Cityam 2012-01-12

FTSE 100 5,670.82 -25.88 DOW 12,449.45 -13.02 NASDAQ 2,710.76 +8.26 /$ 1.53 -0.02 / 1.21 unc /$ 1.
unc /$ 1.27 -0.01

US regulator
in favour of
Volcker rule
US REGULATORS came a step closer to
implementing the Dodd-Frank rules
on banking yesterday, after laying out
a fresh draft of the Volcker rule and
giving more protection to collateral in
swaps deals.
The Volcker rule, under the Dodd-
Frank Act, prevents banks that hold
customer deposits from proprietary
trading, on the basis that it could
unfairly risk retail customers cash.
The US Commodity Futures
Trading Commission (CFTC) said it
would prevent banks that enjoy feder-
al deposit insurance and the right to
borrow from the Fed discount win-
dow from engaging in prop trading
and restrict investments in hedge
funds and private equity.
Rules on collateral have been
brought into sharp focus by the col-
lapse of MF Global. The Volcker rule
will come into effect on 21 July.
BY LAUREN DAVIDSON
BANKING
THE EUROPEAN Central Bank (ECB)

has succeeded in kick-starting bank
funding markets, prompting a rush to
issue debt that has reached levels not
seen since before the latest credit
crunch took hold.
Funding costs for banks on the con-
tinent have plunged to their lowest
level since April on the back of a flood
of new loans from the ECB, triggering
a frenzy of bond issuance.
Unsecured debt issuance by
European banks reached a six-month
high of 10.2bn last week, according to
data from Dealogic, while a key bench-
mark of bank debt costs the three-
month European interbank offered
rate (Euribor) dropped to a nine-
month low of 1.257 per cent yesterday.
The lions share of the unsecured
debt which is riskier for investors
than the covered bonds desperate
banks had previously been forced to
offer came from Dutch deals.
Rabobank raised 5.84bn and state-
owned ABN Amro NV (distinct from
the RBS-owned part) sold 2.93bn.
The figures show that the ECBs
decision to push 489bn of new three-
year funding into banks has had a dra-
matic impact on investors willingness
to hold their bonds because they see
the European regulator as standing
behind the lenders.
The extent of the liquidity support
recently prompted former ECB board
member Nout Wellink to suggest that
the Bank had crossed the line into
effectively bailing out some banks.
Many economists agree that the ECB
loans are in a grey area between sim-
ply keeping credit flowing in tough
times and performing a mass bail-out.
It is lender of last resort-type activi-
ty, says Hendersons Simon Ward. It
does go beyond traditional liquidity
support towards solvency support. To
a level, for three-year loans, it is quasi-
capital support.
And the ECBs bank lending could
also expand dramatically at its next
offering of three-year loans in
BY JULIET SAMUEL
BANKING
www.cityam.com Issue 1,547 Thursday 12 January 2012 FREE

HOT UNDER
THE COLLAR
WE CHOOSE THE
BEST NEW SHIRTS
ON THE RACK P24
WHAT OUR READERS
REALLY THINK OF HS2
THE FORUM LETTERS SPECIAL P19
BUSINESS WITH PERSONALITY
Certified Distribution
31/10/11 till 27/11/11 is 100,007
ANALYSIS l Unsecured bank debt issuance
$bn
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 1
60
50
40
30
20
10
Weeks
2011 2012
Source: Dealogic
February because the operation will
take place under the significantly loos-
er collateral requirements announced
by ECB president Mario Draghi last
month.
Although his French predecessor
had loosened the rules slightly, Draghi
went much further in December.
He expanded the ECBs list of eligi-
ble collateral to include asset-backed
securities, the underlying assets of
which comprise residential mortgages
and loans to small and medium-sized
enterprises.
In effect, that means that dozens of
banks could use the ECB to park assets
that they cant shift from their bal-
ance sheet because their value has col-
lapsed.
But bank analysts at UBS said:
Central bank funding is not, in our
view, a good long-term solution to
bank financing but when the result
is an economy once more in recession,
the conclusion is not a simple one.
However, the ECB has been prevent-
ed by its legal mandate and German
political pressure from embarking
upon traditional quantitative easing as
a possible solution to shrinking money
supply. By contrast, the Bank of
England is adopting the opposite
approach by buying government debt
instead of bank debt.
That approach has drawn criticism
from analysts and economists who say
that in fact the ECB should engage in
quantitative easing while the BoE
should step in to UK bank funding
markets to counter the effect of harsh-
er regulations, which have increased
the cost of their debt.
Newedges Bill Blain said: The rate
Barclays paid for two-year money, [the
London interbank rate] plus 163 [basis
points], was quite extraordinarily
high.
Barclays was forced to issue a supple-
ment to its bond prospectus yesterday
in which it warned that the govern-
ments decision to make banks comply
with the Vickers banking reforms as
soon as practicable after 2015 could
have an impact on its debt risks.
MORE EUROZONE: P4-5
CRUNCH EASING
FOR EURO BANKS
ECB president
Mario Draghi is
flooding banks
with cash
Picture: PA
Swiss banker
will get a full
2012 salary
OUSTED Swiss banker Philipp
Hildebrand will receive a full years
salary for 2012 of around SwFr862,000
(590,000), despite stepping down
from his role as central bank governor
just nine days into the year.
Hildebrand was apparently pres-
sured to quit on Monday, after a string
of emails from his personal banking
adviser failed to clear up his involve-
ment in controversial dollar trades
made by his wife before the Swiss
National Bank set a ceiling for the ris-
ing franc last year. He has denied any
knowledge of the trades, but quit after
admitting mistakes had been made.
A spokesman for the SNB was yester-
day quoted as saying that Hildebrand
would receive six months pay as
notice, plus an extra six months for
what is known as a cooling off peri-
od, which restricts the professional
activities he can carry out.
BY ELIZABETH FOURNIER
BANKING
News
2 CITYA.M. 12 JANUARY 2012
Rush for top
job at KPMG
KPMG, the audit and consulting
group, is gearing up for a widely con-
tested battle to succeed John Griffith-
Jones as chairman of the firms UK
unit.
Sources have said that the race to
replace Griffith-Jones, who is due to
step down in September, has attract-
ed up to as many as ten candidates
with no obvious front-runner at this
stage.
In the past the succession proce-
dure has been very much like a coro-
nation, said one source. This time
around theres a view within the firm
that the process will be much more
open.
Sources have told City A.M. that
they expect Richard Bennison,
Oliver Tant and Alan Buckle to have
thrown their hats into the ring for
what will be a very different succes-
sion process to the one when
Griffith-Jones took over from then
chairman Michael Rake. Then the
successful candidate was widely seen
as the out and out front-runner from
the beginning and he was very much
endorsed by Rake.
KPMG is hopeful the field will have
narrowed considerably by April at the
latest. Bennison, Tant and Buckle are
all in their late 40s or early 50s and
there are some at the firm who
would like the group to choose some-
body slightly younger in an effort to
signify a more radical change.
Tant, who is head of UK audit, has
also had experience in the groups
private equity practice and was
involved publicly in promoting the
hiring of school leavers. Ashley Steel
is also said to have shown interest.
BY DAVID HELLIER
ACCOUNTANCY
BANK OFFERS TRADES FOR EUROZONE

SHORTING
Credit Suisse is offering its hedge fund
clients off-the-shelf products that
allow traders to replicate hypothetical
gains made by betting against
European stock indices that include
equities covered by Eurozone short
selling bans. The bank has made five
shortable baskets optimised to track
leading European indices as closely as
possible.
NATIONWIDE CONSIDERS SME LOANS
TO FILL BANKING VOID
Nationwide, the UKs largest building
society, is considering offering loans to
small and medium-sized businesses to
broaden its traditional customer base
and fill a void left by the countrys
biggest banks. The plans are at an early
stage and it is unlikely that
Nationwide will be in a position to
offer SME loans until at least next year.
BSKYB AXES FUNDING FOR CURRENT UK
Current, the television channel co-
founded by Al Gore, former US vice-
president, has reacted furiously to the
news that its UK arm might have to
close after satellite broadcaster BSkyBs
decision to remove it from its pay TV
line-up. BSkyB, which is part-owned by
Rupert Murdochs News Corp, said the
decision to let go of the liberal-leaning
news and documentary channel was a
commercial one given its persistently
low ratings.
GREEKS AND SPANIARDS LINE UP TO
LEARN THE LANGUAGE OF GOETHE
At least one group of workers has
enjoyed a boom in the midst of the
Eurozone debt crisis German lan-
guage teachers. Gnther Schwinn-Zur,
61, a veteran of more than two decades
at the Goethe Institute, which pro-
motes German culture, has never seen
business so good. Demand for lan-
guage courses at the Frankfurt centre
that he heads rose by a third last year.
CLASSIC AMERICAN SNACK ON THE
RACK
They have been a mainstay of Americas
sugar-rich national diet for 80 years. But
Twinkies face an uncertain future after
the baker of the cream-filled snacks
filed for bankruptcy protection. Hostess
Brands, a Texas-based company that
churns out the treats, blames battles
with unions for its second descent into
insolvency in eight years.
DELHI MAY OPEN UP TO AIRLINE
INVESTORS
The Indian government could open up
the countrys airline sector to foreign
investors to provide much needed cash
to a struggling industry. A government
panel has recommended allowing over-
seas airlines to own stakes of up to 49
per cent in the countrys carriers. Ajit
Singh, Indias Aviation Minister, said
the government would make a decision
within days.
FACEBOOK'S SHARE OF UK SOCIAL
NETWORKING DECLINES
Facebook usage in the UK has fallen by
more than seven percentage points in
the last year, fuelling concerns that it
may have hit saturation point. The
social network still attracted signifi-
cantly more online attention than its
nearest competitor, accounting for 52.6
per cent of all visits to social networks
in December.
BETFAIR AGREES TO PAY OUT OVER
VOIDED BETS AT LEOPARDSTOWN
Betfair has agreed to make almost
100,000 of ex-gratia payments to irate
punters who saw their bets voided
after a technical glitch on a race at
Leopardstown. In an attempt to quell a
row and avert potential legal action,
the betting exchange operator is hon-
ouring the wagers of some gamblers
who bet on the Christmas Hurdle, won
by Voler La Vedette on December 28.
DOUGLAS HOLDING FAMILY IN TALKS
WITH BUYOUT GROUPS
Leveraged-buyout firms including
Apax Partners are in talks with the
founding family of Douglas Holding
AG to potentially take the German
retailer private, according to people
familiar with the matter, in what
could be one of the largest recent
leveraged-buyout deals. The Kreke fam-
ily, which owns a 12 per cent stake in
Hagen, Germany-based Douglas, has
approached three buyout firms about
doing a deal, the people said.
COORS LIGHT TOPS BUD AS NO. 2 BEER
Coors Light knocked Budweiser off its
perch to become the second best-sell-
ing beer by volume in the US last year,
according to Beer Marketers Insights.
The new No. 2 brew ended the year
2011 with sales of 18.23m barrels, a 0.8
per cent gain. Budweiser slipped 4.6
per cent to 17.7m barrels.
WHAT THE OTHER PAPERS SAY THIS MORNING
Life isnt just but self-belief works
SOMETIMES, willing something to
happen actually works. If you are
young and want to make lots of money
when you grow up, you are actually
much more likely to end up richer
than those of your peers with a more
relaxed attitude to wealth. The first
prerequisite to becoming rich is to
want to become rich (and no, Im not
claiming it always works, sadly).
As one of Americas most interesting
economists, Bryan Caplan of George
Mason University, points out, the data
is fascinating. Daniel Kahnemans
Thinking, Fast and Slow highlights
how childhood goals and ambitions
matter. A study he reports asked
12,000 people to fill in a survey when
they were 17-18 years old, stating on a
four-point scale how much emphasis
they put on being well-off in monetary
terms when they grew up. Two
decades later, the researchers surveyed
the same people again to find out how
much money they were now making.
Take, for example, those who
became medical professionals. Each
extra point ticked in the four-point
scale 19 years earlier was associated
with an extra annual salary of $14,000
those who ticked the lowest box
when they were young earned far, far
less than those who ticked the highest
preference. Similarly striking findings
could be found in other groups and
other professions.
There are two conclusions to draw
from this. First, as Greg Mankiw, the
Harvard economist, points out, the
fact that people have different prefer-
ences towards wealth some want to
be rich, others dont weakens the
case for government-imposed redistrib-
ution. Some inequalities are chosen
(though obviously plenty are not) so
why should they be forcibly reversed?
This point is also made by Benjamin
Lockwood and Matthew Weinzierl of
Harvard in a new paper.
Second, this of course doesnt con-
done the status quo. Many youngsters
feel they will never succeed, which
becomes self-fulfilling. Youth unem-
ployment is a catastrophe. There are
huge injustices in our society: a wel-
fare state that traps people in poverty;
a state education system that fails the
poor; flawed economic policies that
reduce growth and opportunities. It is
absolutely essential that education be
improved in the UK to maximise the
life chances and therefore the possi-
ble range of choices available to the
poor. Social mobility needs to increase;
sink schools are a scandal. But never-
theless the world is not as hopeless a
place as some believe; free will and
self-determination clearly do matter.
You should follow your dreams.
OIL WASTE
Intriguing. M&Gs Jim Leaviss calcu-
lates that in real terms the UK govern-
ment has taken 270bn out of the
North Sea in tax revenues. But unlike
in Norway, where the Statens pen-
sjonsfond, now worth around 330bn,
was the recipient of all of Norways oil-
related taxes, short-termist UK politi-
cians squandered all the money on
current spending. With the oil now
gradually running out, it seems to me
that backers of Scottish independence
are deluding themselves if they think
they would be able to maintain their
hideously bloated welfare state if they
were to go it alone.
WHITE ELEPHANTS
Thanks to all of you who wrote in
about high speed rail. The overwhelm-
ing majority of emails and tweets were
against HS2. As promised in yester-
days column, we have reprinted a
selection on p19 in our Forum section.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
NEWS | IN BRIEF
More bankers wave goodbye
Goldman Sachs yesterday reported the
departure of the co-heads of its global
securities division. Edward Eisler and
David Heller will retire from Goldman
after working there for 18 and 22 years
respectively, remaining as senior direc-
tors. Isabelle Ealet, currently global head
of commodities, will take their place. And
RBS will today unveil restructuring plans
which could see up to 4,000 investment
banking jobs slashed, in addition to the
2,000 announced at the end of last year.
Olympus seeks equity partner
Scandalised Olympus, while better
known to consumers as a camera maker,
could be saved by its prestigious gastro-
intestinal endoscope business which may
well appeal to investors. The company is
in discussion with prospective investors
in search of an equity-for-cash deal,
according to Japanese media.
Fed reports improved growth
The Feds Beige Book last night confirmed
improving economic conditions in the US.
Most districts reported more favourable
conditions than identified in reports from
the late spring through early fall.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
Printed by Newsfax International,
BeamReach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
Distribution helpline
If you have any comments about the distribution
of City A.M. Please ring 0207 015 1230, or email
distribution@cityam.com
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
John Griffith-Jones departs later this year Alan Buckle is one of the favourites
Chief operating officer Richard Bennison Oliver Tant is head of UK audit
SCOTLANDS first minister Alex
Salmonds enthusiastic backing of
Royal Bank of Scotlands disastrous
takeover of ABN Amro returned to
haunt him yesterday.
A letter, released yesterday, shows
that Salmond wrote to RBS boss
Sir Fred Goodwin (pictured) in
May 2007 to throw his weight
behind the banks disastrous
purchase.
Signing the note, Yours for
Scotland, Salmond said
he would like to offer
any assistance my office
can provide.
Scotlands secretary
for finance, John
Swinney, said in a
separate letter at the
time that the deal
was an enormous
achievement for
RBS that helped
make Scotland
seem an attractive place to do busi-
ness.
Goodwin, who was the brainchild
behind the ABN Amro deal that
bankrupted the bank, was in
December criticised by the Financial
Services Authority for his gamble.
The letters will also make it much
harder for Scottish politicians to
blame the London establishment for
the recession and the implosion of
the Scottish banking sector.
But Salmond was nevertheless in
combative spirits over his campaign
for a referendum over
Scottish independence yes-
terday, revealing a plan to
hold a vote in 2014 a
year later than David
Camerons offer earlier
this week. Youd think
theyd be queueing up
to say stand on your
own two feet.
Instead theyre con-
spiring like any-
thing to hang on to
us, he said.
Alex Salmond
backed RBSs
ABN disaster
A NEW draft of the Eurozones fiscal
compact emerged yesterday that
appeared to show some movement
towards the UKs negotiating position.
The draft, published by the think-
tank Open Europe, takes out all refer-
ence to the single market the whole
EU in favour of applying new fiscal
rules only to Eurozone members.
But it is still very far from the safe-
guards Britain wanted and chancellor
George Osborne has vowed to fight
directive by directive to stop an ongo-
ing Brussels power grab that he says
goes against past treaties. Osborne said
yesterday that the UK is concerned
about more and more powers being
taken over by supranational regulators
like the European Banking Authority.
City A.M. understands that this prob-
lem was highlighted to the govern-
ment by senior British bankers on the
morning of the 9 December veto
summit. Since the UK did not win
ground at the summit, it is now being
tackled in technical negotiations.
The new draft treaty scales back the
proposed use of EU-wide institutions
such as the European Court of Justice.
And it removes the commitment in
the original draft to foster fiscal disci-
pline and deeper integration in the
internal market, which could be
taken to apply to the entire European
single market, not just the Eurozone.
Small win, but
no safeguards,
in euro treaty
BY MARION DAKERS
POLITICS
BY JULIET SAMUEL
POLITICS
News
BRITAIN will contribute billions to
boost the firepower of the
International Monetary Fund (IMF)
alongside other shareholders, chan-
cellor George Osborne told MPs yes-
terday.
Significantly, he refused to rule
out the idea that the UK could cough
up more in proportion to its 4.5 per
cent shareholding of the fund than
other countries.
In fact, with the IMFs biggest
shareholder, the US, having ruled
out any further contribution,
it is likely that Britain
would have to shoulder
more of the burden.
Osborne said: Britain
is prepared to make addi-
tional contributions to
the IMF alongside other
shareholders We are
enthusiastic supporters
of a well-resourced
IMF.
He added:
As far as I
know, I was
the first
f i n a n c e
minister in
the world
to suggest
additional
I M F
resources.
The chan-
cellor pro-
posed that
China and
Russia might
give more
alongside the UK.
The government can spend up to
10bn on beefing up the IMF but in
order to throw in any more it must
gain parliamentary consent.
That could prove difficult, with
Labour MPs promising to team up
with Conservative rebels to veto any
additional spending that they see as
a way to bail out the Eurozone by the
backdoor.
Osborne has said that he was also
against such a use of IMF funds,
although it is not clear if he will be
able to deliver guarantees that will
satisfy his political opponents.
We want to make sure that
that money was going into the
general resources of the IMF
and we want to make sure as
was clear in Cannes that it is
not a substitute for the
Eurozone also taking action to
deal with the stability of its
own currency, he said.
The Eurozone tried to bounce
the UK into signing up for a mas-
sively increased contribution last
month so as to use the IMF as a way
to extract cash from non-Eurozone
members for a 200bn (165.7bn)
increase in IMF firepower. But
Britain refused to play any part
in the agreement.
The scheme formed part
of an increasingly tortur-
ous set of proposals as to
how the Eurozone tech-
nocrats could channel
money from richer
countries to bankrupt
countries without
incurring too much
wrath from their vot-
ers.
UK ready to
cough up for
IMF billions
BY JULIET SAMUEL
POLITICS
Eurozone news
A CATACLYSMIC collapse of the
euro could take place if the
European Central Bank (ECB) does
not step up bond buying to save Italy
from its enormous debts, credit rat-
ings agency Fitch warned yesterday.
David Riley, head of sovereign rat-
ings at Fitch, had already warned
that Italy could face a downgrade
later this month.
The country is large enough to
threaten the collapse of the currency
altogether, meaning the ECB should
not hold back in its efforts now, he
said. If the country does face finan-
cial disaster, it may prove too big to
rescue, Riley told investors at a
European roadshow yesterday.
Can the euro be saved without
more active engagement from the
ECB? Quite frankly, we think not.
Riley suggested that the ECB
should set and enforce through
bond purchases a cap on Italys ten-
year bond yields of seven per cent.
He also proposed making the
European Financial Stability Facility
into a bank, enabling the bailout
fund to borrow from the ECB instead
of issuing bonds.
The analyst also warned that
France is the weakest triple-A
Eurozone country, and is weighed
down further by guaranteeing the
EFSF.
Despite his concerns, Riley con-
firmed Fitch does not expect any
euro exits. The cost benefit analysis
doesnt add up, he said.
Fitch: ECB
could pay up
to save euro
BY TIM WALLACE
EUROZONE
EU commissioner Barnier is to look into an EU version of Vickers Picture: REUTERS

EUROPE will propose its own regula-
tions for structural reform of the
banking sector within months, EU
commissioner Michel Barnier
declared yesterday, throwing open
the possibility of a rival proposal to
the Vickers Commission being
imposed by Brussels.
Barnier told reporters yesterday:
Before the end of January, I will put
in place, in agreement with
[European Commission] President
[Manuel] Barroso, a high-level group
on the prevention and separation of
risks in banking institutions.
As to the timeline, he said: This
group will have several months, let's
say from January to June, to bring for-
wards proposals and ideas on this
important subject.
Chancellor George Osborne sug-
gested that the interest in Vickers
proposal to ring-fence retail activities
from investment banking operations
meant the UK had shown intellectu-
al thought leadership.
But the development of another
parallel regulatory agenda alongside
Britains finance reform could be a
major headache for the government
and the City.
Already, the Treasury and Bank of
England are locked in negotiations
over European capital rules that do
not give member states enough flex-
ibility to implement UK policies.
Barniers intentions add structur-
al change to a long list of financial
reforms in which Britain is strug-
gling to keep its sovereignty and
on which banks desperately need
clarity.
Barnier did not go into detail yes-
terday on what the group will exam-
ine. But in December he said: We
need time to study what the British
government, to study what the
American government intend to do
and to listen to the response of the
European banking sector in all its
diversity.
BY JULIET SAMUEL
BANKING
Barnier: EU to create rival

Vickers ring-fence regime
Merkel and
Monti try to
inspire hope
Eurozone news
CITYA.M. 12 JANUARY 2012
NEWS | IN BRIEF
5
Spain fears looming recession
Spain is close to recession, budget minister
Cristobal Montoro warned on news that
Spanish industrial production fell seven per
cent in November from the previous year
the most in over two years. The decline
had been forecast at just over the five per
cent mark after a fall of 4.2 per cent in
October. The Spanish government brought
in the new year with a range of planned
austerity measures after learning that the
budget gap will be a third larger than
expected.
BlackRock UniCredit stake in focus
Italian market watchdog Consob is looking
into two contradictory statements made
by BlackRock, the world's largest asset
manager, over its stake in UniCredit, a
source close to Consob said yesterday.
BlackRock said yesterday its holding in the
Italian bank stood at 3.09 per cent,
retracting an earlier statement which said
it had cut its stake to 1.71 per cent just
days before the launch of UniCredit's
7.5bn rights issue. "We are making checks
on this," the source said. "Blackrock says
they made a mistake, but there is a capital
increase underway, it's a systemically
important financial institution and a
European blue chip so we have to look
into this.
German debt auction success
Investors seeking a safe haven in which to
save their cash enthusiastically purchased
new German bonds yesterday. A 4bn
(2.6bn) auction of five-year debt saw
twice as much demand as bills on offer.
The average yield came in at 0.9 per cent
the lowest since the euro was launched.
Germany sold short-term debt at negative
yields earlier this week, showing many
investors are more concerned about pre-
serving their cash than making a return.
Commissioner Rehn is confident of a deal with private investors soon Picture: REUTERS
SPENDING cuts and economic
reforms are making Italy stronger
and provide a vital contribution to
the stability of the euro, Angela
Merkel announced yesterday as she
and Italian Prime Minister Mario
Monti (both pictured below) tried to
persuade investors that Italy was no
longer a risky place to put cash.
GREECE is in the final stage of nego-
tiations with private bond-holders on
the debt swap which should pave the
way for a second bailout, according to
European Commissioner Olli Rehn.
An agreement will be reached in
the coming weeks, with the vital
cash coming shortly after.
Despite lying about its finances to
join the single currency, Rehn con-
firmed he believes that Greece will
be remain a member of the euro.
Greece confirmed yesterday that
its budget deficit was likely to hit 9.6
per cent of GDP in 2011, down from
10.6 per cent in 2010 but still firmly
above its nine per cent target.
BY TIM WALLACE
EUROZONE
BY TIM WALLACE
EUROZONE
Bond deal close in Greece

but deficit target missed
High interest rates could have
been justified when markets were
diffident about Italian economic
policy, but not anymore, Monti said.
He has previously complained his
governments efforts had not
received the recognition and appre-
ciation they deserve.
The two leaders met to discuss
how to resolve the Eurozone crisis
and encourage longer-term econom-
ic growth.
Monti gave his backing to an EU-
wide financial transactions tax,
which Merkel and French President
Nicolas Sarkozy both support.
Laying out his view for a pros-
perous future, Monti returned
Angela Merkels praise, describ-
ing Germanys economy as
concrete proof of how
public budget discipline
and an economy founded
on market principles are
the best for growth.
Meanwhile, official
data showed Italys
budget deficit fell to 2.7
per cent of GDP in the
third quarter of 2011,
and Germanys econo-
my contracted by 0.25
per cent in the final
quarter, though it dis-
played growth during
the other three.
THE GOVERNMENTS faltering
attempts to sell its stakes in nation-
alised banks suffered another blow
yesterday when the chairman of the
agency responsible for the stakes
resigned with a gloomy parting shot at
the state of the financial markets.
UK Financial Investments said Sir
David Cooksey is retiring, with current
chief executive Robin Budenberg mov-
ing upstairs to replace him. Jim ONeil,
who has been responsible for the
Treasurys stakes in Lloyds and Royal
Bank of Scotland, has been named as
the new chief executive.
Cooksey admitted his two and a half
years at UKFI, which included the cut-
price sale of the good part of
Northern Rock to Virgin Money, had
been extremely challenging and
warned that market turmoil means
further divestments will not happen
quickly.
Disposal of the investments in
Lloyds and RBS will inevitably take
longer than originally expected, given
the challenging economic and bank-
ing industry environments both in the
UK and globally, he said.
The government is sitting on a
25.6bn loss on its 83 per cent stake in
RBS and a 12.5bn loss on its 41 per
cent holding in Lloyds, so needs shares
in both banks to more than double to
reach the break-even point.
The reshuffle takes UKFI to its third
chief executive and fourth chairman
since it was set up in November 2008.
ONeil will take over in April with
Budenberg acting as executive chair-
man until that point.
Several FTSE-listed firms have been
criticised for promoting their chief
executive to the position of chairman,
which is seen as against best corporate
governance practice because of a per-
ception of a lack of independence.
UKFI sources insisted, however, that
Budenberg would not be a patsy
because he is able draw on recent
experience at other companies.
Former UBS banker Budenberg
joined UKFI at the start of 2010.
Former Bank of America Merrill Lynch
banker ONeil joined in October 2010.
Taxpayer fear
as UKFI execs
change again
BY PETER EDWARDS
BANKING
THE CHIEF executive of NYSE

Euronext has pledged to fight the
serious flaws in the argument of the
European regulator, which is set to
block their $9bn (5.87bn) merger
with Deutsche Boerse.
Duncan Niederauer used a video to
staff to pledge that he and Deutsche
Boerse boss Reto Francioni would con-
tinue to press their case after it
emerged that European anti-trust
chief Joaqun Almunia was set to veto
the deal unless the two firms agreed to
sell one of their derivatives businesses.
Deutsche Boerse and NYSE now
plan to bypass the antitrust ruling and
appeal directly to the so-called college
of 27 commissioners, who are expect-
ed to meet early next month.
Analysts said they face an uphill
task. Arnaud Gilbat at UBS said:
[They] have rarely voted against the
case teams recommendation, so the
probability of the deal going through
now drops to 20 per cent.
Niederauer and Francioni will also
lobby politicians at the World
Economic Forum in Davos this month.
NYSE and Deutsche say they have
not received a formal decision from
the European Commission and
declined to comment further yester-
day. If the deal to create the worlds
largest exchange group collapses it
would provide a boost to the London
Stock Exchange.
NYSE and Deutsche Boerse start
last-ditch bid to save $9bn tie-up
CAPITAL MARKETS
News
From left: Robin
Budenberg, Jim
ONeil and Sir David
Cooksey
NEW8 FROM THE
CTY OF LONDON
Get City news, info and offers at
www.cityoflondon.gov.uk/eshot
8tories supplied by the City of London
ADVERT8EMENT
City Lord Mayor
hosts London
Government
Dinner
ord Mayor David Wootton
(pictured) hosts the annual
London Government Dinner at
Mansion House this evening. The
Mayor of London, Boris Johnson,
will also speak at the event, which
is attended by representatives
from London's local authorities.
Find out how London was
devastated during the Blitz in
a free exhibition at the City's
London Metropolitan Archives
in Clerkenwell. Mapping the
London Blitz runs until 29
March.
You can help improve air
quality in the Square Mile by
switching off your car engine
when you are parked, loading
or waiting. More details about
air pollution in the City and
Fixed Penalty Notices for idling
engines from
www.cityofIondon.gov.uk/air
Join Diarmuid Lawrence, director of the BBC's The Mystery of
Edwin Drood, at the Museum of London on 23 January at 7pm to
hear how he adapted Dickens's words for the screen.
www.museumofIondon.org.uk
City urges action on
idle engines
Blitz exhibition opens
at City of London's
archives
Dickens on screen at Museum of London
L
www.cityofIondon.gov.uk/Ima
THE THREE billionaire founders of
Carlyle Group took home more than
$400m (261m) last year as a series of
lucratives asset sales helped the US
buyout firm to a record performance.
William Conway, Daniel DAniello
and David Rubenstein, received $134m
each in cash distributions and $3.8m
in executive compensation, according
to a regulatory filing in the run-up to
Carlyles hotly-anticipated float, which
is expected later this year.
Conway, DAniello and Rubenstein
also received $70.8m, $77.6m and
$56.8m respectively from previous
investments although the filing does
not indicate how much of that was
their initial investment. Carlyle bene-
fitted after correctly forecasting the
US would avoid a double-dip recession
in 2011 and the founders showed their
faith in the group by investing anoth-
er $359m last year.
Carlyle, which declined to com-
ment, distributed more than $15bn to
its fund investors in the first nine
months of 2011, its best year on record.
The filing also showed the founders
charged the firm more than $5m for
business use of their private planes
and related services. Much of this
came, however, from Rubensteins vis-
its to 24 nations.
Carlyle founders flying
high on $400m payday
Threes company: (l-r) David Rubenstein, William Conway and Daniel DAniello
BY PETER EDWARDS
PRIVATE EQUITY
News
NEWS | IN BRIEF
Bidders circle Deutsche assets
Private equity house Advent International
has emerged as a bidder for parts of the
asset management arm of Deutsche Bank.
Blackrock is also believed to be among the
firms which lodged indicative bids last
week. All groups declined to comment. A
sale is expected to raise between 1bn
(829m) and 3bn. Up to 50 banks, insur-
ers, asset managers and private equity
firms are believed to have shown interest.
E.ON in $34bn Brazil power deal
Giant German utility E.ON said yesterday it
will team up with Brazilian billionaire Eike
Batista to build the largest privately held
network of power plants in Brazil, as it bets
on emerging markets amid stagnant
growth in Europe. Dusseldorf-based E.ON
and Batista-controlled MPX Energia said
they could jointly build up to 20 gigawatts
of generation capacity in Brazil and Chile,
a project Batista said could cost $34bn.
EDF Energy yesterday piled pressure on
its rivals by announcing a five per cent
cut to its gas prices.
The company said the reduction,
which comes into effect on 7
February, had been made possible by
the lower wholesale cost of gas in the
mild winter.
But yesterday none of the other com-
panies in the so-called Big Six, which
includes British Gas, would commit to
following suit.
The move by EDF will benefit 1.4m
customers, though electricity prices
will not be lowered.
The cut goes some way to reversing
EDFs bill hike of more than 15 per cent
in November, which was also made in
response to wholesale gas prices.
Chief executive of EDF Energy
Vincent de Rivaz said: What cus-
tomers want more than anything else
is fair, clear and transparent prices. We
know they want action rather than
words.
That is why we are the first major
supplier to announce a cut and were
the last to increase prices.
Energy secretary Chris Huhne has
called on the rest of the major suppli-
ers to follow suit and cut their prices.
However, British Gas, Scottish Power,
E.on, and Npower said there were no
reductions in the pipeline.
Scottish and Southern Energy, one
of the biggest FTSE 100 fallers yester-
day, also failed to commit to a cut.
Some smaller suppliers have made
price cuts on some tariffs or cancelled
price rises in recent weeks.
EDF moves to
cut gas price
by 5 per cent
Intel takes a chip off ARM
GFTUK.COM | FREEPHONE 0800 358 0864
SPREAD BETS, CFDs and FOREX.
Now on DealBook for iPad.
When trading CFDs, Forex and Spread bets,
it is possible to lose more than your initial deposit.
Download today free from the App Store.
Visit gftuk.com/ipad to nd out more.
GFT Global Markets Ltd. is authorised and regulated by the Financial Services Authority. 2012 Global Futures and Forex, Ltd. All rights reserved. CD03UK.208.112211
Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. facebook.com/gftmarketsuk twitter.com/gftuk
SHARES in microprocessor company
ARM dropped yesterday on news that
rival chip-maker Intel has partnered
with Motorola and will enter the
smartphone market later this year.
Motorola announced at the
Consumer Electronics Show in Las
Vegas that the Lenovo K800 smart-
phone, featuring the Intel Atom
processor and operating on the
Android platform, will be available as
soon as this summer.
Intel chief executive Paul Otellini
said, The best of Intel computing is
coming to smartphone. Our efforts
will provide a solid foundation from
which to build in 2012 and into the
future.
Intel said the chip could later be
used for tablet devices.
Motorola, the Chicago-based tele-
coms company which popularised the
flip phone in the 1990s, is in the
process of being acquired by Google
for $12.5bn (8bn).
Shares in ARM, the Cambridge-
based software design company con-
sidered to be the dominant player in
the mobile phone chip market, closed
down 2.6 per cent at 588.5p.
BY JOHN DUNNE
ENERGY
BY LAUREN DAVIDSON
TECHNOLOGY
LONDON Metal Exchange members

are pushing the exchange to back-
track on a new trading fee that
would boost its revenues and entice
bidders for the 130-year-old
exchange, but would hurt some bro-
kers way of doing business.
The LME, which has traditionally
kept fees low for its member-own-
ers, announced last month that it
would introduce an exchange user
fee.
The LME has clearly done this to
boost revenues ahead of any poten-
tial sale, a senior LME trader said.
People are angry.
Industry sources say members
were not consulted on the levy, and
some are rallying their peers to try
and persuade the LME board to
head off the move, which comes
into effect in March.
London Metal Exchange
faces a backlash on fees
TECHNOLOGY
News
NEWS | IN BRIEF
CBI: Comms sector is key for UK
The government must ensure that
Britains communications sector contin-
ues to expand both at home and abroad,
the CBI will urge today. Ofcom should
promote the UK communications sector
in international markets, the CBI will
state, while suggesting that BBC
Worldwide becomes a key facilitator
and partner of smaller content providers
seeking opportunities abroad.
Virgin ups broadband speeds
Cable operator Virgin Media has
embarked on an 18-month programme
to upgrade for free the speeds of all its
broadband customers at a cost of
around 110m, it said yesterday. Virgin,
which has around 4m broadband cus-
tomers, said the programme would on
average double its broadband speeds.
EU launches card fee crackdown
The European Commission plans to
lower retailers costs for accepting debit
and credit card payments in a renewed
challenge to dominant players such as
Visa and MasterCard, a green paper
revealed yesterday. Retailers typically
pay a fee to card issuers to cover costs,
such as authorisation for transactions.
The EU paper stated the high processing
fees banks charge prevent the develop-
ment of low-cost schemes.
Chevron warns of earnings slide
Chevron shares slipped 2.3 per cent in
after-hours trading last night after the
US energy giant warned its fourth quar-
ter profit would be significantly below
its third quarter results. The firm
blamed the slide on weaker margins and
refinery volumes. It reported net income
of $7.83bn in the third quarter.
ANALYSIS l EDF SA
5Jan 6Jan 9Jan 10Jan 11 Jan

18.40
18.20
18.00
17.80
18.02
11 Jan
All aboard the oil price merry-go-round
SO EDF has taken the first step
among the Big Six, and not only
sparked rumours of a price war but
also sent its competitors shares
crashing in the meantime.
The five per cent drop in gas prices
only goes some way to recouping the
15.4 per increase it implemented
back in November, but talk of a
mild winter and passing on
falling wholesale prices is bound to
spark hope among stretched con-
sumers of further cuts.
But the truth is much of the deci-
sion lies way out of EDFs control.
As 2012 gets going, oil prices do
seem to be declining benchmark
crude fell to $101.38 per barrel in
New York but theres little consen-
sus among analysts as to why.
Many cite Iran as the biggest
threat to global oil supply (and prices
will certainly rise once EU sanctions
are imposed), but others say the mar-
ket is feeling more positive about the
chances of avoiding another full-
scale financial crisis, and so hoping
any impact on economic growth and
the oil market will be limited.
Either way, it doesnt look like
wholesale costs will continue their
downward trajectory for long.
Price wars may play into the
hands of consumers but flip-flop-
ping never impresses, and investors
are unlikely to be happy with the
pressure it will inevitably put on
profit margins. Competitive pres-
sure means the rest of the Big Six
will almost inevitably follow EDF at
some point, but expect it to be to the
detriment of their investment case.
BOTTOMLINE
Analysis by Elizabeth Fournier
EDF Energys
managing director
Martin Lawrence
plans to cut fuel
bills from February
ANALYSIS l ARM Holdings PLC
p
620
610
600
590
588.50
11 Jan
Call 0800 781 7975 or visit carphonewarehouse.com
Geek Squad service plans available from 8.99 per month.
All informationis accurate at the time of goingtoprint. Important: due tothe fast movingnature of this market, all offers, prices andavailability are subject tochange. 1Pay monthly prices are subject tocredit check andminimumtermof 24months onselectednetworks andtariffs. 2Phone was 169.99 onO210.50per month(24m) tariff, nowfree. 3Phone was 229.99onVodafone 15.50
per month (24m) tariff, nowfree. BlackBerry, RIM, Research h in Motionand related trademarks, names and logos are the property of Research in Motion Limited and are registered and/or used in the U.S and other countries around the world. Used under license fromResearch in Motion Limited. All trademarks and copyrights are the property of their respective owners.
SAMSUNG GALAXY S I9003 BlackBerry
Torch
9860 HTC TITAN

FANTASTIC DEALS ON SELECTED SMARTPHONES
DEALATHON
10.50
per month
1
PHONE WAS 169.99
PHONE NOWFREE
2
PHONE NOWFREE
3
SIMFREE ONLY 249.95
15.50
per month
1
PHONE WAS 229.99
SIMFREE ONLY 329.95
20.50
per month
1
FREE PHONE
SIMFREE ONLY 439.95
A TIT-FOR-TAT exchange between
David Cameron and Ed Miliband
erupted in parliament yesterday,
after the Labour leader hit out at
some 11 per cent hikes in rail fares.
Miliband blamed the coalition for
exorbitant fare increases, yet Prime
Minister Cameron said the power to
raise prices was given to train compa-
nies by the last Labour govern-
ment.
A subsequent Labour decision to
reverse the policy was only taken
temporarily in an election year,
Cameron claimed.
Youre wrong, retorted Miliband.
We took away that power from
them [but] you came to office and
you brought the power back. You
made the wrong decision.
The opposition leader burdened
by criticism of his reign this week,
following a high profile Twitter gaffe
said that companies were able to
rig fares, citing a rise in season tick-
et prices from Northampton to
London of more than 300.
Companies are in some cases permit-
ted to raise prices by five per cent
above the retail price index (RPI)
measure of inflation.
Miliband urged Cameron to stand
up to train firms, and get a better
deal for commuters.
Debate at the weekly session of
Prime Ministers Questions quickly
moved onto another transport issue
HS2 yet the train fares row contin-
ued into the afternoon with Labour
and the Tories both putting out state-
ments attacking the other side.
Labour MP Simon Danczuk later
demanded an apology from the PM.
[Former transport secretary] Lord
Adonis has made it clear today that it
was his firm intention to continue
the policy [of lowering the ceiling for
fare hikes] for subsequent years,
David Cameron knows the truth and
he should come back to the House,
apologise and immediately correct
the record, Danczuk said in a state-
ment.
Miliband and
PM lock horns
over rail fares
THE DEVELOPERS of the Shard sky-
scraper could be forgiven for having
pre-completion nerves yesterday, after
a pair of gloomy research papers cast a
pall over the tower.
The Shard will be entering a rough
rental market when it completes in
May, according to research by BNP
Paribas Real Estate. Last year, take-up of
office space in central London fell 37.5
per cent to 9m square feet, with less
than 1m square feet in the City.
The financial sector was noticeable
in its absence from big office deals,
BNP said, with the technolo-
gy sector instead snapping
up prime space.
And even if the Shards
estate agents can attract
tenants, its mere presence
on the London skyline
could be a signal of eco-
nomic trouble, Barclays
Capital analysts claim.
BarCap suggests that
booms in skyscraper con-
struction have an
unhealthy correlation
with financial crashes,
and that the current
frenzy of tower-
building in China
and India shows an
excess of credit.
Shard could
signal crisis,
claims BarCap
BY JULIAN HARRIS
TRANSPORT
News
RAIL fares for commuters jumped by
an average of six per cent at the start of
the year but Labour leader Ed
Miliband was furious yesterday that
some prices increased by up to 11 per
cent, demanding to know why Cameron
had reversed Labours decision to stop
the huge rises. David Cameron respond-
ed that the rule average prices can
rise by the RPI inflation rate, plus one
per cent was simply Labours rule,
continued by the coalition. Miliband said
the PM was mistaken and should get
his facts right so who is right?
The price limit only applies to regulat-
ed tickets broadly, season tickets for
commuters. They could rise by RPI plus
one per cent so a total of six per cent
this January.
However, across each rail company,
individual fares can rise an additional
five per cent as long as the average
rise is below RPI plus one per cent.
This large flexible element was
increased from two to five per cent in
2004 so Cameron is right that they
follow Labours rules.
However, then-transport secretary
Lord Adonis scrapped the extra five per
cent in 2010.
Miliband says Cameron reversed this
change, which indeed he did but
Department for Transport franchise
agreements show Labours Lord Adonis
was planning to do this too. While right
on some issues, the leader of the opposi-
tion needs to get his facts right on
others. By TimWallace
WHO IS RIGHT ON RAIL FARES?
TRANSPORT
BY MARION DAKERS
PROPERTY
David Cameron
insisted that the
rail hikes would
have still gone
ahead if Labour
were in power
News
RECRUITMENT company Michael Page
is to go ahead with plans to enter more
emerging markets where it sees long-
term growth opportunities, it said yes-
terday as it reported that growth slowed
further in the fourth quarter.
Michael Page said that, while being
mindful of a tough global economy
that has rapidly stunted growth levels
over the course of 2011, it would open
offices in three new countries
Columbia, Morocco and Taiwan this
year.
The company, which places people in
accounting, financial and legal jobs and
issued a profit warning in December,
said fourth-quarter gross profit rose 13.4
per cent to 136m, down from growth
of 30 per cent and 22 per cent in its sec-
ond and third quarters.
Chief executive Steve Ingham said: I
cannot deny the fact that throughout
the year it has become more challeng-
ing but it is not all doom and gloom
and that is the key.
Its EMEA market, which makes up 45
per cent of group fees, was up 15.3 per
cent, down from 30.8 per cent in the
third quarter. Growth in the Americas
and Asia Pacific slowed to 18.6 per cent
and 23.3 per cent, respectively, from 48
per cent and 44 per cent in the third
quarter. Full-year gross profit rose by 25
per cent to 554m.
It saw marginal growth in the UK,
where banking and public sector mar-
kets have been hit hard, also affecting
rivals Hays and Robert Walters, which
have both recently sounded cautious
tones on prospects for 2012.
The company said it expected to post
a 2011 pre-tax profit of around 85m.
Michael Page
looks abroad
Michael Page chief executive Steve Ingham said the market was not all doom and gloom
BY HARRY BANKS
RECRUITMENT
ANALYSIS l Michael Page International PLC

p
365
360
370
355
350
345
368.00
11 Jan
J SAINSBURY has reported a record
Christmas despite the gloomy eco-
nomic backdrop, as cash-strapped
customers treated themselves during
the festive season.
Britains third largest supermarket
said like-for-like sales excluding fuel
and VAT and rose 1.2 per cent in the
third quarter to 7 January, above ana-
lysts consensus of 0.9 per cent.
The grocer reported 26m customer
transactions in the Christmas week,
1.5m more than the previous year, as
it broke records for its biggest ever
week, day and hour for sales.
Chief executive Justin King said
Sainburys saw a continuation of
what has been a long term story
where customers are managing their
budgets in order to enjoy themselves
on special occasions.
Sales of its premium Taste the
Difference range jumped by over ten
per cent in the quarter, selling 2m
worth of Norfolk Black Free Range
turkeys and almost 50,000 cherry
filled Christmas puddings.
Sainsburys now has 1,000 stores
across the UK and opened a further
21 convenience stores in the quarter.
King joined fellow retailers in
warning that the first months of 2012
would be tough with shoppers tight-
ening their belts ahead of some large
events later in the year like the
Diamond Jubilee and the Olympics.
The proof is in
the pudding
at Sainsburys
BY KASMIRA JEFFORD
RETAIL
News
12
ANALYSIS l J Sainsbury
p
312.50
310.00
307.50
305.00
302.50
300.00
297.50
302.10
11 Jan
ANALYST VIEWS: HOW DID SAINSBURYS
FARE AGAINST RIVALS? Interviews by Kasmira Jefford
PHILIP DORGAN | PANMURE GORDON

A continued strong performance from Sainsbury... we believe that it contin-
ues to be underestimated by the market. True, its reported sales growth period is
longer than for Morrison... but we believe that it had a good Christmas.
KEITH BOWMAN | HARGREAVES LANSDOWN

In all, Sainsbury has again surprised on the upside. Unlike some rivals,
the group appears to be firing on all cylinders, with the dividend payment attrac-
tive and prospects for an eventual takeover still present in the background.
CLIVE BLACK | SHORE CAPITAL

Against a challenging market backdrop we deem Sainsburys performance
excellent although we should add that 2.1 per cent like-for-like sales is not stellar, at
the low end of managements ongoing target and within our expected range.
LITTLE CHEF MAKES BIG CLOSURES

Restaurant chain Little Chef is to close 67 of its outlets in a move expected to cost up to
600 jobs. Its owner RCapital, which rescued the chain in 2007 and hired Heston
Blumenthal to revamp its image as part of a Channel 4 show, said the closures were
essential to allow the firm to focus on developing the remaining sites.
4
th
Annual Nordic Career Forum
London t 15 March 2012 t Radisson BLU Portman Hotel
Be an exhibitor or a partner
Discover and Build Your Personal Brand

Sign up!

Media partner: Organisers:
Speakers

15 Mar t ondon L
Annual Nor
th
4

t 012 ch 2 15 Mar
Annual Nor

U P on BL s adis R
ar dic C Annual Nor

el e
Fooo
e t oo tman Ho
oo
or U P
o FFFFF eer F ar

um u oru u

15 Mar t ondon L
er and B v o c Dis
primarily fr sionals s e f o pr
activ tr within an at
t e this oppor ak T
xhibit e an e B

t 012 ch 2 15 Mar
s er our P uild YYo er and B
dic c om the Nor primarily fr
ar f c oup o t gr ge ar e t activ
our c sition y po o y t unit
tner ar or or a p xhibit

.
U P on BL s adis R
and onal Br s
. s trie oun dic c
ed us oc -f eer ar
y an omp our c

el e
e
e tt oo tman Ho
ss
or U P
er er e kk ak ak Spe

ormation or t f e in or mor f
admin@nbc act us at t on C
Sign up!
s will at our chamber f
ely 2 ximat o appr
eer F ar dic C he Nor T

. o sign up ormation or t
0 or om c uk. c admin@nbc
end. t s will at
s and non-member 50 member
ening e v orum is an e eer F

1 0 018 3 9 0 7 2
f the s o s and non-member
e t wher en v ening e

g und SSSSS ndber un SS gen S Jr

o y L MM t eh L Mandy L

MM in in alch tin F Mar

uk . o c c. duc . www
ANISH~UK D
T
H
E
F C ER O MB CHA
s: er ganis Or

ANISH~UK
CE MMER RC O
. o c c. fbc . www

.nbc www uk .

om c uk. c .nbc
e Mindr

P
c jc uk//j g. or c. c .s www
Media p
e PP

: tner ar Media p
immer er W
SUPERGROUP, the company behind
Superdry fashion label, has reported
robust trading during the Christmas
period as it held off from discounting
its clothing and put warehousing
problems firmly behind it.
The group, which has expanded to
70 stores in the UK including a new
store opening on Regent Street, said
like-for-like sales increased by 5.8 per
cent in the nine weeks to 1 January.
Total sales rose 22 per cent to 79m.
Wholesale takings were down four
per cent at 13m, which the firm said
was due to the different phasing of
supplier deliveries.
We are pleased to report a solid
Christmas period when set against
the difficult economic climate, our
own distribution issues in the
autumn and our exceptionally strong
Christmas sales last year, chief execu-
tive Julian Dunkerton said,
The retailer, which began on a mar-
ket stall in Cheltenham 20 years ago,
was one of 2010s most successful
stock market flotations. Its shares
reached a peak of 18 in February last
year but then saw most of the gains
wiped off after troubles with its ware-
housing system.
The company is on track open 20
new UK stores and 50 international
stores by April 2012 and is in talks
over deals to enter India and China.
Shares closed down 0.73 per cent at
547p yesterday after rising as much as
6.6 per cent earlier in the day.
Supergroup
posts robust
sales growth
BY KASMIRA JEFFORD
RETAIL
News
CITYA.M. 12 JANUARY 2012 13
ANALYSIS l Supergroup
p
590
580
570
560
550
540
530
547.00
11 Jan
NEWS | IN BRIEF
Greggs boosted by mince pies
Baker Greggs posted better-than-
expected sales over the Christmas and
new year period as shoppers snapped up
record numbers of sweet mince pies, fes-
tive bakes and giant gingerbread men.
The Newcastle-based firm, which also
sells bread, sandwiches and to over 6m
customers a week, said sales at stores
open over a year jumped 5.1 per cent in
the five weeks to 7 January. That com-
pares with a third quarter rise of 0.8 per
cent.
Sales boost at Fortnum & Mason
Fortnum & Mason, the world-famous
food emporium, has posted record sales
for the full year to 17 July 2011, despite
shouldering hefty costs after it was
targeted by Uncut protesters for tax
evasion last year. The group said sales
rose by eight per cent to 54.9m com-
pared with 50.9m the previous year,
boosted by strong growth across its
website, catalogue and mail order
channels. Fortnums said protests last
March had cost it at least 54,000 in
lost sales.
Promotions help N Brown grow
N Brown, the British internet and cata-
logue home shopping firm, returned to
sales growth in the run-up to
Christmas, though to achieve this it had
to step up promotions. The Manchester
based company, which targets mature
and larger customers, said yesterday
its revenues increased by 2.3 per cent
in the 19 weeks to 7 January, with like-
for-like revenue, excluding sales from
new stores, gaining two per cent. That
compares with a like-for-like sales fall
of 1.5 per cent in the six weeks to 8
October.
Sales Up
5
.1%

in five weeks to 7 January
Sales Up
5.8%

in nine weeks to 1 January
Sales Up
1.2%

(ex fuel & VAT)
in 14 weeks to 7 January
HOW THE HIGH STREET IS FARING SO FAR
Sales Down
12.9%
in eight weeks to
7 January
Sales down
8.2%

in five weeks to 31 December
Sales Up
0.5%

in the 13 weeks to
31 December
Sales Up
0
.7%

in six weeks to 1 January
Sales
flat
across the 18 weeks to
7 January
Sales Up
4%
in nine weeks
to 2 January
Sales Up
3.8%

in the second half to
31 December
EXPORTS fell and imports rose in
November, reversing Octobers positive
figures and suggesting trade is not giv-
ing a strong boost to the UK economy,
according to data released yesterday by
the Office for National Statistics (ONS).
Goods imports rose by 381m in
the month to 34.84bn, while exports
fell by 395m to 25.74bn.
The deficit in goods rose from
7.87bn to 8.64bn.
Although oil imports increased by
117m, exports rose by 260m,
decreasing the deficit in the com-
modity to 1.48bn in the month.
By volume, exports fell by 1.7 per
cent, driven by declining consumer
goods sales, although car exports rose
by 6.7 per cent.
Imports rose 1.1 per cent by vol-
ume, with chemicals up 15.7 per cent.
However, imports of capital goods,
such as plant machinery, fell by four
per cent in the month.
Nevertheless, net trade still looks
likely to have made a positive contri-
bution to GDP in the fourth quarter
of 2011, contrasting with the third
quarter when trade knocked 0.4 per-
centage points off growth, said econ-
omist Howard Archer from IHS
Global Insight.
However, looking through the
recent erratic monthly moves in the
trade data, there is little evidence
overall of marked improvement,
which is disappointing for hopes that
improved exports can boost overall
growth and help the economy to
become more balanced.
Trade deficit
up as exports
decline again
E&Y tops gay-friendly survey
BIG four accountancy firm Ernst &
Young was yesterday named as the
most gay-friendly employer in the UK,
topping the annual index of the best
firms for lesbian, gay and bisexual
staff.
Ernst & Young moved up from third
position last year to take the top spot
in Stonewalls workplace equality
index, which considers criteria such as
employee policy and training and
development, as well as gathering
extensive staff feedback.
The Home Office took second place,
and the Department of Energy and
Climate Change was named as the
most improved employer.
Barclays came third in the index
and topped the banking sector, with
Goldman Sachs, Lloyds, Morgan
Stanley and RBS also congratulated for
their diversity policies.
There were 25 new entries in the
Stonewall index this year, including
MI5, which entered at number 62.
Competition for a place in the top
100 was fiercer than ever this year,
said Ben Summerskill, Stonewall chief
executive. With new, more demand-
ing criteria, every employer securing a
position in the top 100 has performed
impressively.
In the legal sector, Simmons &
Simmons held onto its title as the
most gay-friendly law firm for the
fourth year running and was 10th
overall.
The index is based on a range of key
indicators, which this year included
for the first time a confidential survey
of lesbian, gay and bisexual employees,
with over 7,500 participants.
BY TIMWALLACE
UK ECONOMY
BY ELIZABETH FOURNIER
COMPANIES
JOB OPPORTUNITIES in financial serv-

ices collapsed in December thanks to
the Eurozone crisis, according to
Morgan McKinleys London employ-
ment monitor, published today.
Vacancies in the sector fell by 36
per cent on the month a more
severe drop than the usual Christmas
holiday fall, because of worries over
the economy.
For the year as a whole, vacancies
fell eight per cent compared with
2010, to 56,587. The level is 43 per
cent lower than the 2006 peak.
Ongoing Eurozone issues com-
pounded by turbulence in financial
markets sent shockwaves through
financial institutions in late 2011,
rendering the hiring market very sub-
dued, particularly in the wind down
towards Christmas, said Morgan
McKinleys Andrew Evans.
City jobs vacancies down
43 per cent on 2006 peak
FINANCIAL SERVICES
News
ALLISTER HEATH | CITY A.M.
"I vote to hold both rates and QE. The economy is stronger than some feared, with survey data pointing to a
slight rise in activity, but inflation remains well above target."
SIMON WARD | HENDERSON
Stop gilt purchases but offer ECB-style liquidity support to banks to ease upward pressure on funding costs
and lending rates. Gilt yields have been suppressed and it is absurd for the Bank to add to the pressure.
GEORGE BUCKLEY | DEUTSCHE BANK
Hold. The Bank is on the final leg of its additional 75bn asset purchases, being completed later this month.
Better economic news suggests waiting until next month before deciding whether more QE is needed.
TREVOR WILLIAMS | LLOYDS
The composition of growth is very worrying. Net exports down, consumption down, broad money supply
growth negative. I vote to hold rates and want 75bn more QE when the current tranche ends in February.
VICKY REDWOOD | CAPITAL ECONOMICS
Keep policy on hold this month, but stand ready to increase QE in February when the current round of asset
purchases is completed. The recovery has regained a touch of momentum, but this is unlikely to last.
GRAEME LEACH | IOD
There is no need to change policy this month but events on the continent mean that further QE looks very
likely over the coming months. The euro crisis started 2012 quietly, but that is unlikely to persist.
HOLGER SCHMIEDING | BERENBERG BANK
No change. The economy is probably in a mild recession, and inflation looks set to fall sharply. But as leading
indicators seem to stabilise there is no need for dramatic steps now we can decide on more QE in February.
VICKY PRYCE | FTI CONSULTING
Hold on interest rates and QE but keep on watch as inflation concerns decline. Recent US payroll data was
encouraging but Eurozone seems to be in recession and prospects of more euro crises in 2012 remain.
ROSS WALKER | RBS
"The latest survey data improved slightly, so although the outlook remains precarious there is no pressing
need to loosen policy. The lack of clarity on Eurozone policy also weighs in favour of holding policy settings."
CITY A.M. | SHADOW MPC VOTES TO HOLD POLICY
ANALYSIS l The UKs trade deficit
widened in November
billion,
seasonally
adjusted
Trade balance
Sep
2010
Nov
2010
Jan
2011
Mar
2011
May
2011
Jul
2011
Sep
2011
Nov
2011
2
0
-2
-4
-6
MARIOS
BEMUSING
MUSINGS
ON BEAUTY
THE GREAT Pyramids of Giza? An ugly pile
of weirdly-angled rocks. The Statue of
Liberty? Just a rusty shard of copper wear-
ing a silly hat. The Colosseum in Rome is
still far too paltry a landmark, but at least
were getting warmer geographically.
No, for the human races biggest achieve-
ment, one must go to Brussels. Or so says
Italys new leader, Mario Monti.
The European Union remains the most
beautiful construction put in place by
humanity, he gushed yesterday, at a stroke
dismissing millennia of architecture, liter-
ature and even all of Apples gadgets in
favour of the financially troubled bloc.
Monti didnt specify which part of the
EU he found most awesome. Maybe hes
starstruck by the way the sun hits the
sweat on the foreheads of the panicked
bankers as they run to another all-night
emergency session at the ECB. Or the speed
at which participants in this magnificent
system rack up enormous, unpayable
debts. Either way, its inspiring stuff.
MAGGIES MARK-UP
THE IRON Lady has been on general release
in the nations cinemas since Friday 6
January, with ticket sales starting at an aus-
terity-friendly 8.10.
Impressive, then, that the Centre for
Policy Studies has cleverly managed to per-
suade its supporters to pay 100 to watch
the movie at its screening next Monday.
For that price, you get to view the film in
a prestigious West End location the
Soho Hotel with a brief introduction
from Thatchers advertising tactician
Maurice Saatchi.
Throw in a few free drinks, and the
enterprising think-tank is laughing all the
way to the bank as of yesterday, only five
tickets remained unsold.
COMMA CHAMELEON
HOLD THE front page: Waterstones, the
UKs largest high-street bookseller, has lost
the apostrophe from its logo. Waterstones
without an apostrophereflects a truer
picture of our business today whichis
now built on the continued contri-
bution of thousands of individual
booksellers, muses managing
director James Daunt.
Thats thousands of individual
booksellers all with the surname
Waterstone, presumably. To recap:
the artist formerly known as
Waterstones is the family-founded
chain that has sold out to larger
players three times in its 29-year his-
tory to WH Smith in 1993, to HMV
Group in 1998 and, last year, to a vehi-
cle managed by Russian billionaire
Alexander Mamut (right).
Above: M&C Saatchi
founder Maurice
Saatchi
Picture: Rex
Left: A beautiful view
of the European
Commission building
in Brussels

Friday
City Friday & Polo Party
at MINT Polo In The Park
8
TH
JUNE 2012
The Best Corporate Day Out - as voted by CITY AM
Winner of Best Sports Attraction - London Lifestyle Awards 2010 & 2011

Friday

88
Friday
TH
JUNE 2012 JUNE 2012
Friday

at MINT

THE HURLINGHAM CLUB & P
MINT Polo In The Park
FULHAM,
JUNE 8
TH

ARK
Polo In The Park
THE HURLINGHAM CLUB & P
LONDON SW6 FULHAM,
, 9
TH
&10
TH
2012

Polo In The Park

his sensational thr T
hospitality in a beautiful,
and action
euv VVe night
om all da Choose fr
ool Br C our
e Clicquot at euv VVe with
JUNE 8

ent v y summer e ee da his sensational thr
al London setting centr hospitality in a beautiful,
including tainment enter e mor plenty
launc urlingham e Clicquot at H euv
e hospitality or a half da y inclusiv full , y om all da
ea and the TTe fternoon A itannia ool Br
urlingham Club! he H T e Clicquot at
, 9 &10 2012

st class ir ou f ings y br ent
ts ynamic spor d , al London setting
y ida r F w ne the including
. ty h par launc
y with e hospitality or a half da
y a w ty the night a ea and then par
urlingham Club!

e pr kag ac P
e VVe son. per
T pe AAT VVA plus
e details or to book, or mor F
ac r or email:
.mintpolointhepark.com www

at t star une J 8th y ida r F or f ices
par urlingham e Clicquot at H euv
son. T per per
telephone 0207 936 5284/5282 e details or to book,
ents.uk.com v e hel@city ac
.mintpolointhepark.com

T per A VVA plus 185 just
t at 50 ets star k ty tic par
telephone 0207 936 5284/5282

h TTh
i WWi

- y Out ate Da ay orpor ra he Best C Co
actio Attr ra ts Best Spor inner of Wi

AM Y y CIT TY otedb by as v vo
ds ar rd wwa A - London Lifestyle on

ds 2010 & 2011

15 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
The Capitalist
APPROVED LOANS
WESSEX the pawnbroker sees a cross-sec-
tion of society through its doors.
Being located just down the road from
Goldman Sachs on Fleet Street, it also
receives its fair share of bankers, who have
traded in assets from 50 to 100,000
watches, jewellery, even the odd Old
Master as banks clamp down on lending.
The banks like to say no; we like to say
yes, the store manager told The Capitalist.
Further down Fleet Street at Suttons &
Robertsons, the high-end pawnbroker
directly opposite Goldman, meanwhile,
manager Kris Parish has been entrusted
with a number of diamonds as clients
look to free up cash one worth 50,000.
Client confidentiality prevents reveal-
ing whether said gem dealer was
employed by the bank but if Goldman
staff need to pay themselves a bonus, be
aware the skys the limit for the value of
items pawned. We say 1m, but well
look at anything, says Parish, ahead of
Suttons expansion to Birmingham and
Manchester in the spring.
GLOBAL brewer SABMiller yesterday
said it had issued and successfully
priced a $7bn (4.5bn) bond, with the
proceeds used to repay part of the
bank borrowing taken on for the pur-
chase of Australian brewer Fosters
late last year.
The FTSE 100-listed brewer of Miller
Lite, Peroni and Grolsch beer finalised
the cash takeover of Fosters for
A$11.5bn, including debt, in
December 2011 to give it around a half
share of the Australian beer market.
SABMiller sold bonds split into
three, five, 10 and 30-year maturities.
It was the largest bond sale in the US
since March 2011, when Sanofi-
Aventis sold $7bn, according to fig-
ures from Dealogic
Chief financial officer Jamie Wilson
said: We were very pleased by the
high level of demand from bond
investors in response to this offering,
and the pricing achieved, which we
believe is a reflection of the strengths
of the SABMiller Group and our
attractive profile of brands and busi-
nesses.
SABMillers initial moves for
Fosters were rebuffed by the board.
Last month an Australian court
approved the takeover after the board
negotiated a higher price for the com-
pany.
The deal does not include the
Fosters lager brand in the UK and
Europe, where it is owned by
Heineken.
AMEC and Babcocks five-year con-
tract with National Grid to upgrade
power lines has been extended by a
further five years, the pair
announced yesterday.
The contract was awarded to the
joint venture between the two engi-
neering firms and Mott MacDonald
Group.
The firms will upgrade of overhead
power lines and underground cables
in west England and Wales.
The five-year extension is worth
650m and will run until 2017.
Amec and Babcock Networks are
the major partners in the joint ven-
ture, owning a 47.5 per cent share
each.
Mike Saunders, president of
Amecs power and process Europe
business said: This extension to 2017
is testimony to the excellent day-to-
day performance of the alliance and
the focus we have placed on ensuring
we safely meet the requirements of a
very important and long-standing
customer.
Babcocks chief executive Peter
Rogers said: We look forward to
building on this partnership with
National Grid as it delivers the signif-
icant investment programme
required to support the UK's growing
energy needs.
Amec announced yesterday that it
had been awarded two asset support
contracts by SABIC UK
Petrochemicals worth a total of
70m. One of the contracts was a
40m extension to maintenance
Amec is already carrying out.
Globally, Amec employs around
27,000 people in 325 offices across 40
countries, with a presence in every
continent. Other major clients the
company has on its books include oil
giant BP, Chevron, ExxonMobil,
Sellafield and Shell.
SABMiller in
$7bn funding
BY JOHN DUNNE
CONSUMER
BY JOHN DUNNE
ENGINEERING
News
NEWS | IN BRIEF
Moneysupermarket trading well
Comparison site Moneysupermarket.com
said yesterday it expects earnings to rise
by 20 per cent, after trading well in the
fourth quarter. The group, which offers
price comparisons on insurance, savings
and loans and home utilities on its site,
said it expects its earnings to rise in line
with expectations to around 178m. This
was helped by a 19 per cent rise in rev-
enues, which the group put down to a
higher spend on marketing.
Fenner sees profits up on 2010
Fenner, the British industrial polymers
company, said yesterday its first quar-
ter profits were ahead of the previous
year after profits grew in its Advanced
Engineering Products unit. The group
said it has continued to see strong
demand from the end of its last finan-
cial year and expects trading to be in
line with expectations, but predicts it
will be seasonally quieter as it enters a
period of tougher comparatives.
Demand rises for Big Yellow
Self storage firm Big Yellow said yes-
terday its third quarter sales rose eight
per cent on higher demand for its stor-
age facilities from both domestic and
corporate customers. The British firms
occupancy levels at its 52 wholly-
owned stores fell by 1.7 per cent in
December compared to a 2.3 per cent
decline last year. The firms shares
closed 5.4 per cent higher yesterday at
277.2p.
THE MORIBUND European private
equity market showed some signs of
life yesterday when PAI Partners
agreed to sell its share in a Danish
food ingredients firm for about
560m (462m).
PAI will sell its a 25.7 per cent stake
in Chr. Hansen to Novo, which is the
main owner of drugmaker Novo
Nordisk and industrial enzymes pro-
ducer Novozymes, at 117 DKK (13)
per share.
PAI Partners exits after more than
six years as a shareholder in Chr.
Hansen, which supplies bioscience-
based ingredients to the food, health
and animal nutrition firms around
the world.
PAI acquired Chr. Hansen in 2005
and floated part of it in June 2010.
The French private equity house
has quadrupled its original invest-
ment.
Novo does not intend to take con-
trol of Chr. Hansen but to be a long-
term minority shareholder, Novo
chief executive Henrik Gurtler said in
the statement.
The firm, which is based in
Copenhagen, is now likely to make a
series of further investments.
Buyout group PAI has stakes in a
series of retailers around Europe as
well as firms working in IT and resi-
dential property development.
It has also invested in United
Biscuits, the British manufacturer of
Penguin bars, Jaffa Cakes and Hula
Hoops.
PAI Partners sells off its
460m ingredients firm
BY PETER EDWARDS
PRIVATE EQUITY
TRAFFIC at airports operated by BAA

rose last month, with Heathrow
enjoying its busiest December ever in
terms of both passenger numbers
and cargo.
BAA, which is Britains main air-
port operator and majority owned by
Spanish infrastructure group
Ferrovial said yesterday that its air-
ports carried just under 8.1m passen-
gers in December.
That is an annual increase of 0.6
per cent once adjusted to exclude the
impact of exceptional events such as
heavy snow in late 2010. Heathrow,
Europes busiest hub, reported an
underlying increase in December pas-
senger numbers of 2.8 per cent,
which was the strongest rate since
June 2011.
Cargo volumes grew for the first
time since February 2011 on an
underlying basis.
BAA chief executive Colin
Matthews renewed calls to expand
capacity at Heathrow. Capacity con-
straints are damaging the UK econo-
my today when the country can least
afford it, he said.
BAA passenger numbers
up as Heathrow booms
BY HARRY BANKS
AVIATION
Amec and Babcock win new

650m National Grid work
HUNTER ATTRACTS MORE PRIVATE EQUITY
HUNTERS celebrity
profile has helped the
upmarket wellington
boot maker attract
more private equity
funding. Hutton
Collins said yesterday
it was providing
32m to support
Searchlights acquisi-
tion of the company.
In the year to 31
December 2010
Hunter reported a
turnover of 56m and
profits of 16m. The
companys profile has
been dramatically
raised in recent years
after it became the
footwear of choice for
fashionable British
celebrities such as
Kate Moss (pictured
at Glastonbury) and
Alexa Chung, and last
year the brand
launched a limited
edition collection in
collaboration with
shoe designer Jimmy
Choo. Searchlights
acquisition, revealed
in December, will help
Hunter expand into
new markets and
related products.
Picture: REX
Personally I think the high-speed
rail, because there has never been a
real problem with airport capacity,
only a bit of hustle and bustle. A de-
cent rail network around the UK
would be fantastic.
JOE BATTLE | ANTARES
The government needs to focus on airport capacity, as even in this economical environment people
want to go abroad and flight tickets can be very cheap. Any extra money should be used to help the
people in the inner city get around rather than longer commuting which doesnt save much time.
ALAN WALSH | LLOYDS OF LONDON
www.RateSetter.com Customer Phoneline: 08442490115
In association with RateSetter: A better way to Save and Borrow, Peer to Peer
ANALYSIS l SABMiller PLC
p
2,360
2,350
2,340
2,330
2,320
2,310
2,307.50
11 Jan
CITY VIEWS: DO YOU THINK THE GOVERNMENT SHOULD PRIORITISE HIGH
SPEED RAIL OR MORE AIRPORT CAPACITY? Interviews by Phoebe Torrance
I think the government should
favour high speed rail because it is a
more substantial form of transport
for the future. Eventually people
wont need to fly as much to get to
places across Europe.
DAN SILVEY | AXA
Ashcourt Rowan
The wealth management group has
hired James McMeehan Roberts as a
non-executive director. Roberts formerly
worked at Skandia Group, where he
held a number of senior positions includ-
ing finance director and group invest-
ment director. He also set up Skandia
Investment Management, which he
chaired from its inception.
Plus Markets Group
Plus Derivatives Exchange, a subsidiary
of Plus Markets Group, has appointed VJ
Angelo as a consultant. Angelo joins
from Vantage Capital Markets, where he
was head of interest rate derivatives.
DeepOcean Group
Bart H Heijermans has been appointed
as chief executive of the subsea engi-
neering group, effective from 1
February. Heijermans was most recently
executive vice president and chief oper-
ating officer of Helix Energy Solutions
Group, and has also held senior positions
at Enterprise Products Partners, El Paso
Corporation and Royal Dutch Shell.
FSA
The Financial Services Authority has
appointed Lawrence Churchill as chair-
man of the board of the Financial
Services Compensation Scheme.
Churchill, who is the chairman of the
National Employers Savings Trust, will
take up the role from 1 April for three
years, succeeding David Hall.
Troika Dialog
The CIS investment bank has hired
Maxim Safonov as head of the fixed
income, currencies and commodities
division. Prior to joining Troika Dialog,
Safonov was a portfolio manager at
Finisterre Capital.
Berwin Leighton Paisner
BLP has hired Amy Lindemann, formerly
at Norton Rose, as a senior associate in
the law firms asset finance team.
Ogier
The offshore legal business will open a
boutique law firm in Luxembourg in
early 2012, followed by a fiduciary busi-
ness later in the year. The practice will be
led by Francois Pfister, who joins from
OPF Partners in Luxembourg. Daniel
Richards, a group partner in Ogiers
Jersey office, will relocate to
Luxembourg to work alongside Pfister.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
US stocks hold up
despite euro woes
U
S STOCKS held firm near
recent five-month highs yester-
day as investors awaited key
bond market tests for Europe
in the next two days that could
determine the direction of the
Eurozone crisis.
US equities have been performing
better in the face of turmoil from
Europes sovereign debt problems.
This is a major change from four
months ago and comes as investors
have taken improving US economic
data to heart and an optimistic view
about corporate earnings.
Wall Street recovered from early
losses yesterday brought on by a
warning from Fitch Ratings of severe
repercussions, including a possible
collapse of the euro, without more
supportive action by the European
Central Bank.
The Fitch news sent the euro to its
lowest level in 16 months against the
US dollar, which would normally
have spelled steeper losses for stocks.
The US is being looked at clearly
as the safe-haven trade, not only on
the fixed income side but now even
from equity investors, said Ken
Polcari, managing director at ICAP
Equities in New York.
We keep talking about the same
stuff, but its been that way for eight,
nine months ... I hate to say it, but
its almost like people are immune
to it now.
The benchmark S&P 500 index
recovered to close little changed to
continue the recent decoupling of
US stocks and the movement of the
embattled euro.
The Dow Jones industrial average
slipped 13.02 points, or 0.1 per cent,
to 12,449.45. The Standard & Poors
500 Index gained 0.4 point, or 0.03
per cent, to 1,292.48. The Nasdaq
Composite Index gained 8.26 points,
or 0.31 per cent, to 2,710.76.
Key bond auctions later this week
from Italy and Spain, two of the larg-
er countries at the center of the
Eurozone crisis, could hurt senti-
ment if they go poorly.
Materials shares moved higher,
boosted by US Steel Corp, up 4.7 per
cent to $28.56, after Credit Suisse
upgraded fellow metals company AK
Steel to an outperform rating. The
S&P materials sector gained one per
cent.
Further reflecting the weakening
link between the Eurozone and US
stock market, the 50-day correlation
between the S&P 500 e-mini futures
contract and the euro crossed the
zero line this week after four
months of being in positive territory,
indicating they were no longer on
the same path.
B
RITAINS blue-chip FTSE 100
closed lower yesterday after
bouncing once again off an
important technical resist-
ance level, led by heavyweight ener-
gy stocks on a fresh bout of
Eurozone debt-inspired risk aver-
sion.
The index traded in a fairly tight
range for the early part of the ses-
sion, rising to test 5,700 before bear-
ish comments from a top official at
ratings agency Fitch over the han-
dling of the sovereign crisis sent
markets lower.
Fresh talk of an imminent down-
grade of Frances credit rating,
denied by a senior French source,
added to the bearish tone, although
the UK market ended off its lows,
down 0.5 per cent, or 25.8 points, at
5,670.82, giving back a third of
Tuesdays gain.
Oil majors Royal Dutch Shell, BP
and gas firm BG Group trimmed
most points from the index, a com-
bined 0.5 per cent, as crude took a
hit from the debt worries. Brent
crude futures were down 0.4 per
cent by the close.
That same concern underpinned
a 4.2 per cent rise in volatility, as
measured by the FTSE Volatility
index, to 20.79.
We failed to break 5,700, which
is quite a big resistance level, while
a sliding euro was contributing to
the regional equity market weak-
ness, said Trevor Coote, head of
equity sales at Alexander David
Securities, adding he was now tar-
geting further short-term weakness
before buying back in.
Mike Lenhoff, strategist at Brewin
Dolphin, said his charts showed the
index overbought on several levels,
and the last time he had seen this
was October 2011, when the FTSE
100 failed to get much past 5,700.
Rather than a major sell-off, how-
ever, Lenhoff said he expected the
pullback to be at worst a shallow
retreat, before the recent upwards
momentum continued, buoyed by
factors including improving US eco-
nomic data and recent moves to
help contain the regions debt cri-
sis.
The degree to which buyers come
back in force and underpin a fur-
ther move higher will be crucial,
however, as the slide in volumes
experienced across developed
Europe equities since last summer
shows no sign of a marked reversal.
Traded volumes on the FTSE 100
were just over their 90-day daily
average by the close, but, as that
covered the holiday-thinned
Christmas period, this was a
crimped number to begin with.
Nevertheless, among the most
heavily traded stocks was Cairn
Energy, up 3.6 per cent in volume
two and a half times its 90-day daily
average and rising for a second day
after a pledge in the previous ses-
sion to return $3.5bn to sharehold-
ers.
Broker action helped fuel a surge
in interest in other stocks including
ITV, up 2.7 per cent in volume
around 214 per cent of its average
and buoyed by an increase in its tar-
get price by Panmure.
With the fourth-quarter earnings
season already kicked off in the US,
Sainsburys was among the most
high profile firms updating the
market. In spite of beating fore-
casts, it closed down 1.2 per cent,
hit by a weak outlook.
Sainsburys boss Justin King said
he saw no improvement in the busi-
ness environment this year and
expected the consumer to remain
in a very tough place.
Oil majors lead the FTSE 100
lower as investors avoid risk
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Inchcape
330
320
340
310
290
300
280
Nov Dec Jan
p
303.60
11 Jan
INCHCAPE
JP Morgan rates the car distributor and retailer as overweight with a target
price of 440p, and says the companys shares have fallen too far from their
high of 425p in July 2011. The broker sees the discount of 18 per cent to the
wider retail sector in 2012 as unjustified, given Inchcapes wide geographic
exposure and attractive distribution model, and says that despite negative
sentiment on consumer spending the investment case is unchanged.
ANALYSIS l Hays
75
80
70
65
60
Nov Dec Jan
p
63.05
11 Jan
HAYS
Citi rates the recruiter as neutral and lowers its target price from 70p to
65p on the back of earnings downgrades following the companys second
quarter results earlier this week. The broker lowers its forecast for earn-
ings before interest, tax, deductions and amorisation (ebitda) for 2012 from
131m to 118m to reflect weaker than expected net fee growth in the UK
and Australia, and lowers 2013 ebitda to 125m.
ANALYSIS l Burberry Group PLC
1,300
1,350
1,400
1,250
1,200
1,150
Nov Dec Jan
p
1,286.00
11 Jan
BURBERRY
Nomura upgrades the British luxury goods group to buy from neutral
and raises its target price from 1,356p to 1,530p, saying the groups high
returns and capital expenditure justify the stocks premium. The broker
believes Burberry can continue to deliver good comparable store growth
and drive some improvement in earnings margins, and sees further scope
for price points to be stretched and new categories developed.
p
4Nov 17Oct 24Nov 14Dec 6Jan
5,800
5,200
5,300
5,400
5,100
5,600
5,700
5,500
ANALYSIS l FTSE
5,670.82
11 Jan
Heidrick & Struggles
Heidrick & Struggles International, the leader-
ship advisory firm providing executive search
and leadership consulting services, has
appointed Chris Seabourne as a partner in the
global life sciences practice. Seabourne has 15
years experience in executive search, specialis-
ing in leadership roles in the pharmaceutical,
medical devices and healthcare sectors. He
previously worked with two leading global
headhunters as a member of the global life sci-
ences practice.
News
F
IVE years ago we decided to set up our
firms brokerage accounts in the UK,
as we believed we would be fully pro-
tected here. After all, there was no
precedent of clients ever suffering any
write-offs on their accounts as a result of a
brokers bankruptcy. Today we find our-
selves regretting that decision.
The Lehman case is still festering in the
UK courts, almost four years after the com-
pany went bust. In order to prevent this
from happening again, the FSA implement-
ed a new set of rules to streamline an insol-
vency process and ensure the speedy return
of all client monies. But clients of MF
Global UK (MFGUK) are now finding that
the practical application of these rules are
problematic and could generate very large
write-offs setting a very serious precedent
going forward.
Despite the FSAs best intentions, the
integrity of the entire financial system in
the UK is now compromised. Client funds
are supposed to be sacrosanct. The good
functioning of the financial markets, along
with the value of all listed securities, relies
on this premise. Without it nobody will
feel safe in placing funds with a brokerage
firm, or with any financial institution for
that matter.
So how do MFGUKs clients end up being
on the hook, even if all their funds are
eventually accounted for? It turns out in a
multitude of ways, thanks to the new FSA
rules.
Heres an example. Suppose you were 100
per cent in cash just before MFGUK shut
down. If other clients suffered losses on
their positions as a result of the forced liq-
uidations implemented by the FSA (a con-
troversial decision, as the UK subsidiary
was still liquid when the parent went
under, creating all sorts of mayhem in trad-
ing positions) you will shoulder part of
such losses, even if they have nothing to do
with you. Does this sound right?
But theres more. KPMG was appointed as
the administrator in order to sort out the
mess. But it turns out clients also pick up
the tab for this. The bill so far: some $27m
(17.6m), including the fees of KPMGs
lawyers. Is it worth it? Months into the
bankruptcy and clients still have no clarity
on their positions and when they will get
their money back. And good luck trying to
get a timely and informative response out
of KPMG.
And heres the real kicker. The crucial
issue is how funds held in unsegregated
accounts and any shortfalls are treated. The
FSA has adopted the position that clients in
these circumstances should go to the back
of the line, ranking as unsecured creditors.
In plain English, client monies are effec-
tively being used to pay secured creditors,
even if they never lent a penny to the bro-
ker.
We would guess that most brokerage cus-
tomers in the UK today believe that their
funds are segregated and fully protected.
After all, why would anyone willingly
choose to have them treated otherwise?
And yet, as many MFGUK clients recently
discovered to their horror, it turns out
their accounts were never segregated. Even
if they were, they will still take losses.
As the process unfolds and clients slowly
learn how the new rules actually work, the
FSA is nowhere to be found. All queries end
up being referred to KPMG, which we sus-
pect then confers with its lawyers, who in
turn may revert to the FSA given the novel-
ty of this bankruptcy creating more costs
for clients and often leaving them no better
off. The FSA did not even show up at the
creditors meeting this week.
The ramifications of the MFGUK debacle
should concern every UK investor. Will you
continue to entrust your funds to a system
that charges you all kinds of bankruptcy
costs and puts you at the end of the line to
claim your money back? As a benchmark,
Canadian clients of MF Global already got
all their money back in full.
All is not lost for UK clients and the coun-
trys centuries-old financial system. But the
FSA needs to rapidly step up and correct
this situation. A good starting point is
engaging at long last with MFGUK clients
we have some great ideas on how to fix this
quickly and at a minimal cost to everyone
involved.
Erico Matias Tavares is a director of Sinclair
Advisors.
18
The Forum
Despite the FSAs best
intentions, the integrity of
the entire financial system in
the UK is now compromised
Its time for the FSA to get
on top of the bankruptcy of
MF Global and right away
cityam.com/forum
ERICO TAVARES
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
19
Capacity challenge
The real issue facing the UK is how to increase
capacity in our public transport system. Few trans-
port professionals would support the newly
approved High Speed Rail 2 project (HS2) com-
pared to Rod Eddingtons highly regarded policy
proposals from December 2006, which would
make a genuine difference to public transport.
These are all very boring but necessary, such as
station platform extensions and improving sig-
nalling.
Eddingtons proposals conclude that the UKs trans-
port network is broadly adequate, connecting the
right places, so the government does not need to
worry about building new infrastructure such as
high-speed rail links and cross-country motor-
ways, but should instead concentrate on
improving existing road and rail networks.
Jim Boyd
Minimum certainty
I agree with Allister Heaths argument. The ulti-
mate cost is bound to be uncertain and is most
unlikely to be less than forecast. Why does the gov-
ernment not invite rail companies to bid to build
and run the project on the basis of the amount of
subsidy each bidder would require? On such a basis
taxpayer subsidy would be accurately identified.
And of course there are better ways of promoting
regeneration of the north. One would be to abolish
minimum wages. Removing disincentives to
employment would be a creative start.
What possible justification can there be for build-
ing a new rail track when improvements of the
existing tracks and trains would probably achieve
most of the benefits?
Patrick Vaughan
Achilles heel
For me, its the business case that is the Achilles
Heel with the HS2 proposals. By developing a
faster route between London and Birmingham it
will, in theory, make it easier for people to work in
London and live in Birmingham, meaning more peo-
ple will likely cram into the already over-populated
southeast with limited, if any, economic benefit to
Birmingham. Surely an infrastructure proposal of
this scale would have been better linking Liverpool,
Manchester, Leeds and Newcastle; helping to
enable the development of a well-connected north-
ern economic region to effectively compete with
London and reduce the current southeast bias?
Bob Robinson
Let the beneficiaries pay
The link can be built at no cost to the UK taxpay-
ers, let the main beneficiaries pay. Eastern
European nations who will take all the construction
jobs can chip in, as can the French who will
undoubtedly will win the franchise to operate it. A
German contribution would reflect the purchase of
their rolling stock and electrical switchgear and
signalling. Job done. There is as little in this for
British manufacturing as there is for business in
general.
Mike Pike
Fairytale ending
Yesterday I wrote to my MP (James Arbuthnot),
advising him that the financial case for the rail link
seemed to be deeply flawed and asking that he
question the assumptions made by the Department
for Transport. I realise that politics these days is
about narrative, but nevertheless our government
seem to enjoy taking this into the realms of Hans
Christian Andersen where brighter futures need no
basis in reality.
Paul Greenhill
The numbers add up
In relation to Allister Heaths second point:
Eurostar 1996 = 4.9m passengers; 2000 = 7.1m;
2006 = 7.85m; 2010 = 9.5m.
A major infrastructure project cannot be judged on
completion figures. This is a project for the future.
Long has government been criticised for lack of
proper travel infrastructure planning. Here it is.
Richard Cunningham
Tunnel vision
In response to your editorial, I am not convinced
by the case for HS2.
If the aim is to give Scotland, Leeds and the East
Midlands economic benefits, then simply upgrade
the ageing East Coast mainline, which runs
through all of them. This would be cheaper and
quicker to implement than HS2 and would not
require greenfield land to be built on or tunnelled
through.
Also, if we are to lavish 32bn on the railways
(questionable, given the current economic environ-
ment), we should split the difference between
investing in existing infrastructure where needed
across the whole country and subsidising all fares.
Cheap, reliable travel is something that almost all
of the travelling public want, wishes which would
be far better served by doing this than investing in
a system that will benefit a small minority of trav-
ellers.
Alex Philips
Denial aint just a river
Consider the comments of Justine Greening, the
new Transport Minister, on the Heathrow expan-
sion:
At every stage the government has ignored public
opinion and shamelessly ignored the grave environ-
mental risk of expanding Heathrow. At every stage,
residents have made their concerns and views
against further expansion very clear. The battle to
stop Heathrow expansion will continue because
preserving our quality of life is so important. I have
got involved in buying this land to very actively
represent the views of my own constituents. If the
government will not listen in parliament, then min-
isters will find they have to listen in the courts.
Now look at the responses to the consultation on
HS2, which came out demonstrably against all
aspects of the plans, despite the efforts of the yes
to HS2 campaign www.bit.ly/HS2consult (pdf).
We won hands down on the numbers which was of
course why it was buried by everyone yesterday.
Brian Tourle
Londons crumbling
I think Allisters view is completely right about the
new rail plan.
The core of the UK economy is London and it will
continue to be indefinitely, but London transport is
essentially still rotten and needs serious invest-
ment if London is to continue as a global leading
city and a strong economic growth driver for the
UK. Why then is the government investing such a
large amount with little mass benefit on essentially
a periphery project that wont significantly benefit
the long term economy after the construction jobs
finish? This decision reflects why the UK is in the
state it is and the decision should be overturned so
that investments can be made in the areas of most
need (London rail and air capacity), which will pro-
duce stronger business cases.
Londoners are tired of cramped old trains with
continuous signalling problems and old stations. Fix
these first and dont waste 32bn on a scheme
that will benefit a small percentage of the popula-
tion. I have travelled to Birmingham a few times in
the last six months and the speed is adequate,
while the trains have only been two-thirds full in
peak hours. This is, therefore, an outrageous waste
of public money in these austere times when any
significant public spending should come under
heavy scrutiny.
Marcos Mackie
Channelling costs
To dismiss the idea of a high-speed railway to serve
those in the UK residing north of Watford Gap
strikes me as perverse, when compared with the
planned and actual high speed train lines in any
number of other developed economies. However,
what needs challenging by the government is the
proposed cost. The McNulty review of the UK rail
industry found Network Rail to be a very expensive
custodian of the UK network by European cost
standards (nearly 50 per cent of fare revenue goes
to Network Rail).
Also, McNulty found that building a new high
speed line in the UK appears four times as expen-
sive as doing so abroad. Clearly, rather than
announcing the amount they expect to spend, thus
setting a floor price on the whole project, the gov-
ernment ought to put the line specification out to
competitive tender abroad. Rail engineers, given an
open cheque-book, have a habit of gold-plating
specifications on technical grounds for instance
those who use the Eurotunnel shuttles wonder why
having got through the tunnel in 25 minutes they
are then treated to a slow-speed amble around a
huge circle cut into the Calais countryside, before
reaching the terminal in 35 minutes. It saves the
driver having to walk from one shuttle loco to the
other at each terminal, but at what cost?
This new era for rail transport in the UK needs to
leave behind antiquated and costly regulation and
management models, as well as antiquated infra-
structure, otherwise with high costs and fares it
could indeed become a white elephant.
Geoff Goddin
RAPID RESPONSES
The Forum
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
News 2
Six reasons this rail plan is a mistake
IF money grew on trees, the govern-
ments London-Birmingham HS2 high-
speed rail scheme would be a good
thing Unfortunately the nation faces
travellers who can afford the fees. In
years to come, we will wonder why we
agreed to saddle our children with
even more debt.
2) The benefits of this vanity project
will be lower than predicted. Far fewer
people will use it than hoped for
(remember the Channel Tunnel Rail
Link: passenger numbers after comple-
tion were merely a third of those esti-
mated at the planning stage). Under
the plans, some cities will end up with
less frequent train services (and if they
dont, billions extra will have to be
spent). To come up with a benefit esti-
mate the project assumes that all of
covered over the projects 60-year life. If
there were a referendum tomorrow
asking people whether they want to
spend that money on HS2, or on some-
thing else, or get a tax cut, the scheme
would be overwhelmingly rejected.
Poor people will be subsiding rich peo-
ples travel as long-distance rail is
increasingly only used by the better off.
4) HS2s first phase will supposedly
enjoy a benefit to cost ratio of 1.6. Even
taken at face value, that is poor for
transport projects; it is below the cut-
off point used for new roads. The stark
truth is that there are lots of smaller
infrastructure projects around the UK
with more people travelling south.
There are better, cheaper ways of regen-
erating the north, such as tax cuts and
deregulation. The estimated regenera-
tion gains are wildly speculative; they
need to be set against the certain eco-
nomic losses from the taxes and debt to
pay for the project.
6) The economic case depends on
estimates of demand growth (209 per
cent over 45 years) that are too high.
Rail travel did not increase between
1952 and 1995; it has grown since then
but it is wrong to assume that this
surge will continue forever.
There are many more reasons why I
ff d bl
N
Fan
The
Mae
mon
mor
post
righ
lead
top j
the
year
leav
Mac
dow
Car
US
repo
pos
EDITORS LETTER
ALLISTER HEATH
20
Wealth Management
LON GD ONCE FIX AM...........1641.00 14.00
SILVER LDN FIX AM ..................29.99 -0.13
MAPLE LEAF 1 OZ ....................32.46 0.10
LON PLATINUM AM................1485.00 26.00
LON PALLADIUM AM...............641.00 8.00
ALUMINIUM CASH .................2137.00 76.00
COPPER CASH ......................7640.50 138.00
LEAD CASH...........................1998.00 56.00
NICKEL CASH......................19400.00 550.00
TIN CASH.............................20025.00 -50.00
ZINC CASH ............................1912.00 58.00
BRENT SPOT INDEX................113.37 0.59
SOYA .....................................1223.75 -2.00
COCOA..................................2333.00 163.00
COFFEE...................................225.95 4.10
KRUG.....................................1706.90 8.10
WHEAT ....................................156.32 -0.55
AIR LIQUIDE........................................97.73 -0.23 100.65 80.90
ALLIANZ..............................................77.05 1.03 108.85 56.16
ANHEUS-BUSCH INBEV ....................47.60 -0.34 48.35 33.85
ARCELORMITTAL...............................15.08 0.04 28.55 10.47
AXA......................................................10.41 0.14 16.16 7.88
BANCO SANTANDER...........................5.72 -0.02 9.20 5.05
BASF SE..............................................57.50 0.01 70.22 42.19
BAYER.................................................53.00 -0.89 59.44 35.36
BBVA......................................................6.28 -0.00 9.17 4.94
BMW ....................................................58.93 0.21 73.85 43.49
BNP PARIBAS.....................................30.00 0.42 59.93 22.72
CARREFOUR ......................................16.74 -0.11 31.98 14.66
CRH PLC .............................................15.04 -0.25 17.40 10.28
DAIMLER.............................................38.22 -0.05 59.09 29.02
DANONE..............................................48.39 -0.51 53.16 41.92
DEU.BOERSE OFFRE ........................41.41 -0.25 55.75 35.46
DEUTSCHE BANK..............................27.94 0.46 48.70 20.79
DEUTSCHE TELEKOM.........................8.94 -0.02 11.38 7.88
E.ON.....................................................16.66 -0.21 25.54 12.50
ENEL......................................................3.09 -0.03 4.86 2.78
ENI .......................................................16.50 -0.10 18.66 11.83
FRANCE TELECOM............................11.92 0.05 16.65 11.12
GDF SUEZ ...........................................21.25 -0.11 30.05 17.65
GENERALI ASS...................................11.95 0.02 17.05 10.34
IBERDROLA..........................................4.69 -0.00 6.10 4.16
INDITEX ...............................................65.42 -0.03 69.40 50.92
ING GROEP CVA...................................5.98 0.19 9.50 4.21
INTESA SANPAOLO.............................1.19 0.02 2.47 0.85
KON.PHILIPS ELECTR.......................14.60 -0.31 25.45 12.01
L'OREAL..............................................81.68 -1.27 91.24 68.83
LVMH..................................................113.60 -1.60 132.65 94.16
MUNICH RE.........................................96.29 0.50 126.00 77.80
NOKIA....................................................4.16 -0.09 8.49 3.33
REPSOL YPF.......................................22.20 -1.35 24.90 17.31
RWE.....................................................28.08 -0.47 55.70 21.15
SAINT-GOBAIN...................................31.44 0.54 47.64 26.07
SANOFI ................................................56.47 -0.28 57.42 42.85
SAP......................................................41.84 -0.23 46.15 32.88
SCHNEIDER ELECTRIC.....................45.02 0.46 61.83 35.00
SIEMENS .............................................75.50 -0.25 99.39 62.13
SOCIETE GENERALE.........................15.90 0.16 52.70 14.32
TELECOM ITALIA..................................0.85 0.01 1.16 0.70
TELEFONICA ......................................13.39 0.03 18.75 12.50
TOTAL..................................................39.88 -0.57 44.55 29.40
UNIBAIL-RODAMCO SE...................138.50 1.30 162.95 123.30
UNICREDIT............................................2.56 0.13 12.06 2.20
UNILEVER CVA...................................25.72 -0.87 27.16 20.90
VINCI ....................................................35.48 0.48 45.48 28.46
VIVENDI ...............................................16.01 -0.27 22.07 14.10
VOLKSWAGEN VORZ ......................126.30 0.60 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5670.82 -25.88 -0.45
FTSE 250 INDEX . . . . . . . 10372.56 24.84 0.24
FTSE UK ALL SHARE . . . . 2911.30 -10.60 -0.36
FTSE AIMALL SH . . . . . . . . 729.04 -0.95 -0.13
DOWJONES INDUS 30 . . 12449.45 -13.02 -0.10
S&P 500 . . . . . . . . . . . . . . . 1292.48 0.40 0.03
NASDAQ COMPOSITE . . . 2710.76 8.26 0.31
FTSEUROFIRST 300 . . . . . 1021.97 -5.26 -0.51
NIKKEI 225 . . . . . . . . . . . . . 8447.88 25.62 0.30
DAX 30 PERFORMANCE. . 6152.34 -10.64 -0.17
CAC 40 . . . . . . . . . . . . . . . . 3204.83 -5.96 -0.19
SHANGHAI SE INDEX . . . . 2276.05 -9.70 -0.42
HANG SENG. . . . . . . . . . . 19151.94 147.66 0.78
S&P/ASX 20 INDEX . . . . . . 2527.90 20.20 0.81
ASX ALL ORDINARIES . . . 4242.90 36.30 0.86
BOVESPA SAO PAOLO. . 59853.99 48.03 0.08
ISEQ OVERALL INDEX . . . 2947.19 -31.78 -1.07
STRAITS TIMES . . . . . . . . . 2747.13 27.30 1.00
IGBM. . . . . . . . . . . . . . . . . . . 874.79 1.65 0.19
SWISS MARKET INDEX. . . 6008.04 -42.74 -0.71
Price Chg %chg
3M........................................................83.77 -0.53 98.19 68.63
ABBOTT LABS ...................................55.42 -0.69 56.84 45.07
ALCOA ..................................................9.63 0.19 18.47 8.45
ALTRIA GROUP..................................28.84 -0.07 30.40 23.20
AMAZON.COM..................................178.90 -0.44 246.71 160.59
AMERICAN EXPRESS........................48.95 0.28 53.80 41.30
AMGEN INC.........................................66.40 0.73 66.45 47.66
APPLE...............................................422.55 -0.69 427.75 310.50
AT&T....................................................29.99 0.23 31.94 27.20
BANK OF AMERICA.............................6.87 0.24 15.31 4.92
BERKSHIRE HATAW B.......................78.00 0.58 87.65 65.35
BOEING CO.........................................74.74 -0.26 80.65 56.01
BRISTOL MYERS SQUI ......................34.10 -0.52 35.44 20.05
CATERPILLAR....................................99.64 -0.32 116.55 67.54
CHEVRON.........................................107.77 -1.29 110.99 86.68
CISCO SYSTEMS................................19.07 0.24 22.34 13.30
CITIGROUP.........................................31.27 1.27 51.50 21.40
COCA-COLA.......................................68.06 -1.28 71.77 61.29
COLGATE PALMOLIVE......................88.51 -0.94 94.89 74.86
CONOCOPHILLIPS.............................72.01 -1.27 81.80 58.65
CVS/CAREMARK................................42.04 0.09 42.19 31.30
DU PONT(EI) DE NMR........................47.30 0.16 57.00 37.10
EXXON MOBIL....................................85.08 -0.64 88.23 63.47
GENERAL ELECTRIC.........................18.88 0.16 21.65 14.02
GOOGLE A........................................625.96 2.82 670.25 473.02
HEWLETT PACKARD.........................26.64 -0.06 49.39 19.92
HOME DEPOT.....................................43.46 -0.07 43.60 28.13
IBM.....................................................182.32 1.01 194.90 146.75
INTEL CORP .......................................25.80 0.21 26.78 19.16
J.P.MORGAN CHASE.........................36.66 0.61 48.36 27.85
JOHNSON & JOHNSON.....................65.13 -0.07 68.05 57.50
KRAFT FOODS A................................37.93 -0.09 38.15 24.30
MC DONALD'S CORP ........................99.93 0.23 101.59 72.14
MERCK AND CO. NEW......................38.41 -0.11 39.00 29.47
MICROSOFT........................................27.72 -0.12 29.46 23.65
OCCID. PETROLEUM.........................96.58 -1.30 117.89 66.36
ORACLE CORP...................................26.89 -0.08 36.50 24.72
PEPSICO.............................................65.01 -0.65 71.89 58.50
PFIZER ................................................21.90 -0.04 22.00 16.63
PHILIP MORRIS INTL .........................76.60 -0.72 79.96 55.85
PROCTER AND GAMBLE ..................65.68 -0.65 67.72 56.57
QUALCOMM INC ................................55.62 -0.13 59.84 45.98
SCHLUMBERGER ..............................70.16 -0.59 95.64 54.79
TRAVELERS CIES..............................59.90 -0.20 64.17 45.97
UNITED TECHNOLOGIE ....................76.70 0.67 91.83 66.87
UNITEDHEALTH GROUP...................53.01 0.39 53.50 38.01
VERIZON COMMS ..............................38.90 0.33 40.48 32.28
WAL-MART STORES..........................59.40 0.36 61.06 48.31
WALT DISNEY CO ..............................38.70 -0.93 44.34 28.19
WELLS FARGO & CO.........................29.62 0.21 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.288 0.00
LIBOR Euro - 12 months ................1.830 0.09
LIBOR USD - overnight...................0.149 0.00
LIBOR USD - 12 months.................1.124 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................2.990 -0.04
European repo rate.........................0.184 0.01
Euro Euribor ....................................0.513 -0.01
The vix index ...................................21.16 0.47
The baItic dry index ........................1.258 -0.05
Markit iBoxx...................................241.91 0.34
Markit iTraxx..................................172.99 -1.47
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .308.0 3.9 361.1 248.1
Chemring Group . . . .413.3 8.3 736.5 368.8
Cobham . . . . . . . . . . .185.8 1.3 236.5 165.9
Meggitt . . . . . . . . . . . .366.2 8.5 397.6 304.9
QinetiQ Group . . . . . .134.6 1.1 137.4 101.5
RoIIs-Royce Group . .765.0 -4.0 776.0 557.5
Senior . . . . . . . . . . . . .182.5 2.5 190.6 132.6
UItra EIectronics . . .1501.0 0.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .196.6 0.4 245.0 157.0
BarcIays . . . . . . . . . . .190.3 2.0 333.6 138.9
HSBC HoIdings . . . . .503.6 -1.1 730.9 463.5
LIoyds Banking Gr . . .28.2 0.9 69.6 21.8
RoyaI Bank of Sco . . .21.8 0.7 49.0 17.3
Standard Chartere .1433.0 0.5 1744.5 1169.5
AG Barr . . . . . . . . . .1176.0 -11.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .332.6 -4.7 471.8 289.9
Diageo . . . . . . . . . . .1399.0 -17.0 1428.0 1112.0
SABMiIIer . . . . . . . . .2307.5 -32.0 2354.5 1979.0
AZ EIectronic Mat . . .263.3 3.7 338.1 206.1
Croda Internation . .1865.0 -14.0 2081.0 1456.0
EIementis . . . . . . . . . .143.6 0.1 187.4 107.5
Johnson Matthey . .2009.0 9.0 2119.0 1523.0
Victrex . . . . . . . . . . .1182.0 14.0 1590.0 1025.0
YuIe Catto & Co . . . . .180.4 3.0 253.0 148.0
C/$ 1.2797 0.0080
C/ 0.8284 0.0032
C/ 97.635 0.5543
/C 1.2074 0.0046
/$ 1.5330 0.0156
/ 117.88 1.1175
FTSE 100
5670.82
25.88
FTSE 250
10372.56
24.84
FTSE ALLSHARE
2911.30
10.60
DOW
12449.45
13.02
NASDAQ
2710.76
8.26
S&P 500
1292.48
0.40
RPC Group . . . . . . . .387.9 2.9 387.9 231.5
Smiths Group . . . . . .959.5 16.0 1429.0 869.5
Brown (N.) Group . . .229.8 -12.2 311.2 227.0
Carpetright . . . . . . . . .528.0 -9.5 835.5 375.0
Debenhams . . . . . . . . .61.9 -0.1 74.8 51.2
Dignity . . . . . . . . . . . .831.5 -3.0 854.5 648.5
Dixons RetaiI . . . . . . . .9.7 0.1 23.7 9.4
DuneImGroup . . . . . .444.5 -15.6 524.5 383.9
HaIfords Group . . . . .293.3 3.8 428.2 268.6
Home RetaiI Group . . .87.3 -0.8 235.0 72.5
Inchcape . . . . . . . . . .303.6 3.5 425.4 268.1
JD Sports Fashion . .691.0 -16.0 1030.0 570.0
Kesa EIectricaIs . . . . .65.8 0.5 160.8 60.2
Kingfisher . . . . . . . . .255.5 0.5 287.1 217.0
Marks & Spencer G . .322.1 4.4 402.2 301.8
Next . . . . . . . . . . . . .2598.0 8.0 2810.0 1868.0
Sports Direct Int . . . .229.6 -4.0 266.2 159.0
WH Smith . . . . . . . . . .525.0 0.5 558.0 433.8
Smith & Nephew . . . .603.5 4.5 742.0 521.0
Synergy HeaIth . . . . .858.0 10.0 981.0 808.0
Barratt DeveIopme . . .97.0 0.1 119.0 67.5
BeIIway . . . . . . . . . . . .720.5 0.0 776.5 540.5
BerkeIey Group Ho .1283.0 -29.0 1360.0 884.5
BaIfour Beatty . . . . . .277.8 -1.9 357.3 214.6
CRH . . . . . . . . . . . . .1243.0 -12.0 1700.0 1053.0
GaIIiford Try . . . . . . . .475.0 7.6 530.0 307.5
Kier Group . . . . . . . .1381.0 -8.0 1458.0 1097.0
Drax Group . . . . . . . .554.5 -10.5 581.5 371.9
SSE . . . . . . . . . . . . . .1264.0 -37.0 1423.0 1159.0
Domino Printing S . .540.0 8.0 705.0 434.3
HaIma . . . . . . . . . . . . .338.6 2.3 429.6 306.3
Laird . . . . . . . . . . . . . .154.2 -0.8 207.0 127.9
Morgan CrucibIe C . .282.0 1.6 357.1 224.0
Oxford Instrument . .940.0 3.0 1010.0 600.5
Renishaw . . . . . . . . .1067.0 27.0 1886.0 800.0
Spectris . . . . . . . . . .1378.0 33.0 1679.0 1039.0
Aberforth SmaIIer . . .525.5 -1.0 714.0 494.0
AIIiance Trust . . . . . .351.9 -0.3 392.7 310.2
Bankers Inv Trust . . .396.0 3.0 428.0 346.5
BH GIobaI Ltd. GB .1192.0 6.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .12.0 0.0 12.2 10.4
BH Macro Ltd. EUR . . .20.0 0.2 20.2 16.0
BH Macro Ltd. GBP 2059.0 14.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.9 0.1 20.2 15.9
BIackRock WorId M .665.0 8.0 815.5 574.5
BIueCrest AIIBIue . . .167.4 0.4 176.2 162.4
British Assets Tr . . . .120.0 0.5 140.5 109.0
British Empire Se . . .428.0 -2.0 533.0 404.0
CaIedonia Investm .1404.0 9.0 1905.0 1337.0
City of London In . . .286.0 -3.2 306.9 257.0
Dexion AbsoIute L . .137.5 0.3 151.0 130.0
Edinburgh Dragon . .226.9 1.3 261.5 201.4
Edinburgh Inv Tru . . .479.3 0.8 492.2 414.9
EIectra Private E . . .1475.0 2.0 1755.0 1287.0
F&C Inv Trust . . . . . .293.5 -0.6 327.9 261.5
FideIity China Sp . . . . .75.5 -1.0 119.0 70.0
FideIity European . .1008.0 6.0 1287.0 912.0
HeraId Inv Trust . . . . .470.5 1.5 545.5 419.0
HICL Infrastructu . . . .118.4 -0.1 121.3 112.7
Impax Environment . .96.2 0.7 128.6 88.5
John Laing Infras . . .109.0 -0.2 109.5 103.4
JPMorgan American .894.5 8.5 916.0 721.5
JPMorgan Asian In . .189.5 0.3 245.8 170.1
JPMorgan Emerging .525.5 -0.5 632.5 480.1
JPMorgan European .669.0 -1.0 983.5 624.0
JPMorgan Indian I . . .341.0 -1.0 468.9 313.1
JPMorgan Russian .514.0 4.5 750.0 415.1
Law Debenture Cor . .338.2 -1.8 385.0 321.0
MercantiIe Inv Tr . . . .873.0 -3.0 1137.0 823.0
Merchants Trust . . . .373.0 -1.6 431.8 341.5
Monks Inv Trust . . . .316.9 2.9 367.9 298.1
Murray Income Tru . .628.0 -1.5 673.0 568.0
Murray Internatio . . .947.0 1.0 991.5 818.5
PerpetuaI Income . . .258.4 -0.9 276.0 236.5
PersonaI Assets T .34090.0 140.0 34090.030210.0
PoIar Cap TechnoI . .328.5 -1.1 391.2 299.5
RIT CapitaI Partn . . .1206.0 2.0 1360.0 1173.0
Scottish Inv Trus . . . .463.9 2.0 524.0 417.0
Scottish Mortgage . .609.5 7.5 781.0 565.0
SVG CapitaI . . . . . . . .216.8 2.3 279.8 165.1
TempIe Bar Inv Tr . . .879.0 -7.0 952.0 791.0
TempIeton Emergin .570.0 6.0 684.5 497.0
TR Property Inv T . . .142.4 1.6 206.1 136.2
TR Property Inv T . . . .61.2 -1.2 94.0 59.8
Witan Inv Trust . . . . .453.6 -1.0 533.0 401.5
3i Group . . . . . . . . . . .173.9 -0.6 332.0 166.9
3i Infrastructure . . . .120.5 0.9 124.0 113.1
Aberdeen Asset Ma .218.1 2.1 240.0 167.8
Ashmore Group . . . .325.9 5.5 420.0 301.5
Brewin DoIphin Ho . .142.1 2.6 185.4 113.7
CameIIia . . . . . . . . . .9643.0 0.010950.0 8800.0
CharIes TayIor Co . . .125.8 -1.8 165.0 115.6
City of London Gr . . . .64.0 0.0 93.6 61.3
City of London In . . .332.5 0.8 458.3 304.3
CIose Brothers Gr . . .605.0 3.5 888.5 590.0
CoIIins Stewart H . . . .91.5 -0.3 92.4 48.5
F&C Asset Managem .60.7 0.7 92.5 56.1
Hargreaves Lansdo .423.8 0.4 646.5 402.5
HeIphire Group . . . . . . .1.9 0.0 17.4 1.4
Henderson Group . . .103.5 2.6 173.1 95.1
Highway CapitaI . . . . .12.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .316.2 -5.0 570.5 311.6
IG Group HoIdings . .468.3 -12.6 526.5 393.6
Intermediate Capi . . .238.7 4.6 360.3 197.9
InternationaI Per . . . .150.4 -2.9 388.8 149.5
InternationaI Pub . . . .119.1 0.3 121.5 108.6
Investec . . . . . . . . . . .343.4 2.3 534.0 318.4
IP Group . . . . . . . . . . . .82.5 -0.3 83.0 32.2
Jupiter Fund Mana . .192.7 -0.3 337.3 184.9
Liontrust Asset M . . . .76.1 0.0 87.5 57.9
LMS CapitaI . . . . . . . . .55.8 -0.4 64.8 49.0
London Finance & . . .23.5 0.0 23.5 19.0
London Stock Exch .812.0 11.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.8 1.1 19.8 8.9
Man Group . . . . . . . . .104.5 -3.8 311.0 103.1
Paragon Group Of . .170.1 -0.4 206.1 134.6
Provident Financi . . .949.5 7.5 1124.0 895.5
Rathbone Brothers .1100.0 30.0 1257.0 977.0
Record . . . . . . . . . . . . .12.6 -0.3 35.8 12.5
RSM Tenon Group . . . .8.0 0.1 66.3 7.9
Schroders . . . . . . . .1299.0 28.0 1922.0 1183.0
Schroders (Non-Vo .1055.0 18.0 1554.0 970.0
TuIIett Prebon . . . . . .268.9 2.9 428.6 262.3
WaIker Crips Grou . . .45.0 0.0 51.5 43.5
BT Group . . . . . . . . . .201.5 2.0 204.1 161.0
CabIe & WireIess . . . .38.1 0.2 51.2 31.3
CabIe & WireIess . . . .17.2 0.0 76.9 14.2
COLT Group SA . . . . .89.8 3.9 156.2 83.5
KCOM Group . . . . . . . .68.0 -0.8 84.0 57.5
TaIkTaIk TeIecom . . .135.7 0.3 165.2 119.8
TeIecomPIus . . . . . . .727.0 -8.0 802.0 433.0
Booker Group . . . . . . .74.9 0.1 80.0 54.5
Greggs . . . . . . . . . . . .517.5 -1.0 550.5 445.0
Morrison (Wm) Sup .304.0 -5.7 328.0 262.7
Ocado Group . . . . . . . .55.5 1.0 285.0 52.2
Sainsbury (J) . . . . . . .302.1 -3.8 391.2 263.5
Tesco . . . . . . . . . . . . .385.0 -5.0 425.4 356.3
Associated Britis . . .1130.0 -2.0 1155.0 940.0
Cranswick . . . . . . . . .750.0 9.0 882.0 588.5
Dairy Crest Group . . .328.8 6.8 410.4 318.8
Devro . . . . . . . . . . . . .255.1 0.7 296.9 223.5
Tate & LyIe . . . . . . . . .706.5 -6.5 720.5 520.0
UniIever . . . . . . . . . .2084.0 -67.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .483.6 0.0 664.0 413.5
Centrica . . . . . . . . . . .283.8 -3.7 345.8 278.8
InternationaI Pow . . .343.2 -3.8 436.6 279.4
NationaI Grid . . . . . . .630.5 -1.0 649.5 530.0
Pennon Group . . . . . .702.5 -8.5 737.5 584.5
Severn Trent . . . . . .1529.0 -10.0 1600.0 1368.0
United UtiIities . . . . .609.5 -4.5 637.0 543.5
Cookson Group . . . . .545.5 -4.5 724.5 395.8
DS Smith . . . . . . . . . .201.5 -3.1 266.2 164.4
Rexam . . . . . . . . . . . .367.2 -4.3 400.0 299.8
Price Chg High Low
Bovis Homes Group .431.2 -2.9 499.6 326.5
Persimmon . . . . . . . .499.7 -6.8 518.5 374.0
Reckitt Benckiser . .3384.0 29.0 3578.0 3015.0
Redrow . . . . . . . . . . . .118.2 1.8 136.2 103.5
TayIor Wimpey . . . . . . .38.8 0.1 43.3 28.7
Bodycote . . . . . . . . . .286.1 3.1 397.7 225.6
Charter Internati . . . .968.0 0.0 969.0 538.5
Fenner . . . . . . . . . . . .438.0 27.6 444.0 280.0
IMI . . . . . . . . . . . . . . . .829.5 15.5 1119.0 636.5
MeIrose . . . . . . . . . . .354.1 2.1 365.4 268.0
Northgate . . . . . . . . . .208.0 1.0 346.7 190.9
Rotork . . . . . . . . . . .1903.0 -68.0 1979.0 1501.0
Spirax-Sarco Engi . .1876.0 -20.0 2063.0 1649.0
Weir Group . . . . . . .2146.0 -46.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .396.4 -3.9 412.0 315.0
Ferrexpo . . . . . . . . . . .298.2 5.9 499.0 238.7
TaIvivaara Mining . . .283.5 -0.5 622.0 195.2
BBAAviation . . . . . . .181.1 1.1 240.8 156.0
Stobart Group Ltd . . .122.0 1.9 163.6 112.0
AdmiraI Group . . . . . .844.5 1.0 1754.0 787.0
AmIin . . . . . . . . . . . . .329.3 3.8 427.0 270.6
Huntsworth . . . . . . . . .32.8 0.3 85.0 32.5
Informa . . . . . . . . . . . .364.6 2.6 461.1 313.9
ITE Group . . . . . . . . . .204.0 -1.7 258.2 157.7
ITV . . . . . . . . . . . . . . . . .73.8 2.0 93.5 51.7
Johnston Press . . . . . . .5.9 0.1 12.8 4.1
MecomGroup . . . . . .209.0 2.5 310.0 134.5
Moneysupermarket. .109.3 7.0 120.4 77.4
Pearson . . . . . . . . . .1232.0 -5.0 1239.0 984.5
PerformGroup . . . . .215.0 3.0 234.5 150.0
Reed EIsevier . . . . . .517.5 0.0 590.5 461.3
Rightmove . . . . . . . .1352.0 7.0 1408.0 770.0
STV Group . . . . . . . . . .77.0 0.3 168.0 74.4
Tarsus Group . . . . . .135.0 -0.5 165.0 119.5
Trinity Mirror . . . . . . . .46.3 -2.8 93.0 37.5
UBM . . . . . . . . . . . . . .494.9 13.4 725.0 416.0
UTV Media . . . . . . . . .100.5 -2.5 150.0 92.5
WiImington Group . . .83.5 -1.0 183.0 82.5
WPP . . . . . . . . . . . . . .716.5 -8.0 846.5 578.0
YeII Group . . . . . . . . . . .5.1 -0.0 13.8 3.4
African Barrick G . . .461.2 14.2 616.5 393.5
AIIied GoId Minin . . .164.5 4.5 281.3 34.4
AngIo American . . .2527.0 8.5 3437.0 2138.5
AngIo Pacific Gro . . .275.1 -1.9 369.3 237.9
Antofagasta . . . . . . .1282.0 -14.0 1571.0 900.5
Aquarius PIatinum . .167.3 2.5 419.0 149.0
BeazIey . . . . . . . . . . . .134.7 1.2 139.2 109.6
CatIin Group Ltd. . . .399.3 2.6 421.4 334.0
Hiscox Ltd. . . . . . . . . .377.5 3.4 424.7 340.5
Jardine LIoyd Tho . . .700.5 25.0 764.5 576.0
Lancashire HoIdin . . .709.0 2.0 774.5 532.5
RSA Insurance Gro . .109.3 0.3 143.5 99.6
Aviva . . . . . . . . . . . . . .315.3 8.3 477.9 275.3
LegaI & GeneraI G . . .109.8 2.8 123.8 89.8
OId MutuaI . . . . . . . . .139.8 0.2 144.8 98.1
Phoenix Group HoI . .555.0 5.0 688.0 451.1
PrudentiaI . . . . . . . . .660.0 8.0 777.0 509.0
ResoIution Ltd. . . . . .255.9 1.4 316.1 229.5
St James's PIace . . . .339.5 1.6 376.0 272.5
Standard Life . . . . . . .204.0 0.3 244.7 172.0
4Imprint Group . . . . .216.9 3.9 295.0 200.0
Aegis Group . . . . . . .145.6 0.9 158.5 115.7
BIoomsbury PubIis . . .92.0 0.0 138.0 90.3
British Sky Broad . . .708.0 -8.5 850.0 618.5
Centaur Media . . . . . . .33.5 0.1 73.0 32.5
Chime Communicati .178.0 -3.0 298.5 163.0
Creston . . . . . . . . . . . .69.0 2.4 121.0 65.5
DaiIy MaiI and Ge . . .411.3 7.3 594.5 343.4
Euromoney Institu . .642.0 -6.0 736.0 522.5
Future . . . . . . . . . . . . . . .8.8 0.0 30.0 8.0
Haynes PubIishing . .225.0 0.0 257.0 210.0
BHP BiIIiton . . . . . . .2031.0 17.0 2631.5 1667.0
Bumi . . . . . . . . . . . . . .857.0 0.0 883.5 855.0
Centamin (DI) . . . . . . . .88.5 0.7 173.1 78.5
Eurasian NaturaI . . .720.5 1.0 1125.0 522.0
FresniIIo . . . . . . . . . .1757.0 25.0 2150.0 1296.0
GemDiamonds Ltd. .185.8 1.3 306.0 179.8
GIencore Internat . . .396.7 -5.1 531.1 348.0
HochschiId Mining . .431.8 11.2 680.0 365.9
Kazakhmys . . . . . . .1026.0 -11.0 1671.0 730.0
Kenmare Resources . .50.3 0.7 59.9 30.3
Lonmin . . . . . . . . . . . .958.5 -16.5 1896.0 941.0
New WorId Resourc .462.2 2.0 1060.0 409.4
PetropavIovsk . . . . . .680.5 3.0 1123.0 543.5
PoIymetaI Interna . .1154.0 16.0 1158.0 877.0
RandgoId Resource 7105.0-115.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3489.0 60.5 4712.0 2712.5
Vedanta Resources 1016.0 -11.0 2518.0 928.0
Xstrata . . . . . . . . . . .1050.0 7.0 1550.0 764.0
Inmarsat . . . . . . . . . . .421.9 -2.1 719.5 389.3
Vodafone Group . . . .179.3 0.6 182.8 155.1
Genesis Emerging . .475.6 0.1 555.0 424.0
Afren . . . . . . . . . . . . . .108.3 0.5 171.2 73.6
BG Group . . . . . . . . .1448.0 -30.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .475.3 -4.3 509.0 363.2
Cairn Energy . . . . . . .280.0 9.6 469.7 257.8
EnQuest . . . . . . . . . . .107.5 -2.0 158.5 85.7
Essar Energy . . . . . .170.0 4.5 560.0 162.0
ExiIIon Energy . . . . . .285.0 -2.0 469.7 184.2
Heritage OiI . . . . . . . .183.0 -1.1 467.9 160.0
Ophir Energy . . . . . . .300.8 -4.2 318.8 184.5
Premier OiI . . . . . . . . .391.9 -2.6 535.0 310.0
RoyaI Dutch SheII . .2327.5 -74.5 2402.0 1883.5
RoyaI Dutch SheII . .2413.5 -75.5 2489.0 1890.5
SaIamander Energy .228.1 -0.6 317.6 182.3
Soco Internationa . . .293.6 -4.6 400.0 278.0
TuIIow OiI . . . . . . . . .1419.0 -18.0 1493.0 945.5
Amec . . . . . . . . . . . . .979.5 -12.5 1251.0 740.5
Hunting . . . . . . . . . . .804.5 -13.5 823.0 530.0
Kentz Corporation . .472.0 26.3 508.0 347.0
LampreII . . . . . . . . . . .286.0 -10.4 395.2 220.7
Petrofac Ltd. . . . . . .1532.0 -38.0 1685.0 1108.0
Wood Group (John) .673.5 -15.5 715.8 469.9
Burberry Group . . . .1286.0 7.0 1600.0 1030.0
PZ Cussons . . . . . . . .324.0 -0.1 404.0 308.7
Supergroup . . . . . . . .547.0 -4.0 1820.0 435.2
AstraZeneca . . . . . .3049.0 24.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .326.0 -2.0 331.3 210.1
Genus . . . . . . . . . . . .1085.0 1.0 1111.0 852.0
GIaxoSmithKIine . . .1445.5 25.5 1497.0 1127.5
Hikma Pharmaceuti .656.0 8.0 900.0 555.5
Shire PIc . . . . . . . . . .2183.0 3.0 2243.0 1622.0
CapitaI & Countie . . .184.5 3.0 203.7 142.8
Daejan HoIdings . . .2710.0 3.0 2954.0 2282.0
F&C CommerciaI Pr .102.7 -1.0 108.0 92.6
Grainger . . . . . . . . . . .102.7 -1.3 133.2 77.3
London & Stamford .106.3 -0.8 140.0 103.9
SaviIIs . . . . . . . . . . . . .318.4 -1.6 427.1 256.2
UK CommerciaI Pro . .71.0 0.7 85.5 65.1
Unite Group . . . . . . . .170.4 0.4 224.1 152.9
Big YeIIow Group . . .277.2 14.3 344.4 218.0
British Land Co . . . . .461.3 -9.5 629.5 444.0
CapitaI Shopping . . .310.4 0.5 408.6 288.7
Derwent London . . .1542.0 -18.0 1880.0 1400.0
Great PortIand Es . . .330.8 -3.7 445.0 312.9
Hammerson . . . . . . . .364.9 -2.2 490.9 345.2
Hansteen HoIdings . . .71.8 -0.3 89.5 68.0
Land Securities G . . .631.0 -0.5 885.0 612.0
SEGRO . . . . . . . . . . . .200.5 -2.3 331.3 195.0
Shaftesbury . . . . . . . .474.1 0.0 539.0 436.8
Aveva Group . . . . . .1504.0 38.0 1799.0 1298.0
Computacenter . . . . .339.0 -6.9 490.0 324.7
Fidessa Group . . . . .1632.0 6.0 2109.0 1444.0
Invensys . . . . . . . . . . .215.5 0.7 364.3 180.9
Logica . . . . . . . . . . . . .70.0 1.9 147.2 59.0
Micro Focus Inter . . .420.0 15.0 426.2 239.4
Misys . . . . . . . . . . . . .244.0 1.0 420.2 214.9
Sage Group . . . . . . . .301.0 0.6 302.2 231.7
SDL . . . . . . . . . . . . . . .680.0 22.0 711.5 586.0
TeIecity Group . . . . . .647.5 -10.0 663.9 430.0
Aggreko . . . . . . . . . .2052.0 -71.0 2131.0 1394.5
Ashtead Group . . . . .222.1 -1.7 230.2 99.4
Atkins (WS) . . . . . . . .661.0 10.0 820.0 490.2
Babcock Internati . . .732.5 -3.0 741.5 542.0
Berendsen . . . . . . . . .432.6 -11.8 568.0 402.7
BunzI . . . . . . . . . . . . .900.0 -6.5 909.0 676.5
Cape . . . . . . . . . . . . . .361.0 2.6 591.5 295.0
Capita . . . . . . . . . . . . .658.5 9.5 786.5 611.5
CariIIion . . . . . . . . . . .306.6 2.5 403.2 281.0
De La Rue . . . . . . . . .912.0 -10.0 939.0 667.0
DipIoma . . . . . . . . . . .361.8 -0.6 414.3 263.5
EIectrocomponents .209.0 0.7 294.9 182.2
Experian . . . . . . . . . . .865.5 -11.0 880.0 665.0
FiItrona PLC . . . . . . . .399.2 1.9 401.7 253.6
G4S . . . . . . . . . . . . . . .273.0 -3.2 291.0 219.9
Hays . . . . . . . . . . . . . . .63.1 0.4 130.7 58.9
Homeserve . . . . . . . .299.2 -0.8 532.0 218.5
Howden Joinery Gr . .106.1 0.5 127.5 93.1
Interserve . . . . . . . . . .312.9 -0.2 341.3 239.8
Intertek Group . . . . .2077.0 -24.0 2148.0 1715.0
MichaeI Page Inte . . .368.0 22.8 567.0 323.0
Mitie Group . . . . . . . .269.0 -2.0 271.4 195.9
Premier FarneII . . . . .189.8 0.3 308.8 144.5
Regus . . . . . . . . . . . . . .84.2 0.7 119.0 64.0
RentokiI InitiaI . . . . . . .70.4 3.8 104.9 58.2
RPS Group . . . . . . . . .192.0 4.0 253.0 156.6
Serco Group . . . . . . .511.0 -1.0 618.5 458.0
Shanks Group . . . . . . .98.0 0.5 130.9 90.8
SIG . . . . . . . . . . . . . . . .91.6 3.0 153.5 77.0
Travis Perkins . . . . . .838.5 17.0 1127.0 715.0
WoIseIey . . . . . . . . .2095.0 -15.0 2261.0 1404.0
ARM HoIdings . . . . . .588.5 -15.5 651.0 464.0
CSR . . . . . . . . . . . . . .193.1 2.8 447.0 154.1
Imagination Techn . .570.5 -5.0 580.0 296.9
Spirent Communica .115.6 0.6 160.0 105.8
British American . .2977.5 -51.0 3079.0 2282.5
ImperiaI Tobacco . .2390.0 -25.0 2444.0 1784.0
Betfair Group . . . . . . .827.5 -7.5 1054.0 567.0
Bwin.party Digita . . .160.1 -4.1 214.7 100.6
CarnivaI . . . . . . . . . .2256.0 63.0 3137.0 1742.0
Compass Group . . . .611.0 -1.5 617.0 512.5
Domino's Pizza UK . .435.0 -5.0 565.0 377.0
easyJet . . . . . . . . . . . .400.0 1.1 465.0 301.0
FirstGroup . . . . . . . . .326.5 -3.0 406.3 301.8
Go-Ahead Group . . .1329.0 8.0 1598.0 1190.0
Greene King . . . . . . .479.9 -4.5 518.0 410.0
InterContinentaI . . .1233.0 3.0 1435.0 955.0
InternationaI Con . . .152.7 5.8 303.5 132.0
JD Wetherspoon . . . .424.1 1.3 468.3 380.5
Ladbrokes . . . . . . . . .134.3 0.8 155.3 114.0
Marston's . . . . . . . . . . .91.7 0.8 112.0 84.6
MiIIennium& Copt . .391.0 -1.0 600.5 371.2
MitcheIIs & ButIe . . . .245.5 -1.1 357.0 215.6
NationaI Express . . .221.7 0.8 270.2 201.6
Rank Group . . . . . . . .129.8 0.3 153.7 109.5
Restaurant Group . . .285.8 -2.5 335.0 254.9
Stagecoach Group . .270.8 -0.7 274.0 200.0
TUI TraveI . . . . . . . . . .161.0 1.5 271.9 136.7
Whitbread . . . . . . . .1629.0 -16.0 1884.0 1409.0
WiIIiamHiII . . . . . . . . .207.4 2.9 244.1 169.7
Abcam . . . . . . . . . . . .372.5 -12.0 460.0 316.0
Advanced MedicaI . . .92.5 1.5 96.0 64.8
AIbemarIe & Bond . .348.5 16.0 400.1 272.0
Amerisur Resource . .18.3 0.5 29.0 9.5
Andor TechnoIogy . .586.5 -12.0 685.0 387.1
ArchipeIago Resou . . .68.5 0.3 79.0 55.5
ASOS . . . . . . . . . . . .1495.0 20.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.8 -0.5 92.0 16.0
Avanti Communicat .290.8 -4.3 646.0 248.5
BIinkx . . . . . . . . . . . . . .70.5 -1.8 158.0 50.5
Borders & Souther . . .71.3 -0.3 72.3 43.5
BowLeven . . . . . . . . . .73.3 -0.3 398.0 62.0
Brooks MacdonaId .1125.0 -30.0 1372.5 940.0
Cove Energy . . . . . . .124.0 -4.5 129.5 61.0
Daisy Group . . . . . . .100.0 3.6 127.0 88.0
EMIS Group . . . . . . . .482.5 0.0 580.0 416.0
Encore OiI . . . . . . . . . .70.0 0.0 151.5 40.8
Faroe PetroIeum . . . .161.5 1.5 218.3 130.0
GuIfsands PetroIe . . .181.3 -3.0 375.0 142.5
GWPharmaceuticaI . .84.0 2.0 130.0 78.5
H&T Group . . . . . . . . .316.0 -4.0 395.0 277.0
Hamworthy . . . . . . . .823.0 0.0 833.5 406.3
Hargreaves Servic .1139.0 14.0 1180.0 814.5
HeaIthcare Locums . . . .3.4 -0.2 3.5 3.2
Immunodiagnostic . .413.0 -7.0 1218.0 410.0
ImpeIIamGroup . . . .259.5 -5.5 387.5 181.5
James HaIstead . . . . .450.0 5.0 495.0 372.5
KaIahari MineraIs . . .243.0 1.0 301.0 198.3
London Mining . . . . .296.8 -3.5 436.5 278.5
Lupus CapitaI . . . . . .120.0 3.0 150.0 86.0
M. P. Evans Group . .462.0 8.0 475.0 371.0
Majestic Wine . . . . . .404.8 3.3 510.0 315.0
May Gurney Integr . .285.0 -2.5 302.0 234.0
Monitise . . . . . . . . . . . .26.5 -0.3 40.0 18.5
MuIberry Group . . . .1530.0 -1.0 1920.0 1025.0
Nanoco Group . . . . . . .51.5 -1.5 97.5 38.0
NauticaI PetroIeu . . .272.5 2.3 547.0 223.5
NichoIs . . . . . . . . . . . .605.0 7.5 608.5 410.0
Numis Corporation . . .84.3 4.3 127.0 72.0
Pan African Resou . . .15.8 0.8 17.0 9.5
Patagonia GoId . . . . . .45.3 0.0 70.0 37.3
Prezzo . . . . . . . . . . . . .65.6 0.6 71.5 53.5
Pursuit Dynamics . . . .85.5 -0.5 455.0 67.0
Rockhopper ExpIor .280.8 -2.5 386.0 141.0
RWS HoIdings . . . . . .475.0 10.8 481.6 328.0
Songbird Estates . . . .111.5 -0.5 160.3 104.0
VaIiant PetroIeum . . .433.8 1.0 672.0 400.0
Young & Co's Brew . .650.0 -7.5 712.0 565.0
Moneysupermarket.c 109.3 6.8
Fenner . . . . . . . . . . . .438.0 6.7
MichaeI Page Inter . .368.0 6.6
Kentz Corporation . .472.0 5.9
RentokiI InitiaI . . . . . . .70.4 5.7
Big YeIIow Group . . .277.2 5.4
COLT Group SA . . . . .89.8 4.5
InternationaI Cons . .152.7 4.0
Micro Focus Intern . .420.0 3.7
Jardine LIoyd Thom .700.5 3.7
Brown (N.) Group . . .229.8 -5.0
LampreII . . . . . . . . . . .286.0 -3.5
Man Group . . . . . . . . .104.5 -3.5
Rotork . . . . . . . . . . .1903.0 -3.5
DuneIm Group . . . . . .444.5 -3.4
Aggreko . . . . . . . . . .2052.0 -3.3
UniIever . . . . . . . . . .2084.0 -3.1
RoyaI Dutch SheII .2327.5 -3.1
RoyaI Dutch SheII .2413.5 -3.0
SSE . . . . . . . . . . . . . .1264.0 -2.8
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 5.000 12 . . . .100.68 -0.04 104.7 100.6
Tsy 5.250 12 . . . .101.94 -0.02 106.0 101.9
Tsy 9.000 12 . . . .104.86 0.00 112.2 104.0
Tsy 4.500 13 . . . .104.68 -0.01 106.9 104.6
Tsy 2.500 13 . . . .283.40 -0.02 287.7 279.0
Tsy 8.000 13 . . . . .112.88 0.00 117.7 112.8
Tsy 5.000 14 . . . . .112.03 0.06 112.9 109.2
Tsy 8.000 15 . . . .128.18 0.11 129.2 123.7
Tsy 7.750 15 . . . .100.29 0.00 106.9 99.5
Tsy 4.750 15 . . . . .114.93 0.12 115.4 108.6
Tsy 4.000 16 . . . . .114.16 0.18 114.7 104.9
Tsy 2.500 16 . . . .343.68 0.11 344.2 312.1
Tsy 1.250 17 . . . . .116.45 0.14 116.6 106.7
Tsy 12.000 17 . . .121.50 -0.82 129.9 121.5
Tsy 8.750 17 . . . .141.38 -0.10 141.9 132.9
Tsy 5.000 18 . . . .122.22 0.25 122.4 109.7
Tsy 4.500 19 . . . .120.44 0.30 120.6 105.4
Tsy 3.750 19 . . . . .115.32 0.32 115.5 99.4
Tsy 2.500 20 . . . .365.98 0.20 367.1 314.0
Tsy 4.750 20 . . . .123.10 0.35 123.5 106.6
Tsy 8.000 21 . . . .152.63 0.40 153.4 133.8
Tsy 4.000 22 . . . . .117.53 0.45 118.2 99.0
Tsy 1.875 22 . . . .128.32 0.25 129.1 111.3
Tsy 2.500 24 . . . .332.98 0.32 334.7 275.6
Tsy 5.000 25 . . . .129.84 0.54 130.6 107.4
Tsy 4.250 27 . . . .121.94 0.56 122.6 97.9
Tsy 1.250 27 . . . .126.03 0.23 127.0 104.8
Tsy 6.000 28 . . . .146.99 0.56 147.8 119.5
Tsy 4.125 30 . . . .320.39 0.29 322.6 262.1
Tsy 4.750 30 . . . .129.32 0.60 130.0 103.0
Tsy 4.250 32 . . . .121.86 0.63 122.5 96.0
Tsy 4.250 36 . . . .122.26 0.66 123.2 95.0
Tsy 4.750 38 . . . .132.24 0.60 133.4 102.8
Tsy 4.500 42 . . . .128.51 0.70 129.6 98.9
% %
Business Features| Careers
C
ONTRARY to popular belief, there is
very little wrong with the senior exec-
utive recruitment market at the
moment. By senior executive, I mean
salaries over the 150,000 mark. The dark
shadows cast by the current economic cli-
mate are mainly affecting employees on the
lower rungs of the career ladder the higher
end of the market is positively booming in
comparison.
Certainly, the market is nowhere near
where it was at the start of 2008, however, it
is much better than 2010. The upturn start-
ed in November 2010 and since then the
number of unadvertised vacancies (head-
hunted vacancies notified to us) has
increased every month with roughly a 25 per
cent increase overall.
The financial services sector is also fairly
robust in the top end of the market as the
need for experienced executives has not abat-
ed, and in certain areas has increased dra-
matically as those with skills relevant to
both a bull and bear market are in short sup-
ply.
My main message, therefore, is dont be
put off by the doom and gloom if you are
earning a salary in the upper brackets; the
market is buoyant and it could be a good
time to make your next career move, espe-
cially as many employees are not making
that move, meaning that the basic principles
of supply and demand are kicking in.
If you can achieve a lot in your current
position or can see a forthcoming promotion
over the next year, these are good reasons to
stay put, especially as the job market may
well continue to improve during 2012.
If, however, you dont expect your career to
develop where you are then you need to get
started on planning a move, otherwise you
are effectively wasting the next year of your
career and diminishing your credibility.
A career is like the proverbial ladder it
may be vertical, or 45 degrees, or might even
just be flat, but it has a finite lifetime, and
exists at an angle which is decided at a sur-
prisingly early stage. It seldom bends
upwards naturally, although it can bend
downwards, so it really is important to keep
developing it.
Having supported hundreds of senior exec-
utives over the last 35 years my advice is:-
l identify your personal needs and
l define your ideal target
l identify your skills and
l ensure they entitle you to that target
l prepare your CV geared to that target.
While these may seem common sense
rules, the majority of executives fail at least
one and can waste time and opportunities by
lacking focus, which causes woefully poor
execution.
Kit Scott-Brown is the founding director of
InterExec, a confidential agent for senior execu-
tives earning 150k to 1M+.
How to keep moving on up
But you should carefully consider before jumping ship to a new job
21
School
Kingston
University
London
REALISE YOUR POTENTIAL.
OPEN DAY@KINGSTON
Invest in and shape your future with a postgraduate degree in BUSINESS or LAW
at Kingston University. With part-time exible study options and a choice of award
levels, our wide range of courses include General Management, Human Resource
Management, Marketing and Communications, Creative Industries, PG Diploma
in Law, LLMs, Accounting, Banking and Finance, and Business IT, plus our
renowned MBA programme.
For further information or to apply please visit www.business.kingston.ac.uk
or www.law.kingston.ac.uk. Alternatively come to our open day on
Saturday 21st January 2012.
Postgraduate Open Day
Saturday 21st January 2012 from 10.30am until 1.30pm,
Learning Resources Centre (LRC), Kingston Hill campus, KT2 7LB
For more details and to book your place visit
www.business.kingston.ac.uk/openday or www.law.kingston.ac.uk/openday
Careers are only advanced by achievement Picture: GETTY
KIT
SCOTT-BROWN
FOUNDING DIRECTOR,
INTEREXEC
Gamers of the world
unite you have
nothing to lose but
your consoles. The
new OnLive cloud
gaming platform is
live in the UK. Steve
Dinneen checks it out
Cloud gaming is here we
ask if it was worth the wait
Lifestyle | Technology
V
ideo games have come a long way
since Mario helped to win over a
generation of (almost exclusively)
boys in the 1980s. Titles like
Modern Warfare 3 are more profitable
than most blockbuster Hollywood movies.
The complexity and depth of games like
LA Noire or the Bioshock franchise lend a
cultural weight to an industry that was
once seen as the domain of bored
teenagers. But the actual consoles have
changed little rectangular boxes that
you feed discs in exchange for games; on
the face of it, the PlayStation 3 isnt much
more than a Nintendo Entertainment
System on steroids.
Cloud gaming company OnLive wants
to change that. In theory you can plug
into its virtual hub from whatever device
you happen to be using, be it an iPad, lap-
top or your TV. Millions of gamers can
gather on its servers to watch each other
play, jump in and out of the action and
share clips of their best moments.
In reality it feels like something of a
work in progress, despite having been live
in the US for a year. But thats not to say it
isnt very impressive.
To run OnLive through your TV you
will need a set-top box (inset), which is
remarkably small once its nesting
under your TV you wont even notice it.
The wireless controller, which can be
used with any wi-fi enabled device, is a
slightly less ergonomically pleasing ver-
sion of the Xbox 360 con-
trol pad. If
imitation is the
sincerest form
of flattery,
Microsoft should be
very pleased indeed.
Setting up the system
is surprisingly easy, with the
entire process, including regis-
tering a new account online, taking less
than 15 minutes.
Once youre up and running, the
interface is easy to navigate, if a little
clunky. If youre happy to pay full price
for games you can jump straight in with
the latest titles, although if you dont
mind waiting a few months, the 6.99 a
month PlayPacksubscription gives you
access to hundreds of games with no
extra charge.
My main concern was that my broad-
band would collapse under the weight of
streaming high quality graphics like
those in Batman: Arkham City. I have a
standard BT copper-wire con-
nection with speeds of
up to 20MB
( al t hough
being in
c e n t r a l
London it
can fall far
short of that
at peak times) and it ran without a
glitch. I brutally assaulted my way
through the first half hour of Arkham
City without any lag, even in the midst of
the lightning-quick fight sequences. The
graphics, while perhaps a few shades
weaker than the console equivalent, are
very impressive.
It is only a matter of time before cloud
gaming really takes off. OnLive proves the
technology is already there the problem
will be convincing people. Without a
physical connection to a game, it can feel
a little bit like playing on an arcade
machine, where your money could run
out at any moment. Console ownership is
very tribal letting go altogether is a big
psychological barrier to overcome.
But people said the same about e-read-
ers, and they arent doing too badly at all.
The OnLive set-top box is available for 69.99.
BT is offering its customers free access to the
PlayPack subscription service for three months.
Visit www.bt.com/onlive for more details.
OnLive lets you play your
purchased games on almost
any wi-fi enabled device
H
ow many big names can a band
lose before they have to call it a
day? Axl Rose just about managed
to keep Guns n Roses going,
despite being the last original member, but
only because his ego generates enough
gravity to glue the fabric of the universe
together. The Sugarbabes went one step
further, sticking around despite replacing
every single member, but only because
they were so faceless nobody noticed
(they have now gone through so many
people they are back to the original lineup).
After this year, the Consumer
Electronics Show (CES) will have to deal
with life after Microsoft one of its star
attractions. Chief executive Steve
Ballmer gave his final keynote speech on
Tuesday before leaving the stage for
good, joining Apple on the list of compa-
nies who feel the show isnt for them.
People had been waiting for him to
announce the new Xbox, which would
have been a fitting final farewell. But he
didnt he spoke about Windows instead
and we already knew about that.
This years expo has suffered from a
dearth of groundbreaking releases. Intels
announcement of a deal to supply chips
for Motorola smartphones was big
news but it is hard to get excited about
micro processors. The ingredients were
all there shiny new TVs with pictures so
sharp you need goggles to look at them;
laptops so thin they can double up as cig-
arette papers; smart vacuum cleaners;
wacky iPod docks. The problem is, it all
sounds a bit familiar. Once again 3D was
top of the agenda, with manufacturers
insisting this could be the year it finally
goes mainstream. But they said that last
year. Interactivity using motion sensing
cameras or voice commands to change
the TV channel or browse the internet
is another recycled buzzword, made
somewhat redundant by the ubiquitous-
ness of the Xbox Kinect.
I want space-age gadgets; invisibility
cloaks and nano robots that can crawl
across the surface of your mind. Not that
it will stop me from buying whatever tat
is on show. Ill be the first one queueing.
Im not proud; its a sickness. I might
start a support group.
GEEK SPEAK
@steve_dinneen
Why CES
needs a kick
in the behind
CONSUMER ELECTRONICS SHOW ROUND-UP
WHATS HOT IN LAS VEGAS, BY STEVE DINNEEN
DELL LINES UP FIRST TABLET
Dell has announced it intends to launch its
first tablet in late 2012, marking its entry
into a hotly contested and increasingly
crowded arena that has already claimed
arch-foe Hewlett Packard. The once-domi-
nant firm has seen a growing crop of tablets
and smartphones entice consumers away
from PCs. Dell says it has learned from the
hastiness of some of its rivals and under-
stands that consumers value the "ecosys-
tem" of a tablet as much as the hardware.
THE FUTURE-PROOF TV
Samsung has launched a future proof TV
that allows users to update its hardware, in a
bid to reassure people wary of
making big money purchas-
es. The internet-connected
TV also features gesture
control and will detect
voice commands and its
owners face. The Korean
firm is the worlds bigest
TV manufacturer.
SONY BACKS GAMING
Sony has stressed the importance of its
videogaming business, which will be led by its
newly released handheld Vita
console. Sony says the divi-
sion will be pivotal in
returning the company to
profitability after a torrid
year which saw it slump
to four consecutive loss-
es, dragged down by its
struggling TV business.
Left: Dell will make its
belated debut in the
tablet market at the
end of this year.
Right: Sony says
games are vital to its
future
S
hirts this season are sticking large-
ly to last years key trend: less is
more. While suits are becom-
ing more adventurous,
shirts will remain relatively
low-key.
Crisp white with no
texturing in the fab-
ric and few frills in
the design should
be a wardrobe sta-
ple, allowing
your suit and tie
to do the talking.
Slim-fit is still
very much on-
trend and side
panels can give
you a more snug
fit, especially at
the back where the
shirt is tucked in and
can look messy.
Big statement cuffs
should be toned down: one
button is the flavour of the
moment, giving a sharp, understat-
ed look.
Collars should also be modest, with
the button-down a popular feature for
spring 2012, giving a hint of casual cool
to a formal look.
For a real quality finish look for
mother of pearl buttons
beware though, if it is a shirt
you wear regularly, these
can be damaged in the
wash more easily than
plastic imitations.
Striped shirts should
follow the general
tone of austerity, with
pale blues mixed
with white.
If you tend to
spend a lot of the day
with your jacket off,
you open up more
possibilities checks
like the red and white
Boss shirt (pic-
tured) are a
strong, casual
look but make
sure you match it
with a plain suit to
avoid looking too
busy.
Lifestyle | Fashion
HOCKNEY AT THE ROYAL ACADEMY, 21 JAN-9 APRIL
A Bigger Picture showcases new landscape works by
Hockney, spanning a 50 year period. It includes a dis-
play of his iPad drawings and a series of new films
produced using 18 cameras, which will be displayed
on multiple screens. www.royalacademy.org.uk
OYSTER SHED TO OPEN IN CITY
Whatever next: a caviar caf? The latest from gas-
tro-pub chain Geronimo Inns isnt a formal affair,
offering snacks like salt cod fritters, cockles and
whelks and pickled octopus alongside oysters. Local
Left: Hockney at
the Royal
Academy
Right: Israeli
choreographer
Hofesh Schecter,
whose Survivor
is on at the
Barbican
Choosing the right
shirt is just as
important as the suit
you wear. Steve
Dinneen picks out
six of the very best
W
hite button-dow
n
Ralph Lauren Purple Label
2
5
5
mrporter.com
S
e
m
i-c
u
t
a
w
a
y
c
o
lla
r
T
M
Lew
in
8
9
tm
lew
in
.co.u
k
Red check
BOSS Selection
1
6
5
hugoboss.com
/uk
OUT OF OFFICE
ZOE STRIMPEL
ales, stouts, whiskey and wine join a decent selection
of fizz. Check it out on Angel Lane.
GORMLEY AND SCHECTER AT THE BARBICAN
Israeli choreographer Hofesh Schecters dance show
Political Mother was a cacophonous work of beauty,
abstraction and talent. Survivor Schecters debut
as a composer, featuring artworks by Antony
Gormley promises a deluge of percussive grooves,
melancholy strings and atmospheric electronic
soundscapes from a live band of 30. 12-14 Jan.
www.barbican.org.uk
Getting shirty: the key styles to
look out for this spring/summer
Check shirt w
ith
button cuff
Thomas Pink
9
9
thomaspink.com
S
u
b
t
le
p
in
k
P
a
u
l S
m
ith
9
5
p
a
u
ls
m
ith
.c
o
.u
k
B
utton-dow
n
w
ith pale stripes
Burberry London
1
7
5
m
rporter.com
T
E
R
R
E
S
T
R
I
A
L
UNFINISHED
BBC2, 9PM
Alastair Sooke explores the appeal of
unfinished literary works, including
Dickens The Mystery of Edwin Drood
and Jane Austens Sanditon.
EMMERDALE
ITV1, 7PM
Debbie meets Andy at a hotel, where
she is planning to seduce him into
sleeping with her. Laurel tells Nicola
she is moving to Leeds with Ashley.
LOCATION, LOCATION, LOCATION
CHANNEL4, 8PM
Kirstie Allsopp and Phil Spencer head
to Windsor and Maidenhead to help
Nicki and Damien, and single woman
Maria find their dream properties.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmPremier League World
8pmCarling Cup Special 8.55pm
Live Copa Del Rey Football 11pm
Time of Our Lives 12amCarling
Cup Special 1amCopa Del Rey
Football 2.25am-6amLive Test
Cricket
SKY SPORTS 2
6pmEuropean Tour Golf 8pm
The Rugby Club 9.30pm
International Judo World Circuit
10pmEuropean Tour Golf 12am
Live PGA Tour Golf
3.30am-4.30amTime of Our
Lives
SKY SPORTS 3
7pmNetball 9pmATP Tour
Uncovered 9.30pmKings of the
Snow10pmWWE: Late Night
Raw12amWWE: NXT 1amThe
Rugby Club 2.30amATP Tour
Uncovered 3amKings of the
Snow3.30amPremier League
World 4am-4.30amATP Tour
Uncovered
BRITISH EUROSPORT
6.45pmMotorcycling 8.45pm
Dakar Rally 10pmMotorcycling
11.05pmPoker 12am-12.45am
Dakar Rally
ESPN
6.30pmLive Darts: BDO World
Championships 10pmOff the Ball
10.30pmUFC 142 Countdown
Show11.30pmPress Pass 2012
12amLive Caribbean Twenty20
Cricket 3.30amNBA Action 4am
Freestyle World Cup Magazine
4.30amUFC Unleashed
5.30am-6amFIBA Basketball
SKY LIVING
7pmCriminal Minds 8pmThe
Biggest Loser 9pmP****d and
Pregnant 10pmUnforgettable
11pmBones 12amCriminal
Minds 2.40amMy Wife and Kids
3.30amBones 4.20am-6am
CSI: Crime Scene Investigation
BBC THREE
7pmTop Gear 8pmDont Tell the
Bride 9pmCherry Healey: Like a
Virgin 10pmEastEnders
10.30pmRussell Howards Good
News 11.05pmFamily Guy
11.50pmAmerican Dad!
12.35amCherry Healey: Like a
Virgin 1.35amRussell Howards
Good News 2.05amDont Tell the
Bride 3amHow Sex Works
4am-5amConfessions of a Sex
Addict
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmThe Big
Bang Theory 8.30pmRules of
Engagement 9pmHow I Met
Your Mother 9.30pmHappy
Endings 10pmThe Inbetweeners
11.10pmChris Moyles Quiz
Night 11.55pmThe Big Bang
Theory 12.55amHow I Met Your
Mother 1.20amThe
Inbetweeners 2.15amScrubs
3.05amRules of Engagement
3.25amGreek 4.05amWildfire
4.50am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 9pmIRT Deadliest Roads:
The Andes 10pmStorage Wars
11pmPawn Stars 12amIRT
Deadliest Roads: The Andes 1am
Ice Road Truckers 2amStorage
Wars 3amOil Riggers 4amTony
Robinson Down Under 5am-6am
American Pickers
DISCOVERY
7pmMythbusters 8pmCoal
9pmIce Pilots 10pmFred and
Rose: The West Murders 11pm
Deadliest Catch 12amBear
Grylls: Born Survivor 1amIce
Pilots 2amFred and Rose: The
West Murders 3amWheeler
Dealers 3.50amMythbusters
4.40amIndustrial Revelations
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny USA 8pmJon
and Kate Plus 8 9pmI Didnt
Know I Was Pregnant 10pmI
Was Dead 11pmTrauma Unit
12amI Didnt Know I Was
Pregnant 1amI Was Dead 2am
Trauma Unit 3amSupernanny
USA 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmHawaii Five-0 9pmObese:
A Year to Save My Life: A
29-stone 25-year-old. 10pm
Stella 11pmNCIS: Los Angeles
12amDog the Bounty Hunter
1amRoss Kemp Back on the
Frontline 1.50amCop Squad
2.40amRoad Wars 4.20am
Project Catwalk 5.10am-6am
Dont Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.20pmBBC London News
7pmThe One Show
7.30pmEastEnders: BBC News
8pmEarthflight: A birds-eye
view of Europe.
9pmNew Tricks
10pmBBC News
10.25pmRegional News
10.35pmQuestion Time
11.35pmThis Week
12.25amSign Zone:
Countryfile
1.25amSign Zone: Britains Hidden
Heritage 2.25amSign Zone: James
Mays Man Lab 3.25am-6amBBC
News
6pmEggheads
6.30pmGreat British Railway
Journeys
7pmHairy Bikers Best of
British: The duo explore the
history of puddings and pies.
8pmThe Great Sport Relief
Bake Off
9pmCHOICE Unfinished
10pmNever Mind the
Buzzcocks
10.30pmNewsnight: Weather
11.20pmDarts: BDO World
Championships
12.10amDarts Extra
2.10amBBC News 3.25 Close
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmCHOICE Emmerdale
7.30pmThe Silicone Scandal:
Tonight
8pmEmmerdale
8.30pmCoronation Street
9pmEternal Law
10pmITV News at Ten
10.30pmLondon News
10.35pmThe Jonathan Ross Show
11.35pmTake Me Out: Dating
game, hosted by Paddy
McGuinness. 12.30amThe Zone;
ITV News Headlines 2.35amThe
Silicone Scandal: Tonight 3amITV
Nightscreen 4.35am-5.30amThe
Jeremy Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmCHOICE Location, Location,
Location 9pmThe Restoration Man
10pmMy Daughter the Teenage
Nudist 11.05pmRandom Acts
11.10pmCoppers 12.15amMusic
on 4: Curated by Lyle and Scott
12.30amEmbarrassing Bodies
1.25amUndressing My Mother
1.30amBritains Greatest
Codebreaker 2.40amThe Great
British Property Scandal 3.35am
Whatever Turns You On 3.40amSt
Elsewhere 4.30amBrothers &
Sisters 5.10am-5.55am
Countdown
5.30pmCSI: Crime Scene
Investigation: An old homicide
case is reopened.
6.30pm5 News at 6.30
7pmPolice Interceptors: 5
News Update
8pmWorlds Scariest Plane
Landings: 5 News at 9
9pmCelebrity Big Brother
10pmCelebrity Big Brothers
Bit on the Side
11pmIts All About Amy
12amSuperCasino
4amHouseBusters 4.25am
Michaelas Wild Challenge 4.50am
Michaelas Wild Challenge SOS
5.10am-6amWildlife SOS
1 2 3 4 5 6
7 8
9
10 11
12 13 14 15 16
17 18
19
20
21 22
30 16
24 26
8 19
11 13 17
20 13
45
14 23
15 21 4
12 15
26 27
11 10
14
6
29
16
43
22
15
12
12
23
3
28
16
24
28
20
9
7
41
8
15
18
11
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 U-shaped curve in
a stream (5)
4 The Fall of the House
of ___, story by
Edgar Allan Poe (5)
7 Annual publication giving
weather forecasts, etc (7)
9 Full in quantity
or extent (6)
10 Front of a building (6)
12 Top cards (4)
15 Bulge or swelling (4)
17 Line on a weather map (6)
19 State of being male
or female (6)
20 Cattle farmer (7)
21 Framework of a
military unit (5)
22 Ofensive (5)
DOWN
1 Daniel ___,
Nicaraguan
president (6)
2 Fab group associated
with the 1960s (7)
3 Dock (5)
5 Sailor (6)
6 Jubilant (6)
8 Unwanted discharge
of a uid (7)
11 Draws aimlessly (7)
13 Stout-bodied insect
which produces
a loud, chirping
sound (6)
14 Football (6)
16 Hearty and lusty,
crude (6)
18 Repeat
performance (5)
T
X
O
O
I R
E
N
T
4

4
4

E V O K E G R A S S
I I O T W
W A R N S N E E Z E
H S M O G L A
I M A M U D I R T
T W A R F A R E S
E V E N F A R C H
B S B L O C O
A P O G E E H U M P
I M E M O
T H E F T B A R B S
9 7 6 9 2 7 3
3 2 1 6 7 4 9 5
8 4 7 9 7 8
6 9 7 8 2 3 4 1
2 4 3 5 1 9 6 8
8 9 9 8
3 2 5 3 2 4 8 1
1 4 2 1 7 5 9 2
6 9 8 1 2 6
4 1 9 5 3 6 7 8
9 3 4 2 1 3 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
NEWSPRINT
Lifestyle | TV&Games
Sport
26
ENGLANDS out-of-form batsmen have
been advised by batting coach Graham
Gooch not lose any sleep over claims
that Pakistan spinner Saeed Ajmal is
set to unleash his new mystery teesra
delivery on them in the upcoming Test
series.
Andrew Strausss side failed to pass
300 in their opening warm-up match
against an ICC combined XI and again
struggled yesterday on the opening
day of their game against a Pakistan
Cricket Board XI in Dubai.
Alastair Cook made 133 and Matt
Prior 46 in a total of 269-9 declared,
but the rest struggled at the hands of
leg-spinner Yasir Shah.
Ajmal, meanwhile, has been coy
about the new weapon he claims to
have in his armoury, revealing only
that it will be a back-spinning delivery.
He will, nonetheless, be encouraged
by Englands recent travails, but
Gooch has told Englands batsmen to
worry about what he delivers from his
hand, rather than his mouth.
He said: Well wait and see about
the teesra. Saying one thing and doing
it are two different things in my book,
said Gooch. Im always a little bit cyn-
ical. I played against Shane Warne
most of his career, the greatest spin
bowler Ive ever played against.
Hed always come up with Ive got
this ball the zooter. So what is this
ball, the zooter?
Its the ball that just goes straight
on if I remember rightly. Its all a little
bit smoke and mirrors, isnt it?
Cooks typically patient 260-ball
knock anchored Englands innings yes-
terday, but the likes of Jonathan Trott
and Ian Bell, both dismissed without
troubling the scorers, found condi-
tions much less to their liking.
But even with less than a week to go
before the first Test gets underway,
Gooch is not concerned by the lack of
form displayed by some of Englands
most prolific run scorers and heaped
praise on Cook.
All our guys would of course like to
spend as much time as he has in the
middle. But credit to him hes shown
his incredible powers of concentration
once again.
England pan
Ajmals talk
of mystery
teesra ball
BY JAMES GOLDMAN
CRICKET
Cook made 133 against a Pakistan Cricket

Board XI yesterday Pic: ACTION IMAGES
ENGLAND head coach Stuart
Lancaster has promised an emphasis
on pacy, attacking play will be the
cornerstone of his new-look side,
after ringing the changes in his first
elite player squad yesterday.
Interim boss Lancaster (right)
selected nine uncapped players,
including Saracens pair Owen Farrell
and Brad Barritt and Harlequins duo
Joe Marler and Jordan Turner-Hall, in
the 32-man party, which effectively
doubles as the squad for next
months Six Nations.
Wasps hooker Rob Webber and
Northampton trio Lee Dickson, Phil
Dowson and Calum Clark, among
eight Saints men in the squad, were
the others, as Lancaster under-
lined his determination to plan
for the future and, specifically,
the 2015 World Cup in England.
We want to achieve balance
in our play, said Lancaster,
who succeeded Martin
Johnson last month and
hopes to be appointed on
a permanent basis fol-
lowing the Six Nations.
Well have a good
kicking game, but we
want play with intent,
with speed, pace and
tempo. Weve got the players to do
that. Were certainly not going to go
down the physical size and power
route. Well have a Plan B for differ-
ent conditions but ultimately we
have players here who can play with
pace and we want to use that.
Alongside the new faces are
recalls for in-form Quins stars
Chris Robshaw and Mike
Brown, Sarries lock Mouritz
Botha and Gloucester wing
Charlie Sharples. Discarded
are veterans Mike Tindall,
Nick Easter and Mark
Cueto, while Johnson reg-
ulars Shontayne Hape and
Riki Flutey have been dropped.
Lancaster pledges pace and verve
BY FRANK DALLERES
RUGBY UNION
New England head coach ushers in new era with forward-thinking Six Nations squad
UNCAPPED
Brad Barritt, centre (Saracens); Owen Farrell, cen-
tre/fly-half (Saracens); Lee Dickson, scrum-half
(Northampton); Calum Clark, flanker
(Northampton); Phil Dowson, No8/flanker
(Northampton); Joe Marler, prop (Harlequins); Ben
Morgan, No8 (Scarlets); Jordan Turner-Hall, centre
(Harlequins); Rob Webber, hooker (Wasps)
RECALLED
Mouritz Botha, lock (Saracens); Charlie Sharples,
wing (Gloucester); Chris Robshaw, flanker
(Harlequins); Joe Simpson, scrum-half (Wasps)
NEW FACES | ENGLAND EPS SQUAD
Spurs move within three points of league leaders
Man City after beating Everton but boss Redknapp
insists a top four finish remains his main objective
TOTTENHAM manager Harry
Redknapp is stubbornly refusing to
dream of ending the clubs 51-year
wait to win the top-flight title -- and
says he will be happy just to finish
above hated neighbours and rivals
Arsenal.
Aaron Lennons solo goal and
a Benoit Assou-Ekotto how-
itzer despatched Everton,
comfortably maintaining
the clubs superb home
record and lifting them
level on points with sec-
ond-placed Manchester
United.
Premier League lead-
ers Manchester City are
only three points in front,
and could be caught on
Saturday, but Redknapp (inset) is
resisting the urge to be swept up in
talk of beating the north-west jug-
gernauts to the top prize.
If we make the Champions
League I wouldnt be that disap-
pointed, he said. Weve only ever
finished above Arsenal once I think
so finishing above them would be a
great achievement.
I know were level with Man
United but I couldnt tell you how
many points the teams behind us
have. All Im thinking about is how
were going to play against Wolves.
Eight points ahead of Chelsea, in
fourth, and nine clear of Arsenal,
Redknapps side will draw level with
pace-setters City, who play on
Monday, if their relentless points-
harvesting at White Hart Lane con-
tinues on Saturday.
This fixture had been due to be
played on the opening day of the sea-
son but was postponed because of
the riots that scarred the capital,
since when Tottenham have added
an uncharacteristic consistency to
their traditional flair.
They were some way short of flam-
boyant here but benefited from the
return of Lennon, whose penetra-
tion down the right counterbal-
anced Gareth Bales
swashbuckling left-wing
sojourns and produced
the opening goal in
the 35th minute.
Assou-Ekottos rak-
ing diagonal ball
searched out the
England winger, who
took it inside and
beat Leighton Baines
in one movement and
fired a tame but precise
shot through the legs of Sylvain
Distin to wrong-foot Tim Howard.
Bale was given licence to roam
and, having burst onto a glorious
Rafael van der Vaart pass to set up a
wasteful Emmanuel Adebayor early
on, he showcased his explosive quali-
ty again after the break when he
forced a sharp save from Howard.
Spurs were turning the screw and
sealed an eighth home win in their
last night matches at White Hart
Lane in the 63rd minute when
Assou-Ekotto conjured a marvellous
35-yarder that sailed into the top-
right corner.
WHITE HOT
BY FRANK DALLERES AT WHITE HART LANE
FOOTBALL
TOTTENHAM
EVERTON
2
0
Assou-Ekotto scored
Tottenhams second
goal, his first since
August 2009
Picture: PA
27
WILL SURFER SLATER RETAIN
ACTION SPORTSMAN CROWN?
LAUREUS WORLD SPORTS AWARDS
PREVIEW SERIES: TOMORROW
Results
=FFK98CC
:8IC@E>:LGJ<D@$=@E8C$=@IJKC<>
DXe:`kp%%%%%%%%%%%%%%%% ' ' C`m\igffc%%%%%%%%%%%%%%%%%%%%( (
8kk1*-#'(. Oerr+r J (per)
98I:C8PJGI<D@<IC<8>L<
Kfkk\e_Xd%%%%%%%%%%%%%%( ) <m\ikfe%%%%%%%%%%%%%%%%%%%%%% ' '
lerrar J5
AssaaE|atta oJ 8kk1*-#(*)
G N ; C = 8 >; Gkj
DXe:`kp%%%%%%%%%%%%%%%%%%%%%%%%%)' (, * ) ,- (- +' +/
DXeLk[%%%%%%%%%%%%%%%%%%%%%%%%%)' (+ * * +0 )' )0 +,
Kfkk\e_Xd%%%%%%%%%%%%%%%%%%%%%)' (+ * * */ )' (/ +,
:_\cj\X%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' (( + , *0 ), (+ *.
8ij\eXc%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' (( * - *- )/ / *-
C`m\igffc%%%%%%%%%%%%%%%%%%%%%%%%)' 0 . + )+ (/ - *+
E\nZXjkc\%%%%%%%%%%%%%%%%%%%%%%)' 0 - , )0 ), + **
Jkfb\%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' / , . )) *( $0 )0
Efin`Z_%%%%%%%%%%%%%%%%%%%%%%%%%%)' - . . *' *, $, ),
Jle[\icXe[%%%%%%%%%%%%%%%%%%%)' - - / ). )* + )+
<m\ikfe%%%%%%%%%%%%%%%%%%%%%%%%%%%)' . * (' )' )+ $+ )+
JnXej\X%%%%%%%%%%%%%%%%%%%%%%%%%)' , / . )' )* $* )*
8jkfeM`ccX%%%%%%%%%%%%%%%%%%%%%)' , / . )) )- $+ )*
=lc_Xd%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' , / . )) )- $+ )*
N\jk9ifd%%%%%%%%%%%%%%%%%%%%)' - + (' (0 )/ $0 ))
Nfcm\j%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' + , (( )) *- $(+ (.
HGI%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' + , (( (0 *, $(- (.
9fckfe%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' , ( (+ ), +* $(/ (-
N`^Xe%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)' * - (( (/ +( $)* (,
9cXZbYlie%%%%%%%%%%%%%%%%%%%%%%)' * , () )0 +* $(+ (+
EGFN<I:?8DG@FEJ?@G
9`id`e^_Xd%%%%%%%%%%%( ) @gjn`Z_%%%%%%%%%%%%%%%%%%%%%%( (
Z||c 9, 9O V+rt|r 8
8kk1(-#,)/
:I@:B<K
KFLID8K:?<e^cXe[mGXb`jkXe:i`Zb\k9fXi[O@
(Da|+|)1<e^cXe[ Zo99ec. (8. a1ers, A N Oaa| JJ,
Y+s|r S|+| 55, Va|+mm+ T+||+ 44J). GXb`jkXe:i`Zb\k
9fXi[O@ ZJO (8.O a1ers).
=@IJKF;@Jflk_8]i`ZXmJi`CXebX(P++r|)1Jflk_
8]i`ZX JO8 (5O.O a1ers, H V Am|+ Z, J H K+|||s Z, A B
e V||||ers 5Z, S l V+||r+ 554). Ji`CXebX 4J (ZO. a1ers,
V Var|e| 4O). Saat| Afr|c+ |e+t Sr| l+r|+ |] Z58 rars.
KF;8PJ;@8IP
:I@:B<K
KfliDXkZ_[Xp)f]*1P+||st+r Or|c|et Ba+r Xl 1
Er|+r (Da|+|, Oo).
>FC=
<lifg\XeAfYli^Fg\e (Ra]+| Ja|+rres|ar & Kers|rtar
OO, Ja|+rres|ar, Saat| Afr|c+). LJG>8JfepFg\e
(w+|+|+e Oaartr] O|a|, Hara|a|a, H+W+||).
email sport@cityam.com
SPORT | IN BRIEF
Pulis offers to manage Wales
FOOTBALL: Stoke manager Tony Pulis
has offered to take charge of his native
Wales for one match only, next months
memorial game for former boss Gary
Speed, who committed suicide in
November. Wales meet Costa Rica on
29 February and Pulis said: Anything
that would help in any shape or form in
respect of Gary Speed, Id gladly do.
Brook to meet Hatton in March
BOXING: Unbeaten Yorkshireman Kell
Brook will face Matthew Hatton on 17
March in a showdown between two of
Britains top welterweight hopefuls.
Brook, who has 18 KOs from his 26
wins, will take on Hatton, the younger
brother of former light-welterweight
world champion Ricky, in Sheffield.
Wozniacki suffers slam setback
TENNIS: Womens top seed Caroline
Wozniacki is an injury doubt for next
weeks Australian Open after hurting
her wrist in a defeat to Agnieszka
Radwanska at the Sydney International.
The Dane, who is yet to win her first
grand slam title, could now be overtak-
en as world No1 by Wimbledon champi-
on Petra Kvitova before the major gets
underway on Monday.
Top pair head Gold Cup entries
HORSE RACING: Two-time winner
Kauto Star and defending champion
Long Run head 34 entries for the
Cheltenham Gold Cup in March. All-time
great Kauto Star was third last year but
has already beaten the Nicky
Henderson-trained Long Run twice this
season, most recently in the King
George VI Chase at Kempton.
QUEENS PARK RANGERS manager
Mark Hughes insists he has no appre-
hension about working in conjunc-
tion with the clubs charismatic
owner Tony Fernandes, despite hav-
ing a been a victim of a similarly
ambitious and inexperienced regime
at Manchester City.
Hughes, unveiled in front of the
media yesterday having signed a two-
and-a-half year deal to succeed Neil
Warnock as manager of the strug-
gling Premier League club on
Tuesday, was sacked by City just over
two years ago, despite the club being
well placed to qualify for the
Champions League.
Fernandes displayed his own ruth-
less streak by dispensing with the
services of Warnock on Sunday and
although his financial might not
compare with the wealth of Sheikh
Mansour, who has bankrolled Citys
rise to the summit to the tune of over
800m, his plans are, comparatively,
no less grand.
The Malaysian entrepreneur, who
has used Twitter to ask fans to submit
suggestions for transfer targets in the
past, is still relatively new to the
nuances of football in England, but
Hughes is sure he can make their
relationship work, having learned
from the mistakes he admits he made
during his time at the Etihad
Stadium.
Ive been in this situation before
so maybe that experience will help
me, said Hughes. In fairness I proba-
bly made mistakes when I worked
with new owners in the past and I
fully understand that now.
At City I probably found the lines
of communication and the different
levels of management a little bit diffi-
cult to navigate.
But Im very happy with the struc-
ture here and I think it will be more
beneficial for me. The owners are
very accessible, you only have to pick
up the phone or look at Twitter.
Thats important and Ive got to
build that relationship and make
sure its a strong one because at times
it can sustain you. Its great that Tony
engages with the fans and it shows
the passion he has for this club.
Hughes: Ive learned from my City mistakes
Gerrard puts Liverpool on
verge of Wembley return
LIVERPOOL captain Steven Gerrard
accused Manchester City manager
Roberto Mancini of hypocrisy after
putting his side within touching dis-
tance of Wembley by scoring the only
goal of last nights fractious Carling
Cup semi-final first leg.
The England midfielder capped a
fine all-round display with the 13th
minute penalty that ensured
Liverpool will hold an advantage
when the two teams reconvene at
Anfield in a fortnights time.
After exiting the FA Cup on Sunday
at the hands of Manchester United,
Mancini cut an agitated figure last
night as his side struggled to find a
way past a resolute red wall.
The Italians misery was com-
pounded late on when referee Lee
Mason failed to take action against
Glen Johnson for a tackle on Joleon
Lescott, similar in nature to the one
which saw City skipper Vincent
Kompany sent-off against United.
I want to see the tackle by
Johnson. I thought that was worse
(than Kompanys), said Mancini, who
accused Wayne Rooney of helping to
get his captain sent-off by haranguing
Sundays official Chris Foy.
But Gerrard dismissed the Italians
claims and warned his team-mates
they cannot afford to assume a trip to
Wembley for the first time since it re-
opened in 2007 is a foregone conclu-
sion.
It surprises me because he had a
go at Wayne Rooney. Now he has had
a go at one of ours, said Gerrard, who
had earlier beaten England team-
mate Joe Hart from 12 yards after
Stefan Savics clumsy challenge on
Daniel Agger. There is absolutely no
way this game is done and dusted, the
job is half done.
BY JAMES GOLDMAN
FOOTBALL
0
1
MANCHESTER CITY
LIVERPOOL
BY JAMES GOLDMAN
MATCH ANALYSIS
TALKING POINT
Out of the FA Cup, second favourites to
make the Carling Cup final, missing key
players talk of a crisis might be
stretching the truth but certainly it
seems as if Citys season is at a cross-
roads. At a time when composure and
cool heads are required, Mancinis post-
match response to Glen Johnsons tackle
suggested the pressure is starting to get
to the Italian.
GAME STATS
MAN CITY 0-1 LIVERPOOL
6 ATTEMPTS ON TARGET 4
9 ATTEMPTS OFF TARGET 1
5 CORNERS 2
58% POSSESSION 42%
1 YELLOW CARDS 1
0 RED CARDS 0
2 OFFSIDES 1
Gerrard scored the games solitary goal in the 13th minute Picture: PA
KEY MOMENT
When Assou-Ekotto galloped forward in the
63rd minute Tottenham coach Joe Jordan
yelled Shoot!. From so far out it seemed
ambitious, but the full-back located Tim
Howards top corner and ensured Spurs, as
their fans delight in singing, go marching on.
TALKING POINT
Spurs have long been known as artful but
fallible, gallant nearly men. Some of the
thrills may have waned, in part because
even teams such as Everton and Aston
Villa now come to White Hart Lane to
defend, but they have gained a consisten-
cy, patience and relentlessness. Few fans
will complain about fewer seven-goal
thrillers if they finish in the top four.
GAME STATS
TOTTENHAM 2-0 EVERTON
9 ATTEMPTS ON TARGET 4
7 ATTEMPTS OFF TARGET 7
7 CORNERS 6
57% POSSESSION 43%
1 YELLOW CARDS 3
0 RED CARDS 0
2 OFFSIDES 0
DUGOUT VIEW
We played OK and made a few
chances ourselves but we needed to be
clinical when we had them and we
weren't. We tried to give Tottenham
a game and I think we did. Tottenham
are doing well and so is their manager.
They are title contenders and are a really
good team.
Everton manager David Moyes
MATCH ANALYSIS
BY FRANK DALLERES
Man City 20 15 3 2 56 16 48
Man United 20 14 3 3 49 20 45
Tottenham 20 14 3 3 38 20 45
Chelsea 20 11 4 5 39 25 37
TOP FOUR
TEAM PLD W D L F A PTS
Hughes has signed a two-and-a-half year deal with QPR Picture: ACTION IMAGES
BY JAMES GOLDMAN
FOOTBALL

Cityam 2012-01-12

Caricato da

Informazioni sul documento

Descrizione originale:

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Cityam 2012-01-12

Caricato da

Copyright:

Formati disponibili

FTSE 100 5,670.82 -25.88 DOW 12,449.45 -13.02 NASDAQ 2,710.76 +8.26 /$ 1.53 -0.02 / 1.21 unc /$ 1.

unc /$ 1.27 -0.01

THE EUROPEAN Central Bank (ECB)

www.cityam.com Issue 1,547 Thursday 12 January 2012 FREE

BANK OFFERS TRADES FOR EUROZONE

EU commissioner Barnier is to look into an EU version of Vickers Picture: REUTERS

Barnier: EU to create rival

Bond deal close in Greece

THE CHIEF executive of NYSE

LONDON Metal Exchange members

5Jan 6Jan 9Jan 10Jan 11 Jan

9860 HTC TITAN

ANALYSIS l Michael Page International PLC

PHILIP DORGAN | PANMURE GORDON

KEITH BOWMAN | HARGREAVES LANSDOWN

CLIVE BLACK | SHORE CAPITAL

LITTLE CHEF MAKES BIG CLOSURES

JOB OPPORTUNITIES in financial serv-

TRAFFIC at airports operated by BAA

Amec and Babcock win new

Cook made 133 against a Pakistan Cricket

Potrebbero piacerti anche