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HINDMARCH BAGS
BUSINESS TROPHY
ISSUE 1,615 THURSDAY 19 APRIL 2012
TROUBLE AT TESCO
See Pages 6 & 7
See Page 14
Certified Distribution
27.02.2012 till 01.04.2012 is 99,462
RETAIL GIANT UNVEILS TURNAROUND PLAN
THE THREAT of a national fuel tanker strike
reared its head again yesterday when union reps
rejected a deal with distribution firms after six
days of talks.
Unite the union, which has until Friday to
call a strike, said the proposal on the table did
not go far enough on work standards and
security for the 1,200 drivers it represents.
The truckers have asked to talk again with
the six fuel companies involved to try and
reach a deal before Unites four week-long
mandate to name a strike date expires.
Mediator Acas said it was contacting both
sides to help break the impasse.
It seemed as if there was the basis of a deal
at the end of last week but now they have 48
hours or so to set dates for strike action if they
are to keep their strike ballot alive, said Chris
Mordue, an employment partner at law firm
Pinsent Masons. The union must give seven-
days notice of any industrial action.
Energy secretary Ed Davey said he was
disappointed and urged the two sides to avoid
a strike despite the complex issues involved.
The government is keen to avoid the type of
panic-buying seen earlier this month.
KEN Livingstone, the Labour
candidate to be Mayor of London and
a noted opponent of NHS
privatisation, uses private healthcare
services, City A.M. has learned.
A spokesperson for the 66-year-old
Livingstone said he uses an external
provider for annual check-ups, in an
admission that is sure to lead to
accusations of hypocrisy.
Like many people he has an
annual check up from an external
provider if he ever needs to see a
doctor for anything it is with his
local GP, or with other NHS services,
a spokesperson told City A.M. last
night.
At a lunch with political reporters
in Westminster earlier this week,
Livingstone said he had been having
BY MARION DAKERS
Save Londons NHS petition earlier
this year, Livingstone said: The
people of our capital city deserve top
quality care and demand our health
care should not be broken up, sold
off or be privatised by the back door.
The admission comes just weeks
after Livingstone was widely
criticised for channeling his income
through a company to reduce his tax
bills, despite describing people who
use these kind of legal tax planning
measures as rich bastards.
A spokesperson for Boris Johnson,
Livingstones Tory opponent and the
incumbent Mayor, said:
This is yet another example of
Ken Livingstones hypocrisy saying
one thing but does another. First we
discover that at the same time as
attacking tax avoiders, saying they
shouldnt be allowed to vote in
elections, he is avoiding tax himself
and standing in an election. Now we
learn that while campaigning as a
defender of the NHS he uses private
healthcare. How can Londoners
believe anything this man says?
Labour mayoral candidate and NHS privatisation opponent Ken Livingstone has admitted he uses an external provider for annual check-ups
Fuel drivers reject deal raising fears national tanker strike will go ahead
an annual check up for ten years,
adding Im as fit as Ive ever been.
He added: Ive lost a stone on this
campaign. I went for my annual
medical and the doctor almost had
an orgasm because Im so fit. My
heart, liver and kidneys, the whole
lot are absolutely amazing.
Private check-ups generally cost
anything from several hundred
pounds to several thousand,
although it is not known how much
Livingstones annual appointments
cost.
In a post for the Labour partys
KEN ADMITS HE USES
PRIVATE HEALTHCARE
MAYORAL
ELECTION
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BY DAVID CROW
AND JAMES WATERSON
EXCLUSIVE
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
Auditing watchdog gets serious
nThe national auditing watchdog is
considering imposing higher fines
based on a percentage of annual
turnover, with a similar approach
based on total remuneration for
punishing individual partners, rather
than using past rulings as a
benchmark. The Accountancy and
Actuarial Discipline Board yesterday
unveiled draft guidelines for imposing
credible fines which are
proportionate to the context in which
the accountancy profession operates
today, and will act as a credible
deterrent to future misconduct. The
AADB in January fined PwC 1.4m a
fraction of the companys $29bn
annual revenue for wrongly telling
local regulators for seven years that
JPMorgan Securities was keeping
client money safe.
EC to approve Sonys EMI takeover
nThe European Commission is today
set to approve Sonys 1.4bn takeover
of EMIs music publishing division. To
placate competition concerns, the
music giant is prepared to sell off
some of EMIs music publishing
catalogues, which roll in 25m
(20.5m) a year. It was revealed late
last month that Sony which is
bidding for the EMI division alongside
Blackstone, Abu Dhabis Mubadala
Development, Raine Group and movie
mogul David Geffen had offered
divestment concessions to Brussels.
Universal, which won the bid in
November to buy EMIs record label
for 1.2bn, is still awaiting approval
from the European Commission.
G
E
T
T
Y
Silence of the doves as
inflation concerns grow
AFTER tolerating the UKs high
inflation for years, Bank of
England officials have suddenly
begun to worry that it is not com-
ing down towards its two per cent
target as they had hoped.
The Bank had predicted inflation
would fall to its target before the
end of the year, but deputy gover-
nor Paul Tucker yesterday warned
it could remain above three per
cent throughout the second quar-
ter of this year and possibly into
the second half of the year.
We will guide inflation back to
target in the medium term, but in
the near term there is considerable
uncertainty about the path that it
will follow, Tucker said.
Even arch-dove Adam Posen,
often the sole voice on the
Monetary Policy Committee (MPC)
advocating increased quantitative
easing (QE), this month voted to
hold policy unchanged.
The pound strengthened on the
news that more QE was less likely,
rising 0.61 per cent against the dol-
lar to $1.60 and 0.62 per cent
against the euro to 1.22.
The minutes of the MPCs latest
meeting reveal growing worry that
inflation would fall less rapidly in
the near term than the commit-
tee had anticipated in its February
Ackman plans listing for $4bn fund
Pershing Square Capital, the $11bn hedge
fund run by high-profile US activist
investor Bill Ackman, is planning a $4bn
public flotation for a new fund in January
2013. Ackman intends to float the vehicle,
which has already been set up in
Guernsey and is known as Pershing
Square Holdings, on a major exchange.
Push to widen search for BoE boss
Senior Tory MPs urged George Osborne on
Wednesday to look at candidates beyond
the Bank of England to find its next
governor, warning that the institution had
become prone to groupthink. Before
coming to a decision, they should
examine every realistic possibility, both
inside and outside the bank, said Andrew
Tyrie, chairman of the Treasury select
committee.
C&WC considers halving payout
Cable & Wireless Communications is likely
to cut its dividend at its full-year results
next month to help retain cash in the UK-
listed group to cover investment needs in
its international telecoms business. CWC
committed to an ambitious shareholder
payout at the time of its 2010 demerger.
Toxic Bob admits defeat
The environmental movement has lost its
No 1 bogeyman after Robert Friedland
stepped down from the company he
founded after a fight for control with Rio
Tinto. Toxic Bob, as Friedland is known
to environmentalists, resigned as the
chief executive of Ivanhoe on Tuesday.
Fears grow on Alaskan mining plan
Native American leaders and a fishing
fleet director from Alaska will urge Anglo
American to abandon a controversial
mine project which could harm fish.
Amazon buys rights to publish Bond
Amazon has taken a significant step
towards becoming a fully-fledged
publisher by buying the rights to produce
Ian Fleming's James Bond novels in North
America.
Families spend on petrol over food
Many families are spending more on fuel
than their weekly food shopping because
of record petrol prices, the AA has found.
The cost of filling up a 50-litre family car is
now around 71.24, compared to a 70.10
average household weekly food spend.
AMR outlines cutbacks
American Airlines parent AMR, which is
seeking $1.25 billion in annual
concessions from its workers in order to
reduce its costs and successfully
restructure in bankruptcy-court
protection, wants to cut 1,200 jobs.
UK may charge 11 on phone hacking
Prosecutors said they are considering
criminal charges against 11 people in
connection with a long-running police
investigation into illegal newsgathering
tactics at News Corps UK newspapers.
WHAT THE OTHER PAPERS SAY THIS MORNING
EUROPEAN banks could be forced
into selling off $2.3 trillion worth
of assets as they battle to regain
investors trust, the IMF warned
yesterday.
The Washington based fund
expects EU-based banks to sell
almost seven per cent of their total
assets a staggering $2.3 trillion
over the next 20 months as they
attempt to strengthen their
balance sheets.
It expects the majority of this
deleveraging to come from banks
shedding non-core assets and
securities, but says one fourth will
come from a reduction in lending
reducing credit supply by an
estimated 1.7 per cent.
The IMF which based its
forecasts on an analysis of 58 large
EU-based banks warns that the
scale of the sell-off will exacerbate
the mild recession it is currently
predicting for the Eurozone this
year. A large scale and
synchronised deleveraging by
European banks could do a serious
damage to asset prices, credit
supply and economic activity in
Europe and beyond, said Jos
Vials, head of the IMFs monetary
and capital markets department.
The IMF warns an asset firesale
would also hit US banks via the
derivatives market, despite their lack
of direct exposure to European banks.
Eurozone banks
face $2.3 trillion
firesale, says IMF
MPC member Adam Posen has stopped calling for extra quantitative easing
2
NEWS
BY KATIE HOPE
BY TIM WALLACE
The new jobs website for London professionals
To contact the newsdesk email news@cityam.com
CITYAMCAREERS.com
O
NE of the most important
trends of recent years has been
the appalling performance of
UK productivity, otherwise
known as output per worker. This
matters hugely: over time, the only
way that wages can go up is if
workers become more productive,
either because they become more
skilled or work harder or smarter, or
if new capital expenditure and
technologies enable them to produce
more. Ever since the industrial
revolution, productivity growth has
been taken for granted the fact that
it has ground to a halt in the UK is
worrying. It is the main reason why
wages are growing so slowly in cash
terms, and continue to increase by
less than inflation, leading to an
inevitable reduction in real incomes
and living standards.
Productivity growth has averaged an
EDITORS
LETTER
ALLISTER HEATH
Why Britains productivity disaster is costing workers dear
THURSDAY 19 APRIL 2012
abysmal annual -0.8 per cent since the
recession began, two to three per cent
less than the norm after previous
recessions, Capital Economics calcu-
lates. Nobody really understands why
this is happening. One possibility is
that the figures are wrong, and that
the economy and hence output per
worker are not doing as badly as the
official numbers suggest. Given the
record of our statisticians, this is a def-
inite possibility. Unless the stats are
unfathomably wrong, however, pro-
ductivity would still be unusually low.
Another partial explanation is that
the collapse in output in financial
services ultra-leveraged banks
allowed workers to produce an unsus-
tainably high amount of revenues per
capita during the bubble has
dragged down overall productivity.
The massive size of the low-produc-
tivity public sector is another reason
output growth per worker in the state
sector inevitably under-performs that
of the private sector, dragging down
UK-wide averages. But this may not be
true just at the moment: the public
sector has already shrunk by hun-
dreds of thousands of employees over
the past two years, yet output has
risen slightly. So while the ludicrously
bloated size of the state relative to the
private sector is a major problem, it
cannot explain the poor productivity
growth of the past year or so. That
ed during the bubble was actually
mere froth. When it vanished, we sud-
denly all realised that we were poorer
than we thought and now, slowly
but surely, the purchasing power of
wages is falling as we adjust to our
new, straitened circumstances.
EUROZONE CRISIS REDUX
If the IMF is right and Eurozone
banks will deleverage to the tune of
trillions by the end of 2013 getting
rid of seven per cent of their assets
then we are in real trouble. Fewer
bank assets mean reduced liabilities
and that means a collapse in the sup-
ply of money. A further recession
would be guaranteed, with a nasty
impact on UK exports. The Eurozone
crisis is here to stay.
said, the state feeds on tax, and pro-
duces lots of regulations and clearly
these are reducing the economys effi-
ciency. But this is a long-term issue
that suggests sluggish growth for
years to come, and doesnt explain
the performance of the past 2-3 years.
The main statistical reason for the
drop in productivity is that employ-
ment fell far less during this down-
turn than during the recessions of
the early 1980s and early 1990s but
output fell by more. The total number
of hours worked has also dropped by
less than in the past recessions. So
what is going on? One explanation is
that employers and employees would
rather share out the work between
more staff and pay them less, in real
terms; this would keep productivity
low. But it is not clear why this would
be the case. Another explanation is
that a lot of output we thought exist-
inflation report.
Back in October the MPC was so
convinced that inflation would fall
too far below its two per cent target
that it announced an extra 75bn in
QE to try to boost inflation.
However, rising energy costs
pushed consumer price inflation
back up in March to 3.5 per cent.
David Miles was the only MPC
member who voted for more QE this
month, and even that call was fine-
ly balanced, the minutes noted.
At the same time as revising up its
inflation forecast, the MPC minutes
warned that growth could be more
lacklustre than previously feared.
Pointing to depressed construction
sector output in January and
February, as well as the likely loss of
activity caused by the Jubilee bank
holiday in the second quarter of this
year, the MPC said it could not rule
out the publication of official data
showing GDP falling for three succes-
sive quarters.
However, it maintained its central
forecast for modest growth this year.
THE FORUM: Page 20

BLACKROCK chief executive Laurence
Fink has issued a warning over the
health of global markets as the worlds
largest money manager beat expecta-
tions to post almost flat profits.
He said the markets were quite frag-
ile despite a powerful rally in the first
quarter, driven in part by an easing in
turmoil in Europe.
Major investors have begun to move
some assets from cash and short-term
bonds to equities and longer-term debt
but there has yet been no major shift
in investor attitudes, Fink said.
Blackrocks net income inched up 0.7
per cent to $572m (356.97m), or $3.14
per share compared to the same quar-
ter a year before. Revenue dropped 1.45
per cent to $2.25bn.
Assets under management hit $3.68
trillion, up five per cent during the
quarter and one per cent from a year
earlier. Investors continued to choose
indexed funds over actively managed
accounts, which typically generate
higher fees, although not necessarily
higher profit margins.
The popular iShares exchange-traded
BlackRock boss
gloomy while
profit ticks up
BY PETER EDWARDS
fund business attracted a net $18.2bn,
up 74 per cent on the quarter last year.
Fink said renewed global confi-
dence had been driven by European
stability after the European Central
Bank pumped the system with more
than 1 trillion (817bn) of cheap cash.
During the quarter Blackrock
launched Investing for a New World,
its global advertising campaign, but
cut operating expenses three per cent
to $1.4bn after reducing office occu-
pancy, fund and pay costs.
Fink also ruled out further big deals,
saying: I am not here thinking that
were ever going to do a large merger
again.
BlackRock Inc
12Apr 13Apr 16Apr 17Apr 18Apr
196
198
200
202
204 $
196.90
18Apr
THE CONTROVERSIAL VAT hikes
outlined in the Budget were
yesterday approved by
parliamentary vote despite
prompting the second largest
rebellion of the coalition
government.
The introduction of VAT on hot
takeaway food, alterations to listed
buildings and static caravans was
approved after Labour called a
vote on the issues, but the latter
prompted the largest MP rebellion
since the tuition fees vote in
December 2010.
16 Conservative MPs and one
VAT changes approved despite
biggest rebellion since fees row
BY LAUREN DAVIDSON Liberal Democrat MP voted against
the caravan tax while a further 14
abstained, cutting the
governments majority to just 25.
The government retained a
majority of 35 on the so-called
pasty tax vote when nine Tories
and four Lib Dems voted out of
line with their parties. A further
11 Conservative and seven Liberal
Democrat MPs declined to vote.
14 Tory MPs rebelled on the
listed building VAT vote, joined by
14 Tories and five Lib Dems who
abstained.
Philip Hollobone and Anne Main
were the only Tory MPs to defy the
party whip on all three votes.
3
NEWS
cityam.com
Osbornes changes to VAT have seen the second largest rebellion of the coalition government
MAGIC CIRCLE law firm Allen &
Overy (A&O) has set the scene for an
anaemic round of salary rises for
City lawyers this year, after
announcing pay increases of just one
per cent or less for its associates.
A&O kicked off the 2012
remuneration season yesterday by
matching the salaries it offers to
newly-qualified associates to those of
its fellow magic circle firms, who are
all expected to release 2012-13 pay
levels over the next few weeks.
Newly-qualified associates those
fresh from the firms two-year
trainee scheme will be paid 500
more than last years crop with a
starting salary of 61,500. Lawyers
two to three years post qualification
will also see their pay packets rise by
500 per year, to 68,500 and 74,500
respectively. Fourth year associates
will get a slightly larger raise, with
salaries up by 1,000 to 86,000. Last
year pay at the firm was frozen,
though associates could move up the
pay ladder by being promoted.
Despite the return to salary
growth, the figures are well below
the average rise in private sector pay,
according to yesterdays labour
market statistics from the ONS.
Overall earnings in the private
sector rose 1.9 per cent year-on-year
in the three months to February,
while financial services salaries were
up 2.7 per cent, excluding bonuses.
Allen & Overy
sets scene for
low wage rises
BY ELIZABETH FOURNIER
UNEMPLOYMENT fell in the three
months to February, official data
showed yesterday, raising hopes that
businesses are now confident enough
in the economic recovery to take on
more staff.
Joblessness fell 35,000 in the three-
month period to 2.65m, down to 8.3
per cent from 2.685m in the three
months to November.
The number unemployed for less
than six months fell 52,000, while an
additional 26,000 have now been out
of work for over a year. Youth unem-
ployment fell 9,000 to 1.03m in the
three months.
A total of 53,000 jobs were created in
the quarter, with men taking 52,000.
The rise leaves male unemployment
down from 9.1 per cent to 8.8 per cent,
while the female jobless rate is
unchanged at 7.7 per cent.
Eighty-thousand more part time
jobs were created, while the number
working full time fell 27,000. The
three months saw an 89,000 jump in
the numbers working part time
because they could not find a full
time job, taking the total to 1.4m the
highest since records began in 1992.
The claimant count rose 3,600 in the
three month period to a 27-month
high of 1.613m. Its good news that
Unemployment
drops as firms
pick up hiring
BY TIM WALLACE
53,000 more people are in work now
than three months ago, which shows
that the private sector is gradually
regaining confidence to hire, said
Neil Bently from the Confederation of
British Industry (CBI).
While this is the best jobs news
weve had in a year, the government
must step up its welfare reform pro-
gramme worryingly, over a third of
those unemployed have been out of
work for more than 12 months.
With youth jobless numbers still
stubbornly high, helping young peo-
ple find jobs must remain a joint pri-
ority for businesses and
government.
Meanwhile average earnings in the
three months to February were just
1.1 per cent higher than in the same
period of 2011 the slowest growth
rate since June 2010, and well below
the 3.4 per cent rise in consumer
prices in the year to February.
Average public sector pay now
stands at 477 per week, higher than
private sector earnings at 459.
Bonus pay fell sharply in the private
sector in the three months to
February, falling 5.4 per cent com-
pared with last year, although it rose
2.9 per cent in the public sector.
Finance and business services were
worst hit, with bonuses down 11.2
per cent on the same period of 2011.
Promethean sees sales plunge
INTERACTIVE whiteboard firm
Promethean World yesterday
revealed a dramatic sales drop in its
key North American market, causing
its share price to tumble a further 20
per cent.
Blaming challenging market
conditions, the interim
management statement showed
revenues of 35.9m for the first
quarter of 2012, a 14.4 per cent
decline on the same period last
year.
The firm floated on the London
Stock Exchange in 2010, one of a
series of British IPOs including
Ocado and Flybe that have left
investors suffering.
BY JAMES WATERSON
Since then the share price has
declined from 200p to just 57.5p at
yesterdays close, and the
Blackburn-based company said it
expects market conditions during
2012 will remain challenging,
particularly in the US and Europe.
North American revenues, which
account for the majority of the
companys income, were down 40
per cent for the quarter, although
this was partially offset by 22 per
cent sales growth in other markets,
buoyed by a substantial contract
win in Russia.
Alex Jarvis, an analyst at Peel
Hunt, downgraded the stock from
buy to hold and said: The
second and third quarter are the
key trading periods for Promethean,
but the volatility in the first quarter
leads us to downgrade our 2012
earnings per share forecast by nine
per cent. We had hoped that 2012
forecasts were positioned for
upgrades.
The firm said that although it is
too early to determine whether the
first quarter result for North
America is indicative of the full year
outturn it expects revenues will be
more weighted towards the second
half of the year.
Volume was well down with
Promethean selling approximately
29,000 interactive display systems
and 136,000 learner response
system handsets in the first quarter
of 2012, compared to 32,000 and
172,000 in the same period last year.
4
NEWS
cityam.com
Ination is outstripping wage growth
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Feb
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2011
Jun
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Aug
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Oct
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Feb
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Apr
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CPI
Private Sector
Public Sector
LVMH WARNS ON EUROPE DESPITE PROFIT JUMP
LVMH, the luxury conglomerate, yesterday warned that the outlook remained uncertain
despite posting a 25 per cent jump in first-quarter revenue. The owner of brands such as
Moet Hennessy and Yves Saint Laurent said like-for-like sales rose 14 per cent to 6.58bn.
AMERICAN Express profits
climbed seven per cent in the first
quarter to $1.26bn (0.79bn),
beating Wall Street estimates as
customers spent more on their
credit cards.
Revenues grew by eight per cent
BY LAUREN DAVIDSON
to $7.61bn as spending on the
network rose by 12 per cent.
Amex cardholders spent an
average of $3,772 a month, up from
$3,438 a year earlier.
The credit card company set
aside $412m to cover future loan
losses more than four times the
amount it designated last year.
Higher card spend boosts American Express
TESCO revealed yesterday it would be
spending 1bn on reviving its UK busi-
ness as the supermarket giant
attempts to restore sales growth and
make customers fall back in love
again with the brand.
Chief executive Philip Clarke out-
lined a six-point plan to hire 8,000
more staff, create warmer stores,
lower prices and improve products
after becoming too fixated on cutting
costs and boosting profit margins.
There has been too much running
up and down the escalators, Clarke
said, referring to the groups rapid
expansion as the group reported a
one per cent fall in UK profits to
2.5bn in the year to 25 February.
We fully recognise that we need to
raise our game in the UK. As we
improve the shopping trip for our cus-
tomers, it will follow that our sales
growth and financial performance
will improve too.
The grocer also said it will scale back
the amount of new store space it will
open by 38 per cent to focus on its
existing store portfolio.
Tesco to fight
back with 1bn
revival scheme
BY KASMIRA JEFFORD
Tesco will revamp 430 stores, or 25
per cent of its total selling space,
improving their look and feel and
focusing on fresh food and over the
counter service, Clarke said.
Profits at Tescos international busi-
ness, which spans 12 countries, rose
17.7 per cent to 1.1bn, resulting in a
total increase of 1.3 per cent to 3.8bn
across the group.
He dismissed calls for a more radical
shake-up after some investors urged it
to abandon its Fresh & Easy business
in the US, saying the group had a
unique opportunity and needed to
persuade investors we can get there.
Tesco PLC
320
325
330
335
340 p
321.05
18Apr
6
NEWS
cityam.com
The worlds nest at racing meets the worlds nest
fantasy racing game. Its free to enter so get your
stable ready before the Series starts on 5th May,
live at Newmarket and on Channel 4:
britishchampionsseries.com
/britishchampionsseries
May the best stable
win. Thats mine,
not yours.
Brian Meehan,
British Champions Series Trainer

R
a
c
i
n
g
f
o
t
o
s
.
c
o
m
200m
on hiring 8,000 new staff
for its large stores
and fresh food
departments
SERVICE
AND STAFF
Step up its Price Drop
campaign and increase
promotions
PRICE
AND VALUE
TESCO TURNAROUND
2
0
0
m
on revamping
450 stores
STORES AND
FORMATS
Tesco boss
Philip Clarke is
trying to stop
falling UK sales
TATA Communications has ditched
discussions to bid for Cable &
Wireless Worldwide (CWW),
surprising the City after weeks of
building up financing from a
handful of banks.
The Indian company announced
after markets closed yesterday that it
has been unable to reach agreement
with CWW on an offer price and
therefore confirms that it does not
intend to make an offer for the cable
business.
CWW confirmed that discussions
are ongoing with Vodafone, which
has until 5pm today to make an offi-
cial bid under the put up or shut up
Takeover Code rule.
Tata announced on 1 March it was
considering a bid for CWW, two weeks
after Vodafone confirmed it was eye-
ing the struggling cable company.
The Mumbai-based business, whose
parent company Tata Group is the
largest foreign investor in the UK and
includes Tetley Tea and Jaguar Land
Rover in its portfolio, is thought to
have secured $2bn of financing to
fund an acquisition of CWW, leading
analysts to expect an offer of up to 45p
per share.
But CWW, whose share price has
almost doubled from 20p to 37p since
speculation of a takeover bid kicked
off in mid-February, was seemingly
unwilling to accept the price range
Tata was able to offer.
Tata pulls out
of bid race for
UK telco firm
BY LAUREN DAVIDSON
I dont personally
shop online for
groceries. Im fortunate enough to have my
father-in-law living with me so he goes out
and does the shopping. He prefers to go
and nd the best deals as he has the time.
openings, VAT and petrol have been
falling all year, with each quarter
bringing a sharper decline. Sales on
this like-for-like measure fell 0.1 per
cent in the first quarter, then 0.9
per cent in the second, a further 0.9
per cent in the third, and 1.6 per
cent in the fourth. A primary school
maths pupil could spot the pattern.
It would be wrong to lay the
blame squarely at the feet of Philip
Clarke, who has been in post for
just over a year. Tesco has been
ceding share since the end of 2007,
when its slice of the market peaked
at 31.2 per cent. Retailers of this size
dont sour so quickly. Sir Terry
Leahy, Clarkes predecessor, might
have left the c-suite at just the right
time, but he too must shoulder
some responsibility.
The curse of complacent
incumbency is the culprit. Years of
underinvestment in its
supermarkets and sales staff are
beginning to show, as is the sizeable
distraction of its largely successful
international expansion. A collapse
in demand for the kinds of non-food
items that Tesco had made large
inroads into, such as flatscreen TVs
and hi-fis, has also taken its toll.
There is much common sense in
Clarkes turnaround plan. He will
spend more on staff, especially
those manning the fresh produce
counters, a strategy that has already
seen a group of 200 pilot stores buck
the trend by posting like-for-like
sales growth of 1.1 per cent since
Christmas. Some tired stores will be
tarted up, more will be spent on the
groups website, and product ranges
will be refreshed and repriced.
While Clarkes heart is in the
right place, he isnt putting enough
money where his mouth is. The
1bn investment is small beer when
you consider the scale of the
groups business. By the end of
2013, just a quarter of its stores will
have been refitted. In fact, when
you allow for the huge reduction in
store openings Tesco will add 38
per cent less new space than it did
last year UK capital expenditure is
actually going down.
So the pace of change will be
slow. Clarke, who yesterday
promised only modest progress,
admits as much himself. Investors
who look in the preserves aisle for a
jar of their favourite raspberry
spread shouldnt be surprised to
find a sign that reads Jam
Tomorrow.
Sometimes I
shop online for
my groceries, but not always. When I
do its because it is the most
convenient way to get what I
need. I mainly use Tesco if I shop
online because it is the easiest to
use.
These views are those of the
individuals above and not
necessarily those of their
company
I do a lot of my
grocery shopping
online, mostly through Ocado because it
has good products, a mobile application,
and is easy to use. I hate going to
supermarkets and I hate queues.

Spirit Pub Co PLC
54
53
55
56
57
58 p
53.50
18Apr
Results close to our expectation leave the business model continuing in strong growth, beating most
of the pub sector. Technical downgrades may create some short-term weakness, and this represents a buying
opportunity. Current trading continues strong, although no numbers are given as they would be
articially high, reecting the Easter holiday.
ANALYST VIEWS
Prot-before-tax at 19.5m, is ahead of our 17.5m forecast. This represents a seven per cent increase,
however the underlying growth rate was 30 per cent if one backs out the one-off benets of 1.6m on onerous
contracts and 1.7m of rate rebates. In the second half, growth should also benet from 1.5m lower
central costs and less closure downtime.
Spirit has issued a good set of interim results this morning... In terms of current trading and outlook,
the company says that its managed business continues to trade strongly and outperform the market. The compa-
ny remains on track to deliver full-year expectations and isn't expecting any material change to consen-
sus on the back of this update.
DID SPIRITS HALF-YEAR RESULTS

MEET EXPECTATIONS?
Interviews by Kasmira Jefford
PAUL HICKMAN PEEL HUNT
DOUGLAS JACK NUMIS
SIMON FRENCH PANMURE GORDON

7
NEWS
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Cate Blanchett
stars at the
Barbican
SPIRIT PUBS group, the operator
behind chains including Flaming
Grill and Chef & Brewer, said its
managed estate continued to
outperform the market, after
profits rose seven per cent in the
first half of the year.
The company, which de-merged
from Punch Taverns last year, said
pre-tax profits increased to 20m
in the six months to 3 March
from 18m last year.
Chief executive Mike Tye said
its managed estate of 800 pubs
BY KASMIRA JEFFORD
was performing extremely well,
largely due to squeezed consumers
continuing to seek out value for
money meals, with like for like
sales increasing by 5.6 per cent.
The group embarked on a huge
programme to revamp its pubs
after its de-merger from Punch,
which is now 76 per cent complete
with Chef & Brewer and Taylor
Walker brands fully refurbished.
Tye said this had helped boost
the average turnaround in sales at
newly fitted pubs by 15 per cent.
Yet its legacy of 530 tenant-
pubs, which was until recently
still controlled by Punch,
continued to see like-for-like net
income fall to 4.5 per cent.
Spirit Pubs enjoys sales rise
thanks to makeover success
150m
on internet arm Tesco
Direct and adding 750 new
click and collect points
CLICK
AND BRICKS
rival. Its margins are still double
those of most competitors.
That doesnt mean the direction
of travel in its domestic market
isnt troubling. Sales
excluding new store
BOTTOM
LINE
DAVID CROW
4
0
%
Relaunch Tesco Brand,
which represents 40 per
cent of UK sales.
RANGE
AND QUALITY
Clarke will need more than 1bn to reverse curse of complacent incumbency
Review and improve
brand communication
BRAND AND
MARKETING
SHARON GURNETT
McGRIGORS
LUCY WALLCRAFT
FIDELITY
CITYVIEWS
DO YOU SHOP FOR GROCERIES ONLINE?
RAYMOND CHAROUNEAU
MERRILL LYNCH
L
ETS keep things in perspective
here. Tesco isnt exactly
struggling, although you
wouldnt know it from the bad
publicity that has plagued it since a
profit warning in January. Group
profit of 3.83bn was up by five per
cent last year on revenues that were
seven per cent higher at 72bn. A
distressed retailer this aint.
Even in the UK, the source of its
recent woes, it is still by far the
biggest supermarket, with a market
share of 30.2 per cent, compared to
17.9 per cent for Asda, its nearest
Interviews by
Kendal Gapinski and
Jessica Abrahams
david.crow@cityam.com
Follow me on Twitter: @davidcrow83
COMMODITIES trader Glencore has
signed a $6bn (3.7bn) syndicated
loan backing its $90bn merger with
miner Xstrata after raising nearly
$11bn in syndication, banking
sources said yesterday.
The loan includes a one-year
extension option and was
underwritten by Citigroup and
Morgan Stanley to show regulators
that Glencore has enough working
capital to fund the merger. The
loan, which can only be drawn if
the merger goes ahead, is new
money for Glencore and additional
exposure for its lenders, although
Glencore is not expected to draw on
the loan. The facility is available to
be drawn to the extent that the
merger gets approval. Whether it is
or not is another matter, a senior
banker close to the deal told
Reuters. Glencore is also extending
$11.85bn of existing loans in a
process which is expected to close
around 26 April the bankers said.
Earlier in the week Glencore said
the paperwork on the Xstrata deal
was behind schedule.
Glencore seals
$6bn in Xstrata
merger loans
BY HARRY BANKS
G
E
T
T
Y
HSBC saw strong demand from
investors when it issued the first ever
renminbi-denominated bond sold
outside Chinese territory yesterday,
raising 2bn yuan (200m) in London.
With investors subscribing for
twice the issuance amount, the bank
paid just three per cent interest on
the three-year bond. Most of the debt
was bought by European investors.
The transaction, which was advised
by Clifford Chances Habib Montani,
is the first time that any company has
raised money in the Chinese currency
outside of China or Hong Kong.
It follows a series of steps loosening
control over the renminbi by the
Peoples Bank of China (PBOC) and the
Hong Kong Monetary Authority.
The PBOC recently also relaxed con-
HSBC tests City
appetite for
dim sum bonds
BY JULIET SAMUEL
trols over how much the renminbi can
appreciate each day, doubling the size
of the band in which it trades versus
the dollar.
London is keen to grab a large slice
of the action as China allows the inter-
nationalisation of the renminbi, seen
as a precursor to it becoming another
of the worlds reserve currencies.
Establishing the UK as the biggest
non-Chinese renminbi trading centre
would boost Londons status as the
worlds biggest forex market and is
being aggressively pursued by British
banks and the Treasury.
HSBCs head of emerging market
forex David Pavitt said: The market
needs to mature, which will involve
growing demand and better infra-
structure in banks to enable hedging
against the difference between
onshore and offshore renminbi.
Nestle closes in on deal to buy
Pfizers baby formula brands
NESTLE, the worlds biggest food
group, is closing in on a deal to
buy Pfizers infant nutrition
business for up to $10bn
(6.25bn) to boost its business in
China and extend its lead in the
world of formula milk for
babies, sources familiar with
the matter said yesterday.
Nestle is in the lead position
and is closing in on a deal
which we expect soon, said one
source.
Another source said the
business would fetch $9bn-
$10bn and expected a deal by
BY HARRY BANKS
the end of April.
The Pfizer unit is a high-
growth $2.1bn turnover business
with over 70 per cent of sales in
emerging markets and a key
position in China, and has
attracted the attention of the
three largest players in the
infant milk formula sector.
A spokesman for Vevey-based
Nestle, which holds its annual
general meeting in Lausanne
today and releases first-quarter
sales figures tomorrow, said we
never comment on market
rumours.
The Pfizer business, with its
SMA Gold brand, ranks as world
number five in the infant milk
formula market the worlds fastest
growing packaged food category
after Nestle, Mead Johnson, Danone
and Abbott Laboratories.
It is currently growing sales at
eight per cent a year.
Nestle SA
56.00
55.75
55.50
56.25
56.50
56.75
57.00 CHF
56.65
18Apr
BP has reached a $7.8bn
settlement with more than
100,000 claimants over
damage done by the
Deepwater Horizon spill
almost two years ago.
The firm, which set out the
terms of the deal in February,
said the plaintiffs steering
committee thought the
agreement was fair,
reasonable and accurate.
It covers both economic
losses and medical claims.
The US courts hearing the
swathes of legal cases
stemming from the disaster
will now decide whether to
allow the agreement to
proceed.
Under the deal, BP expects
to pay the settlements from
its existing $20 spill trust.
BP agrees
settlement
BY MARION DAKERS
9
NEWS
cityam.com
NEW JOBS
NEW COMPANIES
EVERYDAY
CITYAMCAREERS.com
WWW.CITYAMCAREERS.COM
OVER
OR SCAN HERE
3000
FINANCE, LEGAL & I.T
SALARIES UP TO
JOBS
300K
C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
Chancellor Osborne has welcomed renminbi-based trading in London
Q
Whats a dim sum bond and why is it a
big deal?
A
Dim sum bond is the name
given to a renminbi-denominated
bond issued outside mainland
China. Up to now, this has only
happened in Hong Kong. The fact
that it is now happening in London
shows the degree to which Beijing is
relaxing control over its currency.
Q
Why has this happened now?
A
It follows a series of steps in which
China has loosened controls. The
first was allowing
renminbi to be
transferred in and out of non-
Chinese bank accounts, letting an
offshore market develop. Alongside
that, Beijing has raised the quotas
limiting the movement of capital in
and out of China and abolished
many restrictions on exporters.
Q
What now?
A
Demand will grow alongside trade
as banks set up the necessary
infrastrcture.
Q
A
and
Dim sum breakfast in London
THE NEW York Federal Reserve said
yesterday it has asked eight
investment banks to bid on risky
assets from its Maiden Lane III
portfolio, which was created during
its 2008 bailout of insurer American
International Group (AIG).
This move would trim the US
central banks balance sheet which
about tripled from the emergency
measures it has enacted to help the
banking system and the economy
since the global credit crunch.
It also signals some confidence
that collateralised debt obligations,
a once-fledgling asset class because
of its tie to the US mortgage
market, might have finally
stabilised after they were battered
since the housing meltdown.
Barclays Capital, Citigroup, Credit
Suisse , Deutsche Bank, Goldman
Sachs, Bank of America's Merrill
Lynch broker, Morgan Stanley and
Nomura have been invited to
submit bids for the assets, based
on the strength of their expressions
of interest in the bonds, the Fed
said in a statement.
Fed asks banks
to bid for risky
assets portfolio
BY HARRY BANKS
US REGULATORS yesterday limited
the number of market players that
will be slapped with a pricey swap
dealer tag.
The Commodity Futures
Trading Commission (CFTC) and
the Securities and Exchange
Commission last night finalised
joint rules that will determine
which firms do so much swaps
business that they must register
with regulators and back up their
trades with more capital and
collateral. The Dodd-Frank
financial reform law called on
regulators to more closely police
the swaps market after widespread
ignorance about the swaps market
damaged the financial system
during the 2007-2009 crisis.
The CFTC originally said in
December 2010 that firms would
be counted as swap dealers if they
traded more than $100m in swaps
over a 12-month period.
The final version released
yesterday bumps the threshold up
to $8bn for most asset classes as an
initial phase-in. Eventually, that
threshold drops to $3bn, unless
regulators decide a different
threshold is appropriate.
It also added a more explicit
exemption for swaps that are used
to hedge market risks, such as
reducing exposure to interest-rate
fluctuations or oil price moves.
Those trades will not count toward
the threshold that triggers the
swap dealer designation.
10
NEWS
cityam.com
Occasional habit
getting out of
control?
* Based on a sample of all patients during 2010/11 with completed HoNOS data.
** Improvements as measured by The Health of the Nation Outcome Scales (HoNOS). HoNOS is the most
widely used routine clinical outcome measure used by English mental health services and is also used in
services around the world. It is a highly validated tool for the measurement of mental health and social
functioning and provides insight for patients and clinicians into their progress against planned goals.
Improvement is defined as a decrease in total HoNOS score over the course of an episode of care.
Health of the Nation Outcome Scales (HoNOS) Royal College of Psychiatrists 1996.
Tel: 0845 2 774679
Email: info@priorygroup.com
www.priorygroup.com/addictions
The Priory Hospital Roehampton
Priory Lane, Roehampton, London, SW15 5JJ
The Priory Hospital North London
Grovelands House, The Bourne, Southgate
London, N14 6RA
Contact The Priory today to speak to
an adviser or to arrange a confidential,
free addictions assessment.
Youve come this far, dont back out now.
Losing streak?
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Daily routine?
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When an occasional habit gets out of control it can quickly
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Addictions patients who completed The Priorys 28 day
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BANK of New York Mellon yester-
day said its first-quarter profit
declined slightly while its foreign
exchange revenue slid 21 per cent
and legal expenses surged as it
battled clients claims of over-
charging on currency trades.
BNY Mellons forex business has
been the subject of several law-
suits in which the bank has been
accused of overcharging pension
fund clients on certain trades.
The bank has denied any wrong-
doing, but it is paying out consid-
erable sums to defend its position
in courtrooms across the country.
The banks litigation and legal
expenses have weighed on results.
Those expenses climbed by $70m
(44m) from year-ago levels.
BNY Mellon chief financial offi-
cer Todd Gibbons said the bank is
operating in a very litigious
state because of the fallout from
the credit crisis.
The worlds largest custody bank
reported net income of $619m, or
52 cents a share, compared with
$625m, or 50 cents a share, a year
earlier. That matched the average
estimates of analysts.
Nomura bank analyst Glenn
Schorr said: Importantly, expens-
es were controlled, though we
would like to see more.
BNY Mellon said foreign
exchange revenue totaled $136m
in the first quarter, a decline of 21
per cent from the year-ago period
and a 26 per cent drop from the
fourth quarter. The bank blamed
lower volumes and less market
volatility .
Assets under custody and
administration, a key driver of
fees, totaled $26.6 trillion at the
end of March, 4 percent higher
than the year-ago period.
The banks total fee revenue,
which includes forex, service fees
and investment management
fees, dropped 1 percent to $2.8 bil-
lion.
Net interest revenue, mean-
while, surged 10 per cent to
$765m as average client deposits
increased $28bn, or 73 per cent,
from the year-ago period. But
since the end of the fourth quar-
ter, those deposits have declined
$10bn, or 13 per cent, as clients
put more cash to work.
BNY Mellon profit dips
following forex woes
HARRY BANKS
US corporate results round-up
YUM Brands, the food group
behind Pizza Hut and KFC, saw
its first quarter profits rise by
73 per cent despite slower
trading in its China division.
The Kentucky-based
companys profits climbed to
$458m (285.8m), boosted by a
revamped menu at Taco Bell.
US sales at the Mexican fast
food chain were up five per
cent, more than doubling the
rise expected by analysts.
But Yum had
less promising
results in China,
where margins
dropped to 23.6 per cent
from 25.1 per cent a year
earlier due to rising wage
and commodity costs.
Yums sales in China, which
account for just over 40 per
cent of group profits, grew 14
per cent but fell short of
analysts expectations.
New Taco Bell menu boosts Yum
EBAY grew revenue a staggering
29 per cent last quarter to
$3.28bn (2bn) largely thanks to
a strong performance from its
payments subsidiary PayPal.
Profits increased by a fifth to
$570m at the online
marketplace despite margins
falling to 19.9 per cent from 22.2
per cent in the same quarter last
year due primarily to the
impact of acquisitions and
business mix.
The San Jose-
based company
generated $289m of
free cash flow despite a
$300m tax hit from the sale
of its Skype stake last year.
PayPals revenues jumped 32
per cent to $1.3bn and the firm
ended the quarter with 109.8m
active registered accounts, a
gain of 12 per cent.
Ebay soars on the back of PayPal
OIL company Halliburton
reported a 23 per cent rise in
first quarter profit yesterday but
set aside $300m (187m) to
cover probable losses related to
its role in the 2010 Gulf of
Mexico oil spill.
Net income for the first
quarter was $627m, compared
to $511m this time last year.
The firm saw record revenue
in its North American
operations,
which grew 40
per cent from a year
earlier due to new oil
drilling activity.
But the company warned
of trouble ahead as a plunge
in natural gas prices and
increasing cost inflation on
materials is set to have a
negative impact on profit
margins in the second quarter.
Halliburton sees profits rise
HOTELIER Marriott
International saw its quarterly
profits rise on the back of a
strong performance in its
corporate business.
Higher room rates boosted
income from corporate guests
by nine per cent, leading to an
three per cent growth in group
profits to $104m (64.9m).
But total revenues slipped to
$2.55bn from $2.78bn in the
same period last year.
Marriott,
whose brands
include Ritz-
Carlton, raised its
forecast for systemwide
revenue per available
room the measure of
occupancy rate multiplied by
room rate from two to eight
per cent this year, an increase
from its previous estimations
of a five per cent to seven per
cent rise.
Business clients drive Marriott up
Bank of New York Mellon Corp
23.20
23.40
23.60
23.80
24.00
$ 23.28
18Apr
New rules exclude all but biggest market
players from the scrutiny of US regulators
BY HARRY BANKS
AIRLINES are spurning the UK
because there is no space for them at
Heathrow, a survey has claimed.
Fifty-three per cent of carriers
said they are adding flights in other
countries because of the problem,
though eight in ten are keen to
increase journeys to the UK
providing slots at Heathrow are
made available.
The stats, compiled by the Board
of Airline Representatives in the UK,
were used by BAA chief exec Colin
Matthews to lobby ministers to let
Britains biggest airport expand.
The message I hear from airlines
is clear: if theres no room at
Heathrow then flights will move
out of the UK altogether, the head
of Heathrows parent firm said.
Industry group the CBI warned
that the country is becoming a
branch-line destination on the
route map of global airlines.
The coalition is due to set out
how it plans to raise the UKs air
capacity soon, with rising pressure
on ministers to rethink its blanket
ban on a third Heathrow runway.
Aviation minister Theresa Villiers,
speaking alongside Matthews at
Transport Times conference, said:
We want aviation to grow but
growth at any price and without
regard for the environmental
consequences would not be in the
nations best interests.
Airlines avoid
the UK due to
full Heathrow
BY MARION DAKERS
Boris Johnson
promises 30
council tax cut
better off and that I have the best pol-
icy to do this a 1,000 average fares
cut.
[The benefits] are tiny compared to
the savings farepayers will make with
my cut in fares, and what they will
lose with Boris Johnsons fares hikes.
The Conservative candidate also
reiterated his pledge to provide a 50
per cent rebate on the Mayors share
of council tax to all special constables
in the Metropolitan Police, an incen-
tive worth around 150 per year.
We are still going through some of
the toughest times that anyone can
remember, and that is why we cannot
afford to go back to the wasteful
approach of the previous City Hall
administration, Johnson said.
By exploiting the possibilities of
shared services, by bringing in the
private sector, we can keep putting
council tax money back in the pock-
ets of Londoners.
Johnson has frozen City Halls share
of council tax since 2008 and in
February he announced a symbolic
one per cent reduction for the next
tax year, supported by additional
funding from central government.
THE Serious Fraud Office (SFO)
has lost its chief executive just
days before a new director takes
the reins.
Phillippa Williamson, who was
second in command to outgoing
director Richard Alderman, has
stepped down suddenly and given
no reason for the departure.
It comes as new director David
Green takes up his role next
week.
Williamson has been in charge
of day-to-day finances and
operations at the SFO since taking
the newly-created role of chief
SFOs chief executive quits just
days before new director arrives
BY MARION DAKERS executive in 2008.
Her sudden departure will add
to the sense of upheaval at the
agency as Britain investigates how
what was once dubbed the
Seriously Flawed Office by
detractors, operates and selects
which cases to fight.
It has faced persistent criticism
over the way it handled some
cases and for dropping a slew of
credit crisis probes without
prosecution.
It has been a privilege to lead
the SFO through a period of
exceptional change during
challenging times, Williamson
said in a statement yesterday.
11
NEWS
cityam.com
Chief exec Phillippa Williamson said she had led the SFO during challenging times
BY JAMES
WATERSON
MAYORAL
ELECTION
BORIS Johnson yesterday pledged to
reduce City Halls share of council
tax by 10 per cent if he is re-elected
next month.
Speaking at the launch of his value
for money manifesto in Fulham,
Johnson said that a war on waste
meant he could guarantee an annual
reduction in the Mayors share of
council tax over the next four years,
totalling at least 10 per cent.
Currently all London households
pay 306 per year towards the cost of
the police, fire brigade, Transport for
London and the Olympics.
Under Johnsons proposal this sum
would drop to at least 276 by 2016.
But a spokesman for Ken
Livingstone said the pledge was a
desperate move that would save
householders just 30 a year: The
Tory Mayor knows that this election
is about who will make Londoners
IN BRIEF
News Corp acts on US law breach
n News Corp yesterday suspended
half the voting rights of its non-
American shareholders to comply with
a US law that limits foreign ownership,
after the company found it had
breached the rule. During a company
review, News Corp found voting stock
held by foreign investors had risen
above the 25 per cent limit set by the
Communications Act of 1934. To deal
with the breach, the media company
will suspend 50 per cent of the voting
rights of B class voting shares held by
non-American shareholders.
MF Global trustee heads for court
nThe trustee liquidating MF Global's
broker-dealer said yesterday a dispute
with the broker's UK affiliate over the
rights to about $700m will have to be
settled in court. James Giddens, who
is in charge of recovering money for
customers burned by MF Global's
collapse, said that ongoing resolution
talks with administrators for MF's UK
affiliate have come to loggerheads.
UBSs co-head of US m&a resigns
nUBSs co-head of US mergers and
acquisitions, Ehren Stenzler, resigned
from the Swiss bank yesterday,
according to a source close to the
matter. Stenzlers move comes a day
after the resignation of the banks head
of Americas investment banking, Aryeh
Bourkoff, to whom Stenzler reported.
The two are likely to work together on
future ventures, said the source. Last
June, Stenzler, a 10-year UBS veteran,
was promoted to joint deputy head.
G
E
T
T
Y
FOREIGN secretary William Hague
warned yesterday that Argentinas
planned seizure of oil company YPF is
a sign of the countrys growing antag-
onism towards foreign investors.
The Argentine government has
made no secret of the fact that it wish-
es to reduce imports and boost its
domestic trade surplus
through a variety of restric-
tive trade measures, Hague
said in a statement.
The European Commission
meanwhile backed the
position of Spain,
which has
threatened eco-
nomic conse-
quences for
Argentina
over the
move to
take con-
trol of
Y P F .
Spanish
Hague hits out
at Argentinas
seizure of YPF
BY MARION DAKERS
oil group Repsol owns the 51 per cent
stake in YPF that Argentina hopes to
renationalise, claiming Repsol has not
invested enough in the company.
A takeover of YPF, which is an
important EU investment in
Argentina, sends a very negative signal
to international investors, who seek
stability and predictability for their
investments, and it could seriously
harm the business environment in
Argentina, said EC vice president
for industry Antonio Tajani.
But anxiety over Argentinas next
move did not stop shares in
Falklands-based oil explorer Borders
& Southern rocketing 55 per cent to
108p on hopes of a lucrative oil
find.
London-listed firms including
Andes Energie and President
Petroleum said yesterday they
will work with Argentina and
YPF even if it changes hands.
For any Russian firm hopeful of
raising funds in London, VTB Capital
seems to be the go-to bookrunner.
The Kremlin-backed bank has been
involved in a big share of Russian
firms capital-raising efforts in the
City in recent years, from property
firm Etalon, mining group Polymetal
and even the Russian governments
recent $7bn bond sale.
It has also worked with banking group
Nomos during its recent loan deals.
But not all of the floats overseen by
VTB have been a success: defence
firm Russian Helicopters shelved its
plans to raise up to $500m last year
after a lack of demand scuppered the
IPO.
The bank set up its VTB Capital unit in
2008, and the business has worked
on close to 200 deals in equity and
debt capital markets worldwide.
The company is this week launching a
new office in New York, having
gained a broker-dealer licence in
September 2011.
VTB and Morgan Stanley are acting as
join global co-ordinators on O1
Properties offering, while the two
banks plus UBS are join bookrunners.
UniCredit is acting as co-lead
manager.
ADVISERS
VTB CAPITAL
MORGAN STANLEY
UBS
UNICREDIT
Russias 01 Properties to float
RUSSIAN real estate group O1
Properties has said it plans to
float in London, in a public
offering that could raise at least
$400m.
The firm, which has a portfolio
of properties across Russia worth
more than $2bn, said it will use
the funds to buy two new
buildings in Moscow and repay
some of its debts.
The company began pre-
marketing its sale of global
depository receipts yesterday,
sources said, with a roadshow
expected to start next month.
The firm did not reveal how big
BY MARION DAKERS
a stake will be offloaded in the
sale.
The IPO on the London Stock
Exchange will allow us to
strengthen our market position,
diversify our capital structure and
funding resources, and accelerate
our growth, said chief executive
Dmitry Mints.
Mints, a former managing
director at Otkritie Financial,
teamed up with other Otkritie
alumni to set up O1 back in 2010.
The group is owned by Boris
Mints, co-owner of Otkritie.
The IPO would be the biggest
float by a Russian firm since
Phosagros market debut in July,
which raised $538m.
Last year, Russian property group
Etalon floated $500m of its global
depository receipts in London to
fund expansion. The firms shares
tumbled from an initial price of $7
to less than $3 in October amid
market turbulence, but have since
recovered to near the float price.
Several other Moscow-based com-
panies have also sought funds
through the London markets in the
last year including bank Nomos,
which raised $782m.
But others, including steelmaker
Mechel, delayed money-raising
plans in 2011 as the Eurozone crisis
all but froze the capital markets.
Mechel is considering a fresh
attempt at floating its mining arm.
Foreign secretary William
Hague criticised Argentina
NICK Clegg has hinted at changes to
the controversial plan to cap tax
relief on charitable donations and
also admitted his lingering desire to
be Prime Minister.
The Liberal Democrat leader said
there had to be some limit to the
allowances but said of course he
was not accusing wealthy
individuals of giving to charity to
reduce their tax bill.
There is a simple principle at
stake, which is that if you have an
unlimited allowance, you are asking
ordinary taxpayers on much lower
Clegg hints at charities u-turn
and says: I would like to be PM
BY PETER EDWARDS incomes to fund that tax break.
Of course, as we said at the
Budget, we will look at this in detail.
Weve got time to get the details
right, we will look at it in the round
and very sympathetically, because
we dont want to damage charities or
inhibit philanthropy.
The deputy prime minister said
the heart attack in the UK
economy in 2008 had led to
decisions that prompted anger.
He also told BBC Radio 4 that he
had to deal with the world as it is,
not as I would like it to be... I would
love to be Prime Minister, and to lead
a Lib Dem government.
THE FORUM: Page 21

13
NEWS
cityam.com
The 2008 financial crisis was a heart attack in the economy, Nick Clegg said
Lloyds given the slip of the Titanics rescuer
T
HE RISE and rise of British luxury brands got
yet another boost last night, when handbag
designer Anya Hindmarch was named as
the 2012 winner of the Veuve Clicquot
Business Woman Award.
The sound of popping corks smashing the
business worlds glass ceiling resonated
around the ballroom at Claridges last
night, where Hindmarch received her
award at a champagne (what else?)
reception attended by guests includ-
ing Ariadne Capital founder Julie
Meyer, former City minister Lord
Myners and his wife Lady Myners,
Random House chief execu-
tive Dame Gail Rebuck, and
with a keynote speech by
the minister for women and
equalities, Theresa May.
As well as a trophy in the
shape of the champagne
brands La Grand Dame
bottle, Hindmarch will
also receive a case of the
real thing.
The La Grand Dame
vintage is named for
Madame Clicquot the
French woman who
took on the running of
the champagne house
in 1805 when her hus-
bands death left her a
widow (or veuve) at
the age of 27.
In the tradition of
the Madame,
Hindmarch also
entered business at
a young age,
founding her epony-
mous brand at the age
of 19 and has grown it
Hindmarch bags the
Veuve Clicquot trophy
Anya Hindmarch collected
her award last night
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
14
cityam.com
cityam.com/the-capitalist
THECAPITALIST
Dave Barley from the Bank of England
will be running the London marathon
this weekend dressed as Miss Sunshine for
the charity Rays of Sunshine, which grants
wishes to children with life limiting illnesses.
Barley, who is a foreign exchange and
money market trader at the Bank of
England, has received considerable support
from colleagues already. Theres been a
forex quiz night organised with Reuters
which representatives from several banks
attended. Barley (pictured in his running
outfit) and his partner have sponsored a
number of wishes already, including for one
boy, who has already had 30 operations, to
become a policeman for a day. His day
included flying in a helicopter and travelling
in a police speed boat.
THE insurance group Marsh has
presented to Lloyds of London
the original insurance slip for the
RMS Carpathia, the ship that
rescued more than 700 survivors
from the HMS Titanic after she
sank 100 years ago (pictured).
The insurance slip contains a
summary of the Carpathias
insurance policy and the
signatures of more than 80
Lloyds underwriters at the time.
Dan Glaser, president and chief
operating officer of Marsh &
McLennan Companies made the
presentation to the Lloyds
chairman John Nelson at a
conference in Philadelphia.
Glaser said: We are pleased to
be able to present this important
historical document to Lloyds. It
serves as a reminder of the vital
role insurance has played in
facilitating global travel and
commerce.
from a single store in Chelsea into the global
brand that boasts 57 shops worldwide and
an annual turnover of 26m.
To clinch the trophy Hindmarch tri-
umphed over fellow nominees Helena
Morrissey who juggles running
Newton Investment Management
and raising nine children alongside
promoting the role of women on
company boards, and Ruth Rogers,
founder and chef at the River Cafe.
An impressive shortlist indeed, but
the award has not always had such an
illustrious reputation.
Several previous winners have
seen their fortunes change rap-
idly after receiving the honour,
including NSB Retail Systems
entrepreneur Nikki Beckett
the 2000 winner who after a
string of profit warnings saw
the value of her stake in the
firm plummet from 82m to
15m in a single day just a
year after picking up the prize.
Beckett followed in the foot-
steps of Sock Shop founder
Sophie Mirman and
Pineapple Dance Studios
Debbie Moore, who were
both ousted from their
respective boardrooms after
less-than-impressive per-
formances by the business
ventures that scooped them
the accolade.
But Hindmarch should
have nothing to worry about
with a star that is firmly on
the rise.
Not only is her New York flag-
ship store opening early next
year, but the nations favourite
Princess is also a regular cus-
tomer and when Kate
Middleton totes your totes, you know
youre onto a winner.
RESEARCH in Motion (RIM) yesterday
launched in India what it called its
most affordable BlackBerry
smartphone as part of an aggressive
push in one of its few growing
markets.
The new Curve 9220 is priced in
India at 10,990 rupees (130), higher
than the price of Curve 8520, which
is RIMs best-selling phone in India,
and comes with an introductory
offer to download free applications
worth 2,500 rupees.
RIM, which will start selling the
new phone in India today, will
launch it in a number of other
countries in coming weeks, Carlo
Chiarello, executive
vice president of
RIMs smartphone
division said.
The BlackBerry
Curve 9220 has a
dedicated key for
accessing
BlackBerry
Messenger and
FM radio, along
with a 2 mega
pixel camera,
and works only
on slower 2G
networks.
Blackberry that
costs just 130
targets India
HARRY BANKS
CONSUMERS search for promotion-
al deals on financial services helped
Moneysupermarket.com to increase
sales at the start of the year.
The website said revenues from its
money unit, where shoppers can
compare banking products such as
credit cards and mortgages, leapt 22
per cent after a 20 per cent jump in
visitors.
It helped push the firm to a 14 per
cent rise in internet revenue for the
three months to 31 March, with total
visitor numbers up 15 per cent. Core
earnings rose 12 per cent.
The insurance division also per-
formed well, with revenues up 13 per
cent on the back of a nine per cent
rise in visitor numbers, offsetting a
drop in its travel arm. Revenue and
visitors numbers both fell 11 per
cent, reflecting the decline in the
sector as hard-pressed Britons cut
their spending on luxuries.
The website, which had 140m visi-
tors last year, said however that its
package holiday offering is perform-
ing well.
MoneySupermarket.com has
Hunt for bank
deals boosts
prices website
BY PETER EDWARDS
made a good start to 2012. We have
seen solid growth in our money and
insurance businesses as consumers
continue to use us to make their
money go further, said chief execu-
tive Peter Plumb.
The website also said it has made a
good start to the current quarter
with profitability increasing.
Analysts at Credit Suisse said they
expected a renewal of speculation
around a merger or acquisition of
Moneysupermarket and forecast
superior sustained sales growth
compared to other media companies.
Shares in Moneysupermarket
dipped 0.96 per cent to 134.4p.
Moneysupermarket Com Group PLC
127.50
130.00
132.50
135.00
137.50 p 134.40
18Apr
MARKETING executives have
regained confidence in their
companies prospects, according to
this mornings IPA Bellwether
report which suggests business
buoyancy is at a two-year high.
The report, which examines data
from marketing professionals and
provides an insight into the health
of the economy, said executives
confidence in their own companies
leaped to 19.1 per cent in the first
quarter from -12.4 per cent in the
preceding period.
Executives views of their
industry have returned to positive
Marketing confidence soars in
year of Jubilee and Olympics
BY LAUREN DAVIDSON figures, growing to one per cent
from -44.9 per cent last quarter,
marking a six-quarter high.
Bellwether author Chris
Williamson pointed out that this
increase in confidence led to the
first rise in annual marketing
spend in four years, with internet
advertising budgets getting the
biggest boost with a 7.8 per cent
average upwards revision.
While marketing budgets for the
year are higher on average, the first
quarter of 2012 has seen the most
cautious approach to spending for
three years. But the upcoming
Olympics, Jubilee and Euro 2012
are set to boost UK marketing.
15
NEWS
cityam.com
Marketing spend is on the rise
-50
-30
-10
10
-75
-50
-25
0
25
50
F
in
a
n
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ia
l p
r
o
s
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e
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t
s
,
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e
t
b
a
la
n
c
e
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u
d
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e
t
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e
v
is
io
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e
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Financial prospects for your company
Total marketingbudget revisions
0
-5
-10
5
10
Total
+1.0
Media
-2.7
Sales
Promotion
+0.0
Direct
Marketing
-3.2
All Other
-9.3
Internet
+7.8 Search
Internet
+4.7
The new Blackberry
costs just 130
22%
of companies have
revised marketing
budget upwards
R
E
U
T
E
R
S
MINER Fresnillos shares surged over
three per cent yesterday as it hiked its
gold production target after the
opening of a new mine in Mexico.
Gold production beat targets, soar-
ing 26 per cent to 121,792 ounces in
the quarter to the end of March.
Fresnillo, which was reporting pro-
duction figures for the three months
to the end of March, said gold output
was boosted by a 42 per cent jump in
gold production at its flagship
Fresnillo mine, which has been active
for 500 years.
It added that production from a
new mine, Noche Buena, which came
into commercial production in
March had also fuelled rises.
Chief executive Jaime Lomelin said
on the new mine: This will signifi-
cantly increase the proportion of
gold production within our portfolio.
This represents a step forward to con-
solidate Fresnillos position as a sig-
nificant gold producer in its own
right.
The miner said silver production
including output from the
Silverstream agreement for the three
months to 31 March fell 2.9 per cent
to 9.8m ounces, compared to the
same quarter in 2011, in line with
Fresnillo is on
golden form as
it beats targets
BY JOHN DUNNE
expectations. Quarterly lead produc-
tion rose 19.4 per cent and zinc 18.1
per cent.
Lomelin added: The strong opera-
tional performance that Fresnillo
enjoyed in 2011 has continued into
2012. We have delivered another
strong quarter of production with
gold beating our expectations.
During the quarter Fresnillo signed
a deal with Canadian listed miner,
Orex Minerals to explore and develop
a mining concession near to
Fresnillos operations.
In return for the initial investment
of $6m over three years Fresnillo will
acquire a 55 per cent stake in the proj-
ect with an option to extend that to 71
per cent.
Fresnillos shares closed 3.2 per cent
higher yesterday at 1,624.
BHP Billiton sees coal and iron
figures hit by rain and strikes
BHP Billiton yesterday reported a fall
in iron ore output after bad weather
took its toll.
Like rival Rio Tinto, the FTSE 100
miner saw production dip in the first
quarter of 2012.
Iron ore production was 37.9m
tonnes eight per cent lower com-
pared to the previous quarter.
Coal output fell 14 per cent to 7.3m
tonnes in the three months to the
end of March due to torrential rain
which hit the companys operations
in Queensland, Australia.
BY JOHN DUNNE
The company has also been hit by
industrial action as unions have
staged a series of strikes at its mines
in Western Australia over working
conditions. 'The extent to which
industrial action will continue to
affect production, sales and unit costs
is difficult to predict, however with
inventories now severely depleted,
the impact on future quarters may be
significant, BHP warned.
The companys coal mining joint
venture with Japans Mitsubishi, BHP
Mitsubishi Alliance was earlier this
month declared a force majeure
allowing the parties to dissolve con-
tracts at all seven of its Bowen Basin
mines because ongoing strikes had
made the business unviable.
The company said copper produc-
tion was flat at 281,400 tonnes.
In a separate announcement cover-
ing the nine months to the end of
March the miner said Western
Australia iron ore achieved record
production with a 22 per cent
increase. BHP Billiton said the sale of
its diamond business is ongoing.
The companys natural gas produc-
tion was up 120 per cent after the
company stepped up its investments
in shale gas projects.
Fresnillo chief Jaime Lomelin says its new Mexico mine would boost gold production
IN BRIEF
Heritage losses widening
n Oil explorer Heritage yesterday
reported widening losses at the
company. The loss rose to $63m
(39.3m) in 2011 compared to $44.2m
the previous year. The company said it
had upped its capital expenditure to
$134.9m from $119m. However the
company still has a cash pile of $311m.
Chief executive Tony Buckingham said:
2011 has been a year in which we have
enhanced the asset portfolio through
the addition of acreage, investing in
opportunities and through existing
work programmes. We currently have
two rigs drilling in Kurdistan and are
reviewing results from seismic
campaigns that could provide future
growth in the portfolio. We are looking
to further develop the existing portfolio
and continue to look for value
generating opportunities.
Chesapeake chief in perks row
n Aubrey McClendon, the chief execu-
tive of Chesapeake Energy has borrowed
as much as $1.1bn (686m) over the last
three years against his stake in thou-
sands of company wells, Reuters said
yesterday. The loans, used to fund
McClendon's operating costs for a perk
that offers him a chance to invest in a 2.5
per cent interest in every well the com-
pany drills, could represent a conflict of
interest according to academics and ana-
lysts as the loans had not been fully
detailed to shareholders. McClendon and
Chesapeake denied any conflict.
Fresnillo PLC
1,660
1,540
1,560
1,580
1,600
1,640
1,620
p
1,624.00
18Apr
16
NEWS
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BRITISH car and plane parts maker
GKN said yesterday its first-quarter
profit rose by a fifth, driven by
strong growth at its automotive
business on the back of robust
luxury car sales.
The groups Driveline unit, which
makes products such as driveshafts,
chassis and axles, reported a 28 per
cent rise in profit in the first three
months of 2012, GKN said.
The division accounts for around
half of group sales and has been
boosted by the contribution of
Getrag Driveline Products, which it
bought last year, and continued
growth in luxury car sales.
Audi, BMW and Volkswagen, who
are among GKNs biggest customers,
expect demand for high-end
vehicles, especially in China, to
continue in 2012.
At the group level, GKN said first-
quarter trading profit rose 19 per
cent to 142m on revenue 17 per
cent higher at 1.74bn, helped by
the contribution of acquisitions
made last year.
Last years acquisitions, Getrag
Driveline Products and Stromag,
have been successfully integrated
and both made a strong
contribution, said GKN chief
executive Nigel Stein.
Despite some macro-economic
uncertainty, we expect 2012 to be a
year of good progress for GKN.
GKN profit is
driven up by
auto unit sales
BY HARRY BANKS
G
E
T
T
Y
DISPOSABLE products supplier Bunzl
said yesterday that 2012 had got off to
a good start, helped by continued
strong demand in the United States
and the contribution of acquisitions,
and said it was targeting more deals.
The British company, which supplies
food packaging and healthcare con-
sumables, said first-quarter group rev-
enue at constant exchange rates rose
seven per cent, of which four per cent
was underlying growth, with the
remainder coming from acquisitions.
Revenue from its North American
business remained strong, the compa-
ny said, seeing similar growth rates as
at the end of last year.
Bunzl said the companies it bought
last year in countries ranging from
Spain to Brazil had boosted its operat-
ing margins, and further deals were
on the cards.
Acquisition growth continues to be
a key part of the companys strategy.
The pipeline for acquisitions is prom-
ising as discussions continue with a
number of potential targets, it said in
a statement.
Bunzl goes on
the deal trail as
2012 starts well
BY HARRY BANKS
However, it warned that the econom-
ic environment in Western Europe
continues to be weak, despite its
underlying revenue growth continu-
ing at the same level as in the second
half of 2011.
At the end of February Bunzls shares
hit a record high after it posted a
greater-than-expected 11 per cent rise
in yearly pre-tax profit for 2011.
Its performance is seen as a good eco-
nomic indicator because it is a replen-
ishment business which receives
weekly orders from companies such as
Whitbreads Costa Coffee for products
they ran out of in the previous week,
including spoons, packets of sugar and
cups.
Bunzl PLC
1,030
995
1,000
1,005
1,010
1,015
1,025
1,020
p
1,018.00
18Apr
HEINEKEN shares touched a four-
year high yesterday after quarterly
results showed a surge in sales.
The maker of Amstel, Fosters
and Strongbow reported a 4.7 per
cent rise in volume sales on a like-
for-like basis, more than double the
growth that had been expected.
Sales rose particularly sharply in
Africa and the Middle East.
Revenues were also up 6.8 per
cent as the Dutch companys
premium brands did well.
However, Europes largest
beermaker was hit by increased
Strong demand in Africa and
Middle East boosts Heineken
BY JESSICA ABRAHAMS
costs in high-inflation markets, as
well as a price rise in raw materials,
which resulted in a slight decline in
operating profit before exceptional
items.
The company also faced a 23m
(18.8m) impairment charge for the
non-completion of a planned sale
of a Chinese brewer.
It did not specify exactly how far
operating profit had fallen but
said it was not changing its 2012
outlook and that it would offset
higher costs with a 500m cost
savings plan set to reach
completion in 2014.
Its shares closed 2.5 per cent
higher at 43.35.
17
NEWS
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Heinekens beer brands are selling well in emerging markets, the brewer said yesterday
Italys Mario
Monti must
cut the deficit
MORTGAGE fraud rose by eight per
cent last year, according to research
out yesterday from Experian.
Thirty-four out of every 10,000
mortgage applications were found
to be fraudulent, double the overall
rate of fraud across the UKs
financial services sector.
Most cases involved people
providing false personal
information on their application
and in particular attempts to
conceal a poor credit history.
Those most likely to misrepresent
themselves on an application were
young, poorly educated individuals
living in small towns and middle-
aged, middle-class individuals.
This kind of fraud tends to
originate from financially stressed
segments of society, said Experians
Nick Mothershaw.
IN BRIEF
CME Group eyes Black Sea future
nCME Group said yesterday it would
launch a Black Sea wheat futures
contract in June, if approved by
regulators, marking the exchanges
first foray into a non-US based wheat
contract. Tim Andriesen, managing
director for Agricultural Commodities
and Alternative Investments for the
CME group, said We firmly believe
this contract will not only establish an
effective forward market for regional
wheat prices, but has the potential to
develop into a true regional
benchmark pricing tool for wheat.
However, traders warned that it could
prove challenging to trade wheat from
a region that accounts for an
estimated quarter of the global wheat
trade but that is prone to export
restrictions and has cash markets that
are not well defined.
Saga lashes out at Banks QE
nSaga warned yesterday of increased
inflation and damaged pensions if
quantitive easing (QE) continues,
arguing that it is not as effective in
boosting the economy as originally
intended. Saga chief Ros Altmann
called on the government to minimise
the damage of QE on pensions and
find alternatives for boosting the
economy. The comments come after
the release of a Treasury Select
Committee report on QEs effect on
pensioners. Buying gilts with newly
created money is a recipe for more
disaster... and merely shifts the pain of
over indebtedness forwards and
sideways across generations, it said.
G
E
T
T
Y
RECESSION fears were raised fur-
ther yesterday as figures showed a
huge monthly fall in Eurozone con-
struction output in February the
third monthly fall in the sector.
However, official trade data con-
firmed the EU as a whole recorded
its first current account surplus in
almost a decade in the final quarter
of last year, adding to GDP growth.
Construction output fell 7.1 per
cent in the currency area on the
month, and 12.9 per cent compared
with February 2011.
For the full EU, the monthly drop
was 3.7 per cent and the annual fall
stood at 9.4 per cent.
The decline represents the third
monthly decline in Eurozone con-
struction production, following
falls of 0.5 per cent in January and
2.1 per cent in December. Output
also fell in September and October.
The collapse in EU output was
broadly based in February 12
countries saw output fall, two expe-
rienced a rise and Sweden saw no
Eurozone hit by
construction
sector collapse
BY TIM WALLACE
change.
Germanys crash was the worst,
with output plummeting 17.1 per
cent, followed by 10.3 per cent in
Slovenia and 9.9 per cent in Italy.
The UK registered the largest
expansion at 5.7 per cent, followed
by Romania at 1.7 per cent.
Meanwhile revised current
account figures for the final quarter
of 2011 showed a 13.1bn surplus
the first for the EU since mid-2002.
A falling goods deficit and rising
services surplus led to the shift from
the previous quarters 16bn deficit,
the figures showed.
TRADES Union Congress general secretary Brendan Barber yesterday announced he will
stand down from the role at the end of the year, after 10 years in the job. TUC president
Paul Kenny praised his immense contribution to the trade union movement. Barbers
replacement will be elected at the 2012 congress in September.
TUC BOSS BRENDAN BARBER TO STEP DOWN
Eurozone construction output has plummeted
Feb
2011
Feb
2010
Feb
2009
Feb
2008
Feb
2007
Feb
2006
Feb
2005
Feb
2004
Feb
2003
Feb
2012
75
80
85
90
95
100
105
110
P
r
o
d
u
c
t
i
o
n
I
n
d
e
x
2
0
0
5
=
1
0
0
18
NEWS
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Spanish banks hurt by boom in
bad loans as economy weakens
SPANISH banks bad loans rose to
their highest level since October
1994 in February, Bank of Spain data
showed yesterday.
Bad loans now account for 8.2 per
cent of their credit portfolios, as the
sector battles sliding house prices
and a looming recession.
Banks are facing a new wave of
loan defaults as an economic crisis
deepens and analysts say some may
not survive as the government
BY HARRY BANKS
implements sweeping budget cuts
that will only add to Spanish
households problems with debt.
Non-performing loans increased
by 3.8bn (3.1bn) to 143.8bn from
January, when they totalled 7.9 per
cent of total debt portfolios.
That picture driven by the
collapse of a housing boom in the
global financial turmoil of 2008 is
at the heart of problems for Spanish
banks that have seen other
institutions refuse to lend to them
and forced some to rely on the
European Central Bank for funding.
Spains unemployment rate is
already the highest in the EU and is
expected to rise further, putting
more pressure on consumers.
House prices also fell another 7.2
per cent in the first quarter from a
year earlier, according to the Spanish
Public Works Ministry.
The Bank of Spain on Tuesday
approved all 135 Spanish banks
plans to boost capital but said some
may face difficulties meeting tough
requirements set by the government.
ITALYS recession will be far worse
than initially thought, the
government confirmed yesterday,
forcing Prime Minister Mario
Monti to push back his goal for
balancing the budget.
Borrowing costs remained high
on the announcement, with 10-
year bond yields rising a touch to
5.48 per cent.
The economy is now forecast to
contract 1.2 per cent this year,
compared with the 0.4 per cent fall
predicted back in December.
Such a sharp deterioration has
hit the budget outlook Monti
had hoped to balance the budget
next year, but has had to push that
target back to 2014. Meanwhile
BY TIM WALLACE
European Central Bank
policymaker Jens Weidmann told
Spain, which is suffering under a
far higher budget deficit than
Italy, that it should not look to the
ECB to buy its bonds.
We shouldnt always proclaim
the end of the world if a countrys
long-term
interest
rates
temporarily
go above six
per cent,
Weidmann
said.
Deep recession throws
out Italys deficit plan
Mortgage fraud
increases 8pc
BY JESSICA ABRAHAMS
HOUSE prices are falling in most
Chinese cities, according to an
official study published yesterday,
raising concern about the severity
of the economys slowdown.
Of the 70 surveyed in March, 46
cities experienced falling prices in
the month while 16 were
unchanged and just eight
reported a rise. That compares
with 45 falling in February.
On an annual basis, 38 reported
a decline, up from 27 in the year
to February, and analysts expect
Chinese house prices fall again
leading to fears of slowdown
BY TIM WALLACE
the trend to continue.
Property price inflation has
been on a steady downward grind
since the introduction of state
council tightening measures in
April 2010, said ING analyst
Prakash Sakpal.
Investment in the sector has
slowed too. The authorities want
prices to fall to a reasonable
level, by which we infer at least a
10 per cent year on year fall,
before they scale back the April
2010 tightening measures.
We expect some easing by late
this year at the earliest.
19
cityam.com
LONDONREPORT
Sberbank
As part of the integration of
Sberbank of Russia and Troika
Dialog, Elena Shilina has been
appointed head of the private
banking group. She will report
directly to Ruben Vardarian,
president of Troika. Since May
2011, Shilina has headed the
Sberbank-Troika integration
committee. She has previously
worked for Nomos Bank as vice-president, McKinsey,
Rosbank and IpoTekBank.
OVS Capital
The European investment manager has made two new
appointments to its investment team. Manuel Blanco joins
as an analyst. He joins from Trafalgar Asset Managers, the
event-driven fund, where he worked as a senior equity
analyst. He previously worked in Citigroups UK investment
banking team. Zac Lewis joins as a trader. He joins from
James Caird Asset Management. He also previously worked
at Citigroup, in the equity derivatives team.
Panmure Gordon
The stockbroking and investment banking firm has
announced Philip Wales appointment to the board as chief
executive. He will take up his position in the summer,
subject to regulatory clearance. Wale has previously
worked for Goldman Sachs, including as co-head of pan-
European equities, for Commerzbank and for Knight
Securities, where he was appointed European chief
executive. He joins Panmure from Seymour Pierce, where
he has served as chief executive since 2011.
C&C
The alcoholic drink manufacturer has announced the
appointments of Stewart Gililand and Tony Smurfit as
independent non-executive directors. Gililand served as
chief executive of Muller Dairy, the dairy products producer,
from 2006 to 2010. He has also worked at Whitbread and
Interbrew. Smurfit is president and chief operations officer
of Smurfit Kappa Group, the paper-based packaging
manufacturer.
Jones Day
The international law firm has announced that Dominic
OBrien has joined as a partner in its London banking and
finance practice. OBrien has spent a significant portion of
his career in Asia, and has practised at Clifford Chance,
Herbert Smith and Addleshaw Goddard.
Citisoft
The investment management consulting firm has made
three senior appointments. Ken Back has joined Citisofts
outsourcing division. He has previously worked at
Citigroup. Former head of business development Steve
Young has been promoted to chief executive. Finally,
Jonathan Clark has been made global head of financial
services for Citisofts parent company, Mahindra Satyam.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Lacklustre US
results drag on
Wall Street
U
S stocks slipped yesterday, a
day after Wall Streets best
gains in a month, as
uninspiring earnings from
tech bellwethers IBM and Intel gave
investors a reason to take profits.
Chesapeake Energy dropped 5.5
per cent to $18.06 and was the most
actively traded stock on the New
York Stock Exchange after a Reuters
report that CEO Aubrey K.
McClendon did not disclose loans of
as much as $1.1bn over the last three
years against his stake in thousands
of the companys oil and natural gas
wells.
The stock fell as low as $17.17, its
lowest since July 2009.
International Business Machines
and Intel were among the biggest
drags on the Dow. IBM missed its rev-
enue forecast, while investors said
Intels results failed to make a bull
case for the stock. IBM shares
slipped 3.5 per cent to $200.13 while
Intel shares fell 1.8 per cent to $27.95.
The PHLX semiconductor index
dropped 0.9 per cent.
The lackluster reports from the two
technology heavyweights came at
the start of what has so far been a
strong earnings season.
On Tuesday, the S&P 500 had its
best day in a month as Coca-Cola Co
led the days round of solid earnings
and concerns eased over the euro
zone's debt crisis.
Both Intel and IBM have led to
some profit-taking today, with both
companies posting decent reports,
but disappointing investors for dif-
ferent reasons, said Michael
Sheldon, chief market strategist at
RDM Financial in Westport,
Connecticut. If you want to be an
optimist, you could point to the fact
that the market didnt sell off all
that much, given the solid advance
we saw yesterday.
The Dow Jones industrial average
dropped 82.79 points, or 0.63 per
cent, to 13,032.75 at the close. The
Standard & Poors 500 Index shed
5.64 points, or 0.41 per cent, to
1,385.14. The Nasdaq Composite
Index slipped 11.37 points, or 0.37
per cent, to 3,031.45
Among other declining shares,
Berkshire Hathaways Class B shares
dropped 1.3 per cent to $79.74 a day
after CEO Warren Buffett said he has
cancer.
B
RITAINS leading share index
dipped into negative territory
yesterday, pulled down by a set of
ex-dividend stocks, while fears of
another blow-up in the Eurozone crisis
kept investors nervy ahead of a Spanish
debt auction.
The FTSE 100 index closed down 21.66
points, or 0.4 per cent at 5,745.29, after two
days of gains, as a number of stocks moved
into the ex-dividend period when investors
will no longer qualify for the latest payout.
The index was also weighed down by
FTSE banks, which shed more than one per
cent as investors pondered the implica-
tions of todays Spanish debt auction, with
Royal Bank of Scotland and Lloyds bank-
ing group among the biggest fallers.
Data on Spanish banks bad loan burden
fuelled doubts yesterday about whether
they can survive without outside help,
given the governments struggle to man-
age its own finances.
Spain is certainly setting the tone for
the rest of the week and the market
remains cautious while many investors are
keeping the powder dry on the sidelines at
the moment ahead of tomorrows bond
auction, said Craig Melling an investment
manager at Redmayne-Bentley.
Losses were, however, slightly supported
by miners, which lifted the index, adding
three points by the close, with Fresnillo the
top riser with a gain of three per cent.
The miners continue to underpin what
seems to be a fragile market with the
financials being a continuous drag sur-
rounding the Spanish debt auction,
Melling added.
But shares in copper miner Kazakhmys
bucked the sector trend, falling 3.7 per
cent as ING downgraded its recommenda-
tion to sell from hold on concerns over
higher costs, lower volumes and further
capex increases.
Kazakhmys also traded ex-dividend yes-
terday, a factor which overall knocked 9.10
points off the broader FTSE index.
Resolution, BAE Systems and Legal &
General led the blue chip fallers list, all
also trading ex-dividend yesterday, all
falling of more than 4.5 per cent.
Shares in Tesco pulled back from a two
per cent jump seen in early trading before
dipping during the day, ending up with a
two per cent fall as the investors took a
deeper look the worlds number three
retailers announcement to slash expan-
sion plans for its main British business.
The retailer said it would spend over
1bn on improving existing stores as it bat-
tles to recover from a shock profit warning
late last year. Tesco shares have fallen 18
per cent in 2012, compared with a 3.5 per
cent gain by the FTSE 100, after its profit
warning and a poor performance over the
Christmas period.
There is a lot of things listed to do [for
Tesco] and doing them will by definition
take time, said Shore Capital analyst Clive
Black, adding that he thought the group
should stop all new store openings in
Britain for three years while it sorts out its
problems.
Some bearish news for equities came
from the Bank of England, after it released
minutes its April meeting which, com-
bined with a stark warning on inflation
from deputy governor Paul Tucker, sig-
naled a sharp change in tone that could
bring forward expectations for interest
rate rises.
Monetary policy will underpin the
recovery so long as that remains consistent
with anchoring inflation expectations in
line with achieving the two per cent target
over the medium run, Tucker said in a
speech. We shall not let that slip.
That could mean the bank is poised to
turn off its money-printing press next
month, fearful that inflation will now be
greater than expected.
Euro fears and ex-divi stocks see
FTSE slide after two days of gains
BESTof theBROKERS
Imperial Tobacco Group PLC
2,470
2,450
2,480
2,480
p
2,490
2,500
2,510
2,503.00
18 Apr
FTSE
5,800
5,625
5,650
5,675
5,700
5,725
5,750
5,775
5,745.29
18 Apr
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
NEW YORK
REPORT
in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
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Wolseley Plc
2,325
2,300
2,350
p
2,375
2,400
2,425
2,412.00
18 Apr
Hiscox Ltd
390
395
p
400
405
410
400.20
18 Apr
HISCOX
JP Morgan has raised its
price target on the
insurer from 420p to
430p with a neutral
rating, saying it should
appeal to investors
seeking exposure to a
Lloyds speciality insurer
with a low risk profile,
that is more defensive
than some of its peers.
WOLSELEY
Berenberg Bank has
maintained its buy
recommendation on the
plumbing supplier and
raised its target price
from 2,300p to 2,600p,
seeing further benefit
to come from internal
improvements
designed to grow
market share.
IMPERIAL
TOBACCO
Nomura has raised its
target from 2,184p to
2,197p and kept its
neutral rating on the
tobacco group. The
broker forecasts
adjusted earnings per
share of 93.4p for the
first half.
Produced by
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Buy your ticket online at
A
ND so it begins the
presidential election in
earnest. Welcome to the next
seven months of frivolous
finger pointing, robo-calls,
and daily polls. Even now we have
pundits on cable news telling us
about the importance of the polls,
remarked one Republican strategist.
Theyre lying. For President Barack
Obama and former governor Mitt
Romney, its James Bond-esque.
Theyve been expecting each other.
All of Obamas moves right now,
and likely for the foreseeable future,
are to showcase whats not to like
about Romney. Democrats in the
Senate took a vote on a gimmicky
surtax for millionaires the so-called
Buffett Rule this week, not because
T
HE Treasury Select Committee
hit the nail on the head
yesterday, when it pointed out
that savers and pensioners are
suffering as a result of the Bank
of Englands low interest rates and
quantitative easing. Disappointingly,
the Committee urged the government
to compensate pensioners for their
losses, rather than to attack the root
cause: the favourite funding stream
for profligate governments
everywhere, money printing.
Debasing the currency through
quantitative easing and artificially low
interest rates is a tax that punishes sav-
ing. And the state compensation for
savers and pensioners losses which
MPs on the Treasury Select Committee
urged yesterday is no answer, since it
would increase state hand-outs for
privileged voters instead of allowing
people to keep their own money.
Here are five reasons to control infla-
tion, not just pay compensation for it:
Inflation is a tax on everybody
who is paid in money or who
owns money. If your income is some-
how index-linked or you can charge
CITYJET.COM
EXCLUSIVE SERVICEDIRECT FROMLONDONCITY AIRPORT. FAREIS ONEWAY ECONOMY & INCLUDESTAXES & CHARGES. SUBJECT TOAVAILABILITY & TERMS& CONDI TIONS.
Toulon
CTE DAZUR
FROM 93
cityam.com/forum
Margaret Thatchers
reforms cut inflation,
opening a new chapter
of economic optimism
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
20
JP FLORU
Five reasons inflation needs to be
stopped before the bubble bursts
your customers more, you may think
you are fine. You are not: your compa-
ny will become less competitive;
demanding higher prices may result
in losing customers; and ultimately
jobs will be exported and lost. If you
are on a fixed income or you own at
least one penny in savings, your situa-
tion is even worse. Inflation is an
attack on private property. But it is the
desire for private property which
incentivises people to get out of bed in
the morning and to improve their
lives. Private property results in
growth, as people invest it to make it
multiply. If you take property away
through inflation, you reduce incen-
tives and growth.
Inflation punishes saving; that is,
people taking responsibility for
themselves. You work hard, you save
for a nest-egg, something to support
you and your family when you fall
upon hard times or old age. If inflation
takes it away, why save for tomorrow?
Tomorrow, of course, has never been
an important consideration for politi-
cians, focused no further than the
horizon of the next election. Saving is
the opposite of the perpetual disease
of governments living above their
means no wonder protecting it is so
alien to spendthrift politicians.
Inflation allows governments to
live above their means. It thereby
encourages irresponsible government.
It has been used by all spendthrift gov-
ernments in the history of mankind.
In 1920, before the Weimar hyperinfla-
tion even began, John Maynard Keynes
described Europes spendthrift ways in
The Economic Consequences of the
Peace: The inflationism of the curren-
cy systems of Europe has proceeded to
extraordinary lengths. The various bel-
ligerent governments, unable, or too
timid or too short-sighted to secure
from loans or taxes the resources they
required, have printed notes for the
balance. In our own history, Elizabeth
I started her glorious reign by restor-
ing the British coinage at the advice of
Sir Thomas Gresham, after Henry VIII
had replaced 40 per cent of the silver
in coins with base metal. More recent-
ly, Margaret Thatchers reforms
reduced inflation drastically, opening
a new chapter of economic optimism.
Inflation tries to prolong an eco-
nomic bubble. State-induced,
artificially cheap credit created the
economic bubble that burst in 2007.
Rather than let the economy re-adjust,
the Bank of England pumped money
into the economy to prolong the artifi-
cial boom. But as you cannot continue
to print money forever, you cannot
inflate your way out of an economic
crisis only postpone and worsen it.
Inflation is a hidden tax. Keynes
also wrote in The Economic
Consequences of the Peace that: By a
continuing process of inflation, gov-
ernments can confiscate, secretly and
unobserved, an important part of the
wealth of their citizens... in a manner
which not one man in a million is able
to diagnose. Taking citizens wealth
by stealth in this way is hardly the hall-
mark of an open government.
Sir Mervyn King, the governor of the
Bank of England, has had to write 15
letters to the chancellor so far, nine of
them consecutive, to explain why
inflation is higher than the Banks tar-
get. He will step down in the summer
of 2013 and the speculation over Kings
heir has already begun. Lots of irrele-
vant characteristics of the candidates
are debated, yet the most fundamental
question is rarely raised. Will the next
governor of the Bank of England con-
tinue to debase our currency, or not?
JP Floru is senior research fellow at the
Adam Smith Institute.
it was a policy priority, but to help
Obama develop his re-election
narrative and to get the country
discussing tax fairness.
But the president could have
problems. George W. Bush won a
tough re-election on a message of
robust national security and an
economy that was, to quote the
president, turning the corner.
Obama, for all of his efforts to define
his opponent, still appears unsure of
how to sell a comprehensive
narrative of his own. Only a few
months ago the president quipped
that for his re-election campaign he
would re-run clips from the
Republican debates. He may not have
been joking. With a sluggish
economy, soaring prices at the pump
and stubbornly high unemployment,
the president is currently pointing at
his opponent with one eyebrow
sternly raised and asking the
American people to bear with me.
And thats not a good enough sell.
Still, the goal of reaching the
magic 270 electoral college votes
looks tough for the Republicans. In
2008, Obama and the Democrats
made significant inroads into
traditional Republican states such
as Virginia, Indiana, Iowa, North
Carolina, Colorado, Nevada and
New Mexico. Missouri went down to
the wire. And Democratic operatives
have not been sitting on their hands
for the past four years. Some of
these states are unlikely to be
turning red for a while. Ohio and
Florida will be the main prizes, but
Republicans will need more,
endeavouring to make the Obama
campaign uneasy in New
Hampshire, Pennsylvania, Michigan
and Wisconsin. There will be
surprises. If Republican governor
Scott Walker wins his recall in
Wisconsin on 5 June, buoyed
conservative activists will give
Romney a boost in the state.
The first week of the election was
not good for Obama. Strategist
Hilary Rosens disdainful remark
that Ann Romney had never
worked a day in her life not only
undermined Democratic claims
and months of campaign planning
that Republicans had declared a
war on women, but her quote
allowed Romney to consolidate his
partys base much quicker than
even he would have expected.
Defining Romney wont win the
election for Obama. Only a
successful effort conveying his
vision thing for the country will.
Ewan Watt is a Washington DC-based
consultant. You can follow him on
@ewancwatt
THE WHITE
HOUSE RACE
EWAN WATT
Who is Mitt Romney? Obamas bid to define his opponent risks backfiring
1
2
3
4
5
Brest
BRITTANY
FROM 83
Deauville
NORMANDY
FROM 83
21
Freedom in dispute
[Re: UK is wrong to have turned its back on
individual freedom, Tuesday]
Individuals have rights, but those rights
come with consequences. You have a right
to smoke and drive booze and live off fast
food. But if you then demand free treatment
on the NHS, then the rest of us have to pay
for it. It is hardly surprising that a
government with such a large budget deficit
should try and force government spending
costs down. If that results in some heavy
handed nannying of people acting stupidly
then so be it. Rights won't count for much in
a bankrupt state.
NickReid
Smokers pay far more into the NHS than they
get back, and in some circumstances are
denied treatment because they smoke.
Continue the nannying, drive industries out
of Britain, and enforce the closure of busi-
nesses (like the pubs no longer open because
of the smoking ban), and for sure you will
very soon reach a bankrupt state.
Pat Nurse
Healthcare isnt free. The government can
provide you with nothing. It has no money.
The only money it has comes from taxpayers.
Smokers not only pay their fair share of
health care, but they also pay ruinous
amounts in taxes for their so-called sins. Take
responsibility for yourself. Avoid things you
dont like. Dont patronise any private busi-
ness that you disagree with. Thats freedom.
MicheleFlynn
The Forum is open for you to take part. Got a sharp comment
on one of todays columns? Do you have another subject you
want to share your opinion on? We want to hear your views.
Email theforum@cityam.com or comment at cityam.com/forum
I
T IS encouraging that UK
unemployment has registered
its first fall since last spring.
However, it is still at alarming
levels, with long-term
unemployment at its worst for 16
years, according to the Office for
National Statistics.
In these difficult times, its vital
not to underestimate the power of
small business. If a quarter of the
UKs 4.5m sole traders and small
businesses took on one other
employee, we could make a huge
impact on UK unemployment.
Youth unemployment alone
remains above the 1m mark on
some measures, breached last
autumn for the first time since
comparable records began in 1992.
As the government acknowledges,
if this problem is not tackled, we
risk creating a lost generation.
The recent announcement of
1,000 new job opportunities from a
global firm like Nissan is
encouraging. But Britains nation
of sole traders can also make a real
impact by hiring just one employee.
There is a huge pool of young,
ambitious graduates that are ready
to work, as well as skilled
tradespeople and enthusiastic
minds that, at the moment, equal
lost potential. So why are small
businesses so reluctant to take that
leap and recruit new talent?
To find out, Intuit polled 500 sole
traders and small businesses. We
found that 91 per cent of sole
traders would not consider hiring
an employee in the next 12
months, with more than a quarter
of respondents blaming the
administrative burden of
bureaucracy and paperwork.
Take Priya Lakhani, chief
executive and founder of Masala
Masala. She says her company isnt
hiring right now because we need
TOP TWEETS
Saturation media coverage of Breiviks rea-
sons is surely giving him everything he
dreamt of: recognition and notoriety.
@meralhece
How exactly can George Osborne get a grip
when he doesnt understand the economy?
@FinancialBear
We need a flat tax. 10 per cent on everything.
No allowances, no accountants. Earn 1, pay
10p. Earn 1m, pay 100,000.
@cubasteve57
Wishing Warren Buffett the best with his
recent diagnosis for prostate cancer. Hang in
there Oracle of Omaha.
@lancearmstrong
After President Kirchner's nationalisation of
part of YPF is it safe to invest in Argentina?
YES
Argentinas part-nationalisation of oil firm YPF has concerned
investors, but the government only took shares from where it
could make a case a huge import bill for fuel and dividends
leaving the country. The nationalisation has little to do with
economics and everything to do with politics to remain in
power, populist steps are being taken. But YPF was an easy
target other nationalisations will be much harder. Argentina
has a well-educated population, ample natural resources and
infrastructure potential that can utilise these natural resources.
The question we should ask is not if it is safe to invest in
Argentina, but when is the right time to do it? The spooked
stock market is trading on a forward price/earnings ratio of 4.8
times offering huge potential upside. Its certainly safe to
invest, and the right time is now before the upside is realised.
Sven Richter, head of frontier markets, Renaissance Asset Managers
Sven Richter
NO
Michael Henderson
The whole YPF saga is symptomatic of wider problems in the
economy. For foreign operators based in Argentina, the
incentives to expand production have been diminished by an
increasingly restrictive and distorted business environment. The
relentless drift towards a more short-termist policy agenda
over successive Kirchner governments is undeniable and, while
we doubt that Argentina is about to launch into a full-blown
programme of expropriation, investors will be justified in asking
where this cycle might end. As such, the prospects for foreign
investors look a lot more uncertain in light of Monday's decision.
This is likely to reaffirm Argentina's position as one of the
region's laggards in terms of inward investment and adds to the
sense of a government taking increasingly desperate measures
to keep an unsustainable economic model going.
Michael Henderson, Latin America economist for Capital Economics
RAPIDresponses
One small step for
a business means
a leap for growth
flexibility and we havent really got
the time or the funding to go
through employment and
accounting regulations.
What is striking, though, is that
more than half of the small
businesses we surveyed admitted
that employing someone would
help them grow their business. So
what is holding them back?
Employers and economists agree
that less regulation and cutting
national insurance contributions
would encourage small businesses
to take more people. But it is also
vital we address the perceived
administrative hurdles.
Mentoring could play an impor-
tant role, to help sole traders con-
cerned about the bureaucracy of
taking on staff. Getting a better han-
dle on financial management would
also help to give small business own-
ers confidence that they can afford
to take on an employee. Some 65 per
cent of small businesses still rely on
manual processes to manage their
money and more use could be made
of tools to simplify administrative
tasks like payroll.
We need the UKs small
businesses to create jobs as they
grow, whether by taking on new
recruits, apprentices or flexible
staff. Lets help them to take the
leap and go for growth.
Pernille Bruun-Jensen is UK managing
director of Intuit. The report One Giant
Leap: The Vital First Step to Becoming
an Employer is online at:
www.intuit.co.uk/one-giant-leap
PERNILLE BRUUN-JENSEN
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The insurance
recruitment market remains buoyant,
with a continuous requirement for finance,
risk and compliance professionals at all
salary levels. The sector has been the
subject of significant recent regulatory
change, through the well publicised
Solvency II requirements, new products, new insurance companies, a constant
flow of mergers and acquisition activity, growth in existing companies and
strategic restructures. All of this change has resulted in increased requirements
for accountants with relevant insurance experience. While a companys ideal is
often a like-for-like replacement when recruiting, recently were seeing more
companies willing to consider candidates with transferable skills from other
areas of financial services and banking and, in some cases, from industry and
commerce. While the insurance sector remains buoyant, it continues to be an
employers market, and candidates must differentiate themselves. Candidates
must give real thought to the role they are applying for and ensure they clearly
demonstrate in their CV the necessary relevant knowledge, experience and
core competencies. If you dont have the perfect experience, dont worry.
Leverage the experience you do have and demonstrate that you have the
aptitude to take on the role, and are capable of adding value. Where possible,
quantify your achievements and write about how you personally have
influenced or driven change.
Richard Johnson is principal consultant, insurance practice, at CMC Consulting.
The big trends in hiring
and how they affect you
Leading experts offer their advice on the state of the recruitment market
In a recent Laurence Simons survey,
40 per cent of lawyers said their
departments had increased in size in the
past 12 months. Theres a clear increase in
demand for lawyers or compliance
professionals across all sectors in industry,
banking and private practice. In private
practice, we've seen increased activity within corporate and capital markets,
mainly US firms looking to capitalise on an anticipated market upswing. On the
in-house side, regulatory issues lead demand across many sectors. Banking
continues to experience tough times, as clients head into any recruitment with
caution and very precise job descriptions. Beyond financial services, sectors
like life sciences and digital media have seen a slight increase, particularly for
lawyers with experience from competitor organisations. 67 per cent of
respondents to our survey said theyd consider relocating abroad. Bric regions
remain attractive to those seeking competitive remuneration. Im pleased with
recent recruitment activity, and am confident that the legal sector will improve
with the year. For those seeking legal employment, a good relationship with a
trusted recruiter will give you clear insight into market trends and put you
ahead of your competition. Good recruiters have knowledge of those law firms
or companies looking to increase headcount, as well as those making
opportunistic hires. It is important to work closely with recruiters who can
match your needs and experience with the right type of employer.
Lucinda Moule is managing director of Laurence Simons Legal Recruitment.
The market for
both investment
banking and asset management hiring
remains difficult. While the general trend in
investment banks is to reduce headcount,
there continues to be selective, high-profile
hiring of key personnel. In mergers and
acquisitions and leveraged finance, some banks are restructuring divisions by
reducing teams from, for example, ten to four and having a general analyst
pool. Others have removed an entire layer from their structure, in one case
executive directors. Once the market brightens, we anticipate the same urgent
demand for some analysts that we saw at the start of 2010. There are rays of
light many institutions have cash to invest or lend and are ready to use it
once confidence returns. There are also many City rainmakers who, having left
senior roles in well-known institutions, are setting up new businesses and will
bring a refreshing wind of change and opportunity to the market. Some
candidates are remaining in their current roles to weather the storm, but I
advise caution. During the bounce in recruitment in 2010/2011, the origination
teams that were hiring only wanted individuals that had worked in teams that
had done deals in the past 12 to 18 months. They werent interested in portfolio
or restructuring focused candidates. The moral is that if your current firm is not
doing deals, and is unlikely to be for the next 6 to 12 months, you may be
damaging your career by staying put.
Andrew Breach is head of corporate banking at Michael Page Financial Services.
We publish separate accountancy
market updates each quarter for both
banking and financial services and
commerce & industry. Our first quarter
reports reveal that, despite some caution in
the market, there is a good level of jobs
available, and some interesting
opportunities for accountants seeking new roles. Specifically, there is a
continued need for core accounting skills and businesses remain committed to
recruiting professionals in this area. This is creating demand for both financial
control and internal audit specialists as organisations scrutinise business
performance. Most encouragingly, there is also an emphasis on growth-
focused roles, as businesses look to exploit opportunities in the market. We are
seeing demand for financial management professionals and commercial
accountants, while increased emphasis on international growth is leading to a
rise in group-focused roles. In financial services, regulatory accountants are
being hired, as our clients continue to implement projects aimed at putting the
necessary controls in place. Employers are also placing increased emphasis on
providing decision-makers with high-quality management information. If you
have experience in this area, now is a good time to contact a recruiter. For
these opportunities, employers are focusing on finance professionals with
strong business partnering skills, cost management abilities and first-class
stakeholder management experience.
Peter Milne is director of financial services recruitment at Robert Walters.
BUOYANT
SELECTIVE
ANDREW BREACH
INVESTMENT BANKING:
CONFIDENT
CAUTIOUS
RICHARD JOHNSON
INSURANCE:
LUCINDA MOULE
LEGAL SECTOR:
PETER MILNE
ACCOUNTANCY:
W
HAT makes a good leader?
Who is the exemplar of
corporate leadership? Are
you a Margaret Thatcher
in the boardroom or a Kofi Annan?
One might assume that these are
the kinds of questions business
schools are seeking to answer for
their students. They are not.
Although leadership education is
an increasingly important part of a
typical MBA curriculum, the roots
of that importance means that
teaching leadership is very different
to subjectively unearthing what
made Alexander the Great.
Business schools are discovering
and adapting innovative new meth-
ods of teaching leadership. These
methods range in approach and
rationale, but at their heart is a
belief that the next generation of
corporate leaders must have more
than charisma, do more than
inspire, and be better leaders than
those that came before them.
THINK BEFORE YOU ACT
HEC Paris, the French international
business school, offers an off-cam-
pus leadership bootcamp to its MBA
students at Saint Cyr, Frances equiv-
alent to Sandhurst. Participants are
put through intensive tasks by army
officers, in exercises directly derived
from real military training.
According to Bernard Garrette,
associate dean of the MBA pro-
gramme at HEC Paris, the tasks are
designed to develop decision-mak-
ing, motivational influence and per-
sonal engagement. It isnt about
officers teaching students how to
bark orders, but to maximise effi-
ciency and encourage practical
planning.
Building bridges across rivers, or
putting a raft together to cross a
lake complements traditional class-
room teaching by forcing partici-
pants to tackle uncommon
situations and focus on implemen-
tation efficiency, rather than spend-
ing all their time analysing
conceptual issues.
Practicality is key. Although a
chief executive is unlikely to
instruct his board to build him an
ark, the physicality of the training
can bear dividends. Garrette says
that as physical activities involve
undertaking actions much more tir-
ing and costly than intellectual
effort, they show the value of think-
ing before acting to maximise effi-
ciency, while reaching the
objective.
KNOW YOUR WEAKNESS
Cass Business School takes a differ-
ent approach. Roy Batchelor, associ-
ate dean for MBA programmes at
Cass, says its emphasis is about
making students understand
themselves.
Leadership isnt
a simple case of
bold versus bad
Before induction, students take
part in a neuro-scientific question-
naire, which gives the professors an
idea of their preferred working
styles. We try to talk, individually
and in groups, about how they can
use their strengths and adapt so that
their weaknesses don't get in their
way.
Batchelor believes leadership train-
ing should be at the heart of all
aspects of an MBA. Its threaded
through our course, he says. We
have to help people live with ambi-
guity and fuzziness, and if students
understand what theyre relatively
good at, they will be better able to
recognise what is needed at particu-
lar moments.
Its not a formula, its not a rule,
we dont know the answers,
Batchelor explains, but by encourag-
ing students to discover how they
react to problems, teaching them to
listen, and by inspiring long-term,
sustainable planning, MBA students
can be better set up to take on lead-
ership positions in their future
careers.
LEADERS NEXT TO LEADERS
Professor Kim Turnbull James teach-
es the leadership and top manage-
ment skills elective as part of the
Cranfield School of Management
MBA. Her emphasis is on organisa-
tional leadership how to get the
top team to work together, how to
encourage people to take initiative
for key projects, and how to achieve
the right kind of alignment of prac-
tices and processes. The key priority
for Cranfields programme is to
ensure individuals are thinking
about the organisation and how an
organisation addresses its strate-
gies. She explains that this is what
companies want.
Leadership is not equated with
the leader, it is a response to things
that need to happen in organisa-
tions, she says. Its highly contro-
versial to say that there are good or
bad aspects of leadership.
Turnbull thinks its important
that leadership teaching is divorced
from popular notions of good or
bad, ideal or flawed. Its a more
complex view of leadership that
includes aspects that arent just
linked to the ego of the leader. She
criticises stand-alone courses pur-
porting to make people leaders. Its
not something you can teach in a
corner.
To all these MBAs, teaching leader-
ship is about teaching nuance. As
Turnbull James makes clear, its
about providing a practical ground-
ing of experience in the real world,
not academic, theoretical abstracts.
There is no solution to the ideal
characteristics of a leader, but future
leading executives can at least learn
how to act and think like one.
Personal presence and an ability to listen are just some of the qualities required by leaders
MBA programmes are teaching that good
leadership is complex, writes Tom Welsh
23
BUSINESSEDUCATION
cityam.com
G
E
T
T
Y
Globalised learning can open up opportunities the world over
Business schools
are adapting to
emerging needs,
writes Tom Welsh
24
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CITYAMCAREERS.com
A globalised MBA
a host of different
G
LOBALISATION, both as a
buzz word and as a practical
reality, is informing
business education
everywhere. But the way in which
schools have responded to this
demand is very different.
MBA programmes widely trumpet
their global reach. International
business requires executives and
managers to appreciate cross-cul-
tural sensitivities, to understand
localised priorities, to have broad
networks, and to realise that the
situation on the ground is never
quite how it seems from London.
But to many potential students,
the wealth of programmes, elec-
tives, school collaborations and
international consultation exercis-
es will seem overwhelming, espe-
cially when all MBAs seem
presaged and prefixed with the
same jargon. If all schools are glob-
al, why do they go about it in such
different ways? How should a
potential MBA student pick
through this morass? What is
advertorial and what is highly orig-
inal? Globalisation may be happen-
ing, but how should it affect what
students demand from their MBAs
and their business school?
COLLABORATE TO COMPETE
MBAs are designed to prepare and
educate the future business lead-
ers, executives and rainmakers of
the worlds greatest companies.
As such, schools are constantly
innovating and adapting their pro-
grammes to fit the needs of a
changing business environment,
and competing with each other to
attract the very best potential can-
didates.
One innovation is the number of
schools in Britain, Europe and
North America either launching
collaborative programmes with
each other, or signing official tie-
ups with universities in the devel-
oping world.
Vlerik Leuven Gent, a Belgian
management school, has had a
partnership with the China Centre
for Economic Research at Peking
University since 1998. Called the
Beijing International MBA (the
BiMBA), it was launched by Dr
Justin Yifu (now chief economist of
the World Bank). According to
Bruce W. Stening, dean of the
BiMBA at Vlerik, it provides
Chinese grounding to comple-
ment existing MBA programmes.
Stening explains that the benefit
to students of having a specific
agreement with a domestic
Chinese school is three-fold. Firstly,
students are exposed to ideas from
a wider range of professors. They
have access to both experts in
European business and academics
with Chinese expertise. Secondly,
they develop global perspectives
based on personal visits. Going to
China gives them practical experi-
ence of how business works in a
rapidly-growing country. Thirdly,
students build informal relation-
ships with other students. Strong
institutional support prevents
these relationships from wilting
before theyve flowered.
ELECTING TO TRAVEL
But official, institutional relation-
ships are not the only kind of glob-
al contact to be had. Many
programmes also offer internation-
al electives from British-based
schools.
Roy Batchelor, associate dean for
MBA programmes at the Cass
Business School, says that how
courses deal with the international
perspective will differ based on
location and situation. We dont
have to struggle to put an interna-
tional dimension to what we do.
Casss location in the City, and its
connection with leading multina-
tional businesses in London, gives
it an inbuilt advantage when it
comes to preparing MBA students
for the challenges of globalisation.
Rather than having formal rela-
tionships with other schools,
which Batchelor thinks is probably
more necessary for provincial uni-
versities, or for business schools in
cities without Londons global ties,
Cass offers various programmes
that encourage its students to
think in an international perspec-
tive. For example, students are
taken to emerging markets, where
they do a period of consultancy
with a company in that market.
The rationale behind this is not
just building connections or seeing
how things work somewhere exot-
ic, but jolting and shaking students
out of the cliches of globalisation.
This last point is crucial.
Internationalism in business edu-
cation is more than teaching the
ability to work in one of the many
global cities similar to London. Its
about developing an understand-
ing of how business works outside
these cosmopolitan centres, and
how this might affect how an exec-
utive approaches a problem or car-
ries out a change. Batchelor
highlights Casss tour to South
Africa it enables students to look
at and understand how to lead
change in the middle of hazy polit-
ical, economic and social environ-
ments.
DOMESTIC COMFORTS
The glamour of travel is obvious,
and the comparative rise and fall of
various national economies trans-
Benefits attributed
solely to international
education may also
apply in UK schools
25
G
E
T
T
Y
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can come in
wrappings
lates this glamour to business. But
there is also attractiveness to
domesticity, even for MBA students.
Stephan Chambers is MBA direc-
tor at the Said Business School,part
of the University of Oxford. He sug-
gests that there are lots of differ-
ent models for business education,
and theyre all legitimate.
He recommends breaking down
the benefits attributed to glob-
alised education and seeing if these
advantages apply to schools which
dont have institutional arrange-
ments with foreign universities.
The results can be revealing.
Regarding diversity and global
networking, for example,
Chambers argues that Said
imports that diversity, in the form
of students, rather than exports
the students to a diverse foreign
location. Saids typical cohort is
about 85 per cent non-UK born.
This is significant because the biog-
raphies of an MBA students peers
are just as important as the biogra-
phies of his or her professors. MBA
students get as much from their fel-
low cohort, in relation to globalisa-
tion, as from the academics.
Similarly, although international-
ism is a useful objective, MBA stu-
dents mustnt forget that
educational diversity is more than
about who youre learning with, or
where youre learning. Oxford is
special because its Oxford. Our
MBA students have access to an
entire fabric of educational culture
without having to change the wall-
paper. In Chamberss view, the
interdiscipliniarity of Said is just as
important as Oxfords global reach.
Global ties, the chance to travel,
and international expertise are all
invaluable to any MBA education.
But how these things are delivered
doesnt necessarily matter. More
important is the schools rationale
behind its provision, why it has
chosen to provide them in the way
it has, and what that provisions
character says about the school and
its priorities.
Globalised learning may open up
opportunities the world over, but
the buzz words and the jargon
dont always change the fundamen-
tals.
Prospective MBA students have a
vast selection of courses to choose
from. They also have access to
some interesting alternatives that
are designed to offer a slightly
different business education
experience, but still in a global
setting.
The Global Entrepreneurship
Programme is a one year course, a
collaboration between EMLyon
Business School, in France,
Zhejiang University, in China, and
Purdue University in the US.
According to professor Frederic
Delmar of EMLyon, its focus is
entrepreneurship in a global
setting. Students are recruited at
the respective schools and
provided with international
exposure through travelling and a
high international mix in the
classroom. Students work and live
on each of the three continents.
Its not the same as an MBA
Delmar emphasises that the
programme is pre-experience.
Typical students are young, and
have a more or less explicit dream
to start a business down the line.
The International Masters
Programme in Practising
Management (IMPM) is a
collaboration between Lancaster
University in the UK, McGill in
Canada, IIMB in India, Renmin in
China, and FGB in Brazil.
Its unique, according to Dora
Koop, managing director of the
programme. Its driven by the
actual practice of management in
an international setting, rather
than theory.
Students benefit from multi-
cultural exposure and the
opportunity to share ideas with a
diverse network of colleagues.
Alongside a managerial exchange
programme, students visit firms in
the five different countries.
Koop says the IMPM is for
managers who have eight to ten
years of management experience.
Tom Welsh
Variations on the theme of global MBA courses
BUSINESSEDUCATION
26
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ALUMINIUM CASH......................................2040.00 14.00
COPPER CASH.............................................8100.00 46.50
LEAD CASH.................................................2065.50 32.50
NICKEL CASH.............................................17750.00 -190.00
TIN CASH..................................................21200.00 -400.00
ZINC CASH..................................................1988.00 -1.50
BRENT SPOT INDEX ........................................121.77 1.21
SOYA............................................................1425.75 5.75
COCOA.........................................................2319.00 19.00
COFFEE..........................................................173.05 -1.65
KRUG..........................................................1709.00 -1.00
WHEAT ..........................................................178.25 1.77
AIR LIQUIDE......................................................98.36 -1.11 102.30 80.90
ALLIANZ ...........................................................84.03 -0.73 107.45 56.16
ANHEUS-BUSCHINBEV....................................56.03 0.72 56.17 33.85
ARCELORMITTAL ................................................13.36 -0.36 25.40 10.47
AXA...................................................................10.84 -0.24 15.94 7.88
BANCO SANTANDER............................................4.81 -0.20 7.96 4.74
BASF SE............................................................64.72 -0.85 70.22 42.19
BAYER...............................................................52.53 -0.32 59.44 35.36
BBVA...................................................................5.18 -0.16 8.44 4.84
BMW................................................................69.44 -0.56 73.95 43.49
BNP PARIBAS...................................................30.00 -0.99 55.20 22.72
CARREFOUR.......................................................15.77 -0.34 28.19 14.66
CRH PLC .............................................................15.21 -0.16 16.93 10.28
DAIMLER...........................................................42.03 -0.43 53.95 29.02
DANONE ...........................................................53.88 0.80 54.14 41.92
DEUTSCHE BANK ..............................................34.64 -0.73 44.56 20.79
DEUTSCHE BOERSE...........................................48.43 -0.99 57.68 35.65
DEUTSCHE TELEKOM...........................................8.58 -0.13 11.38 7.88
E.ON..................................................................17.00 -0.20 23.54 12.50
ENEL...................................................................2.44 -0.07 4.86 2.41
ENI ....................................................................16.62 -0.21 18.72 11.83
FRANCE TELECOM..............................................10.24 -0.16 15.96 10.06
GDF SUEZ ..........................................................18.82 -0.24 28.00 17.65
GENERALI ASS...................................................10.36 -0.34 16.38 10.07
IBERDROLA.........................................................3.59 -0.31 5.94 3.57
INDITEX ............................................................69.32 -2.03 74.73 52.20
ING GROEP CVA..................................................5.54 -0.07 9.07 4.21
INTESA SANPAOLO...............................................1.18 -0.07 2.13 0.85
KON.PHILIPS ELECTR .........................................14.02 -0.28 21.68 12.01
L'OREAL ............................................................93.76 0.08 94.80 68.83
LVMH...............................................................126.20 -4.30 136.80 94.16
MUNICHRE ......................................................113.30 -0.70 118.35 77.80
NOKIA.................................................................3.03 -0.05 6.36 2.95
REPSOL YPF ......................................................15.40 -1.02 24.45 15.32
RWE..................................................................35.59 -0.18 46.51 21.15
SAINT-GOBAIN ..................................................31.43 -0.81 47.64 26.07
SANOFI .............................................................56.25 -0.51 59.56 42.85
SAP..................................................................49.66 0.16 54.85 32.88
SCHNEIDER ELECTRIC ........................................47.59 -0.82 60.63 35.00
SIEMENS.............................................................71.14 -1.80 99.07 62.13
SOCIETE GENERALE............................................17.64 -0.93 46.60 14.32
TELECOM ITALIA..................................................0.83 -0.00 1.08 0.70
TELEFONICA .......................................................11.08 -0.48 18.34 11.08
TOTAL ................................................................37.32 -0.15 43.61 29.40
UNIBAIL-RODAMCO SE....................................142.90 -2.55 162.95 123.30
UNICREDIT..........................................................3.08 -0.16 11.57 2.20
UNILEVER CVA ..................................................25.43 0.06 27.16 20.96
VINCI.................................................................35.24 -1.14 45.48 28.46
VIVENDI.............................................................12.76 -0.22 21.37 12.50
VOLKSWAGEN VORZ.........................................131.50 -1.60 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5745.29 -21.66 -0.38
FTSE 250 INDEX . . . . . . . . . . . . . . . 11431.99 5.70 0.05
FTSE UK ALL SHARE . . . . . . . . . . . . 2988.41 -9.24 -0.31
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 784.59 7.47 0.96
DOWJONES INDUS 30. . . . . . . . . . 13032.75 -82.79 -0.63
S&P 500. . . . . . . . . . . . . . . . . . . . . . 1385.14 -5.64 -0.41
NASDAQ COMPOSITE. . . . . . . . . . . . 3031.45 -11.37 -0.37
FTSEUROFIRST 300 . . . . . . . . . . . . . 1046.18 -6.94 -0.66
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 9667.26 202.55 2.14
DAX 30 PERFORMANCE. . . . . . . . . . 6732.03 -68.97 -1.01
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 3240.29 -52.22 -1.59
SHANGHAI SE INDEX . . . . . . . . . . . 2334.99 -22.04 -0.94
HANG SENG . . . . . . . . . . . . . . . . . 20780.73 218.42 1.06
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2592.70 34.80 1.36
ASX ALL ORDINARIES. . . . . . . . . . . 4427.20 58.40 1.34
BOVESPA SAO PAOLO . . . . . . . . . . 63010.48 311.61 0.50
ISEQ OVERALL INDEX . . . . . . . . . . . 3224.85 2.21 0.07
STRAITS TIMES . . . . . . . . . . . . . . . . 3000.58 13.99 0.47
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . 730.81 5.17 0.71
SWISS MARKET INDEX. . . . . . . . . . . 6173.35 -26.92 -0.43
Price Chg %chg
3M......................................................................87.13 -0.32 98.19 68.63
ABBOTT LABS...................................................60.46 0.03 62.57 46.29
ALCOA................................................................9.95 -0.04 17.96 8.45
ALTRIA GROUP..................................................31.66 0.05 31.77 23.20
AMAZON.COM..................................................191.07 2.68 246.71 166.97
AMERICAN EXPRESS ........................................58.04 -0.14 59.26 41.30
APPLE............................................................608.34 -1.36 644.00 310.50
AT&T.................................................................30.75 -0.14 31.97 27.29
BANK OF AMERICA.............................................8.92 0.00 13.33 4.92
BERKSHIRE HATAW B .......................................79.74 -1.02 83.72 65.35
BOEING CO ........................................................73.71 -0.38 80.65 56.01
CATERPILLAR...................................................109.21 0.80 116.95 67.54
CHEVRON........................................................103.39 -0.23 112.28 86.68
CISCO SYSTEMS................................................20.06 -0.02 21.30 13.30
CITIGROUP........................................................35.08 0.00 46.00 21.40
COCA-COLA........................................................74.17 0.22 74.48 63.34
COMCAST CLASS A............................................29.86 -0.23 30.41 19.19
CONOCOPHILLIPS..............................................73.29 -0.97 81.50 58.65
DU PONT(EI) DE NMR.......................................53.27 -0.13 57.50 37.10
EMC CORP .........................................................29.14 -0.19 30.00 19.84
EXXON MOBIL ...................................................85.75 0.30 88.13 63.47
GENERAL ELECTRIC............................................19.10 -0.24 21.00 14.02
GOOGLE A.......................................................607.45 -2.12 670.25 473.02
HEWLETT PACKARD..........................................24.93 0.21 41.74 19.92
HOME DEPOT .....................................................51.81 -0.22 52.15 28.13
IBM.................................................................200.13 -7.32 210.69 157.13
INTEL CORP.......................................................27.95 -0.52 28.78 19.16
J.P.MORGAN CHASE..........................................43.29 -0.61 46.49 27.85
JOHNSON & JOHNSON .....................................63.26 -0.96 68.05 55.76
KRAFT FOODS A................................................38.24 -0.24 39.40 24.30
MC DONALD'S CORP..........................................97.34 0.23 102.22 76.40
MERCK AND CO. NEW.......................................38.40 -0.11 39.43 29.47
MICROSOFT ........................................................31.14 -0.30 32.95 23.65
OCCID. PETROLEUM...........................................87.97 -0.76 117.89 66.36
ORACLE CORP....................................................29.13 -0.16 36.50 24.72
PEPSICO............................................................66.21 -0.19 71.89 58.50
PFIZER..............................................................22.45 0.14 22.80 16.63
PHILIP MORRIS INTL..........................................87.74 0.29 90.10 60.45
PROCTER AND GAMBLE....................................66.75 -0.27 67.95 56.57
QUALCOMM INC................................................66.99 -0.25 68.87 45.98
SCHLUMBERGER...............................................69.93 0.58 95.53 54.79
TRAVELERS CIES ...............................................59.47 -0.52 64.17 45.97
UNITED TECHNOLOGIE.......................................81.20 -0.04 91.83 66.87
UNITEDHEALTH GROUP.....................................57.32 -0.78 59.61 41.27
US BANCORP DELAWRE....................................31.30 -0.25 32.23 20.10
VERIZON COMMS ..............................................37.66 -0.08 40.48 32.28
VISA CL A.........................................................121.78 -0.30 123.68 73.11
WAL-MART STORES..........................................62.06 0.19 62.63 48.31
WALT DISNEY CO..............................................42.49 -0.19 44.50 28.19
WELLS FARGO & CO ..........................................33.57 -0.11 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................................0.257 0.00
LIBOR Euro - 12 months................................1.336 0.00
LIBOR USD - overnight.................................0.148 0.00
LIBOR USD - 12 months ................................1.047 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield.......................................3.130 0.00
European repo rate......................................0.158 0.00
Euro Euribor .................................................0.317 0.00
The vix index................................................18.84 0.38
The baltic dry index ....................................989.0 14.00
Markit iBoxx ...............................................242.37 -0.05
Markit iTraxx ...............................................135.55 -8.13
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .289.2 -14.6 340.8 248.1
Chemring Group . . . . . .379.0 -12.4 677.0 368.8
Cobham. . . . . . . . . . . . .238.4 -0.5 240.2 165.9
Meggitt . . . . . . . . . . . . .404.5 -7.3 412.0 304.9
QinetiQ Group . . . . . . . .155.0 -0.4 159.3 101.5
Rolls-Royce Holdi . . . . .813.0 -12.5 842.5 557.5
Senior . . . . . . . . . . . . . .203.7 -1.1 205.9 135.6
Ultra Electronics . . . . .1669.0 -18.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .209.2 -2.3 245.0 157.0
Barclays . . . . . . . . . . . . .214.3 -6.3 301.9 138.9
HSBC Holdings . . . . . . .552.0 -2.1 662.5 463.5
Lloyds Banking Gr . . . . .30.0 -1.0 60.4 21.8
Royal Bank of Sco . . . . . .24.4 -0.8 42.9 17.3
Standard Chartere . . .1520.0 -33.0 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1165.0 20.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .390.2 1.6 444.0 289.9
Diageo . . . . . . . . . . . . .1576.5 6.0 1584.2 1112.0
SABMiller . . . . . . . . . . .2616.0 21.0 2660.0 1979.0
AZ Electronic Mat . . . . .306.5 -1.2 338.1 206.1
Croda Internation . . . .2216.0 -12.0 2240.0 1597.0
Elementis . . . . . . . . . . .201.0 -5.0 206.5 107.5
Johnson Matthey . . . .2357.0 -43.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1492.0 -3.0 1590.0 1025.0
Yule Catto & Co . . . . . . .239.4 1.2 253.0 148.0
/$ 1.3116 0.0012
/ 0.8186 0.0058
/ 106.57 0.3874
/ 1.2215 0.0086
/$ 1.6024 0.0100
/ 130.22 1.4290
FTSE 100
5745.29
21.66
FTSE 250
11431.99
5.70
FTSE ALL SHARE
2988.41
9.24
DOW
13032.75
82.79
NASDAQ
3031.45
11.37
S&P500
1385.14
5.64
Brown (N.) Group . . . . .228.1 1.4 304.5 222.4
Carpetright . . . . . . . . . . .611.0 2.0 741.0 375.0
Debenhams . . . . . . . . . .80.5 -0.1 82.7 51.2
Dignity . . . . . . . . . . . . .850.5 14.0 854.5 725.0
Dixons Retail . . . . . . . . . .17.1 -0.2 19.9 9.4
DunelmGroup . . . . . . . .516.5 6.5 533.0 389.0
Halfords Group . . . . . . .289.0 -2.0 405.9 268.6
Home Retail Group . . . .103.9 -3.4 228.5 72.5
Inchcape . . . . . . . . . . . .369.4 -0.6 425.4 268.1
JD Sports Fashion . . . . .809.5 8.0 1030.0 570.0
Kesa Electricals . . . . . . . .57.2 -2.5 151.4 56.8
Kingsher . . . . . . . . . . .304.3 -0.9 313.8 217.0
Marks & Spencer G . . . .357.8 -0.9 402.2 301.8
Next . . . . . . . . . . . . . . .2971.0 17.0 3060.0 2153.0
Sports Direct Int . . . . . .283.0 1.7 296.1 190.0
WHSmith . . . . . . . . . . .547.0 12.0 559.0 451.6
Smith & Nephew . . . . . .615.0 -7.5 694.0 521.0
Synergy Health . . . . . . .835.0 4.5 981.0 809.5
Barratt Developme . . . . .133.1 -2.8 151.5 67.5
Bellway . . . . . . . . . . . . .798.0 -3.5 859.5 540.5
Berkeley Group Ho . . .1281.0 -2.0 1414.0 1025.0
Bovis Homes Group . . .479.8 9.3 518.5 326.5
Persimmon . . . . . . . . . .634.5 -6.0 706.5 374.0
Balfour Beatty . . . . . . . .271.8 -2.8 333.7 214.6
CRH . . . . . . . . . . . . . . .1249.0 -30.0 1665.5 1053.0
Galliford Try . . . . . . . . .630.0 13.0 631.5 383.8
Kier Group . . . . . . . . . .1179.0 -1.0 1489.0 1095.0
Drax Group . . . . . . . . . .532.5 -6.5 581.5 430.4
SSE . . . . . . . . . . . . . . . .1356.0 -2.0 1423.0 1193.0
Domino Printing S . . . .607.0 11.0 701.5 434.3
Halma . . . . . . . . . . . . . .404.6 3.4 429.6 306.3
Laird . . . . . . . . . . . . . . . .221.5 0.5 222.8 128.5
Morgan Crucible C . . . . .325.2 1.2 360.0 224.0
Oxford Instrument . . .1280.0 52.0 1290.0 714.0
Renishaw . . . . . . . . . . .1348.0 13.0 1886.0 800.0
Spectris . . . . . . . . . . . .1830.0 -4.0 1845.0 1039.0
Aberforth Smaller . . . . .631.5 -3.5 714.0 494.0
Alliance Trust . . . . . . . . .367.4 -1.5 392.7 310.2
Bankers Inv Trust . . . . . .417.7 -2.0 433.8 346.5
BH Global Ltd. GB . . . . .1174.0 -1.0 1212.0 1077.0
BH Global Ltd. US . . . . . . .11.7 -0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.4 0.0 20.2 16.4
BH Macro Ltd. GBP . . .2047.0 14.0 2078.0 1681.0
BH Macro Ltd. USD . . . . . .19.3 0.0 20.2 16.4
BlackRock World M . . . .671.5 3.5 805.0 574.5
BlueCrest AllBlue . . . . . .161.9 0.4 176.2 160.6
British Assets Tr . . . . . . .127.5 -0.2 139.4 109.0
British Empire Se . . . . .418.0 -0.9 533.0 404.0
Caledonia Investm . . .1433.0 13.0 1800.0 1337.0
City of London In . . . . .295.0 1.0 306.9 257.0
Dexion Absolute L . . . . .139.6 -1.4 150.0 130.0
Edinburgh Dragon . . . .244.4 -1.1 253.1 201.4
Edinburgh Inv Tru . . . . .497.7 -1.8 504.0 422.5
Electra Private E . . . . .1696.0 9.0 1755.0 1287.0
Fidelity China Sp . . . . . . .79.9 0.8 114.3 70.0
Fidelity European . . . .1102.0 -12.0 1287.0 912.0
Foreign and Colon . . . .306.8 -1.9 327.9 261.5
Herald Inv Trust . . . . . . .517.0 2.0 545.5 419.0
HICL Infrastructu . . . . . .119.9 -3.7 123.6 112.7
John Laing Infras . . . . . .107.1 0.4 110.6 103.8
JPMorgan American . . .924.0 -1.0 965.5 721.5
JPMorgan Asian In . . . .195.4 -1.1 244.0 170.1
JPMorgan Emerging . . .555.0 0.0 610.5 480.1
JPMorgan Indian I . . . .348.0 -3.3 451.5 313.1
JPMorgan Russian . . . .553.5 3.5 689.0 415.1
LawDebenture Cor . . . .382.0 -0.4 398.7 323.0
Mercantile Invest . . . . .1007.0 -5.0 1119.0 823.0
Merchants Trust . . . . . . .374.1 -5.4 431.8 341.5
Monks Inv Trust . . . . . . .330.1 -2.0 367.9 298.1
Murray Income Tru . . . .654.5 5.5 674.0 568.0
Murray Internatio . . . . .972.0 0.0 1012.0 818.5
NB Global Floatin . . . . .100.0 -0.5 103.0 92.5
Perpetual Income . . . .270.7 -0.8 276.0 236.5
Personal Assets T . . .34210.0 20.0 35350.031400.0
Polar Capital Tec . . . . . .390.5 2.8 404.0 299.5
RIT Capital Partn . . . . .1188.0 5.0 1360.0 1161.0
Scottish Inv Trus . . . . . .478.7 -2.3 524.0 417.0
Scottish Mortgage . . . .703.5 0.0 781.0 565.0
SVG Capital . . . . . . . . . .290.3 3.3 295.5 165.1
Temple Bar Inv Tr . . . . .935.0 4.5 970.0 791.0
Templeton Emergin . . .580.5 -5.5 678.5 497.0
TRProperty Inv T . . . . . .150.1 -1.2 206.1 136.2
TRProperty Inv T . . . . . .66.9 0.3 94.0 59.8
Witan Inv Trust . . . . . . .482.0 -2.1 533.0 401.5
3i Group . . . . . . . . . . . . .190.5 -4.0 294.1 166.9
3i Infrastructure . . . . . . .125.3 0.6 125.3 115.5
Aberdeen Asset Ma . . . .268.1 -1.9 271.8 167.8
Ashmore Group . . . . . .386.0 -1.1 420.0 306.4
Brewin Dolphin Ho . . . .169.0 2.0 177.0 113.7
Camellia . . . . . . . . . . .9775.0 10.0 10950.0 8800.0
Charles Taylor Co . . . . . .147.5 -4.5 160.0 115.6
City of London Gr . . . . . .72.0 0.0 88.0 61.3
City of London In . . . . . .385.1 15.9 440.0 304.3
Close Brothers Gr . . . . .740.0 0.5 820.0 590.0
F&C Asset Managem . . .66.5 0.6 81.7 56.1
Hargreaves Lansdo . . . .481.5 10.0 646.5 402.5
Helphire Group . . . . . . . . .1.8 -0.0 14.0 1.4
Henderson Group . . . . .122.2 0.8 163.7 95.1
Highway Capital . . . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .374.1 -3.7 524.0 311.6
IG Group Holdings . . . .460.8 3.7 502.5 393.6
Intermediate Capi . . . . .256.1 -3.7 345.0 197.9
International Per . . . . .243.4 3.2 388.8 148.5
International Pub . . . . .120.0 0.1 121.5 112.7
Investec . . . . . . . . . . . . .355.4 -4.8 522.0 318.4
IP Group . . . . . . . . . . . . .141.0 0.8 141.7 36.0
Jupiter Fund Mana . . . .240.0 2.1 310.5 184.9
Liontrust Asset M . . . . . .113.0 -0.3 125.0 57.9
LMS Capital . . . . . . . . . . .57.8 -1.3 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.5
London Stock Exch . . .1093.0 25.0 1100.0 756.5
Lonrho . . . . . . . . . . . . . . .12.0 0.0 19.8 8.9
Man Group . . . . . . . . . . .99.6 -7.9 259.6 99.6
Paragon Group Of . . . .182.2 -0.9 206.1 134.6
Provident Financi . . . . .1150.0 -4.0 1181.0 915.0
Rathbone Brothers . . .1308.0 20.0 1316.0 977.0
Record . . . . . . . . . . . . . . .12.0 0.6 35.5 9.8
RSM Tenon Group . . . . . . .8.0 0.2 34.5 5.6
Schroders . . . . . . . . . . .1461.0 -18.0 1906.0 1183.0
Schroders (Non-Vo . . . .1113.0 -14.0 1554.0 970.0
Tullett Prebon . . . . . . . .343.9 2.5 427.3 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .216.7 -3.0 232.1 161.0
Cable & Wireless . . . . . . .30.1 0.0 48.9 29.9
Cable & Wireless . . . . . . .37.1 0.9 55.0 14.2
COLT Group SA . . . . . . . .98.4 0.4 151.8 84.1
KCOM Group . . . . . . . . . . .71.1 -1.0 84.0 59.8
TalkTalk Telecom . . . . .134.0 0.8 150.0 118.9
TelecomPlus . . . . . . . .693.0 13.0 802.0 470.0
Booker Group . . . . . . . . .83.2 0.2 85.3 59.6
Greggs . . . . . . . . . . . . . .519.0 3.0 558.0 445.0
Morrison (Wm) Sup . . .298.3 2.2 328.0 277.0
Ocado Group . . . . . . . . .112.7 1.5 237.0 52.9
Sainsbury (J) . . . . . . . .309.8 0.6 362.8 263.5
Tesco . . . . . . . . . . . . . . . .321.1 -7.3 420.1 310.5
Associated Britis . . . . .1219.0 -3.0 1233.0 977.0
Cranswick . . . . . . . . . . .808.0 -10.0 841.0 588.5
Dairy Crest Group . . . . .309.7 -0.6 409.7 305.0
Devro . . . . . . . . . . . . . . .317.0 0.1 332.2 232.0
Tate & Lyle . . . . . . . . . .689.5 0.5 720.5 544.5
Unilever . . . . . . . . . . .2064.0 -1.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .569.0 -3.0 664.0 413.5
Centrica . . . . . . . . . . . . .317.5 -0.5 333.0 278.8
International Pow . . . . .417.5 0.6 417.6 279.4
National Grid . . . . . . . .648.5 -1.5 659.0 569.0
Pennon Group . . . . . . .736.5 6.0 737.5 623.5
Severn Trent . . . . . . . .1656.0 50.0 1659.0 1375.0
United Utilities . . . . . . .601.5 -2.5 637.0 560.0
Cookson Group . . . . . . .745.0 9.0 746.0 395.8
Rexam. . . . . . . . . . . . . .429.4 -8.6 438.6 299.8
RPC Group . . . . . . . . . . .370.2 3.9 393.2 300.5
Smith (DS) . . . . . . . . . . .172.4 -1.2 183.7 113.3
Smiths Group . . . . . . .1035.0 -13.0 1340.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3637.0 25.0 3652.0 3100.0
Redrow . . . . . . . . . . . . .126.2 -0.5 135.3 103.5
Taylor Wimpey . . . . . . . .50.0 -0.7 52.8 28.7
Bodycote . . . . . . . . . . .404.4 3.7 426.5 225.6
Fenner . . . . . . . . . . . . . .441.6 7.4 483.7 280.0
IMI . . . . . . . . . . . . . . . . .959.5 -1.0 1119.0 636.5
Melrose . . . . . . . . . . . . .429.9 0.7 434.9 268.0
Northgate . . . . . . . . . . .194.5 -1.5 342.0 190.0
Rotork . . . . . . . . . . . . .2163.0 45.0 2163.0 1501.0
Spirax-Sarco Engi . . . .2236.0 -17.0 2253.0 1649.0
Weir Group . . . . . . . . .1744.0 41.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .369.3 -7.9 460.5 315.0
Ferrexpo . . . . . . . . . . . .290.1 -3.8 499.0 238.7
Talvivaara Mining . . . . .225.0 0.0 538.5 195.2
BBA Aviation . . . . . . . . .201.3 -7.7 223.4 156.0
Stobart Group Ltd . . . . .127.9 2.3 149.5 112.0
Admiral Group . . . . . .1209.0 13.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .328.8 -8.2 427.0 270.6
Beazley . . . . . . . . . . . . .142.2 0.8 151.8 109.6
Catlin Group Ltd. . . . . . .419.7 -0.8 449.0 337.0
Hiscox Ltd. . . . . . . . . . .400.2 4.5 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .87.8 -0.3 89.9 51.7
Johnston Press . . . . . . . . .5.8 -0.3 8.2 4.1
MecomGroup . . . . . . . .160.0 0.0 310.0 134.5
Moneysupermarket. . . .134.4 -1.3 135.7 88.9
Pearson . . . . . . . . . . . . .1119.0 -14.0 1255.0 1038.0
PerformGroup . . . . . . .305.0 4.0 317.2 150.0
Reed Elsevier . . . . . . . .528.5 1.0 578.0 461.3
Rightmove . . . . . . . . . .1519.0 20.0 1519.0 1019.0
STV Group . . . . . . . . . . . .114.5 1.4 168.0 76.3
Tarsus Group . . . . . . . . .145.0 0.5 165.0 119.5
Trinity Mirror . . . . . . . . . .33.3 0.0 54.3 31.0
UBM . . . . . . . . . . . . . . .600.5 -0.5 641.5 416.0
UTVMedia . . . . . . . . . . .156.5 2.0 158.2 92.5
Wilmington Group . . . . .91.3 -2.5 151.0 78.5
WPP . . . . . . . . . . . . . . .859.5 -3.5 880.0 578.0
Yell Group . . . . . . . . . . . . .3.5 -0.0 11.0 3.4
African Barrick G . . . . . .368.9 7.3 616.5 351.2
Anglo American . . . . . .2311.5 -17.0 3181.0 2138.5
Anglo Pacic Gro . . . . . .313.1 9.1 340.0 237.9
Antofagasta . . . . . . . . .1178.0 2.0 1491.0 900.5
Aquarius Platinum . . . .136.6 -0.8 360.0 129.5
Avocet Mining . . . . . . . .166.1 0.2 286.8 162.8
BHP Billiton . . . . . . . . .1943.0 16.5 2560.0 1667.0
Bumi . . . . . . . . . . . . . . .558.0 -0.80 589.0 555.5
Centamin (DI) . . . . . . . . .65.8 2.3 143.5 63.1
Jardine Lloyd Tho . . . . .676.5 -2.5 764.5 576.0
Lancashire Holdin . . . . .810.0 2.5 816.5 618.5
RSA Insurance Gro . . . . .102.7 -1.2 139.8 99.6
Aviva . . . . . . . . . . . . . . .307.7 0.1 450.3 275.3
Legal & General G . . . . .118.2 -6.0 135.0 89.8
Old Mutual . . . . . . . . . . .150.1 -5.3 164.6 98.1
Phoenix Group Hol . . . .530.0 1.0 688.0 451.1
Prudential . . . . . . . . . . .741.5 -1.5 797.5 509.0
Resolution Ltd. . . . . . . .225.0 -14.0 316.1 225.0
St James's Place . . . . . .343.2 -2.5 376.0 294.0
Standard Life . . . . . . . .225.5 -1.3 250.7 172.0
4Imprint Group . . . . . . .277.5 -3.0 312.5 200.0
Aegis Group . . . . . . . . . .179.1 -0.4 187.4 115.7
Bloomsbury Publis . . . .109.6 -0.5 138.0 91.3
British Sky Broad . . . . .668.5 9.0 850.0 618.5
Centaur Media . . . . . . . .34.5 -0.5 56.3 32.5
Chime Communicati . . .211.5 2.5 298.5 163.0
Creston . . . . . . . . . . . . . .64.0 0.0 121.0 47.0
Daily Mail and Ge . . . . .416.0 -7.8 505.5 343.4
Euromoney Institu . . . .772.5 14.0 809.5 522.5
Future . . . . . . . . . . . . . . . .11.8 0.0 20.0 8.3
Haynes Publishing . . . .195.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . .48.5 -0.3 76.3 32.3
Informa . . . . . . . . . . . . .432.2 -5.3 451.0 313.9
ITE Group . . . . . . . . . . . .227.2 3.1 258.0 157.7
Eurasian Natural . . . . .569.0 -6.5 937.5 522.0
Fresnillo . . . . . . . . . . . .1624.0 51.0 2150.0 1302.0
GemDiamonds Ltd. . . .273.6 3.8 310.6 179.8
Glencore Internat . . . . .415.0 5.2 531.1 348.0
Hochschild Mining . . . .490.3 2.0 630.0 365.9
Kazakhmys . . . . . . . . . .861.5 -36.0 1405.0 730.0
Kenmare Resources . . . . .51.1 2.0 61.5 31.0
Lonmin . . . . . . . . . . . . .1019.0 -11.0 1646.0 941.0
NewWorld Resourc . . . .410.1 -16.1 1060.0 404.0
Petra Diamonds Lt . . . .164.8 4.4 189.0 97.0
Petropavlovsk . . . . . . .496.8 -6.2 913.0 486.2
Polymetal Interna . . . .991.0 3.0 1175.0 877.0
Randgold Resource . .5420.0 -70.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3540.0 22.5 4595.0 2712.5
Vedanta Resources . . .1202.0 -12.0 2366.0 928.0
Xstrata . . . . . . . . . . . . .1138.0 8.5 1550.0 764.0
Inmarsat . . . . . . . . . . . .427.4 -4.1 620.0 389.3
Vodafone Group . . . . . .169.9 -2.6 182.7 155.1
Genesis Emerging . . . .495.8 -2.7 543.5 424.0
Afren . . . . . . . . . . . . . . .143.3 0.3 171.0 73.6
BG Group . . . . . . . . . . .1424.0 -2.5 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .446.0 -6.5 504.6 363.2
Cairn Energy . . . . . . . . .337.5 2.4 515.1 291.9
EnQuest . . . . . . . . . . . . .126.0 2.6 140.0 85.7
Essar Energy . . . . . . . . .145.7 -4.1 461.0 101.6
Exillon Energy . . . . . . . .133.2 3.2 469.7 123.0
Heritage Oil . . . . . . . . . .144.6 -1.9 262.1 133.1
Ophir Energy . . . . . . . .544.0 11.5 547.5 184.5
Premier Oil . . . . . . . . . .389.7 5.3 500.8 310.0
Royal Dutch Shell . . . .2154.0 -12.0 2402.0 1883.5
Royal Dutch Shell . . . .2208.0 -6.0 2489.0 1890.5
Ruspetro . . . . . . . . . . . .198.5 -0.5 230.0 125.0
Salamander Energy . . .247.0 6.9 302.8 182.3
Soco Internationa . . . . .298.9 2.9 397.5 278.0
TullowOil . . . . . . . . . . .1518.0 35.0 1601.0 945.5
Amec . . . . . . . . . . . . . . .1115.0 -3.0 1207.0 740.5
Hunting . . . . . . . . . . . . .912.0 6.0 968.0 530.0
Kentz Corporation . . . .426.5 3.7 508.0 375.0
Lamprell . . . . . . . . . . . .330.5 8.7 395.2 220.7
Petrofac Ltd. . . . . . . . .1740.0 0.0 1772.0 1108.0
Wood Group (John) . . .728.0 13.0 763.5 469.9
Burberry Group . . . . . .1501.0 9.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .333.0 2.7 387.9 285.0
Supergroup . . . . . . . . . .572.0 -24.0 1600.0 435.2
AstraZeneca . . . . . . . .2825.5 -14.0 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .376.1 16.7 377.8 236.8
Genus . . . . . . . . . . . . .1294.0 22.0 1368.0 853.5
GlaxoSmithKline . . . . .1441.5 6.0 1497.0 1205.0
Hikma Pharmaceuti . . .655.0 -4.0 869.0 555.5
Shire Plc . . . . . . . . . . .2025.0 24.0 2300.0 1818.0
Capital & Countie . . . . . .197.5 -0.6 203.7 158.0
Daejan Holdings . . . . .3210.0 -40.0 3300.0 2282.0
F&C Commercial Pr . . . .103.8 0.0 108.0 92.6
Grainger . . . . . . . . . . . .106.5 -0.2 133.2 77.3
London & Stamford . . . .115.0 2.0 140.0 103.9
Savills . . . . . . . . . . . . . .350.6 0.9 427.1 256.2
UK Commercial Pro . . . . .73.7 0.3 85.5 65.1
Big Yellow Group . . . . . .283.1 3.6 344.4 218.0
British Land Co . . . . . . .482.3 -1.7 629.5 444.0
Capital Shopping . . . . .326.7 0.9 408.6 288.7
Derwent London . . . . .1721.0 -5.0 1880.0 1400.0
Great Portland Es . . . . .354.3 -4.2 445.0 312.9
Hammerson . . . . . . . . .413.2 2.9 490.9 345.2
Hansteen Holdings . . . . .75.5 -1.5 89.5 68.0
Land Securities G . . . . .716.0 -1.5 885.0 612.0
SEGRO . . . . . . . . . . . . . .229.0 1.3 329.6 195.0
Shaftesbury . . . . . . . . . .494.1 0.7 539.0 441.2
Aveva Group . . . . . . . .1660.0 -6.0 1799.0 1298.0
Computacenter . . . . . . .431.6 -5.7 490.0 324.7
Fidessa Group . . . . . . .1530.0 -30.0 2109.0 1444.0
Invensys . . . . . . . . . . . . .191.5 -5.7 340.6 180.9
Logica . . . . . . . . . . . . . . .81.2 -0.9 144.8 59.0
Micro Focus Inter . . . . .468.3 0.3 476.7 242.9
Misys . . . . . . . . . . . . . . .349.3 0.3 420.2 214.9
Sage Group . . . . . . . . . .284.0 0.8 312.4 231.7
SDL . . . . . . . . . . . . . . . . .722.5 12.0 756.0 586.0
Telecity Group . . . . . . . .777.0 12.5 779.5 450.5
Aggreko . . . . . . . . . . . .2241.0 2.0 2316.0 1522.0
Ashtead Group . . . . . . .252.4 10.2 271.1 99.4
Atkins (WS) . . . . . . . . . .738.5 -1.5 820.0 490.2
Babcock Internati . . . . .828.5 -1.0 835.0 570.5
Berendsen . . . . . . . . . .529.0 -1.5 568.0 402.7
Bunzl . . . . . . . . . . . . . .1018.0 -8.0 1028.0 676.5
Cape . . . . . . . . . . . . . . .375.0 -9.8 591.5 295.0
Capita . . . . . . . . . . . . . .736.5 -11.5 767.0 611.5
Carillion . . . . . . . . . . . . .279.7 -0.3 403.2 275.0
De La Rue . . . . . . . . . . .900.0 2.5 1001.0 730.0
Diploma . . . . . . . . . . . . .441.5 5.4 453.0 284.0
Electrocomponents . . .234.4 -1.6 294.9 182.2
Experian . . . . . . . . . . . .984.5 2.5 996.5 665.0
Filtrona PLC . . . . . . . . . .482.0 0.4 485.0 296.3
G4S . . . . . . . . . . . . . . . . .288.1 -0.8 292.1 219.9
Hays . . . . . . . . . . . . . . . . .91.3 -1.3 119.6 58.9
Homeserve . . . . . . . . . .237.4 10.4 532.0 214.7
Howden Joinery Gr . . . .119.9 0.6 130.8 93.1
Interserve . . . . . . . . . . .287.2 0.3 341.3 255.0
Intertek Group . . . . . .2563.0 14.0 2570.0 1744.0
Michael Page Inte . . . . .438.0 -2.6 567.0 323.0
Mitie Group . . . . . . . . . .288.4 4.7 288.4 205.2
PayPoint . . . . . . . . . . . .650.0 0.0 670.0 450.0
Premier Farnell . . . . . . .208.7 -1.3 301.0 144.5
Regus . . . . . . . . . . . . . . .113.0 -1.1 117.5 64.0
Rentokil Initial . . . . . . . .89.9 0.9 100.9 58.2
RPS Group . . . . . . . . . . .234.5 5.1 253.0 156.6
Serco Group . . . . . . . . . .552.5 -0.5 597.5 458.0
Shanks Group . . . . . . . . .93.0 -2.1 130.9 90.8
SIG . . . . . . . . . . . . . . . . .109.7 0.7 153.5 77.0
Travis Perkins . . . . . . .1056.0 -7.0 1125.0 715.0
Wolseley . . . . . . . . . . .2412.0 0.0 2558.0 1404.0
ARM Holdings . . . . . . .608.0 9.0 645.0 464.0
CSR . . . . . . . . . . . . . . . . .210.0 -1.1 391.4 154.1
Imagination Techn . . . .698.5 5.0 717.0 296.9
Spirent Communica . . .167.0 2.5 172.8 105.8
British American . . . . .3191.5 42.0 3248.5 2560.5
Imperial Tobacco . . . .2503.0 56.0 2591.0 1974.0
Betfair Group . . . . . . . .820.0 8.0 901.0 567.0
Bwin.party Digita . . . . .158.8 1.1 174.0 100.6
Carnival . . . . . . . . . . . .1973.0 -1.0 2642.0 1742.0
Compass Group . . . . . .659.0 5.0 671.0 512.5
Domino's Pizza UK . . . .425.5 0.5 526.0 377.0
easyJet . . . . . . . . . . . . .483.7 -3.8 495.8 302.5
FirstGroup . . . . . . . . . . .202.0 -1.7 370.2 197.5
Go-Ahead Group . . . . .1146.0 -1.0 1598.0 1125.0
Greene King . . . . . . . . . .513.5 0.0 523.5 410.0
InterContinental . . . .1460.0 -3.0 1497.0 955.0
International Con . . . . .170.8 -4.2 258.7 132.0
Ladbrokes . . . . . . . . . . .162.8 -1.4 165.4 114.0
Marston's . . . . . . . . . . . .100.0 0.9 112.0 84.6
Millennium& Copt . . . .480.0 -5.4 535.5 371.2
Mitchells & Butle . . . . .266.0 0.8 336.8 215.6
National Express . . . . .228.2 -2.5 270.2 201.6
Rank Group . . . . . . . . . .121.8 1.8 153.7 109.5
Restaurant Group . . . . .286.9 -1.0 335.0 254.9
Spirit Pub Compan . . . . .53.5 -2.0 62.8 35.3
Stagecoach Group . . . .246.0 -3.4 287.4 220.0
TUI Travel . . . . . . . . . . . .196.3 -2.2 250.0 136.7
Wetherspoon (J.D. . . . .420.3 4.3 468.3 380.5
Whitbread . . . . . . . . . .1839.0 -33.0 1872.0 1409.0
WilliamHill . . . . . . . . . .258.6 -1.3 265.0 183.3
Abcam . . . . . . . . . . . . .360.0 1.0 460.0 320.0
Advanced Medical . . . . .78.0 -0.6 95.0 64.8
Albemarle & Bond . . . .323.0 0.0 400.1 281.0
Amerisur Resource . . . . .25.0 0.8 29.0 9.5
Andes Energia . . . . . . . . .35.3 1.3 82.8 17.5
Andor Technology . . . .524.0 14.0 685.0 455.0
Archipelago Resou . . . . .61.5 -1.4 79.0 56.5
ASOS . . . . . . . . . . . . . .1595.0 1.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .21.5 0.0 71.0 16.0
Avanti Communicat . . .248.8 2.5 499.8 241.3
Blinkx . . . . . . . . . . . . . . .45.8 2.0 158.0 41.3
Borders & Souther . . . .108.0 38.5 111.0 43.5
BowLeven . . . . . . . . . . . .87.8 3.8 343.0 62.0
Brooks Macdonald . . .1322.5 -7.5 1372.5 940.0
Cluf Gold . . . . . . . . . . . .86.0 2.8 112.8 66.5
Cove Energy . . . . . . . . .224.5 0.0 242.0 61.0
Daisy Group . . . . . . . . . .113.0 0.5 127.0 95.0
EMIS Group . . . . . . . . . .545.0 -7.5 580.5 397.5
Faroe Petroleum . . . . . .177.0 5.0 181.5 130.0
Gulfsands Petrole . . . . .138.8 -1.0 311.0 126.0
GWPharmaceutical . . . .90.0 1.0 130.0 78.5
H&T Group . . . . . . . . . .290.5 -5.1 395.0 281.3
Hargreaves Servic . . . .1249.0 4.0 1258.0 855.0
Healthcare Locums . . . . . .2.1 -0.2 2.1 1.9
ImpellamGroup . . . . . .350.0 0.0 382.6 225.0
Iomart Group . . . . . . . . .138.1 0.6 151.0 85.5
James Halstead . . . . . .505.0 -15.0 527.5 410.3
London Mining . . . . . . .266.0 -1.3 436.5 257.5
Lupus Capital . . . . . . . . .119.3 0.8 145.5 86.0
M. P. Evans Group . . . . .482.5 9.0 489.0 371.0
Majestic Wine . . . . . . . .469.0 -3.0 510.0 315.0
May Gurney Integr . . . .237.0 -10.5 302.0 236.0
Monitise . . . . . . . . . . . . .36.3 0.5 40.0 22.8
Mulberry Group . . . . . .2194.0 49.0 2290.0 1290.0
Nanoco Group . . . . . . . .68.8 1.3 90.0 38.0
Nautical Petroleu . . . . .348.0 16.0 398.5 223.5
Nichols . . . . . . . . . . . . .663.0 0.0 677.0 482.5
Numis Corporation . . . . .88.5 1.0 119.6 72.0
Pan African Resou . . . . . .16.5 0.8 18.3 9.5
Patagonia Gold . . . . . . . .36.5 0.5 70.0 34.0
Prezzo . . . . . . . . . . . . . . .66.5 -1.5 71.5 53.5
Rockhopper Explor . . . .377.5 23.5 393.5 141.0
RWS Holdings . . . . . . . .530.0 5.0 560.0 385.0
Secure Trust Bank . . . .1075.0 -2.5 1077.5 755.0
Sirius Minerals . . . . . . . .20.3 0.0 32.0 6.4
Songbird Estates . . . . . .120.0 2.0 160.3 103.0
Valiant Petroleum . . . .583.0 15.5 628.5 400.0
Young & Co's Brew . . . .627.0 -2.0 712.0 580.0
BTG . . . . . . . . . . . . . . . . . . . . . . . .376.1 4.7
Homeserve . . . . . . . . . . . . . . . . .237.4 4.6
Oxford Instruments . . . . . . . . .1280.0 4.2
Ashtead Group . . . . . . . . . . . . . .252.4 4.2
Kenmare Resources . . . . . . . . . . . .51.1 4.0
Centamin (DI) . . . . . . . . . . . . . . .65.8 3.5
Fresnillo . . . . . . . . . . . . . . . . . . .1624.0 3.2
Severn Trent . . . . . . . . . . . . . . .1656.0 3.1
Anglo Pacic Grou . . . . . . . . . . . .313.1 3.0
Salamander Energy . . . . . . . . . .247.0 2.9
Man Group . . . . . . . . . . . . . . . . . .99.6 -7.4
Resolution Ltd. . . . . . . . . . . . . . .225.0 -5.9
Legal & General Gr . . . . . . . . . . . .118.2 -4.8
BAE Systems . . . . . . . . . . . . . . . .289.2 -4.8
Kesa Electricals . . . . . . . . . . . . . . .57.2 -4.2
Supergroup . . . . . . . . . . . . . . . .572.0 -4.0
Kazakhmys . . . . . . . . . . . . . . . . .861.5 -4.0
New World Resource . . . . . . . . . .410.1 -3.8
BBA Aviation . . . . . . . . . . . . . . . .201.3 -3.7
Spirit Pub Company . . . . . . . . . . .53.5 -3.6
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 5.250 12 . . . . . . .100.65 0.00 105.0 100.6
Tsy 9.000 12 . . . . . .102.54 0.00 110.4 101.3
Tsy 2.500 13 . . . . . .283.98 0.09 287.7 282.8
Tsy 4.500 13 . . . . . . .103.58 0.00 106.4 103.5
Tsy 8.000 13 . . . . . . .110.89 -0.01 116.4 110.7
Tsy 5.000 14 . . . . . . .110.78 -0.11 112.9 110.0
Tsy 8.000 15 . . . . . . .126.45 -0.14 129.2 124.8
Tsy 4.750 15 . . . . . . .113.75 -0.16 115.4 110.2
Tsy 4.000 16 . . . . . . .113.32 -0.22 114.7 106.9
Tsy 2.500 16 . . . . . .344.38 -0.17 345.7 320.7
Tsy 12.000 17 . . . . . .118.00 -0.77 127.9 117.8
Tsy 1.250 17 . . . . . . . .116.55 -0.18 117.1 109.4
Tsy 8.750 17 . . . . . . .139.65 -0.43 141.9 134.9
Tsy 5.000 18 . . . . . . .121.21 -0.26 122.5 112.3
Tsy 4.500 19 . . . . . . .119.93 -0.24 120.9 108.3
Tsy 3.750 19 . . . . . . .114.93 -0.25 115.9 102.5
Tsy 2.500 20 . . . . . .366.50 -0.35 369.3 326.5
Tsy 4.750 20 . . . . . .122.38 -0.24 123.5 109.6
Tsy 8.000 21 . . . . . .150.85 -0.28 153.4 137.2
Tsy 1.875 22 . . . . . . .127.85 -0.44 129.2 114.8
Tsy 4.000 22 . . . . . .116.68 -0.20 118.2 102.1
Tsy 2.500 24 . . . . . .329.23 -0.50 334.7 286.2
Tsy 5.000 25 . . . . . . .127.75 -0.28 130.6 111.0
Tsy 1.250 27 . . . . . . .123.95 -0.56 127.0 107.4
Tsy 4.250 27 . . . . . . .118.85 -0.20 122.7 101.4
Tsy 6.000 28 . . . . . .143.07 -0.18 148.0 123.4
Tsy 4.125 30 . . . . . . .313.77 -0.38 322.8 270.1
Tsy 4.750 30 . . . . . .125.20 -0.02 130.5 106.7
Tsy 4.250 32 . . . . . . .117.53 -0.04 123.1 99.9
Tsy 4.250 36 . . . . . . .117.05 -0.02 123.9 99.3
Tsy 4.750 38 . . . . . . .126.47 0.02 134.2 107.8
Tsy 4.500 42 . . . . . .122.82 0.04 130.8 104.1
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
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AIM 50
27
TV & GAMES
cityam.com
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BBC1
SKY SPORTS 1
7pmLive Premier League Darts
10.30pmTime of Our Lives
11.30pmRingside 12.30am
Premier League World 1am
Premier League Darts 4.30am
Premier League World 5am-6am
Ringside
SKY SPORTS 2
6.30pmSuper Leagues
Supermen 7.30pmPremier
League World 8pmThe Rugby
Club 9pmRingside 10pmWWE:
Late Night Raw: Wrestling
action from the States. 12am
WWE: NXT 1amThe Rugby Club:
Rugby union magazine. 2amTime
of Our Lives 3amInternational
Netball 4am-5amSuper Leagues
Supermen
SKY SPORTS 3
6pmEuropean Tour Golf 8pm
Live PGA Tour Golf: The Texas
Open. 11pmEuropean Tour Golf
1am-4amPGA Tour Golf
BRITISH EUROSPORT
7pmStrongest Man 7.30pm
Boxing 9.30pmCycling 10.30pm
Cavendish: One Man, Two Jerseys
11.35pmPorsche Super Cup
11.50pm-12.20amInside WTCC
ESPN
7pmPress Pass 2012 7.30pm
Goal! Bundesliga Preview8pm
Live UEFA Europa League Football
10pmOff the Ball 10.30pmGoal!
Bundesliga Preview11pmPremier
League World 11.30pmPress Pass
2012 12amNBA Action 12.30am
NBA Tonight 1amLive NBA
Basketball 3.30amFIBA
Basketball 4amAMA Supercross
Lites 5am-6amAMA Supercross
SKY LIVING
7pmCriminal Minds 8pmRinger
9pmThe Biggest Loser USA
10pmCriminal Minds 11pm
Unforgettable 12amBones 1am
Criminal Minds 3.30amBones
4.20amCriminal Minds
5.10am-6amAmericas Next Top
Model
BBC THREE
7pmThe Apprentice 8pmDont
Blame the Dog 9pmRussell
Howards Good News 9.30pmLee
Nelsons Well Good Show10pm
EastEnders 10.30pmAngry Boys
11pmFamily Guy 11.45pm
American Dad! 12.30amRussell
Howards Good News 1amLee
Nelsons Well Good Show1.30am
World Series of Dating 2am
I Woke Up Gay 3amYoung,
Dumb and Living Off Mum
3.55am-4.55amDont Blame
the Dog
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 9pm2 Broke Girls 9.30pm
Happy Endings 10pmRules of
Engagement 10.30pmThe IT
Crowd 11pmPhoneShop 11.35pm
Fonejacker 12.05amThe Big Bang
Theory 1amScrubs 2amHow I
Met Your Mother 2.20amThe IT
Crowd 2.45amPhoneShop
3.15amRules of Engagement
3.35amGreek 4.15amMade in
Chelsea 5.10am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmIce Road Truckers
9pmAmerican Restoration
9.30pmPawn Stars 10pm
Storage Wars 11pmCash
Cowboys 12amStorage Wars
12.30amPawn Stars 1am
Storage Wars 2amIce Road
Truckers 3amAmerica: The Story
of the US 4amHeir Hunters
5am-6amAncient Discoveries
DISCOVERY
7pmBear Grylls: Born Survivor
8pmWheeler Dealers 9pm
Licence to Drill 10pmAuction
Hunters 11pmDeadliest Catch
12amBear Grylls: Born Survivor
1amLicence to Drill 2amAuction
Hunters 3amDeadliest Catch
3.50amIce Pilots 4.40am
Wheeler Dealers 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny 8pm19 Kids
and Counting 9pmSecretly
Pregnant 10pmI Didnt Know I
Was Pregnant 11pmTrauma Unit
12amSecretly Pregnant 1amI
Didnt Know I Was Pregnant 2am
Trauma Unit 3amSupernanny
4amA Baby Story 5am-6am
Baby Tales
SKY1
7pmThe Middle 7.30pmModern
Family 8pmThe Simpsons 9pm
Glee 10pmHouse 11pmNCIS: Los
Angeles 12amRoad Wars 1am
Airline 1.55amNight Cops
2.45amDanny Dyers Deadliest
Men: Living Dangerously 3.40am
Safebreakers 4.35amCustoms
5.05am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
6.30pmBBC London News
6.55pmParty Election
Broadcast
7pmThe One Show
7.30pmEastEnders: BBC News
8pmCHOICE Watchdog
9pmNew Tricks
10pmBBC News
10.25pmRegional News 10.35pm
Question Time 11.35pmThis Week
12.20amHoliday Weatherview
12.25amSign Zone: Billionaires
Behaving Badly? Panorama
12.55amCountryfile 1.55am
Antiques Roadshow2.55amIn
Orbit: How Satellites Rule Our
World 3.55am-6amBBC News
6pmEggheads
6.30pmCelebrity Antiques
Road Trip: With Dan and Peter
Snow.
7.30pmGreat British Menu
8pmTwo Greedy Italians: Still
Hungry: New series. Antonio
Carluccio and Gennaro
Contaldo return to Italy.
9pmCHOICE Louis Theroux:
Extreme Love Autism
10pmGrandmas House
10.30pmNewsnight: Weather
11.20pmMeet the Romans
with Mary Beard
12.20amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight
6.25pmParty Election
Broadcast
6.30pmITV News
7pmEmmerdale
7.30pmWhy Isnt Britain Working?:
Tonight 8pmEmmerdale 8.30pm
Coronation Street 9pmCHOICE
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at Ten 10.30pmLondon News
10.35pmPiers Morgans Life
Stories: William Roache 11.35pm
The Late Debate 12.05amThe
Unforgettable Pat Phoenix
12.30amThe Zone; ITV News
Headlines 2.30amWhy Isnt Britain
Working?: Tonight 2.55amITV
Nightscreen 4.35am-5.30amThe
Jeremy Kyle Show
6pmThe Simpsons
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7pmChannel 4 News
7.55pm4thought.tv
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10pmExtreme A&E
11.05pmEmbarrassing Bodies
12.05amRandom Acts: Short
creative film about love.
12.10amThe Undateables
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1.35amCrucifixion 2.50am
Unreported World 3.15amGet the
Picture 3.25amThe Secret Life of
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Time Team5.20am-6.05am
Countdown
6pmHome and Away
6.30pm5 News at 6.30
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Earth
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Interceptors: 5 News Update
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League Football: Sporting
Lisbon v Athletic Bilbao
(Kick-off 8.05pm).
10.05pmFILMInferno 1999.
11.55pmInside Hollywood
12amSuperCasino
3.55amHouse Doctor 4.20am
Michaelas Wild Challenge 5.10am
Great Artists 5.35am-6amGreat
Artists
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
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
WORDWHEEL
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
1 2 3 4 5
6
7 8
9
10 11
12 13 14 15 16
17
18 19
20
21
22
27 24
10 13
13 17
30 21
45
6
45
11 23
16 3
12 17
28 29
12
15
6
10
16
17
34
35
8
19
12
19
7
33
11
30
15
18
32
9
14
4
14
ACROSS
1 Omar ___, stage
name of Michael
Shalhoub (6)
6 Elbow-room (6)
7 Not mature (of
fruit) (6)
9 Meeting for boat
races (7)
10 Brandy measure (3)
12 Device used to
measure a vehicles
rate of travel (11)
17 Earlier in time than,
poetically (3)
18 Quandary (7)
20 Compound
capable of turning
litmus blue (6)
21 Compulsory force
or threat (6)
22 Thin layers of rock
used for roong (6)
DOWN
1 Dangerous,
attention-grabbing
feats (6)
2 Supply or impregnate
with oxygen (6)
3 Run away quickly (4)
4 Turned into (6)
5 At a more distant
point (7)
8 Goad, poke (4)
11 Best amount
possible under given
circumstances (7)
13 Number represented
by the Roman XI (6)
14 Repast (4)
15 One who pays
rent (6)
16 Failing in what
duty requires (6)
19 Bulk (4)
N
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4
4

S O N A R D A I S Y
P L P W A
L I S T O R A T O R
I H E R S I D
N E A R S A T A Y
T P E D C
A E G I S P I T H
P R S H O E E
A B L A Z E L U G E
I Z D K R
L A B E L C A V E S
7 9 3 9 6 2
4 3 2 5 1 7 8 9 6
2 5 1 2 3 5
8 9 6 8 9 3
6 2 1 5 2 7
5 2 1 3 7 6 8 4 9
9 8 1 3 2 1
1 4 2 9 8 7
9 7 6 8 9 1
9 4 8 5 1 7 3 6 2
6 1 4 5 8 5
4
4
4
4
4
4
4
4
4
The nine-letter words were
INTRODUCE and REDUCTION
T
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
WATCHDOG
BBC1, 8PM
The team investigates how flying with
a budget airline can end up costing
more than travelling with a major
carrier.
LOUIS THEROUX: EXTREME LOVE
AUTISMBBC2, 9PM
In the first of two documentaries
focusing on neurological conditions,
Louis visits a school in America for
people with autism.
LONG LOST FAMILY
ITV1, 9PM
Davina McCall and Nicky Campbell
present the stories of two more people
hoping to reunite with long-lost
relatives.
TVPICK
M
icrosoft has announced
more details about its hotly-
anticipated Windows 8
operating system, which
promises to streamline its products
across your all your devices. The
company says it will be the biggest
overhaul of the worlds best-selling
operating system since the iconic
Windows 95. But what exactly will
the changes mean for the average
user? We take a look at the evidence.
WHAT DO WE KNOW FOR SURE?
Windows 8 will come in three differ-
ent flavours, which is great news
for everyone who was confused by
the plethora of alternative incarna-
tions of previous versions, especially
the universally derided Vista.
Standard Windows 8 is designed to
work on desktop and laptop PCs;
Windows 8 Pro is aimed at business-
es and enthusiasts (yes, there are
Windows enthusiasts. No, I havent
met one either) and Windows 8 RT is
aimed at tablets and ultra-books.
ER, WHAT? RT?
Yes, RT. It stands for RunTime.
Discussion about what a bad name it
is accounts for about 95 per cent of
comments about Windows 8 so far.
OK, SO WHAT CAN WE EXPECT?
Windows 8 is a big release for
Microsoft. Massive. It is the operating
system that will see the convergence
of its work in desktop, mobile, gam-
ing and entertainment over the last
decade and could help to mend its
reputation, which has taken a batter-
ing in recent years.
What we have seen so far, based
on the so-called Metro view (see
above), looks both completely dif-
ferent and totally familiar. If you
only use Windows on your desktop
PC then prepare for something
almost unrecognisable. No Start
button, no My Computer or
Recycle Bin icons. Instead youll
see a series of coloured blocks fea-
turing things like pictures of your
friends, the music youre listening
to and appointments you have
coming up.
This display will look very familiar
to users of Microsofts critically laud-
ed (but commercially floundering)
Windows Phone 7 software and it is
also very similar to Microsofts Xbox
360 operating system. Windows 8
will try to draw all of these together
into a coherent suite of products
that could and its a big could
help stem the flow of customers who
are defecting to Apple.
WHAT DOES MICROSOFT HOPE TO
ACHIEVE?
It is all about maintaining market
share and that means breaking into
the tablet market, which is the new
personal computing battleground.
(see Geek Speak, left).
WHEN WILL IT BE RELEASED?
There is still no official release date
but we can expect to see it in
October. When it is released, you can
bet there will be tablets ready to run
it on, with Dell and Nokia thought to
be among them.
Will Windows 8 be smashing?
cityam.com
28
LIFE&STYLE
A WINDOW INTO THE PAST
OUR LOVE-HATE RELATIONSHIP WITH MICROSOFT
1985 | Windows 1.0
This is where is all started: when Microsoft made the leap
from MS-DOSs lines of basic coding to the boxes (or
windows) that are still a staple of computing today.
Cynics say Gates lifted the idea from rival Xerox.
1995 | Windows 95
A landmark for Microsoft, in which the rough edges of
Windows adopted a more user friendly interface. It was the
first appearance of the famous Start button. And who
could forget the flying windows screen-saver?
2006 | Vista
Seen by many as the most disastrous Windows update,
Vista was plagued by negative reviews, often surround-
ing its perceived shift towards a more proprietary system.
It experienced disappointing sales.
2001 | Windows XP
Another major redesign for the now-iconic operating sys-
tem, XP also began to tackle the rising problem of hack-
ing. It offered regular security updates to ward off viruses
and also introduced Windows Media Player.
TECHNOLOGY
Steve Dinneen asks what we can expect from Microsofts new operating system
Make or break
for Microsoft
GEEK
SPEAK
STEVE DINNEEN
G
iven all the publicity Apple receives,
it can be easy to forget that
Microsoft still controls 85 per cent of
the operating system market (Apple
has 10 per cent across both desktop and
mobile). So a complete overhaul of
Windows is going to affect the vast majority
of computer users over the next few years.
Probably.
You see, for the first time since the rise of
personal computing in the 1980s, Microsofts
market share is under serious threat. By 2016
tablets sales will outstrip PC sales, jumping
from 118m a year to 370m a year (according
to Gartner). And right now there is only one
serious player in the tablet market.
So, Microsoft needs Windows 8 to
convince people to buy Windows tablets
instead of iPads, which is no mean feat.
Google has bulldozed its way to the top of
the smartphone leaderboard but has failed
spectacularly to make a dent in tablets. The
question is, can Microsoft succeed where
Google is failing?
Windows 8 RT (the tablet version) looks
like an updated version of Windows Phone
7, which is a good thing. WP7 is a slick
product let down by some frustrating bugs
(I used it on the Nokia Lumia for a couple of
months and it came within a whisker of
becoming my default phone). If Microsoft
can iron these out and stick it on a decent
tablet (for which, unlike Apple, it will be at
the mercy of manufacturers), it will be a
force to be reckoned with. Football fans say
never write off the Germans the same
should go for Microsoft.
Bill Gates shows off the first Windows in 1985 (above). The new Metro Windows 8 interface (above left)
CHELSEA manager Roberto di Matteo
hailed his evergreen stars last night
after Didier Drogba again defied his
advancing years to defeat Barcelona
and put the Blues in touching dis-
tance of an unlikely place in
the Champions League
final.
Drogba capped a swift
counter-attack with a
clinical finish in first-
half injury time
Chelseas only effort on
target in the entire 90
minutes as Di Matteos
men worked tirelessly to
repel the holders in this semi-
final first leg.
Barca did create chances 24, in
fact and enjoyed 72 per cent posses-
sion but, despite hitting post and bar
and seeing another effort heroically
cleared off the line by Ashley Cole,
could not respond and will need to
win in Spain on Tuesday.
Victory also felt like revenge,
following the Blues contro-
versial 2009 exit to the
Catalans, and Di Matteo
was indebted to the
tenacity and resilience
of his senior stars
notably Drogba, 34
who were written off in
some quarters earlier in
the season.
I think in the past a lot of the
public opinion has been that this
boy is over the line, too old to
play two games [in four days] and
play at this level, said Di
Matteo. And it wasnt just him
there were a lot of players
you regard as the old guard
who played two games in a short
period of time. I think they gave
their answers on the pitch tonight.
The Italian interim boss, who is
now only 180 minutes from deliver-
ing the trophy Chelsea owner Roman
Abramovich craves most, denied
Barcas dominance deserved better
and rejected their managers asser-
tion that the Londoners were now
favourites to advance.
I think when you score a goal and
win a game then you deserve to win.
They had more possession and a few
more attempts on target they
always have that so you need
to be clinical and take your
chances, he added.
I dont think it makes
us favourites. Its 50-50
for both teams to go
through. Its going to be
very, very difficult and
we have to believe we
can score there.
Barca coach Pep
Guardiola insisted his decorat-
ed team had become the underdogs
and admitted Chelseas physical
superiority posed him a second-leg
conundrum.
Now the favourites are Chelsea.
They have a good result. We have the
chance to play 90 minutes and we
will try our best to create as many
chances as possible, but 1-0 is a
very, very good result for them,
he said. It wont be simple.
They have more legs than us,
they are stronger than us,
they jump more than us,
and well have to take
the game into our con-
trol and discover the
way to score goals.
Di Matteo signalled
his intention to stifle
Barcas boundless cre-
ativity by sacrificing
Juan Matas flair in
the middle, instead
FORMER Australia and Saracens fly-
half Michael Lynagh was last night
recovering in a Brisbane hospital
after suffering a suspected stroke.
The 48-year-old, who was part of
the 1991 Rugby World Cup-winning
Wallabies team, is thought to be in
intensive care and undergoing tests.
Lynagh, who won 72 caps and
remains Australias record points
scorer with 911, was rushed to
hospital on Monday night, having
recently arrived on a visit from
London.
Saracens said yesterday in a
Twitter post: Everyone connected
with Sarries sends their best wishes
to Michael Lynagh, who was recently
admitted to hospital after suffering a
stroke.
Lynagh, who now works in
Ex-Wallabies
star Lynagh
suffers stroke
G
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G
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72%
Possession enjoyed
by Barca, reaping
24 attempts
OLYMPIC rings formed from flowers were unveiled yesterday at the Royal Botanic
Gardens in Kew to mark 100 days until the London 2012 Olympic Games.
Final beckons as Chelsea veterans deliver
vintage display to shock holders Barca
30
SPORT
cityam.com/sport
BY FRANK DALLERES
CHELSEA .....................................1
BARCELONA...............................0
BY FRANK DALLERES
AT STAMFORD BRIDGE
CHAMPIONS LEAGUE
advertising and as a rugby union
pundit for Sky Sports and ITV, spent
two seasons at Saracens before his
retirement in 1998.
That came after a glittering 12-
year international career, in which
the prolific kicker captained his side
at the 1995 World Cup.
Four years earlier in England he
scored the last-minute try that
defeated Ireland at the quarter-final
stage, before landing eight points as
Australia beat Geoff Cookes men
12-6 in the final.
Lynagh, who won three Super
Rugby titles in a 13-year stint with
his native Queensland, helped
Saracens beat Wasps to clinch the
1998 Tetleys Bitter Cup.
Lynagh spent two seasons at Saracens
MARK BORKOWSKI
BORKOWSKI PR
It sums up what they [London
2012 organisers] have been
talking about in terms of the
legacy factor and, I suppose in some form or
another, the disquiet people are beginning to
have about the amount of money being spent
and how its all being thrown at London and not
trickling out to the regions. The disquiet is there.
They are suggesting that what were going to
experience will inspire a generation, and this is
also upping the ante on success. If were going
to be inspired, home athletes are the key
inspiration point. It clearly is one of those things
that says what it is trying to do on the tin.
It shows to a certain extent that they have to be
condent in what they deliver. As we get closer,
with the 100 days to go milestone, the ratchet is
being stepped up. I think it would be churlish to
be negative they are steering this very large
supertanker through what could be
some stormy waters later on.
EXPERT VIEW
WHAT DO YOU THINK OF MOTTO
INSPIRE A GENERATION?
KEW MARKS 100 DAYS TO GO TO LONDON 2012
Di Matteo: Life in old
THE RED Arrows will fly across
Britain on the day of the London
2012 opening ceremony to
symbolically link key sites, Olympics
organisers confirmed yesterday.
The aerobatic team is to perform a
nine-ship display over official live
sites in Belfast, Cardiff, Edinburgh
and the capital as a curtain-raiser to
the Games, which begin on 27 July.
It comes as London 2012 chiefs
marked yesterdays 100 days to go
milestone by announcing the events
motto, Inspire a generation.
The slogan will feature on
branding and publications in the
lead-up to and during the Games.
Red Arrows to
launch Games
BY SPORTS DESK STAFF
fielding the Spaniard wide right, and
deploying Raul Meireles as an extra
terrier to marshal Xavi, Cesc Fabregas
and 63-goal Lionel Messi.
It worked, but in the early stages
Chelsea were chasing shadows. On
the rare occasions they did win pos-
session they were often so dispersed
that counter-attacks fizzled out.
For all their dominance, Barca
forged only glimpses Alexis Sanchez
lobbing onto the bar, Fabregas slicing
wide, Petr Cech saving a Messi header
until the 43rd minute, when
Fabregas dinked over the Blues goal-
keeper only for Cole to scamper back
and hook off the line.
Seconds later Chelsea landed the
Guardiola says Blues are
favourites to go through
Drogba struck in first-half injury time to earn Chelsea a precious first-leg lead
31
IN BRIEF
Orient sign Samsung shirt deal
nFOOTBALL: Samsung, sponsor of
Chelsea, has agreed a one-year deal
with League One Leyton Orient. The
electronics giant will adorn the front
of Os home shirts and back of away
jerseys, with EA Sports on the reverse.
Top two progress in Monte Carlo
n TENNIS: Novak Djokovic and Rafael
Nadal eased into the Monte Carlo
Masters third round, beating Andreas
Seppi and Jarkko Nieminen.
people to scurry for cover.
Demonstrators expressed their
anger at the race, which takes
place on Sunday despite security
concerns and opposition from
human rights groups.
Last years Bahrain Grand Prix
was postponed and later cancelled
due to unrest in the Gulf state,
where a Shiite majority is rising
up against the Sunni monarchy.
Public opinion has been that this boy is too old
to play at this level. He answered on the pitch
cityam.com
BY SPORTS DESK STAFF
Grenades fired as violence hits
Bahrain Grand Prix preparations
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BAHRAINS hopes of staging this
weeks Formula One Grand Prix
without disruption were hit when
violent clashes erupted at an event
to mark the race yesterday.
Security forces fired stun
grenades at anti-government
protesters at a cultural exhibition
in the capital Manama, forcing
Drog yet
sucker punch. Frank Lampard found
Ramiress break from deep and the
indefatigable Brazil midfielder
squared for Drogba, who swept past
Victor Valdes at the far post.
The European champions, unaccus-
tomed to such slim pickings, saw
Cech tip Adrianos shot wide and
Alexis push a point-blank chance the
wrong side of the post, while John
Terry and Gary Cahill diligently
snuffed out through-balls.
Barca saved their best until last,
Carles Puyols flicked header drawing
a sprawling tip from Cech and substi-
tute Pedros low shot beating the stop-
per but not the upright, before Sergio
Busquets scooped the rebound over.
Results
Roberto di Matteo lauds match-winner Didier Drogba, 34
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