BUSINESS WITH PERSONALITY

Boris warns
of fuel strike
emergency
BORIS Johnson has warned the
government is not taking the
escalating fuel crisis seriously
enough, City A.M. has learned, and
has instructed London officials to
start planning for an emergency.
In a letter to communities
secretary Eric Pickles, seen by City
A.M., the Mayor of London said the
UK was facing a potential fuel
emergency but that the
government was still treating the
situation as normal.
It is clear that the circumstances
of Level 2 (Potential Fuel Emergency)
have been reached and yet we are
still at Level One (Situation Normal),
Johnson wrote, referring to the
National Emergency Plan for Fuel.
Yesterday, the Mayor called a
meeting of senior representatives
from the Metropolitan Police, the
London Fire Brigade and Transport
for London (TFL), to plan how to
deal with potential tanker strikes.
City A.M. understands that City
Hall has secured enough fuel to
keep core services such as the
police, TFL and the fire brigade in
operation for at least two weeks if
supplies dry up but non-essential
services such as black taxis and
Dial-a-Ride buses are at risk.
The Mayor, who sent a copy of
the letter to home secretary
Theresa May as well as other senior
cabinet ministers, warned there
would need to be appropriate
policing of picket lines to keep fuel
depots open and said the Met was
prepared to help other forces so
that supply can be maintained.
PETROL PANIC QUEUES: Page 3
BRITAINS nuclear strategy has been
left in tatters after German utilities
E.ON and RWE suddenly ditched
their 15bn plans to build two new
reactors.
The firms blamed significant ongo-
ing costs for shelving their scheme,
which had been due to supply more
than a quarter of Britains new
nuclear energy by 2025. The news will
fuel fresh fears that the UK is facing
an energy crisis and will be unable to
meet the demands of its population
and businesses in a few years time.
The Horizon joint venture and its
sites in Anglesey and Gloucestershire
will now be sold, though experts said
there are few obvious buyers.
Investec analyst Angelos Anastasiou
said: EDF and Centrica already have
the prime sites and GDF and
Iberdrola are probably exposed
enough. A lot more needs to be
done.
European firms have been held back
by the downturn and moves by
German and French politicians to
phase out reactors.
The future of nuclear power has
looked shaky since last years melt-
downs at Fukushima which, coupled
with the coalitions wavering stance
on nuclear and a tough funding mar-
ket, has made investing in new builds
in Britain an even riskier prospect.
While the government wants to use
nuclear power to help replace ageing
fossil fuel plants, the Lib Dems have
pushed for new builds to be cut off
from public subsidy.
Energy minister Charles Hendry
said yesterday the withdrawal is
clearly very disappointing, but the
UKs new nuclear programme is far
more than one consortia and there
remains considerable interest.
Centrica and EDF repeated their
commitment to UK nuclear, saying
they will make a decision on a new
plant at Hinkley Point by year end.
The coalition will reveal its plans to
reform the energy market, which is
expected to lay out priorities for renew-
able energy, later this year.
Jeremy Nicholson of the Energy
Intensive Users Group said it remains
to be seen whether the overhaul is
going to be enough to persuade compa-
nies to commit to substantial capital
investment over the coming decades.
FTSE 100 5,742.03 -66.96 DOW 13,145.66 +19.45 NASDAQ3,095.36 -9.60 /$ 1.59 unc / 1.20 +0.01 /$ 1.33 unc
ISSUE 1,603 FRIDAY 30 MARCH 2012
WHY CO-OPS
WONT CURE
THE ECONOMY
www.cityam.com
Pages 21-32 Page 9
EXCLUSIVE
BY DAVID CROW
BY MARION DAKERS
LAST RITES FOR
NUCLEAR POWER
A grim view for nuclear near Sellafield, the site of the UKs oldest nuclear power station
FREE
Certified Distribution
30/01/2012 till 26/02/2012 is 98,573
ALLISTER HEATH: Page 2

HOW TO DRESS LIKE
OZWALD BOATENG
12 PAGES OF RAZOR-SHARP SUITS INSIDE
THE FORUM: Page 35


allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
Fraud costs UK 73bn a year
nThe cost of fraud to the UK
economy will hit 73bn a year in 2012,
according to a report from a
watchdog. The National Fraud
Authority estimates that every UK
adult will be 1,441 worse off because
of fraud. Fraud in the private sector
accounts for more than half the total
with estimated losses of 45.5bn. The
public sector will shoulder 20.3bn
while individuals will be defrauded
out of 6.1bn, according to the
reports findings. From large
businesses and high street retailers to
pensioners in their own homes, we are
all at risk of becoming victims of
fraud. It is often a hidden crime but it
can have devastating consequences,
said the organisations chief executive
Stephen Harrison.
Lords reject EU transaction tax
nBritain must veto European Union
plans to tax financial transactions as
they are flawed and would likely
prompt banks to relocate, according
to a house of Lords report due to be
published today. The bloc's executive
European Commission has proposed a
tax on derivative, stock and bond
trades to raise up to 57bn from 2014
to make banks pay for economic
damage from the financial crisis. Much
of the money would be collected in
London, the EUs biggest financial
centre, but the report from the House
of Lords said such a tax would not
meet its stated objectives. There is a
significant likelihood that financial
institutions will relocate outside the
EU in order to avoid the tax, the
report said.
G
E
T
T
Y
Economists reject OECDs
gloomy GDP predictions
THE UK is now in recession with
January to March set to mark a sec-
ond quarter of economic contrac-
tion for the UK, the influential
OECD group predicted yesterday, as
a survey out today revealed con-
sumer confidence fell again in
March.
However other economists cast
doubt on the OECDs gloomy claim,
pointing to healthy business survey
data in recent months and the
strong service sector data published
yesterday by the Office for National
Statistics (ONS).
The OECD believes UK economic
output shrank 0.1 per cent in the
first quarter of 2012, following the
0.3 per cent decline in the final
three months of 2012, taking the
country into a technical recession.
It also warned the global outlook
remains fragile, with the French
and Italian economies also expect-
ed to contract in the first quarter.
Consumer confidence in the UK
deteriorated further in March, a
study from GfK revealed today, as
respondents became increasingly
pessimistic about the general eco-
nomic outlook and their personal
finances.
However, services output rose 0.2
per cent higher in January, accord-
ing to the ONS, leading economists
EUROZONE finance ministers will
today increase the size of their
bond bailout fund in a bid to
reassure markets that investments
in the region are secure.
A draft agreement, prepared for
todays meeting in Copenhagen,
reveals a plan to boost the
European Financial Stability Fund
(EFSF) safety net to 700bn and
pledge an extra 240bn if required
that could be used until mid-
2013 raising their combined
firepower to a potential 940bn
from 500bn.
The move marks a concession by
Germany which has been
reluctant to pledge more money
for Eurozone bailouts but falls
far short of the 1 trillion firewall
that international leaders have
been calling for.
The draft statement said that if
any new bailouts were to be
necessary from July they would be
handled, as a rule, by the
permanent European Stability
Mechanism (ESM) which can lend
up to 500bn to Eurozone
governments cut off from
markets. Its precursor, the
temporary European Financial
Stability Facility (EFSF), which can
lend up to 440bn, would only
service the three bailouts it is
already committed to Greece,
Ireland and Portugal.
Eurozone ups
bailout fund in
bid to reassure
George Osborne defended his economic plans after the OECD said the UK is in recession
2
NEWS
BY KATIE HOPE
BY TIM WALLACE
To contact the newsdesk email news@cityam.com
W
HAT a shambles. The police
and fire services are shutting
petrol stations to prevent
riots in parts of the country;
Stansteds baggage controllers are
striking over Easter; Britains nuclear
energy programme is in chaos after
E.ON and Npower ditched plans to
build new reactors, fuelling fears the
lights could go out in a decades time;
and to add to the gloom, the OECD is
warning rightly or wrongly that
the UK is back in a technical
recession. The government is in the
midst of its very own Spring of
Discontent, much of it self-inflicted.
It has failed to show the unions that
it is in charge; its weakness is now
being repaid. It has failed to properly
prepare for the fuel strike: as Boris
Johnsons letter to the government
(revealed on page 1) rightly points out,
for all the bluster about jerry cans,
EDITORS
LETTER
ALLISTER HEATH
An incompetent government hit by a Spring of Discontent
FRIDAY 30 MARCH 2012
the authorities are still not treating
this as a proper emergency. The real
scandal is how ministers fuelled the
panic to try and divert attention from
its hike in Vat on pies and other blun-
ders. Its response to the planned fuel
strike is reminiscent of its disastrous
early response to Londons shameful
riots last year but back then, at least
David Cameron eventually regained
control, albeit belatedly. But where is
the leadership today?
The nuclear fiasco was wholly pre-
dictable: the Lib Dem part of the coali-
tion hates nuclear energy. But taken
so soon after the coalitions planning
shake-up turned out to be a useless
damp squib, it is clear the supply-side
agenda which George Osborne prom-
ised would kick-start the economy
will never materialise. The growth
agenda is not dead the cuts to corpo-
ration tax and, eventually, to the top
rate of tax will help but it is all a
case of too little, too late. The mes-
sages also remain confused.
Psychologically and politically, a
technical double-dip would be a disas-
ter for Osborne (even though the dif-
ference between growth of 0.1 or -0.1
per cent is well within the margin of
error, especially in the UK, where stat-
isticians inevitably push through
massive rewrites to economic history
for many years after the original esti-
mates are released). Osborne will be
in 2004-07. Some of this can be
explained by a more rational
approach to risk, but the majority is
due to the regulatory changes signed
off by this government. Banks have to
hold much more capital against loans
made to small businesses, which the
regulators (and credit rating agencies)
deem riskier. Credit easing will
absurdly serve as a government
scheme to partly undo another gov-
ernment scheme but it will merely
cut borrowing costs a little.
Wherever one looks, it is all a giant
mess. Ministers and advisers lack
managerial ability and in some cases
basic competence. David Cameron
urgently needs to reshuffle his gov-
ernment and bring in some fresh
blood before it is too late.
blamed for the wrong reasons: in real-
ity, the only thing he is doing right is
reducing the deficit and cutting some
marginal tax rates. He has increased
other tax rates, failed to deregulate
and messed up on monetary and
financial policy. Inflation has been
too high and the supposed positive
effects of ultra-loose monetary policy
are being cancelled out by a tighten-
ing caused by new bank regulations.
Standard variable rates on mort-
gages have shot up, as banks must
now borrow longer-term (and thus at
higher rates) from depositors and as a
result of higher capital requirements.
Interest rates on bank loans of less
than 1m to non-financial companies
rose to 3.92 per cent in February,
according to Citigroups analysis. This
is 3.42 per cent above the Bank Rate,
the highest spread since data began
in 2004, having averaged 1.67 per cent
to question the OECDs forecast. As the
sector accounts for 76 per cent of the
economy, even modest growth could
push GDP into positive territory.
The OECDs forecast for the UK
looks unnecessarily gloomy, said
economist Andrew Goodwin from
the Ernst and Young Item Club.
Having reached a low point in the
autumn, most of the business surveys
and official monthly series data have
picked up nicely, culminating in this
mornings index of services. The data
appears to be consistent with GDP
growth of 0.3 to 0.4 per cent in the
first quarter, a long way from the
recession forecast by the OECD.
Chancellor George Osbornes eco-
nomic strategy has come under fire
from his Labour opposition, who
argue he is cutting spending and rais-
ing taxes too far and too fast.
However the Treasury also pointed
to healthy survey data and argued
independent forecasters like
Goldman Sachs and the Office for
Budget Responsibility expect the
economy to grow again in the first
three months of the year.
ECONOMICS: Page 11

Kwok bros arrested by HK watchdog
The billionaire brothers who run Hong
Kongs largest property company were
arrested yesterday in connection with a
corruption investigation that has stunned
the territorys tight-knit business
community.
Harsh M&A landscape hits banks
Investment banks face the prospect of
another disappointing year as companies
put off dealmaking, depressing fees for the
first quarter of 2012 to their lowest level for
three years.
Osborne takes on Labour on spending
George Osborne will challenge Labour to
match a detailed co alition programme of
cuts stretching into the middle of the next
parliament in an attempt to finish the job
of eliminating the structural budget deficit
by 2017.
Dalio tops hedge fund pay list
Ray Dalio head of Bridgewater, the worlds
largest hedge fund personally made
$3.9bn in a year that his $70bn Pure Alpha
fund produced $13.8bn of investment profits
for its investors, according to industry
rankings. He tops a list published today by
Absolute Return magazine.
Reality catches up with property star
A tough-talking former interrogator on The
Apprentice who made millions in property
before the recession has been made
bankrupt. Paul Kemsley was one of the best-
known figures in London property circles.
Court blunders blamed on prosecutors
Errors by Crown prosecutors are leading to
about 63,000 criminal cases a year across
England and Wales being wrongly dropped
or unjustifiably brought to trial, inspectors
found. It is estimated that the mistakes are
being made in seven per cent of cases a year.
Germany set to counter ECB
Germany is preparing a raft of measures to
safeguard its financial system and prevent
excess stimulus from the European Central
Bank leaking into an inflationary credit
boom. Berlin is worried that the ECBs
interest rates are too low for Germany.
Building Society offers charity bond
Newcastle Building Society has united
with the Sir Bobby Robson Foundation to
launch a charity Isa. The new account aims
to net the cancer charity some vital cash
whilst offering competitive rates.
Hungary Wont Cut Rates
The Hungarian central bank doesnt see any
room for a cut of its base interest rate, the
highest in the European Union, until risk
perceptions improve. National Bank deputy
governor Ferenc Karvalits said they must
wait for significant improvement in the
countrys risk perception.
Airbus Undaunted by A350 Delays
Airbus is confident that its new A350
jetliner, now in development, is on schedule
to be launched in 2014 according to Didier
Evrard who is leading the programme.
WHAT THE OTHER PAPERS SAY THIS MORNING
The new jobs website for London professionals
CITYAMCAREERS.com
FRIDAY 30 MARCH 2012
3
NEWS
cityam.com
LA LUNA BABYLON King size leather bedstead
with adjustable headrests.
Was 1,429 Sale Price 995
Mattress optional extra.
londonbedcompany.com
Treasury: we were unprepared
to deal with the financial crisis
THE TREASURY was severely
unprepared and ill-equipped to
deal with the financial crisis,
according to a damning internal
report it published yesterday.
The core government
department was too reliant on
inexperienced staff who had an
average age of 32 and appeared to
be working under the assumption
that a financial crash was not a
threat, it said. An inability to deal
with failing banks was recognised
BY JULIAN HARRIS
by the Treasury, but was not
followed up vigorously as the risk
of major financial instability was
deemed to be low.
A standing committee working
under the tripartite of the
Treasury, the Bank of England and
the Financial Services Authority
(FSA) identified the absence of a
legislative framework to resolve
failing banks as early as 2005, the
internal Treasury report states.
Remedying this was not deemed
to be a priority by the Treasury in
the context of the benign financial
climate. A systemic crisis was
judged to be highly improbable.
The report added that the Bank
of England responded more slowly
to the crash than the Treasury.
Threadneedle Street officials are
accustomed to working in a more
hierarchical structure, it said.
Relationships between the Bank,
the Treasury and the FSA were
sometimes more strained at senior
levels, the report revealed.
The FSA has conducted a similar
self examination following the crisis,
but the Bank of England has not.
PASSENGERS using Stansted
airport may face travel chaos over
the Easter period after baggage
handlers voted to press ahead with
strike action next weekend.
Around 150 employees of
Swissport who provide luggage
services to airlines including
Ryanair, Monarch and Thomas
Cook are set to strike for four
hours on Good Friday, Easter
Sunday and Easter Monday in a
move that could affect
holidaymakers hoping to get away
over the bank holiday weekend.
Despite this Swissport said the
Stansted baggage handlers set
to strike over Easter weekend
BY JAMES WATERSON
airport will be open as normal and
travellers should not change their
plans.
Workers are in a dispute over
new shift patterns that they claim
could reduce earnings by around
1,000 per year.
Gary Pearce of the GMB union,
said: Up to now the company has
been intent on imposing these
changes without agreement and
this is completely unacceptable as
the vote shows.
Ryanair said that it would
maintain a full service but may
restrict passengers to hand
luggage if necessary.
BLACKBERRY maker Research in
Motion (RIM) last night announced a
25 per cent drop in revenues that
pushed it into the red and signalled
yet another boardroom shakeup.
The firm said it made a $125m
(78m) loss in the fourth quarter, a
result that came in beneath already
low expectations.
Shares in the firm dropped a fur-
ther three per cent to $13.30 in after-
hours trading, having hit $69 as
recently as February 2011.
They clearly have no fix on when
this process will bottom, and until it
really does, its going to be very diffi-
cult for a lot of investors to come
back in, said Eric Jackson, a hedge
fund manager at Ironfire Capital.
RIM shipped 11.1m smartphones in
the three months to March, down 21
per cent on the third quarter.
Sales of its PlayBook tablet remain
moribund and despite heavy dis-
counts only 500,000 units were sold
in the same period.
RIM in freefall
as BlackBerry
profits crumble
BY JAMES WATERSON
The Canadian firm has been
gripped by boardroom chaos for the
last two years and yesterday it
announced that the companys co-
founder and former co-CEO Jim
Balsillie had resigned from the board.
Chief technology officer David Yach
and chief operating officer Jim
Rowan have also stepped down.
RIM says it intends to focus on its
business customers and dropped all
specific financial guidance for future
quarters, saying only it expects con-
tinued pressure on revenue and earn-
ings throughout fiscal 2013.
THE GOVERNMENT was accused of
being totally irresponsible
yesterday, after its response to the
threatened strike by tanker drivers
stoked a run on petrol supplies.
Although 2,000 truckers have voted to
strike for better pay and conditions no
dates for any action have yet been set
and they must give seven days notice
before any walkout.
But last night pumps across the coun-
try were running dry after motorists
formed long queues to snap up fuel.
Brian Madderson of station retailer
group RMI Petrol accused cabinet min-
ister Francis Maude of encouraging the
panic buying by suggesting that filling
up a jerry can with fuel would be a
sensible precaution.
Research In Motion Ltd
13.69
29Mar
26Mar 23Mar 27Mar 28Mar 29Mar
14.10
13.90
13.70
13.50
CAD
Motorists in Christchurch, Dorset, queue to buy fuel after the government advised drivers to keep their petrol tank filled up
BY JAMES WATERSON
Government accused over fuel fear
Financial Services Authority,
which is believed to want reassur-
ances that the expanded bank
which would be Britains seventh-
largest would have enough capi-
tal, sufficient board experience
and adequate systems to cope.
Marks rejected claims that there
were concerns over the Co-ops
corporate governance or funding
model, saying we know how to
run a bank but admitted the
group has still to convince the
FSA.
I cannot predict right now
whether we will get to the end on
this. There are a number of regula-
tory and economic issues that we
have to be clear about, before we
make a transaction.
Later Marks took to the air-
waves to contrast the record of
the Co-op with its banking rivals,
telling the BBC: We have been
A NUMBER of City firms face fines
from the Financial Services
Authority (FSA) for failing to
sufficiently tighten their safeguards
against bribery and corruption.
The regulator yesterday warned
that nearly half of the banks it
visited failed to mitigate their risks
adequately and it is considering
further action against certain
firms.
It carried out spot checks on 15
institutions, including eight global
investment banks, following last
years introduction of the Bribery
Act, which included an offence of
failure to prevent bribery.
Tracey McDermott, acting director
of enforcement and financial crime,
said: It is imperative that firms have
adequate arrangements to control
the risks of financial crime The
investment banking sector has been
too slow and too reactive in
managing bribery and corruption
risks.
Only two firms visited had either
started or carried out specific anti-
bribery and corruption audits.
FSA warns City
over failure on
bribery control
BY PETER EDWARDS
SHARES in 3i jumped almost three
per cent yesterday on hopes of a
more aggressive strategy after
Michael Queen announced he would
stand down as chief executive.
The stock closed 5.7p higher as ana-
lysts said fresh blood could be
good for 3i, Britains oldest private
equity firm and the owner of stakes
in architecture firm Foster +
Partners and lingerie chain Agent
Provocateur.
Queen, who in total has spent near-
ly 25 years at the firm, said: After a
difficult period 3i is now well placed
to achieve its full potential. Having
restored 3is financial strength the
time is right for me to seek a new
challenge.
Queen, 50, had resisted pressure
for a share buyback and was criti-
cised for the poor performance of
the group, which posted a total neg-
ative return of 523m for the six
months to 30 September 2011.
In his three years at the top, howev-
er, he also tackled the firms high
debt burden, shook up the structur-
ing of deal terms and pushed the
move to a broader asset manage-
BY PETER EDWARDS
ment model. The former finance
chief who yesterday said overall
market conditions had improved
since January is expected to seek
one more major job in the public or
private sector.
The search for Queens replace-
ment has already begun, with chief
investment officer Simon Borrows
emerging as the main internal candi-
date.
Stephen Peters, an analyst at
Charles Stanley, said: Some fresh
blood, with fresh ideas should be
good for this company. From here it
could go either way it could be
taken out, it might be subject to a
series of corporate actions or they
might turn it around.
M
I
C
H
A

T
H
E
I
N
E
R
/
C
I
T
Y

A
M
SMALL company broker Arden
Partners has received a 9m bid
approach from a former director,
as tough market conditions spur
consolidation among many of the
UKs smaller investment banks.
Arden said former non-executive
director Grahame Whateley had
made a preliminary cash offer of
37p per share for Arden, represent-
ing a one-pence premium to the
companys last closing share price.
Whateley, who has a private busi-
ness empire, was one of the origi-
nal founders of Arden and is said
to be close to chief executive
Jonathan Keeling. He is keen on
horseracing and skiing, while his
wife is a racing horse owner.
Arden said that while trading in
the first four months of its finan-
cial year had been satisfactory, it
had an uncertain outlook for the
second-half of the year.
The bid to take the group private
comes as the smaller company
advisory sector undergoes massive
structural change, with firms
merging or closing. Lord Flight
chairs the group.
Arden gets offer to go private
BY DAVID HELLIER
THE hiring of Greenhill & Co
chairman Simon Borrows in July
was seen as a coup for 3i. Now,
less than nine months later, the
City rainmaker could be on the
verge of taking over from
Michael Queen.
Borrows, currently 3is chief
investment officer, has advised
some of Britains biggest
companies, including G4S, Tesco,
Informa, Inchcape and National
Express, during a long career.
Yesterday analysts at Numis
wrote: The market had lost
confidence in Queens ability to
successfully implement 3is new
strategy, and a change was clearly
required... We believe CIO Simon
Borrows will play a role in the
future strategy of the company.
Borrows is a key donor to the
National Theatre, where he sits
on an advisory board.
BY PETER EDWARDS
FRIDAY 30 MARCH 2012
5
NEWS
cityam.com
THE chief executive of the Co-oper-
ative Group has admitted its
planned takeover of 632 Lloyds
branches could collapse, but
launched a fierce defence of the
mutuals ability to run a bank.
Peter Marks said the Co-op will
decide in weeks rather than
months whether to go ahead
with the 1bn-1.5bn deal but
declined to say if its preferred bid-
der status was subject to a
timetable.
Marks also said he had a chief
executive for the finan-
cial services arm wait-
ing in the wings,
having failed in an
audacious attempt to
poach Gary
Hoffman, the head of
bank buyout vehicle
NBNK, earlier this year.
The Co-op is fac-
ing pressure
from the
BY PETER EDWARDS
Queens reign over
after 25 years at 3i
3i Group PLC
209.70
29Mar
26Mar 23Mar 27Mar 28Mar 29Mar
215.0
212.5
210.0
207.5
205.0
p
IRISH financial services group IFG
has sold its international division
to private equity fund manager
AnaCap for 70m. The division,
which offers trustee and
corporate services in countries
including Jersey, Cyprus and
Switzerland, has gross assets of
64m and represented 8m of
IFGs 2011 adjusted operating
profit of 22.6m. IFG will hold an
extraordinary general meeting to
approve the deal.
BY HARRY BANKS
We know how to run
a bank, Marks inisted.
running a bank for over 100 years.
It is an ethical bank with social
responsibility at its core. It is also
commercially successful. During
the 2008 financial crisis, when the
major banks were collapsing ... we
sailed serenely through.
He was speaking as the Co-op
group, which spans food, pharma-
cies, travel and funeral care, post-
ed a 5.8 per cent fall in pre-tax
profits to 373m for 2011. Sales
rose one per cent to 13.3bn.
New bank venture NBNK, run by
former Northern Rock chief exec-
utive Gary Hoffman, is expected
to return to Lloyds with a sweet-
ened offer for the branches if the
Co-op deal falls apart.
European regulators have
ordered Lloyds to sell the branches
as part of the companys state
bailout in 2008, which left Britain
with a 41 per cent stake in Lloyds
after it pumped around 20bn
into the bank.
Co-op chief concedes
Lloyds deal is in doubt
BOTTOM LINE: Page 9

City rainmaker with taste for
drama could be leading man
AnaCap snaps up
IFG arm for 70m
PROFILE: SIMON BORROWS
G
E
T
T
Y
MATTHEW Ponsonby, co-head of mergers
and acquisitions for Europe, the Middle East
and Africa is one of the key players on the
team advising International Power (IP).
The bank hired Ponsonby in 2009 to set up
an M&A team in Europe, and he has since led
a team advising car rental company Avis
Europe on its recommended cash acquisi-
tion by US counterpart Avis Budget. He and
his colleagues also advised George Soros on
the sale of APR Energy, in which the billion-
aire philanthropist is a shareholder, to
acquisition vehicle Horizon. On the
International Power deal Ponsonby is work-
ing with some of the banks other M&A
experts, Alisdair Gayne, Richard Taylor and
Iain Smedley. Smedley, formerly of Nomura,
was hired to run utilities investment bank-
ing in Europe.
Gayne is head of UK corporate broking and
joined from Morgan Stanley where he was a
managing director. Morgan Stanley is the
joint broker to International Power with a
team made up of Simon Smith, Chris Thiele,
Laurence Hopkins and Paul Baker.
GDF Suez is being advised by Rothschild,
with Richard Murley and Stuart Vincent on
the team.
ADVISERS BARCLAYS
MATTHEW
PONSONBY
CO-HEAD M&A
THE European Parliament
yesterday voted in favour of new
legislation that will force some
over-the-counter (OTC)
derivatives to be traded through
clearinghouses.
The rules are designed to make
Europes derivatives market
valued at over 300 trillion last
year more transparent, and will
mean EU regulators can dictate
which derivatives must be
centrally cleared.
Europe approves
derivatives rules
BY ELIZABETH FOURNIER
LIONTRUST Asset Management has
seen its assets rise 13 per cent so far
this year, boosted by further client
inflows and buoyant markets.
The firm yesterday posted net
positive inflows of 72m since the
end of 2011, as sales of funds to
retail investors outweighed
outflows from institutional and
offshore funds. The results reflect
Liontrusts continuing recovery
from the loss of star managers
Jeremy Lang and William Pattisson.
BY HARRY BANKS
6
NEWS
cityam.com
FRENCH energy giant GDF Suez yes-
terday made a $9.5bn (5.9bn) offer
for the 30 per cent of International
Power that it does not already own.
The non binding offer is at 390p a
share for the FTSE 100-listed UK firm.
GDF Suez is now required by market
regulations to either announce a firm
intention to make an offer for
International Power or officially walk
away.
International Power, which is
already 70 per cent owned by the util-
ity company, saw its shares soar more
than five per cent on the news. The
approach values International Power,
including the shares already held by
GDF, at 19.9bn.
The move on International Power
follows speculation in recent months
that the French utility was set to table
an offer for the remaining shares
Analysts have said GDF Suez could
buy out the outstanding 30 per cent
earlier with the agreement of
International Powers independent
non-executive directors.
GDF in $9.5bn
International
Power swoop
BY JOHN DUNNE
The proposal is subject to certain
pre-conditions and there can be no cer-
tainty that an offer will ultimately be
forthcoming, International Power
said in a statement.
GDF said the move is supported by
the two largest shareholders of GDF
Suez, the French state, which owns 36
per cent, and the Belgian investor
Albert Freres holding Groupe Albert
Frere, which owns 5.2 per cent.
GDF is in the middle of a string of
disposals worth 10m.
International Power listed on the
London Stock Exchange in 2000 and
GDF Suez became the majority share-
holder in May last year.
International Power PLC
405.00
29Mar
26Mar 23Mar 27Mar 28Mar 29Mar
400
390
380
370
p
GDF Suez, led by Grard Mestrallet, already
owns 70 per cent of International Power
Liontrust boosted
as assets jump 13pc
Call 0800 781 7975 or visit carphonewarehouse.com
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THIRTEEN companies are vying to
take on more rail routes in the UK,
the Department for Transport
revealed yesterday.
Rail minister Theresa Villiers wel-
comed the strong interest in the
three franchises up for grabs the
Great Western line between
Penzance and Paddington, the Essex
Thameside route and Londons
Thameslink services.
This is part of the biggest route re-
franchising since the network was
privatised in the 1980s, she added.
All the selected firms have experi-
ence in running UK trains. First
Group, which currently runs Great
Western trains but turned down an
extension to its franchise last year
in a tactical move to win longer
contracts, is in the running to take
on all three routes.
The company, which yesterday
forecast an 8.3 per cent rise in rail
passenger revenues in the coming
year despite an overall warning
BY MARION DAKERS
about its margins, said it is well-
placed to build on our position in
the UK rail market.
Go-Ahead has been shortlisted for
the Thameslink franchise, but said it
will seek feedback from the DfT after
failing to make the shortlist for
Essex Thameside, which was former-
ly known as c2c.
Hong Kongs MTR Corporation,
which jointly runs the London
Overground network, has been
picked to submit bids for both
Thameside and Thameslink.
Villiers said the new Great Western
franchise operator will be involved
in improving rail services following
completion of the electrification
and Intercity Express projects, while
the new Thameslink operator will
help oversee the completion of the
Thameslink project.
The rail industry received 3.96bn
in government funds last year, but
none of the three routes being
refranchised received any revenue
support, according to figures from
the Office of Rail Regulation.
P
SST. Dont tell Nick Clegg, but
co-operative is not a byword
for success. Earlier this year,
the deputy prime minister said
he wanted Britain to become a John
Lewis economy, in reference to the
firms employee-owned structure.
Yet there are just two major co-ops
in the UK. John Lewis, the patron
saint of retailers, is indeed a success
story, having outperformed its high
street rivals last year. The other is
the aptly named Co-operative Group.
And it isnt doing very well at all.
Yesterday, its chief executive, Peter
Marks, was forced to admit that his
attempt to buy 600 or so Lloyds
branches was in trouble. It was
BOTTOM
LINE
DAVID CROW
FRIDAY 30 MARCH 2012
9
NEWS
cityam.com
FIRSTGROUPS shares plunged 14
per cent yesterday as the transport
operator warned it would cut
margins by over a third in its UK
bus division next year.
In a pre-close trading update, the
Aberdeen-based group said
increased fuel costs, the growing
north-south divide and the impact
of reduced government subsidies
and funding to the industry would
drive operating margins down to
eight per cent next financial year,
from 13 per cent in 2010-2011.
Despite an expected passenger
revenue growth of 1.5 per cent this
year in its UK bus division,
FirstGroup said Scotland and the
North East of England which
account for 60 per cent of its UK
bus revenues are dragging the
firm down. But things are looking
up in the UK rail division, which
should see a passenger revenue
boost of 8.3 per cent this year.
FirstGroup bus
margins to fall
BY LAUREN DAVIDSON
Maybe the co-operative model isnt so good after all
hoped that the branch sales, which
are being made to satisfy European
state aid rules, would create a bank
just about big enough to take on the
big guns: HSBC, Barclays, Lloyds and
Santander.
For Liberal Democrat ministers,
the fact that the branches were
going to a co-op was the icing on the
cake. Of course, only the worst kind
of cynic would suspect the
government, which owns most of
Lloyds, played any part in making
sure the Co-operative was the
preferred bidder.
The groups attempts to buy the
branches have been troubled from
the get go. The banking divisions
well-respected boss, Neville
Richardson, quit last summer,
largely because he disagreed with
the bid, and the group has been
unable to find a replacement since.
Yesterday, Marks said there was an
executive, as yet unnamed, waiting
in the wings to take the role if the
deal goes through. If that was
meant to inspire confidence, it
failed miserably.
Discussions with the FSA over a
number of regulatory and economic
issues are also dragging on for far
longer than they should be. The
initial completion deadline at the
end of this month will be missed
and it now looks as though this is
the beginning of the end for the
deal. NBNK, the banking buyout
venture run by former Lloyds of
London chair Lord Levene, is waiting
in the wings.
The Co-operatives worries arent
confined to banking. Its
supermarket business is performing
abysmally following a poorly-
executed takeover of Somerfield,
providing proof that merging two
mediocre players rarely creates a
better one. Sales in the division
were down by a staggering 21 per
cent last year. If one of the listed
supermarket groups had put in that
kind of performance, it would have
been curtains for the chief
executive.
All in all, things are in a bit of a
mess over at the Co-op. Liberal
Democrat dreams of a co-operative
challenger bank will likely remain
just that.
Firstgroup PLC
247.40
29Mar
26Mar 23Mar 27Mar 28Mar 29Mar
300
280
260
240
p
British Rail Franchise Bidders
The Bidders (Lines & Punctuality %)
Currently run by:
First Group
Decision due:
December 2012
Great Western
Currently run by:
First Group
Decision due:
May 2013
Thameslink
Currently run by:
National Express
Decision due:
January 2013
Essex Thameside
First Group
ScotRail 84.8%
First Capital Connect 87.7%
Transpenine Express 91.7%
Thameslink n/a
Arriva
Arriva Wales 93.3%
Chiltern Railways n/a
CrossCountry 89.8%
London Overground 97.4%
National Express
Essex Thameside 97.2%
Stagecoach
South Western 88.9%
East Midlands 92.4%
First Group
ScotRail 84.8%
First Capital Connect 87.7%
Transpenine Express 91.7%
Thameslink n/a
Arriva
Arriva Wales 93.3%
Chiltern Railways n/a
CrossCountry 89.8%
London Overground 97.4%
National Express
Essex Thameside 97.2%
Stagecoach
South Western 88.9%
East Midlands 92.4%
NV Nederlandse Spoorwegen
First Group
MTR Corporation
National Express
First Group
NV Nederlandse Spoorwegen
Northern Rail 87.3%
Merseyrail 91.6%
Go Ahead/Keolis
Southeastern 86.7%
Southern 87.7%
London Midland 86%
MTR Corporation
London Overground 97.4%
Stagecoach
CO-OP RESULTS: Page 5

Rail firms line
up to take on
UK franchises
IN BRIEF
Fisher urges capital preparation
nBanks should continue to build up
the amount of collateral they have
pre-approved for use in the Bank of
Englands emergency liquidity
scheme, top official Paul Fisher said
yesterday. He said the Banks discount
window facility now has about 265bn
of collateral pre-approved, enabling
the central bank to inject around
160bn of liquidity. Although not a
substitute for firms building up their
own holdings of high quality liquid
assets to a more satisfactory level,
that represents a very substantial war
chest of potential liquidity in the event
of significant adverse shocks, Fisher
said.
US benefit claims at four year low
nNew US claims for unemployment
benefits fell to a fresh four-year low last
week, according to a government
report published yesterday that
showed ongoing improvement in the
labour market. Initial claims for state
unemployment benefits fell 5,000 to a
seasonally adjusted 359,000, the low-
est level since April 2008. The prior
week's figure was revised up to
364,000 from the previously reported
348,000. The four-week moving aver-
age for new claims, a measure of
labour market trends, declined 3,500
to 365,000. Meanwhile, separate offi-
cial figures confirmed that the US econ-
omy grew at an annualised rate of three
per cent in the fourth quarter of 2011.
G
E
T
T
Y
HOUSE prices fell sharply in March,
data from Nationwide showed yester-
day, as the stamp duty holiday for
first-time buyers came to an end.
Lending figures from the Bank of
England also showed mortgage
approvals plunged in February, sug-
gesting the market has slowed further.
Prices fell one per cent in March, the
first decline in six months, leaving
prices 0.9 per cent below their level in
March 2011 at an average of 163,327.
Over the first quarter as a whole
prices fell 0.1 per cent, though that
varied by region prices fell 0.7 per
cent in London, while the north expe-
rienced the strongest growth at 0.6
per cent, and Wales saw the largest
fall at 3.1 per cent.
A slowdown was to be expected,
given the imminent expiry of the
stamp duty holiday, which had pro-
vided a temporary boost to house
End of relief on
stamp duty hits
UK house prices
BY TIM WALLACE
prices in early 2012 as buyers brought
forward purchases that would other-
wise have taken place later in the year,
said Nationwides Robert Gardner.
The challenging economic back-
drop is likely to continue, with prices
moving sideways or modestly lower
over the next twelve months.
Mortgage approvals plummeted to
an eight-month low of 49,000 in
February, down from 58,000 in
January, the Bank revealed.
Rise in the money supply gives
hope UK is heading for recovery
HEALTHY money supply figures
published yesterday could point to a
modest economic recovery, as
households and non-financial
companies holdings increased in
February.
The non-financial M4 measure of
money supply rose 2.3 per cent in
the six months to February, Bank of
England data showed.
Holdings by financial
corporations fell, but have little
bearing on the real economy.
BY TIM WALLACE
Broad money has picked up in
both nominal and real terms, partly
reflecting QE2 based on this pick-
up, the economy could surprise to
the upside, said Hendersons
Simon Ward. Provisionally, money
trends are signalling economic
improvement but to an unknown
extent a revival in M1 would
strengthen the case for optimism.
That narrow money M1 measure,
including cash and overnight
deposits, fell 0.6 per cent in the six
months to February in part, Ward
said, as a result of banks bidding
more aggressively for longer-term
funding, cutting household funds
held in current accounts.
ANTI-AUSTERITY demonstrators slowed public transport to a crawl and disrupted
factories across Spain yesterday, in a general strike over Prime Minister Mariano Rajoys
sweeping reforms, a day before a new round of budget cuts. Police arrested 58 people,
many of whom were trying to stop workers crossing picket lines to get to their jobs.
SPAIN STRIKES AHEAD OF FRESH AUSTERITY CUTS
FRIDAY 30 MARCH 2012
11
NEWS
cityam.com
Worried shoppers hit
Eurozone economies
FALLING retail sales and weak
consumer confidence figures out
yesterday show the Eurozone
heading for stagnation or further
decline, economists warned.
Euro area sales revenues fell for
the fifth consecutive month in
March, according to Markits retail
purchasing managers index (PMI),
although with a score of 49.1 the
fall was much slower than in
January, when the PMI came in at a
three-year low of 42.9. Any score
BY TIM WALLACE
below 50 represents a contraction.
The European Commissions index
of economic sentiment for the
Eurozone fell to 94.4 in March from
94.5 in February, well below its long-
term average of 100. Given that
consumer spending accounts for
some 63 per cent of GDP on the
expenditure side, this threatens to
limit overall growth prospects, said
IHS Global Insights Howard Archer.
However, Germany remained
relatively strong as unemployment
fell to a 20-year low of 7.2 per cent in
March.
House prices are not expected to rise any time soon
Mar
09
Jun
09
Sep
09
Dec
09
Mar
10
Jun
10
Sep
10
Dec
10
Mar
11
Jun
11
Sep
11
Dec
11
Mar
12
6%
4%
2%
0%
-2%
-4%
-6%
THE M4 MEASURE IS ON THE RISE
REAL M1
REAL
NON-FINANCIAL
M4
2006 2005 2007 2008 2009 2010 2011
8
6
4
2
0
-2
-4
-6
%
IN BRIEF
CWW bid deadline extended
nThe put up or shut up deadline for
parties interested in Cable & Wireless
Worldwide was extended yesterday,
giving Tata Communications and
Vodafone three more weeks to consider
their options. This is the second time
Vodafone, whose deadline was
originally 12 March, has been granted
more time. The companies are thought
to be frustrated by the lack of
information provided by CWW, whose
shares which have gained 70 per cent
since Vodafone said in February it was
considering a bid dropped 1.6 per cent.
Net profits soar at DP World
nDP World, the worlds third-largest
port operator, reported an 82 per cent
rise in 2011 net profit yesterday, boost-
ed by the sale of its Australian opera-
tions. The company made a $683m
(430m) profit last year compared to
$375m in 2010, it said in a statement on
Nasdaq Dubai. Net debt was reduced to
$3.6bn and revenue fell three per cent
to $2.98bn said the company. DP World
warned in October of tough conditions
in 2012, but said it would achieve
growth of more than seven per cent.
Roche sweetens bid for Illumina
nRoche yesterday increased its bid for
US gene sequencing company Illumina
to $6.7bn (4.2bn) in hopes of winning
over shareholders ahead of Illuminas
AGM next month. In a statement yes-
terday Roche, the Swiss drug maker,
said it is now offering $51.00 per share,
up from an initial $44.50 that was dis-
missed by Illumina for being too low.
Its offer expires on 20 April.
G
E
T
T
Y
Priory chief Philip Scott
will consider more deals
Octogenarian News Corp boss Rupert Murdoch took to Twitter to air his thoughts
FRIDAY 30 MARCH 2012
12
NEWS
cityam.com
THE PRIORY care homes operator best
known for its celebrity clientele yes-
terday said it expects to benefit in the
long term from the governments
controversial reforms of the NHS.
Priory Group, bought by private
equity firm Advent International for
925m last year, also said it was con-
sidering acquisitions as well as
expanding existing sites after posting
almost flat like-for-like sales for 2011.
The firm, famous for providing
refuge to pop stars like Pete Doherty
and Robbie Williams, said adjusted
revenue was 455.4m compared to
456.1m in 2010, but earnings
rose 5.56 per cent to 134.9m
towards the top of expectations.
Philip Scott, chief executive,
said Priory should be a winner
from the NHS reforms passed
by Parliament last week but not
immediately.
Priory remains well posi-
Priory expects
healthy return
from NHS bill
BY PETER EDWARDS
tioned to benefit in the longer term
from the commissioning reforms...
However, in light of the short term
uncertainty around the implementa-
tion of these reforms, the group antic-
ipates a degree of ongoing disruption
in the short term and, as a result, con-
ditions in the secure healthcare divi-
sion are likely to remain challenging.
Priorys secure mental health servic-
es arm, which benefits from higher
margins, was hit in the third quarter
by the recall of a greater number of
patients from its hospitals to NHS care
but this slowed in the final three
months and at the start of this year.
Although best-known for its
rehab work, this is only a small
part of the business which
also provides mental
health treatments, care for
children with autism disor-
ders and nursing homes for
elderly people suffering
from dementia.
Priorys largest recent
acquisition was a
325m deal for
Craegmoor Group in
April last year.
AN ANGRY Rupert Murdoch
yesterday declared war against
enemies who have accused his pay-
TV operation of sabotaging its rivals,
denouncing them as toffs and right
wingers stuck in the last century.
Separate reports in British and
Australian media this week said that
News Corps pay-TV smartcard
security unit, NDS, had promoted
piracy attacks on rivals, including in
the US.
NDS and News Corp had already
denied the allegations, but
yesterday the media conglomerate
Rupert Murdoch tweets: News
Corp preparing to hit back hard
BY HARRY BANKS
mounted a concerted fight back as a
corruption scandal that has
plagued its British newspapers
began to encroach on its far more
lucrative pay-TV business.
Seems every competitor and
enemy piling on with lies and libels.
So bad, easy to hit back hard, which
preparing, 81 year old News Corp
chief executive Murdoch tweeted.
Last July, Rupert Murdoch told
MPs: This is the humblest day of my
life. But yesterday he tweeted: Lets
have it on!
Rupert Murdoch joined Twitter
over the new year and has more than
208,500 followers.
CLINTON Cards warned yesterday
that the outlook for the full financial
year was worse than previously
expected as the ailing greeting cards
and gift retailer slumped to a first-half
loss.
The firm, which runs 628 Clinton
Cards stores and 139 Birthdays out-
lets, said its strategic review led by
new chief executive Darcy Wilson-
Rymer was on target for completion
at the end of April.
Wilson-Rymer, a former Starbucks
executive who joined the retailer in
October, faces the formidable task of
turning around the chain, which has
been struggling its way through
tough trading conditions as well as
intense competition from supermar-
kets and via the internet.
The group made a pre-tax loss of
3.7m in the first half of the year to 29
January compared with a profit of
11.7m in the same period last year.
Revenue fell 4.5 per cent to 197.1m,
with sales at stores open more than a
year down 1.1 per cent, while profit
margins fell due to old stock, which
had to be cleared in its January sale.
While like-for-like sales were up 11.8
per cent in the first eight weeks of the
Clinton warns
outlook worse
than it feared
BY KASMIRA JEFFORD
second half, the retailer warned that
this reflected Mothers Day being two
weeks later last year. After adjusting
for the timing of Mothers Day, the
underlying trend is down four per
cent. The outlook for the second half
of the current year is below our previ-
ous expectations but the changes we
are undertaking to the business will
deliver significant benefits in future
years, Wilson-Rymer said.
Clinton is examining the potential
sale or restructuring of its struggling
discount chain Birthdays as part of its
strategic review.
Analysts have questioned the future
of a card retailer in a digital age, while
others added yesterday that the 14p
increase in stamps is likely to hit
Clinton Cards hard.
Trading is broadly as expected and on the whole reassuring. However,
we do feel the risk in the lates market remains high. Also, despite 0.7bn of
restructuring and integration costs over the past four years, margin pro-
gression remains stubbornly slow.
ANALYST VIEWS

TUI Travel posted a strong nish to the winter season and there is evidence
of signicant outperformance in the UK market. We remain condent of our bull
case scenario under which continued growth in differentiated products and
controlled distribution outstrips margin pressure in commodity products.

TUI has reinforced comments made by Thomas Cook yesterday. It con-

rmed that its differentiated product is performing well and added it has outper-
formed the market, that is Thomas Cook, over winter 2011/12. It concludes it
is trading in line with expectations and changes to forecasts are unlikely.

IS TUI TRAVEL ON TRACK

TO KEEP GAINING MARKET
SHARE? Interviews by Kasmira Jefford
NICK BATRAMPEEL HUNT

WYN ELLIS NUMIS

MARK BRUMBY LANGTON CAPITAL

ENGLISH fashion and interiors
designer Laura Ashley said
yesterday it has bought a hotel in
Hertfordshire for 5.8m as the
company shrugged off tough high
street conditions to post a rise in
full year sales.
Our plan is to turn it into a
Laura Ashley boutique hotel that
will showcase our products from
fabrics to wallpapers and
furniture, said chief operating
officer, Sen Anglim, without
disclosing the location of the hotel,
Laura Ashley offers shoppers a
place to stay with a new hotel
BY KASMIRA JEFFORD
which will be opened to Laura
Ashley fans next year.
He was speaking as the retailer
unveiled a 2.6 per cent dip in
profits to 18.8m in the year to 28
January after a strong performance
in the first half was offset by a
more challenging autumn.
Like-for-like sales, however, grew
3.3 per cent driven by the sale of
big ticket items like furniture.
The company, which has 245
franchises worldwide and 211 UK
stores said it was encouraged by a
10.9 per cent rise in like-for-like
sales in 2012s first eight weeks.
FRIDAY 30 MARCH 2012
14
NEWS
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TUI Travel grabs market share
from rivals as bookings improve
TUI TRAVEL said yesterday it was
continuing to steal market share
from its struggling rival Thomas
Cook after an increase in UK
summer holiday bookings helped
offset weakness in France.
The owner of Thomson Holidays
and First Choice said trading to 25
March remains in line with our
expectations, including an
improvement in winter bookings,
which it said with just a few weeks
left until the end of the season,
were 90 per cent booked higher
than last year.
BY KASMIRA JEFFORD
The group also said that almost
half 48 per cent of its summer
holiday programme was booked up,
while the average selling price was
up around eight per cent.
Summer 2012 volumes have
improved in all key markets since
our last update. We are pleased
with the development of bookings
and pricing in the UK, where we
continue to out-perform the market
and have a strong performance in
online sales, chief executive Peter
Long said.
Tour operators have been
increasing their focus on specialised
holiday packages compared to
mainstream bucket and spade
holidays to destinations like the
Canaries which have seen a fall in
consumer demand.
These specialised holidays already
account for 63 per cent of all Tuis
UK bookings, with bookings rising
by eight per cent year-on-year,
helping to offset a six per cent fall
at its mainstream business.
TUI said yesterday that demand
for holidays to destinations in
North Africa had remained weak
due to social unrest in the region
last year, particularly in France,
where summer bookings dropped
sharply to 17 per cent.
FRIDAY 30 MARCH 2012
15
NEWS
cityam.com
IN BRIEF
Moss Bros celebrates return to profit
n Moss Bros yesterday celebrated its first
annual profit in four years and reinstated its
dividend after a 13 per cent surge in like-
for-like sales. The suit and hire specialist,
which runs 135 UK stores, made a pre-tax
profit of 900,000 compared with a 8.9m
loss last year after reducing costs and sell-
ing its Cecil Gee and Hugo Boss franchises.
Dairy Crest still under pressure
n Dairy Crest Group said yesterday
fourth-quarter trading has been in line
with its expectations as its cost-cutting
programme was on track, but profit in its
key dairies business remained under
pressure. The dairies arm, which delivers
fresh and flavoured milk to retailers, shops
and residential customers, posted a profit
of 5.8m on sales of 533.8m for the half
year to 30 September 2011.
Travelzest revenues fall 14 per cent
n Travelzest yesterday reported a 32 per
cent slump in underlying operating profit to
4.2m in 2011, on revenues 14 per cent
lower at 37.7m. However, the company,
which sells holidays under a variety of
brands, saw a record level of total transac-
tion value, up 13 per cent to 246.6m,
largely driven by agency growth in Canada.
FASHION retailer
H&M said yesterday
that it plans to
launch a new luxury
line next year as it
reported a lower
than expected rise
in first quarter
profits to 2.74bn
Swedish kronor
(260m). The
fashion giant
blamed a 1.2 per
cent decline in
profit margins on
higher commodity
costs and greater
discounting. The
high-street retailer
has become well
known for its tie-up
with designer
brands including
Jimmy Choo and
Marni, and regularly
attracts celebrity
fans, including
actress Michelle
Williams (pictured),
who wore a custom
designed dress
from the brand to
this years BAFTA
awards.
H&M PLANS LUXURY LINE AMID RISING COSTS
GAMES administrator PwC could
announce a successful bidder for the
collapsed video games retailer as
early as today, much earlier than
expected.
Sources close to the company said
the retailers six lenders led by the
state-owned Royal Bank of Scotland
were in the lead to buy the company
out of administration with a lender-
led offer that would see a debt-for-
equity swap for the portfolio of
shops.
Private equity firm Opcapita, which
earlier this year acquired British elec-
tricals chain Comet from Kesa, has
also resubmitted a bid for parts of
the firm after earlier tabling a bid to
buy out the lenders debt and pay
suppliers in full.
Restructuring specialist Hilco and
US rival Gamestop are also in the
BY KASMIRA JEFFORD
running to buy the retailer, although
the former is understood to be cir-
cling Games overseas assets.
PwC closed 277 of Games 609 stores
on Tuesday, leaving more than 2,000
staff without jobs after the company
fell into administration.
The sale of Game is likely to lead to
a further slimlining of its store port-
folio, putting hundreds of jobs at risk.
Meanwhile, the administrators
made the surprise move of reactivat-
ing Games reward cards after sus-
pending the scheme, which has some
19m subscribers worldwide.
Gift cards, however, are still sus-
pended and points can only be
redeemed on pre-owned (second-
hand) stock and not new items.
Debt-laden Game unravelled last
month as its major suppliers blocked
the supply of their blockbuster titles.
PwC, Opcapita, Hilco and RBS
declined to comment.
Hope for Game
as firm poised
for rescue deal
Crozier gets cosier with ITV and
pockets 2.16m in first full year
ITVs chief executive Adam Crozier
earned a pay package worth almost
2.2m in 2011, his first full year
since taking the helm of the
broadcaster in April 2010.
Crozier received a salary of
798,250, boosted by a 634,082
cash bonus and a further 634,082
worth of stock.
His total compensation was
boosted to 2.16m by a 72,000
pension contribution which ITV
said could be a payment made into
a personal pension plan or cash in
BY LAUREN DAVIDSON
lieu of pension and 20,000
benefits in kind, which
could include private
medical insurance and
car related benefits.
This far outstrips the
1.12m Crozier
pocketed in his eight
months on the job in
2010. But ITV said his
compensation would
have reached around
1.27m had Crozier
worked the entire year.
Crozier, former boss of Royal
Mail, joined ITV in April 2010 and
has since led the broadcaster back
into profit, helping to eradicate
more than 600m of debt through
his five year turnaround plan.
In his pre-ITV days, Crozier was
co-chief executive of Saatchi &
Saatchi advertising and
headed up the Football
Association.
ITV finance director
Ian Griffiths earned a
salary of 437,750 and a
bonus of 623,050.
ITV chief Adam Crozier
earned a 798,250 salary
BRITISH Airways owner IAG is set
to be given the go-ahead by the EU
to buy German group Lufthansas
British airline Bmi after offering to
give up additional airport slots, a
person familiar with the matter
said yesterday.
IAG has reached a deal worth
172.5m to buy its smaller rival
and had initially proposed to
relinquish 10 slots. It increased
the number to 14 slots after rivals
complained the concessions were
IN BRIEF
Bwin.Party merger ups earnings
nBwin.Partys shares jumped seven per
cent yesterday as the group reported an
annual revenue surge of 93 per cent. The
merger of Bwin and PartyGaming took
revenues at the combined company to
691.1m, with underlying earnings up
three per cent to 199.3m. But after tax,
the company took a 431m hit and, as it
is based in Gibraltar, the companys
future results will have to factor in the
new gambling tax for online bets placed
in the UK, outlined in last weeks Budget.
Threes UK pre-tax profits drop
nMobile network operator Three saw
strong growth across Europe last year,
particularly in Ireland and Sweden, but
revenues dropped in Australia. Threes
largest operating area remains the UK,
where the Hutchison Whampoa-owned
company grew revenues 14 per cent to
1.79bn. But UK profits before taxes and
interest dropped 83 per cent to 30m,
which the company put down to a lack of
one-off gains netted in the past year.
Apple to improve worker conditions
nIn a landmark development for the way
Western companies do business in China,
Apple said yesterday it had agreed to
work with partner Foxconn which
makes Apple devices to tackle wage
and working condition violations at the
factories that produce its popular prod-
ucts. The move comes in response to one
of the largest investigations ever conduct-
ed of a US company's operations abroad.
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FRIDAY 30 MARCH 2012
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Rank walks out on talks over
debt-ladenGala Corals casinos
RANK Group yesterday walked away
from plans to buy Gala Corals
casino business after two months of
discussions.
Rank, which operates its own
casinos and owns Mecca Bingo, said
the 250m acquisition would not
serve the best interests of [our]
shareholders.
But a spokesperson for Gala
insisted the gambling company had
not been for sale when Rank made
an unsolicited approach, and said
BY LAUREN DAVIDSON
the group would continue to
generate growth from its casinos.
Listed on the LSE but majority
owned by Malaysian billionaire
Quek Leng Chan, Rank operates 35
casinos under its Grosvenor division.
It announced on 30 January it was
in discussions with Gala about
buying its 24-strong group of
casinos, which would have
catapulted Rank to market leader,
with 14 more casinos than current
top dog Genting.
Chief executive Ian Burke said
Rank will instead concentrate on
delivering our organic growth plans,
including the delivery of 12 more G
casinos, by 2015. Ranks range of G
casinos are larger and flashier than
the standard series.
Private equity-owned Gala Coral
carries a significant debt burden and
has been expected to make a sale
since a debt restructuring in 2010 left
many creditors with equity.
James Hollins, an analyst at
Investec, said that Ranks dismissal of
the deal was a minor disappointment
but the company was right to walk
away.
IAG close to winning
approval to buy Bmi
BY HARRY BANKS
not sufficient.
Antoine Colombani, spokesman
for the competition unit at the EC,
declined to comment, as did IAG
and Lufthansa.
The EU executive is due to
decide by today whether to give
the deal regulatory clearance.
IAG also said yesterday that it
may invest in Japan Airlines (JAL)
initial public offering (IPO). JAL
hopes to raise a minimum of
500bn yen (3bn) in a re-listing of
its shares in Tokyo that could
come as early as September.
IMPERIAL Tobacco Group yesterday
revealed that sales and growth had
bounced back in the second quarter
after a less successful first period.
Europes second biggest tobacco
company said net revenues should
increase by three per cent in the first
half of the year, thanks to improving
conditions in Spain, Ukraine and the
US.
Cigarette volumes in the six
month period are expected to
decline by four per cent, offset by
price hikes.
But this is an improvement on
Imperials first quarter, in which
stick volumes dropped seven per
cent and revenues fell one per cent
hit by UN sanctions in Syria and a
new smoking ban in Spain.
Killik analyst Jonathan Jackson
said: Although the group faced easi-
er year-on-year comparatives in the
second quarter, the performance is
encouraging, and reflects continued
Second quarter
brings Imperial
back on track
BY LAUREN DAVIDSON
success across the key strategic
brands.
Imperials portfolio includes
Davidoff, Gauloises Blondes, West
and JPS, as well as a range of luxury
Cuban cigars.
The Bristol-based company, which
sells over 340bn cigarettes a year,
confirmed it was on track to meet
full year expectations come
September.
Shares in Imperial Tobacco Group
jumped 1.5 per cent to 25.57 after
hitting 25.89 earlier in the day.
Imperial Tobacco Group PLC
26Mar 23Mar 27Mar 28Mar 29Mar
2,590
2,580
2,570
2,560
2,550
2,540
2,530
2,520
p
2,557.00
29Mar
ITALIAN fashion power house Prada is pushing ahead with its retail expansion plans
after a burgeoning army of wealthy Asian buyers helped it beat forecasts with a 72 per
cent rise in full-year profit. The Milan-based maker of luxury bags and Miu Miu dresses
said yesterday net profit for the year to 31 January was 432m (360.2m).
PRADA BOOMS ON ASIAN LUXURY DEMAND
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Got A Story? Email
thecapitalist@cityam.com
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on Twitter: @citycapitalist
17
FRIDAY 30 MARCH 2012 cityam.com
cityam.com/the-capitalist
THECAPITALIST
J
EWELS for Hope is the name of a
collection of jewels being put up
for sale at Christies by Lily Safra,
the widow of Edmond Safra.
Edmond, a Lebanese-born billionaire
and banking scion who owned
Republic National Bank of New York,
died in a mysterious fire in his pent-
house flat in Monaco in December
1999. Lily Safra is clearly carrying on
in the philanthropic tradition of her
husband with all the proceeds from
the sale of her collection, expected to
be around $20m, benefiting 20 chari-
ties, ranging from Hopes and Homes
for Children in Romania to the Royal
Opera House in London.
Francois Curiel, international head
of Christies jewellery department
says: Only a connoisseur with an eye
as refined as Mrs Lily Safra could have
collected such an ensemble of jew-
els....
Yesterday was the first public view of
the collection with the auction in
Geneva on 14 May.
I hear that Barry McGuigan, the
former boxing champion, is lining
up a rendition of Danny Boy, the Irish
song his father used to sing when he
took to the ring, for his appearance at a
gala concert for charity being arranged
by a number of city firms including
Freshfields Bruckhaus Deringer, Allen &
Overy, the Financial Times and Royal
Bank of Canada.
Proceeds from the concert on 29 April
will go to the Anchor House Home and
Hope Appeal, which supports Anchor
House, a residential life skills centre for
the homeless in Canning Town.
McGuigan will also play a few rock
tunes with his own band.
A Christies model shows off one of the necklaces
All the facts, figures and advice
you need to get your business
idea off to a good start. Free, at
the British Library. Come inside,
or go to www.bl.uk/bipc
for information on how to join.
Safras jewels head for the auction block
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War of words worsens as Laxey
demands Alliance dividend rise
THE ROW between Alliance Trust
and activist investor Laxey Partners
deepened yesterday as the hedge
funds demand for a major
hike in the dividend was
dismissed as Greek-style
economic management.
Laxey received a
withering response after
it wrote to Alliance
chairman Lesley Knox
saying the fund will be
in a position to pay
larger dividends when
new tax rules come into force
allowing some investment trusts to
pay realised capital gains as
dividends for the first time.
It also gave an example of how
Alliance, run by Katherine
Garrett-Cox, could increase its
dividend by paying out all
2011 earnings per share and
realised capital gains as a
dividend.
Alliance said, however that
it had already increased its
dividend by seven per cent last year
and a spokesman added: The
example given by Laxey makes Greek
finances look prudent.
Laxey, based on the Isle of Man,
has long called on Alliance to
improve the performance of its
investments and the discount at
which its shares trade relative to
their net asset value. Earlier this
month it asked Alliance to consider
outsourcing the management of its
2.9bn portfolio of assets.
The dispute is likely to come to a
head when Alliances AGM is held on
27 April.
FRIDAY 30 MARCH 2012
18
NEWS
cityam.com
HSBC yesterday agreed to buy
Lloyds banking groups
commercial and retail
businesses in the United Arab
Emirates in a bid to strengthen
its presence in the Middle East.
The businesses, valued at
$769m (482.6m) last year, hand
HSBC an estimated 8,800
customers and a loan book of
around $573m in the Middle
Eastern region.
Lloyds said the impact of the
sale on its accounts was not
expected to be material.
HSBC buys UAE
units off Lloyds
BY KATIE HOPE
FRENCH oil major Total said
yesterday it had identified the source
of a gas leak at its Elgin platform in
the North Sea.
The company said it was coming
from a rock formation above the
main reservoir, at a depth of
4,000m. A flare is still burning at
the platform, 150 miles off the coast
of Aberdeen. Total said it was too
dangerous to send workers close
enough to extinguish it although
there was no chance of the flare
igniting the gas below and causing
an explosion.
Total discovers
source of leak
BY JOHN DUNNE
INFRASTRUCTURE firm Mouchel
said yesterday it is considering an
equity fundraising as it looks to tack-
le debts and restructure the compa-
ny this year.
Still recovering from a 2011 domi-
nated by contract blunders, manage-
ment resignations, failed takeover
bids, tough trading and a banking
lifeline, Mouchel said 2012 would be
a year of transition and earmarked
annual savings of 18m.
The company said: All options are
being evaluated to address the capi-
tal structure of the group, including
a significantly dilutive equity raise.
Mouchel rejected a 330m takeover
bid from VT Group in 2010 and fur-
ther bids from Costain and
Interserve last year. Meanwhile the
group also said yesterday it had
made an underlying pre-tax loss of
6.3m for the six months to the end
of January, down from a 4.1m profit
in the same period a year ago. Net
bank borrowings stood at 104.1m at
BY HARRY BANKS
31 January, an increase of 7.2m from
the same time the previous year.
Mouchel said the group would split
into two divisions to focus on core
markets; infrastructure services,
which will run highways work and its
Middle East operations; and business
services, which will run local govern-
ment outsourcing work.
Chief executive Grant Rumbles said:
2012 is a year of transition for
Mouchel. The first half of this finan-
cial year has remained challenging,
but we are seeing signs of stabilisa-
tion in our core markets.
Mouchel Group PLC
8.75
29Mar
26Mar 23Mar 27Mar 28Mar 29Mar
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9
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p
Katherine Garrett-Cox is chief
executive of Alliance Trust
Mouchel eyes
fundraising to
tackle debt pile
NOKIA BOSS TRIPLES SALARY DESPITE LOSSES
STEPHEN Elop, the chief executive of Nokia, more than tripled his salary to 1.02m in
2011 a year which saw Nokias pre-tax profits drop from 1.79bn the previous year to a
loss of 1.2bn. Elop also pocketed a 473,070 bonus and received 2.09m worth of stock.
BY PETER EDWARDS
KEN Livingstone yesterday launched
his transport manifesto with a
pledge to keep the congestion
charge at 10 for the next four years.
The Labour mayoral candidate also
confirmed that he would not rein-
troduce the charges controversial
western extension zone, even
though he thinks Boris Johnson was
wrong to scrap it.
Promising a better deal for
motorists, Livingstone used the
launch to confirm that his plan for
a 25 gas guzzler charge on large
cars has been dropped on the basis
that it would cost too much to
Ken promises to freeze
the congestion charge
BY JAMES WATERSON
implement. I make no apology for
the fact that the focus of my trans-
port policy is to make it cheaper, eas-
ier and less polluting for Londoners
to get around, he said.
Livingstone also reiterated his pop-
ular pledge to introduce an immedi-
ate seven per cent cut to the cost of
public transport and peg future fare
increases to the rate of inflation.
But the Conservatives say that
there is no money available for the
fares cut and say it would remove
funding required for crucial infra-
structure projects.
This election is his last chance to
be mayor, and he will say anything
to get re-elected. Ken Livingstone is
making promises that he has
already admitted he cannot keep,
the Johnson campaign said.
The truth is Ken Livingstones
numbers dont add up and his policy
means one thing cuts of 1.14bn in
transport funding, which would
mean cutting investment in the
tube upgrades, local bus services in
the suburbs and safer transport
teams.
Livingstones other proposals
include improved suburban bus serv-
ices, a campaign to educate the pub-
lic on public transport etiquette and
IN BRIEF
PayPals new boss to drive mobile
n PayPal yesterday named David Marcus
as its new chief executive, almost three
months after previous boss Scott
Thompson left the online payment
company to head up Yahoo. Marcus joined
PayPal last year when the eBay-owned
company bought Zong, the mobile
payments company that he founded.
Marcus, who is currently vice president of
mobile at PayPal, will lead the company as
it pushes into mobile payments and in-
store transactions. The appointment is
effective from 2 April.
Hedgie RAB cuts commodity holdings
n RAB Capitals flagship Special Situations
hedge fund has cut its holdings in some
commodity stocks after a rebound in mar-
kets this year. However, managers of the
once high-flying fund, led by Philip
Richards, said they were still bullish over
the long-term. After a near 10 per cent rally
in the Thomson Reuters-Jefferies CRB
index between mid-December and end of
February, Richards and his team said in an
investor letter from its feeder fund that the
natural resources-focused fund had cut
back some positions.
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Ken Livingstone says he will not reintroduce the western congestion charge extension
FRIDAY 30 MARCH 2012
19
NEWS
cityam.com
the reintroduction of cheaper travel-
cards for passengers who do not
want to enter zone one.
The news came on the same day
election organisers confirmed the
seven candidates who will be on the
ballot: Conservative Boris Johnson,
Labours Ken Livingstone, Lib Dem
Brian Paddick, UKIPs Lawrence
Webb, Green Jenny Jones, the BNPs
Carlos Cortiglia and independent
candidate Siobhan Benita.
LONDON 2012 IMAGE OF THE WEEK
Between now and the start of the
Olympics, City A.M. is publishing its
Olympic Image of the Week. If you
have a shot you think our readers will
like, please email pictures@cityam.com
with IOW2012 in the subject line. Full
details: cityam.com/london-2012
DURING a three day inspection visit,
Jacques Rogge, president of the
International Olympic Committee (IOC), met
David Cameron and Lord Coe at Downing
Street. Rogge praised London 2012s legacy
plan, particularly for awarding the majority of
its construction contracts to UK companies.
nDeliver a seven per cent fares cut by
October 2012 or resign as mayor.
nFreeze the congestion charge at 10 for
the next four years.
nCancel plans to introduce 600 new
Routemaster buses.
nImprove cycle safety at junctions and
review the cost of Barclays cycle hire.
nLobby for new rail routes across
London, dubbed Crossrail 2 & 3.
KENS KEY PLEDGES
FRIDAY 30 MARCH 2012
20
LONDONREPORT
Assura
The UKs leading primary
healthcare property company
has announced the appointment
of Graham Roberts as its new
chief executive, with immediate
effect. Roberts has worked in
the property sector for the last
sixteen years, most recently as
finance director of British Land,
one of the UKs largest real
estate investment trusts. Roberts replaces Nigel
Rawlings, who has resigned as chief executive and
stepped down from the board. Rawlings joined as chief
finance officer of Assura in 2003 and became chief
executive in March 2010.
Mazars
The audit and accountancy group has created a dedicated
UK advisory board to target FTSE 350 firms. Two new
non-executive directors have been appointed to the
advisory board Gerald Raingold and John Grosvenor.
Raingold was previously managing director of the
investment banking and capital markets division of BNP
Paribas. He also has accountancy experience from posts
with Coopers & Lybrand. Grosvenor is a former senior
global partner of PwC.
CA Cheuvreux
Credit Agricole Cheuvreux has announced the
appointment of Romas Viesulas as head of UK sales. He
will report directly to the chief executive of the firm.
Viesulas was previously head of european equity sales at
UBS Investment Bank, in London, and executive director,
pan-European equity sales at UBS Investment Bank US, in
New York.
CVC Capital Partners
Bertrand Meunier has joined the private equity and
investment advisory firm as managing partner and
member of the private equity board. Based in London, he
will oversee the firms development in France. Meunier
was chairman of the partner committee and head of the
sector teams at PAI Partners. He joined PAI in 1982, and
for eleven years led investments in information
technology and telecommunications, before leading the
consumer goods, retail and services sector teams for a
further eight years.
PuriCore
The water-based clean technology company has
announced the appointment of a new chairman alongside
other board changes. Michael Ashton, who was
appointed additional independent non-executive director
in February 2012, has been made non-executive
chairman. He replaces Chris Wightman, who is stepping
down from the board. James Walsh, who was
independent non-executive director between September
2006 and July 2010, is rejoining the board as an
additional independent non-executive director.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Big-cap buying
offsets earlier
Wall Street dip
U
S equities pared most losses in
a late-day surge yesterday,
driven by investors snapping
up big-cap names and the
notion that concerns about the jobs
picture, which helped spur the
buying of safe-haven government
debt, were overblown.
New US claims for jobless benefits
fell only slightly last week, according
to the Labor Department, missing
forecasts for a greater decline, while
the prior weeks number was revised
up.
Some investors said the data under-
cut optimism about US job growth,
and Federal Reserve chairman Ben
Bernanke said again that the US econ-
omys recovery was relatively weak.
Yet a late-day surge suggested
investors had second thoughts about
the jobs report, which showed initial
claims for state unemployment bene-
fits fell 5,000 to a seasonally adjusted
359,000, the lowest level since April
2008.
Investors seeking to spruce up the
release of their quarterly holdings also
helped the major US stock indexes to
rebound from losses of one per cent or
more.
Separately, a report on the
Commerce Departments final esti-
mate of GDP showed that the econo-
my expanded by three per cent in the
fourth quarter, as expected.
Its hard to take away the end-of-
the-quarter price action. People are
buying winning stocks, and the
claims data, which was a bit shy of
expectations, is still showing that we
are at OK levels. Thats enough to keep
investors happy, said Nicolas Colas,
chief market strategist at ConvergEx
Group in New York.
The Dow Jones industrial average
closed up 19.61 points, or 0.15 per
cent, at 13,145.82. The Standard &
Poors 500 Index fell 2.26 points, or
0.16 per cent, at 1,403.28. The Nasdaq
Composite Index slid 9.60 points, or
0.31 per cent, to 3,095.36.
Despite the S&P 500 posting a third
day in a row of declines, the bench-
mark index is still up 2.8 per cent in
March and nearly 12 per cent for the
year, its best start since 1998.
Caterpillar and Coca-Cola added the
most to the Dow. Caterpillar rose 1.7
per cent to $106.02, while Coke gained
1.6 per cent to end at $73.81 after hit-
ting a new 52-week high of $74.39 ear-
lier in the session.
Oil prices fell for a third straight ses-
sion, snapping key technical support
after growing talk of a release of
strategic petroleum reserves by con-
sumer nations spurred profit-taking.
Brent crude futures fell $1.77 to set-
tle at $122.39 a barrel. US crude
futures lost $2.63 to settle at $102.78 a
barrel. After a 1.8 per cent drop on
Wednesday, it was the biggest two-day
slide since mid-December.
Pressure is mounting to tackle high
fuel prices ahead of French elections.
Saudi Arabias Oil Minister Ali al-
Naimi also attacked high oil prices in
a rare opinion piece published in the
Financial Times on Wednesday.
H
EIGHTENED worries over global
economic growth, after more
disappointing data from America
and the UK, dragged Britains
leading shares lower yesterday, with
energy and banking stocks taking the
biggest hit.
The FTSE 100 index closed down 66.96
points or 1.2 per cent at 5,742.03, extend-
ing its falls into a third straight session and
reaching a new low point for the month
from its 5,726.50 earlier low.
Weaker energy stocks were the main
drag on the blue-chip index, with crude oil
down almost 1.5 per cent as demand wor-
ries were exacerbated by the weak global
data.
A gloomy day as US jobless disappoints
and UK house prices fell again, said Mike
Mason, trader at Sucden Financial Private
Clients.
US weekly jobless claims fell last week
but still missed forecasts, while the prior
week number was revised upwards, raising
fears that, after a period of improvement,
the US jobs market could be showing signs
of stalling.
Meanwhile, British house prices suffered
their sharpest monthly fall in more than
two years, mortgage lender Nationwide
said, adding to concerns over the fragile
nature of the UK economic recovery.
Investors are also on edge ahead of
tomorrows ECOFIN meeting, where debt
will once again headline the show. It is
widely thought that Greece will need to
further restructure its debt. The FTSEs
approaching psychological support of
5,700 may, however, stem further selling
for now, SucDens Mason added.
European finance ministers meet in
Copenhagen today and tomorrow.
Ahead of that meeting, UK banks were
big fallers, extending a recent reversal after
a good run, with Barclays the top blue chip
loser, down 4.7 per cent.
Part state-owned lender Lloyds Banking
Groupshed 2.9 per cent. The Co-Operative
Group raised doubts about its bid to buy
632 retail bank branches from Lloyds, as
regulators put the proposed deal under
scrutiny.
US blue chips were 0.6 per cent lower by
Londons close, as the disappointing job-
less data left investors wondering if the US
economy can sustain the equity rally.
Clothing retailer Marks & Spencer was
also a big blue chip casualty, shedding 2.9
per cent, while peer Next fell one per cent
after Swedens Hennes & Mauritz a stal-
wart of the British retail sector posted a
much smaller-than-expected rise in first
quarter earnings.
Among the minority of blue-chip gainers,
defensively perceived stocks stood out as
investors risk appetite faded, with some
corporate news also providing support.
International Power jumped 5.6 per cent
as majority shareholder GDF Suez of
France finally made an indicative 390p a
share cash bid to mop-up the outstanding
30 per cent of the British firm it does not
already own.
We believe GDF Suez will have to raise
their bid, but not by much, said Espirito
Santo Investment Bank analyst Lawson
Steele, who has a fair value estimate of
415p on International Power, which
includes a 10 per cent buyout premium.
Imperial Tobacco gained 1.5 per cent as
the worlds fourth-biggest cigarette group
said it saw strong sales and profit growth
in the first three months of 2012 as condi-
tions in Spain, Ukraine and the United
States improved, with half-year sales up
three per cent.
With just one trading session left before
the month-end, the UK blue chip index is
on course to post a fall of around 2.1 per
cent in March, after a choppy month in
which it rallied to its highest levels since
July 2011, before dropping back.
FTSE 100 dragged lower as fears of
fresh slump weigh on bank shares
BESTof theBROKERS
Antofagasta PLC
23Mar 29Mar 26Mar 27Mar 28Mar
1,220
1,200
1,180
1,160
1,140
1,120
p
1,122.00
29Mar
ANTOFAGASTA
UBS has downgraded the copper mining company from neutral to sell
with a target price of 1,050p after updating its earnings per share
estimates following second half results in mid-March. The broker
downgrades 2012-14 earnings per share by seven to 12 per cent,
expecting them to stagnate over the next two years as higher volumes
from Esperanza are offset by lower copper prices and higher costs. It
expects capex to increase from $773m to around $1bn in 2012/13.
Vivendi SA
23Mar 29Mar 26Mar 27Mar 28Mar
14.20
14.10
14.00
13.90
13.80
13.70

13.63
29Mar
VIVENDI
HSBC has downgraded its recommendation on the French media and
telecoms from overweight to neutral and lowered its target price on
the stock from 23 to 16. The broker said it expected Vivendi to be hit
in the future by fierce competition from Free Mobile, a division of French
mobile phone group SFR.
ArcelorMittal
23Mar 29Mar 26Mar 27Mar 28Mar
15.20
15.00
14.80
14.60
14.40
14.20

14.11
29Mar
ARCELORMITTAL
Exane has upgraded the worlds largest steel company to neutral from
underweight, seeing a step towards net debt reduction following its sale
of a stake in Erdemir at a 20 per cent discount to its book value. Though
the broker says further action is needed, it says the move shows
management is serious about reducing its financial leverage. It expects
first quarter results for 2012 to be a low point in the groups operating
performance, expecting Ebitda to be down 30 per cent against the
fourth quarter, at around $1.2bn.
p
26 Mar 23 Mar 27 Mar 28 Mar 29 Mar
5,950
5,750
5,800
5,850
5,900
FTSE
5,742.03
29 Mar
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All the latest suit styles
for Spring/Summer 2012
+ Ozwald Boateng
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SUITS
FRIDAY 30 MARCH 2012
21
CITY
and
the
BOSS Stores London Canary Wharf Phone 020 7715 5302 Eldon Street Phone 0844 847 9202 New Bond Street Phone 020 7499 5605
Queen Street Phone 020 7213 9717 Regent Street Phone 020 7734 7919 Sloane Square Phone 020 7259 1240
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If youre not
wearing Boateng
youre not
dressed properly
WE INTERVIEW THE
TAILORING GENIUS
cityam.com
Portrait by Jamie Morgan
PLUS: DRESS
LIKE DRAPER
SEE PAGE 30
F
rankly, unless youre wearing
Ozwald Boateng then youre
not dressed properly. Its a bold
statement, made by the actor
Paul Bettany in new
documentary A Mans Story, which
follows the Anglo-Ghanaian designer
through 12 turbulent years at the top
of the menswear industry.
There is some truth behind the
hyperbole. The rude health mens
suiting now finds itself in from
Savile Rows booming business to the
natty threads seen on TV celebrities
can, at least partially, be traced
back to the revolution Boateng
wrought on Savile Row in the mid-
Nineties.
The concept of traditional Savile
Row tailoring was dying when I start-
ed, says Boateng, now 45, who opened
his first shop (on Vigo St just off the
Row) in 1995. That was a time when
boxy, unstructured suits were all the
rage and bespoke tailoring was some-
thing your granddad knew about.
I thought that by opening a shop on
the Row I could breathe new life into
it, I could bring the structured silhou-
ette back to the world of fashion and
make that the benchmark for
menswear.
He did all of that, but not simply by
having a shop in the sartorial heart-
land. In a traditional industry where
reserve and solemnity had been the
norm, he became the peacock show-
man, announcing his presence with
a smash-hit catwalk show of English
tailoring at Paris Fashion Week in
1994 an event that had a shock-
wave effect.
Boatengs bridging of the gap
between fashion and traditional tai-
loring has been his hallmark ever
since. Paul Smith is the only British
designer who comes close to
Boatengs influence.
That was the turning point of every-
thing, he says of the 1994 Paris show.
I took structured suits based in Savile
Row traditions onto the world fashion
stage I basically made tailoring fash-
ionable.
By 1998, when the film begins,
Boateng was a celebrity. His loud,
retro-cut garments adorned movie
stars both on film in Cool Britannia
favourites like Lock Stock & Two
Smoking Barrels and Gangster No 1
and on the red carpet. He continued to
exhibit his designs on the runways of
Paris and Milan, and even trend-hunt-
ing New Labour politicians were don-
ning his apparel. And then, amid all
TIM BARBER INTERVIEWS THE BRITISH FASHION INDUSTRYS MOST INTERESTING MAN
22
cityam.com
FRIDAY 30 MARCH 2012
the hubris and hype, he went bust.
A Mans Story came about when film-
maker Varon Bonicos, originally sup-
posed to follow Boateng for less than a
month, just at the time when his busi-
ness was capsizing, simply kept on
filming. Life continued to get ever
more interesting and he ended up
sticking around for 12 years. The
movie follows Boateng as he rebuilds
his empire with the help of new
investors. He takes on the job of direc-
tor of menswear for fashion house
Givenchy, moves his own business into
the finest premises on Savile Row, No
30, and undertakes challenging chari-
ty projects in Africa all the while try-
ing to cling on to the remnants of a
marriage collapsing under the weight
of his professional ambition. Its on the
latter subjects that the film is particu-
larly poignant.
The film deals with the ambition of
men, the importance of ambition, the
importance of making a difference
and the importance of family and rela-
tionships the navigation of what it is
to be a man, Boateng says, rather
grandly. You can forgive his aggrandis-
ment though it is this drive to realise
implausible dreams that makes him so
effective.
Boatengs most recent projects make
the epic fashion shows and business
ventures depicted in the film seem like
relatively small beer. Professionally, he
is set on turning his business into a
global luxury brand, with plans to
open up to 100 stores around the
world. Paris, New York, London,
Geneva, Riyadh and Angola are first on
the list. The latter points to his other
obsession, promoting enterprise in
Africa through his Made in Africa char-
itable foundation. Its here that the
ambition is truly dizzying.
Africa has phenomenal potential
when you control half the worlds nat-
ural resources youre not poor but it
lacks infrastructure. The Foundation is
going to raise $400m (250m) for infra-
structure feasibility studies. That will
generate $100bn worth of projects and
eventually a trillion dollars of value for
Africa, he says, as though mapping
out a simple quarterly business plan.
Though if Im being optimistic, Id say
itll be ten times that.
This is Boateng to a tee: no idea is too
big, no initiative insurmountable. At
the heart of it all, however, is the lad
from Muswell Hill with an astonishing
eye for the cut of a structured suit,
who taught himself his craft on his
mothers sewing machine.
A suit is a great tool that can
enhance a mans shape when a
mans in a well-cut suit, women tend
to react exceptionally well, he chuck-
les. Over the years a lot of designers
have been inspired by how I
approached my cut, and that know-
how has become common knowledge
now you see that just by looking at
the high street.
Whats great now is that the rule-
book is wide open people appreciate
traditional tailoring, but they love the
interesting designs you can apply to
that. Its exciting.
A Mans Story is showing in select cine-
mas, and is available to rent or buy on
Amazon and on iTunes.
The Paris 1994
show was the turning
point of everything. I
took suits based on
Savile Row traditions
to the world stage

OZWALD BOATENG
The man who made
tailoring cool again
A mans suit is a
great tool. If it is well
cut, women tend to
react exceptionally well.
A lot of designers have
been inspired by me

THE LOWDOWN ON TAILORING

BY TIM BARBER
Hugo Boss employs a modern travelling tailor
The idea of the travelling tailor is hardly a new one, but its an interesting
development when it gets embraced by one of the biggest menswear
brands. Hugo Boss has launched an exclusive made-to-measure service for
its luxury Boss Selection line, with its experts making brief stops in different
cities to measure up chaps for suits that promise to deliver the utmost in
wearing comfort, exquisite materials and beautiful detailing. Dates for the
diary in London are 17-19 May, when the experts will be on site at the New
Bond St Hugo Boss store. To book an appointment, email
madetomeasure_uk@hugoboss.com or call 020 7499 5605.
John Lancaster launches new brand
Hipsters looking for the next hot name in luxury mens style take note.
JLSA is a new brand set up by bespoke British tailor John Lancaster, who
cut his teeth working as a personal tailor and stylist for Hackett and Alfred
Dunhill. Lancaster has dressed the likes of Tom Hardy, Stephen Fry, Bill
Nighy and Gordon Ramsey in his time, and is touting a look described as
eccentric gentleman meets 21st century chic. He will meet clients any-
where in the world, offering a made to measure service with jackets start-
ing from 1,000 and trousers at 500. Visit www.jlsaicons.blogspot.co.uk
for more information.
Elia Caliendo brings Neopolitan traditions to London
For sartorial connoisseurs, the name Caliendo is one associated with some of
the most exclusive and luxurious Italian tailoring on Earth. Biagio Caliendo
first set up shop in the Piazza del Matiri in Naples in 1961, and Sartoria
Caliendo remains a tiny, family-run operation thats now in the hands of his
son, Elia. The latter gentleman visits London twice a month to service the
suiting needs of his high net worth clients, making suits that start at around
2,500. To enquire about an appointment, call +39 347 7564457.
Boateng helped take tailoring from stuffy to catwalk with his trademark structured silhouette
SUITS CITY
and
the
A travelling tailor will visit Hugo Bosss Bond Street store on 17-19 May
I
have recently been over in LA
fitting various people for the
Golden Globes and the Oscars.
The most frequent question I
was asked was what makes the
perfect suit?
The first step is finding the right tai-
lor. It needs to be someone you can
relate to. They must understand your
personality and how to display that
through your style. You need to be
comfortable around them. If youre
not, you wont stand the way you nor-
mally would. As a result, your suit
wont fit as well as it could.
For the Oscars we set up our own
area in one of the bungalows at the
Chateau Marmont. It was specifical-
ly designed to relax our customers
including P Diddy and Benedict
Cumberbatch. We were striving to
create the perfect, relaxed environ-
ment, which is exactly what a tailor
needs.
Its essential to know what occa-
sion the item is for when youre tai-
loring the perfect suit. The pieces we
took to LA were much more glam-
orous than a lot of our stock
always make sure you tell your tai-
lor where and how often you intend
to wear it. There is a big difference
between a suit for a wedding and
one for the office a good tailor will
be able to help you choose some-
thing appropriate.
When trying on a suit, your first
impressions are vital. If its too tight
and too small, how small? There are
limits on how much a jacket can be
tailored. A canvas product should
always fit reasonably well, so you
need to find the right one for you
even Lawrence Dallaglio fits into our
canvas products.
Once your suit has been pinned
back, how can you tell if it has been
fitted correctly? An excellent suit
should flow from your shoulders. If
your shoulder doesnt fit, neither will
the rest of your suit.
Always check the length. When
your arms are hanging straight
down, you should be able to cup
your fingers under the sides of your
suit jacket. If not, mark this as an
area for alteration.
The most vital thing with trousers is
the rise. This is the distance between
the crotch and waistband. We are all
proportioned differently and so we all
require a different rise. The waist-
band should fit comfortably but not
snugly. The seat should follow your
own contours you dont want to get
a wedgie every time you wear them.
When you go back into the store to
collect following the alterations,
make sure you try it on. No tailor will
be offended if you ask for more cor-
rections. After all, we are in the busi-
ness of making sure you look good
and feel comfortable.
The most important bit of advice I
can give a man buying a suit is to stay
true to yourself and dont try too
hard. A good look is an effortless look.
One of my aims when I started
Spencer Hart was for wearers to be
complimented about how good they
look but for it not to be wholly obvi-
ous why.
Nick Hart is the founder of Spencer Hart.
His flagship store is located on Brook St and
he has branches on Savile Row and in
Selfridges. Log on to spencerhart.com for
more details
FRIDAY 30 MARCH 2012
cityam.com 23
NEWS
SHOPS
from
the
The best way to fit P Diddys suit? Keep him relaxed
Nick Hart
Ted Baker quick to the draw
with its new Spring/Summer
menswear collection
Ted Baker launched its menswear
Spring/Summer collection this month,
rather grandiosely dubbed The Great
Exhibitionist and His Private Views. Its
business-wear range focuses on suits in
taupe, silver and navy jacquard, with a
tendency towards lustrous material
very indicative of the bolder outlook
for the upcoming season. It is also
heavy on fabric mixes such as mohair,
wool and silk. A Riviera-inspired pale
blue suit is a contemporary nod
towards traditional high-end tailoring.
To promote the launch, the brand
invited top illustrators to capture fans
wearing the new line. A total of 111
customers received an original signed,
framed, one-off portrait created by
illustrators including Jacqueline
Bissett, Niki Pilkington and Michael
Frith. www.tedbaker.co.uk
Designer to the stars Spencer
Hart goes smart-casual
Savile Row tailor Spencer Hart has
launched a new casual range for the
summer, promising to bring the high-
end tailoring ethos to everyday wear.
The line includes classic items such as
polo shirts, cardigans, brogues and
chinos. The range is available from
Spencer Harts flagship Brook Street
store. The tailor-de-jour recently
dressed British actors Dominic West,
Benedict Cumberbatch, Orlando Bloom
and Damien Lewis at the Golden
Globes in LA and counts pop stars
including Robbie Williams amongst its
bulging celebrity clientele. Its new
range could bring its trademark, 50s
inspired tailoring to a whole new
market. And if youre lucky you might
be invited into its exclusive vaults at
Brook Street, which served as an
impenetrable banking safe in a
previous life. www.spencerhart.com
Suitopia homes for boost from
movie The Hunger Games
Online tailor Suitopia is hoping for a
boost after some of its more colourful
creations were chosen to feature in the
surprise summer smash The Hunger
Games. Lionsgate Films ordered 139
magenta, turquoise and black suits from
the tailor, with specifications including
shrunken lapels and additional velvet. To
order a bespoke suit from Suitopia log
on to www.suitopia.co.uk.
TM Lewin launches a brand
new range of top class suits
The first new range of suits in more
than two years has gone on sale at TM
Lewin, promising a million dollar look,
that wont break the bank. The new
suits are made to a slimmer fit and
more modern cut than the traditional
TM Lewin suits and are completed with
striking linings, kissing buttons and
strategic pocket placement. The new
range signals a move toward higher-
end tailoring in line with the shift in the
overall market. If youre a fan of high
quality suits, this season could be
something of a renaissance.
tmlewin.co.uk
H&M target more luxury after
successful high-end move
H&M has already conquered the high
street now there are reports it has its
sights set on the high-end of the
market. The retail giant is understood
to be planning a new luxury range
focusing on quality fabrics and
tailoring. The store already has a
Collection of Style range launched in
2007 and insiders say the new spin-off
will be positioned at an even higher
segment of the market. It has seen
roaring success from its unlikely tie-up
with Versace, which saw customers
queueing around the block to get their
hands on items (and later charging a
healthy premium reselling them on
eBay). www.hm.com/gb
Kenneth Cole moves further
upmarket with new range
Designer Kenneth Cole is also targeting
the high end of the market with his
new Kenneth Cole Collection line. The
range which includes both mens and
womens collections will include
cutting edge work wear, with an focus
on mixing fabrics and emphasising
functional elements including belts,
buckles and zips. Coles range, which
focuses on sharp twists on classic suit
designs, is bang on trend so this new
range should be one to look forward to.
www.kennethcole.com
Moss Bros unveils new flagship
store with a promise of West
End bespoke tailoring
Moss Bros flagship Regent Street store
has reopened, with a focus on bespoke
tailoring. The store promises to provide
a simple, no frills made to order service
giving customers limitless
customisation of styling details such as
signature embroidery, lining colours
and construction. The bespoke service
will cost from 249. Customers will
also be able to relax in the dramatic
surroundings of the new store, which
features parquet flooring on the walls,
herringbone pattern detail on the
floors and a collection of items from
Moss Bros 160-year history.
www.mossbros.co.uk
SUITS CITY
and
the
I
t wasnt so long ago that a
blazer was the brass-buttoned
item your dad wore to the golf
club dinner. It was Alan
Partridges jacket of choice, a
garment wheeled out for occasions
demanding that dreaded smart-
casual dress code.
Its rehabilitation has coincided with
a blurring of the lines between smart
and casual. In the last couple of years
people have been buying better suits
and not just for the office while
sharp jackets and blazers have become
staples of the well turned-out gent.
A navy blazer is our single best sell-
ing jacket, says Jeremy Hackett of his
eponymous label. What you have now
is great variety in blazers cotton, can-
vas, linen, deconstructed blazers, plus
the more formal, traditional ones.
Barry Tulip, design director of
Gieves & Hawkes which has a ded-
icated blazer room at its Savile Row
HQ notes a similar trend. In the
past you just invested in a suit, but
now people are investing in jackets
and blazers as well, he says. As a
designer, playing with such
an iconic piece and putting
your own spin on it is excit-
ing. So theres the function-
al side of it, but designers
are offering a lot more.
Deconstructed is the
buzzword with blazers:
rather than the formal,
naval-style jacket of the
past, softer, lighter, less
structured jackets have
appeared, offering a more
rugged, versatile look.
It doesnt feel like
youre wearing the jacket
from your suit, which
some blazers used to,
says Thom
Whiddett of
Mayfair tailors
Thom Sweeney.
You have thinner
padding, less chest
canvas and a little
more of that Italian influence.
The versatility of the modern blazer
is what makes it such a useful item.
Sport it with a knitted tie and pair of
24 cityam.com
FRIDAY 30 MARCH 2012
suede Derbys for a bit of chic formality,
or with a polo shirt and chinos when
youre out and about in warm weath-
er. For the travelling man, the special-
ist blazer from London menswear
brand Rake is ideal.
Were known for a travel blazer that
we make on a very high-twist fabric,
and its completely unstructured apart
from a bit of form over the shoulder,
says Rakes Clive Derby. It can be put
in an overhead locker on a plane and
will come out and retain its shape and
not look crumpled.
But is this modern item still a blazer
at all? The original garment evolved
from naval uniforms, though theres a
claim that the jacket or at least the
term for it has its roots in the blaz-
ing red jackets of the St Johns College
rowing club at Cambridge University
in the 1820s. Whether this is the
case or not, it continued to be
associated with sporting clubs,
colleges, schools and military
regiments.
In the States they call a jacket a
blazer even if it isnt one,
says Jeremy Hackett. Here
it should still generally be
blue, and the buttons are
different to how they
would be on a suit. You
tend to have patch pock-
ets too [pockets sewn on
top of the jacket, a bit
sportier than the sewn
in flat pockets of a for-
mal suit].
In fact, things could
be heading full circle,
with a more formal
blazer coming back into
vogue. Double-breasted
blazers, such as the Paul
Smith item pictured, are
popular this spring, mixing
a more formal look while
keeping that light, decon-
structed sensibility. Is it rea-
sonable to expect structure and
padding to be back before too
long, then? Perhaps.
By Tim Barber
Blaze a trail
with these
great jackets
A blazer, like this Gieves & Hawkes at 850, can skillfully navigate between smart and casual
E Tautz at Mr Porter
795 at mrporter.com
Slim-fit linen
Ozwald
Boateng
You must always wear a
suit thats flattering to your
form. You need to educate
yourself and understand
your form its all about
proportions and balance.
Each designer or tailor has
an approach to that
question, and you must find the one that
works for you. Or make a visit to Savile Row.
www.ozwaldboateng.co.uk
Jeremy Hackett
The golden rule, whenever youre
dressing, is keep it simple. It makes
a much stronger statement if you
wear your outfit simply. Another
factor is versatility its important
to men, since clothes are an
investment as well as just for
fashions sake. For instance, Im
heading to Dubai for British Polo Day, and Im going to
wear an extremely lightweight Prince of Wales check
suit formal but not too formal, with a patch pocket so
it doesnt look so dressy.
www.hackett.co.uk
Thom Whiddett of
Thom Sweeney
For spring and summer, dont go
too light in colour. Its always
tempting to go for very pale,
summery colours, but it doesnt
translate well for the City and youll
risk finding yourself with a very
light-toned suit and too few sunny days to wear it. Go
lighter weight there are lots of new fabrics around that
are lightweight but hold their shape and dont crease
but avoid going too light in colour.
www.thomsweeney.co.uk
Clive Derby of Rake
Dont forget to think about your
socks. Its one of those areas where
you look down in business meetings
and you see something cartoonish
or garish, and itll affect how you
view that person. Youre likely to be
wearing a dark black or brown
shoe, so keep your socks dark, plain
and understated too. If youre going to go for something
brighter and contrasting, be aware of the statement
youre making know why and how youre doing it. But
if in doubt, always keep it underplayed and elegant.
www.rakestyle.com
Paul Smith at Mr Porter
515 at mrporter.com
Double-breasted
Austin Reed
71.60 at
austinreed.co.uk
Navy cotton
Rake
995 at
rakestyle.com
Travel blazer
Gieves & Hawkes
2,250 at
gievesandhawkes.com
White piping
Inset picture: Hackett double-breasted
blazer, 550, www.hackett.co.uk
SUITS CITY
and
the
The blazer has been rehabilitated. Make
sure you dont miss out on this style staple
THE LOWDOWN ON TAILORING
BY TIM BARBER
Its one thing being well dressed, but quite another being well dressed for work
HOW TO NAIL IT AT THE OFFICE
CASTING AN EYE OVER THE HISTORY
oI mensweur IL`s Lhe mId-1q6os oIhce
unIIorm, perhups besL exempIIhed
by SIr MIchueI CuIne (u mun who hus
always known that the right formal
ouLhL Is oILen Lhe sImpIesL one) LhuL
hus provIded us wILh un oIhce-weur IdeuI. The
enLIre muIe cusL oI Mad Men, the television
show LhuL hus InspIred more coIumn Inches In
praise of its sartorial style than any series for
u generuLIon, reInIorces LhIs poInL. L`s u Iook
LhuL sLIII hus much Lo Leuch men who requIre
their professional wardrobe to make the right
kInd oI ImpressIon - ussured, uncompIIcuLed
und energeLIc.
The paradox behind this kind of style is
that while its palpably hard won its the
polar opposite of sprezzatura (Lhe LuIIun
concepL oI sLudIed cureIessness) - IL`s
uIso preLLy mInImuI. ThIs Is u vIrLue In
u workIng wurdrobe, whIch needs Lo consIsL
oI ILems LhuL cun be successIuIIy combIned In
Lhe Iew seconds mosL oI us spend pIckIng ouL
Suit by Canali 176147, shirt
by Paul Smith 176460, coat by Ami
182193, tie by J.Crew 196738,
hat by Lock & Co Hatters 173175,
sunglasses by Illesteva 311333,
briefcase by Gucci 180855
CONTINUED OVERLEAF
THE ONLINE RETAIL DESTINATION FOR MEN' S STYLE
MRPORTER.COM
FIVE WORK
ESSENTIALS
The pieces that will
garner the right sort
of attention
VALEXTRA
BRIEFCASE
186336
A beautifully made case will look
good and last for decades
CANALI
BLUE RAINCOAT
186291
Single-breasted macs are effective and
elegant, the perfect spring accessory
SWAINE ADENEY BRIGG
COLOURFUL UMBRELLA
173186
,QMHFWVRPHOLIHLQWRDIRUPDORXWWZLWK
a colourful umbrella
JOHN LOBB
MONK-STRAP SHOES
168505
We like them best when they are given
a rugged feel in grain leather
ALEXANDER MCQUEEN
CHECKED SUIT
176069
Expressive styles have even reached
business attire. Its time for checks
SUITABLY STYLISH
When it comes to formal dressing, these men tick all the boxes
MR EDWARD FOX
The ucLor, ubove, with his son
Mr Freddie Fox, famous for his role in
The Day of the Jackal, is relentlessly
well dressed in Savile Row suits,
despILe Lhe IucL LhuL he IusL boughL
one z yeurs ugo. I one`s In ondon
one wears a London suit, he LoId us.
MR BILL NIGHY
The ucLor reveuIed Lo MR PORTER
an obsession with suits navy blue
In purLIcuIur: cun onIy reuIIy
operuLe In u decenL Iounge suIL,
he suId, beIore recuIIIng skIIng In
ChumonIx weurIng, A Lwo-pIece
nuvy suIL, u CrombIe couL und LrIIby.
SIR MICHAEL CAINE
SIr MIchueI CuIne eschewed Lhe
peucock sLyIe oI 1q6os ondon,
opLIng Ior resLruIned buL energeLIc
LuIIorIng LhuL`s sLIII enLIreIy reIevunL.
His tailor was the late Mr Douglas
Huywurd, buL LhunkIuIIy hIs Iook cun
be eusIIy emuIuLed Loduy.
MR JOE FRAZIER
The boxer, narrowly defeated by
Mr Muhummud AII In Lhe cIussIc
ThrIIIu In MunIIu, embruced Lhe
dubious fashions of the 1970s,
buL munuged Lo creuLe u cIoLhIng
ensemble as devastating as the
combInuLIons he Lhrew In Lhe rIng.
our cIoLhes In Lhe mornIng. As such
Lhe coIour puIeLLe Is IImILed uImosL
Lo Lhe poInL oI beIng monochrome,
while the patterns are restrained
und Lhe cuLs ure conLemporury buL
in an adult way think slim rather
than skinny lapels, lean rather than
shrunken juckeLs und neuL ruLher
Lhun LIghL Lrousers.
ThIs Is noL u Iook LhuL`s uchIeved
wILh u surIeIL oI uccessorIes, buL by
puyIng cIose uLLenLIon Lo deLuII; sInce
were talking about timeless style
und hrsL-cIuss quuIILy, Lhe LwIn
investments of time and money will
be hundsomeIy re-puId.
CONTINUED FROM PREVIOUS PAGE
Suit by Dolce & Gabbana
302934, shirt by Yves
Saint Laurent 174965, tie
by Black Fleece 174832,
tie clip by Lanvin 188939,
handkerchief by
Derek Rose 162802
Suit by Ralph Lauren
Purple Label 304059,
shirt by Charvet
189316, tie by Drakes
187976, handkerchief
by Derek Rose 162803
Suit by Gucci 300027,
shirt by Burberry London
303160, tie by Drakes
187970, handkerchief
by Derek Rose
162803, socks by
Bresciani 191241
BRIEFCASES
WHAT MRPORTER.COM
CAN DO FOR YOU
The bag a man carries can
make a lasting impression
FIVE TANTALISING TIES
3LFNWKHULJKWRQHDQG\RXOOEHWIRUWKHERDUGURRPDQGWKHFRFNWDLOEDU
01.
MEASURE UP

Know your chesL und wuIsL sIze
und Lhe correIuLIon beLween
Lhe Lwo, someLhIng LuIIors cuII
Lhe drop. or exumpIe, u qo
chesL und q wuIsL mukes you
u drop 6. oIIow Lhe sIze und
IIL guIde on MRPORTER.COM
02.
CHOOSE YOUR STYLE

Single-breasted, two-button suits
ure Lhe mosL common - Lhey`re
comIorLubIe und suIL u vurIeLy oI
shupes. DoubIe-breusLed suILs ure
being revisited; they look great
as long as they fit well and are
shorLer Lhun Lhose In Lhe 1q8os.
03.
THE FABRIC

For a suit youre going to wear
oILen, go Ior u durubIe IubrIc
(such us Pure New WooI) und
un InconspIcuous shude oI durk
bIue or grey (IL`II Iook smurL buL
wont give you away should you
weur IL every week).
04.
ALTERATIONS

Its useful to know a skilled
uILeruLIons servIce, us mosL
new suILs wIII need Lweuks.
Well-made trousers have
u seum uIIowunce, meunIng
that should you need
Lo Ioosen Lhe IIL, you cun.
A good suit is one of lifes serious
InvesLmenLs: IL`II gIve you un edge LhuL
no oLher ILem In your wurdrobe cun.
When IL comes Lo IIndIng Lhe perIecL
suIL, IIL Is kIng: Lhe mosL beuuLIIuIIy
consLrucLed LuIIorIng cun come ucross
us sIoppy II Lhe IIL Is noL quILe so. I
you do your reseurch und know whuL Lo
Iook Ior, buyIng u suIL onIIne cun be
u seumIess experIence.
By Mr Toby Bateman,
Buying Director at MR PORTER
HOW TO BUY
A SUIT ONLINE
Te Knack
AND HERES THE KNACK
THE BEST BRANDS
More than 160 of the
worlds leading labels, from
AIexunder McQueen Lo
Valextra, with new items
upIouded every Tuesduy.
STYLE ON THE GO
Shop no matter where you
are with the MR PORTER
SLyIe HeIp IPhone upp.
Download it for free from
Lhe App SLore.
STYLE AND FIT ADVICE
rom sLyIe, sIze und IIL Lo
suggesLIng Lhe perIecL Iook
our Style Advisors are on
hund Lo heIp, zq hours u duy,
seven duys u week. EmuII:
sLyIeudvIcemrporLer.com
or cuII o8oo oqq ;o6.
E. TAUTZ
186351
Slubby silk and linen ties
have a summery feel,
meunIng Lhey cun be worn
wILh convIcLIon beLween
Muy und SepLember. ThIs
exumpIe wouId be perIecL
under u nuvy bIuzer.
BRIONI
176433
The ordered repetition of
Lhe ower moLII on LhIs
bIuck sIIk LIe gIves IL un uIr
oI resLruIned expressIon.
Worn under a dark suit, it
wouId Iook very chIc boLh In
Lhe oIhce und Lhe evenIng.
DRAKES
187999
Save this yellow tie for
sunny days, when it will
look superb with a navy suit
und u puIe bIue shIrL. In
u specIuIIsL prInL, IL
uchIeves u subLIy dusLy Iook
und BrILIsh uesLheLIc.
TURNBULL & ASSER
194431
This grey tie brings to mind
Lhe 1qos, u goIden uge oI
men`s IushIon. The Duke oI
Windsor might have worn
it with a pale grey suit and
a white shirt, and wed be
huppy Lo IoIIow hIs Ieud.
ETRO
184745
Knitted ties are both
cusuuI und smurL. They
dress a man up, without
IookIng sLIII. ThIs one
would look as good with
a white shirt and jeans as it
wouId under u bIuzer.
SWAINE ADENEY BRIGG
173184
GUCCI
180855
BOTTEGA VENETA
180734
READ & SH
OP AT
M
RPORTER.COM
theyve been forced to accept a
compromise, with baggy shoul-
ders, unflattering collar and too
tight belly, simply to avoid the
effort of having to search for the
perfect shirt.
What they should really consider
is getting their shirts made on a
bespoke basis. The increase in cost
is arguably offset by the increase in
quality, in fit and just how easy
and stress-free the buying process
is. After you get measured up the
first time, your measurements are
kept by the tailor so that any time
you require new shirts, you can
order them without needing to be
re-measured.
The fact is that 99 per cent of
people are uneven in their body
shape, a bit up and down on one
side, and we take those things into
consideration, says Darren
Tiernen of the famous Piccadilly
shirtmaker Budd. Even people
who go down to the gym a lot and
would seem to have the perfect
physique will end up with muscu-
lar, sloping shoulders which will
mean that run-of-the-mill off-the-
peg shirts will look strange on
them.
Budds bespoke shirts, which are
cut on the premise, start at 195
each, with a minimum first order
of four shirts. After that, order
them as and when you want them.
For the ultimate in luxury
bespoke shirts, Bond Street
Tim Barber advises you not to give up
the search for the perfect suit partner
Get shirty with ill fitting
shirts. Try going bespoke
28 cityam.com
FRIDAY 30 MARCH 2012
SUITS CITY
and
the
B
uying a shirt to wear
with a suit should
be a straightforward
process. Its the item
of clothing most
men possess more of than any
other but getting the right one
can be vexing. Given the
complexity of the human body
and the variety of physiques out
there, the chances of finding a
shirt that fits the contours of
your anatomy are rare. When
youre only given a collar size to
work with, the odds get slimmer
still.
Look around any office, in fact,
and youll see plenty of chaps in
shirts that dont really fit them
menswear boutique Zilli has its
own dedicated shirt room above its
ground floor showroom. Here, in
opulent surroundings, youll be
measured up for a shirt requiring
42 seamstresses and 95 different
operations to be made.
The last time I visited the facto-
ry in France, I saw a lady throw-
ing away a collar that looked
perfect to me, says manager
Arnaud Corbin. She said she
made a slight mistake that you
wont see because its under-
neath, but its not perfection
and thats the point.
Indeed it is since a bespoke shirt
means a garment completely
designed to your body shape,
theres no need for annoying com-
promise. And if the collars and
cuffs get worn out, a good shirt tai-
lor will be able to replace them.
Off the peg will never fit you
perfectly, so the trouble is that
once you go bespoke you find it
very difficult to go back, says
Corbin.
But why would you want to?
www.zilli.fr; www.buddshirts.co.uk
Bespoke tailoring can end your world of shirt-pain
FRIDAY 30 MARCH 2012
cityam.com
www.roderickcharles.com
TWO PIECE SUIT
NORMALLY 769
NOW 550
2 SUITS FOR 1050
EXTRA TROUSERS
NORMALLY 220
NOW 169
2 TROUSERS FOR 300
BESPOKE SUIT OFFER*
90 JERMYN STREET***,
LONDON, SW1Y 6JD.
TELEPHONE: 020 7930 4551
31 BLOMFIELD STREET,
LONDON, EC2M 7BD.
TELEPHONE: 020 7588 2050
52 BOW LANE,
LONDON, EC4M 9DJ.
TELEPHONE: 020 7248 5303
86 CHEAPSIDE,
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79-80 CHANCERY LANE,
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TELEPHONE: 020 7242 4554
67 FLEET STREET,
LONDON, EC4Y 1EU.
TELEPHONE: 020 7353 4567
42 NORTHCOTE ROAD*,
LONDON, SW11 1NZ.
TELEPHONE: 020 7924 6176
8 LIME STREET,
LONDON, EC3M 7AA.
TELEPHONE: 020 7929 1867
74 MOORGATE,
LONDON, EC2M 6SE.
TELEPHONE: 020 7628 4757
12-13 AVERY ROW**,
LONDON, W1K 4AW
TELEPHONE: 020 7629 5695
*OFFER ENDS 30TH APRIL 2012
**OPEN SATURDAY
***OPEN SATURDAY & SUNDAY
SHOP LOCATIONS
29
Add a dash of colour to your life but not too much
Last season accessories
came in any colour you
liked as long as it was
black this summer you
can inject some colour
into your wardrobe
B
uying a suit is easy. Any idiot
can do it. Wait, hear me out.
With a suit comes a tailor who,
in theory, should stop you
going home with something youll come
to regret. At the very least it should fit.
But there is no such luxury when youre
in House of Fraser contemplating a pair
of candy-striped espadrilles. And no
matter how great your suit is, nobody
will notice it if it is drowned out by
hideous accessories.
A simple rule of thumb is to pay attention
to trends. Last season you could have your
accessories in any colour you liked as long
as it was black. Wallets, briefcases, gloves,
iPad cases you name it, they came in
black. But the weather has kindly come out
in favour of most designers spring/sum-
mer collections and injected a bit of colour
into our lives.
Classic is still the style when wont a
pair of Ray Ban aviators feature in a sum-
mer must-have list? but this season your
accessories should be geared towards
adding a touch of light relief to your
work-wear. To play it safe, chose one
colour and run with it this isnt the 80s,
remember.
Brown leather is a winner, as the sumptu-
ous Ralph Lauren tote bag below demon-
strates. We have also featured a blue
stingray leather wallet from Oliver
Sweeney a remarkably durable alterna-
tive to cowhide. Blues and turquoises are
great for adding a splash of colour to your
outfit without making you look like a walk-
ing Andy Warhol painting. Items you often
carry but can easily discard think umbrel-
las: it would be unwise to bank on the good
weather lasting too long are a perfect way
to adopt some colour.
Silver is, as ever, the perfect compliment
to a sharp navy or grey suit. You can splash
out on a pair of ultra-luxury cuff links, like
those below from William & Son, safe in
the knowledge youll still be wearing them
long after you retire.
Ties are a more transient creature pat-
terns are creeping back after a long stint
where block colour was the only design in
town. Wider power ties are also making
something of a comeback (see Stephen
Meyers look on page 30). By Steve Dinneen
Fluted Mother of Pearl cufflinks 3,400
William & Son at williamandson.com
Leather tote bag 780
Polo Ralph Lauren at houseoffraser.co.uk
Stingray leather wallet 125
Oliver Sweeney at oliversweeney.com
Blue gingham umbrella 500
London Undercover at londonundercover.co.uk
Tie bar 110
Dunhill at www.dunhill.com
Classic braces 49
Thomas Pink at thomaspink.com
Blue spotted pocket square 85
Ralph Lauren at mrporter.com
Large metal aviators 67
Ray-Ban at ray-ban.com
SUITS CITY
and
the
Harvey Specter
30
cityam.com
T
he wait is over the suits are
back. Mad Men started up
again this week, gently
lowering us back into a world
of lunchtime whisky, indoor
smoking and suits so sharp they could do
some serious damage.
But Don Draper isnt the only sartorial
heavyweight gracing the small screen. From
Harvey Specters effortless cool in Suits to
Enoch Nucky Thompsons (Steve Buschemi)
20s gangster style in Boardwalk Empire, the
finely tailored suit has never been so highly
lauded.
As well as looking damn fine, they also give
you something to aim for when you come to
buying a suit of your own. Walk into any tai-
lor on Savile Row and ask for a Don Draper
and, while you might feel like a bit of a wally,
they will know what you mean.
Its also a good way of spotting individual
items. It is unlikely anyone wants to look
exactly like Nucky when they go to the
office but copy his tie bar and two-tone shirt
and you can add that certain je ne sais quoi to
your look.
Todays television is like a dream menswear
catwalk leading straight into your living
room. You might never be as handsome as
Jon Hamm but if you wear suits like he does,
people might be prepared to overlook that.
By Steve Dinneen
The great suit has never
been held in such high
esteem. We celebrate four
iconic looks and show
you where to get them
Don Draper
He is the most famous suit-wearer of
his generation for a reason. Draper is
never extravagent and rarely less
than immaculate. His suits are sharply
tailored and offset by discreet
flousishes like his razor-thin pocket
square. He schmoozed his way back
onto our screens this week and TV is
all the better for it. He may be a bit of
a bastard but hes our bastard and he
looks damn good.
Ryan Goslings media spinner in the hit
political drama The Ides of March is the
epitome of no-nonsense cool. He wears a
suit but you rarely see his jacket hes all
about pristine white rolled up sleeves and
a gaping collar. It says: I work hard and I
play hard too. It also means you can sling
on your jacket and be ready to attend a
press conference at the drop of a hat the
perfect multi-taskers outfit.
FRIDAY 30 MARCH 2012
Who says the power suit is
dead? Hard-nosed lawyer
Harvey Specter (played in the US
series Suits by Gabriel Macht) is
smooth, successful and dresses
to win. The dark, chalk-stripe
three piece suit paired with a
grey patterned tie is understated
enough to look classy but
powerful enough to send out a
message that youre not a man
to be messed with.
Stephen Meyers
Jay Gatsby
Few things says classic chic like a
quality cream or white suit, worn
impeccably by Leonardo DiCaprio in
the upcoming movie adaptation of
The Great Gatsby. Whether youre
going to a weekend barbeque at the
bosss house or an after-work garden
party, this look will never age.
Slim-fit cotton shirt 260
Charvet at MrPorter.com
Edelweiss silk tie 49
Simon Carter at HouseofFraser.co.uk
Brown waistcoat 75
tomsawyerwaistcoats.co.uk
Black pinstriped suit 3,430
Ralph Lauren at MrPorter.com
White linen suit 500
BOSS Black at www.hugoboss.com
Yellow stripe Cambridge tie 79
roderickcharles.com
Grey two button suit 395
Reiss at reissonline.com
Birchill spot woven tie 59
thomaspink.com
SUITS CITY
and
the
Dons as sharp as ever. Are you?
Shoes matter. But
for something
extra-special, you
need an extra
special shoemaker.
Enter Pierre Corthay
31
cityam.com
FRIDAY 30 MARCH 2012
LUXURY FABRICS BY
MOSS BESPOKE
OFF
150
EXCLUSIVELY AVAI LABLE I N MOSS BROS REGENT STREET WHEN YOU BOOK BY 08/05/12.
EXCLUDES EVERYDAY AND FI NE CLOTHS. NOT I N CONJUNCTI ON WITH ANY OTHER OFFER.
Use code CITY150 to redeem this ofer instore
at 88 Regent St, London W1B 5RS
NOW OPEN AT
88 REGENT ST,
LONDON
NEW
STORE
C
I
T
Y
1
5
0
G
ood dressing starts with
what you put on your
feet. A smart outfit can
be destroyed by shabby
footwear, while sharp shoes may
save the day if your suits a bit worn
out. And a downright fancy pair of
shoes can give you instant playboy
status. Such is the case with the
remarkable bespoke and ready-to-
wear products of Pierre Corthay, a
renowned French shoemaker who
recently opened his debut London
boutique in Belgravia.
The first thing you notice in the
tiny shop on Motcomb St is the
workbench laid out with jar after
jar of different coloured dyes and
polishes. Here Thomas, the shops
maitre patineur an artisan
polisher and colourist works to
invest shoes with effervescent
colour and sheen, toned to the
preferences of the buyer be that
gleaming green or shocking purple.
Once a month Thomas even hosts a
get together with a handful of
invited customers for an evening of
glaage fine polishing to you
and me.
Its for passionate people,
people who want something
incredible in shape, colour and
quality its something rare and
special that youre buying, says
store manager Francois Pourcher.
His statement is reflected in the
prices, which range from 845 for
ready-to-wear shoes and up well
into the thousands for bespoke. For
that youre getting some of the
finest shoes in the world,
painstakingly made from leather
that spends a minimum of a year
in the tanning basin.
Okay, theres a certain leap of
faith required here. In the UK
flamboyancy and footwear dont
generally go together, but on the
continent things are different. In
the sun-kissed world of the Italian
dandy and French boulevardier,
shoes with colour and ostentation
are just the job call it Riviera style
or Continental chic.
Celebrities, millionaires and
fashion insiders embrace the look,
as do increasingly the denizens
of Mayfair and Knightsbridge. They
may not be for the office, but for
looking exceptional on a
glamorous night out or trip abroad,
theyre unbeatable.
We are artisans first, this is the
core, says Pourcher. The shoes
have that elegance and classicism,
but we add to this fantasy and
originality. By Tim Barber
Put your very best foot forward
SUITS CITY
and
the
Corthay shoes cost from 845 for an off the peg
pair and run into many thousands for the bespoke
range. Visit the store at 24A Motcomb St, SW1
ASOS isnt so much an online fashion retailer as a phenomenon. Founded
more then 10 years ago, it has been many peoples first foray into the world
of online fashion. It is very much at the high
street end of the spectrum, with most jackets
coming in at under 100, especially ASOSs own
brand products. But that doesnt mean you
cant find some great wardrobe staples here.
Another one to file under achingly cool, Luisa Via Roma has a great
selection of vaguely music-inspired suits from the likes of Dolce &
Gabbana and Givenchy. Dont expect to bag a bargain but for a wide
selection of razor sharp suits, this site should be near the top of your list.
The company has risen over the last
five years to become one of the more
successful international online luxury
Mr Porter is the darling of online mens fashion.
Nobody walks the tightrope between high end and
accessible with quite such ease. Whether youre in
the market for an Alexander McQueen blazer or a
pair of classic Levis, this site is for you. The sheer
breadth of stock is astonishing: to give you a
flavour, the first two items that appear under
general clothing are a sumptuous Ralph Lauren
Purple Label three piece suit (at 3,430) and a
Derek Rose cotton bathrobe (170). The returns
policy is everything you expect from a high-end
retailer. Its
the one to
beat.
Smithfield Case is online shopping with a
difference. Its USP is try before you buy. The
premise goes something like this: fill in an
online questionnaire detailing your tastes, let
the company know what items youre looking
for and youll be assigned a personal style
assistant. A few days later a big box full of
clothes will arrive at your door. Try them on,
keep what you like and send the rest back (for
free). You will only be charged for what you
keep. Prices are
reasonable
(jackets 150-
500, shirts
75-200).
FRIDAY 30 MARCH 2012
cityam.com
The New Spring Col l ecti on
FREE SHI RT & TI E
WHEN YOU BUY ANY SUI T
www.tmlewin.co.uk
103-108 Jermyn Street and nationwide
Available while stocks last. Offer ends Sunday 1st April
32
Vive la revolution in online shopping
My-Wardrobe is at the high end of the mainstream fashion market,
nipping at the heels of more established retailers
like ASOS. With jackets from the likes of
Burberry and Barbour coming in at around 250,
you can find some great pieces without breaking
the bank. My-Wardrobe also has some great
features to give you pointers on the latest styles
and how to make sure
Oki-Ni is at the sharper edge of the online fashion world. Its achingly cool
website is an arts students dream and the clothes match. Some of its pieces
stray a little too close to the catwalk (nice in theory but unwearable in
practice) but others deserve a place in any wardrobe (including a beautiful
Alexander McQueen grey check jacket on sale at a cool 1,215). It can be a
little hit and miss but if youre looking for
something a bit special to reinvigorate your
look, this is well worth a look.
Sometimes tried and tested is the way to go. Selfridges is miles ahead of
most of its rivals in terms of online shopping. It has the great
strength in depth you expect of a department
store and its online service is second to none. It
also has an excellent range of suits to browse
through and you can take advantage of some
great sale items to bulk up your wardrobe.
For high-end designer suits, Matches is well worth a look, stocking a
wide range of both office and casual suits. The pieces, from the likes of
Gucci, Yves Saint Laurent and Paul Smith, will generally set you back
between 800 and 1,200. Some items come with the option of viewing
video footage and there are also some exclusive items, including a very
smart Rake Lounge wool dinner suit,
which will set you back a cool 2,505.
Its well worth a click.
BEST FOR VALUE: ASOS
BEST FOR LUXE SUITS: MATCHES
BEST OVERALL: MR PORTER
BEST FOR PIECE OF MIND: SELFRIDGES
BEST FOR OUT-THERE FASHION: OKI-NI
BEST FOR EDITORIAL TIPS: MY WARDROBE
BEST FOR NEW STYLES: SMITHFIELD CASE
BEST FOR ITALIAN COOL: LUISA VIA ROMA
www.asos.com
www.matchesfashion.com
www.mrporter.com
www.my-wardrobe.co.uk
www.oki-ni.com
www.selfridges.com
www.smithfieldcase.com
www.luisaviaroma.com
I
t wasnt long ago that people
winced at the thought of ordering a
book online, let alone something as
complex and personal as a suit. But
a new crop of retailers have perfected the
formula and online shopping for high-
end menswear is amongst the fastest
growing areas in the retail sector. The
internet now accounts for around 10 per
cent of retail sales and this is expected to
rise to 14 per cent by 2015. Almost every
major store now has an online arm and a
host of exciting new firms are flocking to
the space, attracted by relatively small
start-up costs (after all, paying rent on a
store is expensive, especially in central
London). Here are our recommendations
for the very best in online menswear.
By Steve Dinneen
Online stores are now a viable alternative to shopping
for suits in the West End. Here is our guide to the best,
the most innovative and the most reliable sites
SUITS CITY
and
the
FRIDAY 30 MARCH 2012
33
MARKETS
cityam.com
LON GD ONCE FIX AM...................................1655.75 -21.25
SILVERLDN FIX AM..........................................31.72 -0.51
MAPLE LEAF 1 OZ.............................................34.51 0.16
LON PLATINUM AM......................................1641.00 1.00
LON PALLADIUM AM ....................................648.00 -6.00
ALUMINIUM CASH........................................2137.50 5.00
COPPER CASH............................................8480.00 -30.00
LEAD CASH .................................................1986.50 -8.50
NICKEL CASH..............................................17715.00 -310.00
TIN CASH.................................................22400.00 -50.00
ZINC CASH.................................................2006.50 -7.50
BRENT SPOT INDEX........................................124.37 -1.29
SOYA............................................................1367.50 -2.25
COCOA........................................................2295.00 -6.10
COFFEE..........................................................182.00 -5.35
KRUG............................................................1719.10 -17.30
WHEAT ..........................................................171.50 -1.12
AIR LIQUIDE .....................................................98.40 -0.36 101.00 80.90
ALLIANZ ...........................................................89.30 -2.07 107.45 56.16
ANHEUS-BUSCHINBEV.....................................53.83 -0.47 55.61 33.85
ARCELORMITTAL..................................................14.11 -0.07 26.40 10.47
AXA...................................................................12.36 -0.30 15.97 7.88
BANCO SANTANDER...........................................5.68 -0.11 8.36 4.94
BASF SE............................................................64.96 -1.02 70.22 42.19
BAYER...............................................................52.24 -0.64 59.44 35.36
BBVA..................................................................5.86 -0.07 8.79 4.94
BMW.................................................................65.83 -1.39 73.95 43.49
BNP PARIBAS ...................................................35.69 -1.22 55.44 22.72
CARREFOUR.......................................................17.69 -0.42 28.39 14.66
CRH PLC ............................................................15.00 -0.39 17.03 10.28
DAIMLER...........................................................44.27 -1.52 53.95 29.02
DANONE............................................................51.85 -0.44 53.46 41.92
DEUTSCHE BANK...............................................36.93 -1.37 44.56 20.79
DEUTSCHE BOERSE............................................49.31 -1.40 57.68 35.65
DEUTSCHE TELEKOM...........................................8.98 -0.16 11.38 7.88
E.ON...................................................................17.79 -0.33 23.54 12.50
ENEL....................................................................2.71 -0.08 4.86 2.69
ENI.....................................................................17.44 -0.24 18.72 11.83
FRANCE TELECOM...............................................11.04 -0.21 15.98 10.92
GDF SUEZ...........................................................19.16 -0.29 28.98 17.65
GENERALI ASS....................................................11.65 -0.56 16.44 10.34
IBERDROLA .........................................................4.18 -0.05 5.95 4.16
INDITEX.............................................................70.87 -1.20 73.36 52.20
ING GROEP CVA..................................................6.30 -0.27 9.50 4.21
INTESA SANPAOLO...............................................1.35 -0.08 2.18 0.85
KON.PHILIPS ELECTR.........................................15.06 -0.33 23.01 12.01
L'OREAL ............................................................89.93 0.85 91.24 68.83
LVMH................................................................126.15 -3.80 136.80 94.16
MUNICHRE ......................................................113.50 -2.30 118.35 77.80
NOKIA................................................................4.00 -0.14 6.36 3.33
REPSOL YPF.......................................................18.78 0.47 24.90 17.31
RWE..................................................................35.65 -0.46 47.29 21.15
SAINT-GOBAIN .................................................33.09 -0.96 47.64 26.07
SANOFI..............................................................57.54 -0.52 59.56 42.85
SAP...................................................................52.25 -0.61 54.85 32.88
SCHNEIDER ELECTRIC .......................................48.80 -0.68 61.83 35.00
SIEMENS ...........................................................74.94 -1.05 99.39 62.13
SOCIETE GENERALE............................................21.95 -0.93 48.98 14.32
TELECOM ITALIA..................................................0.90 -0.02 1.10 0.70
TELEFONICA........................................................12.18 -0.12 18.34 12.14
TOTAL ................................................................37.83 -0.19 43.73 29.40
UNIBAIL-RODAMCO SE.....................................147.75 -1.90 162.95 123.30
UNICREDIT ..........................................................3.76 -0.23 12.39 2.20
UNILEVER CVA ..................................................25.23 -0.09 27.16 20.96
VINCI.................................................................38.32 -0.59 45.48 28.46
VIVENDI.............................................................13.63 -0.19 21.37 13.54
VOLKSWAGEN VORZ........................................129.65 -3.25 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5742.03 -66.96 -1.15
FTSE 250 INDEX . . . . . . . . . . . . . . . 11430.98 -158.73 -1.37
FTSE UK ALL SHARE. . . . . . . . . . . . . 2987.10 -35.28 -1.17
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 786.53 -10.37 -1.30
DOWJONES INDUS 30 . . . . . . . . . . 13145.82 19.61 0.15
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1403.28 -2.26 -0.16
NASDAQ COMPOSITE . . . . . . . . . . . 3095.36 -9.60 -0.31
FTSEUROFIRST 300 . . . . . . . . . . . . . 1059.21 -13.27 -1.24
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 10114.79 -67.78 -0.67
DAX 30 PERFORMANCE . . . . . . . . . . 6875.15 -123.65 -1.77
CAC 40 . . . . . . . . . . . . . . . . . . . . . . . 3381.12 -49.03 -1.43
SHANGHAI SE INDEX. . . . . . . . . . . . 2252.16 -32.72 -1.43
HANG SENG . . . . . . . . . . . . . . . . . 20609.39 -276.03 -1.32
S&P/ASX 20 INDEX. . . . . . . . . . . . . 2582.90 0.30 0.01
ASX ALL ORDINARIES. . . . . . . . . . . 4422.00 -9.50 -0.21
BOVESPA SAO PAOLO . . . . . . . . . . 64871.99 -207.35 -0.32
ISEQ OVERALL INDEX. . . . . . . . . . . . 3233.14 -53.06 -1.61
STRAITS TIMES . . . . . . . . . . . . . . . . 2904.76 -1.93 -0.07
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . 797.16 -7.58 -0.94
SWISS MARKET INDEX. . . . . . . . . . . 6176.26 -74.17 -1.19
Price Chg %chg
3M ....................................................................88.77 0.32 98.19 68.63
ABBOTT LABS...................................................60.98 -0.14 61.49 46.29
ALCOA...............................................................10.03 0.20 18.47 8.45
ALTRIA GROUP.................................................30.59 0.07 30.91 23.20
AMAZON.COM.................................................204.61 3.45 246.71 166.97
AMERICAN EXPRESS .........................................57.89 -1.17 59.26 41.30
APPLE............................................................609.86 -7.76 621.45 310.50
AT&T ..................................................................31.21 -0.15 31.97 27.29
BANK OF AMERICA.............................................9.53 -0.22 13.88 4.92
BERKSHIRE HATAW B........................................81.35 -0.43 85.51 65.35
BOEING CO........................................................74.08 -0.25 80.65 56.01
CATERPILLAR..................................................106.02 1.76 116.95 67.54
CHEVRON .......................................................106.85 0.96 112.28 86.68
CISCO SYSTEMS..................................................21.03 -0.05 21.24 13.30
CITIGROUP ........................................................36.51 -0.55 46.90 21.40
COCA-COLA .......................................................73.81 1.15 74.39 63.34
COMCAST CLASS A............................................29.83 -0.09 30.41 19.19
CONOCOPHILLIPS..............................................75.80 -0.18 81.80 58.65
DU PONT(EI) DE NMR.......................................52.75 -0.20 57.50 37.10
EMC CORP.........................................................29.58 0.03 30.00 19.84
EXXON MOBIL...................................................86.08 0.22 88.13 63.47
GENERAL ELECTRIC ...........................................19.95 -0.06 21.00 14.02
GOLDMAN SACHS GRP.....................................123.76 -2.60 164.40 84.27
GOOGLE A.......................................................648.41 -7.35 670.25 473.02
HEWLETT PACKARD...........................................23.51 -0.07 42.83 19.92
HOME DEPOT ....................................................49.91 0.00 50.35 28.13
IBM.................................................................208.27 0.98 208.69 157.13
INTEL CORP.......................................................28.16 0.36 28.28 19.16
J.P.MORGAN CHASE..........................................45.67 -0.60 47.80 27.85
JOHNSON & JOHNSON.....................................65.54 -0.08 68.05 55.76
KRAFT FOODS A.................................................37.81 -0.16 39.06 24.30
MC DONALD'S CORP..........................................97.64 0.56 102.22 74.87
MERCK AND CO. NEW.......................................38.01 -0.30 39.43 29.47
MICROSOFT........................................................32.12 -0.07 32.95 23.65
OCCID. PETROLEUM..........................................94.43 -0.42 117.89 66.36
ORACLE CORP...................................................29.30 -0.06 36.50 24.72
PEPSICO...........................................................66.02 0.09 71.89 58.50
PFIZER..............................................................22.42 0.01 43.67 16.63
PHILIP MORRIS INTL.........................................86.65 -0.32 88.51 60.45
PROCTER AND GAMBLE.....................................67.01 -0.18 67.95 56.57
QUALCOMM INC.................................................67.93 -0.19 68.87 45.98
SCHLUMBERGER................................................69.14 -0.64 95.53 54.79
TRAVELERS CIES...............................................58.65 -0.12 64.17 45.97
UNITED TECHNOLOGIE ......................................82.32 0.80 91.83 66.87
UNITEDHEALTH GROUP......................................58.11 2.67 58.32 41.27
VERIZON COMMS..............................................38.07 -0.19 40.48 32.28
VISA CL A ........................................................119.00 -0.35 120.70 71.75
WAL-MART STORES..........................................60.82 -0.37 62.63 48.31
WALT DISNEY CO...............................................43.01 -0.50 44.50 28.19
WELLS FARGO & CO..........................................33.94 -0.53 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight................................0.262 0.00
LIBOR Euro - 12 months................................1.385 0.00
LIBOR USD - overnight .................................0.153 0.00
LIBOR USD - 12 months ................................1.047 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield......................................3.290 0.00
European repo rate ......................................0.157 0.01
Euro Euribor .................................................0.317 0.00
The vix index................................................17.06 0.27
The baltic dry index ....................................922.0 5.00
Markit iBoxx ...............................................241.96 0.88
Markit iTraxx ................................................119.16 2.61
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .297.9 -3.1 340.8 248.1
Chemring Group . . . . . .397.6 -7.7 712.0 368.8
Cobham . . . . . . . . . . . . .221.6 -1.9 236.5 165.9
Meggitt . . . . . . . . . . . . .398.6 0.6 408.3 304.9
QinetiQ Group . . . . . . . .149.7 0.1 153.2 101.5
Rolls-Royce Holdi . . . . .809.5 -14.5 842.5 557.5
Senior . . . . . . . . . . . . . .192.0 -3.0 201.0 135.6
Ultra Electronics . . . . . .1727.0 0.0 1779.0 1305.0
GKN . . . . . . . . . . . . . . . .202.4 -4.7 245.0 157.0
Barclays . . . . . . . . . . . . .234.2 -11.5 308.9 138.9
HSBC Holdings . . . . . . . .547.1 -14.3 667.2 463.5
Lloyds Banking Gr . . . . . .33.4 -1.0 62.4 21.8
Royal Bank of Sco . . . . . .27.8 -0.8 44.4 17.3
Standard Chartere . . . .1538.5 -42.0 1690.0 1169.5
AG Barr . . . . . . . . . . . . .1199.0 -31.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .382.0 -8.0 444.0 289.9
Diageo . . . . . . . . . . . . .1515.5 -11.5 1553.0 1112.0
SABMiller . . . . . . . . . . .2522.0 -16.0 2660.0 1979.0
AZ Electronic Mat . . . . .290.0 -6.0 338.1 206.1
Croda Internation . . . .2093.0 -22.0 2238.0 1597.0
Elementis . . . . . . . . . . . .180.1 -5.0 196.1 107.5
Johnson Matthey . . . .2300.0 8.0 2403.0 1523.0
Victrex . . . . . . . . . . . . .1330.0 -5.0 1590.0 1025.0
Yule Catto & Co . . . . . . .244.5 -1.8 253.0 148.0
/$ 1.3271 0.0044
/ 0.8336 0.0043
/ 109.30 1.0691
/ 1.1998 0.0064
/$ 1.5918 0.0029
/ 131.12 0.5570
FTSE 100
5742.03
66.96
FTSE 250
11430.98
158.73
FTSE ALL SHARE
2987.10
35.28
DOW
13145.82
19.61
NASDAQ
3095.36
9.60
S&P500
1403.28
2.26
Brown (N.) Group . . . . .233.4 -4.8 304.5 227.0
Carpetright . . . . . . . . . .700.0 0.0 741.0 375.0
Debenhams . . . . . . . . . .80.0 -1.7 82.7 51.2
Dignity . . . . . . . . . . . . . .815.0 1.0 854.5 693.0
Dixons Retail . . . . . . . . . .18.7 -0.6 19.9 9.4
DunelmGroup . . . . . . . .514.5 -0.5 524.5 383.9
Halfords Group . . . . . . .303.0 -4.5 405.9 268.6
Home Retail Group . . . .112.0 -1.6 228.5 72.5
Inchcape . . . . . . . . . . . .372.6 -12.5 425.4 268.1
JD Sports Fashion . . . . .775.0 0.0 1030.0 570.0
Kesa Electricals . . . . . . . .71.9 -1.8 151.4 60.2
Kingsher . . . . . . . . . . .305.3 -4.5 312.7 217.0
Marks & Spencer G . . . .373.2 -11.0 402.2 301.8
Next . . . . . . . . . . . . . .2980.0 -29.0 3014.0 1980.0
Sports Direct Int . . . . . .284.5 2.3 296.1 181.5
WHSmith . . . . . . . . . . .543.5 -8.5 559.0 433.8
Smith & Nephew . . . . . .631.0 -2.5 715.0 521.0
Synergy Health . . . . . . .851.0 -2.5 981.0 809.5
Barratt Developme . . . .138.6 -7.6 151.5 67.5
Bellway . . . . . . . . . . . . .818.5 -16.5 859.5 540.5
Berkeley Group Ho . . . .1318.0 -10.0 1414.0 1019.0
Bovis Homes Group . . .487.5 -13.0 518.5 326.5
Persimmon . . . . . . . . . .639.5 -17.0 706.5 374.0
Balfour Beatty . . . . . . .284.4 -13.0 343.8 214.6
CRH . . . . . . . . . . . . . . .1250.0 -40.0 1672.5 1053.0
Galliford Try . . . . . . . . . .618.0 -1.0 634.8 371.8
Kier Group . . . . . . . . . .1135.0 -33.0 1489.0 1097.0
Drax Group . . . . . . . . . .536.5 12.0 581.5 395.1
SSE . . . . . . . . . . . . . . . .1322.0 -5.0 1423.0 1193.0
Domino Printing S . . . .563.0 0.5 701.5 434.3
Halma . . . . . . . . . . . . . .377.8 -8.9 429.6 306.3
Laird . . . . . . . . . . . . . . . .215.5 -2.1 218.3 127.9
Morgan Crucible C . . . . .316.6 -8.1 360.0 224.0
Oxford Instrument . . . .1216.0 -4.0 1262.0 700.0
Renishaw . . . . . . . . . . .1274.0 -17.0 1886.0 800.0
Spectris . . . . . . . . . . . .1743.0 -70.0 1835.0 1039.0
Aberforth Smaller . . . .632.0 -10.5 714.0 494.0
Alliance Trust . . . . . . . .365.5 -4.5 392.7 310.2
Bankers Inv Trust . . . . .419.4 -2.6 433.8 346.5
BH Global Ltd. GB . . . . .1185.0 -6.0 1212.0 1058.0
BH Global Ltd. US . . . . . .12.0 -0.0 12.2 10.4
BH Macro Ltd. EUR . . . . .20.0 0.1 20.2 16.3
BH Macro Ltd. GBP . . .2058.0 9.0 2078.0 1671.0
BH Macro Ltd. USD . . . . . .19.8 0.1 20.2 16.2
BlackRock World M . . . .658.5 -10.5 815.5 574.5
BlueCrest AllBlue . . . . . .161.3 -0.8 176.2 160.6
British Assets Tr . . . . . . .127.5 0.2 139.4 109.0
British Empire Se . . . . .423.0 -4.0 533.0 404.0
Caledonia Investm . . .1490.0 -18.0 1800.0 1337.0
City of London In . . . . .293.2 -3.5 306.9 257.0
Dexion Absolute L . . . . .141.4 0.0 150.0 130.0
Edinburgh Dragon . . . .247.5 -0.5 253.1 201.4
Edinburgh Inv Tru . . . . .495.1 -1.2 504.0 422.5
Electra Private E . . . . .1709.0 -31.0 1755.0 1287.0
Fidelity China Sp . . . . . . .79.0 -1.6 114.3 70.0
Fidelity European . . . . .1127.0 -14.0 1287.0 912.0
Foreign and Colon . . . . .314.0 -2.5 327.9 261.5
Herald Inv Trust . . . . . .520.5 -2.5 545.5 419.0
HICL Infrastructu . . . . . .119.2 -0.3 121.3 112.7
John Laing Infras . . . . .106.4 -0.1 110.6 103.8
JPMorgan American . . .945.0 -12.0 965.5 721.5
JPMorgan Asian In . . . . .191.5 -2.2 244.0 170.1
JPMorgan Emerging . . .551.5 -12.5 610.5 480.1
JPMorgan Indian I . . . . .353.7 -5.3 459.0 313.1
JPMorgan Russian . . . .565.0 -13.5 741.0 415.1
LawDebenture Cor . . . .374.5 -3.3 398.7 323.0
Mercantile Invest . . . . .1031.0 -14.0 1119.0 823.0
Merchants Trust . . . . . .380.2 -4.3 431.8 341.5
Monks Inv Trust . . . . . . .331.2 -0.8 367.9 298.1
Murray Income Tru . . . .648.5 -10.0 674.0 568.0
Murray Internatio . . . . .990.0 -11.0 1007.0 818.5
NB Global Floatin . . . . . .99.1 -0.1 103.0 92.5
Perpetual Income . . . .268.7 0.8 276.0 236.5
Personal Assets T . . .34440.0 20.0 35350.030850.0
Polar Capital Tec . . . . . .398.4 -3.9 404.0 299.5
RIT Capital Partn . . . . . .1211.0 -14.0 1360.0 1173.0
Scottish Inv Trus . . . . . .484.9 -6.0 524.0 417.0
Scottish Mortgage . . . .702.5 -10.5 781.0 565.0
SVG Capital . . . . . . . . . .289.2 -0.8 295.5 165.1
Temple Bar Inv Tr . . . . .924.0 2.0 970.0 791.0
Templeton Emergin . . .584.0 -12.5 684.5 497.0
TRProperty Inv T . . . . . .153.1 -3.4 206.1 136.2
TRProperty Inv T . . . . . .69.5 -0.8 94.0 59.8
Witan Inv Trust . . . . . . .491.3 -5.1 533.0 401.5
3i Group . . . . . . . . . . . .209.7 5.7 301.1 166.9
3i Infrastructure . . . . . . .123.1 -0.4 125.2 115.0
Aberdeen Asset Ma . . . .258.1 1.3 265.8 167.8
Ashmore Group . . . . . .366.0 -8.7 420.0 306.4
Brewin Dolphin Ho . . . .165.3 -4.1 176.5 113.7
Camellia . . . . . . . . . . .9625.0 50.0 10950.0 8800.0
Charles Taylor Co . . . . . .148.5 2.5 160.5 115.6
City of London Gr . . . . . .67.0 0.0 92.6 61.3
City of London In . . . . .360.5 4.8 440.0 304.3
Close Brothers Gr . . . . . .781.5 -8.5 845.0 590.0
F&C Asset Managem . . .66.7 -0.8 81.7 56.1
Hargreaves Lansdo . . . .479.5 -7.5 646.5 402.5
Helphire Group . . . . . . . . .1.8 -0.0 14.9 1.4
Henderson Group . . . . .126.0 -0.8 173.1 95.1
Highway Capital . . . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .387.8 -6.8 541.5 311.6
IG Group Holdings . . . .440.4 -2.1 502.5 393.6
Intermediate Capi . . . .285.0 3.4 345.0 197.9
International Per . . . . .256.0 -1.0 388.8 148.5
International Pub . . . . .119.6 0.3 121.5 112.7
Investec . . . . . . . . . . . . .377.2 -9.2 522.0 318.4
IP Group . . . . . . . . . . . . .124.0 4.0 124.0 36.0
Jupiter Fund Mana . . . .230.9 -7.2 310.5 184.9
Liontrust Asset M . . . . . .121.0 0.0 122.0 57.9
LMS Capital . . . . . . . . . . .58.8 -0.5 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 19.0
London Stock Exch . . .1018.0 3.0 1076.0 756.5
Lonrho . . . . . . . . . . . . . . .11.8 -0.3 19.8 8.9
Man Group . . . . . . . . . . .130.0 -3.3 259.6 104.5
Paragon Group Of . . . .185.6 2.7 206.1 134.6
Provident Financi . . . . .1137.0 -34.0 1181.0 915.0
Rathbone Brothers . . .1276.0 -2.0 1316.0 977.0
Record . . . . . . . . . . . . . . .11.3 -0.3 35.5 10.5
RSM Tenon Group . . . . . . .8.3 -0.1 38.0 5.6
Schroders . . . . . . . . . . .1567.0 -9.0 1906.0 1183.0
Schroders (Non-Vo . . .1230.0 -11.0 1554.0 970.0
Tullett Prebon . . . . . . . .352.4 -0.6 428.6 262.3
Walker Crips Grou . . . . .45.0 0.0 51.5 40.0
BT Group . . . . . . . . . . . .223.4 -4.2 232.1 161.0
Cable & Wireless . . . . . . .32.1 -0.2 48.9 31.3
Cable & Wireless . . . . . .33.6 -0.4 55.0 14.2
COLT Group SA . . . . . . . .105.9 0.2 154.0 84.1
KCOM Group . . . . . . . . . .70.0 0.2 84.0 59.8
TalkTalk Telecom . . . . . .138.5 -6.5 150.0 118.9
TelecomPlus . . . . . . . . .687.5 -1.5 802.0 455.0
Booker Group . . . . . . . . .82.8 -1.3 84.5 59.5
Greggs . . . . . . . . . . . . . .518.0 4.0 558.0 445.0
Morrison (Wm) Sup . . .296.5 -6.6 328.0 273.8
Ocado Group . . . . . . . . .116.7 -0.2 237.0 52.9
Sainsbury (J) . . . . . . . .308.5 -5.4 362.8 263.5
Tesco . . . . . . . . . . . . . . .328.1 -8.7 420.1 310.5
Associated Britis . . . . .1216.0 -3.0 1228.0 977.0
Cranswick . . . . . . . . . . . .811.0 -1.0 841.0 588.5
Dairy Crest Group . . . . .331.3 -6.7 409.7 311.0
Devro . . . . . . . . . . . . . . .305.1 -2.9 332.2 232.0
Tate & Lyle . . . . . . . . . .695.0 -9.5 720.5 544.5
Unilever . . . . . . . . . . .2038.0 -15.0 2189.0 1885.0
Mondi . . . . . . . . . . . . . .585.0 -8.0 664.0 413.5
Centrica . . . . . . . . . . . . .313.4 0.1 333.0 278.8
International Pow . . . .405.0 21.6 409.0 279.4
National Grid . . . . . . . .626.0 -5.0 659.0 569.0
Pennon Group . . . . . . .708.0 -4.0 737.5 620.0
Severn Trent . . . . . . . . .1521.0 -19.0 1610.0 1375.0
United Utilities . . . . . . .596.5 -6.0 637.0 560.0
Cookson Group . . . . . . .678.0 -19.0 724.5 395.8
Rexam . . . . . . . . . . . . . .427.1 -3.4 436.0 299.8
RPC Group . . . . . . . . . . .368.5 -12.5 393.2 281.0
Smith (DS) . . . . . . . . . . .176.9 -2.0 183.7 113.3
Smiths Group . . . . . . .1030.0 -3.0 1340.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3526.0 4.0 3599.0 3100.0
Redrow . . . . . . . . . . . . .128.7 -0.3 135.3 103.5
Taylor Wimpey . . . . . . . .51.0 -1.4 52.8 28.7
Bodycote . . . . . . . . . . . .379.4 -9.4 426.5 225.6
Fenner . . . . . . . . . . . . . .421.0 -16.7 483.7 280.0
IMI . . . . . . . . . . . . . . . . .948.5 -20.5 1119.0 636.5
Melrose . . . . . . . . . . . . . .418.1 -9.9 428.5 268.0
Northgate . . . . . . . . . . .207.0 -8.8 346.7 190.9
Rotork . . . . . . . . . . . . .1955.0 -20.0 2099.0 1501.0
Spirax-Sarco Engi . . . .2055.0 -17.0 2184.0 1649.0
Weir Group . . . . . . . . .1698.0 -55.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .357.6 -2.2 460.5 315.0
Ferrexpo . . . . . . . . . . . .294.5 2.0 499.0 238.7
Talvivaara Mining . . . . .235.0 -6.4 589.0 195.2
BBA Aviation . . . . . . . . .211.8 -4.5 223.4 156.0
Stobart Group Ltd . . . . .130.3 0.9 152.8 112.0
Admiral Group . . . . . . .1155.0 -6.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .327.9 -9.0 427.0 270.6
Beazley . . . . . . . . . . . . .139.3 -3.7 151.8 109.6
Catlin Group Ltd. . . . . . .407.1 -10.9 449.0 337.0
Hiscox Ltd. . . . . . . . . . .390.9 -5.2 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .85.7 -1.8 89.9 51.7
Johnston Press . . . . . . . . .6.3 -0.3 8.5 4.1
MecomGroup . . . . . . . .178.3 0.5 310.0 134.5
Moneysupermarket. . . .125.8 -0.9 130.3 85.8
Pearson . . . . . . . . . . . .1170.0 -30.0 1255.0 1038.0
PerformGroup . . . . . . .310.0 2.0 317.2 150.0
Reed Elsevier . . . . . . . .550.0 -12.5 578.0 461.3
Rightmove . . . . . . . . . .1431.0 -15.0 1446.0 933.0
STV Group . . . . . . . . . . . .119.5 2.3 168.0 76.3
Tarsus Group . . . . . . . . .148.0 0.8 165.0 119.5
Trinity Mirror . . . . . . . . . .38.0 -0.5 54.3 35.3
UBM . . . . . . . . . . . . . . . .617.0 -10.0 635.0 416.0
UTVMedia . . . . . . . . . . .150.8 -0.3 153.5 92.5
Wilmington Group . . . . .94.5 -3.3 157.0 78.5
WPP . . . . . . . . . . . . . . .849.5 -13.0 880.0 578.0
Yell Group . . . . . . . . . . . . .3.8 -0.1 11.0 3.4
African Barrick G . . . . . .388.2 -7.3 616.5 382.9
Anglo American . . . . .2296.5 -50.5 3344.0 2138.5
Anglo Pacic Gro . . . . . .318.5 -10.5 340.0 237.9
Antofagasta . . . . . . . . .1122.0 4.0 1491.0 900.5
Aquarius Platinum . . . .143.6 -2.6 364.8 130.9
Avocet Mining . . . . . . . .185.5 -0.6 286.8 177.5
BHP Billiton . . . . . . . . .1877.5 -7.5 2631.5 1667.0
Bumi . . . . . . . . . . . . . . .635.0 -3.64 661.0 630.5
Centamin (DI) . . . . . . . . .68.4 -2.7 154.2 67.6
Jardine Lloyd Tho . . . . .692.5 -1.5 764.5 576.0
Lancashire Holdin . . . . .786.0 -7.5 793.5 597.5
RSA Insurance Gro . . . .105.4 -1.7 139.8 99.6
Aviva . . . . . . . . . . . . . . .325.1 -11.5 452.7 275.3
Legal & General G . . . . .130.6 -1.9 135.0 89.8
Old Mutual . . . . . . . . . . .156.4 -1.6 164.6 98.1
Phoenix Group Hol . . . .562.0 1.5 688.0 451.1
Prudential . . . . . . . . . . .750.0 -18.5 797.5 509.0
Resolution Ltd. . . . . . . .263.0 -0.2 316.1 229.5
St James's Place . . . . . .349.0 -7.6 376.0 294.0
Standard Life . . . . . . . .228.3 -2.7 250.7 172.0
4Imprint Group . . . . . .298.0 -1.0 300.0 200.0
Aegis Group . . . . . . . . . .182.0 0.7 185.9 115.7
Bloomsbury Publis . . . .109.5 -1.0 138.0 91.3
British Sky Broad . . . . .667.0 -6.0 850.0 618.5
Centaur Media . . . . . . . . .38.1 -0.1 56.3 32.5
Chime Communicati . . .218.5 0.0 298.5 163.0
Creston . . . . . . . . . . . . . .58.5 -0.5 121.0 47.0
Daily Mail and Ge . . . . .447.4 -7.3 505.5 343.4
Euromoney Institu . . . .752.0 -27.0 809.5 522.5
Future . . . . . . . . . . . . . . .12.8 -0.3 26.5 8.3
Haynes Publishing . . . .205.0 -5.0 257.0 192.0
Huntsworth . . . . . . . . . .49.3 4.6 76.3 32.3
Informa . . . . . . . . . . . . .441.2 -6.2 450.8 313.9
ITE Group . . . . . . . . . . . .224.5 -3.1 258.0 157.7
Eurasian Natural . . . . .584.0 -10.5 973.5 522.0
Fresnillo . . . . . . . . . . . .1599.0 -10.0 2150.0 1302.0
GemDiamonds Ltd. . . .280.3 5.3 310.6 179.8
Glencore Internat . . . . .387.3 -2.0 531.1 348.0
Hochschild Mining . . . .464.4 0.4 644.5 365.9
Kazakhmys . . . . . . . . . .892.5 -14.0 1493.0 730.0
Kenmare Resources . . . .49.8 1.3 61.5 31.0
Lonmin . . . . . . . . . . . . .1041.0 -12.0 1760.0 941.0
NewWorld Resourc . . .434.5 4.3 1060.0 409.4
Petra Diamonds Lt . . . . .177.4 1.7 189.0 97.0
Petropavlovsk . . . . . . .585.0 -36.0 1061.0 543.5
Polymetal Interna . . . . .914.5 -10.5 1175.0 877.0
Randgold Resource . .5470.0 -20.0 7565.0 4567.0
Rio Tinto . . . . . . . . . . .3375.5 59.5 4595.0 2712.5
Vedanta Resources . . .1210.0 -22.0 2518.0 928.0
Xstrata . . . . . . . . . . . . .1063.5 -5.0 1550.0 764.0
Inmarsat . . . . . . . . . . . .454.4 -4.9 628.5 389.3
Vodafone Group . . . . . .174.5 0.8 182.7 155.1
Genesis Emerging . . . .498.0 -7.0 548.5 424.0
Afren . . . . . . . . . . . . . . . .127.1 -2.5 171.2 73.6
BG Group . . . . . . . . . . .1440.0 -10.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . . .458.9 -9.2 504.6 363.2
Cairn Energy . . . . . . . . .325.9 -6.5 531.8 291.9
EnQuest . . . . . . . . . . . . .126.9 -1.2 141.5 85.7
Essar Energy . . . . . . . . .146.8 -5.2 475.0 101.6
Exillon Energy . . . . . . . .165.0 -0.5 469.7 162.8
Heritage Oil . . . . . . . . . .139.4 -5.9 289.9 139.4
Ophir Energy . . . . . . . .498.0 4.0 500.0 184.5
Premier Oil . . . . . . . . . .387.0 -7.7 520.5 310.0
Royal Dutch Shell . . . . .2178.5 -37.5 2402.0 1883.5
Royal Dutch Shell . . . . .2197.0 -28.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .205.0 2.6 209.6 125.0
Salamander Energy . . .217.0 2.6 317.6 182.3
Soco Internationa . . . . .294.4 -4.1 400.0 278.0
TullowOil . . . . . . . . . .1506.0 -5.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1088.0 -25.0 1207.0 740.5
Hunting . . . . . . . . . . . . .922.0 -19.0 968.0 530.0
Kentz Corporation . . . .453.0 1.0 508.0 375.0
Lamprell . . . . . . . . . . . .333.0 -6.0 395.2 220.7
Petrofac Ltd. . . . . . . . . .1657.0 -15.0 1719.0 1108.0
Wood Group (John) . . .697.0 -14.5 763.5 469.9
Burberry Group . . . . . .1471.0 -37.0 1600.0 1092.0
PZ Cussons . . . . . . . . . . .296.1 -0.7 387.9 285.0
Supergroup . . . . . . . . .620.0 -22.5 1600.0 435.2
AstraZeneca . . . . . . . .2778.5 -27.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .333.7 -5.7 365.0 226.0
Genus . . . . . . . . . . . . . .1270.0 0.0 1368.0 853.5
GlaxoSmithKline . . . . .1400.0 -22.5 1497.0 1189.5
Hikma Pharmaceuti . . .691.5 -6.5 869.0 555.5
Shire Plc . . . . . . . . . . . .2118.0 -22.0 2300.0 1791.0
Capital & Countie . . . . . .192.2 0.7 203.7 154.5
Daejan Holdings . . . .3000.0 -1.0 3058.0 2282.0
F&C Commercial Pr . . . .100.6 -0.6 108.0 92.6
Grainger . . . . . . . . . . . .103.0 -3.2 133.2 77.3
London & Stamford . . . . .111.1 0.6 140.0 103.9
Savills . . . . . . . . . . . . . .380.0 1.0 427.1 256.2
UK Commercial Pro . . . . .72.3 -0.3 85.5 65.1
Big Yellow Group . . . . .283.0 -5.3 344.4 218.0
British Land Co . . . . . . .473.8 -12.0 629.5 444.0
Capital Shopping . . . . .329.6 -7.6 408.6 288.7
Derwent London . . . . .1702.0 -19.0 1880.0 1400.0
Great Portland Es . . . . .350.9 -4.8 445.0 312.9
Hammerson . . . . . . . . . .407.1 -7.5 490.9 345.2
Hansteen Holdings . . . . .71.9 -0.3 89.5 68.0
Land Securities G . . . . .707.5 -1.0 885.0 612.0
SEGRO . . . . . . . . . . . . . . .231.7 -1.5 329.6 195.0
Shaftesbury . . . . . . . . .482.3 -8.7 539.0 441.2
Aveva Group . . . . . . . .1672.0 -11.0 1799.0 1298.0
Computacenter . . . . . . .442.1 5.7 490.0 324.7
Fidessa Group . . . . . . .1618.0 -21.0 2109.0 1444.0
Invensys . . . . . . . . . . . .193.9 -6.1 351.8 180.9
Logica . . . . . . . . . . . . . . .99.9 -0.2 144.8 59.0
Micro Focus Inter . . . . . .451.1 -1.3 471.2 242.9
Misys . . . . . . . . . . . . . . .357.0 -0.2 420.2 214.9
Sage Group . . . . . . . . . .298.1 -1.9 312.4 231.7
SDL . . . . . . . . . . . . . . . . .737.0 -3.0 756.0 586.0
Telecity Group . . . . . . . .721.0 -4.0 735.0 450.5
Aggreko . . . . . . . . . . .2236.0 8.0 2316.0 1522.0
Ashtead Group . . . . . . .252.7 -4.3 271.1 99.4
Atkins (WS) . . . . . . . . . .728.5 -20.5 820.0 490.2
Babcock Internati . . . . .785.0 -12.5 800.0 570.5
Berendsen . . . . . . . . . . .518.0 -12.0 568.0 402.7
Bunzl . . . . . . . . . . . . . . .991.0 -14.0 1013.0 676.5
Cape . . . . . . . . . . . . . . .423.5 -16.7 591.5 295.0
Capita . . . . . . . . . . . . . .733.0 -8.0 767.0 611.5
Carillion . . . . . . . . . . . .296.6 -6.2 403.2 281.0
De La Rue . . . . . . . . . . .907.0 -10.5 1001.0 730.0
Diploma . . . . . . . . . . . .420.6 -8.4 432.4 284.0
Electrocomponents . . .246.9 -5.9 294.9 182.2
Experian . . . . . . . . . . . .977.0 -13.5 995.5 665.0
Filtrona PLC . . . . . . . . . .465.1 -1.1 470.6 296.3
G4S . . . . . . . . . . . . . . . . .274.1 -0.4 292.1 219.9
Hays . . . . . . . . . . . . . . . .84.5 -0.3 119.6 58.9
Homeserve . . . . . . . . . .235.2 -3.9 532.0 214.7
Howden Joinery Gr . . . .124.5 -1.7 130.8 93.1
Interserve . . . . . . . . . . .290.1 -8.8 341.3 252.8
Intertek Group . . . . . . .2471.0 -21.0 2526.0 1744.0
Michael Page Inte . . . . .473.0 -7.0 567.0 323.0
Mitie Group . . . . . . . . . .280.0 -4.1 288.3 196.1
PayPoint . . . . . . . . . . . .608.5 -9.0 638.0 410.0
Premier Farnell . . . . . . .210.0 -3.0 301.0 144.5
Regus . . . . . . . . . . . . . . .113.5 -1.5 117.7 64.0
Rentokil Initial . . . . . . . .84.0 -0.7 100.9 58.2
RPS Group . . . . . . . . . . .238.0 -5.5 253.0 156.6
Serco Group . . . . . . . . .544.0 -4.5 597.5 458.0
Shanks Group . . . . . . . . .98.5 -1.2 130.9 90.8
SIG . . . . . . . . . . . . . . . . . .117.1 -2.1 153.5 77.0
Travis Perkins . . . . . . .1072.0 -22.0 1112.0 715.0
Wolseley . . . . . . . . . . .2375.0 -70.0 2558.0 1404.0
ARM Holdings . . . . . . . .592.5 -7.5 645.0 464.0
CSR . . . . . . . . . . . . . . . .234.3 -5.7 391.4 154.1
Imagination Techn . . . .683.0 -11.0 717.0 296.9
Spirent Communica . . .159.2 0.5 160.3 105.8
British American . . . . .3183.5 3.0 3245.0 2485.5
Imperial Tobacco . . . .2557.0 37.0 2589.0 1927.0
Betfair Group . . . . . . . .868.5 0.0 1030.0 567.0
Bwin.party Digita . . . . .156.4 10.2 204.0 100.6
Carnival . . . . . . . . . . . .1988.0 -39.0 2642.0 1742.0
Compass Group . . . . . .653.5 0.5 668.0 512.5
Domino's Pizza UK . . . .443.5 -2.5 526.0 377.0
easyJet . . . . . . . . . . . . .478.3 -10.8 496.6 302.5
FirstGroup . . . . . . . . . . .247.4 -41.7 370.2 235.2
Go-Ahead Group . . . . .1230.0 -71.0 1598.0 1190.0
Greene King . . . . . . . . .508.5 -5.0 523.5 410.0
InterContinental . . . . .1425.0 -20.0 1497.0 955.0
International Con . . . . .178.6 0.4 258.7 132.0
Ladbrokes . . . . . . . . . . . .157.5 -2.1 161.8 114.0
Marston's . . . . . . . . . . . . .97.5 -0.7 112.0 84.6
Millennium& Copt . . . .481.3 -3.1 540.0 371.2
Mitchells & Butle . . . . . .266.7 -7.6 336.8 215.6
National Express . . . . .239.2 -12.8 270.2 201.6
Rank Group . . . . . . . . . .129.1 -0.4 153.7 109.5
Restaurant Group . . . . .290.6 -4.1 335.0 254.9
Spirit Pub Compan . . . . .62.0 0.0 62.5 35.3
Stagecoach Group . . . .253.0 -10.1 287.4 215.9
TUI Travel . . . . . . . . . . . .192.2 -5.2 250.0 136.7
Wetherspoon (J.D. . . . .408.4 -2.6 468.3 380.5
Whitbread . . . . . . . . . .1839.0 -10.0 1857.0 1409.0
WilliamHill . . . . . . . . . . .257.1 -1.7 259.4 179.3
Abcam . . . . . . . . . . . . . .353.3 0.5 460.0 320.0
Advanced Medical . . . . .77.0 0.5 96.0 64.8
Albemarle & Bond . . . .362.0 6.0 400.1 281.0
Amerisur Resource . . . . .25.0 -1.3 29.0 9.5
Andes Energia . . . . . . . .42.0 -2.0 82.8 17.5
Andor Technology . . . . .515.0 -4.0 685.0 387.1
Archipelago Resou . . . . .65.0 0.0 79.0 55.5
ASOS . . . . . . . . . . . . . .1759.0 -66.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . .20.5 -0.5 73.3 16.0
Avanti Communicat . . .260.8 -8.5 499.8 241.3
Blinkx . . . . . . . . . . . . . . . .61.3 -2.5 158.0 50.5
Borders & Souther . . . . .65.3 -3.8 80.5 43.5
BowLeven . . . . . . . . . . . .96.0 -5.3 382.3 62.0
Brooks Macdonald . . .1310.0 0.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .85.5 -1.5 119.0 66.5
Cove Energy . . . . . . . . . .211.0 3.0 242.0 61.0
Daisy Group . . . . . . . . . .107.0 -0.5 127.0 90.9
EMIS Group . . . . . . . . . .518.0 -47.0 580.0 397.5
Faroe Petroleum . . . . . .163.0 0.8 183.3 130.0
Gulfsands Petrole . . . . .145.8 1.8 315.5 126.0
GWPharmaceutical . . . .87.0 2.0 130.0 78.5
H&T Group . . . . . . . . . .289.0 -8.0 395.0 285.0
Hargreaves Servic . . . .1195.0 -12.0 1258.0 855.0
Healthcare Locums . . . . . .2.4 -0.0 2.6 2.3
ImpellamGroup . . . . . .348.5 0.5 387.5 225.0
Iomart Group . . . . . . . . .136.5 3.5 151.0 85.5
James Halstead . . . . . . .515.0 20.0 536.6 410.3
London Mining . . . . . . .284.0 10.0 436.5 257.5
Lupus Capital . . . . . . . . .126.5 -1.5 150.0 86.0
M. P. Evans Group . . . . .475.0 13.0 479.8 371.0
Majestic Wine . . . . . . . .422.0 -15.0 510.0 315.0
May Gurney Integr . . . .280.0 -5.8 302.0 239.9
Monitise . . . . . . . . . . . . . .37.8 -0.3 40.0 22.8
Mulberry Group . . . . .2000.0 18.0 2032.0 1290.0
Nanoco Group . . . . . . . .62.0 -3.0 93.3 38.0
Nautical Petroleu . . . . .319.0 -5.0 419.0 223.5
Nichols . . . . . . . . . . . . .640.0 2.5 653.8 467.5
Numis Corporation . . . . .92.5 0.0 119.6 72.0
Pan African Resou . . . . . .16.8 0.3 18.3 9.5
Patagonia Gold . . . . . . . .39.5 1.5 70.0 36.0
Prezzo . . . . . . . . . . . . . . .63.5 -2.5 71.5 53.5
Rockhopper Explor . . . .321.8 -6.0 393.5 141.0
RWS Holdings . . . . . . . .532.0 -8.0 560.0 377.0
Secure Trust Bank . . . .1075.0 0.0 1100.0 755.0
Sirius Minerals . . . . . . . . .18.5 -1.3 32.0 6.4
Songbird Estates . . . . . .109.0 -8.0 160.3 103.0
Valiant Petroleum . . . . .513.0 -4.5 628.5 400.0
Young & Co's Brew . . . .650.0 -12.5 712.0 565.0
Bwin.party Digital . . . . . . . . . . .156.4 7.0
International Powe . . . . . . . . . .405.0 5.6
3i Group . . . . . . . . . . . . . . . . . . .209.7 2.8
Kenmare Resources . . . . . . . . . . .49.8 2.6
Drax Group . . . . . . . . . . . . . . . . .536.5 2.3
GemDiamonds Ltd. . . . . . . . . .280.3 1.9
Rio Tinto . . . . . . . . . . . . . . . . . .3375.5 1.8
Paragon Group Of C . . . . . . . . . .185.6 1.5
Imperial Tobacco G . . . . . . . . . .2557.0 1.5
Computacenter . . . . . . . . . . . . . .442.1 1.3
FirstGroup . . . . . . . . . . . . . . . . . .247.4 -14.4
Petropavlovsk . . . . . . . . . . . . . .585.0 -5.8
Go-Ahead Group . . . . . . . . . . .1230.0 -5.5
Barratt Developmen . . . . . . . . . .138.6 -5.2
National Express G . . . . . . . . . . .239.2 -5.1
Barclays . . . . . . . . . . . . . . . . . . .234.2 -4.7
TalkTalk TelecomG . . . . . . . . . . .138.5 -4.5
Balfour Beatty . . . . . . . . . . . . . .284.4 -4.4
Northgate . . . . . . . . . . . . . . . . . .207.0 -4.1
Heritage Oil . . . . . . . . . . . . . . . . .139.4 -4.1
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 5.250 12 . . . . . .100.90 -0.01 105.0 100.9
Tsy 9.000 12 . . . . . .103.03 0.00 110.6 101.9
Tsy 2.500 13 . . . . . .283.66 0.01 287.7 282.6
Tsy 4.500 13 . . . . . . .103.79 -0.01 106.4 103.7
Tsy 8.000 13 . . . . . . .111.25 -0.01 116.4 111.1
Tsy 5.000 14 . . . . . . .111.07 0.00 112.9 109.3
Tsy 8.000 15 . . . . . . .126.76 0.09 129.2 123.8
Tsy 4.750 15 . . . . . . .113.93 0.05 115.4 109.1
Tsy 4.000 16 . . . . . . .113.49 0.11 114.7 105.6
Tsy 2.500 16 . . . . . .344.57 0.08 344.9 318.0
Tsy 12.000 17 . . . . . .118.00 -1.27 127.9 118.0
Tsy 1.250 17 . . . . . . .116.60 0.22 116.9 108.4
Tsy 8.750 17 . . . . . . .139.90 0.08 141.9 133.3
Tsy 5.000 18 . . . . . . .121.36 0.08 122.5 110.6
Tsy 3.750 19 . . . . . . .114.61 0.07 115.6 100.7
Tsy 4.500 19 . . . . . . .119.68 0.03 120.7 106.5
Tsy 4.750 20 . . . . . .122.02 0.09 123.5 107.7
Tsy 2.500 20 . . . . . .365.67 0.17 367.1 322.1
Tsy 8.000 21 . . . . . . .150.51 0.12 153.4 134.8
Tsy 1.875 22 . . . . . . .127.32 0.30 129.1 113.3
Tsy 4.000 22 . . . . . .116.00 0.13 118.2 100.0
Tsy 2.500 24 . . . . . .327.96 0.28 334.7 282.2
Tsy 5.000 25 . . . . . .127.00 0.18 130.6 108.5
Tsy 1.250 27 . . . . . . .123.40 0.37 127.0 106.6
Tsy 4.250 27 . . . . . . .117.96 0.18 122.7 99.1
Tsy 6.000 28 . . . . . . .142.18 0.15 148.0 120.7
Tsy 4.125 30 . . . . . . .311.39 0.32 322.8 268.3
Tsy 4.750 30 . . . . . . .124.11 0.12 130.5 104.3
Tsy 4.250 32 . . . . . . .116.68 0.16 123.1 97.5
Tsy 4.250 36 . . . . . . .116.32 0.06 123.9 96.8
Tsy 4.750 38 . . . . . . .125.81 0.06 134.2 105.0
Tsy 4.500 42 . . . . . . .122.11 0.07 130.8 101.3
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
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ELECTRONIC & ELECTRICAL EQ.
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GAS, WATER &MULTIUTILITIES
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HHOLD GDS & HOME CONSTR.
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TRAVEL & LEISURE
AIM 50
T
HIS may make me an addict
turned dealer, but heres my
advice for the weekend. First,
read this article. Then buy the
Angry Birds Space app. Its
important to get the order right.
In a world where time and
resources are scarce, playing a com-
puter game seems perverse: it
expends time and money without
any goal beyond itself. In the worlds
of business and economics, this can
appear an almost wicked misalloca-
tion of productive capital. Play is, by
definition, something childish. But
yet that isnt quite right.
The bigger an animals brain, the
more time its species spends playing.
Rather than a toy for mediocre
minds, play is a biological marker of
L
ETS be clear: charities rely on
large donations. And the
current government has, up to
now, seemed committed to
support philanthropy. So it
was a shock to hear George Osborne
announce in his Budget last week
completely out of the blue a new
50,000 cap on income tax reliefs,
including the reliefs that higher-
rate taxpayers can get on their
charitable donations. This poses a
threat to a crucial stream of income
into the charitable sector, just when
the needs it tries to serve are
increasing. That is why many
organisations, including mine, have
signed up to the Give It Back,
George campaign, calling on the
chancellor to reverse his decision
and exempt charitable donations
from the plans to cap
personal tax reliefs.
Recently, philanthropy seemed to
be high on the governments agenda
and not just as a way of talking
about the Big Society and the
increased role that charities and
local communities could play in
cityam.com/forum
Of 11bn given to
charities last year, 45
per cent came from 7
per cent of all donors.
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

34
FRIDAY 30 MARCH 2012
THE LONG
VIEW
MARC SIDWELL
Why pigs in space are worth your time: The case for playing Angry Birds
PLUM LOMAX
An uncharitable Budget has tarred
major private donors as tax cheats
improving our lives. Last year, it
released a white paper, after consul-
tation with the charities sector, on
the best ways to encourage more giv-
ing (of both money and time) in this
country. It has also made various fis-
cal changes to encourage philan-
thropy, such as promoting greater
lifetime giving of works of art
through a reduced tax liability, an
increase in the limits to gift aid ben-
efits that a donor can receive with-
out losing tax reliefs, and a
reduction in the inheritance tax
rate from 40 per cent to 36 per cent
if 10 per cent or more of an estate is
given to charity.
Given these various positive moves
by the government to promote more
giving, last weeks Budget goes com-
pletely against the grain. It will be
highly damaging for the sector,
unless charitable giving is exempted
from the limit on tax reliefs.
Donors are not motivated to give
by tax incentives alone, but they cer-
tainly help, especially for donations
over 140,000 which is where, up
until now, a higher-rate taxpayer has
been able to claim a relief of around
50,000.
George Osborne defended this new
cap when he faced the Treasury
Select Committee this week by giv-
ing examples of very wealthy indi-
viduals who use the reliefs as a way
of significantly reducing their tax
burden. This may well be true for
some, but that does not affect the
charitable benefits of the money
they donate or the gap in charita-
ble funding that capturing more
money for the exchequer will create.
We dont know precisely how
many gifts over the relief threshold
are made in the UK each year, or
how many higher-rate taxpayers
pass the relief onto charities versus
how many keep it for themselves.
But from research done by Dr Beth
Breeze at the University of Kent, we
know that in 2009/10, there were
over 80 gifts by individuals of more
than 1m, amounting in total to
over 780m. Major gifts are very sig-
nificant for the charitable sector.
Charities Aid Foundation (CAF)
research shows that of 11bn given
to charity last year, 45 per cent came
from only 7 per cent of all donors.
Theres little doubt that these signif-
icant donors might think twice
about the amount they donate to
charity if they are unable to claim
tax relief.
To risk a potential slaughtering of
large private donations when indi-
vidual donors gifts are so necessary
in the sector just doesnt make
sense, especially at a time of public
sector austerity. It is astonishing
that the government didnt think
this through more carefully.
There is a glimmer of hope: small
print in the Budget document sug-
gests that the Treasury is open to
negotiation on this. The govern-
ment is due to hold a Giving
Summit on 8 May, to address the
issues that are holding back philan-
thropy in this country. If the govern-
ment doesnt take action quickly,
the summit is in danger of being
overshadowed by this debate. That
would be a pity, given the energy at
the moment from the government
and others in the charitable sector
to seek ways to encourage more phi-
lanthropy in the UK.
The Give It Back, George campaign is
online at: http://giveitbackgeorge.org
Plum Lomax is a senior consultant for
New Philanthropy Capital.
www.newphilanthropycapital.com
mental vigour. That is the clear mes-
sage of evolution, shown in a 2001
study by Andrew Iwaniuk, John
Nelson and Sergio Pellis. So perhaps
play isnt something to be so
ashamed of after all.
As that study reminds us, play is
not unique to humans, but we do, so
to speak, take it to a new level. In his
1938 classic, Homo Ludens, Johan
Huizinga argued that our highest cul-
tural products were a form of play:
Civilisation is, in its earliest phases,
played. It does not come from play
like a baby detaching itself from the
womb: it arises in and as play, and
never leaves it.
Play is fertile: offering a risk-free
space for limitless experiment, it is
highly creative as a consequence,
which may be why companies like
Google have such playful office
designs. At play, the mind has space
to breathe. Huizinga called it a zone
of ordered freedom. Even for adults,
such play refreshes us for the real
world, where we only have one life
and no easy way to keep score.
While play is profitless by nature,
its importance to our lives can be
seen in the profits available to the
ancillary industries of play. Despite
Game Group going into administra-
tion this week, playing remains big
business. As our creative minds keep
disrupting the technologies we play
with, business models rise and fall,
but we advance from ZX Spectrums
with rubber keys to Game Boys to
PlayStations to streaming services
like OnLive to HD Angry Birds Space
on an iPad.
There was a time not so long ago
when the rise of so-called casual gam-
ing, which looks to a mass audience
of occasional players, was seen as a
threat to the creativity and depth of
the computer games that could be
produced. But an app like Angry
Birds Space shows the fears were mis-
placed. This game is so smart it was
launched in association with NASA.
Every level is a hands-on tutorial in
orbital mechanics. It has graphical
wit and even a sense of drama as you
battle the games iconic villain a
herd of maniacally snorting pigs.
Brave, innovative firms like Rovio,
which produces Angry Birds, both
enable new forms of play for us to
enjoy and reveal the triumph of
plays creative products in their work.
We should be grateful when someone
gets the mix so right. And hopefully,
after reading this, you wont feel too
guilty about the hours youre about
to spend cursing the laughter of
smug green pigs.
Marc Sidwell is City A.M.s business features
editor.
35
Jobs for the girls
[Re: Should we be nostalgic for the 1960s
workplace?, Wednesday]
In the 1960s I worked in market research on
Madison Avenue in one of the top agencies
of the day, Benton & Bowles. While most
smoked, there was no alcohol around
during the daytime. What I find particularly
wrong with Mad Men is the overt sexism. It
was a serious problem in the workplace
generally in the sixties, but advertising and
research were in the egalitarian vanguard. I
worked in a fairly mixed department and
reported to a female, whose boss in turn
was a female, whose boss was also female.
Possibly the fact that so much advertising
and research was directed towards women
was something to do with this.
AllanSpink
Self-serving
[Re: Not just pasties: Inflation will remain
too high for comfort , yesterday]
Call centres have all been outsourced in the
last ten years and the service is now as bad
as it is. There is perhaps a lesson in this.
HughCox
In a world of corporate cronyism, with
regulatory capture and control fraud,
customer service doesnt matter. With
regard to the phone market, Ofcom (very
briefly) considered using customer service
as a regulatory instrument, but dropped it.
Complicated business models separate the
flow of money from the flow of satisfactory
service. All the other problems you list can
be solved if customer service mattered.
BrianSmith-Jones
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.
T
HE Syrian uprising against
the regime of Bashar al-
Assad has inspired the
world. But all is not well in
the opposition camp. I
joined the Syrian National Council
(SNC), Syrias government-in-
exile, for the greater good of my
country, agreeing to work with
different factions within the
Council in the hope of ending the
bloodshed imposed by the regime.
A year on, the SNC has got nothing
to show, apart from infighting and
bickering. The SNC is in dire need
of reform to achieve the unity it
lacks, but my calls for change have
fallen on deaf ears.
The SNC acts as the public face of
Syrian opposition, but it has three
major flaws. First, there is an over-
representation of the Muslim
Brotherhood within the Council.
This is hindering our ability to reach
out to ethnic minorities who, like
myself, would like to see a democrat-
ic secular state in Syria, where all
religions are respected, not persecut-
ed because of differences in beliefs.
Second, the SNC Executive
Committee is made up of exiles.
While I commend their work and
intentions, people revolting on the
streets cannot associate themselves
with would-be leaders who have
been away from Syria for decades.
Some have been in exile since before
Hafez Al-Assad, the father of Syrias
current president, came to power.
This has caused the SNC to lose cred-
ibility on the Syrian street. A true
leadership has to be the voice of
those who are suffering, sacrificing
and dying every day inside Syria to
bring down a regime which kills its
own people, including women and
children, in their thousands.
Finally, under the leadership of
Burhan Ghalioun, the SNC has been
mired in secrecy. The recent
TOP TWEETS
Im amazed that @Number10gov has
worked in business, if only public relations!
Also the UK excels at poor customer service.
@simonhcwilson
PMs PR credentials come back to haunt him
as he blunders like no tomorrow.
@FionaBrandhorst
Fuel tanker driver, up and down the M1, 45k
a year. Army fuel tanker driver, Helmand, 17k
a year. Which is striking over safety again?
@WelshToy
In 2006, 250,000 would get you a
peerage. But now it just gets you a meeting
with the PM. Thats inflation for you.
@ianvisits
Is E.ON/RWEs cancellation of new nuclear
plants a danger to British energy security?
YES
The decision by the RWE/E.ON consortium to drop plans to build
new nuclear power plants is arguably the biggest setback for UK
nuclear strategy since the 1970s. It hugely undermines the
government's plans to deliver a balanced and diverse portfolio of
new nuclear investors, which is vitally important. It means that
the bulk of the UK's new nuclear plants risk being built by French
state-owned EDF, which has yet to provide an in-service delivery
timetable for new plants. The government's proposed carbon
price floor hugely benefits EDF, as it owns and runs the UK's
existing nuclear plants. A high carbon price floor gives EDF a huge
financial advantage, while penalising those companies such as
RWE and E.ON, that have large exposure to coal and gas
generation. Both firms had opposed a carbon floor price in the
governments recent consultation, but this was ignored.
Tony Lodge is an energy analyst.
Tony Lodge
NO
Jenny Jones
Nuclear power isnt the answer to our energy needs and increasing
our reliance would weaken the UKs energy security. The Fukushima
Daiichi disaster demonstrated its safety risks, and this decision
shows its unjustifiable financial cost. Labour argued that building
nuclear power stations would provide employment, but such jobs
are few and temporary. In addition, nuclear power is unnecessary,
contributing a mere 4 per cent of the UKs current supply. Other
cities have developed decentralised energy systems through strong
public leadership. By meeting Londons energy needs within
London, by focusing on renewable energy production, the capitals
residents would benefit from more jobs and lower energy bills, as
sending energy long distances means a large proportion is lost
during transmission. Neither the UK nor London should extend our
reliance on this fatally flawed source of energy.
Jenny Jones is the Green party candidate for mayor of London.
RAPIDresponses
Time to hear the
real voices of the
uprising in Syria
announcement of an SNC military
bureau to coordinate the rebels was
made without consultation with the
Free Syrian Army, the main armed
group: a prime example of its secre-
cy and autocratic tendencies. Even
members of the SNC had to find out
about the military bureau through
the media.
A lack of transparency will not
help the oppositions cause abroad
or on the streets of Syria. The SNC
must account for every penny it
receives and spends. It also should
have consultations with the ground
revolution on how the money is
spent and where.
Set up more than a year ago, the
SNC has little to show apart from its
lack of progress and a jet-setting
lifestyle that alienates it from the
real opposition on the ground. It is
with great regret and sadness that I
have had to announce my resigna-
tion from the SNC.
I will continue to work relentlessly
together with all the resistance
within and outside Syria towards a
free, fair Syria. But those in Britain
watching this revolution from the
sidelines should know that just
because the SNC is on the right side
of history does not mean that it
truly represents those Syrians fight-
ing and dying for their freedom.
Haitham Maleh is a leading Syrian
human rights activist and former judge.
He has been imprisoned and tortured by
the Syrian government as a political pris-
oner on several occasions since the 1960s.
FRIDAY 30 MARCH 2012
HAITHAM MALEH
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36
FRIDAY 30 MARCH 2012
cityam.com
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The Henrietta gives
Mayfairs finest a
run for their money
Not for flower girls these days:
Covent Gardens luxury new flats
L
ESS than a mile up the road in
Mayfair, property sells for at least
2,000 per square foot. Covent
Garden, arguably a more vibrant
area of central London, is still roughly
half as expensive homes can be had
at prices from 1,000 per square foot.
Perhaps not for long, though: one of
the reasons Covent Garden prices
have stayed a little lower than you
might expect is the hotchpotch
nature of the residential offering; a
flat here, a flat there, and often above
commercial premises. Christopher
Saye, of Chesterton Humberts Covent
Garden office, says: There isnt road
after road of residential streets, like in
Belgravia and Knightsbridge; its a bit
scattered. Prices are more reasonable
in Covent Garden also because people
are not buying into status as they
might in Mayfair or Chelsea and
Kensington: its for people who actual-
ly want to be here. That said, the
demand is there and if priced right,
were seeing properties sell within 48
hours.
Investors and developers are moving
in on the area: the Central St Giles
development, which includes expen-
sive apartments as well as up-market
retail and food joints (such as Jamie
Olivers Union Jacks restaurant), was
the first big premium new-build in
the area. Planning permission has
been sought to turn some of Centre
Point Tower, by Tottenham Court
Road, into residential (Centre Point
House, a smaller building next to it,
already contains apartments).
But the arrival of the plushly ele-
gant Henrietta signals a fresh wave
of residential interest in Covent
Garden proper. For sale are four lux-
ury apartments on the historic
Piazza (My Fair Lady, anyone?).
Covent Garden Living and Argent
Design have created contemporary
interiors for the space: three large
lateral apartments and a penthouse
that complement the buildings tra-
ditional architecture. Mayfairs
finest should watch out: each of the
Henriettas apartments has been
designed to a luxurious specifica-
tion with direct lift access, three
bedroom suites, spacious open plan
living and wonderful views of the
famous Piazza. Residents will have
access to the concierge services of
Quintessentially, the luxury lifestyle
group.
Zoe Strimpel
PROPERTY
The apartments range from 1,800
sq ft three to 2,300 sq ft for the
three bedroom duplex penthouse.
Prices from 5.75m. For more
information on Covent Garden
Living or The Henrietta,
visit www.coventgardenliving.com
PRIME LONDON
St Augustine Court SE1
352,000freehold
A 2 bedroom apartment situated within this Gothic Church conversion on Lynton Road
& conveniently located for Bermondsey tube station. Te property benefts from an open
plan reception room with the original stone arch.
Chimney Court SE1
625 per week
A modern 2 bedroom apartment arranged over 2 foors of this converted warehouse.
Te apartment comprises a large reception room with dual aspect windows & exposed
brickwork, modern kitchen, study area, 2 double bedrooms, 2 bathrooms (1 en-suite)
& terrace.
Dundee Wharf E14
475,000leasehold
A beautiful 2 bedroom apartment benefting from a spacious reception room, secure
parking & balcony with direct views of the dock & Canary Wharf. Te development is
walking distance from Canary Wharf & all its amenities with the nearest public transport
link being South Quay DLR.
Antilles Bay E14
475 per week
A stunning 38th foor apartment comprising 2 double bedrooms, 2 bathrooms, open plan
kitchen/reception room with direct access to a balcony with breathtaking views across
Canary Wharf & London. Te apartment benefts from secure parking & is located
moments from Canary Wharf.
Tower Bridge & City
020 7357 7999
sales.towerbridge@chestertonhumberts.com
Tower Bridge & City
020 7357 6911
lettings.towerbridge@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8300
sales.canarywharf@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8310
lettings.canarywharf@chestertonhumberts.com
chestertonhumberts.com
70 Ofces 5 Continents 11 Countries
Russia Italy France Spain South Africa Australia Singapore
UAE Barbados Gibraltar United Kingdom
G
E
T
T
Y
38
FRIDAY 30 MARCH 2012
cityam.com
A vision of the future:
how the rental sector
can reward investors
A
major problem facing
institutional and other
investors who are keen to get
involved in the private rented
sector is that income returns appear
poor. A major cause of this is that the
units are designed for the needs of
the sales market rather than the
rental market. The issue of poor
income becomes acute in prime
areas since the sums tenants will pay
in rent varies relatively little between
central areas. This contrasts with the
sales market where buyers are driven
by emotive factors rather than strict
calculations of monthly outgoings as
in the rental market. As a result,
sales prices can vary significantly
between areas and depending on
their position and aspect. A flat with
a river view, for example, will sell for
much more than a flat in the same
building without a river view. This
variation does not exist to the same
degree in the rental market. Most
young professional tenants in good
areas of central London have a
budget of between around 200 and
350 per week per person and will
not be prepared to exceed their
budget. Once prices exceed these
levels, the prospective tenants are
likely to look elsewhere for cheaper
accommodation whether it be a
smaller flat, or an alternative
location.
As a result of these dynamics, rental
yields in good areas of central
London look low. So what is the
answer to the problem? Given that
location and the cost of land cannot
be controlled, and ignoring any plan-
PROPERTYRENTAL
INSTITUTIONAL investors, such as pension funds and
investment funds, have been debating whether to dip
their toe in the residential property market for years.
Such investment is the lifeblood of the UKs commercial
sector, but despite much talk, institutions have very little
exposure to residential property. This fact has often been
blamed on factors such as difficulties finding scale of stock,
sourcing suitable management companies to run residential
blocks and modest income returns.
A new report from Knight Frank suggests that most of
these hurdles can be overcome, and argues that recent policy
changes by the government could be a tipping point for
institutional investment in the residential sector. The
Residential Investment 2012 report says that the recent
changes to stamp duty for multiple purchases and the
upcoming amendments to the Real Estate Investment Trust
rules which will make it cheaper for REITS to start up, and
relax the rules around ownership could encourage the
development of residential REITS. This in turn could make it
more attractive for institutions to funnel their money into
residential property.
While the luxury property agent says that near-term
investment is likely to be opportunistic, it adds that the rule
changes could lead to a significant shift in the medium-term.
But what can institutions do about suitable stock? James
Mannix, head of Residential Investment at Knight Frank,
shares his blue-print for residential investment in London.
Zoe Strimpel
The rise of the rental sector: Delancey and Qatari Diar have announced that most of the apartments they have acquired in the Athletes
Village in Stratford will be rented out rather than sold.
ning or tax break that may provide a
short-term (and unreliable) solution
then the answer must lie in the type
of accommodation which is being
provided. The challenge for investors
is to design a building for the rental
market in London which caters for
the demands of the tenants and pro-
duces good income return. This
building will need to disregard the
safety net of the sales market and
may, as a result, look very different
from the residential buildings which
are currently produced.
Most of the units would be for solo
(or couple) living, and be around 175-
250 sq ft to keep the price low. There
would potentially be some larger
units on the higher floors, designed
for households sharing rent. Tenants
would enter through a large hotel-
style lobby on the ground floor. In
addition to the concierge service, ten-
ants would also benefit from other
services such as basement storage,
large lifts for moving furniture and
Wi-Fi access. Other services available
for a charge would include laundry,
room service, gym and food deliveries
or fridge stocking. The income from
these services would help boost rev-
enue.
While most of the units would be
let on standard AST leases, there
would also be a short-let licence to
enable a proportion of units to be
booked on an overnight, weekly or
monthly basis, again generating
higher revenue. This type of building
will substantially increase the rental
returns offered over traditional apart-
ments.
James Mannix of Knight Frank on how large investors can do well with rentals
Marketing Suite open Thurs-Mon 10am-5pm.
Marketing Suite, Charford Road,
Canning Town, London E16 1QQ
For your sat nav E16 1QQ
www.eastcitypoint.com
020 7473 1198
*
Buyer will need to have suffcient funds to pay legal and sundry
costs. Shared equity percentage may be subject to lenders and HCA
criteria. Countryside Properties terms and conditions apply. Subject to
status. Please see our website for full details.
Nows the perfect
A SUPERB, SPACIOUS 1 BED APARTMENT
IN A FANTASTIC NEW DEVELOPMENT
t huge investment to improve transport links
t proposed Crossrail station at Custom House
t new shops, community facilities and services
t fantastic connections by tube, DLR and bus
t 5 minutes from Canary Wharf and Westfeld Stratford City
There really couldnt be a better time to buy AND, thanks to
FirstBuy, the Government backed scheme to help frst time buyers,
weve made these fabulous apartments even more affordable!
1 bedroom apartments from 160,000
With FirstBuy,
you get 100%
of your home
for 80% of the
purchase price,
and youll only
need a 5%
deposit on
a 1 bedroom
apartment thats
just 8,000!*
East City Point is in the heart of
Canning Town, an exciting part
of London which is enjoying
a 3.7 billion regeneration!
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40
FRIDAY 30 MARCH 2012
cityam.com
Q
In light of the Budget Im
wondering whether I should
put my house in Battersea on
the market as its been valued
at just over 2m.
A
The Budget has confused a lot
of people but the most
pronounced effect is where a
property is being bought, with a
value over 2m, in a company name.
Stamp Duty Land Tax (SDLT) for those
buyers is 15 per cent, not 7 per cent.
Battersea buyers are unlikely to be
affected as the vast majority buy in
their own names there. However, it
bears looking at to see what the
short-term effects on value at just
around the threshold might be.
Historically, a disproportionate num-
ber of deals tend to be done at just
below changed SDLT thresholds and so
PROPERTYNEEDTOKNOW
Battersea buyers unlikely to be affected by new ST rules for buying in a company name.
PROPERTY NEWS
BY KENDAL GAPINSKI
Savills selling historic Provencal mas
Savills is selling Mas de lHospitalet, a historic Provencal
mas where Oscar winning actor, Jean Dujardin held his
wedding ceremony in 2009. The property dates back to
the 12th century and was built by Templar Knights on the
order of the King of France. Currently, the property is a
boutique hotel. The mas is located in the small village of
Bagard and features 13 bedrooms, original fireplaces,
vaulted ceilings and exposed beams. Outside, the
property has courtyards, gardens, a swimming pool and
a terrace. The guide price for the property is around
1.9m (1.6m). www.savills.com
Residential rent rises outperform capital growth
Rental values are rising faster than underlying house
prices in many cities as demand from corporate tenants
rises above the supply in the global residential real
estate market, Savills says. Paris overtook London to
become the most expensive rental market in the world in
2011. Rental prices rose an average of 2.3 per cent
throughout global cities, with London rental value rising
4.6 per cent in the beginning half of 2011 and a further
0.1 per cent in the second half. In New York, rental values
rose a whopping 6.5 per cent in the first half of 2011 and
a further 6.2 per cent in the second half of the year.
Hanover acquires hospital site in 26m deal
Hanover Housing Association, one of the largest
providers of retirement housing in the UK, has acquired
the six-acre site of the former St Lukes Hospital in
Woodside Avenue, Muswell Hill in a 26m deal from the
Camden and Islington NHS Foundation Trust. Hanover
plans on developing the site as a mixed residential
scheme for up to 200 homes for sale and rent, 70 per
cent of which will be for people over the age of 55. The
site was previously a hospital, although it has been
largely unused since 2009. Knight Frank and Savills
advised in the deal.
... and the good news is that many of the right people will
be present at The Property Investor Show (19th-20th April
2012).
If you are a serious property investor (or would like to
be) and would like to learn from the experts about how
to access the best deals around and prot from the best
buying conditions seen in over a decade you must attend
the UKs premier property investment event.
Featuring
Exhibilors lrom lhe UK ond oround lhe world
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ExCeL London. 19lh-20lh April . 10.00om - .00pm
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(regisler ond lype in promo code CAM3003)
Smartphone users... to be directed to the FREE entry reg page scan the QR barcode.
(To download a QR Code reader application for your smartphone check your App Store)
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o download a QR Code reader application for your smartphone check your App Store)
To sell or not to sell in light of the Budget
its likely the same will happen here. A
jump from 5 per cent to 7 per cent for
individuals is not insignificant, but
who wants to pay an extra 40k if they
dont have to? So it would seem obvi-
ous that anyone whos been expecting
just over 2m may need to trim expec-
tations. But there is a bright spot, espe-
cially for those in markets where 2m
is the top local value insofar as many
DIRECTOR, DOUGLAS AND GORDON
ED MEAD
Q
A
and
will seek to mitigate their exposure to
SDLT by looking at property under
2m.
Ironically, this will increase values for
property just below the threshold
given demand will surely increase. Lets
hope that demand doesnt then push
those values over 2m. For other mar-
kets like Chelsea where the average
value is around 2m this effect will be
a lot more marked. And 40 per cent of
transactions there use corporate struc-
tures (not just offshore) in some form
and in my experience the majority
arent trying to avoid SDLT; theyll pay
the tax as will anyone that buys their
properties.
However, the catch-all nature of the
wording means theyll all be paying
this 15 per cent, putting them at a dis-
advantage to individuals wholl be pay-
ing 7 per cent.
Dujardin wedding mas in Provence is for sale.
Ralph Fiennes in Wrath of the Titans.
Action sequences alone cant save a film
with a script this bad, says Stevie Martin
LIFE&STYLE
Crash of the Titans as sequel bombs
S
OMETIMES its a mixture of
little things that let a film
down. Sometimes its one
hugely important thing like, for
example, the entire script. Certainly,
making a sequel to Clash of The
Titans, with its woeful dialogue,
unintentionally hilarious accents
and hulking, dull storyline is a gutsy
move. However, director Jonathan
Liebesmann (Battle Los Angeles)
makes the most of what hes been
given; namely, some opportunities
for exhilarating set pieces, and he
improves on the original.
Sam Worthington is Perseus who,
after defeating terrifying sea beast
the Kraken at the end of Clash of the
Titans, has decided to kick back and
become a fisherman. Unfortunately
Liam Neesons Zeus, Perseuss father,
is captured by Hades (Ralph Fiennes)
and so the half-god must give up his
fish and join up with some allies
before heading to hell to get his dad
back. While the first film suffered
from tons of exposition, among other
things, Wrath of the Titans keeps it
ridiculously simple.
You know how this will end. The
script is astoundingly uninspired
and, when the characters arent run-
ning around amid some brilliant 3D
CGI creations (the labyrinths of
Tartarus are a definite highlight, and
watch out for Rosamund Pikes
eyes), everything gets squirmingly
boring.
However, Liebesmann knows
action, allowing for some enjoyable
spectacles and an entertaining cast
(especially Bill Nighy as the nutty
Hephaestus), led by a muscular
Worthington stretching his biceps
(even if hes unable to do much with
his acting muscles).
As a film, its highly flawed. As a
piece of entertainment, its highly
flawed. However, if high octane
action sequences are your bag,this is
probably worth a look.
FILM
WRATH OF THE TITANS
Cert: 12A
hhiii
Private Property
Finance
Individuals, companies, SPVs etc.
We will arrange funding for you
from 30k to 20m.
A quick and true alternative
to slow bank funding.
Soho Corporate
0208 123 2151
www.sohocorporate.co.uk
Steven McColl Investment Partner at Soho Corporate.
A young Italian girl begins to
doubt the Roman Catholic
doctrine as she grows up in
southern Italy, making the
Streetdance was, if not a
masterpiece, at least a
refreshingly British take on the
many schmaltzy dance movies
churned out in the last decade
(Honey, Step Up and Save The Last
Dance anyone?). So its odd that
in the sequel the hero is
American (Falk Hentschel) and
furthermore, that after being
humiliated at the hands of dance
crew Invincible, sets about
drumming up every nationality
possible for a rematch in Paris.
Theres scope for some
impressive dance moves, but they
quickly lose their novelty after
being dragged down by incessant
slo-mo and an even slower, duller
narrator. Co-directors Max Giwa
and Dania Pasquini are best
known for pop promos, which is
FILM
STREETDANCE 2 Cert: PG
hhi ii
potentially why their decisions
arent exactly ground-breaking or
even particularly creative.
Playing out like a generic
teenybop music video, the
dancers are obviously brilliant
but the attempts to vary the
different numbers is less so, with
the 3D adding absolutely nothing
to proceedings.
Oh, and while the fresh faced
cast may be sure-footed, theyre
shakier when it comes to, well,
acting, meaning this is one to
avoid unless, of course, you
happen to be a 13-year-old girl. Or
you just really like generic music
videos.
AROUND TOWN
BY ZOE STRIMPEL
WEDNESDAY 28 MARCH 2012
cityam.com
41
Good if you like music videos. Sort of.
REVIEWS
nTheatrewise, the Barbican is on fire. Currently
running is a hugely acclaimed production of
Mikhael Bulgakovs classic Soviet satire, The Master
and Margarita, staged by Simon McBurneys award-
winning company Complicite. By turns violent,
poetic and surreal, this is a corker of a show. Be
sure to book, too, for the Sydney Theatres
production of Big and Small (Gross und Klein) by
Otto Strauss, starring Cate Blanchett. The play
transports us to a hotel dining room where Lotte
(Blanchett) sits alone, always optimistic and
perpetually disappointed, Lotte is in constant
search for human connection.
The Master and Margarita shows until 7 April; Big
and small from 3-29 April.barbican.org.uk
nTickets for Filumena at the Almeida are scarce,
but its worth a try, because this is one of the top
shouts in London theatre just now. Written by
Eduardo de Fillippo, the renowned 20th century
Italian playwrite, this love story set in 1940s Naples
stars Olivier Award-winning actress Samantha
Spiro as Filumena, who lies on her deathbed
waiting to marry the man who has kept her as his
mistress for 25 years. Thought to be done for, she
makes a miraculous recovery. This is a joyous,
humorous treat. Until 12 May. www.almeida.co.uk
nIf you havent seen the Picasso show at Tate
Britain, its worth a visit. The exhibition explores
the artists extensive legacy and influence on
British art, and how this played a role in the
acceptance of modern art in Britain, alongside the
story of Picassos lifelong connections to and
affection for this country. Until 15 July.
www.tate.org.uk
transition from girl to teenager.
Director Alice Rohrwacher
balances puberty with religious
questioning, stretching it out as a
study of Italy and Catholicism as
a whole. The themes are
constantly, if sometimes
unsubtly, vying for attention. For
example, when little Marta starts
her period (the growing up
theme), it is noticed by a Roman
Catholic priest who unwittingly
scolds her for getting dirty
(Catholicism theme). Ignorance
within the church? Tick. Coming
of age? Tick. European arthouse
warts-and-all ethos? Tick. Throw
in a shady priest involved in
political corruption, albeit on a
low level, and you cant help but
get the message: yes, Roman
Catholicism is both outdated, the
film says, and entangled in
Italian politics.
Yle Vianello gives a wonderfully
underplayed performance as
Marta, and watching her youthful
disillusionment is compelling
viewing as she attends uninspired
confirmation classes taught by
aforementioned morally
questionable religious role
models. Its not as subtle as it
thinks it is, but Corpo Celeste
remains a thought provoking,
interesting accomplishment from
a first-time director.
FILM
CORPO CELESTE Cert: 15
hhhhi
Some good
shapes dont
save this dance
Top: Paragliding in La Clusaz. Bottom left: Hidden restaurants. Bottom Right: The Lexus RX450h
42
FRIDAY 30 MARCH 2012
cityam.com
LIFE&STYLE LUXURY
Struggling to choose a luxury car?
Then ask the dealer for a holiday
B
UYERS of luxury cars are faced
with more choice than ever
before. To differentiate
themselves, the car companies
have started offering something extra
to entice would-be customers. Most of
the big luxury car marques offer
driving trips to their customers, giving
them the chance to tour a variety of
stunning locations in their new car.
Lexus, the Japanese luxury car brand
owned by Toyota, does things a little
differently. Buyers of a new model are
able to choose from a handful of tailor-
made experiences that have been
designed with the typical UK Lexus
customer in mind. There is an English
gentlemans experience, for example,
which offers a morning of shooting at
a Holland & Holland shooting ground
followed by a slap-up dinner and a
night in a luxury hotel.
Lexus customers get preferential
rates for these trips, but it isnt really
about saving a few bob. These experi-
ences have been designed to especially
suit Lexus owners. Quite often it offers
holidays or day trips that are tricky to
book individually, let alone as part of a
package. They arent on offer else-
where.
I decided to give the Mountain Lodge
experience a try. Customers who pick
this trip get three or more nights in a
luxury ski lodge in La Clusaz, a charm-
ing little French ski village, which is
just an hour away from Geneva air-
port.
The trip starts when my chauffeur-
driven Lexus arrives at the crack of
dawn to whisk me to Heathrow air-
port. There I catch a British Airways
flight to Geneva, which takes just over
an hour. On arrival, Im met by anoth-
er chauffeur. The lodge has a fleet of
four Lexus RX 450h sports utility vehi-
cles, which the staff use to ferry guests
around the resort.
They are pretty cool cars that suit the
location perfectly. The quartz paint job
blends in with the snow-capped moun-
tains while the cars green credentials
the h denotes the fact that the
engine is a hybrid seems fitting
when you survey the stunning scenery.
The Aravis lodge, which has been
working with Lexus for over a decade,
is simply wonderful. As youd expect,
the accommodation is pretty luxuri-
ous, but then luxury ski lodges are not
hard to come by. What makes this
place so special is the welcome you get.
Jerry, the Londoner who owns the
lodge, is such a friendly guy, and his
enthusiasm trickles down to all of the
lodges staff.
After just a few hours, it really does
start to feel like a real home. Two
huge lounges, furnished with big
down-stuffed sofas, are heated by a
pair of roaring open fires. The deli-
cious evening meal, prepared by a
British chef with a passion for Haute
Savoie cuisine, is eaten around a large
pine table. The setting helps spark
conversation, as do the locally-
sourced fine wines.
The piece de resistance has to be the
hot tub, which boasts stunning views
of the surrounding mountains. A bot-
tle of Ruinart champagne while you
soak after a hard days skiing? Dont
mind if I do. Whoever said you could
have too many bubbles? Meanwhile, a
pair of gypsy caravans double up as
massage parlours, perfect for when
youve overdone it on the slopes.
La Clusaz isnt the most happening
skiing village, but it must be one of the
prettiest. There is none of the 1960s
era development that has spoiled so
many French resorts, while there are
more than enough slopes at varying
levels to keep skiers of all experience
levels occupied. Nor is there any of the
snobbery that is often found in the
likes of Meribel or Val dIsere.
Jerry knows La Clusaz like the back
of his hand, meaning everything from
hiring ski equipment to finding the
right instructor is much easier than it
would be if you were going it alone. He
can help you arrange a variety of off-
piste activities, such as paragliding
with skis, which is less scary than it
sounds.
He can also get you reservations at
some of the most exclusive restau-
rants in the area, such as Alberts, a
rustic gem where the food is divine.
This restaurant is so exclusive it
makes El Bulli look like a
McDonalds. The owner, who runs
the outfit with his wife there are no
other staff doesnt take reserva-
tions unless they come with a recom-
mendation. Finding it is impossible.
Dont even bother searching on
Google its not there.
Of course, you would probably be
able to plan this kind of trip for your-
self. But it would take a huge amount
of time, and there would be no way of
guaranteeing those things that made
this holiday so special, such as the
incredibly friendly staff or the hidden
restaurants.
So if you find yourself stuck choosing
between two luxury car makes, it
might be worth finding out what else
is on offer too.
www.lexus-experiences.co.uk
Car companies are
offering extras to
seal the deal.
David Crowtries out
a Lexus holiday
Friday 30 March 2012
43
TV & GAMES
cityam.com
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BBC2, 10PM
New series. Part one of two. The spoof
documentary following the exploits of
the fictional Olympic Deliverance team
returns. With Hugh Bonneville.
CORONATION STREET
ITV1, 7.30PM
Eileen returns from the shops to find
Lesley has wandered off with Amy,
leaving a panic-stricken Tracy
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THE MAD BAD AD SHOW
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Lorraine Kelly and Josh Widdicombe
join team captains Micky Flanagan
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BBC1
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1.40amBBC News 4.05am-6am
Close
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HouseBusters
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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 digits1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
2 Nut with an edible
green kernel (9)
6 Expression of
greeting (5)
7 Group containing one
or more species (5)
9 Food in a pastry
shell (3)
10 Got up (5)
12 Sticky plant
extract (5)
14 Puts a name to (5)
17 Gorse (5)
19 Nothing (3)
20 African country,
capital Tripoli (5)
21 Reproductive
structure (5)
22 Uninhabited
wilderness that
is worthless for
cultivation (9)
DOWN
1 Practice (9)
2 Acute viral
disease (5)
3 Ambit (5)
4 Hand tool for
boring holes (5)
5 Rotating pointers
on the face of a
timepiece (5)
8 Not marked by the
use of reason (9)
11 ___ City, 2005
lm (3)
13 Bird similar to
an ostrich (3)
15 Changes course by
swinging the sail
of a boat across a
following wind (5)
16 Limbless reptile (5)
17 Plant life (5)
18 Ball-shaped (5)
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M O S A I C D R
U B R A R E F Y
T O Y S H O P S D
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D E F R O S T I R
E B B H I T
A B S H Y N E S S
B O R N E O U C
O I S U N R I S E
U N L E S S E N
T E E L D E S T
5 6 6 1 2 8 2
4 2 8 9 6 6 1
5 1 7 1 2 5 3
8 2 9 3 1 9 4
5 7 2 4 3
6 9 4 3 1 5 8 2 7
9 8 5 5 9
5 9 8 7 9 4 8
4 6 2 1 6 1 3
1 3 2 1 4 4 9
2 8 9 7 8 1 8
4
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WORDWHEEL
The nine-letter word was
IMPOSTURE
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
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FINDING the winner of the Lincoln used
to be nigh on impossible, as three 100/1
winners before 1947 and seven winners
priced at 33/1 or bigger since the race
moved to Doncaster proves. However, the
race now has a maximum field of 22 (for
safety reasons) which gives us more
chance of unearthing the potential win-
ner 49 faced the starter in 1966.
In fact, the race has been relatively
kind to favourite backers in recent years
with six of the last 13 runners falling to a
market leader. It has paid to begin the
search for the winner by looking at the
unexposed four-year-olds in the line-up
as that generation has been responsible
for half of the last 32 winners.
William Haggass Fury fits the bill and
he has been towards the head of the
market since it opened. He certainly
could be well treated off a mark of 98
he finished fifth behind Frankel in last
years 2,000 Guineas and the stable have
won two of the last five runnings.
However, I cant get away from the fact
that he hasnt beaten a rival in his last
three outings and the ground might also
be a bit quick.
There are only two other four-year-olds
in the line-up and the one who appeals is
COCOZZA on his first start for Marco
Botti. This son of Elusive Quality was
trained in Ireland by John Oxx last sea-
son where he was contesting Group Two
races. Botti is an excellent trainer and he
was quoted recently as saying he
thought this fellow was still well-handi-
capped.
I dont think many of this field have
any secrets from the assessor and
Cocozza is the only one who could liter-
ally be 10lb or more ahead of his mark.
He can be backed at 10/1 each-way and
have a look at what price Coral are
tomorrow morning as they are refund-
ing bets if you finish second to a selected
favourite.
Unexposed four-year-old
Cocozza can take Lincoln
The likely jolly is Eton Forever, who
demolished a really strong field in last
years Spring Mile, but he is just too short
for me at 5/1 with Coral. However, if his
price drifts out, it may be worth adopting
a back-to-lay approach on Betfair. Roger
Varians five-year-old always travels pow-
erfully through his races and has traded
odds-on in four of his six career defeats.
The remainder of the Doncaster card
looks frighteningly difficult, but JUST
PAST ANDOVER has to be of interest in
the Brocklesby. Bill Turner has won this
race four times in the past decade and
the fact that he entered just the one sug-
gests this Amadeus Wolf colt has been
scorching up the gallops at home. Jake
Payne is a good value 7lb claimer and
they should go very close.
Epsom are hosting a charity race night
on Friday 18th May hosted by Derek
Tommo Thompson and featuring Roger
Dakin. The event is in aid of Guide Dogs
for the Blind Association and Croydon
Visual, so make sure you go down to sup-
port these valuable causes.
VICTOIRE Pisa, tipped in this column
12 months ago, caused a minor upset
when landing last years Dubai World
Cup at 12/1 and the Japanese hold
strong claims again tomorrow night.
There is a general perception that
Japanese Group One form doesnt quite
match up to the same classification on
the global stage, even though they
filled the first two places last year. Far
Eastern runners have to be taken more
seriously as they have been competing
with the best for well over a decade
now. Dont forget Delta Blues and Pop
Rock (first and second in the 2006
Melbourne Cup), Nakayama Festa (sec-
ond to Workforce in the 2010 Arc), and
Deep Impact (third in 2006 Arc).
Now, I was going to recommend sid-
ing with seven-year-old Smart Falcon in
the 3.8 million contest, but his trainer
issued a warning over the 11/2 shots
wellbeing yesterday and reported that
the colt had lost 20kg on his journey
over from Japan. He may well record his
10th straight win if recovering from
those exertions, but 20kg is a huge
amount to lose so close to a big race.
The race has a habit of throwing up
surprises (the last three winners have
been 10/1, 40/1 and 12/1) and Im pre-
pared to take chances on fellow
Japanese raider EISHIN FLASH and
German runner ZAZOU, both at 14/1.
The former failed to win in six starts
last campaign, but did finish in the
first three on four occasions. Hes
drawn well in stall two and I think a
fast-run 10 furlongs is his ideal trip.
Zazou ran a screamer on his penulti-
mate start in Hong Kong and followed
that up with the comfortable defeat of
Cirrus Des Aigles at Chantilly earlier in
the month. He is progressive and con-
tinues to fall under the radar. Aidan
OBriens So You Think has attracted
plenty of support over the last few days,
but Id far rather be a layer at 9/4 on
Betfair than a backer.
Elsewhere on a cracking looking card,
Frankie Dettori can land the Godolphin
Mile aboard the Godolphin-trained
AFRICAN STORY. The five-year-old
should be unbeaten in all three starts
on Tapeta and looks value at 2/1 with
Coral.
Fox Hunt and Opinion Poll are sure to
be well-supported in the Dubai Gold
Cup, but Im taking another chance on
a Japanese runner being hugely over-
priced. Im sure you think Im crazy sup-
porting MAKANI BISTY at 14/1 as the
five-year-old has yet to win in 13 starts.
However, hes picked up just under
500,000 along the way and has made
the frame in two Grade Two events.
More importantly, I think hes crying
out for this two mile trip and Im con-
vinced hes going to play a part in the
finish.
The European-trained horses look
worth opposing in the UAE Derby and if
forced to bet Id probably side with the
American-trained Lucky Chappy or the
Canadian runner Maritimer. Both
sprints look wide open and Ill be leav-
ing them alone, while at the prices, Id
rather take a chance each-way on the
progressive SONGCRAFT at 20/1 in the
Sheema Classic.
You can follow me on Twitter
@BillEsdaile for all my views on a great
days racing.
Trainer Marco Botti has high hopes for Cocozza
Japanese runners still underrated on the global stage
FRIDAY 30 MARCH 2012
44
THEPUNTER
RACING TRADER
BILL ESDAILE, OUR RACING EXPERT, PREVIEWS THE ACTION FROM DONCASTER AND DUBAI
Text MOBILE
to 65559
coral.co.uk
1700+ Shops
nationwide
0800 242 232
Mon-Sat from8.30am
5/1 Eton Forever
7/1 Fury
8/1 Cocozza
9/1 Edinburgh Knight
11/1 Start Right
12/1 Mull of Killough
14/1 Man Of Action
16/1 Brae Hill
16/1 Pintura
16/1 Stevie Thunder
18/1 Smarty Socks
20/1 Dont Call Me
20/1 Field Of Dream
20/1 Light From Mars
20/1 Mias Boy
22/1 Askaud
25/1 Amitola
25/1 Barren Brook
25/1 Clockmaker
33/1 Lowther
33/1 Shavansky
40/1 Dubai Dynamo
WILLIAM HILL LINCOLN HANDICAP
1 Mile, Class 2 Handicap, Doncaster, Tomorrow 3.15pm
Each-way 1/4 the odds a place 1-2-3-4
5/2 So You Think
5/1 Smart Falcon
10/1 Game On Dude
10/1 Royal Delta
11/1 Zazou
12/1 Capponi
12/1 Eishin Flash
12/1 Planteur
14/1 Master Of Hounds
16/1 Monterosso
16/1 Silver Pond
20/1 Transcend
25/1 Mendip
50/1 Prince Bishop
DUBAI WORLD CUP
1 Mile 2 Furlongs, Grade 1, Meydan, Tomorrow 6.40pm
Each-way 1/5 the odds a place 1-2-3
9/4 Cirrus Des Aigles
3/1 St Nicholas Abbey
4/1 Beaten Up
9/1 Treasure Beach
12/1 Cavalryman
12/1 Mahbooba
16/1 Bold Silvano
16/1 Shimraan
16/1 Songcraft
25/1 Jakkalberry
DUBAI SHEEMA CLASSIC
1 Mile 4 Furlongs, Group 1, Meydan, Tomorrow 6pm
Each-way 1/5 the odds a place 1-2-3
All above races: Non-runner money back.
Rule 4 may apply. Prices subject to uctuation.
30 NEWACCOUNT OFFER: Available on mobile, online and by phone. Newcustomers, 18s+&UKresidents only.
Deposit and stake up to 30 on any sporting event(s) to receive a matched deposit free bet on selected markets.
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standard SMS by your mobile network provider. Mobile service compatible with all internet enabled handsets.
Bet Responsibly. Gambleaware.co.uk
nPointers
COCOZZA e/w 3.15pm Doncaster (tomorrow)
JUST PAST ANDOVER 3.50pm Doncaster (tomorrow)
nPointers
AFRICAN STORY 2.10pm Meydan (tomorrow)
MAKANI BISTY e/w 2.45pm Meydan (tomorrow)
SONGCRAFT e/w 6.00pm Meydan (tomorrow)
ZAZOU e/w 6.40pm Meydan (tomorrow)
EISHIN FLASH e/w 6.40pm Meydan (tomorrow)
P
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Limping Liverpool look set for
another defeat at Newcastle
WITH at least one addition to the Anfield trophy
cabinet, the history books will record that the
2011/12 season was a successful one for
Liverpool. However, lifting the Carling Cup and
a return to Wembley with at least an FA Cup
semi-final against Everton fail to mask what has
been another disappointing Premier League
campaign.
Barring an epic turnaround, Liverpool will
finish outside the top four again, to ensure a
third straight season without the Holy Grail
that is Champions League football.
The Reds go into the weekend down in sev-
enth place in the Premier League, 13 points in
arrears to Tottenham in fourth, thanks in no
small part to the terrible run Kenny Dalglishs
expensively assembled side are on. One win and
five defeats in their last half dozen fixtures is
their worst spell since that overseen by Gerard
Houllier in late 2002, during which time the
Reds claimed just one point from six games.
Liverpools campaign hit a low last weekend
when Wigan, who had won just one of their previ-
ous 14 matchs, achieved their first ever victory at
Anfield. In this sort of shape, it is easy to oppose
the Reds for their visit to Newcastle on Sunday.
Dalglishs side are 7/5 favourites with Coral,
but his former team make plenty of appeal at
11/5 on Betfair. Not only have Liverpool lost five
of six previous road games the sole victory
came at relegation-destined Wolves but the
Geordies have lost just twice in front of their own
fans. Neither of those losses, against Chelsea and
West Brom, happened this year they occurred
while Newcastle were on their only dodgy run of
the season, at the end of 2011.
The Magpies did lose 3-1 at Anfield in
December, but that reverse also came around the
same time and Alan Pardews men won this fix-
ture 3-1 last season, with Andy Carroll a scorer
before his big money switch between the clubs.
Carrolls name hasnt been the first on Dalglishs
teamsheet this term and his goals have been
even fewer and farther between but the Scot
may be tempted to throw him in from the start
against his boyhood club.
With that in mind, Coral have a tempting offer.
They are refunding losing first/last goalscorer,
correct scores and scorecast bets if the first goal
in a live TV game is a header.
Consider backing Newcastles Papiss Demba
Cisse to score first at 6/1 with Coral. The Senegal
striker has formed a fine partnership with his
countryman Demba Ba, netting five times in his
six appearances. Having insurance against a
headed goal from Carroll and co as well as
Cisses own colleagues could prove useful.
Either way, I cannot see Liverpool winning the
game, so spread bettors should sell their
supremacy at 0.1 with Sporting Index.
nPointers
Newcastle at 11/5 on Betfair
Cisse to score first at 6/1 with Coral
Sell Liverpool supremacy at 0.1 with Sporting Index Papiss Demba Cisse is in great form.
45
FOOTBALL TRADER
BEN CLEMINSON WITH HIS BEST FOOTBALL BETS OF THE WEEKEND
cityam.com
FRIDAY 30 MARCH 2012
NEWCASTLE ................................................
LIVERPOOL .................................................
Sunday 1.30pm, Sky Sports 1
THINGS have been going from bad to
worse for Terry Connor and his Wolves
side over the past few weeks. They have
lost their last four Premier League
games, conceding 14 and scoring just
one, and now prop up the table. There
just doesnt look to be any way out for
the Black Country club and they are as
short as 8/13 with Coral to finish bot-
tom. There are only eight games to go
and the Molineux faithful will know
that if they dont beat Bolton tomor-
row afternoon they are doomed.
It has been an immensely difficult
time for everyone at Bolton since
Fabrice Muambas cardiac arrest at
White Hart Lane. Games had to be post-
poned, but the Trotters showed great
guts and determination to beat local
rivals Blackburn last weekend. Owen
Coyles side were another that looked
destined for Championship football a
couple of weeks ago, but they have
now won their past two league games
and the players will be desperate to
maintain their top flight status, for
Muamba if nothing else.
I dont think this game will be a
classic, but there is some value in
backing a Bolton win at a general 2/1.
They are playing better football now
and the Wolves players are likely to be
very anxious. Even though Wolves
have conceded plenty of goals lately,
Id be surprised if there were many
scores in this one. I can see the
Trotters leaving with a 1-0 or 2-0 win,
but a better bet would be to sell total
goals at 2.8 with Sporting Index.
nPointers
Bolton at 2/1 general
Sell total goals at 2.8 with Sporting Index
WOLVES..............................................
BOLTON...............................................
Tomorrow 3pm
MARK Hughes must have thought QPRs dramatic
win against Liverpool last week was the stepping
stone needed to escape relegation. However, nor-
mal service was resumed at Sunderland on
Saturday when the Hoops were beaten 3-1, their
fifth defeat in seven Premier League games.
Survival is the only target for Rangers, but
Bolton, one place above them in the table, have a
game in hand, and Blackburn are three points
clear of the drop zone. Its a worrying time for all
concerned at Loftus Road and a visit from Arsenal,
the divisions most in-form side, is hardly what
Hughes needs.
Arsene Wenger must be very proud of the char-
acter his side have shown over the past couple of
months. Not only have they won seven straight
league games; five of those victories came against
sides in the top nine. That is a fantastic effort and
the Gunners have virtually assured themselves of a
Champions League spot, with third place now theirs
to lose.
A slight worry for Arsenal backers is that the
North London outfit have lost six of their 15 away
matches this season, but those defeats came when
they were struggling and they should be too strong
for a nervy QPR side, who have won just three of
their home games this campaign.
Arsenal are a best price 8/13 with Paddy Power
and I just cant see past them making it eight in-a-
row. Robin van Persie has been in unbelievable form
and Theo Walcott is starting to show why he was an
England regular a couple of seasons back.
Games involving the Gunners are often high scor-
ing and Id expect another match full of goals
tomorrow. QPR havent kept a clean sheet in the
league since their 1-0 home victory against Chelsea
way back in October and they have conceded seven
in their last three league contests. Spread bettors are
advised to buy total goals at 3.1 with Sporting Index.
nPointers
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ARSENAL...........................................................
Tomorrow 3pm
FORMER England star John Barnes
insists footballs anti-racism efforts
are doomed to failure as long as the
problem exists in wider society.
High-profile on-field incidents this
season have prompted fears of a
growing problem, but Jamaica-born
Barnes, who was targeted as a player,
believes the games attempts to
combat racism are superficial.
We are looking at it the wrong
way round, we have to cut it from
society, he said. Are we trying to get
rid of racism, or do we just not want
to hear it? Football can do nothing to
get rid of racism.
Football cant
tackle racism,
insists Barnes
G
E
T
T
Y
ENGLANDS new head coach Stuart
Lancaster laid out his blueprint for
leading the team to glory on home
soil at the 2015 Rugby World Cup
after his promotion was finally
cemented yesterday.
The Rugby Football Union
plumped for the inexperienced
Lancaster over decorated former Italy
and South Africa coach Nick Mallett
after the 42-year-old led England to
four wins from five matches as care-
taker boss at the Six Nations.
The former Saxons coach has
signed a four-year contract that will
take him beyond the next World
Cup, in which the usual high expec-
tations will be magnified by
Englands status as hosts.
Lancaster described his appoint-
ment as a huge, huge honour and
revealed the three-point plan he
hopes will win the tournament and
justify a considerable gamble by new
RFU chief executive Ian Ritchie.
The first is pride, in wearing the
shirt and the connection with peo-
ple, said Lancaster, whose next task
will be an arduous three-Test tour to
South Africa, which starts in June.
The second is the vision for the
future, and that is to win the World
Cup in 2015. The third is for the play-
ers to play without fear; that when
they come to play for England they
can seize their opportunities and play
without fear.
Lancaster has already achieved his
first objective; the second will have to
wait; the third would represent a
trick that his predecessor Martin
Johnson never mastered, and he him-
self is yet to pull off, despite encour-
aging Six Nations results.
Mallett was the big-hitter some felt
England needed to compete with the
southern hemispheres finest. By con-
trast, Lancaster has reached the top
via youth coaching, Leeds, and the
second-string Saxons.
Its everything Ive worked
towards, he added. Going through
all the coaching qualifications, its
what you strive for and its a shot in
the arm for all those people who
believe in coaching. To get to the pin-
nacle is an unbelievable honour.
Former Wimbledon tennis chief
Ritchie, who only joined the RFU last
month, denied the appointment was
a risk or that Lancasters nationality
was a factor. I dont see it as a gam-
ble, he said. Stuart was given this
job on merit against very strong com-
petition. [Lancasters Englishness] is a
bonus rather than a factor.
Strauss defiant as spotlight falls
on under-performing skipper
ENGLAND captain Andrew Strauss
admits his position is under
pressure after the tourists slumped
to a fourth consecutive defeat of the
winter, losing the first Test in Sri
Lanka by 75 runs yesterday.
Batsman Jonathan Trotts 112
gave England hope of successfully
chasing a record 340, but the spin of
Rangana Herath, who finished the
match with 12 wickets, flummoxed
them and the tail offered scant
resistance in Galle.
Defeat in next weeks second
match in Colombo will end
Englands reign as the worlds top-
ranked Test team, heightening
scrutiny of under-fire Strauss, who
has hit just one century in his last
48 innings.
I can understand but its not
something Im focusing on, said
Strauss, whose team lost their last
six wickets for just 31 and were
whitewashed by Pakistan in the
Middle East earlier this year.
Its not the sort of question Im
going to answer in the middle of a
series. My focus is very much on
winning the next game.
It would be wrong of
me to think anything
else at this stage.
I feel in good
form but youre judged
on your performances
and I havent
performed well
enough. Thats very
frustrating but
hopefully Ill put it
right next week.
Prior was the only
batsman to offer
Trott robust
assistance, his solid
41 taking England to
233-4 and raising the
prospect of an historic run chase,
before he too fell to slow left-armer
Herath (6-97).
And when Trott nudged off-
spinner Suraj Randiv, who with
Herath took 18 of the tourists 20
wickets, to leg-slip, Sri Lanka sensed
only their second win in 18 Tests,
Englands last three batsmen
offering a feeble eight runs.
Strauss faces an uphill task to level
the two-match series, in all
likelihood without injured fast
bowler Stuart Broad, and Sri Lanka
captain Mahela Jayawardene
conceded England had major
problems combating spin.
He said: They have lost four in
a row now in these kind of
conditions against spinners, so
maybe they do.
Lancaster has been handed a contract to be England head coach until 2016
E
NGLANDS problem is their
batting approach to spin and
slow pitches, and they blew this
match in the first innings.
Sri Lanka captain Mahela
Jayawardene gave them the perfect
example of how to play these
conditions with his immaculate
first-innings century.
But instead England batted
without a strategy, were too
desperate and frantic in their
shots, and tried to play everything
as either a block or boundary.
There was no attempt at steady
accumulation apart from
Jonathan Trott, whose
extraordinary tally of 50 singles
Jayawardene showed tourists
the way but batsmen flopped
spoke volumes for his defiant ton.
In theory, it should be easy for
England to rectify their problems
for next weeks second Test, yet
they keep making the same
mistakes.
I rate the national set-ups
batting coaches very highly so they
must be aware of the shortcomings
and keen to eradicate the obsession
with sweep-shots.
Selection-wise, Ravi Bopara, who
played very well against Pakistan
earlier this year, has to play in
Colombo instead of Samit Patel.
Captain Andrew Strauss,
meanwhile, must justify his own
place in the side, although there is
no great competition for his spot.
Strauss is struggling, as he does
against this type of bowling, and,
while his two Ashes wins shield
him from criticism to an extent, his
captaincy skills are not so good
that they make him immune.
Andy Lloyd is a former England Test
cricketer, captain and chairman of
Warwickshire.
FRIDAY 30 MARCH 2012
46
SPORT
cityam.com/sport
BY FRANK DALLERES
SCOTLAND have retained head
coach Andy Robinson despite
finishing bottom of the Six Nations
and being on their worst run of
defeats for 14 years.
Former England boss Robinson
vowed to consider his future after
finishing the championship with
the wooden spoon and extending
his losing streak to seven matches.
But Scottish Rugby Union chiefs
backed him after talks yesterday,
saying: The discussions were
positive and concluded that Andy
will continue to lead the Scotland
national team with the support of
his revised coaching structure.
Scotland stick
with Robinson
despite slump
BY FRANK DALLERES
BY FRANK DALLERES
BY FRANK DALLERES
Strauss has just one
century from 48 innings
CRICKET
COMMENT
ANDY LLOYD
Lancaster vows
to unshackle
England and
win World Cup
S
TUART Lancasters
appointment as England head
coach is, I think, a good move.
Nick Mallett would have done a
good job as well, but after a very
good Six Nations Lancaster deserves
an opportunity to go forward with
this job.
I do believe, however, that it will
become more difficult for
Lancaster from now on, because
expectations before the Six
Nations were very low, and I just
think that being an international
coach is very difficult, because
people are very unforgiving.
The downside of international
rugby is that people are not
patient. Its not like at a club side,
where a coach can come in and
say: Were going to build
something for the future. There
is no patience at Test level.
The sooner that Stuart realises
that the better. If he starts talking
in terms of needing patience, its
going to be a failure already. In my
opinion, he must stand up and get
results its basically as simple as
that.
In the Premiership, meanwhile,
were in the business end of the
season and a win over Harlequins
at Wembley tomorrow would give
us an important psychological
advantage before the play-offs.
Quins have had a good season,
and have great players in critical
positions like No8 Nick Easter,
scrum-half Danny Care, fly-half
Nick Evans, back Jordan Turner-
Hall and Mike Brown at full-back.
They will give us a big test.
They started the season running
a lot, playing with ball in hand,
but have become more
conservative, using a kicking
game, later in the campaign, so Ill
be interested to see what game
they bring.
Finally, Saracens are close to an
incredibly important move to
Barnets Copthall Stadium. A 90-
year lease shows we are serious
about longevity and a long-term
home is the one thing the club is
missing.
Brendan Venter is technical director of
Saracens. They face Harlequins at
Wembley tomorrow. For tickets visit
www.saracens.com or call 0844 847 1876.
IN BRIEF
Ferguson questions Vieira remark
n FOOTBALL: Sir Alex Ferguson has
questioned whether Manchester City
executive Patrick Vieira broke rules by
suggesting officials favour Manchester
United at home. Hes more or less
saying all the referees have been wrong.
Youre not supposed to discuss referees.
Saints star Clark gets 32-week ban
n RUGBY UNION: Northamptons Calum
Clark has been banned until November
after admitting hyperextending Rob
Hawkins arm, leaving the Leicester
hooker with a broken elbow, in Saints
LV= Cup final defeat earlier this month.
Murray ready for Nadal showdown
n TENNIS: Britains Andy Murray will
today meet world No2 Rafael Nadal for a
place in the Miami Masters final. The Scot
came from a set down to beat Serb Janko
Tipsarevic in Wednesdays quarter-final.
RUGBY
COMMENT
BRENDAN VENTER
47
Id like to congratulate Stuart Lancaster on
his appointment as England head coach. I
gave it my best shot

cityam.com
FRIDAY 30 MARCH 2012
HARLEQUINS stand-in skipper
George Robson believes the return
of captain Chris Robshaw is the per-
fect fillip ahead of tomorrows Aviva
Premiership table-topping clash
with Saracens at Wembley.
Robshaw, 25, is back to bolster the
Quins pack for the first time since
captaining England to second place
in the Six Nations, with revenge on
the menu following Sarries 19-11
victory earlier this season.
Lock Robson believes his return,
along with perfect conditions for
running rugby, can see Quins upset
the defending champions.
It will be great to have Chris
Robshaw back in the side it gives
us a buzz, that little lift, he said.
The same goes for Mike Brown and
Jordan Turner-Hall. And lets not for-
get weve got a lot of quality who
have been here all along, with the
likes of Danny Care and Nick Easter.
Saracens, three points behind in
second, ended The Stoop sides 10-
match winning streak with a 19-11
win at Twickenham in December,
when Quins old boy David Strettle
scored the only try.
The leaders other England inter-
nationals, Jordan Turner-Hall and
Mike Brown, returned to
Premiership action last time out in
the 14-6 win over Bath while
Robshaw enjoyed an extended break.
Its going to be a completely dif-
ferent vibe to Twickenham, Robson
added. Its a great atmosphere to
play in and different crowds offer
different things. The last clash was
in mid-winter whereas hopefully the
sun is going to be shining this week-
end and we can put on a show. Im
really looking forward to it.
As second face off against first,
Saturdays clash at Wembley could
be repeated back at Twickenham on
26 May if the two sides meet again in
the Premiership final.
If you buy a ticket for this years Aviva
Premiership Final on 26 May you will receive a
free rugby shirt. Go to www.premiershiprug-
by.com/freeshirt to buy yours.
BY MICHAEL OLIVER
Stuarts task is about to get far more difficult in unforgiving world of Test rugby
Robshaw lifts Quins
for Saracens clash
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