Documente Academic
Documente Profesional
Documente Cultură
BY TIM WALLACE
UK ECONOMY
Economics
3 CITYA.M. 15 MARCH 2012
Employment minister Chris Grayling welcomed rising private employment Picture: GETTY
ANALYSIS l Male jobless rate is higher
Nov/Jan
2011
Feb/Apr
2011
May/Jun
2011
Aug/Oct
2011
Nov/Jan
2012
9.0
7.0
8.0
6.0
p
e
r
c
e
n
t
Men
Woman
ANALYSIS l Unemployment has begun to fall
Nov/Jan
2011
Feb/Apr
2011
May/Jun
2011
Aug/Oct
2011
Nov/Jan
2012
2,700
2,450
2,550
2,300
The labour market shows tentative signs of life
A
D
a
i
m
l
e
r
B
r
a
n
d
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HERON has appointed Savills as the
leasing agent for the Heron Tower in
the City as the company kicks off a
new marketing campaign in May to
lease the remaining floors of the sky-
scraper.
Savills has won the prized mandate
after Heron decided last month to
shake-up its leasing teams as part of a
new drive to secure tenants for the
building, which is 50 per cent let.
Cushman & Wakefield one of
the two incumbent agents
alongside CBRE was
asked to re-pitch.
Cushman will
retain the man-
agement of the
building.
City landlords
have been hit by a
lack in demand
for office space, as
firms put off com-
mitting to new
space amid eco-
nomic uncertain-
ty.
The Heron,
completed last
year, is still look-
ing to lease floors
2-8 and the top
floors from 23-37.
Heron appoints
Savills for City
tower mandate
PROPERTY
News
4 CITYA.M. 15 MARCH 2012
THE NEW concourse at Kings
Cross station was unveiled yester-
day, marking the end of a five-
year makeover at the central
London station.
The steel and glass dome,
which weighs 1,700 tonnes, was
designed by architect John
McAslan to complement the rest
of the Grade I listed station.
Commuters will be able to
walk through the new wing from
next Monday.
Mayor of London Boris
Johnson and transport secretary
Justine Greening officially
opened the station yesterday
alongside Network Rail chief
David Higgins.
The new western concourse, at
a cost of 550m, is part of
Network Rails 2.5bn, 10-year
upgrade of the Kings Cross St
Pancras and surrounding area,
which runs until 2013. More
than 45m people travel through
Kings Cross station a year.
BY MARION DAKERS
TRANSPORT
News
5 CITYA.M. 15 MARCH 2012
NEWS | IN BRIEF
Shadow banking faces reform
The shadow banking sector continues
to pose risks to the UKs financial stabil-
ity, Lord Turner, chairman of the
Financial Services Authority warned
yesterday, as he insisted a fresh
approach to its regulation was neces-
sary. Turner, speaking to the CASS
Business school, said it was urgent that
the shadow sector, such as money mar-
ket funds aimed at retail investors,
were reformed in the same way as nor-
mal banks.
The sprawling array of non-banks that
extend credit and provide other bank-
like services are not something parallel
to and separate from the core banking
system, but deeply intertwined with it ...
We need to ensure that our regulatory
response appropriately covers shadow
banking as well as banks, Lord Turner
said.
RICHARD Siewert Jnrs appointment
as the new head of public relations at
Goldman Sachs was only officially
announced to staff on Tuesday.
But by yesterday morning the for-
mer press secretary to President Bill
Clinton was thrown into his first
fully-fledged firestorm.
In an unauthorised article for the
New York Times, Greg Smith, a
London-based employee who worked
in derivatives and who had been at
the firm for 12 years, said that the
environment at the firm had become
toxic and destructive.
Smith said that over the last 12
months he had seen five different
managing directors refer to their
own clients as muppets some-
times over internal e-mail.
There was talk yesterday that
Smith had felt bitter about the size of
his most recent bonus and others at
the bank pointed out that as a vice
president, he wasnt especially sen-
ior. But nobody could dismiss his
observations entirely.
Smith said in his article that he
was most disappointed by how the
culture of the firm had become
degraded under the leadership of
Lloyd Blankfein.
He wrote: The culture was the
secret sauce that made this place
great and allowed us to earn our
clients trust for 143 years. It wasnt
just about making money; this
alone will not sustain a firm for
so long.
Goldman Sachs, which later
sent an email to all its employ-
ees (bottom right) in a bid to
reassure them after the article
was published, said: We dis-
agree with the views
expressed....In our view, we will
only be successful if our clients
are successful. This fundamental
truth lies at the heart of how
we conduct ourselves.
One recruiter
warned that
Smiths bold
parting shot could make it tricky for
him to find a new employer.
If Smith is looking for a new job,
hes playing a very dangerous game,
said Dave Way of Marks Sattin.
Like most of the Citys major
employers, Goldman Sachs have a
strong network of alumni running
companies across the world who
could be bosses or clients for high-
level professionals changing
jobs. Those that didnt
leave for the same rea-
sons as Mr Smith may
not think his words
about their former
colleagues were
particularly well
chosen.
Top PR job at Goldman
was never going to be
a walk in the park
BY DAVID HELLIER
FINANCIAL
Focus on Goldman
6 CITYA.M. 15 MARCH 2012
TODAY is my last
day at Goldman
Sachs. After almost
12 years at the firm first
as a summer intern while at
Stanford, then in New York
for 10 years, and now in
London I believe I have
worked here long enough to
understand the trajectory of
its culture, its people and its
identity.
And I can honestly say that
the environment now is as
toxic and destructive as I
have ever seen it.
To put the problem in the
simplest terms, the interests
of the client continue to be
sidelined in the way the firm
operates and thinks about
making money.
Goldman Sachs is one of the
worlds largest and most
important investment banks
and it is too integral to global
finance to continue to act
this way. The firm has
veered so far from the place
I joined right out of college
that I can no longer in good
conscience say that I identify
with what it stands for.
Greg Smith
Goldmans new PR
boss Richard Siewert
Jnr has been thrown
in at the deep end
Dear all,
By now, many of you have read the submission in todays
New York Times by a former employee of the firm. Needless
to say, we were disappointed to read the assertions made by
this individual that do not reflect our values, our culture and
how the vast majority of people at Goldman Sachs think
about the firm and the work it does on behalf of our clients
We are far from perfect, but where the firm has seen a
problem, weve
responded to it seriously and substantively.
Thank you.
Lloyd C. Blankfein
Gary D. Cohn
NEW8 FROM THE
CTY OF LONDON
Get City news, info and offers at
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TOP staff at Barclays cashed in around
30m worth of shares this week, the
bank said yesterday, just weeks after it
revealed that chief executive Bob
Diamond took home pay, shares and
benefits totalling 17m last year.
Diamond sold 29,168 shares worth
nearly 70,000 as part of the firms
long-term share award schemes.
He also kept some 27,000 of the new
shares, taking his total holding above
13.23m.
But his payout yesterday was
eclipsed by BarCaps co-chief Rich
Ricci, who netted more than 9.7m by
selling all 4m shares awarded.
Fellow co-chief Jerry del Missier also
sold more than 4m shares, raking in
10.8m. BarCap generated half of
Barclays pre-tax profits in 2011.
Others who cashed in included
finance director Chris Lucas, who sold
613,536 shares; Barclays retail bank-
ing head Antony Jenkins who sold
nearly 789,231; and wealth manage-
ment head Thomas Kalaris who sold
471,187.
The share sales which reflect
awards to executives that the bank
has already announced took place
on 12 March, when Barclays share
price stood at 239.88p.
CABLES EXEC PAY PLANS: P10
Barclays execs are quids
in after 30m share sale
Barclays chief executive Bob Diamond sold shares given as long-term awards Pic: GETTY
BY MARION DAKERS
BANKING
News
7 CITYA.M. 15 MARCH 2012
NEWS | IN BRIEF
NAMA needs more property sales
Irelands state-run National Asset
Management Agency (NAMA) needs an
additional 4bn (3.3bn) of property
sales by the end of 2013 to meet a target
under the countrys EU-IMF bailout, said
the agencys chief executive yesterday.
NAMA, one of the worlds largest proper-
ty groups, has already approved sales of
over 7bn out of its 74bn portfolio of
land and development loans.
Coalition makes 200m IT savings
The government has managed to cut
200m in costs from its IT outsourcing
work by renegotiating its deal with
Gapgemini, cabinet secretary Francis
Maude said yesterday. He said the sav-
ings in the contract for work to 2017
showed how the government is
operat[ing] more like a good business.
A further 180m is expected to be saved
in other contract renegotiations this year.
LEGAL & General (L&G) posted the
biggest rise on the FTSE 100 after
the insurer said it would increase
its 2011 dividend by more than a
third to 6.4p.
The board justified the bumper
payout which reverses a cut
made during the 2008 financial cri-
sis on the basis that the company
enjoyed the combination of
growth and strong cash genera-
tion.
It still looks very positive for fur-
ther increases in future, L&G chief
executive Tim Breedon told
reporters yesterday.
Operating profit was up five per
cent to 1.06bn as sales gained
seven per cent to hit 1.9bn, assist-
ed by a 34 per cent jump in earn-
ings at its asset management arm.
Shares in L&G closed the day up
5.5 per cent at 134.3p, meaning
they have now gained an astonish-
ing 42 per cent in the last six
months. The insurer has been at
the forefront of an industry drive
to boost cash generation by reduc-
ing commission payments to bro-
kers and focusing on products that
require lower capital reserves.
Although the 2011 dividend is
covered 2.25 times by cash genera-
tion, L&G aims to move towards a
coverage ratio of two times.
Breedon said it could go even lower
if market and regulatory uncer-
tainties are lifted.
L&G leads FTSE 100
after dividend rise
BY JAMES WATERSON
INSURANCE
News
8 CITYA.M. 15 MARCH 2012
ALPHA Bank yesterday scrapped plans
to tie up with rival Eurobank, in what
would have been Greeces largest bank
merger in decades but instead became
a casualty of the countrys bond
restructuring.
Alpha Bank had said in January it
would put the merger, agreed in
August, on hold until the terms of
debt-crippled Greeces bond swap were
finalised.
As Greeces cabinet unanimously
approved the terms of its 130bn inter-
national bailout yesterday, Alpha Bank
said it had decided to go it alone.
The lenders had initially sought to
form the nations largest bank to cope
with a crisis that has caused rising bad
debts and prompted many depositors
to take their cash elsewhere.
Their share swap deal looked as if it
would hit the rocks when it became
clear that the Greek bond exchange
also known as private sector involve-
ment (PSI) would inflict a bigger hit
on their portfolios, and disproportion-
ately on Eurobank, which had roughly
double the exposure to Greeces sover-
eign bonds.
The market has known for weeks
that this merger effort had soured, an
Athens-based banking analyst said.
Todays development is them formal-
ly pulling out.
A spokesperson said Alpha Banks
board will convene a general share-
holders assembly where it will pro-
pose calling off the merger. Alphas
board meeting is set for 27 March.
The board will explain to share-
holders why the merger is no longer in
their interest, another Alpha Bank
official said.
Alpha Bank ditches
plan to merge with
Greeces Eurobank
BY HARRY BANKS
BANKING
MARCUS BARNARD
ORIEL
The outlook statement is upbeat
seeing further opportunities to grow in the
core UK despite the considerable changes
and challenges that lie ahead. New business
strain was helped by better terms in the
annuity market meaning net cash genera-
tion was 846m, up 11 per cent and four
per cent ahead of expectations of
817m. Target price: 162p. BUY.
KEVIN RYAN
INVESTEC
We continue to view Legal &
General as strategically challenged with just
13 per cent of profit generated outside the
UK. If Solvency II were to insist on signifi-
cantly higher levels of capital required for
writing annuities, we believe this would pro-
vide the company with a serious challenge.
Target price: 104p. SELL.
Lifeline thrown
at Game Group:
OpCapita offers
to buy its debt
Game, led by boss Ian Shepherd, could be saved if OpCapitas offer is accepted
VINCE Cables plans to crack down on
executive pay split opinion yesterday,
with shareholder groups welcoming
the proposals as business leaders
warned that the plans risk micro-
managing.
The business secretary yesterday
laid out plans to force firms to hold
binding votes on its future remunera-
tion and for golden parachute pay-
ments worth more than one years
salary, in a bid to curb spiralling pay at
the top of listed firms.
Lawyers, including Freshfields part-
ner Simon Evans, predicted that even
typical executive exit payments will be
caught under the proposed rules, and
could force firms to buy directors out
of their current terms of employment.
Cable also said a higher than nor-
mal portion of investors should be
required to approve future pay pack-
ets, to reflect the increasingly frag-
mented nature of the stock market.
But CBI director general John
Cridland said: The [threshold] would
be damaging, leaving decision making
about company strategy in the hands
of a minority of shareholders who may
not represent the wider group.
The Institute of Directors, which
supports more powers to curtail execu-
tive pay, also voiced concerns about
setting arbitrary thresholds.
But investor group PIRC said the
plans help foster a retooling of share-
holder rights in respect of pay.
PIRC and the National Association
of Pension Funds both pointed out
that shareholders already have some
binding powers.
WORLDSPREADS lost its chief execu-
tive yesterday as Conor Foley (pictured)
quit his role at the spread betting
house.
Worldspreads ex-boss Roger Hynes,
who moved from the financial servic-
es group to CMC Markets, will resume
his former seat on an interim basis.
The shift comes just two weeks after
Worldspreads released a profit warn-
ing due to an unusual pattern of
client trading. The company said it
anticipates a full-year loss due to a
combination of benign market condi-
tions and low volatility in certain
key markets.
Worldspreads chairman
Lindsay McNeile commented:
Whilst Conor has expressed his
desire to channel his personal
energies into other fields, we
are delighted that as the
largest individual shareholder
in the group he remains fully
supportive of our manage-
ments growth plans.
She welcomed Hynes back
to the spread betting compa-
ny, saying his insights and
reputation are unmatched
within the industry.
Niall OKelly, Worldspreads ex-
chief financial officer, departed
alongside Foley after announcing
at the end of February his res-
ignation.
Worldspreads said
CMC Markets veteran
Roger Hynes position
would be on an interim
basis while the firm
undertakes a global
search for a new chief.
Shares in the AIM-list-
ed company fell four
per cent to 35.5p.
FINANCIAL SERVICES
News
10 CITYA.M. 15 MARCH 2012
NEWS | IN BRIEF
Unite rejects Olympics Tube bonus
Unite the union yesterday rejected
London Undergrounds offer of an 850
Olympics bonus for its maintenance and
management workers. Unite said the
offer, which is still being considered by
transport union RMT, had strings
attached [that] are totally unacceptable
including a requirement to work flexibly.
Unite has also announced a ballot of
London bus drivers over their proposed
500 bonus to work during the Games.
SocialGo reduces its losses
SocialGo has unveiled a software
update which gives the social network
builder a closer integration with
Facebook and allows its users to create
a better featured and bespoke version
of a Facebook group. SocialGo, which
raised 1.63m of capital from two share
placings last year, reported revenues of
734,000. Its operating loss for the
year was 1.18m, down on a pro-rata
basis from a 1.07m loss in the nine
months before.
Correction
On Tuesday, City A.M. printed an article
entitled Gulf Keystone shares plunge,
which quoted a note from Seymour
Pierce analysts that included an interview
with chief executive Todd Kozel that it
said took place last weekend. Seymour
Pierce has since corrected the note to the
effect that the quoted interview actually
took place several years ago. We apolo-
gise for any confusion caused.
AT A GLANCE: CABLES EXEC PAY PLANS
CABLES PLANS FOR EXEC PAY
Business secretary Vince Cables consulta-
tion on executive pay published yesterday
set out plans that he hopes will give share-
holders more influence over executive pay.
BINDING YEARLY PAY VOTES
Cable wants an annual binding vote on
every listed companys future remuneration
policy. Because of the fragmented nature
of shareholders in UK-listed firms, the
report proposes a 75 per cent threshold.
PAST PAY ADVISORY VOTES
To keep tabs on how popular the resulting
pay packages are, Cable also sets out a
non-binding annual vote on the past years
remuneration. If this fails to pass 75 per
cent, the firm should give an explanation.
EXIT PAYMENTS WILL FACE A VOTE
Firms would also have to win a vote on exit
payments worth more than one years
salary. The report admits this could lead to
delays to payouts, but hopes the plans
prompt investors to voice concerns early.
MORE DETAIL AND TIMINGS
The government will later this year bring
out a more rigid guide to what companies
should include in their remuneration report.
Companies can submit responses until 27
April, and the government aims to bring
new rules into law by spring 2013.
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JOHNATHAN EVANS | SAMMONS ASSOCIATES
ROBIN CULLIGAN | PRICE FORBES AND PARTNERS
Im most concerned about youth unemployment to be
honest. I have siblings graduating university soon and
Im worried about them finding jobs.
NICK BROWN | ALLIANZ
Im not worried for myself, but I am worried about the
youngsters. I work with a lot of young people and I fear for
them. Theyre in debt from university and cant get jobs.
* These views are those of the individuals below and not necessarily those of their company
Worldspreads takes back old
boss as chief exec Foley quits
CITY VIEWS: ARE YOU WORRIED ABOUT UK
UNEMPLOYMENT?* Interviews by Kendal Gapinski
Yes, I am worried about the unemployment rate. At the end of
the day, the high unemployment rate is not good for anybody.
Cables plan
for pay votes
splits the City
BY MARION DAKERS
CORPORATE GOVERNANCE
Business secretary Vince Cable wants more shareholder power over pay Picture: GETTY
LEX
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CITYA.M. 15 MARCH 2012
The Capitalist
L
ife in the Citys financial advisory
sector has been full of change late-
ly, especially at the firms which tai-
lor their expertise to the small to
mid-cap corporates.
Theres been a merging of Evolution
and Investec; theres a possible merger
between Canaccord and Collins Stewart
to come, with likely job cuts on the
cards; there have been job cuts this week
at Oriel Securities; and theres been the
merger of the Spanish group N + 1 and
Brewin Dolphins advisory business to
make N + 1 Brewin.
Now the Capitalist is hearing tales, sadly
uncorroborated, that N + 1 Brewin itself
could be looking at merging its opera-
tions with another.
Sources have suggested there have
been talks between it and Singer Capital
Markets but a phone-call to Singer chief
executive Tim Cockcroft leaves us none
the wiser.
Cockcroft, who is away from the office
nursing a sports injury, declined to com-
ment on market speculation.
Our sources suggest that if a deal went
ahead, Cockcroft, a former Peel Hunt
man, would be in charge rather than N +
1s James Cumming. Sadly Cumming
was unavailable for comment.
It would be very soon after the launch
of N + 1 Brewin for such a deal to be con-
templated but it is a fast-moving world
for the sectors top players at the
moment, whether theyre injured or not.
The Capitalist would love to hear more
from anybody who manages to eke out
some details.
13
N + 1 PLUS
ANOTHER
ONE.........
JP MORGAN STARTS
ITS MOVE
There was much clattering of chairs
and sideboards yesterday at JP
Morgans Aldermanbury offices in the
City of London as removal people began
the shift eastwards to the US banks
new London headquarters at
the former Lehman
building in Canary
Wharf. JP Morgan started
moving people last
month and has already
installed its name-
plate at the new
building.
Sources say it will contin-
ue moving people until the start
of the Olympics, after which there will
be a fortnights break before the move
is finally completed some-
time in the autumn.
Lets hope the client lift
at the new building is
blessed by the same
courteous butler-
dressed attendant to
assist clients along
their way in the firms
new shiny home.
Got A Story? Email
thecapitalist@cityam.com
City workers may have noticed a
rise in the number of lycra-clad
runners pounding the pavements dur-
ing lunchtime breaks, as the date of
the London marathon (22 April) draws
nearer.
Yet two Linklaters lawyers are
going far further: Richard Youle and
Peter Lewis are running the Marathon
des Sables next month, a gruelling 150
mile trek through the Sahara Desert.
Three charities will benefit from the
pairs arduous adventure Missing
People, Neuro Foundation, and the
Morocco-based Solidarite.
To contribute to their fundraising,
readers of the Capitalist can visit:
uk.virginmoneygiving.com/teamshuffle
News
14 CITYA.M. 15 MARCH 2012
ZYNGA is planning a secondary offer-
ing of $400m (255m) in a bid to keep
its current investors happy.
The social gaming company, which
listed for $10 a share in December,
wants its main shareholders to agree
to a longer lock-up period usually
six months in which they cant
offload their shares.
It could be trying to avoid the fate of
LinkedIn, whose stock dropped 14 per
cent in the days after its six month
period came to an end in November.
Zynga, which works closely with
Facebook, will not receive any pro-
ceeds from the offering.
PUB operator Marstons reported solid
trading yesterday despite a tough peri-
od for the leisure sector and said it
was looking ahead to a strong 2012.
Like for like sales over the last 23
weeks were up 3.5 per cent on last
year at the British brewer which has
2,150 outlets across the country as
food sales grew 3.9 per cent and drink
sales rose 3.4 per cent.
Although this is a slight decline on
the five per cent Marstons was up
over the Christmas and New Year peri-
od, it remains significantly ahead of
the industry, which fell 2.1 per cent in
January and 3.7 per cent in February
according to the Peach Tracker which
monitors sales of eating and drinking
out.
But pub operators remain on
unsteady footing ahead of next weeks
Budget which could add 10p or more
to the price of a pint.
Marstons chief executive Ralph
Findlay told City A.M., The beer duty
escalator, which rises tax by two per
cent over and above inflation, is huge-
ly damaging to the pub sector.
Its simply staggering how much
theyre taking out of the pub sector
and its not sustainable in the long
run. The situation cant afford to get
any worse.
But the pub and bar operator is
increasing its rate of investment, plan-
ning to open 25 new pubs this year
compared to 19 last year and 15 in
2010.
The Euro 2012 championship and
the Queens Jubilee are expected to
boost sales over the summer but
this also depends on the sunshine and
how well Englands football team
does, Findlay told City A.M.
Marstons, whose rivals include
Mitchells & Butlers, Greene King and
JD Wetherspoon, said sales of its own-
brewed beer, which includes Pedigree
and Hobgoblin beer, were up two per
cent.
Marstons up
despite fears
over Budget
EUROPEAN publishing group Mecom
reported a two per cent drop in rev-
enues to 1.06bn in 2011 as advertising
income fell seven per cent to 461.5m.
Pre-tax losses were 33.4m an
improvement on 2010s loss of 94.8m.
Mecom also said it had acquired
near total control of Wegener, its
Dutch regional newspaper unit that
accounts for 83 per cent of the groups
profit, by buying a 13.3 per cent stake
from Governance for Owners thereby
taking its holding to 99.7 per cent.
Mecom boss Tom Toumazis said the
company was considering delisting
Wegener from the Dutch exchange.
Mecom rocked
by low ad sales
Zynga: second
share offering
BY LAUREN DAVIDSON
LEISURE
TECHNOLOGY
MEDIA
Smiths Group boss Philip Bowman said revenues in its detection arm had fallen
FRENCH CONNECTION said yesterday
it was launching a review of its UK
operations after a disappointing per-
formance caused profits to slide by 32
per cent in 2011.
The group, whose eponymous
brand accounts for over 90 per cent of
its revenue, reported pre-tax profits of
5m in the year to the end of January,
in line with expectations after a profit
warning in November last year.
Chairman and chief executive
Stephen Marks, who founded the com-
pany in 1977, said after experiencing
the most difficult winter season in
all his years in the business, French
Connection would be reviewing its
operations to improve sales and mar-
gins.
We are very aware that there will
be no quick solutions and that
changes we make will take time to
have an impact.
Marks, however, was more upbeat
about the groups international opera-
tions and said it would look to expand
overseas this year and open more
stores in China, Hong Kong and India.
BY KASMIRA JEFFORD
RETAIL
HUGO Boss said sales growth would halve this year, cooled by a likely slowdown in red-
hot Chinese demand for designer labels. The German fashion house, controlled by private
equity house Permira, also announced plans to convert all its preference shares into ordi-
nary shares, rekindling speculation that the buyout firm could seek an exit soon. In
November Permira denied having any imminent exit plans. Picture: GETTY
News
15 CITYA.M. 15 MARCH 2012
RED-HOT GROWTH COOLS FOR HUGO BOSS
Slump in UK
hurts French
Connection
ANALYSIS l French Connection Group PLC
p
8Mar 9Mar 12May 13May 14May
56
55
54
53
52
51
50.75
14 Mar
Another firm looks to Asia for growth
I
TS an increasingly familiar story.
A UK firm, starved of revenue at
home, looks east to expand, hop-
ing the growing middle classes
in India and China will pick up
where the British squeezed middle
have dropped out.
French Connections position at
the more expensive end of the high
street means it may be able to hang
onto the coat tails of demand for lux-
ury and heritage British brands such
as Burberry and Mulberry in expand-
ing Asian economies but has it
waited too long?
By saying its pulling back from
the UK, the company is ensuring all
eyes will be on domestic operations
for the next 12 months at least.
If it can juggle lease negotiations,
price tweaks and getting the product
range right at home while simulta-
neously expanding abroad, then per-
haps next year will bring the
profitability that Stephen Marks
forsees.
But right now, we wouldnt bet on
it.
BOTTOMLINE
Analysis by Elizabeth Fournier
GROWTH declined in the final quar-
ter of 2011 across most of the worlds
20 biggest economies, according to
research published yesterday.
Aggregate GDP growth slowed to
0.7 per cent, following a 0.9 per cent
expansion in the previous three
month period and taking growth for
the year as a whole to 2.8 per cent.
That represents a marked drop
from growth of five per cent in 2010,
and the quarterly growth is the
weakest since early-2009 when the
top 20 economies contracted by 1.6
per cent.
Indonesia led the field with
growth of 2.1 per cent in the fourth
quarter, closely followed by China, at
two per cent, and India at 1.8 per
cent.
The worst performances came in
Italy, where GDP contracted by 0.7
per cent, and Japan and the UK,
which both saw contractions of 0.2
per cent.
Brazils economy accelerated in
the quarter, reversing a 0.1 per cent
fall in the three months to
September to grow by 0.3 per cent,
while South Africas growth rate also
improved from 0.4 to 0.8 per cent.
EVERY major EU economy except
Germanys saw industrial production
fall in the year to January, official fig-
ures showed yesterday.
The data reflects output from facto-
ries, as well as other industrial activi-
ties such as mining.
Output fell 1.2 per cent in the 12-
month period in the Eurozone and
one per cent in the EU as a whole the
second consecutive fall after the 1.8
per cent and one per cent drops
respectively in the year to December,
Eurostat revealed.
Germanys industrial production
increased 1.6 per cent, while French
output dropped 2.2 per cent, Spains
4.2 per cent, the UKs 4.4 per cent and
Italys five per cent.
Energy output in the Eurozone
dropped 6.2 per cent, consumer
durables by 2.2 per cent and interme-
diate goods by 1.3 per cent, although
capital goods output rose 3.1 per cent.
However, there were some signs of
stabilisation in the monthly data.
Both the Eurozone and EU saw a 0.2
per cent rise in output in January com-
pared with December, with growth of
1.5 per cent in Germany and 0.4 per
cent in France, although Italian,
Spanish and UK output fell 2.5 per
cent, 0.2 per cent and 0.4 per cent
respectively. These figures do not pro-
vide much comfort and point to a rea-
sonably high chance that the wider
Eurozone economy entered a techni-
cal recession in the first quarter,
warned Capital Economics Ben May.
Weak factory
data fuels fear
of recession
Economic growth slows
across major economies
BY TIM WALLACE
EUROZONE
WORLD ECONOMY
FINANCIAL REGULATION
News
17 CITYA.M. 15 MARCH 2012
EUROZONE INFLATION PICKS UP
INFLATION in the Eurozone rose from 2.4 per cent in the year to February 2011 to 2.7 per
cent a year later, Eurostat figures showed yesterday. Price rises accelerated in France,
from 1.8 per cent to 2.5 per cent, Italy, from 2.1 per cent to 3.4 per cent, and Germany
from 2.2 per cent to 2.5 per cent. However, the rise was not uniform with Spain seeing
inflation fall from 3.4 per cent to 1.9 per cent. Picture: GETTY
THE TAKEOVER battle for hedge fund
administrator GlobeOp was on a
knife-edge last night after SS&C
Technologies trumped a rival offer
from private equity firm TPG Capital.
American financial software firm
SS&Cs 485p-a-share cash deal, valu-
ing GlobeOp at 572m, has won
backing from the independent direc-
tors after beating the 435p cash
offer TPG had agreed last month.
GlobeOp shares rose 1.59 per
cent to 495p last night as the
market waited to see if TPG came
back with another bid for the
firm, which is based in London
and New York.
The US buyout firm,
which has $49bn of
assets under man-
agement, said it is
considering its
options and again
urged sharehold-
ers to take no action. Along with
its allies it has support covering 27.2
of GlobeOp shares.
SS&C, which is part-owned by pri-
vate equity firm Carlyle, believes it
can make cost-savings of at least
$25m within three years if it com-
pletes a deal, for which it needs to
win 70 per cent shareholder backing.
Chief executive Bill Stone (pic-
tured) told City A.M. a tie-up would
create a 500-strong new business
development team, make
lives easier for investors
and improve industry
transparency.
It would also create the
worlds third-largest hedge
fund administrator. Stone
plans to offer jobs to mem-
bers of GlobeOp man-
agement who
want to stay on.
G l o b e O p
a dmi ni s t e r s
$173bn in client
assets.
570m offer
puts GlobeOp
fight in a spin
US REPUBLICAN presidential candidate Rick Santorum won critical primaries in
Mississippi and Alabama in the early hours yesterday, narrowly defeating Newt
Gingrich and front-runner Mitt Romney. Santorums wins put pressure on Gingrich to
withdraw from the race, although he has pledged to continue campaigning until the
Republican convention in August. Despite Santorums wins in the deep south, Romney
continues to lead the Republican race, with a total of 494 delegates out of the 1,144 need-
ed to secure the presidential nomination. Picture: GETTY
BY PETER EDWARDS
M&A
News
CITYA.M. 15 MARCH 2012 19
SANTORUM WINS KEY PRIMARIES
BAIN Capital, the private equity
house co-founded by Mitt Romney,
has moved to defend its record of
investments after months of being
criticised as a corporate raider.
The firm wrote to investors after
Romneys former position at the
helm took on a high-profile role in
the race for the Republican nomina-
tion for US president.
Bain said it had created hundreds
of thousands of jobs in its 28-year his-
tory and that fewer than five per cent
of the companies in which it invested
had filed for bankruptcy.
PRIVATE EQUITY
Rusal chairman
could now sue
GERMAN energy group E.ON yester-
day cut its dividend as it posted a net
loss of 2.2bn (1.8bn) for the year, its
first ever full-year loss.
The firm blamed the abrupt shut-
down of nuclear plants in Germany
and the lower price of wholesale gas
for the loss, which came despite a 22
per cent rise in sales to 113bn.
The companys energy trading divi-
sion made a 631m loss, compared to a
1.2bn profit the previous year.
In a statement entitled Past the
Worst, E.ON said it has made good
progress with its restructuring and
that operations outside of Europe
were reporting strong growth.
Chief executive Johannes Teyssen
said the firm was in talks with poten-
tial partners in India and Turkey.
It forecast underlying net income of
up to 2.7bn this year, and still plans to
pay a dividend of 1.10 a share.
In the UK, its retail business posted a
profit of 304m, down 7.6 per cent on
the previous year, despite the firm
gaining more than 12,000 new resi-
dential customers.
Other UK operations including
wind farms and gas storage earned
972m, down 4.4 per cent.
Even if E.ON was adversely affected
by a number of key issues such as gas
prices, the nuclear phase-out or depre-
ciations, we believe that the company
has a good starting base for a positive
development, said DZ Bank analyst
Hasim Senguel.
BY MARION DAKERS
ENERGY
E.ON upbeat
despite 2bn
annual losses
THE HURLINGHAM CLUB & PARK, FULHAM, LONDON SW6
MINT
This sensational three day event kicks
off the weekend with a fabulous
corporate day offering world class polo
from six international teams, with
fully inclusive hospitality plus the new
Veuve Clicquot at Hurlingham evening
launch party.
Enjoy a classic British summer day out;
three polo matches, Veuve Clicquot
Champagne, lunch at the iconic
Hurlingham Club - the historic home of
polo - a quintessential afternoon cream
tea and to finish the day off, a rocking
party with live music and guest DJs.
An exciting range of hospitality options
to suit all budgets with prices from just
150 plus VAT per person.
Book now for a remarkable experience.
Telephone 0207 936 5284 or email
rachel@cityevents.uk.com.
The Best Corporate Day Out - as voted by CITY AM
Winner of Best Sports Attraction - London Lifestyle Awards 2010 & 2011
www.mintpolointhepark.com
News
21 CITYA.M. 15 MARCH 2012
Wall St sees
end of 5-day
winning run
T
HE S&P 500 broke a five-day
streak of gains yesterday as
investors found little reason to
extend a rally that took the
benchmark index to four-year highs.
Momentum continued in Apple, as
its shares climbed 3.8 per cent to
$589.58 following positive analyst
comment. Morgan Stanley and
Canaccord Genuity both lifted their
price targets to above $700.
Three stocks fell for every gainer on
the New York Stock Exchange, a sign
of investors pulling back from gains
that have lifted numerous blue-chips
to 52-week highs. Procter & Gamble,
hit a 52-week high at $67.95 before
dipping 0.1 per cent to close at $67.85.
The Dow Jones industrial average
rose 16.42 points, or 0.12 per cent, to
13,194.10 at the close. The Standard &
Poors 500 Index slipped 1.67 points,
or 0.12 per cent, to 1,394.28. The
Nasdaq Composite Index inched up
just 0.85 of a point, or 0.03 per cent, to
3,040.73.
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l G4S PLC
295.0
292.5
290.0
287.5
285.0
282.5
280.0
277.5
8Mar 9Mar 12Mar 13Mar 14Mar
p
278.00
14 Mar
G4S
Exane BNP Paribas downgraded G4S from
outperform to neutral after the security
group posted a drop in annual profits.
Exane said the results, which included a
50m cost from last years failed merger
with Danish catering firm ISS, were unin-
spiring. It held the target price at 305p
but highlighted a loss of management
credibility after the ISS deal.
ANALYSIS l Moneysupermarket Com Group PLC
134
132
130
128
126
8Mar 9Mar 12Mar 13Mar 14Mar
p
130.30
14 Mar
MONEYSUPERMARKET.COM
N+1 Brewin upgraded the price comparison
website from buy to add after it posted
a doubling in full-year profits as more peo-
ple used its online services. The broker
liked the firms save over 1,000 on your
household bills marketing campaign which
it said would increase awareness and use
of Moneysupermarket services. It held the
12-month target price at 140p.
ANALYSIS l Marston's PLC
102
101
100
99
98
97
96
8Mar 9Mar 12Mar 13Mar 14Mar
p
99.70
14 Mar
MARSTONS
Peel Hunt switched from hold to buy
after the brewer and pubs group said prof-
its would meet expectations. The broker
raised the target price from 100p to 114p
and said the firms focus on on value and
service would help it to increase market
share in value food. It added: The shares
have been on the sidelines for too long and
the time is right for a fresh look.
OIL explorer Tullow Oils profits
surged last year thanks to the ramp
up of a major new field in Ghana
and the buoyant price of crude,
allowing the company to announce
a doubling of its dividend yesterday.
Tullow said pre-tax profits rose
499 per cent to $1.07bn (683m) in
2011, on sales revenues up 111 per
cent to a record $2.3bn.
Oil and gas production rose 35
per cent to average 78,200 barrels of
oil equivalent per day (boepd).
But output at the FTSE 100 firms
Jubilee field in Ghana was lower
than first expected, and the compa-
ny said it planned to work on the
field this year to improve output.
Tullow said it was now eyeing
start-up of its Ugandan fields in
2016, after delays to regulatory
clearance, but that it was working
on potentially transformational
exploration work in Kenya,
Ethiopia and Senegal this year.
The firm intends to spend $2bn
on development and exploration
this year, up from $1.2bn in 2011.
Analysts said the results were
around seven per cent ahead of
forecasts, but that lower produc-
tion outlook at Jubilee would keep
a lid on the share price for now.
The firm also announced that
Transocean non-executive director
and former National Grid finance
boss Steve Lucas will join its board
in May.
The firms shares rose 1.9 per
cent to close at 1,482p.
Tullow Oils
earnings rise
500 per cent
BY MARION DAKERS
ENERGY
4
S T A L L S C A
E O A D D I C T
R O A N G T O
U G A E R I A L
M O S E S T Z L
T R A I N E E
M I G A N N U L
A C R O S S C E
Y F U A B L E
B A R R E D S C
E Y S H E I K H
3 9 8 4 9 2 7
1 2 4 5 3 7 3 9
3 5 7 8 9 6
6 8 7 9 2 7 5 9
2 4 3 6 1 2 1 8
1 8 1 3
1 4 2 3 2 5 1 7
5 8 9 7 8 6 4 9
5 6 1 5 4 3
4 9 3 6 7 8 5 9
1 7 2 9 1 2 5
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
AFTERGLOW
ACROSS
4 Floor consisting of
open space at the
top of a house (5)
7 Computer generated
image (7)
8 Attempted (5)
10 Radial member of
a wheel joining the
hub to the rim (5)
12 Reverential
salutation (3)
13 Transversely (9)
17 Immeasurably long
period of time (3)
19 Projecting bay
window (5)
22 Hurray! (5)
23 Ability to walk steadily
on the deck of a
pitching ship (3,4)
24 Demands (5)
DOWN
1 Semi-precious
stone with streaked
colouring (5)
2 Salted roe of a
sturgeon (6)
3 Largest of the
Dodecanese islands (6)
4 Top cards (4)
5 Country, capital
Lom (4)
6 Blanket (5)
9 Call forth (5)
11 Beforehand (5)
14 Internet photographic
equipment (6)
15 Moves along a
winding path (6)
16 Adult female (5)
18 Brag (5)
20 At rest (4)
21 Fewer (4)
31
CITYA.M. 15 MARCH 2012 Lifestyle | TV&Games
Chelsea legend Ron Harris (left) has a suite named after him. Pictured is the Vialli suite
Gunners
box clever
to pull in
the fans
CORPORATEHOSPITALITY
Olympics
are not the
only games
in town
32
CITYA.M. 15 MARCH 2012
A
s the Olympics come to town
it would be easy to forget that
there are dozens of other top
sporting corporate packages
available across London throughout
the year.
The sporting excellence which is
about to land in London from
around the world for the 2012
games serves to highlight what a
nation of sports lovers we are.
This special supplement will high-
light just some of the events which
would impress any client, from a day
at the races, to a polo match and, of
course, the nations number one
game, football.
The diversity of sports reflects the
international flavour of the capital
city and the variety of clients look-
ing for that special occasion.
Our spotlight on two polo
events in particular shows the
different type of sporting
events available.
As for football,
Londons top clubs are
geared towards ensur-
ing that business
people from across
the globe can get
a magnificent
view of the likes
of Robin Van
Persie and Didier
Drogba in the flesh.
These pages are a celebration
of what is on offer and a testament
to London as one of the worlds
sporting capitals.
Lets all celebrate the Olympics
and its own corporate hospitality
while remembering that there are
fun and games to be watched across
London throughout 2012.
Chelsea are clearly a club in
transition on the pitch and off
it: they are hatching plans for a
new stadium.
However, Stamford Bridge is not ready
for the scrap heap just yet if its corporate
hospitality is anything to go by.
A trip to the Ron Harris suite, in this
case for the visit of Valencia in the
Champions league, offers a top ringside
seat for a battle between two of
Europes footballing heavyweights. The
suite offers a lot more finesse than name
suggests (Harris was known as Chopper
for his uncompromising tackling) and is
formal but not stuffy. The pre-match
menu has the required variety to sug-
gest that an effort has been made to
shun the often trodden route at big
events of churning out standard mass
catering. The room itself is a low
ceilinged affair which is not the most
attractive but that is more than forgot-
ten amid the excellent service and pre-
footie buzz. At the Valencia game the
Harris suite was graced by a number of
familiar faces including West Brom man-
ager Roy Hodgson and Wigans Hugo
Martinez. There were plenty of good
wines and it was a top night all round.
For more on Chelseas packages go to:
www.chelseafc.com.
ARSENALS executives boxes
are among the best in
world football. The dining
experience offers a four-
course buffet served with drinks
before watching the action from a
private balcony.
New for this current season at
the Emirates is the Superbox
which offers more than three
times more space than a standard
executive box and the capacity for
24 guests.
Meanwhile the Club Level VIP
package enables supporters to
experience a matchday at
Emirates Stadium in the style the
Arsenal and visiting team
directors are accustomed to.
On arrival supporters enjoy a
champagne reception in the
directors box before dining in one
of the superb Club Level
restaurants.
At half-time and post-match
they will return to their table for
complimentary refreshments.
The Club Arsenal package
offers first-class cuisine before
watching the on-pitch action from
some of the best seats in the
stadium.
The Gallery package, only
available on selected games,
allows supporters to access the
platinum tier on Club Level
leading up to kick-off where they
will enjoy an informal hospitality
experience in an exclusive area.
Gallery supporters can also
enjoy a champagne reception.
Fulham FC offers a two-hour boat cruise ahead of some games, the next is Chelsea
AHEAD of Fulhams home
derby game against Chelsea at
Craven Cottage on 9 April, the
club are offering a two hour voyage
on a luxury river boat with food pro-
vided by Jamie Olivers Fabulous
Feasts event team.
The deal, for the game on the
Easter bank holiday Monday, also
includes a champagne
reception and, of course, a
ticket to the game at the
iconic stadium on the
Thames.
The boat trip is on
the clubs Silver
Sturgeon cruiser and
offers great views of
the Thames. The meal
includes drinks beers,
wines, spirits, tea and
coffee, and a cheese
course.
A match day
programme as
well as a
guest speak-
er are also included in the price of
275 (plus VAT) per person.
If you are a season ticket holder the
cost is 195 (plus VAT).
There is also a free entry into a
draw for a signed Fulham shirt.
Separately the club also has a range
of corporate hospitality packages.
Its executive suites offering a pri-
vate balcony that gives unrivalled
views over one of the Barclays
Premier Leagues most historic
grounds.
Separately there is also the
George Cohen restaurant which
offers a champagne reception
and a la carte meal as well as
some of the best seats in the his-
toric stadium.
For group bookings and bespoke
packages are available on request,
please call the hospitality
team for more informa-
tion on 020 8336
7555 or email hos-
pitality@fulham-
fc.com.
Why not mess around on river before footie
Chelsea package does Ron proud
ROOM WITH A VIEW
EXECUTIVE BOX
From 4,500+VAT for 10, 12 or
15 guests. Four-course buffet
served with drinks - private bal-
cony for game.
SUPERBOX
From 13,500+VAT for 24
guests. Offering more than three
times the space of a standard
executive Box and the capacity
for 24 guests
CLUB LEVEL VIP PACKAGE
From 4,000+VAT for eight
guests. Champagne reception in
directors lounge, pre-match four
course meal. Souvenir pro-
gramme and match day gift.
CLUB ARSENAL PACKAGE
From 350+VAT per person for
2-50 guests. Champagne recep-
tion, buffet, seat with excellent
views.
GALLERY PACKAGE
From 595+VAT per person for
up to 80 guests. Champagne
reception, three course buffet
before watching the game form
the upper tier.
SPECIAL
33
CITYA.M. 15 MARCH 2012
Gaucho Polo looks
for the white result
in internationals
T
he theme of the entire HPA
Gaucho International Polo
2012 event is a White Jeans
Party.
The idea is that white jeans are
synonymous with royalty, celebri-
ties, socialites and, of course, polo
players. Gaucho will be donating
1 to the British Forces
Foundation charity for every per-
son arriving in white jeans for the
event on 20 on 21 March.
Meanwhile, the Gaucho hospitali-
ty package includes a Veuve
Clicquot reception, followed by a
three course Gaucho lunch includ-
ing sommelier selected wines.
There is a reserved VIP seat wait-
ing in the 02 Arena to catch all the
sporting action while there is free
access to the after-party along with
a souvenir programme.
There is also access to the Wines
of Argentina tasting lounge.
The first polo match is between
Welbeck Group Ireland and
Auchentoshan Scotland followed
later by a clash between IG Index
England and Merchant Hub
Argentina. The cost of the hospital-
ity is 195 per person (plus VAT).
Meanwhile Band Bajofondo
Remixed will be performing sever-
al sets throughout the day.
Last year 7,000 people turned
out for the inaugural event the
biggest crowd at an indoor inter-
national polo tournament ever.
The pitch size is reduced to give
a more intense game and the seat-
ing is designed to get spectators as
close as possible to all the action.
At 9.45pm, after a tough days
play, the after party event starts
with dancing, Champagne and
cocktails.
For further details and to book the
hospitality package contact events and
marketing manager Elli Sallis on 020
8858 7711 or elli.sallis@gauchorestau-
rants.com.
General tickets are on sale though
Ticketmaster priced at 20, 30, 45,
50 and 65.
ATP tennis sees its world stars
sign up to return for 02 event
M
ost tennis fans would relish
the chance to see the
worlds top players slug it
out in a setting such as the 02. The
2012 Barclays ATP tournament in
London in November follows last
years massive success. The VIP
Suites, which are both spacious
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exceptional and unrestricted view
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ness the Murray return or the
Federer drop shot.
From the comfort and intimacy
of your private box you will be able
to enjoy. Complimentary drinks
from the bar and a selection of
gourmet dishes served by your own
dedicated box steward.
Boxes are available to purchase
without hospitality and are sold
for 15, 18 or 30 people.
Another option is the Advantage
package which offers table for a
group of eight to ten people. The
offer includes early VIP access to
the court, champagne, a two
course meal and souvenir pro-
gramme.
The Racquet Club deal includes
a light bite menu in an exclusive
sports bar area with wine beer and
soft drinks. It also includes
Category One seats in the arena.
The prestigious tournament has
been contested in major cities
around the world and has a rich
history dating back to the birth of
The Masters in 1970 in Tokyo.
The Masters, which was anchored
at New Yorks famed Madison
Square Garden from 1977 to 1989,
evolved into the ATP Tour World
Championships in 1990. German
cities Frankfurt and Hanover
shared the event through 1999 and
in 2000 the event was rebranded
Tennis Masters Cup. Federer lifted
back-to-back titles in 2010 and
2011, becoming the first player to
win the circuit finale six times. The
players aiming to take part this
year are Djokovic, Nadal, Federer,
Ferrer, Tsonga, Berdyc h, Fish and
Tipsarevic. The tournament will
take place 5-12 November.
For more information on hospitality at
this event contact the IMG sales team on:
020 8233 5888. Email: atptennis
@imgworld.com
Polo in the Park
is once again in
Mint condition
M
INT Polo in the Park is once
again holding a three day cele-
bration of international polo at
Hurtling Park.
The event made its debut in 2009 and
has since then become a popular event on
the London sporting calendar.
Six teams representing global cities will
play in the tournament.
Played over 8,9 and 10 June, the final
will be held on the last day and there will
be three matches every day.
Last year Abu Dhabi claimed victory in
the final over Team Gaucho Buenos Aires.
The event has tweaked the rules of normal
polo to make the event as exciting as possi-
ble for spectators. The main sponsors are
MINT a division of BROCK brokers. The
international business has offices in
Dubai, New York and Paris, and reflects
the international flavour of the polo
event. IGAL Index and City A.M. are among
the companies sponsoring teams in the
competition. Other event sponsors are
Harrods, Gaucho, Chesterton Humberts,
Audi, Vevey Clinquant and polo equip-
ment brand La Martina. The Friday is
dubbed City Friday when City workers
head to the event for drinking and net-
working as well as the polo. The event is
two-time winner of London Sport
Attraction of the Year at The London
Lifestyle Awards (2010 and 2011). Tickets are
now on sale at Ticketmaster and for corporate
hospitality packages call 0207 9365284 for more
information and to book.
Roger Federer was victorious last year
Abu Dhabi won last years final
The Gaucho Polo tournament at the O2 is encouraging spectators to wear white jeans for the event
CORPORATEHOSPITALITYSPECIAL
Investec Derby package sees fine
dining out of the Boisdale stable
34
T
he Boisdale Enclosure is one of
the most elite hospitality offer-
ings at any British Racecourse
and will be limited exclusively
to 180 guests on Investec Ladies Day;
Friday 1 June and Investec Derby Day,
Saturday 2nd June the first event of
the Queens Diamond Jubilee celebra-
tions.
The Boisdale Enclosure at Epsom
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the finishing line adjacent to the
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jazz and cuisine served within sump-
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Rupert Trevelyan, managing direc-
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The Boisdale Enclosure will
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The bespoke enclosure will include
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Guests in the Boisdale Enclosure will
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and after racing.
Last years Investec Derby whose
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den by Mickael Barzalona.
The 19-year-old French rider stood
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Hospitality packages cost 675+VAT
per person for Investec Ladies Day
and 750+VAT per person for Investec
Derby Day.
Other hospitality on offer includes
the Derby Suite, located on the third
floor of the Queens stand and the
T
HE hospitality at Royal Ascot
for 2012 includes the Furlong
Club an area exclusively
for Grandstand admission cus-
tomers, which overlooks the final
furlong.
A relaxed sanctuary away from
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Concourse, the Furlong Club will
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ing perfect views of the Royal
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With an extensive bar, TV
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daily tipsters its the ideal place to
spend the day in style.
Seafood specialists Caviar House
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There will be an exclusive bar
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Caviar House will also be serv-
ing a spoonful of their finest
caviar on top of champagne flutes
in the Mill Reef bar as you enter
the Royal Enclosure Gardens and
will feature in the Royal Enclosure
Seafood restaurant. For a chance
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grounds of Ascot Racecourse,
Caviar House is also creating an
exclusive picnic for Royal Ascot
Racegoers.
Meanwhile Royal Ascot is
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millinery. Straight-off-the catwalk
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Vivienne Westwood, Matthew
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and organisers are working
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Heidsieck, to ensure that this
years shows are bigger and
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@ascot.co.uk Royal Ascot is famed for its fine dining.
2011 Derby win-
ner Pour Moi rid-
den by Mickael
Barzalona and
(right) the scene
at Epsom.
Tattenham Straight Marquee pack-
age. There is also the Blue Riband
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Queens stand and the Downs View
suite in the Duchess Stand, and a
Carluccios picnic package which
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vary but all packages offer excellent
views of the action with top quality
food and drink at hand for racegoers.
For more information or to book call the
hospitality team at Epsom Downs
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Epsom.hospitality@thejockeyclub.co.uk
Hold onto your hats: Ascot hospitality going up a gear
Punter | Cheltenham
35
RACING TRADER BILL ESDAILE PREVIEWS THE JEWSON
AND THE PERTEMPS FINAL
S
OMETIMES the market can
overreact to negative vibes
about a particular horse and
Im hoping that will be the
case with in-form Donald McCains
PEDDLERS CROSS in this after-
noons Jewson Novices Chase.
Last seasons Champion Hurdle
runner-up had been seen as the
only realistic threat to Sprinter
Sacre in Tuesdays Arkle, before con-
nections opted last week to switch
and target this race instead.
Rumours about the horses wellbe-
ing had spread like wildfire in the
days leading up to the decision and
McCain came out publicly and said
that the horse hadnt really fired
since disappointing at Kempton
over Christmas.
The apparent logic other than
avoiding another meeting with the
seemingly unbeatable Sprinter
Sacre is that Peddlers will be far
better suited to the extra five fur-
long trip and a less frenetic pace. I
can understand that thought
process and, if hes as well as his
trainer now reports, he should take
plenty of beating.
Now, the fact remains that he was
a 3/1 chance for the Arkle less than
three weeks ago and he can be
backed this morning at 7/2 with
Coral for a weaker race (Grade Two
rather than Grade One) over a trip
that will suit him better. If hed had
a trouble-free preparation and had
targeted this race all along, Ive no
doubt hed be 7/4 rather than 7/2.
He is set to meet 11 decent rivals
this afternoon and regular follow-
ers of this column will already have
an each-way position on Nick
Williams For Non Stop at 12/1. Hes
half that price this morning and
showed his well-being with a great
run at Newbury last time. There is
just a niggling doubt as to whether
he is quite top class and Im not
sure hes good enough to repel an
in-form Peddlers Cross.
Champion Court brings solid
course form to the table, while
Solix has apparently been working
the house down at Seven Barrows.
Both should run solid races but also
may lack the necessary class.
That leaves Willie Mullins Sir Des
Champs as the most obvious danger
to my selection. If truth be told, Id
have probably sided with this one
each-way if hed still been available
at 8/1 like he was a few weeks ago.
The problem is that the money has
flooded in and he is now as short as
7/2 with Paddy Power. He won last
years Martin Pipe Hurdle over this
trip and is unbeaten over the bigger
obstacles.
However, Im pretty convinced his
trainer wanted to target the RSA
Chase yesterday as he looks crying
out for three miles. He needed every
yard of this trip 12 months ago and
there is just a danger he may not
have the gears to reel in Peddlers
Cross.
The Pertemps Final hasnt been a
great race for punters in recent
years with the last eight winners
being double-figure prices, includ-
ing two 50/1 shots. However, the
remarkable BUENA VISTA has won
this in each of the last two years
and he has every chance of replicat-
ing Willie Wumpkins achievement
of winning the race three years run-
ning.
David Pipes 11-year-old, who was
tipped up at 20/1 in this column
last year, has run at the Festival for
seven straight years and has never
finished worse than sixth. He is
only 2lb higher than last year and
has 10lb claimer Tom Bellamy in
the saddle. Previous Festival form is
always important and it would be
wonderful to see Buena Vista
land the prize again.
Pipe saddles the likely
favourite Our Father who could be
very well-handicapped. Hes only 4/1
on Betfair and with only four career
starts, Im just not sure if he has
enough experience for a rough
race like this. The yard had the
favourite in this race last
year, a similarly unexposed
type in the shape of
Chartreux, but he couldnt
live with his older stable-
mate.
Sonofvic represents Paul
Nicholls and hes another
who could be on a particularly
attractive mark. He wasnt beat-
en far by Grands Crus over fences
earlier this season and he won a
decent race at Ascot last season.
Willie Mullins is another train-
er who is always to be feared in
these big handicap hurdles and
when I was at the Cheltenham
weights lunch a few weeks ago, one
of the handicappers said he was
most scared of Mullins Sergeant
Guibs. The six-year-old has run a
couple of eye-catching races at
Punchestown on soft ground and
his French form suggests hell do
better on good ground. Hes anoth-
er, though, that lacks for experi-
ence and Id far rather a
battle-hardened handicapper than
an unexposed type in this race.
One that fits that bill is Eddie
OGradys CATCH ME, now owned by
JP McManus and ridden by AP
McCoy. JP always loves to have big
winners at this meeting and its
interesting that he bought this high
class hurdler just before the
Festival. The 10-year-old has run
some cracking races at Cheltenham
and finished sixth in the Champion
Hurdle in 2007. Take some of the
12/1 available with Coral.
Dont rule out Nigel Twiston-
Davies Kayf Aramis, who won this
race in 2009. Hes a huge price at
33/1 and Bellflower Boy is also quite
interesting down the foot of the
weights at 25/1.
Im at Cheltenham all week and
you can get my up-to-date views on
Twitter @BillEsdaile.
POINTERS...
PEDDLERS CROSS 1.30pm Cheltenham
BUENA VISTA e/w 2.05pm Cheltenham
CATCH ME e/w 2.05pm Cheltenham
ALREADY ADVISED
FOR NON STOP e/w 12/1
1.30pm Cheltenham
Picture: GETTY
Peddlers to silence
doubters in Jewson
MONEY BACK OFFER: Win stakes and win part of each-way bets refunded if your selection nishes second to OUR FATHER.
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Mon-Sat from8.30am
5/1 Our Father
9/1 Sergent Guibs
10/1 Buena Vista
10/1 Sonofvic
12/1 Catch Me
12/1 Thehillofuisneach
14/1 Cape Tribulation
18/1 Across The Bay
18/1 Barwell Bridge
18/1 Prince Erik
20/1 Restless Harry
20/1 Russian War
20/1 Sir Kezbaah
22/1 Cantlow
22/1 Rick
25/1 Bellower Boy
28/1 Pettifour
28/1 Reindeer Dippin
33/1 Ashkazar
33/1 Houblon Des Obeaux
33/1 Kayf Aramis
33/1 Palace Jester
33/1 Pineau De Re
80/1 Scotsbrook Cloud
Each-way 1/4 the odds a place 1-2-3-4
PERTEMPS FINAL
3 Miles, Listed Handicap Hurdle, Cheltenham 2.05pm, Live on CH4
RYANAIR CHASE
2 Miles 5 Furlongs, Grade 1 Chase, Cheltenham 2.40pm, Live on CH4
9/2 Riverside Theatre
11/2 Somersby
6/1 Noble Prince
15/2 Medermit
8/1 Rubi Light
9/1 Albertas Run
12/1 Great Endeavour
14/1 Captain Chris
16/1 Poquelin
18/1 Blazing Tempo
22/1 Kalahari King
25/1 Little Josh
25/1 Realt Dubh
33/1 Forpadydeplasterer
Above 2 races: Non-runner money back. Rule 4 may apply.
Prices subject to uctuation.
OUR FATHER
MONEY
BACK
IF YOUR HORSE FINISHES 2ND TO....
PROMISE
50 FREE BET
FOR NEW CUSTOMERS
PLUS... BET 5 ON THE FIRST ON YOUR
MOBILE, GET 5 ON THE LAST
NEVER A QUARREL BET WITH CORAL
Each-way
1/3
the odds a place 1-2-3
Punter | Cheltenham
36 CITYA.M. 15 MARCH 2012
RACING TRADER BILL ESDAILE PREVIEWS THE RYANAIR AND BYRNE GROUP PLATE
T
HERE have only been seven run-
nings of the Ryanair Chase and
sponsor Michael OLeary wont be
happy that no horse from his
native Ireland has won this yet. They
arguably have their strongest hand this
time with last years Jewson winner
NOBLE PRINCE and the third home in
this race 12 months ago, Rubi Light.
We have already backed Noble Prince
at 7/1 ante-post and he is now 6/1 with
Coral. Paul Nolans stable are running
well and his Jewson win a year ago was
impressive. Hes been a tad disappoint-
ing so far this campaign, but this 2m5f
trip on good ground is exactly what he
wants.
Make no mistake about it, though, this
is one hot renewal of the Ryanair and I
honestly think if you ran the race seven
times youd get seven different results.
Riverside Theatre is the 9/2 favourite
with Coral and he won well at Ascot last
time. However, Ive never been convinced
that Cheltenham really suits him and all
seven winners of this race had previous-
ly won at the track. Nicky Henderson has
some big chances this week, but Id be
happy to lay the seven-year-old on
Betfair, as well as opposing him on the
win index with Sporting Index.
Albertas Run has won the last two run-
nings and also landed the RSA Chase
back in 2008. He comes alive at this
course and at this time of year, while
conditions should suit perfectly. That
said, hes a year older and this looks
probably the best Ryanair ever run so
hes going to have to put in a career best
performance.
Rubi Light is a big danger and hes
probably the best two-and-a-half mile
chaser in Ireland, but he does seem to
need cut in the ground and he isnt
going to get it. Hes out to nearly 10/1 on
Betfair and although I think hes a top
class horse, tomorrows conditions
arent going to play to his strengths.
Henrietta Knight has always held
Somersby in the highest regard and Ive
also always been a big fan of the horse.
Hes often played the bridesmaid, but
this is his trip and he won the Grade One
Victor Chandler Chase on his last start.
The problem with him is the price; if he
was 10/1 Id be backing him, but hes no
bigger than 7/1 and that is just too short
in such a hot contest.
Medermit goes well at the track and
ran a really strong race behind
Quantitativeeasing at this track in
December, although Im not sure hes
quite good enough, while the decent
record of Paddy Power Gold Cup winners
in this race means Great Endeavour
cant be overlooked.
However, the one horse who has the
potential to be much better than his cur-
rent odds is CAPTAIN CHRIS and he
should be backed each-way at a general
14/1. Philip Hobbs inmate landed the
Arkle last year and although he per-
formed poorly at the course in January,
something was clearly amiss. He was
being prepared for a Gold Cup bid and as
long as he doesnt jump too far out to his
right he has every chance of finishing in
the first three.
There has only been one winning
favourite of the Byrne Group Plate since
1981, so David Pipes SALUT FLO has it
all to do on the trends. I just have a feel-
ing he might be able to put an end to
that hoodoo, as he could be unbeliev-
ably well-handicapped. The Pipes always
have one massive plot at this meeting
and it was Junior in the Kim Muir last
year who demolished his rivals at a skin-
ny 100/30.
I remember thinking to myself why on
earth had I not backed it when he round-
ed the home turn with no dangers in
sight. Now, Im not saying Salut Flo will
win this by as big a margin, but a mark
of 137 could seriously underestimate his
chances. The Pipes think this is their
best chance of the week and I will be tak-
ing some of the 4/1 generally available.
We are already in a strong position in
this race as we have CRACK AWAY JACK
in the locker at 12/1 and he is now no
bigger than 7/1 with Coral. This is his
first season with Paul Nicholls and there
is no doubt that hes another who is
potentially very leniently treated. A win-
ner of the Fred Winter at the Festival in
2008 when trained by Emma Lavelle, he
has always looked as though hed make
up into a decent chaser and he holds
strong claims.
Ferdy Murphys Divers won the
novices handicap chase on the first day
of last years meeting and he should go
close with AP McCoy taking the ride. He
will love the ground and ran a stormer
in the Paddy Power Gold Cup earlier this
season. My worry is that Graham Lee
gets on with him very well and hes a
horse that needs to be nurtured into the
race. If pushed, Id probably just side
with Crack Away Jack over Divers in a
match bet with Sporting Index.
Last years winner Holmwood Legend
is respected for a yard that is already on
the scoreboard at this meeting thanks to
Hunt Ball, but he is now 15lb higher.
Venetia Williams is always respected in
this race and the progressive
Niceonefrankie wouldnt be without a
chance off just 10st2lb.
POINTERS...
CAPTAIN CHRIS e/w 2.40pm Cheltenham
SALUT FLO 4.00pm Cheltenham
ALREADY ADVISED
NOBLE PRINCE 7/1 e/w 2.40pm Cheltenham
CRACK AWAY JACK 12/1 e/w 4.00pm Cheltenham
Picture: GETTY
Captain Chris
has to be of
interest at a
massive 14/1
Punter | Cheltenham
37 CITYA.M. 15 MARCH 2012
RACING TRADER BILL ESDAILE PREVIEWS THE WORLD HURDLE AND THE KIM MUIR CHALLENGE CUP
Big Bucks set for
real test in pursuit
of fourth crown
T
HERE wont be a dry eye in the
house if the unbelievable Big
Bucks can become the first
horse ever to land the World
Hurdle for four consecutive years. If
he does win, it will be his sixteenth
victory on the bounce and hell equal
Sir Kens record that has stood since
the 1950s.
So, can Paul Nicholls nine-year-old
stable star finally be beaten? Well,
the bookmakers are certainly taking
no chances with Coral as short as 1/2.
If you are happy to back him at odds-
on then Paddy Power are prepared to
lay you 4/7. That may not look so
short around 3.30pm this afternoon!
One thing that is for sure is that
Big Bucks faces his toughest test to
date with certainly the best field in
terms of quality he has ever met over
timber. Grade One winning hurdlers
Oscar Whisky, THOUSAND STARS,
Voler La Vedette and Mikael
Dhaguenet are joined by the fast-
improving pair Dynaste and So
Young in a mouth-watering clash.
Now, the key to this years renewal
is that Big Bucks has more than one
genuine challenger and for that rea-
son I think he can genuinely be beat-
en. In fact, there is every chance that
he may not even trade as favourite at
one point in-running on Betfair. Yes,
his running style has been well-docu-
mented, but Oscar Whisky will travel
ominously well through to the sec-
ond last and I wouldnt be surprised
if the pair were separated by very lit-
tle in the market. That could well be
the time for backers to get with Big
Bucks on Betfair and layers to get
against Oscar Whisky who definitely
has stamina concerns.
The betting without Big Bucks
market catches my eye the most as it
depends on who is actually ridden to
beat the favourite and who is ridden
with constraint to come second.
Dynaste was a warm second favourite
behind Big Bucks at Ascot earlier in
the season, but an aggressive ride
meant he failed to even make the
frame.
For that reason, Im very interested
in Willie Mullins THOUSAND STARS
each-way at 9/2 with Coral. He loves it
around here having won the County
Hurdle a couple of years ago and he
finished a gallant fourth to
Hurricane Fly in last years
Champion Hurdle. Paul Townend
takes the ride on the eight-year-old
who flew home at Aintree over two
and half miles last season before
going on to win over a trip in excess
of three miles in France.
I expect Dynaste and then Oscar
Whisky to serve up serious chal-
lenges to the favourite, but the
advantage may sit with the horse
who challenges late and last and
that could well be a fast-finishing
Thousand Stars. He could easily beat
Big Bucks, but the safest option may
well be to side with him without the
favourite.
Sporting Index have a couple of
interesting match bets and reckon
Oscar Whisky will finish 2 3
lengths in front of Dynaste. That may
well be the case, but if pushed Id
rather be a seller and side with the
horse guaranteed to stay. Big Bucks
is expected to finish - 2 lengths in
front of the entire field and, as crazy
as it seems, Id rather be a seller there
too. If he does win, Im not sure hell
streak clear of this field. Hurricane
Fly showed on Tuesday that
Champions can have an off day,
although you have to go back to
November 2008 to find his last off
day and that was over fences!
Its paid in recent seasons to con-
centrate on those classier horses
towards the top of the weights in the
Kim Muir with Character Building
(2009) and Ballabriggs (2010) both
shouldering top weight to victory. In
fact, last years runaway winner
Junior still had 11 stone 6lbs in the
saddle, so its worth concentrating
on those at the top of the racecard.
Up The Beat is interesting on the
back of a really decent run at
Punchestown last month, but Id like
to see the Mullins team in better
form before siding with him. Exmoor
Ranger, the other joint top weight, is
respected but will need to brush up
his jumping.
The one that immediately catches
the eye is SUNNYHILLBOY, next in
the list and one with an excellent
course record. He was only just
touched off in the Festival Plate a few
years ago having won over hurdles
here. The money was down on him
when he slightly disappointed here
in December, but he has since
bounced back with a spin over hur-
dles. This has definitely been the tar-
get all season and I fancy hell go
close at 8/1 with Paddy Power.
As for the rest, Ill also be having a
few quid on Irish raider START ME
UP, who can be backed each-way at
16/1. Charlie Swan trains this fellow
for the Gigginstown Stud who hit the
cross bar here yesterday with First
Lieutenant and Four Commanders.
Nina Carberry takes the ride on
the eight-year-old who shaped pretty
well last time. He was travelling well
when badly hampered and pulled up
behind Bobs Worth in last seasons
Albert Bartlett and looks to relish the
good ground hell get tomorrow.
POINTERS...
THOUSAND STARS e/w
3.20pm Cheltenham*
SUNNYHILLBOY e/w 4.40pm Cheltenham
START ME UP e/w 4.40pm Cheltenham
*Without Big Bucks Big Bucks bids to land an historic fourth World Hurdle this afternoon Picture: GETTY
Sport
38
DISGRACED British heavyweight
Dereck Chisora has had his boxing
licence withdrawn by the British
Boxing Board of Control for his
actions before and after his defeat by
Vitali Klitschko in Munich last month.
Chisora slapped Vitali at the weigh-
in, spat water at his opponents broth-
er Wladimir before the bout and
brawled with David Haye after the
fight.
Dereck Chisora is not a fit and
proper person to hold a licence, said
BBBofC secretary Robert Smith.
Chisora, 28, who lost the WBC
heavyweight title bout on points, has
14 days to appeal against the decision.
Chisora loses his licence
BOXING
Results
FOOTBALL | IN BRIEF
Tevez could be back for Chelsea
FOOTBALL: Manchester City manager
Roberto Mancini has confirmed controver-
sial striker Carlos Tevez could return after
a five-month absence in next weeks clash
against Chelsea. City are in action at
Etihad Stadium tonight looking to overturn
a 1-0 first leg deficit against Sporting
Lisbon.
Real ease into quarter-finals
FOOTBALL: Former Manchester United
star Cristiano Ronaldo scored his 42nd
goal of the season as Real Madrid moved
into to the last eight of the Champions
League with a 4-1 win over CSKA Moscow.
Chelseas old
guard seal
Euro glory
CHELSEAS totemic captain John
Terry hailed the barnstorming
comeback that saw his side book
their place in the last eight of the
Champions League as his greatest
night in Europe.
Napoli arrived at Stamford Bridge
favourites to progress following
their 3-1 first leg victory and looked
like doing so when Gokhan Inlers
20-yard thunderbolt wiped out the
advantage Chelsea had built
through headers from Terry and
Didier Drogba either side of half
time.
Frank Lampards emphatic 75th
minute penalty sent an absorbing
contest into a period of extra-time
that yielded just the one goal
Branislav Ivanovics tie-clinching
effort but no end of drama.
Afterwards, Terry, who appeared
to assume the role of assistant man-
ager and bellowed instructions from
the touchline after he was substitut-
ed in the eighth minute of extra-
time, could not hide his satisfaction
at a performance that, in his view,
went a long way to dismissing the
notion that this Chelsea side are a
spent force.
This [European night] could top
them all for sure, said the former
England captain. The lads put in a
great display, really solid, really
resilient, with the firepower going
forward.
We proved were a team tonight.
That desire, that togetherness. We
showed what Chelsea are made of
tonight.
The match was also a triumph for
caretaker manager Roberto di
Matteo whose faith in the old guard
of Terry, Lampard and Drogba was
more than justified.
The Italian added: It was a fantas-
tic game, to watch as well. We knew
it would take a lot to go through,
the performance of the whole team
tonight was outstanding. I dont
think about myself, I just want to
win games for Chelsea. Thats all Im
focused on.
BY JAMES GOLDMAN
FOOTBALL
4
1
CHELSEA
NAPOLI
CITY A.M. VERDICT
Their defensive vulnerability aside, this was
the Chelsea of old, bullying their way back
into a contest they looked destined to lose
by some margin on the evidence of the
early exchanges. The decision to oust Andre
Villas-Boas suddenly looks a sage one.
MAN OF THE MATCH
He might be difficult to love, but its impos-
sible not to have the upmost respect for
Didier Drogba. Chelseas weapon of mass
destruction provided the knockout punch of
a performance that embodied a captivating
act of blue defiance.
KEY MOMENT
Petr Cech made two crucial early saves to
keep Chelsea in the tie but the whole mood
inside Stamford Bridge, not to mention the
complexion of the tie, was transformed by
Drogbas bullet near post header.
TALKING POINT
The Special One has been, gone and is pos-
sibly on his way back to west London. How
he, or whoever takes over at Stamford
Bridge, goes about replacing Drogba the
truly Irreplaceable One will go a long way
to determining their longevity.
GAME STATS
CHELSEA 4-1 NAPOLI
8 ATTEMPTS ON TARGET 5
9 ATTEMPTS OFF TARGET 11
12 CORNERS 8
52% POSSESSION 41%
2 YELLOW CARDS 3
0 RED CARDS 0
DUGOUT VIEW
Chelsea was clinical. They are a team
full of stars. We were unlucky not to
convert so many goal-scoring chances
we created in the first half.
Napoli manager Walter Mazzarri
MATCH ANALYSIS
BY JAMES GOLDMAN
Chelsea win 5-4 on aggregate
Englands Six Nations hinges
on Ireland result, says Corry
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Terry, Lampard and Drogba on the scoresheet as
Blues storm past Napoli and into the quarter-finals
39
FINIANS Rainbow capped a day to
remember for record-breaking train-
er Nicky Henderson by winning a dra-
matic and eventful renewal of the
Queen Mother Champion Chase on
day two of the Cheltenham Festival.
On the afternoon when Henderson
became the most successful
Cheltenham Festival trainer of all
time after Simonsig won the Novices
Hurdle, Finians Rainbow provided
the days highlight by holding off
Sizing Europe in a dramatic finish.
Wishfull Thinking crashed out
early in the contest, falling into a
group of spectators out in the middle
of the track, which forced the two
frontrunners to race around, rather
than over, the final fence.
Finians Rainbow (right), under the
guidance of jockey Barry Geraghty,
stayed on the stronger to win by one-
and-a-quarter lengths with Big Zeb a
distant third.
Geraghty said: Its a brilliant day -
you dream of days like this. Im gen-
uinely so delighted for Michael
Buckley (owner), he has a good team
of horses and hes been unfortunate
with Spirit Son getting injured.
Im speechless, to be truthful. Im
feeling remarkably emotional,
added Buckley. Its true to say I
wouldnt have any jumpers if it was-
nt for Nicky. Weve been together as
owner and trainer and friends since
the early 1980s.
I cant imagine doing it
with anyone else and
this is just
another notch
in his long
career. He
(Henderson) has
scooted past the
all-time record
as winning-
m o s t
trai ner
at the
Festival and
Im proud and pleased
to be part of the day.
Earlier in the day
the impressive
Simonsig justified his
burgeoning reputation
by providing Henderson
with his record 41st Festival
winner. After Cotton Mill, who was
sitting in second, refused at the sec-
ond-last obstacle Simonsig, partnered
by Geraghty, cruised to the finish to
win by seven lengths from Felix
Yonger, with Monksland another 11
lengths away in third.
Its lovely, but you feel a
bit overawed as youre talk-
ing about the legendary
Fulke Walwyn (former
leading Festival train-
er), said Henderson.
We have been very
lucky over the years
and I have some lovely
horses like this one.
Its all about teams and
Im grateful to them
all.
Of Simonsig,
He nde r s o n
added: Hes
got so much
talent, you
could easily
run him over
two miles.
Hes going to
go and jump
fences.
Hendersons perfect day is
capped by Finians Rainbow
BY JAMES GOLDMAN
HORSE RACING