277 Stores To Shut As Group Enters Administration: It'S Game Over

FTSE 100 5,9022.70 +47.81 DOW 13,241.40 +160.67 NASDAQ 3,122.57 +54.65 /$ 1.60 +0.01 / 1.20 +0.01 /$ 1.
0 +0.01 /$ 1.34 +0.01

Calls for PM
to announce
donor probe
DAVID Cameron was last night under
growing pressure to launch an inde-
pendent probe into the cash for
access scandal as he admitted he had
entertained top Tory donors at
Downing Street and Chequers.
Labour leader Ed Miliband slammed
Tory plans for an internal inquiry into
the allegations as a whitewash,
telling the House of Commons: This is
an inquiry into the Conservative party,
by the Conservative party, for the
Conservative party.
Miliband repeated his demand for
an independent inquiry into allega-
tions that large donors were offered
the chance to influence a policy com-
mittee at 10 Downing Street.
Cabinet office minister Francis
Maude, who took to the despatch box
instead of Prime Minister David
Cameron, hit back by accusing Labour
of blocking reforms during its recent
13-year spell in power.
Maude quoted former Labour gener-
al secretary Peter Watt, who had previ-
ously said: My own party was the
biggest block to reform.
Miliband should say sorry on
behalf of his party for blocking
changes, Maude said, while lashing
out at trade union funding of the
Labour party: Now theyre in opposi-
tion, their donors dont just buy policy
they elect their leader!
Further criticism of the Tories came
from News Corp boss Rupert Murdoch.
What was Cameron thinking? he
tweeted. No one, rightly or wrongly,
will believe his story. MORE: P2,4
BY JULIAN HARRIS
POLITICS
Drivers during a previous strike in 2008 brought many petrol stations to a standstill and forced fuel rationing Picture: GETTY
FUEL tanker drivers could cause chaos
by disrupting petrol supplies nation-
wide in the coming weeks, after they
voted in favour of strike action.
Unite, which represents drivers sup-
plying 90 per cent of the UKs fore-
courts, said yesterday that 61 per cent
of truckers have voted to strike, poten-
tially affecting almost 8,000 petrol sta-
tions across the country.
Shortages over the Easter break
next week are a possibility, with Unite
general secretary Len McCluskey yes-
terday refusing to rule out strikes over
the bank holidays. Seven days notice
must be given before any action
begins.
The drivers are protesting against
working conditions, which they claim
are putting staff in danger amid
growing instability in the fuel indus-
try, Unite said.
Workers at Wincanton, Hoyer, BP,
Norbert Dentressangle and Turners
backed strike action, with a 77.7 per
cent turnout. Members at DHL voted
in favour of industrial action short of
a strike, while staff at Suckling
refused to back any action.
Energy secretary Ed Davey slammed
the workers, saying in a statement it is
unacceptable and selfish to behave in
this manner and jeopardise our inter-
national reputation.
The government has confirmed
BY MARION DAKERS
ENERGY
www.cityam.com Issue 1,600 Tuesday 27 March 2012 FREE

MAN UTD
RECLAIM
TOP SPOT
ROONEY DOWNS
FULHAM P42
ITS GAME OVER
277 STORES TO SHUT AS GROUP
ENTERS ADMINISTRATION P3
BUSINESS WITH PERSONALITY
that the ministry of defence will train
soldiers to fill in as tanker drivers to
keep fuel supplies going in the event
of a strike, adding that it has learned
the lessons of the fuel tax protests in
2000, when petrol supplies in parts of
the country ran dry.
But some on the forecourts are still
worried a strike could devastate retail-
ers. Brian Madderson, chairman of
the industry group RMI Petrol, told
City A.M. the idea of using the army
was pie-in-the-sky thinking, with
each refinery requiring different
expertise from the drivers.
If we had had some guidance from
the department of energy, [retailers]
would have been able to raise stocks
above the current historic low levels.
Petrol is hugely expensive, and retail-
ers have cash flow limits but there
has been no leadership or consulta-
tion.
The department of energy and cli-
mate change insisted last night that
the government has been holding reg-
ular meetings with stakeholders, and
that the subject of supply has been
discussed recently.
The Institute of Directors warned of
nationwide chaos if the drivers
abandon their posts. If the fuel runs
out, firms will not be able to transport
goods, staff will not be able to get to
work, said director general Simon
Walker.
STRIKE THREATENS
UK PETROL SUPPLY
Certified Distribution
30/01/2012 till 26/02/2012 is 98,573
News
2 CITYA.M. 27 MARCH 2012
Hedgie anger
over EU rules
HEDGE fund and private equity man-
agers are growing increasingly angry
over an attempt by Brussels to tough-
en up a new directive by implement-
ing it without proper consultation.
They have also accused the
European Commission of rejecting
regulatory advice over the introduc-
tion of the Alternative Investment
Fund Managers (AIFM) directive.
One hedge fund insider told City
A.M. the commission is trying to push
through a hardline text of Level 2 of
the directive where the technical
detail is worked out by giving EU
nations just a fortnight to respond.
The member states are fuming
because not only has the Commission
rejected much of the ESMA [regula-
tors] advice on implementation, it
has also gone far beyond the original
Level 1 agreement.
The industry is particularly con-
cerned about two areas the protec-
tionist implications of the third
countries section, which would stop
EU investors putting money into non-
EU funds, and the way that the direc-
tive seeks to curtail leverage.
Last night Syed Kamall, the
Conservative MEP for London, said the
commission had acted arrogantly
and gone back on what had been
agreed previously. Nobody from the
Commission could be contacted.
BY PETER EDWARDS
REGULATION
UNIVERSAL TO SELL $200M OF MUSIC

CATALOGUES
Universal Music is selling three of its
music publishing catalogues in a deal
valued at up to $200m that will help
to maintain Vivendis cherished
triple-B credit rating as the music
company pushes through its planned
$1.9bn purchase of EMI.
JEFFERIES TO EXPLOIT ITS RIVALS
TROUBLE WITH NEW FINANCE ARM
Jefferies is looking to set up a corpo-
rate lending business in Europe as the
fast-growing US investment bank
seeks to grab market share from
retrenching rivals.The bank plans to
establish a financing arm this year in
a move that would further expand
operations in Europe where it has
quadrupled its workforce to almost
1,000 over the past five years.
INSIDER TO FOLLOW RETIRING CHIEF
Richemont, the worlds second-
biggest luxury goods group by sales,
said Bernard Fornas would be retiring
as chief executive of Cartier, its pow-
erhouse jewellery and watch sub-
sidiary.
GOLDMAN EYES TRADING CHANGE
Goldman Sachs is considering how to
roll out electronic trading technology
to its fixed income business one of
its biggest revenue generators as it
prepares for new regulation.
Goldmans fixed income, currency
and commodities unit, or FICC, has
historically been one of the largest
profit centres for the bank.
MAKE GOOGLE CENSOR ILLEGAL
ONLINE CHATTER, SAY MPS
Google and other internet search
engines should be forced to introduce
filters to remove material banned by
courts if they are not prepared to do
so voluntarily, according to a parlia-
mentary committee. The Attorney-
General should also be more willing
to prosecute people for contempt of
court if they breach injunctions
online, they said.
TRADER WITH TYPO IN CONTRACT DID
NOT HAVE A POINT
JP Morgan Chase will not have to pay a
trader whose salary was inflated by a
missing decimal point in his employ-
ment contract, a court has ruled.
LORD SUGAR: MOANING FIRMS TEND
TO BE SKINT
The Apprentice star said politicians
must stop whining about banks not
lending money to small companies
and that most firms who complain
about banks are skint.
WOMEN EARNING 43P AN HOUR MORE
THAN MEN IN PART-TIME WORK
Women who work part-time are earn-
ing more than 40p an hour more than
men for the first time, official figures
show. Although overall the gender pay
gap remains, with women earning 9.1
per cent less than men, in part-time
work the trend is reversed. Data from
the Office for National Statistics
shows the higher rate since 1998.
ONCE SHUNNING AD PROMOS, GOOGLE
NOW FLAUNTS ITSELF
After years of touting the superiority
of online advertising, Google is tak-
ing a decidedly different approach to
promote itself in areas where its
rivals dominate. The Internet compa-
ny is spending big sums on TV, maga-
zine and newspaper ads to promote
new services
JAPAN AIRLINES TAKES DELIVERY OF
TWO 787S
Japan Airlines took delivery of its first
two Boeing 787 Dreamliners yester-
day, after a delay of about three years
while the plane-maker wrestled with
development and production prob-
lems.
WHAT THE OTHER PAPERS SAY THIS MORNING
Taxpayers must not be forced to pay
IT is clear that the current system of
party funding doesnt work. Parties
rely too much on large donations
from wealthy individuals in the case
of the Tories and from trade unions in
the case of Labour. It would be better if
they were able to tap into lots of small-
er donations, rather than a few large
ones, something which ought to be
possible if they energised their mem-
berships. Some pressure groups have
vast numbers of paying members;
there is no reason, in the era of inter-
net campaigning, that this couldnt
also be possible for radically reformed
political parties. The disconnect
between grassroot members and the
funding of parties is one reason why
all three main ones have been taken
over by establishment candidates com-
peting for the centre ground. This has
been a disaster for genuine pluralism
in Britain and helps to explain why
politicians have all become less repre-
sentative of the public.
At the very least, much greater
transparency is required. Sunlight is a
great disinfectant. But one thing is
certain: taxpayer funding of political
parties would be a terrible mistake,
even though that would be the solu-
tion that many of todays establish-
ment politicians would privately love
to see. Many dont really like their
members, who they find irritating or
excessively ideological; they dont
even like their donors. But state
financing would mean members of
the public would have to fund views
they find abhorrent and would turn
the party system into even more of a
closed shop. New parties would never
be able to emerge to challenge the
existing ones (as the Scottish
Nationalists, Greens and Ukip have
done, to a greater or lesser extent).
Radical reform is required but the
nationalisation of politics is the last
thing we need.
BUDGET TRUTHS
Two myths need nailing. The first is
that George Osbornes cuts have
already been huge. The second, even
more pernicious myth, is that
Osborne is already paying down the
debt (he used such a terminology
twice during his Budget speech).
According to the Institute for Fiscal
Studies, 88 per cent of cuts to social
security benefits and 94 per cent of
the cuts to non-investment public sec-
tor spending are still to come. The UK
is merely two years into a seven-year
programme of deficit reduction
which will see spending fall in real
terms (it will continue to go up in cash
terms) and state expenditure decline
as a share of GDP. Even then, the
deficit wont have been eliminated on
the measure that matters public sec-
tor net borrowing will remain at 1.1
per cent of GDP in 2016-17. But even
that requires another election before
the target is reached, and therefore a
bitter campaign at a time when voters
will be sick and tired of austerity. Is
this really realistic? And as Ian Stewart
of Deloitte points out, this is a tiny
margin for error given that the gov-
ernment is likely to borrow a total of
338bn extra between now and then.
That is just too risky for comfort,
given the extreme inaccuracy of
macroeconomic forecasts: Two years
ago the official prediction for UK
growth in 2012 stood at 3.5 per cent. A
year ago that had been cut to 2.5 per
cent. In last weeks Budget it stood at
0.8 per cent. The truth is that
Osbornes plans still rely far too much
on ultra-bullish long-term growth
forecasts. If they dont materialise, he
and the country will be toast.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
MARKETS rose on hopes of more
quantitative easing (QE) yesterday
after US Fed chairman Ben Bernanke
said the recovery may need more sup-
port.
The central banker hinted at more
money printing, arguing more action
should be taken to push boost jobs.
Despite the recent improvement,
the job market remains far from nor-
mal, he said. Further significant
improvements in the unemployment
rate will likely require a more rapid
expansion of production and demand
from consumers and businesses,
which can be supported by continued
accommodative policies.
Stocks rose on the speech, with the
Dow Jones industrial average rising
one per cent in the day, and the S&P
500 rose 0.99 per cent.
Positive housing data also helped,
with pending home sales up strongly
compared with February 2011,
though they fell on last month.
BY TIM WALLACE
US ECONOMY
Bernanke wants more QE

Federal Reserve boss Ben Bernanke says further stimulus will boost jobs Picture: GETTY
NEWS | IN BRIEF
Fresh probe for Strauss-Kahn
Former IMF chief Dominique Strauss-
Kahn was placed under formal investi-
gation yesterday by authorities looking
into a suspected prostitution ring in
the French city of Lille, his lawyer said,
following a day of questioning by
judges in a closed courtroom. The
investigation on suspicion of complici-
ty in a pimping operation is the latest
judicial headache for the Socialist for-
mer-finance minister. The move could
lead to a trial but it falls short of
charging him.
Bumi to unveil board shake-up
Nat Rothschild is today set to stand
down from the chairmanship of Bumi,
the coal miner he helped bring to mar-
ket in London last year, at the request
of investors. Indonesian coal entrepre-
neur Samin Tan, who became a major
investor in London-listed Bumi along-
side the Bakrie family last year, is to
become chairman as part of changes
approved at a board meeting yester-
day and expected to be announced
today alongside Bumis earnings.
Rothschild will remain on the board,
sources said last night.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
Printed by Newsfax International,
BeamReach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
Syed Kamall said the
European Commission
had destroyed the
spirit of talks over the
AIFM directive.
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7248 2711
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
The new jobs website for London professionals
CAREERS.com
Distribution helpline
If you have any comments about the distribution
of City A.M. Please ring 0207 015 1230, or email
distribution@cityam.com
MORE THAN 2,000 Game Group staff
will be made redundant this week
after the video games retailer col-
lapsed into administration yesterday.
PwC, the appointed administrator,
said 277 stores would be shut with
immediate effect, leaving 2,119
employees without jobs including 15
head office staff.
The remaining 332 stores employ-
ing 2,814 people will stay open as nor-
mal as PwC attempts to find a buyer to
rescue the business.
The recent job losses are regret-
table but will place the company in a
stronger position while we explore
opportunities to conclude a sale, said
Mike Jervis, joint administrator and
partner at PwC.
Ian Shepherd, who stepped down
from his role as chief executive yester-
day, tweeted: It breaks my heart to see
a business made up of such magnifi-
cent people come to this and yes, I
think we should have been able to
avoid it.
Game has become the latest casual-
ty on the high street after a string of
profit warnings and the refusal by sev-
eral big suppliers including EA Games
to provide the retailer with new block-
buster releases.
Jervis told City A.Mthe chain had suf-
fered high fixed costs incurred from
its vast store portfolio and its ambi-
tious overseas expansion, with many
of these loss-making stores funded by
its UK operations.
The firm, which trades as Game and
Gamestation, told customers on
Facebook its reward card has been
frozen, meaning some 19m members
globally will not be able to redeem
points until further notice.
Game has also suspended its gift
cards and warned it would not be able
to offer refunds for products.
PwC said is in talks with several par-
ties who have expressed an interested
in purchasing part or all of the busi-
ness and its assets. These are said to
include Gamestop and Hilco.
Sources close to Game said failure
to reach an agreement could result in
RBS and its lenders taking control
through a debt-for-equity swap.
Game in final
battle to find
white knight
THE Treasury has held talks about sell-
ing a stake in Royal Bank of Scotland
to Abu Dhabi, it emerged last night.
Officials have spoken to the emi-
rates sovereign wealth funds over the
course of several months. Sources said,
however, that talks have not reached
an advanced stage and a deal is not
imminent.
The government owns 82 per cent of
RBS after bailing it out with 45bn in
2008. The sale of a small stake could
pave the way for a full privatisation
and increase private sector interest by
highlighting demand for the stock.
RBS shares remain well below the
49.9p average price paid by the state,
however, and closed down one per
cent at 27.75p last night, meaning tax-
payers remain out of pocket.
Earlier this month RBS chief execu-
tive Stephen Hester said the faster the
government starts selling its stake, the
better for everyone.
A Treasury spokesman said: The
aim is to repair and return RBS to full
health so that it is able to support the
UK economy in the future, and the
current strategy is working to achieve
that. The governments policy has
always been to return RBS to the pri-
vate sector, but only when it delivers
value for money for the taxpayer.
Treasury met Abu Dhabi to
discuss start of RBS sell-off
BY KASMIRA JEFFORD
RETAIL
BY PETER EDWARDS
BANKING
News
ANALYSIS l GAME Group PLC
p
8
4
6
2
2.39
21 Mar
Jan Feb Mar
PwC partners Mike Jervis and Stuart
Maddison have been appointed as
joint administrators to Game Groups
UK operations after the retailer for-
mally went into administration yester-
day.
Mike Jervis oversees PwCs middle
market practice in London and works
both in an advisory capacity and takes
appointment roles, assisting in the
reconstruction or sale of businesses.
He was named as one of the admin-
istrators of Lehman Brothers
European operations in 2008.
In 2006, Jervis was lead adminis-
trator of Adams Childrenswear, the
childrens clothing retailer, and he also
acted as the administrator of
Greeting Card Group which was sold
in 2007, securing 1,800 jobs.
Joining Jervis on the team is Stuart
Maddison, PwC partner responsible
for business recovery services in the
Thames Valley and south.
He has contributed to a variety of
restructurings, with recent appoint-
ments including the administration of
Sofas (UK) Limited. Joe Softley
MEET THE ADMINISTRATORS
The government may sell a stake in RBS, led by Stephen Hester Picture: Getty
Donor dinners: whos been supping with the PM
POLITICS
News
Michael Hintze
Michael Hintze is
the billionaire
owner of hedge
fund CQS, and
can be found in
the Forbes rich
list. He has made
donations to a
number of senior
Conservatives
and, like Ruddock,
funds the arts and other charitable
causes. Along with his wife Dorothy
he attended the post-election dinner
party at Number 10 in July 2010.
Andrew Feldman
Current co-chair-
man of the Tory
party, Lord
Feldman raised
funds for David
Camerons suc-
cessful bid for the
party leadership
in 2005. He is
listed as attend-
ing a thank you
dinner at Number 10 on 14 July
2010 after the coalition came to
power, and was appointed to the
House of Lords five months later.
David Rowland
The low-profile
property mogul
had an extremely
short-lived spell as
Tory treasurer in
2010, stepping
down before he
had even started
in the post.
The millionaire
donor famously
manages to avoid photos of himself
appearing in public.
He attended a dinner at Number 10 in
February 2011.
Michael Farmer
Millionaire Michael
Farmer, who made
his fortune by
trading in metals,
is the founder of
hedge fund RK
Capital
Management. He
has been thrown
into the deep end,
having been
appointed Conservative party co-
treasurer last month. Three months
earlier he attended a social dinner in
the Downing Street flat.
Also attending Camerons events:
n Lord John Sainsbury
The supermarket magnate is a
Conservative peer in the House of
Lords and has donated consistently
to the party. He and Lady Sainsbury
attended the dinner in July 2010.
n Murdoch MacLennan
MacLennan is not a major donor to
the Tory party, but he did attend the
post-election dinner in 2010. He is
chief executive of the Telegraph
Media Group.
n Michael Freeman
Michael Freeman, of property group
Argent, was a guest at the July 2010
dinner.
Anthony Bamford
Billionaire Sir
Anthony is chair-
man of JCB,
which makes
machines for the
construction
industry. He is
believed to have
donated in excess
of 2m to the
party in recent
years and attended the thank you
dinner at Downing Street in the sum-
mer of 2010, along with his wife,
Lady Bamford.
Paul Ruddock
Sir Paul Ruddock
is another hedge
fund chief to have
made significant
donations to the
Conservative
Party. He founded
Lansdowne
Partners in July
1998 and is also
a keen fundraiser
for the Victoria & Albert Museum. His
wife Jill is also a supporter of the
arts. They both attended a dinner at
Downing Street in July 2010.
Henry Angest
Angest heads up
one of Britains
smaller financial
services groups,
Arbuthnot, and
has donated
repeatedly to the
Conservatives in
recent years. In
November 2011
he attended a
dinner at David Camerons Downing
Street flat for long-term supporters
of the party, with whom the PM has a
strong relationship.
Ian Taylor
Oil chief Ian
Taylor leads Vitol
Group, one of
the worlds
largest independ-
ent energy trad-
ing companies.
He has donated
over half a million
pounds to the
Conservatives
since 2006, and was subsequently
invited to attend the same dinner as
Angest (above) for long-term sup-
porters, in November of last year.
Michael Spencer
Like Peter
Cruddas, Michael
Spencer is a for-
mer Conservative
treasurer. Just
last month the
Icap chief attend-
ed a dinner in
Downing Street
with his partner.
He has added to
his fortune through the spread betting
industry via his interest in City Index,
which is owned by investment vehicle
IPLG. He is a major Tory donor.
THE CONSERVATIVES yesterday pub-
lished a list of large donors who have
attended dinners at the Prime
Ministers official residences since the
coalition was elected in 2010.
Tory co-treasurer Peter Cruddas
resigned on Sunday after being caught
suggesting that big donors could influ-
ence Number 10 policy.
Meetings between large donors and
leaders of political parties are allowed
under current rules. Yet opposition
leader Ed Miliband said the claims show
a breaking down of the lines between
support for a political party and the way
government policy is determined.
R
e
s
e
a
r
c
h
B
y
: J
o
s
e
p
h

S
o
f
t
l
e
y
BMW recalls 109,000 UK
cars in battery fire scare
BMW, the worlds largest premium
carmaker, is recalling about 1.3m cars
for repair worldwide due to a possible
problem with a battery cable cover in
the trunk.
The recall, announced yesterday,
affects about 109,000 cars in Britain,
BMW said. It concerns 5 and 6-Series
BMWs built between 2003 and 2010.
BMW said it was writing to car
owners offering a free repair, which
would take between 30 and 60 min-
utes in a BMW workshop.
In some remote cases, the battery
cable cover inside the boot of these
vehicles may be incorrectly mount-
ed, it said.
This can result in the electrical
system malfunctioning, the vehicle
failing to start and, in some cases, to
charring or fire, the company said,
adding it was not aware of any acci-
dents or injuries to people due to the
problem.
Fewer than one per cent of the cars
BMW has so far inspected for the
issue have exhibited the problem and
there have been no reports of fires.
AUTOMOTIVE
NEW JOBS
NEW COMPANIES
EVERYDAY
CAREERS.com
WWW.CITYAMCAREERS.COM
OVER
OR SCAN HERE
2000
FINANCE, LEGAL & I.T
SALARIES UP TO
JOBS
300K
40p per unit, as well as lager at 39.6
per cent on average and 55.7 per cent
of sales under the level.
The impact would be quite sub-
stantial even for more moderate
alcohol consumers, the IFS believes.
The minimum price is also being
implemented in an inefficient man-
ner, the think-tank warns.
The policy could also lead to sub-
stantial transfers of revenue to the
alcohol industry. It would seem
more sensible to establish a floor
price through the tax system by
treating different types of alcohol
more consistently, and allow these
revenues to flow to the exchequer
instead.
However, the Home Office rejected
that view, telling City A.M. alcohol
sold at a loss benefits the heaviest
drinkers and costs the rest of us.
Supermarkets can use any extra prof-
its to lower the price of other goods
and make the average shopping bas-
ket cheaper.
IFS: Minimum price will
hurt moderate drinkers
Picture: Laura Lean / CITY A.M.
BY TIM WALLACE
POLITICS
News
NEW RULES pushing up the price of
alcohol will affect almost half of
drinks sold at off-licences and hit
moderate drinkers, a study by the
Institute for Fiscal Studies claims.
Home secretary Theresa May
announced the government is look-
ing into a minimum price of 40p per
unit, arguing last week that higher
prices will crack down on a signifi-
cant minority in this country who
drink dangerously and who cause
disproportionate harm.
However, analysis of off-licence
sales by the IFS shows 47 per cent of
units of alcohol sold will be affected
by the minimum price.
Cider and sherry drinkers will be
worst affected, with an average price
in 2010 of 30.6p per unit price and
80.3 per cent of sales falling under
the proposed 40p floor.
Fortified wine sales will also be
hit, with an average unit cost of
39.6p and 63 per cent of sales below
MONITISE has made its first acquisi-
tion in its almost ten-year history with
Clairmail, the US-based mobile bank-
ing software firm.
The British financial services tech-
nology company forked out $173m
(108.5m) to buy its rival, which will
account for 26.5 per cent of the com-
bined group, worth almost 400m.
The acquisition of Clairmail, which
grew revenues by 90 per cent to $18m
in 2011, will see Monitise work for a
third of the top 50 North American
financial institutions and reach 13m
consumers on four continents.
Chief executive Alastair Lukies, who
founded Monitise in 2003, said:
Monitise has established itself as the
worlds number one platform and
ecosystem of choice in the hugely
exciting mobile money industry. This
transaction further enhances this lead-
ership position.
The future of payments, the inter-
net, retail and social networking is all
mobile, he added.
Monitise already provides services to
RBS and Lloyds TSB, and works closely
with Visa, its biggest shareholder.
Monitise buys
US rival firm
BY LAUREN DAVIDSON
TECHNOLOGY
ABERDEEN Asset Management was

one of the biggest risers on the FTSE
100 yesterday after it pulled in more
money amid calmer global markets.
It posted a six per cent rise in funds
under management to 184.4bn in the
two months to the end of February as
investors rediscovered their appetite
for risk.
Chief executive Martin Gilbert said
money had flowed into higher-margin
products such as emerging markets
equities.
He told City A.M. that sentiment had
improved after the Eurozone crisis
eased but declined to say it had been
dealt with definitively. I dont know
whether it would come back. I think
most people are pretty cautious.
Shares in Aberdeen, which joined
the FTSE 100 earlier this month, closed
up 4.36 per cent at 260.80p after it ben-
efited from the rally in global markets.
Central banks have pumped cheap
cash into the financial system this
year, with the European Central Bank
pouring in more than 1 trillion
(836bn) since late December.
Yesterday Aberdeen said fixed-
income outflows had slowed signifi-
cantly from previous quarters and it
continued to see positive interest for
both emerging market debt and its
Asian local currency short-duration
product.
It also said it had recently been
appointed to two new mandates in its
property business, which it expects to
fund during the second half of its
financial year.
Return to calm
in the market
aids Aberdeen
Aberdeen, led by Martin Gilbert, won the fund manager prize at the City A.M. awards 2011
BY PETER EDWARDS
ASSET MANAGEMENT
News
ANALYSIS l Aberdeen Asset Management PLC
p
265
260
255
250
245
260.80
26 Mar
20Mar 21 Mar 22Mar 23Mar 26Mar
Quality better than quantity
THE real story behind Aberdeens
improving fortunes is not just that it
is running more money in its funds,
but that it is running better money
too. Most of the new inflows are
going into high-margin products
such as its emerging markets equi-
ties business, which saw net inflows
of 2.74bn in the five months to the
end of February.
The Asia Pacific equities business
has also been attracting investors,
pulling in a net 408m over the
same period, as have global equities,
which attracted 732m of net
money. Typically, these funds boast
margins of between 60 and 90 basis
points.
The same cant be said for the
areas where Aberdeen is experienc-
ing net outflows, namely its fixed-
income business, which experienced
an overall net outflow of 2.4bn.
That suits Aberdeen down to the
ground, as these funds typically have
lower margins of between 20 and 30
basis points. In a choice over quantity
and quality, quality triumphs again.
BOTTOMLINE
Analysis by David Crow
MANGANESE Bronze, the maker of
Londons traditional black cabs, has
posted a narrower annual loss as
overseas demand for its vehicles
grew and margins increased.
The Coventry-based company
reduced pre-tax losses to 2.6m in
2011, down from 6.3m the year
before, and said it is well positioned
to place a profit in 2012.
Sales of new taxis in London
increased four per cent to 1,074 vehi-
cles, but sales in the rest of the UK
market fell by almost a third to 428.
Export sales more than tripled to
705 vehicles in 2011.
Manganese Bronze, which is 20
per cent owned by Chinas largest
private car maker Geely Automobile,
said it shipped 500 vehicles to
Azerbaijan in February 2012 and
more orders are pending.
Shares of the London-listed compa-
ny, which have lost nearly a fifth of
their value since the begin-
ning of this year,
dropped five per
cent to 25p.
Black cab firm
cuts losses on
growth abroad
AUTOMOTIVE
COUTTS has been fined 8.75m for

significant, widespread and unac-
ceptable failings in its money laun-
dering controls, its second regulatory
penalty in four months.
The private bank, which is owned
by Royal Bank of
Scotland, was found
to have made inade-
quate checks on
clients who are con-
sidered politically
exposed persons
people whose promi-
nent position in
public life
m i g h t
h a v e
m a d e
t h e m
vulner-
able to
c o r -
r up -
tion.
Despite finding no evidence of
money laundering the Financial
Services Authority (FSA) issued the
fine after finding deficiencies in
threequarters of the high risk cus-
tomers files that were reviewed.
Problems identified include a fail-
ure to gather sufficient information
to establish the source of wealth of
such clients and assess adverse intel-
ligence about prospective and exist-
ing high risk customers.
The bank, led by chief executive
Michael Morley (pictured), said it
accepted the judgement: Coutts has
cooperated fully and openly with the
FSA throughout the investigation.
Coutts accepts the findings regarding
certain failures to meet the relevant
regulatory standards between
December 2007 and November 2010.
Coutts, which counts the Queen
among its clients, faced a 12.5m fine
if it had not agreed to settle at an
early stage. In November it was fined
6.3m for failings related to the sale
of a fund product during the run-up
to the 2008 financial crisis.
Coutts fined
over client
cash checks
SOUTH Koreas enormous national
pension fund is to open an office in
London, boosting the governments
attempts to attract foreign investment
in British infrastructure.
The $320bn (200bn) fund is looking
to double the size of its existing over-
seas portfolio to around $60bn and has
already spent a substantial sum on
British projects in the last two years,
snapping up HSBCs headquarters in
Canary Wharf, buying a stake in
Gatwick airport and backing several
large property developments in the
capital.
Deputy Prime Minister Nick Clegg
made the announcement following a
meeting in Seoul with the funds
chairman Jun Kwang-woo.
Were ramping up our sales pitch
abroad Britain is open for business.
Were making sure the UK doesnt
miss out because investors dont know
whats on offer or about our long-term
strategy to deliver world-beating infra-
structure. [The funds] decision to open
in London is testament to the econom-
ic opportunities in the UK, Clegg said.
The office, due to open in June, will
be the funds second international
office, after New York.
Koreas 200bn pension
fund comes to in London
BY JAMES WATERSON
BANKING
BY JAMES WATERSON
CAPITAL MARKETS
News
Nick Clegg announced the deal after a meeting in Seoul Picture: REUTERS
HSBC has begun talks about offload-
ing its Mauritius retail banking and
wealth management division as it
continues to target better investor
returns.
The bank is believed to have
received three approaches for the
arm, the origins of which go back to
the middle of the nineteenth century.
Yesterday HSBC, Europes largest
bank, confirmed it was in talks but
declined to comment on any bids. The
Mauritius division has a network of
11 branches and offices.
HSBC said it remained committed
to the market there, where it would
still invest in its commercial banking
division.
The bank has begun a widespread
asset-selling programme over the last
year, as part of chief executive Stuart
Gullivers plans to cut annual costs by
$3.5bn (2.2bn), focus more on fast-
growing Asian markets and boost its
overall profitability.
Earlier this month it agreed to sell
its general insurance businesses to
Frances AXA Group and Australias
QBE Insurance Group for $914m in
cash. HSBC also sold its majority stake
in its Middle Eastern private equity
arm last week and disposed of its
banking operations in Costa Rica, El
Salvador and Honduras for around
$800m in January.
HSBC mulls a
new asset sale
to lift returns
BANKING
News
TOTAL lending will not be boosted by
the governments credit easing
scheme, the Office for Budget
Responsibility (OBR) warned yesterday
though the programme should shift
the balance of lending towards small
firms.
The governments national loan
guarantee programme aims to give
20bn of support to lending, lowering
small- and medium-sized enterprises
(SMEs) borrowing costs by one percent-
age point.
However, the credit easing scheme
begins with only a 5bn tranche,
which the OBRs Robert Chote said will
have little impact on total lending.
The magnitude does not justify
making an adjustment to our forecasts
Im not saying it is a waster of time,
but there will be no material impact
from the first tranche, he told the
Treasury Select Committee.
Furthermore, by the time the full
20bn has been implemented, the OBR
believes the economy will have recov-
ered and credit will be flowing again,
limiting the usefulness of the pro-
gramme.
However, the OBR did stress SMEs
which had planned on borrowing any-
way will benefit from lower interest
rates on their debts.
OBR: Credit easing will have little impact
SPAINS La Caixa agreed last night
to the takeover of smaller rival
Banca Civica by its listed arm
CaixaBank, creating Spains biggest
bank by domestic assets.
CaixaBank offered 1.97 per share
for Banca Civica in an all-share deal
valuing the whole bank at 980m.
A second wave of consolidation in
the Spanish banking sector is under
way as lenders look to raise capital
levels to cover losses sustained after
a decade-long property and con-
struction bubble collapsed in late
2007.
With about 285bn in assets,
CaixaBank is around four times the
size of Civica and the move will
form Spain's biggest bank in Spains
domestic market, outstripping even
Santander and BBVA.
CaixaBank will not request state
funds for the takeover and will pay
back the 977m that Banca Civica
has received from the state-backed
restructuring fund FROB.
The banks said they hoped to
finalise the deal and get the
approval of their shareholders by 30
June.
Spanish banks to merge
BY HARRY BANKS
BANKING
COMMODITIES traders could face lim-

its on the positions they can take,
aimed at cutting down on speculation
if regulators get their way in negotia-
tions this week.
EU policymakers also want to ban
banks from giving outside brokers
direct access to markets as part of a
sweeping crackdown on computerised
high-frequency trading (HFT), a
European Parliament report said yes-
terday.
The report was the assemblys ini-
tial response to a draft law aimed at
reining in computerised or algorith-
mic trading and other advances in
technology which have made it hard-
er for supervisors to see the full pic-
ture and control markets.
The EC proposed the draft law,
known as MiFID II, last year and it is
now before parliament and EU states
for approval, with changes expected.
Markus Ferber, the German law-
maker who is steering the measure
through parliament, said in his report
that a tougher crackdown on HFT was
needed than outlined in the draft law.
HFT has increased volume on many
exchanges and the Federation of
European Securities Exchanges urged
caution on Monday about taking such
radical measures.
We need to do some homework
first. I dont think Ferber wants to kill
the market but wants to be on the safe
side, said Judith Hardt from the
Federation of European Securities
Exchanges.
Other exchange officials said a ban
on direct market access and requiring
minimum periods for orders would
damage liquidity and force people to
risk their capital when they don't
want to.
They were also dismayed that
Ferber wants to harden controls on
the size of positions commodity
traders can hold.
EU near to
ban on high
tech trading
BATS GLOBAL Markets is pushing
ahead with plans to move its Chi-X
platform, Europes largest share trad-
ing venue, to its own technology after
a software bug forced the exchange
operator to take the embarrassing
step of pulling its own listing last
week.
The third-largest US stock
exchange was due to be the first list-
ing on its own marketplace but a
software bug caused its share price to
plummet from $16 to less than a cent
before trading was halted.
Later in the day, BATS took the
extremely rare step of withdrawing
the IPO altogether and said it would
return money to investors who had
bought its shares.
Still, BATS Europe, wholly owned
by BATS Global Markets, said it would
switch Chi-X Europe to its own in-
house developed platform next
month as scheduled, in a move
which will make Chi-X faster and cut
costs.
A spokesperson for BATS Chi-X
Europe said on Sunday that it had
completed the first dress rehearsal
with no issues.
BATS, which is owned by many of
the worlds largest banks and trading
firms, was formed in 2005 and has
taken on the New York Stock
Exchange and Nasdaq in the trading
of stocks.
But its desire to challenge estab-
lished markets in listings took a hit
after the debacle last week. The abili-
ty to list other firms formed a core
part of the BATS own business
model.
The company has stressed Fridays
software bug was found in technolo-
gy related to changes it had made to
enable its IPO in the US and trading
in Europe was not impacted.
BATS completed the acquisition of
Chi-X three months ago for $300m.
BATS sticks
with Chi-X
tech move
La Caixa chief exec Juan Maria Nin Genova has agreed the buyout deal Picture: GETTY
BY JAMES WATERSON
CAPITAL MARKETS
BY TIM WALLACE
UK ECONOMY
BY HARRY BANKS
REGULATION
The OBRs Robert Chote said overall credit levels are unlikely to be affected
GUY Hands has sought to move on
from his troubled investment in EMI
by agreeing a 276m deal to buy
Garden Centre Group (GCG).
His Terra Firma vehicle beat compe-
tition from several private equity rivals
to take the retailer off the hands of
Lloyds after the bank, 41 per cent tax-
payer owned, and Sir Tom Hunters
West Coast Capital took a write-off.
Apax, CCMP Capital and Duke
Street are also thought to have been
interested in a deal for GCG, which has
long been a target for buyout firms as
Lloyds seeks to shrink the vast loan
book it inherited from its takeover of
Halifax Bank of Scotland.
GCG, which has 129 centres across
England and Wales, operates under
brands such as Wyevale, Blooms,
Bridgmere and Country Homes and
Gardens. It has not published perform-
ance figures for last year but City A.M.
understands the price of yesterdays
deal represents a multiple of 8.5 on its
earnings before interest, tax, deprecia-
tion and amortisation for 2011. A
spokesman for GCG declined to com-
ment on an estimated Ebitda of 32m.
Hands said: The Garden Centre
Group has enormous potential and we
see considerable opportunity to help it
grow through focussed, strategic
investment. It already has a leading
position in a very fragmented market
with long-term growth prospects.
A spokesman for Hunter said: West
Coast Capital wrote its stake off several
years ago, we made a little bit of that
back through this deal and have now
exited.
Lloyds took control of the Garden
Centre Group in 2009 after a debt-for-
equity swap diluted Hunters stake to
about 20 per cent.
Hands finding
green fingers
in 276m deal
BY PETER EDWARDS
PRIVATE EQUITY
THE CHIEF EXECUTIVE of

AstraZeneca, Britains second-biggest
pharmaceuticals company, was
awarded a total pay package of more
than 9m last year, against 5.5m in
2010.
The companys annual report pub-
lished yesterday showed that David
Brennans basic salary rose 2.5 per
cent to 997,000 in 2011 in line with
pay rises across the group, and this
was bolstered by an array of bonuses
and share awards.
His 2011 total pay package as
reported by the group was 3.37m,
including 1.32m cash bonus.
Brennan also received a 5.6m one-
off share award from 2008, which
was released to him last year.
The report said Brennan and chief
financial officer Simon Lowths cash
bonus was 16 per cent lower than
2010, because AstraZenecas revenue
and core operating profit declined.
The company has been struggling
to develop new drugs to fill its medi-
cine cabinet and replace revenues
lost due to drug patent expiries.
In sign of further woes, a US judge
yesterday refused to grant the com-
pany an injunction to delay the
launch of generic versions of its top-
selling antipsychotic treatment
Seroquel.
AstraZenecas chief lands a
bumper 9m pay package
BY KASMIRA JEFFORD
PHARMACEUTICALS
News
GCG is about to fall into new Hands (left) with Hunter (right) exiting Pictures: GETTY
ROTHSCHILD acted as the financial
advisor to The Garden Centre Group
and to lender Lloyds Banking Group.
Majid Ishaq, a London-based man-
aging director at Rothschild, led the
team.
Ishaq told City A.M. that Garden
Centre was attractive because of its
mid-market position and its middle
class customer base.
The chain owns about 70 per cent
of the properties from which it oper-
ates, Ishaq said, saving it money on
rent and meaning it avoids the regular
negotiations with landlords which are
faced by many high street retailers.
Ishaq has worked on a series of pri-
vate equity deals including
Bridgepoints acquisition, in December
last year, of online cycling retailer
Wiggle, which counts former Asda
chief executive Andy Bond among its
investors.
Ishaq also worked on one of the
landmark deals of 2010, when Pets at
Home was bought by private equity
firm KKR for 955m.
He was part of the Rothschild
team which worked for Bridgepoint,
the seller. A spokesman for Terra
Firm said the buyout firm did not
hire a bank or lawyer specifically for
this deal.
ADVISERS: ROTHSCHILD
MAJID ISHAQ
ROTHSCHILD
THE NUMBER of new patented inven-
tions in the UK rose by 29 per cent last
year the biggest leap in a decade as
2,992 patents were granted.
The figures, set out in a report from
law firm Reynolds Porter
Chamberlain, will come as good news
for chancellor George Osborne, who in
last weeks Budget said he wanted the
UK to be at the forefront of innovation
and the technology hub of Europe.
But the number of patent applica-
tions submitted dropped to 15,343 last
year, following a declining trend over
the last decade. Some 20,196 patents
were applied for in 2002.
RPC intellectual property partner
David Cran, who wrote the report, said
the lower number of applications
reflects the economic downturn, as
companies tread more carefully with
their investment budgets.
BLP head of intellectual property
Simon Clark told City A.M.: People
have been tightening their belts and
are no longer filing speculative appli-
cations in the hope some will be grant-
ed, so the quality of applications has
probably increased.
The boom in IP grants is expected to
grow in light of Patent Box the
government initiative which will cut
the tax rate on profits generated from
patents to 10 per cent from April 2013.
Cran called scheme a Budget high-
light and said it will substantially
increase the UKs competitiveness.
He added that the reforms made to
the UK Patent County Court, including
capping to 50,000 the cost of losing,
were crucial in encouraging innova-
tion and removing fears of bankruptcy
for small businesses wishing to sue for
patent infringement.
Last years surge was driven by the
vehicles and transport industry, which
was granted the most number of
patents at 689 up 68 per cent on the
previous year. Health and surgery
patents jumped 53 per cent to 480.
UK sees surge
in number of
patents filed
BY LAUREN DAVIDSON
INNOVATION
EASYJET, Europes second-largest low-

cost carrier, said yesterday it expected
its first-half loss to be narrower than
previously thought as cost controls
and better marketing help it through
tough times.
EasyJet said it now expects a first-
half loss of 110m to 120m down
from previous estimates of 140m to
160m.
European airlines have struggled to
overcome a toxic mix of high oil
prices and sluggish demand in recent
months, with low-cost airlines expect-
ed to pick up more business as strug-
gling consumers trade down.
In a difficult environment for all
airlines, improvements in revenue
management combined with market-
ing and website initiatives have
enabled EasyJet to take advantage as
weaker competitors have left the mar-
ket over the last couple of months,
the company said.
Two months ago EasyJet posted
strong growth in quarterly revenue,
helped by an uplift in the number of
business travellers flying with the air-
line and milder winter weather.
Since the start of the year, some air-
lines, including loss-making Spanair
and Hungarian flag-carrier Malev
have ceased operations, leaving gaps
in the market.
EasyJet losses
narrowing as
costs reduced
AVIATION
News
Andrea Orcels move to UBS could end in tears
T
HE decision by UBS to hire star
investment banker Andrea
Orcel is pure box office. Orcel,
one of the highest paid bankers
of all time (known by some as the
George Clooney of banking for his
looks), is a big recruit.
His impending arrival at UBS
marks a statement of intent from the
giant Swiss bank. It may have slipped
down the league tables the latest
Dealogic first quarter figures out yes-
terday show UBS in 12th position in
global mergers & acquisitions com-
pared to ninth last year and it may
have suffered reputationally from the
rogue trader scandal, but some inter-
pret this appointment as saying in
capital letters that it still means busi-
ness in investment banking.
Cynics are not so sure. They say
that Orcel, whose clients include
Santander and UniCredit (but not
many more, they say), is a deal junkie
first and foremost who is inevitably
unsuited to managing an investment
banking team as he must do as co-
head of the US investment bank.
They say his hire owes much to his
friendship with UBS chief executive
Sergio Ermotti, whom he has known
for years, and that although he was at
Merrill Lynch for 20 years he would
have moved much sooner if the right
offer had come along.
They query how he will get on with
some of the remaining leading lights
at UBS such as Simon Warshaw and
also question how long his working
relationship with Carsten Kengeter
(with whom he will be co-head of
investment banking) will last.
One banker said yesterday: I sup-
pose this shows that the UBS invest-
ment bank still has a pulse. But
strategically it would have been much
smarter for the bank to have acquired
something like Moelis.
Moelis is the boutique set up by the
former star of UBS, Ken Moelis, that
has done so well in the US and Asia
where UBS could do with being
stronger than it is.
Like a marquee signing in the
world of professional sport (think
Cristiano Ronaldo when he moved
from Manchester United to Real
Madrid), the Orcel arrival at UBS will
be hotly awaited, but it is far from
clear what the outcome will be.
Sources close to the bank were yes-
terday downplaying its impact, aside
from saying that the bank had hired a
terrific banker who would add to an
already established team. This is
business as usual. I dont know what
the storm is about. Others are only
too happy to predict that there will be
a storm and it wont necessarily be an
easily navigable one.
Follow me on Twitter @hellierd
david.hellier@cityam.com
INSIDE TRACK
DAVID HELLIER
ANALYST VIEWS: IS EASYJETS STRATEGY
PROVING SOUND? Interviews by John Dunne
JAMES HOLLINS | INVESTEC

EasyJet is driving better-than-expected yields, as well as benefiting
from the failure of competitors. The cost efficiencies have also helped. But there
are a number of headwinds in the second half, including fuel costs.
DOUGLAS MCNEILL | CHARLES STANLEY

Chief executive Carolyn McCalls second full year in charge is shaping up
nicely. Our forecasts were already somewhat above consensus so are likely to stay
where they are. Cost performance also looks better than thought.
RICHARD CURR | PRIME MARKETS

EasyJet has exceeded expectations and the fact this has come in spite
of a huge hike in the fuel bill shows just how powerful a force for growth the low
cost carrier has become. It is the success story of the industry.
Carolyn MCall has led EasyJet to high-flying progress Picture: GETTY

MORE NEWS
ONLINE
www.cityam.com
Private Property
Finance
Individuals, companies, SPVs etc.
We will arrange funding for you
from 30k to 20m.
A quick and true alternative
to slow bank funding.
Soho Corporate
0208 123 2151
www.sohocorporate.co.uk
Steven McColl Investment Partner at Soho Corporate. @
@
12
The Capitalist
Got A Story? Email the-
capitalist@cityam.com
PAINTING A PICTURE OF
RBS PAST AND PRESENT
Auctioneers at Bonhams, the fine art
house, are hoping that all the (mainly
bad) news about the Royal Bank of
Scotland and the debate about Scottish
independence may have a beneficial
impact on the demand for a portrait
being sold next month in the firm's
Edinburgh office.
Bonhams is auctioning a portrait of
Archibald Campbell, third Duke of
Argyll, the founder of RBS and one of
31 Scottish Commissioners who negoti-
ated the 1707 Act of Union with
England. The painting, which is esti-
mated to fetch 20-30,000, is by Allan
Ramsay, an eigh-
teenth century por-
trait painter.
Chris Brickley of
Bonhams said: The
emergence onto the
market of this major
work by Ramsay
could hardly be more
timely with RBS con-
stantly in the news
and vigorous debate
taking place over the
future of the Union
between Scotland and
England in which
Campbell played a
persuasive role.
Ramsay enjoyed the
Dukes patronage and friendship for
more than twenty years and painted
him a number of times.
But surely if its newsworthiness
were after ,there must be some more
appropriate RBS-related candidates for
portrait subjects.
Step forward anybody that owns por-
traits of the recently de-knighted Fred
Goodwin or even the de-bonused
Stephen Hester. Its not obvious what
the Goodwin work might fetch but it
could easily be a collectors item.
HMV's Oxford Street store yesterday hosted a charity head shave in support
of the Teenage Cancer Trust. Those who had raised 50 each were given a
free hair cut in front of the store's lunchtime shoppers in an event timed to coincide
with the release of the comedy 50/50. Picture: Laura Lean / CITY A.M.
HAIR CUTS FOR FREE AT HMV
News
BRITISH gas producer BG Group and
its partner Ophir Energy have dis-
covered a bigger than expected gas
deposit off the coast of Tanzania,
the pair said yesterday.
BGs shares jumped 1.8 per cent
after it said it had come closer to
the minimum volumes required
for a liquid natural gas develop-
ment.
The discovery made at the
Jodari-1 well had recoverable
mean resource estimated at
3.4 trillion cubic feet (TCF).
That is above the estimate
of 2.2 TCF and prompted BG
and Ophir to issue upbeat
statements to the market.
Ophir, backed by steel
magnate Lakshmi Mittal (pictured),
said the cumulative resources found
in its blocks were now about 7 TCF.
London-listed Ophir holds 40 per
cent of the three blocks.
Its shares surged 18.8 per cent to
477.6p, and chief executive Nick
Cooper hailing the results.
This is a very strong start to our
five-well 2012 Tanzania drilling
campaign and the Metro-1 drill-
ship will now move to drill
Mzia-1, which is targeting mean
recoverable resources of 4.6
TCF, Ophir said.
Investec analyst Stuart
Joyner said the find
announced yesterday
is the strongest possi-
ble start to the five-
well 2012 Tanzania
drilling campaign.
BG and Ophir
shares up on
large gas find
RUSSIAN tycoon Oleg Deripaska is
ready to buy Rusals 25 per cent block-
ing stake in Norilsk Nickel to resolve a
shareholder dispute at the worlds
largest aluminium producer, a source
close to the Rusal board said.
Deripaskas gambit seeks a way out
of a row with minority shareholder
Viktor Vekselberg, who quit as Rusals
chairman two weeks ago, saying the
firm was in deep crisis and overbur-
dened with debt.
A buyout of the stake by Deripaska,
Rusals chief executive and largest
shareholder, at a price reported to be
around $9bn (4bn), is likely to be
resisted by minorities and may not be
possible to finance, bankers and ana-
lysts say.
Rusal bought the holding in
Norilsk Nickel, the worlds largest
miner of nickel and palladium, for an
estimated $14bn at the top of the
market in 2008, and the company is
still carrying an $11bn debt burden as
a result.
No official proposal has been
made, but it would be the only right
and beautiful way to resolve the prob-
lem, the source said on condition of
anonymity.
As a result, Rusals debts would
fall, the company would be able to
pay out dividends to shareholders,
raise its share price and concentrate
on its aluminium projects.
The Vedomosti business newspaper
said yesterday that Deripaska was pre-
pared to offer around $9bn for the
stake, representing a premium of
around three per cent to Norilsks
closing share price on Friday.
Vedomosti, citing four sources, said
Deripaskas holding company En+
might pay $4.4bn in cash and assume
a $4.6bn loan to Rusal from state-con-
trolled Sberbank secured against the
Norilsk stake. Norilsk shares rose
after the reports.
Salamander profits rise
but production is lower
SALAMANDER Energy recorded a
pre-tax profit for 2011 but produc-
tion slipped, it said yesterday.
The oil and gas group swung
back into the black as it saw a prof-
it of $112.6m (70.5m) in the 12
months to 31 December.
The previous year the company
recorded a $113.7m loss. Revenues
rose from $323.4m to a record
$408m, but still missed consensus
forecasts of $464m.
Average daily output in 2011 fell
to 18,600 barrels of oil equivalents
per day (boepd), compared with
20,300 boepd in 2010. This is
expected to fall further in the cur-
rent year, to 12,000-13,000 boepd,
due to the sale of the ONWJ and
SES production sharing contracts
(PSCs).
The group assured that produc-
tion rates should exceed the 20,000
boepd mark once again in 2014 due
to increased volumes from the
Bualuang field and the start of pro-
duction from the Kerendan and
South Sembakung developments.
2011 was an important year. We
have also materially grown our
reserve base, said chief executive
James Menzies.
No dividend was paid and none is
being planned.
BY JOHN DUNNE
ENERGY
METALS
ENERGY
NEWS | IN BRIEF
Total hit by North Sea gas leak
Total UK has shut down oil and gas pro-
duction from its Elgin Franklin platform
in the North Sea and evacuated staff fol-
lowing a gas leak on Sunday, the compa-
ny said yesterday. Total UK said that
operations had ceased and that all 238
personnel had been accounted for and
no injuries had been reported. A gas
cloud was visible from seven miles away,
witnesses said yesterday. The peak pro-
duction capability for the Elgin Franklin
field is 280,000 barrels of oil equivalent
per day, 175,000 barrels per day con-
densate and 15.5m cubic metres of gas
per day (mcm/d), according to Total. The
cause of the leak was still unknown and
investigations were ongoing, Total said.
Kenya announces first oil find
Kenya yesterday announced its first oil
discovery, saying it was found in the
northern part of the country where
British explorer Tullow Oil has been con-
ducting exploratory drilling. The firm
said the discovery was beyond our
expectations, helping send the compa-
ny's shares up 6.6 per cent to 15.70.
Kenya and its neighbours in east Africa
have become an international hot spot
for oil and gas exploration after com-
mercial oil deposits were found in
Uganda and natural gas in Tanzania and
Mozambique. President Mwai Kibaki
said in a statement that Tullow had
established oil and would drill more
wells in the area to ascertain the com-
mercial viability of the find.
BOWLEVEN said yesterday that two of
its exploration wells in the Douala
Basin in Cameroon have found oil, as
the West Africa-focused oil firm
reported a narrower first-half loss.
Bowleven, which has been in the
news lately after Turkmenistan-
focused Dragon Oil revealed it was in
the early stages of making a bid for
the firm but last month walked away,
said one of the wells tested high qual-
ity light oil.
The company added it was fully
funded for its current exploration
and appraisal programme on Etinde
and Bomono two exploration sites
in Cameroon.
Meanwhile the firm reported a loss
of $5.5m (3.4m) for the six months to
31 December, compared with a loss of
$15.7m a year earlier.
Bowlevens Aim-listed shares
bounced 19.6 per cent to 105.5p.
Bowleven pares losses as
it strikes oil in Cameroon
The explorer has struck oil in Cameroon Picture: GETTY
BY HARRY BANKS
ENERGY
Deripaska poised to snap up

Rusals Norilsk Nickel stake
YOUR VOLVO XC RANGE
low bik. HIGH BHP.
FOR A POWERFUL, LOW EMISSION FLEET
Up to 50.4 mpg on a combined cycle
CO2 from just 149 g/km with All-Wheel Drive
BIK contributions from only 23%*
Impressive 215 bhp D5 engine
All-Wheel Drive or Two-Wheel Drive options
Its not difficult to see why the Volvo XC60 and XC70 have quickly become two of our
most popular and business-friendly cars. Low emissions and impressive fuel efficiency
keep your fleet economic. All-Wheel Drive performance, practical space and muscular
style keep your drivers ahead of the crowd. Benefit in kind contributions of only 23%*
keep your fleet within your drivers budgets. And, when you add the commanding
presence of the Volvo XC90 you really can keep everyone happy. Call your Volvo
Business Specialist to request an appointment today.
CALL 08457 300 140 OR VISIT WWW.VOLVOCARS.CO.UK TO FIND OUT MORE
Fuel consumption figures for the Volvo XC range in mpg (l/100 km): Urban 18.6 (15.2) to 43.5 (6.5), Extra Urban 34.9 (8.1) to 58.9 (4.8),
Combined 26.4 (10.7) to 51.4 (5.5). CO2 emissions 249 g/km to 144 g/km.
COMPANY CAR DRIVER INFO: Benefit in kind rates for the 2012/2013 tax year on the Volvo XC range are from 22% to 35%. By way
of example, company car tax payable being 105.28 to 251.65 per month for a 20% taxpayer and 210.56 to 503.30 per month for
a 40% taxpayer.
Monthly amounts are a guide only. Final car tax payable may be lower or higher and will depend on other factors including final list price of car with accessories and options and any employee capital contributions or
payments made towards private use. Excludes private fuel. Advice should be taken.
* 2012/2013 tax year
BORIS Johnson has announced an all-
out push towards automation of the
Tube network, pledging that he will
never again buy a Tube train that
requires a driver.
It is time for London to learn from
other metro networks and get the
benefits of automatic train control. It
is time to move forward with train
captains along the lines of the
DLR with all the efficiency benefits
that will bring, and absolutely no loss
of safety, Johnson said at the launch
of his transport manifesto in Euston.
He also pledged to take on what he
called hardline union barons who
cause disruption to services.
But despite the bold promise
Londoners are unlikely to see any ben-
efit in the short term. Only the
Victoria, Jubilee, Central and
Waterloo & City lines are capable of
Boris pledges
to get rid of
Tube drivers
Floats fall by 69pc this year
GFTUK.COM | FREEPHONE 0800 358 0864
SPREAD BETS, CFDs and FOREX.
Now on DealBook for iPad.
|u||screenchart|ngw|thdraw|ngtoo|s
||vestrear|ngChBCv|deoforqua||fy|ngcustorers
Custor|sab|eru|t|v|ew|nterface
When trading CFDs, Forex and Spread bets, it is possible to lose
more than your initial deposit.
Download today free from the App Store. Search GFT DealBook.
Visit gftuk.com/ipad to nd out more.
GFT Global Markets UK Ltd. is authorised and regulated by the Financial Services Authority. 2012 Global Futures and Forex, Ltd. All rights reserved. CD03UK.215.021412
Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. facebookcorgftrarketsuk tw|ttercorgftuk
COMPANIES raised a third less capital
on stock markets during the first
three months of 2012 as they did dur-
ing the same period last year, accord-
ing to figures released yesterday by
data provider Dealogic.
And the number of initial public
offerings (IPOs) dropped an enormous
69 per cent in the first three months
of 2012 to just 314 deals worldwide,
suggesting investors remain suspi-
cious of new floats.
The data showed that the total
amount of equity raised on capital
markets (ECM) was just $139.8bn
(87.1bn) in 972 deals, the lowest
quarterly figure since the start of
2009.
For the second quarter running,
the Americas recorded the highest
ECM volume of any world region,
with $60.2bn raised in 342 deals.
However Dutch cable firm Ziggo
has achieved the only float above
$1bn in the year to date, while inter-
net-related IPO volume declined by 81
per cent to $712m in the first quarter.
Revenues at investment banks suf-
fered as a result, dropping to $3.1bn
for ECM revenue. JP Morgan topped
the rankings with earnings of $263m
from such deals while Citi leads the
global bookrunner volume ranking
with $13.1bn and a 9.4 per cent mar-
ket share.
Although the quarterly figures are
poor there is reason to be optimistic
that a revival is underway. Total ECM
volume in March has been strong
with $65.4bn raised on the markets,
the highest monthly total since July
2011.
Boris Johnson and Ken Livingstone clash over transport. Picture: Laura Lean / CITY A.M.
BY JAMES WATERSON
CAPITAL MARKETS
News
NEWS | IN BRIEF
Qantas to set up budget airline
China Eastern Airlines has joined with
Australias Qantas to set up a regional
low-cost carrier, marking the first
move by a big Chinese airline into the
growing but overcrowded no-frills sec-
tor. China's third-largest airline by mar-
ket value and Australia's top carrier
will invest up to $198m over three
years in the equal joint venture, which
will start in mid-2013 with three
Airbus A320 aircraft, Qantas said yes-
terday. The fleet would expand to 18
aircraft by 2015, and China Eastern
said it expected the venture to be prof-
itable in its third year.
Lufthansa hit by strike action
German airline Lufthansa has warned
passengers that up to 400 flights will
be cancelled today as ground handlers
at Germanys largest airports go on
strike. Ground handlers in Frankfurt, the
country's biggest hub, are set to walk
out this morning, while Cologne, Munich
and Stuttgart will also be hit by indus-
trial action. Workers in the Verdi union
are striking in a row over pay rises for
public sector employees.
UK Vauxhall plant still at risk
Unions fighting to keep Opels
European plants open have said they
will not engage in plant-by-plant nego-
tiations in talks over parent firm
General Motors restructuring. The
Vauxhall factory at Ellesemere Port in
Cheshire, which employs 2,100 people,
is among the sites at risk in an over-
haul that insiders say could cost 30
per cent of GMs capacity in Europe.
Opel managers are set to present a
business plan to the supervisory board
tomorrow.
Ken offers a fare cut as
Boris pushes investment
Transport has become the defining
issue of this mayoral campaign, with
voters facing the choice between one
candidate that promises a fare cut
and another that says fare rises are a
necessary evil to fund investment.
Ken Livingstones campaign experi-
enced a surge in support after he set
out the Fares Fair pledge to cut the
cost of transport by seven per cent
and then freeze it throughout 2013.
He promises to build a cross-river
tram and says Boris Johnson wasted
funds on vanity projects such as the
new Routemaster bus.
Johnsons plans revolve around
increasing capacity on existing servic-
es and lobbying for TfL to control of
suburban rail routes, which he claims
will keep costs down and help delay
future fare rises. Johnson also says he
will introduce 600 new Routemasters,
expand the cycle hire scheme and cut
tube delays by 30 per cent.
BY JAMES
WATERSON
MAYORAL
ELECTION
handling automatic trains while pro-
curement of new rolling stock that
could operate without a drivers cab
will only begin this year. As a result it
could be 2022 before truly driverless
trains are on the network.
Ken Livingstones spokesperson said:
This is a fantasy project. Even Johnson
admits that it is unlikely that a single
driverless train will be introduced
within the next decade.
Just like the promises he has bro-
ken to keep ticket offices open, open
the tube an hour later, deliver a no-
strike deal and reverse the Blackwall
tunnel this will no doubt be dropped if
Johnson were ever re-elected.
Services that rely on train captains
would still leave the network vulnera-
ble to industrial action, though
Johnson says he will lobby government
to require at least fifty per cent
turnout for strike ballots to be valid.
Meanwhile the row over a third
runway at Heathrow has been reignit-
ed, with Johnson promising to block
development even though the govern-
ment appears to be warming to the
idea to boost the UKs air capacity.
ANALYSIS l Top five banks by ECM bookrunner value Q1 2012
JPM
UnitedStates
p
e
r
c
e
n
t
m
a
r
k
e
t
s
h
a
r
e
Europe AsiaPacific Japan
12.0
14.0
6.0
8.0
10.0
4.0
0.0
2.0
CITI GS MS CS
ANALYSIS l Global ECM volume by quarter
2009
1Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 1Q 1Q 1Q
2010 2011 2012
400
350
N
u
m
b
e
r
o
f
d
e
a
l s
D
e
a
l V
a
l u
e
$
300
250
200
150
100
50
0
2,500
2,000
1,500
1000
500
0
Deal value $1bn
Deals
S
o
u
r
c
e
:

D
e
a
l
o
g
i
c
SPAINS reforming Prime Minister was
yesterday forced to reiterate his com-
mitment to slashing the budget
deficit and shaking up the economy
after facing setback in regional elec-
tions.
Mariano Rajoy had hoped his cen-
tre-right party would gain an absolute
majority for the first time in
Andalucia, but only won 50 of the
regions 109 seats.
A stronger showing would have
made it easier for the PM to push
through spending cuts as he
strives to hit an already revised
5.3 per cent budget deficit tar-
get for the year.
Rajoy faces a general strike
on Thursday before he presents
his budget on Friday, but said he
intends to stay the course with
his tough reforms we will pass
a very, very austere budget, he
promised.
However, investors were
unnerved by the weak election
news, with stocks falling 0.69 per
cent on the IBEX index.
Rajoy won a general election
late last year on promises that he
would steer Spain through the sover-
eign debt crisis and make reforms to
put the economy on a sound footing.
Meanwhile German Chancellor
Angela Merkel confirmed she is pre-
pared to increase the Eurozones
financial firewall ,which aims to
reassure investors that the stronger
countries are prepared to bailout the
weaker nations if necessary.
The current 440bn (368bn)
European Financial Stability Facility is
due to be replaced with the perma-
nent European Stability Mechanism
in July, and had been expected to
come in at around 500bn.
However, speaking at a
meeting of her conservative
Christian Democrats party,
Merkel said she could imag-
ine that the two rescue funds
could run in parallel so that
a total of 500bn in new
funds were available for
problem countries.
Spanish Prime
Minister Mariano
Rajoy (left) still plans
to cut spending
Spain vows to
press ahead
with reform
BY TIM WALLACE
EUROZONE
HOPE returned to firms and con-

sumers in the Eurozone in March,
with survey data showing increasing
confidence in Germany and Italy.
Shares rose on the upbeat stats,
with the DAX up 1.2 per cent and the
Eurostoxx 50 up 0.57 per cent.
German business sentiment rose for
the fifth month in a row to 109.8, from
109.7 in February, on the Ifo index.
This suggests the economy remains
resilient, said Capital Economics
Jennifer McKeown. The index measur-
ing expectations now suggests growth
should remain around the fourth
quarters healthy rate of two per cent.
Meanwhile consumer confidence
jumped in Italy, according to national
statistics body Istat.
The index rose from 94.4 in
February to 96.8 in March also the
highest in eight months.
Confidence surge in
Italy and Germany
EUROZONE
Italian Prime
Minister Mario
Monti said he was
concerned about
contagion from
Spain if it didnt
keep finances in
order. Spain cer-
tainly made pro-
found reform of the
labour market but
it did not pay the
same attention to
public finances,
he warned yester-
day.
Picture: GETTY
News
Bank of England: Britain
gained from the Feds QE
AMERICAS money printing cut the
cost of borrowing for the UK govern-
ment, according to research published
by the Bank of England today.
Although the aim of the US Federal
Reserves quantitative easing (QE) pro-
grammes were to lower long term
interest rates in the US and so boost
economic growth there, the study
revealed spillover effects which helped
lower interest rates in the UK, too.
US policy surprises also lowered
UK, Canadian and German govern-
ment bond yields by one third to one
half of the corresponding change in
US Treasury yields, the study found.
The Feds QE amounted to $600bn
(376.2bn) between November 2010
and June 2011, and lowered the inter-
est rates on US Treasuries by 15 basis
points, according to economist
Jonathan Wright, whose research was
used in the Banks quarterly stats.
That suggests the British govern-
ment saw its lending costs fall by
between five and 7.5 basis points.
Corporate yields in the US fell around
10 basis points, Wright believes, and so
UK firms also saw interest rates fall.
WORLD ECONOMY
AN EXTRA one million new homes

are needed for Britains rental sec-
tor, a survey revealed this morning,
as a shortage of properties sends
costs rocketing for tenants.
Rents have shot up by an average
of 5.2 per cent over the last year,
with Savills expecting an eye-water-
ing 20 per cent spike over the next
five years.
Tenants in London and the south
east are the most stretched by their
rental bills. A typical two-bed prop-
erty in the capital costs 53 per cent
of a local persons average earnings
well over the UK-wide average of
31 per cent.
Proximity to London tends to
equate to higher rents, with an aver-
age of 10,300 for a two bed proper-
ty in the south east compared to
6,170 in the north east, the report
added. Rents in London range from
9,980 per year in Bexley to an
astonishing 48,230 in Kensington
and Chelsea.
Difficulties in securing a mort-
gage have resulted in more people
staying in the rental sector.
Rightmove, which co-authored the
report, estimates that these
trapped renters make up over half
of the UK rental sector.
More than a quarter of this demo-
graphic are aged over 40, it said.
By 2016 demand for private rent-
ed accommodation could reach one
in five households, resulting in a
requirement for an additional 1.1m
rental homes, the report said.
In London, private renting
already accounts for 27 per cent of
all homes (900,000), having overtak-
en social renting in 2010, which
now accounts for just 24 per cent of
tenure (783,000 homes), its calcula-
tions showed.
Rental sector
needs million
new homes
BY JULIAN HARRIS
HOUSING
INFLATION is expected to stay above

the Bank of Englands two per cent
target in the coming year, according
to a YouGov survey released yester-
day.
Expectations in March eased down
slightly to a median rate of 2.7 per
cent, from 2.8 per cent in February.
Predicted price pressures remain
well below the mid-2011 peak of 3.9
per cent, however.
In the longer run over the next
five to ten years respondents antic-
ipate stubborn inflation, with the
expected level staying at 3.4 per cent
in Marchs poll.
The consumer price index meas-
ure of inflation measured 3.4 per
cent in February according to the
Office for National Statistics (ONS),
with the Bank of England saying
that price pressure should dip to
around target level this year.
Inflation expectations for this
year are steady at 2.7 per cent
UK ECONOMY
THE UK Border Agency was slammed

by the governments watchdog this
morning, over its implementation of
new rules on foreign students com-
ing to Britain.
Labour MP Margaret Hodge, chair
of the committee of public accounts,
said: This is one of the most shock-
ing reports of poor management lead-
ing to abuse that I have seen.
Before 2009, students from outside
the European Economic Area could
switch colleges and study on different
courses without having to inform the
governments Border Agency.
Yet since 2009, students have had
to be sponsored by a licensed college
and could not switch without apply-
ing to the agency.
Enforcement of new measures,
known as Tier 4, has been riddled
with flaws which were predictable
and could have been avoided, the
National Audit Office (NAO) said.
NAO chief Amyas Morse said: The
[Border] Agency regards students who
do not comply with their visa condi-
tions as a low priority compared with
illegal immigrants and failed asylum
seekers.
The agency does little to ensure
that people leave the UK when their
visa extension requests have been
refused, the report added.
Border Agency slammed for
big flaws in student system
BY JULIAN HARRIS
MIGRATION
News
Rental costs in London are on the rise Picture: GETTY
SOFT drinks maker AG Barr saw rev-
enues jump 6.6 per cent to 237m last
year, buoyed by strong growth in its
exotic juice range.
The Cumbernauld, Scotland-based
company said pre-tax profits were up
6.2 per cent to 33.6m, excluding
exceptional items, led by high
demand for Rubicon and KA juices.
The exotic drinks grew revenues
15.7 per cent contributing to an
overall 9.4 per cent boost in Barrs still
drinks division, compared to 3.8 per
cent across the market.
Barr added that it was on track to
launch a Rubicon ice cream and
push-up ice lolly range this month.
Despite a slow start to the year
impacted by significant competitor
promotional activity to which we
chose not to respond, sales of Irn Bru
jumped seven per cent in the second
half of 2011 as the limited edition
Fiery Irn Bru sold over 3.5m units.
AG Barr confirmed that it plans to
invest 20m in building a factory and
warehouse in Milton Keynes, set to
open in the summer of 2013.
The drinks company upped its
full-year dividend 10 per cent to
27.95p.
Taste for the
exotic boosts
Barrs profits
ENERGY regulator Ofgem wants gas
suppliers to pay money into an indus-
try-wide pot to cover the cost of fight-
ing gas theft, a problem that has cost
consumers 138m per year since
2009, the watchdog said yesterday.
Suppliers are expected to imple-
ment all changes proposed by the reg-
ulator by the end of 2013 and could
face a fine if they are found not to
comply with the rules.
Gas theft usually refers to con-
sumers not paying for gas they use by
tampering with supply systems to
bypass their meters and has cost each
household around 6 a year over the
past three years, Ofgem said, citing a
group of industry experts.
We want to see suppliers take
more action to reduce gas theft,
which threatens the safety of con-
sumers and industry workers as well
making gas more expensive, Andrew
Wright, Ofgems senior partner for
markets, said.
Under the proposals, gas suppliers
should pay money into a joint pot rel-
ative to the number of sites they sup-
ply and will be rewarded in
proportion to the number of thefts
identified in their segments.
Each supplier will have a target
number of thefts to detect within a
one-year period.
Ofgem initially proposed to
exclude Britains largest gas supplier,
British Gas, from the scheme,
because the companys techniques to
tackle gas theft are more advanced
than those of other firms.
The current proposal would pre-
vent other suppliers from being hit
due to the better performance of
British Gas, Ofgem said.
Roche digs in as pharma
firm extends Illumina bid
TD Direct Investing
Apply now at
trading.tddirectinvesting.co.uk
0845 607 6002
Trade online from only
8.95 commission per trade
Brokerage Services provided by TD Direct Investing (Europe) Limited (a subsidiary of The Toronto-Dominion Bank). Registered in England under No. 2101863. Registered ofce: Exchange Court, Duncombe Street, Leeds, LS1 4AX, United Kingdom. Authorised and regulated by the Financial Services Authority (FSA), 25 The North Colonnade, Canary Wharf, London, E14 5HS, United Kingdom (FSA rm reference
number 141282), member of the London Stock Exchange and the PLUS Markets. VAT Registration No. 397103051. Banking Services provided by TD Bank N.V.Incorporated in the Netherlands and registered as a branch in England and Wales under branch registration number BR006780. Authorised by the Dutch Central Bank (De Nederlandsche Bank DNB Institution Number 481) and subject to limited
regulation by the Financial Services Authority (FSA rm reference number 216791). Details on the extent of our regulation by the Financial Services Authority are available from us on request.
TDUK1059511.ADV.F.9
Apply for a Trading Account with TD Direct Investing and benet from at
commission rates from 8.95 when you trade online 15 times or more in
the preceding three months. And its the same commission whether you
are trading on UK or international markets. You also have access to online
investment planning tools provided by Morningstar
.
TD Direct Investing, putting you in control of your trading. The value of
investments can go down as well as up. You may not get back all the
funds you invest.
ROCHE Holding yesterday extended its
$5.7bn (3.6bn) cash bid for US gene
decoder Illumina for a second time as
the Swiss drugmaker sticks to its M&A
strategy of playing a long game.
Roche is offering $44.50 per share
for Illumina, but analysts expect the
company ultimately to raise its offer
for the San Diego-based group.
Illumina, which has adopted a poi-
son pill defence strategy for Roches
unsolicited bid, said that Roches offer
remained grossly inadequate.
Illumina is positioned to create far
more value than Roche has offered.
Our shareholders clearly agree, the
company said in a statement.
Only about 0.1 per cent of Illuminas
shares outstanding have so far been
tendered to Roche, the Basel-based
company said. Roche urged Illumina
shareholders last week to take up its
offer, originally made in January,
which it views as full and fair.
The next stage in Roche's hostile bid
is Illuminas annual general meeting
on 18 April, for which Roche has
named a slate of director candidates
for election to Illuminas board in a
bid to gain control.
Greenhill and Citigroup are advis-
ing Roche on the deal and Davis Polk &
Wardwell is acting as legal counsel.
Illuminas financial advisers are
Goldman Sachs and BofA Merill Lynch.
Ofgem plans to get tough on
gas suppliers to fight theft
BY LAUREN DAVIDSON
CONSUMER
ENERGY
PHARMA
News
Irn Bru
+2.7% +6.9%+66.6%
Rubicon KA
LAUNCHING SOON
Rubicon ice cream tubs
and push-up ice lollies
NEWS | IN BRIEF
Smiths Group wins Doha contract
Technology firm Smiths Group has won a
100m contract to provide airport securi-
ty detection machines to Doha Airport, as
the Qatari hub renews its systems ahead
of the football World Cup in 2022. The
deal, announced yesterday, is the biggest
single-airport contract that Smiths detec-
tion arm has ever won, and will see the
company supply hi-tech scanners to the
New Doha International Airport, which is
due to be completed early next year.
Wessex rejects Total approach
Wessex Exploration has rejected any
potential offer that Total was planning to
make for the firm, deeming the suggested
offer price inadequate. Total revealed
earlier this month it was considering mak-
ing a 10p-per-share offer for the Aim-list-
ed oil and gas explorer, valuing it at
around 72m. But Wessex said yesterday
that after consulting with shareholders
the potential bid was inadequate to
secure their support for any offer which
Total might consider at this level.
Big Yellow on a pre-downturn high
Big Yellow said yesterday its March occu-
pancy level will be above the previous
Septembers level for the first time in five
years. The storage company said wholly-
owned occupancy of its 32-strong portfo-
lio is at 64 per cent, up from 59.3 per cent
this time last year. The group, which last
week discovered its service could be sub-
ject to VAT, has six trading days of the fis-
cal year remaining.
ANALYSIS l A G Barr PLC
p
1,250
1,240
1,230
1,220
1,210
1,228.00
26 Mar
EXOTIC JUICES BUMP UP AG BARR'S PROFITS
900 minutes, unlimited texts, 1GB data
24 month contract
iPhone 4S
Free on a 37 a month contract,
saving you 195.99
Call 0800 081 0494
Visit o2.co.uk/shop
or any shop
Now with double data
and loads more minutes
Phone provided at no additional cost on 24 month minimum term contract. Subject to availability. Connection subject to status, credit check, direct debit and 24 month minimum term contract. 300 extra minutes per month. Calls made in UK to standard UK landlines/mobiles only, special
numbers chargeable. You get The Works Data Bolt On (1GB, 10 a month) for the price of The All Rounder Data Bolt On (500MB, 6 a month). UK data only. Data and minutes comparison to tariff 17 February 2 March 2012. Upfront handset price was 99.99 until 17 February 2012.
Excessive use policy and terms apply, see o2.co.uk. Offer ends 31 March 2012. TM and 2012 Apple Inc. All rights reserved.
Rathbone
Rathbone Investment Management,
the wealth management service
provider, has announced that Evangelos
Assimakos is joining the firm.
Assimakos joins from Turcan Connell,
the solicitors and asset managers,
where he has worked for five years.
Brady
The leading supplier of trading and risk
management solutions for metals,
energy and soft commodities has
appointed Jon Hobbs as chief technolo-
gy officer. Hobbs has worked at Brady
for the past seventeen years, most
recently heading up the metals devel-
opment team. Brady has expanded rap-
idly in the last few years, and Hobbs
will work to define group technology
strategy, align it with business goals
and articulate this strategy to clients.
Oriel Securities
The independent UK corporate and
institutional stockbroker has
announced that Andrew Small and
Chloe Ponsonby have been hired by the
firm. Small joins from Evolution in May,
and Ponsonby joins from Altium Capital
in April. Their appointments will add
senior sales expertise and client rela-
tionships to Oriels UK sales capacity.
ReThink
The recruitment and consultancy com-
pany has appointed Steve Wright as
chief financial officer and member of
the board, with immediate effect.
Wright was previously director of
finance and operations at RP
International, a telecommunications
recruitment company. He has held sen-
ior roles at Computer People and
Thomson NETG. Wright was also
finance director of Hot Group, a listed
recruitment services firm acquired by
Trinity Mirror in 2005.
Darby
Darby Overseas Investments, the pri-
vate equity arm of Franklin Templeton
Investments, has announced the hiring
of two new executives. S Scott Gregory
has been appointed managing director,
and will report to senior managing
director David Mathewson. Arkadiusz
Podziewski has been appointed princi-
pal and head of Darbys Warsaw office,
and will focus on supporting and devel-
oping the firms operations and funds in
central and eastern Europe.
CITY MOVES | WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Bernankes words
boost US markets
T
HE S&P 500 rebounded from its
worst week so far this year to
retake a four-year high yesterday
after Federal Reserve Chairman
Ben Bernanke signalled supportive
monetary policy will remain even
though the job picture has begun to
improve.
The three major US stock indexes
climbed 1 per cent or more and all 10
S&P 500 sectors advanced. Gains were
led by S&P technology shares, with
that sectors index up 1.7 per cent,
and the S&P health care sector index
also up 1.7 per cent. Shares of
International Business Machines, up
1.1 per cent at $207.77, gave the Dow
its biggest boost.
Bernankes comments came as
investors try to gauge how much
longer a nearly six-month rally in
stocks will last and reinforced the
view that further quantitative easing,
or QE3, from the Fed may be possible.
The S&P 500 is up 25 per cent since
the end of September, mostly on opti-
mism about the pace of economic
growth. With stimulus from the Fed
and an improving economy, the cli-
mate for stocks is even friendlier.
There is still a lot of cash on the
sidelines looking for a pullback, and I
suspect some people over the week-
end said, Yeah, maybe Ill put some
money in, and then you get Ben
Bernankes comments and that
stoked the fire, said Bob Doll,
BlackRocks vice chairman and global
chief investment officer in New York.
The Dow Jones industrial average
shot up 160.90 points, or 1.23 per
cent, to 13,241.63 at the close. The
Standard & Poors 500 Index gained
19.40 points, or 1.39 per cent, to
1,416.51. The Nasdaq Composite Index
climbed 54.65 points, or 1.78 per cent,
to 3,122.57.
As the quarter draws to a close,
hedge funds that have been underin-
vested in stocks could be doing some
last-minute shopping for winners in
the big rally, strategists said.
Financials have led the rally, though
almost all S&P 500 sectors are expect-
ed to post gains for the quarter.
The S&P financial index is up 23
per cent, with just four days to go
until the end of the quarter.
In his talk, Bernanke said the US
economy needed to grow more quick-
ly if it is to produce enough jobs to
continue to bring down the unem-
ployment rate.
Further significant improvements
in the unemployment rate will likely
require a more rapid expansion of
production and demand from con-
sumers and businesses, a process that
can be supported by continued
accommodative policies, he said.
B
RITAINS benchmark share
index posted its biggest daily
gain in two weeks yesterday, as
expectations of looser US mone-
tary policy and brighter German data
gave investors fresh reason to push
the market towards a retest of recent
eight-month highs.
The FTSE 100 closed up 47.81
points, or 0.8 per cent, at 5,902.70.
A surprise improvement in
German business sentiment this
month, as signaled by the Ifo index,
reassured investors after a run of
gloomy global data.
Markets got a fresh boost mid-ses-
sion, when expectations of more
quantitative easing (QE) from the
United States were fanned by Federal
Reserve Chairman Ben Bernanke,
who signalled concern about the
strength of economic growth and
made no mention of inflation risks.
Bill Gross, who runs the worlds
biggest bond fund at Pimco, said the
Fed might hint in April that it would
embark on a third round of bond pur-
chases.
People had begun to get a bit wor-
ried over whether QE was going to
continue and now it seems Bernanke
is refreshing his dovish credentials
and reminding people that it could
still happen, Keith Wade, strategist
at fund manager Schroders, said.
We are still reasonably positive on
equities, valuations wise they still
look quite attractive ... It [the prospect
of QE] will hold down bond yields and
continue to push people into equities
as they are searching for yields.
The FTSE bounced from its 50-day
moving average around 5,856.29 and
extended gains through 40, 30 and
20-day lines as it recovered poise after
its biggest weekly sell-off in three
months.
Before last weeks fall, the FTSE,
which is up 5.9 per cent since the
start of 2012, had climbed as high as
5,989.07, a level last seen in July and
technical analysts said a re-test of
those peaks could be on the cards in
coming days.
US-focused companies were among
the top performers. Wolseley, which
earns around 40 per cent of revenue
in the United States, rose 2.2 per cent.
Its US exposure earned the builder a
mention as a top pick in Europe by JP
Morgan, along with Balfour Beatty,
which added 1.4 per cent.
We are constructive on a six- to 12-
months view as we find US recovery
to be broadening beyond just manu-
facturing, both developed and emerg-
ing market policymakers are by and
large equity friendly, despite key
China risk, its strategists said in a
research note. We ... stay in buying
the dips mode.
Renewed investor appetite for equi-
ties helped Aberdeen Asset
Management lure in 1.4bn of new
money in the first two months of the
year, boosting its stock 4.4 per cent to
261 pence.
We put our estimates under
review, upgrade our target price to
270 pence and reiterate buy.
Aberdeen remains our preferred
stock in the asset manager space,
Investec said in a note.
The brighter prospects for the glob-
al economy not least through expec-
tations of growth-stimulating moves
from the Fed boosted oil prices, pro-
pelling Britains heavyweight energy
companies higher. The sector added
1.6 per cent, also getting a boost from
news of fresh discoveries.
BG Group rose 1.8 per cent, after
unveiling its fourth Tanzanian gas
discovery from the Jodari-1 explo-
ration well, while Tullow Oil added
6.6 per cent, making it top FTSE 100
gainer, after finding oil in Kenya.
FTSE posts a two-week high
on upbeat data and US policy
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l BT Group PLC
240
235
230
225
220
p 230.10
26 Mar
BT GROUP
UBS rates the telecoms group as neutral but raises its target price from
210p to 230p after BT announced on Friday that it will halve its pension
deficit by end of March 2012 and said the current deficit stood at 4.1bn
below the expected 6bn. UBS now expects the companys dividend to rise
faster and earlier than had been assumed, and raises its full year 2012 divi-
dend to 10p, rising to 12p for 2013.
ANALYSIS l Catlin Group Ltd
428
426
424
422
420
418
416
p 422.00
26 Mar
CATLIN
Nomura has upgraded the Lloyds insurer from neutral to buy with a
target price of 506p as part of a review of the European insurance market.
The broker says Catlins stock has lagged behind the sector up just one
per cent compared to a seven per cent lift across insurers. Nomura was
encouraged by Catlins rate increase of five per cent at the start of the year,
and prefers it to rivals on valuation and potentially higher bond yields.
ANALYSIS l Galliford Try PLC
635
630
625
620
615
610
605
p 628.00
26 Mar
GALLIFORD TRY
Peel Hunt has raised its target price on the housebuilder from 650p to
825p with a buy rating, saying the group is delivering better profits, high-
er yield and capital discipline that should have a positive effect on its valua-
tion. The broker says Galliford is very likely to deliver on its September
2009 promise of 60m in profits before tax by 2012, which many scoffed
at the time, but which is now largely in the bag.
5,975
5,850
5,825
5,875
5,925
5,900
5,950
ANALYSIS l FTSE
5,902.70
26 Mar
Strategic Minerals
The iron ore producer and exploration company
has announced the appointment of George
Cardona as non-executive director, with immedi-
ate effect. Cardona was formerly a special advis-
er at the Treasury, and spent the first half of his
career in banking and politics, notably at HSBC.
He left HSBC in 2000 and formed Cardona Lloyd,
a corporate finance advisory and asset manage-
ment company. In 2006 he became director and
eventually chairman of Linea, a privately owned
investment company.
News
Executive First Suites are available on overseas ights on all Air Canada-operated aircraft,
except on certain Boeing 767s. Executive First is a registered trademark of Air Canada.
Jet lag? What jet lag?
Fully at beds in Executive First
.
Find out more at aircanada.com
Rail and air travel
How both sectors are
constantly improving
Money matters
What are the best
payment methods?
Travel management
Relax! Let the experts
take control
AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
BUSINESS TRAVEL
No. 1 / March 12
PHOTOS: SHUTTERSTOCK
Make it work: Know the best option for you
3
STEPS
EFFICIENT, FLEXIBLE
AND HASSLE-FREE
2 MARCH 2012 AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
T
he business trav-
el industry has
seen a dramatic
shift in how it un-
dertakes its busi-
ness over the last
few years. Like ev-
ery other sector,it was affected by
the last recession in 2008/9,when
no item of spending was left un-
touched,but with one positive re-
sult the industry is now leaner
and fitter than ever.
There is still economic uncer-
tainty across the globe, however,
and travel procurement are fac-
ing many challenges during 2012.
A new way of travelling
1
Business travellers have
dealt with the problems fac-
ing the industry by eschewing
the comfort and status of flying
in business class, of staying in a
deluxe hotel and, moreover, of
booking what they like, when
they like.
Todays business travellers are
now accustomed to ying in the
back of the plane and not even
having a conrmed seat number
for many of their business miles
are now own in low-cost carriers.
Moreover, they may not trav-
el through an airport at all but
to a rail station to let the train
take the strain of the journey.The
modal shift from air to rail has
been palpable, particularly in the
public sector.
The use of technology
2
Many domestic trips dont
take place at all in todays
technologically driven world.
Travel avoidance is integral to
most corporates current strate-
gies for survival, with many trav-
ellers undertaking their training
sessions over the web or inhouse
rather than in an external venue,
and their domestic sales meeting
via video conference for a far
more cost-efficient result.
Today, technology touches ev-
ery stage of a travellers life. They
book any point-to-point trip on-
line, receive texts on their mo-
bile of any travel alerts, change
their booking online, get tracked
via their smartphone in case
of any travel mishaps such as a
CHALLENGES
All change on the
business travel front
What are the challenges facing the business travel industry today? In the
cost-conscious climate in many industries, travel must account for value
for money, leaving the industry lean and t, says Gill Upton, Editor of the
Business Travel Magazine.
By being able to work
on trains, we estimate
that British business
saves almost half a
billion pounds a year
Edward Welsh
Director of
Corporate Affairs,
Association of
Train Operating
Companies
WE RECOMMEND
BUSINESS TRAVEL, 1ST EDITION,
MARCH 2012
Managing Director: Chris Emberson
Editorial and Production Manager:
Faye Godfrey
Responsible for this issue:
Project Manager: Jodie Elliott
Phone: 020 7665 4441
E-mail: jodie.elliott@mediaplanet.com
Distributed with: City AM
Print: City AM
Mediaplanet contact information:
Phone: 020 7665 4400
Fax: 020 7665 4419
E-mail: info.uk@mediaplanet.com
We make our readers succeed!
Mediaplanets business is to create
new customers for our advertisers by pro-
viding readers with high-quality editorial
content that motivates them to act.
cancelled flight or even a natural
disaster, and can process their ex-
penses on the go and online.
Different choices
3
Life is very different for a
traveller today. Many travel-
lers no longer enjoy premium ac-
commodation boasting multiple
restaurants, bars and spas. In-
stead they stay in a more func-
tional space with all they require
to do business but stripped of
the frills.
But they remain well looked af-
ter. Any long-stay trip is more of-
ten than not enjoyed in a serviced
apartment, where home-from-
home comforts are the norm,
from extra storage space, a suite-
like sitting room, kitchen and
DVD player and where the travel
buyer also benefits from a lower
overall cost.
Of course, some industries
chiefly the financial services
and pharma sector havent felt
much change at all, and still oc-
cupy those precious seats in the
front of the plane and overnight in
hotels that dof their hat to them
at the door, recognise them by
name at check-in and take their
luggage straight to the room.
Looking ahead
4
The challenge for buyers this
year is to allow the essential
travel that can only be achieved
face to face, to clinch a deal, for
example, and to buy that at the
best possible price given duty of
care constraints. Buyers have to
manage the rest by other means
and its a fine balance to achieve
but the information on the fol-
lowing pages will point buyers in
the right direction.
Gill Upton
Editor, Business Travel Magazine
PAGE 6
Flying high p. 4
Why air travel could be the best way of
travel for you and your business
Keeping finances in order p. 8
What payment options are available for
business travellers?
Flying high on your
journey to work
Flying is not the glamorous afair
it used to be: budget ights, air-
port security and massively in-
creased passenger numbers all
mean that business travellers
have more to contend with these
days when they go through air-
ports. And yet the airports them-
selves are well aware of this, con-
stantly chasing initiatives and in-
novations that will make the trav-
ellers life a little bit easier.
What they want is to trav-
el as ef ciently as possible and
to be able to work while theyre
on the move, says Caroline Al-
len, Regional Director for Europe
and the Middle East at the Asso-
ciation of Corporate Travel Execu-
tives (ACTE). They want to be able
to get through the airport quickly
and need facilities to make calls
and manage emails to work as pro-
ductively as they can.
Travel efficiency
The most important element of
any airport is its infrastructure:
ease of access, public transport
and parking. Small, inner city air-
ports can actually be the most
ef cient: they are close to major
nancial hubs, easy to reach via
good access roads and so ef cient
that you can be through the gate
and at your terminal within 10 to
15 minutes of arriving at the air-
port. The major airports are some-
times disadvantaged by their very
size and location: they may have
an excellent footprint, but it can
take half an hour between park-
ing your car and getting to the
giant walkways of the airport.
Using new technology
All airports can do a lot to make life
easier.One of the best new innova-
tions is mobile check-in, says Allen.
You can be a business traveller
sitting at your desk, check-in on-
line and have your boarding card
either emailed to you or sent as a
bar code to your mobile phone. All
you need to do is show the phone
as you go through although you
have to make sure your batteries
are charged! Alternatively, theres
self check-in, where you scan your
passport or credit card or enter your
booking reference code to print
your boarding pass at the airport.
Clearly, amenities like wi- and
lounges in which to work are cru-
cial,wherever you are.
Weighing the pros and cons
Allen also emphasises that these
people are not travelling for travels
sake: rather, its part of their job. As
such, ight delays and disruption
can be extremely stressful, which
means that good service from air-
port staf is essential. Difering and
inconsistent requirements while go-
ing through security channels can
be extremely frustrating,so much so
that for many travellers bad service
outweighs any nancial benets of
using a certain airport or airline.
However, airports know this
and, given the increased use of so-
cial media to publicise any prob-
lems, the good ones will respond
fast. They need to teach consis-
tency, people skills, how to im-
prove security lines and the im-
portance of opening new desks
fast before a crowd build-up, says
Allen. Business travellers dont
want obstacles and a lot of white
noise; rather, they want staf to
pre-empt their thoughts.
VIRGINIA BLACKBURN
info.uk@mediaplanet.com
Question: What are business
travellers specic needs when
they get to an airport?
Answer: Efciency, all the
latest innovations and above
all, good service from airport staff.
UP IN THE AIR
As air fares are becoming
cheaper and airports are
becoming more efficient,
air travel is a great option
for business travel
NEWS
SHOWCASE
ENJOY THE
EXPERIENCE
1
STEP
What they want
is to travel as
efciently as
possible and to be
able to work while
theyre on the move
Caroline Allen
Regional Director Europe and Middle
East, ACTE
RESEARCH
ACTE conducted a straw poll
amongst travellers last year and
discovered:
Travellers often nd it difcult
to sleep when traveling, particular-
ly on aircraft (they appreciate noise
reducing headphones, light black-
out and some consume alcohol to
try and sleep).
Wi-fi availability, in-room fa-
cilities and tness facilities feature
as most important to a business
traveller.
Travellers tend to eat and
drink more on business than at
home (client entertaining).
The availability of good
healthy food can make a journey
easier, reducing stress and is a
great service differentiation factor.
Wi-fi and good facilities are
key factors that can help ease the
journey, whilst in transit and
overnighting.
Busiest airports
According to the Airports
Council International, the
busiest airport in the world is At-
lanta, followed by Chicago, Lon-
don Heathrow,Tokyo and Paris.
Best airport worldwide
Incheon International Air-
port in South Korea was
named the Best Airport World-
wide in the 2011 ASQ Awards (air-
port service quality awards).
Best airport by size
In Best Airport by size,top hon-
ours went to Guayaquil (2
5m), Nagoya (515m), Seoul Gimpo
(1525m),Seoul Incheon (2540m),
and Singapore (over 40m).
Best airport by region
In Best Airport by Region,
Cancun, Cape Town, Dubai,
Malta,Ottawa,and Seoul Incheon,
came out on top.
The ASQ Awards also recog-
nized Best Airport by Region with
Fewer than 2 Million Passengers:
Keavik, Mazatlan, Quebec City,
and Upington.Best Improvement
went to Chongqing, Dubai, East
London,Guayaquil,Montreal,and
Palma de Mallorca.
According to the Airports
Council International, passen-
ger travel was up
in December 2011 and in 2011
as a whole, compared to 2010.
A large contributor to the rise
in global growth patterns in pas-
senger trafc can be attributed to
the Asian contingent of airports.
With a combined total of over
200 million passengers annually,
the Chinese airports of Beijing,
Shanghai, Chengdu and Shenz-
hen have all experienced buoyant
growth in 2011.
Growing airports
Indonesia and India are oth-
er examples of airports that
display properties of exponential
growth in their passenger traf c.
New Delhi and Jakarta both regis-
tered phenomenal growth rates
for 2011 in the vicinity of over 20
per cent compared to 2010.
Brazilian airports are another
major source fuelling the rise in
passenger traf c growth. Rio de
Janeiro and Sao Paulo each had
a growth of 25.7 per cent and 10.7
per cent respectively.
Europe as a whole recorded
gains of close to 9 per cent in 2011.
5%
viow timotablos and book hignts at
www.londoncityairport.com
On your doorstep
Amsterdam Angers
Antwerp
Avignon
Barcelona
Basel
Bern
Billund
Brest
Brive
Chambery*
Copenhagen
Deauville
Dublin
Dundee
Edinburgh
Eindhoven
Faro
Florence
Frankfurt
Geneva
Glasgow Isle of
Man
Ibiza
Jersey
Luxembourg
Madrid
Mahon
Malaga
Milan
Munich
Nantes
New York
Nice
Palma, Mallorca
Paris
Quimper
Pau
Rotterdam
Stockholm
Toulon
Zurich
*Seasonal route
Look where we go...
+ Just 20 min check-in!
+ DLR station at terminal entrance
AII ights incIude:
Froo baggago allowanoo
Froo soat solootion
Complomontary drinks/snaoks on-board
20 minutes is the promise.
Thats 20 minutes from the moment you walk in to the terminal to the moment you reach the
EFQBSUuSF HBUF, SFBEZ UP CPBSE ZPuS niHIU. ASPuOE 65% P QBTTFOHFST wIP uTF
LPOEPO $iUZ AiSQPSU UIF POlZ BiSQPSU iO LPOEPO, TiODF ZPu BTk, BOE POF P UIF EBTU FOE'T
CFUUFS kFQU TFDSFUT BSF CuTiOFTT USBvFllFST UP EFTUiOBUiPOT TuDI BT $PQFOIBHFO, ZuSiDI,
OuCliO, MBESiE, FSBOkuSU BOE NFw YPSk. BuTiOFTT USBvFllFST EPO'U IBvF UiNF UP wBTUF BOE UIF
DPOvFOiFODF BOE TQFFE P USBOTiU PFSFE CZ L$Y iT wIBU UIFZ vBluF.
TIBU'T OPU UP TBZ, P DPuSTF, UIBU TuQQPTiOH UIFZ EiE IBvF B liUUlF UiNF UP TQFOE iO UIF SFDFOUlZ
SFvBNQFE, SFSFTIFE BOE SFTUZlFE EFQBSUuSF lPuOHF UIFSF wPulEO'U CF UIiOHT UP EP. TIF 11N
UIBU wBT TQFOU iO UIF QBTU 18 NPOUIT IBT EFlivFSFE TFSviDF BOE quBliUZ lFvFlT UIBU HFOuiOFlZ
NFSiU UIF FQiUIFU 'CuTiOFTT DlBTT BiSQPSU' BOE iU OFFET UP CF FxQFSiFODFE. L$Y IBT iUT SFHulBST,
BOE PO TPNF FvFOiOHT, FTQFDiBllZ BU UIF FOE P UIF wFFk, ZPu DPulE FBTilZ FFl likF UIF OFwFTU
NFNCFS P B QBSUiDulBSlZ PQFO BOE wFlDPNiOH NFNCFST' DluC.
PFDFOUlZ iOUSPEuDFE wiOF-UBTUiOH FvFOiOHT, uOEFS UIF wBUDIul FZF P PuS FxQFSU TPNNFliFS, BEE
B OFw EiNFOTiPO UP UIF BiSQPSU FxQFSiFODF BOE wIFUIFS iU'T hOF EiOiOH PS DBTuBl FBUiOH UIBU ZPu
wBOU, ZPu'll hOE ZPuSTFl DBUFSFE PS. WPSkiOH? SIBNF. BuU UIFSF'T SFF wi-h UISPuHIPuU UIF BiSQPSU
BOE wIZ OPU IBvF B SFF TIPF TIiOF wIilF ZPu'SF BU iU iU'T PO uT.
Terminal Velocity...
viFw UiNFUBClFT BOE CPPk niHIUT BU
WF'SF HuFTTiOH ZPu NiHIU wBOU UP UBkF
TPNFUIiOH wiUI ZPu B HiU, QFSIBQT, PS
colleagues, business partners or friends
wF UIiOk ZPu'll CF IBQQZ wiUI UIF (NBZ
we say) superior selection of wines,
TQiSiUT, DlPUIiOH BOE luxuSZ iUFNT UIBU BSF
BvBilBClF UP QuSDIBTF. WF SFDFOUlZ IBE B
CiU P B SuO PO PPlFxFT. WIiDI wBT OiDF.
O DPuSTF, LPOEPO $iUZ AiSQPSU'T OPU Bll
BCPuU CuTiOFTT USBvFl. SFSvFE CZ 12
BiSliOFT nZiOH UP 41 EFTUiOBUiPOT, wF lPPk
BUFS USBvFllFST nZiOH UP MBlBHB, MilBO, NBOUFT, FlPSFODF, NiDF, BBSDFlPOB, PBlNB EF MBllPSDB
BOE FBSP. AT wFll BT MuOiDI BOE AOUwFSQ, $IBNCFSZ BOE TPulPO. NFw SPuUFT PS MBZ 2012
iODluEF MBIPO (MFOPSDB), AOHFST BOE QuiNQFS.

TIiT TuNNFS, wF will TFSvF 11 SFHiPOBl
FSFODI EFTUiOBUiPOT NPSF (wF UIiOk)
UIBO BOZ PUIFS UK BiSQPSU. $FSUBiOlZ NPSF
UIBO BOZ PUIFS LPOEPO BiSQPSU.
AOE EFhOiUFlZ NPSF UIBO BOZ PUIFS BiSQPSU
BDUuBllZ iO LPOEPO.
L$Y iT UISFF NilFT SPN $BOBSZ WIBS,
TFvFO NilFT SPN TIF $iUZ BOE 13 NilFT
SPN UIF WFTU EOE. O 2011, PvFS UISFF
NilliPO QBTTFOHFST HPU IFSF quiDklZ
either by road or by DLR straight to the
UFSNiOBl EPPS - BOE quiDklZ NBEF UIFiS
wBZ UISPuHI UIF BiSQPSU.
20 NiOuUFT iT UIF QSPNiTF. AOE |uTU TP'T ZPu kOPw PO UIF wBZ CBDk, UIF QSPNiTF iT 15 NiOuUFT.
FSPN BiSDSBU UP UBxi SBOk BOE PO ZPuS wBZ iO 15 NiOuUFT.
On your doorstep
TKiQk FarHfXIIy Qow - iV WKHrH aQy rHaVoQ yoXrH QoW yiQJ from
London City Airport?
INSPIRATION
Let the train take the strain
LESS RESTRICTIONS
Travelling by train
can be a great option
for those needing a
little more flexibility
Business travel may be more
commonly associated with air-
lines, but the rail network is
equally important. According to
the latest National Passenger
Survey, there were more than 210
million journeys made by busi-
nesspeople in 2011, with some of
the most popular routes being in-
tercity journeys.
By being able to work on
trains, we estimate that British
business saves almost half a bil-
lion pounds a year, says Edward
Welsh, Director of Corporate Af-
fairs at the Association of Train
Operating Companies (ATOC).
Business travellers want fast,
comfortable services that get
them to their meetings on time.
Punctuality is at historically high
levels and there are more trains
and faster services. For example,
the journey time from London to
Manchester has been reduced to
just over two hours and the ser-
vice has increased from two to
three trains an hour.
New and improved
Of course,the services that rail com-
panies can provide on their trains
are much more sophisticated than
they have been previously. Opera-
tors are always looking at how they
can improve services for passen-
gers and respond to business travel-
lers needs, says Welsh. For exam-
ple, the new National Rail Enquir-
ies (NRE) website is now mobile,
helping passengers in planning
and making their journey when al-
ready on the move. Designed to al-
low access from a number of devic-
es, the website detects if it is being
accessed by a mobile and then di-
rects to the mobile site appropriate
for the phone or PDA (personal digi-
tal assistant).
Loyalty and rewards
Pricing is another factor as train
companies are aware that business

travellers have felt the pinch as
much as anyone in these austere
times. Operators are aware that
many businesses have seen dif cult
times due to the economic down-
turn, and have ofered increasing
numbers of cheaper Advance First-
Class fares, Welsh continues.Oth-
er measures from train companies
include ofering regular business
travellers a Business Carnet,which
gives ve tickets for the price of four
or 10 for the price of nine, or a cor-
porate season ticket which can be
used by diferent employees of the
same rm. There are also corpo-
rate and executive packages on of-
fer for selected journeys, which in-
clude car parking at the station,An-
ytime ticket and an on-board cater-
ing voucher.
Predictions for 2012
The travel is not entirely domes-
tic. Intercity train travel is also
stealing a march on domestic air,
says Welsh. Rails market share
on the 10 most popular domestic
air routes grew to 44 per cent in
2011 up from 29 per cent in 2006.
If the trend of recent years contin-
ues, we predict rails market share
on the 10 most popular domestic
air routes combined could rise to
above 50 per cent within the next
12 months.
Question: Are Britains
rail networks suitable for
business travellers?
Answer: Yes, and now
rst-class carriages can
function as moving ofces,
enabling the traveller to work
comfortably en route.
VIRGINIA BLACKBURN
SHOWCASE
Business
travellers want
fast, comfortable
services that
get them to their
meetings on time
Edward Welsh
Director of Corporate Affairs, ATOC
TAKE THE TRAIN
Rail travel is very environmen-
tally friendly: it produces half the
carbon emissions of car travel
and a quarter of that of air trav-
el (measured on a per passen-
ger kilometre basis), according to
railcard.co.uk.
Modern trains produce less
carbon emissions than older
trains, helping reduce the trains
carbon footprint by 5 per cent in
the past year and 25 per cent in
the past 10 years.
Train companies have initia-
tives in place to make train travel
greener such as brake regenera-
tion. This is when electric trains
return energy to the power sup-
ply when the train driver brakes.
The train companies that use this
scheme have saved 20 per cent
on the power needed.
B63;/5/H7<3/<21=<43@3<13
4=@0CG3@A/<2/@@/<53@A=4
0CA7<3AAB@/D3:/<2;33B7<5A
Subscrib to th magazin or r ateeebVSPcaW\SaabÒdSZ[OUQ][
For inormation about th conrnc (Oct 22no-23ro) visit eeebVSPcaW\SaabÒdSZQ]\TS`S\QSQ][
Ef ciency and
accessibility,
a winning
formula
One of the greatest
assets of train travel is
its efficiency. As plane
trips have been massively
reduced between
destinations such as
London and Birmingham,
train journeys have been
increased, with the result
that although actual
travelling time might be
longer, the journey in total
is not.
For a start,train stations are usu-
ally more accessible than airports
as they are in the centre of cities,
and better located for the busi-
ness district, says Philip Haigh,
Business Editor of Rail magazine.
Unlike at an airport,you can turn
up just before the train leaves and
get through the barrier until the
very last minute, and many tick-
ets also ofer a great deal of ex-
ibility. For example, if a meeting
overruns,a passenger might miss
his or her ight and be forced
to buy a second ticket, whereas
train travellers can leave it to the
last minute to decide what trains
they want to take.
Further benefits
Nor is there the amount of hang-
ing about in the station that is
so often found in airports and, of
course,the security requirements
are totally diferent. And if there
is waiting to be done, rst-class
lounges are now perfectly com-
fortable places in which to work.
Then there are all the mod cons
that the modern traveller needs,
which allows him or her to work.
As well as wi-, many trains now
have plug sockets on board, so
there is no danger of the laptop
battery running out.The best el-
ement of rail travel is the speed
and comfort, says Haigh. And
with refreshments provided at
the travellers seat, and the op-
portunity to sit in a quiet carriage,
this is a good, working environ-
ment,too.
VIRGINIA BLACKBURN
info.uke@mediaplanet.com
BE FLEXIBLE
2
STEP
Since 1992 we have been building a team of the very best Travel Consultants
in London, with access to the most competitive business fares, to give you an
unbeatable combination of price and service. We invite you to see if you like it.
London
Marylebone
to Birmingham
Moor Street
25 return.
No time to waste.
Your time is precious. We appreciate that, which is why not only have we made your journey
between London and Birmingham considerably faster (and provided two trains per hour in each
direction), but we also make your time on-board more productive. Our light, airy, spacious
carriages provide the ideal work environment. While our free Wi-Fi, power points at every seat
and laptop-friendly tables make catching up on work or emails easy.

With our London to Birmingham fare costing only 25* and journey times from just 90 minutes,
Chiltern Mainline makes Birmingham a low cost and easily accessible destination for your meeting.
To book or nd out more please visit
chilternrailways.co.uk/mainline
*25 fare applies to journeys leaving London in the morning
peak, returning from Birmingham in the evening peak.
One of the most important elements
of business travel is organising pay-
ments and identifying the most ef -
cient way for travellers to meet their
expenses as they go. However, ac-
cording to Paul Tilstone,Chief Global
Development Of cer and European
Managing Director of the Glob-
al Business Travel Association (GB-
TA), problems arise because within
a number of businesses, payment
systems and solutions are divorced
from the management of travel.
These are often looked after by de-
partments such as procurement,HR
or marketing instead of nance.
Inherent issues afect how travel
will be paid for, he says.Not all pay-
ment solutions are necessarily t for
a corporates purpose. For example,
some payment solutions might use
cards that are not widely accepted
in countries the traveller is visiting.
The right expense management so-
lution is one of the successful tenets
of business travel management.
Payment options
In general,the most ef cient way of
paying for business travel is issuing
the individual with a corporate cred-
it card.Another alternative is what is
often called billback, in which ho-
tels submit the bills directly to trav-
el management companies (TMCs)
to then re-bill to the client. Howev-
er,this does not take into account ex-
penditure outside the hotel, which
again is most ef ciently dealt with
by card,as all the information about
expenditure is in one place.
There are diferent types of pay-
ment solutions, says Tilstone.
There are individual, person-
al cards, which means its the re-
sponsibility of the person to pay
and submit expenses. Then there
are individual corporate cards, pro-
vided by the company in the indi-
viduals name, which means there
is no interest or fees for the trav-
eller if the bill is submitted late.
There are lodge cards, also known
as ghost cards,which are essential-
ly virtual purchasing cards. A cred-
it card number is given to an agency
for ights for corporations and the
bills can run into millions of pounds
with data and reconciliation made
easier. There are virtual corporate
cards,which are used widely in the
oil, gas and marine industry where
personnel can change regularly
or not work directly for the corpo-
ration, pre-paid cards with cash
loaded on, useful for someone on a
short-term contract and, of course,
cash. Cash still plays an important
part in many businesses.
Keeping on top of costs
Companies also have to be aware
of innovations made elsewhere in
the travel industry. For example,
airlines have now launched addi-
tional charges for items such as
meals and seat reservations and
which cannot be booked through
the industrys global distribution
system (GDS).That means the trav-
eller must meet these costs, and it
can result in data for one journey
ending up in two places the in-
voice system of the travel man-
agement company and the clients
card. Constant vigilance is needed
to keep costs running ef ciently.
Paying the price
for corporate travel
NEWS
VIRGINIA BLACKBURN
Question: What is the most
efcient way for companies to
send their employees abroad
on business?
Answer: To make sure the
people organising the travel are
also in touch with the department
that deals with the cost.
KNOW THE
BEST METHOD
OF PAYMENT
3
STEP
London to Spain.
Rpido!
Check-in just 20 minutes
Fly direct to: Barcelona, Madrid, Ibiza, Malaga,
Palma (Mallorca) and Mahon (Menorca)
*
7JFXUJNFUBCMFTBOECPPLnJHIUTBU
*Commences May 2012
Projected compound
annual growth between
2011 2015
FACTS
Pan-European Buyer Issues
Research conducted by GBTA Eu-
rope in 2010 revealed that the main
topics for Europes travel and meet-
ings buyers are compliance to
company travel programmes and
maximizing the return on invest-
ment (ROI) of travel and meetings.
Environment is still somewhat
important, but the major topics
are safety and security of
travellers and the ROI of face-to-
face meetings.
Alternative technologies to
face-to-face meetings have had
a diverse affect, with around half
saying they have already contrib-
uted to reduced travel.
Sponsors
and partners
www.businesstravelmarket.co.uk
R
E
G
I
S
T
E
R

N
O
W
Meet 150 key travel suppliers
Have face-to-face meetings
Attend free conference and education sessions
Up to 500 Hosted Buyer places available
Over 3,000 travel professionals attending
Excellent networking opportunities
MAKE YOUR TRAVEL
BUDGET GO EVEN FURTHER
Europes premier event for the business travel industry
Organised by
GLOBAL BUSINESS TRAVEL
In August 2011, the GBTA
Foundation, the research
arm of the Global Business
Travel Association,
released a report on the
state of global business
travel spend and growth
projections over the next
five years.
It discovered that the glob-
al economic recovery is hap-
pening at two different speeds,
with compound annual growth
in business travel spend in de-
veloping countries growing at
two to three times faster than
in developed economies.
China 11.2%
India 10.8%
Russia 7.1%
Brazil 7%
UK 5.4%
US 3.8%
France 3.3%
Germany 2.9%
Global trade growth has
fuelled the rebound in
many emerging economies.
Global business travels
better-than-expected
growth in 2010 was largely
fuelled by improved
international trade.
PROFESSIONAL INSIGHT
London to
Switzerland. Fast!
Check-in just 20 minutes
Fly direct to: Basel, Bern, Geneva and Zurich

7JFXUJNFUBCMFTBOECPPLnJHIUTBU
GROWING TRENDS
Sponsors
and partners
www.businesstravelmarket.co.uk
R
E
G
I
S
T
E
R

N
O
W
Meet 150 key travel suppliers
Have face-to-face meetings
Attend free conference and education sessions
Up to 500 Hosted Buyer places available
Over 3,000 travel professionals attending
Excellent networking opportunities
MAKE YOUR TRAVEL
BUDGET GO EVEN FURTHER
Europes premier event for the business travel industry
Organised by
B
usiness travel is a cru-
cial part of any suc-
cessful company and
a lot of those that cut
back on it during the
recession have come
to accept that it was
a mistake. It is still vital to conduct
transactions face-to-face in many
countries: if you are to close a deal in
China,you must be there in person.
But for many SMEs,it is impractical
to employ someone dedicated sole-
ly to travel arrangements, which
is why it makes sense to outsource
and use a travel management com-
pany (TMC). It is both cost ef cient
and making use of someone elses
greater expertise.
Take advantage of
expert knowledge
According to Anne Godfrey,Chief Ex-
ecutive of the Guild of Travel Man-
agement Companies,TMCs dont just
help cut the costs,but also add value.
There will be cost ef ciency because
TMCs have access to a range of sup-
pliers, she says. If an individual ap-
proaches an airline,they are unlikely
to get the best deal. However, best
doesnt always mean cheapest, be-
cause the cheapest tickets are like-
ly to be very inexible and you cant
make any changes to them.The add-
ed value of knowledge is what the
TMCs bring.
More necessary than ever
TMCs date back at least to the 1960s,
when a group of ABTA agents real-
ised that the requirements of busi-
ness travel were completely difer-
ent from leisure and set up dedicat-
ed companies to facilitate the expe-
rience. GTMC now has 34 members
and their services are more neces-
sary than ever, not least because it
is common for clients to need ar-
rangements for air and rail travel,
car hire and hotel bookings all in
one trip. But requirements can be
very diferent: business travel cov-
ers anything from a twice weekly
trip between London and Manches-
ter to inspect a factory to a long-
haul multi-month stay in China.
As the developing world opens up,
dedicated expertise is needed more
than ever. We are used to dealing
with BRICS but now we are seeing
more travel to CIVETS China, In-
donesia,Vietnam,Egypt,Turkey and
South Africa, says Godfrey. Emerg-
ing economies mean an increased
amount of long-haul travel,especial-
ly to China,where airports are open-
ing up exponentially as the country
grows.
Changing environment
Business travellers require from
TMCs, in this order, cost, conveni-
ence and productivity. The last of
these is the reason that train trav-
el is becoming increasingly popu-
lar: according to the GTMC Annu-
al Transaction Survey 2011, it was
up 3.1 per cent in the last quarter
of 2011 compared to the same peri-
od the previous year,while air trav-
el was actually down 0.2 per cent.
However,over the year as a whole all
sectors continued to grow,with car
hire up a full 15 per cent, air travel
up 5 per cent and rail up 3 per cent.
As the business environment
changes, of course, challenges for
TMCs change. Video and tele-con-
ferencing are now part of the overall
package for business travel, but
while they have an important role
to play, they cannot take the place
of face-to-face meetings you cant
sign a document in virtual space.
What does present more of a chal-
lenge,however,is the growth of mo-
bile apparatus and social media.
Travellers want to be in control of
their own experience, says Godfrey.
The TMC must give the traveller
control,while at the same time deliv-
ering the necessary data its a ne
balance to strike. And social media
has changed everything: travellers
now tell everyone about their expe-
riences, immediately. But of course
that is the case in every aspect of
business today.
As the world recovers from reces-
sion and ever more countries start to
become competitive in business,the
role of TMCs is set to become more
important than ever. The challenge
is to adjust and adapt to the chang-
ing climate just like the business-
es they serve.
Companies provide
rst-class service
How can companies have the knowledge and expertise to y
their employees out to every part of a changing world? They
cant but they can use the services of a number of dedicated
companies that can provide a one-stop service in booking
everything from long-haul ights to car hire.
Chief Executive, Guild of
Travel Management Companies
Anne
Godfrey
VIRGINIA BLACKBURN
TRAVEL MANAGEMENT
Changing priorities
In 2009, the factor
that had the most
influence on deciding
what transport to
use was ease and
convenience, but in
2010 cost had become
the most important
consideration.
The GTMC conducts an
annual Business Traveller
Survey, identifying growing
trends within business travel.
In 2010, it revealed that
travellers are going green:
42.4%
said it was very important for or-
ganisations to reduce their car-
bon footprints and limit the en-
vironmental impact of business
travel, up from 36.6% the previ-
ous year and against only 3.1%
who didnt nd it important at all.
Travellers moved from what
Anne Godfrey calls the front of
the bus to the back:
81.7%
travelled in standard class
in 2010, up from 60.5% the
previous year.
Train travel continues to
rise in importance high-
speed rail links were cited
as the biggest difference
infrastructure improvements
could make to a business.
THE FASTEST WAY TO
HEATHROW AIRPORT
FROM CENTRAL LONDON
KHDWKURZH[SUHVVFRP
For more information or to book your Citadines apartment
from over 60 Aparthotels worldwide including 4 in London,
visit www.citadines.com or call 0800 376 38 98 (local toll-free).
To discuss corporate arrangements email london@citadines.com
As you zip from city to city, our global network of fully-equipped serviced
Aparthotels across Europe and Asia Pacic affords you the freedom to
navigate the world for business, pleasure or spontaneous travel.
At Citadines Aparthotel, we offer cleverly congured spaces and
a variety of services so you can choose the stay experience that suits
you, delivering the privacy of your own apartment while enjoying the
convenience of a hotel.
When youve come a long way from home, you can start living it up the
moment you check in so you waste no time checking out the city thats
right on your doorstep. When staying in Europe, benet from:
s!PARTMENTSTYLELIVING
s9OURPERSONALKITCHEN
s3PACETOWORKANDRELAX
s/NSITELAUNDRYFACILITIES
s#OMPLIMENTARY7I&I
s$AILYCONTINENTALBREAKFAST
s(OUSEKEEPINGSERVICES
s0ARKING
)NNEARLYALLLOCATIONS
Citadines Aparthotel is managed by The Ascott Limited, a member of CapitaLand. It is the largest global serviced residence owner-operator
in Asia Pacic, Europe and Gulf region, managing the Ascott, Citadines and Somerset brands in over 70 cities across more than 20 countries.
Your business home
in the heart of the city
Your business home
in the heart of the city
LON GD ONCE FIX AM...........1658.00 7.00
SILVER LDN FIX AM ..................32.78 0.69
MAPLE LEAF 1 OZ ....................35.32 0.61
LON PLATINUM AM................1624.00 -1.00
LON PALLADIUM AM...............661.00 7.00
ALUMINIUM CASH .................2130.50 -9.00
COPPER CASH ......................8399.50 80.00
LEAD CASH...........................1994.50 -4.50
NICKEL CASH......................18300.00 -165.00
TIN CASH.............................22250.00 -50.00
ZINC CASH ............................1999.00 -4.00
BRENT SPOT INDEX................124.83 1.57
SOYA .....................................1365.75 16.25
COCOA..................................2307.00 22.00
COFFEE...................................178.75 1.80
KRUG.....................................1749.60 20.30
WHEAT ....................................177.32 4.83
AIR LIQUIDE........................................99.82 0.73 101.00 80.90
ALLIANZ..............................................92.62 1.44 107.45 56.16
ANHEUS-BUSCH INBEV ....................54.75 0.33 55.20 33.85
ARCELORMITTAL...............................14.77 -0.16 26.40 10.47
AXA......................................................12.83 0.10 15.97 7.88
BANCO SANTANDER...........................5.98 -0.06 8.36 4.94
BASF SE..............................................67.07 1.22 70.22 42.19
BAYER.................................................53.83 0.39 59.44 35.36
BBVA......................................................6.15 -0.09 8.79 4.94
BMW ....................................................68.67 0.77 73.95 43.49
BNP PARIBAS.....................................37.58 0.13 55.44 22.72
CARREFOUR ......................................18.44 0.05 28.39 14.66
CRH PLC .............................................15.76 0.03 17.03 10.28
DAIMLER.............................................46.65 1.16 53.95 29.02
DANONE..............................................51.85 0.67 53.46 41.92
DEUTSCHE BANK..............................38.97 0.63 44.56 20.79
DEUTSCHE BOERSE .........................50.83 0.21 57.68 35.65
DEUTSCHE TELEKOM.........................9.18 0.08 11.38 7.88
E.ON.....................................................18.14 0.11 23.54 12.50
ENEL......................................................2.80 -0.00 4.86 2.76
ENI .......................................................18.08 0.30 18.72 11.83
FRANCE TELECOM............................11.51 0.02 15.98 10.92
GDF SUEZ ...........................................19.67 0.14 28.98 17.65
GENERALI ASS...................................12.31 0.03 16.44 10.34
IBERDROLA..........................................4.35 -0.07 5.95 4.16
INDITEX ...............................................72.08 0.58 72.80 52.20
ING GROEP CVA...................................6.74 0.12 9.50 4.21
INTESA SANPAOLO.............................1.46 -0.02 2.18 0.85
KON.PHILIPS ELECTR.......................15.39 0.14 23.01 12.01
L'OREAL..............................................89.23 0.74 91.24 68.83
LVMH..................................................129.70 1.35 136.80 94.16
MUNICH RE .......................................117.25 2.50 117.55 77.80
NOKIA....................................................3.99 0.01 6.36 3.33
REPSOL YPF.......................................19.03 -0.21 24.90 17.31
RWE.....................................................36.41 0.47 47.29 21.15
SAINT-GOBAIN...................................34.70 -0.29 47.64 26.07
SANOFI ................................................58.02 0.26 59.56 42.85
SAP ......................................................53.11 0.10 54.85 32.88
SCHNEIDER ELECTRIC.....................50.41 0.65 61.83 35.00
SIEMENS .............................................77.10 -0.26 99.39 62.13
SOCIETE GENERALE.........................23.83 -0.11 49.02 14.32
TELECOM ITALIA..................................0.93 0.02 1.10 0.70
TELEFONICA ......................................12.58 -0.09 18.34 12.32
TOTAL..................................................41.01 0.27 43.73 29.40
UNIBAIL-RODAMCO SE...................152.15 1.15 162.95 123.30
UNICREDIT............................................3.97 0.01 12.44 2.20
UNILEVER CVA...................................25.60 0.27 27.16 20.96
VINCI ....................................................39.43 0.31 45.48 28.46
VIVENDI ...............................................14.03 -0.01 21.37 13.54
VOLKSWAGEN VORZ ......................132.75 0.40 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5902.70 47.81 0.82
FTSE 250 INDEX. . . . . . . . 11734.73 168.06 1.45
FTSE UK ALL SHARE . . . . 3068.61 27.02 0.89
FTSE AIMALL SH . . . . . . . . 801.14 7.52 0.95
DOWJONES INDUS 30 . . 13241.63 160.90 1.23
S&P 500 . . . . . . . . . . . . . . . 1416.51 19.40 1.39
NASDAQ COMPOSITE . . . 3122.57 54.65 1.78
FTSEUROFIRST 300 . . . . . 1089.00 9.58 0.89
NIKKEI 225 . . . . . . . . . . . . 10018.24 6.77 0.07
DAX 30 PERFORMANCE. . 7079.23 83.61 1.20
CAC 40 . . . . . . . . . . . . . . . . 3501.98 25.80 0.74
SHANGHAI SE INDEX . . . . 2350.60 1.06 0.05
HANG SENG. . . . . . . . . . . 20668.86 0.06 0.00
S&P/ASX 20 INDEX . . . . . . 2530.00 -3.70 -0.15
ASX ALL ORDINARIES . . . 4355.20 -5.50 -0.13
BOVESPA SAO PAOLO. . 66684.59 871.64 1.32
ISEQ OVERALL INDEX . . . 3275.44 10.93 0.33
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 828.77 -5.51 -0.66
SWISS MARKET INDEX. . . 6283.26 42.93 0.69
Price Chg %chg
3M........................................................89.12 0.66 98.19 68.63
ABBOTT LABS ...................................60.99 0.59 60.99 46.29
ALCOA ................................................10.22 0.11 18.47 8.45
ALTRIA GROUP..................................30.66 0.26 30.71 23.20
AMAZON.COM..................................202.87 7.83 246.71 160.82
AMERICAN EXPRESS........................58.66 1.41 58.75 41.30
APPLE...............................................606.98 10.93 609.65 310.50
AT&T....................................................31.79 0.27 31.97 27.29
BANK OF AMERICA.............................9.93 0.08 13.88 4.92
BERKSHIRE HATAW B.......................82.34 0.96 85.51 65.35
BOEING CO.........................................75.18 1.21 80.65 56.01
CATERPILLAR..................................108.75 0.92 116.95 67.54
CHEVRON.........................................107.84 1.48 112.28 86.68
CISCO SYSTEMS................................20.84 0.31 20.86 13.30
CITIGROUP.........................................37.43 0.30 46.90 21.40
COCA-COLA.......................................71.90 0.41 71.90 63.25
COMCAST CLASS A..........................30.35 0.37 30.39 19.19
CONOCOPHILLIPS.............................77.36 0.85 81.80 58.65
DU PONT(EI) DE NMR........................53.25 0.62 57.50 37.10
EMC CORP..........................................29.61 0.46 29.68 19.84
EXXON MOBIL....................................87.03 1.48 88.13 63.47
GENERAL ELECTRIC.........................20.05 0.27 20.85 14.02
GOLDMAN SACHS GRP..................128.07 1.89 164.40 84.27
GOOGLE A........................................649.33 6.74 670.25 473.02
HEWLETT PACKARD.........................23.89 0.26 43.28 19.92
HOME DEPOT.....................................50.13 0.59 50.15 28.13
IBM.....................................................207.77 2.29 207.92 157.13
INTEL CORP .......................................28.19 0.32 28.26 19.16
J.P.MORGAN CHASE.........................46.17 1.01 47.80 27.85
JOHNSON & JOHNSON.....................65.17 0.62 68.05 55.76
KRAFT FOODS A................................38.63 0.38 39.06 24.30
MC DONALD'S CORP ........................96.97 1.42 102.22 73.67
MERCK AND CO. NEW......................38.66 0.66 39.43 29.47
MICROSOFT........................................32.59 0.58 32.95 23.65
OCCID. PETROLEUM.........................99.17 1.55 117.89 66.36
ORACLE CORP...................................29.16 0.61 36.50 24.72
PEPSICO.............................................65.78 0.48 71.89 58.50
PFIZER ................................................22.16 0.34 22.26 16.63
PHILIP MORRIS INTL .........................88.15 1.32 88.51 60.45
PROCTER AND GAMBLE ..................67.46 0.03 67.95 56.57
QUALCOMM INC ................................68.59 1.91 68.71 45.98
SCHLUMBERGER ..............................72.40 -0.78 95.53 54.79
TRAVELERS CIES..............................58.85 0.65 64.17 45.97
UNITED TECHNOLOGIE ....................83.50 1.70 91.83 66.87
US BANCORP DELAWRE..................32.11 0.41 32.23 20.10
VERIZON COMMS ..............................39.33 -0.09 40.48 32.28
VISA CL A..........................................120.06 1.28 120.70 71.35
WAL-MART STORES..........................61.20 0.45 62.63 48.31
WALT DISNEY CO ..............................44.38 0.73 44.41 28.19
WELLS FARGO & CO.........................34.39 0.86 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 ..................0.262 0.00
LIBOR Euro - 12 months ................1.407 -0.01
LIBOR USD - overnight...................0.153 0.00
LIBOR USD - 12 months.................1.051 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.340 0.03
European repo rate.........................0.144 0.00
Euro Euribor ....................................0.320 0.00
The vix index ...................................14.98 0.16
The baItic dry index ........................908.0 6.00
Markit iBoxx...................................240.24 -0.44
Markit iTraxx ..................................115.54 -3.55
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .304.8 -0.4 340.8 248.1
Chemring Group . . . .414.5 0.2 736.5 368.8
Cobham . . . . . . . . . . .224.1 2.2 236.5 165.9
Meggitt . . . . . . . . . . . .395.7 4.8 408.3 304.9
QinetiQ Group . . . . . .146.0 1.5 153.2 101.5
RoIIs-Royce HoIdi . . .830.5 5.0 842.5 557.5
Senior . . . . . . . . . . . . .196.7 1.0 201.0 135.6
UItra EIectronics . . .1753.0 22.0 1779.0 1305.0
GKN . . . . . . . . . . . . . .213.8 3.5 245.0 157.0
BarcIays . . . . . . . . . . .247.7 3.2 308.9 138.9
HSBC HoIdings . . . . .561.0 2.7 667.2 463.5
LIoyds Banking Gr . . .35.5 -0.4 62.4 21.8
RoyaI Bank of Sco . . .27.8 -0.3 44.4 17.3
Standard Chartere .1596.0 -3.0 1690.0 1169.5
AG Barr . . . . . . . . . .1228.0 8.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .398.0 10.8 444.0 289.9
Diageo . . . . . . . . . . .1539.5 29.5 1553.0 1112.0
SABMiIIer . . . . . . . . .2592.5 51.0 2660.0 1979.0
AZ EIectronic Mat . . .298.4 1.9 338.1 206.1
Croda Internation . .2156.0 59.0 2238.0 1597.0
EIementis . . . . . . . . . .185.0 -0.2 196.1 107.5
Johnson Matthey . .2332.0 47.0 2403.0 1523.0
Victrex . . . . . . . . . . .1353.0 38.0 1590.0 1025.0
C/$ 1.3327 0.0131
C/ 0.8360 0.0016
C/ 110.37 1.3241
/C 1.1959 0.0022
/$ 1.5947 0.0128
/ 132.05 1.3453
FTSE 100
5902.70
47.81
FTSE 250
11734.73
168.06
FTSE ALLSHARE
3068.61
27.02
DOW
13241.63
160.90
NASDAQ
3122.57
54.65
S&P 500
1416.51
19.40
Smiths Group . . . . .1049.0 29.0 1340.0 869.5
Brown (N.) Group . . .247.4 2.6 304.5 227.0
Carpetright . . . . . . . . .697.5 34.0 748.0 375.0
Debenhams . . . . . . . . .82.0 3.5 82.3 51.2
Dignity . . . . . . . . . . . .831.0 11.0 854.5 693.0
Dixons RetaiI . . . . . . .19.4 -0.2 19.9 9.4
DuneImGroup . . . . . .519.0 9.0 524.5 383.9
HaIfords Group . . . . .310.5 6.0 405.9 268.6
Home RetaiI Group . .121.6 -1.4 228.5 72.5
Inchcape . . . . . . . . . .385.5 7.3 425.4 268.1
JD Sports Fashion . .782.0 6.5 1030.0 570.0
Kesa EIectricaIs . . . . .75.1 3.0 151.4 60.2
Kingfisher . . . . . . . . .312.7 0.6 314.0 217.0
Marks & Spencer G . .386.8 3.1 402.2 301.8
Next . . . . . . . . . . . . .3014.0 27.0 3034.0 1980.0
Sports Direct Int . . . .289.6 2.1 296.1 181.5
WH Smith . . . . . . . . . .555.0 7.0 559.0 433.8
Smith & Nephew . . . .638.0 4.0 715.0 521.0
Synergy HeaIth . . . . .860.0 6.0 981.0 809.5
Barratt DeveIopme . .150.7 4.6 151.2 67.5
BeIIway . . . . . . . . . . . .859.5 49.5 859.5 540.5
BerkeIey Group Ho .1352.0 17.0 1414.0 1019.0
Bovis Homes Group .505.0 5.0 518.5 326.5
YuIe Catto & Co . . . . .250.8 3.9 253.0 148.0
BaIfour Beatty . . . . . .298.0 4.1 345.1 214.6
CRH . . . . . . . . . . . . .1321.0 2.0 1687.0 1053.0
GaIIiford Try . . . . . . . .628.0 16.0 631.0 362.0
Kier Group . . . . . . . .1206.0 27.0 1489.0 1097.0
Drax Group . . . . . . . .540.0 12.0 581.5 387.4
SSE . . . . . . . . . . . . . .1348.0 36.0 1423.0 1193.0
Domino Printing S . .562.5 10.5 701.5 434.3
HaIma . . . . . . . . . . . . .395.7 5.5 429.6 306.3
Laird . . . . . . . . . . . . . .210.5 6.2 213.6 127.9
Morgan CrucibIe C . .329.3 6.9 360.0 224.0
Oxford Instrument .1184.0 -2.0 1262.0 681.5
Renishaw . . . . . . . . .1346.0 2.0 1886.0 800.0
Spectris . . . . . . . . . .1824.0 65.0 1831.0 1039.0
Aberforth SmaIIer . . .647.0 8.5 714.0 494.0
AIIiance Trust . . . . . .372.6 2.1 392.7 310.2
Bankers Inv Trust . . .425.1 3.2 433.8 346.5
BH GIobaI Ltd. GB .1197.0 0.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.9 -0.2 12.2 10.4
BH Macro Ltd. EUR . . .20.0 0.2 20.2 16.3
BH Macro Ltd. GBP 2071.0 2.0 2078.0 1671.0
BH Macro Ltd. USD . . .19.7 0.1 20.2 16.2
BIackRock WorId M .665.0 2.5 815.5 574.5
BIueCrest AIIBIue . . .163.7 1.0 176.2 160.6
British Assets Tr . . . .128.7 0.5 139.4 109.0
British Empire Se . . .431.0 -0.7 533.0 404.0
CaIedonia Investm .1525.0 1.0 1800.0 1337.0
City of London In . . .299.5 1.4 306.9 257.0
Dexion AbsoIute L . .139.7 -0.3 150.0 130.0
Edinburgh Dragon . .242.5 -0.8 253.1 201.4
Edinburgh Inv Tru . . .498.5 -1.4 504.0 422.5
EIectra Private E . . .1731.0 18.0 1755.0 1287.0
FideIity China Sp . . . . .80.6 -0.3 114.3 70.0
FideIity European . .1136.0 4.0 1287.0 912.0
Foreign and CoIon . .317.0 2.5 327.9 261.5
HeraId Inv Trust . . . . .522.0 3.0 545.5 419.0
HICL Infrastructu . . . .119.3 -0.1 121.3 112.7
John Laing Infras . . .106.6 0.0 110.6 103.8
JPMorgan American .958.0 8.5 965.5 721.5
JPMorgan Asian In . .197.7 -0.3 244.0 170.1
JPMorgan Emerging .559.0 2.0 610.5 480.1
JPMorgan Indian I . . .358.0 -5.0 459.0 313.1
JPMorgan Russian .584.0 6.0 741.0 415.1
Law Debenture Cor . .389.0 5.1 398.7 323.0
MercantiIe Invest . . .1061.0 13.0 1119.0 823.0
Merchants Trust . . . .389.0 3.4 431.8 341.5
Monks Inv Trust . . . .336.5 3.6 367.9 298.1
Murray Income Tru . .665.0 5.5 674.0 568.0
Murray Internatio . .1002.0 10.0 1007.0 818.5
PerpetuaI Income . . .271.0 0.0 276.0 236.5
PersonaI Assets T .34210.0 -90.0 35350.030750.0
PoIar CapitaI Tec . . . .399.5 1.1 404.0 299.5
RIT CapitaI Partn . . .1234.0 2.0 1360.0 1173.0
Scottish Inv Trus . . . .486.3 1.3 524.0 417.0
Scottish Mortgage . . .711.5 7.0 781.0 565.0
SVG CapitaI . . . . . . . .277.8 2.8 295.5 165.1
TempIe Bar Inv Tr . . .933.5 6.0 970.0 791.0
TempIeton Emergin .600.0 2.0 684.5 497.0
TR Property Inv T . . .156.3 1.3 206.1 136.2
TR Property Inv T . . . .69.5 -0.5 94.0 59.8
Witan Inv Trust . . . . .498.5 4.8 533.0 401.5
3i Group . . . . . . . . . . .207.0 -0.8 301.1 166.9
3i Infrastructure . . . .123.3 0.4 125.2 115.0
Aberdeen Asset Ma .260.8 10.9 265.8 167.8
Ashmore Group . . . .378.5 1.4 420.0 306.4
Brewin DoIphin Ho . .167.0 2.8 176.5 113.7
CameIIia . . . . . . . . . .9600.5 50.510950.0 8800.0
CharIes TayIor Co . . .144.5 0.5 165.0 115.6
City of London Gr . . . .67.0 0.0 93.6 61.3
City of London In . . .348.4 -3.4 440.0 304.3
CIose Brothers Gr . . .800.0 8.0 845.0 590.0
F&C Asset Managem .70.2 0.6 81.7 56.1
Hargreaves Lansdo .488.6 2.2 646.5 402.5
HeIphire Group . . . . . . .1.9 -0.1 16.0 1.4
Henderson Group . . .126.6 0.8 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . .408.9 -8.9 541.5 311.6
IG Group HoIdings . .456.2 7.8 502.5 393.6
Intermediate Capi . . .284.9 6.7 345.0 197.9
InternationaI Per . . . .257.7 10.0 388.8 148.5
InternationaI Pub . . . .119.3 0.2 121.5 112.7
Investec . . . . . . . . . . .389.7 7.3 522.0 318.4
IP Group . . . . . . . . . . .119.5 0.0 120.6 36.0
Jupiter Fund Mana . .239.3 3.5 310.5 184.9
Liontrust Asset M . . .116.0 2.0 117.0 57.9
LMS CapitaI . . . . . . . . .58.5 0.0 64.8 54.0
London Finance & . . .19.5 0.0 23.5 18.5
London Stock Exch 1023.0 14.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .12.0 0.0 19.8 8.9
Man Group . . . . . . . . .133.5 -1.0 259.6 104.5
NB GIobaI FIoatin . . . .99.3 -0.5 103.0 92.5
Paragon Group Of . .190.0 -0.9 206.1 134.6
Provident Financi . .1173.0 11.0 1175.0 915.0
Rathbone Brothers .1287.0 16.0 1316.0 977.0
Record . . . . . . . . . . . . .11.1 0.0 35.5 10.3
RSM Tenon Group . . . .8.4 -0.2 39.5 5.6
Schroders . . . . . . . .1625.0 22.0 1906.0 1183.0
Schroders (Non-Vo .1254.0 8.0 1554.0 970.0
TuIIett Prebon . . . . . .350.0 -3.2 428.6 262.3
WaIker Crips Grou . . .45.0 -0.5 51.5 40.0
BT Group . . . . . . . . . .230.1 -2.0 233.0 161.0
CabIe & WireIess . . . .33.0 0.8 48.9 31.3
CabIe & WireIess . . . .36.8 -0.8 55.0 14.2
COLT Group SA . . . .103.1 1.6 154.0 84.1
KCOM Group . . . . . . . .69.3 0.8 84.0 58.5
TaIkTaIk TeIecom . . .146.0 2.2 150.0 118.9
TeIecomPIus . . . . . . .693.0 6.0 802.0 452.3
Booker Group . . . . . . .84.5 2.7 84.9 58.4
Greggs . . . . . . . . . . . .520.0 1.0 558.0 445.0
Morrison (Wm) Sup .304.2 -1.5 328.0 268.5
Ocado Group . . . . . . .117.2 -1.1 237.0 52.9
Sainsbury (J) . . . . . . .319.3 2.9 362.8 263.5
Tesco . . . . . . . . . . . . .339.1 1.4 420.1 310.5
Associated Britis . .1225.0 15.0 1234.0 977.0
Cranswick . . . . . . . . .805.5 3.0 842.5 588.5
Dairy Crest Group . . .345.0 1.5 409.7 311.0
Devro . . . . . . . . . . . . .319.4 -0.6 332.2 232.0
Tate & LyIe . . . . . . . . .715.5 13.5 720.5 544.5
UniIever . . . . . . . . . .2068.0 17.0 2189.0 1885.0
Mondi . . . . . . . . . . . . .607.5 18.5 664.0 413.5
Centrica . . . . . . . . . . .319.4 4.7 333.0 278.8
InternationaI Pow . . .382.4 9.6 384.2 279.4
NationaI Grid . . . . . . .641.5 4.5 659.0 569.0
Pennon Group . . . . . .722.0 11.0 737.5 620.0
Severn Trent . . . . . .1567.0 3.0 1610.0 1375.0
United UtiIities . . . . .614.5 3.5 637.0 560.0
Cookson Group . . . . .704.5 9.5 724.5 395.8
Rexam . . . . . . . . . . . .436.0 4.2 439.7 299.8
RPC Group . . . . . . . .382.8 3.2 393.2 281.0
Smith (DS) . . . . . . . . .180.8 2.4 183.7 113.3
Price Chg High Low
Persimmon . . . . . . . .662.5 21.0 706.5 374.0
Reckitt Benckiser . .3599.0 28.0 3616.0 3100.0
Redrow . . . . . . . . . . . .130.0 1.0 135.3 103.5
TayIor Wimpey . . . . . . .51.9 1.3 52.8 28.7
Bodycote . . . . . . . . . .406.1 15.0 426.5 225.6
Fenner . . . . . . . . . . . .452.6 17.1 483.7 280.0
IMI . . . . . . . . . . . . . . . .976.0 20.5 1119.0 636.5
MeIrose . . . . . . . . . . .425.5 8.3 427.4 268.0
Northgate . . . . . . . . . .215.1 -4.9 346.7 190.9
Rotork . . . . . . . . . . .2030.0 56.0 2099.0 1501.0
Spirax-Sarco Engi . .2124.0 23.0 2184.0 1649.0
Weir Group . . . . . . .1787.0 -27.0 2236.0 1375.0
Evraz . . . . . . . . . . . . .390.0 1.1 460.5 315.0
Ferrexpo . . . . . . . . . . .297.5 -2.5 499.0 238.7
TaIvivaara Mining . . .249.5 0.4 589.0 195.2
BBAAviation . . . . . . .218.8 5.2 223.4 156.0
Stobart Group Ltd . . .132.0 1.5 152.8 112.0
AdmiraI Group . . . . .1173.0 9.0 1754.0 787.0
AmIin . . . . . . . . . . . . .337.3 -3.4 427.0 270.6
BeazIey . . . . . . . . . . . .144.0 0.3 151.8 109.6
CatIin Group Ltd. . . .422.0 2.3 449.0 337.0
ITE Group . . . . . . . . . .234.1 1.4 258.0 157.7
ITV . . . . . . . . . . . . . . . . .88.7 0.8 90.3 51.7
Johnston Press . . . . . . .7.8 0.3 9.0 4.1
MecomGroup . . . . . .177.0 0.3 310.0 134.5
Moneysupermarket. .128.9 1.4 130.3 85.8
Pearson . . . . . . . . . .1228.0 9.0 1255.0 1038.0
PerformGroup . . . . .303.3 -1.7 329.9 150.0
Reed EIsevier . . . . . .560.5 11.5 578.0 461.3
Rightmove . . . . . . . .1438.0 8.0 1456.0 933.0
STV Group . . . . . . . . .115.5 -0.1 168.0 76.3
Tarsus Group . . . . . .147.3 -2.3 165.0 119.5
Trinity Mirror . . . . . . . .38.5 -0.3 54.3 35.3
UBM . . . . . . . . . . . . . .635.0 17.0 639.0 416.0
UTV Media . . . . . . . . .149.0 1.5 150.0 92.5
WiImington Group . . .98.0 -2.0 157.0 78.5
WPP . . . . . . . . . . . . . .880.0 18.5 880.8 578.0
YeII Group . . . . . . . . . . .3.8 -0.3 11.0 3.4
African Barrick G . . .424.0 29.5 616.5 393.5
AngIo American . . .2463.0 3.5 3344.0 2138.5
AngIo Pacific Gro . . .335.2 10.2 340.0 237.9
Antofagasta . . . . . . .1188.0 16.0 1491.0 900.5
Aquarius PIatinum . .153.8 1.6 370.0 130.9
Avocet Mining . . . . . .193.9 5.9 286.8 177.5
BHP BiIIiton . . . . . . .1928.0 10.5 2631.5 1667.0
Bumi . . . . . . . . . . . . . .696.5 -0.21 704.5 679.5
Hiscox Ltd. . . . . . . . . .406.8 0.3 424.7 340.5
Jardine LIoyd Tho . . .703.5 7.5 764.5 576.0
Lancashire HoIdin . . .785.0 6.0 790.5 595.5
RSA Insurance Gro . .115.2 0.4 139.8 99.6
Aviva . . . . . . . . . . . . . .344.8 -1.9 452.7 275.3
LegaI & GeneraI G . . .134.5 1.9 135.2 89.8
OId MutuaI . . . . . . . . .161.1 3.1 164.6 98.1
Phoenix Group HoI . .562.0 2.0 688.0 451.1
PrudentiaI . . . . . . . . .795.0 12.0 802.0 509.0
ResoIution Ltd. . . . . .274.9 -4.6 316.1 229.5
St James's PIace . . . .373.3 8.6 376.0 294.0
Standard Life . . . . . . .233.7 -0.3 250.7 172.0
4Imprint Group . . . . .300.0 10.0 314.9 200.0
Aegis Group . . . . . . .184.8 3.2 185.9 115.7
BIoomsbury PubIis . .112.5 -0.5 138.0 91.3
British Sky Broad . . .694.5 2.0 850.0 618.5
Centaur Media . . . . . . .38.3 1.0 56.5 32.5
Chime Communicati .210.8 1.8 298.5 163.0
Creston . . . . . . . . . . . .60.3 -0.6 121.0 47.0
DaiIy MaiI and Ge . . .460.7 13.4 505.5 343.4
Euromoney Institu . .804.5 3.0 810.0 522.5
Future . . . . . . . . . . . . . .12.9 0.0 26.5 8.3
Haynes PubIishing . .215.0 0.0 257.0 192.0
Huntsworth . . . . . . . . .43.8 -1.3 76.3 32.3
Informa . . . . . . . . . . . .450.8 8.2 451.9 313.9
Centamin (DI) . . . . . . . .76.0 1.3 154.2 74.0
Eurasian NaturaI . . .626.5 -5.5 973.5 522.0
FresniIIo . . . . . . . . . .1688.0 28.0 2150.0 1302.0
GemDiamonds Ltd. .285.4 0.8 310.6 179.8
GIencore Internat . . .401.7 -3.3 531.1 348.0
HochschiId Mining . .478.3 8.0 657.0 365.9
Kazakhmys . . . . . . . .925.0 -10.5 1493.0 730.0
Kenmare Resources . .48.9 1.7 61.5 31.0
Lonmin . . . . . . . . . . .1088.0 5.0 1760.0 941.0
New WorId Resourc .453.8 21.2 1060.0 409.4
Petra Diamonds Lt . .175.9 0.2 189.0 97.0
PetropavIovsk . . . . . .619.0 5.0 1070.0 543.5
PoIymetaI Interna . . .935.0 -25.5 1175.0 877.0
RandgoId Resource 5780.0 130.0 7565.0 4567.0
Rio Tinto . . . . . . . . .3364.5 -18.0 4595.0 2712.5
Vedanta Resources 1307.0 -8.0 2518.0 928.0
Xstrata . . . . . . . . . . .1095.5 -10.0 1550.0 764.0
Inmarsat . . . . . . . . . . .471.8 -0.1 628.5 389.3
Vodafone Group . . . .174.3 0.7 182.7 155.1
Genesis Emerging . .501.0 -2.0 548.5 424.0
Afren . . . . . . . . . . . . . .131.0 7.0 171.2 73.6
BG Group . . . . . . . . .1519.0 27.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .481.9 4.4 504.6 363.2
Cairn Energy . . . . . . .340.8 -1.3 531.8 291.9
EnQuest . . . . . . . . . . .131.8 2.2 141.5 85.7
Essar Energy . . . . . .159.3 5.5 486.6 101.6
ExiIIon Energy . . . . . .171.5 -1.3 469.7 170.0
Heritage OiI . . . . . . . .153.9 2.4 300.0 150.3
Ophir Energy . . . . . . .477.6 75.6 482.6 184.5
Premier OiI . . . . . . . . .410.9 -1.7 520.5 310.0
RoyaI Dutch SheII . .2250.5 30.5 2402.0 1883.5
RoyaI Dutch SheII . .2268.0 31.5 2489.0 1890.5
Ruspetro . . . . . . . . . .203.7 14.0 204.0 125.0
SaIamander Energy .225.0 1.0 317.6 182.3
Soco Internationa . . .309.6 5.2 400.0 278.0
TuIIow OiI . . . . . . . . .1570.0 97.0 1601.0 945.5
Amec . . . . . . . . . . . .1122.0 19.0 1207.0 740.5
Hunting . . . . . . . . . . .948.5 26.0 968.0 530.0
Kentz Corporation . .474.8 30.5 508.0 375.0
LampreII . . . . . . . . . . .350.0 13.0 395.2 220.7
Petrofac Ltd. . . . . . .1719.0 45.0 1730.0 1108.0
Wood Group (John) .738.0 17.5 763.5 469.9
Burberry Group . . . .1547.0 34.0 1600.0 1092.0
PZ Cussons . . . . . . . .334.1 9.4 387.9 285.0
Supergroup . . . . . . . .620.0 -3.5 1600.0 435.2
AstraZeneca . . . . . .2854.0 14.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .343.9 3.6 365.0 223.4
Genus . . . . . . . . . . . .1295.0 20.0 1368.0 853.5
GIaxoSmithKIine . . .1422.0 3.5 1497.0 1174.0
Hikma Pharmaceuti .675.0 -4.5 869.0 555.5
Shire PIc . . . . . . . . . .2142.0 7.0 2300.0 1791.0
CapitaI & Countie . . .194.0 2.1 203.7 154.5
Daejan HoIdings . . .3003.0 13.0 3049.0 2282.0
F&C CommerciaI Pr .101.0 0.3 108.0 92.6
Grainger . . . . . . . . . . .109.5 0.5 133.2 77.3
London & Stamford .113.3 2.8 140.0 103.9
SaviIIs . . . . . . . . . . . . .373.0 -2.0 427.1 256.2
UK CommerciaI Pro . .70.6 0.1 85.5 65.1
Big YeIIow Group . . .300.5 8.2 344.4 218.0
British Land Co . . . . .499.0 1.0 629.5 444.0
CapitaI Shopping . . .340.8 3.0 408.6 288.7
Derwent London . . .1755.0 23.0 1880.0 1400.0
Great PortIand Es . . .364.7 5.8 445.0 312.9
Hammerson . . . . . . . .418.9 4.9 490.9 345.2
Hansteen HoIdings . . .74.4 0.9 89.5 68.0
Land Securities G . . .724.5 5.0 885.0 612.0
SEGRO . . . . . . . . . . . .239.2 3.3 331.3 195.0
Shaftesbury . . . . . . . .502.0 2.6 539.0 441.2
Aveva Group . . . . . .1696.0 37.0 1799.0 1298.0
Computacenter . . . . .434.8 16.5 490.0 324.7
Fidessa Group . . . . .1684.0 18.0 2109.0 1444.0
Invensys . . . . . . . . . . .201.1 4.6 354.9 180.9
Logica . . . . . . . . . . . . .99.4 2.1 144.8 59.0
Micro Focus Inter . . .462.9 9.6 471.2 242.9
Misys . . . . . . . . . . . . .359.0 2.0 420.2 214.9
Sage Group . . . . . . . .294.5 2.8 312.4 231.7
SDL . . . . . . . . . . . . . . .746.5 6.5 756.0 586.0
TeIecity Group . . . . . .735.0 18.0 739.5 450.5
Aggreko . . . . . . . . . .2270.0 28.0 2316.0 1522.0
Ashtead Group . . . . .271.1 9.2 271.1 99.4
Atkins (WS) . . . . . . . .787.0 10.5 820.0 490.2
Babcock Internati . . .775.0 7.5 783.5 570.5
Berendsen . . . . . . . . .530.0 5.0 568.0 402.7
BunzI . . . . . . . . . . . .1013.0 16.5 1016.0 676.5
Cape . . . . . . . . . . . . . .455.0 4.9 591.5 295.0
Capita . . . . . . . . . . . . .738.0 10.0 767.0 611.5
CariIIion . . . . . . . . . . .305.0 3.2 403.2 281.0
De La Rue . . . . . . . . .928.0 4.0 1001.0 730.0
DipIoma . . . . . . . . . . .426.5 18.8 434.9 284.0
EIectrocomponents .259.3 8.7 294.9 182.2
Experian . . . . . . . . . . .995.5 5.5 1002.0 665.0
FiItrona PLC . . . . . . . .470.6 6.9 470.6 296.3
G4S . . . . . . . . . . . . . . .277.4 4.4 292.1 219.9
Hays . . . . . . . . . . . . . . .86.7 1.0 119.6 58.9
Homeserve . . . . . . . .239.0 0.6 532.0 214.7
Howden Joinery Gr . .130.8 3.3 131.1 93.1
Interserve . . . . . . . . . .303.0 2.7 341.3 252.8
Intertek Group . . . . .2525.0 9.0 2538.0 1744.0
MichaeI Page Inte . . .486.6 6.6 567.0 323.0
Mitie Group . . . . . . . .285.7 3.1 288.3 196.1
PayPoint . . . . . . . . . . .596.5 -8.0 638.0 410.0
Premier FarneII . . . . .222.6 6.0 301.0 144.5
Regus . . . . . . . . . . . . .117.5 1.5 119.0 64.0
RentokiI InitiaI . . . . . . .85.6 1.0 100.9 58.2
RPS Group . . . . . . . . .247.3 5.4 253.0 156.6
Serco Group . . . . . . .552.0 4.5 597.5 458.0
Shanks Group . . . . . .101.4 2.0 130.9 90.8
SIG . . . . . . . . . . . . . . .120.6 2.0 153.5 77.0
Travis Perkins . . . . .1102.0 26.0 1112.0 715.0
WoIseIey . . . . . . . . .2519.0 55.0 2558.0 1404.0
ARM HoIdings . . . . . .597.5 4.0 645.0 464.0
CSR . . . . . . . . . . . . . .242.9 -0.7 391.4 154.1
Imagination Techn . .717.0 4.5 719.1 296.9
Spirent Communica .153.3 1.2 160.3 105.8
British American . .3232.5 42.0 3245.0 2407.5
ImperiaI Tobacco . .2544.0 9.0 2576.0 1880.0
Betfair Group . . . . . . .877.5 8.5 1030.0 567.0
Bwin.party Digita . . .151.6 -0.5 204.0 100.6
CarnivaI . . . . . . . . . .2037.0 24.0 2642.0 1742.0
Compass Group . . . .668.0 2.0 672.5 512.5
Domino's Pizza UK . .473.4 5.7 526.0 377.0
easyJet . . . . . . . . . . . .495.8 34.4 499.7 302.5
FirstGroup . . . . . . . . .296.7 5.4 370.2 282.5
Go-Ahead Group . . .1296.0 1.0 1598.0 1190.0
Greene King . . . . . . .523.5 6.5 526.0 410.0
InterContinentaI . . .1453.0 11.0 1497.0 955.0
InternationaI Con . . .182.9 0.6 258.7 132.0
Ladbrokes . . . . . . . . .160.0 3.0 161.8 114.0
Marston's . . . . . . . . . .100.3 0.3 112.0 84.6
MiIIennium& Copt . .491.0 3.7 540.0 371.2
MitcheIIs & ButIe . . . .275.2 -1.2 336.8 215.6
NationaI Express . . .250.5 2.3 270.2 201.6
Rank Group . . . . . . . .129.3 -0.7 153.7 109.5
Restaurant Group . . .301.5 5.5 335.0 254.9
Spirit Pub Compan . . .60.3 1.8 61.8 35.3
Stagecoach Group . .264.5 3.4 287.4 213.0
TUI TraveI . . . . . . . . . .195.1 0.7 250.0 136.7
Wetherspoon (J.D. . .414.1 -5.9 468.3 380.5
Whitbread . . . . . . . .1779.0 18.0 1790.0 1409.0
WiIIiamHiII . . . . . . . . .257.0 5.0 258.2 179.3
Abcam . . . . . . . . . . . .353.0 5.3 460.0 320.0
Advanced MedicaI . . .78.5 0.0 96.0 64.8
AIbemarIe & Bond . .356.1 -2.9 400.1 281.0
Amerisur Resource . .24.3 0.0 29.0 9.5
Andes Energia . . . . . . .49.5 -1.6 82.8 17.5
Andor TechnoIogy . .519.0 14.0 685.0 387.1
ArchipeIago Resou . . .63.5 -1.0 79.0 55.5
ASOS . . . . . . . . . . . .1878.0 62.0 2468.0 1142.0
AureIian OiI & Ga . . . .19.3 0.8 77.0 16.0
Avanti Communicat .274.5 21.5 499.8 241.3
BIinkx . . . . . . . . . . . . . .69.0 3.8 158.0 50.5
Borders & Souther . . .68.3 -0.3 80.5 43.5
BowLeven . . . . . . . . .105.5 17.3 382.3 62.0
Brooks MacdonaId 1305.0 10.0 1372.5 940.0
CIuff GoId . . . . . . . . . . .86.0 2.5 119.0 66.5
Cove Energy . . . . . . .209.0 4.0 242.0 61.0
Daisy Group . . . . . . .109.0 0.5 127.0 90.0
EMIS Group . . . . . . . .537.8 22.8 580.0 397.5
Faroe PetroIeum . . . .154.0 2.0 183.3 130.0
GuIfsands PetroIe . . .135.0 0.0 315.5 126.0
GWPharmaceuticaI . .88.0 -3.5 130.0 78.5
H&T Group . . . . . . . . .300.9 0.4 395.0 285.0
Hargreaves Servic .1228.0 17.0 1258.0 855.0
HeaIthcare Locums . . . .2.3 -0.0 2.4 2.3
ImpeIIamGroup . . . .345.0 5.0 387.5 225.0
Iomart Group . . . . . . .131.0 3.0 151.0 85.5
James HaIstead . . . . .485.0 -10.1 516.9 410.3
London Mining . . . . .278.5 3.3 436.5 257.5
Lupus CapitaI . . . . . .127.5 0.9 150.0 86.0
M. P. Evans Group . .468.5 -1.5 475.0 371.0
Majestic Wine . . . . . .430.0 -3.8 510.0 315.0
May Gurney Integr . .295.0 9.8 302.0 236.0
Monitise . . . . . . . . . . . .34.3 -0.8 40.0 20.5
MuIberry Group . . . .1900.0 0.0 1995.0 1290.0
Nanoco Group . . . . . . .68.0 -1.0 93.3 38.0
NauticaI PetroIeu . . .333.3 3.3 419.0 223.5
NichoIs . . . . . . . . . . . .646.8 0.8 653.8 462.5
Numis Corporation . . .95.0 -0.5 119.6 72.0
Pan African Resou . . .16.8 0.5 18.3 9.5
Patagonia GoId . . . . . .39.0 0.0 70.0 36.0
Prezzo . . . . . . . . . . . . .68.0 -0.1 71.5 53.5
Rockhopper ExpIor .334.0 4.0 393.5 141.0
RWS HoIdings . . . . . .542.5 -3.5 560.0 377.0
Secure Trust Bank .1075.0 0.0 1110.0 755.0
Sirius MineraIs . . . . . .20.5 0.5 32.0 6.4
Songbird Estates . . .109.0 -6.5 160.3 103.0
VaIiant PetroIeum . . .520.0 1.0 628.5 400.0
Young & Co's Brew . .667.5 0.0 712.0 565.0
Ophir Energy . . . . . . .477.6 18.8
African Barrick Go . .424.0 7.5
easyJet . . . . . . . . . . . .495.8 7.5
Ruspetro . . . . . . . . . .203.7 7.4
Kentz Corporation . .474.8 6.9
TuIIow OiI . . . . . . . . .1570.0 6.6
BeIIway . . . . . . . . . . .859.5 6.1
Afren . . . . . . . . . . . . .131.0 5.7
Carpetright . . . . . . . .697.5 5.1
New WorId Resource 453.8 4.9
PoIymetaI Internat . . .935.0 -2.7
Northgate . . . . . . . . . .215.1 -2.2
ICAP . . . . . . . . . . . . . .408.9 -2.1
CabIe & WireIess W . .36.8 -2.0
BH GIobaI Ltd. USD . .11.9 -2.0
ResoIution Ltd. . . . . .274.9 -1.7
Weir Group . . . . . . .1787.0 -1.5
Wetherspoon (J.D.) . .414.1 -1.4
JPMorgan Indian In . .358.0 -1.4
PayPoint . . . . . . . . . .596.5 -1.3
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 5.250 12 . . . .100.93 -0.01 105.1 100.9
Tsy 9.000 12 . . . .101.90 0.00 110.8 101.9
Tsy 2.500 13 . . . .283.52 -0.02 287.7 282.6
Tsy 4.500 13 . . . .103.81 -0.03 106.4 103.8
Tsy 8.000 13 . . . . .111.29 -0.04 116.5 111.0
Tsy 5.000 14 . . . . .110.97 -0.08 112.9 109.3
Tsy 8.000 15 . . . .126.44 -0.14 129.2 123.8
Tsy 4.750 15 . . . . .113.68 -0.13 115.4 109.1
Tsy 4.000 16 . . . . .113.05 -0.14 114.7 105.6
Tsy 2.500 16 . . . .343.27 -0.11 344.2 318.0
Tsy 12.000 17 . . . .119.70 0.00 128.0 118.4
Tsy 1.250 17 . . . . .115.68 -0.12 116.6 108.4
Tsy 8.750 17 . . . .139.20 -0.19 141.9 133.3
Tsy 5.000 18 . . . .120.59 -0.20 122.5 110.6
Tsy 3.750 19 . . . . .113.60 -0.26 115.6 100.7
Tsy 4.500 19 . . . . .118.72 -0.22 120.7 106.5
Tsy 4.750 20 . . . .120.94 -0.29 123.5 107.7
Tsy 2.500 20 . . . .362.35 -0.21 367.1 322.1
Tsy 8.000 21 . . . .149.12 -0.34 153.4 134.8
Tsy 1.875 22 . . . .125.71 -0.29 129.1 113.3
Tsy 4.000 22 . . . . .114.79 -0.41 118.2 100.0
Tsy 2.500 24 . . . .324.07 -0.32 334.7 282.2
Tsy 5.000 25 . . . .125.46 -0.49 130.6 108.5
Tsy 1.250 27 . . . .121.71 -0.37 127.0 106.6
Tsy 4.250 27 . . . . .116.47 -0.53 122.7 99.1
Tsy 6.000 28 . . . .140.49 -0.53 148.0 120.7
Tsy 4.125 30 . . . .308.23 -0.36 322.8 268.3
Tsy 4.750 30 . . . .122.80 -0.61 130.5 104.3
Tsy 4.250 32 . . . . .115.36 -0.65 123.1 97.5
Tsy 4.250 36 . . . . .115.14 -0.73 123.9 96.8
Tsy 4.750 38 . . . .124.47 -0.74 134.2 105.0
Tsy 4.500 42 . . . .120.70 -0.81 130.8 101.3
% %
TECHNOLOGY HARDW. & EQUIP.
/LEllFEEL.CC.L|
T&Cs: Austin Reed branded suits only.
J FECEl EFEE C/l/F` Wl/Fl lElClLFCl E lCLLF`
SALE
FROM
MENS SUITS
179
N
O
W

O
N
CITYA.M. 27 MARCH 2012 33
Wealth Management | Markets
A
LLEGATIONS that the rich can buy
access to our politicians is massively
damaging to our democracy. It is
therefore critical that the govern-
ment takes action after yet another money-
driven political scandal this weekend, which
resulted in the resignation of Peter Cruddas,
co-treasurer of the Conservative party.
Labours cash for honours scandal is fresh
in many peoples minds and, once again, mil-
lionaires and party funding are in the politi-
cal spotlight, except this time its the
Conservatives.
The fact is that the future of party funding
is a matter that they all must carefully con-
sider. There are those who would like politi-
cal parties to be entirely funded by the
taxpayer, but this is the worst of all possible
worlds.
The argument in favour of only using tax-
payers money to fund political parties is
that it removes any chance of impropriety or
scandal, but this can be achieved without
going cap in hand to the public.
The reason that the Conservatives are so
reliant on small number of a millionaire
donors, and Labour are so reliant on big, rich
trade unions, is that they have let their con-
nections to their voter base atrophy. They
need to reverse this atrophy and move away
from a small number of people giving large
amounts to a larger number of people giving
smaller amounts.
Those who favour state funding point out
that it would cost only something like 50p
per voter, per year, to clean up politics. But
you can bet that this would increase over
time. With all three political parties depend-
ing solely on taxpayers money, there would
be a huge incentive and opportunity for
them to come after more of our money.
When local authorities used taxpayers
money to run council newspapers, stuffed
with propaganda about how great your local
council is, Eric Pickles called it lobbying on
the rates. Campaigns cost money and telling
political parties that they could bill taxpay-
ers for everything would make them super-
lobbyists, certain to come after more of our
money. The medicine would be worse than
the sickness.
When he was in opposition, David
Cameron said that he wanted a cap on dona-
tions. He should now consider this again.
The level this cap should be set at can be
decided with a sensible discussion about a
reasonable level at which to limit donations.
To the extent that it would reduce big-
money politics, a cap is a good idea. But
there is a serious danger that some might
use it as a justification for taxpayers to make
up the shortfall as party coffers suffer. The
cap would also have to apply to the trade
unions, not just individuals, if it is to be com-
pletely fair. Without some serious leg-work
and effort to reconnect with their grassroots,
all three parties would suffer under a cap
(unless it was set unduly high).
It is right that people can talk to their
politicians, but they shouldnt have to pay
for it. Equally, it is unlikely that donors have
that much influence over policy. Various fig-
ures might boast that they can get rich busi-
nessmen the Prime Ministers ear, but this
shouldnt be taken as fact.
For example, it seems more likely that it
was the Treasurys figures and George
Osbornes number crunching alongside a
range of representations from groups such
as ourselves that saw the 50p tax rate
slashed to 45p. It seems highly unlikely that
it was one rich donor or one Conservative
party treasurer.
Top donors might have greater access than
ordinary members of the public, but there is
no proof that a single policy has changed
because of this access.
We already provide money for opposition
parties to ensure that they can have ade-
quate staff to hold the government to
account. All parties also benefit indirectly
from taxpayers money through free party
political broadcasts and free delivery of
leaflets at election time.
Taxpayers already give enough to political
parties. Moreover, why should Labour voters
pay for the whole of the Conservative party
and vice versa? What is needed is greater
transparency in donations, not politics paid
for by the state.
Political parties of all colours need to get
back in touch with their grassroots. As dem-
ocratic institutions they should raise money
from grassroots donations and events, and
not look for a taxpayer bailout. State funding
of political parties is not the answer. Steps to
stop potential conflict of interest require
greater transparency, not more taxpayers
money.
Matthew Elliott is chief executive and co-founder
of the TaxPayers Alliance.
34
The Forum
CITYA.M. 27 MARCH 2012
As democratic institutions,
parties should raise money
from grassroots donations,
not state contributions
Reform of political funding
mustnt result in taxpayers
carrying the bill for parties
cityam.com/forum
MATTHEW ELLIOTT
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
35
The textile sector
can have a bright
future but it will
take reinvention
Making things is
not a soft option
in the UK today
I
N THE last twenty years, I have watched
the decline of British manufacturing, par-
ticularly in my own textile sector. While
prices for food and luxury goods have
risen steadily, high street clothing prices have
become so cheap that UK manufacturers can-
not be competitive in the mass market.
According to the Working Futures report,
which analyses projected changes in employ-
ment from 2010 to 2020, the future for manu-
facturing doesnt look good. Manufacturing is
set to hold its total output of 11 per cent, but
employment in the sector is set to decline
from 8 per cent to 7 per cent due to increased
productivity, potentially a reduction of
400,000 manual jobs. So Britain faces a choice:
we can either emulate the last twenty years, sit
and watch it happen as these jobs disappear or
we can work towards a more positive outcome.
Encouraging a more positive attitude
towards the makers will be essential. The
growth of a new craft movement in the UK has
been a great start, with workshop centres like
The Make Lounge helping to recognise the
manual operation of making something as a
valuable act. However, we need making to be
more than a hobby. It ought to be understood
as a respected profession. Websites like
etsy.com, having started off quite homespun
and craft-led have matured to represent some
credible makers, showing that new technolo-
gies can create new market opportunities. In
our disrupted future, manufacturing may yet
come full circle and reinvent itself on a cot-
tage-industry platform. Handmade, short-run
items offer a human connection and the possi-
bility of uniqueness that chain stores cannot
replicate. Unlike the pre-industrial-revolution
days, design, specialisation, expertise and
craftsmanship will lie at the heart of this
potential new manufacturing industry, rather
than the requirement to make it quicker and
cheaper and in ever-larger quantities. A num-
ber of well-established brands and businesses
are already skilled specialists.
Despite the challenges in the industry, over
my working life I have also seen the number of
student places on design courses increase dra-
matically. Some have worried that this is
unsustainable where will all these designers
go after their studies? But it is an increase that
has helped the UK earn global recognition for
design excellence, as evident in some of the
top fashion houses being headed by British
design talent: Phoebe Philo at Celine, John
Galliano, Alexander McQueen, Stella
McCartney. British talent now inhabits the top
creative roles and is responsible for creating
some of the most iconic products of the cur-
rent age, most famously Jonathan Ive for
Apple but there are many more like Tom
Dixon, Jasper Morrison and Daniel Brown
not to mention any of the architects and
artists.
We have inspired new generations with the
ideals of British design, but lets now focus on
the people who could be good at making
things and give them an opportunity to shine.
Made in Britain, not just designed in Britain,
should be a badge of honour.
Dawne Stubbs is the director of Design Apparel.
She is speaking on 28 March at Editorial Intelligences
Comment Conference on the Manufacturing
Economy.
Noisy protest
[Re: A third runway at Heathrow
is essential if London is to be a
globally competitive city, Friday]
The author is obviously well-
informed on the issue, so could he
elaborate on the noise implica-
tions? He states that noise pollu-
tion will be minimised with a
third runway. What does that
mean? That there will be no addi-
tional flights over west London?
Or if there are, how many more a
day and between what hours?
Steve Murphy
Tax poverty
[Re: Osbornes middle class tax
bombshell, Friday]
I sat down with a pen and paper
last night and worked out I pay
53 per cent of my meagre salary
(standard rate of tax) in tax of all
kinds and I get almost nothing
back for my contribution. How
long before working people are
given 10 a week pocket money
and the rest is simply taken, to be
given to whomever the govern-
ment chooses?
George Davidson
Speak your mind
The Forum is open for you to take
part. Got a sharp comment on one
of todays columns or rapid
response topics? Do you have
another subject relating to busi-
ness and the economy you want
to share your opinion on? We
want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum; by
email: theforum@cityam.com; and
on Twitter: @cityamforum. The
best responses will be reprinted in
The Forum.
RAPID RESPONSES
DAWNE STUBBS
BY ANTHONY J EVANS
The Forum
I
VE been reading
Economics Made
Simple by the Adam
Smith Institutes
Madsen Pirie. The book is
a short, well-written and
accessible overview of
basic economics and
serves as an excellent
primer. It is accompanied by several witty YouTube
videos that I heartily recommend.
Many consider the rise of popular economics books
to have originated with Freakonomics. The 2005 best-
seller, co-authored by University of Chicagos Steven
Levitt and the New York Timess Stephen Dubner, was
a phenomenal success. It sold millions of copies and
spawned countless imitators. It brought economics to
the masses and I am a big fan.
However, I have reservations about the possible
trivialisation of the discipline. The Freakonomics model
is about driving counterintuitive results from a heavily
mined (and highly original) dataset. It demonstrates
that economic insights are not obvious, and that eco-
nomics is a form of sociology. But it risks presenting
these ideas as quirky findings, as opposed to a body of
scientific discovery. In the words of Israel Kirzner:
Economics is not an intellectual game. Economics is
deadly serious. The very future of mankind of civilisa-
tion depends...on [the] widespread understanding of,
and respect for, the principles of economics.
Economics is not simply a matter of intellectual prob-
lem solving, like a challenging crossword puzzle, but...a
matter of the life or death of the human race.
I often get asked which economics books Id recom-
mend to a novice, and in addition to Economics
Made Simple and Freakonomics here are my top five:
1. Economics in One Lesson, by Henry Hazlitt. The
original and still the best. Published in 1946, Hazlitt
presents some of the most famous fables and parables
in economics that all build on Frederic Bastiats distinc-
tion between the seen and the unseen. He is also a
sophisticated critic of Keynesian policy.
2. The Armchair Economist, by Steven Landsburg.
Landsburg is a provocative writer, looking for extreme
examples to illustrate the logic of his arguments. His
books pre-date Freakonomics and his more recent
work includes Fair Play and More Sex Is Safer Sex.
3. The Undercover Economist, by Tim Harford
Harford is a journalist and perhaps the best writer on
this list. This book is less contrarian than Landsburg,
and contains more principles of economics than Levitt
and Dubner. It is the standard for this type of litera-
ture, and I have used it instead of a textbook for some
of my economics courses.
4. The Economic Naturalist, by Robert Frank. In this
collection of submissions to Franks microeconomics
class, he asks students to shed light on economic
explanations for everyday observations. The analysis
can be repetitive, but if this doesnt get you thinking
like an economist, nothing will.
5. Discover Your Inner Economist, by Tyler Cowen.
Cowen is a famous blogger, macroeconomist, food
critic, and collector of Haitian painting. His eclectic
tastes and sophistication shine through as he grapples
with the subjectivist foundations of economics.
Any of these books will be worth your time.
Students of economics that find their A-Level or
undergraduate studies abstract and boring should use
them as a reminder of why economics is both impor-
tant and fun.
Anthony J. Evans is associate professor of
economics at Londons ESCP Europe Business
School. www.anthonyjevans.com
anthonyjevans@gmail.com
Serious economics is
fun with a good guide
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
DIRECTOR OF CURRENCY RESEARCH, GFT
BORIS SCHLOSSBERG
facebook.com/fx360 twitter.com/fx360
fx360.com
The contents of this column are provided for general information purposes only. One should consider the appropriateness
of the information in light of their own objectives, financial situation or needs before trading. CD11UK.074.010612
There are still
plenty of chances
for the currency
to take a tumble,
says Craig Drake
W
HEN Bellway Homes
brings its trading update
to the market today,
shareholders will be look-
ing for any cracks in the brickwork.
The recent figures release from its
peer Bovis should give guidance as
to whats to be expected, and posi-
tive coverage across the sector from
Credit Suisse will only add to the
hope that the home builder wont
disappoint. Capital Spreads quotes a
price of 851.9p-857.6p.
Retailer Next released full-year
results last week and they were in
line with forecasts. This was mainly
due to strong online sales and a
solid performance overseas.
Although it stated that its outlook
is cautious, falling inflation would
ease a bit of pressure on con-
sumers disposable income, encour-
aging future sales. It has been
trending higher since the turn of
the month and this positive news
could push the stock higher. Capital
Spreads quotes Next at 3,025.4p-
3,030.6p.
Dominos Pizza updates the
market with a management state-
ment on Wednesday, but traders
are already selling this week as the
stock approached key resistance
around the 480p level. The shorts
will be looking for the support
around 450p to give way though
for a run at the 400p level to deliv-
er maximum profits. Spread Co
quotes a spread on Dominos of
476.06p-477.48p.
US Crude spiked dramatically on
Friday afternoon following the
reports that Iran was going to cut
its oil exports, hitting a high of
$108.20. Since then it drifted back
towards $106.50 before Bernanke
gave it another lift to $107.25
resistance. Selling around this level
looks a good trade, with the trend-
line from the late February highs
holding rallies well. Stops above
$108.50 should keep the trade rea-
sonably safe, look to take profits at
$105. Spread Co offers a spread on
May US Crude of $106.93-$106.97.
Craig Drake
THE
TIPSTER
BELLWAY
HOPES TO
BUILD ON
BOVIS GAINS
Potential pitfalls
ahead for the euro
T
HOUGH Europe seems to
have moved past its calami-
tous period of bumbling
from one disaster to the
next, there are still potential prat-
falls ahead for the euro.
The two biggest obstacles this
week are signs of German slow-
down and wobbles in the expan-
sion of the Eurozones rescue
infrastructure also heavily
dependent on the German econo-
my. The euro is Germany and
Germany is the euro. Without one
another you could almost say nei-
ther would exist, says Angus
Campbell, head of sales for
Capital Spreads. Germany has
benefited from an artificially low
exchange rate boosting its export-
led economy and helped it main-
tain its status as one of the biggest
economies in the world.
Campbell adds that the euro
would most likely have fallen
apart completely by now if it was-
nt for the fact that Germany is
still part of the Eurozone.
GERMAN JITTERS
German IFO business climate data
released yesterday suggested
German strength a boost with its
fifth straight monthly increase,
indicating that the European
lynchpin might be avoiding the
fallout from peripheral Eurozone
worries.
The index, based on a survey
carried out by the IFO think tank
of 7,000 German companies,
showed an increase to 109.8 in
March, up from 109.7. However it
is important to note that that the
IFO index is based on business
sentiment, which in past months
has increased even when growth
figures have been down.
Germany further highlighted
its position as the Eurozone king-
maker when Chancellor Angela
Merkel said yesterday that
Germany was open to temporarily
increasing the Eurozones fire-
wall to 700bn.
This is something of a volte
face from the German leader who
has long insisted that there was
no need to increase the bailout
fund from the earmarked 500bn.
Indeed, many will question
whether this 200bn is sufficient
to keep peripheral Eurozone wor-
ries under control firewalls tend
to be good at keeping fire from
traveling from one room in a
burning building to the next, but
are notoriously ineffective at deal-
ing with financial contagion.
WORRIES REMAIN
While the recent European
Central Banks three year long-
term refinancing operations and
Greek private sector involvement
deal success have given senti-
ment in peripheral bond markets
some improvement, spreads on
Italian and Spanish debt are
widening once again. This is a
worrying move and it wouldnt
take much to kick the euro down-
wards. The euro has some sup-
port at $1.3150, but any more
skips and slips from the
Eurozone will see it slide down-
wards.
INNOVATIVE SHOE DESIGN
TECHNOLOGY COULD ALLOW
NIKE LEAP TO NEW HEIGHTS
O
NE of the more bizarre footwear
trends to recently hit the streets of
New York is the foot glove fitness
shoe that literally has space for all
the five toes mimicking the look and feel of
someone walking barefoot. These fitness
shoes, which have become all the rage
among long distance runners, are sup-
posed to provide a more natural, less
stressful running experience. I have no
reason to doubt the health claims, but I do
know that sartorially these barefoot
shoes make the wearer look like he has
just walked off the set of the Planet of the
Apes.
Questionable fashion sense aside, the
barefoot shoe movement is simply the
latest incarnation of the never ending
human desire for more comfortable
footwear, which brings me to this weeks
trade idea Nike, the worlds leading sup-
plier of athletic footwear. In July, Nike
will introduce a 5.6 ounce running shoe
called the Flyknit that may radically
change not only the market for running
shoes but for footwear in general.
For years, footwear designers have
long sought to make shoes as comfort-
able to wear as socks. Unfortunately up
to now they have always encountered
problems with durability. The new Flyknit
shoe circumvents this issue completely
because it uses ultra strong synthetic
yarn to make the shoe. The yarn is woven
by a knitting machine controlled by an
extremely sophisticated computer soft-
ware program. The computer-controlled
weaving technology knits the entire
upper part of the shoe in a single piece.
Thats 35 fewer pieces to sew than simi-
lar shoes, which makes the production
costs of these shoes radically lower. In
fact the manufacturing process may
allow Nike to move some production back
to the US and possibly Europe meaning
that the company can respond to demand
must faster as it will reduce shipping
time by as much as four weeks.
However, what makes the Flyknit tech-
nology unique is the fact that the cus-
tomer can now design the shoe by colour
and style down to the single thread.
What Nike has created is not merely a
new shoe, but the intellectual foundation
for the ultimate holy grail of retail mar-
keting in the 21st century mass cus-
tomisation.
There is no doubt that the Flyknit may
find a receptive audience among runners,
but its market potential is vastly wider.
My lanky teenage son who hasnt so
much as run a pair of stairs in more than
a year and who frequently wears bed-
room slippers on the sidewalks of
Broadway, immediately got excited about
the prospect of designing his own slip-on
Flyknit.
Nikes potential with the Flyknit tech-
nology is truly revolutionary. Not only can
it benefit from the new line of ultra-com-
fortable athletic shoes, but it may be able
to realise significant revenue from licens-
ing its software process to other shoe
manufacturers. Nikes stock has been on a
long and steady rise more than doubling
since 2009 as it reached a high of
$112.95 per share last week. The compa-
ny said its orders heading into spring
were up 15 per cent from a year ago, sig-
naling continued strong demand for its
goods ahead of the Olympics and
European soccer championships in June.
Its stock, however, sold off into the
weeks end trading near the $107 a share
level as profit taking kicked in.
The sell off in Nike presents an oppor-
tunity to establish a position in the stock
ahead of the July Flyknit release. The
company is trading for about 22 trailing
earnings and sports a dividend yield of 1.3
per cent, so it is not extraordinarily
expensive from a fundamental point of
view and technically it enjoys support
near the psychologically key $100 mark.
If the manufacturing technology proves
to be as much of a hit as I think, the cur-
rent price will look like a bargain a year
from now.
ANALYSIS l NIKE
$
Nov Dec 2012 2011 Feb Mar
110
105
100
95
90
85
The common currency could fall on its posterior Picture: GETTY
Wealth Management | Trading
Receive 300 trading credit when
you open a NEW spread betting or
CFD trading account.
*Deposit 2000 and place trades at 3 per point or more to
claim your 300 trading credit. Terms and Conditions apply.
www.cityindex.co.uk/300
Exposure to the dollar can matter just
as much as the sun, says Craig Drake
Six things to
consider when
trading soft
commodities
COMMODITY CATEGORIES
Though most spread betters of
commodities tend to focus on the
energy sector and on hard commodi-
ties such as gold and silver, you can
also take a position on softs. Typically
listed are: cocoa, coffee, corn, lean
hogs, live cattle, oats, soy, wheat and
sugar. Commodities are then often
split into various grades, for example
arabica and robusta coffee.
SUBSIDISING YOUR PROFITS
Political factors can greatly
influence soft commodity prices.
Grain subsidies in US states as a way
to sweeten a huge voting bloc ahead
of an election in an agricultural
state can drive one price down at the
expense of a less politically favoured
commodity, as the policy creates an
excess of supply and deflates the
price.
PREPARE FOR THE UNEXPECTED
When it comes to commodi-
ties, it can be very difficult to trade
using a system. Fibonacci retracement
and bearish engulfing candlesticks
dont put up much of a fight when a
harvest is wiped out by a drought.
Non-quantifiable natural occurrences
can side swipe grain prices unfortu-
nately, consuming pestilence and
deadly plague cannot be expressed by
a Greek letter in a pricing formula.
DOLLAR EXPOSURE
With the exception of London
cocoa and UK soya, soft
commodities are
priced in dollars
(bear in mind
that there is also
a dollar
denominated
US soybean).
When you
take a posi-
tion on soft
c o mmo d i t y
prices, you are
actually making
two bets one on
the fortunes of
that commodity
and another on
the US dollar. No
matter if you have
Duke and Duke-
type insider
knowledge of
the US
Department
of Agriculture
report on the
Cal i forni an
orange harvest,
if the US dollar
jumps one way or
another it could
turn a gain into a
loss.
CONSUMPTION PUSH
With the world population
increasing, growing soft commodity
demand is a one-way bet. And with
increases in demand outstripping
advances in farming technology,
prices in the long term are going to
continue to rise though this doesnt
mean that they wont fall and rise in
the short term. And as countries
become more affluent, their consump-
tion of red meat and cereals tends to
rise. China, with an exploding popula-
tion, has increased its meat consump-
tion from 20 kilos per person per year
in 1985 to more than 50 kg per person
per year today. With 8 kilos of grain
needed to produce one kilo of beef, the
spike in grain demand is going to drive
prices ever higher.
EQUITY ALTERNATIVES
For those who want to take a
position on soft commodities without
the direct exposure to the sometimes
wild fluctuations in price, you can
instead take a position on soft com-
modity-linked equities such as sugar
refiner Tate and Lyle, and Sygenta, the
worlds largest producer of commer-
cial seeds. Another option is to gain
exposure via the food manufacturing
giants. If London cocoa prices go
through the roof, then you can take a
bet that Nestl will feel the squeeze.
1
2
4
3
6
In Trading Places not even a man on the inside could help the Duke Brothers
5
US 6-10 DAY OUTLOOK:
TEMPERATURE AND
PRECIPITATION
39
innovation, emerging economies and
Chinas appetite for raw materials are
just a few. They are phenomena with-
out precedent. The big ideas cause big
but slow changes in many markets.
Seldom are these expected by econo-
mists and analysts who often struggle
to see the wood for the trees. As an
investor you can have plenty of time to
get on board, so if you want to win big,
get a big idea.
YOU ARE UNLIKELY TO OUT-ANALYSE THE
ANALYSTS
Do you really think you could spot a
mistake in the markets valuation
of IBM? I think it is
a mistake to try.
I know of
i nve s t o r s
who get
r e s e a r c h
notes and do
a lot of
homework
on some of
these big
companies,
and I
s t r o ng l y
believe they
are wasting
their time. Their wins or losses are usu-
ally caused by movements in the gener-
al market or by luck, rather than by
superior analysis of a specific stock.
SMALL COMPANIES OFFER MORE
OPPORTUNITIES.
Smaller companies
have a greater
chance of
b e i n g
wrongly
priced. That
is not to say
that all
small com-
panies are
good value.
There are prob-
ably just as
many that are
overvalued, as are
und e r v a l ue d .
However, some
investigation and
analysis may help
you find the better
small companies. In
my experience, it is usu-
ally the quality of the
management thats
most important.
MARKETS GO FURTHER THAN EXPECTED
There have been huge and sustained
swings in most of the markets in the
last 20 years and more. In each case, few
predicted how far the price would
move; not the economists, the media or
the so-called experts. However, interest-
ingly there was usually general agree-
ment about the causes behind the
moves. So stick with the big moves, even
if the reasons become well-known and
obvious.
MARKETS MOVE IN TRENDS
Trends are too big to ignore. They are
well known but not well used. If you are
trying to be a contrarian and looking to
pick up a bargain in a falling market, be
aware that while it can be done, the
odds are against you. If you want to buy
a stock, its safer to wait for the price to
start to move higher before buying.
All of these ideas are simple. But like
most things, if you can do the simple
parts well, the results can be stunning.
Since the mid-1990s Richard Farleigh has
operated as a business angel, backing more
early-stage companies than anyone else in the
United Kingdom. Taming The Lion is pub-
lished by Harriman House. He will speak at
Active Trader on 24 May 2012:
www.cityamactivetrader.com
CURRENCY STRATEGIST
JOEL KRUGER
My pick: Looking to buy euro-Swiss franc
Expertise: Combining fundamental and technical analysis
Average time frame of trades: 1 month to 3 months
We dont usually incorporate fundamentals into our trade ideas, but
its hard to ignore the Swiss National Banks SFr1.2000 floor. Still,
the market is technically in the process of carving a major bottom on
the longer-term chart, and we continue to project additional upside
from here. Favourable yield differentials also dont hurt and we will
look for a break back above SFr1.2100 to confirm and accelerate
gains towards SFr1.2500 further up. Below SFr1.2000 negates.
ANALYST PICKS
Dragons top tips for taming the lion
STRATEGIST
ILYA SPIVAK
CHIEF STRATEGIST
JOHN KICKLIGHTER
My pick: Short gold (pending) on a weekly close below $1,622.25
Expertise: Global Macro
Average time frame of trades: 1 week to 6 months
The world economy is slowing due to the Eurozone, the Fed is backing
off its ultra-dovish posture amid stronger US economic data, and infla-
tion is likely to be contained as the prospects of QE3 fade. Also, EU
sovereign risk downgrade fears have been downgraded after the
ECBs second LTRO operation. This is likely to sap store-of-value
demand for gold, opening the door for a reversal as prices test rising
trend line support set from October 2008.
My pick: US from $110-$105; long euro-Swiss franc from SFr1.2060
Expertise: Fundamental and technical analysis with risk management
Average time frame of trades: 1 day to 1 week
A correction on the yen crosses was long overdue given the incredi-
ble rally these past few months, so my dollar-yen hit its trailed stop
at 82.75 for a good return. Im still very much a long-term dollar-
yen bull and will be looking for re-entry when the reversal fades. In
the meantime, the congestion on US oil is very interesting. A $110 to
$105 range offers clear entry points on a confirmed break (higher
time frame close) outside the bounds.
cityamactivetrader.com
In association with
Produced by
Buy your ticket online at
RICHARD
FARLEIGH
BUSINESS ANGEL &
PRIVATE INVESTOR
A
S A youngster growing up in
Australia my first ambition
was to be a bushranger just
like Ned Kelly. This nine-
teenth century outlaw was our own
Robin Hood, except that he fought
against police injustice wearing his
bullet-proof helmet and vest made
from steel. Eventually caught and
sentenced to hang, his last words
were such is life.
Fortunately for me, I entered the
investment world instead. However,
it too has its challenges. To meet
those challenges, I developed the
100 strategies presented in my book,
Taming The Lion. I was keen to
write them up, because they are
accessible to all investors. Here are
five for you to chew over.
BIG IDEAS OFFER BIG OPPORTUNITIES
There are a host of examples: the big
falls in inflation, technological
The Greenhouse
27a Hays Mews, W1 W1J 5NY,
tel: 020 7499 3331
www.greenhouserestaurant.co.uk
FOOD hhhhi
SERVICE hhhhh
ATMOSPHERE hhhhi
Cost per person without wine: 90
L
ONDON is abuzz with noisy, no-reser-
vations joints, opening in droves in
Soho. The best barbeque in town, the
best burger in town, the best ceviche
in townbut youll have to wait for it, and
once youre in, youd better not mind the
presence of other peoples elbows very
close to your neck.
So at a time like this it is easy to forget
but mighty pleasant to remember the
enduring presence of proper fancy restau-
rants, French-style, with impeccable serv-
ice, rich tablecloths, architectural
sophistication and effortful, virtuoso food.
The type where you not only can, but must
book, and where you sit in splendid spa-
ciousness with nobodys elbows but your
own to get in the way.
The Greenhouse, one of Lebanese
restaurateur Marlon Abelas signature
establishments, is the epitome of an ele-
gant fine dining room (Abela also owns
members club Mortons and Cassis in
London, and A Voce and several others in
New York and Boston). Its in deepest
Mayfair, tricky to find, giving it a whiff of
exclusivity perhaps largely because walk-
ing from the Tube takes ages, correctly
suggesting that this is the sort of restau-
rant most people pull up to in cars.
It is secluded and lush you clop over
some wooden clapboards, like a terrace on
a tropical retreat, past sculpture and
greenery, and enter a low-ceilinged, tran-
quil space. We were seated by some French
windows leading to a garden it could
have been the Caribbean.
Except more refined. The Greenhouse is
known for its wine list one of the biggest
in Europe and its former chef, Antonin
Bonnet, garnered it a star in 2004. Now,
ripples are being felt across fine dining
land with the import of Arnaud Bignon,
from Greeces only two Michelin-starred
A verdant land of high gastronomy
restaurant, Spondi (Bonnet is off to Paris
to start his own business).
The new menu remains European but
with Asian flourishes rather audacious
ones, too. Bignon is going for it.
Everything is interesting and raises an eye-
brow if not a grin, so you might as well
have the tasting menu. At 90, it is pricey
but not extortionate. And, if you like chal-
lenging haute cuisine, its worth it. As for
the wine the encyclopedia that is the list
requires advanced navigation, so leaving it
in the sommeliers hands (a perfectly
approachable, almost casual-seeming
chap, nothing stuffy) was a good move for
us. We would never have chosen an
absolutely delicious Catalunyan wine
called Castell DEncus Susterris, nor the
range of straw-coloured Rhones, if left to
our own devices.
Foodwise, all the usual suspects are
here: foie gras, lamb, scallops, but theyre
presented in stranger, more imaginative
ways than normal. The liver pate was as
dense and silky as youd expect: with its
confit, dates, lemon and dab of pearl mil-
let, it took on angles of fruity richness
tempered by citric notes. Highland scal-
lops were great fleshy lobes served with
of all things a tandoori flavour, cabbage,
a dusting of garam masala and lemon con-
fit. We pinched a Cornish crab with
Granny Smith apple, mint jelly and curry
off the a la carte menu, and it was the
most unusual parcel of flavour: zingy,
silky, spicy, fragrant, oceanicyou need to
try it for yourself.
Dessert, I always feel, is a waste in such
places too delicate and fussy instead of
the shameless slab of richness the heart
desires. So head straight for the cheese
trolley with its ancient Comte, along with
a really lovely selection of French fromage.
The groovy, crowded no-reservation places
in Soho are great, but sometimes you
want quality, elegance, and a stonking
cheese trolley (or at least, I do). Thats what
places like the Greenhouse are for, and
now Bignon is adding a clever bit of spice
to a very neat formula.
FOOD & BOOZE NEWS
ZOE STRIMPEL
John Dory with
iodized bread, arto-
choke, cuttlefish,
capers and rocket.
A new French chef,
fresh from a stint in
Greece, is spicing up
the menu at this
elegant ne diner
WORDS BY
ZOE STRIMPEL
EPISODE 50 A sudden end, but the cheques in the post
DEAR Cicely,
I am writing to inform you that I will
not be attending our scheduled ses-
sion tomorrow. I might have attend-
ed, or called, to inform you of my
decision but frankly, I felt you might
encourage me to reconsider. And I
dont wish to do that. My apologies
for the abrupt decision and my prob-
ably underhand means of communi-
cation.
If I now offer you my reasons for
terminating our sessions you may,
quite reasonably, be sceptical.
Indeed, as I contemplate them I am
mindful that they seem slender. I
have little time available and I dont
want my wife to know about our ses-
sions. I was prompted to see you
because of my recent difficulties
with sleep. Medication seems to be
addressing that.
Furthermore, I have seen the indi-
vidual concerned for lunch on more
than one occasion. Once I recognised
that Id been dishonest with you
about that in our sessions I knew I
had to end them.
For me, it has felt like addressing
unfinished business from 10 years
ago but I dont know if there is gen-
uine feeling from the other party or,
perhaps, simply a desire to manipu-
late, even destroy. Clearly unhealthy
though. And I have responsibilities
and obligations elsewhere. So, just as
Im ending our sessions, I shall also
be ending that what? other
interaction. I can imagine a thera-
pist having a field day with the juxta-
position of those two simultaneous
terminations.
I enclose a cheque for tom-
morows and next months sessions.
Please let me know if this is insuffi-
cient. My thanks for your help and
insights over recent weeks.
I know its unnecessary to specify
this but I shall do so anyway I trust
that the fact and content of our con-
versations and this letter remain
strictly confidential.
With thanks and kind regards,
David Cashman
City Dad will be continued next
Tuesday. For previous episodes,
please see www.cityam.com
CITY DAD
HEAD SOMMELIER AND MANAGER OF
LUTYENS RESTAURANT
ANDREW CONNOR
QUAFFERS CORNER
HIS will be my last column for City A.M.
Id like to thank you all for reading over the
last eight months. My wife and I have
recently had our first child and wed like
him to spend some time with his German rela-
tives, so I have accepted a position at Fischers
Fritz restaurant in Berlin. Id like to end my stint
as City A.M.s wine columnist by returning to my
personal favourite: German Riesling.
Most peoples impression of German wine is
stuck in the past. The immediate reaction people
have when I propose a German Riesling is that it
will be sweet. No doubt there are sweet German
wines, and the UK off trade does the consumer
no favours by stocking them to the exclusion of
the exciting, dry wines that Germany produces
in abundance. But I believe that contemporary
German dry Riesling is a wine uniquely in tune
with modern tastes, well suited to modern cook-
ing and often with a pleasingly low alcohol con-
tent (think 11 or 12 per cent).
Im going to make a specific recommendation
to you as a sign-off: one of the wines that first
opened my eyes to the quality of German vin-
tages. Its a vineyard in the Pfalz called Pechstein
(in the village of Forst), a number of stellar pro-
ducers make a wine from here including Ernst
Loosen (JL Wolf) and Brklin-Wolf but the one
I really like is from Von Buhl.
Typically for a German wine its full name is a
bit of a mouth-full, Reichsrat Von Buhl Riesling
Grosses Gewchs [translates roughly as Grand
Cru] Forster Pechstein, but they seem to realise
this, so on the front of the bottle youll find just
Pechstein GG. The vineyard has a lot of basalt
and this shows itself in a kind of smokey, salty
mineral finish that snaps the exotic fruit (think
mango, tangerine) into line with a long finish. Its
an explosively concentrated and delicious
mouthful and the wine will age for years. Go out
and try a bottle, today.
l One of the most iconic teas in the world,
The Ritzs afternoon cake fest in the Palm
Court has just been relaunched with a twist:
the smoked salmon sandwich is enhanced
with lemon-infused butter between freshly
baked rye bread; cheddar is served with
chutney on sticky onion bread. Raspberry
and rosewater macaroons; chocolate and
hazelnut sponge cake and more follow. To
book, call the Palm Court on 020 7300 2345
lRegent Streets legendary Japan Centres
restaurant, Toku, will be using the Queens
Jubilee as an excuse to Anglicise. Savile
Roe is seared salmon nigiri, topped with
melted cheese, cherry tomato, ikura salmon
roe and wasabi mayonnaise, while Sunday
Roast is an avocado and prawn inside-out
roll with a hot horseradish and teriyaki
sauce, topped with seared beef. Who said
afternoon tea needed to be dull or English?
Available throughout the summer. 16 Regent
Street. 020 3405 1222
And now...auf
wiedersehen
Lifestyle | Restaurants
T
E
R
R
E
S
T
R
I
A
L
THE SYNDICATE
BBC1, 9PM
Five workers at a struggling super-
market face an uncertain future
but then their numbers come up on
the lottery. Timothy Spall stars.
EMMERDALE
ITV1, 7PM
Sandy leaves the tap running in the
kitchen, and tries to clean up when the
sink overflows. Ashley is furious with
him for the mess and pushes him over.
FACEJACKER
CHANNEL4, 10PM
Kayvan Novak adopts various guises to
play jokes on unsuspecting members
of the public in the UK and the USA.
Terry Tibbs judges a beauty pageant.
BBC1
SKY SPORTS 1
7pmLive International Twenty20
Cricket 10.30pmTest Cricket
12.30amUEFA Champions League
Highlights 1.30amSporting Greats
2amFootballs Greatest Managers
2.30amFootball Asia 3amUEFA
Champions League Highlights
3.55amSporting Greats 4.25am
Footballs Greatest Managers
4.55amFootball Asia
5.25am-6amLive Test Cricket
SKY SPORTS 2
7pmLive UEFA Champions League
10.15pmRevista De La Liga
11.15pmSporting Greats 11.45pm
Poker 1.45amBritish Basketball
3.45amLPGA Tour Golf
5.15am-5.45amSporting Greats
SKY SPORTS 3
4pmLive ATP Tennis: The Sony
Ericsson Open. 12amSports
Unlimited 1amFootball Asia
1.30amRevista De La Liga
2.30am-4.30amPoker
BRITISH EUROSPORT
6pmLive WTA Tennis 7.45pm
World Superbikes 8pmSnooker
8.45pmInside WTCC 9.15pm
Eurogoals 10.15pm-12.15am
Snooker
ESPN
7pmESPN Kicks: Premier League
7.15pmLive FA Cup Football 10pm
ESPN Kicks: Premier League
10.15pmESPN Kicks: Serie A
10.30pmEredivisie Review Show
11.30pmPress Pass 2012 12am
The Ultimate Fighter 1amFriday
Night Fights 3amAmerican Le
Mans Series 4amPlanet Speed
4.30amESPN Kicks: Premier
League 4.45amESPN Kicks:
Scottish Premier League 5amSerie
A Rivals 5.30am-6amRussian
Premier League Review
SKY LIVING
7pmCriminal Minds 8pmThe
Biggest Loser USA 9pm
Unforgettable 10pmCriminal
Minds 11pmBones 12amCSI:
Crime Scene Investigation 1.50am
Maury 2.40amMedium3.30am
Bones 4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmStormchaser: The Butterfly
and the Tornado 8pmDont Tell the
Bride 9pmReggie Yates: Teen
Gangs 10pmEastEnders 10.30pm
Pramface 11pmFamily Guy
11.45pmAmerican Dad! 12.30am
Reggie Yates: Teen Gangs 1.25am
Dont Tell the Bride 2.25am
Pramface 2.55amStormchaser:
The Butterfly and the Tornado
3.55amThe Secrets of Everything
4.25am-5.25amMy Murder
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8.30pmRules of
Engagement 9pm90210 10pm
The Cleveland Show10.30pm
Napoleon Dynamite 11pmThe
Ricky Gervais Show12.05amThe
Big Bang Theory 1amScrubs
2amHow I Met Your Mother
2.25amMeet the Parents 2.50am
Rules of Engagement 3.10am
Greek 3.50amUgly Betty
4.35am-6amSwitched
HISTORY
7pmAmerican Restoration 7.30pm
Pawn Stars 8pmAmerican Pickers
9pmStorage Wars 10pmSeeking
Salvage 11pmUFO Hunters 12am
American Restoration 12.30am
Pawn Stars 1amSeeking Salvage
2amUFO Hunters 3amOnly in
America 4amThe Roman Empire
in the First Century 5am-6am
American Pickers
DISCOVERY
7pmBear Grylls: Born Survivor
8pmX-Machines 9pmWheeler
Dealers 10pmFalklands Hero:
Bravo November 11pmAlive! Sixty
Days Under The Snow12amBear
Grylls: Born Survivor 1amWheeler
Dealers 2amFalklands Hero: Bravo
November 3amWheeler
Dealers 3.50amMythbusters
4.40amMore Industrial
Revelations 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pm18 Kids
and Counting 9pmMystery
Diagnosis 10pmBaby ER 11pm
Hoarding: Buried Alive 12am
Mystery Diagnosis 1amBaby ER
2amHoarding: Buried Alive 3am
Supernanny US 4amA Baby Story
5am-6amBaby Days
SKY1
7pmFuturama 7.30pmSimpsons
8pmTouch 9pmFILMThe League
of Extraordinary Gentlemen 2003.
11.10pmRoad Wars 11.40pmDog
the Bounty Hunter 12.40am35mm
1.10amThe Real A&E 2amBig
Trouble in Thailand 2.50am
MacIntyre: Worlds Toughest
Towns 3.40amDom Jolys Happy
Hour 4.35amCrash Test Dummies
5.05am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnders: BBC News
8pmHolby City
9pmCHOICE The Syndicate
10pmBBC News
10.25pmRegional News;
National Lottery Update
10.35pmOne Night
11.35pmThe Estate
12.05amFILMWishful
Thinking: 1996.
1.30amWeatherview1.35amSign
Zone: The Apprentice 2.35amExile
3.35amGreat British Food Revival
4.35am-6amBBC News
6pmJust a Minute
6.30pmEggheads
7pmThis World: The Mormon
Candidate
8pmThe Hairy Bikers
Bakeation
9pmHorizon
10pmNever Mind the
Buzzcocks: With guest host
Terry Wogan.
10.30pmNewsnight: Weather
11.20pmWikiLeaks: The
Secret Life of a Superpower
12.20amHow God Made the
English
1.20amBBC News 3am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmCHOICE Emmerdale:
Ashley loses control and
pushes Sandy.
7.30pmLive FA Cup Football:
Sunderland v Everton (Kick-off
8.00pm).
10.10pmITV News at Ten
10.40pmLondon News
10.45pmBenidorm
11.45pmLadette to Lady:
Australia
12.40amThe Zone; ITV News
Headlines
3amCrossing Jordan
3.45am-5.30amITV Nightscreen
6pmSimpsons 6.30pmHollyoaks
7pmNews 7.55pm4thought.tv
8pmSupersize vs Superskinny
9pmBig Fat Gypsy Weddings
10pmCHOICE Facejacker 10.30pm
Hit the Road Jack 11.05pm
Random Acts 11.10pmDesperate
Housewives 12.05amPoker
1.05amSailing: Americas Cup
Uncovered 1.35amKOTV Boxing
Weekly 2amGrid 2.30amUltimate
Frisbee 2.35amLate Night Poker
3.30amBrief Encounters of the
Sporting Mind: Gymnastics 3.35am
That Paralympic Show4.05am
Road to London 2012: Paralympics
Extra 5amChannel 4 Presents
2012: Helen Turner 5.05am-6am
Full Metal Challenge
6pmHome and Away
6.30pm5 News at 6.30
7pmEddie Stobart: Trucks and
Trailers: 5 News Update
8pmWWI Top Gun: Revealed:
5 News at 9
9pmCSI: Crime Scene
Investigation
10pmCSI: NY
11pmCSI: Miami
11.55pmCSI: Crime Scene
Investigation
12.50amInside Hollywood
1amSuperCasino 3.55amHouse
Doctor 4.20amWildlife SOS
4.45amWildlife SOS 5.10am-6am
Michaelas Wild Challenge
1 2 3 4 5
6
7 8 9
10 11
12 13
14
15 16 17
18 19
20 21
22
23 24
28 20
11 13
25 9
19 3 4
11 38
34
21 10
13 13 21
7 26
18 12
21 27
12
16
15
4
16
30
29
11
18
19
27
3
28
6
10
17
9
17
30
32
15
5
6
17
12
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Condence trick (4)
3 Small and delicate (5)
6 Brings to a close (4)
7 Pen tips (4)
9 Biblical rst woman (3)
10 Ease or lessen (7)
12 For each (3)
13 Compete (3)
14 Substitute (7)
15 School group (inits) (3)
16 Disencumber (3)
18 Floor coverings (7)
20 French vineyard or
group of vineyards (3)
21 Ale (4)
22 Clif-dwelling, gull-
like seabird (4)
23 Squads (5)
24 Fully developed (4)
DOWN
1 Dawn (3-2)
2 Clutter (4)
3 Mischievous
adventure (8)
4 Poetry that does
not rhyme or have a
regular rhythm (4,5)
5 Daughter of a
sibling (5)
8 Spiny-nned sh (9)
11 Inhibit (8)
15 Edging of small
loops, as on lace (5)
17 Funereal lament (5)
19 Strap with a
crosspiece on the
upper of a shoe (1-3)
T
A
G
F
R C
N
O
I

4
4

4
4
C U D G E L T G
O A A B A C U S
L A R D M L A
O K D A N C I N G
S L A K E O N O R
S G L E T T I
U S E V E L I T E
S U S P E N D M V
G I O N A T O
C A P E R S T U
R D E G R E S S
3 7 7 2 9 7 8
1 6 2 4 3 6 1 5
5 1 3 1 3 2 4
1 9 4 5 7 2 8 3 6
3 8 1 6 7 4 9
3 2 4 1 5
8 6 2 9 2 9 7
5 7 4 9 8 3 6 2 1
7 9 5 8 8 9 6
9 8 6 8 4 2 1 3
2 3 1 9 5 4 9
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
CANKEROUS
Lifestyle | TV&Games
BOLTON midfielder Fabrice Muamba
has recovered sufficiently to eat and
get out of bed for the first time since
his on-field cardiac arrest.
The 23-year-old, who remains in
intensive care in a London hospital,
has also been well enough to watch
his team-mates on Match of the Day,
Bolton manager Owen Coyle said.
Muambas improvement comes as
Bolton return to the scene of his col-
lapse at Tottenham this evening to
replay the abandoned FA Cup quarter-
final of 10 days ago.
Doctors said last week he was in
effect, dead for 80 minutes after his
heart stopped beating and failed to
respond to 15 rounds of electric shock
treatment. Coyle said: The progress
Fabrice has made in the space of nine
days has been truly remarkable.
Tottenham plan to auction signed
shirts from tonights match on eBay
to raise money for the London Chest
Hospital, where Muamba is being
treated, the London Ambulance
Service and heart health charities.
Tonights winners will meet
Chelsea at Wembley in the semi-
finals and Spurs winger Gareth Bale
insists their slump is over. Weve
stopped the rot now, he said. Weve
had our blip and now we can look for-
ward to some positive results.
ENGLAND hooker Dylan Hartley will
discover today whether he faces a ban
of up to four years over allegations he
bit Ireland flanker Stephen Ferris.
Hartley, 26, will appear before an
independent Six Nations disciplinary
committee in London after he was
cited following the 30-9 defeat of the
Irish earlier this month.
If found guilty, the Northampton
skipper, who was banned for six
months for gouging in 2007, will be
handed a suspension ranging from 12
weeks to a maximum of four years.
Muamba able to leave bed
as Bolton return to Spurs
FOOTBALL
RUGBY UNION
Hartley D-Day
as England star
faces huge ban
CHELSEA boss Roberto di Matteo last
night hit back at Benfica claims his
team are crippled with anxiety over
their misfiring strikeforce as the two
teams prepare to collide in the
Champions League this evening.
Di Matteo responded to the barb
from the Portuguese outfits star mid-
fielder Nicolas Gaitan, who singled
out goal-shy Fernando Torres and the
ageing Didier Drogba, ahead of
tonights quarter-final first leg.
My response is that we scored 13
goals in the last six games, said the
Italian, who has won four in six since
taking over from Andre Villas-Boas.
As long as somebody in my team
scores, I dont care. We are scoring
goals and creating chances. Were
averaging more than two a game in
the matches Ive had in charge.
Chelseas resurgence has slowed in
the last week, with defeat at
Manchester City and a draw at home
to Tottenham increasing the danger
they will finish outside the Premier
Leagues top four for the first time
since 2002. It caused midfielder Frank
Lampard to concede that the Blues
are not as good as we used to be, but
Di Matteo insists they still have
enough to progress to a semi-final
against Barcelona or AC Milan.
The numbers say it, so theres no
point denying its been a difficult sea-
son, he added. But I still think this
Chelsea team is a very good team.
Di Matteo
responds to
Gaitan barb
Sport
42
SPORT | IN BRIEF
Cairns wins Modi libel case
CRICKET: Former New Zealand captain
Chris Cairns won 90,000 in libel dam-
ages in the High Court yesterday from
Lalit Modi, after the ex-Indian Premier
League chief alleged on Twitter Cairns
had been involved in match-fixing. Modi
must also pay 400,000 in costs.
Perez quashes Ferrari rumours
FORMULA ONE: Sauber rising star
Sergio Perez has denied claims he will
replace under-fire Felipe Massa at
Ferrari before the season is out. The
Mexican, 22, said: I will stay with
Sauber for the whole season.
Resurgent Woods eyes Masters
GOLF: Former world No1 Tiger Woods is
hopeful of winning a 15th Major at next
weeks Masters after claiming his first
PGA Tour title for two years on Sunday.
He said: I understand Augusta. Its a
matter of executing the game plan.
Jol cries foul
after United
open up gap
FULHAM manager Martin Jol accused
referee Michael Oliver of ducking a
late penalty decision last night after
Manchester United edged out the
west Londoners to climb three points
clear in the Premier League.
Striker Wayne Rooneys 29th goal of
the season just before half-time
returned the champions to the sum-
mit, but they might have been pegged
back had Michael Carrick been pun-
ished in the dying moments.
United manager Sir Alex Ferguson
admitted his midfielder had caught
Fulhams Danny Murphy, while a
pragmatic Jol conceded he was not
surprised that the visitors frantic
appeals were ignored.
I feel it was a difficult decision, but
it always is with a penalty. I think if he
had given the penalty he would have
had to send Michael Carrick off, said
the Dutchman.
I think everyone in the stadium
expected a penalty to be honest. This
is not the first time, especially not for
me. You have to be brave to give a
penalty away at Man United and that
is the only disappointment weve got.
Ferguson conceded there had been
contact but insisted United could have
had a penalty of their own and that
their overall dominance against a res-
olute Fulham side had merited some
good fortune.
I think they had a claim, no
doubt, he said. We had a claim for a
penalty in the first half when there
was a clear handball. Patrice Evra
thought it was stonewall. Maybe the
ref was thinking about that. Certainly
Michael Carrick has caught Danny
Murphys heel.
Victory propelled United back in
front of neighbours and title rivals
Manchester City with eight games
remaining, including a meeting
between the two teams on 30 April
that looks increasingly pivotal.
Despite a third consecutive defeat,
Fulham remain 13th and an eight-
point cushion away from what
appears to be a five-way relegation
battle, with Jol predicting four more
points will be enough for safety.
It was far from the drubbing some
anticipated, with the Cottagers much
more robust than when United hum-
bled them 5-0 in December, and the
home side decidedly lacklustre.
But as then, Rooney struck, this
time in the 42nd minute and oppor-
tunistically from close range, after
defender Jonny Evans had retrieved
an Ashley Young cross from the left
that eluded Fulhams defence and cut
the ball back.
Di Matteos Chelsea revival has stalled in
the last two games Picture: GETTY
l Like Chelsea, drew 0-0 at the week-
end, at Olhanense, leaving them behind
league leaders Porto on goal difference
l Gave Manchester United a couple of
scares in the Champions League group
stages, leading them both home and
away before drawing both games and
topping Group C as United crashed out
l Striker Oscar Cardozo has 23 in total
this season, including five in Europe,
while sought-after midfielder Nicolas
Gaitans tally of five assists is the equal
best in the competition
KNOW YOUR ENEMY | BENFICA
FOOTBALL
BENFICA
CHELSEA
BY FRANK DALLERES
FOOTBALL
1
0
MANCHESTER UTD
FULHAM
Man Utd 30 23 4 3 74 27 73
Man City 30 22 4 4 72 22 70
TOP OF THE TABLE
TEAM PLD W D L F A PTS
Rooneys strike puts the champions back in front of rivals
Man City but Fulham are left to rue penalty controversy
Rooneys 29th of the
season condemned
Fulham to a third
straight defeat
Picture: GETTY
43
THE HURLINGHAM CLUB & PARK, FULHAM, LONDON SW6
MINT
This sensational three day event kicks
off the weekend with a fabulous
corporate day offering world class polo
from six international teams, with
fully inclusive hospitality plus the new
Veuve Clicquot at Hurlingham evening
launch party.
Enjoy a classic British summer day out;
three polo matches, Veuve Clicquot
Champagne, lunch at the iconic
Hurlingham Club - the historic home of
polo - a quintessential afternoon cream
tea and to finish the day off, a rocking
party with live music and guest DJs.
An exciting range of hospitality options
to suit all budgets with prices from just
150 plus VAT per person.
Book now for a remarkable experience.
Telephone 0207 936 5284 or email
rachel@cityevents.uk.com.
The Best Corporate Day Out - as voted by CITY AM
Winner of Best Sports Attraction - London Lifestyle Awards 2010 & 2011
www.mintpolointhepark.com
Results
98I:C8PJGI<D@<IC<8>L<
DXeLk[%%%%%%%%%%%%%%%%%%( ( =lc_Xd%%%%%%%%%%%%%%%%%%%%%%% ' '
Raare] 4Z 8kk1.,#,.'
G N ; C = 8 >; Gkj
DXeLk[%%%%%%%%%%%%%%%%%%%%%%%%%*' )* + * .+ ). +. .*
DXe:`kp%%%%%%%%%%%%%%%%%%%%%%%%%*' )) + + .) )) ,' .'
8ij\eXc%%%%%%%%%%%%%%%%%%%%%%%%%%%%*' (/ + / -( *0 )) ,/
Kfkk\e_Xd%%%%%%%%%%%%%%%%%%%%%*' (- . . ,* *, (/ ,,
:_\cj\X%%%%%%%%%%%%%%%%%%%%%%%%%%%%*' (+ / / +0 *+ (, ,'
E\nZXjkc\%%%%%%%%%%%%%%%%%%%%%%*' (+ / / ++ +) ) ,'
C`m\igffc%%%%%%%%%%%%%%%%%%%%%%%%*' (( 0 (' *- *( , +)
Jle[\icXe[%%%%%%%%%%%%%%%%%%%*' (( . () *0 *+ , +'
<m\ikfe%%%%%%%%%%%%%%%%%%%%%%%%%%%*' (( . () *' *) $) +'
JnXej\X%%%%%%%%%%%%%%%%%%%%%%%%%*' (' 0 (( *+ *- $) *0
Efin`Z_%%%%%%%%%%%%%%%%%%%%%%%%%%*' (' 0 (( +( +. $- *0
Jkfb\%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*' (' / () )0 +( $() */
=lc_Xd%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*' 0 0 () *. +( $+ *-
N\jk9ifd%%%%%%%%%%%%%%%%%%%%*' (' - (+ *- +( $, *-
8jkfeM`ccX%%%%%%%%%%%%%%%%%%%%%)0 . () (' *( */ $. **
9cXZbYlie%%%%%%%%%%%%%%%%%%%%%%*' . . (- +* -) $(0 )/
9fckfe%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)0 / ) (0 ** ,/ $), )-
HGI%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*' - . (. ** ,* $)' ),
N`^Xe%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*' , (' (, ). ,, $)/ ),
Nfcm\j%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*' , . (/ *( -, $*+ ))
:I@:B<K
=@IJKK<JKD8K:?
Ji` CXebX m <e^cXe[
>8CC<1 Ji` CXebX _Xm\ jZfi\[ )/0 ]fi \`^_k n`Zb\kj X^Xèjk
<e^cXe[
JI@ C8EB81 =ìjk @eej
H T||r|m+rre c SW+rr | Arersar......................................................J
T D||s|+r c Str+ass | Bra+...................................................................
K S+r+||+r+ c Pr|ar | Arersar........................................................ O
D J+]+W+rere rat aat.........................................................................o8
T S+m+r+Weer+ rar aat .........................................................................ZO
l O|+r|m+| c Be|| | P+te| ..................................................................... Z
H J+]+W+rere ||WArersar............................................................. ZJ
S R+r|1 rar aat.........................................................................................Z
H Her+t| ||WP+te|.......................................................................................5
U we|ee+r+ rat aat ............................................................................. O
l|o r|4............................................................................................... O
Tat+| (8 W|ts., 9O a1ers) ......................................................... Z89
=Xcc1 , , 5, o, Z8, O, 9, Z5J.
9fncè^1 Arersar 55oJ, Bra+ 8oo, P+res+r
ZJ4ZO, SW+rr ZJJ9ZO, P+te| 9ZZ.
Ldgì\j1 A R+af & R Tac|er.
email sport@cityam.com
FAST-BOWLER James Anderson urged
England to forget their fielding
howlers after an encouraging start to
the first Test in Sri Lanka was under-
mined by a litany of dropped catches.
England had the hosts at 67-4 early
yesterday but wasted four chances to
remove Mahela Jayawardene before
the captains 168 not out swept Sri
Lanka to 289-8 in Galle.
Spinner Monty Panesar was the
worst culprit for the tourists, putting
down two simple opportunities to
halt Jayawardene in consecutive overs
as England looked to build on their
success in the opening sessions.
Anderson, who took three wickets
but himself missed two tricky catches
from Jayawardene, admitted irrita-
tion but warned his team-mates not
to dwell on what might have been.
Catches are crucial to taking 20
wickets in a Test match and a few of
them maybe werent the most diffi-
cult, so its frustrating for us that they
went down, he said.
Were disappointed, especially
because we focused on that at the
start of the trip, but we have to put it
behind us. The more we dwell on it
the more well get frustrated.
Everyone is upset if they drop a
catch and I thought it took the shine
off what was a brilliant day for Monty.
Im sure hell put it behind him.
Sri Lanka coach Graham Ford said
he hoped Englands errors would
affect the side massively, adding:
Hopefully Mahela can rub it in a bit.
Two early Anderson wickets,
including Kumar Sangakkara first
ball, and one for Stuart Broad had Sri
Lanka at 15-3, before Jayawardene
arrived at the crease. Debutant Samit
Patel, preferred to all-rounder Ravi
Bopara, whose side strain has left him
unable to bowl, justified his selection
with two wickets, but could not deny
Jayawardene a 30th Test ton.
Andersons regret
as Jayawardene
punishes England
BY FRANK DALLERES
CRICKET
Jayawardenes 30th Test ton carried Sri Lanka to 289-8 Picture: GETTY

277 Stores To Shut As Group Enters Administration: It'S Game Over

Uploaded by

Copyright:

Available Formats

277 Stores To Shut As Group Enters Administration: It'S Game Over

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

277 Stores To Shut As Group Enters Administration: It'S Game Over

Uploaded by

Copyright:

Available Formats

FTSE 100 5,9022.70 +47.81 DOW 13,241.40 +160.67 NASDAQ 3,122.57 +54.65 /$ 1.60 +0.01 / 1.20 +0.01 /$ 1.

0 +0.01 /$ 1.34 +0.01

www.cityam.com Issue 1,600 Tuesday 27 March 2012 FREE

UNIVERSAL TO SELL $200M OF MUSIC

Bernanke wants more QE

ABERDEEN Asset Management was

COUTTS has been fined 8.75m for

COMMODITIES traders could face lim-

THE CHIEF EXECUTIVE of

EASYJET, Europes second-largest low-

JAMES HOLLINS | INVESTEC

DOUGLAS MCNEILL | CHARLES STANLEY

RICHARD CURR | PRIME MARKETS

Carolyn MCall has led EasyJet to high-flying progress Picture: GETTY

Deripaska poised to snap up

HOPE returned to firms and con-

AN EXTRA one million new homes

INFLATION is expected to stay above

THE UK Border Agency was slammed

You might also like