.3 per cent up to 23.77 and climbed 2.1
per cent to 22.71 on a diluted level for
the quarter to 31 December. The firm has
an investment capacity of more than
400m and said it is in a strong position
to invest as private equity firms face fund-
ing pressures, banks sell off assets and
companies look for equity top-ups.
Retailers pledge warranty action
Dixons, Comet and Argos, Britain's three
biggest electrical retailers, have promised
the UKs competition watchdog they will
improve the transparency of the extended
warranties market to avoid a full-blown
investigation. The Office of Fair Trading
said yesterday its third study in just over a
decade of the extended warranties mar-
ket found consumers may not be getting
the best value for money. The three retail-
ers have offered to improve the informa-
tion they provide, including the availability
of alternative warranty providers.
Floods in Thailand have assisted Amlins catastrophe business Picture: GETTY
Amlin and Beazley both
bullish despite disasters
A STRING of disasters across the world
have dented profits at many insurers
but Beazley and Amlin yesterday
looked upbeat about their positions.
Amlin, the biggest listed insurer
operating in the Lloyds of London
market, said it was able to increase rev-
enue during January, largely due to
strong demand for catastrophe rein-
surance.
The firm expects to take a hit of
50m-70m from last years Thai
floods, while its loss from the enor-
mous Costa Concordia shipwreck
would be below 10m.
And Beazley said that while its earn-
ings plummeted 75 per cent on last
year, the firm posted a pre-tax profit of
$62.7m (39.7m) and could be the
only Lloyds insurer to have made
money in 2011, according to analysts.
Andrew Horton, chief executive,
said the firm could boast a strong per-
formance in the worst year on record
for insured natural catastrophes.
He also said he expects rivals to look
at bidding for Hardy Underwriting fol-
lowing Beazleys revived interest.
INSURANCE
BY LAUREN DAVIDSON
TECHNOLOGY
EUROPEs biggest travel group TUI

Travel said its bookings have outper-
formed the UK market as it reaped the
benefits from strong online sales and
troubles at its rival Thomas Cook.
The tour operator, which also owns
Thomson and First Choice, said yester-
day total UK summer bookings were
flat in the quarter, compared to a 14
per cent drop across the industry.
Chief executive Peter Long said the
operator had seen a boost in bookings
last month due to a fall in consumer
confidence at rival Thomas Cook,
which required emergency funding
from banks in November following a
string of profit warnings.
I think we are clearly a beneficiary
of the uncertain environment that our
competitor is operating in. We have
always said that was likely, Long said.
While Thomas Cook sought to reas-
sure customers that it was still safe to
book, TUI placed full-page advertise-
ments in the press stressing it was in
really great shape.
Total revenues for the group were
up five per cent to 2.845bn in the
three months to December compared
with the period last year.
But TUI said it had racked up a fur-
ther 23m in operating losses taking
the total in the quarter to 109m, as
political unrest in the Middle East last
year had continued to drive tourists
away from North Africa destinations.
TUIs investors mounted a protest
against director pay during yesterdays
AGM, with 21 per cent voting against
the remuneration package.
TUI benefits
from Thomas
Cook troubles
SHOP PRICE inflation dropped in
January, figures out today from the
British Retail Consortium (BRC)
showed, as last years VAT rise fell out
of the calculation.
Overall, inflation dropped to 1.4
per cent from 1.7 per cent in
December, helped by falling com-
modities prices and declining freight
costs, as well as ongoing promotions
and discounts.
Food prices rose 3.7 per cent in the
year to January, down from 4.2 per
cent a month earlier and their slow-
est rate in 18 months, while non-food
prices stayed still after a 0.3 per cent
rise in 12 months to December.
Clothing, furniture and electrical
all saw prices fall over the year, with
electrical recording their fastest defla-
tion in three years.
Further falls in the official rate of
inflation, which are expected during
the coming months, should be a
boost to customers budgets and, cru-
cially, should help to improve con-
sumer confidence, said the BRCs
Stephen Robertson.
Meanwhile Experians footfall data,
out yesterday, showed visits to shops
fell 2.5 per cent in January compared
with the same month of 2011, though
retail parks experienced a 4.9 per cent
increase in footfall.
Inflation slows
as shops keep
cutting prices
BY KASMIRA JEFFORD
LEISURE
UK ECONOMY
News
ANALYSIS l TUI Travel PLC
p
210
205
200
195
190
205.70
7 Feb
MOTHERCARE HIRES JOOLS OLIVER
TROUBLED baby products chain Mothercare has hired Jools Oliver, the wife of celebrity
chef Jamie Oliver, to create a new collection of newborn and childrens clothing, bedding
and accessories. The retailer, which runs over 1,300 stores in 60 countries including Early
Learning Centre stores, said the products are set to hit the shelves in the UK and overseas
on 17 August. Picture: GETTY
CHANCELLOR George Osborne gave a
confused view on the banker-bashing
bonus debate yesterday, at first calling
them unacceptable and then casti-
gating others for creating an anti-
business culture.
Speaking at a dinner held by the
Federation of Small Businesses,
Osborne (pictured) said: Of course
rewards for failure are unacceptable
and those who believe in the free mar-
ket are the first to say so. But there
are those who are trying to create an
anti-business culture in Britain and
we have to stop them.
But parliament also delivered a
mixed message yesterday
evening as Labours opposition
day motion to reintroduce a 50
per cent bonus tax was defeated
by 295 to 244 votes, despite lack-
lustre turnout on the govern-
ment benches.
The motion, which was original-
ly intended to be a vote purely on
RBS chief executive Stephen
Hesters bonus until he
waived it, is non-bind-
ing but is a potent sym-
bol of parliaments
will.
It called for employee representa-
tion on remuneration boards and a
permanent reinstatement of Labours
one-off bonus tax for all banks direct-
ly or indirectly supported by the tax-
payer.
Shadow business secretary Chuka
Umunna said it should apply to all
banks because even those not bailed
out get an implicit subsidy from
being too big to fail a claim disputed
by Barclays.
Umunna said: We are [talking]...
about the enormous sums paid to
investment bankers and a select few
senior executives in the sector.
He added: If the claim that we are
all in it together is to mean any-
thing, the reintroduction of that
[bonus] tax is a must.
But Umunna came under fire
for his past as a lawyer in which
he drew up bonus package
agreements for banks. In
response he argued: My experi-
ence of advising... on such
arrangements has con-
vinced me that we
must reform the
way in which
the system
works.
PERMANENT jobs increased in January
for the first time in four months,
according to recruitment consultancy
data from KPMG, published yesterday.
However, unemployment continued
to climb despite the rise in permanent
placements, the report showed.
The studys permanent staff place-
ment index rose from 48.5 in
December to 51.2 in January, recording
growth in placements for the first
time since September.
Any figure above 50 indicates expan-
sion.
Temporary staff billings declined
more slowly than in December with
an index of 49.4, up from 49.0, while
the rate of vacancies growth slowed to
a 27-month low of 52.1.
Demand was greatest for engineer-
ing and construction staff, with
indices of 57.7 for permanent staff and
58 for temporary, and lowest in the
hotel and catering industry at 44.8 and
47.5 for permanent and temporary
respectively.
INDUSTRIAL production fell sharply
in Germany at the end of 2011, accord-
ing to official data released yesterday,
denting hopes that the Eurozone pow-
erhouse would keep growing.
Output fell 2.9 per cent in the
month to December, figures from the
economy ministry showed the
largest monthly fall since the start of
2009.
In the whole quarter German
industrial output fell 1.9 per cent,
which Capital Economics believes will
take 0.6 per cent off GDP. That repre-
sents the first decline in GDP in 10
quarters.
It the absence of an offsetting
acceleration in service sector activity,
it looks likely that German GDP con-
tracted pretty sharply at the end of
the year, said analyst Jennifer
McKeown.
Construction output fell 6.4 per
cent from November and capital goods
production dropped 3.6 per cent.
Other data showed both the Czech
Republic and Hungary are experienc-
ing strong industrial growth, while
French trade figures hit a record
deficit as import growth exceeded
increases in exports.
The French trade deficit hit a record
high of 69.4bn (57.8bn) in 2011, up
35 per cent on the year.
Imports rose 11.7 per cent in the
year, largely driven by demand for
energy, while exports rose by 8.6 per
cent. Car and aerospace exports were
particularly weak, though luxury
goods, grains and drinks all registered
healthy growth.
Glimmer of hope in UK job
market as builders hire
UK ECONOMY
THE EXTRA 50bn of quantitative eas-

ing (QE) widely expected to be
announced tomorrow could be the
last, according to analysts at RBC
Capital Markets removing the sup-
port the Bank of England has given the
gilt market.
If next weeks inflation report shows
inflation on track to hit its target in
the medium term, it may indicate the
end of QE as the Banks Monetary
Policy Committee will no longer need
to push down rates by buying bonds.
That would see the Bank stop its
weekly purchases in May, allowing
yields to move upward, RBC said.
In each of the last four months the
Bank bought around 8bn more gilts
than the Debt Management Office
supplied, and over the next three,
assuming 50bn more QE is
announced tomorrow, they will buy
5bn more each month, said RBC
Capital Markets Sam Hill. If QE ends
in May, that balance will shift and the
gilt market will grow by 12bn each
month a major change to the dynam-
ic which may push up yields on 10-year
bonds by 20 to 40 basis points.
Factors including a worsening of the
Eurozone crisis may throw this predic-
tion off course, but it remains Hills
central forecast.
Meanwhile Fathom Consulting will
today urge the Bank to buy mortgage-
backed assets weighing down com-
mercial banks balance sheets.
End of QE
will push up
bond yields
UK ECONOMY
MPs waver
over bashing
bank bonuses
BY JULIET SAMUEL
POLITICS
News
The UK mood is improving but remains fragile
T
HE LATEST YouGov HEAT
(Household Economic Activity
Tracker) report reveals that the
public felt more confident about
the economy in the first month of
2012 than in any month of 2011 except
for April. The HEAT Index rose to 92
(on a scale of 0-200), which, apart from
that April spike, is the highest level
since mid-2010.
An interesting twist behind these
top line figures is that the bump has
been driven by a shift from negative to
neutral sentiment, with no increase in
the numbers of people feeling positive.
We are not yet ready to feel optimistic
about the economic future but worries
have eased slightly.
While overall confidence in the
economy is higher, the threat that we
face from unemployment has become
an increasing worry. Last year it out-
stripped inflation, interest rates and
energy prices as an area for concern
and is now considered a major threat
to the economy by 27 per cent of the
population (up from 16 per cent in
early 2011). This concern is reflected in
the views of those who are unem-
ployed and seeking work. In July, 41
per cent thought it likely they would
find work in the next six months, com-
pared to 30 per cent who thought it
unlikely. And today, more people
expect to still be out of work in six
months than think theyll be back in a
job with those numbers now 32 per
cent likely and 36 per cent unlikely.
Rising economic confidence offers
some positive signs for the economy,
but that rise has been prompted by a
movement to neutral sentiment. And
as unemployment fears show, there
are still major areas for concern. For
now, we can call the mood improving
but fragile. Stephan Shakespeare is the
chief executive of YouGov
BRANDINDEX
STEPHAN SHAKESPEARE
ANALYSIS l Unemployment major threat
Nov 2012 2011 May Mar Jul Sep
35
30
25
20
15
10
5
0
ANALYSIS l YouGov household economic
activity tracker index
Nov 2012 2011 May Mar Jul Sep
94
96
92
90
88
86
84
82
80
78
I think it is more positive than the beginning of the year there are indications of some businesses investing
more money. Although some people are still losing their jobs, unemployment hasnt been rising as steeply as last
year. The media is starting to be more positive, which is having a good effect on confidence.
WILLIAM CHESSHYRE | WORSHIPFUL COMPANY OF GUNMAKERS
www.RateSetter.com Customer Phoneline: 08442490115
In association with RateSetter: A better way to Save and Borrow, Peer to Peer
CITY VIEWS: DO YOU FEEL MORE OR LESS POSITIVE ABOUT THE ECONOMY
THAN YOU DID AT THE START OF THE YEAR?* Interviews by Phoebe Torrance
I feel more negative from my experi-
ence I can see the market double-dip-
ping again. I worry that things might re-
lapse back to the immediate
post-Lehman era.
STEPHEN CAVANAGH | CSIS
It is only a couple of months into the
year and so far it has not changed. I felt
negative about the economy at the end
of last year, and I still feel negative
about it now.
STEVE PENNY | SKYLINE OFFICE LTD
BY TIM WALLACE
EUROZONE
* These views are those of the individuals below and not necessarily those of their company
Lower industrial production is expected to have hit German GDP
Surprise drop in December
German industrial output
Arnaud Theatre, directed by Adrian Noble,
the former artistic director of the Royal
Shakespeare Company, and starring
Charles Edwards as George VI and
Jonathan Hyde as Lionel Logue.
There is one notable departure from the
film, notes Renney the background
music when the newly non-stuttering
King addresses the nation in the final
scene has been changed from Beethoven
to the more patriotic Elgar.
WHAT GOES ON TOUR...
MUCH mirth for City workers yesterday
afternoon, after a list of rules for a Hooray
Henry trip to Dubai found its way into
inboxes across the Square Mile.
The four young City boys going on the
rugby-watching tour describe themselves
as the G4, known for its density of oil
and its capability to dominate social,
political and economical [sic] spheres.
The tour rules, of which there are 13,
make for interesting reading.
Mentioning parents salaries once a day
comes high up the list, as do compulsory
chants about how oily and rich we are.
Cheating on girlfriends is encouraged but
calling them is frowned upon, reinforced
by the fact that everyone has each others
backs.
The list quickly went viral around the
City, finding its way into the inbox of
workers at Clifford Chance, Barclays
Wealth and Linklaters, much to the shame
of the culprits. But The Capitalist is feeling
kind, so we will spare the blushes of the
four charmers.
To recap more generally, however, the
president of the G4 is an insurance bro-
ker, the captain works in marketing but
has spent time scrutinising EU justice,
the vice captain is a Singapore-based
lawyer, and the senior vice president is
tipped to be the next big thing in the
world of shipping. Just as long as his
bosses see the funny side of this latest
episode...
INDEPENDENCE DAY
A DECLARATION of independence from
Nigel Farage yesterday, as the UKIP leader
received the Freedom of the City of London
amusingly, on the twentieth anniversary
of the Maastricht Treaty, which paved
the way for the euro.
Unsurprisingly, there was
no tribute to the exchange
rate mechanism when Farage
(pictured left) was inducted
as a freeman. Instead, he
swore an oath to maintain
the franchises and cus-
toms of the City, and to
keep this city harmless.
I only wish that all
members of parliament would swear the
same, added Farage. Or at the very least
anybody involved in setting Treasury,
trade or European policy, as it seems
apparent that keeping the city harmless
is the least of their concerns.
HUMMING BIRDS
SYLVIA ANN Hewlett is an economist,
author, and the chair of the imaginatively
named Hidden Brain Drain Task Force a
global body committed to fully realising
female and multicultural potential.
And it was with this role front of mind
that Hewlett addressed a City audience at
Eversheds on why keeping the engines of
the BRIC economies humming is
increasingly dependent on women.
In these countries, as Hewlett pointed
out with back-up from fellow speakers
Helen Wyatt of Unilever and Eversheds
Audrey Williams, female earnings are
increasing twice as fast as male earn-
ings, and women now control two-thirds
of consumer spending.
BEHIND THE
SCENES FOR
OSCAR HITS
LEGAL FIXER
PAUL RENNEY, a lawyer at Keystone Law,
almost collected the Bafta for The Kings
Speech except the films producers were
faster out of their seats than he was.
Renney, as the hits legal adviser, was a
stand-in at the event for screenwriter
David Seidler, who was annoyed at not
being flown over from the US by the
organisers this was before the Windsor
family drama swept the board at last
years Oscars. I texted him to let him
know he had won, though that was
when the heat started to build up, said
Renney, the behind-the-scenes agent cred-
ited with making the film possible.
The former entertainment partner at
Theodore Goddard the firm whose
founder advised Kings Speech anti-hero-
ine Wallis Simpson was introduced to
Seidler by his client Joan Lane at a reading
of the play at Islingtons Pleasance the-
atre. From there, he went through the
arduous process of agreeing the rights
contracts and advising Seidler on Royal
protocol, which made it into the screen-
play as the odd deferential pause.
The original play of The Kings Speech is
currently showing in Guildfords Yvonne
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
Eversheds chairman John Heaps with Hewlett
Colin Firth and Helena
Bonham-Carter in the
film of The Kings Speech
TALKTALK upped its full-year profit
guidance and raised its expected
earnings per share yesterday despite
continuing to haemorrhage cus-
tomers throughout its third quarter.
The former Carphone Warehouse
subsidiary shed 43,000 net broad-
band accounts in the period, leav-
ing TalkTalk with around 4m
customers.
This year has seen the telecoms
group fined 3m and ordered to pay
out 2.5m in compensation by
Ofcom after the media regulator
received more than 1000 com-
plaints about TalkTalk for incorrect-
ly billing former subscribers.
However, TalkTalk said it expects
broadband users to bounce back to
growth by the summer.
The company reported flat quar-
ter-on-quarter revenues of 422m,
down five per cent on last year,
although broadband revenue grew
two per cent to 312m.
TalkTalk chief executive Dido
Harding said: Churn has stabilised
and we remain confident of a
return to total net adds in the first
half of 2012.
Our strong financial perform-
ances give us confidence as we look
ahead to delivering an exciting
strategic agenda throughout 2012,
including the launch of our TV
proposition.
YouView, TalkTalks collaboration
with Britains major TV channels, is
scheduled to launch in the spring.
Shares jumped 11 per cent yester-
day.
TalkTalk takings up
despite user exodus
Winning run for 888 as
gamblers play at home
BY LAUREN DAVIDSON
TELECOMS
GAMBLERS love of internet poker

has helped gaming firm 888
Holdings to post record revenue.
The company said full year rev-
enue increased 26 per cent with the
number of customers gambling on
its websites growing.
At 31 December, 888 had 10.6m
casino, poker and sport real money
registered customer accounts, up
22 per cent from a year ago.
The figures support evidence
that cash-strapped Britons are stay-
ing at home as the country teeters
on the brink of a double-dip reces-
sion. The trend has also been spot-
ted by firms making video games
and supermarkets which run dine
in offers on food and drink.
Yesterday 888, which operates
casino, poker, sport and bingo
brands, posted revenue of $331m,
(208m) up from $262m a year ago.
The firm has continued its win-
ning run at the start of 2012.
Average daily revenue during the
first 35 days of the first quarter was
25 per cent higher than the average
during January 2011 and two per
cent up on the average in the
fourth quarter of last year.
Analysts at Investec hailed the
robust figures but warned of the
impact of changing tax rates in con-
tinental Europe.
BY PETER EDWARDS
GAMING
News
ANALYSIS l Talktalk Telecom Group Plc
p
130.0
127.5
125.0
122.5
120.0
131.50
7 Feb
PC sales take a
hit as e-reader
demand rises
PC shipments to the UK dropped
at an annual rate of 19.6 per cent
in the fourth quarter of 2011,
totalling 2.9m units and marking
the UKs fifth consecutive quarter-
ly shipment decline according to
Gartner data.
Hit by the economy and growth
in smartphones, tablets and e-
readers, the Christmas period saw
PC shipments slide further from a
15.9 per cent drop during the rest
of the year.
HP retained its top spot with
618,000 shipments in the fourth
quarter, but Apple was the only
vendor to gain market share,
growing to 9.1 per cent.
TECHNOLOGY
REVENUE GROWTH DISAPPOINTS AT DISNEY
Walt Disney, which is set to re-release its classic Lady and the Tramp, last night reported a quarterly revenue increase that fell
short of Wall Street expectations as media networks and theme parks gained but revenue at its movie studio declined. The
operator of television networks ESPN and ABC, led by Robert Iger (inset), posted fiscal first-quarter revenue of $10.8bn (6.8bn),
a one per cent gain from a year earlier. Analysts on average had expected revenue of $11.2bn for the quarter.
BELLWAY said the UK housing market
remained resilient ahead of the key
spring selling season, but warned that
the growth rates were set to slow.
The housebuilder sold 2,455 homes
in the first half of the year up five per
cent on the same period in 2010
while the average selling price climbed
8.7 per cent to around 183,000,
thanks largely to a surge in private
sales, which rose by 15 per cent.
Finance director Keith Adey said the
groups operating margin is set to
reach double digits in the six months
to 31 January, helped by the cheaper
land bought since the 2008 crash.
However, he cautioned that margins
would grow at a more sustainable
pace going forward.
Bellway said visitor numbers to its
sites gave early indications of a
resilient market ahead.
Bellway sees
resilient UK
market ahead
BY KASMIRA JEFFORD
PROPERTY
OVER a third of properties for sale in

the UK have been reduced in price at
least once since coming onto the
market, research from Zoopla
showed yesterday, as owners struggle
to sell.
The average discount now stands
at 19,580, or 7.5 per cent of the ask-
ing price, and more than 1,000
higher than the discount a year ago.
This new high indicates sellers
have come to terms with market
realities, said Zooplas Nicholas
Leeming.
Serious sellers must do their
homework and follow the advice of
their agent before settling on an ask-
ing price otherwise they may well
find their property on the market
for longer than theyd hoped.
The total amount reduced from
the asking prices of all properties
currently for sale across the country
stands at 2.5bn.
House sellers knock 20,000
off prices to drum up interest
PROPERTY
STRONGER revenue from sales and

outsourcing helped global commer-
cial property agent CBRE to surprise
Wall Street last night despite leasing
revenue falling in the Americas.
The group posted a 16 per cent fall
in fourth-quarter net income fell to
$79.8m (50.2m), or 25 cents per share.
Earnings excluding charges rose 29
per cent to $149.3m, or 46 cents per
share, beating analysts average fore-
cast of 44 cents per share.
Quarterly charges of $69.5m were
related to CBREs acquisition of asset
management businesses from ING
REIM and to layoffs.
Revenue rose seven per cent to
$1.76bn, trailing the $1.86bn forecast-
ed. But Europe fared better, with rev-
enues rising nine per cent.
Mike Strong, chief executive of the
Europe, Middle East and Africa divi-
sion, said the figures demonstrate the
effectiveness of our long-term strategy
of building a trusted, broad based busi-
ness that delivers results for clients,
whatever the market environment.
The Los Angeles firm estimated
2012 earnings, excluding charges, of
$1.20 to $1.25 a share, versus analysts
average forecast of $1.25.
Its stock fell one per cent in after
hours trading following the report.
Profits fall as CBRE starts to
feel the heat in the Americas
BY PETER EDWARDS
PROPERTY
News
ONE HYDE PARK LOOKS FOR RETAIL BUYERS
The developer of One Hyde Park, the luxury residential and retail complex in Londons
Knightsbridge is looking to sell one of its stores on the ground floor for at least 21m. Project
Grande, a joint venture between Candy & Candy and the Qatar Prime Minister, has
appointed Savills to sell the space rented by the Abu Dhabi Islamic Bank. Picture: GETTY
ANALYSIS l Bellway PLC
p
780
790
770
760
750
740
785.50
7 Feb
FREE Australian Migration Seminar
(including special briefing on IELTS English Test)
For further information and to register
please call 020 8346 3450 or email
Denise Furman at
denise@icamigration.com
No obligation seminar in central London
providing advice on the key requirements
for migration to Australia. The major
processing changes to be introduced on
1 July 2012 will be explained.
A representative from British Council
(IELTS) together with Mr Ivan Chait RMA
no 9253612, one of Australias leading
registered migration consultants will
answer your questions and give you the
essential facts. Private consultation also
available.
ARCELORMITTAL, the worlds largest
steelmaker, yesterday forecast an
improvement in the first half of 2012
from a weak end to last year, with a
clear pick up in North America but
still concerns about Europe.
The company, which makes around
seven per cent of global steel, said yes-
terday steel shipments would return to
the level seen at the start of last year
and its mining output would continue
to grow.
Prices were recovering, but still
below year-ago levels.
Core profit at an Ebitda level in the
first six months would be lower than a
year earlier, but above the level in the
second half of 2011, ArcelorMittal said.
We see an increase in shipments
and in prices in Q1 both in Europe and
the United States and so the steel mar-
ket is better than in the second half of
2011, finance chief Aditya Mittal said.
The economic situation in Europe
does remain a live concern, but we are
seeing an improvement in sentiment
compared with the fourth quarter, he
said on a conference call.
Mittal said global steel demand was
expected to rise by 4.6 per cent this
year, with a contraction of 1.3 per cent
in Europe.
The company said core profit in the
fourth quarter fell 29 per cent to
$1.71bn.
However, it did slip into an unex-
pected loss of $1bn in the quarter,
due to impairment and restructuring
charges for idling European opera-
tions and a big tax hit.
ArcelorMittal
thinks output
will pick up
Toyota raises full year outlook
TOYOTA Motor raised its full-year prof-
it forecast by more than a third yester-
day as it cuts costs, trims spending and
expects Japanese government schemes
to boost sales, though the guidance
was still some way below analysts
expectations.
Japans number one carmaker now
expects operating profit earnings
from its core operations for the year
to the end of March of 270bn
(2.2bn), a drop of 42 per cent from
last year, and lagging a consensus fore-
cast of 331bn from 23 analysts.
Toshiyuki Kanayama, senior market
analyst at Monex Securities, said the
revised profit guidance was a bit of a
disappointment. But the market is
looking at the next financial year. The
key for Toyota shares will be whether
profit [next year] will rise to around
800bn.
Toyota, which has a market value of
$135bn -- more than rivals Honda,
Nissan and Suzuki combined -- raised
its annual forecast for net profit,
which includes earnings made in
China, by 11 per cent to 200bn.
October-December operating profit
jumped 51 per cent to 149.7bn from a
year earlier, well ahead of the average
estimate of a small decline to 93.9bn.
Those results defied the impact of a
stronger yen and the disruption to pro-
duction and supply chains from wide-
spread flooding in Thailand that
battered Toyota just as it was recover-
ing from the March earthquake in
Japan.
Toyota reckons the Thai floods will
cost it 240,000 vehicles in lost produc-
tion worldwide.
BY HARRY BANKS
INDUSTRIALS
COCA-COLA reported better-than-

expected quarterly results yesterday
and announced a new cost-savings
program yesterday that it will use to
boost its brands and mitigate higher
commodity costs.
Cokes results were solid given
the weak global economy, said
Consumer Edge Research analyst Bill
Pecoriello.
Cokes new productivity pro-
gramme is targeting annual savings
of $350m (220.3m) to $400m by the
end of 2015. The company also raised
its target for savings from the integra-
tion of its North American bottling
operations by $200m to $250m.
Coke said global revenue rose five
per cent in the fourth quarter to
$11.04bn as it gained market share in
several drink categories.
Quarterly net income was $1.65bn,
down from $5.77bn a year earlier,
when the company recorded a gain
related to the acquisition of its North
American bottling operations.
Coca-Colas cost savings add
an extra fizz to strong results
CONSUMER
ANGLO Americans shareholders are

very supportive of the company in its
legal battle against copper producing
giant Codelco in Chile, chief executive
Cynthia Carroll said yesterday.
We are very confident about our
legal position. We have acted within
our rights and we are in no doubt
about that, Carroll said at a mining
industry gathering.
Anglo Americans director of strate-
gy and business development Peter
Whitcutt said the miner expected
Codelco would engage in sensible
conversations over the firms assets in
south Chile, and failing that expected
to pursue the matter in court.
Anglo has argued Codelco has inval-
idated its option by attempting to exer-
cise it pre-emptively.
Carroll declined to comment on the
impact of the planned $90bn takeover
of rival miner Xstrata by commodities
trader Glencore, a tie-up to create a
deal-driven powerhouse which ana-
lysts say could have Anglo in its sights.
She said Anglo, focused on growth
projects including the Minas Rio iron
ore operation in Brazil, would be stick-
ing to its plan of developing its own
assets.
Anglo chief
confident in
Chile fight
News
SWATCH CATCHES LUXURY MARKET BOOM
STRONG demand for expensive watches in China helped Swatch Group clock up an 18 per
cent rise in 2011 profits and build some sales momentum for the current year. Net profit at
the Swiss-based group, known better for its colourful plastic watches than for ownership of
high-end brands such as Omega and Breguet, rose 18.1 per cent, in line with expectations, to
1.276bn Swiss francs (868.7m) in 2011.
BY HARRY BANKS
MINING
BY HARRY BANKS
AUTOMOTIVE
NEWS | IN BRIEF
Lagardere in 900m writedown
Frances Lagardere said it will take a
writedown of 900m on the value of its
problem-plagued sports business and its
stake in pay-TV unit Canal+ as it report-
ed stagnant revenue for 2011. The
media-to-aerospace conglomerate
reported full-year revenue of 7.66bn in
line with analysts estimates yesterday
and confirmed its forecast of core media
operating profit declining 5-12 per cent
in 2011. The results cap a tumultuous
year for Lagardere in which it scaled
back profit goals twice.
Low & Bonar results impress
Shares in Low & Bonar jump as much as
12 per cent to touch a four-month high
yesterday, after the supplier of yarn, fab-
ric, and fibre reported better-than-
expected full year pre-tax profit,
boosted by new product sales and a
higher contribution from emerging mar-
kets. Revenues at the group rose 13 per
cent year-on-year to 388.7m, while
profits before tax jumped to 23.4m
26 per cent higher than a year ago.
What do you think of the governments plans
to reform the UKs National Health System?
In association with PoliticsHome.com Apply to join today at www.cityam.com/panel
AS health secretary Andrew
Lansleys controversial plans
to reform the NHS return to
the House of Lords, were ask-
ing our Voice of the City pan-
ellist what they make of the
governments proposals to
overhaul Britains health
services.
The bill has received wide-
spread opposition from doc-
tors, nurses and other health
workers, but Lansley insists
he has the full support of
Prime Minister David
Cameron over the package of
reforms.
To wade into the debate
and have your say, you can
apply to join the panel
made up of business and
finance professional across
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In partnership
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ANALYSIS l ArcelorMittal SA

16.40
16.60
16.80
16.20
16.00
15.80
16.69
7 Feb
Akin Gump
Akin Gump Strauss Hauer & Feld has
hired Tim Pearce and Ian Meade, for-
merly of Simmons & Simmons, to its
London office. Pearce and Meade spe-
cialise in the launch of hedge funds and
funds of hedge funds, and will work
with the firms funds teams and clients
in New York, Washington DC, Dallas,
Abu Dhabi and Beijing.
GreySpark Partners
The capital markets consultancy has
opened its new office in Hong Kong, to
be led by Andrew McLauchlan, partner
and managing director, Asia Pacific.
McLauchlan was previously based in
London as a partner at the firm.
Gowlings
The Canadian law firm has poached six
members of the equity capital markets
team of Cobbetts to join its London
office. Andrew Wright, Charles Bond,
Sefton Collett and Dominic Prentis join
as partners, with senior lawyers Susan
Johnston and David Brennan.
Vanguard
Simon Vanstone has joined the fund
manager as head of its European institu-
tional business. Vanstone was previously
European chief executive and chief mar-
keting officer for AXA Rosenberg.
Eversheds
Tim Armsby, a partner and energy infra-
structure specialist at Trowers &
Hamlins, has been hired as a partner
across Eversheds Middle East offices.
Mercer
The HR consultancy has appointed infra-
structure specialist Toby Buscombe as a
principal in its alternatives boutique.
Buscombe joins from Australia-based
consulting and asset management bou-
tique Access Capital Advisers.
Loch Associates
The employment law practice has
appointed Dean Jones as a partner to
lead its City-based London office. Jones
previously worked at Bird & Bird and
specialises in employment law.
Eros International
The Indian film group has appointed
Michael James Kirkwood as a non-
executive director. Kirkwood is cur-
rently chairman of Ondra Partners
and Circle Holdings.
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
Eurozone fears
halt rise on good
fundamentals
B
RITAINS blue-chip index
closed flat yesterday after
staging a late recovery on
talk that Greece was mak-
ing progress towards securing a
bailout deal and avert a messy
default.
The FTSE 100 gauge ended
the session 1.94 points lower at
5,890.26 as gains among banks
and oil stocks offset heavy loss-
es in the mining sector, which
was hit by signs of slowing
demand in China and a mixed
reception to a proposed merger
between Glencore and Xstrata.
The prospect of avoiding a
chaotic default of Greece,
which would batter the
European financial sector and
spark contagion fears in Italy
and Spain, helped financial
shares, with banking and non-
life insurance stocks ending the
day up 0.8 per cent and 0.7 per
cent respectively.
Pending a solution in Greece,
the general market sentiment
remained subdued and defen-
sive shares such as pharmaceu-
tical and food and beverage
groups featured among the top
gainers, along with oil stocks,
which are regarded as a safe
source of dividend in a high
crude price environment.
Underperforming peers was
drug-maker GlaxoSmithKline,
which reported disappointing
fourth quarter results.
Xstrata was the biggest FTSE
100 faller, shedding 4.9 per cent
after commodities trader
Glencore inked a $41bn all-
share deal to buy the 66 per
cent of the miner it did not
already own at a lower premi-
um than some had expected.
Glencore will offer a 15 per-
cent premium to Xstrata share
price last Wednesday, below the
20 per cent premium some ana-
lysts had expected, causing two
key Xstrata shareholders to say
they would vote against the
deal on valuation grounds..
The deal came as the broader
mining sector fell for a second
consecutive session on signs
demand from China is slowing.
THELONDON
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Halfords Group PLC
350
340
330
320
310
300
290
Dec Jan Feb
p 329.70
7 Feb
HALFORDS
Panmure Gordon has upgraded the car and bicycle parts retailer from
hold to buy and raised its target price to 375p from 300p, despite
downgrading its pre-tax profit forecasts by eight and 10 per cent respec-
tively for the next two years. The upgrade is made on the basis that the
broker expects Halfords to continue to generate enough free cash flow to
pay its dividend, giving it a sustainable yield of 6.7 per cent.
ANALYSIS l Capita PLC
700
680
660
640
620
Dec Jan Feb
p
633.00
7 Feb
CAPITA
Espirito Santo has downgraded the outsourcing company from neutral to
sell and lowers its target price from 660p to 560p, after what it considers
to be a disappointing start to 2012 for contract conversion. The broker sees
the groups prospect of securing the army recruitment contract as less posi-
tive than the market perceives, so factors greater caution into its forecasts,
reducing organic growth expectation for 2012 from four to two per cent.
ANALYSIS l ASOS PLC
1,800
1,600
2,000
1,400
1,200
Dec Jan Feb
p
1,889.00
7 Feb
ASOS
JP Morgan has upgraded the online fashion retailer to overweight from
neutral with a target price of 2,525p, seeing considerable opportunities
for further growth over the next few years. The broker expects annual
earnings per share growth of 20 per cent over three years, underpinned by
both international potential and conservative UK assumptions, putting the
company in the upper echelons of growth companies in the UK.
Qatar Financial Centre Authority
Bob Wigley, chairman of Yell Group and former
chairman of Merrill Lynch Europe, Middle East
and Africa, has been appointed as a non-executive
director of the Qatar Financial Centre Authority.
In the new role, Wigley, who was appointed as an
ambassador for UK business by David Cameron in
2011, will promote Qatar to the global fund man-
agement industry as a regional hub for asset
management. He is also chairman of Expansys
and Stonehaven Search, and a non-executive
director of Orca Exploration.
News
New from City A.M., we bring you the latest
K
>

hs
THE BEST ROLES NEED
THE BEST CANDIDATES.
WWW. CI TYAMCAREERS. COM
FTSE subdued
as hopes pinned
on a Greek deal
@
MORE NEWS ONLINE www.cityam.com
@
U
S stocks rose slightly yes-
terday, but with the out-
come of discussions on a
bailout package for Greece
uncertain, investors are unlikely
to make big bets in coming days.
The Dow Jones industrial aver-
age was up 33.07 points, or 0.26
per cent, at 12,878.20. The
Standard & Poors 500 Index was
up 2.72 points, or 0.20 per cent,
at 1,347.05. The Nasdaq
Composite Index was up 2.09
points, or 0.07 per cent, at
2,904.08.
The S&P has gained almost
seven per cent in 2012 on better-
than-expected economic figures,
boosting bellwethers such as
Microsoft to yearly highs and
Apple to a record high.
In a sign of underlying confi-
dence, the 10-day moving aver-
age of stocks posting 52-week
highs on the NYSE is at 203, the
highest level since May 2010,
according to Thomson Reuters
Datastream.
The 10-day moving average of
stocks hitting 52-week lows has
dropped to just eight.
Still, the market continues to
watch the Eurozone for any sign
of a setback in resolving the sov-
ereign debt crisis.
Theres a tug of war between
fundamentals, which are
improving, and the macro back-
drop of geopolitical risk from
Europe, said Andrew Goldberg,
market strategist at JP Morgan
Funds in New York. Were still
waiting on Greece, but at the
same time were almost being
forced to pay attention to the
improving data.
Greeces government is
preparing a document with a
list of painful reforms needed to
clinch a new, 130bn bailout
financing package that is critical
to the country avoiding a disor-
derly default. Political parties
last night again delayed making
a decision on accepting the
reforms.
Boosting the Dow, however,
Coca-Cola rose 0.8 per cent to
$68.55 after it reported better-
than-expected quarterly results.
THENEW YORK
REPORT
O
VER the last few weeks, negotiations
over a potential write-down of Greeces
debt have taken us here and there, and
back again and at the time of writing,
they remain unresolved. But whatever the out-
come of the talks between the Greek govern-
ment and its creditors, lets not forget the
bigger picture ultimately, the current
approach to Greeces enormous economic
problems is failing. Another bailout along
with a voluntary Greek restructuring cannot
be put together in a way that makes it politi-
cally acceptable and/or economically viable
it simply will not return Greece to solvency.
The insistence on greater austerity, despite EU
leaders recent talk about growth and jobs, is
reaching its political and civil limit in Greece.
While Greece clearly needs to consolidate its
budget, it cannot live on austerity alone.
Even if a deal can be agreed between the
Greek government, its bondholders and the
Eurozone, it will most likely fall well short of
the debt reduction (or funding stream) needed
to give Athens breathing space. As things
stand at the moment, the immediate debt
reduction under a restructuring would be
minimal, leaving Greeces debt burden hover-
ing worryingly above 140 per cent of GDP.
Furthermore, in a best case scenario, Greece
would still have a 120 per cent debt to GDP
ratio in 2020 and would need to find a scary
252bn (210.24bn) before then to stay afloat
(if it meets all of the targets laid down but the
EU/ECB/IMF troika). All of this points to a
depressing prediction: even with the haircut
currently being discussed, Greece could still
be forced to undergo a full default within the
next few years. The numbers simply do not
add up.
Apart from all the economic complications
this would throw up, a full default after two
bailouts and a voluntary restructuring would
be political dynamite. A massive amount of
Greek debt would be held by taxpayer-backed
institutions specifically the ECB, the
Eurozone bailout fund (EFSF) and the IMF.
Given the seniority of the IMF, most of the loss-
es would fall on the Eurozone. Opposition to
taxpayer-funded bailouts is already at fever
pitch in the AAA-rated countries how will
voters in these countries respond when their
money is actually lost? This is a huge
unknown.
This begs the question, should the official
sector accept losses this time around, to avoid
potentially greater and more painful losses in
a Greek default down the road? On one level,
this would be the most sensible option by
far. But on another level, its a huge ask from
the Eurozone and the ECB, since, again, it
involves explaining to taxpayers that their
money has gone missing.
The ECB, in particular, has got itself into a
very difficult position, owing to its legally
questionable government bond buying pro-
gramme, which some Eurozone governments
have now become dependent upon. If the ECB
was to take losses, it would probably be seen as
having directly financed Greece (against its
statute). The ECB would instantly see its credi-
bility and reputation as the heir to the
Bundesbank demolished. Would the Germans
accept this?
But dont forget, avoiding losses could also
have huge consequences. It effectively
announces the ECB as senior to private bond-
holders, sending reverberations into the bond
markets given that it owns 220bn of
Eurozone sovereign debt. Is there a pragmatic
solution then? Possibly.
Losses on EFSF loans would be compensated
by smaller future aid to Greece and the reduc-
tion in political tensions between Greece and
the rest of the Eurozone.
Meanwhile, the ECB could take a partial
write-down, which will not have a material
impact on its balance sheet. The ECB pur-
chased its Greek bonds at around a 30 per cent
discount. It could accept a 30 per cent write
down without taking any losses, which would
give Greece some additional debt relief (and
would provide some good will to investors).
Another option would be for the bonds to be
bought by the EFSF (at cost price) and then
submitted by the EFSF to the voluntary
restructuring. The EFSF could absorb the loss-
es without the legal and political fallout. Even
so, the ECB would have to admit failure, since
it always claimed it would hold the bonds to
maturity.
Admittedly, setting a precedent of official
sector losses would raise huge questions over
whether Portugal and Ireland will request sim-
ilar treatment. However there are now no easy
options. The current course of a second Greek
bailout could just as easily have knock-on
effects in the form of a second round of tax-
payer-backed rescues. We have always argued
strongly against taxpayers taking losses but,
unfortunately, this is one of the few plausible
options were now left with.
Raoul Ruparel is the head of economic research for
Open Europe.
22
The Forum
CITYA.M. 8 FEBRUARY 2012
Even with the haircut being
discussed, Greece faces full
default in the next few years
The Eurozone is almost out
of options taxpayers must
prepare to take their losses
cityam.com/forum
RAOUL RUPAREL
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.
23
Europes aviation
scheme weakens
our increasingly
frail economies
The EUs war on
planes leaves UK
trade grounded
W
E ARE witnessing the opening
skirmishes of a trade war between
the EU and the rest of the world.
This is unnecessary, costly for the
European economy, and self-defeating.
How did we get here? Under European
law, an airline (wherever based) which oper-
ates flights that take off or land in the EU
must, from next year, surrender greenhouse
gas emission allowances corresponding to
its emissions during the preceding calendar
year. Some of these allowances it may
obtain for free; others it will need to pay for.
There is no legal obligation that revenue
generated from the scheme be directed to
environmental purposes.
If you are an airline operating a flight
from Los Angeles to London you need to
include your emissions for the whole jour-
ney: from when the aeroplane is taxiing in
LA, to when it parks in London.
Understandably, this has caused consider-
able alarm worldwide, with the EU accused
of applying its rules extra-territorially. This
is despite the fact that some believe that air-
lines may derive a windfall from the
scheme, while taking advantage of histori-
cally low carbon prices.
Airlines for America (formerly Air
Transport Association of America) brought a
case in the Court of Justice of the EU, seek-
ing to have the aviation emissions trading
scheme declared unlawful. The Court pre-
dictably dismissed the case last December,
prompting the EUs climate commissioner,
Connie Hedegaard, to tweet, US airlines
challenged EU law in court. After crystal
clear ruling today, EU now expects US air-
lines to respect EU law, as EU respects US
law.
But the US will not be cowed so easily.
Congress is expected shortly to express its
formal opposition to the scheme; China, as
we have learned this week, has actually
banned its airlines from participating.
Around the world, opposition is growing.
The European Commission will not retreat,
but indicated that negotiation is possible if
other countries introduce equivalent meas-
ures to address aviation emissions.
If airlines refuse to comply, they face
penalties, including a 100 (83) charge per
tonne of carbon dioxide equivalent for
which the airline has not surrendered its
required allowances. The EU may ultimately
ban the airline from flying. Comply, or
dont fly.
The EU argues that unilateral action was
necessary, owing to the slow progress in
reaching a global sectoral deal for aviation
emissions. The EUs decision to nudge the
world into action can only be harmful. It
discourages business travel to and from the
EU, and can only encourage the eastwards
shift of economic power, as airlines and
businesses increasingly operate from Gulf
hub airports. It damages the European
economies (whether or not in the Eurozone)
at a time of particular and historic fragility.
The question, in my view, is not whether
this policy is sustainable, but for how long.
Jeremy Robinson is a Partner at aviation law
firm Gates and Partners Solicitors.
Fair play on funds
Regarding the True & Fair cam-
paign [Join our campaign to
fight fund managers high fees
and lack of transparency, last
Wednesday].
Im all in favour of lower fees
and more disclosure on costs.
When choosing pension funds
at the moment investors are
told how much future income
would be provided under vari-
ous return assumptions, and it
would be fairly straightforward
to change the law so that the
forecast cumulative costs of
trading and fees also have to be
disclosed for a given fund mix.
Im sure many investors would
be shocked at the difference in
terminal value when choosing a
fund with a 0.3 per cent fee
instead of a 1.25 per cent.
However, I have to disagree
with encouraging disclosure on
how funds are invested. Having
this information available daily,
for free, and on the internet is
placing a value of zero on the
intellectual property of fund
managers. They cant be
expected to spend a lot of
money finding the best invest-
ments and then publish that
information gratis. This would
encourage cheap replication of
active funds, and hurt those
managers who actually add
value.
Aram Compton
Email theforum@cityam.com
with your comments.
RAPID RESPONSES
JEREMY
ROBINSON
BY JAMIE WHYTE
CITYA.M. 8 FEBRUARY 2012
The Forum
T
HE clean govern-
ment bill bans
American politi-
cians from using
their inside information
for personal profit, for
example, by trading
securities. It passed the
Senate last week by a
vote of 96 to 3. Which is a pity. Prohibitions on insider
trading should not be extended; they should be
repealed, not only in America but everywhere.
Insider trading is a kind of whistle-blowing. An
insider may have information to which outsiders are
not privy. Perhaps his firm has discovered oil in
Canada or invested in dodgy mortgage-backed-secu-
rities. While such information remains hidden, the
firms shares and bonds will be mispriced: underval-
ued if the suppressed information is good, overvalued
if it is bad.
By trading on his privileged information, the insider
moves the firms shares towards their proper price.
Outsiders then make better decisions about investing
in, working for or trading with the firm. By improving
the accuracy of the markets price signals the insider
trader improves the allocation of capital in the econo-
my. He is a public servant.
Of course, insider traders do not aim to serve the
public. They are not trying to punish their evil corpo-
rate overlords, save the planet or achieve any other
noble goal. They aim to profit themselves.
This may explain why this public service is banned
by law. Insider trading strikes many as an unfair use
of a privileged position. According to a Californian
court, it is a manifestation of undue greed among
the already well-to-do, worthy of legislative interven-
tion if for no other reason than to send a message of
censure on behalf of the American people.
Perhaps insider trading really is a sign of greed.
But, as Adam Smith taught us, that does not stop it
from improving capital allocation. Nor does this greed
harm outsider traders.
Imagine an outsider who has decided that shares
in the Salvation drug company are good value at any-
thing under 10 each. They are trading at 9, so he
buys some. Suppose a Salvation insider simultane-
ously sells his shares because he knows some unan-
nounced bad news about the firm. This does not
mean the outsider has been cheated. If the insider
had not traded, the outsider would still have bought
the shares for 9. And he would still have been mak-
ing a mistake.
Asymmetric information is a universal feature of
market transactions. It would be miraculous if buyer
and seller ever knew the same things about the trad-
ed good, be it a company share, a car or a lemon. Yet,
outside of securities markets, no one recommends
banning those who are likely to know more from
transacting. Car mechanics are allowed to buy cars
and farmers may sell fruit.
Never mind. Insider trading laws do little harm
because they are unenforceable. A determined insider
will always be able to find an apparently unconnected
outsider to transact his business. And it is impossible
to tell when someone chooses to hold rather than sell
his shares on account of inside information.
Politicians know their legislation is impotent, of
course. Its real function is only to allow politicians to
make a show of their virtue and, on those rare occa-
sions when someone is careless enough to get
caught, as the lifestyle guru Martha Stewart was in
2002, to make a public sacrifice to the god of envy.
Jamie Whyte is a senior fellow of the Cobden
Centre.
More laws wont make
markets more efficient
Email: theforum@cityam.com
Twitter: @cityamforum
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CARRYING ON
The Aussie dollar has seen support from
rising US dollar denominated commodi-
ty prices as well as from its attractive
yield differential against the other
majors. With the US, British and
Japanese central banks holding their
interest rates at close to zero and the
Australian overnight rate being held at
4.25 per cent, the yield differential
against the Australian currency presents
an attractive proposition for carry
traders borrowing in one of these low
yield currencies to purchase the high-
yield Aussie dollar. The dollar-Aussie dol-
lar move is particularly attractive after
the Fed announced its intention to con-
tinue to supress interest rates until 2014.
I like the Aussie dollar-dollar carry trade
for one simple reason: complacency,
says David Rodriguez, quantitative strate-
gist for FXCM. Markets are so cosy and
comfortable with recent US S&P 500
strength that forex options expected
volatility levels on the Australian dollar-
dollar pair are near their lowest since
2008. Rodriguez adds: Complacency
has markets in a trance and fuels risk-
taking I doubt this rally will end before
the music stops.
Carry on carry trading the
Aussie dollar as rates held
The Australian yield
differential presents an
attractive proposition,
writes Craig Drake
The Aussie dollar-
dollar trade continues
to carry profits.
Picture: GETTY
THE TIPSTER
HUNTING
FOR EURO
BULL GAINS
T
HE euro-dollar pair continues to
hold onto ground above the
$1.3000 level, but the nerve of the
bulls is being tested as discussions
in Greece drag on. Recent data has indi-
cated that there are fewer euro shorts
than there were at the beginning of the
year, so can euro-dollar continue to push
higher? Capital Spreads quotes
$1.3100-$1.3101.
Aussie dollar-Japanese yen is the
ultimate risk barometer and is
approaching a major resistance level at
82.80. It could be a rocky road, but if
it can climb this hurdle then we may
see gains back to the 85.00 summer
2011 highs. Forex.com currently offers a
price of 82.70- 82.74.
Tuesdays surprise holding of interest
rates by the RBA sent the Australian
dollar shooting sharply higher against
the US dollar to its highest levels since
August last year. It remains to be seen
whether it can sustain these gains given
that the RBA will likely have to cut
rates later this year, in the event of a
slowdown in China. CMC Markets
spread on Aussie dollar-dollar is
$1.07691-$1.07698.
Sterling has had a great run in recent
weeks as it has rallied almost in a
straight line from $1.52 to $1.59. But
this bullishness could run out of steam
as the market awaits the Bank of
Englands interest rate decision tomor-
row. Market experts are looking for a
hike in the quantitative easing program
to 325bn, flooding the market with
further money and reducing the value
of sterling. ETX Capital quotes sterling-
dollar at $1.5810-$15812.
Aussie dollar has been screaming
higher since the start of the year.
Investors have piled into the high-yield-
ing currency as risk appetite has grown
on the expectation of further central
bank intervention and an improving
outlook for the global economy. Aussie
dollar-Canadian dollar has broken
above Ca$1.0660 the high seen back
in October and this should now act as
support. GFT quotes Ca$1.0750-
Ca$1.0752.
Craig Drake
24
Wealth Management | FX
T
HE Reserve Bank of Australia
caught the markets by surprise
after holding interest rates yester-
day contrary to the expected cut.
With December retail figures contract-
ing, house prices dropping an average of
4.8 per cent year-on-year and housing con-
struction in a 20 month slump, traders
were poised for a 0.25 per cent cut in rate
from the current 4.25 per cent overnight
rate. Despite the lacklustre domestic out-
look, the Australian central bank instead
appears to have put its faith in the ability
of external demand to hold up the
Australian economy. The central bank
policymakers took the gamble that
Chinese growth and some form of lasting
solution to the European mess would
drive demand for Australian commodi-
ties.
With growth expected to be close to
trend and inflation close to target, the
Board judged that the setting of mone-
tary policy was appropriate for the
moment, said RBA governor Glenn
Stevens, adding: Should demand condi-
tions weaken materially, the inflation
outlook would provide scope for easier
monetary policy.
Richard Wiltshire, chief FX dealer at
ETX Capital, saw relatively light flows
after the initial spike in Aussie dollar and
its crosses local banks were good sellers
from the highs from the first move up to
around $1.0800, but turned into buyers
in the dips in the pair. During the
European session, despite a bit of early
morning follow through after the RBA on
hold surprise, Aussie dollar met some
profit taking, says Wiltshire. They will
be monitoring demand going forward
and the risks remain for a cut at future
meetings, so thats being factored into
the price action.
LON GD ONCE FIX AM...........1720.00 3.00
SILVER LDN FIX AM ..................33.84 0.22
MAPLE LEAF 1 OZ ....................36.79 0.47
LON PLATINUM AM................1623.00 13.00
LON PALLADIUM AM...............702.00 8.00
ALUMINIUM CASH .................2175.00 17.00
COPPER CASH ......................8462.00 147.00
LEAD CASH...........................2165.00 18.50
NICKEL CASH......................21100.00 325.00
TIN CASH.............................24370.00 395.00
ZINC CASH ............................2119.50 32.00
BRENT SPOT INDEX................114.87 1.63
SOYA .....................................1233.00 0.50
COCOA..................................2263.00 -37.00
COFFEE...................................218.80 2.85
KRUG.....................................1788.20 3.00
WHEAT ....................................169.50 1.38
AIR LIQUIDE........................................97.77 0.11 100.65 80.90
ALLIANZ..............................................88.92 0.73 108.85 56.16
ANHEUS-BUSCH INBEV ....................48.95 0.10 49.00 33.85
ARCELORMITTAL...............................16.69 0.53 28.55 10.47
AXA......................................................12.66 0.01 16.16 7.88
BANCO SANTANDER...........................6.54 0.04 9.00 4.94
BASF SE..............................................60.87 -0.48 70.22 42.19
BAYER.................................................55.03 -0.22 59.44 35.36
BBVA......................................................7.26 0.03 9.17 4.94
BMW ....................................................69.36 -1.40 73.85 43.49
BNP PARIBAS.....................................35.74 0.75 59.93 22.72
CARREFOUR ......................................18.22 -0.13 31.64 14.66
CRH PLC .............................................15.73 0.12 17.40 10.28
DAIMLER.............................................44.64 -0.84 57.22 29.02
DANONE..............................................48.87 0.46 53.16 41.92
DEU.BOERSE OFFRE ........................48.50 -0.02 55.75 35.46
DEUTSCHE BANK..............................33.95 0.30 48.70 20.79
DEUTSCHE TELEKOM.........................8.88 0.01 11.38 7.88
E.ON.....................................................17.19 0.08 25.00 12.50
ENEL......................................................3.11 0.02 4.86 2.78
ENI .......................................................17.19 0.01 18.66 11.83
FRANCE TELECOM............................11.65 0.13 16.65 11.09
GDF SUEZ ...........................................21.35 0.04 30.05 17.65
GENERALI ASS...................................12.22 -0.11 17.05 10.34
IBERDROLA..........................................4.69 0.00 6.10 4.16
INDITEX ...............................................67.42 -0.03 69.40 50.92
ING GROEP CVA...................................7.33 0.02 9.50 4.21
INTESA SANPAOLO.............................1.55 0.02 2.47 0.85
KON.PHILIPS ELECTR.......................15.85 -0.03 24.12 12.01
L'OREAL..............................................82.25 0.57 91.24 68.83
LVMH..................................................125.30 -3.35 132.65 94.16
MUNICH RE.......................................107.60 2.20 126.00 77.80
NOKIA....................................................3.88 0.07 8.49 3.33
REPSOL YPF.......................................20.58 0.30 24.90 17.31
RWE.....................................................32.37 -0.04 53.79 21.15
SAINT-GOBAIN...................................35.57 -0.06 47.64 26.07
SANOFI ................................................56.53 0.73 57.42 42.85
SAP......................................................48.00 -0.09 48.36 32.88
SCHNEIDER ELECTRIC.....................48.15 -0.61 61.83 35.00
SIEMENS .............................................75.86 0.07 99.39 62.13
SOCIETE GENERALE.........................23.84 0.29 52.70 14.32
TELECOM ITALIA..................................0.82 0.03 1.16 0.70
TELEFONICA ......................................13.37 -0.05 18.75 12.50
TOTAL..................................................40.94 0.03 44.55 29.40
UNIBAIL-RODAMCO SE...................144.90 -0.75 162.95 123.30
UNICREDIT............................................4.38 0.20 13.34 2.20
UNILEVER CVA...................................25.43 0.10 27.16 20.90
VINCI ....................................................36.83 -0.14 45.48 28.46
VIVENDI ...............................................16.19 0.03 21.68 14.10
VOLKSWAGEN VORZ ......................141.75 -1.70 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5890.26 -1.94 -0.03
FTSE 250 INDEX. . . . . . . . 11193.70 -44.04 -0.39
FTSE UK ALL SHARE . . . . 3041.57 -2.05 -0.07
FTSE AIMALL SH . . . . . . . . 780.98 -3.64 -0.46
DOWJONES INDUS 30 . . 12878.28 33.15 0.26
S&P 500 . . . . . . . . . . . . . . . 1347.05 2.72 0.20
NASDAQ COMPOSITE . . . 2904.08 2.09 0.07
FTSEUROFIRST 300 . . . . . 1072.79 -2.40 -0.22
NIKKEI 225 . . . . . . . . . . . . . 8917.52 -11.68 -0.13
DAX 30 PERFORMANCE. . 6754.20 -10.63 -0.16
CAC 40 . . . . . . . . . . . . . . . . 3411.54 6.27 0.18
SHANGHAI SE INDEX . . . . 2291.90 -39.23 -1.68
HANG SENG. . . . . . . . . . . 20699.19 -10.75 -0.05
S&P/ASX 20 INDEX . . . . . . 2565.90 0.00 0.00
ASX ALL ORDINARIES . . . 4344.90 0.00 0.00
BOVESPA SAO PAOLO. . 65917.02 693.30 1.06
ISEQ OVERALL INDEX . . . 3124.10 -15.16 -0.48
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 891.36 0.90 0.10
SWISS MARKET INDEX. . . 6157.59 10.56 0.17
Price Chg %chg
3M........................................................87.89 0.33 98.19 68.63
ABBOTT LABS ...................................55.71 0.32 56.84 45.28
ALCOA ................................................10.67 -0.07 18.47 8.45
ALTRIA GROUP..................................28.82 0.18 30.40 23.20
AMAZON.COM..................................184.19 1.05 246.71 160.59
AMERICAN EXPRESS........................52.13 0.32 53.80 41.30
AMGEN INC.........................................69.17 0.05 70.00 47.66
APPLE...............................................468.83 4.86 469.75 310.50
AT&T....................................................30.04 0.07 31.94 27.27
BANK OF AMERICA.............................7.85 -0.12 14.95 4.92
BERKSHIRE HATAW B.......................79.88 0.03 87.65 65.35
BOEING CO.........................................75.20 -0.26 80.65 56.01
CATERPILLAR..................................113.81 0.03 116.55 67.54
CHEVRON.........................................106.83 0.16 110.99 86.68
CISCO SYSTEMS................................20.20 0.01 22.34 13.30
CITIGROUP.........................................33.07 -0.23 49.60 21.40
COCA-COLA.......................................68.55 0.52 71.77 61.29
COMCAST CLASS A..........................27.09 0.00 27.18 19.19
CONOCOPHILLIPS.............................71.92 0.60 81.80 58.65
CVS/CAREMARK................................43.08 -0.19 43.98 31.30
DU PONT(EI) DE NMR........................51.61 -0.17 57.00 37.10
EXXON MOBIL....................................86.34 0.59 88.23 63.47
GENERAL ELECTRIC.........................19.18 0.13 21.65 14.02
GOLDMAN SACHS GRP ..................115.98 -1.41 169.90 84.27
GOOGLE A........................................606.77 -2.32 670.25 473.02
HEWLETT PACKARD.........................28.95 0.19 49.39 19.92
HOME DEPOT.....................................45.46 0.26 45.58 28.13
IBM.....................................................193.35 0.53 194.90 151.71
INTEL CORP .......................................26.64 -0.08 27.00 19.16
J.P.MORGAN CHASE.........................37.87 -0.27 48.36 27.85
JOHNSON & JOHNSON.....................65.26 0.07 68.05 55.76
KRAFT FOODS A................................38.51 -0.19 39.06 24.30
MC DONALD'S CORP ......................100.91 1.42 102.22 72.89
MERCK AND CO. NEW......................38.63 0.23 39.43 29.47
MICROSOFT........................................30.35 0.15 30.49 23.65
OCCID. PETROLEUM.......................104.84 0.84 117.89 66.36
ORACLE CORP...................................28.95 -0.05 36.50 24.72
PEPSICO.............................................66.76 0.24 71.89 58.50
PFIZER ................................................21.05 0.10 22.17 16.63
PHILIP MORRIS INTL .........................77.60 0.75 79.96 57.91
PROCTER AND GAMBLE ..................63.70 0.19 67.72 56.57
QUALCOMM INC ................................61.55 0.48 61.95 45.98
SCHLUMBERGER ..............................79.50 -0.14 95.64 54.79
TRAVELERS CIES..............................59.74 0.41 64.17 45.97
UNITED TECHNOLOGIE ....................80.28 -0.29 91.83 66.87
US BANCORP DELAWRE..................29.45 0.29 29.58 20.10
VERIZON COMMS ..............................37.92 -0.22 40.48 32.28
WAL-MART STORES..........................61.69 -0.19 62.63 48.31
WALT DISNEY CO ..............................40.98 0.52 44.34 28.19
WELLS FARGO & CO.........................30.26 0.06 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 ..................0.281 0.00
LIBOR Euro - 12 months ................1.692 0.00
LIBOR USD - overnight...................0.144 0.00
LIBOR USD - 12 months.................1.080 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.170 0.08
European repo rate.........................0.226 0.00
Euro Euribor ....................................0.382 0.00
The vix index ...................................17.61 -0.15
The baItic dry index ........................648.0 34.0
Markit iBoxx...................................241.53 0.09
Markit iTraxx..................................127.60 0.50
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .317.8 -0.1 356.5 248.1
Chemring Group . . . .416.5 3.8 736.5 368.8
Cobham . . . . . . . . . . .188.4 -0.5 236.5 165.9
Meggitt . . . . . . . . . . . .368.4 -1.8 397.6 304.9
QinetiQ Group . . . . . .137.5 1.5 137.6 101.5
RoIIs-Royce HoIdi . . .786.5 1.0 789.5 557.5
Senior . . . . . . . . . . . . .184.5 -2.4 190.6 132.6
UItra EIectronics . . .1588.0 9.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .221.5 -3.1 245.0 157.0
BarcIays . . . . . . . . . . .236.8 5.4 333.6 138.9
HSBC HoIdings . . . . .562.0 4.5 730.9 463.5
LIoyds Banking Gr . . .35.3 -0.0 69.3 21.8
RoyaI Bank of Sco . . .28.9 0.1 49.0 17.3
Standard Chartere .1591.0 2.5 1712.5 1169.5
AG Barr . . . . . . . . . .1260.0 -1.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .367.7 -0.3 449.2 289.9
Diageo . . . . . . . . . . .1474.0 0.0 1475.0 1112.0
SABMiIIer . . . . . . . . .2497.0 3.0 2526.5 1979.0
AZ EIectronic Mat . . .310.2 -3.8 338.1 206.1
Croda Internation . .2002.0 3.0 2081.0 1456.0
EIementis . . . . . . . . . .162.4 2.0 187.4 107.5
Johnson Matthey . .2245.0 -10.0 2270.0 1523.0
Victrex . . . . . . . . . . .1347.0 -55.0 1590.0 1025.0
YuIe Catto & Co . . . . .199.0 -0.8 253.0 148.0
C/$ 1.3260 0.0137
C/ 0.8344 0.0048
C/ 101.93 1.4358
/C 1.1986 0.0069
/$ 1.5894 0.0075
/ 122.17 01.0310
FTSE 100
5890.26
1.94
FTSE 250
11193.70
44.04
FTSE ALLSHARE
3041.57
2.05
DOW
12878.28
33.15
NASDAQ
2904.08
2.09
S&P 500
1347.05
2.72
Smith (DS) . . . . . . . . .160.5 -2.5 183.4 113.3
Smiths Group . . . . . .997.0 -3.0 1429.0 869.5
Brown (N.) Group . . .244.4 -0.4 304.5 227.0
Carpetright . . . . . . . . .600.0 -2.0 770.5 375.0
Debenhams . . . . . . . . .69.9 -1.5 74.8 51.2
Dignity . . . . . . . . . . . .781.0 -5.0 854.5 648.5
Dixons RetaiI . . . . . . .15.0 0.2 22.3 9.4
DuneImGroup . . . . . .469.9 -6.1 524.5 383.9
HaIfords Group . . . . .329.7 2.3 411.4 268.6
Home RetaiI Group . .111.9 -2.6 235.0 72.5
Inchcape . . . . . . . . . .356.8 -1.4 425.4 268.1
JD Sports Fashion . .799.0 0.0 1030.0 570.0
Kesa EIectricaIs . . . . .70.3 -3.8 151.4 60.2
Kingfisher . . . . . . . . .271.0 -0.9 287.1 217.0
Marks & Spencer G . .346.3 0.5 402.2 301.8
Next . . . . . . . . . . . . .2755.0 -13.0 2810.0 1868.0
Sports Direct Int . . . .257.6 3.4 266.2 159.0
WH Smith . . . . . . . . . .531.5 3.5 559.0 433.8
Smith & Nephew . . . .639.5 -3.0 742.0 521.0
Synergy HeaIth . . . . .865.0 -22.5 981.0 808.0
Barratt DeveIopme . .119.3 -0.3 119.9 67.5
BeIIway . . . . . . . . . . . .785.5 5.0 792.0 540.5
BerkeIey Group Ho .1283.0 -16.0 1360.0 939.0
BaIfour Beatty . . . . . .284.1 -0.2 357.3 214.6
CRH . . . . . . . . . . . . .1319.0 23.0 1700.0 1053.0
GaIIiford Try . . . . . . . .488.5 -5.4 530.0 332.8
Kier Group . . . . . . . .1424.0 8.0 1458.0 1097.0
Drax Group . . . . . . . .527.5 -2.5 581.5 371.9
SSE . . . . . . . . . . . . . .1258.0 11.0 1423.0 1166.0
Domino Printing S . .608.5 -11.0 705.0 434.3
HaIma . . . . . . . . . . . . .371.0 -4.5 429.6 306.3
Laird . . . . . . . . . . . . . .168.0 -2.0 207.0 127.9
Morgan CrucibIe C . .319.1 -11.9 357.1 224.0
Oxford Instrument .1045.0 -38.0 1106.0 600.5
Renishaw . . . . . . . . .1475.0 -21.0 1886.0 800.0
Spectris . . . . . . . . . .1576.0 -44.0 1679.0 1039.0
Aberforth SmaIIer . . .608.0 8.0 714.0 494.0
AIIiance Trust . . . . . .363.2 -0.5 392.7 310.2
Bankers Inv Trust . . .406.2 1.3 428.0 346.5
BH GIobaI Ltd. GB .1169.0 2.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.7 -0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.6 -0.0 20.2 16.3
BH Macro Ltd. GBP 2025.0 -3.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.5 0.1 20.2 16.2
BIackRock WorId M .731.5 -13.0 815.5 574.5
BIueCrest AIIBIue . . .160.6 -0.4 176.2 160.1
British Assets Tr . . . .127.0 0.5 139.5 109.0
British Empire Se . . .449.0 -2.0 533.0 404.0
CaIedonia Investm .1504.0 1.0 1819.0 1337.0
City of London In . . .294.5 0.5 306.9 257.0
Dexion AbsoIute L . .140.0 0.3 151.0 130.0
Edinburgh Dragon . .241.2 -1.0 252.0 201.4
Edinburgh Inv Tru . . .478.4 0.2 492.2 414.9
EIectra Private E . . .1570.0 22.0 1755.0 1287.0
F&C Inv Trust . . . . . .304.9 0.9 327.9 261.5
FideIity China Sp . . . . .81.3 -2.5 114.3 70.0
FideIity European . .1095.0 8.0 1287.0 912.0
HeraId Inv Trust . . . . .503.0 -0.5 545.5 419.0
HICL Infrastructu . . . .118.4 0.0 121.3 112.7
Impax Environment .100.0 0.0 125.4 88.5
John Laing Infras . . .109.7 0.0 109.7 103.4
JPMorgan American .905.5 -13.5 924.0 721.5
JPMorgan Asian In . .198.0 -1.9 244.0 170.1
JPMorgan Emerging .568.0 -1.0 610.5 480.1
JPMorgan European .717.5 -0.5 983.5 624.0
JPMorgan Indian I . . .383.9 -4.9 459.0 313.1
JPMorgan Russian .562.5 -4.0 741.0 415.1
Law Debenture Cor . .365.3 -1.3 385.0 321.0
MercantiIe Inv Tr . . . .974.5 1.0 1137.0 823.0
Merchants Trust . . . .381.0 0.5 431.8 341.5
Monks Inv Trust . . . .329.0 0.0 367.9 298.1
Murray Income Tru . .651.5 0.5 673.0 568.0
Murray Internatio . . .961.0 -3.0 991.5 818.5
PerpetuaI Income . . .264.0 0.0 276.0 236.5
PersonaI Assets T .34390.0 0.0 34390.030210.0
PoIar Cap TechnoI . .360.4 -1.1 391.2 299.5
RIT CapitaI Partn . . .1235.0 -3.0 1360.0 1173.0
Scottish Inv Trus . . . .481.2 1.3 524.0 417.0
Scottish Mortgage . .679.5 0.5 781.0 565.0
SVG CapitaI . . . . . . . .238.0 3.0 279.8 165.1
TempIe Bar Inv Tr . . .911.0 2.0 952.0 791.0
TempIeton Emergin .618.5 1.5 684.5 497.0
TR Property Inv T . . .155.8 -0.8 206.1 136.2
TR Property Inv T . . . .68.5 1.8 94.0 59.8
Witan Inv Trust . . . . .484.0 0.4 533.0 401.5
3i Group . . . . . . . . . . .201.1 -3.1 319.4 166.9
3i Infrastructure . . . .121.8 -0.1 124.0 113.4
Aberdeen Asset Ma .251.5 0.9 254.5 167.8
Ashmore Group . . . .383.3 -5.3 420.0 301.5
Brewin DoIphin Ho . .153.4 0.5 185.4 113.7
CameIIia . . . . . . . . . .9890.0 159.510950.0 8800.0
CharIes TayIor Co . . .127.3 0.3 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .355.0 -9.8 450.0 304.3
CIose Brothers Gr . . .702.5 -5.5 875.0 590.0
CoIIins Stewart H . . . .94.5 1.0 95.0 48.5
F&C Asset Managem .67.4 -0.6 90.5 56.1
Hargreaves Lansdo .460.4 19.4 646.5 402.5
HeIphire Group . . . . . . .2.3 0.0 17.4 1.4
Henderson Group . . .121.0 1.5 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .390.3 7.3 556.5 311.6
IG Group HoIdings . .492.5 -8.0 505.0 393.6
Intermediate Capi . . .291.9 -6.4 354.7 197.9
InternationaI Per . . . .211.4 -2.2 388.8 148.5
InternationaI Pub . . .120.9 -0.2 121.5 108.6
Investec . . . . . . . . . . .392.0 -4.8 522.0 318.4
IP Group . . . . . . . . . . .101.8 -0.3 102.0 36.0
Jupiter Fund Mana . .240.0 -7.0 337.3 184.9
Liontrust Asset M . . . .89.9 -1.3 91.8 57.9
LMS CapitaI . . . . . . . . .57.0 0.5 64.8 53.0
London Finance & . . .22.5 0.0 23.5 19.0
London Stock Exch .938.5 -6.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.5 0.5 19.8 8.9
Man Group . . . . . . . . .135.1 -1.9 311.0 104.5
Paragon Group Of . .186.6 2.2 206.1 134.6
Provident Financi . . .988.0 3.0 1124.0 915.0
Rathbone Brothers .1206.0 7.0 1257.0 977.0
Record . . . . . . . . . . . . .11.6 0.0 35.5 11.5
RSM Tenon Group . . . .6.3 0.4 57.0 5.8
Schroders . . . . . . . .1605.0 -4.0 1906.0 1183.0
Schroders (Non-Vo .1273.0 -12.0 1554.0 970.0
TuIIett Prebon . . . . . .322.0 7.9 428.6 262.3
WaIker Crips Grou . . .40.0 0.0 51.5 39.0
BT Group . . . . . . . . . .215.1 -0.9 217.3 161.0
CabIe & WireIess . . . .45.0 -0.2 51.2 31.3
CabIe & WireIess . . . .20.3 -1.1 76.9 14.2
COLT Group SA . . . . .91.9 0.3 156.2 84.1
KCOM Group . . . . . . . .73.3 -1.8 84.0 57.5
TaIkTaIk TeIecom . . .131.5 12.6 158.0 118.9
TeIecomPIus . . . . . . .643.5 -11.0 802.0 440.0
Booker Group . . . . . . .75.3 0.3 80.0 54.5
Greggs . . . . . . . . . . . .540.0 14.5 550.5 445.0
Morrison (Wm) Sup .293.0 -2.0 328.0 268.5
Ocado Group . . . . . . .105.4 1.9 285.0 52.9
Sainsbury (J) . . . . . . .294.4 -0.7 391.2 263.5
Tesco . . . . . . . . . . . . .329.6 4.8 420.1 312.4
Associated Britis . . .1181.0 6.0 1182.0 940.0
Cranswick . . . . . . . . .841.0 30.5 862.0 588.5
Dairy Crest Group . . .327.7 0.0 409.7 311.0
Devro . . . . . . . . . . . . .276.0 -4.0 296.9 228.0
Tate & LyIe . . . . . . . . .690.5 3.0 720.5 520.0
UniIever . . . . . . . . . .2042.0 21.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .527.5 -7.0 664.0 413.5
Centrica . . . . . . . . . . .302.7 2.3 345.8 278.8
InternationaI Pow . . .342.7 1.0 425.0 279.4
NationaI Grid . . . . . . .644.0 7.0 649.5 543.5
Pennon Group . . . . . .693.5 -0.5 737.5 584.5
Severn Trent . . . . . .1522.0 8.0 1600.0 1375.0
United UtiIities . . . . .606.0 5.0 637.0 551.0
Cookson Group . . . . .602.0 -2.0 724.5 395.8
Rexam . . . . . . . . . . . .381.3 0.2 400.0 299.8
RPC Group . . . . . . . .392.0 -1.2 396.9 231.5
Price Chg High Low
Bovis Homes Group .490.1 -5.7 499.6 326.5
Persimmon . . . . . . . .560.5 10.5 561.0 374.0
Reckitt Benckiser . .3382.0 -29.0 3578.0 3015.0
Redrow . . . . . . . . . . . .129.7 0.2 136.2 103.5
TayIor Wimpey . . . . . . .44.6 -0.2 44.9 28.7
Bodycote . . . . . . . . . .327.5 -7.7 397.7 225.6
Fenner . . . . . . . . . . . .458.0 -6.2 467.9 280.0
IMI . . . . . . . . . . . . . . . .915.5 -4.0 1119.0 636.5
MeIrose . . . . . . . . . . .371.6 -16.4 389.4 268.0
Northgate . . . . . . . . . .246.0 0.2 346.7 190.9
Rotork . . . . . . . . . . .1915.0 -28.0 1979.0 1501.0
Spirax-Sarco Engi . .2049.0 -40.0 2103.0 1649.0
Weir Group . . . . . . .2050.0 3.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .445.0 -10.0 460.5 315.0
Ferrexpo . . . . . . . . . . .358.7 -7.6 499.0 238.7
TaIvivaara Mining . . .343.6 -3.1 622.0 195.2
BBAAviation . . . . . . .185.1 -0.3 240.8 156.0
Stobart Group Ltd . . .128.0 -1.0 163.6 112.0
AdmiraI Group . . . . . .973.0 -25.5 1754.0 787.0
AmIin . . . . . . . . . . . . .355.2 17.8 427.0 270.6
BeazIey . . . . . . . . . . . .146.6 2.6 146.6 109.6
Informa . . . . . . . . . . . .414.5 1.3 461.1 313.9
ITE Group . . . . . . . . . .230.0 -0.3 258.2 157.7
ITV . . . . . . . . . . . . . . . . .77.5 -0.3 93.5 51.7
Johnston Press . . . . . . .6.1 0.1 12.8 4.1
MecomGroup . . . . . .206.8 6.0 310.0 134.5
Moneysupermarket. .118.8 -4.4 124.5 84.8
Pearson . . . . . . . . . .1201.0 -5.0 1255.0 1013.0
PerformGroup . . . . .257.0 2.0 260.5 150.0
Reed EIsevier . . . . . .531.0 3.0 590.5 461.3
Rightmove . . . . . . . .1323.0 24.0 1408.0 857.0
STV Group . . . . . . . . . .92.8 0.3 168.0 76.3
Tarsus Group . . . . . .148.3 2.8 165.0 119.5
Trinity Mirror . . . . . . . .48.0 1.0 89.5 37.5
UBM . . . . . . . . . . . . . .583.5 1.5 725.0 416.0
UTV Media . . . . . . . . .120.0 8.0 150.0 92.5
WiImington Group . . .83.8 0.3 182.0 78.5
WPP . . . . . . . . . . . . . .789.0 13.0 846.5 578.0
YeII Group . . . . . . . . . . .5.8 -0.1 11.0 3.4
African Barrick G . . .522.5 -2.5 616.5 393.5
AIIied GoId Minin . . .138.6 -3.9 281.3 34.4
AngIo American . . .2873.0 -14.0 3437.0 2138.5
AngIo Pacific Gro . . .314.7 -0.9 369.3 237.9
Antofagasta . . . . . . .1335.0 -28.0 1513.0 900.5
Aquarius PIatinum . .170.0 -1.5 419.0 149.0
BHP BiIIiton . . . . . . .2180.0 -20.0 2631.5 1667.0
CatIin Group Ltd. . . .425.1 3.8 425.1 334.0
Hiscox Ltd. . . . . . . . . .404.7 4.7 424.7 340.5
Jardine LIoyd Tho . . .687.0 0.0 764.5 576.0
Lancashire HoIdin . . .734.5 -3.5 774.5 532.5
RSA Insurance Gro . .112.7 0.7 143.5 99.6
Aviva . . . . . . . . . . . . . .374.6 0.4 477.9 275.3
LegaI & GeneraI G . . .120.6 0.1 123.8 89.8
OId MutuaI . . . . . . . . .154.6 -0.1 157.8 98.1
Phoenix Group HoI . .578.0 -6.5 688.0 451.1
PrudentiaI . . . . . . . . .728.5 1.0 777.0 509.0
ResoIution Ltd. . . . . .275.3 -3.6 316.1 229.5
St James's PIace . . . .370.0 4.1 376.0 294.0
Standard Life . . . . . . .227.9 1.0 244.7 172.0
4Imprint Group . . . . .255.0 -4.0 295.0 200.0
Aegis Group . . . . . . .165.1 -1.8 168.4 115.7
BIoomsbury PubIis . .111.0 -2.5 138.0 91.3
British Sky Broad . . .699.5 10.5 850.0 618.5
Centaur Media . . . . . . .38.8 2.0 73.0 32.5
Chime Communicati .231.0 5.0 298.5 163.0
Creston . . . . . . . . . . . .56.0 4.9 121.0 47.0
DaiIy MaiI and Ge . . .462.4 -7.6 594.5 343.4
Euromoney Institu . .735.0 5.0 743.6 522.5
Future . . . . . . . . . . . . . .12.0 -0.6 30.0 8.3
Haynes PubIishing . .195.0 -5.0 257.0 188.7
Huntsworth . . . . . . . . .42.5 1.5 81.0 32.3
Bumi . . . . . . . . . . . . . .768.5 -3.33 802.0 765.0
Centamin (DI) . . . . . . . .96.3 -0.4 154.2 78.5
Eurasian NaturaI . . .703.0 -18.5 1044.0 522.0
FresniIIo . . . . . . . . . .1801.0 -16.0 2150.0 1302.0
GemDiamonds Ltd. .230.4 -4.0 306.0 179.8
GIencore Internat . . .443.3 -17.5 531.1 348.0
HochschiId Mining . .520.5 -7.5 680.0 365.9
Kazakhmys . . . . . . .1160.0 -30.0 1631.0 730.0
Kenmare Resources . .49.5 -0.5 59.9 31.0
Lonmin . . . . . . . . . . .1059.0 -21.0 1880.0 941.0
New WorId Resourc .523.0 -17.0 1060.0 409.4
PetropavIovsk . . . . . .774.0 2.0 1090.0 543.5
PoIymetaI Interna . .1156.0 -19.0 1179.0 877.0
RandgoId Resource 7295.0-270.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3869.5 -76.5 4712.0 2712.5
Vedanta Resources 1297.0 -20.0 2518.0 928.0
Xstrata . . . . . . . . . . .1200.0 -61.5 1550.0 764.0
Inmarsat . . . . . . . . . . .437.2 15.2 719.5 389.3
Vodafone Group . . . .175.0 -2.9 182.8 155.1
Genesis Emerging . .507.5 -1.5 548.5 424.0
Afren . . . . . . . . . . . . . .129.7 -3.0 171.2 73.6
BG Group . . . . . . . . .1464.5 34.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .486.5 -3.1 497.5 363.2
Cairn Energy . . . . . . .356.6 11.7 531.8 291.9
EnQuest . . . . . . . . . . .113.3 -0.2 158.5 85.7
Essar Energy . . . . . .132.7 0.8 533.5 120.0
ExiIIon Energy . . . . . .260.7 -1.2 469.7 184.2
Heritage OiI . . . . . . . .193.7 -0.8 332.2 160.0
Ophir Energy . . . . . . .332.0 8.0 333.6 184.5
Premier OiI . . . . . . . . .420.3 6.6 535.0 310.0
RoyaI Dutch SheII . .2282.5 25.5 2402.0 1883.5
RoyaI Dutch SheII . .2318.0 25.5 2489.0 1890.5
SaIamander Energy .233.2 -1.8 317.6 182.3
Soco Internationa . . .310.7 5.4 400.0 278.0
TuIIow OiI . . . . . . . . .1466.0 0.0 1493.0 945.5
Amec . . . . . . . . . . . .1047.0 -16.0 1228.0 740.5
Hunting . . . . . . . . . . .839.5 -5.0 849.5 530.0
Kentz Corporation . .478.9 -0.2 508.0 347.0
LampreII . . . . . . . . . . .325.5 -4.8 395.2 220.7
Petrofac Ltd. . . . . . .1477.0 2.0 1603.0 1108.0
Wood Group (John) .679.0 -0.5 715.8 469.9
Burberry Group . . . .1420.0 -26.0 1600.0 1092.0
PZ Cussons . . . . . . . .311.1 -1.3 387.9 285.0
Supergroup . . . . . . . .700.0 -3.0 1820.0 435.2
AstraZeneca . . . . . .3000.0 3.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .344.8 0.8 353.7 210.1
Genus . . . . . . . . . . . .1058.0 -10.0 1111.0 853.5
GIaxoSmithKIine . . .1406.0 -13.5 1497.0 1138.5
Hikma Pharmaceuti .721.5 2.5 869.0 555.5
Shire PIc . . . . . . . . . .2179.0 50.0 2243.0 1656.0
CapitaI & Countie . . .194.2 -2.7 203.7 142.8
Daejan HoIdings . . .2955.0 -75.0 3030.0 2282.0
F&C CommerciaI Pr .103.9 0.1 108.0 92.6
Grainger . . . . . . . . . . .104.0 -1.0 133.2 77.3
London & Stamford .111.6 1.3 140.0 103.9
SaviIIs . . . . . . . . . . . . .350.0 -5.7 427.1 256.2
UK CommerciaI Pro . .75.8 0.1 85.5 65.1
Unite Group . . . . . . . .187.5 -1.6 224.1 152.9
Big YeIIow Group . . .295.5 0.5 344.4 218.0
British Land Co . . . . .505.0 -0.5 629.5 444.0
CapitaI Shopping . . .341.4 1.1 408.6 288.7
Derwent London . . .1740.0 -1.0 1880.0 1400.0
Great PortIand Es . . .367.9 -1.0 445.0 312.9
Hammerson . . . . . . . .379.0 -2.3 490.9 345.2
Hansteen HoIdings . . .75.1 -0.4 89.5 68.0
Land Securities G . . .680.0 -7.5 885.0 612.0
SEGRO . . . . . . . . . . . .225.8 -1.7 331.3 195.0
Shaftesbury . . . . . . . .515.0 -4.0 539.0 441.2
Aveva Group . . . . . .1720.0 -2.0 1799.0 1298.0
Computacenter . . . . .408.1 -6.6 490.0 324.7
Fidessa Group . . . . .1691.0 15.0 2109.0 1444.0
Invensys . . . . . . . . . . .214.8 -0.5 357.8 180.9
Logica . . . . . . . . . . . . .82.3 -1.3 147.2 59.0
Micro Focus Inter . . .445.0 -2.3 455.0 242.9
Misys . . . . . . . . . . . . .326.1 -8.9 420.2 214.9
Sage Group . . . . . . . .303.8 0.6 310.1 231.7
SDL . . . . . . . . . . . . . . .648.0 -9.5 711.5 586.0
TeIecity Group . . . . . .664.5 -2.0 670.5 450.5
Aggreko . . . . . . . . . .2159.0 0.0 2164.0 1394.5
Ashtead Group . . . . .243.6 -4.2 252.3 99.4
Atkins (WS) . . . . . . . .725.0 1.0 820.0 490.2
Babcock Internati . . .739.0 -1.5 758.0 542.0
Berendsen . . . . . . . . .465.5 -3.0 568.0 402.7
BunzI . . . . . . . . . . . . .870.5 -2.5 906.5 676.5
Cape . . . . . . . . . . . . . .435.5 -3.4 591.5 295.0
Capita . . . . . . . . . . . . .633.0 -1.5 786.5 611.5
CariIIion . . . . . . . . . . .314.1 4.6 403.2 281.0
De La Rue . . . . . . . . .973.5 -6.5 990.1 699.0
DipIoma . . . . . . . . . . .400.0 0.0 425.5 263.5
EIectrocomponents .231.5 -2.6 294.9 182.2
Experian . . . . . . . . . . .916.0 10.0 922.8 665.0
FiItrona PLC . . . . . . . .380.3 -3.3 404.5 293.0
G4S . . . . . . . . . . . . . . .277.7 3.1 291.0 219.9
Hays . . . . . . . . . . . . . . .81.0 -1.9 130.0 58.9
Homeserve . . . . . . . .275.0 -9.9 532.0 218.5
Howden Joinery Gr . .109.5 0.0 127.5 93.1
Interserve . . . . . . . . . .299.1 -0.9 341.3 239.8
Intertek Group . . . . .2196.0 -11.0 2214.0 1738.0
MichaeI Page Inte . . .420.0 -9.9 567.0 323.0
Mitie Group . . . . . . . .261.0 -0.8 271.0 195.9
PayPoint . . . . . . . . . . .567.5 -5.5 585.0 327.3
Premier FarneII . . . . .206.5 -2.9 308.8 144.5
Regus . . . . . . . . . . . . .102.0 -4.5 119.0 64.0
RentokiI InitiaI . . . . . . .77.4 0.2 103.4 58.2
RPS Group . . . . . . . . .224.9 -3.5 253.0 156.6
Serco Group . . . . . . .521.5 -0.5 618.5 458.0
Shanks Group . . . . . .107.2 2.1 130.9 90.8
SIG . . . . . . . . . . . . . . .105.7 -0.6 153.5 77.0
Travis Perkins . . . . . .954.0 14.5 1090.0 715.0
WoIseIey . . . . . . . . .2244.0 -44.0 2299.0 1404.0
ARM HoIdings . . . . . .568.0 -9.0 651.0 464.0
CSR . . . . . . . . . . . . . .232.3 -1.9 447.0 154.1
Imagination Techn . .617.5 -0.5 624.0 296.9
Spirent Communica .130.8 -1.5 160.0 105.8
British American . .3092.5 23.5 3114.0 2300.0
ImperiaI Tobacco . .2428.0 20.0 2444.0 1878.0
Betfair Group . . . . . . .876.0 -8.0 1030.0 567.0
Bwin.party Digita . . .172.0 -2.0 204.0 100.6
CarnivaI . . . . . . . . . .1999.0 7.0 2983.0 1742.0
Compass Group . . . .630.5 1.5 633.5 512.5
Domino's Pizza UK . .475.6 -4.1 547.0 377.0
easyJet . . . . . . . . . . . .461.5 -10.5 476.1 301.0
FirstGroup . . . . . . . . .308.3 2.2 378.7 301.8
Go-Ahead Group . . .1304.0 22.0 1598.0 1190.0
Greene King . . . . . . .515.0 -2.5 521.5 410.0
InterContinentaI . . .1363.0 -4.0 1435.0 955.0
InternationaI Con . . .184.1 -2.3 268.1 132.0
JD Wetherspoon . . . .419.3 1.2 468.3 380.5
Ladbrokes . . . . . . . . .145.7 -0.6 155.3 114.0
Marston's . . . . . . . . . . .98.3 -0.5 112.0 84.6
MiIIennium& Copt . .465.0 -5.0 600.5 371.2
MitcheIIs & ButIe . . . .268.1 -0.4 348.7 215.6
NationaI Express . . .224.1 -0.9 270.2 201.6
Rank Group . . . . . . . .142.0 2.0 153.7 109.5
Restaurant Group . . .299.0 -6.9 335.0 254.9
Spirit Pub Compan . . .53.8 1.3 55.0 35.3
Stagecoach Group . .275.8 -5.5 287.4 200.0
TUI TraveI . . . . . . . . . .205.7 -0.8 250.0 136.7
Whitbread . . . . . . . .1696.0 -10.0 1863.0 1409.0
WiIIiamHiII . . . . . . . . .229.6 -0.4 244.1 176.8
Abcam . . . . . . . . . . . .335.3 5.3 460.0 320.0
Advanced MedicaI . . .87.0 -2.0 96.0 64.8
AIbemarIe & Bond . .353.0 4.5 400.1 281.0
Amerisur Resource . .20.5 0.8 29.0 9.5
Andor TechnoIogy . .545.0 15.0 685.0 387.1
ArchipeIago Resou . . .70.0 0.0 79.0 55.5
ASOS . . . . . . . . . . . .1896.0 51.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.8 0.8 92.0 16.0
Avanti Communicat .287.0 3.0 628.0 248.5
BIinkx . . . . . . . . . . . . . .70.0 0.3 158.0 50.5
Borders & Souther . . .68.3 -0.5 73.3 43.5
BowLeven . . . . . . . . . .79.8 -1.3 382.3 62.0
Brooks MacdonaId .1132.5 -2.5 1372.5 940.0
Cove Energy . . . . . . .140.0 0.0 140.8 61.0
Daisy Group . . . . . . .103.5 0.5 127.0 88.0
EMIS Group . . . . . . . .427.5 -2.5 580.0 397.5
Faroe PetroIeum . . . .164.8 -1.0 194.0 130.0
GuIfsands PetroIe . . .170.0 -5.3 342.0 142.5
GWPharmaceuticaI . .90.0 0.0 130.0 78.5
H&T Group . . . . . . . . .328.3 -10.8 395.0 277.0
Hargreaves Servic .1180.0 3.0 1185.0 855.0
HeaIthcare Locums . . . .4.1 0.4 4.3 3.8
Immunodiagnostic . .381.8 -2.5 1218.0 288.8
ImpeIIamGroup . . . .243.0 0.0 387.5 210.0
Iomart Group . . . . . . .144.0 5.0 144.0 85.5
James HaIstead . . . . .480.0 5.0 495.0 410.0
KaIahari MineraIs . . .243.0 0.0 301.0 198.3
London Mining . . . . .294.3 0.3 436.5 257.5
Lupus CapitaI . . . . . .127.0 -3.0 150.0 86.0
M. P. Evans Group . .445.5 -4.5 475.0 371.0
Majestic Wine . . . . . .422.0 -4.0 510.0 315.0
May Gurney Integr . .292.5 2.5 302.0 234.0
Monitise . . . . . . . . . . . .35.8 3.5 40.0 20.5
MuIberry Group . . . .1840.0 -4.0 1920.0 1065.0
Nanoco Group . . . . . . .60.0 -2.0 93.3 38.0
NauticaI PetroIeu . . .324.5 1.3 542.0 223.5
NichoIs . . . . . . . . . . . .605.0 8.8 615.0 410.0
Numis Corporation . . .93.5 -1.5 126.0 72.0
Pan African Resou . . .17.5 -0.3 17.8 9.5
Patagonia GoId . . . . . .40.5 -1.8 70.0 37.3
Prezzo . . . . . . . . . . . . .66.5 0.0 71.5 53.5
Pursuit Dynamics . . . .97.3 -0.8 410.0 67.0
Rockhopper ExpIor .334.3 -23.3 386.0 141.0
RWS HoIdings . . . . . .461.0 -15.9 481.6 329.8
Secure Trust Bank .1015.0 10.0 1030.0 755.0
Songbird Estates . . .104.5 -0.5 160.3 102.0
VaIiant PetroIeum . . .418.0 0.3 645.0 400.0
Young & Co's Brew . .630.0 -1.0 712.0 565.0
TaIkTaIk TeIecom G . .131.5 10.6
AmIin . . . . . . . . . . . . .355.2 5.3
Hargreaves Lansdow 460.4 4.4
Cranswick . . . . . . . . .841.0 3.8
Inmarsat . . . . . . . . . . .437.2 3.6
Cairn Energy . . . . . . .356.6 3.4
Greggs . . . . . . . . . . . .540.0 2.8
TR Property Inv Tr . . . .68.5 2.6
TuIIett Prebon . . . . . .322.0 2.5
Ophir Energy . . . . . . .332.0 2.5
CabIe & WireIess W . .20.3 -5.1
Kesa EIectricaIs . . . . .70.3 -5.1
Xstrata . . . . . . . . . . .1200.0 -4.9
Regus . . . . . . . . . . . . .102.0 -4.2
MeIrose . . . . . . . . . . .371.6 -4.2
Victrex . . . . . . . . . . .1347.0 -3.9
GIencore Internati . . .443.3 -3.8
Morgan CrucibIe Co .319.1 -3.6
Moneysupermarket.c 118.8 -3.6
RandgoId Resources7295.0 -3.6
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 5.250 12 . . . .101.58 -0.02 105.4 101.6
Tsy 9.000 12 . . . .103.75 0.00 111.4 103.3
Tsy 5.000 12 . . . .100.32 -0.01 104.3 100.3
Tsy 4.500 13 . . . .104.36 -0.03 106.5 104.4
Tsy 2.500 13 . . . .283.10 0.00 287.7 279.2
Tsy 8.000 13 . . . . .112.29 -0.05 116.9 112.2
Tsy 5.000 14 . . . . .111.58 -0.08 112.9 109.2
Tsy 7.750 15 . . . .100.00 0.00 106.3 99.4
Tsy 4.750 15 . . . . .114.31 -0.12 115.4 108.6
Tsy 8.000 15 . . . .127.37 -0.13 129.2 123.7
Tsy 2.500 16 . . . .341.30 -0.16 344.2 312.1
Tsy 4.000 16 . . . . .113.36 -0.17 114.7 104.9
Tsy 1.250 17 . . . . .115.17 -0.19 116.6 106.7
Tsy 12.000 17 . . .121.13 0.00 128.7 120.9
Tsy 8.750 17 . . . .139.95 -0.24 141.9 132.9
Tsy 5.000 18 . . . .120.89 -0.29 122.5 109.7
Tsy 4.500 19 . . . . .118.99 -0.33 120.7 105.4
Tsy 3.750 19 . . . . .113.79 -0.35 115.6 99.4
Tsy 2.500 20 . . . .361.89 -0.25 367.1 314.0
Tsy 4.750 20 . . . .121.27 -0.41 123.5 106.6
Tsy 8.000 21 . . . .150.13 -0.40 153.4 133.8
Tsy 1.875 22 . . . .125.93 -0.30 129.1 111.3
Tsy 4.000 22 . . . . .115.41 -0.46 118.2 99.0
Tsy 2.500 24 . . . .326.08 -0.26 357.0 275.6
Tsy 5.000 25 . . . .126.91 -0.54 130.6 107.4
Tsy 1.250 27 . . . .122.74 -0.36 127.0 104.8
Tsy 4.250 27 . . . . .118.64 -0.62 122.7 97.9
Tsy 6.000 28 . . . .143.20 -0.60 148.0 119.5
Tsy 4.125 30 . . . .313.39 -0.30 322.8 262.9
Tsy 4.750 30 . . . .125.63 -0.58 130.5 103.0
Tsy 4.250 32 . . . . .118.18 -0.61 123.1 96.0
Tsy 4.250 36 . . . . .118.36 -0.66 123.9 95.0
Tsy 4.750 38 . . . .127.68 -0.69 134.2 102.8
Tsy 4.500 42 . . . .124.13 -0.73 130.8 98.9
% %
25
Wealth Management | ISAs
T
he Citys hottest dinner ticket
the Square Mile Salute is
almost upon us again: and this
year the organisers are hoping
even to surpass last years fantastic
evening.
The charity event will see a bakers
dozen of the countrys finest chefs pre-
pare amazing canaps and caviar and
an unbeatable six course feast accom-
panied by specially matched
Boutinot wines and
Billecart-Salmon cham-
pagne. Raymond Blanc will
lead culinary masters
including of John Williams
of The Ritz, Philip Corrick
from The Royal Automobile
Club, Queens Chef Mark
Flanagan and chef to His
Serene Highness Prince
Albert of Monaco Christian
Garcia.
Guests will then have a
chance to bid on a number
of genuinely money-cant-
buy prizes in the charity
auction, including four
days skiing with one of the
Alpine sports legends, Olympic cham-
pion Franz Klammer.
The event will raise money for four
military charities; Help for Heroes, ABF
The Soldiers Charity, The Royal British
Legion and the Household Cavalry
Operational Casualties Fund (HCOCF).
BlackRock, Vice President of
Investment Companies, Alex MacEwen
knows first hand the good work the
charities carry out for the forces. He is
the Chief Executive of HCOCF, and was
severely wounded as a officer serving
in Iraq.
Event Organiser Anne Donoghue,
Managing Director of Chamberlains,
says the event underlines the close rela-
tionship between the City and the
forces, with many former servicemen
and women now plying their trade in
A feast fit for
money for our
A NIGHT
UNDER THE
MICHELIN
STARS
Brought to you by
In association with
In support of our wounded heroes,
Square Mile Salute presents the
best of Londons highlife.
B
O
O
K
A
TA
B
LE
TO
D
A
Y
22
ND
FEBRUARY 2012
AT THE GUILDHALL
From Michelin main course
to Monaco race course.
Experience an evening of gourmet
dining with a once in a lifetime
auction including an exclusive
viewing of the Monaco Grand
Prix and the Royal Reception.
www.squaremilesalute.org
Square Mile Salute
26
the City.
She said: In this digital age, with the
ability to do deals at the click of a but-
ton, Square Mile Salute is a great exam-
ple of the continuing relevance of a
more traditional way of doing busi-
ness; sharing good food, wine and con-
versation with friends and business
associates. This evening we demon-
strate the strong bond between the City
and the hospitality industry and in
supporting such a great cause we can
show that the City has a big heart.
London is home to some of the best
restaurant food in the world. The hospi-
tality industry depends upon a thriv-
ing City and Square Mile Salute simply
aims to deliver restaurant standards on
a much larger scale.
Chamberlains Events are proud to
"Last years Square Mile Salute was
a fantastic success, which saw the
cream of Londons culinary and
business talent coming together for
a very worthy cause. Hopefully this
time they can dig even deeper.
We are committed to providing

the most amazing feast for our
guests to savour in the beautiful
surroundings of Guildhall and in
turn help to raise funds for such a
deserving cause.
Chamberlains
returns Square Mile
Salute to Guildhall to
serve up a City treat
BORIS JOHNSON
RAYMOND BLANC
co-ordinate a partnership between
the finest food and wine suppliers, The
Academy of Culinary Arts and an
internationally esteemed team of
chefs brought together at Guildhall to
deliver what we believe to be quite sim-
ply the best banquet in the City.
The chefs are confident they can
achieve their lofty targets after a
final tasting took place at
Chamberlains restaurant in
Leadenhall Market presided over by
President of The Academy of
Culinary Arts Brian Turner.
Providing musical accompaniment
to the evening will the Military
Wives Choirs, who scored a
Christmas number one with their
single Wherever You Are.
Make sure you book now to avoid disap-
pointment. The event will take place on 22
February. Tables of 10 are priced at 3,500
plus VAT. For more information contact
anne@chamberlainsoflondon.com
a king to raise
real heroes
Brought to you by
In association with
From Michelin main course
to Monaco race course.
Experience an evening of gourmet
dining with a once in a lifetime
auction including an exclusive
viewing of the Monaco Grand
Prix and the Royal Reception.
www.squaremilesalute.org
22
ND
FEBRUARY 2012
AT THE GUILDHALL
In support of our wounded heroes,
Square Mile Salute presents the
best of Londons highlife.
B
O
O
K
A
TA
B
LE
TO
D
A
Y
Special feature
27
(main) Laura King of
Kings Fine Foods serving
caviar to guests at last
year's Square Mile Salute;
(right) Former champion
Alpine ski racer Franz
Klammer, who will take
auction winners on a tour
of the Alps; (below)
BlackRock, Vice President
of Investment Companies,
Alex MacEwen, chief exec-
utive of HCOCF, one of the
charities involved; (below)
Alex serving in Iraq;
(below left) The Military
Wives Choirs, who will
provide entertainment.
PICK OF THE AUCTION LOTS
Guest of Francois Roland-
Billecart in Champagne
Accompanied by John Williams of The
Ritz, stay in House of Billecart-Salmon as
Francois' guest. Dinner with Francois and
John; tour of the vineyards and golf.
A day with the Household
Cavalry
Includes a tour of the Mounted Regiment
stables and cavalry black horses, an hour
long coach ride in Windsor Great Park
and Officers Mess lunch.
Internship at City A.M.
A great opportunity to work with the
Citys leading newspaper and see from
start to finish what it takes to bring a
newspaper to life each day.
Work experience with
BlackRock
A rare opportunity for someone wanting
to gain experience at a global Asset
Management company.
Luxury Game reserve stay
Four days for 10 people at Royal
Madikwe 5-star game reserve and
safari in an unrivalled slice of Africa's
wilderness.
Skiing with Franz Klammer
Four days skiing next winter in the
premier skiing locations in Italian,
German and Austrian Alps, hosted and
personally guided by Olympic
Champion Franz Klammer.
Five Nights on Albany in
the Bahamas
Trip of a lifetime. The resort that is the
vision of Tavistock Group and golfing
legends Tiger Woods and Ernie Els
and home to James Bond's Casino
Royale.
Monaco Grand Prix and Royal
Reception
Four nights at Fairmont Monte Carlo.
Exclusive Grand Prix viewing point at the
Fairmont Hairpin bend and an invitation
to Prince Albert of Monaco's reception.
The Savoys Royal Suite and
Boodles diamonds
Chauffeured in The Savoys Phantom,
overnight stay in the Royal Suite, 24
hour butler service, dinner in Savoy Grill
and 3,000 of Boodles jewellery.
A davenport made from
Nelsons HMS Victory wood
Nina Campbell Interior
design consultation
World renowned interior designer
Nina Campbell will provide a profes-
sional consultation in your home.
T
E
R
R
E
S
T
R
I
A
L
ROGER & VAL HAVE JUST GOT IN
BBC2, 10.00PM
The couple return from a wedding,
hoping for news of Vals application to
become deputy headteacher. Dawn
French and Alfred Molina star.
LIVE FA CUP FOOTBALL
ITV1, 7.30PM
Middlesbrough v Sunderland (Kick-off
7.45pm). Adrian Chiles introduces
coverage of the fourth-round replay at
the Riverside Stadium.
10 OCLOCK LIVE
CHANNEL4, 10.00PM
New series of the satirical current
affairs show, with David Mitchell,
Jimmy Carr, Charlie Brooker and
Lauren Laverne.
BBC1
SKY SPORTS 1
7pmSky Sports News 7.30pm
Live Scottish Premier League
Football 10pmYoure on Sky
Sports! 11pmFIFA Futbol Mundial
11.30pmFootballs Greatest 12am
Scottish Premier League Football
1amCopa Del Rey Football
2.30amFootballs Greatest 3am
Scottish Premier League Football
4amCopa Del Rey Football
5.30am-6amA League Football
SKY SPORTS 2
7pmGolf 7.55pmLive Copa Del
Rey Football 10pmBoots n All
11pmInside the PGA Tour
11.30pmEuropean Tour 12am
International One-Day Cricket
2amBoots n All 3am-4amGolf
SKY SPORTS 3
7pmTrans World Sport 8pm
International One-Day Cricket
10pmBoots n All 11pmTrans
World Sport 12amPool 1amMax
Power 2am-4amCage Rage
BRITISH EUROSPORT
7pmLive Africa Cup of Nations
9pmWednesday Selection
9.05pmEquestrian 10.05pm
Riders Club 10.10pmEuropean
Tour Golf 10.40pmGolf Club
10.45pmYacht Club 11pmAlpine
Skiing 12am-12.30amCycling
ESPN
5.45pmSerie A 7.00pmLive
Serie A 7.30pmLive Coppa Italia
9.45pmGerman Cup Football
11.30pmPress Pass 2012 12am
Live NBA Basketball 2.30am
ESPN Kicks: Extra 2.45am
Snowboard FIS World Cup
Magazine 3.15amPlanet Speed
3.45amGoal Show4.15amSerie
A Rivals 4.45amSerie A Review
5.15amPress Pass 2012
5.45am-6amESPN Kicks: Extra
SKY LIVING
7pmCriminal Minds 8pmPushy
and Proud: Pamper Parlour
Mums 9pmKids Who Have It All
10pmCriminal Minds 11pmBones
12amCSI: Crime Scene
Investigation 1.50amMaury
2.40amMy Wife and Kids
3.30amBones 4.20amNothing
to Declare 5.10am-6amJerry
Springer
BBC THREE
7pmSnog, Marry, Avoid? 8pm
Dont Tell the Bride 9pmSun, Sex
and Suspicious Parents 10pm
FILMI Love You, Man 2008.
11.40pmFamily Guy 12.25am
American Dad! 1.05amSun, Sex
and Suspicious Parents 2.05am
Strictly Soulmates 3amDont Tell
the Bride 4amSnog, Marry,
Avoid? 4.30am-5.30amJunior
Doctors: Your Life in Their Hands
E4
7pmHollyoaks 7.30pm
How I Met Your Mother 8pm
FILMMonster-in-Law2005.
10pmFILMPorkys 1982.
12.05amThe Big Bang Theory
1amScrubs 2amHow I Met
Your Mother 2.25amRules of
Engagement 2.45amGreek
3.30amUgly Betty
4.10am-6amSwitched
HISTORY
7pmMounted in Alaska 7.30pm
Pawn Stars 8pmIce Road
Truckers: Deadliest Roads 9pm
Swamp People 10pmStorage
Wars 11pmTony Robinson Down
Under 12amPawn Stars 12.30am
Mounted in Alaska 1amSwamp
People 2amTony Robinson Down
Under 3amOnly in America 4am
Deep Sea Detectives 5am-6am
Cash Cowboys
DISCOVERY
7pmBear Grylls: Born Survivor
8pmWhale Wars 9pmAmerican
Chopper: Senior Versus Junior
10pmCarfellas 11pmDeadliest
Catch 12amBear Grylls:
Born Survivor 1amAmerican
Chopper: Senior Versus Junior
2amCarfellas 3amWheeler
Dealers 3.50amMythbusters
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon
and Kate Plus 8 9pmTrauma
Team10pmEmbarrassing Bodies
11pmUntold Stories of the ER
12amTrauma Team1am
Embarrassing Bodies 2amUntold
Stories of the ER 3amSupernanny
US 4amA Baby Story 5am-6am
Bringing Home the Babies
SKY1
8pmObese: A Year to Save My
Life 9pmBrit Cops: War on Crime
10pmFringe. Peter tries to find
his way home. 11pmMad Dogs
12amDog the Bounty Hunter 1am
99 Most Bizarre 1.50amFringe
2.40amRoad Wars 4.20amLion
Man 5.10am-6amDont Forget
the Lyrics
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
7.30pmRip Off Britain: News
8pmSuper Smart Animals
9pmMasterChef
10pmBBC News 10.25pmRegional
News 10.35pmNational Lottery
10.45pmKevin Bridges Whats the
Story? 11.15pmFilm 2012 with
Claudia Winkleman: National
Lottery Update 11.55pmFILMThe
Dark. 2005. 1.25amWeatherview
1.30amSign Zone: See Hear 2am
Natural World: Jungle Gremlins of
Java 3amHairy Bikers Best of
British 3.45amCelebrity Antiques
Road Trip 4.45am-6amBBC News
6pmEggheads
6.30pmBritains Heritage
Heroes
7pmEscape to the Country
8pmBees, Butterflies and
Blooms
9pmVersailles
10pmCHOICE Roger & Val
Have Just Got In: New series.
Comedy, starring Dawn French.
10.30pmNewsnight: Weather
11.20pmFILMGuerrilla: The
Taking of Patty Hearst:
Documentary about the
heiress-turned-militant. 2004.
12.50amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCHOICE Live FA Cup
Football: Middlesbrough v
Sunderland (Kick-off 7.45pm).
10pmITV News at Ten
10.30pmLondon News
10.35pmPiers Morgans Life
Stories: Joan Collins:
11.35pmKidnap and Ransom:
12.30amThe Zone; ITV News
Headlines
2.35amFILMRio Bravo: Western,
with John Wayne and Dean Martin.
1959. 5am-5.30amITV
Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
6.55pm4thought.tv
7pmChannel 4 News
7.55pmChannel 4 Presents
2012: Will Bayley Part Two
8pmHow to Cook Like Heston
8.30pmThe Fabulous Baker
Brothers
9pmOne Born Every Minute
10pmCHOICE 10 OClock Live
10.55pmRandom Acts
11pmThe Inbetweeners
12amMusic on 4
3.20am90210 4amFILMThe
Men. 1950. 5.25am-6.10am
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
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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 Savagely cruel (6)
6 Request for
a repeat
performance (6)
7 Make moist (6)
8 Blur (6)
10 Forbidden (5)
13 Go backwards (7)
16 Printers mark,
indicating an
insertion (5)
18 Recties (6)
20 Hurt or upset (6)
21 Ancient Greek city,
site of the Temple
of Apollo (6)
22 Hypothesis (6)
DOWN
1 Bathroom xture (5)
2 Walk silently (6)
3 Transparent optical
device (4)
4 Small, graceful animal
of the woods (3,4)
5 Confused scufe (5)
9 Refuse of processed
grapes, etc (4)
11 For a short time (7)
12 Roman love poet,
born in 43 BC (4)
14 Ironic parody (6)
15 Bamboo-eating mammal (5)
17 Hot alcoholic drink (5)
19 Eject uid from
the mouth (4)
R
A
R
B
E S
R
Y
P

B E A R U P O P
O L I N F O R M
D R E D G E F E
E X A R B I T E R
G R I E G C N
A S L A N D E R P
F A O R A T E
E A R S H O T T W
C T B E A T I T
M E X I C O L E
T C E N D E A R
1 7 5 2 3 3 1
2 8 7 9 5 3 8 6
6 9 7 8 1 2 6
3 5 2 4 1 1 7 9
8 9 2 3 9 8
4 1 9 3 1 2 4 6
8 2 2 7 4 1
9 3 1 9 6 4 8 7
4 2 1 2 3 5 1
8 7 4 9 6 5 9 5
9 5 8 9 7 6 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
IMPLEMENT
Lifestyle | TV&Games
CITYA.M. 8 FEBRUARY 2012 28
Making the Olympics a laboratory
for new ways to sell a global brand
GlaxoSmithKlines
head of global brand
communication tells
City A.M. why 2012
is win-win for GSK
Q.
WHAT WAS YOUR BRANDS
PRIMARY REASON FOR BEING
INVOLVED WITH THE GAMES?
A.
As a key British company, we really
want to make sure that we can do
whatever we can to make the Games
a success. Rather than just writing a
cheque, we wanted to make a material con-
tribution based on what were good at
and what were good at is science. What
better way to really bring that science to life
than to be the official laboratory group
services provider for the Games?
The Games this year are going to be more
tested than any before. Therell be 6,000
drugs tests performed across the Olympic
and Paralympic Games. What we can
provide is the understanding of
scale and the technical know-how
to deliver that.
This is the first time that a
pharmaceutical company has
provided the drugs testing
services for any Games. What
previously would be done is
that the organising commit-
tee would approach an aca-
demic institution or the
leading anti-doping centres in
that country and pay for the serv-
ices. In this instance, the London
organising committee, Locog,
approached our chief executive, Sir Andrew
Witty. Because we are the UKs largest phar-
maceutical company and given the ability
we have to bring that scale to the testing, it
was felt to be a win-win opportunity for us
to partner with Kings College London.
Scientists from Kings are the ones physical-
ly performing all the tests in the laboratory
but we are providing the building, the
state-of-the-art equipment, the infrastruc-
ture, and helping to facilitate everything so
the scientists can really focus on the job
that has to be done during the Games.
Q.
WERE THERE ANY ISSUES THAT WERE
HARD TO RECONCILE TO GET BOARD
APPROVAL?
A.
Not really. The event was based
where our headquarters are; the val-
ues of the Olympic and Paralympic
Games are very aligned with our own at
GSK. At the heart of our values programme
is integrity and transparency, which fits
very well with the
drug-testing and really
wanting to maintain the
integrity of the Games and
the health of the athletes. And weve
come in as a Tier Three sponsor, which has
a relatively modest investment level com-
pared to some of the other partners.
Q.
HOW HAVE YOU STRUCTURED YOUR
BUSINESS TO MAXIMISE OLYMPIC
OPPORTUNITIES?
A.
The Olympic partnership was really
the first significant global partner-
ship that weve done for GSK at the
corporate level. And although the laborato-
ry side started running as soon as the deal
was agreed in November 2009, it wasnt
until the middle of 2011 that we started to
really focus on how we were going to acti-
vate and maximise the opportunities we
have, acknowledging that while the exter-
nal rights are only usable in the UK, we
have a global workforce of 100,000 that we
can talk to internally. Because of all that,
weve put together the newly-formed global
brand communication team. Im head of
this team, under which falls the Olympics
and weve just signed a partnership with
McLaren as well. This has actually been a
real catalyst for the organisation and
although were not even through the
Games yet theres overwhelmingly been a
positive response, so Im hoping that
therell only be more of these types of
opportunity in the future.
In September last year we put the sign up
on our headquarters, which is the biggest
sign for the 2012 Games in London. I think
26m cars are going to go past between
when we put it up and the Games so its a
really visible sign of our support.
Q.
HOW ARE YOU USING THE TICKET
ALLOCATION YOU WERE ABLE TO BUY
FROM LOCOG AS A SPONSOR?
A.
We are very proud that we under-
stand we are the only partner to be
using 100 per cent of our tickets for
employees and their personal guests. So we
are running a global ticketing competition
where you can nominate a colleague of any
grade around the world to receive tickets
and its for demonstration of key ideals
which are aligned to the Olympic and
Paralympic values of excellence, integrity,
friendship and equality.
Q.
WHAT ARE THE MOST CRUCIAL
COMMERCIAL OPPORTUNITIES OF
THE GAMES FOR YOU?
A.
We want to use this with key stake-
holders to enhance our reputation
and for people to think a bit differ-
ently about a big pharmaceutical company,
to see GSK really getting in there and using
the science that we have in a very real way
to help make the 2012 Games the cleanest
possible. Also, engaging and having a high-
ly motivated workforce is a very important
part of any business. The reaction weve
seen to date has been unprecedented from
all corners of the earth it went beyond
expectations in a very positive way. Were
also investing in legacy by working on edu-
cation projects, including Scientists in
Sport, for secondary students. GSKs
lifeblood is the science and we want it to be
a really engaging part of education.
Kerry OCallaghan is the head of GSKs global
brand communication team.
This has been
a real catalyst
for GSK, and
Im hoping it
will just be
the start
170 DAYS TO GO
COUNTDOWN
TO THE LONDON
2012
OLYMPIC
GAMES
Business Features
29
WORDS BY MARC SIDWELL
Giving the future of British science a sporting chance
&
Q A
C
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T
Y

A
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O

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Sport
30
THE CHANCES of West Ham moving
into the Olympic Stadium appear to
have receded after legacy chiefs the
OPLC launched a search for a stadium
sponsor.
The OPLCs move means the
Hammers will not be able to sell nam-
ing rights to the venue as part of any
deal to relocate from Upton Park after
the Games.
It also poses a second potential dis-
incentive to an agreement with West
Ham, in that the eventual sponsor
could be a competitor of a Hammers-
affiliated brand.
The Championship high-fliers are
among 16 parties to have expressed
interest in leasing the Olympic Parks
486m centrepiece from 2014.
A decision on which bid or bids
have been successful is scheduled to
be made in May, when the identity
of the stadium sponsor is also set
to be announced.
The Hammers original agree-
ment to move into the stadium
was scrapped in October amid
fears of a lengthy legal delay,
after a complaint to the
European Commission.
West Ham vice-chairman
Karren Brady (right) this
week reiterated their
determination to strike a
new deal, following sug-
gestions their interest had
cooled.
I wouldnt be dragging my
body to all the meetings, or
reading through a 900-page docu-
ment every night if we werent still
committed, said Brady.
The club have previously
made clear their desire to sell
naming rights if they move
to the Olympic Stadium.
The stadium is set to
house a range of sports,
with athletics prominent
and the running track
retained, while rugby
union and cricket have
also been mooted.
Tottenham, who lost
out in the original bid-
ding process, have ruled
out another attempt and
are committed to building
a new stadium in north
London.
TOTTENHAM manager Harry
Redknapp has been made to sweat on
his fate after the jury in his trial for
alleged tax evasion failed to reach a
verdict last night.
The 12 jurors will reconvene and
continue their deliberations at
Southwark Crown Court this morn-
ing on the 13th day of the high-pro-
file trial. Judge Anthony Leonard has
asked for a unanimous verdict and,
although a result is expected today,
the process could in theory run into
tomorrow or even Friday.
Redknapp denies claims he cheated
the public revenue by receiving pay-
ments totalling 189,400 into an off-
shore account named after his pet
dog Rosie. Former Portsmouth chair-
man Milan Mandaric, who paid the
sums into the Monaco account, also
denied two charges of tax evasion.
Redknapp, the favourite to succeed
Fabio Capello as England manager,
was in court again yesterday for the
judges summing up.
Leonard urged the jury to ignore
any footballing allegiances when he
sent them out to consider the argu-
ments shortly before lunchtime. He
said: Football is an emotive subject,
stirring in an individual anything
from deep passion to resentment.
Jury out on Redknapp
as verdict proves elusive
Hammers in Olympic setback
T
HE Football Association made
the correct call in stripping John
Terry of the England captaincy
and the governing body must
now act decisively in conjunction
with manager Fabio Capello by
appointing Steven Gerrard as the
Chelsea defenders replacement.
Capello clearly thinks otherwise,
but with Terrys court case delayed
until after the European
Championships there is no way the FA
could have let him lead his country
this summer with allegations of
racism, which he strenuously denies,
hanging over him.
Having dealt with that issue, there
is no reason for the FA and Capello to
delay naming Gerrard as the fourth
permanent skipper of the Italians
reign. The temptation might be to
wait until the friendly against
Holland later this month but a swift
resolution would be preferable, rather
than letting the situation drag on.
There are only a handful of viable
candidates and for me Gerrard is the
obvious choice, despite him not hav-
ing featured for his country since
November 2010. Hes just about the
most experienced member of the
squad and, having captained such a
high-profile club in Liverpool for the
last nine years, hell easily be able to
contend with the additional pressure
that accompanies the job.
Scott Parker is another name being
touted but I have my doubts whether
a player who has only just established
his place in the side is ready for such a
significant promotion.
Trevor Steven is a former Everton and
Glasgow Rangers winger who represented
England at the 1986 and 1990 World Cup.
FA right to act
on Terry now
appoint Gerrard
FOOTBALL COMMENT
TREVOR STEVEN
Capello urged to hand Tottenham midfielder
the armband as managers unite to back
Italian in simmering row with FA
Parker backed
for England
captains job
EMBATTLED England manager
Fabio Capello has been urged to
make the best of his dispute with
the Football Association by appoint-
ing Tottenham midfielder Scott
Parker as his new captain.
Capello, at loggerheads with
Wembley chiefs over their decision
to strip John Terry of the captaincy,
is due to meet FA chairman David
Bernstein this week for talks aimed
at calming the row.
A fragile truce is the most likely
outcome but the FA is not expected
to budge on its insistence that
Chelsea skipper Terry should not
lead the national team while allega-
tions of racial abuse which he
denies hang over him.
That will leave the Italian need-
ing to select a new captain for the
summers European Championship,
and Spurs goalkeeper Brad Friedel
believes he should look no further
than the in-form Parker.
Playing with Scotty for the last
six months or so you can see,
whether he has the captains arm-
band on or not, he is going to be a
captain, said Friedel.
He is a top pro around the club,
he lives his life right, and on the
pitch he covers in front of the back
four the best that I have played
with. Also when the right or left
back go forward he is always look-
ing at where
the gaps are
that he can
cover, and
the amount of
metres he covers in
a game is immense.
Liverpool talisman Steven
Gerrard and Manchester City goal-
keeper Joe Hart are also among the
favourites to inherit the armband,
but 82-cap former United States
international Friedel rates Parker
at least their equal.
Capello triggered the row
on Sunday when he publicly
criticised the FAs decision. It
followed the adjournment
of Terrys trial, over claims
he racially abused QPRs
Anton Ferdinand, until after
Euro 2012.
The England manager yes-
terday received backing for
speaking up from two of the
Premier Leagues most respected
managers.
Manchester Uniteds Sir Alex
Ferguson said it was a difficult sit-
uation, adding: When you have a
captain that is an important part of
that team you dont want to lose
him, so I can understand theres a
lot of discussion about it.
Chelsea manager Andre Villas-
Boas, who has backed Terry since
the claims surfaced, said: He has
the right to his opinion and to share
that defence with the player.
BY FRANK DALLERES
FOOTBALL
Parker should
replace Terry,
says Friedel
Picture: GETTY
BY FRANK DALLERES
OLYMPICS
BY FRANK DALLERES
FOOTBALL
31
FORMER world champion Kimi
Raikkonen announced his official
return to Formula One after a two-
year absence yesterday by setting the
fastest time on day one of pre-season
testing in Jerez.
The sports regulations meant the
32-year-old, who will drive for Lotus
this year, had to wait until yesterday
to try out his new teams 2012 car,
having previously been restricted to
driving a two-year-old model in the
build-up to the new season.
Raikkonen has spent the last two
years competing in the World Rally
Championships but displayed few
signs of ring-rust, setting the pace
from early in the day.
The ex-Ferrari man began by clock-
ing a lap of one minute 20.5 seconds,
before bettering that mark by nearly
a second. Indeed, his fastest time was
quicker than the best lap set by any
car in testing at Jerez before the start
of last season.
Red Bull, who dominated the 2011
campaign from start to finish, saw
their pre-season test programme
delayed by the late arrival their new
cars right wing, while Britains
Jenson Button was restricted to only
a handful of laps in the new McLaren
due to routine systems checks.
Raikkonen leaves rivals
trailing on comeback
SARACENS fly-half Charlie Hodgson
looks set to continue his England ren-
aissance against Italy on Saturday
after his main rival for the No10 shirt
Toby Flood was sent back to his club
Leicester yesterday.
Head coach Stuart Lancaster has
decided that Flood, who made his
comeback from injury for the Tigers
last Saturday and has spent the last
two days training with the national
team, needs more game time before
making his Test return.
Meanwhile, England have been
warned to expect an atmosphere
every bit as hostile as the cauldron of
Murrayfield when they meet Italy in
the second match of their Six Nations
defence in Rome.
But having tamed the Edinburgh
crowd in their opening fixture, assis-
tant coach Andy Farrell believes the
new-look England side have the nerve
to cope with the occasion.
We are not concerned about what
lies ahead because the culture we are
trying to drive gets us in the right
place all the time, Farrell said.
Frozen pitches forced England to
train indoors yesterday at Canary
Wharfs London Soccer Dome, but
Farrell played down the effect it
would have on their preparations.
Hodgson to keep England
place as Floods sent home
Results
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email sport@cityam.com
SPORT | IN BRIEF
Millwall edge FA Cup thriller
FOOTBALL: Millwall are through to the
FA Cup fifth round where they will face
Bolton at the New Den following a dra-
matic 3-2 win over Southampton at St
Marys. The Lions were 2-1 down with
13 minutes left but goals from Dany
NGuessan and Liam Feeney, who struck
in injury time, turned the tie on its head
Parks retires from Scotland duty
RUGBY UNION: Scotland fly-half Dan
Parks announced his retirement from
international rugby last night, just five
days before the Six Nations clash with
Wales. Parks, 33, won his final cap in last
Saturdays defeat against England in
which his error resulted in Charlie
Hodgson scoring the games only try.
Davies and Ferris both cited
RUGBY UNION: Wales lock Bradley
Davies and Ireland flanker Stephen
Ferris have been cited after Sundays Six
Nations clash between the two sides.
Davies was yellow-carded for a tip-tack-
le on Donnacha Ryan, while Ferris
received an identical punishment for his
tackle on Ian Evans. Both players will
appear before an independent Six
Nations disciplinary committee today.
Contador calls ban an injustice
CYCLING: Spains Alberto Contador has
described his two-year ban for failing a
drugs test as a terrible injustice.
Contador plans to appeal after being
found guilty of doping for testing posi-
tive for clenbuterol during the 2010
Tour de France. On Monday he was
stripped of his 2010 Tour victory and
will miss this years event as well as
London 2012.
A
FTER their Test mauling at the
hands of Pakistan it was
inevitable that England, ham-
strung having made Alastair
Cook their one-day captain, would
drop one of their senior batsmen
ahead of the limited overs series
against the same opposition.
With Cook undroppable, any one of
Kevin Pietersen, Eoin Morgan,
Jonathan Trott or Ian Bell could have
been sent home early, but its the lat-
ter who has paid the price for his
inability to pick Saeed Ajmal.
Bell clearly hasnt had the best of
tours but hes hardly alone in that
respect and were Cook, who struggles
against spin just as much, not being
groomed to inherit the Test captaincy
from Andrew Strauss he may well
have lost his place.
With the Warwickshire stalwart
out of the way Pietersen is promoted
back up to the top of the order to
resume a role he took on with some
success during last years World Cup
before injury brought about a prema-
ture end to his tournament.
Hopefully the increased responsibil-
ity will help drag him out of a slump
that is holding England back in all for-
mats of the game.
Meanwhile, the traditional route
into the Test team via county cricket
simply doesnt exist any more, so
youngsters Jos Buttler, a gifted big-hit-
ting batsman, Hampshires left-arm
spinner Danny Briggs as well as Jonny
Bairstow should be looking to use this
series as a means of propelling them-
selves into the five-day setup.
The return of Tim Bresnan, who
missed the Test whitewash with an
elbow injury and is practically an
automatic selection, means the expo-
sure of the aforementioned trio might
be limited. But should Samit Patel and
Ravi Bopara, both of whom are enter-
ing the last chance saloon, fail again
their chances will arrive.
After outperforming Graeme
Swann in the Test series Monty
Panesar could be forgiven for wonder-
ing what he has to do to break into the
one-day team, particularly consider-
ing how much cricket England are
due to play in the subcontinent over
the next few years.
But for all his improvement,
Panesar still offers little with the bat
and even less in the field with the
way one-day cricket has evolved you
simply cant afford to carry anyone.
Andy Lloyd is a former England Test crick-
eter who made 17,211 first-class career runs.
Bell the unfortunate victim
of Cooks undroppable status
ONE DAY SQUAD: Alastair Cook, James
Anderson, Jonny Bairstow, Ravi Bopara,
Tim Bresnan, Danny Briggs, Stuart Broad,
Jos Buttler, Jade Dernbach, Steven Finn,
Craig Kieswetter, Eoin Morgan, Samit Patel,
Kevin Pietersen, Graeme Swann, Jonathan
Trott
TWENTY20 SQUAD: Stuart Broad, James
Anderson, Jonny Bairstow, Ravi Bopara,
Tim Bresnan, Danny Briggs, Jos Buttler,
Jade Dernbach, Steven Finn, Alex Hales,
Craig Kieswetter, Eoin Morgan, Samit Patel,
Kevin Pietersen, Graeme Swann
ENGLAND | ODI AND T20 SQUADS
HOW THIS WOMAN PLANS TO
STOP OLYMPIC DRUG CHEATS
AND WHY LONDON 2012 WILL BE THE
CLEANEST GAMES YET: PAGE 29
Bell has been dropped from England one-day squad Picture: GETTY
ARMBAND OPTIONS
STEVEN
GERRARD
PROS: Captains a
high-profile club in
Liverpool and has
plenty of Champions
League and interna-
tional tournament
experience
CONS: Recent
England appearances
have been limited by
injury and his fitness
is an ongoing concern
JOE HART
PROS: Englands
undisputed No1 enjoy-
ing the season of his
life and a great com-
municator with a
squeaky clean image
CONS: Goalkeepers
historically do not
make for the best
captains and at just
24 years old he may
not be ready to take
on the responsibility
CRICKET COMMENT
ANDY LLOYD
ASHLEY COLE
PROS: The most capped
member of the England
squad and an automatic
choice who is preparing
to appear at his fifth
major tournament
CONS: Checkered disci-
plinary record off the
field and is far from uni-
versally popular with
England supporters.
Booed against
Kazakhstan back in 2008
GARETH BARRY
PROS: A senior member
of the squad with a clean
cut image and has cap-
tained England on occa-
sion in the past
CONS: The Manchester
City midfielder has fallen
down the England peck-
ing order following the
emergence of Scott
Parker and is probably
only a short-term option
at best
BY FRANK DALLERES
RUGBY UNION
BY JAMES GOLDMAN
FORMULA ONE

Cityam 2012-02-08

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