POLLY Peck tycoon Asil Nadir jailed for 10 years last month for

stealing 29m from the firm he founded told an Old Bailey hearing
yesterday that he was penniless. Nadir, who lived in Mayfair for two
years prior to his trial, said he relied on family and friends
generosity. The hearing has been adjourned to 31 October.
ASIL NADIR CLAIMS TO BE BROKE
A MASSIVE shake-up of Libor will be
announced today by the Citys watch-
dog, in an attempt to stop traders ever
again manipulating the key interest
rate for their own gain.
A new independent body will run
the system, and bankers who break
the rules could face criminal sanc-
tions including up to seven years in
prison.
The reforms, being spearheaded by
the Financial Services Authoritys
(FSA) top regulator Martin Wheatley,
will also force banks to use actual
transactions data when contributing
to Libor, rather than being allowed to
estimate the correct level.
The disturbing events we have
uncovered in the manipulation of
Libor have severely damaged our con-
fidence and our trust it has torn the
very fabric that our financial system
is built on, he will say this morning.
Today we press the reset button.
We need to get back to what this ref-
erence rate is supposed to do, restore
integrity to a globally important
benchmark, and make sure we get to
a position where individuals act with
integrity.
In the past, the rate has been run by
the British Bankers Association (BBA).
Every day a group of banks tell the
BBA their interbank lending rate for
various currencies and various time
periods, and the industry relies on
this data to show both the strength of
each bank taking part, and overall
funding conditions.
But Wheatley believes the system
had many flaws, most damagingly
giving traders and banks as a whole
incentives to lie in their submissions.
The system had in-built conflicts of
interest from the start with traders
bonuses dependent on the Libor rate,
and no bank wanting to be seen as
vulnerable in such a transparent sys-
tem, too many people had a vested
interest in gaming the system, he
will say.
Under his new system, individual
banks entries will not be made pub-
lic for three months, reducing the
chance of a high rate making markets
worry about the state of an institu-
tion.
To make sure they are all telling the
truth, the submissions will be based
on real transactions that will be
checked by external auditors.
Staff responsible for Libor entries
must be approved by the regulator,
and if they break the rules they could
be struck off, fined, or criminally
prosecuted.
In times of crisis, some of the mar-
kets on which Libor figures are based
would dry up completely, meaning
there were no transactions and so the
rates submitted could be complete
guesses.
To reduce the risk of this happen-
ing, Wheatley will phase out Libor
measurements for less frequently
traded currencies like the Australian
dollar, Canadian dollar and Danish
Krone, and for time periods including
four-, five-, seven-, eight-, 10- and 11-
months, reducing the total number
of reference rates from 150 to 20.
The government is believed to be
supportive it could add the propos-
als into the Financial Services Bill due
to be presented to parliament this
Autumn.
FTSE 100 5,779.42 +11.33 DOW 13,485.97 +72.46 NASDAQ 3,136.60 +42.90 /$ 1.62 unc / 1.25 unc /$ 1.29 unc
See Page XX
TOM WELSH
DISSECTS
THE CASUAL
VACANCY
See Page 21
BY TIM WALLACE
WATCHDOG IN
LAST-DITCH BID
TO SAVE LIBOR
www.cityam.com FREE
JK ROWLING:
OUR REVIEW
BY DAVID HELLIER AND
MICHAEL BOW
Direct Line float set to be priced despite insurer probe
THE price range for the
flotation of Direct Line is
expected to be announced
today despite news of a probe
by competition regulators into
the motor insurance market.
The details of the pricing,
which comes a couple of days
later than expected, will likely
show a range that values the
insurer at between 2.2-2.8bn,
against earlier hopes of a 3bn
flotation.
The price details coincide
with confirmation that the
Office of Fair Trading, the
competition watchdog, is set
to decide to refer the private
motor insurance market to the
Competition Commission, in a
move that could lower driver
premiums.
We wouldnt have written it
into the script if we had had a
choice, one of the advisers on
the float said yesterday.
In May, the OFT said it had
provisionally decided to refer
the market to the commission
after it found insurers
competed in a way that could
prevent, restrict or distort
competition.
The full scale probe by the
commission is set to look at
the provision of replacement
vehicles and the provision for
repair services.
BUSINESS WITH PERSONALITY
ISSUE 1,727 FRIDAY 28 SEPTEMBER 2012
Certified Distribution
30/07/12 til 26/08/12 is 128,484
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Spanish ministers unveil
austerity budget for 2013
SPAINS government announced an
austerity budget for 2013, yesterday,
in a move seen as potentially paving
the way for a full bailout from inter-
national lenders.
Amidst strong protests in Madrid
over the proposed cuts, deputy
prime minister Soraya Saenz de
Santamaria insisted that 64 per
cent of the budget is still devoted to
social spending.
Under the plans, reductions in
government spending would
amount to 0.77 per cent of GDP in
2013, with 8.9 per cent shaved off
ministerial budgets.
The central government also sees
its revenue increasing by four per
cent. A combination of lower spend-
ing and higher tax revenue could
knock 40bn off the indebted states
annual deficit, Prime Minister
Mariano Rajoys government hopes.
This is a crisis budget aimed at
emerging from the crisis In this
budget there is a larger adjustment
of spending than revenue, Rajoys
deputy De Santamaria said.
The budget is believed to be even
tighter than Brussels would have
insisted as a condition of a bailout,
leading to speculation that an offi-
cial rescue package could be getting
nearer.
Spain is in talks with the
China buys into UK student housing
A fund controlled by the Chinese
government is set to buy a 40 per cent
stake in the UKs largest developer of
student housing as Beijing continues to
expand its portfolio of global
infrastructure. Gingko Tree Investment, a
London-registered Chinese state-owned
fund, is understood to be closing in on a
550m deal to buy Barclays stake in
University Partnerships Programme. The
deal, if it goes ahead, would mark the
latest Chinese investment in Britains
infrastructure.
Lighter kegs boost brewers exports
Ale exports, one of the few successes of
Britains struggling brewing industry, are
set to surge after a 174-year-old brewer
claimed to have solved its toughest
challenge how to replicate the taste of a
draught pint in foreign pubs.
Vestas warns of turbine tax hit
The US wind turbine market will shrink by
up to 95 per cent if a crucial tax credit for
wind power is allowed to expire at the
end of the year, according to Vestas, the
worlds largest turbine manufacturer by
output.
Oligarch ends 700m legal battle
Oleg Deripaska has avoided a potentially
highly damaging public examination of
his rise to fortune after reaching a
surprise last-minute deal with his arch-
rival.
Gherkin investors may find 75m
German investors who part-own Londons
landmark Gherkin tower may have to put
up about 75 million in cash to remedy a
complex loan default.
Cosalt reaches 2.5m settlement
Cosalt, the oil services company chaired
by Carphone Warehouse co-founder David
Ross, has reached an out of court
settlement over a 2.5m fraud it is alleged
to have suffered.
Food bank: We need more food
FareShare, a London-based charity that
tackles hunger by distributing food to 700
charities across the UK, say they do not
have enough produce to meet ever-
increasing demand.
Wal-Mart: Time Is Right for Japan
Wal-Mart Stores is expanding in Japan for
the first time since 2008, sensing an
opening as increases in the ranks of the
working poor and pensioners on fixed
incomes propel a trend toward thrift.
Gulf Investors on Leeds Takeover
A Bahraini investment bank is working on
a deal to buy England's Leeds United
Football Club, in what could be the latest
acquisition of a European soccer team by
oil-rich Gulf investors.
THE UKs biggest law firms are
growing fee income at the slowest
rate for six quarters, according to
data out this morning.
Though average income across
the UKs top 100 firms grew by 3.8
per cent in the three months to 31
July, the rate of growth was the
worst recorded since the final
quarter of 2010, when the industry
grew by 2.8 per cent.
The quarterly survey, compiled
by Deloitte, also showed that the
bigger the firm the slower is seems
to be growing, with firms ranked
from 51 to 100 increasing fee
income by an average of 5.5 per
cent compared to just 1.7 per
cent among the top 10.
Increased pressure on pricing
was evident in the data, with firms
ranked between 11 and 25 seeing
an average 2.5 per cent drop in fees
per fee earner, despite increasing
headcount by five per cent.
Jeremy Black, the Deloitte
partner put together the data, said
firms were expecting continued
income growth next year, but that
ongoing economic instability
meant it is unlikely there will be
any significant growth in the sector
as a whole in the medium term.
On average, the top 100 law firms
expect a 4.9 per cent fee income
growth for the year to the end of
April 2013.
Fee incomes at
law firms worst
for six quarters
Prime Minister Mariano Rajoy faces ongoing anti-cuts protests in Madrid
2
NEWS
BY ELIZABETH FOURNIER
BY JULIAN HARRIS
To contact the newsdesk email news@cityam.com
I
T is hard to know whether we
should believe anything we are
told by our statistical masters.
Originally, we were informed that
the economy shrank by 0.7 per cent
in the second quarter; then that it fell
by 0.5 per cent; yesterday this was
revised down to 0.4 per cent. The big
picture hasnt changed. But the
impact on politicians, economists
and corporate executives who obsess
about the minutiae of these figures
will have been significant. CEOs may
have delayed investment plans on the
basis of flawed figures. Opinion polls
may have shifted.
The Office for National Statistics
(ONS) needs to find a cure for its revi-
sionitis, and fast the current system
is no longer tolerable. For a start, the
ONS needs to wait much longer at
least another month, if not two
before it releases GDP figures. The sit-
EDITORS
LETTER
ALLISTER HEATH
Time for MPs to summon statisticians over endless revisions
FRIDAY 28 SEPTEMBER 2012
uation is so bad that it deserves prop-
er parliamentary scrutiny: Andrew
Tyrie, the chairman of the Treasury
select committee, should launch an
investigation into these latest revi-
sions and summon statistical chiefs.
Crucially, it is not just the overall
figures that keep changing, but also
the composition of output. The ONS
thought that construction collapsed
3.9 per cent; now it says it is down
three per cent. Business investment
has improved. But figures will go on
being revised, in some cases even for a
decade or longer, making the work of
policy-makers very difficult indeed.
If the ONSs latest figures are right,
they reveal a worrying development.
The current account deficit the gap
between exports of goods and servic-
es, and the receipt of cash (such as div-
idends and interest) on the one hand,
and imports and payments of income
on the other has widened again. It is
now or so we are told 20.8bn, the
highest on record, equivalent to 5.4
per cent of GDP. Within that, the
deficit on the income account was
the largest ever, as foreigners made
more from their investments in the
UK than UK based individuals and
companies made from their invest-
ments abroad. Just to add to the
cheer, the trade deficit in goods was
also the highest ever. The first quar-
ters current account deficit was also
US dollar, and there were also big falls
in the early 1990s and at the start of
the recent crisis. The pound looks fair-
ly valued against the euro and cheap
against the Australian dollar on a
purchasing power parity measure.
But sterling is around 15 per cent too
high against the greenback, and if at
some point the markets realise that
the national debt is being financed
via quantitative easing, that the budg-
et deficit is actually going up and that
Brits are consuming too much and
producing too little, a sharp correc-
tion of sterling could happen much
more quickly than anybody expects.
It is foolish to try and predict cur-
rencies precisely. But one thing is
clear: yesterdays figures contained as
much bad news as good.
revised higher.
So much for the rebalancing of the
British economy, the supposed march
of the makers and all the other non-
sense the government keeps saying it
is achieving. Only services exports did
well, thanks to the City but no
thanks to the banker-bashers and
those seeking to weaken every other
major City sector, including insur-
ance and accountancy.
In the past, massive current account
deficits have tended to lead to a col-
lapse in sterling, currently at a four-
year high on a trade-weighted
measure. Jim Leaviss of M&G
Investments points out that periods
when the current account deficit
exceeded around 3 per cent of GDP
are usually followed by a significant
weakening of the pound. In the mid
1970s, the pound fell by nearly 30 per
cent against the Deutsche Mark and
European Union over a possible aid
package, with Rajoy admitting this
week that he will seek help if borrow-
ing costs remain unacceptably high.
A full bailout would open the door
for the European Central Bank (ECB)
to re-start its bond-buying pro-
gramme and mitigate upward pres-
sures on Spanish yields.
The Spanish budget announcement,
made towards the end of the trading
day in London, failed to disturb mar-
kets. Yet the euro recovered some
ground after the statement, reaching
$1.291 last night after touching
$1.284 earlier on.
The single currencys prospects were
also boosted by German President
Joachim Gauck signing the bill that
ratifies the core Eurozone states
involvement in the new bailout mech-
anism the European Stability
Mechanism (ESM).
Meanwhile an Italian bond auction
saw five-year yields fall to 4.09 per
cent, their lowest since May 2011. And
yields fell last night as technocrat
Prime Minister Mario Monti said he
could lead the government again if
next year elections are inconclusive.
The new jobs website for London professionals
CITYAMCAREERS.com
WHAT THE OTHER PAPERS SAY THIS MORNING
IN BRIEF
Investment banking fees plunge
Global investment banking fees in
the third quarter fell to their lowest
since early 2009, according to data
from Thomson Reuters and Freeman
Consulting. Investment banking fees
in Europe so far in 2012 have fallen to
levels not seen in ten years. Globally,
the drop has been driven by a fall in
share sale activity, with equity capital
markets fees tumbling 31 per cent to
$9.6bn so far this year, the slowest
period since 2003.
Barclays to open new gold vault
Barclays is set to open the first
British bank-owned gold vault in over
five years on the back of heightened
gold ownership. The firms new vault
anticipates demand from pension
funds, central banks and sovereign
wealth funds who have been scooping
up the precious metal that has
doubled in value since late 2008. The
vault, at a secret location, is set to
open somewhere inside London's M25
motorway.
Energetix to raise up to 14m
AIM-listed Energetix Group which
is planning to launch a green boiler
that generates electricity as it heats
your home has raised 12m through
a placing. The firm, chaired by ex-gas
regulator Clare Spottiswoode, and led
by ex-Dyson chief operating officer
Peter Richardson, is now offering all
shareholders the opportunity to
participate in an open offer to raise up
to a further 2m. The firm is expected
to announce the offer officially today.
BLACKBERRY maker Research in
Motion yesterday reported a better
than expected $235m (144m) second
quarter loss as it builds a cash war
chest ahead of the make-or-break
launch of its new operating system
next year.
The Canadian company, which said
it had shipped 7.4m BlackBerrys over
the quarter, improved on its net
income loss of $518m in the quarter
ending 2 June but could not match
the $329m profit recorded this time
last year. The company said it expect-
ed to report a further operating loss
in the next quarter.
However the firm once again
improved its cash pile to $2.34bn up
from $2.23bn at the end of last
August as it builds up to the launch
of its new operating system
BlackBerry 10, expected in January.
Markets sent shares in the RIM soar-
ing 15 per cent in after hours trading
as investors looked favourably on the
firms position
Chief executive Thorsten Heins,
said: Make no mistake about it, we
understand that we have much more
work to do, but we are making the
organisational changes to drive
improvements across the company.
The firm has managed to build its
BlackBerry subscriber base to 80m
global subscribers over the quarter.
RIM builds up
warchest as
losses slow
BY MICHAEL BOW
THE break-up of loss-making and
debt-laden British sporting goods
retailer JJB Sports is set to begin
with market leader Sports Direct
yesterday sealing a deal to buy 60 of
its stores.
JJB, based in Wigan, said on
Monday it was close to appointing
KPMG as administrators to sell its
assets and brands after failing to
receive an offer for the entire com-
pany, which trades from about
180 stores and employs about
4,000.
A source said Sports Direct,
controlled by Newcastle
United soccer club
owner Mike Ashley,
will pay about
30m for the 60
stores and their
stock and will
look to safe-
guard the jobs
of 1,000-1,500
JJB employees.
Sports Direct,
which owns
Sports Direct
set to snap up
60 JJB stores
BY HARRY BANKS
Sports Direct.com and Lillywhites
stores as well as brands including
Slazenger, Dunlop and Lonsdale, will
take 20 JJB stores immediately, with
the balance of 40 stores held sepa-
rately as their purchase will be sub-
ject to approval from Britain's Office
of Fair Trading.
The firms shareholders will not
get any return on their investment.
JJB shares, which were valued at
about 300p three years ago, were sus-
pended at 0.4p on Monday.
It is understood other interested
parties in JJB stores include US
shareholder Dicks Sporting Goods
and Irish firm Stafford Group.
Sports Direct declined to com-
ment. A spokeswoman for KPMG
could not confirm a deal
had been signed.
Shares in the group,
over two thirds of which
are owned by Ashley,
have risen 56 per cent
over the last 12
months.
Newcastle owner Mike
Ashley watches his team
INSTAGRAM, the arty photo-
sharing app for smartphones, has
overtaken Twitter for the number
of daily visitors and time spent
using the app in the US for the first
time following a summer boom in
its popularity.
During August, users spent about
eight minutes a day adding filter
effects and looking at photos on
the app compared to about five-
and-a half minutes spent reading
and updating Twitter, according to
data from analytics firm comScore.
Instagram, which was snapped
up by Facebook for $1bn (616m) in
Instagram smartphone users
overtake Twitter for first time
BY MICHAEL BOW shares and cash in April, also beat
Twitter for the number of daily
visitors, with 7.3m people visiting
the app last month compared to
6.7m people accessing Twitter on
their phones.
It follows a boom in Instagrams
daily usage by people over the
summer, with average daily visitor
numbers increasing from 886,000
in March to 7.3m last month. Usage
spiked in June to 4.6m visits
surging from 1.9m visits in April
after the app was made available to
the Android operating system.
Instagram was founded in 2010
by two Stanford graduates Kevin
Systrom and Mike Krieger.
THE CAPITALIST: Page 12

FRIDAY 28 SEPTEMBER 2012
3
NEWS
cityam.com
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Barclays Bank Base Rate +3.39% (currently 3.89% variable). The overall cost for comparison is 3.9% APR based on 150,000 mortgage balance taken over
a 25 year term. Data and rates correct as at 07/09/2012 and is based on internal Barclays data. For remortgages only. *Barclays Bank Base Rate (BBBR)
is currently 0.5% variable and typically follows the Bank of England Base Rate but is not guaranteed to do so. Subject to application and availability.
For BT residential customers, calls will cost no more than 4.5p per minute, plus 13.1p call set-up fee (current at 07/09/2012). The price on non-BT phone lines may be different. Calls may be monitored or
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repayments on your mortgage.
Visit us in branch or call 0845 070 2445
barclays.co.uk/greatescapemortgage
Instagram
lets you add
filters and
effects to
photos and
share them
GOLDMAN Sachs agreed yesterday
to pay more than $14m to settle
federal and state charges after it
violated pay-to-play rules, in a
case involving campaign
contributions to former
Massachusetts governor candidate
Timothy Cahill.
In what the SEC described as its
first pay-to-play case involving
contributions other than cash,
Goldman settled without admitting
or denying the charges.
Pay-to-play refers to cash or other
contributions made to officials to
influence the award of lucrative
public contracts.
Goldman pays
$14m SEC fine
BY CITY A.M. REPORTER
BANKS defended their customer
service reputation yesterday as fig-
ures showed that complaints have
soared nearly two thirds in the last
six months, fuelled by the payment
protection insurance (PPI) scandal.
The Financial Services Authority
received a whopping 3.6m com-
plaints in the first half of the year,
as grievances lodged about PPI more
than doubled to 2.2m.
Firms have so far paid out close to
3bn to customers who were mis-
sold PPI, out of around 10bn that
has been set aside.
According to the FSAs figures, the
banks are upholding around two-
thirds of PPI issues, a greater pro-
portion than for other complaints.
Banks have already noted that the
proliferation of claims manage-
ment companies, which advertise
help for customers claiming back
payments for mis-sold PPI, has sent
the number of complaints skyrock-
eting.
Peter Vicary-Smith, chief executive
of consumer group Which, said the
figures confirm that PPI is now the
PPI fuels surge
in complaints
about banks
BY MARION DAKERS
biggest financial scandal of all
time.
The banks must set aside more
money for PPI claims and make it
easier for customers to get back
what they are rightly owed, without
any hassle, he added.
But the British Bankers
Association said core complaints,
or those that involve current
accounts, have fallen 13 per cent to
323,955 in the last six months, and
risen around three per cent on a
year ago.
There will always be instances
when things go wrong: when they
do, banks are committed to ensur-
ing all complaints are dealt with as
fairly, swiftly and effectively as possi-
ble, it said in a statement.
The banking brand that attracted
the most complaints was Barclays,
with 442,266 lodged in the first half
of the year.
But Lloyds Banking Group, which
encompasses Lloyds TSB, Bank of
Scotland and Halifax among others,
received almost 800,000 complaints.
Meanwhile complaints about invest-
ments rose from 69,089 to 82,124
over the half-year.
Lawyer says trader at
UBS did not act alone
THE lawyer for accused UBS rogue
trader Kweku Adoboli said in court
yesterday that Adoboli did not act
alone but in close cooperation with
fellow traders who later stabbed
him in the back.
Adoboli, 32, denies charges of
fraud and false accounting that cost
the Swiss bank $2.3bn.
His lawyer, Charles Sherrard, told
Southwark Crown Court that
Adobolis three colleagues on the
banks Exchange Traded Funds desk
BY CITY A.M. REPORTER had taken part in some of the
fraudulent behaviour of which he is
accused. Prosecutors have portrayed
Adoboli as an out of control rogue
trader. His defence team have argued
that UBS turned a blind eye to rule-
breaking as long as it made the bank
money.
Your team changed from being
the four musketeers to three
musketeers, who decided just before
he (Adoboli) confessed, collectively
and individually, to stab him in the
back, leaving him to bleed on the
prison floor, Sherrard said.
THREE cross-party members of the
French Senate have vigorously
defended the mega-merger
between BAE and EADS, calling it
the best news the European
defence industry has received for
some time.
Writing in a French paper, Jean-
Louis Carrre and Daniel Reiner of
the dominant Parti Socialiste and
Jacques Gautier of the UMP called
the announcement of a possible
French politicians stand up for
defence giants mega-merger
BY CATHY ADAMS merger a thunderbolt, but said
that if the merger were to be
green-lit, it would be an
extraordinary opportunity.
They added: We must not allow
it to slip through our grasp.
The comments come as the
merger is facing obstacles
politically.
Germanys defence minister said
yesterday that the 10 October
deadline should be extended,
suggesting there were still many
issues to thrash out.
FRIDAY 28 SEPTEMBER 2012
5
NEWS
cityam.com
www.zegna.com
A New Scent for a New Day
3,577,599
COMPLAINTS RECEIVED IN
FIRST HALF OF THE YEAR
2,232,294
WERE ABOUT PAYMENT
PROTECTION INSURANCE
PPI
FIRMS PAID OUT
3.16bn
OF WHICH WAS FOR INSURANCE
PRODUCTS SUCH AS PPI
TO RESOLVE COMPLAINTS
IN THE LAST HALF OF THE YEAR
2.99bn
OF COMPLAINTS
ARE CLOSED
WITHIN
85.8%
8 WEEKS
!
ROYAL BANKOF SCOTLAND
SANTANDER
NAT WEST
MBNA
LLOYDS TSB
HSBC
CAPITAL ONE
BARCLAYS
FINANCIAL FIRMS WITH THE MOST COMPLAINTS* TOTAL COMPLAINTS INSURANCE RELATED
BANKOF SCOTLAND 362,869
442,266
291,821
280,358
116,688 145,943
170,064
431,708
278,555
295,934
240,597
195,801
226,481
209,361
66,362
156,258
391,272
102,482
*For rst half of the year
SOURCE: FSA
PPI DOMINATES BANKING COMPLAINTS
Todays statistics do not reflect
the real progress of the NewBuy
Guarantee since they only cover
the first four months of the
schemes operation.
As the Home Builders
Federation have recently
reported, 1,500 reservations have
been made through NewBuy and
at least 25,000 additional new
homes will be built as a
direct result.
able to benefit from the scheme.
Jack Dromey, Labours
shadow housing
minister, said the
figures show the vast
gap between the
governments rhetoric
and the reality for
those who want to
realise their
dreams of
owning their
own home.
A government
spokesman said:
BRITAINS biggest companies should
put their audit contracts out to
tender at least once a decade, the
Financial Reporting Council said as
it set out a major overhaul of its
guidance today.
The regulator also calls on boards
to end the practice of trumpeting
positive news in annual reports,
while keeping other figures hidden
among the details.
These changes are something we
have been thinking about since the
financial crisis, about what
contribution we can make to help
improve things, FRC chairman
Baroness Hogg said.
We have consulted widely on this
and there was large support for re-
tendering rather than mandatory
rotation.
The Europeans are talking about
a mandatory rotation, but we think
what we are proposing will make
companies think about exactly what
they are getting for their money.
Authorities in Europe are
considering new rules to force firms
to switch auditor every 15 years.
Europe is also mulling a ban on
auditors performing other services
for their clients, but the FRC has
stopped short of recommending this.
The Institute of Directors cheered
the FRCs tighter new rules.
Auditors need
to pitch again
every 10 years
BY MARION DAKERS
THE SIZE of the second quarter drub-
bing to the UK economy was revised
down again yesterday, as extra data
showed that manufacturing, con-
struction and production fell less
than previously thought.
GDP fell 0.4 per cent between the
first and second quarters, the Office
for National Statistics revealed, 0.1
percentage points down on the first
revision, and 0.3 percentage points
shy of the first estimate.
This revision raises the possibility
that without the impact of the
Queens Jubilee which is thought to
have cut around 0.5 percentage points
from GDP growth in the second quar-
ter the economy would have been
on the path to recovery.
The underlying trend was most
likely one of very modest growth after
allowing for the lost working day due
to the Jubilee, said Chris Williamson
at Markit economics.
Many analysts now expect growth
Revised output
figures suggest
UK recovery ...
BY BEN SOUTHWOOD
though modest to return in the sec-
ond half of the year. A rebound is like-
ly for the third quarter, Williamson
claimed, Data such as retail sales,
industrial production, tax receipts and
exports have all suggested that the
economy picked up again in July, and
the PMI surveys improved again in
August.
Bank of England rate-setter Paul
Fisher agreed with this assessment in
an interview with The Sun. The econo-
my would rebound in the third quar-
ter with a very strong GDP number,
he said.
Despite this optimistic outlook,
there is a widespread expectation that
the Bank will extend its quantitative
easing programme in November,
when the current 50bn package of
asset purchases is completed.
More stimulus from the Bank of
England remains highly likely in the
fourth quarter, said Howard Archer at
IHS Global Insight, explaining his
judgement with reference to the still
weak economy.
Finance regulators tell banks to
issue equity to up capital ratios
BANKS need to raise capital
externally if they are to hit
regulatory targets and increase
lending, rather than shrinking
their balance sheets to hit incoming
capital requirements, according to
the Financial Policy Committees
(FPC) minutes published yesterday.
In the past the key Bank of
England committee has told banks
to retain earnings and cut pay to
raise capital levels.
But the minutes show the FPC is
now concerned that earnings
growth will be slow, limiting the
capital boost from this source.
BY TIM WALLACE
Combined with the increased
pressure of weak economic activity
and redress for mis-selling financial
products and other conduct issues
such as PPI compensation it is
calling for banks to raise capital
externally.
Recent improvements in market
conditions should help in that
respect, with the options including
debt conversion and the issuance of
suitable contingent capital
instruments as well as conventional
equity, the FPC concluded.
The Committee warned that
raising capital ratios would only
help economic growth in the
medium-term, as lending will likely
shrink, holding back the economy.
However, by making banks
stronger and more stable in the
medium-term, it hopes the cost of
funding will drop, boosting lending
and profits in future.
The long-term aim is to build up
capital buffers which can be run
down in economic downturns, thus
boosting lending and so growth.
If the buffers existed, the FPC said
it would consider allowing them to
be used now, as the economy is
flagging. But as the buffers are not
yet in place, it favours pushing
capital levels higher in the near
term to protect from the heightened
risk from the Eurozone.
Grant Shapps said 100,000
households could benefit
THE UK current account slumped
to its biggest ever deficit in the
second quarter, data from the
Office for National Statistics
revealed yesterday.
Rocketing to 20.8bn, the
deficit was not only the biggest
recorded in money terms, but
also, at 5.4 per cent of GDP, the
biggest relative to the size of the
economy and the data series
began in 1955.
This gap soaring even above
the first quarters 15.4bn
deficit, which was then the worst
... but second-quarter current
account hits worst ever deficit
BY BEN SOUTHWOOD
of all time seemed to make a
mockery of chancellor George
Osbornes wish for the UK to pay
its way in the world. The UK
began in 2012 to receive less
income on overseas investment
than foreign investment earned
in the UK.
Most of the gap came from EU
interaction where the second
quarter saw the UKs second
biggest deficit, after its all-time
record in the first. But the UKs
current account outside the bloc
also moved into a 1.3bn deficit,
after years of surplus, including a
7.3bn surplus last quarter.
NEW POWERS for the Bank of
England to control banks capital
buffers should be good for
financial stability in principle,
ratings agency Moodys said
yesterday.
But it warned the Financial
Policy Committees (FPC) joint
mandate to promote stability and
growth could lead to friction.
If the FPC lowered capital
requirements to stimulate growth
in a recession, it would likely
conflict with the micro-prudential
regulators objective to mitigate
solvency risks of individual
institutions, said the report.
Even if the overall effect on the
financial system was positive, the
Moodys warns of policy clash
between growth and stability
BY TIM WALLACE FPC lowering capital requirements
would be credit negative for
particular investors if the bank in
which they had invested became
undercapitalized relative to its
current risk profile.
The FPC also has tools to prevent
damaging bubbles from growing in
financial markets but Moodys
said the decision on when and how
to use those could become political.
Only the next cycle will
determine whether macro-
prudential regulators such as the
FPC can really take the punch
bowl away while the party is in
full swing, it concluded.
It will also determine whether
the FPC will succeed in
encouraging banks to increase net
lending in a downturn.
FRIDAY 28 SEPTEMBER 2012
6
NEWS
cityam.com
The trade data will come as a blow to George Osborne, who said the UK should pay its way
Just 250 homes sold through
governments NewBuy scheme
JUST 250 houses have been sold
through the governments
flagship scheme to help first-time
buyers onto the property ladder,
figures revealed yesterday.
The NewBuy programme offers
mortgage guarantees to
purchasers of new-build homes,
even if they can only raise a five
per cent deposit. Then-housing
minister Grant Shapps had said
that 100,000 households will be
BY JIM WATERSON
SPANISH power firm Iberdrola is
negotiating the sale of a minority
stake in its UK electricity grid,
valued at 4.5bn, as part of its
strategy to cut debt.
Infrastructure and sovereign
funds are the main potential
buyers of the grid, owned by
Scottish Power, unnamed sources
close to the talks said.
The sale of up to 49 per cent of
Scottish Powers electricity
network could raise between
1bn and 1.5bn for its Spanish
parent.
Iberdrola did not comment on
Scottish Power owner in talks
to sell stake in electricity grid
BY CITY A.M. REPORTER
what it described as market
speculation, sparked by a report
in a Spanish financial newspaper
yesterday.
Two Canadian pension funds
the Ontario Teachers Pension
Plan and the Borealis
Infrastructure Fund are both
believed to be in talks with the
utility giant.
It is understood the talks with
potential investors are over a
minority stake.
Sources close to the talks, said
there are no plans to change the
way the distribution and
networks division of Scottish
Power is managed.
15 minutes every 15 minutes.
The smarter way between Heathrow and central London.
Book now at heathrowexpress.com
Slow lane?
Fast track.
The smarter way
THE NHS should learn from the City
takeover process and allow successful
health providers to take full control of
failing public hospitals, according to
research released today by the think
tank Reform.
Professor Paul Corrigan, the reports
author and a former health adviser to
Tony Blair, told City A.M. that the cur-
rent ad-hoc policy of merging failing
NHS hospitals with each other is not
an effective way of raising standards.
One of the lessons from the City is
that a considerable number of
takeovers fail to add shareholder
value, because there is insufficient
change by the new management, he
said.
Were trying to learn from the City
so a successful takeover needs
to be tough, using expertise
to bring about the amount
of change required to turn
a hospital around.
Newly appointed health
secretary Jeremy Hunt will
have to deal with more than
20 NHS hospitals that are
currently classed as
both finan-
cial and clini-
cal failures,
while push-
NHS hospitals
urged to copy
City takeovers
BY JAMES WATERSON
ing through politically sensitive
reforms and finding 20bn in savings.
Corrigan claims politicians are reluc-
tant to actively encourage takeovers of
hospitals but says medical profession-
als may soon refuse to work in sub-
standard environments.
The NHS promises every single serv-
ice everywhere all the time. That is a
promise that modern medicine can-
not keep your local village hospital
cannot do brain surgery. We have not
explained that to the public.
For the first time weve got doctors
going out and telling the public they
cannot provide the required cover.
Doctors will say that hospitals are
unsafe and [will not put their person-
al] reputations on the line, causing
bits of the NHS to crumble.
In response health minister Lord
Howe said: There isnt a one-size fits
all answer to this problem. Each NHS
Trust will need a tailored solution
and different levels of support. We
are working closely on this basis
with the Trusts we have identified as
having problems to ensure they can
provide high quality services for their
patients in future.
Labour did not provide a com-
ment.
DO YOU AGREE WITH THE REFORM
RECOMMENDATIONS?
Interviews by Amelia Brust
They should be turned over to better hospi-
tals. I think they do a better job than people
give them credit for but it could be improved more.
These views are those of the individuals above andnot necessarily those of their company
MARTIN WHITE
FREELANCE CONSULTANT

I think failing hospitals would be better

off put into the hands of other NHS
hospitals that are doing well. I believe in the NHS.
DANIEL DUPER
SUMITOMO MITSUI
BANKING CORPORATION
Better-performing NHS hospitals is the
best option privatisation has worked for
people who can afford it, but the NHS isnt for that.
BEN WOODLEY
ORIEL SECURITIES

CITYVIEWS
Jeremy Hunt has been told
to encourage NHS takeovers
FRIDAY 28 SEPTEMBER 2012
8
NEWS
cityam.com
INSIDE
TRACK
DAVID HELLIER
W
HEN Bob Diamond quit
Barclays in July, there were
many, myself included, who
predicted that the banks
investment business would struggle
here on in.
Longer-term that may indeed be the
case, but the message so far from the
world of UK corporate broking is
showing a different story. Two big
broking mandates, that of Severn
Trent and most recently TUI Travel,
have moved to Barclays since
Diamonds demise, taking the banks
UK client list up to 30.
Corporate broking in itself is not a
hugely profitable activity to be in; its
raison detre for investment bankers,
though, is that it begins a relation-
ship with corporates which often
leads to advisory positions in merger
and acquisition deals, restructurings,
flotations and the like, which are
profitable, sometimes seriously so.
When TUI Travel changed its bro-
kers a few days ago, it turned to Bank
of America Merrill Lynch (BAML),
another bank that has had its trou-
bles but which now seems to be recov-
ering its mojo.
New recruit Jonathan Bewes played
a principal hand in winning the TUI
mate for BAML but it is some of the
old stagers at the bank, such as
Simon Mackenzie-Smith and Rupert
Hume-Kendall, ably supported by
Federico Aliboni, who have been
keeping its UK corporate broking and
equity capital markets businesses top
of the UK league table (witness the
recent convertible bond issue for
Capital Shopping Centres as well as a
block trade in Reckitt Benckiser earli-
er in the year).
On the negative side BAML will have
been disappointed to have been kept
outside two recent deals from Cairn
Energy despite being its broker.
Elsewhere there is much interest in
the performance of Jefferies, follow-
ing its acquisition of Hoare Govett
earlier in the year.
As expected many of Hoare Govetts
largest clients have deserted the new
set-up, as TUI has just done, but
Jefferies has been successful in pick-
ing up other clients such as Sirius,
Nordgold and Hummingbird.
The banks strategy has been to
build on its deep sector specialisation
in areas such as healthcare, technolo-
gy, media and telecoms, oil and gas
and metals and mining.
It has been active on the deal front,
and recently scored a major success
in the flotation of Manchester United
where it was the lead adviser.
Getting the Manchester United
flotation over the line in the US must
count as a triumph for Jefferies since
countless other banks had tried to do
the same and failed. Some argue the
banks achievement was all the
greater since it overcame tremendous
cynicism, even from the book-run-
ners on the deal.
When analysing the current corpo-
rate broking scene in the UK it is also
worth noting that HSBC appears to be
testing the water with a view to mak-
ing its presence felt. It has recently
hired Simon Alexander to be a senior
figure in corporate broking and there
are suggestions that headhunters are
in place to try to resurrect the expert-
ise at the bank which it once had in
spades after buying James Capel.
Some say HSBC has also run the
slide rule over Oriel Securities, to
which it has lent a tranche of money.
Although times are extremely
tough in investment banking, there
are signs of life in some corporate
broking departments.
david.hellier@cityam.com
Dont write off the big guns of corporate broking yet
TATE & LYLES shares were lifted yes-
terday after the company saw
improved performance at its special
food ingredients arm and said half
year profit will be similar to last
years level.
The groups first half ending 30
September is being held back by the
cost of re-opening a second plant for
its zero-calorie sucralose sweetener
Splenda and the absence of bumper
profits from the high prices gained
for its animal feed by-products the
previous year.
Analysts said these two hurdles will
disappear in the second half of the
year. They expect Tate & Lyles annu-
al earnings to rise three per cent for
the full year to March 2013.
In last years first half, the company
Tate & Lyle eyes
Splenda profits
BY KASMIRA JEFFORD made a profit before tax of 241m on
sales of 1.54bn.
Overall, while recognising the cur-
rent level of uncertainty around the
wider economy and volatile corn
markets, we continue to expect to
make progress this financial year,
the company said in a trading state-
ment yesterday.
The group said volume of sucralose
returned to growth in its second
quarter, but would still be lower than
a year ago mainly due to tough condi-
tions in Europe as well as strong com-
paratives with the previous year
when a series of new sweetener prod-
ucts were launched.
The company reopened its McIntosh
sucralose plant in Alabama earlier
this year as its sole plant in Singapore
was struggling to cope with demand.
Shares rose 2.4 per cent to 670p.
Out of the threepoint plan
T
HERES nothing candy-coated in
current European economic
conditions, and Tate & Lyle has a
trading update to prove it. But
the erstwhile sugar giant, now a
sweetener and starches supplier, still
looks on track for its global plan.
Tate & Lyle sold its EU sugar
refining business back in July 2010, all
part of its Focus, Fix, Grow plan.
Having completed its exit from sugars
by selling its Vietnamese sugar
interests in 2011, it is now very much
in fix mode so serious growth may
be just around the corner.
The firm now has two interlinked
business units bulk ingredients is
intended to drive cash generation for
investment in the speciality food
ingredients business, which already
BOTTOM
LINE
MARC SIDWELL
10
NEWS
FRIDAY 28 SEPTEMBER 2012
came forth sweetness
11
NEWS
cityam.com
provides more than half its operating
profit, and a play on income growth
in urbanising developing markets.
All this hasnt come without cost
some 100m in all, including the
reopening of the McIntosh sucralose
plant in Alabama and the creation of
a new global innovation centre in
Chicago. Perhaps more importantly
for the long term, as these results
show, Tate & Lyle remains
undiversified. While its markets are
global enough to offset a short-term
dwindling of Europes sweet tooth
and its product range is relatively
wide, it is essentially in the corn-
refining business. Getting out of sugar
avoids its high and volatile prices, but
corn can face similar problems. A poor
US harvest has driven prices to the
point where margins are being hurt.
Yet even that isnt all bad news. As
Tate & Lyle moves up the value chain,
prices for its corn-derived products
will be increasing accordingly.
As Tate & Lyle gets into growth
mode, the next question is who it
wants to buy. Its plan is to accelerate
growth through acquisitions. So keep
an eye out for sweet deals.
Javed Ahmed has led Tate & Lyle since 2009
Tates second quarter represents something of an amuse-bouche ahead of
feasts to come. But with the rst half now in the bag, this reads as an upbeat
statement to us, subject to the proviso that we are at the bottom end of consensus.
ANALYST VIEWS

HOW DID TATE & LYLE FARE

IN THE FIRST HALF?
Interviews by Kasmira Jefford
MARTIN DEBOO INVESTEC
Difcult market conditions in Europe and tough comps in Sucralose have hurt
special food ingredient prots ...While this is clearly disappointing, we are
encouraged by the comments about strong demand and pricing in bulk foods.

ALICIA FORRY CANACCORD GENUITY

After a rather cautious rst quarter, we believe this statement has a slightly more
positive tone as special food ingredients is back on track with a solid second quar-
ter... and it seems bulk has performed slightly better than we were anticipating.

DIRK VAN VLAANDEREN JEFFERIES

RED faces at the Michelin guide yes-
terday as the publications website
inadvertently revealed which restau-
rants have been awarded its famous
stars a week earlier than planned.
The list shows that London foodies
are spoilt for choice, with eight
restaurants receiving their
first star this year, including
Alyn Williams at the
Westbury Hotel, St. John Soho,
Tom Aikens and Trishna.
Other eateries in the
capital that got the
nod were Medlar,
Launceston Place,
Dabbous and
Hedone.
It was a particu-
larly enjoyable
experience for
Karam Sethi, head
chef at Indian
Michelin star
leak is perfect
birthday gift
restaurant Trishna in Marylebone vil-
lage, who turned 29 yesterday.
He told The Capitalist: I am surprised
and honoured to be amongst such
great company and to hear the news
on my birthday couldnt have made
for a better present.
Meanwhile Heston Blumenthal
gained his fifth star in total as his
Hinds Head pub in the Berkshire vil-
lage of Bray makes the list for the
first time.
This is the third time in five
years that the Michelin
guides awards have been
leaked online ahead of
schedule.
Perhaps the publishers
have enjoyed a few too
many long lunches...
RIM vice presidents Martyn Mallick (left), Alec Saunders (centre) and Chris Smith (right)
Karam Sethi, 29, runs Trisha
with his sister Sunaina, 24
RESEARCH in Motion (RIM) is in
something of a funk, with its share
price more than halving this year
and customers switching over to
the iPhone, a trend not helped by
the delay of the next generation of
BlackBerry phones until next year.
However, the companys slide
does not appear to have dampened
spirits. RIMs management have got
together to record a cover of REO
Speedwagons seminal Keep On
Loving You to encourage app
makers to develop software for the
BlackBerry bosses jam in effort
to win love from app developers
new devices, altering the words in
the power ballad to fill it with
programming jargon.
The Because its the only thing I
wanna do line has been changed
to Our updated SDK is really cool,
while I dont wanna sleep is now
The APIs complete.
The accompanying music video,
featuring product vice presidents
Chris Smith, Martyn Mallick and
Alec Saunders on guitar, keyboard
and vocals has become an
overnight YouTube sensation.
Got A Story? Email
thecapitalist@cityam.com
12
cityam.com
cityam.com/the-capitalist
THECAPITALIST
Its tough working in the City
early starts and late nights
entertaining clients can make for a
rather long day. However, airline
Cathay Pacific is offering the perfect
short-term solution for City workers
perennial tiredness. It is inviting
anyone working in the area to visit the
roof terrace at City shopping mall One
New Change to test out the comfort of
its new flat bed airline seats. The offer,
which coincides with the launch of its
new business class cabin on the London
Heathrow to Hong Kong route, is only
open on 2 to 4 October between
11.30am and 5pm. So get in quick if you
fancy a well-deserved midday nap. If
thats not enough to tempt you, light
refreshments are on offer too.
And if you want more than a
catnap, then South Place Hotel
the Citys first ever independent
luxury boutique hotel could be just
the place. Located between Moorgate
and Liverpool Street, the hotel opened
just after the Olympics on 3
September. Last night, however,
marked its official launch party. City
folk were there in force including
Henry Angest, the chairman and chief
executive of Arbuthnot, and Express
Newspapers chairman Richard
Desmond. Besides the free-flowing
Moet there was plenty to keep
attendees entertained with cabaret
and circus acts as well as spy-themed
cocktails in keeping with the partys
vintage spy theme.
FRIDAY 28 SEPTEMBER 2012
COMPASS, the catering and services
giant, yesterday announced aggres-
sive measures to shrink operations in
Southern Europe by a quarter in the
face of worsening economic condi-
tions in the crisis-hit region.
The group, which is providing
catering at this weekends Ryder Cup
golf competition in Chicago, report-
ed a positive fourth quarter overall,
led by strong growth in North
America and in emerging markets.
But conditions in Europe, particu-
larly in Italy, Portugal and Spain, con-
tinued to deteriorate in the second
half and suffered like-for-like volume
declines of five per cent.
Compass did not disclose how
many people are likely to lose their
jobs as a result of the restructuring
but said revenues from its southern
European operations will be cut to
about 600m from 800m to pro-
tect profitability.
It will take exceptional cash costs of
100m in 2012 and 50m in 2013,
Compass to cut
back in Europe
to stem losses
BY KASMIRA JEFFORD
and said it will generate savings of
75m a year by 2014.
Chief executive Richard Cousins said
the group will exit a series of non-prof-
itable contracts such as motorway
services in Portugal, where the intro-
duction of tolls by the government has
priced some drivers off the roads.
Aside from Europe, Compass said
expectations for the year to 30
September remained unchanged,
with underlying revenue expected to
grow by around 5.5 per cent and oper-
ating profit by about eight per cent
for the year to the end of September.
HENNES & Mauritz yesterday posted third quarter profits of 4.9bn Swedish krona (460m),
missing expectations, as grim economic conditions, bad weather and costly currency transactions
hit margins. The retailer has also postponed the launch of its US online shop until next summer.
H&M DELAYS LAUNCH OF US ONLINE SHOP
Compass Group PLC
27Sep 21 Sep 24Sep 25Sep 26Sep
700
705
710
715
720
725 p
704.50
27Sep
13
NEWS
cityam.com
`TUI TRAVEL said yesterday it was
on track to meet full year
expectations after almost selling
out its summer holiday
programme and recording
encouraging early winter holiday
sales.
The travel giant behind Thomson
and First Choice said year-on-year
summer holiday sales were up six
per cent in Northern Europe, five
per cent higher in central Europe
TUI Travel posts strong summer
and winter holiday bookings
BY KASMIRA JEFFORD and increased by two per cent in
Western Europe.
Tui said that while it was
relatively early in the booking
cycle, winter booking sales had
been encouraging, particularly in
Northern and Central Europe.
The group also said UK summer
holiday bookings for 2013 are
outperforming market rivals like
Thomas Cook, with sales up 10 per
cent, driven by the sale of exclusive
holiday packages that cannot be
booked through another company.
IN BRIEF
Rotork adds Citi as adviser
Citigroup has added a new
FTSE 250 mandate to its broking
business, after joining UBS as financial
adviser and corporate broker to
manufacturing group Rotork. Citi has
picked up clients including
GlaxoSmithKline and G4S in the last
year, and is one of an army of banks
working on the Glencore-Xstrata
merger, which is set to present a new
deal within the next week.
Daniel Stewart profits halve
Daniel Stewart Securities yesterday
reported a five per cent rise in
revenues to 8.8m for the year to 31
March. The investment bank said
profit after tax fell to 0.5m, from
1m last year. The group had 53
clients in 2012 compared to 60 in
2011, with 37 completed transactions.
Daniel Stewart is in good shape
despite the prevailing economic
malaise, chief executive Peter Shea
said yesterday.
Rift over Bumi probe deepens
Indonesias Bakrie family is facing a
potential split with business tycoon
Samin Tan, who invested $1bn in
London-listed miner Bumi an
investment now worth $140m.
Tensions have risen since Bumi
launched a probe over financial
irregularities into Indonesian coal
producer PT Bumi Resources Tbk, in
which it has a 29 per cent stake. Since
the probe was announced, the firms
share price has fallen 80 per cent.
BRITISH insurers paid out almost
200m a day in claims during 2011,
according to industry figures released
yesterday.
The Association of British Insurers
(ABI), whose members represent 90
per cent of the UK industry, revealed
the sum in its annual review of the
sector.
The motor insurance industry made
an underwriting loss for the seven-
teenth successive year, with one claim
made for 14 in every 100 private cars
insured and an average payout of
4,527.
The average pay-out for a household
fire claim was 10,200, while for a
theft claim it was 1,500. As heavy
rain continues to affect large parts of
the UK, insurers will be concerned to
see that the typical household bill fol-
lowing a major flood hit 30,000.
Although 26.2m travel insurance
policies were bought last year at an
average of 35 for a single trip just
700,000 claims were made for acci-
UKs insurance
claims costing
200m per day
BY JAMES WATERSON dents that occurred on holidays.
Fraud remained a major issue, with
an estimated 983m in illegal general
insurance claims during the year,
although the ABI claims that an addi-
tional 2bn went undetected, which it
says adds around 50 to the insurance
premium costs of each UK household.
The figures also confirm the indus-
trys position as one of the countrys
major investors, managing assets
worth 1.8 trillion, as well as paying
10.4bn in tax.
Otto Thoresen, the ABIs director gen-
eral, said: From protecting millions of
customers to being a major contribu-
tor to the UK economy, the insurance
industry plays a key role in society. The
UK is the largest insurance market in
Europe and third largest in the world.
Insurers are rising to the challenges
of issues such as the increasing flood
risk, tackling the pension savings gap,
reforming the compensation culture,
and responding to UK and European
regulatory change to ensure that the
industry maintains its position as a
world leader.
FIRST Quantum, the London and
Canada-listed copper and nickel
miner, yesterday said it was raising
$350m through the issue of
interest-bearing notes.
The coupon will be determined
through a bookbuilding process
led by Jefferies, the bank which
now owns the UK corporate
broker Hoare Govett.
First Quantum was one of the
long-standing clients of Jefferies
Peter Bacchus, the firms global
head of metals and mining, from
Jefferies advises First Quantum
on its $350m high-yield issue
BY DAVID HELLIER
when he used to work for Morgan
Stanley.
First Quantum recently became
a broking client for Jefferies.
Philip Pascall has been chairman
and chief executive of First
Quantum since November 1996.
Jefferies has lost some of the
larger clients it inherited from
Hoare Govett but it has won a
number of other clients including
Sirius, which is listed on the
Alternative Investment Market,
First Quantum and Nord Gold, the
gold producing company spun off
by the Russian group Severstal.
FRIDAY 28 SEPTEMBER 2012
14
NEWS
cityam.com
The new
jobs website
for London
professionalsT
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T
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THE SHIPPING division of
broking giant Icap yesterday
consolidated its position in the
giant Indian market by acquiring
the shipbroker CTI.
Icap paid $2.5m (1.5m) to take
full control of the firm, which
has offices in New Delhi and
Mumbai and employs 28 people.
Its core business is in dry, tanker
and sale and purchase broking.
Former part-owner Captain
Jaideep Kapoor will stay on as
chief executive.
Henry Liddell, chief executive
of Icap Shipping, said that the
purchase meant the firm was
well positioned to take
advantage of the booming Indian
market.
We are delighted to have
completed this acquisition. Icap
Icap Shipping buys Indian firm
to expand its Asian presence
BY BEN SOUTHWOOD
Shipping will now be able to take
advantage of the exciting
opportunities and increasing
shipping demand in India, he
said.
CTI Shipbrokers was
established in 2004 by Mumbais
Tradex, Singapores Island
Shipbroker, and Londons
Capital Shipbroker now Icap.
Island Shipbrokers was itself
bought by Icap in February as
the London-based firm looks to
increase control over
longstanding Asian affiliates.
Icap Shipping has 195 staff
worldwide, with offices in major
shipping centres such as
Hamburg, Gibraltar and
Singapore.
Shares in its parent firm,
which recently fell out of the
FTSE 100, closed yesterday down
0.7 per cent at 330p.
INVESTMENT firm 3i said
yesterday that its European assets
were delivering solid returns
despite the difficult
macroeconomic climate.
The firms European portfolio
brought in 30.8m for the six
months to September, a decrease
of 6m on last year, mainly due to
a lower divided from Anglian
Water Group.
European assets continue to
perform well, while adverse
macroeconomic conditions and
foreign exchange movements
continue to have a negative
impact on the valuation of the 3i
India Infrastructure Fund, said
chairman Peter Sedgwick.
As of Wednesday the firm had
169.7m in cash, up 25.5m from
the last interim statement.
3i European
assets strong
BY BEN SOUTHWOOD
Aviva sells Sri Lankan unit as
disposal strategy accelerates
BRITISH insurer Aviva yesterday
agreed to sell its stake in a Sri
Lankan joint venture for 31m, the
latest step in a bold plan to
streamline the firm.
Hong Kongs AIA Group, formerly
part of American insurance giant
AIG, paid cash for the 58 per cent
stake in the business, which was run
in co-operation with local financial
group NDB Bank.
John McFarlane, who took over as
BY JAMES WATERSON
Avivas executive chairman on a
temporary basis in May, intends to
sell 16 underperforming units in an
attempt to release capital and shore
up the firms share price.
Yesterday he said the sale is an
example of further progress towards
narrowing the groups focus which
will allow the firm to focus on
businesses where we can produce
attractive returns with a high
probability of success.
Meanwhile AIAs chief executive,
Mark Tucker, called Sri Lanka
compelling because of its strong
growth prospects and low existing
levels of insurance penetration.
Aviva was advised by Morgan
Stanley and the deal is expected to
complete this year, subject to
regulatory approval.
This week it was reported that
Aviva has set a 29 October date for
bids for its Malaysian business, while
its US and South Korean units are
also on the block. Earlier this year
the firm sold half of its stake in
Dutch insurer Delta Lloyd for 318m.
HOW MUCH DO UK INSURERS PAY OUT ON A DAILY BASIS?
HOUSEHOLD
INSURANCE
9m 3.7m 19.4m 6m
7.1m 8.8m 5.9m 1.1m
33.1m 53.6m 36.8m
9m
BUSINESS PROPERTY
INSURANCE
PRIVATE VEHICLE
INSURANCE
BUSINESS VEHICLE
INSURANCE
PRIVATE HEALTH
INSURANCE
ACCIDENT
INSURANCE
LIABILITY
INSURANCE
TRAVEL
INSURANCE
ANNUITY
PAYOUTS
ENDOWMENT
POLICIES
to householders whose homes have
been damaged or contents
stolen or destroyed.
LIFE
INSURANCE
HOUSEHOLD
INSURANCE
NESS VEHICLE
NSURANCE
VATE VEHIC
NSURANCE
CLE
E
BUSI
IN
6m
1 1m
TRAVEL
INSURANCE
6m
NSURANCE IN NSURANCEE
I
I
19.4m
LIABILITY
19 4m
NSURANCE
m
E
NSURANCE
8.8
5
NDO
PO
I
7.1m
33 1m
ANNUITY
PAYOUTS

EN
NESS PROP
NSURANCE
BUSIN
I
PERTY
E
PRIV
II

I
9m
PRIVATE HEALT
INSURANCE
INSURANCE
9
71m
INSURANCE
3.7m
ACCIDENT

8 8
INSURAN

IN
3 7
NSURANCE

I E
TH
DAILY INSURANCE PAYOUTS:
TOTAL PAYOUTS: ALMOST 200M A DAY
1.1
53.6m 36.8m
5.9m
36 8m
LIFE
NSURANCE
5 9m 5 9m
NSUR
8m
53 6m
OWMENT
POLICIES

I
I
NT
8m
ANCE
to
be
st
UK INSURERS:
Manage investments of
1.8 trillion
and paid 10.4bn in taxes
in 2010/11
SOURCE: ABI
MIZHUO Financial Group and Mitsubishi UFJ
Financial Group, the two main lenders to Sharp,
have approved a 210bn yen (1.6bn) bailout of
Japans troubled TV maker, sources said yesterday,
clearing a major obstacle to firms survival.
The two banks have been orchestrating Sharps
funding plans in exchange for drastic changes at
the century-old firm, including selling overseas TV
assembly plants and shutting solar panel
businesses in Europe and the US.
Sharp, which produces air conditioners,
microwave ovens and TVs, expects to lose more
than 100bn yen this business year, sources say,
savaged by competition from rivals led by Samsung.
Lenders offer Sharp
a 210bn yen lifeline
BY CITY A.M. REPORTER
NIKE last night reported first quarter earnings 12
per cent lower than the same period last year as the
higher cost of raw materials took its toll on the
sportswear giant.
For the three months to the end of August,
Nikes net income fell to $567m (349.2m), or
$1.23 per share. That compares with net income of
$645m, or $1.36 per share, last year. Revenue rose
10 per cent to $6.67bn from $6.08bn last year.
Future orders, or orders of Nike branded shoes
and clothes scheduled for delivery from
September 2012 until January 2013, rose six per
cent. Last year, future orders were up 16 per cent.
However, orders in the China region, which
includes Taiwan and Hong Kong, fell five per
cent worst than anticipated and confirming a
slowdown in one of its main markets.
The shares fell almost four per cent in after-
hours trading.
Nike results marred
by slowdown in its
key Chinese market
BY KATIE HOPE
15
NEWS
CARMAKER Toyota plans to ramp up
production of its Auris models in the UK, its
European head Didier Leroy said yesterday.
He pledged new work for Toyotas Derbyshire
factory while speaking at the Paris Auto Show,
where car firms have been trying to brush off a
gloomy European market to flog models to
markets in the rest of the world.
Some firms warned that the slowdown in
Europe will keep sales flat for the next two
years, while several launched no-frills cars in an
attempt to lure price-conscious shoppers.
There were no such qualms for Jaguar,
however, as it roped in singer Lana Del Ray to
unveil its new F-type model.
Toyota pledges more
UK work at car show
BY MARION DAKERS
ARSENAL bucked the trend in the typically loss-
making world of top flight football yesterday,
announcing a 36.6m pre-tax profit for financial
year 2011-12.
Londons biggest clubs pre-tax earnings were
up from 14.8m the previous year, although the
rise was considerably boosted by player sales.
Retained profit came in at 29.6m. Revenues
were down from 255.7m to 243m, yet this was
due to lower property sales. Turnover from
football activities rose from 225.4m to 235.3m.
Two thirds of Arsenal is owned by American
businessman Stanley Kroenke, while billionaire
Alisher Usmanov owns nearly 30 per cent.
Arsenal shoot way to
37m pre-tax profits
BY JULIAN HARRIS
IN BRIEF
Petrofac nets $200m contract
Oil services firm Petrofac yesterday
announced it had been awarded a
$200m (123m) deal by Kuwait Oil
Company for a new power distribution
network. The engineering,
procurement and construction
contract, which will take 24 months to
complete, involves FTSE 100-listed
Petrofac building substations and
improving power supplies to Kuwaits
onshore oil fields.
Production up at Atlantic Coal
Pennsylvania-focused Atlantic Coal
yesterday unveiled increased
production and revenues over the first
six months of 2012. The AIM-listed
coal production firm reported a 17 per
cent increase in coal production to
69,415 tonnes, up from 59,533 tonnes
last year. Revenue spiked 19 per cent
to $8.9m (5.4m), up from $7.5m in
the first half of 2011. As a result, profit
jumped 79 per cent to $1.5m.
Frontera Resources reports loss
Frontera Resources swung to a loss
in the first half of this year, reporting a
net loss of $4.4m (2.7m) from $11.2m
over the first half of 2012. The oil and
gas exploration and production
company, whose core operations are
in Georgia, reported increased crude
oil sales of $3.3m, up from $3.1m last
year. The oil and gas company is
currently expanding its ventures in the
Black Sea.
THE GOVERNMENTS Tech City proj-
ect has seen its first successful exit,
with Shoreditch-based Facebook
application developer iPlatform sold
to Irish marketing firm Betapond.
iPlatform was founded by entrepre-
neurs Joshua March and Dan Lester
in 2008, shortly after Facebook
allowed outside developers to create
software on the website. The firm
designs social apps for the likes of
McDonalds and The
Economist, and was the
first British firm to
gain Facebooks recog-
nition as a preferred
marketing developer.
Its sale, the value of
which was not dis-
closed, is a success for
Number 10s Tech City
initiative, which has
championed iProspect
and other technology
startups in London.
Tech City first as
Facebook app
developer sold
BY JAMES TITCOMB
March, who is leaving iPlatform to
focus on his other startup
Conversocial, told City A.M. that the
support of Tech City has given the
scene credibility, and its becoming
easier and easier to set up companies,
its less of a risk.
Benjamin Southworth, deputy chief
executive of Tech City, said: To see a
home-grown Tech City company such
as iPlatform achieve such success
shows the potential of our tech com-
munity here in the UK. Its going
from strength to strength.
Betapond, which has offices in
Dublin and San Jose, will
employ around 30 people in its
London office.
In a separate deal, London
email security firm Mimecast
raised $62m (38m) from US
investors in a funding round
valuing it at $300m.
WANdisco PLC
27Sep 21 Sep 24Sep 25Sep 26Sep
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330
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370 p 360.00
27Sep
Joshua March is leaving iPlatform,
which he co-founded four years ago
TUBE union the RMT yesterday
said it will ballot drivers for
industrial action over plans to
introduce driverless trains to the
London Underground.
The union is angry at imminent
tests of driver-free Tube trains on
the Jubilee line, which it argues
could lead to unstaffed stations
and ticket offices.
Every train must have a driver,
to ensure the safe and effective
running of the Underground,
said the RMT general secretary
Fresh Tube strike looms as RMT
ballots over driver-free trains
BY MARION DAKERS Bob Crow.
Plans to scrap drivers or
reduce their driving duties are
risking safety, services and jobs
and are motivated by saving
money and undermining trade
unionism.
Mayor of London Boris Johnson
said during his reelection
campaign that entire lines could
become automated.
The RMTs ballot comes just
months after transport unions
threatened to walk out during
the Olympic and Paralympic
games in a dispute over bonuses.
FRIDAY 28 SEPTEMBER 2012
16
NEWS
cityam.com
RMT general secretary Bob Crow is squaring up to Boris Johnson over automated trains
EU steps up antitrust fight with
Microsoft over Internet Explorer
MICROSOFT moved closer to a
showdown with the EU yesterday
when the European Commissions
antitrust chief said it was close to
charging the tech giant over its
failure to comply with competition
law.
Joaquin Almunia, the EUs
competition commissioner, said it
would soon lodge formal objections
with Microsoft over its failure to
offer a choice of web browsers
other than its own Internet
Explorer software, opening the
door for the company to be fined.
The next step is to open a
BY JAMES TITCOMB
formal proceeding into the
companys breach of an agreement.
We are working on this, Almunia
said.
Microsoft was told to offer a
range of browsers on its Windows
operating system in 2009, but has
failed to do so on millions of
computers, according to the EU.
Microsoft has put its failure down
to a technical glitch related to a
software update, and declined to
comment yesterday.
An EU spokesperson told City A.M.
yesterday that the supposed glitch
is not the point, because what
matters is that [Microsoft] has
breached the agreement.
The EU will now make clear its
objections to Microsoft, giving it a
chance to respond before it levies a
fine. The company could face a fine
of up to 10 per cent of its global
revenues, although this is believed
to be unlikely. Chipmaker Intel was
handed a 1.06bn (842m) charge in
2009 over anti-competitive
practices 4.15 per cent of turnover.
Internet Explorers market share
in Europe has roughly halved since
2008 to 29 per cent this year, as it
has lost out to Googles Chrome.
Chrome controls 29.3 per cent of
the market, while Mozillas Firefox
has 30.3 per cent, according to web
research firm Statcounter.
WANdisco eyes new investment
after landmark technology IPO
BRITISH software firm WANdisco
said yesterday that it would spend
the cash from its summer initial
public offering (IPO) on
significantly expanding its staff as
the company invests in the fast
growing big data market.
Sheffield-based WANdisco has
pocketed $26m (16m) from its
float on Aim in June and has seen
its shares rise 75 per cent since the
float. In its first earnings report as
a public company yesterday, it said
revenue had risen 53 per cent in
the first half of the calendar year to
$2.92m.
BY JAMES TITCOMB
WANdiscos float has been one of
the few successful technology IPOs
in recent months, with the offering
more than three times
oversubscribed.
Chief executive officer David
Richards said: We laid out clear
objectives when we listed on Aim
including sales growth and product
expansion. I am delighted that we
are meeting and exceeding those
goals so rapidly following flotation.
The firm provides collaboration
software, which allows customers
including Barclays, Hewlett Packard
and Intel to work together. Richards
said WANdisco had added 23 new
clients in the first half of the year.
The firm continues to make a
loss, posting a $3.6m deficit over
the period, although growth
impressed investors, sending shares
up more than 14 per cent yesterday.
VODAFONE will have to spend
500m on integrating Cable &
Wireless Worldwide (CWW)s
infrastructure into its own
network, the firm announced
yesterday, as it counted the cost of
the 1.3bn acquisition.
However, Vodafone said the
benefits of the purchase were
better than many analysts had
expected, leading to cash
generation of 150m-200m by
2016.
CWW was sold in July as
Vodafone aims to bolster its
network to cope with the growth
in data usage and improve its
business sales. CWWs 12,400
miles of fibre cables around the
Vodafone will have to fork out
500m to make most of CWW
BY JAMES TITCOMB
UK will also relieve Vodafones
dependence on renting lines from
suppliers such as BT.
CWWs newly-appointed chief
executive Nick Jefferey said the
first priority was to stabilise the
telecoms firm and stem the
declining revenues. It just takes a
long time for this ship to turn
around, and its that we see taking
18 months to two years, he said.
Jack Rich at Espirito Santo said
the length of time for the deals
benefits to accrue was a
disappointment.
March 2016 is more than three
and a half years after the deal
completed, he said, adding that
the delay was a reflection of the
poor state that the CWW business
had descended into.
FOUR companies are believed to
have submitted bids for the Essex
Thameside rail route by
yesterdays deadline.
The Department for Transport
received proposals from National
Express, which currently runs
the route under the c2c name, as
well as FirstGroup, Abellio and
London Overground operator
MTR.
All four firms were shortlisted
last March.
The winner, to be announced
by the department in January,
will run the route between
Fenchurch Street and Southend
for 15 years from the start date
of 26 May 2013.
Bidders line up to take on the
Essex Thameside rail franchise
BY MARION DAKERS The government wants the
eventual operator to upgrade to
smart-ticketing such as the
Oyster card, improve
accessibility and keep up the
routes punctuality record.
National Express trumpeted its
bid with new figures that
showed a punctuality rate of 98.7
per cent in the four weeks to 15
September on the c2c route.
We believe the bid for the new
franchise that weve submitted
today builds on c2cs current
industry-leading performance,
provides a high quality service to
customers, and delivers excellent
value to both farepayers and
taxpayers, said Andrew Chivers,
managing director for rail at
National Express.
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David Clulow Opticians, Dorothy Perkins (excluding Friday),
Dune, French Connection, Gap, Hackett,
Jaeger London Menswear, Jaeger London Womenswear,
Jones Bootmaker, Kurt Geiger, L.K.Bennett (excludes Signature
and Black Ribbon Collections), Levis, Links of London,
Phase Eight, The Rejuvenation Clinic & MediSpa (services only),
Robert Dyas, SeanHanna (services only),
Smollenskys Bar & Restaurant, Sweaty Betty, Ted Baker,
Thomas Pink (on purchases of 150 or more), Tie Rack,
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IN BRIEF
Lack of lending hurting retailers
The lack of mortgage lending to
first time buyers is not only hurting
the housing market, but also retailers
selling tools, homewares, and
furniture, data revealed today.
Boosting lending would have a knock-
on effect on these markets, the data
released jointly by Genworth, the
British Retail Consortium and KPMG
showed. A lack of lending leads to a
lack of productive spending, said
Genworth boss Angel Mas.
UK consumers less downbeat
UK consumer confidence grew in
September, an index from market
research firm GfK revealed today, but
households were still gloomy. Their
headline index grew from minus 29 in
August to minus 28 in September,
putting the index two points above
September last year. Even a one
point increase...will offer some
grounds for optimism to the
government after such a stagnant
summer, said Nick Moon at GfK.
Under 40s plan to leave the UK
A growing proportion of UK citizens
under the age of 40 are seeking
advice from wealth managers about
moving overseas, the deVere group
claimed yesterday. The third quarter
saw a 36 per cent upturn in the
number of under 40s seeking advice
on emigrating, the firm said. But chief
executive Nigel Green said the country
could ill afford to lose these people
since they were key [to] driving the
UKs economy forward.
US GROWTH estimates for the second
quarter were slashed yesterday while
durable goods sales slumped, but
American unemployment continued
on its steady downward trend.
Real GDP increased at an annualised
rate of 1.3 per cent in the second quar-
ter, the Bureau of Economics third
estimate revealed, lowering its second
estimate by 0.4 percentage points.
On the quarter, the US economy
expanded by just 0.3 per cent in the
three months to June.
The revision was due to a $5.3bn fall
in farm inventories, after their $1bn
dip in the first quarter, due to the
worst drought for decades, as well as
weaker consumer and business
spending than previously estimated.
Adding to this less optimistic pic-
ture was the 13.2 per cent collapse in
new durable goods orders in August,
according to Commerce Department
data, the biggest fall since the height
of the recession in January 2009.
However analysts said this data was
extremely volatile due to commercial
aircraft component sales. Dont
panic, said Paul Ashworth, top US
Second quarter
US GDP growth
revised down
BY BEN SOUTHWOOD
economist at Capital Economics,
Commercial aircraft orders fell by a
stunning 101.8 per cent month on
month. Excluding transport from the
data, new orders were down just 1.6
per cent, a small reversal of the 3.3 per
cent July increase.
The labour market was a lone source
of good news. The headline seasonally
adjusted measure of new unemploy-
ment benefit claims declined 26,000,
dropping from 385,000 to 359,000 last
week. And total claims also declined,
although the data is for a week earlier.
Seasonally-adjusted insured unem-
ployment declined 4,000 into the
week ending 15 September, while the
underlying figure dived 94,416.
SOURCE: US DEPARTMENTOFLABOUR
Fewer and fewer claimunemployment benets in the US
Sep12 Sep10 Sep08 Sep06
1m
0
2m
3m
4m
5m
6m
7m
In
s
u
re
d
u
n
e
m
p
lo
y
m
e
n
t
Notseasonallyadjusted
Seasonallyadjusted
HOUSE BUILDING continued to
slump in 2012, a lobby for
homeowners revealed today,
continuing the chronic
undersupply in the UK market.
New home registrations
declined to 9,553 in August, four
per cent below last years figure
of 9,978, according to data from
the National House-Building
Council (NHBC). This brought the
total for the year-to-date up to
72,740 meaning the first eight
months of 2012 saw some 15 per
cent fewer applications than the
same period last year.
Industry body says new house
undersupply is getting worse
BY BEN SOUTHWOOD Viewing new home
registration figures in absolute
terms, year to date, underlines
the real scale of the challenge
facing the whole house building
industry at the moment, said
Richard Tamayo at NHBC.
Tamayo said government
intervention was needed, but
that it could only be successful if
state and industry worked
together.
The continued undersupply of
new housing means the UK is
missing out on a potential source
of much needed economic
growth this obviously needs to
be addressed, Tamayo added.
FRIDAY 28 SEPTEMBER 2012
18
NEWS
cityam.com
Thousands fewer new homes are being registered in 2012 than were during 2011
| PROMOTION
Terms of Prize: Prize is valid for stays on a Sunday Friday evening, excludes Saturday evenings and bank holidays. The prize is valid for stays up until 30th April 2013 and will not be extended after this date. The winner is respon-
sible for any extras during their stay. Prize is subject to availability and prior booking. Foxhills Club & Resort will never share data with third parties, and will time to time keep you up to date with news and exclusive offers from the
Club, should you wish not to be included please let us know by adding no after your answer. Dont worry you will not be bombarded.
FOXHILLS, SURREY GET BEHIND EUROPE FOR 2012 RYDER CUP
CHANCE TO WIN A GOLF BREAK
AT THE LEGENDARY GOLF RESORT FOXHILLS, SURREY
City AMreaders have the chance to
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ers of current golfing star Paul Casey.
The quintessentially English Resort
Hotel is conveniently located in the
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utes from central London & 15 minutes
from Heathrow.
Foxhills Club & Resort is proud to
boast 2 championship Golf Courses
former home to The European Tour
School, a challenging Short Course (
Par 3), State of the Art 14 bay Driving
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rooms, 70 bedrooms and home to 13
categories of private and corporate
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Foxhills pride themselves on their
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This year has seen Foxhills invest
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19
FRIDAY 28 SEPTEMBER 2012
cityam.com
LONDONREPORT
Smith & Williamson
Nick Murphy has been appointed
as investment management
director in the professional and
financial services firms London
office. He joins from Quilters,
where spent 13 years and was
most recently co-manager of
gross funds. Murphy also sat on
the asset allocation and charity
committees at Quilters, and he is
an associate of the Chartered Financial Analysts (CFA)
Society of the UK.
Sberbank CIB
Robert Hagon has been appointed as managing director
and co-head of equity sales trading at the Russian bank. He
has over 25 years experience in equity sales trading, and
was most recently head of the London-based emerging
market sales trading team at Renaissance Capital. Hagon
has also held senior roles at UBS.
UBS
Jasper Tans has been appointed as a managing director in
UBSs Europe, Middle East and Africa equity capital markets
division. Based in London, he will have specific
responsibility for Scandinavia and the Benelux. Tans joins
from Goldman Sachs, where he was a partner managing
director in its European financing group. Tans was also
previously head of its Japanese financing group.
Jones Day
The law firm has appointed Jules Quinn as an employment
partner in its London office, effective 5 November. She joins
from Nabarro, where she is head of employment. Quinn is
experienced in advising on both contentious and non-
contentious employment matters, and specialises in
advising US companies based in the UK.
Towers Watson
Dan Perrett has been appointed to the role of senior
consultant in the professional services firms executive
compensation team. He was previously a partner at Hewitt
New Bridge Street. Perrett has 17 years experience in
similar roles.
Abercrombie & Kent
The luxury travel company has appointed Robert Green as
general manager of A&K International Estates, its new real
estate division. He joins from Six Senses Private Residences,
where he was director of sales and marketing. Green was
also previously a director of Cluttons Resorts.
BLP
The law firm has announced the appointment of Nick Jones
as a senior associate in its commercial dispute resolution
team. He specialises in financial services litigation, and
previously worked at Addleshaw Goddard.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Spains reform
plans help ease
Wall Sts pain
T
HE S&P 500 snapped a five-day
string of declines in a broad-
based rally yesterday, as Spains
plans for economic reform
eased some worries about one of the
Eurozones most troubled countries.
The benchmark S&P 500 rose one
per cent, its biggest percentage gain
since the Federal Reserve announced
its plan for a third round of stimulus
on 13 September.
Spain announced a detailed
timetable for economic reforms for
the fiscally troubled nation and a
tough 2013 budget based mostly on
spending cuts.
Any information that gives some
understanding about whats going to
happen is good for the market. Its
small news, but more certainty is
good, said Giri Cherukuri, head
trader at OakBrook Investments.
The EUs Economic and Monetary
Affairs Commissioner, Olli Rehn,
said Spains detailed timetable for
economic reforms goes beyond what
the European Commission has asked
of Spain. Rehn said it is an ambitious
step forward.
Gold stocks ranked among the
days bigger gainers in the wake of
Spains news; the PHLX gold/silver
index jumped 3 per cent.
Adding to the rally was a last-
minute push by investors to
reposition portfolios ahead of the
quarters end, with the S&P 500 on
track for a gain of 6.2 per cent in the
third quarter. Friday will be the
quarter's last trading day.
What weve seen is broadly a
consolidation, but also an attempt by
fund managers to position properly
for the rest of the year, to be in the
best sectors, said Bruce Zaro, chief
technical strategist at Delta Global
Asset Management in Boston.
The Dow Jones industrial average
shot up 72.46 points, or 0.54 per
cent, to 13,485.97 at the close. The
Standard & Poors 500 Index rose
13.83 points, or 0.96 per cent, to
finish at 1,447.15. The Nasdaq
Composite Index gained 42.90
points, or 1.39 per cent, to close at
3,136.60.
While the Nasdaq led Thursday's
gains, it also led the markets
declines earlier this week its
volatility possibly reflecting
investors nervousness about the US
economic outlook, analysts said.
Apple, up 2.4 per cent at $681.32,
gave the biggest lift to the Nasdaq.
The semiconductor index gained 2.3
percent, bolstering the Nasdaq 100.
Intel was up 1.9 per cent at $23.09.
After the bell, US-listed shares of
Research In Motion (RIM) surged 15
per cent to $8.21 after the Canadian
maker of the BlackBerry reported a
smaller-than-expected quarterly loss.
In the regular session, the stock
closed at $7.14 up two per cent.
On the deal-making front, Tempur-
Pedic International agreed to buy
rival mattress maker Sealy for about
$242m and assume about $750m in
debt. Tempur-Pedic shares jumped
14.4 per cent to $30.64.
G
AINS by bank and mining stocks
helped lift Britains benchmark
share index yesterday, although
investors said worries over the
Eurozone could limit further moves
higher and favour more defensive sectors
such as food or health stocks.
The blue-chip FTSE 100 index, which
fell 1.6 per cent on Wednesday to a three-
week low, recovered slightly to close up
0.2 per cent, or 11.33 points higher, at
5,779.42 points.
Traders said talk of new central bank
stimulus measures from the likes of
China or the Bank of England was
preventing equity markets from sliding
on worries over the global economic
slowdown and the Eurozone sovereign
debt crisis.
A revision of second-quarter GDP (gross
domestic product) data showed the UK
economy contracted less than forecast,
but most economists expect the Bank of
England to extend a programme of
quantitative easing to help the economy.
Financial and mining stocks, which
carry the most weight on the FTSE, also
benefited from talk that China, which
injected a net $58bn into money markets
and is the worlds biggest metals
consumer, might take new steps to boost
its economy.
Gains on bank stocks such as HSBC and
Barclays, and on miners such as Rio
Tinto and Anglo American, added the
most points to the FTSE 100.
Ive bought some of the miners, such
as Lonmin. The price of copper is still
strong, and theres expectation of more
stimulus measures from China, which
would help the miners, said Hartmann
Capital trader Basil Petrides.
However, Petrides said he was spurning
bank stocks for now: Theres too much
volatility in them. I think theres
probably more downside to come.
Technical charts painted a mixed picture
on the FTSE 100, with traders seeing the
market remaining in a range from 5,600-
5,800 while uncertainty remains over the
Eurozone crisis, with Spain under
pressure for a bailout and Greece
struggling to meet the terms of its rescue
package.
Petrides said that if the FTSE ended
today above the 5,800 level, it could push
on to reach 5,865 points.
However, Securequity sales trader Jawaid
Afsar saw further declines on the FTSE
100 potentially pushing it down to the
5,600 mark.
Nevertheless, several investors said
money was still flowing into equity
markets, away from cash or bonds, since
the central banks injection of liquidity
had pushed benchmark bond and cash
yields to such historically low levels.
Traditionally defensive equity sectors,
such as food, healthcare or utility stocks
which are less dependent on the
economic growth cycle, offer better
yields than cash or bonds via their
dividends.
According to Thomson Reuters
Starmine data, the FTSE 350 index
currently has an average dividend yield
of 3.5 percent above yields of around
1.7 percent on UK 10-year government
gilts.
Bonds are yielding around 1.5 per cent
while cash yields are at 0.5 per cent, so
relative to that, the equity market looks
pretty interesting, said Franklin
Templeton fund manager Colin Morton,
whose UK equity income fund is up
around 10 per cent so far this year.
Morton said he was sticking with
weighting his portfolio towards
healthcare, utilities and tobacco stocks.
Regardless of the index levels, we
think there are opportunities out there,
he said.
FTSE edges up as banks and mining
shares find favour with investors
BESTof theBROKERS
Cineworld Group PLC
21Sep 24Sep 25Sep 26Sep 27Sep
p 254
252
250
248
246
244
246.00
27 Sep
CINEWORLD
Panmure Gordon has downgraded the multiplex chain to sell from
hold, and has cut its target price to 220p from 230p. Cineworld saw
low admissions during the Olympics. The coinciding releases of
blockbuster franchises such as the Hobbit and James Bond are expected
to bring the strongest trading in the last two months of the year but
too late to improve Cineworlds full year figures, the broker adds.
FTSE
21Sep 24Sep 25Sep 26Sep 27Sep
5,900
5,875
5,850
5,825
5,775
5,800
5,779.42
27 Sep
DASHBOARD CITY
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YOUR ONE-STOP SHOP FOR JOB MOVES,
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ICAP PLC
21Sep 24Sep 25Sep 26Sep 27Sep
p 345
340
335
330
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27 Sep
ICAP
Singer Capital Markets lowered the voice and electronic dealer brokers
target price from 385p to 345p, while downgrading shares from buy
to fair value. Singer said Icap will remain a relatively low rated stock,
citing a muted voice and electronic business over the summer. Icap
expects a more seasonal bias in the second half of the year, in the
absence of Jubilee and Olympics influence on the industry.
Firstgroup PLC
21Sep 24Sep 25Sep 26Sep 27Sep
p 256
254
250
252
246
248
244
251.20
27 Sep
FIRSTGROUP
Liberum rates the transport company buy with a 305p target price,
ahead of its pre-close trading statement next Tuesday. The broker
expects falling numbers in the firms US bus business to bottom out in
this half, with earnings and margin improvements in the future. However,
growth in UK buses is set to slow further, Liberum adds, and says the
ongoing West Coast franchise dispute is weighing on Firsts shares.
F
ACTS arent what they used to
be. When I started school,
Pluto was a planet and carbon
came in just three flavours:
diamond, soot and graphite.
By the time I left for university, a
fourth kind of carbon had been
announced, football-shaped
buckminsterfullerene. And, thanks
to Plutos reclassification six years
ago, there are now just eight planets
in our solar system, not nine. Its
hard to keep hold of truth when its
become this slippery.
That, however, is the premise
behind Sam Arbesmans The Half-Life
of Facts, which explores the
predictable ways in which modern
knowledge is evolving. Its an
important subject, and vital, for
T
HE on-going Eurozone crisis
proves all those who
highlighted the design flaws of
the single currency were right.
They said it would be
impossible to maintain common
competitiveness between disparate
economies like Germany and Greece
without fiscal transfers. The result
would be significant and damaging
imbalances. This was not inevitable,
but it was always unlikely the
Southern European states would
achieve the lasting structural reforms
required to make it work. So it proved.
The Spanish austerity measures
announced yesterday, for example,
highlight how the Southern countries
are now belatedly undertaking inter-
nal devaluation policies to try to
restore competitiveness. But the politi-
cal failure to liberalise during the good
years has meant that these are proving
excruciatingly painful. The scale of the
adjustment required is economically
damaging and politically toxic for
national governments and the
European project.
In this context, it has proven easy for
cityam.com/forum
Total spending
was cut by 10 per
cent in just two years
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
FRIDAY 28 SEPTEMBER 2012
RYAN BOURNE
Estonia proves that its possible to
cut spending and continue to grow
many Keynesian economists to use the
example of the Southern European
countries to suggest that austerity in
the wake of the downturn is always
self-defeating. We have a demand
problem, they say, and the public
finances and ballooning debts can
only be sorted once growth returns.
But curiously, those who propose
Keynesian solutions neglect to high-
light the examples of the Baltic coun-
tries. Estonia, for example, is a clear
case-study of a country which has fully
embraced austerity within a fixed
exchange rate structure.
The Estonian economy had been
growing at an average rate of 8.2 per
cent per annum between 2004 and
2007. As with the experience of other
Eurozone countries, its open capital
account, decreased risk profile and
currency board (the precursor to euro
entry) facilitated substantial capital
inflows, which led to large booms in
credit and real estate beyond its funda-
mentals. It had a current account
deficit of around 18 per cent of GDP in
2007, and these huge capital inflows
were passed through into domestic
loans, causing an explosion of private
sector debt and damaging inflation.
When the artificial boom unravelled
the results were devastating. A tighten-
ing of lending conditions in 2007 by
the Nordic banks, followed by the
financial crisis, led to credit and
exports collapsing. GDP in the first
quarter of 2009 was 15.1 per cent lower
than a year before.
Faced with shrinking revenues, the
IMF forecast Estonias budget deficit
would be 10 per cent of GDP in 2009
on unchanged policies which would
mean delaying euro entry. Given the
scale of the economic challenge facing
the government, many were con-
vinced that devaluation of the kroon
and traditional Keynesian remedies
were required to restore lost output.
But the Estonian government had
other ideas. Instead, it cut its spending
drastically, explaining to the Estonian
people that the surging revenue
growth of the previous years had been
driven by illusory prosperity. Total
spending was cut by 10 per cent in just
two years, with operational expendi-
tures in the public sector taking the
biggest hit. Civil servants and ministe-
rial salaries were slashed. VAT was
increased from 18 per cent to 20 per
cent, but the country maintained its
flat tax at 21 per cent.
This did, of course, come at a large
short-term price. From peak to trough
output fell by 17.4 per cent, and unem-
ployment spiked at 19 per cent in 2010.
But since then, unemployment has
fallen back quickly to just over 10 per
cent today, and the economy grew by
3.3 per cent in 2010, 8.3 per cent in
2011, and is forecast to grow by 1.6 per
cent in 2012 and 3.8 per cent in 2013.
The budget was back in surplus by
2011. Public debt as a proportion of
GDP is just 6 per cent and the current
account deficits have been quickly
reversed.
Of course, the country has chal-
lenges. But Estonia proves that a turn-
around through swift, sharp austerity
is possible for a country provided it has
stable pre-existing conditions, or is
willing to undertake radical supply-
side reform alongside curbing spend-
ing. Its these conditions that are
wrong in southern European coun-
tries, which have excessive borrowing,
unsustainable welfare states, high
debt burdens, unreformed and illiber-
al labour markets, excessive and bur-
densome regulation and
dysfunctional banking sectors. Reform
on these fronts is just as important as
reining in spending.
Ryan Bourne is head of economic research at
the Centre for Policy Studies. His paper,
Estonia: a case study on how and why Estonia
embraced austerity, is published today.
example, in working out how to keep
professionals expert in their own
fields when so much can be expected
to change after they qualify.
Given the steadily declining half-
life of regulatory expertise in
financial services, the City and its
regulators would do well to think
about this more. Thomson Reuters
reported in March this year that one
in three finance compliance
professionals now spends a full day
each week just keeping up with the
latest rule changes.
Keeping up with the new can
come at the expense of the
permanent. David Camerons
performance on the Late Show with
David Letterman this week was both
depressing and telling. Our
supposedly well-educated Prime
Minister, all-too-conversant with
every modish buzzword, appeared
unaware what Magna Carta means.
Some things stay true, including
the value of human freedom, habeas
corpus and the consent of the
governed. Thats because we
ourselves remain the same. Iris
Murdoch once wrote that we
recognise good or decent people in
times and literature remote from
our own. [...] It is just as important
that Patroclus should be kind to the
captive women as that Emma should
be kind to Miss Bates, and we feel
this importance in an immediate
and natural way in both cases, in
spite of the fact that nearly three
thousand years divide the writers.
Old books, as well as new, can still
offer lessons on everything from
kindness to leadership.
Happily, a very public reminder of
human natures persistence is
coming to town. Goldman Sachs will
sponsor a British Museum exhibition
from Pompeii next year. Exhibits will
include a wall painting of a small
businessman, the baker Terentius
Nero, and his wife, both holding
writing materials, indicating the
value the pair placed in their own
time on being literate and cultured.
Most moving of all will be the
casts of the eruptions victims,
frozen in the postures in which they
met their death. The casts in
existence are full of human stories
that touch us as immediately as the
tragedies of Greece or the comedies
of Jane Austen. Two parents and
their children crouching under the
stairs. A man cradling a womans
head in his lap. Pompeiis memento
mori warns that whatever new
lessons we must learn, our common
humanity endures and must not be
forgotten.
Marc Sidwell is managing editor of
City A.M.
THE LONG
VIEW
MARC SIDWELL
Facts may be slippery but the most important human qualities remain true
21
FRIDAY 28 SEPTEMBER 2012
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
Pensions fiasco
[Re: Auto-enrolment will fail unless it
fosters a broader savings culture,
yesterday]
The main reason why weve seen a decline
in long-term savings is government
interference in the economy, and a similar
lack of willingness to tackle the scourge of
inflation. Most savings have lost their real
value over time, partly due to repeated
bouts of quantitative easing, and high costs
are piled on pensions administrators. Britain
used to have one of the most successful
pensions industries in the world. But now
the government clamours for us all to save
for retirement, but cuts away the ground
from beneath our feet when we try to do so.
Auto-enrolment wont plug the gap.
DerekBuxton
Ros Altmann is right to point out that,
without radical pension reform, many
investing in private pensions will fail to see
any benefit. What she fails to mention is
that this is exactly what the pensions
minister is planning to introduce. His plans
for a flat rate pension, and the simplicity it
would bring to the entire pensions system,
have been welcomed by both the chancellor
in his last Budget and the pensions industry
more generally.
Paul Hodgson
Altmann criticises pensions means testing.
But, its simply not tenable to allow rich
pensioners the same benefits as the poor.
Government finances wont allow it.
LindaBlackthorne
I
WAS never totally convinced by
Harry Potter. Evil was a little too
obvious it would appear with a
theatrical dimming of the lights,
dominating, cruel and selfish.
And good was too obviously good. JK
Rowling likes to neatly marshal her
leading actors, and to draw her
readers along a pre-determined path
towards an inevitable end. Of course,
the magic of her imagination is
wonderful and inventive, but her
characters and story have often felt a
little predictable.
I was excited to see whether her
first attempt at adult fiction, The
Casual Vacancy, could carry an origi-
nal story without the cushion of wiz-
ards and magic. Set in the village of
Pagford rather like Agatha
Christies later imaginings of St Mary
Meade, in her Miss Marple books
the story centres on a battle over an
empty seat on the parish council. Its
the latest in a long line of novels to
unpick the tensions wrestling under
the surface of peaceful English life.
This doesnt mean comedic scuffles
over bake sales and charity raffles. Its
a gritty book, even grubby. The plot
starts with the death of Barry
Fairbrother (the hero or anti-hero,
depending on your view), who col-
lapses in the golf club car park after a
brain aneurysm. And, although
Rowling returns to her perennial
favourite subject the growing pains
of teenagers this adult novel is
more concerned with crude sexual
development than accidents with
over-powerful charm potions.
In some ways, The Casual Vacancy
is disappointing. Others have looked
at village life and left the reader
pleasingly uncertain over who
should triumph and who should be
routed. And the central plotline
whether an unfortunate council
estate should be the responsibility of
pretty Pagford or a larger nearby
TOP TWEETS
Catalonias independence could push Spain
out of the Eurozone. But, if Spain cant
afford membership, it should leave anyway.
@traquir
China is creating a new economy the size of
Greece every twelve and a half weeks. That
puts the Eurozone crisis into perspective.
@Sarah_Buckley
Its a sad situation when the UK economy
shrank less than thought is a positive
headline.
@benni_tweets
Nick Clegg describes the majority of British
voters, who oppose the EU, as insular,
chauvinistic and short-sighted.
@DanHannanMEP
As crisis deepens in Spain, could Catalonia
succeed in its desire for full independence?
YES
Political regimes collapse when governments no longer command the
peoples respect. So, when approximately 1.5m Catalonians, of a total
population of 7.5m, take to the streets demanding independence, we
should take note. Catalonia has disproportionately born the brunt of
cuts, with public investment by the national government cut by 45 per
cent in the region, compared to 25 per cent across Spain. Catalonia
does not have autonomy over its tax affairs and annually spends
16bn (12.7bn) less than it collects. Secession isnt guaranteed. But
Catalan President Artus Mas believes that dependence on Spain is
cutting the wings of social progress, echoing the sentiment of many
Catalans, who will vote in an independence referendum in November.
For Spain, losing its wealthiest region, which accounts for one-fifth of
GDP, would be devastating. But the Eurozone crisis has shown: take
nothing for granted.
Yogesh Chandarana is business features writer at City A.M.
Yogesh Chandarana
NO
Vincenzo Scarpetta
Catalan President Artur Mas means business when he says that
Catalans should have their say on independence, with or without
Madrids consent. However, several obstacles still stand in the way of
an independent Catalonia. Firstly, nationalist parties need to secure a
sufficient majority in the upcoming Catalan elections to push ahead
with referendum plans. Secondly, assuming that the referendum
takes place, a victory for the pro-independence front would be hard
to ignore, but a unilateral breakaway would still be in breach of the
Spanish constitution. Thirdly, much like Scotland and the UK, an
independent Catalonia would need the green light from Madrid to
join the EU a major obstacle to Mass idea of making Catalonia a
normal nation in Europe. Constitutional reform moving Spain
towards federalism has been ruled out for the moment, but could
well return as an alternative to a full-blown divorce.
Vincenzo Scarpetta is a researcher at Open Europe.
RAPIDresponses
town arranges the characters onto
two stereotypical sides of a fairly dull
debate. Not everyone who lives on a
sink estate speaks like a Dickensian
pickpocket. Not everyone who ques-
tions their responsibility for drug
addicts is snobbish or ignorant.
But Rowling makes it clear who we
should hate. Theyre the gossips, the
monarchists, those without universi-
ty education, vain people, proud
shopkeepers, petty local officials, and
curtain twitchers. The best of Pagford
have a reliably broad idea of what
constitutes community. Howard
Mollison the obese delicatessen
owner and enemy of progress is
obviously bad because Rowling
implies he reads the Daily Mail.
As befits one of the Labour Partys
most famous supporters, Rowlings
weakness is in her view of property. If
you own a nice house, shouldnt you
let your neighbourhood change to
make the less fortunate happy? If
youve worked hard to build a busi-
ness, shouldnt you give some up for
others? Most have a more nuanced
understanding of this debate, but the
immensely rich Rowling is dogmati-
cally political.
The Casual Vacancy isnt a weak
book. Much of it is funny, even witty,
and there are glimpses of Rowlings
interesting personal story. But I
ended up liking her villains and hat-
ing her heroes. Even Daily Mail read-
ers deserve some sympathy.
Tom Welsh is business features writer at
City A.M. The Casual Vacancy, by JK
Rowling is out now.
TOM WELSH
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JK Rowlings new
book puts politics
before originality
22
FRIDAY 28 SEPTEMBER 2012
cityam.com
PROPERTY
W
hen searching for a house,
everyone has certain
criteria. This may include a
large garden, an open plan
kitchen or off street parking, but
how many of you include security?
The answer, it seems, is more than
you might think. London agents are
finding that security is becoming
increasingly important to their
clients, with wealthy buyers making
it a top priority. Although, perhaps,
not up to the American standards of
nuclear bunkers, fog blasts and eye
scanners, the UK is becoming far
more safety conscious.
The rise in international buyers,
who sometimes need to lock up and
leave their property for months at a
time, is largely responsible for the
trend. Lateral living is often the pre-
ferred choice, with high-rise apart-
ments decreasing the chances of
break-ins and robberies. With the
added benefit of a 24-hour concierge,
full-time security and secure under-
ground parking, these properties
often provide the complete protec-
tion they require.
The most frequently seen devices
are police-linked alarms, CCTV and
state of the art security centres,
allowing the owner to be the eyes
and ears of the house, even from
thousands of miles away. For high
profile individuals or those with
priceless collections these precau-
tions may not be enough. For some,
the film Panic Room is not very far
short of reality; steel vaults, bullet-
proof doors and secret rooms are
becoming more common.
Those who dont need a 24-hour
guard but want added protection
for their property may chose to hire
a private security company. In
Central London it is not uncommon
for local residents to club together
to hire security firms to patrol the
streets at night. Roddy Craggs, part-
ner at Knight Frank Kensington,
says these measures, have proven
to be extremely effective and popu-
lar, not only with the residents who
live there but with the potential
buyers.
Pressure pads, panic buttons and
fortified rooms not be your run of
the mill household accessories but,
for those with plenty to lose, they
have become an essential part of life.
For buyers unwilling to compromise
on security, property with high tech
systems pre-installed are a major sell-
ing point.
London agents see a surge in security
The rise in international buyers has seen an increased interest in ensuring that properties are safe and secure
South End, Kensington
Guide Price: 15.95m
This Fort Knox house
includes two panic
rooms with four inch
bulletproof doors, a
steel gun-safe for 24
firearms, an eight-inch
steel vault and two
separate CCTV systems. I
pity anyone unwelcome
who tries to get into this
house.
Contact Knight Frank on
knightfrank.co.uk
or 020 7938 4311
Balfour Place, Mayfair
Guide Price: 1.75m
If you want to plan a
quick getaway then this
property is ideal. With a
hidden escape route
through the wardrobe in
the bedroom, you will
never be caught out.
This lion, the witch and
the wardrobe house is
one unique find.
Contact Wetherell on
wetherell.co.uk
or 020 73493 6935
BY ALBANY BELL
The secret
passage
from
thebedroom
Kitchen/
reception
room
Bedroom
Ability Place, Millharbour E14
450,000leasehold
An excellent 18th foor, 701 sq ft, 2 bedroom 2 bathroom apartment on the north west
corner of the sought-after Ability Place development. Te property boasts commanding
Canary Wharf & City views & an excellent location close to South Quay DLR station.
Belgrave Court, Westferry Circus E14
655 per week
A stunning property in this prestigious Canary Wharf development. Te property boasts
2 double bedrooms, plus an additional study, spacious reception room, balcony with
direct river views & allocated parking. Te development benefts from porterage & is
located in the heart of Canary Wharf.
Canary Wharf & Docklands
020 7510 8300
sales.canarywharf@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8310
lettings.canarywharf@chestertonhumberts.com
Axis Court, Chambers Street SE16
569,500 leasehold
A spacious 2 bedroom apartment with a west facing terrace, excellent views of the Shard
& secure underground parking.
Bankside Lofts, Hopton Street SE1
750 per week
A truly amazing 2 bedroom loft style apartment with stunning views, located moments
from Millennium Bridge & Southwark underground station. Bankside Lofts is the
premier development of the South Bank area with access to gym facilities & 24hr
porterage.
Tower Bridge & City
020 7357 7999
sales.towerbridge@chestertonhumberts.com
Tower Bridge & City
020 7357 6911
lettings.towerbridge@chestertonhumberts.com
chestertonhumberts.com
4 reasons to sell this autumn
visit chestertonhumberts.com
020 7758 8478
www.portobellosquare.co.uk
MOVE IN
SPRING
2013
One bed apartments from 452,500
Two bed apartments from 660,000
In the heart of Notting Hill, off
Portobello Road, Portobello Square
offers a stylish collection of apartments,
mews and town houses.



























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FRIDAY 28 SEPTEMBER 2012
24
cityam.com
PROPERTY PROPERTY OF THE MONTH
L
OCATED in the pretty market
town of Woodbridge along the
banks of the River Deben, stands
this outstanding contemporary
home. This award-winning house is a
magnificent example of modern
design, which sits harmoniously
within its country landscape.
Having been built just three years
ago, buyers will benefit from the
installation of the most state of the art
technical and energy efficient fea-
tures. Fingerprint door entry and com-
puterised under floor heating, which
adjusts its temperature according to
the weather, are just two of the
impressive mod cons that are fitted
throughout.
Light and airy rooms give this large
property a sense of spaciousness and
provide spectacular views towards the
Deben. Sliding glass walls of the prin-
cipal rooms open onto the terraces
and decked areas to give a versatility
of living, which few houses possess.
The open plan layout provides a
model space for entertaining, with a
glass roofed dining room and wine
cellar being ideal for dinner parties. A
home cinema and games room ensure
that a night in will never be dull.
The upstairs consists of a master bed-
room with dressing room and en-suite
bathroom, a sitting room, shower
room, gym and four other bedrooms.
If this isnt enough for you then
Broom Heath also possesses a beauti-
ful outdoor pebble-lined swimming
pool. Enclosed within its own private
Broom Heath, Suffolk
Strutt & Parker
Guide Price 2.6m
garden, the pool has an outdoor enter-
taining and BBQ area, with changing
rooms adjacent.
Situated close to the main property
stands a self-contained annexe, which
houses its own spacious studio and
kitchen. Underneath there is a dou-
ble garage and a car port/boat store.
For additional parking there is also a
gated driveway, offering owners pri-
vacy and security. For those looking
for a country get-a-away, without
compromising on city lifestyle, then
Broom Heath answers all your
prayers. Woodbridge has a theatre,
cinema, swimming pool, and a multi-
tude of restaurants and cafs, with
two excellent schools being located
nearby. While Ipswich is just a short
trip away, with regular train services
to Liverpool Street allowing access
into London in just over an hour.
Contemporary architecture at its best
Broom Heath offers buyers a
wealth of entertaining spaces,
with numerous alfresco dining
areas and an outdoor pool.
Contact struttandparker.com or 01473 220444
By Albany Bell
*Rental yields calculated on average monthly rental gures based on the current market. For further details please speak to a Sales Executive. Prices correct at time of going to press.
Computer generated images are indicative of typical Taylor Wimpey homes. Travel times courtesy of National Rail. September 2012.
taylorwimpey.co.uk/southeast
TWO FANTASTIC
INVESTMENT OPPORTUNITIES!
PRINCES COURT
AT REGENCY PARK
2 BEDROOM APARTMENTS
FROM 121,995!
This is your latest opportunity to buy an apartment as an
investment in the beautiful town of Eastbourne.
Purchase price 121,995. Annual rental income 9,000
s ALLOCATED PARKING
s DESIRABLE COASTAL LOCATION
s HIGH SPECIFICATION
0845 026 3689
SCHOLARS COURT
1, 2 & 3 BEDROOM APARTMENTS
FROM 168,995!
A new development of 1, 2 & 3 bedroom apartments
with allocated parking spaces on the outskirts of
Crystal Palace.
Purchase price 168,500. Annual rental income 12,000
s BASEMENT PARKING
s 1/2 MILE FROM ANERLEY STATION
s CANARY WHARF & LONDON BRIDGE UNDER
30 MINS BY RAIL
s HIGH SPECIFICATION
0845 071 2174
7
AVERAGE
YIELD
ON BOTH

DEVELOPMENTS*
ANERLEY, LONDON SE20 8AX EASTBOURNE, EAST SUSSEX BN22 7PT
GET INTO THE FOLD
1 & 2 BEDroom
SHOW APARTMENTs NOW OPEN
STUDIOS, 1 & 2 BED APARTMENTs for sale
PRICES FROM 148,000
NO NEED FOR AN APPOINTMENT - POP IN!
MARKETING SUITE: 0203 040 8710
WWW.THEFOLDSIDCUP.COM
in conjunction with Cathedral Group
FRIDAY 28 SEPTEMBER 2012
26
cityam.com
PROPERTY NEW DEVELOPMENTS
Londons hottest residential
apartments on the market
RESIDENTIAL PROPERTIES
situated in the most central
locations of London are being
snapped up. With more and more
people looking to move to the
heart of the capital, a hoard of new
exciting developments have
emerged to fulfil this need. We
look at the best new residential
developments to recently come on
the market.
Roman House, City of London
The financial sphere has a new elite residential
development that will no doubt engage the interest of
many city workers. This comes in the shape of Roman
House, a boutique development of 90 apartments
that sit within walking distance of Londons stock
exchange. These apartments also overlook the most
complete section of the old Roman wall. Prices start at
499,995.
Contact Berkeley Homes on berkeleygroup.co.uk or 020 7920 9920
London Square, Leonard Street
These new cutting-edge apartments, located on
Leonard Street, are EC2s vibrant new address. This is
crowned with three beautiful penthouses, designed
by internationally acclaimed architects Allford Hall
Monaghan Morris. Overlooking a private courtyard
with projecting balconies, these apartments have
great views over the city. Launched on the 27
September, visitors will be able to view a show
apartment just off Great Eastern Street. Prices start at
565,000.
Contact Marion Hardman or Lucy Ball on
londonsquare@fourcommunications.com or 0870 626 9011
De Beauvoir Wharves, Kingsland
This is the third phase of homes at Kingsland
Wharves. This luxury canal side development boasts
of waterfront scenery and views over the Kingsland
Basin. All homes have their own private balconies or
terraces and come with a spacious open-plan living
layout. Landscaped walkways along the riverbank
and wetland eco areas nearby provide a natural oasis
in the city. Prices start at 295,000.
Contact Kingsland Wharves on kingslandwharves.co.uk
or 0844 406 9299
The Loxfords, Highbury Park
This three-acre site has been developed into a range
of lovely new homes. The scheme mixes 18 luxury
new-build town houses and 125 apartments, all
located within mature landscaped grounds. The
beautiful Victorian building Loxford house is part of
this new development and contains a range of
apartments. Launched on the 20 September, this is
fresh to the market. Prices start at 395,000.
Contact Mount Anvil on mountanvil.com or 020 7776 1800
Royal Arsenal Riverside is a 76 acre mixed use regeneration scheme on the banks of the River Thames
in the Royal Borough of Greenwich, just a short distance from Overground and DLR stations. On-site benefits
include 24 hour concierge, residents gym, Youngs pub and dining, Tesco Express, a proposed forthcoming
Crossrail station, health and wellbeing studio and Zipcar car share club.
www.royalarsenalriverside.co.uk
Proud to be a member of the Berkeley Group of companies
2 and 3 bedroom apartments available from 310,000. For more information call 020 8331 7130.
Sales and Marketing Suite and Show Apartments open daily 10am to 6pm (until 8pm on Thursdays).
Heritage location and a whole new lifestyle
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FINAL RELEASE OF ONE AND
TWO BEDROOM APARTMENTS
One bedroom apartments
from 745,000
Two bedroom apartments
from 1,145,000
Please call or email to book
your private viewing
+44 (0)20 7998 1888
info@neobankside.com
neobankside.com
*Prices correct at time of going to press
A Joint Venture Development By Sales Representation
Now available for immediate occupation at the multiple award-winning NEO Bankside,
Londons most celebrated new development.
Iconic Rogers Stirk Harbour
+ Partners architecture
Adjacent to Tate Modern,
at the heart of Londons
cultural South Bank
Stunning views across London
Short walk to the City over
the Millennium Bridge
Exceptional rental investment
Excellent connections via
the new Blackfriars tube
and underground station
24-hour security
and concierge
Residents leisure club,
wine cellar and private
landscaped gardens
999 year leases
FRIDAY 28 SEPTEMBER 2012
LONDON
BAROMETER
ED MEAD DIRECTOR OF DOUGLAS & GORDON
29
cityam.com
PROPERTYSALES
The sales market is now
chronically undersupplied
with 30 per cent fewer
properties available and
30 per cent more offers
agreed than August last
year, confirming that
demand for property in
the capital is continuing.
With mortgage rates at a
record low and a growing
number of buyers, if you
were looking to sell your
home then the autumn
market could provide a
perfect opportunity.
Autumn could present great opportunites for prospective sellers
DOUGLAS & GORDON AVERAGE LONDON SALES PRICE INDEX
Q3 2011 Q4 2011 Q1 2012 Q2 2012
1 bed flat 383,750 387,500 404,167 408,333
2 bed flat 570,083 579,583 608,333 620,833
3 bed house 1,257,500 1,277,083 1,340,000 1,367,917
4 bed house 1,905,000 1,933,333 2,006,250 2,025,000
Supply
500
400
300
200
100
0
Jan JunJul AugSepOct NovDec FebMar Apr May
2010 2011 2012
July 2010
high(448)
Dec 2006
low(127)
Supply & Demand
Jan Jun Jul Aug Sep Oct Nov Dec Feb Mar Apr May
1600
1400
1200
1000
800
600
400
200
0
Demand 2012
Demand 2011
Supply 2012
Supply 2011
1200
1000
800
600
400
200
0
Demand
Jan JunJul AugSepOct NovDec FebMar Apr May
2010 2011 2012
Jan2012
high(1029)
Dec 2011
low(211)
unparalleled views
S
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From 222,500
*
Striking 1 & 2 bedroom apartments ideally
located for getting into the city
Panoramic image taken from 16th Floor
020 7089 3917 centralparkliving.co.uk TEXT CENTRAL26 to 60123
live london live central park *based on 1 bed apartment. Prices correct at Septembr 2012. Journey times source: TFL website.
FRIDAY 28 SEPTEMBER 2012
30
cityam.com
PROPERTY AREA FOCUS: BELGRAVIA
FOCUS ON:
BELGRAVIA
BELGRAVIA IS at the heart of central
London. Located in the City of
Westminster and the Royal borough of
Kensington and Chelsea, Belgravia has
become one of the most coveted
addresses in London. Situated close to
Knightsbridge and Chelsea, with the best
upmarket boutiques, restaurants and
schools on its doorstep, Belgravia has
everything to offer buyers. Aesthetically
beautiful, with white stucco fronted
houses, clean streets and beautiful
garden squares, this is the ideal area for
buyers who want to be part of the citys
cosmopolitan lifestyle, while also
benefiting from a quieter, more private
existence. Stuart Bailey, from Knight
Frank, explains, It is appealing to
buyers looking for a relatively discreet
address but being located amongst
some of the most expensive properties
to be found anywhere in the world.
NEED TO KNOW | AREA INSIGHT
WILTON ROW, SW1
Guide price: 11.95m
Set in the charming Belgravia Mews, this house sits within walking distance of Belgrave Square
and Hyde Park Corner. Set over flour floors, this four-bedroom house offers bundles of space
and light, open, airy rooms. Contact knightfrank.co.uk or 020 7881 7722
EATON SQUARE, SW1
Guide price: 6.95m
This southwest facing four-bedroom lateral apartment is located in the prestigious Eaton
Square. With windows on all three sides of the flat, it has beautiful views over the gardens, St
Peters Church and up to Belgrave square. Contact knightfrank.co.uk or 020 7881 7722
ADVICE:
RENT
ED MEAD
Q
My house has been on the rental
market for over three months and
Ive just had an offer of 40 per
cent less than the offer price, what
should I do?
A
There are various reasons for
making a residential investment
but most centre on either looking
for a good yield, or long term capital
growth.
In most cases the former will mean
buying a flat and the latter a house. This
is partly because houses cost more to
maintain as they tend to appeal to
families and they have their own roof
and at least two external walls and
windows. This means theyre much
more affected by changes in seasons,
but historically they tend to show better
price growth. With this in mind a void is
not just damaging from a financial point
of view.
People forget that if you look on an
annual basis, every month not let will
mean an eight per cent reduction in
your net yield.
The rental market is much better
supplied than it was, so rents are
flattening and it would be better to see
the house rented than empty, given the
competition. So, provided you dont
sign up to more than a years let
initially, youd do well to think about
accepting the offer.
Its important you understand that
rental agents do not have to be part of
any redress scheme but they do handle
your money, so please make sure the
agent you use is a member of ARLA
(www.arla.co.uk), as your money will
be protected and youll have recourse to
a complaints procedure
(www.tpos.co.uk) should there be any
problems. Theyll also check out your
tenants properly.
Should I accept a
low rental offer
now or wait for a
high one later?
Luxury one and two bedroom apartments and three elegant penthouses
designed by award winning architects Allford Hall Monaghan Morris.
Featuring a stylish and contemporary specication, these properties are in
close proximity to both fashionable Shoreditch and Old Street Station.
One and two bedroom apartments from 565,000
Marketing Suite and Show Apartment open daily
28 Leonard Street, London EC2A 4BY
Marketing Suite and Stunning Show Apartment Now Open
LEONARD STREET
T 0333 666 2535 W www.londonsquare.co.uk
E leonardstreet@londonsquare.co.uk
Computer generated image is indicative only. Details and prices are correct at time of going to press.
EC2
MAKE OWNING YOUR
NEW HOME A REALITY
WITH TAYLOR WIMPEY
Longbridge Road, Barking, Essex IG11 9BZ
Set in relaxed, urban surroundings, Academy Central is a
development designed to ofer a high quality of life.With
its stunning chic contemporary new-builds, Academy
Central ofers a wide choice of stylish, impressive
eco-friendly homes. With NewBuy*, you could own a
stunning home with just a 6,750 deposit!

1, 2, 3 & 4 bedroom
homes from
134,995
1. ACADEMY CENTRAL
0845 688 5561
Homesdale Road, Bromley, Kent BR2 9LZ
With homes nished to a superb internal specication,
Iconia Bromley ofers stylish contemporary living and the
perfect balance between suburban life and everything
that London has to ofer.All apartments are ready
to move into with fully-integrated kitchens, built-in
wardrobes and ooring throughout! All you need is your
furniture! Move here today with just a 11,000 deposit!

2 bedroom
homes from 219,995
2. ICONIA
0845 026 5279
taylorwimpey.co.uk/eastlondon
With NewBuy*, 95% mortgages are available meaning you only
need a 5% deposit to buy one of our fabulous developments
London
Liverpool Street 23 mins
London
Victoria 16 mins
Oldchurch Road, Romford, Essex RM7 0BD
Visit the stunning new phase now open at Reections
and see what a fantastic range of 1 and 2 bedroom
apartments Taylor Wimpey have to ofer. Each new
apartment has been sympathetically designed with 21st
century living rmly in mind and the apartment buildings
represent the very best in modern urban architecture.
Plus you could move here with just a 6,750 deposit!

1 & 2 bedroom
apartments from 134,995
3. REFLECTIONS
0845 239 8196
COMING SOON!
84 Chigwell Road, South Woodford,
London E18 1NN
A stunning new development of 1, 2 & 3 bedroom homes will
soon be available in the superb location of South Woodford.
Register your interest today and stand the best chance of
owning a stunning home today!
4. SCENIX
0845 072 6448
M25
A2
A20
A22
A23
A2
A414
A130
A12
A12
A13
A127
M25
M25
A406
A10
A10
A205
M11
4
3
2
1
* Taylor Wimpey terms and conditions apply. Images for illustration purposes only. Prices correct at time of going to press. Offer on selected plots only. This offer is subject to status and is only available on selected developments and
properties. Prices are based upon a 5% deposit. Terms and conditions apply. This offer is not offered with any other promotion unless by special arrangement by us. Photography and computer generated images are indicative
of typical Taylor Wimpey homes. Train times taken from nationalrail.co.uk. September 2012.
London
Liverpool Street 30 mins
London
Liverpool Street 20 mins
SW19
VlMPLEDON VlLL/GE
Ten stunninQ three to six bedroom hiQh
specifcation Iuxury houses, situated
behind a maQnifcent Qated entrance
T D2D 8879 D222
E wimbIedonviIIaQeIondonsquare.co.uk
W www.Iondonsquare.co.uk
Locato momnts away rom suprb schools, shops ano rstaurants
whilst also bnnting rom xcllnt transport links. Cntral Lonoon
is asily accssibl via th /3 ano Vatrloo is |ust 7 minuts rom
Vimbloon Station.
Prics rom 2.45 million
Markting Suit, Eog Hill,
Vimbloon Villag, Lonoon SV9 4RP
Markting Suit ano Show Hom opn Thursoay to Monoay,
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34
cityam.com
PROPERTY AREA FOCUS: BELGRAVIA
EATON SQUARE, SW1
Guide price: 30m
This huge four-bedroom apartment is one of Belgravias most prestigious addresses. Spanning
the first and second floor, this is one of the most magnificent and grandest living spaces on the
square. Contact savills.co.uk or 020 7581 5234
CHAPEL STREET, SW1
Guide price: 8.45m
This semi-detached period house covers 4,541 sq ft. The property has four bedrooms (three of
them en suite) a dressing suite, drawing room, dining room and media room, to name but a few
living spaces. Contact kmightfrank.co.uk or 020 7881 7722
EBURY SQUARE, SW1
Guide price: 3.5M-24m
These apartments are like owning your own five-star hotel. It is no surprise as the interior has
been designed by Martin Goddard, the architect of luxury hotels around the world.Apartments
range from two to four-bedrooms. Contact berkeleygroup.co.uk or 020 7118 9111
HANS CRESCENT, SW1
Guide price: 6.95m
This is a stunning example of Victorian exuberance, with mock Tudor detailing on the third and
fourth floors. Located on the first floor, this three-bedroom apartment has contemporary interi-
ors finished with the most luxurious materials. Contact struttandparker.com or 020 7235 9959
India Invest 2012 is a section of The Property Investor Show
that is dedicated to Indian property.
It has been created specically to enable NRI-PIO buyers based in the UK
to meet, face-to-face, with some of Indias leading real estate developers &
agents and view a broad range of properties available across the country.
So take the rst step to strengthening your bond with India by
visiting India Invest 2012 at The Property Investor Show
(Open: Thursday 11th - Saturday 13th October, 10.00 am 6.00 pm)
A Gateway to India!
India Invest 2012
Are you a Non Resident Indian?
Do you want your own property
in India? Then do not miss ....
Participating companies will include: Partners:
AT
ExCeL London 11th-13th October 10.00am 6.00pm
Looking for REAL property
bargains? ... then talk to
the RIGHT people
Show highlights include
Live Auction
Friday 12th October
Seminar
Programme
Exclusive Traditional
UK Buy to Let
Student Investment
USA Invest
Unadvertised UK &
International Bargains
Smartphone users... to be directed to the FREE entry reg page scan the QR barcode.
(To download a QR Code reader application for your smartphone check your App Store)
REGISTER ONLINE NOW
FOR FREE ENTRY
www.propertyinvestor.co.uk/london
(register and type in promo code CAM2809)
... and the good news is that many of the RIGHT
people will be present at The Property Investor
Show (11th-13th October 2012).
If you are a serious property investor (or would
like to be) and would like to learn from the experts
about how to access the best deals around and
prot from the best buying conditions seen in
over a decade you must attend the UKs premier
property investment event.
Featuring
Exhibilors lrom lhe UK & oround lhe world
lnlormolion-pocked seminors ond deboles
A live properly ouclion - 100+ lols on oller
UK & lnlernolionol properly borgoins
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artners: P
- Part Lxchanqe
*
oers you a quaranteed buyer or your
current houe, ayinq you 100% o its uarket value with
no estate aqent ees to ay
- ^ward winninq houes in a icturesque settinq,
with central laqoon and canal
- Just 29 uinutes

by train rou Redhill station to London victoria

REDHILL
Surrey RH1 2LH
4 bedroom townhouses
from 449,995
Marketing Suite and Show Home
open daily 10am 5pm
0845 260 6606
lindenhomes.co.uk/watercolour
QR scan ue now
Un selected houes only. Subject to status, terus and conditions aly. Not available in conjunction with any other oer. 1Source: National Rail Lnquiries. Redhill Station is aroxiuately 1.3 uiles rou the develouent.
Prices correct at tiue o qoinq to ress. Photoqrah o water Colour.
Part Exchange
means a smooth move to luxury and style
Sellinq ^qent: Cubitt & west
21 WAPPING LANE E1
Quatro - Now Viewing
21 WAPPING LANE E1
The last remaining, 2 and 3 bedroom shared ownership
apartments in trendy and desirable Wapping. Quatro will provide
an exceptional central London address within easy reach
of the Thames and the many amenities on offer.
Prices start from 123,000*
To book an appointment ca||
020 8357 4444 or emai| sa|es@nhhg.org.uk
and quote AM28
www.nottinghillhousing.org.uk/quatro
Photography from development
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Looking for more than apartment
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Brand new, 4 bedroom townhouses that offer fantastic and stylish living
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Pre-Showhome prices from 535,000*
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*Price correct at time of press. Map not to scale.
Computer generated images of development & interior living space at NINE.
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New phase now selling
Prices from 295,000. Computer generated image shown is indicative only.
O
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FRIDAY 28 SEPTEMBER 2012
39
cityam.com
PROPERTY CHARLES VOYSEY
C
HARLES Voysey is considered to
be one of the first originators of
British modern architecture.
The English architect, textile
and furniture designer created
around fifty buildings, many of
which sadly no longer stand today. A
number of his houses have recently
emerged on the market, creating a
renewed interest in this somewhat
forgotten figure.
Voysey was respected for his aesthet-
ically pleasing, yet progressive
designs. He ignored the whims of
fashion, instead choosing a dignified,
composed style, which made him a
favourite among industrialists and
politicians of the period. His architec-
ture, although simple and practical,
still contained a certain poeticism in
the purity of his lines.
His early career started designing
fabrics and furnishings. His style was
a simple Arts and Crafts one, influ-
enced by the art of William Morris.
Charming examples of his work,
which reflect Morris interest in plant
forms and patterned designs, survive
today in the V&A.
In an interview with The Studio in
1893, Voysey promoted a sparser treat-
ment of interiors, declaring: A very
simple or quite undecorated treat-
ment of the walls would be prefer-
able. This statement was not
characteristic of his work: many of
his houses, including his own, The
Orchard, were adorned with decora-
tive wallpapers. In other properties,
Voysey meticulously designed every
detail, from the architecture down to
the furniture.
Voyseys textiles and architectural
designs are simplistic, with a limited
colour palette, creating a paired-
down aesthetic. His buildings stood in
contrast to the complexities of the
Victorian design, which established
him as one of the first practitioners
who truly understood industrial
design. Inspired by 16th and early
17th century architecture, his houses
often feature huge pitched roofs and
horizontal ribbon windows. Voyseys
key strength was his ability to juxta-
pose curves and geometric motifs; his
most exciting work comes when he
explores this relationship. With few
Voysey properties on the market, his
houses are now considered rare com-
modities.
The first pioneer of modern architecture
Charles Voysey: the man who brought
industrial design to the fore, by Albany Bell
Lyford Road, Wandsworth, SW1
Guide Price: 4.8m
This grade II listed Arts & Crafts villa is a beautiful
example of Charles Voyseys work. Designed in
1903, it maintains a wealth of original features,
such as the wood panelled walls, Portland stone
windows and Voysey fireplaces.
Contact Savills on savills.co.uk or call 020 8877 1222
Chelsea Embankment, London, SW3
Guide Price: 20m
The interior is considered to be one of the finest
examples of Charles Voyseys work, both in terms
of the quality of its fixtures and fittings and the
ingenuity of its design. The full-height principal
staircase with top-lit well, bedroom furniture and
the drawing room, which features a barrel ceiling,
are all unique designs of the English architect.
Contact Savills on savills.co.uk or call 020 7730 0822
Charles Voysey, in my orchard, 1929, a wallpaper design for a nursery that sits in the V&A
Proud to be a member of the Berkeley Group of companies
Prices from 975,000
Please call 020 3326 1550
stcatherinesplace.co.uk/open or search for St Catherines Place
Show Home open 11am 4pm
Please call to make an appointment
St Catherines Place Sales Suite, Harding House
Jerningham Road, London SE14 5NJ (SAT NAV REF)
Luxurious 4/5 bedroom family homes
Set within the Telegraph Hill Conservation Area
Located close to excellent schools
Dressing rooms to master bedroom
Private gated development with off street parking
Traditional architecture with contemporary interiors
Excellent transport links to London Bridge & The City
New Show Home Opening 29th September
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LIFE&STYLE
FRIDAY 28 SEPTEMBER 2012
42
cityam.com
GOING OUT
This clichd
war flop is a
real aircrash
FILM
CROSS OF HONOR
Cert 15 | By Alex Dymoke
hiiii
FILM
HOLY MOTORS
Cert 18 | By Alex Dymoke
hhhhh
FILM
LOOPER
Cert 15 | By Albany Bell
hhhii
Holy Motors is an instant cult hit
A
fter 13 years without making
a single feature film, Leos
Carax returns with an
insane, anxiety-dream of a
movie. Holy Motors is spectacularly,
joyously weird. Its unashamedly
high-concept, but theres enough
dark, clownish humour to prevent it
from ever being boring or
grandiloquent.
Holy Motors is a day in the life of
Monsieur Oscar (Denis Lavant) as he is
chauffeured by Celine (Edith Scob) to
and from various appointments
around a dimly beautiful Paris. His
mode of transport is a white limousine
kitted out with a theatre dressing
room. Each appointment involves him
assuming the role of a different char-
acter (hence the dressing room) to
carry out a bizarre task. One moment
he will hobble out of the limo to beg
on the street as an old woman. The
next hell have transformed himself
into a moustached assassin, ready to
murder someone in an abandoned
warehouse. One sees him kidnap Eva
Mendes from a photoshoot and hold
her hostage in a cave, where she sits
patiently while he eats her hair.
It is impossible to describe what
happens in this film without
descending into what sounds like
nonsense. For all its madness though,
its not at all incoherent. It is a world
that appears to be insane, but is pre-
sented with such stern, implacable
structure that it never feels messy or
disorientating. And by creating a
crazy world inhabited by unshakably
serious and sad characters, the whole
thing becomes gloriously, blackly
comic.
Lavant moves in a way that is half
ballerina and half clown. He is never
less than graceful, despite the ugli-
ness of some of the characters he
assumes. Equally elegant is the
soundtrack. One of the songs, com-
posed by Carax and Neil Hannon (of
the Divine Comedy) and sung by Kylie
Minogue, is particularly striking. The
fragility of Minogues voice generates
real tension as she teeters at the limit
of her vocal range.
The real star, though, is Lavant, the
ever-engaging gatekeeper to Caraxs
twisted fantasy.
Monsieur Oscar, played by Denis Lavant, is a graceful, menacing success in Holy Motors
LOOPER IS one of those movies that keeps
you engaged but then leaves you feeling
slightly empty. Set in the year 2044, when
the world is something of a mess,
powerful criminal groups run the city and
everywhere is awash with drug-taking,
law breaking delinquents.
The looper is prince of this seedy
underworld. Specialised assassins, they
are generously rewarded to kill time
travellers from the future, who
mysteriously show up tied and hooded,
with a block of silver strapped to their
back. Here enters Joe, one of the most
successful loopers: a selfish, vain
character who finds his shallow existence
compromised when his older self (Bruce
the older Joe, he finds his life in jeopardy
from the mob, the men behind the
shadowy plot who dispatch of their
deadly creations as soon as they cease to
be useful.
Time travel, multiple selves, and
parallel fates it all sounds a little
confusing. Thankfully director Rian
Johnson doesnt dwell too
heavily on the logistics of it all,
instead choosing to focus on
the development of the
characters.
There are also no aliens or
robots either to detract from the
humanity of the tale, only Joseph
Gordon-Levitt who is nearly
unrecognisable as the young Joe.
Intended to loosely emulate a young
Bruce Willis, prosthetic features are
added, as are odd thin black eye brows
and unnaturally red lips. This, sadly, does
not have the desired effect; instead it
makes the attractive Gordon-Levitt into
look like the victim of botched plastic
surgery. Luckily, Emily Blunt and,
especially, Willis shine, with the hard man
taking on a darker role than we are used
to.
Looper is at his best when it is at its
most sinister and its characters are at their
most ruthless. As a heartfelt sci-fi, it is
admirable but its probably not one youll
still be talking about in a year.
C
ross of Honour takes place
during the beginning of
World War Two. The RAF and
the Luftwaffe are locked in
an aerial battle for strategically
important, mineral-rich Norway.
During a chance skirmish, two
planes one British and one
German are shot down in a snow-
covered part of northern Norway.
The surviving crew-members of
both planes stumble across the
same remote cabin. They are
forced to cooperate in order to
survive the inhospitably cold
conditions.
The meeting of the two aircrews
in the cabin should make for a
tense showdown. However, the
audience is too distracted by the
hammy performances and groan-
inducingly clichd script to feel
any of the tension inherent to the
characters predicament.
Every character is a caricature.
There is the posh RAF captain
(Lachlan Nieboer) whose first line
is anyone for a spot of tea? and
who conforms to a conception of
Englishness held only by the 200m
Americans who dont have
passports. Theres the plucky
working class gunner with a
regional accent (played by
Hogwarts alumnus Rupert Grint).
And, of course, there are the Basil
Fawlty-style Germans. Needless to
say, these Germans are obsessed
with rules and regulations and
are fond of shouting You are now
prisoners of ze Third Reich! and
Vee Vill Vin the Var! At one point
one of them even says Vee
Chermans make ze best cars in ze
vurld!
David Kross is decent as the
scared young German airman,
freaked out by his injured arm. But
his performance is just a snowflake
in a blizzard of acting ineptitude.
Nieboer is the worst. He is like a
young Hugh Grant, only doubly as
unctuous and half as charming.
Cross of Honour feels more like a
parody of a war movie than an
actual war movie. In fact, it would
probably do better at the box office
if it was marketed as one: Wary
Movie starring Rupert Grint. That
Id pay to see.
Looper wants to be a Matrix for a new generation. In reality,
it is nothing more than a forgettable, if engaging, sci-fi romp
Bruce Willis takes a
darker turn in sci-fi
thriller Looper
Willis) is transported back in time
for him to kill.
Failing to
complete the
loop and kill
Ferrells zaniness is a mismatch for the satirical humour of The Campaign
FILM
THE CAMPAIGN
Cert 15 | By Alex Dymoke
hhiii
JAY ROACHS new film The
Campaign takes inspiration from
the current US election
particularly, it would seem, the
Republican primaries with its
depiction of two North Carolinians
vying for a seat in congress. Cam
Brady (Will Ferrell) is the folksy, Rick
Perry-esque favourite, campaigning
on the slogan America Jesus
Freedom. Marty Huggins (Zach
Galifianakis) is the unlikely
opponent who has none of the talk
but all of the money after being
plucked from obscurity and backed
by shady businessmen, Glen and
Wade Moch. Marty runs on the
slogan Its a mess! The Campaign
follows them as their fight for the
congressional seat becomes dirtier,
meaner and more ridiculous.
Like The Thick of It, or Veep, The
Campaign derives much of its
humour and its satirical bite
from the extreme lengths that
politicians will go to in order to get
ahead in the polls and placate
donors. The reason The Thick of It
and Veep are so successful is that
they depict a political world
extreme in its treachery but
painfully, terrifyingly realistic. Zach
Galifianakis and Will Ferrells brand
of kooky, offbeat, occasionally gross-
out humour just cant achieve an
equivalent level of realism and, as a
result, is fairly blunt as an
instrument of satire. The closer
satire sails to what could
conceivably be the case, the more
effective it is. The Campaign is so
outlandish and silly, the laughs are
so broad that, by the end, any
serious point is lost in a muddle of
butthole and pants-down jokes.
Even if some of its more serious
points fall flat, there are still some
big laughs. But as the movie
attempts to salvage some kind of
moral message from a preposterous
ending, youll be tempted to join the
crowd chanting Martys campaign
slogan. Zach Galifianakis and Will Ferrell
43
TV & GAMES
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SKY SPORTS 1
6.30pmLive Ryder Cup Golf
12.30amRyder Cup Golf 1.30am
The Fantasy Football Club
2.30amPremier League Preview
3amRyder Cup Golf 4am-6am
ICC World Twenty20 Cricket
SKY SPORTS 2
7pmPremier League Preview
7.30pmLive Super League 10pm
The Fantasy Football Club 11pm
Premier League Preview11.30pm
FIFA Futbol Mundial 12amSuper
League 2amRingside 3amNRL
Fulltime 3.30amSuper League
5.30am-6amNRL Fulltime
SKY SPORTS 3
7pmTight Lines 8pmICC World
Twenty20 Cricket 10pmWWE:
Late Night Smackdown: Over-
the-top wrestling action. 12am
WWE: Late Night Bottom Line
1amICC World Twenty20 Cricket
3amNFL 5amThrillseekers
5.30am-6amAerobics Oz Style
BRITISH EUROSPORT
7pmStrongest Man 8pmLive
Boxing 10pmStrongest Man
10.30pmMotoGP
12.30am-1.30amTen Pin
Bowling
ESPN
7pmLive Premiership Rugby
Union: Northampton Saints v
London Wasps (Kick-off 7.45pm).
10pmBundesliga 11.45pmESPN
FC Press Pass 12.15amESPN
Kicks: Serie A 12.30amMMA
Live 1amLive College Football
4amPremier League Preview
4.30am-9.30amLive Australian
Rules Football
SKY LIVING
7pmCriminal Minds 8pmBritain
& Irelands Next Top Model 9pm
Nikita 10pmCriminal Minds
11pmMount Pleasant 12amSing
Date 1.50amBones 2.40am
Supernatural 4.20amCriminal
Minds 5.10am-6amMedium
BBC THREE
7pmGreat Movie Mistakes:
Blunders in Hollywood films.
7.15pmDoctor Who 8pmBe Your
Own Boss 9pmRussell Howards
Good News Extra 9.45pmLive at
the Apollo 10.30pmEastEnders
11pmCuckoo 11.30pmChris
Ramseys Comedy Fringe 12am
Family Guy 12.50am American
Dad! 1.30amThe Revolution Will
Be Televised 2amRussell
Howards Good News Extra
2.45amCuckoo 3.15am-3.45am
Chris Ramseys Comedy Fringe
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmThe Big
Bang Theory 8.30pm2 Broke
Girls 9pmFILMMr & Mrs Smith
2005. 11.20pmRevenge
12.20amThe Big Bang Theory
1.15amMeet the Parents 2.15am
Scrubs 2.40amHow I Met Your
Mother 3.05amDesperate
Housewives 3.45am90210
4.30amThe War at Home
5.10am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmIce Road Truckers:
Jesse is stranded during a storm.
9pmFull Metal Jousting 10pm
Top Shot 11pmStorage Wars
11.30pmPawn Stars 12am
American Pickers 1amFull Metal
Jousting 2amTop Shot 3am
Swamp People 4amThe Last
Days of World War Two 5am
Pawn Stars 5.30am-6am
American Restoration
DISCOVERY
7pmFifth Gear 8pmFast n Loud
9pmMan, Woman, Wild 10pm
Wheeler Dealers 11pmGold Rush
12amMan, Woman, Wild 1am
Wheeler Dealers 2amSons of
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3.50amFast n Loud 4.40am
Discovery Atlas 5.30am-6am
Meerkat Manor
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ER 12amI Didnt Know I Was
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2amEmergency: Life in the ER
3amSecretly Pregnant 4amFirst
Days 5am-6amA Baby Story
SKY1
8pmSpy: Tim decides to join
Marcuss book club. 8.30pmThe
Simpsons 9pmTrollied: The staff
are up in arms about Leightons
sacking. 9.30pmMoone Boy
10pmWalking and Talking
10.30pmA League of Their
Own 11pmAn Idiot Abroad 2
12amMoone Boy 12.30amRoad
Wars 2amCop Squad 2.55am
Street Crime UK 3.50amBrit
Cops: Frontline Crime UK
5.30am-6amAirline
BBC2 ITV1 CHANNEL4 CHANNEL5
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7pmThe One Show
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8pmCHOICE EastEnders 8.30pm
Miranda 9pmMichael McIntyres
Comedy Roadshow9.30pmMrs
Browns Boys Christmas Special
10pmBBC News 10.25pm
Regional News 10.35pmWould I
Lie to You? 11.05pmCome Fly with
Me 11.35pmThe National Lottery
Friday Night Draws 11.45pm
EastEnders 1.35amWeatherview
1.40amSign Zone: The Hairy
Bikers Bakeation 2.40am
Sign Zone: Question Time 3.40am
Sign Zone: Rip Off Britain
4.25am-6amBBC News
6pmEggheads
6.30pmHow We Won the War
7pmAntiques Road Trip
8pmMastermind
8.30pmGardeners World
9pmCHOICE Servants: The
True Story of Life Below Stairs
10pmQI
10.30pmNewsnight
11pmWeather
11.05pmLater with Jools
Holland: New series. With the
Beach Boys, Muse, the xx and
Public Image Ltd.
12amGolf: The Ryder Cup
2.05amBBC News 4.25am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmIsland Hospital
8.30pmCoronation Street
9pmPiers Morgans Life
Stories: Denise Welch
10pmITV News at Ten
10.30pmLondon News
10.35pmFILM
Quantum of Solace 2008.
12.30amJackpot247;
ITV News Headlines
2.40amFILM A Clockwork Orange
1971. 5am-5.30amITV
Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmBaggage
9pmThe Million
Pound Drop Live
10pmCHOICE Alan Carr: Chatty
Man 11.10pmRude Tube 12.10am
Friday Night Dinner 12.45am
Celebrity Bedlam1.10amRandom
Acts 1.15amThe Big Bang Theory
1.40amMy Name Is Earl 2.25am
Napoleon Dynamite 2.50amAllen
Gregory 3.15amSt Elsewhere 4am
Deal or No Deal 4.55am
Countdown 5.40am-6.05am
Baking Mad with Eric Lanlard
6pmHome and Away
6.30pm5 News at 6.30
7pmHeroes of the Skies:
George Beurlings exploits
during the siege of Malta;
5 News Update
8pmEddie Stobart: Trucks and
Trailers: 5 News at 9
9pmBeing Liverpool
10pmFILMTrue Crime:
Thriller, starring Clint
Eastwood. 1999.
12.20amSuperCasino
4amMotorsport Mundial 4.25am
House Doctor 4.50amMichaelas
Wild Challenge 5.10amWildlife
SOS 5.35am-6amWildlife SOS
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
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COFFEE BREAK
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6
7
8 9
10 11 12
13 14
15 16 17
18 19
20
21
22
26 12
29
23 34
15 6
11 8
45
16 20
10 35
16 7
30
17 30
29
17
13
14
39
30
11
22
11
45
17
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14
12
21
27
17
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ACROSS
1 Begin a journey
(3,3)
6 In or of the month
preceding the
present one (6)
7 Recties (6)
8 Copyist (6)
10 Has existence (5)
13 Usually (2,1,4)
16 Gasps for
breath (5)
18 Pleasantly
occupied (6)
20 Herbivorous
lizard of tropical
America (6)
21 Cream-lled
pastry (6)
22 Country formerly
known as
Formosa (6)
DOWN
1 Tiny (5)
2 Units of weight equal
to one sixteenth
of a pound (6)
3 Bother (4)
4 Inhabitant of a town
or community (7)
5 Sweet substance
produced by bees (5)
9 Strikingly successful
move (4)
11 In an unfocused or
imprecise way (7)
12 Reason for wanting
something done (4)
14 Lapis ___, azure blue
semi-precious stone (6)
15 Smooth surface (as of
a cut gemstone) (5)
17 Murdered (5)
19 Grime (4)
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G A R B R I T I S H
L A A R A
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E R S R O Y
P L A I N T I V E E
U S N A N
S C U T T L E S E A
4 1 9 3 4 7
1 3 6 1 2 4
3 6 7 8 5 9 7 8
2 4 5 7 3 1 1 4
7 8 9 4 6 7 8 9
5 8 6 2 3 9 4
3 2 6 4 1 1 2 4
9 7 9 5 3 8 6 7
8 9 3 7 1 6 3 5
1 5 3 2 5 9
2 8 6 4 9 8
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The nine-letter word was
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
FRIDAY 28 SEPTEMBER 2012
EASTENDERS
BBC1, 8PM
Syed is surprised when Danny returns
to the Argee Bhajee, but their
conversation becomes awkward when
Christian arrives.
SERVANTS: THE TRUE STORY OF
LIFE BELOWSTAIRS BBC2, 9PM
Historian Pamela Cox explores how
Britains domestic servants lived and
worked in the 19th and 20th centuries,
and investigates their role in society.
ALAN CARR: CHATTY MAN
CHANNEL4, 10PM
Jessie J tells the host about her
autobiography, One Direction discuss
their new single and album, and Kevin
McCloud talks Grand Designs.
TVPICK
FRIDAY 28 SEPTEMBER 2012
44
THEPUNTER
GOLF TRADER
PATRICK CALLAGHAN PREVIEWS THE RYDER CUP AT MEDINAH
nPointers
Europe at 7/4 with Stan James
Europe to be leading 5-3 after day one at 15/2 with
Coral
Big drift on Europe means the visitors
are the value to defend the Ryder Cup
LOOKING at the European top
points scorer market, its no sur-
prise to see in-form world No1 Rory
McIlroy heading the betting at a
general 5/1. The Northern
Irishman is in superb form, hav-
ing won three tournaments,
including the PGA
Championship, in the last two
months. He is likely to be paired
with fellow countryman, good
friend and 2010 Ryder Cup
hero Graeme McDowell,
with their partnership
expected to reap rewards for
Team Europe.
However, its a tight market
and, owing to such a strong USA team
lining up in Medinah, backed up by a
hostile partisan crowd all baying to
knock McIlroy off his perch, I think
there is value in looking for a more
experienced Ryder Cup player.
Step forward Ian Poulter. The 36-
year-old may be one of the lowest-
ranked players in either team at 26th,
but he has one of the best Ryder Cup
records of any competitor. In three
appearances in the biennial competi-
tion the Hertfordshire-born hitter has
holed the winning putt in 2004, scored
four of Europes 11.5 points haul in
2008 and also finished overall top
points scorer in 2010.
Poulter boasts a Ryder Cup record of
won eight, lost three and halved none.
He has never lost a singles match and,
although it is no certainty he is going
to be involved in every round, he is still
worth backing at 8/1 on Betfair.
Europe can also boast a fearsome
fourballs record and their domination
of this team play looks set to continue.
As examples, Luke Donald has won all
six fourballs he has taken part in, and
Sergio Garcia has a record of 8-0-1 from
Ryder Cup foursomes matches. Selling
the USA at 11.5 on the fourballs win
market after session one with Sporting
Index looks a fine bet. The make-up
is 25 for a win, 10 for a tie and 0 for
a loss, so a Europe win will give us a
nice return.
Every two years you will hear pun-
dits and commentators repeating the
lines about Tiger Woods and his lack of
enthusiasm for the Ryder Cup, as well
as his general lack of interest in team
tournaments. This argument can
be backed up by stats that show
Woods has only been on the winning
side once in six attempts and that he
has lost more matches than he has
won 13-14-2.
Yet, that doesnt paint the full story.
The former world No1 has gradually
warmed to the format and he has
won six of his last nine matches.
In addition, he has only ever lost
one singles match. Clearly Tiger
isnt the all-conquering force that
he once was but he is still ranked No2
in the world and knows his way
around a green better than most. He
heads the top American market at 5/1
with Coral and that looks a more than
fair price.
Next best is Steve Stricker, who is a
fantastic putter and is likely to part-
ner Woods for at least the foursomes
but is unlikely to play the fourballs
and, although the 45-year-old comes
to Illinois on the back a big win, he
might be vulnerable against the
younger Europeans. Phil Mickelson
has a tragic Ryder Cup record and, if
the Tiger is ever going to roar on the
Ryder Cup stage, now is the time.
I
N just a few hours the 39th Ryder
Cup will get underway at
Medinah Country Club in Illinois
where Europe will be hoping to
claim a fifth trophy in six
competitions. It promises to be one
of the most competitive tournaments
in recent memory with all 24 of the
players ranked inside the worlds top
35 never before has such a quality
line-up been assembled.
Recent results certainly point to
Jose Maria Olazabals troops as the
victors, but home advantage can be
vitally important and Medinah is
recognised as more likely to help the
Americans, who have been well
backed in the run up to the first
tee-off. Much of this can be
attributed to Cup newcomers
Keegan Bradley, Bubba Watson and
Webb Simpson all securing Major
triumphs in the past 13 months.
However, it can be argued that play-
ing at home has become less signifi-
cant over the years with a number of
the European team regularly plying
their trade across the Atlantic. Luke
Donald, for example, lives very close
to the course and Europe have won
three of the past six Ryder Cups in
the States.
With the talent on show it looks set
to be another tight affair, especially
given that half of the last 10 Ryder
Cups have finished with a score of
14.5 13.5. A repeat of that 2010
result at Newport, where Europe just
held on, can be bought at 16 with
Sporting Index. The spread betting
firm is awarding 25 points for nomi-
nating the correct team to win and a
75 point bonus if the nominated
team wins and the score is correct.
Statistically, the USA have the
longer hitters and superior putters,
but the Europeans shade the driving
accuracy stats and hit more greens
in regulation.
The Ryder Cup is all about sinking
pressure putts and seven of the USA
outfit currently occupy the top 40
places and recent Fedex Cup victor,
Brandt Snedeker, comes out top of
the putting rankings. There will be
concern that a number of the
Europeans have had issues on
the greens and that could be empha-
sised on the glass-like Medinah
putting surfaces.
The atmosphere promises to be as
raucous as ever, but that could reward
the visitors as Davis Love IIIs team
holds four rookies compared to
Europes one. Experience counts for
plenty in this match-play format, par-
ticularly for those that have winning
records. The European team have
eight players who boast a positive
Ryder Cup record, whereas the USA
dont have one to stake that claim.
Olazabal will be well aware of the
USAs dominance in the singles and
his game plan will be to build a lead
heading into the latter part of the
event. Love has opted to begin pro-
ceedings with alternative-shot four-
balls after the hammering the US
took at Valhalla in 2008. Europe hold
the advantage in this discipline, as
well as the foursomes which should
lead to them taking a dominant
position on the opening day.
Europe to be leading 5-3 after day
one at a best-priced 15/2 with Coral
appeals with the two excellent pair-
ings of Graeme McDowell and Rory
McIlroy, and Ian Poulter and Justin
Rose set to star.
Europe are available at 7/4 with
Stan James and that has to be the
bet. Backing the visitors now opens
up the opportunity to lay off on
Betfair when they likely shorten into
favouritism before the singles start.
The US are typically dominant in
this area and will no doubt make a
late surge but by then we should
have locked in a profit regardless of
the outcome.
Ian Poulter to continue great record and Tiger Woods can finally shine
nPointers
Ian Poulter to be top European points scorer at 8/1 on
Betfair
Tiger Woods to be top American points scorer at 5/1
with Coral
Sell the USA at 11.5 with Sporting Index in the first
session foursome market
RICHARD Hannon won the
Cheveley Park Stakes back in
2006 with the top class Indian
Ink and he may have
unearthed another star filly
in the shape of MAUREEN.
The daughter of Holy Roman
Emperor won the Princess
Margaret easily at Ascot last
month and she was very
unlucky behind
Sendmylovetorose in the
Cherry Hinton.
Rosdhu Queen is unbeaten
in three starts for William
Haggas and, although she won
the Lowther at York, her task
was made much easier by the
tragic injury sustained by
Newfangled. A bigger danger
could be Ed McMahons
progressive Winning Express,
but I think Maureen could go
very close in next years 1,000
Guineas and is a confident
selection tomorrow.
No trainer has his string in
better form than Sir Henry
Cecil at the moment and he
has two live chances in
tomorrows Sun Chariot
Stakes (3pm). Chachamaidee
won her first Group One race
in Ireland last time, but only
thanks to a controversial
decision by the stewards. She
has always looked better over
seven furlongs and the uphill
climb to the line might find
her out.
BEAUTY PARLOUR is a
fascinating contender on her
first start in Britain and for
Cecil. She has won four of her
five career starts and only just
suffered a defeat last time
when failing to stay the trip in
the Prix De Diane. She had
previously won the French
1,000 Guineas in imperious
style and she should have too
much for tomorrows rivals.
The Cambridgeshire (3.40pm)
is the first leg of the Autumn
Double and one of the hardest
puzzles to solve all season. In
recent years, three-year-olds
have struggled, but
Pipedreamer showed in 2007
that it is possible if you are
Group class. Mukhadram is the
current favourite and,
although he is trained by one
of the shrewdest brains in
William Haggas, he is yet to
even run in a handicap and Im
willing to give him a swerve.
Bronze Angel has sneaked
into the race at the foot of the
weights and he ran a stormer
to finish third in the Britannia
at Royal Ascot from an
unfavourable draw. However, I
just dont think he has the
potential of Hughie Morrisons
CHIL THE KITE, who is drawn
in stall one and has the
assistance of Richard Hughes.
My selection found the
ground too quick when
finishing fourth in a Listed
race at Haydock last time, but
that was a strong race and his
draw on the far side should
negate his tendency to hang
right. He is worth backing at
8/1 with Coral.
Looking at todays action,
and MOST IMPROVED has to
be supported in the Nayef Joel
Stakes (2.20pm), the final leg
of the QIPCO British
Champions Series before
Champions Day at Ascot in
three weeks. The Lawman colt
won the Group One St Jamess
Palace Stakes at Royal Ascot
and he can shrug off the
penalty he has to carry in this.
It could be a good day for
Brian Meehan as his newcomer
MUJAZIF is worth backing each-
way in the maiden at 3.25pm.
The stables juveniles usually
come on for their debut, but
this fellow has reportedly been
going very well at home and the
yard have won this race twice in
the past eight years.
You can follow me on
Twitter @BillEsdaile for all my
thoughts.
A
RSENAL are in the middle
of a tricky set of fixtures
but they were impressive
at the Etihad Stadium on
Sunday against champions
Manchester City and thoroughly
deserved their point.
The Gunners are playing with
far more confidence this season
and they are solid at the back,
except for their suspect zonal
defending at corners. Steve
Bould has clearly had a big
impact and even Per Mertesacker
is starting to look like a Premier
League defender which wouldnt
have seemed possible last term.
Chelsea come to the Emirates
tomorrow and the leaders will be
hoping to make it five wins from
their opening six games. They
demolished Wolves 6-0 in the
Carling Cup on Tuesday night,
but they werent anything like
as assured against Stoke last
weekend where they had to
rely on an 85th minute Ashley
Cole winner.
Both Roberto Di Matteo and
Arsene Wenger will be pleased
with the start their sides have
made and will be unwilling to
give too much away tomorrow.
Theres not much between the
sides and the draw is worth back-
ing at 12/5 with Coral.
Chelseas last three league
games have produced just three
goals, while four of Arsenals
five have seen two or fewer, so a
sell of total goals at 2.6 with
Sporting Index is the way to go.
In fact, I wouldnt put anyone
off snapping up the 11/1 Bet
Victor offer about no goalscorer
three of these sides 10 league
games so far have ended goal-
less, as did this fixture last term.
It hasnt been a vintage
Manchester United so far this
season, but they are getting the
job done and thats all that
counts. Liverpool were very
unlucky on Sunday, although
when United had to take their
chances they did just that.
Nemanja Vidic is out for two
months which is a massive blow
to Sir Alex Ferguson, however he
wont be too worried about the
visit of Tottenham tomorrow if
the last 23 years are anything to
go by. It was back in 1989 when
Spurs last beat United in the
league at Old Trafford and they
have lost their last six trips to the
Theatre of Dreams.
United do have some injury
concerns, but they are generally
outstanding on home soil and
the fact that Spurs have won
their last two league games
means that the Red Devils can
be backed at an attractive 4/7
with Coral.
The main game on Sunday is
the West Midlands derby
between Aston Villa and fourth-
placed West Brom at Villa Park.
Steve Clarke has comfortably
stepped into Roy Hodgsons
shoes and he will be delighted
with the start his team has
made, winning all three league
games at the Hawthorns.
However, the Baggies have
picked up just a point from two
away matches and lost in the
Carling Cup to Liverpool on
Wednesday. Villa are 6/4 with
Coral and although Paul
Lamberts side were thrashed 4-1
at Southampton last weekend,
they bounced back to knock Man
City out of the Carling Cup on
Tuesday. I fancy them to take all
three points in this one.
Classy Maureen can give Hannon another Cheveley Park
45
SPORT TRADER
BEN CLEMINSON AND BILL ESDAILE PREVIEW THE BEST OF THE WEEKENDS FOOTBALL AND RACING ACTION
cityam.com
FRIDAY 28 SEPTEMBER 2012
GUARANTEED PRICES: We reserve the right to change prices before or during the guarantee period should there be any
non-runners from the published list or a going change from the time of publication of the prices. Stake restrictions may apply.
LAY ANY HORSE TO WIN 10K: Coral guarantee to lay the win part of any bet to win 10,000. There is no guarantee
to lay any corresponding place bet. Offer applies to singles only. Offer only applies to the win part of any bet selection at
Newmarket from Thursday 27th - Saturday 29th September laid after 09:00 on the day of the race. The offer is available
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Arsenal and Chelsea to
cancel each other out at
the Emirates
THE Football Association last night
banned Chelsea captain John Terry
for a total of four games and fined
him 220,000 after finding him
guilty of racially abusing QPRs
Anton Ferdinand.
It was over a four-day disciplinary
hearing that the FA came to their
conclusion despite a summer case at
Westminster Magistrates Court
clearing Terry of a racially aggravat-
ed public order offence, and it is
this to which the former England
captain objects.
A spokesman for Terry said: Mr
Terry is disappointed that the FA
Regulatory Commission has reached
a different conclusion to the clear
not guilty verdict of a court of law.
He has asked for the detailed writ-
ten reasons of the decision and will
consider them carefully before decid-
ing whether to lodge an appeal.
The development caps a dramatic
period for Terry who on Sunday
retired from international football
after alleging that the FAs pursuit of
the hearing had made his England
position untenable. He categorical-
ly denies the FA charge and can
appeal the ruling within 14 days; nei-
Terry fined and banned
The incident between John Terry (second left)
FRIDAY 28 SEPTEMBER 2012
46
SPORT
cityam.com/sport
BY BY DECLAN WARRINGTON
@cityam_sport

MORNING UPDATE
Sign up to
our 10:30am
newsletter at
cityam.com
WASPS must tonight make a fast
start if they hope to end
Northamptons 100 per cent
start to the Aviva
Premiership season, admits
scrum-half Joe Simpson.
We dont take heart from
the fact that Northampton
have let a few teams back
into it late on recently
because we dont
want to find
ourselves in that position in the first
place, said Simpson. We go there
knowing that if we go one or two
tries down early we will lose the
game, so weve been working on
being ready from the word go.
London Irish meanwhile beat
Bath last weekend to end a run of
three successive defeats and lock
Matt Garvey insists they have no
plans to return to losing ways
away to Worcester tonight. Garver
said: Its been a bit dark around
the place.
The aim now is to build on that
win, string a few together, build
momentum and get the positivity
back around the place.
Aviva are proud to be title sponsor of
Aviva Premiership Rugby one of the
worlds leading rugby union competitions.
Each season will feature 135 games, which
will be watched by 1.7 million people live
at the grounds visit
www.premiershiprugby.com
BY PAUL EDDISON
ther the ban or fine will come into
effect until a decision has been made.
An independent regulatory com-
mission has found a charge of mis-
conduct against John Terry proven
and has issued a suspension for a
period of four matches and a fine of
220,000, pending appeal, read the
FAs verdict.
The Football Association charged
Mr Terry on Friday 27 July 2012 with
using abusive and/or insulting words
and/or behaviour towards Queens
Park Rangers Anton Ferdinand and
which included a reference to colour
and/or race contrary to FA Rule E3[2]
in relation to the Queens Park
Rangers FC versus Chelsea FC fixture
at Loftus Road on 23 October 2011.
Terry admitted during his court
case that in the Premier League
match in question he had used the
words f****** black c*** but
was adamant that he had only
been repeating that which he
believed Ferdinand had accused him
of saying.
Chelsea, for whom Terry has been
club captain since 2004, also issued a
statement. It read: Chelsea Football
Club notes and respects the
decision by the Football Association
regarding John Terry. We also recog-
nise that John has the right to appeal
that decision.
It is therefore inappropriate for us
to comment further on the matter at
this time.
Former England captain receives four
match ban and 220,000 fine from the FA
Simpsons eyes Saints victory
Joe Simpson wants to
beat Northampton
47
Liverpool striker Luis Suarez was
last season given an eight-match ban
when a disciplinary panel from the
FA found him to be guilty of racially
abusing Manchester Uniteds
Patrice Evra in a fixture between
the two sides. The panel was then
insistent that simply using racist lan-
guage represented a breach of the
FAs rules.
for racial abuse
IN BRIEF
Price will not be stopped by Harrison
n BOXING: British and Commonwealth
heavyweight champion David Price insists
his previous admiration for Audley
Harrison will not change his desire when
they fight on 13 October. It is strictly
business now and I am not going to let him
stand in my way because I want bigger and
better things, said Price.
Jenas returns to City ground
n FOOTBALL: Tottenham midfielder
Jermaine Jenas has returned to former
club Nottingham Forest on a month-long
emergency loan deal and is expected to be
available for their next six games.
Pardew signs eight-year deal
n FOOTBALL: Newcastle manager Alan
Pardew has signed a staggering eight-year
contract to keep him at the club until 2020.
QPR and Blackburn agree Hoilett deal
n FOOTBALL: QPR have agreed to pay
Blackburn up to 4m in compensation for
the signing of winger Junior Hoilett.
of Chelsea, and QPRs Anton Ferdinand, took place in October 2011
cityam.com
FRIDAY 28 SEPTEMBER 2012
AMERICAS Bubba Watson has
joined Englands Ian Poulter in
insisting, ahead of todays start,
that the Ryder Cup will never lose
its edge.
Watson is largely thought to be
key to the home sides hopes of
defeating Europe and, like
Poulter who said it means too
much to us for it to ever lose that
edge the American is adamant
that it is the pursuit of success
that will always come first.
Its just that trophy, said
Watson. Its just that little trophy
we want to win so bad. So its
really not a dislike for the other
team. Its just a dislike for any
opponent, no matter who it is.
We were mad at [Brandt]
Snedeker because he won. But now
I'm pulling for that guy.
BY SPORTS DESK STAFF
T
HE Ryder Cup begins today and
I cant help but recall what it
felt like for me, as both captain
and as a player. As captain, the
first day generates a fantastic feeling.
Theres nothing that compares to it, it
really is as good as it gets, and by
some distance.
Everything is done and its time to
ring the bell, thats what everyones
waiting for. The pairings will all have
been taken care of; everyone will
know who theyre playing with and
against and will just be excited about
getting out there to play. Dont forget,
theyll have been waiting for two
years to do this.
Both teams captains, Europes Jose
Maria Olazabal (right), and Davis
Love, will just be hoping that their
pairings are right, because theres
little else to think about. They wont
be nervous because theres nothing
for them to be nervous about. What
they do need to do, however, is to
have their vice-captains watching the
four matches on Friday morning
because before they finish the
matches, the captain needs to have
the pairings in for the afternoon. He
needs good information because he
cant be everywhere to see everything
so he needs to rely on them.
I loved the atmosphere and buzz
on the first day; it was a fantastic
feeling and I revelled in it. Its a
fantastic feeling to watch your players
out there playing for their team. Its
an individual thing if youve any
trouble sleeping but I personally
didnt, and I actually see that as one
of the advantages of being on the
away team because of the jet lag you
get very tired early on at night and are
awake early in the morning, so youll
generally sleep well.
I remember saying to each player
on the singles day, listen, this will be
the most important day of your
golfing life and youll remember it
until the day you die, go and enjoy it
have no regrets. There are perhaps
things youd say to suit a certain
character, but thats personal.
As a player on the first day of the
Ryder Cup its either fantastic or
hellish, depending on whether youre
playing or not. For those that arent
playing its really tough to be out
there watching theyre there to play,
they want to play but they
cant. You can get quite
nervous if youre
watching, too youre
not in control and you
see a shot and react to it
but theres nothing you
can do but watch.
Every one of the 24
involved will be both
excited and nervous;
theres nothing they can do about
that so its how you control it and use
them because you can turn nerves
into adrenaline. Those that are
playing are in their element, doing
exactly what they want to do. If youre
a rookie it can be intimidating,
because you dont really know what
its going to be like until you get on
the first tee, so the first day can be
harder. But that said, the worst player
between these two teams is still one of
the best in the world these are the
best there are, so they should be able
to handle it.
Those involved should do whatever
it is they do for every other
tournament they play in; thats the
key to golf, to do the same things and
be in your comfort zone. As captain, I
didnt discourage my team from doing
anything. You have to remember
theyre the worlds best so if they want
to have a drink they should do so, if
they want to go out they should do so.
You just say, do whatever you want to
do, just be ready for me in the
morning. You just get on with your
own game and concentrate on beating
your opponents on the
golf course.
Sam Torrance OBE is a
multiple Ryder Cup-
winning golfer and
media commentator.
GOLF
COMMENT
SAM TORRANCE
The Ryder Cup is
as good as it gets
Englands Eoin Morgans 71 from 36 balls could
not prevent a 15-run defeat to West Indies in their
opening Super Eights match of the World Twenty20
Watson: Poulters right, the US
vs Europe rivalry will remain
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Andrew Nixon,
sports specialist
at law firm Thomas
Eggar LLP, said of the
verdict: It appears
that the key argu-
ment run by the play-
er was that the FA
should accept that
the matter had
already been deter-
mined by a Court of
competent jurisdic-
tion, and therefore
the FA had no juris-
diction to rule on
the matter.
This argument
was always unlikely
to succeed. This is an
incident that took
place during a
Premier League
match involving two
players contracted to
member clubs. It
is therefore a
matter which falls
squarely within the
FAs jurisdiction.