Cityam 2012-05-11

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Welcome Address by Allister Heath:
Making prots in a chaotic world
09:00 10:00
Richard Farleigh: How to tame the lion,
my trading secrets
10:30 11:20
Charting Techniques: Panel discussion
with James Hughes, Alejandro
Zambrano, Angus Campbell, David
Jones and Ashraf Laidi
10:30 11:20
Jamie Seattele & David Rodriguez:
Forex Insight
11:30 12:20
Politics meets Trading: Panel discussion
with Guido Fawkes, Allister Heath and
Steve Sedgwick
11:30 12:20
Listed Products Masterclass:
Panel discussion with Gillian Walmsley,
Deborah Fuhr and Alex Houpert
12:30 13:20
Equities Insight with Gary Baker
12:30 13:20
Social Media meets Trading with Dan
Moczulski, Yoni Assia, David Jones,
Julio Bueso and Joshua Raymond
13:20 14:20
Lunch
14:20 15:20
Lex van Dam: 5 Steps to trading success
15:30 16:20
Spreadbetting and CFD Masterclass
with David Jones
15:30 16:20
Boris Schlossberg: Strategies for
day trading
16:40 17:30
Masters of Forex: Panel discussion with
Boris Schlossberg, John Hardy, Richard
Farleigh and David Rodriguez
16:40 17:30
Global Investment trends with
Tim Guinness
17:40 18:30
The Future of Trading: Panel discussion
with Tim Howkins, Simon Denham,
Torben Kaaber and Drew Niv
17:40 18:30
Quant Trading Masterclass with Emilio
Tomasini & Rakesh Shah
18:30 19:30
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JPMorgan Chases Jamie Dimon said the trading loss puts egg on our face
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ITALIAN WINES
19 MAY 2012
JPMORGAN CHASE, Americas largest
bank, admitted late last night that it
had taken an unexpected $2bn (1.2bn)
loss after a hedging strategy failed.
In a hastily arranged conference
call chief executive Jamie Dimon told
analysts that the mistakes were
egregious and that it was a bad
strategy, badly executed and poorly
monitored.
It could get worse this could go
on for a little bit, Dimon added,
while pointing out gains elsewhere
meant the total cost to the company
could be around $1bn.
In a regulatory filing the bank said
that since the end of March its chief
investment office (CIO), which
manages risk for the firm, has had
significant mark-to-market losses in
its synthetic credit portfolio.
Last month press reports suggested
a UK-based trader in the CIO dubbed
the London Whale by critics had
run up dangerously large bets on
credit derivatives.
Dimon said the losses were
somewhat related to these reports.
Shares in the bank dropped seven
per cent in after-hours trading.
THE SHAREHOLDER Spring continued
to blossom yesterday as investors
rejected another executive pay settle-
ment.
Pendragon, Britains leading car deal-
er, was forced to back down on plans
to increase its directors pay packets
after 67 per cent of shareholders voted
against its remuneration report.
Meanwhile almost half of Trinity
Mirror investors voted against the pro-
posed pay deal at the newspaper
group, even though chief executive Sly
Bailey quit last week.
Shares in Pendragon which has
around 250 showrooms have
dropped 18 per cent in the past year.
Despite this the company had pro-
posed to increase the potential bonus
pot for executives from 100 per cent of
basic salary to 150 per cent to provide
a more market-competitive bonus.
The lack of performance-related con-
ditions raised the ire of leading
investors, as well as advisory body Pirc
which recommended shareholders
should vote against the settlement..
I would like, on behalf of the board,
to take this opportunity to reassure all
shareholders that we have taken their
objections about short-term and long-
term incentive plans seriously, said
chairman Mike Davies, who was fur-
ther embarrassed when 26 per cent of
investors voted against his re-election
to the board.
Elsewhere Trinity Mirrors AGM saw
a 46 per cent vote against the remuner-
ation package, despite Baileys attempt
to head off the rebellion over her pay
package by stepping down.
Bailey received almost 1.8m in cash
and share awards last year even
though the companys operating prof-
it fell 15 per cent to 104m despite cost
cuts that included axing jobs and
freezing salaries.
In the decade since shareholders
gained the right to an advisory vote on
executive pay only a handful of firms
have suffered the ignominy of having
pay packages rejected.
But Pendragon is the second major
London-listed company to suffer this
fate in the past fortnight as long-run-
ning corporate governance campaigns
by activist pension funds boil over into
the realm of mainstream investors.
Aviva chief executive Andrew Moss
was forced to resign earlier this week
when 59 per cent of shareholders
voted against proposals to increase his
pay packet despite sluggish share per-
formance at the insurer.
On Tuesday Ralph Topping, chief
executive at bookmaker William Hill,
survived by the narrowest of margins
after a shareholder vote on his 1.2m
retention bonus fell to 50.1 per cent
in his favour.
Centrica, which owns British Gas,
holds its AGM later today and is
expecting a small rebellion against pay
packages, while advertising giant WPP
is understood to be wooing sharehold-
ers in the hope of avoiding an embar-
rassing defeat on chief executive Sir
Martin Sorrells 30 per cent pay rise.
Ceramics firm Cookson and gam-
bling company 888 Online are also
expected to face pay protests from
angry shareholders next week.
Wednesdays Queens Speech includ-
ed a government pledge to introduce a
binding vote on pay deals, raising the
prospect of even more rebellions in
the future.
www.cityam.com FREE
BY JAMES WATERSON
FTSE 100 5,543.95 +13.90 DOW 12,855.04 +19.98 NASDAQ2,933.64 -1.07 /$ 1.61 unc / 1.25 +0.01 /$ 1.29 -0.01
BY JAMES WATERSON
CITY SPRING
CLAIMS NEW
CASUALTIES
ISSUE 1,630 FRIDAY 11 MAY 2012
FAR LEFT PARTY
TAKES LEAD IN
GREEK POLLS
Certified Distribution
27.02.2012 till 01.04.2012 is 99,462
ALLISTER HEATH: Page 2

SPORT EXCLUSIVES
ROB ANDREW ON RUGBY AND
GREG RUSEDSKI ON TENNIS
See
Page 2
See
Pages
32-33
JPMorgan admits $2bn
loss from failed hedge
FIRMS worldwide are heading for a
perfect storm as they desperately
try to raise up to $46 trillion (25
trillion) to refinance their debts and
fund fresh spending just as banks
seek to scale down their balance
sheets further to reduce risk,
according to an influential report.
Non-financial companies in the
Eurozone, UK, US, China and Japan
will need between $43 and $46
trillion over the next five years, $30
trillion of which will be used to
refinance old debts, with up to $16
trillion needed to fund new spending
plans, credit rating agency Standard
& Poors said in a report published
yesterday.
The staggering scale of the
refinancing deemed necessary, on
top of the new debt companies will
have to sell, threatens to create what
S&P described as a perfect storm for
credit markets, with governments
lacking the flexibility to prevent
serious problems causing financing
disruptions even for borrowers that
are not highly leveraged.
This global wall of nonfinancial
corporate debt will potentially
compound the credit rationing that
may occur as banks seek to
restructure their balance sheets, and
bond and equity investors reassess
their risk-return thresholds, said
S&Ps Jayan Dhru, senior managing
director.
Firms head for
a $46 trillion
credit crisis
BY KATIE HOPE
G
E
T
T
Y
FRIDAY 11 MAY 2012
2
NEWS
cityam.com
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Creditors could face huge
losses in Greek euro exit
THE first polls since Greeks headed to
the election on Sunday showed a dra-
matic rise in support for anti-bailout
party Syriza yesterday, indicating the
far left party would now be the biggest
party if the new elections were held.
The findings saw the partys support
grow to 27.7 per cent, up from 16.78
per cent from Sunday, indicating that
it could win the most seats if a second
Greek election were run in June, and
sending fears round markets of a possi-
ble exit from the Eurozone.
While, PASOK leader and former
finance minister Evangelos Venizelos
was yesterday still trying to cobble
together a pro-bailout coalition to keep
the country in the euro, the rise in
support for Syrizas leader Alexis
Tsipras who yesterday declared the
current financial agreement invalid,
coupled with the current deadlock,
could lead to the country leaving the
Eurozone.
An exit would cost EU institutions
hundreds of billions in bad debts
official loans amount to some 140bn
(112.2bn) and the European Central
Bank owns tens of billions more in
Greek bonds.
Citi analyst Willem Buiter said In
light of the election results in Greece,
we have raised our subjective likeli-
hood of Greek euro area exit to 50 to
ANALYSTS do not think that the
measures announced by Spains
government today to shore up its
banking system will be enough.
Madrid is expected to unveil a
plan to improve the strength of its
banks, which the Bank of Spain has
estimated are saddled with 184bn
(148bn) of dodgy property loans
made during the bubble.
The package is expected to
include a measure to force banks to
improve the provisions they set
aside to cover bad loans by up to
35bn in total, on top of the 4.5bn
bailout of Bankia announced on
Wednesday.
But analysts dont think lenders
will be able to find the money from
private investors and also think the
amount will rise substantially as
the property market worsens and
the extent of losses becomes
apparent.
UBS estimates that the capital
hole is in fact be as big as 150bn.
UBS analyst Matteo Ramenghi said:
We believe that falling short of
market expectations... would imply
risks for both banks, the economy
and the sovereigns perception.
And Dan Greenhaus of US broker
BTIG says: Whatever the
forthcoming announcement will
be, it will almost assuredly be
insufficient.
What will be the composition of Greek debt at the end of 2013?
35%
N
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W
B
O
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D
S
E
U
B
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A
T
E
R
A
L
L
O
A
N
S
E
C
B
I
M
F
F
U
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D
C
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-
F
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N
A
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C
I
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G
O
T
H
E
R
L
O
A
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S
T
-
B
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S
30%
25%
20%
15%
10%
5%
0%
18.5%
15.8% 11.1%
9.0% 9.0%
5.1%
1.8%
Source: BNP Paribas
E
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P
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B
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D
29.8%
Markets expect
more pain to
come in Spain
BY JULIET SAMUEL
BY TIM WALLACE
I
T is often said that the problem
with the pay of UK CEOs is that
they are becoming too much like
their American counterparts. The
argument is that supposedly US
bosses have seen their pay spiral out
of control, especially in recent years,
and that their British counterparts
are now following suit.
But this view is out of date. US
shareholders have long had a much
tighter grip on the pay of their top
staff. Pay has actually collapsed in the
boardrooms of listed US firms com-
pared with a few years ago. The UK
shareholder spring is welcome but
merely another case of the City catch-
ing up with Wall Street.
Take fresh data from left-leaning
think-tank the Economic Policy
Institute. Total CEO pay at the 350 top
listed US firms was 231 times that of
the average worker in their industry
EDITORS
LETTER
ALLISTER HEATH
US shareholders have slashed CEO pay by 38pc since 2000
last year. By contrast, at its peak in
2000, the ratio was an astonishing
383. US CEO pay has recovered some-
what from its recession-induced
trough when the pay ratio fell to
193.1 in 2009. But in relative terms,
CEOs are back to levels first seen in
about 1997. There has been no perma-
nent, unchecked increases; the gap is
not constantly growing, regardless of
performance or the underlying
strength of the economy. UK institu-
tional shareholders need to acquaint
themselves with these facts, and work
out how they too can regain control.
The figures use two measures of US
CEO compensation: one incorporates
stock options according to how much
the CEO realised in that particular
year (by exercising available options),
and the other incorporates the
expected value of stock options grant-
ed that year. In addition to stock
options, the total compensation
measure includes bosses salary,
bonus, restricted stock grants, and
long-term incentive payouts. All the
figures above are based on options
granted. On the options exercised
measure, the current pay ratio
among top US CEOs is 209.4, up from
181.5 in 2009 and down from the
record of 411.3 in 2000.
Am I saying that all is for the best in
the best of all possible worlds, as
Voltaires Candide might have put it?
pling taxes and regulation. Benefits
were often granted in an off-balance
sheet manner that wasnt visible in
reported pay packets. The liberalisa-
tion since around 1980 has made top
pay much more closely linked to sup-
ply and demand. Large firms have
exploded in size and gone global,
employing far more people and
becoming far more complex. Good
management skills deliver huge value
when they are applied to vast busi-
nesses. It makes sense therefore for
bosses pay to have risen substantially.
But it is also apparent that this went
too far, something that US investors
started to realise in the late 1990s.
Hence the crackdown. Britains share-
holders and the City need to become
more, not less, American.
Of course not. But it is nonsense to
believe that the pay of US CEOs is out
of control or that it is unrelated to
stock market values. It is clearly close-
ly supervised by investors and relative-
ly closely linked to performance.
Britains shareholder spring is an
excellent development because it will
ensure that a similar degree of super-
vision becomes the norm in the UK.
US CEO pay exploded between the
1960s and the late 1990s. It grew by
78.7 per cent between 1965 and 1978
on the options realised measure, and
then by 1,278.8 per cent between 1978
and 2000. That is when the trend
reversed: pay since then is down 37.7
per cent, cutting the gains from 1978-
2011 to 759.3 per cent (the figures are
roughly similar on the options grant-
ed measure). The gulf between CEO
and median pay was irrationally low a
few decades ago, constrained by crip-
75 per cent over the next 18 months,
from 50 per cent before.
Meanwhile the countrys economic
collapse continued, with unemploy-
ment rising to 21.7 per cent in
February, and youth unemployment
hitting 53.8 per cent.
And as Greeces woes increased, the
Eurozone lost a crucial lifeline as
Chinas biggest sovereign wealth fund
said it no longer wanted to buy
European government debt.
EUROZONE: Page 9

Evangelos Venizelos is struggling to form a pro-bailout coalition government
Qatar targets 10 per cent of Xstrata
Qatars sovereign wealth fund plans to buy
at least 10 per cent of Xstrata as part of a
long-held strategy to invest in Glencore,
suggesting the Gulf state could provide
crucial support to the pairs $90bn merger
deal. Several of Xstratas shareholders said
they would oppose the deal unless
Glencore improved its offer.
Guy Hands 20m for Terra Firma
Guy Hands, the financier, is ploughing
20m of his own money into his
underperforming Terra Firma fund in an
unusual move to retain his best
dealmakers as revenues fall. Hands is
using about a fifth of his estimated 93m
personal wealth to guarantee large
bonuses to top team members
Mittal urges buy European
Lakshmi Mittal has called on European
political leaders to back a buy European
industrial programme as part of an effort
to boost the continents economy, as an
alternative to austerity measures which he
said were not working. We need
measures to encourage more purchases of
European goods both to boost demand
and to ensure any benefits are felt by
European industry, he said.
Ofgem staffing boosts energy bills
Households are footing the bill for
Ofgems 17 per cent increase in wages and
other staff costs after the energy
regulator went on a hiring spree last year.
Ofgem spent 31.4 million in costs for
full-time staff, working out at 1.25 for
each British household.
Launch of streaming music chart
The advent of music subscription services
such as Spotify has led to the creation of
the first Official Streaming Chart. Though
popular, streaming provides just 4.5 per
cent of music industry revenues.
Worst civil servants to be sacked
Under-performing civil servants will be
identified and fired under plans to rank all
government officials in order of ability.
David Cameron is growing increasingly
impatient with institutional failures and
ministers have privately complained about
the useless advice they are regularly
receiving from below-par officials.
Parents turning to charity shops
One in four families are turning to charity
shops for clothing and toys for their
children during the economic downturn
an increase of 50pc since 2007.
Monti Seeks Mediator Role in Europe
Prime Minister Mario Monti is jockeying to
position Italy as a mediator between
Germany and weaker eurozone
economies, an effort aimed at broadening
Europe's decision-making beyond the
traditional Franco-German axis.
Japan faces power shortfall
Japan faces potential power shortfalls as
high as 18.7 per cent in the important
manufacturing region around Osaka, a
draft government report shows, adding to
the debate over whether to bring any of
the nation's nuclear plants back online.
WHAT THE OTHER PAPERS SAY THIS MORNING
The new jobs website for London professionals
CITYAMCAREERS.com
THE UK and US now expect large
banks to have resolution plans or liv-
ing wills in place by the end of this
year despite a delay caused by the
EU which they hope will prevent
taxpayers from having to bail out a
failing bank ever again.
The FSA said yesterday that its publi-
cation of final rules for how a too big
to fail bank should construct a living
will had been delayed by Brussels
decision to push back its equivalent
framework, because the UK does not
want to create confusion by having
two parallel systems.
The City watchdog has now outlined
roughly how the system will work
and said that banks will have to have
plans in place by autumn, despite the
EU being likely to take until well into
2013 to craft its rules. The US has said
very large banks will also have to have
their plans in place by July.
A key part of the FSAs living will sys-
tem involves forcing investors who
own banks debt to absorb losses by
bailing in their bonds turning
them into equity or wiping them out.
The acting chairman of US regulator
the FDIC Martin Gruenberg said yes-
terday that the US system will work
similarly. In order to recapitalise the
bad parts of a failed bank, he said:
The FDIC expects that it will have to
US and UK plan
to end too big
to fail this year
BY JULIET SAMUEL
look to subordinated debt or even sen-
ior unsecured debt claims as the
immediate source of capital. Senior
bondholders, whose claim as a credi-
tor of a bank was formerly seen as
sacrosanct, will now get wiped out if
the bank has huge losses.
Gruenberg said that the change is
designed to ensure that there is mar-
ket accountability, so that bondhold-
ers will now have more of an incentive
to curb excessive risk-taking.
EU officials have been wary of unveil-
ing rules on bail-in bonds because
they worry it will create panic in debt
markets, worsening the euro crisis.
But one senior debt capital markets
banker told City A.M. that bond mar-
kets have moved on significantly from
last year and are now trying to price in
this extra risk. He said greater clarity
from the EU will help, not hinder.
In addition to bail-in bonds, the FSA
said that a key part of the process will
be making sure banks have informa-
tion on hand showing how different
parts of the bank are exposed to one
another and to other banks.
The problem of banks that are too
big to fail means that if a large lender
becomes insolvent, the instability
caused by its collapse is deemed to be
too severe to risk. Instead, such banks
are bailed out using public money, a
problem that regulators and banks are
now trying to fix.
BY JAMES WATERSON
FACEBOOK yesterday announced
plans to launch its own application
store, opening up a new revenue
stream and allowing it to charge an
upfront fee for software.
The announcement comes ahead
of the internet giants long-waited
IPO, due next week in New York
which could value the firm at up to
$96bn (59bn).
Facebook makes most of its
revenue from online ads, although it
also collects fees when consumers
purchase goods from within social
apps, such as Zyngas Farmville.
But the App Centre will, for the
first time, allow software developers
to sell Facebook apps to consumers
at a flat price.
Many developers have been
successful with in-app purchases,
but to support more types of apps,
we will give developers the option to
offer paid apps, Facebooks Aaron
Brady said. As with its existing
Facebook Credits scheme, the
company will keep 30 per cent of all
revenue generated on its platform.
Meanwhile reports last night
suggested that a routine US
competition probe into Facebooks
$1bn purchase of photo sharing
website Instagram could delay the
deal until later in 2012.
Warren Buffett
eyes up Avon
n The problem of banks being too big to
fail refers to the failure of systemically
important banks like RBS and HBOS whose
collapse could destroy large parts of the
financial system. Instead of going bust, they
are bailed out, creating moral hazard.
n The key tool regulators will use to solve
the problem is to bail in debtholders of
these banks. In the 2008 crisis, senior
bondholders did not take losses because
their legal rights as creditors were supreme.
n Now, bondholders will have to price the
risk of taking losses. But there are still key
unknowns: what will trigger a bail in and
how will the regulator share out the losses?
Will bailing in be done differently depending
on which bond an investor has or will it be
done by legislation that effectively adds the
same clause to every bond? And how will
regulators mitigate the risk of losses
spreading through the debt markets and
destabilising other parts of the financial
system?
n One key tool will be having the right
information on hand. This could take the
form of a matrix that details the exposure
different parts of a bank have to one another
and to other banks, via loans, derivatives,
investments and so on. This will help to split
a bank quickly into its solvent and insolvent
parts to provide temporary liquidity to the
former. The systemically essential parts
also need to be identified and supported.
n Another tool will be war-gaming,
where regulators and bank risk officers do
fire drills where they try to resolve a bank.
WHATS IN A LIVING WILL?
FRIDAY 11 MAY 2012
3
NEWS
cityam.com
Facebook announces App
Store ahead of $90bn IPO
Warren Buffett gives backing to
improved bid for Avon cosmetics
WARREN Buffett
yesterday gave his
financial backing to
a sweetened $10.7bn
(6.6bn) takeover bid
from cosmetics firm
Coty for its far larger
rival Avon.
In April Coty made an
offer to buy Avon,
which is three
BY JAMES WATERSON
times its size in revenue, for $23.25
per share.
It has since raised its offer 6.5 per
cent to $24.75 per share,
according to a letter Avon made
public yesterday.
In the letter Coty said it had
financial backing from parent
group JAB Holdings and Buffetts
Berkshire Hathaway
investment vehicle.
Unlike previous
bids the Avon
board did not
reject the
latest
approach out of hand but said it
would consider the proposal in due
course.
But there are doubts that the deal
will progress, with Coty setting a
deadline of Monday evening for
Avons board to co-operate.
Avon is considered vulnerable due
to a low share price, falling profits
and a US bribery probe.
I don't think they will [take up the
offer]. They know that the current
bid is too cheap, said Michael Bigger,
of trading firm Bigger Capital.
Shares in Avon closed down 3.3 per
cent yesterday at $20.89.
IN BRIEF
Deutsche Telekom beats forecast
Deutsche Telekom reported better-
than-expected quarterly core earnings
yesterday as it lost fewer customers in
the US and signaled a stabilisation in
its European business. First-quarter
earnings before interest, tax,
depreciation and amortization
(ebitda), excluding special items, were
flat at 4.48bn, at the top of analyst
expectations.
Layton is new Freddie Mac boss
Freddie Mac, the No. 2 provider of
US mortgage money, yesterday
named financial industry veteran
Donald Layton as its next chief
executive, putting him atop a
government-controlled firm that most
politicians want to shut down.
FRIDAY 11 MAY 2012
5
NEWS
cityam.com
BOTTOM
LINE
DAVID CROW
Pesky regulators dash hope of top line growth
which excludes the payments BT
receives from rivals piggybacking on
its network. No-one was expecting
any great shakes in this department,
but the result was at the lower end
of management guidance of flat to
minus two per cent.
BT Retail also passed a key target,
and now provides super-fast
broadband to 10m homes and
businesses. Super-fast fibre is the
future, and BT has stolen a very
quick march on its rivals here, but it
still lags behind on some other key
metrics. It added 136,000 broadband
customers in the fourth quarter, far
less than the 216,000 at BSkyB. The
groups share of net new broadband
additions was at its lowest for almost
two years. Competition is getting
tougher and BT must up its game.
Fibre is only part of the answer.
Perhaps Livingstons greatest
achievement so far was the
turnaround of Global Services, the
BT arm that sells IT support to
businesses. Now that he has the
tanker ponting in the right
direction, the results are less
remarkable. Full-year order intake
was down eight per cent, as clients
neglected to renew their contracts.
Still, no one is arguing the division
should be cut loose as some were in
its darkest days.
Management expects revenue to
show an improving trend next
year, having previously guided for
flat to two per cent growth. Dont
expect much. New regulations on
wholesale products are set to come
into force while Ofcom has
launched a new probe into leased
lines. This could shave between
100m and 200m off any 2013
revenue growth. It is hard to grow
the top line when those pesky
regulators wont leave you alone.
david.crow@cityam.com
Follow me on Twitter: @davidcrow83
I
T SHOULD come as no surprise
that BT chief Ian Livingston, a
well-respected former bean
counter, can cut costs. Operating
costs fell by six per cent last year,
enabling the group to grow
earnings before interest, tax,
depreciation and amortisation
(ebitda) by three per cent to 6.1bn.
That means the company has met
its 6bn ebitda target a year ahead
of schedule no mean feat
considering tough competition,
tough times and even tougher
regulators.
The top line tells a different story.
Revenue was down by around four
per cent over the year to 19.3bn,
and even fell by 1.9 per cent on
managements preferred measure,
BT yesterday announced a full year
dividend hike of 12 per cent and said
its shareholder payout will grow by
an annual 10 to 15 per cent over the
next three years.
The countrys leading telecoms
company posted a full year adjusted
pre-tax profit of 2.42bn, an increase
of 16 per cent, as operating profit
jumped six per cent to 3.09bn boost-
ed by cost cuts.
But revenues dropped by four per
cent to 19.3bn, dragged down by
tough economic conditions and regu-
latory limits to the amount BT can
charge other operators to carry their
traffic.
BT Openreach was the only division
to increase revenues in the year to 31
March, growing four per cent to
5.1bn.
Chief executive Ian Livingston told
reporters the results were a real
mixed bag.
Livingston announced BTs 2.5bn
rollout of superfast fibre broadband
to 10m homes and firms has been
completed many months ahead of
schedule, adding but we know there
is more to do.
BT hikes payout
as profits grow
on cost cut plan
BY LAUREN DAVIDSON
BT added 589,000 retail broadband
customers in the year, reaching a
total of 6.3m. Livingston claimed the
UK is now one of the most connected
cities in the world.
He added that the British telco
giant won 2bn of new orders in the
fourth quarter, comprising a greater
number of smaller contracts as peo-
ple just arent making huge deci-
sions at the moment.
Although net debt was up slightly
to 9.1bn, due to a 2bn upfront pay-
ment to reduce BTs pension fund
deficit, Livingston seemed confident
the debt would be paid down next
year.
BT shares fell by 2.7 per cent to
212p.
Martin Currie fined
8.6m in US and UK
REGULATORS in Britain and the US
have slapped fines worth 8.6m on
asset manager Martin Currie for the
way it handled a conflict of interest.
The Financial Services Authority
handed Currie a 3.5m penalty, its
largest ever in a conflict of interest
case, and the US Securities and
Exchange Commission dished out a
5.1m fine after the firm came
forward about the deal managed
from its Shanghai office.
Currie wrongly advised a US
BY PETER EDWARDS
publicly traded fund client to invest
15m in an unlisted bond which
rescued a second hedge fund client
with liquidity difficulties.
The Edinburgh firm received a 30
per cent discount on the FSA fine
after settling early.
The manager judged responsible
for the April 2009 trade has since
left the firm, sources said.
Martin Currie said it had
reported the case to the FSA, fully
co-operated with the investigation
and compensated the client for its
losses.
BT Group PLC
10May 3May 4May 8May 9May
212
214
216
218
220
222 p 211.50
10May
A most hospitable retreat in the belly of Liverpool Street.
I AM
THE MERCHANT.
I BELIEVE
A GREAT STEAK
IS AN EVENT.
A DAILY EVENT
IN MY CASE.
FRIDAY 11 MAY 2012
7
NEWS
cityam.com
JULIAN DUNKERTON, chief executive
of SuperGroup, yesterday insisted the
brand remained strong and was look-
ing forward to the future after report-
ing disappointing fourth quarter sales.
The owner of the SuperDry fashion
label posted flat like-for-like sales in
the 13 weeks to 29 April, blaming chal-
lenging retail conditions and poor
weather in April.
Last month SuperGroup lost over a
third of its market value after issuing
its third profit warning in a year,
which it attributed in part to arith-
metic errors and lowered its profit
guidance for the year from 50m to
43m.
This was yet another blow after
warehousing issues last autumn that
left stores short of stock.
SuperGroup has made recent efforts
to bolster its management team by
appointing retail veteran Susanne
Given to the newly created role of
chief operating officer, which
Dunkerton yesterday said would
increase professionalism.
We have grown at 675 per cent over
Fourth quarter
disappoints for
Superdry brand
BY KASMIRA JEFFORD
the last four years. We needed the
structure of the company to catch up
and we have made some key appoint-
ments to make sure that the growth is
steady and solid, he said.
Dunkerton said the retailer, which
has 79 standalone stores, has been
impacted by more consumers buying
through discount, or offprice, out-
lets and sites like eBay, affecting its
gross margin.
Wholesale sales growth slowed to 4.4
per cent in the quarter due to expan-
sion of its retail estate in the UK and the
acquisition of a franchise business in
Europe. Total sales grew by 14 per cent
to 75.2m boosted by new stores.
DIXONS RETAIL has shrugged off the
high street gloom and managed to
win over cash-strapped shoppers as
the owner of Currys and PC World
reported better-than-expected sales.
The group, which runs 640 stores
in the UK and Ireland as well as
outlets across Europe, yesterday said
improved customer service and
better ranges of products had helped
boost like-for-like sales by eight per
cent in the 16 weeks to 28 April.
Across the year, group like-for-like
sales fell three per cent and were
down four per cent in the UK and
Ireland, but recent trading suggests
a lift in consumer confidence.
Dixons said it expects profits for
the year to 28 April to be between
65m and 70m and near the top
end of expectations.
Our overall group performance
across the year has been slightly
better than we anticipated, said
Sebastian James, who recently took
over as chief executive after John
Browett was poached by Apple.
While it saw a strong end to the
year particularly in the UK and
Nordics, Dixons said its stores in
Southern Europe were impacted by
the economic crisis.
Fourth quarter like-for-like sales in
the region which includes Turkey,
Italy and Greece fell nine per cent
compared with northern Europe
where sales rose 10 per cent.
Dixons Retail
beats forecasts
with sales rise
BY KASMIRA JEFFORD
350
Supergroup PLC
310
320
330
340
p
333.00
10May
The board needs to rebuild credibility with the market. The longevity of
the brand is questionable. However, we believe the market has overreacted to
the prot warning announcement in April 2012. The group has improved
the infrastructure and personnel, which should enable growth for 2013.
ANALYST VIEWS
We believe execution risk remains high and, while we applaud the

recent appointments to strengthen the management team we retain concerns
over forecast delivery and visibility. After a long series of downgrades
and prot warnings, we have little condence in forecast deliverability.
The group has suffered from growing pains with an increased reliance on
discount channels and ordering problems within wholesale holding back growth.
Despite these issues we have not wavered from the view that we believe in
the brand but management have to convince it has a strategy it can deliver.
CAN SUPERGROUP PUT

PROBLEMS BEHIND IT AND
DELIVER ON GROWTH? Interviews by Kasmira Jefford
AMISHA CHOHAN MERCHANT SECURITIES
JOHN STEVENSON PEEL HUNT
WAYNE BROWN CANACCORD GENUITY

SuperGroup chief Julian Dunkerton remains upbeat on the firms prospects
G
E
T
T
Y
FRIDAY 11 MAY 2012
8
NEWS
cityam.com
THE coalitions flagship fund to
boost economic growth is attacked
as an expensive let-down in an
official report published today.
The initial 1.4bn phase of the
regional growth fund will deliver
41,000 jobs at an average cost of
33,000 each broadly similar to
previous job creation schemes, the
National Audit Office said. The
expected cost of each job created
ranges from 4,000 to more than
200,000.
The fund was set up in a blaze of
publicity in June 2010 to boost jobs
and growth in areas reliant on the
public sector but the NAO said it
had not optimised value for
money. It is also unclear how much
of the private sector boost will
survive long-term.
Amyas Morse, head of the NAO,
called for tougher job targets for the
second 1bn funding round.
Margaret Hodge, chair of the
public accounts committee, said the
report raised serious concerns
over value for money for taxpayers.
Chuka Umunna, shadow business
secretary, said: The scale of
incompetence and confusion in the
implementation of the RGF is
simply staggering. As the report
points out, it is astonishing that no
administrative resources were
allocated to it and that specialists
were not used to evaluate bids.
Growth fund
is said to cost
33,000 a job
BY PETER EDWARDS
DO YOU HAVE ANY SYMPATHY FOR
PUBLIC SECTOR STRIKERS?
Interviews by Lauren Davidson
No. They get a pretty good deal anyway. Their
hours arent the same as in the private
sector what you put in is what you get out. The whole
system is anarchic.
These views are those of the individuals above andnot necessarily those of their company
EMMA IBELL
NOMURA
Yes I do, I know people who have stuck it out

in the public sector because of the nal salary
pensions they were promised. They get paid a lot less,
and their job security is just leaking away.
KATRINA SARTORIUS
EUROCLEAR
Not a lot. I understand there are reasons for
their upset, but I think this is a gut reaction
I dont think its helpful. The government needs to
explain its plans more comprehensively.
ANDREW HASLAM-
JONES
PADVA, HASLAM-JONES &
PARTNERS LLP
CITYVIEWS
HEATHROW Airport managed to
avoid unusually long queues at immi-
gration yesterday in spite of strike
action by border guards.
The biggest queue recorded by
owner BAA was a whopping one hour
and 42 minutes long more than
twice the Home Offices target, but
currently par for the course at the
poorly-staffed border.
Hundreds of thousands of public
sector workers went on strike yester-
day, the third such walkout in a year-
long dispute over pension cuts.
But all eyes were on Britains busiest
airport, following a damning report
that blamed a 15 per cent cut in
staffing, poor organisation and a lack
of training for the sprawling queues
and lax checks at Heathrow immigra-
tion control.
John Vine, chief inspector of borders
and immigration, said resources
were not matched to demand, man-
agement oversight and assurance was
lacking in many areas and staff were
not always properly trained at
Heathrow.
Report slams
border chaos as
workers strike
BY MARION DAKERS He said the number of refusals at the
border fell 21 per cent last year, made
worse by staffing cuts and new tech-
nology such as biometric gates.
Vines inspections last year threw up
serious breaches of immigration
guidelines, which he reported to the
Border Agency leading to Theresa
Mays probe into border controls in
February and the subsequent depar-
ture of Border Force chief Brodie Clark.
But yesterday, the government insist-
ed that border controls were working
properly.
Immigration minister Damian
Green said Vines research was already
out of date as practices had already
changed since the Border Agency split.
And on yesterdays strikes, the cabi-
net office said it had deploy[ed] staff
to manage peak arrivals during the
day.
Cabinet minister Francis Maude said
the strike was futile: Pension talks
will not be reopened and nothing fur-
ther will be achieved.
Border staff were joined by civil ser-
vants, prison workers and NHS staff in
walk-outs and other protests across
the country yesterday.
More than 30,000 off-duty police officers took part in the protests over pensions
G
E
T
T
Y
The ECBs Peter Praet said price stability was one of its core responsibilities
FRIDAY 11 MAY 2012
9
NEWS
cityam.com
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NATIONAL governments spending
too much in the good years and
the structure of the Eurozone
itself are to blame for the current
crisis, a top European Central
Bank (ECB) official said yesterday,
warning that the ECB will put up
interest rates if it needs to keep
inflation under control.
Economist Peter Praet told a
banking conference the
Governing Council will be vigilant
in order to contain upside risks to
BY TIM WALLACE
price stability.
Praet reminded the audience
that price stability is a core
responsibility of the ECB, and that
monetary policy cannot address
the root causes of the crisis; this
can only be done by policy-makers
at national level.
The ECB has slashed interest
rates and pumped 1 trillion of
cheap cash into banks in the hope
that this will ease short-term
pressures and give governments
room to boost economic
competitiveness.
THE EUROPEAN Central Bank (ECB)
urged European governments
yesterday to give the blocs
institutions the power to force
Eurozone member states to take the
necessary action to rein in deficits.
The future of the 17-nation
currency bloc is in question as some
countries, after years of
overspending, struggle to get their
budgets under control and political
institutions lack the power to
enforce fiscal rules.
This could be tackled by giving
European institutions the
competence to effectively compel
Eurozone member states in a
graduated manner as the situation
deteriorates to take the necessary
fiscal policy decisions, the ECB said
in its May monthly bulletin.
The ECB wants governments to
address the core of the Eurozone
debt crisis by implementing
structural reforms and spending
cuts after it lent support by lowering
interest rates and injecting more
than 1 trillion into financial
markets.
Central bank
calls for EU
budget power
BY CITY A.M. REPORTER
EUROPES troubled economies
are falling further and further
behind those in the rest of the
continent and the world, two
reports showed yesterday, sug-
gesting the pain of the Eurozone
crisis will not be over any time
soon.
The OECDs leading index
showed the German and British
economies at a turning point,
and likely to gather steam over
the coming six months, while the
US and Japan are showing
stronger positive signals.
The composite leading index
(CLI) for the OECD as a whole rose
to 100.5 in March, from 100.4 in
February and above the long-term
average of 100.
Emerging markets have a
healthy and recovering outlook,
with Chinas CLI rising from 100.3
to 100.4, Indias from 98.7 to 98.9,
and Brazils from 98.4 to 98.7.
However France and Italy saw
their CLIs moving in the opposite
direction, falling from 99.7 to
99.6 and from 99.3 to 99.2 respec-
tively, adding to worries of a fur-
ther slowdown.
The Ifo and World Economic
Survey (WES) Eurozone business
climate indicator improved from
84.8 in the first quarter to 100.3
in the second, but remains well
below the 118.9 seen a year ago.
The expectations index also
improved from 70.5 to 91.8, but
again is down on last years 95.1.
The index also showed stark
divisions between economies
within the currency area.
In Germany and Estonia the
current situation remains good,
while in Finland it is deemed sat-
isfactory, read the report.
No positive developments were
reported in Greece, Portugal,
Italy, Spain or Cyprus. WES
experts give the current econom-
ic situation in these countries the
worst appraisals on the WES scale
and expect a recession in 2012.
Public deficits continue to cre-
ate major problems in the entire
euro area, as well as high unem-
ployment in the euro crisis coun-
tries, according to the economic
experts surveyed, the report con-
cluded.
Crisis-hit Eurozone
economies set to fall
even further behind
BY TIM WALLACE
UniCredits capital
base gives it a boost
ITALYS largest bank yesterday
reported that it is now ahead of
European capital requirements in
its first results since its 7.5bn
(6bn) capital increase earlier this
year.
The lender also reported a 12.8
per cent rise in net profits on last
year, bringing in 914m but
nearly half of the gain was due to
the bank buying back its own
bonds at a lower price than when it
sold the debt.
Stripping out the effect of the
debt buyback, the banks profits
actually fell 45 per cent, a decline
it blamed on the continuing
deterioration across Europe of the
macro-economic environment.
Its capital base is now well ahead
of harsh new rules being phased in
this year, however. It reported a
core tier one capital ratio of nine
per cent under Basel III definitions
at the end of March, nine months
before Basel III will begin to be
phased in at the start of next year.
Although the bank shrank its
lending by 0.9 per cent to help it
BY JULIET SAMUEL get there, that was significantly
less than many of its deleveraging
European rivals.
Instead, it raised its capital ratio
predominantly through a
controversial rights issue at the
start of this year that at some
points saw its value more than
halve before recovering much of
the loss.
The lender also said that it has
raised 44 per cent of the debt it
needs to sell this year, in advance
of a possible freeze in interbank
markets as the effect of the
European Central Banks huge cash
injection wears off.
It has also now absorbed 77.6m
of losses on Greek bond holdings
since haircuts were imposed last
year.
And the bank said that it has cut
costs by 0.5 per cent and laid off
1,000 of the more than 6,000 staff
it plans to shed as part of a
strategic overhaul. But it admitted
that it failed to tell investors the
true cost of the lay-offs and
restated its fourth-quarter results
for last year to include a 63m
charge for severance pay.
IN BRIEF
Industry fall hits French growth
n Weak industrial output figures for
March yesterday added to signs that
Frances Socialist president-elect
Francois Hollande will inherit a sickly
economy when he takes office next
week, supporting his calls for more
policy focus on growth. The Bank of
France said it expects no growth in
the second quarter as statistics
agency INSEE revealed industrial
output fell 0.9 per cent compared to
economists expectations of a 0.5 per
cent drop.
Surprise rise in Italian output
n Italian industrial output unexpect-
edly rose 0.5 per cent in March, official
data showed yesterday, but first quar-
ter output was still down for the third
quarter running, confirming the econ-
omy remains mired in recession. The
March data beat a forecast of a 0.2 per
cent output drop, but analysts said
first quarter GDP, published next
week, would probably be broadly in
line with the 0.7 per cent drop seen at
the end of 2011. The 2.1 per cent
decline in output between January
and March reported by national statis-
tics bureau ISTAT followed a 2.5 per
cent fall in the fourth quarter of 2011
and was the third consecutive quar-
terly contraction.
Continued sluggish economic activity in Italy
2002 2004
100
102
104
Source: OECD
F
o
r
w
a
r
d
-
l
o
o
k
i
n
g

i
n
d
e
x
98
2010
96
94
92
2006 2008 2012
ECB official warns interest rates
may rise to fight high inflation
HSBC is in talks to sell its operations
in Colombia, Peru, Uruguay and
Paraguay, as Europes biggest bank
continues to retreat from countries
where it is too small or it does not
see strong enough growth.
HSBC has been quitting smaller
markets and businesses to cut costs
and streamline operations under
new CEO Stuart Gulliver.
The London-based bank operates in
85 countries and Gulliver is trying to
sharpen its focus on fast-growing
Asian markets. It has struck about 27
deals in the past year to cut more
than $60bn (37.1bn) in risk-weighted
assets from its balance sheet.
HSBC has 62 branches in the four
Latin American countries it is
leaving 24 in Peru, 20 in Colombia,
11 in Uruguay and seven in
Paraguay out of more than 3,000
across the Americas. The businesses
had assets of about $4.5bn.
It did not say who it was talking to
or specify whether it was one firm or
several.
HSBC sold its businesses in Costa
Rica, El Salvador and Honduras for
$800m to Colombias Banco
Davivienda S.A. in January. Those
businesses had 136 branches and
assets of about $4.3bn. It also sold its
retail banking operations in Chile
last year.
HSBC kicks off
talks to sell its
LatAm branches
NATIONAL Australia Bank (NAB), the
countrys top lender by assets, yester-
day posted record first half earnings
as higher trading, fee income and a
rising share of the mortgage market
countered losses in its UK operations.
While NAB and rivals ANZ and
Westpac have reported strong head-
line numbers for the half-year, all saw
margins squeezed as funding costs
remained high due to the Eurozone
debt turmoil, subdued credit growth
and fierce competition for deposits.
Overall, NAB, which offers the low-
est mortgage rate among its peers as
it tries to raise its market share,
reported a record cash profit up six
per cent at A$2.83bn (1.77bn) in the
six months to March, from A$2.67bn
a year ago. Cash profit excludes one-
offs and non-cash accounting items,
and is closely watched by investors.
NABs British business plunged to a
loss in the first-half, hit by increased
bad debt charges and rising wholesale
funding costs, illustrating the difficul-
NABs British
business drags
down profits
BY HARRY BANKS ties facing UK retail banks in a worsen-
ing economic environment.
In the UK, the bank operates 337
Clydesale and Yorkshire bank branch-
es and last month it scrapped plans to
sell its British operation, saying it was
too hard to find a buyer in the current
market, opting instead to shrink it and
cut 1,400 jobs. The UK (operation) has
been an underperforming asset for us
for some time. What we are trying to
do is improve the returns for share-
holders. Weve always maintained a
fire sale is not the basis to do that,
said chief executive Cameron Clyne.
THE WEAK global trading market
has forced interdealer-broker Tullett
Prebon to cut another 60 jobs.
Terry Smiths firm said it has cut
140 jobs this year, rather than the
80 redundancies it had pledged in
March.
Tullett, which posted revenue of
305m for the four months to April,
flat on last year, said two thirds of
the cuts were in the front office and
the rest in support.
They will cost 14m and lead to
annual savings of about the same
amount.
Tullett blamed the cuts on
Tullett Prebon cuts more jobs
as it waits for trading recovery
BY PETER EDWARDS
challenging market and
competitive conditions and the
increased costs faced by the
business relating to electronic
platform development and other
costs related to impending
regulatory changes.
The 140 cuts come after the
broker said late last year it had cut
80 traders mainly in London and
New York at a cost of 10m, with its
US arm bearing the brunt.
Tullett, which was spun out of
stockbroker Collins Stewart in 2006,
competes with ICAP, BGC Partners
and GFI Group to match the buyers
and sellers of currencies, bonds and
swaps.
LLOYDS of London insurer
Beazley yesterday said it has
recovered from last years
catastrophe claims and had
increased premiums written in the
first quarter by nine per cent.
Rates on renewals were also up
two per cent, helping it write
business totalling $465m (288m)
up from $426m in the equivalent
period last year.
The first quarter of the year
has seen a number of positive
developments, with premium
volume and rates up in line with
our business plan, said chief
executive Andrew Horton.
After the exceptional events of
2011 for which our original loss
BY JAMES WATERSON
estimates remain unchanged
claims activity has been benign.
The Dublin-based insurer also
saw strong growth in its
healthcare and property sections.
The lack of change to 2011
catastrophe loss estimates is a
scarcity among small and large
global peers and should further
cement Beazleys underwriting
and risk management reputation,
said Joy Ferneyhough, an analyst
at Execution Noble.
Beazley has previously
attempted to expand through
takeovers but recently failed in a
bid for fellow Lloyds insurer
Hardy, leaving it with around
$400m in surplus capital.
Shares in the firm closed
yesterday up 2.2 per cent at 141p.
LIFE and pensions firm Royal
London yesterday blamed difficult
market conditions for a 10 per cent
drop in its new life and pensions
business.
Sales in the division fell to 761m
in the three months to the end of
March compared to 843m for the
same period last year.
Its fund management division,
Royal London Asset Management,
also suffered, with 495m of net
outflows in the period, compared to
a 113m inflow in 2011.
The fund manger said the
decrease was largely due to two
clients reducing their exposure to
fixed interest assets.
Markets rock
Royal London
BY KATIE HOPE
PROFILE: NIGEL WILSON
FRIDAY 11 MAY 2012
10
NEWS
cityam.com
Terry Smith has cut 140 jobs this year rather than the 80 redundancies it had planned
Legal & General finance chief
Wilson steps up to the top job
THE MARKET yesterday backed Legal
& Generals decision to promote
from within and name its finance
director as the chief executive.
Nigel Wilson, who joined the firm
in September 2009, will replace Tim
Breedon at the end of June. Until
then he will serve as chief executive
designate.
Shares in the 176-year-old insurer
ticked up 1.9 per cent to 113.4p
yesterday and won the backing of
analysts.
We think that this is a great
appointment given his impressive
BY PETER EDWARDS
performance since becoming
finance director when he identified
cash as being a key driver for
valuation of L&G which has now
been copied across the sector. He is
also known as much for his desire to
simplify the business as his tight
financial control, said Barrie Cornes
at Panmure Gordon.
Breedon joined the board of L&G
in 2002, having started at the
company in 1987 and worked
predominantly as an index fund
specialist working his way up
through management before taking
the top spot in 2006, where he
steered the firm through the
financial crisis. He will stay on until
the end of the year, to help lobby for
changes to the European Unions
controversial Solvency II capital
regime for insurers, and will collect
shares worth 3m should the
company hit all performance targets.
Wadham Downing, L&Gs group
financial controller, becomes
interim chief financial officer
pending a permanent appointment,
the insurer added.
L&G saw operating profit rise five
per cent to 1.06bn last year. Sales
gained seven per cent to 1.9bn,
aided by a 34 per cent earnings rise
at its asset management arm.
Beazley leaves catastrophes in
the past to increase premiums
FRENCH bank Natixis yesterday
said it plans to close its
commodities brokerage division, as
one of the oldest ringdealing
members of the London Metal
Exchange becomes the latest victim
of the European debt crisis.
The bank decided to wind up the
brokerage activities of Natixis
Commodities Markets (NCM),
which offers derivatives on a range
of metals, fuels and commodities as
part of its investment bank
adaptation plan, the bank said in
its earnings statement yesterday.
Over-the-counter activities will
continue in cooperation with
structured finance operations,
which also offers commodities
trade finance, it said in the
statement.
The future of NCM, which has
been in metals broking under
several owners for almost 35 years,
has been uncertain since
management said in January it was
considering selling the business.
The bank wanted to scale back its
exposure to the capital-intensive
commodities business. Henrik
Wareborn was hired in September
to head up the operation.
The 120-strong team in London
was told by management of the
decision on Wednesday afternoon.
The move will effectively dismantle
the ring-dealing team on the
London Metal Exchange trading
floor and will start the process of
liquidating customers accounts.
French investment bank Natixis
to shut commodities brokerage
IN FOOTBALL they call it the boot
room tradition and we are seeing
the trend at Legal & General.
In naming finance director
Nigel Wilson, pictured, as its new
boss the FTSE 100 insurer has
appointed its chief executive from
within for the third consecutive
time on the basis it needs stability
at a time when world economies
are in turmoil.
Wilson was promoted after a
thorough and exhaustive
recruitment process, carried out
with the help of an executive
search firm, L&G said, and will
bring an evolutionary approach
according to chairman John
Stewart.
Tim Breedon, the outgoing
chief executive, said he was
leaving a strong platform on
which Wilson could build,
adding: I know that L&G will
continue to thrive under his
leadership. We have worked
together closely as CEO and CFO
over the last few years.
Wilson also brings plenty of
experience of City
boardrooms,
having held
senior roles at
United Business
Media, Halfords
and Dixons. He
has a PhD from
the prestigious
Massachusetts
Institute of
Technology.
25.25
National Australia Bank Ltd
24.25
24.50
24.75
25.00
AUD
24.57
10May
DAVID Camerons former press
secretary yesterday said that he held
40,000 of News Corporation shares
while working at Downing Street.
Andy Coulson, the ex-editor of
the News of the World, also told the
Leveson Inquiry that he attended
meetings of the national security
council and may have had access to
top secret documents, even though
he was not subjected to a full
security check.
The government says Coulson
only saw the information he was
cleared to see.
Rejecting accusations that there
was a grand conspiracy between
leading media tycoons and
politicians, Coulson said there was
never any inappropriate deal
between the papers and the party.
Referring to Camerons
relationship with the media, he
added: I never saw a conversation
that to my mind was inappropriate
in that way.
Lord Leveson announced
yesterday he would not rule on
culture secretary Jeremy Hunts
involvement in the BSkyB takeover
deal: That is simply not my job and
I have no intention of going outside
the terms of reference that have
been set for me.
He also said that he would not pass
judgement on Rupert Murdochs
suitability to run a company.
Coulson had
40,000 in
News Corp
BY JAMES WATERSON
G
E
T
T
Y
THE chief executive of Old Mutual yes-
terday warned over the health of the
banking sector as the group posted a
10 per cent drop in quarterly sales.
Anglo-South African Old Mutual
recorded life insurance sales of
269m in the three months to March,
beating the 262m expected.
The banking world generally has
still got a long way to go before stabil-
ity comes through. So, there is no
change, I think, in the position exter-
nally, Julian Roberts said yesterday.
Old Mutual, which operates in 30
countries, suffered most in its wealth
management arm, where sales fell 21
per cent to 153m, but its emerging
markets business was up 10 per cent
to 116m.
The group posted net client cash
inflows of 3.7bn for the first three
months, compared with outflows of
2.8bn in the 2011 period and better
than the 1.1bn outflow expected by
analysts.
The improvement was driven by its
US funds arm, earmarked for an ini-
tial public offering, which turned out-
Sales slump at
Old Mutual as
turmoil reigns
BY PETER EDWARDS
flows of 600m a year ago into an
inflow of 2.6bn thanks to a better
investment performance.
Core funds under management rose
six per cent to 284.2bn.
Old Mutual still intends to offload its
52 per cent stake in Nedbank, South
Africas fourth-largest lender, which
would allow it to focus on insurance
and asset management. A planned
$8bn sale to HSBC fell through in 2010.
Nedbank maintained the momen-
tum it established last year by deliver-
ing positive margins, strong growth in
non-interest revenue and continued
reductions in credit losses, Roberts
added.
Sly Bailey announced her resignation as Trinity Mirror chief executive last week
152.50
Old Mutual PLC
142.50
145.00
147.50
150.00
p
149.60
10May
FRIDAY 11 MAY 2012
11
NEWS
cityam.com
TRINITY Mirrors shares jumped
11.6 per cent yesterday as the
publisher reported a strong
performance online.
Digital revenues increased by
nine per cent in the quarter,
including 24 per cent growth in the
nationals division reflecting the
relaunch of MirrorOnline.
But total group revenues fell four
per cent as advertising sales took an
11 per cent hit in the 17 week period.
Trinity Mirrors shares jump as
group shows signs of recovery
BY LAUREN DAVIDSON Circulation revenue was one per
cent higher in the quarter
following a ten per cent increase in
January and February. However,
sales in March and April were
impinged by the launch of the Sun
on Sunday. Net debt was reduced
to 197m.
The results coincided with
Trinity Mirrors annual meeting, at
which 46 per cent of shareholders
voted against the remuneration
report, despite chief executive Sly
Baileys resignation last week.
ABERDEEN Asset Management has
taken its understanding of offshore
investments to a whole new level.
Earlier this week, Charlie Martell
embarked on a boat journey of epic
proportions, and Aberdeen helped put
the wind in his sails. Only metaphori-
cally, you understand, because Charlie
set off across the Pacific Ocean with
not much more than a rowing boat, a
Twitter account and some freeze dried
meals to keep him company.
Former soldier Charlie, who served
in the British army in Bosnia and
Northern Ireland, hopped aboard in
Choshi, Japan on Sunday morning to
row solo and unsupported across
4,500 miles of Pacific waters to San
Francisco in a bid to set three world
records and raise a chunk for charity.
But while the intrepid adventurer
hopes to make it to the Golden Gate
Bridge without naval assistance, hes
received a boatload of support from
Aberdeen Asset Management.
The fund manager has contributed a
healthy sum to Charlies venture
mostly towards vital communications
equipment, such as satellite phones
and a broadband network, and a
weather forecasting service.
Aberdeen is also closely involved
with one of Charlies chosen charities,
Toe in the Water, which helps injured
servicemen and women move beyond
their disabilities through competitive
ocean sailing. Only six days into his
four month journey, Charlie has
already raised 10,000 a fifth of his
target which will be split between
Toe in the Water and Give Them a
Sporting Chance, a charity which gives
those with disabilities the chance to
make their sporting dreams come
true. Charlie wont get much conversa-
tion while on his solo voyage row-
boats have a tendency to be rather
wooden but Aberdeen will be keep-
ing a close eye on his progress and will
be chatting to Charlie via video link in
August, during Cowes Week, which
the group sponsors.
The Capitalist wouldnt want to be in
Charlies position we like to talk far
too much but were sure hell have a
whale of a time.
Details of how to donate at:
www.pacific2012.com.
Charlie Martell (above) in full-action mid-Pacific
Charlie Martell is raising money for charities Toe in the Water and Give Them a Sporting Chance
Martell is six days into his four-month trip
Got A Story? Email
thecapitalist@cityam.com
12
cityam.com
cityam.com/the-capitalist
FRIDAY 11 MAY 2012
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THECAPITALIST
Aberdeen sets
sail with a new
offshore asset
G
E
T
T
Y
FRIDAY 11 MAY 2012
14
NEWS
cityam.com
Riedel the wine glass company invites
you to a special tasting hosted by
Maximilian Riedel, 11th Generation
master glassmaker
Fri 25th May & Sat 26th May at
Vinopolis, Stoney Street, London
(next to Borough Market)
Friday tickets from 55 per person (group)
with 100 of glasses to take home
Saturday tickets from 34 per person
(group) with 65 of glasses to take home
For details & tickets visit
www.riedel.co.uk
UNCOMFORTABLY high inflation
stopped the Bank of England from
announcing any more quantitative
easing (QE) yesterday, despite the new
recession increasing calls for further
attempts to stimulate demand.
The Monetary Policy Committee
(MPC) held interest rates at 0.5 per
cent for the 39th consecutive month,
and decided not to increase the size of
the asset purchase programme from
325bn.
UK 10-year bond yields rose
on the announcement, up
0.072 percentage points to
1.976 per cent as the Banks
decision reduced demand
for the gilts.
In February the Bank fore-
cast inflation would
fall sharply to
below three per
cent by April,
leaving price
rises within
one percent-
Inflation threat
leaves interest
rates on hold
BY TIM WALLACE age point of the two per cent target.
However inflation rose to 3.5 per cent
in March as factors including energy
prices kept rising.
Some economists forecast even more
loosening in future months, based on
the weak state of the economy which
entered a shallow recession in the first
quarter of the year, according to offi-
cial estimates.
With demand growth disappoint-
ing and deteriorating while the sover-
eign debt crisis is re-intensifying, we
had expected the MPC to respond,
said Nomuras Philip Rush. We
thought the dovish MPC would
continue to place inflationary
concerns on the back burner.
Bank governor Sir Mervyn King
will step down from his post next
June, and markets will watch possi-
ble successor Paul Tuckers MPC
vote for hints at future policy
moves.
Paul Tucker could take
over as governor next year
Buy to let loans rise
as market woes heal
BUY to let lending jumped sharply
in the last year, industry figures
showed yesterday, though the
sector remains far smaller than it
was in its 2007 peak.
Lending in the first quarter hit
3.7bn in 32,000 loans, according
to the Council of Mortgage Lenders.
This was up 32 per cent on the
same period of 2011, but remains at
just a third of its pre-crisis levels.
Even though buy-to-let lending
is running at only around a third
of its peak levels, the sector is
continuing its gradual expansion,
said the CMLs Paul Smee.
It has become an important part
of the overall landscape of housing
provision in the UK.
BY TIM WALLACE
CHINA risks a fresh downturn in
demand for goods from its massive
factory sector, with official data
yesterday showing weaker than
expected exports and stalling
headline import growth last month
signaling that government spending
is the crucial factor keeping the
economy moving.
Annual growth in imports in April
was just 0.3 per cent, far below
forecasts of an 11 per cent increase,
while exports managed growth of
just 4.9 per cent versus expectations
of 8.5 per cent.
Shipments to emerging economies
experienced a drop alongside well-
flagged European weakness.
Weak Chinese
exports fuel
growth fears
Manufacturing rebound hints at
recovery in the second quarter
MANUFACTURING output rebounded
in March, official figures showed yes-
terday, raising hopes that the econo-
my may be emerging from recession.
However, the months warm
weather hit overall industrial
production as energy consumption
fell, and Nationwide data out today
shows consumer confidence
remains subdued, underlining the
sluggish nature of any recovery.
BY TIM WALLACE Factory output rose 0.9 per cent in
the month to March, according to the
Office for National Statistics (ONS),
reversing its earlier fall to leave
output unchanged on the quarter.
Over the year output fell 0.9 per cent.
However, the ONS index of
production, including energy and
mining and quarrying fell 0.3 per
cent on the month and 2.6 per cent
on the year, led by an annual 10.6
per cent fall in mining and a 17.6 per
cent drop in gas production.
And Nationwides consumer
confidence index fell from 53 in
March to 45 in April, 30 points below
its long term average.
The index has consistently
remained well below its long-run
average, signaling ongoing caution
on the part of UK consumers,
warned Nationwide economist
Robert Gardner. It is not surprising
that confidence remains fragile,
with labour market conditions still
weak, he added.
ACTIVITY in the construction
sector edged upwards in the first
quarter of 2012, surveyors reported
today, indicating a rebound may be
on the way following the strong fall
in output seen in official data.
Twenty-three per cent of
surveyors reported rising
workloads, compared with 15 per
cent who reported a decline,
leaving a net balance of eight per
cent the first positive figure since
mid-2011, according to the Royal
Institution of Chartered Surveyors.
Construction up as private sales
trump falling public demand
BY TIM WALLACE A net balance of 21 per cent
expect further growth in the next
12 months and a balance of 16 per
cent predict rising headcounts.
Private housing improved
gradually, with a net balance of five
per cent reporting growing
workloads, as did the private
industrial and commercial sectors,
while public sector workloads fell.
However, Crossrail and Olympics
work particularly boosted
construction in the south east and
London a net balance of 19 per
cent of surveyors in the region
reported rising workloads.
Meanwhile the wider housing
market has been hit by the expiry
of the stamp duty holiday for first
time buyers at the end of March
and banks raised deposit
requirements.
The number of loans for
purchasing typical first-time buyer
properties fell five per cent to
11,307 in April the lowest level in
nine years, according to separate
e.surv data out today.
The average deposit on
mortgages rose to 40 per cent in
the month as tough credit
conditions in international
markets hit consumers looking to
take out mortgages a situation
which e.surv expects to continue
into the summer.
C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
The new
jobs website
for London
professionals
THE US banking system has made substantial progress toward becoming healthier since
the financial crisis, Fed boss Ben Bernanke said yesterday. However, he warned there
were still problems in some areas, noting many factors suggest that this situation will
be difficult to turn around quickly, including the slow recovery of the housing market.
BERNANKE: BANKING SYSTEM ON THE UP
THE NUMBER of Americans
submitting new applications for
jobless benefits edged down last
week, official data showed
yesterday, boosting hopes that the
labour market remains on an
upward trajectory.
However Commerce Department
data showed a widening in the
trade deficit in March, suggesting
economic growth was much slower
in the first quarter than initially
believed.
New claims for state
unemployment benefits slipped
1,000 to a seasonally adjusted
367,000, the Labor Department
revealed yesterday. The prior weeks
figure was revised up to 368,000
from the previously reported
365,000.
It looks like the claims numbers
are reverting to the declining trend
that got interrupted briefly, said
Commonwealth Foreign Exchange
analyst Omer Esiner
Separately, the trade gap grew
14.1 per cent to $51.8bn (32.1bn),
the biggest jump in nearly a year.
The weak trade balance number
could cause the government to
lower its first-quarter growth
estimate to below an annual pace of
two per cent from 2.2 per cent,
according to economists.
US jobless data
better but trade
deficit widens
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Y
BORIS Johnson yesterday issued a ral-
lying cry to his staff, demanding they
do everything possible to create jobs
and growth in the capital, in a
speech seen exclusively by City A.M.
Addressing employees of the
Greater London Authority (GLA) at
City Hall, the mayor asked them to
produce a 2020 vision for London
that will encompass everything
from spatial and transport develop-
ments, river crossings to air quality,
cycling, health outcomes and will
be implemented over the next six
years.
The need is urgent because the
population is growing and we can so
easily slip behind
we must not
repeat the mis-
takes of the
1950s, 60s and
70s. One thing
that the Crossrail
argument has
taught me is that
if we can build a
Boris in race to
boost Londons
growth by 2020
BY JAMES WATERSON
consensus around the future then we
are much more likely to make it hap-
pen, he said.
Johnson also pledged to be much
more pro-active about statistics and
to open a room in City Hall where
members of the public can see what
is happening on gun crime or afford-
able home starts or educational out-
comes or air quality and we can use
that clarity to drive performance.
He said the masterplan, which does
not yet have a defined format, could
appear by the end of this year: I see
no reason why the GLAs 2020 vision
for London should not be ready well
before Christmas. We know
what it is [but] we need
to articulate it and sell
it to the treasury and to
the rest of the country.
Yesterday Johnson also
revealed that he has
offered Ken
Livingstone, his
defeated oppo-
nent in last
weeks elec-
tion, tickets to
this summers
O l y m p i c
games.
ARMY CHOPPERS HOVER OVER DOCKLANDS
BRITISH military
helicopters circled
around Canary
Wharfs famous
skyscrapers
yesterday, as the
armed forces
made
preparations
ahead of this
summers Olympic
Games in
Londons east
end. Just 78 days
before the start of
the Games,
people in the
docklands were
treated to the
dramatic site
during yesterdays
working hours.
Mayor Boris Johnson set out his
2020 vision for London
FRIDAY 11 MAY 2012
17
NEWS
cityam.com
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BOMBARDIER reported a sharp
drop in first-quarter sales and
profit yesterday, as aircraft
deliveries declined and the
company completed some big train
orders, sending its stock lower.
The Montreal-based plane and
train maker, which warned in
March that aircraft deliveries
would dip in 2012, said revenue fell
25 per cent as it introduced new
aircraft and ramped up deliveries
on complex new train orders.
Looking ahead, the worlds third
biggest commercial plane maker
said new orders are picking up and
its backlog is healthy.
Profits chug downwards at train
and plane maker Bombardier
First-quarter profit fell 14 per
cent to $190m (118m), compared
to $220m in the previous fiscal
year. Revenue declined 25 per cent
to $3.5bn, down from $4.7bn.
Earnings before financing expense,
financing income and income taxes
(Ebit) amounted to $215m.
While profit matched analysts
expectations, revenue fell far short
of the consensus estimates.
Certainly the results across the
board are weak. We werent
expecting a lot and we didn't get
much, said PI Financial analyst
Chris Murray. The company said
lower revenues were anticipated,
but it was able to contain costs to
maintain profitability.
BRITISH wealth manager
Rathbone Brothers yesterday
reported 6.1 per cent growth in
its funds under management for
the first three months of the year,
beating a small rise in financial
markets as its affluent clients
invested more money in its
products.
Rathbones said funds under
management rose to 16.81m at
the end of March.
The firm also said its
investment management division
pulled in 165m during the
quarter.
Funds increase
at Rathbones
TOUGH new capital rules in Europe
are set to cause the funding gap in
property-backed debt to double over
the next two years, according to
research out today.
DTZ estimated that Europes debt
funding gap will widen to $182bn
by 2013 as banks, under pressure to
increase their capital ratios, shy
further away from exposing
themselves to the property sector.
The research predicts that
insurers and non-traditional
lenders will go some way to plug
the gap while the banks
recapitalise.
Property debt
gap to double
BY MARION DAKERS
SONY plunged to a record loss of
457bn (3.53bn) in the last finan-
cial year, as its TV arm and a strong
yen hammered its bottom line.
But the firm yesterday forecast a
net profit of 30m for the coming
financial year, hopeful that its cost
cutting plans and a turnaround in
its TV division will pay off quickly.
Under new chief executive Kazuo
Hirai, Sony is slashing costs 10,000
jobs, or six per cent of the global
workforce, will go in a bid to
revive the firms profits.
The company said yesterday it
expects to sell more than 33m
smartphones this year, up from
22.5m last year.
In preparation for that mobile
push, Sony last year bought out
Ericsson from a phone joint ven-
ture to integrate the business with
its other consumer electronics
units.
Sony expects an operating profit
of 180bn in the year to next March,
slightly ahead of market estimates,
but a rebound from the 67.3bn
loss in the year just ended.
The operating profit forecast
isnt far off the level seen two years
Sony is hopeful
of recovery yet
bottom line hit
BY HARRY BANKS
ago ... This suggests were on a recov-
ery trend and last year was definite-
ly the bottom, said Kenichi Hirano
at Tachibana Securities in Tokyo.
But I think not everyone in the
market is convinced of this, espe-
cially since the company lacks a
solid plan to turn around its TV
business.
Sony predicted sales of its liquid
crystal TVs would fall 11 per cent to
17.5m in the current year, but fore-
cast its losses from the LCD TV busi-
ness would halve to 80bn.
Sony also expects an 11 per cent
decline in sales this year of its
PlayStation games console to
around 16m, it forecast yesterday.
Sales of its new Vita handheld
games console hit 1.8m in the previ-
ous year, Sony said.
IN BRIEF
Capgemini gets off to good start
n Capgemini, Europes largest
computer consultancy, confirmed its
full-year targets yesterday after posting
higher-than-expected sales in the first
quarter driven by technology services
and growth in North America.
Capgemini reported 4.3 per cent
organic growth in sales to 2.6bn
(2.05bn). Sales in North America,
which remained the biggest contributor
to growth in the quarter, grew 13 per
cent to 505m while revenue in Benelux
continued to decline.
Aquascutum sold to YGM
n YGM Trading yesterday agreed to buy
Aquascutum, the failed luxury clothes
maker that has dressed royalty and
politicians, for 15m. YGM, which had
been in talks for weeks, already owns
the brand in Asia. The deal preserves
100 jobs in the UK, the buyer said in a
statement.
IAG sells off BMI Regional
n British Airways parent IAG said
yesterday it had sold BMI Regional, a
division of the loss-making BMI
business it recently acquired, for 8m.
IAG, which had planned to close the
business, said the sale should secure
330 jobs. It will be taken over by Sector
Aviation Holdings, an Aberdeen-based
consortium that includes tycoon
brothers Stephen and Peter Bond,
funders of Loganair.
AMERICAN APPAREL BULLISH ON THE FUTURE
US CLOTHING
chain American
Apparel last night
reported a lower
quarterly loss and
forecast strong
full-year sales. The
company, known
for its racy
advertising and
bright Made-In-
America clothes,
said it expects full-
year sales between
$552m and $559m.
Fourth-quarter net
loss was $11.2m, or
11 cents a share,
compared with a
loss of $19.3m, or
27 cents a share, a
year ago.
Sony Corp
1,300
1,280
1,260
1,240
1,220
1,213
10May
FRIDAY 11 MAY 2012
18
NEWS
cityam.com
BARRATT yesterday hailed its best
spring selling season in five years,
as it focused on more buoyant
sections of Britains weak property
market and government initiatives
helped to prop it up.
The company, one of Britains
largest housebuilders, said while
the economic outlook remains
uncertain, it expects the various
government initiatives to continue
to provide support to the
industry.
Weekly private reservations
were up 25.3 per cent in the 18
weeks to 6 May compared with a
year earlier while the average
Barratt homes enjoys its best
spring sales season in five years
BY KASMIRA JEFFORD
selling price rose five per cent to
202,000, as it focused its activities
on London and the south east,
where prices have been more
buoyant.
Barratt said customer interest in
the NewBuy mortgage indemnity
scheme, which sees the
government underwrite losses to
encourage the return of 95 per
cent loans, remains encouraging
with 1,600 people registering
interest each week.
Analysts however fear that
housebuilders may be too bullish
on the uptake of the NewBuy
scheme and that mortgage lenders
pricing the product high will put
off customers.
Revenues rise at Rank Group as
gamers move to online play
GAMING company Rank Group
yesterday posted a four per cent
revenue rise for the 18 weeks to 6
May, buoyed by its online division
and casinos.
Grosvenor Casinos grew sales by
eight per cent, despite its Belgian
line still struggling in the wake of
last summers smoking ban
extension, as both customer visits
and the amount spent per visit were
stepped up in the period.
Revenues jumped by 17 per cent
at Rank Interactive, even though
BY LAUREN DAVIDSON
sports betting took a seven per cent
hit as Blue Square customers staked
less. Games revenues grew 21 per
cent, helped by a strong
performance at meccabingo.com
where sales were up 19 per cent.
But income in Ranks
physical Mecca Bingo
halls took a one per cent
hit as customers visits
dropped four per cent.
This was partially offset
by an increased spend
per visit thanks to a new
food and drinks range.
The gaming company
assured investors that the new
machine games tax outlined in the
Budget would have no material
effect on Ranks operating profit.
But the group was less bullish
about the new online gaming tax,
effective in 2014, which will
impinge on its online arm.
The companys trading
update came amid
rumours that Rank has
reopened negotiations to
buy Gala Casinos for 200m
just six weeks after walking
away from the table.
Shares rose 1.9 per cent.
FRIDAY 11 MAY 2012
19
NEWS
cityam.com
OLYMPUS plunged to a 379m net loss
yesterday as operating profits fell
7.5 per cent, and reported lower than
expected capital levels that leave the
door open for a possible fund-raising
drive.
The embattled camera company said
operating profit dropped to 35.5bn
(274.8m) in the year to the end of
March.
It posted a 49bn annual net loss,
deeper than a consensus estimate of a
28.6bn loss.
The firm did not release a forecast
for the year to March 2013, as it is in
the process of compiling a business
strategy plan that may be released as
early as this month.
Olympus shareholders equity
ticked up to 4.6 per cent of its total
assets as of the end of March from 4.4
per cent as of December, the firm said
Olympus posts
an annual loss
BY HARRY BANKS
yesterday. That was still below the 20
per cent level which is widely regarded
as indicative of financial stability for a
company.
The group is now under new man-
agement, led by former engineer
Hiroyuki Sasa, after shareholders
approved a new board in April to
restore Olympus reputation following
last years 1bn accounting scandal.
Olympus Corp
1,250
1,225
1,200
1,175
1,150
1,125
1,100
1,130
10May
CREDIT information firm
Experian narrowly beat profit
forecasts yesterday as it finally
found a buyer for PriceGrabber,
its price comparison website.
The firm, best known for its
consumer credit checks, said pre-
tax profit rose five per cent to
$689m (426m). Revenues jumped
15.5 per cent to $4.5bn around
10 per cent of which was from
organic growth.
The group also announced that
it had sold PriceGrabber for
$175m to Ybrant, a marketing
group based in Hyderabad, India.
On top of the purchase price,
Experian beats forecasts and
finally gets rid of PriceGrabber
BY MARION DAKERS
Experian will also benefit from
tax relief worth $120m over the
next two years.
Experian snapped up
PriceGrabber for around $485m
in 2005, when it was part of the
GUS group that once owned
Argos and a majority stake in
Burberry.
Experian considered selling
PriceGrabber as early as
February 2008, but failed to
attract high enough bids as the
financial crisis began to bite.
The firm also announced a 14
per cent dividend hike.
Shares in Experian closed
down 4.3 per cent at 910p
yesterday.
INSURANCE FIRM Kiln Group is poised to become the second tenant to sign up to Land
Securities and Canary Wharfs Walkie-Talkie tower, as a wave of insurance firms look to
upgrade to new offices in the Square Mile. Kiln has gone under offer to take up 80,000
square feet on the lower four floors of the 37-storey building at 20 Fenchurch Street,
due to be completed in 2014. It will pay a rent of more than 60 per sq ft. Last month
insurer Markel became the first tenant to go under offer for around 80,000 sq ft.
WALKIE-TALKIE TOWER SECURES SECOND TENANT
ARCELORMITTAL, the worlds
largest steelmaker, yesterday
forecast higher profit for the
second quarter as strong US sales
offset anaemic demand in Europe.
In the first quarter, the group
reported core profit of $1.97bn
(1.2bn), ahead of analyst forecasts.
However, it was boosted by a $241m
one-off gain from employee benefit
changes at its Canadian unit.
The company forecasts global steel
consumption to rise by between
four and 4.5 per cent this year after
expanding 6.3 per cent in 2011.
The Luxembourg-based company
said demand for steel from North
American manufacturers of vehicles
and household appliances increased
in the first three months of the
year. Europe, by contrast, remained
a concern.
The company said net debt
increased by $1.1bn to $23.6bn dur-
ing the first quarter, but that it
should fall below $22.5bn by the
end of June due to improved cash-
flow, cost savings and further sales
of non-core assets.
ArcelorMittal
sees slower
demand in EU
G
E
T
T
Y
ENERGY group RWE posted a 27.9 per
cent fall in quarterly earnings yester-
day on lower gas sales and Germanys
abrupt exit from nuclear power.
The firm said net income plunged to
1.3bn (1.04bn), in line with fore-
casts. It blamed significant one-off
burdens linked to Germanys move
last year to shutter its nuclear plants,
in light of safety concerns highlighted
by Japans earthquake and tsunami.
However, it maintained its forecast
for flat full year profits.
Electricity sales fell nine per cent,
due to divestments, but consumer
turnover remained stable.
But gas sales dipped 12 per cent as
declining wholesale prices made com-
petition tougher.
RWE said it has further reduced its
exposure to previously agreed high
RWE is hurt by
Germanys exit
from nuclear
BY MARION DAKERS
import prices and is on target to be
free from crippling gas losses after
2012 at the latest. RWE warned
investors in March to expect 2012 loss-
es on gas trading to significantly
exceed last years 800m hit.
The firm, which decided to ditch its
Horizon nuclear joint venture in Britain
earlier this year, said it was very opti-
mistic about talks to sell the project.
RWE and E.ON had planned to spend
15bn on around 6GW of extra power
generated by nuclear plants, making
up more than a third of Britains
expected rise in nuclear energy by
2025. NPower, RWEs British con-
sumer-facing arm, posted a 31 per cent
slump in quarterly operating profit to
244m thanks to falling margins at its
power generation arm and lower
household power consumption.
Its shares closed 1.5 per cent lower
yesterday at 31.67.
IN BRIEF
ENRC warns of slowdown
Kazakh mining group ENRC
warned yesterday that revenue
decreased significantly in the first
quarter compared to a bumper three
months a year ago, hit by a drop in
prices for the commodities it sells,
especially iron ore, and weaker
production volumes. The miner said
it expects cost pressures to continue
and unit costs to rise up to 20 per
cent this year. Iron ore and
ferroalloy production both fell.
Bumi is on track for turnaround
Indonesia-focused miner Bumi
will update the market by the year-
end on plans to streamline its
structure and boost shares, chief
executive Nalin Rathod said
yesterday. The firm said coal
production rose nine per cent in the
quarter in spite of heavy rain
hampering progress, and it is on
course to hit its output targets for
the year. Production costs have risen,
but the firm expects this to stabilise.
Great Portland raises debt in US
Property specialist Great Portland
Estates (GPE) has raised $200m
(128m) of debt through an issue of
bonds in the US, to fund further
developments in London. The firm said
it originally set out to raise $75m
(47m) but was more than five times
oversubscribed. GPE said the notes
were placed with institutional
investors, with more than half of them
new to the company. The debt has a
fixed interest rate of 4.59 per cent.
FRIDAY 11 MAY 2012
20
cityam.com
GLOBAL BUSINESSES
RECRUITING LONDONS
BEST PROFESSIONALS
YOUR FUTURE IS OUR BUSINESS
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IN Olympia yesterday, the Olympic flame was lit by a troupe of actresses
playing priestesses, who kindled the fire by catching the suns rays in a
parabolic mirror. The ceremony took place in the ruins of the Temple of Hera,
near to the ancient Olympic stadium. The flame, a symbol representing purity,
will be flown from Greece to the UK on 18 May, and Britains torch relay will
begin at Lands End the next day. It will be carried by 8,000 torchbearers,
8,000 miles across Britain, visiting over 1,000 cities, towns and villages.
LONDON 2012
IMAGE OF THE WEEK
Between now and the start of the
Olympics, City A.M. is publishing its
Olympic Image of the Week. If you
have a shot you think our readers will
like, please email pictures@cityam.com
with IOW2012 in the subject line. Full
details: cityam.com/london-2012
CAR dealer Inchcape yesterday
said like-for-like revenues rose 1.4
per cent in the first quarter of the
year, with a patchy performance in
Europe and Asia offset by strong
sales in Britain, particularly for
luxury cars.
Inchcape said it was
outperforming the industry in the
UK, with solid used car margins
Inchcape says UK customers are
still investing in high-end cars
BY CITY A.M. REPORTER and high-end vehicle sales helping
push revenues up 4.9 per cent.
The firm expects its emerging
markets business to keep
expanding, following 19.5 per cent
revenue growth in the quarter.
We have had a good start to the
year. The demand for premium and
luxury vehicles was ahead of
expectations in the UK, said chief
executive Andre Lacroix in a
statement.
Used luxury cars are trading well in Britain, pushing up dealer Inchcapes revenues
R
E
U
T
E
R
S
FRIDAY 11 MAY 2012
21
NEWS
cityam.com
LONDONREPORT
McGuireWoods
Philip Newhouse has been
appointed managing partner of
the international law firms
London office. He replaces
Anders Grundberg, who will
continue as partner in the firms
international transactions and
private wealth services practice.
Newhouse has previously served
as managing partner at Taylor
Wessing Bucharests office and at Haarman Hemmelrath.
Coutts
The wealth division of RBS has appointed Michael Renner
as executive director, head of treasury services UK. He joins
with immediate effect from Fidessa Asset Management,
Luxembourg. Renner also spent over 20 years at West LB.
He will report directly to Philipp Ackerman, managing
director, head of treasury services.
Victoria Oil & Gas
The AIM-quoted oil and gas exploration firm, focused on
Cameroon and the former Soviet Union, has announced the
appointment of Neil Kendrick as director of projects, with
effect from 1 June. Kendrick was most recently a project
manager for The Expro Group, the oilfield service firm. He is
also a qualified engineer.
Argos
The general merchandise retailer has appointed Sonia Astill
as its new human resources director. She joins from
Homebase, another part of the Home Retail Group, where
she is replaced by Rebecca Woodmansee. Astill has held
various human resources within the group since 2003. She
replaces Andrew Bush.
Cairn Capital
Philippa Charlton has been hired into the asset
management firms asset-backed securities team. She will
lead the building of Cairns secured funding asset
management business. Charlton was most recently senior
adviser in the Bank of Englands markets division. She has
also previously served as director in the structured debt
capital markets group at ABN AMRO.
Marriott Harrison
The specialist corporate and media law firm has announced
that Jonathan Leigh-Hunt has joined its partnership. He
arrived at the firm in 2002 as a trainee and specialises in
advising investors on private equity transactions. He joined
the corporate department in 2004.
Bargate Murray
Elena Shkots has been promoted to the partner-level role of
director of business development at the City law firm.
Shkots joined Bargate Murray in 2007 and has worked as
practice manager and in other senior roles. She will lead the
firms push into developing relationships with clients in
eastern Europe and Russia.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Ciscos outlook
weighs on US
stocks recovery
T
HE DOW and the S&P 500 eked
out a modest gain yesterday as
investors dipped back into the
market after a weak stretch, but
a disappointing outlook from tech
bellwether Cisco Systems and
caution about Europe limited gains.
In a positive development,
Eurozone officials said the blocs
countries are prepared to keep
financing Greece until the country
forms a new government, either
after Sundays election or if new
elections are needed next month.
Cisco Systems lost 10.5 per cent to
$16.81, its biggest percentage drop
since February 2011, making it the
biggest drag on the market. The
network equipment maker forecast
profits below Wall Streets estimates.
The Dows modest rise broke a six-
day losing streak for the blue-chip
index. But the S&P 500 could not
hold enough gains to close above its
April low. Still, the S&P 500 has
rebounded after falling to a two-
month low near 1,340 on
Wednesday.
You are seeing traders and
investors come into some of these
very oversold sectors and buying on
the dips. Then suddenly, the people
who are scared decide to start selling
into it, said Paul Mendelsohn, chief
investment strategist at Windham
Financial Services in Charlotte,
Vermont.
That is what you are seeing today.
You are seeing the see-saw between
people who are coming in, and
adding positions slowly, and people
who are saying, The world is coming
to an end. I want out.
The Dow Jones industrial average
rose 19.98 points, or 0.16 per cent, to
12,855.04 at the close. The Standard
& Poors 500 Index added 3.41 points,
or 0.25 per cent, to 1,357.99. But the
Nasdaq Composite Index fell 1.07
points, or 0.04 per cent, to close at
2,933.64.
The latest uncertainty
surrounding Greece and the
Eurozones sovereign debt crisis
helped spark a drop in the S&P 500
in five of the past seven sessions,
sending the benchmark index down
four per cent. While the regions
difficulties persisted with the
political gridlock in Greece, investors
used the markets declines as a
buying opportunity.
The number of Americans
applying for jobless benefits fell last
week, but from an upwardly revised
figure from the previous week. The
report follows last months nonfarm
payrolls report, which showed weak
employment growth in April.
Signs of softness in the US
economy recently have led some
investors to err on the side of caution
and cut back on sectors exposed to
the vicissitudes of the economic
cycle. The Standard & Poors 500
could fall five per cent to seven per
cent from its April high, and see
several months of choppy trading,
said Citigroup's chief US equity
strategist Tobias Levkovich.
A
BOUNCE back by risk-sensitive
banks and commodity stocks
hauled Britains stock index
higher yesterday after a roller-
coaster session, with worries over the
global growth outlook easing
following benign US jobless claims.
At the close, the FTSE 100 index was
up 13.90 points, or 0.3 per cent at
5,543.95, holding above key technical
support at 5,538 after recovering from
a drop through the 5,500 level early
on.
The gain by the blue chips was the
first after a rocky ride which had
chopped four per cent off the index in
just three straight sessions.
Investor sentiment towards stocks
improved slightly today as bargain
hunters emerged from the sidelines.
European indices have suffered such
big losses in the past few days that it
was inevitable that a rally would
ensue at some point, said Angus
Campbell, head of market analysis at
Capital Spreads.
Movements by miners clearly
illustrated the roller coaster session
for the blue chips.
Having been the main prop for an
early rise by the FTSE 100 index, the
sector soon dropped back mirroring
copper as data out of top metals
consumer China showed headline
growth in imports unexpectedly
stalled last month.
But the dent to the global growth
outlook from that China data was
repaired later on by news the number
of people applying for US jobless
benefits edged down last week, easing
concerns after Aprils weak jobs report
that the labour market was
deteriorating.
And official data showed British
manufacturing output bounced back
more strongly than expected in
March, although a steep fall in oil and
gas extraction and utilities output
pushed wider industrial production
down.
The Bank of England made no
change to monetary policy following
its monthly MPC meeting, leaving UK
interest rates at record lows and
resisting calls for more quantitative
easing as its latest programme came
to an end.
It is possible for the MPC to re-open
the tap on asset purchases at any
stage, even in principle at least, next
month. But more realistically the
committee has probably entered a
period of wait and see during which
it will assess the gravity of the
economic outlook and further
evidence on the extent to which
inflation is likely to moderate further
over the next year or two, Investec
Securities analyst Philip Shaw said in
a note.
As investors risk appetite returned
to drive the heavyweight miners,
energy and banking shares higher,
conversely, defensively-perceived
stocks were shunned, with drinks
group Diageo, British American
Tobacco, Imperial Tobacco and
Associated British Foods all among
the top blue chips fallers.
Consumer goods group Reckitt
Benckiser was a big individual FTSE
100 faller, off 3.5 per cent after the
firms main shareholder, JAB
Holdings, said it was cutting its stake
in the group to around 10.6 per cent.
Results disappointments weighed
on credit checking firm Experian and
telecoms operator BT Group, down 4.3
per cent and 2.6 per cent respectively.
FTSE lurches higher after a volatile
day of bank and commodity swings
BESTof theBROKERS
InterContinental Hotels Group PLC
3May
p 1,560
1,488
10 May
4May 5May 9May 10May
1,500
1,540
1,520
1,480
1,460
INTERCONTINENTAL HOTELS GROUP
Goldman Sachs retains its buy rating on the hotel chain and has raised
its target price from 17.25 to 17.70 following first quarter results. The
broker has also lifted its earnings forecasts and is expecting higher
revenues per room, particularly in China and Europe. Goldman also
notes that IHG trades at a discount to its peers in the US, and that a
return of cash to shareholders could be on the cards following asset
disposals.
F & C Asset Management PLC
3May
p 70
66.45
10 May
69
68
67
66
F&C ASSET MANAGEMENT
JP Morgan Cazenove rates the asset manager neutral but has trimmed
its target price from 98p to 86p. The broker expects the shares to keep
trading at a discount to the sector while the market is uncertain about
F&Cs insurance and institutional contracts. Assets under management
are rising as expected, while the 1.7bn fund outflows reported this
week were already priced in.
Hochschild Mining PLC
3May
p 490
434.20
10 May
460
480
470
450
430
HOCHSCHILD MINING
Citigroup has downgraded the miner to sell and cut its target price
from 494p to 402p. Having downgraded fellow silver miner Fresnillo
earlier this week, Citi reckons the premium between the precious metal
and other commodities is at an unsustainable level. Hochschild has the
additional problem of a potentially hostile new leader in Peru, one of its
major bases which could lead to higher taxes or operational
roadblocks.
FTSE
5 May 9 May 10 May 3 May 4 May
5,850
5,800
5,750
5,700
5,650
5,600
5,550
5,500
5,543.95
10 May
DASHBOARD CITY
CITY MOVES
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NEW YORK
REPORT
in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
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M
AURICE Sendak, the
groundbreaking author of
Where The Wild Things Are
died this week, leaving the
world a tamer place. Sendak
wrote books for children, but his
influence has been far wider and
deeper, reaching from Spike Jonzes
recent blockbuster film to many
adult authors. His art was
distinguished by both courage and
originality. He refused, above all, to
sugarcoat the experience of
childhood. The result was a body of
work with a wild strangeness at its
heart a useful reminder to all of us
that the world is less tame than the
images we tend to make of it.
Before Sendak, childrens books
were more often hortatory tales or
N
INETEENTH century London
grew as no city had ever
grown before, from 1m
people in 1800, to 7m by
1900. Growth was
spontaneous. People across the
country saw Londons opportunities
and moved to the big smoke. And
yes, it was smoky then! Builders
responded to increased demand,
creating the terraced houses,
Victorian villas, and mansion flats
that still define much of our city.
The idea of planners and planning
was yet to be born.
Contemporaries thought that
growth would continue, so in 1905
the government set up a Royal
Commission on London Traffic. Its
job was to work out how to cope
with a population of 11m people by
1931. It advocated traffic lights, and
a ring road, similar to the North and
South Circulars.
In fact London stopped growing
for the best part of 100 years. But it is
growing again now. London is
pulling ahead of the rest of the
country and is, once again, a magnet
cityam.com/forum
We are building up
a little, but not out. The
green belt constrains
us ever more tightly
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
22
FRIDAY 11 MAY 2012
TIM LEUNIG
Archaic restrictions choke London
and hinder its sustainable growth
for people from across Britain, and
arguably from across the world. We
cant ignore this. London is full of
job opportunities and a fine place to
live. People will come.
If we do not respond, people will
arrive, demand for housing will rise,
and housing costs will increase
dramatically. As a rule of thumb, a 1
per cent rise in population leads to a
2 per cent rise in prices if we build
no new houses. This leads academic
economists to predict that, within a
generation, the average house in
London will cost 500,000 in todays
terms if we build no more houses.
That suits rich home owners, but it
would be terrible for everyone else.
We cannot rely on the market, as
we did in the nineteenth century. In
planning terms we were lucky then:
most people walked, so the market
provided compact communities that
have stood the test of time. Today
the market provides sprawl: car-
based cities like Los Angeles with
very low standards of living. Such
outcomes also lock us into carbon-
intensive ways of living.
We have two choices: we can build
up, or build out. In reality, both have
their places. Well-designed flats
mansion blocks, and taller towers
can be very land-efficient. People
like them: affluent people often
choose a flat because they offer city
centre convenience. But towers are
expensive to build and reasonably
expensive to maintain. In many
ways tower block living is for the
affluent, and the post-war emphasis
on council towers probably a
mistake.
Houses, too, make sense
particularly for families. Stable
suburban communities really are
the good life for children.
We are building up a little, but we
are not building out. The green belt
constrains us ever more tightly. We
need a serious discussion about
whether a decision on land use
taken over half a century ago, when
London was not growing, makes
sense today. The idea is not simply to
remove or roll back the green belt,
but to think intelligently about
Londons future. Areas like
Richmond Park, Wimbledon
Common and Bushy Park make
south-west London very desirable.
We should learn from that and
create new suburbs, characterised by
open areas, with good public access.
We can also learn from
Copenhagen, which aspires not to a
green belt but to green fingers,
stretching in towards the centre.
This is less constraining on growth,
and means that more people live
close to and have access to a green
area. Green fingers can also provide
continuous footpaths and cycle
paths from suburbs to centre.
Finally, we need to sort out our
transport system. I have analysed
train speeds, covering the last 150
years. Many of the busiest London
suburban services are now slower
than in the 1950s. That makes no
sense. Mega projects like Crossrail
have a place, but smaller, cheaper
improvements to existing lines
would give the biggest returns.
London can and will grow. But it
will grow more effectively and more
coherently if we think about it
properly than if we bury our heads
in the sand. As a new mayoral term
begins, thinking about Londons
size, shape and future should be at
the very top of their in-tray.
Tim Leunig is reader in economic
history at the LSE and chief economist at
CentreForum think-tank.
romantic adventures, both coloured
by an ideal of innocence that had
lost touch with how troubling
childhood could really be. As Sendak
wrote in a cartoon strip co-authored
with Art Spiegelman in 1993, I
remember my own childhood vividly.
I knew terrible things, but I knew I
mustnt let adults know I knew. It
would scare them.
Our imaginations had tamed what
it was to be a child, creating an
image more comfortable for adults
to deal with life shorn of its grown-
up worries but not always
addressing the fears real children
had to cope with. It is always more
comfortable to tell ourselves tame
stories about the world than to
confront truth in the wild, but such
mental blocks leave us blind and
helpless when things go wrong.
Its much the same for the world
of business as it is for childhood: too
readily tamed in the popular
imagination, it becomes perceived as
an idealised world, not this time one
of innocence but of mastery, where
every success must be a conspiracy
and every failure shows the need for
a more intelligent designer to step
in. So this weeks Queens Speech,
casually sending the supermarkets
off for more obedience classes while
imagining that the Vickers reforms
will help to perfect banking.
But business is not tame. It is, in
economist Joseph Schumpeters
phrase, about creative destruction.
Facebook chief executive Mark
Zuckerberg has said that his key goal
is to move fast and break things. Of
course, there are always companies
that want to tame the marketplace
they find themselves dominating
and try to enlist government to help,
but they are enemies of business, not
its advocates. Business is
distinguished by its ceaseless drive to
add value and improve the products
and services it provides, never able to
rely on a customers loyalty or a
competitors laziness. It is a dynamic
process, not a system of control, and
as a result, not easily housetrained.
When politicians imagine that
business is a tame thing, something
they can break and parade on a lead,
their delusion becomes dangerous.
For business, like all products of the
human imagination, has wildness at
its heart. Wild things dont come
when called; and if we have
forgotten how to see their true
nature, sometimes the only moment
we realise our mistake is when we
whistle for our imagined pet and
find that nothing answers our call.
Marc Sidwell is City A.M.s business
features editor.
THE LONG
VIEW
MARC SIDWELL
The untamed imagination remains at the heart of true business success
23
Fair regulation
[Re: Is the Queens speech likely to reassure
business?, yesterday]
The Speech is a clear sign to business that
the government supports fair and strong
regulation. Many employers want to reduce
the burden of unnecessary employment
tribunal litigation and the Enterprise and
Regulatory Reform Bill is a step in that
direction. However not all compliance
officers will be joyful. Despite opposition
from some businesses, the government is
pressing ahead with proposals to increase
shareholder power over pay patience has
run out with institutional investors taking
control of this issue. However, how this will
work has not been elaborated upon and it
wont be without practical difficulty.
AudreyWilliams
Holidays or profits
[Re: Coalition behaving as if we were in
normal economic times, yesterday]
Allister Heath is correct on bank holidays. If
only more politicians had run a business. As
I struggle to balance the books of a small
company, faced with increasing costs of
energy, you can understand how my heart
sank when David Cameron kindly suggested
I give an extra day of holiday to my staff,
without any extra production. It comes
straight off an already sparse bottom-line.
Chris Payne
Its good to see you mentioning social
issues as well as economic. As someone
who has long tried to adopt, Michael Goves
measures will bring tangible, real benefits.
SarahClifton
The Forum is open for you to take part. Got a sharp comment
on one of todays columns or rapid response topics? Do you
have another subject relating to business and the economy you
want to share your opinion on? We want to hear your views.
A
S INVESTORS, we need to
be aware about how what
is happening around them
shapes and influences our
investments. And right
now that means keeping a close
eye on politics.Whats more, it is
worth bearing in mind that macro-
environmental influences are
dynamic. A political decision that
may not have an immediate
impact could have a bearing on a
business later on.
In the main, there are four envi-
ronmental factors that need careful
consideration: political, economic,
social and technological pressures.
But of the four environmental fac-
tors, political changes are currently
having the most sway on business-
es. In a nutshell, politics relates to
the degree of influence govern-
ments can have on the running of
businesses. This contrasts with pre-
dominantly laissez faire economies
in which companies can largely
operate as they wish.
A hands-off attitude to business
explains why many financial insti-
tutions favour more politically-
indifferent countries, such as
Singapore and Hong Kong. Banks
that operate there are not burdened
by onerous, politically-motivated
initiatives that dictate how much
they can lend or borrow. Of course,
laissez faire cuts both ways. Any
bank that finds itself in trouble is
much less likely to be bailed out.
Political factors can, and often do,
affect tax policies. Sticking with
banks, proposals to increase levies
on banks to replenish depleting
European public coffers could have
an adverse impact on Europes
financial sector. Recently, European
Central Bank president Mario
Draghi warned Europes leaders to
resist the temptation of going down
the easier route of raiding banks
TOP TWEETS
To misquote Sayres Law, British politics is
vicious precisely because the stakes are so
small.
@MisanthropeGirl
Is there any point to more QE given that it
doesnt seem to be working its way down
into the economy?
@michaelhewson
Nationalising Bankia could be the biggest
mistake Spain makes. The government is
now on the hook for the banks liabilities.
@edwardnh
The next high street casualty is Clinton
Cards. Thats 630 potentially vacant shops.
@maryportas
Was the Spanish government justified in its
move to part-nationalise the ailing Bankia?
YES
This is a pragmatic and realistic attempt by Spain to shore up its
beleaguered banking sector without overburdening government
coffers. But it is likely to spell trouble for the wider Eurozone. Spain
has grasped the nettle by taking a 45 per cent stake in the troubled
institution. Parallels can be drawn with the UK, when RBS and Lloyds
were part-sold to the taxpayer in 2008. As unpalatable as it seemed
at the time, this move was decisive and, with hindsight, a successful
attempt to prevent the nightmare scenario of a collapse of these
megalithic UK financial institutions. However, what makes sense for
Spain is most certain to be detrimental for the wellbeing of Europe
as a whole. Global financial markets will see this move as the most
significant indicator yet that Spain will need a bailout. And sooner or
later, someone will decide to stop throwing good money after bad.
We are closer to at least a partial devolution of the euro.
Jason Gaywood is a director at HiFX, the currency specialist.
Jason Gaywood
NO
Philip Booth
When a bank makes losses on bad loans, there is a genuine
economic cost that should be borne by those responsible for
providing the funding for the banking system. The same is true
when banks make losses on government bonds governments have
borrowed, promising to pay back with the taxes of future
generations and those future generations then refuse to pay. The
lenders need to take a hit. Throughout the banking crisis, in different
ways in different countries, we have tried to avoid this economic
reality. The existence of deposit insurance, and inadequate legal
systems for winding banks up, has made the problem much worse.
As such, the banking system is so saddled with unresolved debt that
it is unable to function. Nationalisation is no solution and is likely to
pass the problem to others who own Spanish government debt.
Philip Booth is editorial director at the Institute of Economic Affairs and
professor of insurance and risk management at Cass Business School.
RAPIDresponses
Investors beware:
Politics is driving
how firms are run
reserves. Although Draghi was
reluctant to discuss the politics of
specific countries, his words may be
seen as a veiled warning for
Frances new President Francois
Hollande.
Consider something as simple as
interest rates. The cost of borrow-
ing, which is decided by central
banks, has traditionally been set at
levels that would bear down on the
rate of inflation. Therefore, conven-
tional wisdom would suggest that
bank base rates should in theory be
higher than the rate of inflation if
governments are intent on control-
ling rising prices. However, politics
has seeped into economic decision
making. Politics has gained the
upper hand over economic pru-
dence in debt-ridden western
economies.
Investors need to be continually
aware of how politics can affect
their business investments.
Politicians arent always open and
transparent about their intentions,
which is why it is important to regu-
larly audit how businesses are likely
to react to various political scenar-
ios. Some people may call it top-
down investing. I call it common
sense investing. As investors we may
not be able to control what politi-
cians do, but we can decide how we
wish to capitalise on what they do
decide to do.
David Kuo is a director at The Motley
Fool. Hes speaking on politics and trad-
ing at City A.M.s Active Trader event on
24 May: www.cityamactivetrader.com
FRIDAY 11 MAY 2012
DAVID KUO
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FRIDAY 11 MAY 2012
24
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1590.00 4.50
SILVERLDN FIX AM.........................................29.23 0.09
MAPLE LEAF 1 OZ..............................................31.71 0.05
LON PLATINUM AM .....................................1496.00 -9.00
LON PALLADIUM AM .....................................615.00 0.00
ALUMINIUM CASH.......................................1986.50 -39.00
COPPER CASH............................................8088.00 -145.00
LEAD CASH.................................................2035.50 -41.50
NICKEL CASH.............................................17025.00 -375.00
TIN CASH..................................................20825.00 -510.00
ZINC CASH...................................................1935.00 -51.50
BRENT SPOT INDEX.........................................112.41 0.13
SOYA............................................................1427.75 -10.00
COCOA........................................................2364.00 8.00
COFFEE...........................................................175.15 0.00
KRUG ..........................................................1659.70 8.00
WHEAT ..........................................................172.25 0.13
AIR LIQUIDE ......................................................96.81 -0.19 102.30 80.90
ALLIANZ............................................................79.95 -3.74 102.45 56.16
ANHEUS-BUSCHINBEV.....................................55.45 -0.08 57.51 33.85
ARCELORMITTAL ................................................12.70 0.30 25.40 10.47
AXA.....................................................................9.91 0.53 15.94 7.88
BANCO SANTANDER...........................................4.92 0.28 7.65 4.49
BASF SE.............................................................58.21 0.64 69.80 42.19
BAYER...............................................................52.49 -0.07 59.23 35.36
BBVA...................................................................5.31 0.30 8.06 4.82
BMW................................................................66.24 -1.46 73.95 43.49
BNP PARIBAS...................................................29.05 0.67 54.98 22.72
CARREFOUR.......................................................14.53 0.36 27.38 13.82
CRH PLC.............................................................14.45 0.16 16.93 10.28
DAIMLER...........................................................38.37 0.02 53.95 29.02
DANONE............................................................51.66 -0.43 54.96 41.92
DEUTSCHE BANK ...............................................31.23 0.82 43.50 20.79
DEUTSCHE BOERSE ...........................................45.43 1.71 57.68 35.65
DEUTSCHE TELEKOM...........................................8.80 0.26 11.33 7.88
E.ON..................................................................15.70 0.28 21.72 12.50
ENEL...................................................................2.48 0.05 4.82 2.34
ENI ....................................................................16.58 0.02 18.72 11.83
FRANCE TELECOM..............................................10.56 0.13 15.96 9.86
GDF SUEZ...........................................................17.02 0.17 26.60 16.64
GENERALI ASS. ...................................................9.58 0.24 15.98 9.19
IBERDROLA.........................................................3.53 0.11 5.88 3.37
INDITEX.............................................................67.74 0.18 74.73 52.20
ING GROEP CVA ..................................................5.27 0.19 9.07 4.21
INTESA SANPAOLO..............................................1.09 0.06 2.03 0.85
KON.PHILIPS ELECTR .........................................14.67 0.35 20.75 12.01
L'OREAL............................................................89.62 -1.59 94.80 68.83
LVMH...............................................................122.40 -2.15 136.80 94.16
MUNICHRE .....................................................105.60 1.20 118.35 77.80
NOKIA.................................................................2.47 0.04 6.15 2.34
REPSOL YPF .......................................................14.21 1.08 24.35 12.98
RWE..................................................................31.68 -0.48 44.09 21.15
SAINT-GOBAIN ..................................................31.22 0.32 47.34 26.07
SANOFI .............................................................55.66 0.21 59.56 42.85
SAP...................................................................48.01 -0.01 54.85 32.88
SCHNEIDER ELECTRIC.........................................45.21 0.72 58.85 35.00
SIEMENS ............................................................67.71 0.81 96.90 62.13
SOCIETE GENERALE.............................................17.51 0.76 43.48 14.32
TELECOM ITALIA..................................................0.84 -0.00 1.03 0.70
TELEFONICA........................................................11.32 0.32 17.14 10.57
TOTAL.................................................................35.15 0.67 42.97 29.40
UNIBAIL-RODAMCO SE.....................................135.50 1.00 162.95 123.30
UNICREDIT..........................................................2.84 0.18 11.24 2.20
UNILEVER CVA..................................................25.68 -0.19 27.16 20.96
VINCI ..................................................................35.11 0.36 45.23 28.46
VIVENDI ............................................................13.05 0.23 19.14 12.02
VOLKSWAGEN VORZ........................................134.40 -1.55 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5543.95 13.90 0.25
FTSE 250 INDEX . . . . . . . . . . . . . . 10943.40 155.24 1.44
FTSE UK ALL SHARE . . . . . . . . . . . . 2881.50 11.85 0.41
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 744.03 14.29 1.96
DOWJONES INDUS 30 . . . . . . . . . 12855.04 19.98 0.16
S&P 500. . . . . . . . . . . . . . . . . . . . . . 1357.99 3.41 0.25
NASDAQ COMPOSITE . . . . . . . . . . . 2933.64 -1.07 -0.04
FTSEUROFIRST 300 . . . . . . . . . . . . . 1019.05 4.59 0.45
NIKKEI 225. . . . . . . . . . . . . . . . . . . 9009.65 -35.41 -0.39
DAX 30 PERFORMANCE. . . . . . . . . . 6518.00 42.69 0.66
CAC 40 . . . . . . . . . . . . . . . . . . . . . . . 3130.17 11.52 0.37
SHANGHAI SE INDEX. . . . . . . . . . . . 2410.23 1.64 0.07
HANG SENG. . . . . . . . . . . . . . . . . . 20227.28 -103.36 -0.51
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2582.10 6.10 0.24
ASX ALL ORDINARIES. . . . . . . . . . . 4353.80 21.60 0.50
BOVESPA SAO PAOLO . . . . . . . . . . 59702.05 -84.07 -0.14
ISEQ OVERALL INDEX. . . . . . . . . . . . 3135.98 17.63 0.57
STRAITS TIMES. . . . . . . . . . . . . . . . . 2912.39 -19.59 -0.67
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
SWISS MARKET INDEX . . . . . . . . . . 5926.60 -9.53 -0.16
Price Chg %chg
3M......................................................................87.13 -0.14 98.19 68.63
ABBOTT LABS...................................................62.22 0.99 63.20 46.29
ALCOA.................................................................9.10 -0.05 17.62 8.45
ALTRIA GROUP ..................................................31.73 -0.02 32.62 23.20
AM INTL GRP.....................................................32.14 0.31 35.05 19.18
AMAZON.COM ................................................226.69 3.71 246.71 166.97
AMERICAN EXPRESS.........................................59.42 -0.04 61.42 41.30
APPLE.............................................................570.52 1.34 644.00 310.50
AT&T ..................................................................33.13 0.32 33.33 27.29
BANK OF AMERICA .............................................7.70 -0.03 12.43 4.92
BOEING CO .......................................................73.80 -0.25 80.42 56.01
CATERPILLAR....................................................95.44 -0.55 116.95 67.54
CHEVRON........................................................103.36 1.58 112.28 86.68
CISCO SYSTEMS..................................................16.81 -1.97 21.30 13.30
CITIGROUP .......................................................30.65 0.20 45.12 21.40
COCA-COLA........................................................77.41 0.63 77.82 63.34
COMCAST CLASS A............................................29.63 0.46 30.88 19.19
CONOCOPHILLIPS..............................................54.22 0.75 80.13 52.13
CVS/CAREMARK ...............................................45.97 0.74 46.22 31.30
DU PONT(EI) DE NMR.......................................52.02 -0.07 57.50 37.10
EXXON MOBIL...................................................82.84 -0.47 87.94 63.47
GENERAL ELECTRIC...........................................19.09 0.18 21.00 14.02
GOOGLE A.......................................................613.66 4.51 670.25 473.02
HEWLETT PACKARD...........................................23.51 0.18 41.74 19.92
HOME DEPOT....................................................50.62 0.51 52.88 28.13
IBM................................................................200.60 -0.63 210.69 157.13
INTEL CORP.......................................................27.24 0.05 29.27 19.16
J.P.MORGAN CHASE..........................................40.74 0.10 46.49 27.85
JOHNSON & JOHNSON......................................64.57 0.29 68.05 55.76
KRAFT FOODS A ...............................................39.06 0.19 39.99 24.30
MC DONALD'S CORP..........................................91.87 -0.06 102.22 79.08
MERCK AND CO. NEW.......................................38.39 0.30 39.50 29.47
MICROSOFT.......................................................30.74 -0.02 32.95 23.65
OCCID. PETROLEUM..........................................85.02 0.74 109.08 66.36
ORACLE CORP ...................................................27.02 -0.76 35.92 24.72
PEPSICO...........................................................66.79 0.85 71.89 58.50
PFIZER..............................................................22.83 0.38 23.30 16.63
PHILIP MORRIS INTL..........................................86.16 0.52 91.05 60.45
PROCTER AND GAMBLE ....................................64.14 0.47 67.95 56.57
QUALCOMM INC................................................62.48 0.47 68.87 45.98
SCHLUMBERGER...............................................69.44 -0.20 95.53 54.79
TRAVELERS CIES...............................................64.64 0.72 65.27 45.97
UNITED TECHNOLOGIE.......................................77.29 0.28 91.83 66.87
UNITEDHEALTH GROUP....................................55.29 0.07 59.71 41.27
US BANCORP DELAWRE.....................................31.91 0.44 32.98 20.10
VERIZON COMMS..............................................40.55 0.30 40.84 32.28
VISA CL A..........................................................118.17 0.75 125.35 73.11
WAL-MART STORES...........................................59.19 0.16 62.63 48.31
WALT DISNEY CO..............................................45.28 0.26 45.80 28.19
WELLS FARGO & CO...........................................33.19 0.56 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight................................0.253 0.00
LIBOR Euro - 12 months................................1.262 0.00
LIBOR USD - overnight.................................0.148 0.00
LIBOR USD - 12 months ................................1.054 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield......................................3.070 -0.06
European repo rate ......................................0.133 0.00
Euro Euribor .................................................0.317 0.00
The vix index................................................18.95 -1.13
The baltic dry index....................................1156.0 -9.00
Markit iBoxx................................................245.12 -0.78
Markit iTraxx...............................................156.79 6.82
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .278.3 -0.7 340.8 248.1
Chemring Group . . . . . .336.3 16.0 677.0 316.9
Cobham . . . . . . . . . . . . .215.8 -5.2 239.5 165.9
Meggitt . . . . . . . . . . . . .390.5 4.0 413.5 304.9
QinetiQ Group . . . . . . . .147.0 -1.5 159.3 101.5
Rolls-Royce Holdi . . . . .839.5 -5.5 859.0 557.5
Senior . . . . . . . . . . . . . .208.3 1.1 213.0 135.6
Ultra Electronics . . . . .1633.0 9.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .188.6 -0.5 245.0 157.0
Barclays . . . . . . . . . . . .208.8 6.5 279.1 138.9
HSBC Holdings . . . . . . .556.5 5.3 648.0 463.5
Lloyds Banking Gr . . . . . .31.2 1.3 55.0 21.8
Royal Bank of Sco . . . . . .23.1 0.4 42.9 17.3
Standard Chartere . . . .1377.0 3.5 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1117.0 66.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .359.6 5.7 444.0 289.9
Diageo . . . . . . . . . . . . .1535.0 -22.0 1614.5 1112.0
SABMiller . . . . . . . . . . .2481.5 -3.0 2660.0 1979.0
AZ Electronic Mat . . . . .300.0 1.3 338.1 206.1
Croda Internation . . . .2133.0 -7.0 2282.0 1597.0
Elementis . . . . . . . . . . .195.4 -0.1 208.1 107.5
Johnson Matthey . . . .2243.0 -3.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1335.0 -14.0 1590.0 1025.0
Yule Catto & Co . . . . . . .218.0 0.9 253.0 148.0
/$ 1.2957 0.0023
/ 0.8019 0.0001
/ 103.59 0.5676
/ 1.2470 0.0002
/$ 1.6158 0.0027
/ 129.19 0.6994
FTSE 100
5543.95
13.90
FTSE 250
10943.40
155.24
FTSE ALL SHARE
2881.50
11.85
DOW
12855.04
19.98
NASDAQ
2933.64
1.07
S&P500
1357.99
3.41
Brown (N.) Group . . . . .238.0 0.0 304.5 222.4
Carpetright . . . . . . . . . .618.0 14.5 741.0 375.0
Debenhams . . . . . . . . . . .77.0 -0.9 85.5 51.2
Dignity . . . . . . . . . . . . .844.0 6.0 866.0 727.0
Dixons Retail . . . . . . . . .18.2 0.7 19.9 9.4
DunelmGroup . . . . . . .508.0 6.0 533.0 389.0
Halfords Group . . . . . . .276.3 4.0 405.9 268.6
Home Retail Group . . . . .78.4 3.8 228.5 72.5
Inchcape . . . . . . . . . . . .354.1 9.5 425.4 268.1
JD Sports Fashion . . . . .781.5 27.5 1030.0 570.0
Kesa Electricals . . . . . . . .56.0 3.9 151.4 52.1
Kingsher . . . . . . . . . . .285.8 0.4 313.8 217.0
Marks & Spencer G . . . .347.9 1.4 402.2 301.8
Next . . . . . . . . . . . . . . .2953.0 -16.0 3060.0 2153.0
Sports Direct Int . . . . . .303.0 2.1 315.6 190.0
WHSmith . . . . . . . . . . .530.0 9.5 559.0 451.6
Smith & Nephew . . . . . .613.0 1.5 694.0 521.0
Synergy Health . . . . . . .803.5 3.0 981.0 793.5
Barratt Developme . . . .126.4 6.5 151.5 67.5
Bellway . . . . . . . . . . . . .729.0 12.5 859.5 540.5
Berkeley Group Ho . . . .1221.0 15.0 1414.0 1025.0
Bovis Homes Group . . .456.2 11.2 518.5 326.5
Persimmon . . . . . . . . .590.0 26.0 706.5 374.0
Balfour Beatty . . . . . . .269.9 1.3 331.8 214.6
CRH . . . . . . . . . . . . . . . .1160.0 23.0 1655.5 1053.0
Galliford Try . . . . . . . . .608.5 10.5 653.0 383.8
Kier Group . . . . . . . . . .1156.0 17.0 1489.0 1095.0
Drax Group . . . . . . . . . .566.5 10.0 581.5 444.5
SSE . . . . . . . . . . . . . . . .1321.0 -3.0 1423.0 1193.0
Domino Printing S . . . .572.0 8.5 701.5 434.3
Halma . . . . . . . . . . . . . .391.0 1.2 429.6 306.3
Laird . . . . . . . . . . . . . . . .186.8 6.6 222.0 128.5
Morgan Crucible C . . . . .285.7 10.9 360.0 224.0
Oxford Instrument . . . .1165.0 47.0 1285.0 714.0
Renishaw . . . . . . . . . .1364.0 59.0 1886.0 800.0
Spectris . . . . . . . . . . . .1784.0 59.0 1902.0 1039.0
Aberforth Smaller . . . . .615.0 8.0 714.0 494.0
Alliance Trust . . . . . . . .348.5 0.1 392.7 310.2
Bankers Inv Trust . . . . .406.7 -2.7 433.8 346.5
BH Global Ltd. GB . . . . .1185.0 5.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.9 0.0 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.6 0.0 20.2 16.6
BH Macro Ltd. GBP . . .2052.0 20.0 2078.0 1700.0
BH Macro Ltd. USD . . . . . .19.4 0.2 20.2 16.5
BlackRock World M . . . .610.5 0.0 782.0 574.5
BlueCrest AllBlue . . . . . .161.9 0.9 175.5 160.5
British Assets Tr . . . . . . .119.9 0.7 138.0 109.0
British Empire Se . . . . .410.0 1.8 533.0 404.0
Caledonia Investm . . .1342.0 -8.0 1780.0 1336.0
City of London In . . . . . .286.1 2.3 306.9 257.0
Dexion Absolute L . . . . .137.0 -0.5 148.4 130.0
Edinburgh Dragon . . . .232.8 1.2 253.1 201.4
Edinburgh Inv Tru . . . . .479.0 2.8 504.0 422.5
Electra Private E . . . . .1689.0 39.0 1745.0 1287.0
Fidelity China Sp . . . . . . .77.8 -0.4 108.5 70.0
Fidelity European . . . .1039.0 6.0 1280.0 912.0
Foreign and Colon . . . .296.6 1.4 327.9 261.5
Herald Inv Trust . . . . . .494.9 3.9 545.5 419.0
HICL Infrastructu . . . . . .119.6 0.6 123.6 112.7
John Laing Infras . . . . .106.3 0.3 110.6 103.8
JPMorgan American . . .893.5 2.5 965.5 721.5
JPMorgan Asian In . . . .183.6 -0.5 243.9 170.1
JPMorgan Emerging . . .525.0 2.5 610.5 480.1
JPMorgan Indian I . . . .320.6 2.6 437.0 313.1
JPMorgan Russian . . . .502.0 4.0 689.0 415.1
LawDebenture Cor . . . .370.5 4.2 398.7 323.0
Mercantile Invest . . . . .970.0 4.0 1103.0 823.0
Merchants Trust . . . . . .363.4 3.8 431.8 341.5
Monks Inv Trust . . . . . .323.0 -1.3 357.8 298.1
Murray Income Tru . . . .635.0 -1.0 674.0 568.0
Murray Internatio . . . . .932.0 0.5 1012.0 818.5
NB Global Floatin . . . . . .99.8 -0.2 103.0 92.5
Perpetual Income . . . .261.8 2.8 276.0 236.5
Personal Assets T . . .33500.0 -20.0 35350.031750.0
Polar Capital Tec . . . . . .376.5 1.4 404.0 299.5
RIT Capital Partn . . . . . .1110.0 14.0 1360.0 1096.0
Scottish Inv Trus . . . . . .456.4 0.9 524.0 417.0
Scottish Mortgage . . . . .661.5 0.5 781.0 565.0
SVG Capital . . . . . . . . . .261.0 8.0 295.5 165.1
Temple Bar Inv Tr . . . . .896.0 6.0 970.0 791.0
Templeton Emergin . . .545.0 1.0 678.5 497.0
TRProperty Inv T . . . . . .146.7 -0.3 206.1 136.2
TRProperty Inv T . . . . . .63.3 0.3 94.0 59.8
Witan Inv Trust . . . . . . .458.5 3.3 533.0 401.5
3i Group . . . . . . . . . . . . .188.7 4.5 294.1 166.9
3i Infrastructure . . . . . .124.0 1.0 128.0 115.6
Aberdeen Asset Ma . . .262.9 3.7 283.8 167.8
Ashmore Group . . . . . .360.3 8.9 420.0 306.4
Brewin Dolphin Ho . . . . .157.7 0.7 177.0 113.7
Camellia . . . . . . . . . . .9850.0 30.0 10950.0 8800.0
Charles Taylor Co . . . . . .148.0 2.3 160.0 115.6
City of London Gr . . . . . .72.0 0.0 87.0 61.3
City of London In . . . . .363.0 -12.0 440.0 304.3
Close Brothers Gr . . . . .705.5 7.0 812.0 590.0
F&C Asset Managem . . .66.5 0.5 81.7 56.1
Hargreaves Lansdo . . . .516.0 19.7 640.0 402.5
Helphire Group . . . . . . . . .1.5 -0.1 4.8 1.4
Henderson Group . . . . .104.8 0.2 163.7 95.1
Highway Capital . . . . . . .14.5 0.0 21.0 8.0
ICAP . . . . . . . . . . . . . . . .347.1 1.3 509.5 311.6
IG Group Holdings . . . .450.3 7.6 502.5 393.6
Intermediate Capi . . . .245.9 9.4 345.0 197.9
International Per . . . . . .241.3 13.5 388.8 148.5
International Pub . . . . .118.0 0.2 121.7 112.7
Investec . . . . . . . . . . . . .344.8 5.7 522.0 318.4
IP Group . . . . . . . . . . . . .143.0 2.5 151.0 36.0
Jupiter Fund Mana . . . .210.0 0.3 299.0 184.9
Liontrust Asset M . . . . . .107.0 2.3 125.0 57.9
LMS Capital . . . . . . . . . . .60.0 0.3 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . .1034.0 49.5 1093.0 756.5
Lonrho . . . . . . . . . . . . . . .9.9 0.2 19.8 8.9
Man Group . . . . . . . . . . .86.0 1.6 259.6 82.5
Paragon Group Of . . . .165.7 0.2 206.1 134.6
Provident Financi . . . . .1165.0 15.0 1204.0 915.0
Rathbone Brothers . . .1246.0 -9.0 1351.0 977.0
Record . . . . . . . . . . . . . . .18.1 0.0 35.5 9.8
RSM Tenon Group . . . . . . .6.3 -0.1 31.5 5.6
Schroders . . . . . . . . . . .1314.0 16.0 1730.0 1183.0
Schroders (Non-Vo . . .1052.0 3.0 1403.0 970.0
Tullett Prebon . . . . . . . .308.6 -8.6 417.5 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . . .211.5 -5.7 232.1 161.0
Cable & Wireless . . . . . . .31.3 -0.1 48.9 30.1
Cable & Wireless . . . . . .34.2 -0.2 55.0 14.2
COLT Group SA . . . . . . . .116.9 -1.2 149.5 84.1
KCOM Group . . . . . . . . . .69.0 0.7 84.0 62.0
TalkTalk Telecom . . . . .129.2 1.7 150.0 118.9
TelecomPlus . . . . . . . .695.0 -8.0 802.0 472.0
Booker Group . . . . . . . . .75.7 -0.8 85.3 63.3
Greggs . . . . . . . . . . . . . .487.7 -0.8 558.0 445.0
Morrison (Wm) Sup . . .276.4 1.6 328.0 273.6
Ocado Group . . . . . . . . .118.0 3.6 228.2 52.9
Sainsbury (J) . . . . . . . .309.4 4.1 362.8 263.5
Tesco . . . . . . . . . . . . . . .320.2 -0.4 420.1 310.5
Associated Britis . . . . .1196.0 -14.0 1242.0 977.0
Cranswick . . . . . . . . . . .814.0 7.0 841.0 588.5
Dairy Crest Group . . . . .309.0 4.7 409.7 290.4
Devro . . . . . . . . . . . . . .290.0 1.5 332.2 232.0
Tate & Lyle . . . . . . . . . . .693.5 1.5 720.5 544.5
Unilever . . . . . . . . . . .2064.0 -14.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .530.0 0.0 664.0 413.5
Centrica . . . . . . . . . . . . .310.2 -1.4 330.3 278.8
International Pow . . . . .417.7 0.1 419.1 279.4
National Grid . . . . . . . .670.0 -2.5 676.5 569.0
Pennon Group . . . . . . . .732.5 3.0 751.0 623.5
Severn Trent . . . . . . . .1642.0 -4.0 1720.0 1375.0
United Utilities . . . . . .630.0 -1.5 637.0 560.0
Cookson Group . . . . . . .664.0 20.5 747.5 395.8
Rexam . . . . . . . . . . . . .400.4 -2.4 438.0 299.8
RPC Group . . . . . . . . . . .352.4 4.1 393.2 300.5
Smith (DS) . . . . . . . . . . .153.6 2.7 183.7 113.3
Smiths Group . . . . . . .1034.0 4.0 1255.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3440.0-126.0 3660.0 3100.0
Redrow . . . . . . . . . . . . . .121.2 1.6 126.0 90.2
Taylor Wimpey . . . . . . . .46.0 2.4 52.8 28.7
Bodycote . . . . . . . . . . . .397.9 11.4 437.1 225.6
Fenner . . . . . . . . . . . . . .424.8 16.9 483.7 280.0
IMI . . . . . . . . . . . . . . . . .922.0 15.5 1119.0 636.5
Melrose . . . . . . . . . . . . .416.5 5.8 441.6 268.0
Northgate . . . . . . . . . . .193.3 -6.7 338.0 190.0
Rotork . . . . . . . . . . . . .2085.0 -3.0 2260.0 1501.0
Spirax-Sarco Engi . . . .2174.0 8.0 2334.0 1649.0
Weir Group . . . . . . . . .1560.0 46.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .347.0 4.5 460.5 315.0
Ferrexpo . . . . . . . . . . . .261.5 9.5 495.3 238.7
Talvivaara Mining . . . . .164.0 3.7 488.2 157.0
BBA Aviation . . . . . . . .200.6 3.4 223.4 156.0
Stobart Group Ltd . . . . .118.5 2.5 149.5 112.0
Admiral Group . . . . . . .1148.0 -2.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .322.1 7.9 426.4 270.6
Beazley . . . . . . . . . . . . . .141.4 3.1 151.8 109.6
Catlin Group Ltd. . . . . . .418.6 12.8 449.0 337.0
Hiscox Ltd. . . . . . . . . . . .381.1 9.8 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .82.4 -0.1 89.9 51.7
Johnston Press . . . . . . . . .6.0 0.3 8.0 4.1
MecomGroup . . . . . . . .154.3 -0.8 286.0 134.5
Moneysupermarket. . . .126.0 0.1 135.9 93.4
Pearson . . . . . . . . . . . .1163.0 0.0 1255.0 1038.0
PerformGroup . . . . . . .300.0 0.0 317.2 150.0
Reed Elsevier . . . . . . . . .511.0 -1.0 578.0 461.3
Rightmove . . . . . . . . .1499.0 2.0 1600.0 1036.0
STV Group . . . . . . . . . . .110.0 7.8 160.0 76.3
Tarsus Group . . . . . . . . .155.0 1.3 165.0 119.5
Trinity Mirror . . . . . . . . . .33.8 3.5 54.3 30.3
UBM . . . . . . . . . . . . . . . .570.5 10.5 641.5 416.0
UTVMedia . . . . . . . . . . .135.0 -3.5 159.5 92.5
Wilmington Group . . . . .95.0 0.0 151.0 78.5
WPP . . . . . . . . . . . . . . . .813.0 4.5 880.0 578.0
Yell Group . . . . . . . . . . . . .3.5 0.1 11.0 3.4
African Barrick G . . . . . .348.6 9.3 616.5 338.0
Anglo American . . . . .2186.0 7.5 3181.0 2138.5
Anglo Pacic Gro . . . . .282.8 -1.4 340.0 237.9
Antofagasta . . . . . . . . .1047.0 -2.0 1491.0 900.5
Aquarius Platinum . . . .109.2 1.7 343.0 104.1
Avocet Mining . . . . . . . .154.5 4.8 286.8 149.2
BHP Billiton . . . . . . . . . .1871.5 7.5 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .462.6 -23.4 1158.0 458.8
Centamin (DI) . . . . . . . . .64.2 3.5 141.5 60.5
Jardine Lloyd Tho . . . . .694.5 1.0 764.5 576.0
Lancashire Holdin . . . . .760.5 0.5 825.0 620.0
RSA Insurance Gro . . . . .103.5 0.2 139.8 99.6
Aviva . . . . . . . . . . . . . . .302.8 4.9 447.1 275.3
Legal & General G . . . . . .113.4 2.1 135.0 89.8
Old Mutual . . . . . . . . . . .149.7 5.8 188.1 112.1
Phoenix Group Hol . . .490.0 16.1 688.0 451.1
Prudential . . . . . . . . . . .722.0 12.0 797.5 509.0
Resolution Ltd. . . . . . . .212.7 0.8 316.1 211.9
St James's Place . . . . . .324.5 12.0 376.0 294.0
Standard Life . . . . . . . . . .211.1 3.3 250.7 172.0
4Imprint Group . . . . . .290.0 3.8 312.5 200.0
Aegis Group . . . . . . . . . .166.1 0.3 187.4 115.7
Bloomsbury Publis . . . .109.0 1.5 135.5 91.3
British Sky Broad . . . . .692.0 8.5 850.0 618.5
Centaur Media . . . . . . . .34.5 0.8 56.3 30.5
Chime Communicati . . .169.3 -2.8 298.5 163.0
Creston . . . . . . . . . . . . . .67.0 1.0 121.0 47.0
Daily Mail and Ge . . . . .412.4 7.1 505.5 343.4
Euromoney Institu . . . .756.5 -3.5 828.0 522.5
Future . . . . . . . . . . . . . . . .11.3 0.3 19.0 8.3
Haynes Publishing . . . .190.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . . .45.3 -0.8 76.3 32.3
Informa . . . . . . . . . . . . .399.6 3.2 451.0 313.9
ITE Group . . . . . . . . . . . .212.1 3.1 254.9 157.7
Eurasian Natural . . . . . .537.0 13.5 862.0 514.0
Fresnillo . . . . . . . . . . . .1417.0 41.0 2150.0 1302.0
GemDiamonds Ltd. . . .239.6 -2.4 310.6 179.8
Glencore Internat . . . . .396.5 -1.5 531.1 348.0
Hochschild Mining . . . .434.2 -3.8 549.5 365.9
Kazakhmys . . . . . . . . . .776.0 17.0 1405.0 730.0
Kenmare Resources . . . .46.5 1.4 61.5 31.0
Lonmin . . . . . . . . . . . . .948.0 7.5 1600.0 934.5
NewWorld Resourc . . .362.8 9.7 1060.0 338.4
Petra Diamonds Lt . . . .150.0 21.6 188.2 97.0
Petropavlovsk . . . . . . . .436.2 21.6 913.0 414.6
Polymetal Interna . . . . .816.5 49.0 1175.0 767.5
Randgold Resource . .4833.0 26.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3149.5 22.5 4595.0 2712.5
Vedanta Resources . . . .1118.0 29.0 2169.0 928.0
Xstrata . . . . . . . . . . . . .1088.0 -9.0 1425.5 764.0
Inmarsat . . . . . . . . . . . .458.2 -10.3 618.5 389.3
Vodafone Group . . . . . . .171.3 0.2 182.7 155.1
Genesis Emerging . . . .495.0 4.0 543.5 424.0
Afren . . . . . . . . . . . . . . . .120.1 3.8 171.0 73.6
BG Group . . . . . . . . . . .1333.5 19.5 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .410.5 6.5 504.6 363.2
Cairn Energy . . . . . . . . .314.3 6.6 501.4 291.9
EnQuest . . . . . . . . . . . . .126.1 1.1 136.4 85.7
Essar Energy . . . . . . . . .129.6 6.1 455.9 101.6
Exillon Energy . . . . . . . . .119.1 4.7 455.0 114.4
Heritage Oil . . . . . . . . . .135.7 7.9 262.1 127.8
Ophir Energy . . . . . . . . .532.5 14.5 586.0 184.5
Premier Oil . . . . . . . . . .345.4 10.8 485.0 310.0
Royal Dutch Shell . . . .2050.5 3.5 2402.0 1883.5
Royal Dutch Shell . . . .2122.5 0.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .166.2 7.8 230.0 125.0
Salamander Energy . . .173.0 -4.2 235.8 148.0
Soco Internationa . . . . .267.0 3.6 397.5 262.1
TullowOil . . . . . . . . . . .1476.0 32.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1037.0 20.0 1207.0 740.5
Hunting . . . . . . . . . . . . .803.0 3.0 968.0 530.0
Kentz Corporation . . . . .399.1 4.1 508.0 375.0
Lamprell . . . . . . . . . . . . .311.9 6.3 395.2 220.7
Petrofac Ltd. . . . . . . . . .1618.0 44.0 1772.0 1108.0
Wood Group (John) . . .776.0 40.0 798.0 469.9
Burberry Group . . . . . .1441.0 -21.0 1600.0 1092.0
PZ Cussons . . . . . . . . . . .327.1 -2.3 387.9 285.0
Supergroup . . . . . . . . . .333.0 26.0 1574.0 307.0
AstraZeneca . . . . . . . . .2677.5 -12.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .369.1 -2.7 387.7 236.8
Genus . . . . . . . . . . . . .1286.0 8.0 1457.0 853.5
GlaxoSmithKline . . . . .1406.0 -4.0 1497.0 1205.0
Hikma Pharmaceuti . . .622.0 5.0 869.0 555.5
Shire Plc . . . . . . . . . . .1990.0 -1.0 2300.0 1818.0
Capital & Countie . . . . . .196.1 2.6 203.7 158.1
Daejan Holdings . . . . .3100.0 0.0 3300.0 2282.0
F&C Commercial Pr . . . .103.0 0.0 107.9 92.6
Grainger . . . . . . . . . . . . .97.0 1.2 133.2 77.3
London & Stamford . . .109.5 0.5 140.0 103.9
Savills . . . . . . . . . . . . . .337.0 3.1 427.1 256.2
UK Commercial Pro . . . . .71.3 0.4 85.5 65.1
Big Yellow Group . . . . .298.0 0.0 344.4 218.0
British Land Co . . . . . . .491.9 -2.3 629.5 444.0
Capital Shopping . . . . .313.5 -1.5 408.6 288.7
Derwent London . . . . .1742.0 24.0 1880.0 1400.0
Great Portland Es . . . . .367.0 1.0 445.0 312.9
Hammerson . . . . . . . . .416.5 6.0 490.9 345.2
Hansteen Holdings . . . . .71.6 0.3 89.5 68.0
Land Securities G . . . . .734.5 -3.0 885.0 612.0
SEGRO . . . . . . . . . . . . . . .216.1 1.6 326.1 195.0
Shaftesbury . . . . . . . . . .514.5 -0.5 539.0 441.2
Aveva Group . . . . . . . .1599.0 59.0 1799.0 1298.0
Computacenter . . . . . . .387.0 -3.4 490.0 324.7
Fidessa Group . . . . . . .1500.0 -32.0 2109.0 1444.0
Invensys . . . . . . . . . . . .200.0 0.0 333.9 180.9
Logica . . . . . . . . . . . . . . .73.9 4.1 144.8 59.0
Micro Focus Inter . . . . . .459.1 33.8 476.7 242.9
Misys . . . . . . . . . . . . . . .348.7 -0.3 420.2 214.9
Sage Group . . . . . . . . . .266.0 3.0 312.4 231.7
SDL . . . . . . . . . . . . . . . . .677.5 -9.5 756.0 586.0
Telecity Group . . . . . . . .766.0 13.5 816.0 450.5
Aggreko . . . . . . . . . . . .2171.0 14.0 2316.0 1522.0
Ashtead Group . . . . . . .227.7 8.1 271.1 99.4
Atkins (WS) . . . . . . . . . .677.5 -4.0 820.0 490.2
Babcock Internati . . . . .806.0 -10.5 851.0 570.5
Berendsen . . . . . . . . . . .476.1 8.6 568.0 402.7
Bunzl . . . . . . . . . . . . . .1003.0 -8.0 1063.0 676.5
Cape . . . . . . . . . . . . . . .353.4 18.4 591.5 295.0
Capita . . . . . . . . . . . . . .654.5 -7.0 767.0 611.5
Carillion . . . . . . . . . . . . .297.0 5.6 403.2 264.6
De La Rue . . . . . . . . . . .983.5 3.5 1001.0 730.0
Diploma . . . . . . . . . . . .449.2 14.1 460.5 284.0
Electrocomponents . . . .217.6 6.3 294.9 182.2
Experian . . . . . . . . . . . .910.0 -41.0 998.0 665.0
Filtrona PLC . . . . . . . . . .459.5 -7.9 484.5 296.3
G4S . . . . . . . . . . . . . . . .266.4 3.6 292.1 219.9
Hays . . . . . . . . . . . . . . . .80.0 1.3 117.3 58.9
Homeserve . . . . . . . . . .245.3 -3.7 531.5 214.7
Howden Joinery Gr . . . .117.6 3.9 130.8 93.1
Interserve . . . . . . . . . . .280.9 -2.1 341.3 270.1
Intertek Group . . . . . .2440.0 17.0 2605.0 1744.0
Michael Page Inte . . . . .375.4 5.3 552.5 323.0
Mitie Group . . . . . . . . . .285.7 2.3 296.7 208.0
PayPoint . . . . . . . . . . . .648.0 13.0 670.0 451.0
Premier Farnell . . . . . . .195.0 5.9 301.0 144.5
Regus . . . . . . . . . . . . . . .98.8 2.0 117.5 64.0
Rentokil Initial . . . . . . . .82.9 1.9 100.9 58.2
RPS Group . . . . . . . . . . .214.6 -1.2 253.0 156.6
Serco Group . . . . . . . . .549.5 -0.5 597.5 458.0
Shanks Group . . . . . . . . .87.2 -0.4 130.9 87.2
SIG . . . . . . . . . . . . . . . . . .97.5 2.9 153.5 77.0
Travis Perkins . . . . . . . .980.0 23.0 1125.0 715.0
Wolseley . . . . . . . . . . .2246.0 30.0 2558.0 1404.0
ARM Holdings . . . . . . . .507.5 20.0 645.0 464.0
CSR . . . . . . . . . . . . . . . .222.8 11.1 377.5 154.1
Imagination Techn . . . .632.0 100.0 717.0 296.9
Spirent Communica . . .162.5 0.2 174.0 105.8
British American . . . .3092.0 -27.0 3248.5 2592.0
Imperial Tobacco . . . .2497.0 -36.0 2591.0 1974.0
Betfair Group . . . . . . . .790.0 -6.0 901.0 567.0
Bwin.party Digita . . . . .144.0 -0.1 174.0 100.6
Carnival . . . . . . . . . . . .1962.0 18.0 2642.0 1742.0
Compass Group . . . . . .635.0 -1.5 671.0 512.5
Domino's Pizza UK . . . .428.8 1.5 526.0 377.0
easyJet . . . . . . . . . . . . .522.5 -5.0 536.5 302.5
FirstGroup . . . . . . . . . . .206.7 9.9 370.2 190.0
Go-Ahead Group . . . . .1133.0 39.0 1598.0 1094.0
Greene King . . . . . . . . .497.6 -8.9 527.5 410.0
InterContinental . . . . .1486.0 11.0 1532.0 955.0
International Con . . . . .163.0 -2.0 258.7 132.0
Ladbrokes . . . . . . . . . . . .171.8 2.4 181.4 114.0
Marston's . . . . . . . . . . . . .97.4 1.9 112.0 84.6
Millennium& Copt . . . .493.8 5.0 534.0 371.2
Mitchells & Butle . . . . . .253.7 2.1 336.8 215.6
National Express . . . . .212.9 2.4 270.2 201.6
Rank Group . . . . . . . . . .115.3 2.1 153.7 109.5
Restaurant Group . . . . .273.7 4.1 314.6 254.9
Spirit Pub Compan . . . . .54.8 -0.8 62.8 35.3
Stagecoach Group . . . .246.7 5.3 287.4 220.0
TUI Travel . . . . . . . . . . . .184.2 1.0 250.0 136.7
Wetherspoon (J.D. . . . . .377.8 1.5 468.2 375.3
Whitbread . . . . . . . . . .1924.0 -10.0 2006.0 1409.0
WilliamHill . . . . . . . . . .264.4 1.6 281.7 183.3
Abcam. . . . . . . . . . . . . .379.0 11.0 460.0 320.0
Advanced Medical . . . . .70.5 -0.3 95.0 64.8
Albemarle & Bond . . . .310.0 -3.0 400.1 303.5
Amerisur Resource . . . . .24.8 1.0 29.0 9.5
Andes Energia . . . . . . . .39.5 0.0 82.8 17.5
Andor Technology . . . . .531.5 -0.5 685.0 471.8
Archipelago Resou . . . . .58.0 -1.0 79.0 56.5
ASOS . . . . . . . . . . . . . .1570.0 95.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . .20.0 0.5 71.0 16.0
Avanti Communicat . . .312.5 10.3 444.0 241.3
Blinkx . . . . . . . . . . . . . . .47.5 3.0 158.0 41.3
Borders & Souther . . . . .79.3 2.5 131.0 43.5
BowLeven . . . . . . . . . . . .75.8 2.8 342.3 62.0
Brooks Macdonald . . .1340.0 0.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .75.3 5.5 112.8 66.5
Cove Energy . . . . . . . . .222.5 -0.3 242.0 61.0
Daisy Group . . . . . . . . . .107.3 -0.3 127.0 95.0
EMIS Group . . . . . . . . . .555.0 -12.5 583.0 397.5
Faroe Petroleum . . . . . .165.3 0.8 177.8 130.0
Gulfsands Petrole . . . . . .112.5 7.0 275.5 105.5
GWPharmaceutical . . . .86.5 -1.0 130.0 78.5
H&T Group . . . . . . . . . .305.0 4.0 395.0 286.0
Hargreaves Servic . . . .1145.0 -10.0 1264.0 855.0
Healthcare Locums . . . . . .3.0 0.1 3.4 2.9
ImpellamGroup . . . . . .362.5 0.0 382.6 225.0
Iomart Group . . . . . . . . .128.5 2.5 151.0 86.1
James Halstead . . . . . .535.0 5.0 545.0 410.3
London Mining . . . . . . .270.3 8.5 405.0 257.5
Lupus Capital . . . . . . . . .131.5 -0.5 140.0 86.0
M. P. Evans Group . . . . .505.0 0.0 525.0 371.0
Majestic Wine . . . . . . . .459.0 5.3 510.0 315.0
May Gurney Integr . . . .239.0 9.0 302.0 230.0
Monitise . . . . . . . . . . . . .34.3 4.0 40.0 25.5
Mulberry Group . . . . . .2310.0 43.0 2472.0 1290.0
Nanoco Group . . . . . . . .64.0 1.0 90.0 38.0
Nautical Petroleu . . . . .303.3 8.3 379.0 223.5
Nichols . . . . . . . . . . . . .702.5 5.0 732.0 505.0
Numis Corporation . . . . .91.0 0.0 119.6 72.0
Pan African Resou . . . . . .15.5 0.5 18.3 9.5
Patagonia Gold . . . . . . . .27.0 -2.8 70.0 27.0
Prezzo . . . . . . . . . . . . . . .68.0 -0.5 71.5 53.5
Rockhopper Explor . . . .315.5 20.0 393.5 141.0
RWS Holdings . . . . . . .500.0 -0.5 560.0 389.0
Secure Trust Bank . . . .1060.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .16.3 1.5 32.0 6.4
Songbird Estates . . . . . .114.0 0.5 160.3 103.0
Valiant Petroleum. . . . .523.5 13.5 628.5 400.0
Young & Co's Brew . . . .616.5 -5.0 712.0 580.0
Imagination Techno . . . . . . . . . .632.0 18.8
Petra Diamonds Ltd . . . . . . . . . .150.0 16.8
Supergroup . . . . . . . . . . . . . . . .333.0 8.5
Micro Focus Intern . . . . . . . . . . . .459.1 8.0
Kesa Electricals . . . . . . . . . . . . . .56.0 7.5
Polymetal Internat . . . . . . . . . . .816.5 6.4
AG Barr . . . . . . . . . . . . . . . . . . . .1117.0 6.3
Heritage Oil . . . . . . . . . . . . . . . . .135.7 6.2
International Pers . . . . . . . . . . . .241.3 5.9
Logica . . . . . . . . . . . . . . . . . . . . . .73.9 5.8
Bumi . . . . . . . . . . . . . . . . . . . . . .462.6 -4.8
Experian . . . . . . . . . . . . . . . . . . .910.0 -4.3
Reckitt Benckiser . . . . . . . . . .3440.0 -3.5
Northgate . . . . . . . . . . . . . . . . . .193.3 -3.4
Tullett Prebon . . . . . . . . . . . . . .308.6 -2.7
BT Group . . . . . . . . . . . . . . . . . . .211.5 -2.6
Salamander Energy . . . . . . . . . .173.0 -2.4
Cobham . . . . . . . . . . . . . . . . . . . .215.8 -2.4
Inmarsat . . . . . . . . . . . . . . . . . . .458.2 -2.2
Fidessa Group . . . . . . . . . . . . . .1500.0 -2.1
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
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Tsy 5.250 12 . . . . . . .100.35 -0.02 104.8 100.4
Tsy 9.000 12 . . . . . .102.04 0.00 110.0 100.8
Tsy 2.500 13 . . . . . .283.52 -0.04 287.7 282.8
Tsy 4.500 13 . . . . . . .103.36 -0.02 106.4 103.3
Tsy 8.000 13 . . . . . . .110.46 -0.04 116.3 110.3
Tsy 5.000 14 . . . . . . .110.54 -0.06 112.9 110.3
Tsy 8.000 15 . . . . . . .126.11 -0.13 129.2 125.4
Tsy 4.750 15 . . . . . . . .113.61 -0.12 115.4 110.8
Tsy 4.000 16 . . . . . . .113.24 -0.22 114.7 107.7
Tsy 2.500 16 . . . . . .344.64 0.02 345.7 323.8
Tsy 1.250 17 . . . . . . .116.00 -0.14 117.1 109.9
Tsy 8.750 17 . . . . . . .139.35 -0.68 141.9 135.6
Tsy 12.000 17 . . . . . .118.29 0.00 127.9 117.0
Tsy 5.000 18 . . . . . . .121.39 -0.43 122.5 113.2
Tsy 4.500 19 . . . . . . .120.18 -0.50 120.9 109.3
Tsy 3.750 19 . . . . . . .115.43 -0.53 117.4 103.4
Tsy 4.750 20 . . . . . . .123.01 -0.57 123.7 110.7
Tsy 2.500 20 . . . . . .368.16 -0.19 369.5 330.6
Tsy 8.000 21 . . . . . . .151.98 -0.62 154.5 138.8
Tsy 1.875 22 . . . . . . .128.20 -0.16 129.2 114.9
Tsy 4.000 22 . . . . . . .117.89 -0.69 118.8 103.2
Tsy 2.500 24 . . . . . .332.76 -0.14 334.7 288.9
Tsy 5.000 25 . . . . . . .129.41 -0.77 130.6 111.5
Tsy 1.250 27 . . . . . . .123.79 -0.14 127.0 107.6
Tsy 4.250 27 . . . . . .120.50 -0.81 122.7 101.7
Tsy 6.000 28 . . . . . .144.93 -0.82 148.0 123.7
Tsy 4.125 30 . . . . . . .314.48 0.08 322.8 272.0
Tsy 4.750 30 . . . . . .126.82 -0.72 130.5 107.3
Tsy 4.250 32 . . . . . . .118.99 -0.78 123.1 100.3
Tsy 4.250 36 . . . . . . .118.56 -0.76 123.9 99.6
Tsy 4.750 38 . . . . . . .127.94 -0.76 134.2 107.9
Tsy 4.500 42 . . . . . . .124.01 -0.73 130.8 104.1
% %
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TRAVEL & LEISURE
AIM 50
A BLOOD-spattered wall. A plain, shab-
by room with a shelled-out window.
Two plain clothes policemen speaking
rapidly and angrily at a young man
about something neither he nor we
can make head nor tale of. Frankly,
this opening scene struck me as rather
GCSE drama, all non-specific menace
and rapid-fire dialogue.
But boy did it stop being GCSE.
Director Sebastian Nubling has turned
Simon Stephenss detective story a
World Stages collaboration with
Estonian and German companies
into a raging, fascinating, hallucinato-
ry montage. It is shocking and some-
times frustratingly tangential, but this
is exciting theatre. Women spring
from suitcases straight into lusty
embraces, detectives slither across
floors in unison, furious sex traffick-
ers climb walls.
Despite initial impressions,
there is a plot, albeit one from
which the performance swings
wildly; swooping, looping and
whooping all the way. The boy
we see questioned at the
beginning has been captured
on CCTV dumping a bag in
the Thames near Chiswick.
Unknown to him, the bag
contains the body of an
Eastern European porn
actress, horribly butchered
and decapitated.
Investigators Ignatius
(Nicholas Tennant) and
Charlie (Ferdy Roberts), of
Scotland Yard, are shocked
Ignatius in particular is
haunted by the fact that the
murdered woman is the
same age as his gamine wife.
Weve seen nudity already.
But it all becomes edgier and
more surreal as the two pur-
sue the investigation to
Germany and then to
Johnny Depp is kooky as ever in Dark Shadows but you cant help thinking hes cruising a little
FRIDAY 11 MAY 2012
25
GOING OUT
cityam.com
BAUHAUS is usually associated with its
enduring legacy of angular modernist
buildings and distinctive graphic design.
Bauhaus: Art as Life at the Barbican,
though, charts the development of the
movement from its formative years as a
craft-focused group to the holistic
powerhouse that continues to influence
architects and designers today.
The resulting exhibition is a graphical
history lesson showing the turbulent
path the Bauhaus School trod until it
was disbanded in 1933 at the behest of
the Nazis.
The decision to weave the movements
most celebrated stars including Paul
Klee and Wassily Kandinsky, both of
whom have works on display into the
T
he Tim Burton/Johnny
Depp/Helena Bonham-Carter
professional mnage trois has
been rumbling on for some time
now. Since 2005, they have
collaborated on five movies. Depp
and Burton have worked together
eight times since Edward
Scissorhands in 1990, while Helena
Bonham Carter has appeared in
seven Burton films. After that long,
even the most solid of relationships
start to get a bit old; lose some of
their spark. Dark Shadows isnt the
first sign of trouble in this gothic
marriage but it is the strongest yet.
In true Burton style, Dark Shadows is
a fairytale for grown ups; a visual treat
packed with special effects as stunning
as Burtons lovingly crafted gothic sets.
Loosely based on the late-1960s soap
opera of the same name, Burton
weaves an absurd melodrama into this
tale of vampires and ghouls.
Unfortunately, hes let down by an
uninspiring, rather misogynistic plot.
Eva Green plays the ultimate psycho
ex-girlfriend who cant stand being
rejected and decides to destroy her for-
mer lovers life (or, in this case, un-life).
Green, all quivering bosoms and
impossibly pouty lips, is convincingly
crazy but somewhat limited by a script
that essentially paints her as Cruella
de Vil with a boob job.
Of course, it isnt really about Green;
its all about Johnny Depp, who plays
Barnabas Collins, a reluctant vampire
who has spent the last 200 years
buried alive (well, alive-ish). Some of
the best moments come from Collins
The Bauhaus exhibition at the Barbican is a fascinating graphical history lesson
FILM
DARK SHADOWS
Cert 12A | By Steve Dinneen
hhiii
fish-out-of-water attempts to come to
terms with the 20th century (the film
being set in 1972, the year after the
original series wrapped up). Barnabas
prodding his claws at a game of
Operation or smoking a joint with a
group of hippies could easily have felt
cheap, but Depps studied kookiness
remains captivating, even if you get
the impression hes cruising a bit.
The central problem, though, is that
Dark Shadows feels like its been made
by a man given carte blanche to do
whatever he feels like. I want Alice
Cooper singing in a straight jacket, I
want Michelle Pfeiffer with a shot-
gun, I want more blood and vomit
and slime and ghosts and fire. More,
more, more! If hes not careful,
Burton will become to kooky what
Michael Bay is to explosions.
With all of this going on, he also
strives to keep alive the basic premise
of the original series, which results in
some jarringly underdeveloped
threads, including a major revelation
about a central character, thrown into
the mix during the climactic finale.
The ending hints strongly at a sequel:
it will have to do better than this.
LIFE&STYLE
T
his mesmerizing drama, written
and directed by French-
Canadian Jean-Marc Valle, will
resonate with anyone who has
ever suffered the pain and anguish of
a broken heart.
It interweaves two love stories,
separated by time and place:
Vanessa Paradis shines as
Jacqueline, a single mother in grimy
1960s Paris, single-mindedly devoted
to improving the chances of her
handicapped son Laurent (Marin
Gerrier); Antoine (Kevin Parent) is a
jet-setting DJ in a glossy modern-day
Montreal, experiencing the ecstasies
of love with his beautiful girlfriend
Rose (Evelyne Brochu) while
simultaneously grappling with the
hurt he has caused his ex-wife and
childhood sweetheart (Hlne
Florent) and their two children.
Ultimately connected by way of
an ambitious and, it must be said,
not entirely convincing,
metaphysical twist, the two
narratives never quite coalesce. Yet
this seems a petty thing to complain
about, such is the powerful and
intoxicating effect of the stories as
they run in parallel. With a
uniformly sterling cast, hypnotic
soundtrack and impressionistic
cinematography, Valle vividly
depicts the emotional turbulence
that loving another entails. Like the
pulsating house music Antoine
plays to clubbers as he tries to
escape his suffering, this film will
reverberate in your mind long after
you leave the cinema.
FILM
CAFE DE FLORE
Cert 15 | By Amy Higgins
hhhhi
ART
BAUHAUS: ART AS LIFE
Barbican | By Steve Dinneen
hhhhi
THEATRE
THREE KINGDOMS
Lyric Hammersmith| By Zoe Strimpel
hhhhi
Three Kingdoms is raunchy and
surreal. Photo: Ene Liis Semper
Estonia, getting deeper into an
indecipherable sub-world of sex
trade mafia and porn kings.
What really impressed was the
unending ingenuity. Actors flew
and leapt about the stage, liter-
ally like animals. The theatre
shook with male aggression
a quartet of Estonian gang-
sters perform a whole scene
with boxing gloves on, punch-
ing in unison. One of the
most eye-popping perform-
ances comes from a sort of
waiflike MC who does a
brilliant turn as a transgen-
der, sex-obsessed streetwalk-
er. Ignatius, the only
recognisably human charac-
ter, saves the play from feeling
purely effects-driven and cold-
hearted. See it, but whatever you
do, dont bring a parent or
grandparent. Its gritty stuff and
all the more riveting for it.
BABEL promises to be the theatrical
event of 2012 and an immersive the-
atrical experience of truly epic propor-
tions. Thats a lot to live up to.
Boasting a cast of some 500 people,
the event in Caledonian Park certain-
ly doesnt lack ambition. It combines
elements of theatre, dance, live music
and performance art, all loosely
strung together by a somewhat tenu-
ous plot, involving the struggle of the
audience against an authoritarian
state. Most of the actors are volun-
teers and its certainly played with no
lack of ernest enthusiasm. So much
so, it can be overwhelming and at
times an injection of humour would-
nt go amiss. That said, youd have to
be particularly hard-hearted not to be
moved by the rousing finale.
The park is set up a bit like a mini fes-
tival, with stages and food stalls dotted
around and, just like a festival, it is
smothered in a thick layer of mud.
Thankfully the weather held last night
but if you catch this on a bad day it
could be a truly miserable experience.
Babel is a mixed bag, neither life-
changing nor completely awful but if
you plan on seeing it, make sure you
check your cynical hat at the door.
THEATRE
BABEL
Caledonian Park | By Steve Dinneen
hhhii
The commanding tower at Caledonian Park
wider narrative, rather than highlighting
them individually, is astute.
The exhibition, laid out in roughly
chronological order, matures as the
Bauhaus School became more tightly
focused, with the more interesting and
easily recognizable pieces
congregating towards the end (although
an early series of creepy puppets made
by Paul Klee for his young son Felix are a
highlight). The architectural designs and
interior furnishings, in particular, show
just how influential Bauhaus has been.
The problem is that Bauhaus was a
live art, created to be used and built
and touched. Viewing it in a gallery is a
little like gawping at a pinned butterfly;
an interesting, often beautiful,
collection rendered somewhat sterile
by its environment. That said, the
utilitarian surroundings of the Barbican
gallery is as apt a showroom for a
Bauhaus exhibition as London has to
offer. Anyone with a passion for design
would be mad to miss this.
26
TV & GAMES
cityam.com
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&
C
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6pmBBC News
6.30pmBBC London News
7pmThe One Show: BBC News
8pmEastEnders
8.30pmWould I Lie to You?
9pmHave I Got News for You
9.30pmNot Going Out
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton
Show
11.20pmThe National Lottery
Friday Night Draws 11.30pmThe
Matt Lucas Awards 12.05am
EastEnders 2amWeatherview
2.05amSign Zone: Bomber Boys
3.35amSign Zone: Question Time
4.35am-6amBBC News
6pmEggheads.
6.30pmAntiques Road Trip
7pmGreat British Menu: The
two remaining chefs from the
North West region compete.
7.30pmMastermind
8.30pmGardeners World
9pmMaestro at the Opera
10pmCHOICE Episodes
10.30pmNewsnight
11pmThe Book Review Show
11.45pmWeather
11.50pm Later with Jools
Holland.
12.55amTaken
2.20amBBC News 4.40am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmPoms in Paradise
8.30pmCoronation Street
9pmCHOICE Piers Morgans
Life Stories: Dennis Waterman
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMThe 40 Year
Old Virgin: Comedy, starring
Steve Carell. 2005.
12.40amThe Store; ITV News
Headlines
2.40amFILM Criminal 2004.
4.15am-5.30amITV Nightscreen
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.30pmUnreported World 7.55pm
4thought.tv 8pmCome Dine with
Me 9pm8 Out of 10 Cats 9.30pm
Very Important People 10pmAlan
Carr: Chatty Man 11.05pmStand
Up for the Week 11.55pmFILM
Borat: Cultural Learnings of
America for Make Benefit Glorious
Nation of Kazakhstan: Spoof
documentary, with Sacha Baron
Cohen. 2006. 1.30amRandom Acts
1.35amMy Name Is Earl 1.55am
My Name Is Earl 2.20amDirty
Sexy Money 3.05amFranklin &
Bash 3.45amSt Elsewhere 4.35am
Deal or No Deal: Bankers Birthday
5.30am-6.15amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmWar Hero in My Family:
5 News Update
8pmDirty Great Machines:
5 News at 9
9pmThe Mentalist
10pmCHOICE Castle
10.55pmLaw & Order:
Criminal Intent: A gossip
columnist is murdered.
11.55pmInside Hollywood
12amSuperCasino
3.55amMotorsport Mundial
4.20amHouseBusters 4.45am
HouseBusters 5.10amWildlife SOS
5.35am-6amWildlife SOS
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
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.
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.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4
5
6 7 8
9 10 11 12 13
14 15 16 17
18 19 20
21
22 23
22 3
16 17
12 37
15 27
20 10
41
21 13
10 16
38 14
24 15
12 14
30
20
36
28
12
37
13
11
13
23
6
24
11
36
13
26
22
7
29
ACROSS DOWN
P
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D S
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4

4

I P T E X T U R E
N O R T H R A
D O R O Y A L T Y
O U T D O I H
O E W R I N G E R
R E S T O S E R E
S A T I E T Y T P
G P O N A I R
P L A T E A U W E
E O R E A D S
A S S E N T S Y S
9 7 3 8 9 3 8
8 3 1 2 4 2 5 1
9 2 3 7 5 9 8
9 8 1 2 1 7 3
7 6 4 5 9 8
8 5 1 3 6 4 9 7 2
2 7 3 5 4 1
8 1 2 8 1 9 6
9 4 8 7 1 1 3
6 2 4 1 8 2 6 9
3 9 2 9 4 8 7
4
4
4
4
4
4
4
4
4
The nine-letter word was
HUMANISED
1 Harvest (4)
3 Narrative poem of
popular origin (6)
5 Muhammad ___,
former boxer (3)
6 Cousins mother (4)
7 Rich and elaborate
cake (6)
9 Attempt to anticipate
or predict (6-5)
14 Small paving slab
with curved top,
once used to
make roads (11)
18 Scattered
wreckage (6)
20 Distinguishing
symbol (4)
21 Fruit of a rose
plant (3)
22 Soft decayed area
in a tooth (6)
23 Row or layer (4)
1 Creation of the
highest excellence (7)
2 Paved area which
adjoins a house (5)
3 Above average
in size (3)
4 Victoria Beckhams
former surname (5)
8 Nineteenth letter
of the Greek
alphabet (3)
10 Adult male swan (3)
11 Female deer (3)
12 Self-importance (3)
13 Canvas shoe with a
pliable rubber sole (7)
15 Drama set to
music (5)
16 Exclude (3)
17 Entice (5)
19 Coconut ___, popular
fairground stall (3)
T
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
FRIDAY 11 MAY 2012
EPISODES
BBC2, 10PM
New series. Beverly, Sean and Matt
are forced to find a way of working
together when their sitcom Pucks!
premieres in America.
PIERS MORGANS LIFE STORIES:
DENNIS WATERMAN ITV1, 9PM
The actor opens up to Piers about his
career, and his colourful love life,
which has been played out under the
media spotlight.
CASTLE
CHANNEL5, 10PM
Beckett and Castle investigate the
murder of a bridesmaid at a wedding,
and the writer is shocked to learn the
bride is an old flame.
TVPICK
MINT POLO IN THE PARK
cityam.com
M
INT Polo In The Park, taking place this year
between June 8-10, is Londons ultimate summer
networking and socialising event. What better
way to spend a Friday with clients and colleagues
than in the glorious sunshine of Hurlingham Park the
crowd cheering as ponies thunder past on perfectly
manicured lawns, whilst you sip champagne next to a
white picket fence?
But whilst MINT Polo In the Park has charged up the
social and hospitality calendar in the last five years (it
won London Sporting Attraction of the Year in 2010 and
2011), the events heritage goes back much further.
Hurlingham Park has a special place in the his-
tory of UK Polo the second recorded game
of polo played in the UK was at The
Hurlingham Club in 1876 and it was the
home of all UK and Commonwealth polo
from 1900 until 1939.
The pitch was even home to Englands
Olympic polo triumph the ground was
the venue for the final of the polo com-
petition, when London hosted the
Olympics in 1908 and in the
early 20th century it was the
ground that every polo player
from Argentina to Assam
wanted to play on and
today the players are
clothed by La Martina,
the ultimate polo
brand.
In 1939 the pitch
was turned into
allotments, but 70
years on, UK polo
returned to its spiri-
tual home with a
c o n t e mp o r a r y
Twenty20 spectator
friendly revival of
this great tradition:
the high-octane
MINT Polo in the
Park tournament.
FRIDAY 11 MAY 2012
27
Jodie Kidd with the MINT
polo in the park trophy
MINT POLO
IS BACK
IN TOWN
An unforgettable day out for everyone
MINT Polo in the Park brings together a dazzling combination of international polo and family entertainment to form an unforgettable day out in
the heart of the City. Features include the popular Veuve Clicquot Champagne Garden and Polo Garden Bar and new PIMMS Enclosure.
For those of you with children, there is the Kids Zone where there will be face painting, bouncy castles and football shoot outs and a few more surprises!
Chesterton Humberts are
proud property sponsors of
Hurlingham
8th-10th June 2012
LOUISA DAWNAY
F
LANKING the rather anxious polo team
captains, I witnessed the model and avid
polo player Jodie Kidd draw the teams for
Friday 8 Junes opening matches. I am
absolutely thrilled to be part of MINT Polo in
the Park and particularly as things are
looking set to be even more spectacular than
ever before!
Even I, as a self-diagnosed polo junkie,
absolutely know that 8-10 June in Hurlingham
Park will be the place to be. Guaranteed
dynamic polo matches coupled with a vast
shopping village bursting with luxury plus an
abundance of fabulous field-side entertain-
ment, means this event is not to be missed.
Game one on Friday will see Otkritie Team
Moscow and Camino Real Team Buenos Aires
battle it out. Young gun Jack Richardsons
team will be captained by the dashing Oli
Hipwood for Otkritie Team Moscow and will
take on familiar face Oscar Mancini alongside
highly skilled new comers Tomy Ruiz-Guinazu
and Matias Mechado for Camino Real Team
Buenos Aires. The Buenos Aires boys are deter-
mined to take home the trophy after only just
missing out on the final last year.
So many characters
and so much to
watch at MINT Polo
Fridays second match will be between City
A.M. Team Delhi and Mandarin Oriental Hyde
Park Team Abu Dhabi. First timers Team Delhi
captained by friend to the Royals, Satnam
Dhillon, will have Angad Kalaan and
Abhimanyu Pathak in the team. City A.M. Team
Delhi will have their work cut out for them
after being drawn against the 2011 tournament
winners Mandarin Oriental Hyde Park Team
Abu Dhabi, whose winning line up remains the
same to defend their title with Mohammed Al
Habtoor, Piki Diaz Alberdi and Andrea Vianini.
Fridays final game will see home favorites
MINT Team London take on IG Index Team
Sydney. These teams have met twice previously
with a win apiece in the bag. It will be interest-
ing to see who comes out on top with IG Index
Team Sydneys seasoned captain Glen Gilmore
playing with old pal Kelvin Johnson and new
comer Jasper White when they tackle the all
new MINT Team London side with Jamie
Morrison as captain alongside whippersnap-
pers Max Charlton and George Meyrick.
With a flute of ice cold Veuve Cliquot in
hand, I hope to see you all there.
Louisa Dawnay is MINT Polo in the Park Polo
Manager.
FRIDAY 11 MAY 2012
29
cityam.com
Photography: Simon Procter
Millinery: Stephen Jones
Attire: Antonio Berardi
royalascothospitality.co.uk
08444115081
MINT TEAM
LONDON
CITY A.M.
TEAM DELHI
CAMINO
REAL TEAM
BUENOSAIRES
OTKRITIE TEAM
MOSCOW
MANDARIN
ORIENTAL
HYDE PARK
TEAM ABU
DHABI
IG INDEX TEAM
SYDNEY
Lanto Sheridan (2) pictured
Glen Gilmore (7)
Kelvin Johnson (4)
Each player is rated with a handicap
from -2 to 10 (gures in brackets
above). Tournaments use handicaps
to equally match teams against
each other.
Mohammed Al Habtoor (0)
Andrea Vianini (6) pictured
Piki Diaz Alberdi (8)
Jack Richardson (4) pictured
Oliver Hipwood (6)
Jasper White (2)
Oscar Mancini (4) pictured
Matias Machado (4)
Tomas Ruiz Guinazu (6)
Satnam Dhillon (7) pictured
Angad Kalaan (4)
Abhimanyu Pathak (3)
George Meyrick (5) pictured
Max Charlton (5)
Jamie Morrison (4)
TALK THE TALK: THE A-Z OF THE GAME
APPEALING Claims by
players for a foul, expressed
by the raising of sticks above
their heads.
BELL OR HOOTER This is
situated off the side of the
field and is rung by the
timekeeper when seven
minutes of play in a chukka
have elapsed.
BOARDS Wooden boards,
which run continuously along
the side lines of the ground
to keep the ball in play as
much as possible.
CHUKKA There are six
chukkas (periods) in high
handicap matches, each
lasting seven minutes plus up
to 30 seconds of overtime.
CHESTERTON HUMBERTS
is the property firm
where all the players go
for their property deals
CAMINO REAL where the
pros play in the Winter (their
summer)
DIVOTS Turf kicked up by
ponies hooves.
ENDS The back lines of the
polo pitch.
EQUIPMENT Hard helmet for
players are compulsory.
Face-guards, knee pads,
whips and spurs are optional.
FIELD A full size polo field is
300 yards by 160 yards, or
the area of three soccer
pitches.
GOAL Any time the ball fully
crosses, at any height, the
line between the goal posts.
HANDICAP All players are
rated on a scale of 2 to 10
(the higher the better).
INTERVALS Three-minutes
long rest periods between
chukkas. Half-time is five
minutes.
JUDGES Goal judges are
positioned behind each goal
to signal when a goal has
been scored.
KNOCK-IN Should a team hit
the ball over the opponents
heads during an attack, the
defending team resumes the
game with a free hit from the
backline where the ball went
over.
LINE OF THE BALL Crossing
the line is the most frequent
foul in polo.
LOW GOAL Teams with a total
handicap of 4 8 goals.
MALLET/STICK The shaft is
made from bamboo cane or
graphite composite and the
head from a hard wood.
MILLIONAIRES SHOT A shot
at the ball by an inexpert
player when the ball is very
close to the legs of the pony
or sticking it under the belly
of the pony. So called
because a high degree of skill
and timing is required for
both shots, if the legs of the
pony are to avoid being
struck and in turn injured. It
is assumed only millionaires
with lots of ponies can afford
to have a pony out of play
because of injury and,
therefore, are prepared to
take the risk.
NEARSIDE The left-hand side
of the pony.
NECKSHOT A ball which is hit
under the ponys neck
OUT-OF-BOUNDS When a ball
goes over the sideboards, it
is considered out-of-bounds.
The umpire throws the
ball in between the
two teams lined up
at the point at
which it left the field
of play. It is
equivalent to a
throw-in in soccer.
OFFSIDE The
right-hand side
of the pony.
There is no
offside of
players in
the game of polo.
PATRON: The teams backer
and financier. Howard Snell,
the patron of Otkritie Team
Moscow (pictured) is one to
be feared. Lose and youll
end up in the gulag.
QUARTET The numberer of
players in a team
RIDE-OFF Two riders may
make contact and push each
other off the line to prevent
the other from striking the
ball. It is primarily intended
for the ponies to do the
pushing, but a player is
allowed to use his body,
but not his elbows.
RINGER A player or pony
who performs well
above
expectation
SIDEBOARD
These are
nine to
eleven inch
high
vertical boards along the
sidelines only. Such
sideboards are optional.
TAILSHOT Hitting the ball
behind and under the ponys
rump
TAKE HIM OUT Not an
invitation but an exhortation
to a team mate to ride off an
opponent to take him away
from the play.
UMPIRES Two mounted
umpires (one for each side of
the field) who regulate the
game. They usually wear
striped shirts
WELLINGTONS Rubber boots
ideal for treading-in the
divots during wet weather!
XTRA TIME In the event of a
tied score at the end of the
final chukka, there will be a
five-minute break to allow
the players to catch their
breath and change to a fresh
pony before beginning a
sudden death chukka.
Theres a place
for charity too
at Hurlingham
Walking With The Wounded is the
official charity of MINT Polo In The
Park raising money to help wound-
ed servicemen and women to find
careers after injuries in combat. This
year, members of the Everest 2012
Expedition, supported by
Glenfiddich, will be at the polo, just
two weeks
after the
devastating
s u s p e n -
sion of
t h e i r
summit
attempt.
Its a great
opportuni-
ty to meet
t h e s e
impressive
men and hear their sto-
ries first-hand.
Foam dodge-ball competition
on-field (see below for details)
On-field Childrens Entertainment
Sunday 10 June
From 12pm 1.45pm on Sunday 10
June the entire polo field will be ded-
icated to complimentary childrens
entertainment.
Its a Knock-Out
Let your kids loose on the field and
let them enjoy
tearing around
the numerous
Its a knock-out
style inflatable
games and chal-
lenges suitable
for various age-
groups. Some
will require
team work,
some will
require skill,
and some just
a lot of ener-
gy, but with a
full choice of
a c t i v i t i e s
theres fun for
all ages.
FRIDAY 11 MAY 2012
30
cityam.com
FRIDAY 8TH JUNE
The Ultimate Club Package offers private
or shared tables of 8, 10 or 12 Veuve
Clicuot Champagne reception with
canapes at The Hurlingham Club.
Theres a sumptuous lunch at The
Hurlingham Club with selected compli-
mentary wines, coffee and chocolates.
Full Afternoon Cream Tea in private VIP
pitch side enclosure.
All day complimentary wine, beer and
soft drinks.
Veuve Clicquot at Hurlingham. Kicking
off the season in style from 8.00pm at
the Hurlingham Club is the famous play-
ers party. Party hard to kick off
the tournament with a live per-
formance from Jackson Scott,
and DJ sets late into the night
with DJ Isaac Ferry and DJ Hugo
Heathcote.
415 per person or 498 per
person with Veuve
Clicquot Party
SATURDAY
The Pukka Picnic
Package offers private
or shared tables of ten
in all day, pitch side mar-
quee.
Veuve Clicquot Champagne
on arrival.
3 course picnic style lunch with compli-
mentary wine, coffee & petit fours
Afternoon Cream Tea.
*220 per person
SUNDAY
The Gourmet BBQ offers:
Veuve Clicquot Champagne on arrival
Substantial buffet style BBQ with com-
plimentary wine, coffee & petit fours
Afternoon Cream Tea
210 per person
Cool Britannia Tea Package on either
Saturay or Sunday.
Private or shared tables of ten in pitch
side marquee.
Half bottle of Veuve Clicquot
Champagne per person
Full Afternoon Cream Tea.
*Saturday 165 or Sunday 150 per
person
For more information on hos-
pitality, visit the web-site at
polointheparklondon.com
or contact
Rachel Roullier at City Events
rachel@cityevents.uk.com
0207 936 5282
Timings: Gates open at 12.00pm
and close at the following times:
Fri -9.00pm, Sat 8.00pm, Sun
7.00pm
HOSPITALITY PACKAGES
Sunday 10 June is Finals Day. Its the
culmination of the three-day tourna-
ment, with the very best polo of the
season.
Why not bring your kids along and
let them run free in the Kids Club,
where amongst all the games they
are sure to meet new and old friends.
Grounds open from 11.00am and
with an at-your-seat service from
Harrods, you can bring the whole
family and settle into a grandstand
seat once youre feeling a bit thirsty.
There will be two incredible matches
of polo. The third-place play off for
the MINT Polo in the Park Plate and
of course the main Trophy Final.
Finals Day, or Family Day, at MINT
Polo in the Park is specifically geared
up to deliver great value for families.
In addition to all that we offer across
the previous event days, the follow-
ing has been added.
Reduced family ticket rates
Complimentary face painters
Balloon sculpting artists circulat-
ing the crowds
Magicians circulating the crowds
Its a knock-out style interactive
entertainment on-field (see below
for details)
Theres fun for everybody, with
families enjoying reduced rates
GAUCHO SUNDOWN POLO
FRIDAY 29
th
JUNE
HAM POLO CLUB RICHMOND
Gaucho hospitality from 2pm
at Gaucho Richmond
Contact Sophie
events.richmond@gauchorestaurants.com
gauchorestaurants.com
THE wet weather continues to
cause havoc with the racing
calendar and the atrocious
ground all over the country
makes betting pretty
unattractive at present. There
are so many non-runners at the
meetings that do survive
meaning constant rule fours
and changing each-way terms.
That said, Andrew Baldings
BONFIRE looks a rock-solid
proposition in the Dee Stakes
(2.05pm) at Chester this
afternoon. The lightly-raced son
of Manduro can book his place
in next months Investec Derby
by landing the spoils this
afternoon and I only hope that
the other five declared
runners stand their
ground so we can
get a better price.
My selection was
an impressive
winner of a soft-
ground maiden at
Salisbury on his
racecourse debut and
followed that up with an
unlucky third in a French
Group One in his final start as a
two-year-old. The form of that
race is beginning to work out
well as the winner French
Fifteen was only narrowly
denied in last weekends 2000
Guineas. The rain-softened
ground should prove ideal and
Bonfire is a confident pick.
There probably isnt a
racecourse in the country
where being drawn low in a
sprint is more important than
Chester and Im delighted that
BALLESTEROS has landed trap
three in the 3.05pm contest.
Brian Meehans charge handled
similar ground at Sandown last
time and can track across and
grab the rail early. He will be
very difficult to reel in and I
dont expect him to be
caught.
The big betting race of the
weekend is the Victoria Cup
(3.25pm) at Ascot
tomorrow, but there has to
be a doubt that the
meeting will even go
ahead. However, if it
does, conditions will be very
testing and you need to find
horses that relish soft ground.
One such contender is Brian
Ellisons GLOBAL VILLAGE
who ran really well to finish
third behind Captain Bertie and
Fury at Newbury last time. The
mile just seemed to stretch him
that day so the drop back to a
stiff seven furlongs is ideal and
he loves to get his toe in. I still
think hes well-handicapped
and he looks a cracking each-
way bet at 12/1.
If Ascot doesnt go ahead,
Lingfield has switched its Derby
Trial card to the all-weather, so
there will be some decent
action from the Surrey track.
The Oaks Trial (2.40pm) is a
difficult puzzle to solve, but
Ralph Beckett is a master
trainer of fillies and he thinks
the world of COLIMA who won
her sole start at Nottingham in
November. Vow was impressive
on her debut at Newbury and
she is the one I am most
worried about.
The Derby Trial takes place
half an hour later at 3.10pm
and this is another race which
is all about potential.
Rougemont is the highest-rated
following his win in the big
Sales race at Newmarket earlier
this season, but he is best fresh
and Im happy to take him on.
Goldoni won the Investec Derby
Trial at Epsom last month and
he should run well, but I prefer
the chances of MAIN
SEQUENCE.
David Lanigan has made a
cracking start to the season and
this unbeaten son of Aldebaran
has always been highly
regarded. Hes entered in next
weeks Dante, but I think he has
a far better chance in this race
and he should go very close.
You can follow me on Twitter
@BillEsdaile.
Baldings Bonfire can light up Chester in the Dee Stakes
T
HERE have been so many
twists and turns in this
years title race that it is
still unwise to believe that
Manchester City are the
champions elect. However, the
Citizens have one hand, four
fingers and half a thumb on the
trophy and even the most
ardent Manchester United fans
surely now accept that the
battle is over.
We backed City at 9/2 at the
start of the season, as well as
the City-United straight forecast
at 11/1, so lets just hope that
QPR dont spoil the party at
Eastlands on Sunday. City are a
best price 1/7 with Coral and
QPR are around 20/1 on Betfair,
so Im going to leave this game
and just hope that Roberto
Mancinis side dont bottle it.
United travel to Sunderland
and although I fully expect
them to win, they are no value
at 4/9 with Coral. They are likely
to be feeling deflated after
throwing away a seemingly
unbeatable position and the
Stadium Of Light is never an
easy place to go.
Newcastle have had a
tremendous season, but their
tough run-in was always likely
to catch them out in the hunt
for fourth spot. The win at
Chelsea gave their supporters
hope, but they were well beaten
by City and I think they will
struggle at Everton on Sunday.
The Toffees have had a decent
season and David Moyes has
done a remarkable job with the
limited funds at his disposal.
The big carrot for rounding the
campaign off with a win is that
they will finish above Liverpool
for the first time since 2005 and
although they have drawn their
past two away games, theyve
won their last three at
Goodison Park, scoring 10 goals
and conceding none.
Alan Pardews Newcastle will
definitely give it a go, but they
really needed to take something
from the game against City and
I can just see them petering out
after whats been a herculean
effort over the past couple of
months. Everton can be backed
at 13/10 on Betfair and I also
wouldnt put anyone off buying
their supremacy at 0.4 with
Sporting Index.
Bolton have to win at Stoke to
have any chance of staying up,
but theyve been poor in recent
weeks and although Wigan
managed to save themselves at
the Britannia on the final day
last season, I dont think Owen
Coyles men can repeat the feat.
They are a best-price 19/10, but I
would rather take the 6/4 Coral
offer about a home win. Its
true that the Potters havent
been playing great in recent
weeks, but they are tough to
beat at home and should have
the edge.
Arsenal travel to West Brom
and know that a win will
guarantee them the all-
important third place. This is
England manager-to-be Roy
Hodgsons last match with the
Baggies and hell want to go out
on a high, but I think Arsene
Wengers side will have too much
for them. Back the Gunners at
8/11 with Blue Square.
Andrew Balding has high
hopes for Bonfire
31
THEPUNTER
SPORT TRADER
BEN CLEMINSON AND BILL ESDAILE PREVIEW THE WEEKENDS BEST FOOTBALL AND RACING ACTION
cityam.com
FRIDAY 11 MAY 2012
1/4 ODDS
ALL CHANNEL 4 RACES
Each-way 1/4 the odds a place 1-2-3
Above 2 Races: Non-runner money back. Rule 4 may apply.
Prices subject to uctuation.
9/4 Ballesteros
4/1 Dam Beautiful
11/2 Pale Orchid
6/1 Sonko
11/1 Vocational
12/1 Last Bid
14/1 Bubbly Ballerina
14/1 Powerful Wind
20/1 Church Music
33/1 Electric Qatar
NR Top Cop
EDWARDS HOMES
E.B.F. HANDICAP
5 Furlongs 16 Yards, Handicap, Chester 3.05pm, Live on C4
30 FREE BET!
FOR NEW CUSTOMERS
coral.co.uk
0800 242 232
Mon-Sat from8.30am
Text MOBILE
to 65559
1700+ Shops
nationwide
Sign up in shop or visit
coralchampionsclub.co.uk
for full details
Each-way 1/4 the odds a place 1-2-3
FAT GARY SPORTS EARL
GROSVENOR HANDICAP
7 Furlongs 122 Yards, Handicap, Chester 1.35pm, Live on C4
7/2 Kyllachy Star
11/2 Pintura
6/1 Dubai Dynamo
8/1 Louis The Pious
8/1 Shes A Character
9/1 Jamesie
9/1 Fathsta
9/1 Grissom
9/1 Imperial Djay
18/1 Light From Mars
n Pointers
BONFIRE 2.05pm Chester (today)
BALLESTEROS 3.05pm Chester (today)
COLIMA 2.40pm Lingfield
(tomorrow)
MAIN SEQUENCE 3.10pm Lingfield
(tomorrow)
GLOBAL VILLAGE e/w 3.25pm Ascot
(tomorrow)
n Pointers
Everton at 13/10 on Betfair
Buy Everton supremacy at 0.4 with
Sporting Index
Stoke at 6/4 with Coral
Arsenal at 8/11 with Blue Square
Everton look
the best bet on
decisive final
day of the
season
Steven Pienaar and Everton can ensure the Toffees finish above neighbours Liverpool for the first time since 2005
CHELSEA interim boss Roberto di
Matteo remains in the running to
land the job permanently, despite
suggestions the Italian is resigned to
missing out at the end of the season,
say club chiefs.
The Blues could yet make history
by winning the Champions League
for the first time and chief executive
Ron Gourlay is adamant no decision
on Di Matteos future will be made
until after the final on 19 May.
The club said from day one when
he came in as interim manager that
we would assess things at the end of
the season. We have not changed our
approach, said Gourlay.
Robbie is completely on board
with that and the last person whos
going to put any pressure on the
team at this stage is me.
Former Chelsea player Di Matteo
has resurrected the teams season
since replacing the sacked Andre
Villas-Boas in March and has already
landed one trophy, with victory in
Saturdays FA Cup final against
Liverpool. The club games biggest
prize, the Champions League, could
yet follow if the west Londoners can
defeat Bayern Munich as they did so
impressively holders Barcelona in
the semi-finals.
However, failure to win the trophy
would deny the Blues a place in next
seasons competition, and cost them
an estimated 40m in revenue, as
they are doomed to finish outside
the Premier Leagues top four.
Gourlay, meanwhile, played down
suggestions he had met a mamber of
Qatars ruling family about funding
a potential revamp of Battersea
Power Station, where Chelsea hope
to build a new stadium.
There are a number of meetings
that go on around the world, really,
a number of friends, a number of
partnerships, he said. I wouldnt go
reading too much into any of that.
Gourlay is bullish on the prospects
of agreeing a new deal with
evergreen striker Didier Drogba, who
is thought to want double the one-
year contract previously on offer.
Didier loves this football club, we
love Didier, and well continue to
have the conversations, he added.
Centre-backs David Luiz and Gary
Cahill remain major doubts for the
Champions League final after the
pair missed training yesterday.
Chelsea delay
decision on Di
Matteo future
G
E
T
T
Y
RUGBY Football Union chief Rob
Andrew is predicting some difficult
moments over the coming months
for England manager Stuart
Lancaster, but has vowed the organi-
sation will not lose faith with the
inexperienced coach.
Andrew spoke to City A.M. after
Lancaster named his 42-man squad
for next months tour to South
Africa, his first since being perma-
nently appointed as Martin
Johnsons successor. An experienced
former England fly-half, Andrew
admits the trip provides unique chal-
lenges but reiterated the RFUs com-
mitment to Lancaster, who has been
tasked with leading England to the
2015 Rugby World Cup.
The decision was taken when
Stuart was appointed full-time,
Andrew told City A.M.. Hes been
appointed through to 2015 in the
same way that Martin was to 2011.
Theres bound to be some difficult
moments. Its an inexperienced
group of players, and of the next
seven matches, six of them are
against the worlds top-three ranked
sides. Inevitably there are going to be
some difficult moments, but that
comes with the territory.
Citing South
Africas physicali-
ty and the chal-
lenges posed by
a l t i t u d e ,
Andrew, who
led England
on a diffi-
c u l t
CoachLancaster faces
difficult spell, admits
2008 tour to New Zealand, believes
the destination to be the toughest a
player can experience.
Theres a lot of unique challenges
to South Africa, he said at the launch
of the Marriott London Sevens. Their
passion for rugby is phenomenal.
Theyve a lot of players, and theyre
very physical. Its probably the most
physical tour you can go on.
Youve also got the altitude issue,
with some matches at sea-level and
others at altitude, which we dont
normally have anywhere else in the
world. Its a big challenge, as anybody
that has ever been there knows.
Though Lancaster recently missed
out on appointing the experienced
Wayne Smith as coach, Andrew
remains on hand to advise Lancaster
we talk about things quite a lot, to
be honest, he said and promised
the inclusion of several more young
talents into the international side.
Christian Wade, Joe Launchbury
and Jonathan Joseph were all in the
Under-20 squad last June. Were pro-
ducing young players who are mov-
ing very quickly through to the
senior squad, Andrew said. We
already know of George Ford, Elliot
Daly and Anthony Watson. Theyre
not going to South Africa with the
senior squad, but theyll come
through in the next 12-18 months.
Join the 70s Disco at the Marriott
London Sevens! Tickets are now available
for the final leg of the HSBC Sevens World
Series on 12 & 13 May, with weekend pass-
es from 30, single day tickets from 18
and kids' tickets 5. Tickets are available
in advance until midday today, then in
person from the RFU Ticket Office.
South Africa tours excite
ENGLAND coach Stuart Lancaster
has revealed his excitement after
including 13 uncapped players, and
recalling James Haskell and Danny
Care, to the squad for this
summers tour to South Africa.
Following an impressive Six
Nations campaign, Lancasters
intent to continue introducing
young talented players to his elite
squad is clear.
Newly-crowned Premiership
player of the year Chris Robshaw is
retained as captain, while there are
also recalls for Ugo Monye, Matt
Mullan and Anthony Allen.
Of the uncapped players, the
inclusion of hooker Tom Youngs,
brother of scrum-half Ben, is the
greatest surprise. He is joined by
Joe Gray, Christian Wade, Graham
Kitchener, Carl Fearns, Alex Goode,
Joe Launchbury, Tom Johnson,
Jonathan Joseph, George Robson,
George Lowe, Thomas Waldrom
and Joe Marler.
Di Matteo could end up with two trophies
Exclusive: RFU chief reaffirms backing as
daunting Test series in South Africa looms
ARSENAL manager Arsene Wenger
has rubbished suggestions he is
poised to sign Yann MVila, saying he
has not made an offer for the sought-
after France midfielder.
Rennes star MVila has been tipped
to become Wengers second early
summer purchase, following the
10m acquisition of Germany and
Cologne forward Lukas Podolski.
But he said: It is not true. There is
not any interest at the moment. We
Wenger: Arsenal not interested
in landing France star MVila
have not been in touch with
anybody, we have not made any offer
to anybody and we are nowhere near
to buying anybody at the moment.
Speaking ahead of Sundays final
Premier League match at West Brom,
where Arsenal need a win to ensure
third place, Wenger confirmed
former Gunners defender Steve
Bould would replace his assistant Pat
Rice, who is retiring after 44 years at
the club. Bould, 49, made 372
appearances for Arsenal and has
managed the youth team since 2001.
FRIDAY 11 MAY 2012
32
SPORT
cityam.com/sport
BY FRANK DALLERES
BY DECLAN WARRINGTON
BY FRANK DALLERES
BRITAINS Amir Khan is once again
targeting a superfight with
American Floyd Mayweather after
the cancellation of his 19 May
rematch with Lamont Peterson.
Khan had previously hoped to
face Mayweather before
Decembers surprise controversial
defeat to Peterson forced him to
realign his ambitions. But after
learning of Petersons failed drugs
test, essentially clearing Khan of
Khan targets Mayweather fight
to replace Peterson washout
losing that fight, Mayweather, who
remains undefeated as a
professional, is once again the aim.
I want to be the best one day
and my ambition is to one day fight
Floyd Mayweather, said Khan, who
is expected to schedule his next
fight for 30 June. I know I have the
strategy to beat him; I have the
confidence, the speed, the power.
Incidentally, Khans domestic
rival Kell Brook, a potential future
opponent for Khan, will fight
Carson Jones in Sheffield on 7 July.
Andrew has high hopes for
Englands emerging youngsters
33
IN BRIEF
Mark set in Giro dItalia stage
nCYCLING: Great Britains world road
race champion Mark Cavendish
yesterday won the fifth stage of the
Giro dItalia in Fano, his second stage
victory of the race. Australian Matt
Goss finished second, with Italys
Daniele Bennati third.
Malinga set for Middlesex
nCRICKET: Sri Lanka international
fast bowler Lasith Malinga will join
Middlesex for their Twenty20
campaign after Sri Lankas one day
and T20 series against Pakistan. The
28-year-old arrives on 21 June.
SOUTH AFRICA TOUR
England squad
nForwards: Mouritz Botha
(Saracens), Dan Cole (Leicester), Alex
Corbisiero (London Irish), Paul Doran
Jones (Northampton), Phil Dowson
(Northampton), Carl Fearns (Bath),
Joe Gray (Harlequins), Dylan Hartley
(Northampton), James Haskell (Otago
Highlanders), Tom Johnson (Exeter),
Graham Kitchener (Leicester), Joe
Launchbury (Wasps), Joe Marler
(Harlequins), Lee Mears (Bath), Ben
Morgan (Scarlets), Matt Mullan
(Worcester), Tom Palmer (Stade
Francais), Geoff Parling (Leicester),
Chris Robshaw (capt, Harlequins),
George Robson (Harlequins), Matt
Stevens (Saracens), Thomas Waldrom
(Leicester), Tom Youngs (Leicester)
nBacks: Anthony Allen (Leicester),
Chris Ashton (Northampton), Brad
Barritt (Saracens), Mike Brown
(Harlequins), Danny Care (Harlequins)
Lee Dickson (Northampton), Owen
Farrell (Saracens), Toby Flood
(Leicester), Ben Foden (Northampton),
Alex Goode (Saracens), Charlie
Hodgson (Saracens), Jonathan Joseph
(London Irish), George Lowe
(Harlequins), Ugo Monye (Harlequins),
David Strettle (Saracens), Manu
Tuilagi (Leicester), Jordan Turner-Hall
(Harlequins), Christian Wade (Wasps),
Ben Youngs (Leicester)
Tour dates
n Saturday 9 June: First Test, Durban,
4pm
n Wednesday 13 June: v SA Barbarians
South, Kimberley, 1.30pm
n Saturday 16 June: Second Test,
Johannesburg, 4pm
n Tuesday 19 June: v SA Barbarians
North, Potchefstroom, 6.10pm
n Saturday 23 June: Third Test, Port
Elizabeth, 4pm
All times BST
G
E
T
T
Y
inevitable
Andrew
es Lancaster
Though optimistic, Lancaster
admitted South Africa represent a
substantial challenge for his
squad. He said: There is real
excitement about this squad. We
have a massive challenge ahead of
us but it is one that everybody
involved, players, coaches and
management, looks forward to.
While certain players are not
available because of inevitable
injuries at this time of the season,
we have been able to select the
bulk of the Six Nations squad.
Exclusive: Star on
London 2012, Plastic
Brits and Davis Cup
It is a great opportunity, but equally he
knows he is treading a very fine line
cityam.com
FRIDAY 11 MAY 2012
FORMER tennis star Greg Rusedski
has warned Britains Andy Murray he
faces a huge task to win gold at
London 2012, in what he expects to
be the most special and meaningful
Olympic tournament yet.
Hopes are high that Scot Murray
will provide some home cheer in the
mens singles competition, to be held
on the lawns of Wimbledon, and
claim what would be the biggest
prize of his career.
But Rusedski believes each of his
main rivals Roger Federer, Novak
Djokovic and Rafael Nadal has his
own distinct motivation and could
block Murrays path to glory, as they
have thus far to grand slams.
I think its going to be very
difficult with the other three guys
going for it, Rusedski exclusively
told City A.M.
I expect Murray to be in the semi-
finals, but Federer says itll be one of
his No1 priorities along with
Wimbledon, Djokovic is very
nationalistic having won the Davis
Cup with Serbia, and Nadal is going
to want to defend his title.
Its going to be very difficult
because everybody is hungry for it.
Murray is going to need a special
effort to get into the gold medal
match because this Olympics has the
makings to be that good.
Rusedski admits a gold medal does
not match the lustre of a grand slam,
but says the setting for this years
event amplifies its appeal.
This Olympics is a little bit more
special because its at Wimbledon,
he added. To be able to play two
Wimbledons in one year is pretty
special, so theres a little bit more
meaning to this London gold medal
than past ones.
Canada-born Rusedski, whose
mother is British, opted to represent
Britain when aged 21 and played in
two Olympic Games, Atlanta in 1996
and Sydney in 2000. Amid the row
over so-called Plastic Brits, he says a
distinction should be drawn. If
youre living the full life here and
this is where youre at for your job
and if youve had the nationality
always then I dont see the problem,
said the 38-year-old. If all of a
sudden it just happens to be the
Olympics and you show up for one
event and then go home then thats
more of an issue.
Rusedski bowed out in 2007
following a Davis Cup tie and
believes the famous competition
must be preserved, amid proposals
by top players to replace it with a
World Cup. The way the calendar is
its so jam packed its tough for the
top players to play every year, he
said. They have to keep it but maybe
tweak it to allow those top players to
play more often.
For more information on becoming a
Barclays Ball Kid at the Barclays ATP
World Tour Finals in London in November,
you can visit www.barclaysballkids.com
BY FRANK DALLERES
WEST Indies prospects of providing
stern opposition when the Test series
begins next week show few signs of
improvement after they struggled on
day one of their warm-up against
England Lions yesterday.
Darren Bravos 51 was a rare
highlight for the tourists, who were
dismissed for just 147 before the
hosts ended the day 40-1 in bowler-
friendly conditions at Northampton.
Jack Brooks took 3-23 on his home
England Lions expose Windies
batsmen to show seniors way
ground to deny the West Indies top
order any momentum after a rain-
delayed start, and Stuart Meaker
plundered three wickets in the space
of 15 balls to halt their recovery.
The visitors surprisingly rested
captain Darren Sammy but can now
call on a full squad after Narsingh
Deonarine overcame his visa
complications to complete his
journey from Jamaica.
The first match of a three-Test
series against England starts at
Lords on Thursday.
BY FRANK DALLERES
:I@:B<K
|V OOUNTY OHAHPIONSHIP |IRST DIVISION-Darlam Scmerset
(Em|r+tes Dar|+mlOO). DarlamZ5 (4o.O a1ers, O O1ertar 4J8).
Scmerset ZZO8 (45.O a1ers, O A J Vesc|ee oZ, O K|esWetter oOra, O D
T|arp 45J). Na p|+] T|ars+] ae ta r+|r. Nctts Hilesex (Trert
Br|e). Nctts 4ZJ (J.Z a1ers, VJ lam| oZ, A D H+|es 9, S J
Va||+re] oO, S T ||rr 4). Hilesex 5J (ZZ.O a1ers). Sassex
|arcs (Ha1e). Nc pla] Tlarsa] ae tc rair. wcrcs Sarre] (NeWRa+).
wcrcs Z85 (9.4 a1ers, VVA|| o, J O O+merar 5Z, T E l|r|e] 48).
|V OOUNTY OHAHPIONSHIP SCOOND DIVISION-Kert Cssex
(O|e|msfar). Kert Z45 (.Z a1ers, O Vw|||aa||] 45). Olcacs
Ycrls (Br|sta|). Olcacs. o5Z (5.Z a1ers, K S w||||+msar 89ra, O D J
Dert oZ). Hamps Der|s (T|e Ae+s BaW|). Nc pla] Tlarsa] ae tc
rair. Ncrtlarts |eics (Or+ce Ra+). Ncrtlarts . 99J (J.Z a1ers). Na
p|+] T|ars+] ae ta r+|r
TOUR HATOH-west Iries Crlar |icrs (Nart|+mptar). west
Iries 4 (48.5 a1ers, D VBr+1a 5). Crlar |icrs 4O (J. a1ers).
:P:C@E>
OIRO D'ITA|IA (|+ra, lt+|])-Stae 5 (Vaer+ |+ra, 99|m). I V
O+1er|s| (O|r) S|] Prac]c||r 4|rs 4Jm|rs 5secs, Z VH+r|e] Oass
(Aas) Or|c+ OreerEe O]c||r Te+m+t s+me t|me, J D Berr+t| (lt+)
R+|aS|+c|N|ss+r +t s+me t|me. Selecte Otlers. I O T|am+s (O|r)
S|] Prac]c||r 4|rs 4Jm|rs 5secs, JZ P Kerr+a| (O|r) S|] Prac]c||r
+t O.O5, IJ4 l St+rr+r (O|r) S|] Prac]c||r +t s+me t|me, I68 J Hart
(O|r) S|] Prac]c||r +t s+me t|me. Oerall. I R N+1+r+as|+s (l|t)
O+rm|r B+rr+ca+ 4|rs 45m|rs Jsecs, Z R Harter (Rs+) O+rm|r
B+rr+ca+ +t O.O5, J R Hesje+| (O+r) O+rm|r B+rr+ca+ +t O..
K<EE@J
ATP & wTP HUTUA HADRI|CNA HADRID OPCN (Sp+|r)-Her's Rr
J.(J) R |eerer (SW|) |t (4) R O+s|aet (|r+) oJ oZ, (5) D |errer
(Sp+) |t () N A|m+ra (Sp+) o (5) Jo o (O8), (O) J V+rt|r
De| Patra (Ar) |t V O|||c (Ora) oZ o4, (o) A Da|apa|a1 (U|r) |t
(4) J Tsar+ (|r+) 5 Jo o (Z), (o) T Ber]c| (O/e) |t (Z) O
Varf||s (|r+) o o, (5) | Ver+sca (Sp+) |t (Z) R N++| (Sp+) oJ
Jo 5. wcmer's Rr J. (4) A R+W+rs|+ (Pa|) |t R V|rc| (lt+) o
() o4, V lepc|er|a (USA) |t A Ve|r+ O+rr|aes (Sp+) o o
(J) oJ, l Hr+ec|+ (O/e) |t E V+|+ra1+ (Ras) oZ o (5), (9) S
w||||+ms (USA) |t (o) O wa/r|+c|| (Der) o oJ oZ, (Z) V
S|+r+pa1+ (Ras) |t l S+f+ra1+ (O/e) W/a.
>FC=
CUROPCAN TOUR HADCIRA IS|ANDS OPCN (S+rta + Serr+,
Parta+|)-Rr I (O|r & lr| ar|ess st+te, p+r Z). 64 A Ve|+sca (Sp+),
66 VA O+r|ssar (SWe), O w||sar, T ||eetWaa, J l+errer (SWe), B
P+r|er, VOramV+ser (Der), 6 O Var|+rt], O |ar, H Peter B+c|er
(Aat), wA|er] (Rs+), VB+|W|r, A H+rta (Der), 68 S K|m(Nar), R B|+r,
A Oee, R S+rtas (Par), l S+|tm+r, A Sa|||1+r, K Bars|e|m(Nar), D D|tar.
KF;8PJ;@8IP
(.45pm ar|ess st+te)
egfn\iC^\Fe\GcXp$F]]jJ\d`$=`eXc=`ijkC\^
Ste1er+e 1 S|eff|e| Ut.............................................................................
Results
Murray has work cut out to win
Olympic gold, warns Rusedski
England boss Stuart Lancaster on Danny Cares recall to the squad
Greg Rusedski, second left, believes Andrew Murray, above, is likely to be overshadowed
by Roger Federer, Rafael Nadal and Novak Djokovic at this summers Olympics
DAVID
JONES
TIM
GUINNESS
ALLISTER
HEATH
RICHARD
FARLEIGH
LEX
VAN DAM
cityamactivetrader.com
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