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THE TREASURY will try to win around critics of
its flagship Financial Services bill today by
inserting a new proportionality test for all
new regulations on the City.
In a last-ditch effort to stem a tide of criti-
cism, City A.M. understands that the new version
of the bill will force regulators to consider if the
costs of new rules are in proportion to their
benefits. It aims to allay worries that new regu-
lators could ignore the international competi-
tiveness of the City when imposing new rules.
But it might not placate critics: LSEs Tracey
Pierce said she hoped the bill would be
enshrining competitiveness in our regulatory
framework. VOICE OF THE CITY: P12
BY JULIET SAMUEL
REGULATION
www.cityam.com Issue 1,564 Monday 6 February 2012 FREE

Certified Distribution
28/11/11 till 01/01/12 is 92,879
Heathrow
flights cut
amid snow
HEATHROW airport yesterday can-
celled half of the 1,300 sceduled
flights as snow and freezing temper-
atures hit Britain.
Despite the massive disruption at
the UKs busiest airport, owner BAA
said its snow plan had worked far
better than in previous years. It
claimed making a decision about
flight cancellations on Saturday gave
passengers time to cancel or rebook.
Around 10cm of snow blanketed
the UK in 24 hours, stranding
motorists on major motorways
including the M25 and M40.
But economists said this week-
ends snow has not yet set in and
unlike the heavy fall of December
2010 is unlikely to have a big
impact on GDP.
Fortunately for many retailers
the snow was not hugely disruptive
during opening hours on Saturday,
which of course is a crucial shopping
day, said Howard Archer, of IHS
Global Insight.
It should not be enough to stop
most people getting to work or to
seriously disrupt supply chains by
stopping goods, components and
raw materials being moved around.
Early winter snow in December
2010 caused British GDP to contract
in the final quarter of the year.
Economic output fell 0.5 per cent,
with sectors including mining and
construction hit particularly hard by
the weather.
The Met Office is not expecting
heavy snow in the next week, but
says it may return in late February.
BY TIM WALLACE
ECONOMY
BRITISH investment bankers are

braced for deep slashes to their pay
packets after a slowdown in trading
saw their US rivals cut bonuses by up
to 30 per cent.
Industry insiders say that UK
bankers are looking at a pay cut of
20-50 per cent in addition to thou-
sands in job cuts contrary to the
public view that the City has contin-
ued to ramp up rewards through the
crisis.
Angela Knight of the British
Bankers Association (BBA) said yes-
terday that the public commentary
has not kept up with changes on the
ground. She slammed politicians and
media for sweeping the facts to one
side and distorting the debate,
adding that on the pay debate: We
need to end the personal pillorying.
Barclays will be the next bank to
brave the storm on Friday when it
unveils full-year results, which are
expected to show a pre-tax profit of
6.2bn. Pay cuts of nearly 30 per cent
are said to be in the pipeline for its
investment bankers.
With revenues shrinking due to
new regulations and market turmoil,
banks are being forced to cut pay and
jobs to stay out of the red.
Headhunters say that the cuts are
so widespread that talented City
workers are considering leaving
bulge bracket firms in droves.
We are seeing more candidates
interested in external opportunities
BY JULIET SAMUEL
BANKING
than ever before, says Kumaran

Surenthirathas, front office chief for
recruiter Eximius Group.
Bonuses and overall compensa-
tion announced to date are 25-35 per
cent down on this time last year,
with perhaps worse still to come.
This coupled with the recent whole-
sale redundancies has left morale at
an all time low, he added. Bonuses
make up the majority of the pay
packet for many bankers.
Tim Hedger of bank recruiter
Marks Sattin says that banks had
been expected to put up base salaries
in response to strict regulation of
bonuses but because of the difficult
environment, that has not hap-
pened.
The expectation was that base pay
would rise but its been flat. Bonuses
have been hit. Expect 30-50 per cent
cuts, he says, saying that the crunch
has badly affected morale.
The cuts are likely to fall very
unevenly, however: most bankers will
see their bonuses slashed drastically
while a select group of the most tal-
ented staff will see a far smaller
change. The top performers will be
looked after, says Hedger.
Last year, banks announced over
120,000 of job cuts globally, a num-
ber that has only increased since
then.
The mass lay-offs and bonus cuts
will also deliver a big hit to public
finances as tax revenues generated
by the City drop.
By way of example, Baker Tillys
David Heaton says a third of the
bonus awarded to RBS chief execu-
tive Stephen Hester would have gone
to the taxman if he had not waived it.
The exchequer stands to lose
around 360,000 in 2014 [from the
row], says Heaton.
Investment banks are slashing pay
COMPANY AVERAGE CUT IMPACT
Expected cut of 30 per
cent could be accompanied
by job cuts
Affects senior investment
bankers; some get bonds
backed by derivatives.
Covers senior investment
Covers senior bankers and
traders, caps cash bonuses
at $125,000, raises average
deferred pay to 75 per cent.
Reduces bonuses for
investment banking unit.
Applies to investment
bankers; freezes
some salaries
and limits some cash
bonuses to $150,000.
Affects pay for all
33,300 employees.
Covers salary, bonus
and benefits at
investment bank.
Cut falls on staff at
Deutsches corporate and
investment bank.
30%
S
O
U
R
C
E
:
B
L
O
O
M
B
E
R
G
Treasury tries to placate City
TRUTH ABOUT BANKER PAY:
ITS FALLING
DIAMOND
JUBILEE
THE QUEEN MARKS
SIXTY YEARS ON
THE THRONEP12
BUSINESS WITH PERSONALITY
15%
9%
26%
25%
30%
20-
30%
30%
BUSINESS
FIGHTS BACK
SIMON DENHAM
STANDS UP FOR THE
CITY P26
A NEW bidder has entered the 500m race to
buy GlobeOp Financial Services, the hedge
fund services firm.
US-based SS&C Technologies, a rival to
GlobeOp, said late last night that it has been
performing due diligence on the company
since the middle of January.
It is understood that SS&C will fire off a
bidding war with GlobeOps current suitor,
US private equity giant TPG Partners, if it
moves towards making an offer.
A source familiar with the situation said
any new bid from SS&C will consist of a
higher cash offer than the 500m that is
now on the table.
Rival eyes 500m GlobeOp bid
BY JULIET SAMUEL
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News
4 CITYA.M. 6 FEBRUARY 2012
JUSTINE Greening is set to become the
first secretary of state for transport to
vote at a Network Rail AGM, as the gov-
ernment steps up its opposition to
large bonuses proposed for the groups
senior management.
Greening said yesterday that she
will exercise her right to vote against
the bonuses at this weeks meeting,
despite admitting that it wont prevent
the payments being made.
Labour MP Tom Harris last week
tabled an Early Day Motion (EDM) call-
ing for Network Rail directors to reject
the generous remuneration packages,
including a 340,000 bonus for chief
executive Sir David Higgins.
The motion, signed by 30 Labour
MPs, cited major asset failures, con-
gested routes and poor management
of track condition as reasons for
poor performance of the UK rail net-
work in 2011.
Yesterday Greening, MP for the
London constituency of Putney, told
the Sunday Politics show: Im going to
go to the meeting next Friday, Im
going to vote against them [but] I wont
be able to stop it from going through.
Even if she were to lead a successful
vote against the bonuses, the result is
only advisory, Greening said.
BY JULIAN HARRIS
POLITICS
Why the debate has gone all wrong

PART of the problem in Britain today is
that public debate is taking place in a
fact-less vacuum. People have no inter-
est in what is really happening to
investment bankers pay and prefer to
ignore the regulatory revolution
across all of finance, including bank-
ing, fund management, private equity,
trading, accountancy and insurance.
Take pay: as we report on p1, it is
expected to be down by 25-30 per cent
at Barclays, 30 per cent at Citi, 26 per
cent at Goldman Sachs, and so on.
There is also an ongoing jobs blood-
bath. This correction is easily explain-
able: banks now have to hold more
capital and lower-yielding, liquid
assets this is slashing profits and
especially return on equity, now often
below the cost of capital. The only way
to reverse this is for banks to slash
costs (especially pay), shut low-return
units and shrink balance sheets.
Some of this shift is due to a cyclical
drop in revenues but much is struc-
tural. Pay will be permanently lower in
banks (though not necessarily in
hedge funds, trading houses and other
parts of finance). Shareholders will
make sure this happens they need to
make a decent return. Pay will still
remain much higher than in other
industries but the gap will be smaller
than it was at its peak, when revenues
per banker were artificially magnified
as a result of cheap money, bubble-era
rising asset prices, an artificial collapse
in risk premia and vast firm-level lever-
age. Most of these factors are now
gone. Obviously, pay (and revenues and
profits) were too high during the bub-
ble but the system is readjusting.
An even more irritating issue is the
absence of any economic explanation
of the crisis as opposed to populist
nonsense confusing the human-level
manifestation of the bubble (higher
house prices or City pay) with its deep
cause. There is a long tradition in eco-
nomics one which was mainstream
in the UK until about a decade ago,
before the political establishment and
commentariat suddenly forgot all that
it had learned since the 1970s that
argues that booms and busts are, these
days, primarily caused by monetary
forces and in particular an excessively
low cost of money and credit.
Many classical economists believed
this, as does Ludwig von Mises
Austrian school this was also the
view of the monetarists, led by Milton
Friedman, and the new classicals, led
by Robert Lucas. Today, many econo-
mists believe monetary policy errors
caused the bubble and that a reces-
sion would have happened anyway,
regardless of the proximate cause of
the crisis, namely US sub-prime mort-
gages (themselves promoted by US gov-
ernment agencies).
This time, monetary policy errors
werent purely caused by domestic cen-
tral banks rates were driven down by
a lack of savings in the West and mon-
etary manipulation in the East, and by
moral hazard created by promises of
state intervention. (The latter also
caused excessive bank leverage).
Shockingly, this well-respected view
that excessively low rates and other
errors by central banks were a key driv-
er of the bubble and bust is mysterious-
ly absent from the UK debate. The
result: lots of emotion, insufficient rea-
son, and a confused country.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Starting this evening at 6pm, Jazz FM is
launching its weekly Jazz in the City show,
for which I am a guest. For details, see p 14.
GREECES coalition parties must tell
the European Union by today whether
they accept the painful terms of a new
bailout deal as EU patience wears thin
with political dithering in Athens over
implementing reforms.
Technocrat Prime Minister Lucas
Papademos put on a brave face yester-
day as he tried to get leaders of the
three parties in his government to
sign off on terms of a 130bn (108bn)
rescue, which Greece needs soon to
avoid a chaotic debt default.
Papademos said in a statement
party chiefs had agreed measures
including wage cuts as part of spend-
ing cuts worth 1.5 per cent of GDP.
But a spokesman for the PASOK
socialist party said a number of major
issues demanded by the Troika
remained unresolved late last night.
BY HARRY BANKS
EUROZONE
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
Justine Greening, the
secretary of state for
transport, will attend
Network Rails AGM to
oppose the bonuses
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7248 2711
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
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
Rail bonuses
row heats up
Greek PM Papademos is trying to get agreement on a bailout Picture: REUTERS
Deadline looms in Greece
RATING AGENCIES RAISE DOUBTS ON
SCOTLAND SECURING TRIPLE A
STATUS
XtryAn independent Scotland would
not be able to count on receiving
triple A status, credit rating agencies
have told the Financial Times, poten-
tially leading to higher borrowing
costs for it if a referencum on inde-
pendence was successful. The three
leading credit rating agencies
Standard & Poors, Moodys and
Fitch indicated an independent
Scotland would not automatically
inherit the Uks top-notch rating.
CALPERS PILES PRESSURE ON APPLE
OVER THE WAY IT ELECTS DIRECTORS
Apple faces fresh shareholder pres-
sure at its annual meeting this
month from the largest US public
pension fund, to change the way it
elects directors. Calpers the
California Pulbic Employees
Retirement System has called on
Apple to allow directors to be elected
by majority voting.
EBA SCEPTICAL ON CAPITAL RAISING
The European Banking Authority is to
challenge a significant proportion of
the capital restructuring plans put
forward by some of the continents
leading banks to meet tough new cap-
ital requirements, sources say.
SABADELL SETS STAGE FOR 1.2BN
SHARE SALE
Banco Sabadell, the Spanish lender,
has begun sounding out investors
about a rights issue worth up to
1.2bn.
RICH FIGHT IT OUT FOR TOP LONDON
PROPERTIES
Demand for the best homes in
London is showing no sign of letting
up, with values rising again last
month. The residential agent Knight
Frank said yesterday that its Prime
Central London Index showed values
for top-end homes rising by 0.9 per
cent overall in January.
BOARDS FALL BEHIND IN THE DRIVE TO
APPOINT WOMEN
Britains biggest companies will miss
a deadline to have a quarter of their
boardroom positions filled by women
unless more is done to move talented
female executives up the corporate
ladder, recruiter Norman Broadbent
has warned.
DUBAI ABANDONS $10BN DEBT
RESTRUCTURING
Dubais government has walked away
from the $10bn (6.3bn) debt restruc-
turing of one of its biggest conglomer-
ates, leaving creditors, including the
Royal Bank of Scotland (RBS), with
exposure to potentially big losses.
Dubai Group, the financial services
arm of Dubai Holdings, said the emi-
rates Supreme Fiscal Committee (SFC)
had quit the negotiations and would
not inject any government cash.
US HEDGE FUNDS CAPITALISE ON
LEHMAN COLLAPSE
It may sound impossible but one of
the best financial investments of the
past three years has been a collapsed
bank Lehman Brothers.
DEXIA HEADS TO NEXT LIFE AS
FRENCH NEAR A DEAL
The French government and two
state-controlled entities are in the
home stretch to create a new munici-
pal lender from the remains of trou-
bled Franco-Belgian bank Dexia, but
they have yet to agree on the price of
a key asset, the fate of hundreds of
employees, and the exact missions of
the future company.
PEPSICO, COKE TO UPDATE INVESTORS
PepsiCo and Coca-Cola likely will
show solid profit growth when they
share their 2011 results this week, but
this year could be tougher. Investors
want more evidence US consumers
will swallow pricier soda and chips.
Domestic soda sales have shrunk.
WHAT THE OTHER PAPERS SAY THIS MORNING
MINING group Xstrata could lose out
on its merger with commodities giant
Glencore if the two companies ignore
Xstrata shareholders demands to be
offered a decent premium, investors
warned last night.
The deal, revealed last week, could
see a combined company worth 50bn
with revenues of over 110bn.
Xstrata chief executive Mick Davis is
tipped to run the merged companies
at least for an initial period but some
Xstrata shareholders would rather see
him step down altogether.
Richard Buxton, head of UK Equities
at Schroders, said he will ballot against
the merger and vote Davis off the
board if Xstrata shareholders are not
given an attractive premium.
He told City A.M., Glencore needs
Xstrata it has a higher growth rate
and better assets. If they want to get
command of that, they should pay a
control premium.
Buxton called the the 11-12 per cent
per cent speculated premium deriso-
ry and unimpressive.
However, it emerged last night that
Glencores advisers might be contem-
plating a premium as low as eight per
cent.
A source close to the deal pointed
out that there has been an 11 per cent
uplift for Xstrata shareholders since
the deal was announced.
The details of the transaction are
expected to be revealed on Tuesday
when Xstrata publishes its prelimi-
nary year-end results.
Under the terms of the merger,
Glencore which owns 34 per cent of
Xstrata will be excluded from voting
on its shareholding.
Glencore and XStrata both declined
to comment.
It is seen likely that the former BP
chief executive Tony Hayward would
become the senior non executive
director of the merged group.
Glencore bid
talks focus
on premium
BY LAUREN DAVIDSON
COMMODITIES
Xstrata chief Mick Davis could face a vote of confidence if Glencores Ivan Glasenberg fails to improve deal
New from City A.M., we bring you the latest
K
>

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THE BEST ROLES NEED
THE BEST CANDIDATES.
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News
NEWS | IN BRIEF
Romney takes Nevada vote
Republican front-runner Mitt Romney
cruised to an easy victory in Nevada over
the weekend, crushing his three remaining
rivals and taking firm command of the
partys volatile presidential nominating
race. With support from a broad cross-
section of Republicans, Romney won by a
big double-digit margin over former US
House Speaker Newt Gingrich,
Representative Ron Paul and former
Senator Rick Santorum. The victory was
Romneys second in a row and his third in
the contests in the state-by-state battle to
find a Republican challenger to President
Barack Obama in Novembers general
election. It propels Romney into the next
contests in Minnesota, Colorado and
Missouri tomorrow on a growing wave
of momentum.
ANALYSIS l Xstrata PLC
p
30Jan 31 Jan 1 Feb 2Feb 3Feb
1,250
1,200
1,150
1,100
1,283.00
3 Feb
As crunch time nears theres
still a lot left to be decided
SO as expected, Xstratas share-
holders are kicking up a fuss over
the premium Glencore is offer-
ing to pay for the company, bare-
ly a year after blocking a similar
deal before Glencores record list-
ing last May.
With current talks rumoured
to be moving towards a premium
as low as a single digit figure,
investors are unlikely to be
impressed particularly as the
share price had already jumped
11 per cent since Wednesdays
close, before the talks were
announced.
Add two fiery personalities at
the top of each company, throw
in competition authorities pre-
sumably chomping at the bit to
get involved, and youve got a
heady mix of possible delays and
hurdles.
The City is desperate for a
mega merger to break the deal
drought of recent months, but
investors should be wary of
jumping the gun when theres
still so much still up in the air.
BOTTOMLINE
Analysis by Elizabeth Fournier
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THE UK economy would benefit
more from a million extra appren-
ticeships than from hosting the
Olympic Games, according to new
research from City & Guilds.
The survey timed for the start of
Apprenticeship Week 2012 this week
shows that, if a million more
apprenticeships were set up by 2013,
the economic benefit would be
5.57bn. That is more than the
5.1bn expected uplift expect-
ed from the Games.
City and Guilds, which
provides vocational train-
ing in the UK, said it cal-
culated the 5.57bn
benefit by combining
the cumulative value of
apprenticeships to
business between
2012 and
2020 4.37bn
and the cumu-
lative tax
impact for the same period 1.2bn.
Chief executive Chris Jones said:
At a time when Olympics fever has
gripped the entire country, its
important that Britain wakes up and
appreciates the true value of appren-
ticeships.
Major companies yesterday
pledged their support to the cam-
paign, with BAE Systems announcing
265 apprenticeships, over half of
them involved in work on building
submarines.
Meanwhile, Starbucks today
announced its first ever UK appren-
ticeship scheme, recruiting up to
405 apprentices this year, then 65
per month next year.
The apprenticeships, in what the
firm calls Barista Skills and
Customer Service, are open for young
people over 16 years of age including
school leavers.
City & Guilds said politi-
cal leaders and employers
are due to meet tomor-
row to discuss its find-
ings.
Apprentices
as valuable as
Games: report
BY JENNY FORSYTH
ECONOMICS
News
LONDONERS FACE THE BIG FREEZE
Londoners came out to play yesterday as the
capital woke to a blanket of thick snow.
Alexandra Park (above) was a popular spot for
sledging, while City tourists at Bankside (right)
took the opportunity to brave the cold and see
Londons famous landmarks covered in white.
The biting weather proved testing for Occupy
London protesters at St Pauls Cathedral (left),
who faced camping in icy conditions with sub-
zero temperatures. Up to 16cm of snow
swathed parts of the UK, causing traffic prob-
lems and limited public transport. Motorists
and train operators warned of potential fur-
ther problems today as the snow melts and
turns to ice.
Pictures: LEON NEAL/AFP/Getty Images, Laura
Lean/ City A.M.
ALEXANDRA PARK
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True Blood 4
Greys Anatomy
Coming March
ABC Studios
DAVID Webster, the long-standing
chairman of Intercontinental Hotels
Group, is to stand down after eight
years at the helm of the worlds
largest hotel group.
A source close to Webster said that
no date had been set yet for his depar-
ture, but that he is likely to leave later
this year.
The owner of Holiday Inn and
Crowne Plaza brands has already
kicked off a search for his replace-
ment, with Sir Stuart Rose, the for-
mer chairman of Marks and Spencer,
and Allan Leighton, the former Royal
Mail chairman, touted as two possible
candidates for the job.
Luke Mayhew, the former manag-
ing director of retailer John Lewis,
who was appointed non-executive
director of IHG last July, is also under-
stood to be a likely candidate.
Webster, 66, joined IHG in January
2004, after seven years as chairman of
Safeway. He was one of a trio of entre-
preneurs who in 1977 formed Argyll,
a grocery business that expanded rap-
idly and was involved in a number of
takeover battles, including the firms
failed bid for Distillers, which was
sold to Guinness.
The group went on to buy the UK
arm of the American supermarket
Safeway in 1987 and grew the busi-
ness into the UKs fourth largest
supermarket. Webster stepped down
after seeing the group through a
fierce bidding war that resulted in its
merger with Wm Morrison in 2004.
Webster, son of a former Glasgow
Herald London editor, Comyn
Webster, was also formerly a non-
executive director of Reed Elsevier,
and served in the Royal Naval Reserve
for eight years from 1962 to 1970.
He has also been chairman of
Makinson Cowell, the capital markets
advisory firm, since 2004.
News of Websters retirement
comes just a year after chief execu-
tive, Andy Cosslett, stepped down, to
be succeeded by the finance director,
Richard Solomons.
Webster to
step down as
IHG chairman
NEW Liberal Democrat energy secre-
tary Ed Davey is already under politi-
cal pressure, after more than 100 Tory
MPs called on the government to
slash subsidies to wind farms.
The 101 Conservative signatories
wrote to Prime Minister David
Cameron to demand a re-think of the
coalitions energy policy.
In these financially straitened
times, we think it is unwise to make
consumers pay, through taxpayer sub-
sidy, for inefficient and intermittent
energy production that typifies
onshore wind turbines, said the let-
ter, printed in the Sunday Telegraph.
The dispute mirrors current situa-
tions in other countries, where state
subsidies for some renewable source
energy suppliers are being called into
question.
Many projects in the US have fallen
into limbo as firms await the out-
come of talks in Congress over
whether or not to continue with sub-
sidies and tax credits, including for
wind farms.
And in economically-troubled
Spain, new Prime Minister Mariano
Rajoy has temporarily suspended pay-
ments to new renewable energy
plants, as part of his ongoing
attempts to control the states large
annual budget deficit.
Tory MPs rebel
over subsidies
for wind farms
David Webster has been at the helm of IHG for eight years
BY KASMIRA JEFFORD
LEISURE
ENERGY
News
VODAFONE will scrap a $1bn merger
of its Greek business with a local com-
petitor due to the belief that EU regu-
latory authorities will block the deal.
The deal with Wind Hellas will be
called off due to regulatory uncer-
tainty on EU competition law.
The turmoil of the Greek economy,
which is in a deep recession, is also a
factor, said a source.
The aim was to build a telco to rival
the Greek state player Cosmote,
which has about half the market.
Keeping London on the move
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Jump into
Ireland!
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from
one
way
32
99
EU competition law thwarts
Vodafones Greek merger deal
TELECOMS
DEUTSCHE Boerses chief executive

Reto Francioni should step down fol-
lowing the collapse of its $7.4bn
(4.7bn) plan to merge with NYSE
Euronext, a member of the German
exchange operators supervisory board
told a newspaper.
The question needs to be asked
whether there have to be conse-
quences (for management), Johannes
Witt, a board member representing
the interests of labour, told German
weekly Euro am Sonntag.
Can someone who wanted to
change the status quo by finding a
partner only to see that (deal) collapse
still lead this company into the
future?
Francionis term ends after
December 2013, and contract exten-
sions for CEOs in Germany are often
agreed about a year in advance.
Last Thursday, Boerse and NYSE ter-
minated their merger plans after the
European Commission blocked the
deal to prevent handing the combined
group a near monopoly.
Boerses labour leaders had under-
mined its campaign to convince
German regulators a deal strength-
ened Frankfurts role as a financial
centre when they urged shareholders
to reject the deal, fearing key responsi-
bilities would be moved to New York.
Call for Deutsche Boerse boss
to quit after failed merger
CAPITAL MARKETS
News
Coca-Cola Olympic mentions by category
Regional News
Topicals
Twitter
Blogs
Video
Other
National News
%
11
2
6
51
4
9
18
Brought to you by
IN ASSOCIATION with Repskan.com,
the media monitoring and analytics
platform, City A.M. is measuring the rel-
ative Olympic media buzz around the
partners for the London 2012 Olympic
and Paralympic Games, week by week.
The leaderboard, right, reflects their
ranking over the past week, in this case
from Wednesday 25 January to
Wednesday 1 February.
Coca-Cola is sponsoring the 2012 Olympic
Torch Relay, this week details of the proces-
sion and the route it will take were released.
The relay will involve 8,000 Torchbearers
who will carry the flame across the UK,
before its arrival at Londons Olympic
Stadium on 27 July 2012. Coca-Cola has
linked its sponsorship of the Torch Relay to
its community projects, promoting the
involvement of young people across the UK
and giving them opportunities to carry the
Olympic Flame.
Olympic Media Buzz
LONDON 2012 PARTNERS
TOP TEN PARTNERS BY MENTIONS
Brand Position change
Samsung 1
Coca-Cola 6
Visa 2
BMW 1
UPS 8
Adidas 8
Panasonic 3
Lloyds TSB 2
British Airways 4
Omega 7
Board members are
calling for Deutsche
Boerse chief executive
Reto Francioni to
step down
Picture: GETTY
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THE QUEEN will today celebrate her
Diamond Jubilee anniversary, with
6 February marking exactly 60 years
since her accession to the throne.
Yesterday the Queen and the
Duke of Edinburgh, who is recover-
ing from treatment for a blocked
artery over Christmas, attended
a church service in
Sandringham, as her
traditional winter break
in Norfolk comes to an
end.
Official celebrations
will take place over a
four-day weekend in
June, during which the
Queen will lead a
1000-strong flotilla
of boats on the
Thames through
London.
The Queen usu-
ally spends
Accession Day pri-
vately it is also the day her father
George VI died but this year she
has two public appearances
planned, visiting both Kings Lynn
Town hall and a local nursery
school.
In her Diamond Jubilee year the
Queen has said she will try to visit
as much of the UK as possible, while
other members of the Royal family
travel further afield to take cel-
ebrations round the world.
Prince William and the
Duchess of Cambridge
will visit Asian countries
where the Queen is head
of state, including Malaysia,
Singapore and the Solomon
Islands.
Prince Charles and the
Duchess of
Cornwall will visit
o t h e r
Commonwealth
countries, includ-
ing Australia,
and New
Zealand.
Queen marks
sixty years
on the throne
BY ELIZABETH FOURNIER
MONARCHY
News
City panel concerned about the
impact of Financial Services Bill
PoliticsHome.com PoliticsHome.com
In association with
Completely aware
Somewhat aware
Somewhat unaware
Completely unaware
Dont know
%
How much do you know about the financial services bill?
1%
23%
19%
13%
45%
Very concerned
Somewhat concerned
Neither concerned
nor unconcerned
Somewhat unconcerned
Very unconcerned
%
How concerned are you about the impact of the bill as a whole?
Dont know
3%
4%
15%
23%
13%
42%
Strongly agree
Somewhat agree
Neither agree
nor disagree
Somewhat disagree
Strongly disagree
%
To what extent do you agree that the bill will lead to the UK
avoiding another financial crisis?
Dont know
15%
23%
13%
42%
%
1%
4%
18%
26%
29%
23%
AS MPs debate the new Financial
Services Bill in the Commons
today, almost 60 per cent of our
Voice of the City panel have con-
fessed to being concerned about
the overall impact it could have
on the UK.
Fifteen per cent of our
panel surveyed in associa-
tion with
PoliticsHome.com, said
they were very con-
cerned about the bill,
announced by MP
Mark Hoban (right)
which is supposed to
provide a more robust
regulatory system for
the City.
A further 42 per
cent said
t h e y
were somewhat concerned.
More worryingly, perhaps,
almost a third of respondents
admitted to being either com-
pletely or somewhat unaware
of the Bill, which will establish a
new system of regulation, includ-
ing introducing a new City regu-
lator to replace the Financial
Services Authority.
And even those who
are aware of the Bill
seem sceptical about
its worth, with just
19 per cent agreeing
that it will fulfill
one of its core objec-
tives to stop the UK
falling into another
financial crisis, com-
pared to 55 per cent
who disagreed with
the idea that it
would
help.
BY ELIZABETH FOURNIER
BANKING
Apply to join today at www.cityam.com/panel

will be former Citywealth Woman of
the Year Katie Booth of Templewood
Merchant Bank and Alex Gaillard of JP
Morgan Private Bank.
Credit Suisse is sponsoring the
night, which has been organised to
raise money for the Ayala
Foundation, which fights poverty
in the Philippines.
WHEEL AMBITION
FANCY yourself as a bit of a
speed freak?
Whether youre a weekend
cyclist, one of the Citys growing
number of two-wheeled com-
muters, or just want to blow
off a bit of steam then
make sure you head
down to Broadgate
this Wednesday
for a chance to test
your speed against
fellow cyclists and
a few Team GB Olympians
for good measure.
The inaugural Deloitte
Ride Across Britain
(Deloitte RAB) City 250
Challenge the Square Miles
very own version of the cross-
country Ride Across Britain
event will test keen cyclists
with a 250m time trial
sprint on static Watt
bikes.
As well as your col-
leagues, youll be
c o m p e t i n g
against reigning
Olympic individual pursuit gold
medallist Rebecca Romero and rowing
legend James Cracknell.
But beware, log the fastest time and
you could get more than you bar-
gained for. The overall male and
female winners will each win a place
to compete in the real deal the 960-
mile Lands End to John OGroats Ride
Across Britain.
Youll have plenty of time to train as
the ride doesnt set off until
September, but if the idea of cycling
100 miles a day doesnt appeal it
might be best to ease off in the final
straight youll still be in with a
chance of winning a bike worth
almost 2,000, with all entrants going
into a prize draw for the Boardman
Carbon Pro.
THE FIRST
CLASS WAY
TO MARK
THE JUBILEE
AS USEFUL as a bank holiday might
have been today for those of you
valiantly battling to make it to work
through the snow, were all going to
have to wait another few months
before the Queens official Diamond
Jubilee festivities afford the City a four-
day weekend.
But for those wanting to start the cel-
ebrations early, the Royal Mail will
today be issuing a commemorative set
of stamps to tie in with the official 60-
year anniversary of Her Majestys acces-
sion.
The stamps will feature portraits of
the Queen from throughout her reign,
including an image used on a 1
banknote issued by the Bank of
England the first ever note to
feature a picture of a monarch.
Designed by Robert Austin and
launched in 1960, the engrav-
ing for the portrait was based
on a pencil sketch of a pho-
tograph of Her Majesty,
who was just 34-years old
at the time.
The stamps will be
available as part of a
special Diamond
Jubilee Miniature
Sheet from today
first class only, of
course.
M O D E L
EMPLOYEE
SPARE a thought for the brave
City workers whove signed up
to move from boardroom to
catwalk next month, and tak-
ing part in Prospero Worlds
London Philippine fashion
show on 8 March.
Among the well-known
faces wholl be following
in Kate Mosss (right) foot-
steps as models for one
night in Bloomsbury
Squares Victoria House
Images from UK ban-
knotes over the past 60
years will be used on a
set of stamps to cele-
brate the Diamond
Jubilee Picture: GETTY
The Capitalist
EDITED BY
ELIZABETH FOURNIER
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
Cyclists can win a place in the Ride Across Britain
The 1 note
from 1960
was the first
UK bank note
to feature a
picture of the
monarch - a
34-year-old
Elizabeth II
A GROUP of six Credit Suisse bankers took themselves to Gaucho for an
early lunch last Thursday and left more than 2,000 poorer after a
rather unusual last-minute addition to their bill. After a traditional steak
dinner mixing and matching the restaurants meat offerings from the
modestly priced sirloin to a more flashy chateaubriand even a round of
30-year Macallans and some limited edition Malbec couldnt push the
total above 1,000. So, belts no doubt loosened after a three-course meal
and five bottles of wine, the bankers decided to treat themseves to VIP
tickets to the Gaucho-sponsored polo tournament a snip at 225 each.
BILL OF THE WEEK
Jazz in the City
Tonight 6pm: Allister Heath (left)
and Jeff Randall (centre) on
Jazz FM, hosted by Michael
Wilson (right). Listen on DAB
Digital Radio, Sky 0202, Freesat
729 and at www.jazzfm.com
Listen tonight from 6pm on Jazz FM Listen tonight from 6pm on Jazz FM
Jazz has always been one of the great
remedies for the stresses of life. With the
weekly 'Jazz in the City' series, we can listen
to the wonderful jazz tracks that helped many
of the capital's famous figures cope with the
challenging moments of their lives and
careers.
Join host Michael Wilson every Monday
between 6pm-7pm for Jazz in the City
a one-hour programme that aims to bring the
City to life, with some great conversations and
memorable music. Michael will talk to the
people who make the City tick and play some
of their favourite jazz, soul and blues tracks.
Also on the show, Allister Heath, City A.M.'s
editor, will give a brief economic and
financial round-up of what we can expect in
the City during the week ahead.
The 'Jazz in the City' guest tonight is
Jeff Randall, Sky's business editor, who also
presents 'Jeff Randall Live', a business and
politics show on Sky News. He also writes for
the Daily Telegraph and is a former business
editor at BBC News. 'Jazz in the City' is
kindly sponsored by global fund manager
Aberdeen Asset Management.
CABLE television is set to announce its
first profitable year in the UK after
almost 30 years of operation which
have swallowed up investments of
13bn.
Virgin Media, the nations main
cable operator, is expected to report its
first annual net profit on Wednesday,
compared to a loss of 141.4m last year
and 357.8m the year before.
While some analysts have pegged
the profits in the high 80 millions,
the figure is thought more likely to be
nearer the 72m mark, as predicted by
BNP Paribas.
On the lower end of the scale, JP
Morgan has put forward an estimation
of 60m.
This will be the first positive net
income on Virgin Medias record.
However, the Branson-branded cable
company has for some time reported a
positive operating cash flow and free
cash flow, at 1.51bn and 412.3m
respectively in 2010.
Wednesdays results will coincide
with the fifth anniversary of Virgin
Media, which was launched in 2007 as
a merger between Virgin Mobile and
debt-ridden cable companies NTL and
Telewest, promising rich rewards at
last for cable investors.
Virgin is now the only national cable
network in the UK, covering half the
country and reaching 13m homes.
Smallworld provides a cable televi-
sion network for Western Scotland and
North West England, while
WightCable connects the Isle of Wight.
As a result of an administration
error which saw upgrade emails sent
to unqualifying customers, Virgin
Media last month announced it would
double the broadband speed of all its
customers.
It has since unveiled plans to raise its
broadband prices by up to 1.50,
although the company has said this is
part of a standard price review.
Cables finally
lead to profit
BY LAUREN DAVIDSON
TELECOMS
FACEBOOK founder Mark Zuckerberg

could fork out more than $1.5bn
(950m) in taxes when the Menlo Park-
based company goes public in
May.
The S1 form, filed with the
SEC last Wednesday, outlined
that Zuckerberg intends to
exercise his outstanding
stock options on shares he
was given in 2005 for his role
as chief executive, selling
enough to cover the tax bill
expected to cumulate from
the flotation.
In the IPO,
Zuckerberg will sell an
as-yet undisclosed
number of shares
thought to be the first time the 27-year
old has sold any of his shares in the
social networking site.
He will use substantially all of the
net proceeds from this transaction to
foot the tax bill that will arise from his
purchase of 120m shares of the Class
B stock at a price of six cents per
share.
As this will be taxed as regular
income as opposed to capital gains,
Zuckerberg is looking at a 35 per
cent tax rate.
If the flotation values
Facebook at $100bn,
Zuckerberg stands to
make $6bn, resulting
in a tax bill of
$2.1bn one of the
largest single tax
bills ever.
BY LAUREN DAVIDSON
TECHNOLOGY
Zuckerberg faces
whopping tax bill
PRIVATE equity firm Permira is on the
lookout for a new chief executive for
All3Media, in which it owns a majori-
ty stake, as current head Steve
Morrison, 64, prepares to step down.
A headhunter has been brought in
as it is thought likely that the new
chief executive will be an external
candidate.
All3Media, the British television
production company behind Peep
Show, The Only Way Is Essex and
Midsomer Murders, made record
profits in 2011.
The UKs biggest production com-
pany reported a 28 per cent revenue
hike to 465m, alongside a 20 per
cent jump in earnings before interest,
taxes, depreciation and amortisation
to 64m.
However, attempts to sell the com-
pany for 750m last year failed.
Steve Morrison, who has been with
All3Media since its 2003 birth, will
remain involved with the company in
the new role of chairman.
All3Media sets
hunt for new
chief in motion
MEDIA
News
ONLINE car sales network
AutoTrader.com is making prepara-
tions to list as a public company,
according to Bloomberg, following
in the footsteps of Facebook which
last week filed for a staggering
$5bn IPO.
The website, which is owned by
Cox Enterprises (75 per cent) and
Providence Equity Partners (25 per
cent), is said to be currently in dis-
cussions with banks about the
move.
This could be a bid to cash in on
the rising automative industry,
where sales of new vehicles in the
US are returning to pre-recession
levels and used-car prices are at a
near record.
AutoTrader took a stab at float-
ing in 2000, but withdrew the
offering before it hit the market.
The car sales website could have
taken a confidence boost from the
string of recent internet flotations.
Shares in LinkedIn, Groupon and
Zynga which listed last year
jumped last week on news of
Facebooks coming public offering.
All three internet companies are
trading above their IPO price.
Founded in 1997, AutoTrader
attracts more than 14m buyers
each month to its website.
AutoTrader declined to com-
ment.
AutoTrader website takes first
steps to file for public offering
TECHNOLOGY
BUSINESS HAS SUFFERED A SERIOUS BLOW.

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of the solution, take the first step by earning your FRM certification. Visit the
Global Association of Risk Professionals (GARP) at garp.org/frm.
News
NEWS | IN BRIEF
Middle east deal values down
Mergers and acquisitions in the Middle
East and North Africa rose slightly in
2011, but the combined value of deals fell
by more than a quarter as slower eco-
nomic growth weighed on prices, Ernst &
Young said yesterday. Deal values fell to
$31.7bn in 2011 compared to $44.1bn a
year earlier, but the number of deals rose
four per cent to 416 from 401 over the
same period, a statement said.
Households are 8,000 in debt
Despite three years of paying off credit
cards the average household still faces
8,000 in unsecured debts, a PwC report
warned today. UK consumers are among
the most indebted in the world, said
PwCs Simon Westcott. With households
paying off an average of 355 worth of
debts in 2011, three years of austerity
have only made a small dent in the total
levels of borrowing.
Some lessons from the US university system
B
EWARE, those who follow our
lead. Those who defend the UKs
university fee hikes say that
theres no need to worry,
because the educational loan system
ensures that students still are able to
pay for an education.
Well, let me tell you about loan sys-
tems. We have a loan system in the US,
where Im from. Every student at
least the ones who dont come from
money gets sucked into it.
Lets take my case. I finished gradu-
ate school in the US 15 years ago.
Today, those loans, combined with my
undergraduate loans, monthly cost
me more than three times what I pay
in Westminster Council taxes.
I have a friend granted, a physi-
cian who went to medical school, but
still, lets put the example out there
who finished Columbia almost
$250,000 (158,000) in debt.
Im not suggesting that such a state
of affairs is imminent within the UK.
What I am saying is watch your foot-
ing when it comes to loan systems,
educations most slippery slope.
Following the fees hike, applications
to university from within the UK
dropped 8.7 per cent, according to
data published at the end of January
by admissions organisation UCAS. Fees
currently stand at as much as 9,000.
Applications from the EU fell by 11.2
per cent. Meanwhile, applications
from outside Europe, especially from
south-east Asia, continued to climb
higher, to almost 14 per cent.
Officials from Universities UK,
among others, played down the recent
slide in applications from within the
country, saying its only temporary.
They say well see those numbers
pop back up soon enough, and point
out, rightly, that there are still more
students applying for university than
there are slots available. The main con-
cern, they say, is to ensure that stu-
dents from certain backgrounds arent
falling out of the application mix
more than others.
Thats certainly a worthy concern.
But in an era of increasingly cut throat
global economic competition, overall
national interest should be the pri-
mary thing on Britons minds. And so
far, the numbers indicate that one of
the groups of students who risk
becoming under represented in the
UKs university system is Britons.
Of course, theres always a chance
that the loan model will work, even if
not perfectly. In the US, after all, we
dont have a system that denies poten-
tial students the chance to get a higher
education. Loans are at the ready. Our
system does, however, have one major
pitfall for the students: it puts a lot of
them in a financial hole from which
theyll spend decades escaping.
Ted Kemp is senior news editor for
CNBC.com in EMEA.
CNBC COMMENT
TED KEMP
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A SHORTAGE of suitable housing is
preventing potential first-time buy-
ers from stepping onto the property
ladder, according to data released
this morning.
Asked to name their biggest con-
cern about buying a home, the sec-
ond most common response among
potential buyers was the difficulty of
finding a property.
In the final quarter of 2011, the
numbers of terraces and flats com-
ing to market were down 31 per cent
and 28 per cent respectively when
compared with the previous quar-
ter, stated the report from
Rightmove, which compiles the data.
Weak supply is partly being
caused by owners failing to trade
up, Rightmove said, due to econom-
ic uncertainty and a lack of equity.
Low interest rates and lenient poli-
cies towards borrowers with arrears
have reduced the number of forced
sales, also reducing supply albeit
for more positive reasons.
For first-time buyers who are itch-
ing to get on the ladder a lack of
fresh of choice in apartments and
terrace properties must be extremely
frustrating, said Rightmoves Miles
Shipside.
Raising enough of a deposit for a
competitive mortgage remains the
most common stumbling block for
aspiring buyers. You can under-
stand the frustration of many
trapped renters who would like to
buy but simply dont have the means
to get over the deposit hurdles put
up by lenders, Shipside added.
The proportion of house-buyers
over the next 12 months that will be
first-time buyers has edged up to
24.3 per cent, the survey showed, yet
remains well below the historic
norm of 40 per cent.
London remains the region in
which first time buyers account for
the highest proportion (41.5 per
cent) of likely future sales. In all
other recorded regions the propor-
tion is well under 30 per cent.
Hopeful house
buyers put off
by low supply
NIMBLE-FOOTED small and niche
financial firms are taking advantage
of a surplus of City talent by upping
their recruitment, it emerged this
morning.
With many larger banks cutting
their headcounts, smaller aspira-
tional groups are looking to snap up
highly qualified bankers.
Some employees who would nor-
mally only move from one top flight
bank to another are now more will-
ing to accept job offers from smaller
name, more ambitious employers,
said recruiters Astbury Marsden.
Those employees that have stayed
put for some time to see out the
downturn will still be harbouring
ambitions to move on, added Mark
Cameron, Astbury Marsdens chief
operating officer.
The company has found that most
new roles are coming from firms out-
side the top 10 investment banks
mirroring the situation following the
Lehman Brothers collapse in 2008.
The number of City vacancies
rebounded healthily last month, the
firm said, up to 4,050 from the
Christmas-time slump of 1,490 in
December.
Yet job availability in January
remained around 25 per cent lower
than at the same time last year.
Smaller finance
firms on hunt
for City talent
BY JULIAN HARRIS
HOUSING
EMPLOYMENT
News
SCOTLAND
21.8%
FIRST-TIME BUYERS ARE MOST COMMON IN LONDON
EAST
MIDLANDS
19.0%
Percentage of those who expect
to buy in the next 12 months
that will buy for the first time
NORTH
WEST
26.3%
WALES
22.0%
WEST
MIDLANDS
22.7%
SOUTH
WEST
20.1%
SOUTH
EAST
21.0%
GREATER
LONDON
41.5%
EAST
ANGLIA
21.6%
YORKSHIRE&
HUMBERSIDE
22.1%
NORTH
24.5%
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BUSINESSES are slashing investment,
slowing hiring and freezing pay thanks
to worries over the economic outlook,
according to the Institute of Chartered
Accountants in England and Waless
(ICAEW) business confidence monitor,
published today.
Sentiment among small manufactur-
ers declined for the third quarter run-
ning according to the Confederation of
British Industry (CBI).
However, services output expanded in
January, Markits purchasing managers
index (PMI) showed on Friday, and retail
sales last month were better than
expected according to todays BDOs
high street sales tracker.
The ICAEW confidence index sta-
bilised at minus 9.3 for the first quarter
of 2012, from minus 9.7 in the previous
quarter which saw the first negative
reading since mid-2009. The weak data
point to a 0.2 per cent decline in GDP
this quarter, the Institute believes tak-
ing the UK into recession.
The subdued outlook means average
salary growth is set to slow to 1.1 per
cent. Unemployment is set to keep ris-
ing with small firms expect to increase
headcount by 1.8 per cent and larger
firms by just 0.5 per cent.
Meanwhile small manufacturers out-
put was flat over the three months to
January, the CBI reported, with 33 per
cent fearing export orders will be hit by
the Eurozone crisis.
However, mid-market retailers report-
ed modest sales growth of 0.2 per cent
year on year in January the BDO said.
The services sector rebounded, Markit
reported on Friday, registering strong
growth in employment.
Recession risk
on low morale
Workers are facing the cold shoulder as firms look to freeze pay and hiring in 2012 Picture: PA
BY TIM WALLACE
UK ECONOMY
News
18
ANALYSIS l Business confidence points
to a recession
Index
London
UK confidence index
Q1 2012 Q1 2008 Q1 2009 Q1 2010 Q22011
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0
-40.0
-50.0
-60.0
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BANK lending will contract through
2012 for the first time since 2009, with
small and medium-sized enterprises
(SMEs) particularly badly hit, the Ernst
and Young Item Club predicted today.
Total bank loans will contract by 2.2
per cent in 2012, the report forecast,
followed by growth of just 0.9 per cent
in 2013.
The fall compares with estimated
4.3 per cent growth in 2011.
SMEs face a 5.7 per cent fall in lend-
ing this year, with construction and
real estate among the worst hit.
Furthermore the cost of credit is
expected to keep rising.
The average interest rate on small-
er loans, of 1m or less, is already dou-
ble that charged on loans of 20m or
more, and we expect this trend to con-
tinue, warned Item Clubs Neil Blake.
As these young companies tend to
be high-growth businesses, this will
have adverse knock-on effects for eco-
nomic growth.
The credit crunch will also extend to
consumers who are set to see bank
lending fall by a further 5.4 per cent,
and will not see loans return to 2011
levels until 2014, the Item Club
believes.
However, the non-bank sector is
expanding quickly bank and build-
ing society unsecured lending to indi-
viduals fell by 23 per cent, or 34bn,
since 2008, while lending by high-costs
consumer credit providers has risen 42
per cent, or 29bn, over the period.
SMEs to bear
brunt of new
credit crunch
ECONOMISTS widely expect at least
another 50bn of quantitative easing
(QE) to be announced by the Bank of
Englands Monetary Policy
Committee (MPC) on Thursday.
Committee members including
governor Mervyn King have dropped
clear hints that they will buy more
government bonds to lower interest
rates and boost demand, slowing
inflations rapid decline with the aim
of hitting the two per cent target in
the medium term.
Economists at Barclays Capital
believe the inflationary impact of QE
may have been overstated.
Money and credit in the economy
continued to shrink in December,
and the additional 50bn of QE we
expect is unlikely to halt the slide,
said Chris Crowe, arguing the link
between QE and nominal income is
weaker than previously assumed.
Meanwhile economists at Citi
believe the MPC will go further
through 2012, predicting QE will
reach 600bn by the end of the year.
For the February meeting we fore-
cast the MPC will expand QE by
75bn, said economist Michael
Saunders. For the longer-term pic-
ture, our view is partly based on our
view that as inflation slows the MPC
will be more willing than many
expect to use QE to boost the econo-
my against a range of headwinds.
Bank of England expected to release
another 50bn of quantitative easing
BY TIM WALLACE
UK ECONOMY
News
CITYA.M. 6 FEBRUARY 2012
BY TIM WALLACE
UK ECONOMY
19
ANALYSIS l Bank lending
Value of loans
indexedfrom
Jan 2007
Jan07 Jan08 Jan09 Jan10 Jan11
Other consumer credit providers
Banks andbuildingsocieties
150
140
130
120
110
100
90
80
70
60
February 2012
+50bn*
TOTAL: 325bn
QE starts
March 2009
75bn
May 2009
+50bn
August 2009
+50bn
September 2011
CPI inflation hits
5.2%
Bank of England estimates
QE added
1.5 2%
to GDP, and
0.75 1.5%
to inflation
October 2011
+75bn
BANK POISED TO PRINT MORE MONEY
November 2009
+25bn
TOTAL: 200bn * Expected amount
P
i
c
t
u
r
e
:

L
a
u
r
a

L
e
a
n

C
i
t
y

A
.
M
.

TRAVEL company Thomas Cook
Group has hired Credit Suisse to sell
off its Indian foreign exchange busi-
ness, according to weekend reports.
The sale is part of Thomas Cooks
planned divestments of non-core
assets to raise 200m to reduce debt
and shore up the troubled companys
balance sheet.
Thomas Cook was not immediately
available for comment on the Sunday
Times report. Thomas Cook swung to
an annual loss last year after a series
of profit warnings and the resigna-
tion of chief executive Manny
Fontenla-Novoa in August.
THE Bakrie familys shareholder part-
ner in Bumi, Samin Tam, is due in
London this week in a bid to persuade
institutional shareholders to oust Nat
Rothschild off the board of the coal-
mining company.
The Bakries who set up their ven-
ture with Rothschild just over a year
ago sold half their stake in Bumi last
November to a group backed by
Indonesian businessman Samin Tan,
helping them to avoid default on a
$1.35bn loan.
In a surprise statement on Friday,
the Bakrie family and Tan, who
together control a 29.9 per cent voting
stake, called for an extraordinary gen-
eral meeting to discuss a shake-up of
the board.
Tan has proposed himself and Indra
Bakrie as co-chairmen the role cur-
rently held by Rotschild and has also
tabled resolutions to remove four
other directors including James
Campbell, a former Anglo American
head of coal and fellow founder of
Bumi, chief executive Ari Hudaya,
who is also chief executive of part-
owned, listed miner PT Bumi, and
chief financial officer Andrew
Beckham.
The London-listed Bumi was
formed when Rothchilds cash shell
Vallar bought stakes in two
Indonesian coal mining companies
called Berau and PT Bumi Resources
forming Bumi in a reverse takeover.
The latest move has sparked specu-
lation of a deepening rift between
Rothschild and his Indonesian part-
ners, after he wrote a letter to Hudaya
calling for a radical cleaning up of
PT Bumi Resources corporate gover-
nance culture.
The two sides appeared to have
made amends in December after
Rothschild met Indra Bakrie in
Singapore and the Bakries agreed on a
debt repayment schedule for 2012.
Bakrie ally in
bid to unseat
Rothschild
MICRON Technology yesterday
announced that Mark Durcan, 51,
had been appointed chief executive
replacing Steven Appleton, who was
killed Friday when the small plane he
was piloting crashed at an airport
near the company headquarters in
Boise, Idaho.
Durcan had been Micron's presi-
dent and chief operating officer. On
Saturday he was also appointed to the
company's board.
The company remains shaken by
the loss of its leader. Appleton was
one of the most prominent figures in
the semiconductor industry.
Durcan to take
over at Micron
Thomas Cook
eyes disposal
BY KASMIRA JEFFORD
MINING
LEISURE
TECHNOLOGY
Bromley Mind
Head of Services
40,000pa 37.5 hours per week
Based in Orpington
Bromley Mind is a dynamic, successful provider of mental health and de-
mentia services with a reputation locally and nationally for quality and inno-
vation. Success in attracting new funding has enabled us to continue to
grow despite a challenging financial climate.
We are looking for an experienced leader and manager with the skills to
take forward our diverse services. As a key member of the Senior Manage-
ment Team, you will be responsible for service delivery across the organi-
sation, and play a central role in the strategic and business development of
Bromley Mind.
Educated to degree level or equivalent, you will have a strong track record
in senior management, including leading service and project development,
supervising and developing staff. You will have specific experience in pro-
viding services for people with mental health needs and/or dementia,
preparing tenders and/or funding bids and leading teams through service
transformation.
You will be an excellent communicator, able to enthuse and motivate peo-
ple within and outside our organisation.
More details and an application pack can be downloaded from our
website
http://www.bromleymind.org.uk/work-for-us/current-vacancies#head-of-services
www.bromleymind.org.uk
Successful applicants will be expected to undergo an Enhanced level Criminal Records
Bureau check
Bromley Mind is committed to equality of opportunity and welcomes applications from candidates with personal
experience of mental health needs
Registered Charity: 1082972
Closing date:
12.00pm on Tuesday 7th February 2012
Likely Interview date:
Friday 17th February 2012
News
ANALYSIS l Bumi PLC
p
890
880
870
860
850
850.00
3 Feb
the rest - other institutional shareholders
47%
11%
11%
5%
4%
3%
%
Rosan Roeslani
Samin Tan & Bakrie Family
Nat Rothschild
Abu Dhabi Investment Authority
Schroders
Blackrock
ANALYSIS l Bumi/Rothschild Story
Nat Rothschild is
facing opposition
at Bumi
It's less than one hundred paces (under cover of course) from our train station to
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A PAKISTANI textile billionaire is
understood to be putting together a
surprise bid to rescue Peacocks with
the collapsed retailers management
team.
The fashion chain went into
administration last month in the
biggest retail collapse since
Woolworths, after plans to restruc-
ture the company broke down and
banks pulled the plug on funding.
Alshair Fiyaz, who is worth an esti-
mated 3bn, is working with Solstra
Capital, a Danish investment fund
part-owned by Fiyaz that manages
1bn of assets. It is expected to sub-
mit a second-round bid tomorrow, it
was reported yesterday.
He is understood to be working
with Peacocks managing director
Tim Bettley, and other members of
its senior management team includ-
ing Roy Ellis, finance director.
Peacocks administrators KPMG
received six first round bids last
Monday but interest from private
equity bidders is believed to have
dimmed.
KPMG has already announced 249
redundancies from Peacocks head
office in Cardiff last month and
more than 8,000 jobs are at risk if
the administrators do not find a
buyer for the firm.
Fiyaz has been involved in some
retail deals in the past, including the
purchase of Danish department
store business Magasin du Nord by
Solstra Capital three years ago,
which was then leased to
Debenhams.
However, his main interests lie
with his shipping and financial serv-
ices business ALFI Investments.
Textile tycoon
makes move
on Peacocks
DEBENHAMS has unveiled its latest
womenswear collection created by
one of the Duchess of Cambridges
favourite designers, as part of the
retailers ongoing move to grow its
market share of occasionwear ahead
of its rivals.
British designer Jenny Packham
also a favourite among Hollywood A-
listers will launch an affordable
range of dresses, accessories and chil-
drenswear across 72 of Debenhams
166 stores in April and will expand
into a further 56 later in the year.
The announcement comes as
Debenhams chief executive Michael
Sharp said the group enjoyed a better-
than-expected Christmas, largely due
the success of its Designers at
Debenhams ranges, which are sold on
an exclusive basis.
The department store said its best-
performing designer range was the
young fashion range H by Henry
Holland.
Packham is best-known for her
bridalwear and the new collection
No. 1 Jenny Packham will cater for
bridesmaids and wedding guests,
with prices ranging between 85 to
160.
Debenhams also announced an
exclusivity deal last week with the US
casual clothing brand Nautica.
Debenhams
launches Jenny
Packham range
Debenhams hopes to grow its market share with Jenny Packhams fashion range
BY KASMIRA JEFFORD
RETAIL
RETAIL
Peacocks owns 563 stores and 48 conces-

sions across Northern Ireland, Scotland,
England and Wales
The retailer had around 750m of debt and
made an 80m pre-interest profit in 2010.
FAST FACTS | PEACOCKS
News
MICHAEL Woodford, the
Olympus chief executive who
was ousted in October when he
revealed the companys 1.1bn
accounting fraud, has said he
intends to attend the extraordi-
nary shareholders meeting
scheduled for 20 April.
A new management team is
expected to be approved at
this meeting, as 19 current
and former Olympus execu-
tives are being sued by
the Japanese camera
maker.
Woodford said,
We remain unclear
in definitive terms
as to whether any of the current
directors plan to put themselves
forward again on a new slate,
and also the names and back-
grounds of new candidates.
The meeting has been long-
awaited as a potential turning
point in the companys grim
trajectory.
Woodford called for a
suitably large venue,
saying that the meet-
ing is likely to be
attended by share-
holders of all stake
sizes and
locations.
It is
h i g h l y
l i k e l y
t h e r e
will be further revelations
before the EGM, he added.
Fujifilm stepped forward last
week with the offer of a corpo-
rate alliance. Olympus will not
respond until a new executive
team has been selected at this
meeting.
Olympus sets date
for crucial meeting
BY LAUREN DAVIDSON
TECHNOLOGY
KUWAITI financial markets were

steady yesterday after the Islamist-
led opposition won control of par-
liament in an election, a victory
which could worsen political ten-
sions but conceivably also lead to
fresh government spending meas-
ures.
The main stock market index,
which has been edging up from
multi-year lows over the past three
weeks, was up 0.03 per cent during
the early afternoon in fairly active
turnover. Trade in the Kuwaiti
dinar, which is pegged to a dollar-
dominated currency basket, was
quiet.
Candidates from the loose,
Islamist-led opposition bloc took
about two-thirds of the assemblys
50 seats in Thursdays election,
eroding the position of Shiite par-
liamentarians who generally sided
with the cabinet. The opposition
bloc, which had just over 20 seats
before the vote, will lead the states
fourth parliament in six years.
Analysts said the election results
might deepen political tensions in
the country if they emboldened
the opposition to push for constitu-
tional changes and challenge the
cabinet, which is appointed by a
prime minister hand-picked by the
ruling family. These tensions led in
November to the storming of par-
liament by opposition lawmakers
and protesters, though protests
have generally been peaceful.
The opposition will now feel it
has a democratic and moral man-
date to push further against the
government and what they see as
official corruption, said Farouk
Soussa, Middle East chief econo-
mist at Citi.
Kuwaiti finance markets are steady
after Islamist-led party gains power
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News
NEWS | IN BRIEF
Putin protests gather steam
Vladimir Putins opponents vowed yes-
terday to press on with demonstrations
against his 12-year domination of Russia
after tens of thousands attended a
march which kept up the momentum of
their protest movement. Well be back,
the organisers said on a social network
site, one day after demonstrators defied
the cold to stage the third mass rally
since anger mounted over alleged fraud
in a parliamentary election won by
Putins party on 4 December.
Deutsche Telekom bids for rights
Deutsche Telekom will bid on its own for
exclusive satellite and cable rights to
show Germanys Bundesliga soccer
games live, a magazine reported, open-
ing a possible bidding war with Sky
Deutschland. Should Telekom receive the
rights, which are estimated to cost
about 225m (187m) every year, Der
Spiegel reported yesterday that it might
look to sell the cable rights to a third
party.
Chronicle wins at the box office
Thriller Chronicle edged ahead of
haunted house film The Woman in
Black in a tight box-office race that
saw both movies beating pre-weekend
forecasts, studio estimates released yes-
terday showed. Chronicle brought in
an estimated $22m from US and
Canadian theatres.
Multi-millionaire Nigel Doughty donated at least 3.5m to the Labour party.
ANALYSIS l Olympus Corp

1,290
1,280
1,260
1,270
1,250
1,256
3 Feb
CITY financier Nigel Doughty was
found dead at his home in
Lincolnshire over the weekend,
shocking the private equity commu-
nity in which he was a major figure-
head.
The 54-year-old was found in his
home gym and is believed to have
suffered a heart attack.
As the co-founder of private equity
group Doughty Hanson with
Richard Hanson in 1986, he was
well-known in the City.
The firm said: On behalf of Dick
Hanson, and all the management
and staff of Doughty Hanson, we are
tremendously sorry to learn of the
death of Nigel Doughty. Our
thoughts are very much with his
family at this time.
But Doughty was also a familiar
face in football circles as owner of
the Nottingham Forest football club,
which is left with some 75m in
debts to him. He saved the club from
administration in 1999.
Doughty stepped down as chair-
man of the club in October but he
was planning to invest more than
20m in the team over the coming
years.
Doughty was also a strong sup-
porter of the Labour Party, having
donated 3.5m to the organisation
since 2005 and acting as an adviser
to the party on how to engage with
the business community.
Nigel Doughty, a
grandee of private
equity, found dead
BY HARRY BANKS
PRIVATE EQUITY
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W W W . C I T Y A M C A R E E R S . C O M
F I NA NC E B A NK I NG L E GA L I T
JSJS Designs
The provider of home automation tech-
nologies has appointed Mike Hughes to
its board as an independent non-execu-
tive. Hughes was head of marketing for
the partnership division of Marconi
Communications, and has launched
severa; manufacturing, internet and
recruitment businesses over the last
decade. He is currently chairman of the
British Jewellery Associaton, vice pres-
ident of the British Allied Trade
Federation and a council member of
the West Midlands CBI.
Orrick, Herrington & Sutcliffe
The global law firm, with more than
1,100 lawyers in 23 offices worldwide,
has added Stephanie Bates as a part-
ner in its London office. Formerly the
co-head of Mayer Browns London
Capital Markets Group, Bates focuses
her practice on representing issuers
and underwriters in UK equity capital
markets transactions and public com-
pany mergers and acquisitions.
AXA Investment Managers
AXA has announced the appointment
of Laurent Seyer as global head of
investment solutions, effective from 2
May this year. Seyer joins from Lyxor
Asset Management, where he was CEO
since 2006. He will join the manage-
ment board of AXA IM and report to
Dominique Carrel-Billiard, CEO of AXA
IM. Seyer replaces Thibaud de Vitry,
who has left the company.
Barnett Waddingham
Nick Salter has been appointed senior
partner at Barnett Waddingham, the
UKs largest independent firm of actu-
aries, administrators and consultants.
Salter was one of the founding part-
ners of Barnett Waddingham which
was established in 1989.
Shore Capital
The investment group has announced
the arrival of four new members to its
teams. David Izzard joins the equity
sales team from MF Global. Philip Kerr
further expands the equity sales team
having previously been a director at
Evolution Securities. Elliott Shaw also
joins the equity sales team having
worked for Eden Financial and Insinger
de Beaufort. Alex Stewart has joined
to provide a specialist income service
for institutions analysing dividend pay-
ing equities.
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
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Cluff Gold
90
85
95
80
75
70
65
Dec Jan
p
92.00
3 Feb
Feb
CLUFF GOLD
Seymour Pierce recommends buy on Cluff Gold shares due to its
acquisition of the Sega gold project in Burkina Faso for $30.5m. The
new project just 20km from Cluffs Kalsaka mine brings an extra 35
per cent of additional resource to the group. As $74/oz for the asset,
this looks decent value against the London-listed average of $129/oz.
Wish cash flow to spare, this looks like a good move for Cluff.
ANALYSIS l Cupid
210
200
220
190
180
170
Dec Jan Feb
p
212.75
3 Feb
CUPID
Numis has upgraded dating website Cupid to buy in light of Facebooks
recent filing for an IPO, which highlights the advantages of investing early
in internet success stories. Towards the end of last year Cupid reported a
revenue growth of 189 per cent due to rapidly increasing global expansion,
but with 15 countries still to penetrate. While Cupid is not new to the stock
exchange, it remains an aggressive grower and a sound investment.
ANALYSIS l Misys
320
300
340
280
260
240
Dec Jan Feb
p
329.50
3 Feb
MISYS
Merchant Securities has downgraded Misys to sell on the disappointing
news that the IT solutions supplier is in talks with Temenos for an all-share
merger after all the rumours of a bid. While this has polarised opinion,
Merchant believes the merger is borne of organic weakness; Misys has
never proved an ability to deliver major revenue or cost synergies from
deals, and its M&A track record is mixed.
Mastercard UK
The global payment processing network has
appointed Marion King as president of its UK
and Ireland business. King was previously CEO
of VocaLink, a payments service provider to
banks, corporations and governments. Prior to
this she worked at Reuters for 14 years, hold-
ing a series of senior roles, most recently as
managing director for Global FX Transaction
Services. Mastercard has also hired Hany Fam
to the new role of head of European market
development and strategic partnerships.
News
WALL STREET WEEK AHEAD
E
UROPE will again be at the cen-
tre of investors focus this week
as the US earnings season passes
the halfway mark and there is
little on the economic calendar to
give the market direction.
Economic data expected this week
includes weekly initial jobless claims,
the Thomson Reuters/University of
Michigans consumer sentiment
index and international trade fig-
ures.
Improving data helped push the
S&P 500 index up nearly 7 per cent
for the year, highlighted by Fridays
stronger-than-expected jobs report.
Its the old ping-pong game.
Today it is the US, tomorrow it is
Europe again, said Joe Saluzzi, co-
manager of trading at Themis
Trading in Chatham, New Jersey.
Normally in this type of tape
when there is no economic news, it
seems like the bias goes to the
upside.
But whether European bond yields
spike or other news from Europe
emerges will be the wild card for the
markets, Saluzzi said.
Greece remains at the forefront of
the Eurozone crisis as the govern-
ment struggles for agreement on fis-
cal reforms that would be accepted
by political leaders and private bond-
holders as it tries to avoid a disorder-
ly default.
Talks on a bond swap and 130bn
in bailout funds have been continu-
ing for weeks before a March dead-
line when 14.5bn of bonds become
due. Hopes that a deal was on the
horizon dissipated on Friday as
Eurozone finance ministers delayed a
meeting scheduled for today.
There is always the chance in
brinkmanship which is what is
being played here that you have a
dangerous outcome if the pieces
dont come together, said Paul
Mendelsohn, chief investment strate-
gist at Windham Financial Services
in Charlotte, Vermont.
They have until 19 March. They
are going to keep pushing this thing
until everybody gets the best deal
they can out of it or they decide not
to move forward and let Greece go.
Its always a possibility at the end of
the game.
The flood of earnings reports will
slow this week. Some 66 S&P 500
companies are expected to report,
including Walt Disney, Coca-Cola
and Cisco Systems.
NYSE Euronext is also due to
report results after the exchange ter-
minated merger plans with Deutsche
Boerse on Thursday.
Through to Friday, 283 companies
in the S&P 500 have reported results,
with 60 per cent posting earnings
that have topped Wall Street expecta-
tions, a lower percentage than seen
in recent quarters through this stage
of the reporting season.
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O
VER recent years British business has
withstood many onslaughts with quiet
stoicism, but the latest politically inspired
witch-hunts against financial leaders
seems to have finally broken the camels back.
The unpalatable truth is that politicians of all
parties, in their selfish efforts to bolster their
personal election prospects, have delivered a sav-
age wound to business development in the UK.
The shallowness of our current political mas-
ters was so clearly and unambiguously exempli-
fied by the unedifying sight of David Cameron
and Boris Johnson talking about welcoming
French financiers with open arms, in the event
of the imposition of a Gallic Tobin Tax. We recall
that last week they were jumping on the bash-a-
banker bandwagon. Frankly, if I were sitting in
Paris I would prefer to tough it out rather than
move to the UK and suffer the incessant tirade
that business leaders are exposed to over here. In
attempts to appeal to the educationally chal-
lenged, our political masters have imposed ever
more stringent terms on the financial sector,
terms that would be considered completely mad
if they were inflicted on any other business com-
munity. While the financial sector is no doubt
highly paid, it also brings in billions of pounds
every month to the UK. This is effectively free
money, for which we pay a cost called risk: bil-
lions of pounds, for which we only have to lend
the UKs stability, expertise and knowledge,
rather than build vast manufacturing units
across the landscape. The UK happens to be good
at finance and attracts the best from all parts of
the globe because it is seen as such.
The City is the key weapon in the UKs anti-
recessionary arsenal. For it to function effective-
ly there needs to be an element of public and
political support yet, rather than seeking to
administer a shot in the arm of UK business, the
coalition instead appears dead set on giving a
lethal injection, by scoring easy political points
via the tawdry medium of pointless mudsling-
ing. Whatever ones opinion of Fred Goodwin,
making the stripping of his knighthood a politi-
cal priority only underlines the paucity of the
current administrations policy for business.
Surely building public confidence in the City,
ensuring we have a robust and fully practical
regulatory framework, and giving clear and
unequivocal backing for the UKs financial serv-
ices industry in the face of Brussels-based ogres
(such as the financial transaction tax), are more
pressing issues for the chancellor and Vince
Cable? I fail to understand how the de-frocking
of the erstwhile Sir Fred will achieve anything
other than prompt another round of futile anti-
big-business bile. Business is the easiest animal
to kick the arts and the fourth estate, whose
representatives include convicted criminals Lord
Archer and Lord Black, are notably absent from
this particular trend of title-stripping. The prob-
lem is that if it is kicked once too often, the busi-
ness beast will flee the house in this case
probably for Hong Kong, Singapore or Australia.
The Germans are among the best in the world
at manufacturing, so could you imagine the
German political elite damaging their top busi-
nesses as we do here? While we all hear of
Mercedes and BMW we are largely not aware of
the myriad of Mittelstand companies in
Germany, mainly family owned, who are consid-
erably wealthier than anything we see within
the UK banking sector. In addition, they are not
squeezed into one small square mile, but spread
out across the whole country. Business policies
put forward by politicians in Germany are
designed to promote the well-being of their
main earners, manufacturing. Virtually every
utterance from our political masters seems
designed to do the exact opposite with our own
top sector.
The actual money used to bail out the finan-
cial sector does not even amount to ones years
worth of benefit that the UK derives from hav-
ing such world leaders in our midst.
Of course, we all wish that the UK could
return to being the workshop of the world, but
this will not be achieved by smashing the one
thing in which we are world leaders.
Our secretary of state for business, Vince
Cable, seems to have misread his job description.
The basic fact is that people go into business to
make money, people invest in companies for
them to make a profit so that they can be paid a
dividend and (hopefully) for the value of their
investment to go up. In the main entrepreneurs
are not altruistic members of society although
many become so later in life.
In the case of my own company, for every 1
eventually declared as a profit and then paid out
in dividends, the UK state will have taken 66.8p
in various taxes before it gets into the bank
account of an investor (if the recipient of the
divvy is a high-end tax payer). It is not individu-
als who are guilty of greed and irresponsibility,
it is the state, which continues to grasp and grab.
And to add insult to injury they then smear the
people whose pockets they have just picked.
The current economic woes of the UK and
Europe are nothing to do with businesses, busi-
ness leaders and actually little to do with banks
either. They are almost entirely to do with politi-
cians and their never-ending desire to spend any
amount of other peoples money to retain
power.
Simon Denham is chief executive of London Capital
Group.
26
The Forum
Our secretary of state for
business, Vince Cable,
seems to have misread his
job description
Politicians are slaughtering
UK finance the goose that
is still laying the golden egg
cityam.com/forum
SIMON DENHAM
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.
27
More research is
not resulting in
more new drugs
Regulation has
pushed pharma
off a cliff edge
T
HE latest big pharma company to fall
victim to the so-called patent cliff is
AstraZeneca. Its announcement last
week that its shedding 7,300 jobs glob-
ally is in part an acknowledgement that it
does not have sufficient new drugs to replace
revenues lost, as a number of its key drugs
come off patent.
Across the sector, big pharma companies
are reducing profit forecasts, as swathes of
blockbuster drugs that for many years under-
pinned their profitability begin to come off
patent, including top sellers such as Pfizers
statin Lipitor and Mercks asthma drug
Arimidex.
Given that a patent term is twenty years,
executives have had a long time to develop the
next generation of drugs to replace these top
sellers. But over the last decade rates of drug
approvals by both the US Federal Drug
Administration (FDA) and the EUs European
Medicines Agency have decreased.
In 1996, when the industry was on the top
of its game, the FDA approved 53 new drugs.
In 2011, the FDA only approved 35, following
on from dismal years in 2010 and 2009, when
21 and 26 new drugs were approved respec-
tively.
Frustratingly, this comes against a backdrop
of a significant increase in research and devel-
opment spending by drug companies, which
is eleven times greater than it was thirty years
ago, according to research from Tufts
University in the US.
So why is much less coming out of the
research and development sausage machine
than is going in?
It is true that science is getting more diffi-
cult, as the easy therapeutic target areas that
gave rise to the blockbuster drugs have already
been exploited. New research has to focus on
smaller, more specialised targets for rarer dis-
eases. This naturally makes the job of bringing
genuinely novel drugs to market harder.
But these scientific challenges must also be
set against increasing risk-averseness of regu-
lators, who have responded to high profile
drug safety scares over the years for example,
Fen-Phen and Vioxx by setting ever-more
onerous and stringent requirements for clini-
cal trials.
Every year, safety-obsessed regulators create
further hurdles within clinical trials, which
achieve little other than increasing rates of
failure and adding millions to the final cost of
a drug. The number of mandatory clinical tri-
als has more than doubled since 1980, and
three times as many patients are needed for
each trial. Their average length increased by
70 per cent between 1999 and 2006.
And when a drug does miraculously make
it through this process, it then has to contend
with the increasing trend of governments to
use stringent cost-effectiveness criteria when
deciding whether to make a drug available in
public health systems.
Big pharma is perhaps understandably
responding by buying up generics companies,
and increasingly involving themselves in con-
sumer products such as toothpaste.
This is all very well if the aim is to provide
solid if unspectacular returns for sharehold-
ers. But if we want the next generation of
drugs to tackle as yet intractable health prob-
lems cancer, Parkinsons and Alzheimers
governments will need to overhaul completely
the way we regulate new drugs.
Philip Stevens is managing director of the Covent
Garden Writers Group, a public policy research con-
sultancy.
Growing negative
You are spot on (Britain is now
an anti-business nation, last
Thursday). These days I find the
Conservative party an enigma
whatever happened to deregula-
tion, low taxes and minimal
state control, which are the core
drivers for growth in any suc-
cessful economy?
We seem to be doomed to
decades of low, or no-growth,
the politics of envy and a blame
culture.
Michael Parsons
Cracking the code
I agree (UK tech sector is posi-
tioned for a global challenge, last
Tuesday). Better tech education is
vital. Proper programming and
computer science education is key
to homegrown growth. Learning
to code is arguably more impor-
tant than trigonometry.
A programmer learns the tools
required to get companies started
inexpensively. So why do we con-
tinue to procrastinate over getting
coding taught in schools?
Matthew Slight
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
PHILIP STEVENS
BY DAVID WOOTTON
The Forum
T
O M O R R O W
marks the bicen-
tenary of the
birth of Charles
Dickens, an author
whose writing made a
continuous and con-
certed effort to marry
the concepts of pros-
perity and morality.
It is right, therefore, that, in view of the chal-
lenges we currently face, we celebrate the life and
works of a great writer and Londoner.
Never before has the importance of the rela-
tionship between business and morality been more
pertinent.
Recently, public debate has centred on the
structure of our economy and the distribution of
its benefits and burdens. People want to know the
Citys role, how it serves London, the wider econo-
my and indeed our communities through support-
ing job-creation, growth and trade.
In Dickenss work we can recognise a world
very much like our own. In Dombey and Son, the
heartless businessman Paul Dombey resembles a
motif used in modern media. When asked what is
money? Paul replies with a list: circulating-medi-
um currency paper, bullion, rates of exchange,
values of precious metals in the market.
But for Dickens, money is far more than simply
buying or selling. Between the pages of his books,
not only does money bring people together and
split them apart; it turns ordinary people into con-
trasting models of generosity and of greed.
Dickenss work gives us examples of how we
can find a way through our current difficulties,
bringing together money and its proper use.
We must make it evident that we know the
value of money and the value of the City. For the
financial City, this means continuing to demon-
strate our connections and our contribution to the
nation and the wider economy. We are fundamen-
tal to the nations prosperity and we will take
pride in playing our part in the recovery.
We need to restore faith in business. The City
and financial services are of integral importance
to the UKs economy. Over the course of a six city
tour of Northern England and Ireland last month,
it became clear to me that many businesses lack
the confidence to invest and grow. They are wor-
ried about the economic environment, about fiscal
and regulatory unpredictability, and about the cur-
rent mood music and so they hesitate before
taking on external support and finance.
The recent controversies over bonuses and hon-
ours are a distraction from the real job of financial
services, which is to provide jobs and facilitate
growth across the country. In order to do that we
need a rational business environment not one
where headline-grabbing, short-term political
agendas dominate.
For many years, the Bank of England issued ten
pound notes, with a scene from the Pickwick
Papers on one side and a portrait of Dickens on
the other. This served as a constant reminder of
Dickenss idea of how we can use money best: in
the service of the wider economy and in the serv-
ice of our fellow citizens.
The City must continue to strive for this objec-
tive so that we can turn the worst of times or at
least seriously tough times into the best of
times.
David Wootton is Lord Mayor of the City of
London.
Dickens gives a lesson
on the value of money
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
J
UNIOR Isas were launched in
November 2011. Any child born
before September 2002, who
does not already have a Child
Trust Fund (CTF), can be signed up, as
well as all children born after 3
January 2011. The Junior Isa scheme
supplants the CTF (though the gov-
ernment does not contribute to the
new scheme), and the maximum
contribution permissible for anyone
with a CTF has been bumped from
1,200 to 3,600 to bring it in line
with the Junior Isa.
A GREAT WAY TO SAVE
The Junior Isa allows a childs par-
ents, relatives and family friends to
save cash, stocks and shares for when
the child turns 18, at which point the
Junior Isa will be converted into an
adult Isa.
You can invest up to 3,600 per
annum, which over the course of 18
years can add up to a fair sum.
Investing the maximum allowance
annually with an average return of 5
per cent per annum could produce a
portfolio of over 100,000 at age 18.
THEY ARE TAX EFFICIENT
As was the case with the CTF, Junior
Isas are currently free of income and
capital gains tax. Unlike the CTF, the
Junior Isa will receive no government
contribution. However, it does main-
tain the tax-free wrapper element
that made the CTF so attractive.
MITIGATE INHERITANCE DUTIES
Contributions can be used to reduce
parents or grandparents estates for
inheritance tax (IHT). Individuals
have an annual exemption, which
can be given away each year, which is
exempt from IHT. This is currently
3,000 per tax year.
ENCOURAGE FINANCIAL KNOWLEDGE
They are a good way to encourage
children to get involved in personal
finance since they are going to
become responsible for their
accounts at 18 it is a good idea to get
them involved in the decisions you
are making for them.
MAJOR RESPONSIBILITIES
Despite the huge advantages offered
by making use of the Junior Isa
scheme, parents should be aware
that your child will have full access
to the contents of the fund at 18.
Once in the Junior Isa, funds are
unconditionally the property of the
child and cant be revoked for bad
behaviour.
It is also useful to note that
between the ages of 16 and 18, the
child is also eligible to invest in an
adult Isa.
The five most
useful things
to know about
Junior Isas
TAXED ON TIME
According to HM Revenue and Customs
(HMRC), this year saw a record 9.45m
self assessment tax returns filed on
time, with a record 7.65m filed online.
This means that 90.4 per cent of tax-
payers met the deadline an increase of
4 per cent on last year and the highest
on-time filing since HMRC was created.
The busiest day for online returns was
31 January, when HMRC received nearly
445,000.
BRACE YOURSELF FOR THE COLD
The AA is concerned that many home-
owners may be ill-prepared for the cur-
rent Siberian weather conditions, after
being lulled into a false sense of security
by the unseasonably mild winter to
date.
According to the AA, last winters
weather caused damage in over 7m
households, leaving homeowners with
3.1bn in repair bills.
PAWS FOR THOUGHT FOR FAT CATS
According to research from More Than
Pet Insurance, fish and chips, chicken
tikka masala and lasagna are among the
nations favourite dishes to give to pets.
72 per cent of cat and dog owners
admit to regularly feeding their pets
leftover fast food and takeaways.
As a result, cat and dog owners are
being hit with vets bills as a result of
their pets ill health.
HOUSE PRICES SOFTENING
According to the Nationwide Building
Society, house prices in Britain declined
by 0.2 per cent in January, but are 0.6
per cent higher than one year ago. The
price of a typical home in Britain is now
162,228.
The softening of UK house prices is
being blamed on the challenging eco-
nomic conditions prevailing in late 2011,
with the UK economy contracting in the
final three months of the year.
PETRONELLA WEST
DIRECTOR OF PRIVATE CLIENTS,
INVESTMENT QUORUM
NEWS IN BRIEF
28
Wealth Management | Isas
The scheme can
encourage an interest
in personal finance
Picture: GETTY
Wealth Management | Markets
EU SHARES
AIR LIQUIDE...............97.97 0.49 100.65 80.90
ALLIANZ .....................88.52 1.19 108.85 56.16
ANHEUS-BUSCH INBEV48.941.36 48.94 33.85
ARCELORMITTAL......16.55 0.24 28.55 10.47
AXA.............................12.72 0.24 16.16 7.88
BANCOSANTANDER ..6.43 0.12 9.00 4.94
BASF SE .....................61.32 0.84 70.22 42.19
BAYER.........................55.09 0.78 59.44 35.36
BBVA.............................7.19 0.14 9.17 4.94
BMW............................69.98 1.98 73.85 43.49
BNP PARIBAS ............35.20 1.10 59.93 22.72
CARREFOUR..............18.39 0.47 31.64 14.66
CRH PLC.....................15.78 0.45 17.40 10.28
DAIMLER ....................45.46 1.36 57.22 29.02
DANONE .....................48.63 1.35 53.16 41.92
DEU.BOERSE OFFRE47.27 -0.04 55.75 35.46
DEUTSCHE BANK......34.04 0.15 48.70 20.79
DEUTSCHE TELEKOM 8.83 0.10 11.38 7.88
E.ON............................17.11 0.23 25.02 12.50
ENEL .............................3.08 0.01 4.86 2.78
ENI ...............................17.24 0.04 18.66 11.83
FRANCE TELECOM ...11.54 0.04 16.65 11.09
GDF SUEZ...................21.56 0.35 30.05 17.65
GENERALIASS. .........12.36 0.30 17.05 10.34
IBERDROLA .................4.67 0.05 6.10 4.16
INDITEX.......................68.23 -0.32 69.40 50.92
INGGROEP CVA..........7.49 0.05 9.50 4.21
INTESA SANPAOLO.....1.56 0.02 2.47 0.85
KON.PHILIPS ELECTR15.83 0.38 24.12 12.01
L'OREAL .....................82.06 -0.49 91.24 68.83
LVMH.........................129.30 2.90 132.65 94.16
MUNICH RE ..............106.45 2.85 126.00 77.80
NOKIA...........................3.88 0.08 8.49 3.33
REPSOL YPF ..............21.15 0.05 24.90 17.31
RWE.............................31.59 0.86 53.86 21.15
SAINT-GOBAIN...........36.41 0.40 47.64 26.07
SANOFI .......................55.95 0.16 57.42 42.85
SAP .............................48.17 0.86 48.19 32.88
SCHNEIDER ELECTRIC49.83 1.22 61.83 35.00
SIEMENS.....................75.83 1.63 99.39 62.13
SOCIETE GENERALE24.25 1.64 52.70 14.32
TELECOMITALIA.........0.77 -0.01 1.16 0.70
TELEFONICA..............13.47 0.03 18.75 12.50
TOTAL .........................41.00 0.11 44.55 29.40
UNIBAIL-RODAMCOSE143.80-2.60162.95 123.30
UNICREDIT ...................4.12 0.14 13.34 2.20
UNILEVER CVA ..........25.26 0.48 27.16 20.90
VINCI ...........................37.16 0.66 45.48 28.46
VIVENDI ......................16.20 -0.02 21.68 14.10
VOLKSWAGEN VORZ142.20 4.00 152.20 86.40
Price Chg High Low Price Chg High Low
WORLDINDICES
US SHARES
3M.................................87.73 0.30 98.19 68.63
ABBOTT LABS............55.00 0.55 56.84 45.11
ALCOA.........................10.76 0.34 18.47 8.45
ALTRIA GROUP...........28.84 0.30 30.40 23.20
AMAZON.COM...........187.68 5.96 246.71 160.59
AMERICAN EXPRESS 52.25 1.09 53.80 41.30
AMGEN INC.................69.28 -0.34 70.00 47.66
APPLE........................459.68 4.56 460.00 310.50
AT&T.............................29.95 0.16 31.94 27.27
BANK OFAMERICA......7.84 0.39 14.95 4.92
BERKSHIRE HATAWB80.00 1.27 87.65 65.35
BOEING CO.................76.34 1.12 80.65 56.01
CATERPILLAR...........113.94 3.61 116.55 67.54
CHEVRON..................105.50 1.81 110.99 86.68
CISCOSYSTEMS ........20.09 0.29 22.34 13.30
CITIGROUP..................33.54 1.55 49.60 21.40
COCA-COLA................68.08 0.25 71.77 61.29
COMCASTCLASS A...27.15 0.46 27.18 19.19
CONOCOPHILLIPS .....70.46 0.55 81.80 58.65
CVS/CAREMARK ........43.51 0.85 43.98 31.30
DU PONT(EI)DE NMR.52.01 0.61 57.00 37.10
EXXON MOBIL.............84.92 1.39 88.23 63.47
GENERAL ELECTRIC .19.02 0.27 21.65 14.02
GOLDMAN SACHS GRP117.534.14 169.90 84.27
GOOGLE A.................596.33 11.22 670.25 473.02
HEWLETTPACKARD..29.07 0.57 49.39 19.92
HOME DEPOT..............45.17 0.71 45.50 28.13
IBM.............................193.64 2.11 194.90 151.71
INTEL CORP................26.74 0.25 27.00 19.16
J.P.MORGAN CHASE..38.28 0.73 48.36 27.85
JOHNSON & JOHNSON65.64 0.05 68.05 55.76
KRAFTFOODS A ........38.88 0.30 39.06 24.30
MC DONALD'S CORP100.01 1.39 102.22 72.89
MERCK AND CO.NEW38.37 -0.07 39.43 29.47
MICROSOFT ................30.24 0.29 30.40 23.65
OCCID.PETROLEUM102.63 4.15 117.89 66.36
ORACLE CORP ...........29.11 0.30 36.50 24.72
PEPSICO......................66.66 0.26 71.89 58.50
PFIZER.........................21.20 0.09 22.17 16.63
PHILIP MORRIS INTL..76.62 0.78 79.96 57.33
PROCTER AND GAMBLE62.77-0.55 67.72 56.57
QUALCOMMINC.........61.06 0.33 61.95 45.98
SCHLUMBERGER.......78.66 1.35 95.64 54.79
TRAVELERS CIES.......60.12 0.73 64.17 45.97
UNION PACIFIC..........116.11 1.38 117.40 77.73
UNITED TECHNOLOGIE81.05 1.03 91.83 66.87
VERIZON COMMS.......37.84 0.28 40.48 32.28
WAL-MARTSTORES...62.03 0.09 62.63 48.31
WALTDISNEY CO.......40.00 1.09 44.34 28.19
WELLS FARGO& CO .30.63 0.73 34.25 22.58
FTSE 100 . . . . . . . . . . . . . . 5901.07 105.00 1.81
FTSE 250INDEX........11235.15 148.64 1.34
FTSE UK ALL SHARE ....3047.42 51.91 1.73
FTSE AIMALL SH . . . . . . . . 781.43 6.19 0.80
DOWJONES INDUS 30 ..12862.23 156.82 1.23
S&P 500 . . . . . . . . . . . . . . . 1344.90 19.36 1.46
NASDAQCOMPOSITE ...2905.66 45.98 1.61
FTSEUROFIRST300 .....1076.70 17.25 1.63
NIKKEI 225 . . . . . . . . . . . . . 8831.93 -44.89 -0.51
DAX 30PERFORMANCE..6766.67 111.04 1.67
CAC 40 . . . . . . . . . . . . . . . . 3427.92 51.26 1.52
SHANGHAISE INDEX ....2330.41 17.85 0.77
HANG SENG. . . . . . . . . . . 20756.98 17.53 0.08
S&P/ASX 20INDEX ......2557.20 -10.30 -0.40
ASX ALL ORDINARIES ...4320.10 -13.10 -0.30
BOVESPA SAOPAOLO..65217.37 624.27 0.97
ISEQOVERALL INDEX ...3135.32 69.50 2.27
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 891.40 9.33 1.06
SWISS MARKETINDEX...6153.31 88.90 1.47
Price Chg %chg Price Chg %chg Price Chg %chg
LONGDONCEFIXAM.............................................1759.50 12.00
SILVERLDNFIXAM ....................................................33.78 -0.45
MAPLELEAF1OZ ......................................................36.20 0.55
LONPLATINUMAM .................................................1631.00 12.00
LONPALLADIUMAM.................................................710.00 16.00
ALUMINIUMCASH...................................................2200.00 -19.00
COPPERCASH........................................................8338.50 -12.50
LEADCASH.............................................................2183.50 -26.00
NICKELCASH........................................................20900.00 35.00
TINCASH ..............................................................24050.00 -5.00
ZINCCASH..............................................................2092.50 1.50
BRENTSPOTINDEX..................................................111.85 -0.15
SOYA.......................................................................1217.00 1.75
COCOA....................................................................2225.00 0.00
COFFEE ....................................................................215.60 1.50
KRUG ......................................................................1812.60 -2.00
WHEAT ......................................................................166.50 0.57
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 ...........................................................0.282 0.00
LIBOR Euro - 12 months..........................................................1.705 0.00
LIBOR USD - overnight ............................................................0.142 0.00
LIBOR USD - 12 months ..........................................................1.084 0.00
HaIifax mortgage rate...............................................................3.990 0.00
Euro Base Rate.........................................................................1.500 0.00
Finance house base rate .........................................................1.500 0.00
US Fed funds ............................................................................0.250 0.00
US Iong bond yieId...................................................................3.120 0.11
European repo rate ..................................................................0.234 0.00
Euro Euribor .............................................................................0.387 0.00
The vix index.............................................................................17.10 -0.88
The baItic dry index..................................................................647.0 25.0
Markit iBoxx............................................................................240.83 -2.12
Markit iTraxx ...........................................................................133.08 -3.81
BAE Systems . . . . . .319.1 8.0 356.5 248.1
Chemring Group. . . .425.0 20.2 736.5 368.8
Cobham . . . . . . . . . . .191.5 6.6 236.5 165.9
Meggitt . . . . . . . . . . . .372.7 10.7 397.6 304.9
QinetiQ Group. . . . . .135.0 0.5 137.4 101.5
RoIIs-Royce HoIdi . . .785.0 17.0 794.0 557.5
Senior. . . . . . . . . . . . .184.7 2.4 190.6 132.6
UItra EIectronics . . .1575.0 21.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .225.6 5.6 245.0 157.0
BarcIays. . . . . . . . . . .237.5 9.6 333.6 138.9
HSBC HoIdings. . . . .559.5 13.8 730.9 463.5
LIoyds Banking Gr . . .34.4 1.7 69.3 21.8
RoyaI Bank of Sco . . .28.7 0.3 49.0 17.3
Standard Chartere .1604.0 25.0 1712.5 1169.5
AG Barr . . . . . . . . . .1260.0 -15.0 1395.0 1031.0
Britvic. . . . . . . . . . . . .369.7 9.2 449.2 289.9
Diageo . . . . . . . . . . .1461.0 31.5 1461.2 1112.0
SABMiIIer. . . . . . . . .2526.5 77.0 2526.5 1979.0
AZ EIectronic Mat . . .311.4 -2.8 338.1 206.1
Croda Internation . .1998.0 48.0 2081.0 1456.0
EIementis. . . . . . . . . .161.9 5.9 187.4 107.5
Johnson Matthey . .2270.0 44.0 2282.0 1523.0
Victrex . . . . . . . . . . .1380.0 33.0 1590.0 1025.0
YuIe Catto & Co. . . . .200.5 3.6 253.0 148.0
C/$ 1.3316 0.0014
C/ 0.8324 0.0007
C/ 100.80 0.6482
/C 1.2014 0.0010
/$ 1.5810 0.0004
/ 121.10 0.6799
FTSE100
5901.07
105.00
FTSE250
11235.15
148.64
FTSEALL SHARE
3047.42
51.91
DOW
12862.23
156.82
NASDAQ
2905.66
45.98
S&P500
1344.90
19.36
RPC Group . . . . . . . .391.3 0.4 392.4 231.5
Smiths Group . . . . .1017.0 57.0 1429.0 869.5
Brown (N.) Group . . .243.6 7.6 304.5 227.0
Carpetright . . . . . . . . .583.5 -26.5 770.5 375.0
Debenhams . . . . . . . . .70.7 0.8 74.8 51.2
Dignity . . . . . . . . . . . .786.0 -1.5 854.5 648.5
Dixons RetaiI . . . . . . .14.4 0.7 22.3 9.4
DuneImGroup. . . . . .476.2 8.2 524.5 383.9
HaIfords Group . . . . .326.9 -0.1 411.4 268.6
Home RetaiI Group . .117.1 6.8 235.0 72.5
Inchcape . . . . . . . . . .361.2 5.1 425.4 268.1
JD Sports Fashion . .781.0 31.0 1030.0 570.0
Kesa EIectricaIs . . . . .75.0 4.5 151.4 60.2
Kingfisher . . . . . . . . .272.9 5.6 287.1 217.0
Marks & Spencer G. .341.1 7.5 402.2 301.8
Next . . . . . . . . . . . . .2771.0 75.0 2810.0 1868.0
Sports Direct Int . . . .256.7 8.4 266.2 159.0
WH Smith. . . . . . . . . .527.5 -9.5 559.0 433.8
Smith & Nephew. . . .640.0 0.0 742.0 521.0
Synergy HeaIth . . . . .856.5 -3.5 981.0 808.0
Barratt DeveIopme . .119.9 5.6 120.0 67.5
BeIIway. . . . . . . . . . . .792.0 32.0 792.1 540.5
BerkeIey Group Ho.1298.0 6.0 1360.0 913.0
BaIfour Beatty . . . . . .287.8 7.9 357.3 214.6
CRH . . . . . . . . . . . . .1310.0 32.0 1700.0 1053.0
GaIIiford Try. . . . . . . .484.0 2.0 530.0 316.0
Kier Group. . . . . . . .1398.0 12.0 1458.0 1097.0
Drax Group . . . . . . . .540.5 -1.0 581.5 371.9
SSE. . . . . . . . . . . . . .1252.0 30.0 1423.0 1166.0
Domino Printing S . .597.5 -2.0 705.0 434.3
HaIma . . . . . . . . . . . . .371.2 6.2 429.6 306.3
Laird . . . . . . . . . . . . . .169.4 0.5 207.0 127.9
Morgan CrucibIe C . .326.6 6.6 357.1 224.0
Oxford Instrument . .995.0 46.5 1010.0 600.5
Renishaw. . . . . . . . .1485.0 22.0 1886.0 800.0
Spectris . . . . . . . . . .1624.0 13.0 1679.0 1039.0
Aberforth SmaIIer . . .596.0 5.0 714.0 494.0
AIIiance Trust . . . . . .365.4 4.0 392.7 310.2
Bankers Inv Trust . . .407.5 4.5 428.0 346.5
BH GIobaI Ltd. GB .1179.0 18.0 1212.0 1058.0
BH GIobaI Ltd. US. . . .11.8 0.2 12.2 10.4
BH Macro Ltd. EUR. . .19.5 0.0 20.2 16.3
BH Macro Ltd. GBP 2021.0 -8.0 2078.0 1661.0
BH Macro Ltd. USD. . .19.4 0.0 20.2 16.2
BIackRock WorId M .747.0 18.0 815.5 574.5
BIueCrest AIIBIue . . .161.0 -0.3 176.2 160.5
British Assets Tr . . . .125.5 0.5 139.5 109.0
British Empire Se . . .449.5 5.3 533.0 404.0
CaIedonia Investm .1503.0 19.0 1819.0 1337.0
City of London In . . .293.5 2.8 306.9 257.0
Dexion AbsoIute L . .139.6 0.1 151.0 130.0
Edinburgh Dragon . .242.0 -0.5 252.0 201.4
Edinburgh Inv Tru. . .478.2 1.8 492.2 414.9
EIectra Private E . . .1547.0 48.0 1755.0 1287.0
F&C Inv Trust . . . . . .304.3 3.9 327.9 261.5
FideIity China Sp. . . . .84.5 0.1 114.3 70.0
FideIity European . .1085.0 6.0 1287.0 912.0
HeraId Inv Trust. . . . .497.7 8.8 545.5 419.0
HICL Infrastructu. . . .118.4 0.2 121.3 112.7
Impax Environment .100.0 2.0 125.4 88.5
John Laing Infras . . .109.5 0.2 109.8 103.4
JPMorgan American.920.0 11.5 924.0 721.5
JPMorgan Asian In . .200.0 0.0 244.0 170.1
JPMorgan Emerging.570.0 4.0 610.5 480.1
JPMorgan European.707.5 4.5 983.5 624.0
JPMorgan Indian I. . .387.7 9.7 459.0 313.1
JPMorgan Russian .564.0 4.0 741.0 415.1
Law Debenture Cor. .360.6 0.9 385.0 321.0
MercantiIe Inv Tr . . . .970.0 2.5 1137.0 823.0
Merchants Trust . . . .377.1 3.7 431.8 341.5
Monks Inv Trust . . . .327.7 2.7 367.9 298.1
Murray Income Tru . .649.5 4.5 673.0 568.0
Murray Internatio . . .967.0 9.5 991.5 818.5
PerpetuaI Income . . .264.0 2.0 276.0 236.5
PersonaI Assets T .34270.0 20.0 34370.030210.0
PoIar Cap TechnoI . .358.9 4.5 391.2 299.5
RIT CapitaI Partn. . .1233.0 -9.0 1360.0 1173.0
Scottish Inv Trus. . . .477.9 1.9 524.0 417.0
Scottish Mortgage . .683.0 16.5 781.0 565.0
SVG CapitaI . . . . . . . .230.3 0.3 279.8 165.1
TempIe Bar Inv Tr . . .910.0 6.5 952.0 791.0
TempIeton Emergin .622.0 9.5 684.5 497.0
TR Property Inv T . . .158.0 1.0 206.1 136.2
TR Property Inv T . . . .65.1 1.3 94.0 59.8
Witan Inv Trust . . . . .483.1 9.1 533.0 401.5
3i Group. . . . . . . . . . .205.2 10.6 319.4 166.9
3i Infrastructure . . . .121.6 0.8 124.0 113.4
Aberdeen Asset Ma .252.6 2.5 253.1 167.8
Ashmore Group . . . .390.0 5.8 420.0 301.5
Brewin DoIphin Ho . .151.7 -3.3 185.4 113.7
CameIIia. . . . . . . . . .9759.5-190.510950.08800.0
CharIes TayIor Co. . .123.5 -3.5 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .360.0 15.0 450.0 304.3
CIose Brothers Gr. . .714.0 12.5 875.0 590.0
CoIIins Stewart H . . . .92.5 0.8 94.0 48.5
F&C Asset Managem .68.6 -0.4 91.0 56.1
Hargreaves Lansdo .444.1 11.5 646.5 402.5
HeIphire Group . . . . . . .2.3 0.1 17.4 1.4
Henderson Group. . .120.1 4.9 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .382.2 0.9 556.5 311.6
IG Group HoIdings . .494.7 5.6 502.5 393.6
Intermediate Capi . . .303.9 7.4 354.7 197.9
InternationaI Per . . . .213.0 9.1 388.8 148.5
InternationaI Pub . . .121.1 -0.3 121.5 108.6
Investec . . . . . . . . . . .402.9 0.8 522.0 318.4
IP Group. . . . . . . . . . .101.5 1.5 102.2 33.7
Jupiter Fund Mana . .241.8 7.3 337.3 184.9
Liontrust Asset M . . . .91.4 0.3 91.5 57.9
LMS CapitaI . . . . . . . . .56.8 0.5 64.8 52.0
London Finance & . . .22.5 -1.0 23.5 19.0
London Stock Exch .947.0 23.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.5 0.0 19.8 8.9
Man Group. . . . . . . . .136.7 9.9 311.0 104.5
Paragon Group Of . .184.3 0.3 206.1 134.6
Provident Financi . . .984.0 -5.0 1124.0 915.0
Rathbone Brothers .1197.0 7.0 1257.0 977.0
Record . . . . . . . . . . . . .11.6 0.0 35.5 11.4
RSM Tenon Group . . . .6.1 -0.0 57.3 5.8
Schroders . . . . . . . .1629.0 41.0 1906.0 1183.0
Schroders (Non-Vo.1301.0 32.0 1554.0 970.0
TuIIett Prebon . . . . . .314.6 0.0 428.6 262.3
WaIker Crips Grou . . .40.0 -4.0 51.5 35.0
BT Group . . . . . . . . . .214.0 8.1 214.9 161.0
CabIe & WireIess . . . .43.8 0.3 51.2 31.3
CabIe & WireIess . . . .21.5 0.6 76.9 14.2
COLT Group SA . . . . .92.2 0.4 156.2 84.1
KCOM Group. . . . . . . .73.3 -0.4 84.0 57.5
TaIkTaIk TeIecom . . .120.8 -1.8 159.0 119.8
TeIecomPIus. . . . . . .675.5 -4.5 802.0 440.0
Booker Group . . . . . . .75.7 2.1 80.0 54.5
Greggs . . . . . . . . . . . .522.0 2.0 550.5 445.0
Morrison (Wm) Sup .295.2 9.2 328.0 268.5
Ocado Group. . . . . . .108.3 -1.2 285.0 52.9
Sainsbury (J) . . . . . . .295.1 6.4 391.2 263.5
Tesco . . . . . . . . . . . . .326.7 7.7 420.1 312.4
Associated Britis. . .1182.0 18.0 1183.0 940.0
Cranswick . . . . . . . . .818.0 22.5 862.0 588.5
Dairy Crest Group. . .325.0 4.5 409.7 311.0
Devro . . . . . . . . . . . . .275.1 -1.5 296.9 228.0
Tate & LyIe. . . . . . . . .680.5 5.0 720.5 520.0
UniIever . . . . . . . . . .2029.0 35.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .535.5 5.0 664.0 413.5
Centrica . . . . . . . . . . .300.9 5.3 345.8 278.8
InternationaI Pow . . .343.8 3.5 427.0 279.4
NationaI Grid . . . . . . .641.5 16.5 649.5 543.5
Pennon Group. . . . . .699.0 7.5 737.5 584.5
Severn Trent . . . . . .1534.0 33.0 1600.0 1375.0
United UtiIities . . . . .609.0 14.5 637.0 551.0
Cookson Group . . . . .596.0 -0.5 724.5 395.8
DS Smith . . . . . . . . . .230.4 2.5 266.2 164.4
Rexam . . . . . . . . . . . .383.7 3.3 400.0 299.8
Price Chg High Low
Bovis Homes Group.489.7 10.6 499.6 326.5
Persimmon . . . . . . . .548.5 18.5 548.5 374.0
Reckitt Benckiser . .3487.0 89.0 3578.0 3015.0
Redrow. . . . . . . . . . . .132.0 2.5 136.2 103.5
TayIor Wimpey . . . . . . .44.8 1.3 44.8 28.7
Bodycote . . . . . . . . . .332.1 7.1 397.7 225.6
Fenner . . . . . . . . . . . .459.1 -6.7 465.8 280.0
IMI . . . . . . . . . . . . . . . .913.0 30.0 1119.0 636.5
MeIrose . . . . . . . . . . .386.3 4.5 387.0 268.0
Northgate. . . . . . . . . .249.2 -0.2 346.7 190.9
Rotork . . . . . . . . . . .1944.0 25.0 1979.0 1501.0
Spirax-Sarco Engi. .2082.0 37.0 2116.0 1649.0
Weir Group . . . . . . .2062.0 44.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .460.5 5.0 463.7 315.0
Ferrexpo. . . . . . . . . . .359.0 7.5 499.0 238.7
TaIvivaara Mining . . .335.1 -4.4 622.0 195.2
BBAAviation . . . . . . .188.8 -1.3 240.8 156.0
Stobart Group Ltd. . .127.7 -1.3 163.6 112.0
AdmiraI Group. . . . .1038.0 76.0 1754.0 787.0
AmIin . . . . . . . . . . . . .337.9 -0.2 427.0 270.6
BeazIey. . . . . . . . . . . .144.5 0.9 145.0 109.6
Informa. . . . . . . . . . . .410.7 10.8 461.1 313.9
ITE Group. . . . . . . . . .226.3 -3.7 258.2 157.7
ITV. . . . . . . . . . . . . . . . .79.4 3.6 93.5 51.7
Johnston Press. . . . . . .6.5 0.5 12.8 4.1
MecomGroup . . . . . .204.0 1.5 310.0 134.5
Moneysupermarket. .119.5 -0.5 123.7 84.8
Pearson . . . . . . . . . .1205.0 9.0 1255.0 1013.0
PerformGroup . . . . .250.0 -2.1 257.7 150.0
Reed EIsevier . . . . . .529.5 1.0 590.5 461.3
Rightmove . . . . . . . .1299.0 9.0 1408.0 843.5
STV Group. . . . . . . . . .91.0 0.0 168.0 76.3
Tarsus Group . . . . . .145.5 3.5 165.0 119.5
Trinity Mirror . . . . . . . .47.0 -1.8 89.5 37.5
UBM . . . . . . . . . . . . . .580.0 13.5 725.0 416.0
UTV Media . . . . . . . . .110.0 0.5 150.0 92.5
WiImington Group . . .80.5 0.8 182.0 78.5
WPP . . . . . . . . . . . . . .779.0 14.5 846.5 578.0
YeII Group . . . . . . . . . . .5.9 -0.0 11.0 3.4
African Barrick G . . .522.5 -9.0 616.5 393.5
AIIied GoId Minin . . .143.4 4.0 281.3 34.4
AngIo American . . .2910.0 79.5 3437.0 2138.5
AngIo Pacific Gro . . .305.0 5.0 369.3 237.9
Antofagasta. . . . . . .1399.0 33.0 1524.0 900.5
Aquarius PIatinum . .173.5 4.3 419.0 149.0
BHP BiIIiton. . . . . . .2206.5 11.5 2631.5 1667.0
CatIin Group Ltd. . . .424.3 2.8 428.2 334.0
Hiscox Ltd. . . . . . . . . .392.8 7.9 424.7 340.5
Jardine LIoyd Tho. . .690.5 0.5 764.5 576.0
Lancashire HoIdin . . .723.5 2.0 774.5 532.5
RSA Insurance Gro. .112.7 3.0 143.5 99.6
Aviva. . . . . . . . . . . . . .377.0 13.4 477.9 275.3
LegaI & GeneraI G . . .121.4 2.4 123.8 89.8
OId MutuaI . . . . . . . . .157.8 6.3 158.5 98.1
Phoenix Group HoI . .584.0 -6.0 688.0 451.1
PrudentiaI . . . . . . . . .732.0 13.0 777.0 509.0
ResoIution Ltd. . . . . .280.6 3.0 316.1 229.5
St James's PIace. . . .369.1 1.1 376.0 294.0
Standard Life. . . . . . .229.3 4.9 244.7 172.0
4Imprint Group . . . . .255.5 -3.5 295.0 200.0
Aegis Group . . . . . . .166.5 6.5 166.9 115.7
BIoomsbury PubIis. .113.0 1.0 138.0 91.3
British Sky Broad . . .699.5 13.5 850.0 618.5
Centaur Media. . . . . . .36.5 0.0 73.0 32.5
Chime Communicati.221.0 5.0 298.5 163.0
Creston . . . . . . . . . . . .49.8 -1.0 121.0 47.0
DaiIy MaiI and Ge . . .473.7 12.6 594.5 343.4
Euromoney Institu . .715.0 8.5 736.0 522.5
Future. . . . . . . . . . . . . .12.8 2.3 30.0 8.3
Haynes PubIishing . .205.0 0.0 257.0 200.0
Huntsworth . . . . . . . . .43.5 0.4 81.0 32.3
Bumi . . . . . . . . . . . . . .850.0 0.0 884.5 845.0
Centamin (DI) . . . . . . . .98.1 -2.6 154.2 78.5
Eurasian NaturaI . . .731.0 26.0 1063.0 522.0
FresniIIo. . . . . . . . . .1850.0 2.0 2150.0 1302.0
GemDiamonds Ltd. .222.2 6.7 306.0 179.8
GIencore Internat . . .482.6 20.9 531.1 348.0
HochschiId Mining . .532.5 10.5 680.0 365.9
Kazakhmys . . . . . . .1214.0 23.0 1631.0 730.0
Kenmare Resources. .49.3 -0.2 59.9 31.0
Lonmin. . . . . . . . . . .1103.0 21.0 1880.0 941.0
New WorId Resourc .507.0 13.0 1060.0 409.4
PetropavIovsk . . . . . .808.5 -4.5 1090.0 543.5
PoIymetaI Interna . .1165.0 -5.0 1189.0 877.0
RandgoId Resource 7400.0 -20.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3988.0 7.5 4712.0 2712.5
Vedanta Resources 1359.0 36.0 2518.0 928.0
Xstrata . . . . . . . . . . .1283.0 52.5 1550.0 764.0
Inmarsat . . . . . . . . . . .422.6 16.6 719.5 389.3
Vodafone Group . . . .175.1 4.3 182.8 155.1
Genesis Emerging . .513.0 -1.5 548.5 424.0
Afren. . . . . . . . . . . . . .134.0 1.6 171.2 73.6
BG Group. . . . . . . . .1425.0 -7.0 1564.5 1144.0
BP. . . . . . . . . . . . . . . .484.5 6.6 497.5 363.2
Cairn Energy . . . . . . .288.8 1.8 469.7 257.8
EnQuest . . . . . . . . . . .112.4 0.3 158.5 85.7
Essar Energy . . . . . .133.9 1.9 533.5 120.0
ExiIIon Energy. . . . . .263.8 8.8 469.7 184.2
Heritage OiI . . . . . . . .195.5 3.0 332.2 160.0
Ophir Energy. . . . . . .317.5 17.8 320.7 184.5
Premier OiI. . . . . . . . .418.2 9.1 535.0 310.0
RoyaI Dutch SheII . .2261.0 -4.0 2402.0 1883.5
RoyaI Dutch SheII . .2294.5 -3.0 2489.0 1890.5
SaIamander Energy .234.9 0.5 317.6 182.3
Soco Internationa . . .304.5 7.2 400.0 278.0
TuIIow OiI . . . . . . . . .1462.0 22.0 1499.0 945.5
Amec . . . . . . . . . . . .1055.0 19.0 1228.0 740.5
Hunting . . . . . . . . . . .842.0 -3.0 849.5 530.0
Kentz Corporation . .481.1 0.4 508.0 347.0
LampreII . . . . . . . . . . .328.0 -3.1 395.2 220.7
Petrofac Ltd. . . . . . .1474.0 -21.0 1603.0 1108.0
Wood Group (John) .672.0 1.5 715.8 469.9
Burberry Group. . . .1461.0 30.0 1600.0 1092.0
PZ Cussons. . . . . . . .315.8 4.2 387.9 285.0
Supergroup . . . . . . . .662.0 5.5 1820.0 435.2
AstraZeneca . . . . . .3010.0 26.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .339.5 -0.7 344.6 210.1
Genus. . . . . . . . . . . .1038.0 3.0 1111.0 853.5
GIaxoSmithKIine. . .1416.0 20.0 1497.0 1138.5
Hikma Pharmaceuti .729.0 19.5 869.0 555.5
Shire PIc. . . . . . . . . .2110.0 28.0 2243.0 1639.0
CapitaI & Countie . . .196.8 3.8 203.7 142.8
Daejan HoIdings . . .2950.0 -32.0 3050.0 2282.0
F&C CommerciaI Pr .103.8 -0.1 108.0 92.6
Grainger . . . . . . . . . . .103.5 -0.6 133.2 77.3
London & Stamford .108.1 2.1 140.0 103.9
SaviIIs. . . . . . . . . . . . .354.4 -7.1 427.1 256.2
UK CommerciaI Pro . .74.9 0.9 85.5 65.1
Unite Group. . . . . . . .183.9 3.7 224.1 152.9
Big YeIIow Group . . .294.0 0.3 344.4 218.0
British Land Co. . . . .503.0 7.8 629.5 444.0
CapitaI Shopping . . .339.1 4.5 408.6 288.7
Derwent London . . .1746.0 16.0 1880.0 1400.0
Great PortIand Es . . .372.0 8.4 445.0 312.9
Hammerson. . . . . . . .382.8 4.5 490.9 345.2
Hansteen HoIdings. . .75.5 1.9 89.5 68.0
Land Securities G. . .687.5 12.0 885.0 612.0
SEGRO. . . . . . . . . . . .224.8 2.6 331.3 195.0
Shaftesbury. . . . . . . .518.0 6.0 539.0 436.8
Aveva Group . . . . . .1711.0 51.0 1799.0 1298.0
Computacenter . . . . .408.8 -0.4 490.0 324.7
Fidessa Group. . . . .1660.0 -8.0 2109.0 1444.0
Invensys. . . . . . . . . . .212.8 9.9 357.8 180.9
Logica . . . . . . . . . . . . .81.2 3.3 147.2 59.0
Micro Focus Inter . . .446.0 1.0 456.7 242.9
Misys . . . . . . . . . . . . .329.5 4.0 420.2 214.9
Sage Group . . . . . . . .303.5 7.7 310.1 231.7
SDL. . . . . . . . . . . . . . .656.0 -14.0 711.5 586.0
TeIecity Group. . . . . .662.0 -0.5 667.5 450.5
Aggreko . . . . . . . . . .2162.0 57.0 2163.0 1394.5
Ashtead Group . . . . .252.3 5.3 252.7 99.4
Atkins (WS) . . . . . . . .737.0 10.5 820.0 490.2
Babcock Internati . . .746.0 11.0 758.0 542.0
Berendsen . . . . . . . . .464.7 -4.3 568.0 402.7
BunzI . . . . . . . . . . . . .879.0 9.5 906.5 676.5
Cape . . . . . . . . . . . . . .427.3 2.5 591.5 295.0
Capita. . . . . . . . . . . . .638.5 18.5 786.5 611.5
CariIIion . . . . . . . . . . .313.7 -0.8 403.2 281.0
De La Rue . . . . . . . . .980.0 14.0 984.0 683.5
DipIoma . . . . . . . . . . .401.6 0.2 425.5 263.5
EIectrocomponents .232.2 -1.9 294.9 182.2
Experian. . . . . . . . . . .903.5 21.0 906.5 665.0
FiItrona PLC . . . . . . . .385.3 1.3 404.5 280.0
G4S. . . . . . . . . . . . . . .274.0 3.9 291.0 219.9
Hays . . . . . . . . . . . . . . .85.8 5.8 130.0 58.9
Homeserve . . . . . . . .290.4 1.3 532.0 218.5
Howden Joinery Gr. .109.2 -0.6 127.5 93.1
Interserve. . . . . . . . . .292.0 -2.3 341.3 239.8
Intertek Group. . . . .2214.0 55.0 2215.0 1738.0
MichaeI Page Inte . . .430.0 4.8 567.0 323.0
Mitie Group . . . . . . . .260.0 -0.4 271.0 195.9
PayPoint. . . . . . . . . . .575.0 -5.0 585.0 327.3
Premier FarneII . . . . .210.0 -8.4 308.8 144.5
Regus. . . . . . . . . . . . .107.8 5.5 119.0 64.0
RentokiI InitiaI . . . . . . .78.4 1.6 103.4 58.2
RPS Group. . . . . . . . .219.5 -0.5 253.0 156.6
Serco Group . . . . . . .524.0 10.0 618.5 458.0
Shanks Group . . . . . .110.5 -2.5 130.9 90.8
SIG . . . . . . . . . . . . . . .105.1 2.3 153.5 77.0
Travis Perkins . . . . . .948.5 25.0 1090.0 715.0
WoIseIey . . . . . . . . .2299.0 54.0 2299.0 1404.0
ARM HoIdings . . . . . .588.0 11.0 651.0 464.0
CSR . . . . . . . . . . . . . .239.0 6.7 447.0 154.1
Imagination Techn . .599.0 11.0 599.0 296.9
Spirent Communica .131.2 1.0 160.0 105.8
British American . .3043.0 55.0 3079.0 2300.0
ImperiaI Tobacco . .2389.0 81.0 2444.0 1878.0
Betfair Group. . . . . . .886.5 7.5 1030.0 567.0
Bwin.party Digita . . .171.8 3.6 204.0 100.6
CarnivaI . . . . . . . . . .1991.0 63.0 2983.0 1742.0
Compass Group . . . .624.5 19.0 626.5 512.5
Domino's Pizza UK. .483.7 20.3 547.0 377.0
easyJet. . . . . . . . . . . .476.1 17.7 476.2 301.0
FirstGroup . . . . . . . . .310.1 4.1 378.7 301.8
Go-Ahead Group. . .1284.0 9.0 1598.0 1190.0
Greene King . . . . . . .521.5 13.5 521.5 410.0
InterContinentaI . . .1373.0 38.0 1435.0 955.0
InternationaI Con . . .189.7 5.4 268.1 132.0
JD Wetherspoon. . . .413.2 3.7 468.3 380.5
Ladbrokes . . . . . . . . .147.2 2.5 155.3 114.0
Marston's. . . . . . . . . . .98.6 0.8 112.0 84.6
MiIIennium& Copt . .468.0 13.0 600.5 371.2
MitcheIIs & ButIe. . . .268.7 6.7 348.7 215.6
NationaI Express . . .225.2 1.0 270.2 201.6
Rank Group . . . . . . . .134.9 -2.7 153.7 109.5
Restaurant Group. . .302.4 -0.2 335.0 254.9
Spirit Pub Compan . . .51.0 0.5 55.0 35.3
Stagecoach Group . .280.2 0.3 287.4 200.0
TUI TraveI. . . . . . . . . .207.3 8.6 250.0 136.7
Whitbread . . . . . . . .1716.0 43.0 1863.0 1409.0
WiIIiamHiII. . . . . . . . .234.2 4.5 244.1 176.8
Abcam . . . . . . . . . . . .334.0 3.3 460.0 320.0
Advanced MedicaI . . .91.5 -0.5 96.0 64.8
AIbemarIe & Bond . .353.5 6.5 400.1 281.0
Amerisur Resource . .20.5 1.3 29.0 9.5
Andor TechnoIogy . .559.8 -1.8 685.0 387.1
ArchipeIago Resou. . .70.0 0.0 79.0 55.5
ASOS . . . . . . . . . . . .1865.0 27.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.5 0.0 92.0 16.0
Avanti Communicat .285.5 0.3 628.0 248.5
BIinkx . . . . . . . . . . . . . .69.0 5.0 158.0 50.5
Borders & Souther . . .69.8 -0.8 73.3 43.5
BowLeven . . . . . . . . . .78.5 -0.5 382.3 62.0
Brooks MacdonaId .1130.0 0.0 1372.5 940.0
Cove Energy . . . . . . .140.0 3.0 140.6 61.0
Daisy Group . . . . . . .104.0 0.5 127.0 88.0
EMIS Group . . . . . . . .440.0 0.0 580.0 397.5
Faroe PetroIeum. . . .168.0 -1.3 198.0 130.0
GuIfsands PetroIe. . .178.0 4.3 342.0 142.5
GWPharmaceuticaI . .90.0 -1.0 130.0 78.5
H&T Group. . . . . . . . .346.5 2.5 395.0 277.0
Hargreaves Servic .1175.0 -5.0 1180.0 855.0
HeaIthcare Locums . . . .3.7 0.1 4.1 3.5
Immunodiagnostic . .395.3 13.3 1218.0 288.8
ImpeIIamGroup . . . .243.0 0.0 387.5 210.0
Iomart Group. . . . . . .139.5 1.3 140.0 85.5
James HaIstead. . . . .477.0 2.0 495.0 410.0
KaIahari MineraIs . . .243.0 0.3 301.0 198.3
London Mining . . . . .293.8 -0.8 436.5 257.5
Lupus CapitaI . . . . . .130.0 4.5 150.0 86.0
M. P. Evans Group . .442.5 0.0 475.0 371.0
Majestic Wine . . . . . .423.5 13.3 510.0 315.0
May Gurney Integr . .299.0 4.4 302.0 234.0
Monitise . . . . . . . . . . . .29.5 0.5 40.0 20.5
MuIberry Group. . . .1850.0 -55.0 1920.0 1065.0
Nanoco Group. . . . . . .63.5 2.3 93.3 38.0
NauticaI PetroIeu . . .325.3 2.0 547.0 223.5
NichoIs. . . . . . . . . . . .600.0 -5.0 615.0 410.0
Numis Corporation. . .94.0 1.5 126.0 72.0
Pan African Resou . . .17.8 0.0 18.0 9.5
Patagonia GoId . . . . . .42.5 -3.0 70.0 37.3
Prezzo . . . . . . . . . . . . .66.0 -2.3 71.5 53.5
Pursuit Dynamics . . .101.0 1.3 410.0 67.0
Rockhopper ExpIor .357.0 3.0 386.0 141.0
RWS HoIdings. . . . . .473.4 2.9 481.6 328.0
Secure Trust Bank .1005.0 0.0 1030.0 755.0
Songbird Estates . . .105.1 2.1 160.3 103.0
VaIiant PetroIeum . . .424.0 4.0 645.0 400.0
Young & Co's Brew. .632.0 0.0 712.0 565.0
AdmiraIGroup.....1038.0 7.9
ManGroup.........136.7 7.8
Hays ...............85.8 7.3
KesaEIectricaIs .....75.0 6.4
HomeRetaiIGroup ..117.1 6.2
OphirEnergy.......317.5 5.9
SmithsGroup .....1017.0 5.9
3iGroup...........205.2 5.5
Regus.............107.8 5.4
LIoydsBankingGro ..34.4 5.1
Bumi ..............850.0 -4.5
Carpetright ........583.5 -4.3
PremierFarneII .....210.0 -3.9
Centamin(DI) .......98.1 -2.5
ShanksGroup ......110.5 -2.2
BrewinDoIphinHoI..151.7 -2.1
SDL...............656.0 -2.1
RankGroup ........134.9 -2.0
SaviIIs ............354.4 -2.0
WHSmith..........527.5 -1.8
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Tsy 5.000 12 . . . .100.34 -0.08 104.4 100.3
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Tsy 2.500 13 . . . .283.09 -0.08 287.7 279.2
Tsy 8.000 13. . . . .112.35 -0.10 116.9 112.3
Tsy 4.500 13 . . . .104.40 -0.06 106.5 104.4
Tsy 5.000 14. . . . .111.68 -0.15 112.9 109.2
Tsy 8.000 15 . . . .127.52 -0.22 129.2 123.7
Tsy 7.750 15 . . . .100.00 0.00 106.3 99.4
Tsy 4.750 15. . . . .114.43 -0.22 115.4 108.6
Tsy 2.500 16 . . . .341.85 -0.23 344.2 312.1
Tsy 4.000 16. . . . .113.54 -0.30 114.7 104.9
Tsy 1.250 17. . . . .115.29 -0.37 116.6 106.7
Tsy 12.000 17 . . .121.25 0.00 128.8 120.9
Tsy 8.750 17 . . . .140.21 -0.73 141.9 132.9
Tsy 5.000 18 . . . .121.15 -0.48 122.5 109.7
Tsy 4.500 19. . . . .119.25 -0.53 120.7 105.4
Tsy 3.750 19. . . . .114.06 -0.59 115.6 99.4
Tsy 4.750 20 . . . .121.54 -0.62 123.5 106.6
Tsy 2.500 20 . . . .362.07 -0.42 367.1 314.0
Tsy 8.000 21 . . . .150.43 -0.70 153.4 133.8
Tsy 4.000 22. . . . .115.66 -0.80 118.2 99.0
Tsy 1.875 22 . . . .125.97 -0.61 129.1 111.3
Tsy 2.500 24 . . . .326.02 -0.58 334.7 275.6
Tsy 5.000 25 . . . .127.25 -0.90 130.6 107.4
Tsy 1.250 27 . . . .122.76 -0.98 127.0 104.8
Tsy 4.250 27. . . . .119.03 -1.15 122.7 97.9
Tsy 6.000 28 . . . .143.63 -1.13 148.0 119.5
Tsy 4.125 30 . . . .313.39 -0.96 322.8 262.9
Tsy 4.750 30 . . . .125.97 -1.23 130.5 103.0
Tsy 4.250 32. . . . .118.54 -1.32 123.1 96.0
Tsy 4.250 36. . . . .118.76 -1.46 123.9 95.0
Tsy 4.750 38 . . . .128.12 -1.51 134.2 102.8
Tsy 4.500 42 . . . .124.57 -1.65 130.8 98.9
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T
HE UK is full of chief executives fac-
ing the harsh reality of uncertain
home markets for years to come.
So, with forecast sales flatlining
what is an entrepreneur to do?
Successful companies are finding new
customers and markets beyond our
shores. In our recent global survey of over
400 companies, India (34 per cent) and
China (33 per cent) were cited as the most
attractive economies for potential
exports followed by Brazil, Russia and
Philip Salter talks with
David Richards about
building his soon to be
listed tech company
LOOK BEYOND
THE UK TO CASH
IN ON GROWTH
STUART WATSON
G
LOBALISATION throws up some
interesting associations. The west-
ern worlds need to stay awake sup-
ports the coffee industries of Latin
America, Southeast Asia, and Africa; the
desires of Japanese, Indians and Chinese
consumers to imbibe is helping the UKs
Scotch whisky industry flourish. No less
interesting is the case of WANdisco a
tech company that distributes its product
to every conceivable place (including the
North Pole) but splits its offices between
Silicon Valley and Sheffield.
David Richards left the UK for Silicon
Valley 13 years ago. A veteran of several
successful startup companies, it was at a
drinks party in Silicon Valley that he met
Yeturu Aahlad, now chief scientist and
inventor at WANdisco. Aahlad
approached Richards claiming to have a
great idea for a piece of technology that
he had been working on for 5 years: It
turned out he was one of the top people
in his field in the world, previously archi-
tect for distributive computing at Sun
Microsystems. Aahlads 20 page proof
formed the algorithm around which the
company was built.
WANdisco was founded in 2001,
although Richards decided three years ago
to expand back home in Sheffield, where
he currently employs 40 people. The func-
tions of the business are now split
between sales and marketing in the US
and software engineering and support in
Sheffield. These are not call centre jobs,
says Richards, they are high-end technol-
ogy jobs. I dont want any of these people
to leave, but if they did, every single one of
them would be at the top of their field.
It isnt straightforward explaining
what WANdisco an acronym for wide
area network distributed computing
does exactly. But Richards does a pretty
good job: One of the problems with soft-
ware development is that if you have a
central sever, say in the United States, but
engineers in India, China and the UK, it
can take days to download all the source
code. Through active-active replication
over a wide area network exact copies of
source can be worked on at the same
time anywhere in the world. Richards has
accrued many of the Fortune 1,000 com-
panies Hewlett Packard, Motorola and
Honda, for example as customers.
Previously, as president and chief exec-
utive of Insevo, he raised venture capital
from 3i. But he soon found the relation-
ship too restrictive. He went on to form
Librados (meaning free men free, that
is, from private equity). Librados, and
now WANdisco, were able to avoid private
equity, he says, by leading sales through
Business Features| Entrepreneurs
30
From the UK to Silicon
Valley and back again
Singapore.
However, entrepreneurs need to under-
stand the particular needs of such differ-
ing markets. The strategy is higher risk
than staying in familiar territories, so
many adopt a step-by-step approach.
Initially, entrepreneurs often use an
agent to test the waters. This could
be followed by a joint venture with
a local partner, before a full blown trad-
ing operation. Throughout, it is impor-
tant to keep a keen eye on the
opportunities and risks, and brief
shareholders, bankers, key employ-
ees and advisers on developments
to maintain their support and
exploit their existing knowledge and
connections to those markets. The
best companies maintain agility
in entering and knowing
when to exit a new
market, learning how to
cater to its customers
demands.
Those with drive,
passion and agility
can produce extraor-
dinary results. In one recent example, a
family run shoe businesses in the UK,
through collaboration with one of its sup-
pliers in India, decided to cater to the
countrys growing middle class. The com-
pany began a joint venture with an Indian
partner and a concept
that played on the
British design, while
also innovating with up-
to-date and efficient
retailing such as
through store layout and
connecting sales forecasting
to supply chain manage-
ment. They now have a 50 per
cent share of a rapidly expand-
ing Indian company.
In another case, the chief
executive of an architect firm,
specialised in prestige brand
car showroom design, has been
asked by his customer, who is
already doing well in China, to
visit the country. They plan to
replicate the high standard UK
showrooms in cities like
Shanghai, where local suppliers do not
have the know-how. The company is
receiving an influx of orders, with enor-
mous opportunity for expansion.
There are many examples of businesses,
big and small, who have entered these
fast growth markets. For the many that
have not yet taken the plunge I think it
offers the best opportunity for growth
and there is still a window of opportunity.
In a recent report, we set out the opportu-
nity for an increase in net exports, which
we estimate could give the UK economy a
20bn lift by 2020. At the very least, we
should aim to match the EU average of
one in four SMEs exporting by 2020
compared with only one in five currently.
In the end, pretty much the oldest les-
sons in the book applies to entrepreneurs
addressing markets in far flung corners of
the world getting face time with the cus-
tomer, understanding in depth what
works for them, and how you can deliver
a profit. For those seeking growth, the
clear message is to rack up more air miles.
Stuart Watson is Ernst & Young UK leader of
Entrepreneur Of The Year.
Money and brains
inspire business
beyond borders
T
RADE across borders natural and man-made
binds humanity together: When goods do not
cross borders, soldiers will, surmised the French
economist Frdric Bastiat. Trade enriches us,
both in our standard of living and in the variety of our
cultural experiences. And it makes others better off too,
as if lead by an invisible hand.
Some countries are better at trade than others and
the British have a noble history in this regard. It is
therefore a shock to learn from Stuart Watson of Ernst
& Young (see article below) who heads up Ernst &
Youngs UK Entrepreneur of the Year team (see
www.eoy.co.uk) that the UKs small and medium-sized
businesses are less likely to export than their EU equiv-
alents. We have the barrier of the channel, but culture
can, and should, trump this. Its time for UK entrepre-
neurs to get back on their bike, boat or plane.
That is exactly what David Richards did (see article
right). He moved to Silicon Valley to make his fortune,
but his native Sheffield is home to the majority of
WANdiscos workforce (a similar model to Cambridges
Autonomy).
Richards is passionate about Sheffield and Silicon
Valley. Hes got strong views on UK private equity too
many accountants, not enough proven business people
and the UK tech industry: he isnt convinced by the
hype surrounding Silicon Roundabout. As with Stanford
University in the US, he thinks the Cambridge cluster
and its relationship to its university are along the right
lines, but cautions: These things naturally happen,
rather than being contrived. Its refreshing to hear a
constructively critical perspective, as most entrepre-
neurs default public setting is indefatigable optimism.
Its fashionable to ponder on the globalising impact
of technology, but it is undenibaly opening up markets
that would otherwise be harder to crack. However,
even though Facebook could have been started any-
where, its no fluke that it flourished in Silicon Valley.
There is no equivalent.
For technologists who dont fancy leaving these
islands just yet, Cisco, with support from JP Morgan,
Bird & Bird, DNX and Octopus Communications, has
announced an annual open innovation competition to
discover and reward the finest examples of the UKs
most innovative start-up digital businesses. The overall
winner will receive a total prize package of approxi-
mately $200,000, made up of $100,000 cash, 12
months of mentoring from Cisco and a 12-month sup-
port package covering PR, marketing and legal servic-
es. The competition has just opened (entries will close
on the 31 March), with the awards taking place on 12
September (www.thebigawards.co.uk).
PHILIP
SALTER
FEATURES WRITER
CITY A.M.
open source software. WANdisco are the
major corporate sponsor of Subversion:
Half of all the worlds software is devel-
oped and stored inside Subversion.
WANdisco profits from the extra tools
and services companies add to this.
The next step is an initial public offer-
ing (IPO) on the UKs Aim market on 30
April: I think if youve got a growth story
like ours which is 50 per cent growth
last year alone I feel pretty confident.
Given that every WANdisco employee has
either stock or options in the company,
perhaps a few more entrepreneurs of his
quality will choose to go it alone. Silicon
Sheffield certainly has a nice ring to it.
Number of staff: 70
Age: 41
Born: Sheffield
Lives: San Francisco Bay Area
Studied: University of Huddersfield
Drinking: Micro-brew beer when in the UK
and Californian wine at home in the US
Reading: The Penguin History of the World
(New Years resolution to finish it this time)
and Civilization: The West and the Rest by
Niall Ferguson
Talents: Startups, entrepreneurship, motivat-
ing people to achieve the improbable and
(hopefully) being a half-decent husband and
father.
Favourite business book: Crossing the
Chasm by Geoffrey Moore
Motto: "We cannot solve our problems with
the same thinking we used when we created
them." (Einstein)
First ambition: To play cricket for Yorkshire
and England
CV | DAVID RICHARDS
Richards is taking
Aim for imminent
London listing
Bypass the crowds
and hefty prices of
Verbier by staying
in a luxurious chalet
in La Tzoumaz,
says Zoe Strimpel
Lifestyle | Travel
VALENTINES DAY
GET THE VERY BEST
WITH THE HELP OF OUR
GUIDE, TOMORROW
31
I
TS unlikely youll have heard of La
Tzoumaz. With just 300 permanent
residents, few hotels and no town
centre (or aprs ski) to speak of, its
not the sort of place youd expect to find a
ten-minute ski from Verbier, Switzerlands
sexiest resort. No: La Tzoumaz (rhymes
with satsuma) is quite definitely Verbiers
shy, unfashionable, and very diminutive
little sister.
Which is why for avid skiers, families
and those who find Verbier prices laugh-
able, its a very clever alternative indeed.
La Tzoumaz is smaller, cheaper, and offers
the same skiing as its ritzier neighbour,
with an area all its own thats good for
beginners and intermediates. Tire of its
slopes and youve got easy access to the
rest of the 4 vallees (Verbier, Nendaz,
Veysonnaz and Thyon).
Is it the Alps best-kept secret? Hard to
say. But word on the piste is that private
investors are clocking on to La Tzoumaz: a
new lift opened this season linking Le
Carrefour with Savoleyres (at the top of
the La Tzoumaz gondola), further opening
up access to the rest of the valleys. A new
complex of apartments, shops and restau-
rants is about to be built opposite the
main lift, and about 20 chalets are being
built each year.
So far, sowhat? Wheres the sparkle,
you ask, wheres the luxury? Its at Chalet
Auriane, a chalet to compete with
Verbiers finest, only more affordable.
Auriane, owned by an endocrinologist
from Islington, is the first and so far the
only five-star chalet in La Tzoumaz. And
what a beauty it is.
Inside, the richest materials make it
feel luxurious but incredibly warm.
Theres a big, windowy living room with
furs thrown over elegant leather sofas and
chairs and a fire. The dining room table
connected to the spacious kitchen looks
out on the mountains with a specially-
commissioned birch tree sculpture lean-
ing over it, bringing the outdoors in. The
rooms are mostly small but chic and cosy,
with great views. The only stand-out
room is called Verbier (others are St
Moritz, Klosters and so on), which is enor-
mous, has a bath with a view in the mid-
dle of the room, and an enormous
fairy-tale bed made out of birch trunks
and branches.
Perched atop a slope, above a cluster of
other chalets, Auriane has its own funicu-
lar to take guests, luggage and skis from
the car to the house, and from the house
to the slope. Sadly it was broken when we
arrived on an icy night in January so we
had to go the hard way: a very steep,
almost ladder-like flight of stairs. Still, it
was the thought that (almost) counted:
the funicular is a suave, glassy machine
that proved its efficacy on our return
journey from chalet to car. As for getting
from the slope to the chalet, it was a case
of leaving the skis at the top of a sharp
incline and sliding down at speed on
our rumps to the front door. And, of
course, clambering up in our ski boots.
Which is all good snowy fun.
The chalet also has a gleaming new
sauna/steam room and outdoor Jacuzzi.
Both of which most definitely worked
within ten minutes of arriving, we were
in the hot bubbles and freezing air,
Lanson in hand, nibbling foie gras toasts.
About those foie gras toasts. One of the
most decadent, impressive aspects of the
Auriane experience was the British pri-
vate chef and his partner in crime (and
real-life partner), the Dutch housekeeper.
Both used to have high powered jobs in
the government and sacked it all in years
ago to become seasonal workers. God is in
the details, which, via the owner Paul,
they grasp perfectly. So when you arrive
after a five hour journey (an hour and a
half from Geneva by car), the fact that the
fizz is chilled and waiting with beautiful
stem flutes means something. So does
the quality of the foie gras: this is not
cheap stuff from the hypermarche, but
proper, creamy fresh liver atop buttery
biscuity orbs.
The Auriane experience must be how it
was to be an aristocrat in the old days:
pre-dinner drinks, whisky post-dinner, a
selection of terrific wines with food all
seamlessly at the ready. The very best
chocolates after dinner, and wonderful
local cheeses. Great coffee. Fresh-baked
cake and hot cocoa when you come in
from skiing, at the ready if you want it.
Your wish is their command often
before youve even had the wish.
The food is serious, too. Dinner on the
first night featured a mountain salad
(local lardons, pine nuts, walnuts, leaves)
and the best beef bourguignon Ive ever
tasted, an aromatic mixture of melting
stew with caramelised shallots, served
with gratin dauphinoise, batons of carrot
and green beans glazed with garlic but-
ter. To follow was warm pear tartin with
apple sorbet, raspberry coulis and if you
please home-made apple puree. The
next night was local mushroom risotto,
venison in blueberry sauce and home-
made chocolate fondant.
The next morning, emerging from our
mountain-view rooms (all with Apple
TVs), breakfast featured delicious local
eggs, sausages and bacon for those who
could handle it otherwise, there was a
fresh-baked loaf of still-warm wheaten
bread, and two types of fresh baguette,
cereal, yoghurt etc.
At last: the skiing. Up the La Tzoumaz
gondola we went (no queues) to
Savoleyres, the south-facing Verbier ski
area. A few runs to warm up on the wide,
pleasant slopes of La Tzoumaz itself, and
off we went down to Le Carrefour an
eight minute ski away and half way up
Verbier. Its faster to get to Verbier this
way than it can be from Mondran,
Verbiers traffic-clogged hub.
La Tzoumaz is a clever way into one of
the best, but most expensive resorts in
the world. Staying at Chalet Auriane
clinches the deal: here you can really have
your luxury cake and eat it too, whether
youre here to ski, bathe, indulge or
preferably, all three.
Chalet Auriane in La Tzoumaz (tel: 07903
018549; www.chaletauriane.com) is
available on a sole occupancy basis and
sleeps up to 12 guests in four luxury en-
suite double rooms and one bunk room
with four adult-sized bunk beds. It costs
from 825 per person per week fully
catered, excluding transfers.
LA TZOUMAZ | WHY IT APPEALS
1. No lift queues: There are no queues for the main
La Tzoumaz lift, compared with the mad scramble
that there can be at Medran, the main hub in
Verbier. It takes just eight minutes to get to the
top of the Savoleyres ridge in the new gondola, so
you can access Verbiers slopes and the 400km of
the four valleys quicker than from Medran itself. It
then takes just another eight minutes to get over
to Le Carrefour, half way up Verbier.
2. Empty slopes: The pistes in La Tzoumaz are rel-
atively empty, even in peak weeks, compared to
the busy traffic on the slopes of Verbier.
Instructors come to La Tzoumaz on their days off.
3. Good for all levels of skier: La Tzoumaz is per-
fect for beginners and intermediates, but it also
has some excellent, safe and easily-accessed off-
piste. It is also only minutes away from all fabu-
lous the skiing on offer in Verbier.
4. Short transfers: Sion airport is just 30 minutes
away. Snowjet has flights from Stansted three
days a week on Fridays, Saturdays and Sundays.
Only 1.5hours from Geneva (half an hour closer
than Verbier, and much less windy just 15 min-
utes of windy roads).
5. Its cheap: Four Swiss francs for a beer in La
Tzoumaz versus 10-20 in many Verbier spots.
Meals out are also half the price of the equivalent
in Verbier.
6. Good snow. The majority of the slopes in La
Tzoumaz face north so they hold their snow pretty
well.
7. Quiet: If you want early nights, this is the spot.
La Tzoumaz, means resting place for cows, and
comes from tzoumer, the local patois for to
rest. It has just 300 permanent residents, and
these numbers can rise to 7,000 in peak season in
the winter.
8. Non-skier friendly: There is plenty to do in La
Tzoumaz for non-skiers. It has the longest tobog-
gan run, at 10km, in western Switzerland, there is
lots of snow-shoeing and winter hiking in and
around the valley alongside the bisses, the ancient
irrigation waterways, which are all signposted.
Clockwise from top
left: Chalet Auriane
by night; sledding in
Le Tzoumaz,
Aurianes biggest
bedrrom Verbier;
one of the smaller
rooms in the chalet.
Rich pickings in poor mans Verbier
Girl With Dragon Tattoo package at Dolder Grand
A special package at the Swiss
hotel in which several scenes
were filmed includes dinner in
the Garden Restaurant, a cine-
ma ticket, limousine transfers
to and from the hotel, a signa-
ture drink in the bar and a copy
of the Stieg Larsson book. From
CHF 1,650 (approx 1,136
GBP) based on two people
sharing, including breakfast.
Cupids arrow strikes at the Yeatman, Portugal
Head to this swanky Porto hotel
for a delicious V-Day package of
two nights in a Superior Room
or Suite with terrace and
panoramic views; breakfast and
a tasting menu created by
Michelin-star Chef Ricardo
Costa. 10-14 Feb. From 150
per person per night. +351 22
013 31000.
www.yeatman.com
40%
SKISET.CO.UK
AND SAVE
UP T0
RENT YOUR SKIS
ONLINE
BOOK ONLINE
COLLECT IN RESORT
HASSLE FREE SKI RENTAL
OR BOOK WITH OUR PARTNER SKIDEALS
TRAVEL NOTES
ZOE STRIMPEL
Literary London V-Day dinner at Browns
This romantic package is
perfect for those who find
exquisite poetry and great
food. A tour of the beautiful,
private London library is fol-
lowed by a three course din-
ner and fizz at the hotels
Albemarle restaurant by
Mark Hix. 160, 14 Feb.
To book, call 0207 518
4060
T
HREE, two, one, the race countdown
began, as my heart knocked treble-
time. With my ski racing bib on,
adrenalin pumping, I was staring
down a steep, crisply-groomed slope,
preparing to race it in my first ever down-
hill speed run. Then the horn sounded
and I was off. I skated a few steps to pick
up speed, just as Id seen the professionals
do, tucked into a bend to keep it up, just
like they do on Ski Sunday, then sliced into
a turn to slow down after the finish line,
just like, er, Bridget Jones. Arms flailing,
head whirring with thoughts of broken
arms and hospital, I finally came to a safe
stop and allowed myself a moments satis-
faction.
Yes, it must have been one of the most
inelegant descents of the day, but at least
now I can say Im a ski racer. And it seems
Im far from the only amateur skier with
dreams of being Chemmy Alcott for a few
hours. Celebrating its 10th year this year,
the Three Valleys Enduro one-day event I
took part in has grown from around 300
in its first year and will be capped at 1,500
this time round.
Competitors are in teams of three in
either professional, sporting amateur or
family divisions, navigating their way by
ski or snowboard around the vast Three
Valleys ski area in France and competing
in events including speed skiing, freerid-
ing, slalom and a jump onto a giant
airbag. Once people have done it they
want to come back every year and were
having to restrict numbers now, said
Vincent Lalanne Cloute of Three Valleys
tourism. People like the experience of rac-
ing and going on specially prepared runs,
the fact that you go on all sorts of different
races, they like the general ambience and
the nice lunch and party afterwards.
Similarly, the City Ski Championships
well known for discovering the best ski
legs (usually hidden under desks around
the Square Mile) expects to host around
220 gung-ho racers from 40 firms in mid-
March at its new site of Crans Montana in
Switzerland.
And although there is scope at these
events for all those lycra-clad Olympic-
style skiers, who neatly clip the slalom
posts as they whizz by, theres also plenty
of competitive fun to be had for those
whose main ambition is just to race like a
professional while skiing like an amateur.
I was part of a Ski Club of Great Britain
team, which was just as well. On regular
skiing holidays I rely on Ski Club leaders to
lead me round the mountain, which elim-
inates the drudgery of having to take off
your gloves on the lifts and pore over
crumpled ski maps. Its the ski equivalent
of finding your way by Sat Nav.
Here, with just a day to scarper around
Courchevel, Meribel and Val Thorens,
almost to the border with the fourth val-
ley, Orelle, keen navigation is essential.
Crucially, my well-directed teammates also
managed to lead our team to the giant
Savoyard buffets loaded with cheese and
chocolate which cropped up at the bot-
tom of many of the competition finish
lines, though unfortunately we didnt
have time to sample the giant tartiflette
on offer in Meribel-Mottaret.
At the end of the day, perhaps skipping
that heavy meal was a benefit, as we
aimed for a light and stylish leap or per-
haps a somersault? into the giant airbag.
There I was again, lined up for take-off,
though perhaps feeling a little less ambi-
tious than at that first starting gate. No
snowplough, no snowplough, yelled the
race administrator as I tootled towards the
lift-off ramp.
And with that I straightened up, picked
up speed, flew into the air and sailed into
the air-filled bag. It was a landing much
akin to my newfound career as a profes-
sional ski racer a very satisfying flop.
Jenny Forsyth joined
in the Three Valleys
Enduro to discover
the thrills and spills
of ski competition
Ski like an amateur,
race like a professional
Racing is not for the faint
of heart.
WANT TO GO? | FAST FACTS
Ski Club of Great Britain Leaders
The Ski Club of Great Britain hosts a Ski Club Leader in
Val Thorens, Courchevel and Meribel (among 34 resorts
in Europe and North America) from early December to
mid April each winter season. Ski Club Leaders ski with
members each day (except Saturdays) and offer a var-
ied skiing programme suitable for all standards except
beginners. The service is free as part of the Ski Club of
Great Britain membership. Membership costs from
20. www.skiclub.co.uk/leaders
The Three Valleys
The Three Valleys are home to eight ski resorts that are
linked together by a unique network of ski lifts and ski
runs. The Three Valleys is the largest ski area in the
world with 600km ski slopes and 174 ski lifts.
www.les3vallees.com
Accommodation in Val Thorens Pierre & Vacances
Pierre & Vacances is France's leading holiday apartment
rental company. We stayed at Le Tikal residence in Val
Thorens close to the resort centre and easy access
direct to the slopes.
www.pv-holidays.com/ 0870 0267 145
Accommodation in Courchevel 1850 Flexiski
We stayed at Hotel Saint Louis in Courchevel run by
Flexiski. The hotel is situated close to the Bellecte piste
for convenient doorstep skiing and is five minutes walk
from the centre of Courchevel 1850. With flexible dura-
tions available throughout the season, Hotel Saint Louis
is perfect for a short ski break.
www.flexiski.com/ 020 8939 0864
Flights, transfers and rental
Flights were provided by Swiss International Air Lines
www.swiss.com and transfers by Three Vallee Transfers
www.3vt.co.uk. Ski rental was provided by Skiset
www.skiset.co.uk
Lifestyle
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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 Aromatic substance used
to add avouring (5)
3 Seize and take control
without authority (5)
7 Make possible (6)
9 Deserve by ones eforts (4)
10 Be unwell (3)
11 God of love, also
known as Cupid (4)
13 Number in a brace (3)
15 Plume (7)
17 And so forth (abbr) (3)
18 Barrier consisting
of a horizontal bar
and supports (4)
20 Regret (3)
21 Alleviate (4)
22 Wet-nurse (6)
24 Multiplication (5)
25 French secondary
school (5)
DOWN
1 Spit for holding
meat in place (6)
2 Train drivers
compartment (3)
4 Industrial plant
for extracting
metal from ore (7)
5 Section of
glass (4)
6 Callous (9)
8 At great height (5)
12 Place out of
sight (7)
14 Dried seaweed (5)
16 Verbally report
or maintain (6)
19 Financial
obligation (4)
23 Afectedly
modest (3)
O
O
I
C
M S
E
N
T

4
4

4

4

C R U D E L I S T S
H E I O L
A B A C K T O N G A
R E B R M
M E R I T O R I O U S
V T G G R
S E L F R E L I A N T
P U Y N R
O D D L Y R A D I O
T U A T V
S T O R M H E D G E
9 3 1 8 4 2 4
5 4 2 3 7 1 1 2
8 4 9 6 2 3 1
3 1 7 9 8 4 5 6
6 9 7 5 2 1
1 2 4 3 7 6 9 8
9 8 6 3 5 1
5 4 6 1 2 3 7 9
9 7 8 5 9 8 6
7 1 6 3 7 9 8 5
8 2 2 1 3 2 1
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
PESTILENT
Lifestyle | TV&Games
TEAM SPIRIT THE KEY
It was never going to be pretty up at
Murrayfield but Saturdays 13-6 victory repre-
sented an encouraging step forward for what
was a largely inexperienced England side.
Head coach Stuart Lancaster spoke at
length in the build-up to the match about team
spirit being at the heart of his values. On first
evidence hes quickly been able to foster a
strong bond amongst this group of players
and weve not been able to say that recently.
LIKE DALLAGLIO
Leadership should come from all over the pitch
and is not the sole responsibility of one man,
but I was really impressed by what I saw from
skipper Chris Robshaw, who reminded me of a
young Lawrence Dallaglio. With his ripped
shirt, shoulders pinned back and willingness to,
at times quite literally, fight for his team it was
all very gladiatorial and Im sure the guys
around him found his actions inspiring.
PATIENCE AND DISCIPLINE
There was no real pattern to Englands play and
thats understandable at this early stage Im
sure it will come in time. The biggest change I
noted was in the teams ability to remain calm
in the heat of battle. Scotland havent scored a
try seemingly since the Doomsday Book was
written so when you play them its all about
keeping the penalty count low. It sounds sim-
ple, but if you dont dive in and avoid needlessly
conceding points youll win more of these tight
games than youll lose.
NOT ALL ABOUT TITLE DEFENCE
As strange as it sounds Im not convinced win-
ning the Six Nations should be Englands main
focus. With a win under their belts and Italy up
next, clearly theyre in a position to defend
their title, but for me its more about develop-
ing a side built around youngsters like Owen
Farrell, who took to Test rugby like a duck to
water. The end goal for this group should be
the World Cup in 2015 and we shouldnt bur-
den them at this stage with the expectation of
winning what will be an exceptionally competi-
tive tournament.
Sport 34 CITYA.M. 6 FEBRUARY 2012
Results
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email sport@cityam.com
BAD LUCK OF THE IRISH | Wales snatch win
WALES coach Warren Gatland admitted his team were reasonably lucky after Leigh
Halfpennys (pictured above, centre right) last-minute penalty earned them a 23-21 win
over Ireland in their Six Nations opener. Jonathan Davies scored two tries and George
North grabbed the other as the visitors edged a pulsating encounter in Dublin. Rory Best
and Tommy Bowe crossed for Ireland. Picture: GETTY
Robshaw inspires
encouraging start
JOSH LEWSEYS
POST MATCH
VIEW
Josh Lewsey was speaking courtesy of
GamePlan Solutions: Managing high
profile and popular sport stars; speak-
ers, leaders, motivators, ambassadors
www.gameplansolutions.co.uk
2012 Laureus World Sports Awards, London, Tonight
L
ONDON tonight becomes the capital city of
sport when some of the greatest names to
have competed for medals, titles and cham-
pionships gather for the 2012 Laureus
World Sports Awards.
Hollywood star Clive Owen will host the pre-
mier global sports awards amid the majestic
splendour of Central Hall, Westminster where
stars of sport, stage, screen and fashion will
honour and applaud those sportsmen and
sportswomen who have proved so inspirational
with their achievements and success.
Lennox Lewis, London-born former undisput-
ed heavyweight boxing champion of the world,
and Arsene Wenger, the Frenchman who
through Arsenal has made London his adopted
home, are among a fabulous array of sports
stars and personalities attending the 2012
Laureus World Sports Awards.
Nominees will be looking to follow in the
footsteps of Rafael Nadal, who was crowned
Laureus World Sportsman of the Year in 2011.
Cream of 2011 gathers to recognise greatest achievers of last 12
months at global sporting calendars premier awards ceremony
Superstars flock to
London with their
eyes on the prizes
T
H
E

A
W
A
R
D
S
Nadal was 2011
Laureus World
Sportsman of the Year
Picture: GETTY
THE TOP sports names are in
London for the Laureus World
Sports Awards.
World No1 ranked tennis
player Novak Djokovic, fresh
from his extraordinary
triumph in the Australian
Open, has flown in specially to
see if he has beaten the likes
of football maestro Lionel
Messi, Formula One world
champion Sebastian Vettel
and Tour de France winner
Cadel Evans to the Laureus
World Sportsman of the
Year award.
Those competing to
become Laureus World
Sportswoman of the Year
include Yani Tseng, world No1
womens golfer and winner of
five Majors, Wimbledon
champion Petra Kvitova, and
IAAF world 100m title holder
Carmelita Jeter. Messis
mighty Barcelona are up for
the Laureus World Team of
the Year award, but they face
strong competition from,
among others, the All Blacks,
holders of rugby unions World
Cup.
Will British be best? Red
Bull was in the Team category
too, with their all-conquering
Formula One car, but they
face strong competition from
the England cricket team, still
world No1 despite the current
Test series against Pakistan.
How about world 5,000m
champion Mo Farah, the
epitome of focus and
dedication, for the Laureus
World Breakthrough of the
Year? Or maybe the prize will
go the way of Rory McIlroy,
the toussle-haired golfer from
Northern Ireland who won
the US Open.
If McIlroys triumph was
the product of a precocious
talent, Darren Clarkes
victory in the Open
Championship was born on a
wave of sheer emotion. Beset
by tragedy in his personal life,
Clarke is a strong contender
for the Laureus World
Comeback of the Year.
David Weir, the British
Paralympic wheelchair
athlete, last April raced to a
fifth London Marathon title.
That makes him a challenger
for the Laureus
Sportsperson of the Year
with a Disability.
And dont forget BMX rider
Jamie Bestwick, nominated
for Laureus World Action
Sportsperson of the Year.
SPORT | IN BRIEF
Lawrie triumphs in Qatar
GOLF: Former Open champion Paul
Lawrie shot a final-day 65 to win the
Qatar Masters. The tournament had
been reduced to 54 holes after strong
winds allowed only three hours of play
on Friday. Lawrie, who carded 69 and 67
in the first two rounds, finished on 15
under, four shots clear of Australias
Jason Day and Swedens Peter Hanson.
OSullivan back to winning ways
SNOOKER: Former world No1 Ronnie
OSullivan captured his first ranking title
in over two-and-a-half years after beat-
ing Stephen Maguire 9-7 in the German
Masters final.
Sport
E. hospitality@chelseafc.com
T. 0871 223 9940
To sign up or for more
information please contact us:
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hospitality at Chelsea FC for the
2012/13 season.
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MANCHESTER UNITED staged a trade-
mark act of escapology, coming from
3-0 down to rescue a draw but their
manager Alex Ferguson insisted it
still felt like two points dropped as his
side failed to keep pace with rivals
and Premier League leaders
Manchester City.
Unlucky to be trailing at half-time
to a Jonny Evans own goal, United
appeared destined for a fourth league
defeat of the season when they con-
ceded twice within six minutes of the
re-start to Juan Mata and David Luiz.
A brace of Wayne Rooney penalties
hauled the champions back into the
contest, however, and substitute
Javier Hernandez capped a thrilling
comeback with an 84th minute head-
er yet the outcome still failed to sat-
isfy his manager.
It is two points dropped, but we
played so well apart from
the 10 minutes after
half-time, said
Ferguson, whose side
now trail City by two
points.
I perhaps
should have
p l a y e d
Hernandez
from the
start as
when he
came on he had the Chelsea defence
on toast. But its not easy coming
back from 3-0 down. Thats a massive
effort.
That United trailed at the break
owed much to referee Howard Webbs
failure to spot Gary Cahills trip on
Danny Welbeck, which prevented the
United forward a clear goalscoring
opportunity, and Daniel Sturridges
ingenuity in the build-up to Chelseas
36th minute opener.
The former City forward twisted
past Patrice Evra and when his cut-
back flicked off David de Gea, Evans
was powerless to prevent the ball
bouncing off him and into the net.
Chelsea doubled their lead a
minute after the re-start when Mata
met a Fernando Torres cross with a
thunderous volley at the far post and
when Luizs header found the net via
Rio Ferdinands shoulder soon after, a
rout looked on the cards.
But two Rooney penalties, both
converted with power and precision,
within 11 minutes put a different
complexion on proceedings.
Indeed, United were creating
chances at will by the time Petr Cech
denied Rooney a hat-trick, only for
Ryan Giggs (left) to collect the
rebound and cross for Hernandez,
who powered a header past the
Chelsea goalkeeper.
Salvage act
not enough
for Ferguson
CONTINUED FROM PAGE 36
batsmen are going to go out and wow
everyone tomorrow. Our batsmen
have certainly got a point to prove.
Each of the batsmen will have
come up with game plans that differ
from the Abu Dhabi debacle in
the second innings because
that simply wasnt good
enough for a Test team,
not to be able to chase
that total against any-
one.
Younus and Ali bat-
ted superbly. But it may
be the worst thing they
could possibly do, because
they may have shown us how
to bat against the spinners on this
pitch.
Swann also reserved praise for his
spin twin Panesar (inset), who, after a
two-and-a-half year Test exile, has pro-
vided the highlight of the tour from
an English perspective with a tri-
umphant return that will see him
end the series as his sides leading
wicket-taker with 14 from just two
Tests.
People were very quick to jump on
Montys back a couple of years ago
when he was left out, he added. But
hes remained a very fine
bowler and hes bowled
exceptionally well in the
two games hes played
over here.
Even if Panesars
heroics with the ball
prove to be pivotal in a
matchwinning effort,
Swann admits England
should be heading into the
fourth day in a position to win
the series rather than record a victo-
ry in a dead rubber.
This game should be the decider,
Swann added.
If it wasnt for two hours of
absolute madness in Abu Dhabi it
would be. We have to salvage some-
thing from this series.
NEWCASTLE striker Papiss
Demba Cisse (right)
enjoyed a debut to remem-
ber as his wonder goal
secured his side a 2-1 victo-
ry over Aston Villa. Demba
Ba fired Newcastle into a
30th minute lead only for
Robbie Keane to equalise
for Villa in first half stop-
page time. But Cisse, a
10m January signing
from Freiburg, endeared
himself to his new fans
with 19 minutes left with a
goal that moved Newcastle
up to fifth in the Premier
League table.
Picture: GETTY
DOUBLE DEMBA | Ba and Cisse move Newcastle up to fifth
BY JAMES GOLDMAN AT STAMFORD BRIDGE
FOOTBALL
3
3
CHELSEA
MANCHESTER UNITED
Man City 24 18 3 3 63 19 57
Man United 24 17 4 3 59 24 55
Tottenham 23 15 4 4 44 25 49
Chelsea 24 12 7 5 44 29 43
TOP FOUR
TEAM PLD W D L F A PTS
Swann pleased spin twin
Panesar proves his worth
Hartley pride as Lancaster
era starts on winning note
ENGLAND hooker Dylan Hartley has
hailed the discipline and character of
an inexperienced side after they over-
came pressure and a hostile environ-
ment to get the Six Nations and the
Stuart Lancaster era off to a winning
start.
Captain Chris Robshaw, winning
only his second cap, and debutants
Owen Farrell, Brad Barritt and Phil
Dowson earned plaudits as England
fought back to defeat Scotland 13-6 at
Murrayfield on Saturday night. It was
not pretty but the result was just the
start that interim head coach
Lancaster had hoped for, and bore out
his pre-match emphasis on forging
unity among a new-look squad.
Hartley said: People talk about
experience. Experienced teams dont
give away penalties; we had a lack of
experience and our discipline was
superb. Defence is an attitude and it
sure as hell came through. It shows
great character in the side.
England regroup today with two
changes to the squad, including the
return of fit-again fly-half Toby Flood,
ahead of Saturdays trip to face Italy
in Rome. Harlequins Karl Dickson
replaces his brother Lee, who broke a
hand bone in the Calcutta Cup win.
ENGLAND must climb a mountain
if they are to avoid a humiliating
whitewash in the third Test against
Pakistan today, according to spinner
Graeme Swann.
Set 324 to win a target which
would have been substantially larger
had Monty Panesar not returned fig-
ures of 5-124 as the hosts lost their
last seven wickets for 34 runs
England reached 36-0 at the close to
offer them hope of ending a forget-
table series on a high.
Further encouragement could be
sought from the mammoth third-
wicket partnership of 216 between
Younus Khan (127) and Azhar Ali (157)
which suggested conditions are not as
hostile as the other scores in this
match would indicate.
But Englands neurosis against
spin, which has been largely responsi-
ble for them posting five consecutive
sub-200 scores, means they cannot
approach the task of reaching their
highest total of the series with any
justifiable confidence.
On current form, its an absolute
mountain to climb, said Swann. But
I think were due a decent score in
this series. Im forever the optimist
and Id like to think a couple of the
CONTINUED ON PAGE 35
Climb mountain or face a
whitewash, warns Swann
Sport
ROBSHAW REMINDS
ME OF DALLAGLIO
WORLD CUP WINNER
LEWSEYS VERDICT: P34
BY FRANK DALLERES
RUGBY UNION
France 1 1 0 0 30 12 2
England 1 1 0 0 13 6 2
Wales 1 1 0 0 23 21 2
Ireland 1 0 0 1 21 23 0
Scotland 1 0 0 1 6 13 0
Italy 1 0 0 1 12 30 0
SIX NATIONS
TEAM P W D L F A PTS
BY JAMES GOLDMAN
CRICKET
CHELSEA manager Andre Villas-Boas

admitted he was baffled by the per-
formance of referee Howard Webb
after two contentious penalty deci-
sions helped Manchester United
retrieve a three-goal deficit and keep
their Premier League title hopes alive.
The Blues led 3-0 just six minutes
into the second half courtesy of a
Jonny Evans own goal, an explosive
Juan Mata volley and David Luizs
deflected header. But two successful
penalty conversions from Wayne
Rooney and a typical poachers effort
from Javier Hernandez saw United
stage a miraculous recovery.
Villas-Boas, however, claimed Webb
was the catalyst for the visitors come-
back and took particular issue with
the award of the second spot kick
which followed a foul by Branislav
Ivanovic on Danny Welbeck.
I dont know if Howard was com-
pensating for anything from the first
half, said Villas-Boas after Webb
failed to spot Gary Cahills trip on
Welbeck in the opening period, which
could have resulted in a red card for
the England defender on his debut.
But the second penalty is a wrong
decision. It is very, very dubious.
We expect top referees in top
games and at the moment it hasnt
been happening for us. There were
some strange decisions today.
FULL MATCH REPORT: PAGE 35
AVB blasts
referee after
United stage
comeback
ENGLAND head coach Fabio Capello
last night declared war on his pay-
masters, the Football Association,
over their decision to strip John Terry
of the captaincy because of his ongo-
ing trial for alleged racial abuse.
In an extraordinary public out-
burst that reveals the divisions within
the games powerbrokers over a high-
ly sensitive issue, Capello said he
did not support the FAs move
and openly criticised the
intervention.
Asked whether he
agreed with the FAs deci-
sion, Capello said:
Absolutely not. I spoke
with the chairman and I
told him that I dont think
someone can be punished
until it becomes official. I
thought it fair that John Terry
keeps the captains armband.
Speaking on Italian television,
Capello added it was going to be civil
justice, not sports justice, to decide if
John Terry committed that crime.
Capellos open disapproval of the
FAs stance puts him squarely at odds
with the governing bodys chairman
David Bernstein, who led the move to
take the armband away from Terry
while the allegations hover over him.
The FA acted on Friday following
board-level discussions, after Chelsea
skipper Terrys trial was adjourned
until July, meaning he stood to cap-
tain England at this summers
European Championships.
Terry is accused of committing a
racially aggravated public order
offence towards QPRs Anton
Ferdinand in a Premier League match
in October. He denies the charge and
has entered a not guilty plea.
The FA did not block Terrys cap-
taincy or call-up to the squad for
the November friendlies
against Sweden and Spain
and Capello made clear
his wish to pick the 31-
year-old. But his waging
of a public fight just
months before a major
championship means
the remainder of his 6m-
a-year contract, which
expires after Euro 2012, looks
set to be fraught.
Ferdinands brother Rio, who has
ruled out replacing Terry as captain,
was verbally targeted by a minority of
fans during yesterdays draw between
Manchester United and Chelsea.
The United defender was relentless-
ly booed while songs insulting his
brother were aimed at him at
Stamford Bridge. Chelsea manager
Andre Villas-Boas played down the
jeers, saying: Its a normal situation
in the Premier League to boo a rival. Torres and his Chelsea team-mates let a three-goal lead slip Picture: GETTY
Capello war
with England
chiefs over
Terry snub
BY FRANK DALLERES
FOOTBALL
BY JAMES GOLDMAN AT STAMFORD BRIDGE
FOOTBALL
3
3
CHELSEA
MANCHESTER UNITED
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