Why We'Re Backing Boris: Media Giant Under Siege As Mps Strike

BUSINESS WITH PERSONALITY
RUPERT Murdoch was yesterday lam-

basted by a powerful group of MPs for
turning a blind eye to instances of
wrongdoing at News International.
The House of Commons culture,
media and sport committee found
after its five-year investigation con-
cluded yesterday that the whole
affair demonstrates huge failings of
corporate governance at [News
International] and its parent company
[News Corp], adding that the groups
chief executive Rupert Murdoch
exhibited wilful blindness to what
www.cityam.com FREE
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ISSUE 1,624 WEDNESDAY 2 MAY 2012
WHY WERE BACKING BORIS
was going on at his company.
But MPs split along political lines
over a clause in the report which said
the tycoon is not a fit person to exer-
cise the stewardship of a major inter-
national company, using words
widely seen as a reference to a cur-
rent probe by Ofcom. The media reg-
ulator is looking into whether BSkyB,
and its dominant shareholder News
Corp, is a fit and proper owner of a
broadcast licence and could force
News Corp to divest some or all of its
shares in BSkyB.
The relevant section, proposed as an
amendment by Labour MP Tom
Watson, scraped through with a vote
of six to four MPs, with all the Tory
members of the committee refusing
to back the final report in its entirety.
Watson claimed he was standing up
for what he believes because he want-
ed to avoid accusations that the com-
mittee ducked its responsibility. He
expressed disappointment that not
all committee members felt inclined
or confident to hold the most power-
ful to account.
But Conservative MP Louise Mensch
criticised Watsons actions, calling
the clause wildly outside the scope
of the committee and an improper
attempt to influence Ofcom.
Ofcom said it was reading the select
committees report with interest
and would continue to assess inde-
pendently the evidence from the cul-
ture departments inquiry.
The ten MPs were, however, unani-
mous in their agreement that three
executives at News International
demonstrated contempt for parlia-
ment in the most blatant fashion.
Former News International execu-
tive chairman Les Hinton, News
Group Newspapers ex-legal manager
Tom Crone and the final editor of the
News of the World Colin Myler were
singled out as having misled the com-
mittee by deliberately withholding
information or answering questions
untruthfully.
News Corp last night conceded the
hard truths... that there was serious
wrongdoing at the News of the
World, that our response... was too
slow and too defensive, and that
some of our employees misled the
select committee
But the media giant criticised the
committees commentary on Rupert
Murdoch, calling it unjustified and
highly partisan.
MEDIA GIANT UNDER
SIEGE AS MPs STRIKE
BY LAUREN DAVIDSON
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News Corp savaged in report but Labour and Tories clash over whether Rupert Murdoch is fit to run his empire
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
G
E
T
T
Y
ANGRY investors staged a revolt over
pay at beleaguered hedge fund Man
Group after chief executive Peter
Clarke was awarded a $7m package
despite the sinking share price.
Around one in seven shareholders
voted against the remuneration
report while nearly a third came out
against Alison Carnwath, just days
after Barclays investors criticised her
role in handing a 17m package to
chief executive Bob Diamond.
Yesterday 14.9 per cent of Man
shareholders failed to back the pay
report, with 13.9 per cent voting
against it.
Results from the AGM also showed
32.6 per cent of shareholders did not
back Carnwaths re-appointment,
with 29 per cent voting against her,
although City A.M. understands she
has the full confidence of the board.
The meeting caps a tumultuous
period for Man, whose share price
has lost nearly 60 per cent since
September. One investor said the key
performance indicators are trend-
ing horribly in the wrong direction.
Clarkes package for last year could
be worth up to $6.98m. Chairman
Jon Aisbitt said 85 per cent of institu-
tional investors had voted in favour
of the remuneration report but
admitted the firm was involved in
ongoing and intense discussions
Iron Maiden star runs to the valleys
Iron Maiden frontman Bruce Dickinson has
been urging heavy metal fans to Run to
the Hills since the 1980s, but the rock
anthem may be recast as Run to the
Valleys as he announced plans to open
an aviation centre in South Wales that
could bring 800 jobs to the region.
Banks fined $9m over ETF mis-selling
Wells Fargo, Citigroup, Morgan Stanley
and UBS mis-sold complex exchange
traded funds to retail investors, some of
whom were in their 90s and lost large
portions of their savings, a US regulator
has found. The four banks were fined
$9.1m on Tuesday by the Financial
Industry Regulatory Authority (Finra).
ABI backs plan for binding vote pay
The annual vote of corporate pay plans
should be binding, the Association of
British Insurers has said in response to
plans by Vince Cable, business secretary,
to strengthen shareholders powers and
curb excessive executive payouts. Cable
argues that a binding vote would hand
investors a powerful tool to tackle
rewards for failure.
Toyota plots its route to recovery
Japans biggest carmaker gave British
workers a huge vote of confidence
yesterday when it revealed expansion
plans that ultimately will provide more
than 5,000 jobs in Derbyshire and Wales.
End of war nears, Obama tells troops
President Obama assured US troops that
there was light on the horizon,
signalling the end of the war in
Afghanistan as he flew into Kabul on the
anniversary of Osama bin Ladens killing.
RIM hands out BlackBerry prototypes
Research in Motion has begun its fight
back in its smartphone battle with Apple
and Google by releasing 2,000 prototypes
of the next BlackBerry device.
One in four who ring the taxman
hang up in frustration
Taxpayers have to wait almost three times
longer to contact HM Revenue and
Customs than two years ago because of
the increasingly chaotic service, official
figures released last night disclosed.
Wal-Mart to pay $5m in back wages
Wal-Mart Stores agreed to pay employees
$4.8m in back wages and damages, as
well as $464,000 in civil penalties,
yesterday after the US Department of
Labor found the company failed to pay
overtime to more than 4,500 workers.
Facebook roadshow starts Monday
Facebook is planning to start its roadshow
to pitch its stock to investors on Monday,
as the social network enters the final
stages of its coming public offering.
WHAT THE OTHER PAPERS SAY THIS MORNING
BRITAINS manufacturers took a
hammering in April as export
orders plummeted because of the
strong pound and the Eurozone
crisis, data showed yesterday.
On a day when the FTSE gained
one per cent and the Dow Jones
index hit a four-year closing high,
economists nevertheless warned
that rising sterling could threaten
any hope of an economic recovery.
Bank of England officials
believed its policy of quantitative
easing had helped push the pound
down in recent years, which should
make UK firms more competitive
against foreign rivals, boosting
exports and supporting growth.
But instead, fears over the state
of the Eurozone economies have
pushed the pound to its highest
level in almost three years against a
trade-weighted basket of
currencies, dashing hopes that the
economy could be rebalanced
towards export-led growth.
The UK recovery, such as it is, is
very dependent on net trade, said
Citis Michael Saunders, arguing
that the Bank of England might
loosen monetary policy further to
try to bring down the pound.
Markits purchasing managers
index (PMI) showed manufacturing
activity slowed sharply in April,
from 51.9 in March to 50.5, barely
above the no change level of 50.
Strong sterling
shatters hopes
of UK recovery
We do not feel we need a big brother, Man boss Peter Clarke told investors yesterday
2
NEWS
BY TIM WALLACE
BY PETER EDWARDS
To contact the newsdesk email news@cityam.com
T
OMORROW is decision time for
Londoners. Our great city is at a
crossroads: it must choose who
to elect as its mayor at a time of
extreme economic uncertainty and
just months before the Olympics,
when the eyes of the world will be on
London. Having carefully examined
all the candidates, this newspaper
believes that Boris Johnson is by far
the best candidate and that he
deserves to be given a second term in
City Hall. We hope our readers will
agree and give him their votes.
City A.M. is in nobodys pocket. We
are an independent newspaper and
were critical of Johnson during the
riots. We also wish he would have
done more to reform Transport for
London. We will support whoever
wins when we agree with their poli-
cies and criticise them when we dis-
agree and we will always judge
EDITORS
LETTER
ALLISTER HEATH
Why Boris Johnson is by far the best choice for Londoners
WEDNESDAY 2 MAY 2012
them by whether their actions are
helping or hindering the public inter-
est, prosperity and economic growth,
and Londoners quality of life.
But Johnson understands the vital
importance of private firms, entrepre-
neurs and the City in creating jobs
and prosperity for Londoners. He is an
optimistic, pro-growth, pro-risk tak-
ing candidate; he is excited by life and
all of its opportunities, unlike his
dour, bitter and negative rival. He is a
unifying candidate, an individualist
and believer in individual freedom
for whom peoples backgrounds are
not their all-defining characteristic:
he has rightly refused to play divide
and conquer politics with race, reli-
gion or class. He understands that a
low tax, open economy is what will
make London great once more.
Above all else, Boris is authentic: he
doesnt pretend to be someone he
isnt. He has also been a relatively
good steward of taxpayers money; he
rightly froze the Mayoral share of
council tax over the past three years
and wants to cut it by 10 per cent over
the next four. He understands that
belt-tightening and cutting waste is
necessary in the current climate.
By contrast, Livingstone is a class
warrior, a throwback to a bygone era;
he may like to joke that we should
hang a banker a week until the oth-
ers improve but few readers of this
strategy before, with governments
cutting back on capital spending and
using the cash on benefits instead
which is the reason for todays inade-
quate network.
Even if you cant bring yourself to
vote for either of the two candidates
as your first preference, you can still
make a vital choice by making Boris
your second preference candidate.
Ask yourselves who do you think
would be best placed to represent
London during the Olympics and the
Queens Jubilee celebrations? To bat
for London when fighting for foreign
direct investment and attracting glob-
al job-creators? To speak up for read-
ers of this newspaper? In every case,
Boris has the edge. He deserves a sec-
ond term on Thursday.
newspaper will see the funny side.
Hundreds of thousands work in bank-
ing, wealth management and finan-
cial services or in industries that
depend closely on them, such as
accounting, law, consulting, recruit-
ment, IT, property and a host of other
services. Ken also falls short on his
attitude to public money, which he
would spend too profligately, and on
tax, which his instinct would be to
hike. The last thing we need is a
Mayor at war with the coalition, creat-
ing division on every issue where
there needs to be cooperation and
judicious, level-headed negotiation to
ensure London gets the best deal.
Livingstones one attractive pledge is
to cut the price of public transport.
Even if he could deliver it and this is
highly doubtful it would come at
the cost of slashing investment in
infrastructure. We have tried that
with our leading shareholders.
Clarke told the meeting Man is not
interested in a takeover approach after
analysts at UBS last week said it was a
likely take-out candidate.
We do not feel we need a big brother
in order to achieve our strategic objec-
tives, said Clarke. I do not feel our
shareholders do anything other than
support existing management, as wit-
nessed by the proxy votes.
Clarkes comments come as Man said
client withdrawals slowed to a net
$1bn in the three months to 31 March,
beating expectations. In comparison,
the firm saw $2.5bn of net outflows in
the final three months of 2011.
Total funds under management
inched up one per cent to $59bn in the
first quarter.
Mans outflows were largely at its
$21bn black box hedge fund AHL,
which is down 2.2 per cent so far in
2012 after falling 6.4 per cent last year.
Funds at Mans manager-driven GLG
unit made gains this year. Its European
Long-Short hedge fund, run by star
trader Pierre Lagrange, was up eight
per cent in the first three months of
the year.
The new jobs website for London professionals
CITYAMCAREERS.com
SARAH ING
Singer Capital Markets
AHL has been
under pressure
and was on average 14 per
cent below peak at the
end of March... Investor
sentiment is fragile and
the business remains heavily dependent
on an improvement in AHL.
DAVID MCCANN
Numis
To perform, AHL
needs markets to
trend for a sustained peri-
od of time (6-9 months),
rather than risk-on risk-
off ipping... If AHL is
unable to recover performance, earnings
and dividends could fall substantially.
STUART DUNCAN
Peel Hunt
The interim man-
agement state-
ment will do little to quell
fears surrounding Man.
Asset ows remain rela-
tively weak, particularly in
the higher margin product areas. We....
cut our recommendation to Hold.
ANALYST VIEWS
CAN MAN GROUP TURN
AROUND ITS PERFORMANCE?
Interviews by Peter Edwards
Man boss Clarke defiant
in face of investor anger
INVESTORS renewed their flight
from the troubled Eurozone
economies in April, figures revealed
yesterday, driving up peripheral
governments borrowing costs.
Surveys of 55 leading investment
houses in the US, Europe, UK and
Japan showed holdings of Eurozone
bonds in balanced portfolios fell to
24.5 per cent, compared with 26 per
cent in March and substantially
lower than the 26.9 per cent
recorded at height of the crisis in
November last year.
Borrowing costs fell and funds
holdings of bonds stabilised at the
start of the year after the European
Central Bank (ECB) pumped
1trillion (815bn) in cheap loans
into Europes banks.
However, yields on Italys 10-year
bonds rose from five per cent at the
start of the month to 5.51 per cent
at the end as the impact of the cash
injection wore off.
Spanish 10-year yields rose from
5.26 per cent to 5.77 per cent in the
month, after peaking at 6.16 per
cent a level last seen in December
before the ECBs action.
Over the month yields on 10-year
UK gilts fell from 2.29 per cent to
2.11, after a low of 2.01 per cent, and
yields on US Treasuries dropped
from 2.23 per cent to 1.91 per cent as
investors continued to view the non-
Eurozone countries as safe havens.
Investors flee
Eurozone as
crisis deepens
BY TIM WALLACE
PIMCO boss Bill Gross has warned of
the inflation risk caused by central
banks efforts to kick-start growth and
raised the prospect of a fresh down-
grade to the US credit rating.
Gross, founder and co-chief invest-
ment officer of the California-based
bond giant, said stimulus policies
have created an ocean of credit.
In 2008, central bankers never real-
ly knew how much debt was out
there, and to be honest, they dont
know now, Gross said in his monthly
letter to investors.
He warned that boosting the pool of
credit would produce economic
growth this year for developed coun-
tries but also create structural risks
and rising inflation.
He said US Federal Reserve bankers
appeared to believe that markets will
buy future Treasuries at low yields
because the private markets stock
of Treasuries has been depleted.
Gross later told CNBC the US could
be downgraded if it does not tackle its
debt. He cited the structural deficit
figure, which is between six and eight
Pimco boss Bill
Gross warns of
inflation risk
BY PETER EDWARDS
per cent greater than any other coun-
try besides Britain and Japan.
Until we address that structural
deficit then yes, were headed to AA
territory, he said.
The US is currently rated AA+ by
Standard & Poors and AAA by
Moodys and Fitch. Last summer S&P
downgraded the US to AA+ with a neg-
ative outlook for the first time in its
history.
Gross gave the US a personal credit
rating of AA+ but said he was very
conscious of the fiscal cliff near the
end of the year.
He spoke out as filings of the
European arm of Pimco showed seven
directors, including the brother of
shadow chancellor Ed Balls, shared a
57m pot last year.
The highest-paid director, who was
not identified, received 29.96m,
according to filings at Companies
House. In total the directors were
awarded 57.13m. Profit before tax
was virtually flat at 28.02m.
Andrew Balls is a managing director
in the London office and head of
European portfolio management.
Pimco did not respond to calls.
BOLIVIA followed in Argentinas
protectionist footsteps yesterday
as it nationalised a local unit of
Spains Red Electrica, blaming a
lack of investment in the country.
Bolivias leftist President Evo
Morales ordered the army to take
over the Cochabamba
headquarters of the power
transmission company known as
TDE.
The move came just two weeks
after Argentina decided to take
control of YPF, the countrys
biggest oil firm that was majority
owned by Spanish firm Repsol.
Bolivian army seizes control of
Spanish energy business TDE
BY MARION DAKERS Buenos Aires decision was
slammed by many in the
international community but
celebrated by some of its South
American neighbours.
In honour of all Bolivian people
who have struggled to recuperate
our natural resources and basic
services, we are nationalising
Transportadora de Electricidad
(TDE), Morales said during his
official address for May Day, also
known as International Workers
Day.
Bolivia still needs partners, but
not owners, he said after
ordering the army to take over
TDEs installations.
3
NEWS
cityam.com
Bolivias President Evo Morales said his country needs partners but not owners
AS MPs in London produced the most
damning report so far of Rupert
Murdochs stewardship of his UK
newspapers, shares of his global
media group somewhat perversely
rose.
The Commons culture, media and
sports committee yesterday conclud-
ed that Rupert Murdoch and his son
James exhibited a wilful blindness
towards phone-hacking at the News of
the World, with the groups majority
Labour MPs saying that the 81 year
old is not fit to run a major interna-
tional company.
The committee also accused former
News Corp employees Les Hinton,
Tom Crone and Colin Myler of deliber-
ately misleading Parliament.
But at first glance, News
Corporations shares seem not to
reflect the recent events that have so
plagued the companys reputation.
Its shares rose one per cent to $19.79
yesterday, having climbed 14 per cent
since 7 July last year when James
Murdoch announced the imminent
closure of the News of the World.
Some say, however, that yesterdays
events make it more likely that Ofcom
will demand a change at News Corp.
The media watchdog, which last
week escalated its probe into whether
BSkyB is fit and proper to own a
broadcast licence, could soon force
Shares in News
Corp rise while
Murdoch slated
BY LAUREN DAVIDSON
News Corp to sell most of its 39.1 per
cent controlling stake in BSkyB an
outcome which analysts say might be
good news for News Corps sharehold-
ers.
BTIG, a US-based stockbroker, issued
a note before the select committees
report was published saying that
investors would love to see News Corp
sell off its UK assets considering it is
looking increasingly doubtful that
News Corp will be able to resuscitate
its bid for BSkyB.
The note claimed that the company
never received full credit for the
value of its unconsolidated BSkyB
investment and an auction of the
stake would like generate meaningful
incremental value to News Corp
investors.
Analysts have also predicted that
News Corps value will climb if the
company drops its relatively unprof-
itable newspapers.
G
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Colin Myler, Tom Crone and Les Hinton were found to have deliberately misled the committee
The report points to the
difference between not
specifically being shown
evidence and not
being aware.
British Sky Broadcasting Group PLC
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1May
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NEWS
cityam.com
News International has repeatedly stonewalled, obfuscated and misled and only
come clean, reluctantly, when no other
course of action was sensible and when its
wider commercial interests were threatened.
News Corp in the UK mounted a cover-up.
We conclude, therefore, that Rupert Murdoch is
not a fit person to exercise the stewardship of
major international company.
We have been told that it was as late as
December 2010 that James Murdoch and
Rupert Murdoch realised that the one
rogue reporter line was untrue. This, we
consider, to be simply astonishing.
Q
Can Hinton, Myler and Crone be punished
for misleading the committee?
A
It is now up to Parliament to
decide whether the three News
Corp executives have committed a
contempt, and if so, what
punishment should be imposed. A
possible outcome is that they will be
called to the House of Commons to
apologise to Parliament, but as
culture committee chair John
Whittingdale MP said yesterday, this
is uncharted water.
Q
So has this never happened before?
A
It has, but not since January 1957
when John Junor, then editor of
the Sunday Express,
was brought to the
Commons to apologise for printing
certain comments about MPs.
Q
Are Hinton, Myler and Crone likely to
apologise without fuss?
A
It is hard to know, but all three
issued statements in their defence
yesterday. Hinton said he was
shocked and disappointed at the
report, adding I refute these
accusations utterly. Crone claimed
the report demonstrates serious
flaws and lacks foundation, while
Myler current editor of the New
York Daily News said he stands by
his original evidence.
Q
A
and
What next for the News Corp execs?
The culture
committees report
referred to The News
of the Worlds
history of collective
amnesia.
The section of the
report which divided
MPs six to four.
Tory MP Therese Coffey said
News Int should not have
dismissed the previous select
committees report.
News International will regret forever
not taking the chance to thoroughly
investigate [evidence of phone-
hacking at its newspapers].
Labour MP Tom Watson, a victim of
phone-hacking, said those involved
have still not accepted responsiblity.
More than any individual alive
[Rupert Murdoch] is to blame.
Morally, the deeds are his. He paid
the piper and called the tune. It is his
company, his culture, his people, his
business, his failure, his crimes, the
price of profit and his power.
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G
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LLOYDS has taken an axe to its bal-
ance sheet in order to cut its reliance
on increasingly expensive wholesale
funding, the bank revealed yesterday.
Markets welcomed the speedy
shrinkage of the banks loan book as
well as a signal from chief executive
Antnio Horta-Osrio that he is keen
to start paying a regular dividend and
is only waiting to get clarity on new
regulations, due in June. Shares in the
part-nationalised lender were up by
8.4 per cent by the end of the day.
Lloyds unveiled an eight per cent
drop in its need for wholesale funding
in the first quarter, which now stands
at 231bn and meets its targeted loan-
to-deposit ratio of 130 per cent. The
progress was so rapid that Horta-
Osrio set a new target of 120 per cent
for this time next year.
Deutsche Bank analysts said:
Wholesale funding is falling very
quickly which reduces risk and will
reinforce shareholder returns over
time.
The change was fuelled by a five per
cent cut in lending to retail customers
Funding costs
drive Lloyds to
slash loan book
BY JULIET SAMUEL
during the first quarter of this year,
with retail assets reduced to 538bn,
and a slight increase in customer
deposits to 412bn.
But despite scaling back its lending
to retail customers mostly by cutting
mortgage lending the bank was keen
to emphasise its increase in business
loans. Net commercial lending is up
by four per cent on last year despite
what Horta-Osrio called a subdued
UK economic environment.
But many analysts were disappoint-
ed by a drop in the banks net interest
margins the average margin it
makes on lending which was down
by two basis points to 1.95 per cent due
to increased funding costs, a key rea-
son why the bank is deleveraging so
quickly.
Its bottom line was also hit by an
additional 375m provision to com-
pensation customers mis-sold pay-
ment protection insurance, bringing
the cost of the scandal to 3.6bn so far
for Lloyds. The PPI hit brought its pre-
tax profits to below expectations, at
288m. That was nonetheless a wel-
come return to positive territory ver-
sus a 3.5bn loss during the same
period last year.
Lloyds Banking Group PLC
30
31
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33
34 p
33.60
1May
DISGRUNTLED shareholders in
miner Xstrata yesterday made
their concerns felt over the firms
strategy ahead of its planned
merger with commodities giant
Glencore.
Almost four in ten shareholders
failed to support the firms pay
plan, while more than 15 per cent
refused to vote for the
reappointment of director Ivan
Glasenberg who also runs
Glencore.
Xstrata chairman Sir John Bond
urged investors to support the
Xstratas shareholders protest
over pay and Glencore merger
BY MARION DAKERS AND
JOHN DUNNE
50bn merger.
The terms of the proposal are
fair and reasonable and the
proposal represents a significant
opportunity to generate superior
returns for our shareholders, he
told the FTSE 100 firms annual
general meeting in Switzerland.
The two sides are still working
on the paperwork on the deal
which would see Xstrata chief
executive Mick Davis keep that
role in the combined group.
Separately Xstrata said
yesterday that quarterly copper
output dropped more than 18 per
cent year-on-year in its latest
quarter while coal output was up.
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Sir John Bond used Xstratas AGM to promote a merger with Glencore
cityam.com
6
NEWS
Ministers sell
buyout firm
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FRENCH CONNECTION has put
14 of its 71 stores up for sale
after the struggling fashion
retailer launched a review of its
retail division in March.
The company, whose
eponymous high street clothing
chain accounts for over 90 per
cent of its revenue, has hired
property agent Ashley Phillips
Lahaise to sell the leases of the
14 shops.
These are said to include
stores in shopping centres such
as Bluewater, Brent Cross and
Lakeside.
A spokesperson yesterday said:
All stores are kept under review
but there are no concrete plans
for closures in place.
Chief executive Stephen
Marks, who founded the
French Connection puts a fifth
of its UK shops on the market
BY KASMIRA JEFFORD
company in 1972, launched a
review of the business last
month after experiencing the
most difficult winter season in
all his years in the business.
The group suffered a 32 per
cent slide in profits to 5m in
2011.
Increasingly tough trading
conditions have put retailers
under pressure to cut costs and
shrink their store portfolio as
leases come to an end.
The beleaguered catalogue
chain Argos, which publishes its
full-year results today, was
reported earlier this week to
have launched a review of its
business, fuelling speculation of
widespread shop closures.
Baby products retailer
Mothercare also announced last
month it would trim its estate
further to just 200 stores in an
attempt to revive its fortunes.
BRITISH investment bank Seymour
Pierce has named Tom Forcier as
its new chief executive, after its
previous CEO Phillip Wale jumped
ship to join rival Panmure Gordon.
Forcier himself left Panmure
Gordon last year to join Seymour
Pierce, and he is currently the
companys head of compliance. He
also had a spell working at
investment bank Lazard.
Seymour Pierce also said Rick
Thompson would join from
Religare Capital Markets to head
its own capital markets division.
Seymour Pierce has been the
subject of bid speculation, after it
BY HARRY BANKS
ended 40m merger talks with
Bermudan reinsurer Gerova
Financial Group in 2011.
It said last month that talks
with potential new investors were
progressing well.
Just a fortnight ago Panmure
announced that it had lured
Philip Wale away from Seymour
Pierce to replace Tim Linacre as its
chief executive.
Linacre announced his
resignation in December after a
profit warning.
Wale, a former co-head of
European equities at Goldman
Sachs, only joined Seymour in
December 2010.
Lloyds chief Antnio Horta-Osrio wants to cut mortgages and increase business lending
7
NEWS
cityam.com
MINISTERS hope to reap more than
$100m (61.7m) from the sale of the
governments stake in emerging
markets private equity group Actis.
Management have agreed to buy
out the Department for
International Developments
remaining 40 per cent stake for
8m. The return could rise, however,
because DfID will receive a share in
profits from the sale of firms in
which Actis has invested.
Canaccord Genuity Hawkpoint
has said this could be worth more
than $100m.
Labour ministers were criticised
after Actis execs spun out the group
from government-backed emerging
markets investor CDC, paying just
373,000 for a 60 per cent stake in
the business in 2004, with the
government taking the rest.
I
T IS not often these days that you
hear a high street bank executive
admit that his plan is to lend less
to those well-loved aspirational
families. And yet that is exactly what
Antnio Horta-Osrio told analysts
yesterday on a call to discuss Lloyds
first quarter results.
The aim, he said, is to slash the
banks mortgage-lending market
share from 28 per cent to 25 per
cent, while increasing its savings
market share from 23 to 25 per cent,
so that the latter fully funds the
former.
This is highly confusing for bank-
bashers. On the one hand, they
might say that Lloyds overbearing
market share ought to be decried for
being anti-competitive. And yet, on
the other hand, its a clear case of
families being let down by a stingy
bank refusing to help them buy their
dream house. And yet, and yet, on
the other hand, its thoroughly
irresponsible for a bank to use so
much debt to fund so much property
lending. And so on.
But it is also a curiosity for
analysts. Retail credit quality is going
up: Lloyds impairment costs have
fallen by almost a third this year to
1.7bn. And Esprito Santos Shailesh
Raikundlia estimated that the plan
will slash three per cent off pre-tax
profits for the core bank.
Nonetheless, Raikundlia calls it
the right strategy in the long-run.
The problem is that the post-crisis
world hasnt just made a lot of
sinister-sounding financial
engineering unprofitable. It has also
dramatically cut the margins on the
vanilla property lending at the heart
of the bubble.
One of the key reasons for this is
that banks cost of funding
obviously a key input of their
lending costs is going up, probably
permanently. This is partly because
markets underestimated their
riskiness for far too long and lent to
them too cheaply. It is also because
of regulators laudable efforts to
abolish the too-big-to-fail problem
by making sure bank creditors know
that, next time, they will have to
absorb a large part of the losses if a
lender fails. But the trend is also
being unnecessarily exacerbated by
regulatory confusion and states
insistence that lenders load up on
public debt, tying their fates ever
closer to Europes volatile crisis.
The European Central Bank has
tried to mitigate the problem with
its huge cash injection in the form of
1 trillion in three-year loans to
banks. But we also learned yesterday
that while Lloyds has taken 11.4bn
of this cheap funding, it has, for the
time being, parked most of it in its
bank account at the ECB, and only
plans to bring it into play gradually.
The problem is that banks know
the ECB has to turn off the tap at
some point. And when it does,
lenders will have to survive on their
own in a very different world. It
would take a truly reckless banker
not to cut lending.
BOTTOM
LINE
JULIET SAMUEL
juliet.samuel@cityam.com
Follow me on Twitter: @citysamuel
Seymour Pierce
picks new chief
Why a lender promising to cut its lending makes
sense and why the ECB cant do much about it
BY PETER EDWARDS
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THE GRANGE HOTEL, TOWER BRIDGE
EUROPEAN investors are fuelling a
bond boom in their hunt for
income, but they are shunning
western government bonds in
favour of high yield and emerging
market debt.
A report by Morningstar, the
funds data company, shows that
while European equity funds lost
1.3bn in assets under management
in March, bond funds gained
13.9bn, with the lions share going
into emerging market government
bonds and high-yield American cor-
porate debt.
Dan Lefkovitz, Morningstar ana-
lyst, said: The money coming into
these funds is mostly from Europe
but the funds getting the flows are
global. Theyre diversifying.
Yield-hungry
EU investors
flock to bonds
BY JULIET SAMUEL Equity funds are losing out, how-
ever, showing that investors would
rather bag income than bet on capi-
tal values rising.
The biggest flows were into
money market funds (MMF), demon-
strating the ongoing demand for liq-
uidity. MMFs are seen as a separate
asset class from other funds
because, like deposits, their primary
attraction is their liquidity rather
than their investment value. Such
funds saw net inflows of 10.4bn in
March.
But Lefkowitz warned that the
flows could be seasonal: last year
also began with a bang for high
yield bonds, only to be followed by a
rout as the Eurozone crisis ramped
up and investors lost confidence in
all but the most traditional safe
haven assets.
Profits are up for Chris Allen despite a bad year for hedge funds
HSBC saw investors withdraw
200m from its hedge fund and
private equity unit last year, but
managed to increase the profits
it made off the remaining assets
it manages by 24 per cent.
HSBC Alternative Investments
Ltd (HAIL), a part of the groups
private banking division that
invests clients money in private
equity, hedge fund and real
estate assets, recorded pre-tax
profits of 10.7m last year, its
accounts show, despite its assets
under management dropping by
five per cent to 4.1bn.
HSBC unit generates bigger
profits despite losing assets
BY JULIET SAMUEL
The management of the unit,
which is led by chief executive
Chris Allen, blamed poor
performance within a risk-off
environment for the outflows in
2011, a year in which the hedge
fund industry received a
drubbing after failing to cope
with high market volatility.
Average pay for its staff went
up from 253,000 to 260,000 for
a total payroll bill of 12.2m last
year. But HAILs highest paid
director was hit with a 10 per
cent pay cut, taking home
960,000 last year.
It also paid its owner, HSBC, a
6m dividend.
cityam.com
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9
NEWS
Estimates net-flows in US Dollars Source: Morningstar
March 2012 Q1 2012 Net Assets
Commodities (225m) 484m 24bn
Convertibles 574m 1bn 40bn
Equity (1.3bn) 2.1bn 1.6 trillion
Fixed Income 13.9bn 37bn 1.3 trillion
Property 380m 904m 106bn
Money Market 10.4bn 5.5bn 927bn
LLOYDS of London insurance
market said yesterday that there
had been no change to its expected
performance for 2012 thanks to a
lack of major claims in the first
quarter of this year.
The market said the excess of its
central assets over solvency
shortfalls rose to 3.2bn in the first
three months of 2012, an increase
of 46m on the end of last year.
No large claims
helps Lloyds
BY JAMES WATERSON
THE number of interest rate swaps
being cleared centrally has surged
ahead of regulatory changes.
LCH.Clearnet reports that buy-
side volumes on its SwapClear
service are up 175 per cent so far in
2012 on a year-on-year basis.
The move to central clearing of
interest rate swaps comes ahead of
the USs Dodd-Frank mandate, due
to be implemented this year.
Swap clearing
soars in 2012
BY JAMES WATERSON
POLICE officers will be stationed
outside every polling station in
Tower Hamlets following repeated
allegations of electoral fraud and
voter intimidation in the borough.
The extraordinary measures for
tomorrows mayoral election come
as the police probe allegations of
vote rigging in a council by-election.
In past elections there have been
dozens of people mobbing the
entrances of polling stations,
preventing the free access of people
wishing to cast their vote, said Tory
councillor Peter Golds.
Police to guard
polling booths
BY JAMES WATERSON
BORIS Johnson will create a new posi-
tion of deputy mayor for the econo-
my if he is successful in tomorrows
mayoral election.
It is understood the move is part of
Johnsons plans to place the econom-
ic recovery at the heart of his may-
oralty if he is returned to City Hall.
The deputy would be responsible
for promoting economic growth and
jobs across the capital.
In a final pitch to voters Johnson
said yesterday: The big question is
about who has the
best plan for the
jobs and growth
that will help bring
prosperity to all.
It is about who
Business backs
Boris to fight
for the recovery
will deliver the investment from cen-
tral government that will take
London forward. It is about who you
can trust to spend that money wisely
and who will be honest with you
about where the money is coming
from, and how it is spent, he added.
The news comes as a ComRes survey
for LondonLovesBusiness.com
revealed that 63 per cent of business
people feel that Johnson is the most
trusted candidate to handle Londons
economy, while just nine per cent feel
the same about Labours Ken
Livingstone.
Charlie Mullins, founder of Pimlico
Plumbers commented on the find-
ings: Based on his performance over
the years, and my personal feelings
after meeting the candidates, I
wouldnt put Ken in charge of a
broom let alone our capital and
millions of pounds of our
money.
But the survey also revealed
doubts over Johnsons abili-
ty to provide new homes,
with both leading candi-
dates considered to be
neck-and -neck on housing
issues.
cityam.com
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BY JAMES
WATERSON
MAYORAL
ELECTION
Boris Johnson promises to
fight for businesses
L
A
U
R
A

L
E
A
N
/
C
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A
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OCCUPY London protesters streamed into Paternoster Square last night to mark May Day.
One man with a tent ascended the obelisk. The invasion, made up of a few dozen people
outside the London Stock Exchange, came despite the square managers winning an
injunction in October. Earlier, activists handed out flowers at Liverpool Street station.
OCCUPY ACTIVISTS ENTER PATERNOSTER SQUARE
KEN Livingstone has declared that
Londoners have 24 hours to save
1,000 as he makes a final push to
convince traditional Labour voters
that they should vote for him.
Boris is a hardline, dyed-in-the-
wool Tory who wants to cut the top
rate of tax further while whacking
up fares to cover the cost of the
government cutting back the
transport budget for London, he
told City A.M.. London puts 20bn
back into the economy than it gets
back its completely unacceptable
that we then have a stealth tax in
the form of fares.
Ken blasts fare
stealth taxes
BY JAMES WATERSON
IN BRIEF
NY judge rejects DSK immunity
n A New York judge rejected former
International Monetary Fund chief
Dominique Strauss-Kahn's claim of
diplomatic immunity yesterday, ruling a
lawsuit filed by the hotel maid who
accused him of sexual assault can move
forward. The courts decision means
Nafissatou Diallo can continue to press
claims for monetary damages.
Japanese firms sign LNG deal
nJapans Mitsui and Mitsubishi will
jointly buy a 14.7 per cent stake in an
Australian LNG project from Woodside
Petroleum for $2bn (1.2bn)
highlighting Japan's demand for gas in
the face of a drastically reduced nuclear
power generating capacity. Japan is
racing to secure gas supplies as LNG
substitutes lost nuclear capacity.
Chesapeake to replace chairman
nChesapeake Energy will find an
independent, non-executive chairman to
replace Aubrey McClendon, who will
retain his position as chief executive
officer, the natural gas producer said
yesterday. McClendon, who is
Chesapeake's co-founder, also agreed to
an early end to a scheme that grants him
minority stakes in Chesapeake's wells.
Christchurch hit by FSA fine
nFinancial watchdog the FSA has
slapped small portfolio manager
Christchurch Investment Management
with a 26,600 fine for failing to
properly protect client money.
Compliance officer David Thornberry
was also fined and banned from having
responsibility for client assets.
G
E
T
T
Y
11
NEWS
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GENEL Energy, the company founded by former BP chief executive Tony Hayward,
announced yesterday that it had taken control of an oil project in Kurdistan in which it
already had an interest. It has paid Forbes & Manhattan $68m (41.8m) for its 40 per
cent stake of the Chia Surkh block and now has a controlling 60 per cent interest.
GENEL IN $68M DEAL FOR KURDISTAN STAKE
BP yesterday reported a drop in quar-
terly profit as the Gulf of Mexico spill
continues to take its toll on the com-
panys operations.
The oil major said that it had been
hit by a dip in production in its first
quarter as it was forced to sell off
some fields to meet the bill for the
disaster.
BP warned that the output prob-
lems would continue into the second
quarter as it is looking to offload proj-
ects including Holstein and Marlin
fields in the Gulf of Mexico.
The company reported a $4.9bn
(3bn) replacement cost profit
which strips out the impact of oil
price movements for the first three
months of 2012 compared with
$5.6bn a year ago.
But chief executive Bob Dudley
insisted the company was still on
track with its turnaround plan. He
said: We have made a good start
against our strategic priorities for
2012.
During the quarter we gained
access to significant new deepwater
BP profit down
as production
hit by Gulf spill
BY JOHN DUNNE
and US shale exploration acreage, our
ongoing divestment programme has
reached $23bn.
Last month BP reached a proposed
settlement to resolve economic, prop-
erty and medical claims by more than
100,000 individuals and businesses.
The total charge on the disaster,
which claimed 11 lives after an explo-
sion at the companys Deepwater
Horizon project, is estimated at
$37bn.
Tony Shepard, oil analysts at Charles
Stanley, said: BPs share valuation has
yet to recover from the Deepwater
Horizon tragedy, pointing out that
BPs pre-spill peak was around 630p.
BP PLC
430
435
440
445
450 p
441.30
1May
G
E
T
T
Y
IMPERIAL Tobacco, the worlds
fourth-largest cigarette group, set
a 500m share buyback yesterday
and said it saw a return to sales
growth as the company put last
years problems behind it.
The British firm, which sells over
340bn cigarettes a year, reported
that half-year earnings beat fore-
casts as it gained from the ending
of a price war in Spain and the
unwinding of de-stocking in the
US and Ukraine.
Imperial, which makes Lambert
& Butler, Davidoff and Fortuna cig-
arettes, said operating profits rose
4.4 per cent to 1.33bn in the six
months to the end of March.
The half-year dividend increased
12.8 per cent to 31.7p a share.
Imperial saw a return to sales
growth in the first three months
of 2012. Revenues rose 1.9 per cent
in the half-year to 13.96bn, com-
pared to the end of last year when
sanctions on Syria and price cuts
in Spain hit turnover.
Disciplined investments are
Imperial offers
share buyback
as sales grow
BY HARRY BANKS supporting our sales ambitions
and well continue to maximise
the many growth opportunities
that our unique portfolio offers to
create further value for our share-
holders, said chief executive
Alison Cooper.
The 500m buyback follows a
similar-sized scheme last year,
when Imperial promised dividends
would grow faster than earnings to
push its payout to shareholders
ratio to over 50 per cent. This fol-
lowed an effort to pay down debts
following its acquisition of Altadis
in 2008.
Imperial Tobacco Group PLC
2,575
2,550
2,525
2,500
2,475
p
2,556.00
1May
cityam.com
12
NEWS
CONSUMER goods group Reckitt
Benckiser reported a slightly
better than expected four per cent
rise in underlying first-quarter
sales yesterday as a new focus on
its top brands and faster growing
markets started to pay off.
New chief executive Rakesh
Kapoor, who took over last
September after Bart Bechts
shock decision to retire, said the
group's results were driven by
strong emerging market growth
and success with new products.
The maker of Nurofen
painkillers and Cillit Bang cleaners
Reckitt Benckisers focus on key
brands and markets pays off
BY CITY A.M. REPORTER
reported a four per cent rise in
like-for-like first-quarter sales
when stripping out its Suboxone
pharma unit.
Kapoor said strong emerging
market growth was tempered by a
satisfactory performance in
Europe and North America with
sales there down two per cent.
Kapoor launched his new
strategy in February with a focus
on fast-growing health and
hygiene brands like Dettol and
Lysol disinfectant and Durex
condoms, and a big push into
emerging markets, while
increasing marketing spend
behind key brands.
Reckitt Benckiser makes well-known household including Vanish stain remover
LAW firm Dewey & LeBoeuf,
struggling with a debt crisis and
criminal probe of its former
chairman, has encouraged its
partners to seek new jobs, one
partner said, citing an internal
memo.
The firm, which has a significant
presence in London, is in talks with
many potential merger partners
as it races to extend deadlines on
its debts. However, a source at the
firm said it was not considering
bankruptcy.
Look for a job,
Dewey tells staff
PFIZER reported higher-than-
expected quarterly earnings
yesterday as cost controls partly
offset plunging sales of its Lipitor
cholesterol fighter, which now faces
competition from cheaper generics.
The largest US drugmaker said
yesterday that it had earned $1.79bn
(1.1bn) in the first quarter. That
compared with $2.2bn a year earlier,
when results suffered because of a
litigation charge and costs of
revamping research operations.
Revenue fell seven per cent to
$15.41bn, slightly below forecasts.
Pfizer beats as
cost cuts help
JUSTICE Minister Crispin Blunt
pledged police would be able to
take quick and decisive action to
deal with squatters after
Parliament passed a new law.
The Legal Aid, Sentencing and
Punishment of Offenders Bill,
which was designed to protect the
rights of homeowners, will come
into force in September and for the
first time makes squatting a crime.
Under the previous legislation
homeowners were forced to go to
court to obtain an eviction order,
which could take several months.
Squatters were often removed
under trespass laws.
New law to
criminalise
squatting
BY PETER EDWARDS
G
E
T
T
Y
THE GOVERNMENT has promised to
bring in more staff to speed up immi-
gration queues at Heathrow airport
following complaints from businesses
and passengers.
Willie Walsh, the chief executive of
British Airways parent IAG, warned
yesterday that we have a crisis, it has
been there for some time and we
need urgent action to put an end to
unacceptable poor standards that
the border force has provided.
After a week of lengthy delays at
Heathrow put the spotlight on the
hubs ability to deal with the
Olympics influx this summer, Walsh
accused the government of playing
down the extent of the delays.
He added that airlines have demon-
strated we are prepared to pay where
we get the right service.
Immigration minister Damien
Heathrow gets
extra staff for
border checks
BY MARION DAKERS
Green, while blaming the heavy rain
for recent delays, said 80 additional
staff would help man the gates at
Heathrow from this month.
He confirmed that BAA was in talks
with airlines to increase fees in order
to privately fund extra border con-
trols, but added that they had not yet
approached him about the plan.
BAA, which owns the airport, wel-
comed the new sense of urgency
being shown by the government to
tackle this problem.
The PCS union, however, warned
that the measures were a short-term
sticking plaster for a serious injury
caused by overstretched staff.
Last year, home secretary Theresa
May decided to split the Border Agency
in two after it emerged that some
immigration checks had been relaxed
in order to cut queues at Heathrow.
Willie Walsh said airlines were willing to help pay for extra border staff at Heathrow
It is a bad advertisement for London.
We are presenting ourselves as a
centre for international business. Ahead of the
Olympics it doesn't seem satisfactory at all.
These views are those of the individuals above and
not necessarily those of their company
RICHARD DIXON
MORGAN SINDALL
WHAT DO YOU THINK OF TWO

HOUR QUEUES AT HEATHROW?
Interviews by Kasmira Jefford
CITYVIEWS
JONES Lang LaSalle, one of the
worlds biggest real estate services
companies, last night reported
net earnings that easily beat Wall
Streets forecast.
The US-listed firm, which is
among the agents acting for the
Shard skyscraper, said first-
quarter net income surged to
$14m (8.6m), compared to $1.5m
a year ago, during a traditionally
quiet season for property firms.
Revenue during the quarter
rose 18 per cent to $813m. Fee
revenues in EMEA jumped 31 per
cent to $187m as a result of the
firms acquisition of smaller rival
King Sturge and a rise in market
share.
Jones Lang
LaSalle beats
profit hopes
BY MARION DAKERS
WALSH IN THE FORUM: Page 23

13
NEWS
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abroad, but there does have to be
more work done to reduce the lengths of the
queues ahead of the Olympics.
CHRIS LARGE
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They have got to sort the queues out

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N BROWN, the listed fashion and
homewear retailer that targets
mature and larger shoppers, said it
was confident in its outlook for 2012
after posting a 2.5 per cent rise in
full-year profit to 96.9m.
Its younger brands performed par-
ticularly strongly with Fig Leaves, the
lingerie business, reporting the first
profit in its 13-year history thanks to
radically pruning its cost base.
The internet and catalogue business
said revenues across the group
climbed 4.8 per cent to 753.2m in
the year to 3 March.
N Brown gets
a lingerie lift
BY KASMIRA JEFFORD
G
E
T
T
Y
TRANSPORT firm National Express
Group said it had traded well in the
first quarter of 2012, driven by
strong growth at its rail and North
American school bus businesses.
National Express said yesterday rev-
enues at its C2C commuter rail serv-
ice, which runs into central London,
grew 10 per cent in the first three
months of the year.
It also completed the handover of
the East Anglia franchise in
February 2012, with franchise rev-
enues of 56m delivered in the cur-
rent year.
Ticket sales at its British bus unit
rose four per cent on the same peri-
od a year ago on unchanged passen-
ger volumes, it said.
The bus and rail group said rev-
enues at its US school bus business
rose six per cent in the quarter,
helped by new contracts and further
charter growth.
On Monday the company won US
antitrust approval to acquire student
bus company Petermann Partners on
the condition that it divest eight
school bus transportation contracts
US school buses
boost National
Express sales
BY HARRY BANKS
in Texas and Washington state.
Revenues at the groups Spanish
intercity coach and urban bus busi-
nesses grew well during the period.
Rival Stagecoach last month said all
of its businesses would maintain
profit growth this year.
This came after transport firm
FirstGroup said that lower economic
activity, particularly in the North of
Britain, had hurt the performance of
its UK bus business.
Shares in National Express, which
have fallen 10 per cent in the last
month, edged up slightly yesterday.
They closed up 2.2 per cent, ahead
of the overall index, at 221.50p, valu-
ing the company at 1.1bn.
DEBENHAMS has agreed to pre-let an extra 29,500 sq ft of office space at British Lands
Regents Place development near Warren Street station. The retailer said in September it
planned to move its headquarters to the scheme on Brock Street, due to be completed in 12
months. The deal for a 25-year term takes Debenhams pre-let to 174,500 sq ft of space.
DEBENHAMS TAKES EXTRA SPACE IN LONDON
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SWISS bank UBS is expected to face
protests over 2011 pay at its annual
meeting tomorrow.
Ethos, a Swiss investor group, has
confirmed its opposition to the
SFr4m (2.71m) signing on bonus
for chairman designate Axel Weber
and wants to send a message over
pay and the inadequate internal
control systems. F&C Investments,
Hermes Equity Ownership Services
and advisory group ISS are also
expected to vote against the
remuneration report. UBS suffered
a $2bn rogue trade last year.
UBS faces pay
protest vote
BY PETER EDWARDS
BRIAN Paddick may be a distant third
in the race to be Mayor of London but
the Lib Dem candidate can take solace
in the fact that hes edging to victory
in one key electoral contest at the
bar of the Corinthia Hotel London.
Staff at the Charing Cross hotel
have been doing their bit for democ-
racy by creating three cocktails
each using ingredients that reflect
the interests, principles and personal-
ities of the contenders and invit-
ing drinkers to cast their vote.
Until 3 May the public can sample a
Jolly Johnson, which mixes Asian
Arrack liqueur, plum vodka and a
twist of lemon designed to remind
voters of the Conservatives
tousled tresses.
Alternatively a Flying
Livingstone is based
around the candidates pre-
ferred tipple of whisky with a
kick offered by the addition of
grapefruit juice and orange bitters.
But the Lib Dem-influenced
Stormy Brian has proved to be the
most popular with its blend dark
spiced rum and ginger beer as well
as a dash of Pimento liqueur to
remind drinkers of Paddicks time on
Im a Celebrity Get Me
Out of Here.
But whether this rare
Lib Dem poll lead can
be translated into a sur-
prise victory in tomor-
rows election remains to
be seen.
Paddick ahead in hotels straw poll
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Got A Story? Email
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THECAPITALIST
GOLDMAN Sachs, the investment bank that everyone loves to hate, is looking to change
perceptions, at least on social media sites. Goldman is looking for a social media
community manager, based at its New York office, who can create and maintain
Facebook updates, Twitter posts and be a whizz at Linkedin group management. The
successful applicant will help the firm establish a positive online presence, the online
advertisement says. No mention of clients being muppets, then.
WANTED: A TWEET-MEISTER FOR GOLDMAN
G
E
T
T
Y
THE OLYMPIC Games will provide
only a temporary fillip to corpo-
rate earnings and fail to lift the UK
from its economic stagnation,
according to a study released yester-
day by Moodys.
The impact of Olympics-related
infrastructure developments has
probably already been felt,
Moodys said.
In 2005 the government calculated
the economic net benefit of the
event to be around 1.9bn yet the
budget has spiralled well above the
original estimate of 2.4bn in costs.
A Westminster committee said last
month that the bill could hit 11bn.
Ministers continue to insist that
the Olympics will provide a lasting
legacy for east London, claiming
that three quarters of the spending
is long term investment.
Economists remain sceptical,
although Moodys has identified
some financial beneficiaries from
the project. The 2012 Olympics are
expected to provide a huge market-
ing opportunity for businesses, par-
Olympics wont
come to rescue
of UK economy
BY JULIAN HARRIS
ticularly the sponsors, the report
said.
The hotel sector will be a clear
beneficiary, Moodys added,
explaining that benefits in the retail
and consumer products sectors will
be more from brand promotion than
actual sales.
The benefits to London from
tourism may be overstated, the study
warns. The benefits to earnings for
the transport and infrastructure sec-
tors may not be clearcut, as lower-
margin tourist travellers may
displace business travellers during
the Games.
Douglas McWilliams, chief execu-
tive of the Centre for Economics and
Business Research (CEBR), has previ-
ously said that the Games will
almost certainly reduce Londons
GDP since the Olympic tourists will
largely crowd out those who would
have come otherwise.
Moodys, however, identifies sever-
al companies expected to report a
boost from the Olympics, yet these
one off peaks will then become a
tough comparable and used to
potentially explain weaker growth
data the following year, it says.
APPLE is facing an investigation by
the Advertising Standards
Authority following complaints
that the new iPad is inaccurately
described on its website.
The tablet is available to buy on
4G the latest generation of mobile
connectivity despite the fact that
the UK does not currently have a
4G network and the iPad will be
incompatible with it when it is
introduced due to technical
differences between the UK and the
US.
The ASA previously approached
Apple informally with similar
Apple faces investigation over
claims of false iPad advertising
BY LAUREN DAVIDSON concerns and was assured by the
tech giant that the 4G references
would be removed from its website
and a promotional video.
But Apples UK website still has a
4G version of the iPad on its virtual
shelves, selling for 100 more than
the standard model.
The ASA has been contacted with
a series of further potentially
problematic claims since closing
the first informal case.
The watchdog said that it is
currently assessing the new
complaints and will launch an
investigation should the problem
claims we asked Apple to remove
still exist.
O1 Properties, one of Russias
largest high-end office owners, said
it is aiming to raise about $425m
(262m) from its flotation on the
London Stock Exchange.
The IPO could be Russias biggest
since last June when fertiliser group
Phosagro raised $538m.
The group, which owns around
$2bn of property in Moscow, said it
is looking to build on booming
demand for prime office space in
the capital. The proceeds will go
towards buying two business
centres and paying down debt.
O1 Properties
seeks $425m
BY KASMIRA JEFFORD
GENERAL Motors reported a smaller-
than-expected decline in US new
vehicle sales in April and raised its
outlook for the year.
The US carmaker said its sales fell
eight per cent last month while
Ford posted a five per cent fall.
GM warned that the next few
months could be choppy, but
projected that US auto sales for the
industry this year would be at their
highest level since 2007.
It raised its target to between 14m
and 14.5m cars and trucks this year,
up from 13.5m to 14m.
GM raises US
sales outlook
BY KASMIRA JEFFORD
17
NEWS
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Apple offers a 4G version of the iPad even though the UK does not have a 4G network
IN BRIEF
Le Pen refuses to back Sarkozy
nNationalist leader Marine Le Pen
dealt incumbent French President
Nicolas Sarkozy a further blow yester-
day by refusing to endorse his cam-
paign. She came third in the first
round with 17.9 per cent of the vote,
but refused to back the centre-right
leader in the run-off against socialist
Francois Hollande, who came top. Le
Pen declined to back either candidate,
saying the winner will be an employ-
ee of the European Central Bank.
SMEs call for more state contracts
nSmall businesses are still
struggling to win public sector
contracts despite the governments
efforts to make it easier, the
Federation of Small Businesses (FSB)
said yesterday. Its survey showed 40
per cent of firms want the tendering
process to be simplified, while 41 per
cent of firms who bid for contracts
failed to secure any business at all.
The FSB argued that while the
government has made improvements
including the new contract finder
website, a cultural change across the
public sector is needed to help more
small firms.
House bills put pressure on pay
nGas bills have trebled and electricity
doubled in the last decade, Santander
research revealed today. Overall bills
have risen by 71 per cent, or twice the
pace of inflation far outstripping
wage growth at 24 per cent, and lead-
ing 29 per cent of Britons to complain
the costs have reduced their overall
standard of living, the banks study
shows.
G
E
T
T
Y
HOPES for a healthy economic
recovery were kept alive in the US
yesterday as new data showed a
manufacturing rebound in April,
after two months of slowing
growth.
Rising growth hopes also led
Atlanta Fed president Dennis
Lockhart to say he does not think
more quantitative easing is
needed.
Factory output accelerat-
ed in the month with the
Institute for Supply
Managements (ISM) index
rising from 53.4 to 54.8,
firmly above the no
change level of 50.
That takes the sector to a 10-
month high and represents its
33rd consecutive month of
growth, easing fears of another dip
in economic growth.
The employment index rose from
56.1 to 57.3 as joblessness contin-
ued to fall, leading economists to
forecast payroll growth of 175,000
for the month; and the production
index rose from 58.3 to 61.
The headline index is three per
cent, which would be slightly
better than the first quarters
2.2 per cent, said Capital
Economics Paul Dales.
This survey will ease con-
cerns that the softer
tone of the incoming
news in recent
months marked
the start of a
renewed slow-
down in
growth similar to the one seen last
year. We think the latest recovery
is made of sterner stuff, although
we doubt it will set the world
alight.
Meanwhile the positive senti-
ment spread to the motor indus-
try, where GM upgraded its
national industry sales forecasts to
between 14m and 14.5m for 2012,
up from previous predictions of
13.5m to 14m.
Manufacturing figures
boost US growth hope
BY TIM WALLACE
Chinese factories up
output through April
CHINAS manufacturing activity
expanded again in April, official
survey data showed yesterday,
hinting at a renewed recovery.
The states purchasing
managers index (PMI) hit 53.3 last
month, up on Marchs 53.1 and
Februarys 51, showing output
accelerating away from the no
change level of 50.
The output component jumped
from 55.2 to 57.2, while new export
orders increased from 51.9 to 52.2,
though employment growth
remained low and steady at 51.
These all suggest that external
demand continued to improve, but
domestic demand may have
weakened, said Nomura
economist Zhiwei Zhang.
The PMI is showing tentative
signs of an economic recovery, but
we believe policy easing is still
necessary to secure momentum.
Chinas economy has slowed
sharply over the last year,
registering annualised growth of
8.1 per cent in the first quarter of
the year, down from 8.9 per cent in
BY TIM WALLACE the previous three months and the
fifth consecutive quarterly
slowdown.
The World Bank cuts its forecast
for 2012s growth to 8.2 per cent
last month, while the Chinese
government is targeting a 7.5 per
cent expansion, its lowest level in
eight years.
However, the relatively healthy
PMI data suggests the country may
be heading for a soft, rather than
hard landing.
The authorities last month took a
further step in integrating China
with the world economy, increasing
the band in which the yuan can
move each day.
China's ofcial PMI is picking up
Jun Aug Oct 2012 Apr
50
51
52
53
54
The Feds Dennis
Lockhart said no new
stimulus is needed
WEAK economic growth and
falling inflation made room for the
Reserve Bank of Australia (RBA) to
cut interest rates sharply yesterday.
The Australian dollar plunged on
the announcement of an
unexpectedly large 50 basis point
rate cut to 3.75 per cent,
which should help boost
exports.
Output growth was
somewhat below trend over
the past year, said RBA
governor Glenn Stevens.
Although domestic
demand remained high, the
Australia slashes interest rates
to combat its strong currency
BY TIM WALLACE persistently high exchange rate
was damaging growth, he said.
Analysts predicted this large cut
will not be followed up any time
soon, as the RBA expects inflation
to stay below three per cent.
Having done 50 basis points in
one hit and so having taken
interest rates into the stimulatory
zone, the RBA can now pause and
review the impact on the economic
outlook, said Citis Paul Brennan.
In our view rates are now on
hold barring a substantial
deterioration in the global
backdrop, a further decline in
inflation domestically and a
significant rise in unemployment.
18
NEWS
cityam.com
RBA governor Glenn Stevens said the strong Australian dollar has held back growth
Manufacturing up strongly in the US
May Aug Nov Jan Apr
50
49
51
52
53
54
55
56
57
ISM
GLOBAL BUSINESSES
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When will the UK economy start
to grow at a rate of two per cent
or more per annum? The Bank of
England says it will be 2013, but
VOICE OF THE CITY
PoliticsHome.com PoliticsHome.com In association with
Apply to join today at WWW.CITYAM.COM/PANEL
is the Old Lady of Threadneedle Street
being too optimistic? Let us know what
you think by applying to join our readers
panel, which has been specially selected
to represent a cross-section of Londons
business professionals. Apply to join
today to take part in this weeks survey by
going to www.cityam.com/panel.
How long will
it take for the
UK to recover?
IN BRIEF
Rolls-Royce wins $315m contract
nRolls-Royce yesterday announced
that it had won a $315m (194m)
contract from aircraft engine maker
Pratt & Whitney to supply equipment
that allows military aircraft to shorten
their take-offs and landings. Rolls is
the only company to produce the
LiftSystem technology.
Etihad buys Aer Lingus stake
n Etihad Airways has bought a three per
cent stake in Irish airline Aer Lingus as a
precursor to a commercial tie-up that
could help Abu Dhabi's flagship carrier
gain more European routes to catch up
with Middle Eastern rivals. The deal also
positions state-owned Etihad as a poten-
tial buyer of the indebted Irish govern-
ment's 25 per cent stake in Aer Lingus.
Anglo-Lafarge must sell assets
n Miner Anglo American and cement
maker Lafarge must sell major assets to
win clearance for a tie-up of their
building materials businesses. The
Competition Commission said the com-
panies had to sell an extensive pack-
age of operations. Both firms said
they were confident conditions would
be met, prompting speculation that
they might have buyers lined up.
CSR restructuring hurts profits
n British chipmaker CSR posted a 38
per cent rise in first-quarter revenue
yesterday, boosted by demand for sili-
con used in headphones and cars, but
saw its statutory losses widen to $14m
due to restructuring costs. The firm saw
underlying operating profit rise to
$2.7m (1.67m) on revenue of $227m.
G
E
T
T
Y
INDUSTRIAL services provider Cape
said yesterday its quarterly revenue
has jumped 16 per cent, helped by
double-digit sales growth at home
and abroad.
The FTSE 250 company, which pro-
vides services to plant operators in
the energy and mining sectors, said
it was well positioned for the rest of
the year as its order book was mar-
ginally higher than a year ago.
The company said trading in the
first three months of the year met
its expectations, with acquisitions
contributing three per cent of sales
growth and currency gains con-
tributing another three per cent
over the period.
Cape said its operating margins
were flat at year-ago levels, except
for the anticipated reduction in the
Gulf and the Middle East region.
The firm also operates in the Far
East and Pacific Rim as well as in the
Mediterranean and North Africa.
Cape shares rose 7.9 per cent after
the announcement as investors wel-
comed the lift in revenues.
Cape revenues
lift as UK sales
pick up pace
BY HARRY BANKS
The stock has shed about 14 per
cent of its value since the company
surprised investors and analysts last
month by announcing the departure
of its chief executive Martin May.
Cape provides a range of non-
mechanical industrial services
including access systems, insulation,
painting and cleaning.
It said in a statement: The board is
confident the group is well posi-
tioned for the remainder of the year
and the groups order intake contin-
ues to support this with the order
book slightly ahead of year end lev-
els.
The company will report half yearly
results on 30 June.
Cape Intermediate Holdings PLC
420
420
400
390
380
p 407.10
1May
SPORTS rights company Perform
said it expected strong profit
growth this year after reporting
first quarter revenues that rose
45 per cent.
We are very pleased with the
momentum in the core business
and are looking forward to
posting another year of strong
revenue and Ebitda growth,
joint chief executive Oliver
Slipper said.
The company, which was
floated a year ago, provides live
sporting action to bookmakers
and consumers and also offers
Perform is driving ahead with
with revenues jumping by 45pc
BY CITY A.M. REPORTER highlight clips to websites.
It said to date it had 104m of
revenue contracted for 2012, up
from 73m at the same stage in
2011.
It is a big year for sports
events, with the European
football championships starting
next month and London hosting
the Olympics the following
month.
Slipper said the impact on
Perform would be limited as the
company does not have rights for
the events directly but added
that they should create a positive
momentum for sports-related
advertising.
The sports rights agency has been buoyed by high profile events
19
NEWS
cityam.com
Striking the right balance between value and quality is what keeps Premier on top
T
HE weather that we are
experiencing may not suggest
it, but we are now well into
the season when people start
thinking in earnest about their
summer holidays.
So, Ive taken a look at how major
hotel chains have fared recently on
YouGovs BrandIndex.
The leader on the Index score (a
composite of six key image meas-
ures) throughout the whole of 2011
and now into the first four months
of 2012 was Premier Inn.
Premier has maintained a consis-
tent score of between +19 and +22,
is currently on +21, and five points
clear of its nearest rival, Hilton.
Marriott, in third, is a further two
points behind.
This was reflected in the annual
results announced by parent com-
pany Whitbread last week, with
Premier Inns revenue and profits
rising. What is it that has driven its
success?
Of all the attributes that we moni-
tor on BrandIndex, keeping a bal-
ance between value and quality is
often the hardest challenge for
brands.
It is this balance that Premier Inn
has successfully managed to deal
with.
On value it scores between 26 and
30, clearly in the lead compared to
Travelodge, and 15 points ahead of
anyone else.
Premier Inn does not perform
quite so well on quality, but
remains in the top three behind
Hilton and Marriott, scoring consis-
tently in the high teens.
Travelodge, on the other hand,
the other brand associated with
value, scores around zero on quality
meaning as many people think it
is poor quality as think it is good
quality.
As BrandIndex shows us, it is by
maintaining a reputation for rea-
sonable quality while leading the
way on value that has allowed
Premier Inn to become the leading
hotel brand on consumer percep-
tion and achieve such impressive
growth figures.
Stephan Shakespeare is the chief
executive of YouGov
BRAND
INDEX
STEPHAN SHAKESPEARE
Index Top 3 Hotel Chains
Apr
2012
Dec
2011
Oct
2011
Aug
2011
Jun
2011
Apr
2011
Feb
2011
Feb
2012
5
10
15
20
25
Premier Inn
Hilton
Marriott
Value and Quality
Apr
2012
Dec
2011
Oct
2011
Aug
2011
Jun
2011
Apr
2011
Feb
2011
Feb
2012
0
-5
10
5
15
20
25
30
35
Premier InnValue
Premier InnQuality
Travelodge Value
Travelodge Quality
20
NEWS
cityam.com
US corporate results round-up
AVON reported a two per cent drop in
quarterly sales yesterday after seeing the
number of active sales representatives
fall and the company dealt with higher
costs.
Avon, the worlds largest direct seller
of cosmetics, also said net income fell
81.5 per cent in the first quarter, hurt by
more reps leaving.
The company, which last month
rebuffed a $10bn takeover bid from
smaller rival Coty reported a net profit
of $26.5m on revenue of $2.58bn
(1.59bn) in the quarter ended 31 March.
Avon's profit sinks as reps fall
GLOBAL professional services firm Marsh
& McLennan yesterday posted a higher
than expected quarterly profit, helped by
continued growth in its core insurance
segment.
First-quarter net income from
continuing operations rose to $354m
(218.3m), from $319m a year earlier.
Revenue rose to $3.05bn.
Revenues rose 6.9 per cent to $1.75bn
in the companys risk and insurance
division, home to the Marsh brokerage
business, while revenue from consulting
was up four per cent at $1.3bn.
Income up at Marsh & McLennan
NEWS provider Thomson Reuters said
yesterday its revenue for the first
quarter of 2012 grew by four per cent,
contributing to a growth in underlying
operating profit of two per cent.
First-quarter revenue from ongoing
businesses grew four per cent before
currency changes to $3.19bn (1.97bn),
while underlying operating profit rose
two percent to $545m.
Revenues were particularly strong in
its tax and accounting practice, thanks
to acquisitions. The governance, risk and
compliance business also did well.
Tax lifts Thomson Reuters
OFFICE Depot swung back into a
quarterly profit yesterday as the second-
largest US office supply retailer kept a
tight lid on costs to offset weak sales.
Net earnings were $41m (25.3m), or
14 cents a share, in the first quarter,
compared with a year-earlier loss of
$15m, or five cents a share.
Excluding one-time charges, debt
costs and a favourable pension
settlement, the profit was five cents a
share, in line with the analysts average
forecast. Sales fell 3.4 per cent to
$2.87bn.
Sales weak for Office Depot
21
LONDONREPORT
Providence Resources
The Aim-quoted oil gas and
exploration company has
appointed Simon Brett as chief
financial officer with immediate
effect. He has previously held
senior finance positions with
Damovo Ireland and Coca Cola
Bottlers Ireland, and worked at
Johnson Wax, Sega Europe and
US Can Corporation.
New World Oil and Gas
The oil and gas investment firm has appointed Christopher
Einchcomb as non-executive director. He has nearly thirty
years experience in the oil and gas industry, including over
twenty four years at BP. Between 2008 and 2011 he was
executive vice president of the seismic division at Integra,
the Russian integrated service provider. He is currently
senior vice president at TNK-BP, with overall responsibility
for Russia and global exploration operations.
General Healthcare Group
The owners of BMI Healthcare, the UKs largest private
hospital group, has announced the appointment of Craig
Lovelace as group chief financial officer. Lovelace has
worked for GHG since November 2010, initially as deputy
chief financial officer and then acting chief financial officer.
He was previously group financial controller at Regus.
Coutts
The wealth division of the Royal Bank of Scotland has
appointed Steve Griffiths as head of tax and wealth
structuring, effective immediately. He will report to head of
products, services and marketing Ian Ewart. Griffiths joins
Coutts from Credit Suisse, where he was managing director.
Premier
James Smith will be joining the global equities team of
Premier, the asset management firm. He will arrive in early
June from Utilico, where he was part of the team
responsible for managing Utilico Investments and Utilico
Emerging Markets. He has also previously held positions at
Fleming Asset Management and Coopers & Lybrand.
Brightpool
The sister company of Interim Partners, the interim
management provider, has appointed Angela Hickmore as
managing director. She joins from Interim Partners, where
was a director and part of the management team. She has
also served as managing director of Abermarle Interim
Management.
Cushman & Wakefield
The commercial property services firm has appointed
Richard Davies as a partner and head of retail property and
asset management in Europe, Middle East and Asia. Davies
joins from Jones Lang LaSalle, where he was most recently
lead director, property and asset management.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Dow ends at
highest level
in four years
T
HE Dow closed at its highest
level in more than four years
yesterday after US
manufacturing expanded at a
faster pace than expected in April,
easing jitters about a slowdown in
the economic recovery.
The Dow Jones industrial average
gained 65.69 points, or 0.50 per
cent, to 13,279.32 at the close. The
Standard & Poors 500 Index rose
7.91 points, or 0.57 per cent, to
1,405.82. The Nasdaq Composite
Index added 4.08 points, or 0.13 per
cent, to 3,050.44.
The Dow now sits at levels not
seen since December 2007. The
gains leave the benchmark S&P 500
within about 16 points of a high
reached in May 2008. A convincing
break above that level could set the
market up for more gains, traders
said.
But the Nasdaq sold off sharply
into the close on weakness in Apple
and BlackBerry maker Research in
Motion in a sign the market could
struggle to make further headway
in the short-term.
However, shares of Intel, long tout-
ed by many investors as underval-
ued, hit a 52-week high at $29.05
and closed up two per cent at
$28.95.
Financial, transportation and ener-
gy shares, all of which are linked to
economic growth, were strong per-
formers. The S&P financial sector
index rose 1.1 per cent, helped by a
2.5 per cent gain in Bank of
America, which closed at $8.31.
Chesapeake Energy rose 6.3 per
cent ahead of the natural gas pro-
ducers earnings after the bell.
Yesterdays move higher, which
came in a relatively quiet market
with European exchanges closed for
May Day holidays, drove the S&P 500
within striking distance of its recent
high at 1,422.38.
Of the 321 S&P 500 companies that
have reported quarterly results so
far, 71.3 per cent have topped ana-
lysts estimates
BPs profit dropped on a fall in
production prompted by the sale of
oil fields to pay for the Gulf of
Mexico disaster. US-listed shares of
BP fell 1.6 per cent.
Huntsman jumped 8.9 per cent
after profit nearly tripled on higher
prices for its chemicals.
Healthcare stocks rose, boosted by
Molina Healthcare, which
advanced 3.5 per cent after the com-
panys earnings topped estimates.
The Morgan Stanley healthcare
payor index gained 1.7 per cent.
PF Changs China Bistro surged
nearly 30 per cent after the restau-
rant chain agreed to be bought by a
private equity firm.
Volume was 6.64bn shares on the
New York Stock Exchange, the
Nasdaq and the NYSE Amex, below
the daily average this year of 6.76bn.
Advancers outpaced decliners by a
ratio of about two to one on the
NYSE. But on the Nasdaq decliners
just outstripped advancers.
B
RITAINS top share index jumped
more than one per cent yesterday
after stronger-than-expected US
manufacturing data gave a lift to
global growth hopes, pulling commodity
stocks higher.
Banks were also in demand as investor
risk appetite returned. Shares of Lloyds
rallied more than eight per cent after the
part state-owned lender reported a
288m pre-tax profit for the first quarter,
significantly better results than a year
ago.
At the close, the FTSE 100 index was up
74.5 points, or 1.3 per cent at 5,812.23,
ending above the 5,800 level for the first
time since 3 April.
Growth in the US manufacturing sector
picked up unexpectedly in April, while
new orders gained, Institute for Supply
Management (ISM) data showed.
Especially encouraging, that not only
the overall ISM index is showing an
improvement and beat expectations but
also both the ISM new order index and
the employment index are showing
strong gains compared to the previous
month, said Markus Huber, senior trader
at ETX Capital.
Aside from the US data boost, earnings
news provided the main focus for
Britains blue chips yesterday.
Lloyds was the top blue-chip riser,
jumping 8.4 per cent after its results.
Its shares had fallen by up to 10 per cent
in the run-up to the results.
The bank warned of a long, hard
economic recovery and said it would set
aside another 375m to cover
compensation for people who were mis-
sold insurance. But it also said it was
making progress in reducing its loan
book, cutting costs and reining in bad
debts all key parts of its recovery plan.
Royal Bank of Scotland, which will
unveil its first-quarter numbers on 4 May,
added 4.2 per cent.
As of Monday, European quarterly
earnings were enjoying a better start
than for the previous quarter, although
results remain mixed, with 55 per cent of
companies that have reported so far
having met or beaten expectations.
Imperial Tobacco was also a top blue-
chip gainer, up 3.7 per cent after the
worlds number four cigarette group set
up a 500m share buyback and said it
saw a return to sales growth as it put its
2011 problems behind it.
Away from the earnings flow, miners
rallied with copper prices after the US
ISM data boosted hopes for improved
demand. They had earlier been hit by
below-forecast PMI data from top metals
consumer China.
Energy stocks also bounced higher as
crude prices recovered too, with the
sector depressed earlier in the session by
disappointing results from BP.
BP shares ended well off session lows
but still shed 0.8 per cent after the group
announced a bigger-than-expected drop
in profits, despite rising crude prices, as
production fell after it was forced to sell
fields to pay for the Gulf of Mexico oil
spill.
Both [BPs] upstream and downstream
segments missed expectations and the
group miss came despite a tax rate of 33
per cent vs 37 per cent in quarter one last
year, Bernstein Research said in a note.
Hedge fund manager Man Group was
the biggest FTSE 100 loser, tumbling 5.5
per cent after it said clients withdrew a
net $1bn in the three months to March.
Retailers also suffered ahead of trading
news.
Next, which issues a first-quarter
trading update today, fell 1.1 per cent,
while mid cap Home Retail Group shed
5.3 per cent, with its full-year results due
today.
FTSE closes above 5,800 mark after
good US data boosts world outlook
BESTof theBROKERS
Anheuser-Busch InBev
24Apr 25Apr 26Apr 27Apr 30Apr
56.50
55.50
56.00
55.00
54.50
54.00
54.45
30 Apr
AB INBEV
Liberum Capital has maintained its buy rating on the brewer and raised its
target price from 63 to 68 following its quarterly update this week. The
broker says it was encouraged by the expansion in the companys gross
margin up 200bp globally and 450bp in North America. It says the most
important highlight of the quarter was that distribution system efficiency
gains are starting to have an impact. Liberum says longer term opportunities
in China and the rollout of Budweiser globally will drive further upside.
FTSE
25Apr 26Apr 27Apr 30Apr 1May
5,820
5,800
5,780
5,760
5,740
5,720
5,700
5,812.23
1 May
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
NEW YORK
REPORT
in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
Sports Direct International PLC
p
300
280
270
260
306.65
1 May
SPORTS DIRECT
Panmure Gordon has upgraded its forecasts and target price for the sports
retailing group, which it rates as a buy. After last weeks interim
management statement the broker is upgrading 2014 and 2015 full-year
results by 10 per cent and 14 per cent respectively, expecting Sports Direct to
be able to fill the gap left by Euro 2012, mainly through online growth.
Panmure has increased its target price from 300p to 350p, saying the current
valuation does not take into account strong cash generation.
Aberdeen Asset Management PLC
p 290
285
280
275
270
282.40
1 May
ABERDEEN ASSET MANAGEMENT
Following better-than-expected first-half results from the asset manager,
Numis has upgraded its full year earnings per share forecast by seven per
cent this year and two per cent next year, and says Aberdeen remains one
of its top picks. The broker leaves its 317p target price unchanged to
reflect that the forecast changes are offset slightly by a slower than
expected balance sheet improvement in the period, though this reflects
the share buyback rather than a build up of cash.
I
N A recent article, Times
columnist Philip Collins implied
that an individuals income is
really the collective property of
all citizens.
He did not use those words, of
course. He is a former speech writer
for Tony Blair and a political
moderate, not a communist. But he
said something that makes sense
only if all income is collective.
Specifically, he said that
abolishing the 50 per cent rate of
income tax risked the
governments claim that the
burden of austerity has been shared
equally.
This is peculiar. At 45 per cent,
top rate taxpayers will still
contribute far more to the
M
UCH of the Eurozone has
now tipped back into
recession, prompting cries
for pro-growth policies and
increased spending. In these
difficult times, austerity has become
a dirty word, but this masks the wider
failings of individual government
policies and is a diversion from the
collective challenge of keeping the
Eurozone intact.
Any attack on austerity looks prema-
ture. The Eurozone six-pack and fiscal
pact, the main EU-led drivers of auster-
ity, were only really fleshed out last
year with the latter yet to be fully in
force. This means that few real austeri-
ty measures have come into place in
countries such as Spain, Italy, Belgium
and France, not least because the first
three did not have governments will-
ing or able to introduce them until at
least mid-way through 2011.
Furthermore, many of the spending
cuts are spread over the next few years,
and it will take time for the impact of
such policies to be felt. The bailed-out
countries such as Greece and Portugal
are exceptions, but then they have had
cityam.com/forum
Debating austerity
takes away from the
problem the Eurozone
is failing to address
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.
22
RAOUL RUPAREL
Recession in the Eurozone reminds
us why economic reform is so vital
very high spending and fairly low
growth for many years. Clearly increas-
ing spending is no panacea for boost-
ing growth in these economies.
There are a huge number of factors
at play here. Many of these countries
are undertaking a large rebalancing
away from sectors of the economy that
used to drive economic growth (for
instance, financial services and real
estate in countries such as Spain and
Ireland). Other countries such as Italy
and Portugal are undertaking wide-
spread reform of their political and
economic institutions to tackle perma-
nently sluggish growth. These are
bound to have a temporary negative
impact on growth and employment,
but will deliver long-term benefits.
Its true banks arent lending as
much to the real economy which is
exacerbating things. However, this is
to be expected. Many people seem to
forget that the past decade saw a huge
expansion of credit and excessive bor-
rowing in the public and private sec-
tors across the Eurozone
deleveraging is a must. Given the
unknowns that are now lurking with-
in balance sheets, the sooner this is
dealt with the better. Just look at the
pressure which the shaky Spanish
banking sector is now putting on the
economy as a whole.
On top of this, much of previous
spending was lavished on infrastruc-
ture and, at least partly, state-spon-
sored projects. This did little to create
sustainable growth, but also left many
Eurozone states with bloated and inef-
ficient public sectors which are in dire
need of reform. Delaying this further
and funnelling even more money
through defunct institutions would
only serve to reward and engrain bad
practices. In fact, there is a case to be
made that, given the inefficiencies
present in many of these institutions,
cutting their wasteful spending
should not have a lasting negative
impact on economic growth.
Finally, and most importantly, this
debate takes away from the real prob-
lem which the Eurozone is still failing
to address. The crisis is still depicted by
those in charge as selective problems
in a few countries rather than a struc-
tural crisis within the Eurozone. There
is no clear approach for how to deal
with the competitiveness imbalances
and the clearly differing needs on
monetary and now fiscal policy.
Germany still seems unable to accept
that this cannot be a bloc of 17 like-
minded export-oriented economies.
A singular focus on austerity is not
desirable but woolly talk of growth
only helps to further distort the
debate. Growth is of course vital for
the Eurozone, but it has to be the right
type of growth. This must come from
structural reforms which improve
labour and product markets and boost
the competitiveness of the economies,
not unsustainable, short-term injec-
tions of spending. And such reform
must be targeted: not all countries can
or need to be hemmed into rigid fiscal
constraints. The Netherlands, for
example, has reasonable debt and
deficit levels and requires some meas-
ures to boost growth and clean up its
banking system: this should not be
constrained by a rigid fiscal and mone-
tary framework.
Addressing the real structural prob-
lems in the Eurozone will ultimately
be the only way to find a desirable bal-
ance between fiscal consolidation and
growth. Once again avoiding some
necessary short-term pain could be
detrimental to the Eurozone as a
whole in the long term.
Raoul Ruparel is the head of economic
research for Open Europe.
governments tax revenues than
lower earners. You may think they
should contribute even more. But
then it is perverse to complain that
they are not bearing an equal share
of the burden. To achieve an equal
contribution, the tax rate on
incomes above 150,000 would
need to be zero.
Collins knows what equal
means. So we must look for an idea
that could explain his apparently
bizarre use of this simple word. I
can think of only one. To
understand it, suppose you went to
dinner with someone, agreeing to
share the bill equally. It comes to
100. What should each of you pay?
50 is the obvious answer. But it
could be wrong. Suppose the two of
you had just found a stash of cash,
perhaps dropped from Ben
Bernankes stimulating helicopter.
You quickly stuffed it in your
pockets, agreeing to even up later.
But before doing so, you went for
that 100 dinner. Because you need
to even up your shares of the
money you found, you should split
the bill so that, after paying, you
both have the same amount left
over. For example, if one now has
50 more, he should pay 75 and
the other 25.
This must be how Collins sees
things generally. Someone who
earns 1m is like someone who,
along with the rest of us, has
happened upon some money but,
unlike the rest of us, has managed
to stuff a lot of it into his pockets. A
45 per cent tax does not even up
his contribution to government
spending because he still ends up
with 550,000 of our collective
money. Someone who earns
50,000 and pays 15,000 in tax
makes a bigger contribution
because he ends up with only
35,000.
Collins is not unusual. Such
thinking is implicit in the common
idea that tax cuts must be
funded. On the collective view,
your post-tax income is simply
another part of government
spending. Cutting taxes is a welfare
payment to those it benefits, which
must be paid for. The collective
view of incomes also explains why
fairness is always taken to support
a higher top rate of tax, no matter
how high it already is.
Those who think that equality
requires progressive taxation are
not confused about equality. They
are confused about how incomes
are generated.
Jamie Whyte is a senior fellow of the
Cobden Centre.
AGAINST
THE GRAIN
JAMIE WHYTE
People calling for an equal tax burden ignore how wealth is generated
23
Brain drain
[Re: Its time for the supporters of the single
currency to apologise, yesterday]
An excellent article. As someone who works
in recruitment, many of my best applicants
are from Greece, Portugal, Spain and
increasingly Italy. But not too many from
Ireland, yet. The irony is that these are the
most highly-skilled and mission-critical
people, all leaving their countries because
of the Eurozone crisis.
DaveAtherton
Not being in the euro hasnt done us much
good. Many euro economies are motoring
away (Estonia, Slovakia, Austria, Finland).
There are plenty of journalists in northern
Europe pointing at the UKs problems.
MaxStone
Mayoral showdown
[Re: Boris and Ken issue their final message
to voters, yesterday]
I will vote for Boris on Thursday, but Im
disappointed by his argument that London
needs more money from central
government to prosper. Growth is not
provided by government, and nor are jobs.
If Boris wants to ensure future prosperity, he
should cut ties from central government,
not increase Londons dependence on it.
AndrewLusher
Im not sure Ken Livingstone realised he was
writing for City A.M. and not the Guardian.
There must be a few Labour voters in the
City, but surely theres a better way to
appeal to them than an unrealistic fares cut.
EmmaWalker
The Forum is open for you to take part. Got a sharp comment
on one of todays columns? Do you have another subject you
want to share your opinion on? We want to hear your views.
Email theforum@cityam.com or comment at cityam.com/forum
E
CONOMIC issues will dominate
political discussions about the
votes taking place across the
EU in the coming month. As
well as our own local elections,
there are local elections in Germany
and Italy, presidential elections in
France and Hungary, a general
election in Greece and a referendum
in Ireland on the EUs new fiscal
treaty. Economic recovery is stalling
on the back of Eurozone turmoil, as
the sovereign debt crisis bites after
many years of poor decisions and
overspending by governments.
Not surprisingly, banking regulators
and standard setters are promoting
major changes supported by govern-
ments of all political persuasions.
Capital is being increased both in
ratios and in absolute terms, signifi-
cant liquidity requirements are being
introduced, deleveraging is taking
place and there are major enhance-
ments to risk controls. The industry
agrees with the broad thrust of the
proposals and is positively engaged in
getting the intentions of the policy
makers into the right operational
place.
But there are contradictions. For
example, policy makers and indeed
the public want both fiscal austerity
and investment. They want policies
for stability as well as policies for
growth. They want more competition
in banking and financial services
while the stability measures increase
the barriers to entry. And they want
fewer interdependencies, but without
losing the economies of scale.
Dealing with these competing
requirements is difficult for the
industry and it is difficult politically
too. These last two decades have seen
elections won by those parties who
promised more spending, who target-
ed more groups with more promises
and who handed out more benefits.
This approach is neither fiscally nor
TOP TWEETS
Boris clearly explains his plans for London.
Ken spends most of his article criticising
Boris. That says it all.
@sampritchard87
No one will apologise for the euro. They are
pathologically incapable. Even when its in
its death throes, they wont.
@SteveMcCarthyH
Greeks are emptying their bank accounts
because the press keeps saying Greece will
exit the euro. Who should apologise?
@VPPartner
Im not convinced that Putin will reform
Russia and attract investment, Im afraid.
@david_l_ross
Are the huge queues at Heathrow airport a
problem for Britains reputation overseas?
YES
London rightly aspires to be the business capital of the world. And
the government keeps telling us that the UK is open for business.
Why, then, are ministers apparently content to see potential
overseas investors, and UK business people returning from securing
vital job-creating contracts, frequently queue for over an hour just to
get through passport control? The government fools no-one but
itself by relying on complacent Border Force statistics that are
refuted by the personal experience of hundreds of thousands of
passengers. The UK should know how to provide both a secure
border and an efficient welcome, like other countries. Ministers must
appreciate the scale of the problem and urgently put in place real
and lasting improvements. This is not about the Olympics. It is about
the everyday functioning of UK plc, and provision of a business
infrastructure that supports economic recovery.
Willie Walsh is chief executive of International Airlines Group.
Willie Walsh
NO
Sam Gyimah
We need a secure border but we also need speedy and efficient
immigration controls: we have to show the world we are open for
business. Some of the queues at Heathrow last weekend were too
long. Better organisation of the UK Border Agencys resources is key
to tackling this challenge and it is right that the government has
made this the focus of its efforts. From this month, mobile teams of
immigration officers will be on hand to respond at peak times and
80 additional staff made available on the busiest days. A new
control room for the Border Force at Heathrow will mean better
operation across all terminals. The government has re-established
the Border Force as a separate operational command, with its own
ethos of law enforcement. With the Olympic Games coming this
summer, these are exactly the robust improvements we need. They
will mean a safer and more efficient border.
Sam Gyimah is Conservative MP for East Surrey.
RAPIDresponses
Contradictions in
new bank rules
create fresh risks
politically responsible, nor is it con-
fined only to a few countries. The
norm has been for countries to spend
more and more, financed by borrow-
ing.
Now we face a world in which poli-
tics and finance have become danger-
ously intertwined and, as a
consequence of new regulatory
requirements, the banking system is
required to take on ever-greater vol-
umes of government debt. This has
brought two obvious results. The first
is that it may make it easier for some
countries to sell their debt than
would otherwise be the case. But the
second is that it is tying the banking
industry even closer to government
decisions. If sovereign debt is to be the
safe and liquid investment that regu-
lators have designated it to be, then
governments have to keep to tough
fiscal policies. However, tough fiscal
policies are not necessarily an accept-
able choice for governments, or the
citizens who elected them.
The result is this: the more banks
are exposed to the sovereign debt of
politically volatile countries, the
greater the fiscal risk taken on by the
banking system. And the more impor-
tant therefore it becomes to address
the causes of the economic problems
by putting in place the right mone-
tary and fiscal policies, rather than
just addressing the symptoms by
recapitalising some banks due to the
downgrading of a country or coun-
tries sovereign debt.
Angela Knight CBE is the chief executive of
the British Bankers Association.
ANGELA KNIGHT
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R
E
U
T
E
R
S
C
URRENCY trading is as popular
as ever, but does it have a place
as part of a portfolio of stocks,
bonds, and other asset classes?
In order to answer it we need to look
at a range of factors and cross-market
correlations to see where it might fit
in with a well-diversified investment
programme.
We will be delving into this in more
detail at the conference, but where do
we start? In shares investing and fixed
income, we always measure their per-
formance via benchmarks. In equities
this means the UK FTSE 100, the US
S&P 500, and other stalwarts. Bonds
are a bit more complicated, but there
are a number of benchmark invest-
ments such as UK Treasury Gilts and
US Treasury Bonds that give us a point
of reference. What of FX?
Unlike stock or bond markets,
theres no long only investing for
currency traders. When trading cur-
rencies, you take positions in one cur-
rency against another. For example:
you might speculate that the euro will
appreciate against the dollar. Yet there
is no default position in this case
there is no natural reason for why the
euro may always strengthen or the
dollar or vice versa over the course of
decades.
Thus, instead of individual currency
investments we look to benchmark
strategy performance. In FX there are
tried--and-true currency trading strate-
gies have seen impressive perform-
ance over several decades. In fact, a
historical study shows that several FX
strategies could significantly improve
risk-adjusted returns in virtually any
and every portfolio especially those
concentrated in shares markets.
Time to buy your tickets for our
THE ATTRACTION
At its base, the FX market is one of the
largest and most liquid financial mar-
kets in the world; it seems natural to
look for an investment opportunity. Its
daily volumes dwarf even the largest
global stock markets, and individual
traders have access to unparalleled liq-
uidity.
Another factor to keep strongly in
mind is that there are no bull or bear
markets in currencies. A bear market in
shares means that most investors will
lose money, while fast-rising interest
rates will likely force losses in fixed
income investments. Yet currency
traders might actually do well in such
market conditions with two important
strategies. What are they?
FX TRADING STRATEGIES
One of the most popular and historically
successful strategies has involved buying
currencies with high interest rates and
selling those with comparatively lower
interest rates also known as the FX
carry trade, or forward rate bias. The
aim of the approach is to collect interest
rate differentials in order to boost
returns, and long-term history has
shown that currencies with higher inter-
est rates outperform lower-yielding
counterparts. This strategy is both sim-
ple in concept and implementation
interest rates for individual currencies
are easy to find and slow-moving. It is
not an active trading scheme.
The other is slightly more complex and
in the realm of active traders speculat-
ing on trends in currency markets.
And FX trading strategies compare
well with other assets, as the graph (left)
shows. Outside of the traditional safe-
haven US Treasuries investments, carry
trade and major measures of FX trader
performances have shown superior risk-
adjusted return rates of any major tradi-
tional portfolio.
David Rodriguez is a quantitative strategist
for DailyFX and will be on the Masters of Forex
panel on 24 May. To meet our forex panellists
and dozens more trading gurus on 24 May,
buy your 80 ticket today:
www.cityamactivetrader.com
24
ACTIVETRADER CONFERENCE
We are holding our
all-day trading
conference on 24
May. One session will
cover trading foreign
exchange. David
Rodriguez gives us
a taster of the show
DONT MISS OUR BLOCKBUSTER
TRADING & INVESTMENT CONFERENCE
24
TH
MAY 2012
See the full programme & buy tickets today at
THE GRANGE HOTEL, TOWER BRIDGE
In association with Champagne reception sponsor Produced by
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StarkCurrency
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The Grange Tower Bridge Hotel is hosting City A.M.s all-day trading conference on 24 May
The US
remains top
dog in an
increasingly
ugly contest
trading extravaganza
ACTIVETRADER CONFERENCE
25
08:45 09:00
Welcome Address by Allister Heath:
Making prots in a chaotic world
09:00 10:00
Richard Farleigh: How to tame
the lion, my trading secrets
10:30 11:20
Charting Techniques: Panel discussion
with James Hughes, Alejandro
Zambrano, Angus Campbell,
David Jones and Ashraf Laidi
10:30 11:20
Jamie Seattele & David Rodriguez:
Forex Insight
11:30 12:20
Politics meets Trading: Panel
discussion with Guido Fawkes,
Allister Heath and Steve Sedgwick
11:30 12:20
Listed Products Masterclass:
Panel discussion with Nicolas
Bertrand, Deborah Fuhr and
Alex Houpert
12:30 13:20
Equities Insight with Gary Baker
12:30 13:20
Social Media meets Trading
with Dan Moczulski, Yoni Assia,
David Jones, Julio Bueso and
Joshua Raymond
13:20 14:20
Lunch
14:20 15:20
Lex van Dam: 5 Steps to trading
success
15:30 16:20
Spreadbetting and CFD Masterclass
with David Jones
15:30 16:20
Boris Schlossberg: Strategies
for day trading
16:40 17:30
Masters of Forex: Panel discussion
with Boris Schlossberg, John Hardy,
Richard Farleigh and David Rodriguez
16:40 17:30
Global Investment trends
with Tim Guinness
17:40 18:30
The Future of Trading: Panel
discussion with Tim Howkins, Simon
Denham, Torben Kaaber and Drew Niv
17:40 18:30
Quant Trading Masterclass with Emilio
Tomasini & Rakesh Shah
18:30 19:30
Champagne Reception
Complimentary lunch and later, champagne reception available for all delegates at the FXCM restaurant. This will be a chance to informally meet the Active Trader speakers.
Boris is director of currency
research at GFT. He is a
weekly contributor to CNBCs
Squawk Box. His daily currency
research available at
BORIS SCHLOSSBERG
GFT
www.fx360.com is widely quoted by newswires and
newspapers worldwide. Schlossberg is co-author of the
bestselling Millionaire Traders: How Everyday People Are
Beating Wall Street at Its Own Game.
Twitter: @Fxflow
Richard Farleigh Mr Nice
from Dragons Den was
born into poverty in the Australian
outback. He studied economics
and mathematics before
RICHARD FARLEIGH
ENTREPRENEUR
managing a derivatives desk, a proprietary trading desk, and a
hedge fund in the 1980s and early 90s, focusing on predicting
big picture trends and the effects on the currency and interest
rate markets. He is now a business angel, backing more early-
stage companies than anyone else in the UK.
Twitter: @FarleighRichard
Originally from Texas, John
Hardy has been with Saxo
Bank since 2002 and works out of
the Banks London office as head
of FX strategy. Hardy focuses on
JOHN HARDY
SAXO BANK
the major FX classes, and has developed a broad following
from his popular and often quoted daily FX Update column.
Alongside his column and media appearances, John writes on
the major currencies, central bank policies, macro-economic
trends and other developments.
Twitter: @johnjhardy
David Rodriguez is a
quantitative strategist for
DailyFX, specialising in statistical
studies in currency trading
markets and algorithmic trading
DAVID RODRIGUEZ
DAILYFX
systems. He holds a degree in economics from Williams
College with heavy emphasis on quantitative methods and
began trading financial markets during the tech boom and
bust of 1999-2001. Since then, his primary focus has shifted
from equities to currency markets.
Twitter: @DRodriguezFX
John Hardy who will be speaking at our trading event considers the dollars fortunes
ATTEND OUR TRADING CONFERENCE ON 24 MAY: BUY TICKETS AT CITYAMACTIVETRADER.COM
MASTERS OF FOREX
4.40PM - 5.30PM, 24 MAY
cityam.com
W
EVE got a pair of important event
risks for the US dollar for the rest
of this week, including the April
ISM non-manufacturing survey on
Thursday and the always hotly anticipated
US employment report on Friday. These
event risks will be critical for testing
whether the dollar is set to fall further
across the board if it can regain altitude
off rather important support levels.
ON THE WINGS OF A DOVE
Last weeks US Federal Open Market
Committee (FOMC) monetary policy
statement release and Bernankes press
conference provided an important
prelude for the action in dollar pairs this
week: the new monetary policy
statement was virtually unchanged, but
the changes in the FOMC economic
forecasts and monetary policy forecasts
were fairly hawkish. Nonetheless, the
market more or less only chose to pay
attention to the press conference, at
which the perma-dove chairman
promised that the Fed would act if
conditions warranted.
The dollar has generally suffered since
the FOMC meeting, even as central banks
elsewhere have only in rare instances
moved in a hawkish direction. The Bank
of England (BoE) is a notable example,
although the flying sterling-dollar rate of
late has come from the BoE merely
considering taking its foot off the
monetary accelerator as evidenced in its
most recent meeting minutes. The key
test for sterling and sterling-dollar is
next Thursdays BoE meeting. The recent
sterling-dollar action shows that this
market, despite its very low volatility of
late, seizes on any central bank
development with plenty of enthusiasm.
DATA DRIVEN
So what kind of data will we get and how
will the market filter that data? We got a
surprisingly positive US April ISM
manufacturing survey result yesterday,
despite a string of weak regional
manufacturing surveys in April. But the
non-manufacturing survey and
employment report should weigh far
more heavily, as measures of US
economic health and in the Feds
calculus. Do we get bad US data and will
the market see this as more likely to
bring another round of quantitative
easing (QE) from the Fed and thus
counter-intuitively pump asset prices
higher and push the dollar even lower?
Or, would bad data see risk assets
suffer from the poor growth
implications and see the dollar
strengthen on the realisation that the
Fed tends to only move once the
economy and markets are in sorry
shape? What about good data? A
possible, if less likely, pair of stronger
than expected numbers would probably
warrant a less complicated and positive
dollar response, as this would further
delay the prospects of Fed QE. Theres an
eventual caveat on that front, however,
as we have seen the dollar having a hard
time appreciating on positive US growth
data, as the Fed is still seen as the last in
line to tighten central bank policy if
world growth kicks into gear again.
I suspect the risks are that the April
ISM non-manufacturing survey and US
employment report will be weaker than
expected. After all, the US saw
unseasonably warm weather and
record warmth in
many cases in
highly populated
north-eastern and
mid-western areas
of the country
during the late
winter
months. This
may have
brought some
demand
forward and
warped the normal
seasonal pattern. Also,
the weekly jobless claims
indicators have surged higher in
recent weeks, suggesting that
payrolls growth may have dipped
in April. (Although we always
need to remember that the
official monthly non-farm
payrolls release contains
extraordinary statistical
assumptions and
adjustments that are often
larger than the overall
change in the payrolls.)
POLITICAL SENSITIVITIES
The market reaction is the tough part to
predict. Despite my expectations for
fairly weak data from the US this week, I
suspect that the market is over-
estimating the likelihood of near-term
easing from the Fed. Yes, the Bernanke
contingent holds the reins, but there are
a wide variety of views among the voting
FOMC members and we also have to
consider the political sensitivities of
Bernanke in the middle of an election
year. Are we really likely to see the Fed
tipping off a major new bond-buying
programme just ahead of the
presidential election? I'm not so sure,
even if QE3 is a long-term eventuality.
For the next couple of quarters, were
more likely to see incrementalism and/or
extensions of existing Fed programmes
at most. So for the nearest term, the
dollar might get knocked down another
notch or two if the data is bad, but I
suspect it will come roaring back in the
weeks to come as the US is likely to
continue to outperform the pitifully
struggling Europe and the Asian
exporting economies as well.
John Hardy is head
of FX strategy at
Saxo Bank and
will be on
the Masters
of Forex
panel on 24
May.
26
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1662.50 8.50
SILVERLDN FIX AM..........................................31.32 0.24
MAPLE LEAF 1 OZ ............................................33.64 0.10
LON PLATINUM AM......................................1574.00 7.00
LON PALLADIUM AM.....................................682.00 13.00
ALUMINIUM CASH...................................... 2057.00 -10.00
COPPER CASH............................................8529.00 -86.00
LEAD CASH..................................................2155.50 -29.00
NICKEL CASH.............................................17830.00 420.00
TIN CASH..................................................22620.00 220.00
ZINC CASH..................................................2039.00 7.50
BRENT SPOT INDEX.........................................119.71 0.00
SOYA...........................................................1503.00 625
COCOA........................................................2263.00 -101.00
COFFEE...........................................................177.95 2.95
KRUG ...........................................................1729.10 3.90
WHEAT..........................................................175.00 -2.50
AIR LIQUIDE .......................................................97.17 -1.80 102.30 80.90
ALLIANZ ............................................................84.18 -0.80 107.45 56.16
ANHEUS-BUSCHINBEV ....................................54.45 -0.65 56.80 33.85
ARCELORMITTAL ................................................13.07 -0.20 25.40 10.47
AXA...................................................................10.70 -0.28 15.94 7.88
BANCO SANTANDER............................................4.72 -0.12 7.96 4.53
BASF SE.............................................................62.19 -3.06 70.22 42.19
BAYER................................................................53.21 -2.45 59.44 35.36
BBVA....................................................................5.11 -0.11 8.44 4.84
BMW..................................................................71.81 -0.32 73.95 43.49
BNP PARIBAS....................................................30.35 -0.70 55.20 22.72
CARREFOUR .......................................................15.18 -0.37 28.19 14.53
CRH PLC.............................................................15.52 0.21 16.93 10.28
DAIMLER............................................................41.77 -0.31 53.95 29.02
DANONE ............................................................53.15 -0.53 54.81 41.92
DEUTSCHE BANK...............................................32.87 -0.63 44.56 20.79
DEUTSCHE BOERSE............................................47.43 -0.97 57.68 35.65
DEUTSCHE TELEKOM ...........................................8.52 -0.01 11.38 7.88
E.ON ...................................................................17.12 -0.11 23.54 12.50
ENEL...................................................................2.48 -0.05 4.86 2.39
ENI.....................................................................16.77 -0.15 18.72 11.83
FRANCE TELECOM..............................................10.34 -0.15 15.96 9.86
GDF SUEZ...........................................................17.39 -0.33 28.00 17.25
GENERALI ASS...................................................10.29 -0.24 16.38 9.84
IBERDROLA.........................................................3.52 -0.08 5.94 3.45
INDITEX.............................................................67.95 -0.41 74.73 52.20
ING GROEP CVA ..................................................5.33 -0.06 9.07 4.21
INTESA SANPAOLO...............................................1.14 -0.02 2.13 0.85
KON.PHILIPS ELECTR.........................................15.00 -0.27 20.75 12.01
L'OREAL............................................................90.89 -0.76 94.80 68.83
LVMH................................................................125.15 -1.10 136.80 94.16
MUNICHRE .....................................................109.65 -0.30 118.35 77.80
NOKIA .................................................................2.71 -0.03 6.36 2.60
REPSOL YPF.......................................................14.45 -0.25 24.45 13.92
RWE..................................................................32.48 -0.42 44.48 21.15
SAINT-GOBAIN..................................................31.65 -0.55 47.57 26.07
SANOFI..............................................................57.66 -0.55 59.56 42.85
SAP..................................................................50.09 -0.42 54.85 32.88
SCHNEIDER ELECTRIC ........................................46.41 -1.56 60.28 35.00
SIEMENS...........................................................69.97 -0.61 99.07 62.13
SOCIETE GENERALE............................................17.86 -0.30 46.60 14.32
TELECOM ITALIA..................................................0.86 -0.01 1.03 0.70
TELEFONICA........................................................11.01 -0.31 18.34 10.70
TOTAL................................................................36.07 -0.43 43.61 29.40
UNIBAIL-RODAMCO SE.....................................141.20 -3.55 162.95 123.30
UNICREDIT...........................................................3.01 -0.07 11.57 2.20
UNILEVER CVA ..................................................25.87 -0.17 27.16 20.96
VINCI ................................................................35.00 -0.56 45.48 28.46
VIVENDI.............................................................13.97 -0.31 21.37 12.42
VOLKSWAGEN VORZ.........................................143.10 1.25 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5812.23 74.45 1.30
FTSE 250 INDEX . . . . . . . . . . . . . . . 11503.86 86.27 0.76
FTSE UK ALL SHARE. . . . . . . . . . . . 3020.60 35.93 1.20
FTSE AIM ALL SH . . . . . . . . . . . . . . . . 774.78 -2.12 -0.27
DOWJONES INDUS 30 . . . . . . . . . 13279.40 65.77 0.50
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1405.82 7.91 0.57
NASDAQ COMPOSITE . . . . . . . . . . . 3050.44 4.08 0.13
FTSEUROFIRST 300 . . . . . . . . . . . . . 1048.07 4.79 0.46
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 9350.95 -169.94 -1.78
DAX 30 PERFORMANCE . . . . . . . . . . 6761.19 -40.13 -0.59
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 3212.80 -53.47 -1.64
SHANGHAI SE INDEX . . . . . . . . . . . 2396.32 -8.38 -0.35
HANG SENG. . . . . . . . . . . . . . . . . . 21094.21 352.76 1.70
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2651.90 23.50 0.89
ASX ALL ORDINARIES. . . . . . . . . . . 4497.30 30.10 0.67
BOVESPA SAO PAOLO . . . . . . . . . . 61820.26 129.05 0.21
ISEQ OVERALL INDEX. . . . . . . . . . . . 3261.55 37.10 1.15
STRAITS TIMES. . . . . . . . . . . . . . . . . 2978.57 -3.01 -0.10
IGBM. . . . . . . . . . . . . . . . . . . . . . . . . . 718.17 -2.98 -0.41
SWISS MARKET INDEX. . . . . . . . . . 6096.34 -20.02 -0.33
Price Chg %chg
3M....................................................................89.60 0.24 98.19 68.63
ABBOTT LABS ...................................................62.23 0.17 62.57 46.29
ALCOA ................................................................9.97 0.24 17.96 8.45
ALTRIA GROUP .................................................32.42 0.21 32.62 23.20
AM INTL GRP....................................................34.34 0.31 35.04 19.18
AMAZON.COM ................................................230.04 -1.86 246.71 166.97
AMERICAN EXPRESS.........................................60.97 0.76 61.17 41.30
APPLE..............................................................582.13 -1.85 644.00 310.50
AT&T.................................................................33.06 0.15 33.33 27.29
BANK OF AMERICA..............................................8.31 0.20 12.71 4.92
BOEING CO........................................................77.25 0.45 80.65 56.01
CATERPILLAR....................................................102.11 -0.66 116.95 67.54
CHEVRON........................................................108.27 1.71 112.28 86.68
CISCO SYSTEMS.................................................19.98 -0.18 21.30 13.30
CITIGROUP .......................................................33.60 0.56 46.00 21.40
COCA-COLA.......................................................76.93 0.61 77.82 63.34
COMCAST CLASS A............................................30.60 0.26 30.88 19.19
CONOCOPHILLIPS ..............................................56.51 -15.12 80.13 55.46
DU PONT(EI) DE NMR........................................53.71 0.25 57.50 37.10
EMC CORP.........................................................28.67 0.46 30.00 19.84
EXXON MOBIL ...................................................87.04 0.70 88.13 63.47
GENERAL ELECTRIC...........................................19.80 0.22 21.00 14.02
GOOGLE A......................................................604.43 -0.42 670.25 473.02
HEWLETT PACKARD...........................................25.17 0.41 41.74 19.92
HOME DEPOT....................................................52.32 0.53 52.75 28.13
IBM................................................................208.00 0.92 210.69 157.13
INTEL CORP ......................................................28.95 0.56 29.05 19.16
J.P.MORGAN CHASE..........................................43.79 0.81 46.49 27.85
JOHNSON & JOHNSON......................................65.22 0.12 68.05 55.76
KRAFT FOODS A................................................39.76 -0.11 39.99 24.30
MC DONALD'S CORP..........................................97.20 -0.25 102.22 77.77
MERCK AND CO. NEW.......................................39.37 0.13 39.50 29.47
MICROSOFT .......................................................32.01 -0.01 32.95 23.65
OCCID. PETROLEUM..........................................92.89 1.67 117.89 66.36
ORACLE CORP ...................................................29.57 0.17 36.50 24.72
PEPSICO...........................................................66.49 0.49 71.89 58.50
PFIZER..............................................................22.78 -0.12 23.30 16.63
PHILIP MORRIS INTL ........................................90.00 0.49 91.05 60.45
PROCTER AND GAMBLE....................................63.57 -0.07 67.95 56.57
QUALCOMM INC................................................63.64 -0.19 68.87 45.98
SCHLUMBERGER................................................75.13 0.99 95.53 54.79
TRAVELERS CIES...............................................64.60 0.28 64.99 45.97
UNITED TECHNOLOGIE.......................................81.43 -0.21 91.83 66.87
UNITEDHEALTH GROUP......................................57.13 0.98 59.71 41.27
US BANCORP DELAWRE ...................................32.29 0.12 32.98 20.10
VERIZON COMMS..............................................40.56 0.18 40.84 32.28
VISA CL A........................................................123.09 0.11 125.35 73.11
WAL-MART STORES..........................................59.07 0.16 62.63 48.31
WALT DISNEY CO..............................................43.79 0.68 44.50 28.19
WELLS FARGO & CO .........................................34.09 0.68 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight................................0.257 0.00
LIBOR Euro - 12 months................................1.297 0.00
LIBOR USD - overnight .................................0.147 0.00
LIBOR USD - 12 months ................................1.047 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield.......................................3.130 0.00
European repo rate ......................................0.138 0.00
Euro Euribor .................................................0.317 0.00
The vix index .................................................1614 -1.01
The baltic dry index....................................1155.0 -1.00
Markit iBoxx................................................242.12 -0.19
Markit iTraxx...............................................140.24 -2.62
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .296.4 1.2 340.8 248.1
Chemring Group . . . . . .391.9 65.4 677.0 316.9
Cobham . . . . . . . . . . . .229.0 2.5 239.5 165.9
Meggitt . . . . . . . . . . . . .413.5 5.0 413.6 304.9
QinetiQ Group . . . . . . . .156.0 3.0 159.3 101.5
Rolls-Royce Holdi . . . . .853.0 29.5 856.0 557.5
Senior . . . . . . . . . . . . . .210.4 -2.6 214.3 135.6
Ultra Electronics . . . . .1698.0 14.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .206.0 2.3 245.0 157.0
Barclays . . . . . . . . . . . . .226.2 8.0 286.2 138.9
HSBC Holdings . . . . . . .565.0 9.9 662.5 463.5
Lloyds Banking Gr . . . . . .33.6 2.6 58.9 21.8
Royal Bank of Sco . . . . . .25.3 1.0 42.9 17.3
Standard Chartere . . . .1512.0 6.0 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1167.0 4.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .382.3 0.1 444.0 289.9
Diageo . . . . . . . . . . . . .1570.0 19.0 1589.0 1112.0
SABMiller . . . . . . . . . . .2592.0 3.5 2660.0 1979.0
AZ Electronic Mat . . . . .322.0 3.7 338.1 206.1
Croda Internation . . . .2251.0 19.0 2282.0 1597.0
Elementis . . . . . . . . . . .207.5 -0.6 208.7 107.5
Johnson Matthey . . . .2340.0 26.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1449.0 -3.0 1590.0 1025.0
Yule Catto & Co . . . . . . .232.6 -0.2 253.0 148.0
/$ 1.3222 0.0021
/ 0.8154 0.0002
/ 106.05 0.3626
/ 1.2264 0.0003
/$ 1.6216 0.0022
/ 130.07 0.4730
FTSE 100
5812.23
74.45
FTSE 250
11503.86
86.27
FTSE ALL SHARE
3020.60
35.93
DOW
13279.40
65.77
NASDAQ
3050.44
4.08
S&P500
1405.82
7.91
Brown (N.) Group . . . . .241.8 12.6 304.5 222.4
Carpetright . . . . . . . . . .600.0 0.0 741.0 375.0
Debenhams . . . . . . . . . .83.6 1.0 83.8 51.2
Dignity . . . . . . . . . . . . .866.0 26.0 866.0 727.0
Dixons Retail . . . . . . . . . .18.1 0.3 19.9 9.4
DunelmGroup . . . . . . .520.0 8.5 533.0 389.0
Halfords Group . . . . . . .279.1 4.0 405.9 268.6
Home Retail Group . . . .101.0 -5.6 228.5 72.5
Inchcape . . . . . . . . . . . .370.0 4.1 425.4 268.1
JD Sports Fashion . . . . .841.0 21.0 1030.0 570.0
Kesa Electricals . . . . . . . .54.5 -0.1 151.4 52.7
Kingsher . . . . . . . . . . .289.6 -0.9 313.8 217.0
Marks & Spencer G . . . .357.7 0.7 402.2 301.8
Next . . . . . . . . . . . . . .2896.0 -33.0 3060.0 2153.0
Sports Direct Int . . . . . .306.6 4.4 306.6 190.0
WHSmith . . . . . . . . . . .529.0 2.0 559.0 451.6
Smith & Nephew . . . . .614.0 7.5 694.0 521.0
Synergy Health . . . . . .840.0 9.0 981.0 809.5
Barratt Developme . . . .132.0 -1.7 151.5 67.5
Bellway . . . . . . . . . . . . .787.0 -0.5 859.5 540.5
Berkeley Group Ho . . .1295.0 14.0 1414.0 1025.0
Bovis Homes Group . . .463.9 1.5 518.5 326.5
Persimmon . . . . . . . . . .628.0 -0.5 706.5 374.0
Balfour Beatty . . . . . . .268.7 7.7 333.7 214.6
CRH . . . . . . . . . . . . . . . .1267.0 22.0 1665.5 1053.0
Galliford Try . . . . . . . . .646.5 -6.5 653.0 383.8
Kier Group . . . . . . . . . .1191.0 25.0 1489.0 1095.0
Drax Group . . . . . . . . . . .551.5 8.5 581.5 443.1
SSE . . . . . . . . . . . . . . . .1325.0 4.0 1423.0 1193.0
Domino Printing S . . . .598.0 -1.0 701.5 434.3
Halma . . . . . . . . . . . . . .406.2 1.1 429.6 306.3
Laird . . . . . . . . . . . . . . . .217.5 1.2 222.0 128.5
Morgan Crucible C . . . . .330.3 5.3 360.0 224.0
Oxford Instrument . . .1225.0 1.0 1285.0 714.0
Renishaw . . . . . . . . . .1444.0 -5.0 1886.0 800.0
Spectris . . . . . . . . . . . .1890.0 4.0 1894.0 1039.0
Aberforth Smaller . . . . .631.5 6.5 714.0 494.0
Alliance Trust . . . . . . . .363.7 2.7 392.7 310.2
Bankers Inv Trust . . . . .421.5 6.5 433.8 346.5
BH Global Ltd. GB . . . . .1191.0 -1.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.8 0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.5 0.0 20.2 16.5
BH Macro Ltd. GBP . . .2055.0 5.0 2078.0 1698.0
BH Macro Ltd. USD . . . . . .19.6 0.2 20.2 16.4
BlackRock World M . . . .674.5 6.5 794.5 574.5
BlueCrest AllBlue . . . . . .160.5 0.0 176.2 160.5
British Assets Tr . . . . . . .126.5 1.4 139.4 109.0
British Empire Se . . . . . .418.8 7.3 533.0 404.0
Caledonia Investm . . .1414.0 5.0 1800.0 1337.0
City of London In . . . . .298.4 5.1 306.9 257.0
Dexion Absolute L . . . .140.0 0.8 149.9 130.0
Edinburgh Dragon . . . .242.2 4.0 253.1 201.4
Edinburgh Inv Tru . . . .503.0 9.5 504.0 422.5
Electra Private E . . . . .1679.0 13.0 1750.0 1287.0
Fidelity China Sp . . . . . . .79.9 2.1 113.9 70.0
Fidelity European . . . .1088.0 6.0 1287.0 912.0
Foreign and Colon . . . .307.0 2.9 327.9 261.5
Herald Inv Trust . . . . . . .513.0 1.0 545.5 419.0
HICL Infrastructu . . . . . .120.2 0.2 123.6 112.7
John Laing Infras . . . . . .107.0 0.3 110.6 103.8
JPMorgan American . . .921.0 12.0 965.5 721.5
JPMorgan Asian In . . . .195.6 3.1 243.9 170.1
JPMorgan Emerging . .548.0 3.5 610.5 480.1
JPMorgan Indian I . . . . .333.7 2.8 437.0 313.1
JPMorgan Russian . . . .542.0 -1.5 689.0 415.1
LawDebenture Cor . . . .384.5 6.0 398.7 323.0
Mercantile Invest . . . .1029.0 25.0 1119.0 823.0
Merchants Trust . . . . . .383.9 8.5 431.8 341.5
Monks Inv Trust . . . . . . .337.7 -0.8 367.9 298.1
Murray Income Tru . . . .655.0 10.0 674.0 568.0
Murray Internatio . . . . .967.0 12.0 1012.0 658.0
NB Global Floatin . . . . . .100.1 0.6 103.0 92.5
Perpetual Income . . . .270.4 3.8 276.0 236.5
Personal Assets T . . .34380.0 310.0 35350.031750.0
Polar Capital Tec . . . . . .392.9 5.9 404.0 299.5
RIT Capital Partn . . . . .1162.0 15.0 1360.0 1141.0
Scottish Inv Trus . . . . . .479.3 1.3 524.0 417.0
Scottish Mortgage . . . . .697.5 5.5 781.0 565.0
SVG Capital . . . . . . . . . .277.0 0.6 295.5 165.1
Temple Bar Inv Tr . . . . .941.0 15.0 970.0 791.0
Templeton Emergin . . .569.5 6.0 678.5 497.0
TRProperty Inv T . . . . . .152.4 3.7 206.1 136.2
TRProperty Inv T . . . . . .64.8 0.0 94.0 59.8
Witan Inv Trust . . . . . . .480.0 4.5 533.0 401.5
3i Group . . . . . . . . . . . . .195.2 4.1 294.1 166.9
3i Infrastructure . . . . . .126.6 0.4 128.0 115.6
Aberdeen Asset Ma . . .282.4 -1.1 287.8 167.8
Ashmore Group . . . . . .382.4 -0.2 420.0 306.4
Brewin Dolphin Ho . . . .164.5 1.0 177.0 113.7
Camellia . . . . . . . . . . .9674.5-100.5 10950.0 8800.0
Charles Taylor Co . . . . . .146.5 0.0 160.0 115.6
City of London Gr . . . . . .72.0 0.0 88.0 61.3
City of London In . . . . . .387.0 5.0 440.0 304.3
Close Brothers Gr . . . . .744.0 6.5 820.0 590.0
F&C Asset Managem . . . .67.7 0.4 81.7 56.1
Hargreaves Lansdo . . . .530.5 4.0 641.0 402.5
Helphire Group . . . . . . . . .1.7 0.1 13.5 1.4
Henderson Group . . . . .122.4 1.2 163.7 95.1
Highway Capital . . . . . . .14.0 1.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .384.0 4.3 524.0 311.6
IG Group Holdings . . . .470.0 7.0 502.5 393.6
Intermediate Capi . . . . .259.7 2.9 345.0 197.9
International Per . . . . . .267.4 -0.3 388.8 148.5
International Pub . . . . . .117.6 -0.1 121.7 112.7
Investec . . . . . . . . . . . . .355.4 0.2 522.0 318.4
IP Group . . . . . . . . . . . . .144.5 -1.0 151.0 36.0
Jupiter Fund Mana . . . .229.5 1.1 310.5 184.9
Liontrust Asset M . . . . . .115.0 0.0 125.0 57.9
LMS Capital . . . . . . . . . . .59.0 -1.0 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 19.0
London Stock Exch . . .1075.0 -13.0 1094.0 756.5
Lonrho . . . . . . . . . . . . . . .10.9 -0.1 19.8 8.9
Man Group . . . . . . . . . . . .97.8 -5.7 259.6 92.6
Paragon Group Of . . . . .177.1 -2.9 206.1 134.6
Provident Financi . . . .1168.0 12.0 1181.0 915.0
Rathbone Brothers . . .1342.0 19.0 1342.0 977.0
Record . . . . . . . . . . . . . . .18.3 0.0 35.5 9.8
RSM Tenon Group . . . . . . .7.6 -0.1 32.5 5.6
Schroders . . . . . . . . . . .1437.0 19.0 1906.0 1183.0
Schroders (Non-Vo . . . .1137.0 11.0 1554.0 970.0
Tullett Prebon . . . . . . . .343.9 0.4 427.3 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .216.9 6.1 232.1 161.0
Cable & Wireless . . . . . .32.6 -0.4 48.9 30.1
Cable & Wireless . . . . . .35.0 -0.5 55.0 14.2
COLT Group SA . . . . . . . .107.0 0.6 149.5 84.1
KCOM Group . . . . . . . . . .72.5 1.5 84.0 60.5
TalkTalk Telecom . . . . . .127.9 0.0 150.0 118.9
TelecomPlus . . . . . . . .689.0 5.5 802.0 472.0
Booker Group . . . . . . . . .81.9 2.9 85.3 60.0
Greggs . . . . . . . . . . . . .504.0 2.5 558.0 445.0
Morrison (Wm) Sup . . .279.4 -1.2 328.0 277.0
Ocado Group . . . . . . . . .127.0 -2.8 233.0 52.9
Sainsbury (J) . . . . . . . .309.2 1.3 362.8 263.5
Tesco . . . . . . . . . . . . . . .319.2 1.9 420.1 310.5
Associated Britis . . . . .1235.0 16.0 1239.0 977.0
Cranswick . . . . . . . . . . .822.0 17.0 841.0 588.5
Dairy Crest Group . . . . .306.4 5.4 409.7 290.4
Devro . . . . . . . . . . . . . .308.5 0.2 332.2 232.0
Tate & Lyle . . . . . . . . . .696.0 5.5 720.5 544.5
Unilever . . . . . . . . . . . .2128.0 25.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . . .571.5 0.0 664.0 413.5
Centrica . . . . . . . . . . . . .312.3 5.4 330.3 278.8
International Pow . . . . .418.0 1.0 418.0 279.4
National Grid . . . . . . . .668.0 2.5 668.0 569.0
Pennon Group . . . . . . . .742.0 6.0 751.0 623.5
Severn Trent . . . . . . . .1683.0 -7.0 1720.0 1375.0
United Utilities . . . . . . .627.5 9.0 637.0 560.0
Cookson Group . . . . . . .729.0 3.5 747.5 395.8
Rexam . . . . . . . . . . . . . .433.3 3.3 438.0 299.8
RPC Group . . . . . . . . . . .371.5 2.2 393.2 300.5
Smith (DS) . . . . . . . . . . .166.2 -1.6 183.7 113.3
Smiths Group . . . . . . .1085.0 15.0 1256.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3620.0 33.0 3688.0 3100.0
Redrow . . . . . . . . . . . . .123.5 0.5 126.0 90.2
Taylor Wimpey . . . . . . . .50.7 0.4 52.8 28.7
Bodycote . . . . . . . . . . . .435.0 9.6 437.1 225.6
Fenner . . . . . . . . . . . . . .449.2 -1.6 483.7 280.0
IMI . . . . . . . . . . . . . . . . .985.0 -4.5 1119.0 636.5
Melrose . . . . . . . . . . . . .439.0 1.9 441.6 268.0
Northgate . . . . . . . . . . .198.9 0.0 341.8 190.0
Rotork . . . . . . . . . . . . .2247.0 40.0 2260.0 1501.0
Spirax-Sarco Engi . . . .2315.0 9.0 2334.0 1649.0
Weir Group . . . . . . . . .1704.0 -1.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .375.6 6.2 460.5 315.0
Ferrexpo . . . . . . . . . . . .294.7 2.5 495.3 238.7
Talvivaara Mining . . . . .187.8 5.2 538.5 176.0
BBA Aviation . . . . . . . . .195.9 -1.6 223.4 156.0
Stobart Group Ltd . . . . .125.8 -2.0 149.5 112.0
Admiral Group . . . . . .1200.0 -11.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .335.4 5.6 427.0 270.6
Beazley . . . . . . . . . . . . .140.9 -0.8 151.8 109.6
Catlin Group Ltd. . . . . . .427.4 5.4 449.0 337.0
Hiscox Ltd. . . . . . . . . . .402.3 3.9 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .85.7 2.0 89.9 51.7
Johnston Press . . . . . . . . .5.8 0.0 8.0 4.1
MecomGroup . . . . . . . .154.3 4.3 300.0 134.5
Moneysupermarket. . . .132.9 -0.4 135.7 93.4
Pearson . . . . . . . . . . . .1153.0 -7.0 1255.0 1038.0
PerformGroup . . . . . . .304.7 -0.3 317.2 150.0
Reed Elsevier . . . . . . . . .518.0 8.0 578.0 461.3
Rightmove . . . . . . . . . .1531.0 -10.0 1541.0 1036.0
STV Group . . . . . . . . . . . .112.3 -0.3 166.0 76.3
Tarsus Group . . . . . . . . .149.0 2.3 165.0 119.5
Trinity Mirror . . . . . . . . . .32.5 0.0 54.3 30.8
UBM . . . . . . . . . . . . . . .596.0 6.5 641.5 416.0
UTVMedia . . . . . . . . . . .150.0 -2.0 159.5 92.5
Wilmington Group . . . . .99.0 4.0 151.0 78.5
WPP . . . . . . . . . . . . . . .848.0 14.5 880.0 578.0
Yell Group . . . . . . . . . . . . .3.8 -0.1 11.0 3.4
African Barrick G . . . . . .368.1 8.8 616.5 351.2
Anglo American . . . . .2412.0 44.0 3181.0 2138.5
Anglo Pacic Gro . . . . . .316.2 -3.8 340.0 237.9
Antofagasta . . . . . . . . .1189.0 8.0 1491.0 900.5
Aquarius Platinum . . . .130.0 0.0 360.0 125.9
Avocet Mining . . . . . . . .171.7 -0.9 286.8 159.8
BHP Billiton . . . . . . . . .2039.0 64.5 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .525.0 6.5 1158.0 496.0
Centamin (DI) . . . . . . . . .67.5 -1.1 141.5 63.1
Jardine Lloyd Tho . . . . .712.5 9.5 764.5 576.0
Lancashire Holdin . . . . .814.0 9.0 821.0 618.5
RSA Insurance Gro . . . .105.6 0.6 139.8 99.6
Aviva . . . . . . . . . . . . . . .317.5 9.4 450.3 275.3
Legal & General G . . . . . .119.1 1.5 135.0 89.8
Old Mutual . . . . . . . . . . .149.4 1.6 188.1 112.1
Phoenix Group Hol . . . .530.5 2.5 688.0 451.1
Prudential . . . . . . . . . . .758.5 4.0 797.5 509.0
Resolution Ltd. . . . . . . .224.7 0.9 316.1 220.6
St James's Place . . . . . .332.8 2.3 376.0 294.0
Standard Life . . . . . . . .225.5 1.9 250.7 172.0
4Imprint Group . . . . . . .275.0 0.0 312.5 200.0
Aegis Group . . . . . . . . . .178.2 0.5 187.4 115.7
Bloomsbury Publis . . . .108.5 4.5 138.0 91.3
British Sky Broad . . . . .691.0 13.0 850.0 618.5
Centaur Media . . . . . . . .32.0 0.0 56.3 30.5
Chime Communicati . . .216.8 -1.3 298.5 163.0
Creston . . . . . . . . . . . . . .62.3 1.6 121.0 47.0
Daily Mail and Ge . . . . . .417.1 0.8 505.5 343.4
Euromoney Institu . . . .781.5 -3.5 809.5 522.5
Future . . . . . . . . . . . . . . . .11.3 0.5 19.5 8.3
Haynes Publishing . . . .190.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . . .47.0 -0.5 76.3 32.3
Informa . . . . . . . . . . . . .417.0 2.4 451.0 313.9
ITE Group . . . . . . . . . . .226.4 0.5 255.3 157.7
Eurasian Natural . . . . .568.5 9.0 901.0 522.0
Fresnillo . . . . . . . . . . . .1613.0 53.0 2150.0 1302.0
GemDiamonds Ltd. . . .253.0 -6.0 310.6 179.8
Glencore Internat . . . . .434.6 9.0 531.1 348.0
Hochschild Mining . . . .496.0 -6.0 588.5 365.9
Kazakhmys . . . . . . . . . .877.5 16.5 1405.0 730.0
Kenmare Resources . . . .52.0 1.5 61.5 31.0
Lonmin . . . . . . . . . . . . .1061.0 19.0 1642.0 941.0
NewWorld Resourc . . .412.7 5.9 1060.0 396.3
Petra Diamonds Lt . . . .156.0 0.7 188.2 97.0
Petropavlovsk . . . . . . . .478.1 1.3 913.0 451.8
Polymetal Interna . . . . .918.0 3.0 1175.0 877.0
Randgold Resource . .5460.0 35.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3505.5 73.0 4595.0 2712.5
Vedanta Resources . . .1238.0 21.0 2303.0 928.0
Xstrata . . . . . . . . . . . . .1205.0 27.5 1485.0 764.0
Inmarsat . . . . . . . . . . . .441.8 2.0 620.0 389.3
Vodafone Group . . . . . .172.9 2.4 182.7 155.1
Genesis Emerging . . . .502.5 5.0 543.5 424.0
Afren . . . . . . . . . . . . . . . .135.1 0.6 171.0 73.6
BG Group . . . . . . . . . . .1450.5 0.0 1547.0 1144.0
BP . . . . . . . . . . . . . . . . . .441.3 -3.7 504.6 363.2
Cairn Energy . . . . . . . . .349.0 5.2 509.5 291.9
EnQuest . . . . . . . . . . . . .127.7 1.0 138.3 85.7
Essar Energy . . . . . . . . .146.9 0.4 459.6 101.6
Exillon Energy . . . . . . . .139.7 1.0 469.7 123.0
Heritage Oil . . . . . . . . . .148.6 -0.2 262.1 133.1
Ophir Energy . . . . . . . . .575.0 -2.0 586.0 184.5
Premier Oil . . . . . . . . . .378.4 4.4 487.5 310.0
Royal Dutch Shell . . . . .2213.5 20.5 2402.0 1883.5
Royal Dutch Shell . . . .2283.0 36.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .193.0 4.0 230.0 125.0
Salamander Energy . . .202.8 0.9 300.0 182.3
Soco Internationa . . . . .297.3 -2.7 397.5 278.0
TullowOil . . . . . . . . . . .1547.0 13.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1147.0 12.0 1207.0 740.5
Hunting . . . . . . . . . . . . .947.5 -3.5 968.0 530.0
Kentz Corporation . . . .434.0 9.3 508.0 375.0
Lamprell . . . . . . . . . . . .362.0 14.0 395.2 220.7
Petrofac Ltd. . . . . . . . .1759.0 24.0 1772.0 1108.0
Wood Group (John) . . .784.5 3.5 787.5 469.9
Burberry Group . . . . . .1483.0 -2.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .339.0 6.7 387.9 285.0
Supergroup . . . . . . . . . .333.0 -14.8 1600.0 322.8
AstraZeneca . . . . . . . .2728.0 28.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .376.7 -3.2 385.3 236.8
Genus . . . . . . . . . . . . .1420.0 8.0 1439.0 853.5
GlaxoSmithKline . . . . .1438.0 13.0 1497.0 1205.0
Hikma Pharmaceuti . . .625.5 -2.5 869.0 555.5
Shire Plc . . . . . . . . . . . .2016.0 6.0 2300.0 1818.0
Capital & Countie . . . . .198.4 -0.6 203.7 158.1
Daejan Holdings . . . . .3216.0 -22.0 3300.0 2282.0
F&C Commercial Pr . . . .103.8 0.0 108.0 92.6
Grainger . . . . . . . . . . . . .99.0 -0.2 133.2 77.3
London & Stamford . . . .111.0 0.0 140.0 103.9
Savills . . . . . . . . . . . . . .368.4 10.8 427.1 256.2
UK Commercial Pro . . . . .73.7 0.2 85.5 65.1
Big Yellow Group . . . . .295.3 -1.1 344.4 218.0
British Land Co . . . . . . .499.3 9.9 629.5 444.0
Capital Shopping . . . . .328.9 3.9 408.6 288.7
Derwent London . . . . .1774.0 32.0 1880.0 1400.0
Great Portland Es . . . . .370.0 9.9 445.0 312.9
Hammerson . . . . . . . . .424.0 6.4 490.9 345.2
Hansteen Holdings . . . . .74.0 0.7 89.5 68.0
Land Securities G . . . . .739.5 12.0 885.0 612.0
SEGRO . . . . . . . . . . . . . .223.6 2.5 329.6 195.0
Shaftesbury . . . . . . . . .520.0 8.5 539.0 441.2
Aveva Group . . . . . . . .1677.0 11.0 1799.0 1298.0
Computacenter . . . . . . .415.3 0.4 490.0 324.7
Fidessa Group . . . . . . .1539.0 -11.0 2109.0 1444.0
Invensys . . . . . . . . . . . .219.4 -2.7 338.3 180.9
Logica . . . . . . . . . . . . . . .79.2 1.3 144.8 59.0
Micro Focus Inter . . . . . .467.5 1.9 476.7 242.9
Misys . . . . . . . . . . . . . . .348.6 -0.1 420.2 214.9
Sage Group . . . . . . . . . .293.7 7.6 312.4 231.7
SDL . . . . . . . . . . . . . . . . .721.5 9.5 756.0 586.0
Telecity Group . . . . . . . .815.0 8.0 815.0 450.5
Aggreko . . . . . . . . . . .2266.0 15.0 2316.0 1522.0
Ashtead Group . . . . . . .254.3 5.8 271.1 99.4
Atkins (WS) . . . . . . . . . .740.5 13.5 820.0 490.2
Babcock Internati . . . . .818.5 -12.5 851.0 570.5
Berendsen . . . . . . . . . . .511.5 -3.5 568.0 402.7
Bunzl . . . . . . . . . . . . . .1048.0 25.0 1053.0 676.5
Cape . . . . . . . . . . . . . . . .407.1 29.7 591.5 295.0
Capita . . . . . . . . . . . . . .684.5 21.5 767.0 611.5
Carillion . . . . . . . . . . . . .294.8 3.1 403.2 264.6
De La Rue . . . . . . . . . . .983.5 8.0 1001.0 730.0
Diploma . . . . . . . . . . . .460.5 1.9 465.0 284.0
Electrocomponents . . .233.6 5.9 294.9 182.2
Experian . . . . . . . . . . . .991.0 18.5 998.0 665.0
Filtrona PLC . . . . . . . . . .467.8 3.4 484.5 296.3
G4S . . . . . . . . . . . . . . . .283.3 3.7 292.1 219.9
Hays . . . . . . . . . . . . . . . . .91.6 2.3 118.2 58.9
Homeserve . . . . . . . . . .252.0 -0.5 532.0 214.7
Howden Joinery Gr . . . .120.0 -2.0 130.8 93.1
Interserve . . . . . . . . . . .295.3 9.1 341.3 270.1
Intertek Group . . . . . . .2557.0 42.0 2605.0 1744.0
Michael Page Inte . . . . .421.4 5.8 552.5 323.0
Mitie Group . . . . . . . . . .296.7 5.0 299.5 206.8
PayPoint . . . . . . . . . . . .663.0 23.5 670.0 450.0
Premier Farnell . . . . . . .219.9 5.2 301.0 144.5
Regus . . . . . . . . . . . . . .106.9 0.2 117.5 64.0
Rentokil Initial . . . . . . . . .87.0 0.5 100.9 58.2
RPS Group . . . . . . . . . . .238.5 1.7 253.0 156.6
Serco Group . . . . . . . . . .552.5 10.0 597.5 458.0
Shanks Group . . . . . . . . .95.7 3.2 130.9 90.8
SIG . . . . . . . . . . . . . . . . .105.6 0.3 153.5 77.0
Travis Perkins . . . . . . .1055.0 5.0 1125.0 715.0
Wolseley . . . . . . . . . . .2423.0 80.0 2558.0 1404.0
ARM Holdings . . . . . . . .522.0 -2.0 645.0 464.0
CSR . . . . . . . . . . . . . . . .222.8 -7.9 391.4 154.1
Imagination Techn . . . .656.5 -31.0 717.0 296.9
Spirent Communica . . .169.0 -1.0 172.8 105.8
British American . . . .3200.0 41.0 3248.5 2592.0
Imperial Tobacco . . . .2556.0 92.0 2591.0 1974.0
Betfair Group . . . . . . . .806.0 16.0 901.0 567.0
Bwin.party Digita . . . . . .151.9 -2.1 174.0 100.6
Carnival . . . . . . . . . . .2040.0 37.0 2642.0 1742.0
Compass Group . . . . . .658.5 14.5 671.0 512.5
Domino's Pizza UK . . . .445.1 5.6 526.0 377.0
easyJet . . . . . . . . . . . . . .513.5 17.6 518.5 302.5
FirstGroup . . . . . . . . . . .200.5 5.7 370.2 190.0
Go-Ahead Group . . . . .1133.0 -7.0 1598.0 1114.6
Greene King . . . . . . . . .526.0 15.5 527.5 410.0
InterContinental . . . . .1484.0 17.0 1497.0 955.0
International Con . . . . .180.6 4.2 258.7 132.0
Ladbrokes . . . . . . . . . . . .181.1 1.7 181.1 114.0
Marston's . . . . . . . . . . . .99.4 1.9 112.0 84.6
Millennium& Copt . . . .489.7 3.9 535.0 371.2
Mitchells & Butle . . . . . .265.5 1.7 336.8 215.6
National Express . . . . .221.5 4.8 270.2 201.6
Rank Group . . . . . . . . . .113.5 -3.5 153.7 109.5
Restaurant Group . . . . .290.0 9.1 329.0 254.9
Spirit Pub Compan . . . . .56.5 1.0 62.8 35.3
Stagecoach Group . . . . .255.1 7.1 287.4 220.0
TUI Travel . . . . . . . . . . . .194.0 3.0 250.0 136.7
Wetherspoon (J.D. . . . .408.4 2.9 468.3 380.5
Whitbread . . . . . . . . . .1946.0 19.0 1954.0 1409.0
WilliamHill . . . . . . . . . . .281.1 -0.3 282.0 183.3
Abcam. . . . . . . . . . . . . .370.0 0.0 460.0 320.0
Advanced Medical . . . . .75.5 1.5 95.0 64.8
Albemarle & Bond . . . .323.8 4.8 400.1 302.4
Amerisur Resource . . . . .25.4 0.4 29.0 9.5
Andes Energia . . . . . . . . .41.3 1.5 82.8 17.5
Andor Technology . . . .547.5 0.0 685.0 471.8
Archipelago Resou . . . . .60.0 -0.3 79.0 56.5
ASOS . . . . . . . . . . . . . .1483.0 5.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .21.0 -1.0 71.0 16.0
Avanti Communicat . . .276.5 3.5 450.0 241.3
Blinkx . . . . . . . . . . . . . . .59.5 5.8 158.0 41.3
Borders & Souther . . . . .85.0 0.0 131.0 43.5
BowLeven . . . . . . . . . . . .88.3 -0.5 342.3 62.0
Brooks Macdonald . . .1340.0 -10.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .86.5 0.5 112.8 66.5
Cove Energy . . . . . . . . .226.0 -0.5 242.0 61.0
Daisy Group . . . . . . . . . .105.0 -5.0 127.0 95.0
EMIS Group . . . . . . . . . .570.0 0.0 584.2 397.5
Faroe Petroleum . . . . . .177.8 1.0 177.8 130.0
Gulfsands Petrole . . . . .125.0 -1.0 290.0 125.0
GWPharmaceutical . . . .90.0 1.5 130.0 78.5
H&T Group . . . . . . . . . . .293.0 3.0 395.0 286.0
Hargreaves Servic . . . .1221.0 -6.0 1264.0 855.0
Healthcare Locums . . . . . .2.5 0.5 2.9 2.0
ImpellamGroup . . . . . .352.5 2.5 382.6 225.0
Iomart Group . . . . . . . . .138.8 0.8 151.0 85.5
James Halstead . . . . . . .510.0 5.0 529.2 410.3
London Mining . . . . . . .300.0 1.3 436.5 257.5
Lupus Capital . . . . . . . . .128.0 -2.0 142.0 86.0
M. P. Evans Group . . . . . .513.3 15.8 515.5 371.0
Majestic Wine . . . . . . . .458.8 -0.3 510.0 315.0
May Gurney Integr . . . .235.0 4.0 302.0 230.0
Monitise . . . . . . . . . . . . .35.0 -0.8 40.0 24.0
Mulberry Group . . . . .2360.0 40.0 2360.0 1290.0
Nanoco Group . . . . . . . .68.8 -0.8 90.0 38.0
Nautical Petroleu . . . . .333.0 -5.0 392.0 223.5
Nichols . . . . . . . . . . . . . .697.5 -3.0 708.3 499.8
Numis Corporation . . . . .81.0 -1.8 119.6 72.0
Pan African Resou . . . . . .16.5 0.5 18.3 9.5
Patagonia Gold . . . . . . . .36.8 0.0 70.0 34.0
Prezzo . . . . . . . . . . . . . . .69.0 -0.4 71.5 53.5
Rockhopper Explor . . .342.0 1.8 393.5 141.0
RWS Holdings . . . . . . . .525.0 12.5 560.0 389.0
Secure Trust Bank . . . .1060.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .19.0 -0.5 32.0 6.4
Songbird Estates . . . . . .119.3 2.3 160.3 103.0
Valiant Petroleum . . . .580.0 -5.0 628.5 400.0
Young & Co's Brew . . . .615.0 0.0 712.0 580.0
Chemring Group . . . . . . . . . . . . .391.9 20.0
Lloyds Banking Gro . . . . . . . . . . .33.6 8.3
Cape . . . . . . . . . . . . . . . . . . . . . . .407.1 7.9
Brown (N.) Group . . . . . . . . . . . .241.8 5.5
Royal Bank of Scot . . . . . . . . . . . .25.3 4.2
Lamprell . . . . . . . . . . . . . . . . . . .362.0 4.0
Imperial Tobacco G . . . . . . . . .2556.0 3.7
Booker Group . . . . . . . . . . . . . . . .81.9 3.7
PayPoint . . . . . . . . . . . . . . . . . . .663.0 3.7
Barclays . . . . . . . . . . . . . . . . . . .226.2 3.6
Man Group . . . . . . . . . . . . . . . . . .97.8 -5.5
Home Retail Group . . . . . . . . . . .101.0 -5.3
Imagination Techno . . . . . . . . . .656.5 -4.5
Supergroup . . . . . . . . . . . . . . . .333.0 -4.3
CSR . . . . . . . . . . . . . . . . . . . . . . .222.8 -3.4
Rank Group . . . . . . . . . . . . . . . . .113.5 -3.0
GemDiamonds Ltd. . . . . . . . . .253.0 -2.3
Ocado Group . . . . . . . . . . . . . . . .127.0 -2.2
Howden Joinery Gro . . . . . . . . .120.0 -1.6
Paragon Group Of C . . . . . . . . . . .177.1 -1.6
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 9.000 12 . . . . . .102.25 0.00 110.2 100.8
Tsy 5.250 12 . . . . . . .100.46 -0.03 104.9 100.5
Tsy 2.500 13 . . . . . . .283.71 -0.02 287.7 282.8
Tsy 4.500 13 . . . . . . .103.45 -0.01 106.4 103.4
Tsy 8.000 13 . . . . . . .110.64 0.00 116.4 110.6
Tsy 5.000 14 . . . . . . .110.61 -0.01 112.9 110.5
Tsy 8.000 15 . . . . . . .126.11 0.00 129.2 125.4
Tsy 4.750 15 . . . . . . .113.55 0.00 115.4 110.8
Tsy 4.000 16 . . . . . . .113.04 0.02 114.7 107.7
Tsy 2.500 16 . . . . . .343.28 0.08 345.7 323.8
Tsy 1.250 17 . . . . . . .115.69 0.06 117.1 109.9
Tsy 8.750 17 . . . . . . .139.17 -0.25 141.9 135.6
Tsy 12.000 17 . . . . . . .117.25 -1.06 127.9 117.0
Tsy 5.000 18 . . . . . . .121.00 0.06 122.5 113.2
Tsy 4.500 19 . . . . . . .119.67 0.10 120.9 109.3
Tsy 3.750 19 . . . . . . .114.89 0.13 115.9 103.4
Tsy 4.750 20 . . . . . .122.43 0.08 123.5 110.7
Tsy 2.500 20 . . . . . .366.31 0.24 369.3 330.6
Tsy 8.000 21 . . . . . . .150.91 0.03 153.8 138.8
Tsy 1.875 22 . . . . . . .127.07 0.08 129.2 114.9
Tsy 4.000 22 . . . . . . .116.78 0.08 118.2 103.2
Tsy 2.500 24 . . . . . .329.44 0.18 334.7 288.9
Tsy 5.000 25 . . . . . .128.02 0.10 130.6 111.5
Tsy 1.250 27 . . . . . . .122.59 0.02 127.0 107.6
Tsy 4.250 27 . . . . . . .119.03 0.13 122.7 101.7
Tsy 6.000 28 . . . . . .143.23 0.14 148.0 123.7
Tsy 4.125 30 . . . . . . . .311.01 0.15 322.8 272.0
Tsy 4.750 30 . . . . . . .125.19 0.26 130.5 107.3
Tsy 4.250 32 . . . . . . .117.42 0.25 123.1 100.3
Tsy 4.250 36 . . . . . . .116.86 0.24 123.9 99.6
Tsy 4.750 38 . . . . . . .126.17 0.23 134.2 107.9
Tsy 4.500 42 . . . . . .122.39 0.19 130.8 104.1
% %
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AIM 50
W
ow, this is cool Daddy,
what is it? says my
daughter as she clambers
into the back of the 70th
Anniversary edition Jeep Wrangler.
I appear to have acquired instant
street cred. Amongst the under
threes, in any case.
That I am driving this car at all for
this column is questionable. There
is almost nothing about the Jeep
Wrangler that fits with my brief to
write about premium, luxury and
commuter cars. And with CO2 emis-
sion figures of 213g/km this is not a
vehicle that will be popular with
the Mayors office.
Thankfully, I get to throw in the
occasional oddball for entertain-
ment value. These days Jeeps
Wrangler seems increasingly out-
moded despite earning itself a mas-
sive cult following over the years. Its
design has its origins in the Willys
Jeep from WWII, which goes some
way to explaining how badly it
drives by modern day standards. In
truth there are elements of this
Wrangler that feel like a 70-year-old
vehicle design.
Its impossible not to bounce
around on its leather-trimmed seats
as they jump around on their
springs. At times I feel like Tigger in
an old jalopy. One of my posher
friends said it reminded her of rid-
ing in a horse and carriage.
The acceleration and steering are
also crude. The steering requires
multiple inputs which becomes tir-
ing although things get easier at
higher speeds on the motorway.
The throttle progression is not
subtle. More on or off, like throw-
ing an old, mechanical switch. Its
197bhp 2.8-litre diesel engine is
able to accelerate from 0-62mph in
12.9 seconds. So its slow. But this is
Jeeps off-road model. The Wrangler
alongside the British stalwart the
Land Rover Defender share a spe-
cial relationship. Both are almost
exactly the same age. They are as
proper a 4x4 as an SUV can be. Rock
hard in other words. Not made for
the City. The attributes that have
make them so excellent in the
hands of generations of soldiers
and farmers make them more chal-
lenging to drive on tarmac.
Yet people still buy them. Because
they are uniquely cool. Cool like a
dirt bike, like extreme sports, like a
Leatherman tool. If you dont see
this then you obviously need to get
out more. Globally Jeep continues to
sell Wranglers to the wealthy as
weekend playthings and more and
more money is being spent person-
alising them.
Which is why you are unlikely to
see many of them in the City. On-
road things are bearable...just. I find
I become increasingly accepting of
the Wranglers lack of sophistica-
tion as I spent more time driving it.
But that is not to say that it is good.
Almost any other 4x4 will provide a
more comfortable ride than the
Wrangler but then they will also
be incomparable off-road. And
though this 70th Anniversary spe-
cial edition has plastic trim which
dominates its interior, the steering
wheel is trimmed in a soft and com-
fortable leather and chrome and
brushed aluminium adorns key
areas of the interior, including the
gear shift. Also, there is an accept-
able sat-nav system and using the
cruise control reduces fatigue. The
roof is removable, though the week-
end we have the car is characterised
by biblical amounts of rain. Shame,
having the roof off would have been
fun.
This is a vehicle that could make
for some memorable trips. By
todays standards it is slow, uncom-
fortable and uneconomical. There is
very little storage space in the rear;
this is a vehicle you strap things to
under tarpaulin rather than carry
stuff in the boot.
But the Wrangler cries out for a
fishing trip, for a canoe, a beach,
even a campfire would do. Its just
not right for urban use. Its wrong
on so many levels. But as a weekend
plaything its a big boys Tonka toy
and I love it, warts and all. It feels
large and awkward and a little
unpredictable: maybe the Mayor
would like it after all?
The Jeep Wrangler is a bit like a Tonka truck; lovable perhaps, but not a practical driving option for a city.
Driving this Jeep is a hard wrangle
Terrible on-road, pretty ropey off-road, this 70th anniversary edition Wrangler is more like a jalopy than a car
27
LIFE&STYLE
cityam.com
MOTORING
CAR TALK
BY RYAN BORROFF
Audi Q5 SUV with Google and online radio
Details on the latest Audi Q5 SUV have been released. The popular 4x4
has undergone styling tweaks and chassis improvements and has a new
electro-mechanical power steering system. Engine efficiency is up by 15
per cent. You can now also choose Audi's in-car internet service which
includes Google Earth, Google Street View, online traffic information
and internet radio. From 33,400 OTR.
WORDS BY
RYAN BORROFF
THE VERDICT:
DESIGN hhiii
PERFORMANCE hhiii
PRACTICALITY hhiii
VALUE FOR MONEY hhiii
THE FACTS: JEEP WRANGLER 70TH
ANNIVERSARY EDITION
PRICE: 27,395
0-62MPH: 12.9 secs
TOP SPEED: 107mph
CO2 G/KM: 213g/km
MPG COMBINED: 34.9mpg
BMWs fleet of low-emission cars
BMW has revealed its fleet of low-emission, diesel, hybrid and electric
cars, motorcycles and bicycles available for use during the London 2012
Olympic and Paralympic Games. Cars include electric Minis and 3- and
5-series Hybrids. The companys Munich testing facilities were also used
to test the resilience of the Olympic torch to 50mph winds, snow and
driving rain.
Lamborghini Reventon supercar going under hammer
A Lamborghini Reventn supercar one of only 20 built is going
under the hammer at the H&H Classics sale at Londons Motorexpo at
Canary Wharf, 11-17 June. Powered by a 6.5-litre V12 engine producing
650bhp, the carbon-fibre Reventn can sprint to 0-62 mph in just 3.4
seconds and go on 211mph. Expect to pay 1m or so.
www.motorexpo.com
28
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Best of Oops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News 6.30pmBBC
London News 7pmThe One Show
7.30pmDrought 2012 An Inside
Out Special: BBC News
8pmTraffic Cops
9pmThe Apprentice
10pmBBC News
10.25pmRegional News 10.35pm
The National Lottery Wednesday
Night Draws 10.45pmFILM
Chicago. 2002; National Lottery
Update 12.30amWeatherview
12.35amSign Zone: See Hear
1.05amWatchdog 2.05am
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Panorama 2.35amAntiques
Roadshow3.35amGreat British
Railway Journeys 4.05am-6am
BBC News
6pmEggheads
6.30pmGreat British Menu
7pmLive Snooker: The World
Championship
8pmCHOICE Antiques
Uncovered
9pmThis World: The Shame of
the Catholic Church
10pmThe Apprentice: Youre
Fired
10.30pmNewsnight: Weather
11.20pmSnooker: The World
Championship: The concluding
quarter-finals.
12.10amSnooker Extra
2.10amBBC News 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmThe Unforgettable
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8pmCHOICE The British Soap
Awards 2012: Phillip Schofield
hosts the annual ceremony.
10pmITV News at Ten
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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
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6
7 8
9 10 11 12
13 14
15
16 17 18 19
20 21
22
23
24
23 6
33 19
3 30
4 9 10
41
6 4
36
16 19 7
10 13
24 35
11 17
7
16
9
17
34
17
8
10
16
38
19
18
34
12
20
11
15
16
15
8
14
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ACROSS DOWN
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R A V E N H E E L S
A M I N E V I
C H A M B E R L A I N
E E W S G
R O U T E S F I L E
T G V
A P E X R E H E A T
R N O O A
I N S T R U C T I O N
E I O P E L G
S O L I D P Y G M Y
9 5 3 7 4 2 8
4 3 1 2 5 2 1 7
1 2 8 7 6 4 9
3 8 3 9 6 8
6 9 7 8 3 1 2 4
2 7 3 3 6 8
1 6 2 8 3 7 8 9
4 6 2 1 1 7
7 8 6 9 5 1 3
6 9 5 1 8 3 4 2
2 5 1 3 9 5 4
4
4
4
4
4
4
4
4
4
The nine-letter words were
FORMULAIC and FUMAROLIC
1 Spains head of state
from 1939-1975 (6)
6 Twelve noon (6)
7 Fit for cultivation (6)
9 Ultimate client for
which a thing is
intended (3,4)
13 Individual units
in a list (5)
14 Capacious (5)
15 Male child (3)
16 Furze (5)
19 Insectivorous
terrestrial lizard (5)
20 Watch attentively (7)
22 Surname of
Roseanne Barrs ex-
husband Tom (6)
23 Appraise (6)
24 Pencil rubber (6)
1 Pink wading bird (8)
2 Non-professionals (8)
3 Portent (4)
4 Hate coupled
with disgust (5)
5 Honey-badger
of Africa and
southern Asia (5)
8 Smaller in amount (6)
10 Hazard (6)
11 Plausible but false (8)
12 Tubular wind
instrument with eight
nger holes (8)
17 Rotund, extremely
chubby (5)
18 Set or keep apart (5)
21 Jar for owers (4)
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
ANTIQUES UNCOVERED
BBC2, 8PM
Lucy Worsley and collectibles expert
Mark Hill explore the stories behind
different antiques, beginning with
objects from the world of entertaining.
THE BRITISH SOAP AWARDS 2012
ITV1, 8PM
The stars of Coronation Street,
EastEnders, Emmerdale, Hollyoaks and
Doctors gather as Phillip Schofield
hosts the annual awards ceremony.
THE KILLING
CHANNEL4, 10PM
Detective Linden continues
investigating the teenagers murder,
and discovers Holder doctored the
photograph of Darren Richmond.
TVPICK
EVERTON wasted the chance to steal
a march on rivals Liverpool after
substitute Cameron Jerome secured
a Premier League point for Stoke
with a 69th-minute equaliser in an
occasion best forgotten.
[Finishing above Liverpool] is not
desperately important, the
important thing is to finish in the
top 10 and this might secure that,
said Everton manager David Moyes.
If we can win the last two games it
will be a good season for us.
Unlike many at this stage of the
season, Moyes side, who lie seventh,
still have much to play for as they
hope to finish above their rivals for
the first time since 2005, though
both they and Stoke appeared
motivated by little.
Typically, the throw-ins of Rory
Delap were Stokes chief creativity,
and any goal appeared unlikely to
arrive in a remotely inspirational
manner. Robert Huth, Ryan
Shawcross and Kenwyne Jones all
wasted chances for Stoke, while
Evertons in-form Nikica Jelavic hit
the ball over the bar with his knee.
Yet just when it appeared the
game would remain goalless at half-
time, Everton went in front when
Tony Hibberts cross hit Marc Wilson
before glancing in off of Peter
Crouchs back for a cruel own goal.
The second-halfs pattern of play
remained unchanged until Stoke
manager Tony Pulis introduced
Jerome in a treble substitution,
though it wasnt until he scored that
his contribution told. The powerful
striker seized on a loose ball to race
clear and fire past goalkeeper Tim
Howard to secure his sides equaliser
and what was ultimately a fair point.
Moyes content
despite Stokes
late leveller
G
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Fortress Anfield breached again
LIVERPOOLS preparations for
Saturdays FA Cup final took a
blow as their poor home form
continued to allow Fulham to win
their first game at Anfield and
draw level with them in the
Premier League.
I dont think it can be described
as a performance, said unhappy
Liverpool manager Kenny Dalglish,
whose side are eighth. They had
the chance to press [for Saturday]
but the performance was poor.
Dalglish had made nine changes
from the side that won 3-0 at
Norwich on Saturday to keep his
squad fresh for the biggest game of
their season. The Scot would have
hoped for hungry performances
from those aiming to start
Wembleys showpiece but his side
made the worst-possible start when
defender Martin Skrtel scored an
own goal by deflecting John Arne
Riises low cross past Doni.
The goal was emblematic of
Liverpools fortunes at Anfield, but
if Dalglish expected change then
only his optimism can be admired.
At half-time, Stewart Downing
replaced Jordan Henderson but the
reality was that Liverpool remained
as likely to score as Newcastle are
to return the 35m pocketed from
the transfer of Andy Carroll. Of 18
shots, only five were on target, and
though Fulham offered little in
return, their goalkeeper Mark
Schwarzer will have rarely felt so
untroubled. Shots flew over the bar
and crosses were cleared, but true
signs of a goal remained elusive. An own goal from Martin Skrtel, second left, was enough to gift Fulham an away victory
SPORT
29
cityam.com
STOKE .........................................1
EVERTON.....................................1
BY SPORTS DESK STAFF
PREMIER LEAGUE
LIVERPOOL ................................0
FULHAM......................................1
BY DECLAN WARRINGTON
PREMIER LEAGUE
FORMER Australia and Saracens star
Michael Lynagh has been discharged
from hospital as he continues his
recovery from a stroke.
Lynagh was admitted to intensive
care a fortnight ago in Brisbane
where it was discovered he had
suffered a blocked vertebral artery.
The 48-year-old wrote on Twitter
Lynagh released from hospital
yesterday: Almost exactly two weeks
after my stroke, I have been released
from hospital. A long way to go, but
a big step in the right direction.
The 1991 World Cup winner spent
two seasons at Saracens, helping
them to win the Tetleys Bitter Cup,
before retiring in 1998.
Lynagh remains based in Britain,
where he works in advertising and as
a television pundit.
BY FRANK DALLERES
IN BRIEF
Cleverly eyes Bellew rematch
n BOXING: Waless WBO light-
heavyweight champion Nathan Cleverly
will consider a rematch with Tony
Bellew if he fails to secure a unification
bout against another champion. He
[Bellew] looked impressive and thats
an option, said Cleverly, who
controversially outpointed Bellew last
October. If he had a world title then
that would help, we could have a
unification fight. Its a fight I want.
Brailsford sets Wiggins target
n CYCLING: Team Skys team principal
Dave Brailsford says Bradley Wiggins
priority is to defend his Criterium du
Dauphine title before he targets the
Tour de France. Our intention is for
Bradley to defend his title, he said.
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Results
ENGLANDS new manager Roy
Hodgson insists he is strong enough
to handle the pressure of the most
high-profile role of his lengthy
career, after completing a whirlwind
48 hours by signing a fouryear
deal yesterday.
Hodgsons appointment came in
for criticism before it was even con-
firmed, with questions raised about
why Tottenhams Harry Redknapp,
the bookmakers favourite, was
overlooked in favour of the
West Brom boss.
The 64-year-old also has
recent history of show-
ing the strain in a
demanding role, having
endured a difficult and
increasingly fraught six
months at Liverpool,
before the club sacked him
halfway through last season.
But Hodgson, who has impressed
since with the Baggies and boasts a
diverse CV that includes stints at
Inter Milan and with three national
teams, is adamant he is not fazed by
a notoriously demanding position.
Im prepared. The fact is I took it
at Liverpool and Ill take it here, said
Hodgson, whose first match in
charge will be against Norway
in Oslo on 26 May.
The Liverpool chapter
is in the past and Im
concentrating on the
future. There are lots of
other chapters in my
past I could concentrate
on if I wanted to that
would put a smile on my
face. Inter, I would submit,
wasnt exactly too easy when it
comes to scrutiny and size of club.
The England managers job is the
pinnacle of success for every English
manager and it certainly brings with
it a lot of scrutiny and criticism and I
have to be prepared for that.
Hodgson was presented at
Wembley yesterday, just two days
Im ready for the pressure, insists
prepares to inherit England jobs
after West Brom told him they had
accepted an approach from Football
Association chairman David
Bernstein, and less than a fortnight
before Englands squad for the
European Championship is set to be
named a timescale Hodgson con-
ceded was far from ideal.
Its going to be difficult of course
but hopefully Ive got time, he said.
Obviously Ive been working here [in
the Premier League] for the last five
years so the players are pretty well
known to me, even though I
havent worked with them
all. Ive done as much
research and spoken to
as many people as I can.
Hodgson declared
Manchester United strik-
er Wayne Rooney would
definitely be in his squad,
despite a two-match ban,
but refused to name a cap-
tain. Liverpool skipper Steven
Gerrard, who has worked with
Hodgson, would be a leading candi-
date and last night welcomed the for-
mer Anfield chiefs appointment.
Ive worked with Roy. Hes a good
man and a good manager, said
Gerrard. Its important hes given a
chance and Im looking forward to
working with him again.
Bernstein insisted former
Fulham manager Hodgson
had been the only man
approached and that he
had been identified a
month ago when City
A.M. revealed the FA had
gone cold on Redknapp.
He insisted the lack of
compensation associated
with hiring Hodgson he
was out of contract in the sum-
mer was not a factor but refused to
discuss why Redknapp had not been
interviewed.
Hodgson, meanwhile, revealed
Redknapp had left him a message of
congratulation. Hes been very gra-
cious in everything hes done, he
said. I hope we remain friends.
19
This is the 19th job of
Hodgsons 36-year
coaching career
3
World ranking
Switzerland achieved
under Hodgson
West Brom boss signs four-year deal and
has just two weeks to pick Euro 2012 squad
NORWEGIAN world champion
swimmer Alexander Dale Oen has
died, aged just 26, following a
cardiac arrest, in the latest such
incident to affect apparently
healthy sportsmen.
Dale Oen, who won 100m
breaststroke gold at last years
World Championships in Shanghai,
was found collapsed at a training
base in Arizona, where he was
preparing for the London 2012
Echoes of Muamba incident as
Norwegian swimmer, 26, dies
Olympics. Emergency services
proved unable to revive him.
It follows Bolton footballer
Fabrice Muambas on-field cardiac
arrest during an FA Cup match at
Tottenham in March. The 24-year-
olds heart stopped beating for 80
minutes but was eventually revived
and was discharged from hospital
two weeks ago.
Italian second division footballer
Piermario Morosini died last
month after suffering a heart
attack during a game.
30
SPORT
cityam.com/sport
BY FRANK DALLERES
BY FRANK DALLERES
Roy thrown
straight in at
the deep end
I
F HE was in any doubt
beforehand, Roy Hodgson got
a taste of the singular scrutiny
to which England managers
are subjected when he faced
the media for the first
time yesterday.
Perched slightly awkwardly,
Hodgson was bombarded with
just about every awkward
question imaginable. Could
John Terry and Rio Ferdinand
coexist in peace? Would Steven
Gerrard be captain? Then a
curveball: did he now regret
time playing in apartheid-era
South Africa some four decades
ago? He shuffled a touch as he
batted away the first two but
was robust on the latter. He also
gave a confident and forthright
response to the issue of Wayne
Rooneys selection.
Yet there was an elephant in
the room in Harry Redknapp,
and why the Tottenham boss
was not interviewed. Such was
David Bernsteins reluctance to
elaborate that he would not
even utter Redknapps name;
referring instead to him and
other candidates.
Sensing hostility, Bernstein
went to lengths to elaborate on
Hodgsons credentials. The new
man himself, meanwhile, three
times appealed for the country
to get behind him and trod a
fine line between a sensible
downplaying of expectations
and the sort of sober reality to
which Englands followers are
unaccustomed.
Occasionally, he smiled
nervously, like a candidate keen
to impress at a job interview,
but soon reverted to that lived-
in poker face. Overall, he
maintained the dignity for
which he has been praised. The
trick will be keeping that intact
over the next four years.
FOOTBALL
SKETCH
FRANK DALLERES
ALL-TIME RECORDS: ENGLAND MANAGERS
nStuart Pearce, Feb 2012-May 2012
P1 W0 D0 L1 Win% 0
nFabio Capello, Dec 2007-Mar 2012
P42 W28 D8 L6 Win% 66.67
n Steve McClaren, Aug 2006-Oct 2007
P18 W9 D4 L5 Win% 50
n Sven-Goran Eriksson, Jan 2001-Jul 2006
P67 W40 D17 L10 Win% 59.70
nPeter Taylor, Nov 2011
P1 W0 D0 L1 Win% 0
n Kevin Keegan, Feb 1999-Oct 2000
P18 W7 D7 L4 Win% 38.89
n Glenn Hoddle, Sep 1996-Feb 1999
P28 W17 D6 L5 Win% 60.71
n Terry Venables, Mar 1994-Jun 2006
P23 W11 D11 L2 Win% 47.82
n Graham Taylor, Sep 1990-Nov 1993
P38 W18 D13 L7 Win% 47.36
n Sir Bobby Robson, Sep 1982-Jul 1990
P95 W47 D30 L18 Win% 49.47
Di Matteo: Cup places available
CHELSEA interim manager Roberto
di Matteo has urged his fringe
players to force their way into his FA
Cup final plans by beating Newcastle
to strengthen their hopes of a top-
four Premier League finish.
The Italian insists his side are
focused on tonights game, in which
they could climb two places from
sixth, though he admitted his
players form would be a
consideration for Saturdays
showpiece against Liverpool at
BY DECLAN WARRINGTON Wembley, with Fernando Torres
among those to impress lately.
Well see how the game goes
tomorrow and then Ill be thinking
about Saturday, he said. I look a
little more back and look at maybe
the last three or four weeks and the
way we played and the different
positions and so on.
Di Matteo believes his squads
experience could prove decisive in
the four-way fight to claim the
remaining two Champions League
qualifying places. He said: We have
players that have been in this
situation before and have certainly
the experience to be playing in all
these important games with a lot of
pressure on us. It could prove
decisive.
He also confirmed that he is
confident defenders Gary Cahill and
David Luiz will regain fitness in time
for the Champions League final
against Bayern Munich on May 19,
something that is of greater
significance with captain John Terry
suspended. Hopefully theyll be
ready before, said Di Matteo. I have
hope, but I dont know yet.
31
ROY ON...
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Y
Hodgson, as he
poisoned chalice
Care and Haskell can
make South Africa
tour, says Lancaster
ENGLAND coach Stuart Lancaster
has opened the door for Danny Care
and James Haskell to return to the
international set-up for this
summers tour to South Africa,
though he accepts the duo will
never be coached by Wayne Smith.
The Harlequins scrum-half was
overlooked by England for this
years Six Nations following myriad
off-field controversies but after
holding talks with him, Lancaster
admitted Care would be considered
if his form was good enough.
Danny Care is someone I have
met recently and I am pleased with
what he is doing off the field in
terms of working hard to force
himself back into contention, said
Lancaster, I had a positive meeting
with him and he is one I will
consider for the tour.
Lancaster also revealed that
flanker James Haskell, scheduled to
return to Wasps for next season, will
again be under consideration as his
time with Super 15 side Highlanders
comes to a close, despite a current
three-week ban for punching.
He said: James Haskell will be
coming back into the equation. I
have spoken to him about his
availability. James has a three-week
ban, his next game would be May
26, then he will play a Super 15 on
June 2 and then join us, if selected.
Haskells former Wasps team-
mate Danny Cipriani, however,
appears unlikely to play any part,
even though Lancaster admitted the
fly-half could have a future role.
Danny Cipriani is another one
but I think the next step for him is
to go to Sale, do the pre-season, said
Lancaster. He is in a competitive
position. Hopefully he will earn
the right to get back in there
next season.
Lancaster revealed World Cup
winning former New Zealand coach
Smith had rejected a job offer, in a
second snub following Andy Farrell
decision to stay at Saracens. London
Irishs Mike Catt will take
Farrells place as backs
coach in South Africa,
and possibly beyond.
Mike has played for
England for 12 years and
has a wealth of
experience,
Lancaster added.
He has played in
South Africa and been with the
Lions. It will be really exciting to
work with him.
Haskells return to the England
squad may be more important than
previously anticipated, after a neck
injury suffered by Leicester flanker
Tom Croft ruled him out of selection
for the South Africa tour. He joins
Rob Webber, Courtney Lawes, Tom
Woods, Joe Simpson and Charlie
Sharples in being injured, while
Calum Clark is suspended.
It is hoped, however, that
Ugo Monye, Anthony
Allen and Alex
Corbisiero will
regain fitness in
time to tour.
Scrum-half Danny Care was left out of Lancasters England squad for the Six Nations
Proved hes a top manager at international
level so dont see a reason why he cant do it
for England
The fact is I took

it at Liverpool and
Ill take it here. The
England job brings
a lot of scrutiny and
criticism and I will
have to be prepared
for that
Its going to be
difficult [to pick a
squad so soon] but
hopefully Ive got
time. Ive been
working here for
five years so I know
the players
England have to
go into tournaments
to win because we
are a major football
nation. Players would
be disappointed if
we expected
anything less
cityam.com
BY DECLAN WARRINGTON
Photography: Simon Procter
Millinery: Stephen Jones
Attire: Antonio Berardi
royalascothospitality.co.uk
0844 411 5081
n Ron Greenwood, Sep 1977-Jul 1982
P55 W33 D12 L10 Win% 60.00
n Don Revie, Oct 1974-Jun 1977
P29 W14 D8 L7 Win% 48.28
n Joe Mercer, May 1974-Jun 1974
P7 W3 D3 L1 Win% 42.86
n Sir Alf Ramsey, Feb 1963-Apr 1974
P113, W69 D27 L17 Win% 61.06
n Walter Winterbottom
P138 W77 D33 L28 Win% 55.80
Lancaster will also
consider James
Haskell for selection
SCHEDULE
England tour of South Africa
n Saturday 9 June: First Test, Durban,
4pm
n Wednesday 13 June: v SA Barbarians
South, Kimberley, 1.30pm
n Saturday 16 June: Second Test,
Johannesburg, 4pm
n Tuesday 19 June: v SA Barbarians
North, Potchefstroom, 6.10pm
n Saturday 23 June: Third Test, Port
Elizabeth, 4pm
All times BST
Jack Wilshere gives Roy Hodgson the thumbs-up
I AM
THE MERCHANT.
MY ADVICE
TO YOU IS THIS.
EAT WELL, DRINK
WELL AND YOU
WILL LIVE WELL.
PROBABLY.

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