Cityam 2011-04-04

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BUSINESS WITH PERSONALITY
R E T A I L B A N K I N G - C O R P O R A T E & I N V E S T M E N T B A N K I N G
S P E C I A L I S E D F I N A N C I A L S E R V I C E S & I N S U R A N C E
P R I V A T E B A N K I N G , G L O B A L I N V E S T M E N T M A N A G E M E N T & S E R V I C E S
NOTHI NG I S AS STRONG
AS TEAM SPI RI T
Societe Generale is a credit institution and investment services provider (entitled to perform banking activities and/or to provide investment services other than the operation of Multilateral Trading Facilities) authorised and regulated by the French Autorité de Contrôle
Prudentiel (Prudential Control Authority) and Autorité des Marchés Financiers (Financial Markets Authority). Societe Generale is subject to limited regulation by the UK Financial Services Authority («FSA») for the conduct of its business in the United Kingdom. Details
of the extent of its regulation by the FSA are available from us on request. Societe Generale benefits from the EC passport authorising the provision of certain banking and investment services within the EEA. This material has been prepared solely for information
purposes and does not constitute an offer from Societe Generale to buy or sell any securities or financial instruments, or to participate in any trading strategies. Not all products and services offered by Societe Generale are available in all jurisdictions. Please contact
your local office for any further information. © 2011 Societe Generale Group and its affiliates. - © GettyImages -
R E T A I L B A N K I N G - C O R P O R A T E & I N V E S T M E N T B A N K I N G
S P E C I A L I S E D F I N A N C I A L S E R V I C E S & I N S U R A N C E
P R I V A T E B A N K I N G , G L O B A L I N V E S T M E N T M A N A G E M E N T & S E R V I C E S
NOTHI NG I S AS STRONG
AS TEAM SPI RI T
Societe Generale is a credit institution and investment services provider (entitled to perform banking activities and/or to provide investment services other than the operation of Multilateral Trading Facilities) authorised and
regulated by the French Autorité de Contrôle Prudentiel (Prudential Control Authority) and Autorité des Marchés Financiers (Financial Markets Authority). Societe Generale is subject to limited regulation by the UK Financial Services
Authority («FSA») for the conduct of its business in the United Kingdom. Details of the extent of its regulation by the FSA are available from us on request. Societe Generale benefits from the EC passport authorising the provision of
certain banking and investment services within the EEA. This material has been prepared solely for information purposes and does not constitute an offer from Societe Generale to buy or sell any securities or financial instruments,
or to participate in any trading strategies. Not all products and services offered by Societe Generale are available in all jurisdictions. Please contact your local office for any further information. © 2011 Societe Generale Group and
its affiliates. - © GettyImages -
FTSE 100 ▲6,009.92 +101.16 DOW ▲12,376.72 +56.99 NASDAQ ▲2,789.60 +8.53 £/$ 1.61 ▲+0.01 £/¤ 1.13 unc ¤/$ 1.42 unc
Elliott piles
pressure on
UK targets
ACTIVIST hedge fund Elliott Advisors
has stepped up its assault on two UK
companies after garnering the support
of extra shareholders.
At National Express, where it has
built up a 17 per cent stake and called
for a shake-up of strategy, it is expected
to receive the backing of the transport
group’s largest shareholder, Spain’s
Cosmen family.
The Cosmen family, a major investor
in National Express since 2005, holds a
20 per cent stake but has not publicly
backed the board.
Sources close to National Express
told City A.M. the family “has been a
long term supporter of the company”
and it “remains to be seen” which side
of the debate it will support.
Meanwhile, at Alliance Trust, where
Elliott recently bought a three per cent
stake, stockbroker Brewin Dolphin is
set to meet management tomorrow to
persuade it to discuss its share price
performance, which trades at a dis-
count to the firm’s net asset value.
Elliott has not yet demanded any
changes at Alliance Trust, which man-
ages £2.4bn of funds, but in February
Laxey Partners, another activist fund
with a 1.3 per cent stake, called for a
control mechanism to reduce its gap-
ing 17-20 per cent share price dis-
count.
Brewin Dolphin is said to be repre-
senting shareholders that own a com-
bined four per cent of the firm’s stock,
who all want the firm to shake up its
strategy.
BY ALISON LOCK
FUND MANAGEMENT

VODAFONE last night agreed to sell
its stake in SFR, France’s second-
largest mobile operator, to Vivendi for
€7.95bn (£7bn) in cash and said it
would return £4bn to its sharehold-
ers.
The British mobile giant’s 44 per
cent stake was valued at €7.75bn and
it will receive a final dividend of
€200m once the transaction is com-
pleted within the next three months.
Vodafone said £4bn of the proceeds
would be returned to investors via a
share buyback, with the remainder
being used to pay down its debt pile.
Sources close to the firm said
Vodafone boss Vittorio Colao had
extracted a “good price” during nego-
tiations that ran into yesterday
evening.
Last month, Vivendi indicated that
it would be unwilling to pay anything
north of £6bn for the 44 per cent of
SFR it does not already own.
The deal implies an enterprise
value for SFR of around 6.7 times
earnings before interest, taxation,
depreciation and amortisation
(Ebitda) – higher than the 5.5 times
that is the norm for European tele-
coms companies.
Colao said the decision to sell SFR
was in keeping with his strategy of
“realising maximum value from
[Vodafone’s] non-controlled assets”.
VODAFONE SELLS
£7BN SFR STAKE
BY DAVID CROW
TELECOMS

www.cityam.com Issue 1,356 Monday 4 April 2011 FREE
NORTH SEA
TAX RAID
CENTRICA SAYS IT
COULD MOVE RIGS
ELSEWHERE P3
MEET THE FACES OF THE
SILICON ROUNDABOUT
THE REAL SOCIAL NETWORK P25
BUSINESS WITH PERSONALITY
He added: “The sale of our stake in
SFR, at an attractive multiple, repre-
sents a significant further step in the
execution of this strategy.”
Vodafone’s holding in SFR con-
tributed £573m to its adjusted operat-
ing profit in the year to 31 March
2010, and £284m in the six months to
30 September 2010.
The pair also hammered out the
terms of a new two-year commercial
partnership that will enable
Vodafone customers to use SFR signal
when in France.
Vodafone, which has already sold
its minority interests in China and
Japan, is now likely to turn its atten-
tion to divesting its Polish assets.
Analysts estimate its 24.4 per cent
stake in Poland’s Polkomtel could be
worth about €1bn.
Meanwhile, Vivendi said it would
be able to hike its dividend thanks to
the extra profits it will book follow-
ing completion of the deal.
Last week, Vodafone bought Essar
out of its Indian venture for $5bn, in
a move that paves the way for an
eventual flotation of the firm, accord-
ing to sources close to Vodafone.
Certified Distribution
31/01/11 - 27/02/11 is 107,265
Vodafone chief executive Vittorio Colao has been selling off the mobile giant’s non-core assets
News
2 CITYA.M. 4 APRIL 2011
All eyes on ECB
after debt sale
THE European Central Bank (ECB)
will today reveal if it intervened in
the Portuguese debt sale at the end of
last week, when €1.645bn (£1.45bn) in
short-dated bonds were sold.
The sales came with a yield of 5.793
per cent -- below the secondary mar-
ket level of seven per cent, but 2.5 per
cent higher than Portugal paid at
auctions of similar bonds last year.
While the sale raised cash, analysts
point to high borrowing costs and
tumbling confidence in the peripher-
al Eurozone state, which is edging
closer to a bailout.
Prime Minister Jose Socrates’ resig-
nation, following parliament’s rejec-
tion of his latest austerity package,
has sparked a snap election to be held
on 5 June.
Meanwhile, the International
Monetary Fund (IMF) has vehemently
denied suggestions that it was pri-
vately pressing troubled Greece to
restructure its debt.
“The IMF supports the Greek gov-
ernment’s position of no debt restruc-
turing and its determination to fully
service its debt obligations,” an IMF
spokeswoman said.
Greece and Ireland can both sus-
tain their governments’ debts, Klaus
Regling, head of the European
Financial Stability Facility, said last
week.
BY JULIAN HARRIS
EUROZONE ECONOMY

Wall St fuelling new dot.com bubble
WITH the benefit of hindsight, bub-
bles are shockingly easy to spot. From
Dutch merchants staking fortunes on
the price of tulip bulbs to Chinese
investors fighting for empty proper-
ties, the idiocy is always self-evident –
eventually. At the time, however, it
seems to make perfect sense to throw
good money after bad. Somewhere
deep in their psyche, human beings
want to delude themselves that the
world really is different this time, that
they are just that much cleverer than
everybody else and that eternal eco-
nomic laws no longer hold.
Unfortunately, such sentiments are
invariably and depressingly wrong.
Hence why I worry – and why my
own bubbleometer starts flashing red
– when I see that Groupon, a two and a
half-year old US website which spe-
cialises in digital coupons and dis-
counts, is being valued by its backers
and advisers at $15bn-$25bn. This can’t
be right. Wall Street venture capital-
ists, investment bankers and fund
managers are getting carried away
again. In many cases, they are right to
be excited – the new generation of tech
start-ups are generating lots of rev-
enues. They are closer to Google and
Amazon than to the duds launched
during the 1990s dot.com bubble.
There are a great group of viable small-
er firms in the UK too, based around
London’s Silicon Roundabout (see p25).
But that doesn’t mean that all sense of
proportion should be lost.
In 1999, when the dot.com bubble
was at its most extreme, 308 tech firms
floated in the US, netting Wall Street a
cool $1.3bn in fees. Morgan Stanley cal-
culates that the combined valuation of
the 24 largest US tech firms floated
that year was $70.96bn. Since then, the
world has changed radically and for
the better for tech firms. But it is never-
theless ominous that the four biggest
new dot.coms on the block – Facebook,
Twitter, Zynga and Groupon, all pri-
vately held – are being valued at a com-
bined $79-89bn.
Facebook, valued at $50bn, is the
dominant member of this new genera-
tion of firms. It may even eventually be
worth its price tag given its surging
revenues – but that assumes it retains
its market share. Twitter is being val-
ued at $4.5bn; it remains to be seen
how good it will be at generating rev-
enues and profits. It could thus easily
be over-valued. Zynga, a social games
developer, was founded in July 2007. It
has already raised $219m, is seeking
$500m more and employs 1,300 peo-
ple. It expects revenues to reach $1.8bn
and to make $630m in profits in 2011.
The site is now valued at $10bn, which
would not be that expensive if these
profit numbers turn out to be correct
(which of course is not certain).
Groupon has turned down a $6bn
offer from Google. It is being valued at
around $15bn, having raised $1bn, and
hopes to eventually float for $25bn. Its
revenues seem to have been $750m in
2010; the firm hopes these will reach
$3bn-$4bn this year. But given that its
competitors may be able to replicate its
technology, such growth rates could
easily turn out to be fanciful.
The internet has come of age. One
reason why British retailers are suffer-
ing so much is because shoppers are
migrating from bricks and mortar. But
many investors are getting carried
away again. Some of these tech firms
will be huge; others won’t. Even the
successful ones may be worth only half
or a quarter of what their bankers are
pushing for. This is not like 1999 all
over again – but this new frenzy is not
entirely rational either. We don’t need
hindsight to tell us that.
[email protected]
Follow me on Twitter: @allisterheath
GOLDMAN Sachs doubled its chief
executive Lloyd Blankfein’s annual
bonus for 2010, awarding him $18m
(£11.2m) in cash and shares.
Blankfein received the pay-out,
which included $5.4m in cash and
restricted shares valued at $12.6m,
after a rollercoaster year for the bank.
He steered Goldman through the
twin challenges of weaker trading
and a $550m fine to settle civil
charges from the US Securities and
Exchange Commission. His salary for
2011 has been increased to $2m from
$600,000 in 2010.
Goldman’s board said executive
pay was based in part on how well the
bank performed in comparison to
competitors.
“Our performance over the last
three-year period was strong, particu-
larly in relation to our competitors:
Bank of America, Citigroup,
JPMorgan Chase and Morgan
Stanley,” the bank said.
BY JENNY FORSYTH
BANKING

Blankfein’s bonus doubles
Lloyd Blankfein saw his 2010 bonus double after a challenging year Picture: REUTERS
NEWS | IN BRIEF
Ronson in petrol station bid
Veteran property developer Gerald
Ronson is one of a consortium of
investors in exclusive talks to buy
around 800 UK petrol stations from
Total. The consortium includes Snax 24,
the retail chain founded by Ronson,
Investec and investment group
Grovepoint Capital. The petrol stations
comprise about 10 per cent of the mar-
ket. The deal comes as oil majors look
to back out of retail operations and
focus on oil and gas production.
Interpublic has Facebook stake
Advertising group Interpublic has
emerged as a shareholder in Facebook.
The company’s stake in the social net-
work is valued at between $200m
(£124m) and $300m. Interpublic is
said to own slightly less than half a per
cent in Facebook and paid less than
$5m for it in 2006. Interpublic won
the right to invest in what was then an
emerging site by commiting to spend
$10m of it clients’ cash on Facebook.
Based on a recent valuation of
Facebook at a staggering $50bn, the
Interpublic stake of 0.4 per cent would
be worth around £200m.
EDITOR’S LETTER
ALLISTER HEATH
7
th
Floor, Centurion House,
24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
Email: [email protected] www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Night Editor Katie Hope
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editor’s
Code of Practice, a copy of which can be found at
www.pcc.org.uk
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of City A.M. Please ring 0207 015 1230, or email
[email protected]
Troubled Portugal
faces a snap election
on 5 June, after Prime
Minister Jose Socrates’
resignation
UNITED ANGER AT EU CARBON RULE
The European Union’s plan to pull
almost every leading airline into its
scheme to limited carbon emissions
is so “beyond the pale”, that a foreign
government is certain to challenge it,
according to the head of the world’s
largest airline by passenger traffic,
the newly merged United
Continental Holdings.
ALCHEMY FUND EYES DISTRESSED
COMPANIES
Buy-out group Alchemy has raised
the largest fund to target financially
troubled European companies since
the financial crisis. The move will tap
into demand from investors anticipat-
ing new opportunities as the region’s
banks offload assets to deflate their
vast balance sheets. While fundrais-
ing remains challenging for the pri-
vate equity industry in the wake of
Lehman Brothers’ collapse, the move
highlight investor’s interest in profits
that can be made in near-bankrupt
companies.
CHINALCO PLEDGES TO KEEP STAKE IN
RIO TINTO
Chinalco, the Chinese aluminium
group, has quashed speculation that
it plans to sell down its stake in Rio
Tinto, saying it views the mining
group as a key strategic partner in its
expansion overseas. The Chinese
group is still Rio’s largest shareholder.
OIL PRICE RISES WILL HIT ROAD
REPAIRS
The UK will struggle to foot the bill of
repairing its weather-damaged road
network as soaring oil costs spark con-
cerns about the price of building mate-
rials. In a series of letters obtained
by the Financial Times, the world’s
largest asphalt and concrete suppliers
warn customers about the likely
impact high oil prices and ongoing
unrest in the Middle East will have
on costs.
GLENCORE’S $14M BONUSES FOR
TRADERS LEAVE BANKS IN SHADE
Glencore paid its senior traders more
than $900m (£558m) in bonuses last
year, giving them an estimated aver-
age pay-out of $14m each, dwarfing
most City bonuses. The Swiss com-
modities trader is understood to have
told its bondholders that the basic pay
of senior staff totalled $146m last year,
with a further $938m in bonuses.
JAPANESE PARTS SHORTAGE
THREATENS HONDA IN SWINDON
Honda has drawn up plans to halt
production at its factory in Swindon
as the economic aftershocks of
Japan’s devastating earthquake and
tsunami begin to reach Britain. The
Japanese carmaker, which employs
3,000 staff at the Wiltshire plant, has
been hit by a parts shortage, includ-
ing sat-navs and essential electronic
components.
THOMAS THE TANK SUITORS QUESTION
$1BN VALUATION
A sale of the famous train’s owner has
begun, with information memoran-
dums being sent out by Bank of
America Merrill Lynch last week.
When it emerged last year that a sale
was in the offing, sources close to Hit
and its private equity owner Apax said
they hoped to sell the company for up
to $1.5bn. Sources close to one poten-
tial bidder said Apax wants $1bn for
Hit, but the group plans to offer near-
er $600m.
MORE THAN 1.5M “LOSE OUT” ON
UNIVERSAL STATE PENSION
More than 1.5m people will lose out if
a universal state pension is intro-
duced, experts warned. The new flat
rate is expected to be unveiled by the
Government next week and will bring
to an end the current system. The flat
rate of £155 will start around 2015.
RANDOM HOUSE ADDS VIDEOGAME
PARTNER
A year after venturing into the
videogame business, Random House
has struck a collaborative deal with
game producer THQ in a bid to gain
traction. The two companies said they
intend to create a wide spectrum of
original works that include novels,
graphic novels and digital books, as
wells as online, console and mobile-
phone games. Hollywood may partici-
pate as well.
NASDAQ BATTLES FOR BIG BOARD
Igniting a battle for control of the
New York Stock Exchange, a team led
by Nasdaq launched an $11.3bn bid
for the Big Board aimed at sinking a
German rival’s offer to buy America’s
most storied stock exchange. Nasdaq
OMX and IntercontinentalExchange
announced Friday an unsolicited bid
that tops Deutsche Börse’s offer.
WHAT THE OTHER PAPERS SAY THIS MORNING
Limited offer which may be withdrawn at any time. Rates are fixed for the 5 year term. Minimum deposit of £500 required. Maximum deposit of £1 million. Additional deposits are not allowed during the term of the bond.
Conditions apply. Rates correct at time of going to press 01/04/2011. Gross rate: Is the rate of interest payable before the deduction of income tax. Interest is payable gross to non-taxpayers subject to their providing the required
certification. Please note: This bond does not meet the criteria for a Qualifying Time Deposit (see clause 5 of the Barclays Savings Bond Terms and Conditions) and income tax will be deducted at the lower rate, but may be
reclaimed by non-taxpayers. The interest paid forms part of the investor’s taxable income and should be reported on any self-assessment return. AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest
was paid and compounded once each year. For BT residential customers calls will cost no more than 4.5p per minute, plus 11.5p call set-up fee (current at February 2011). The price on non-BT phone lines may be different. Calls
may be monitored or recorded for security and training purposes. Barclays Bank PLC is authorised and regulated by the Financial Services Authority (FSA). Registered No 1026167. Registered Office: 1 Churchill Place, London E14 5HP.
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MAJOR UK oil and gas firms are draw-
ing up plans to move their drilling
rigs out of the North Sea’s British
waters to avoid punitive changes to
the tax regime, City A.M. has learned.
British gas owner Centrica and oth-
ers are considering plans to move rigs
out of UK waters to Norwegian and
Dutch areas of the sea to avoid a 12
per cent hike in oil production taxes.
Centrica told Treasury officials and
government ministers at meetings
last week that it is also reconsidering
£700m of new North Sea investment
it announced only in February.
Sources close to Centrica told City
A.M. that “a number of companies are
looking at their options” and that
they could “refocus their production”
in the region if the tax was imposed.
A Centrica spokesman said no deci-
sion had been made on moving rigs
out of UK waters but said the firm
was “assessing the impact” of the tax
raid.
“We are assessing the impact of the
proposed tax increase on all of our
operations and projects that we have
in our plan and that includes the
£700m investment,” he said.
Michael Tholen, economics and
commercial director at UK Oil and
Gas, said rigs could be easily moved
across borders by tug boat or internal
engines and linked to new pipelines.
“It is wholly understandable that
companies which have operations in
both the UK and the Netherlands
may now switch investment abroad,”
he said.
Oil firms may
move rigs out
of UK waters
BP PLANS to return to deepwater oil
production in the Gulf of Mexico
this summer – just over a year after
the Transocean oil spill disaster,
sources told City A.M. yesterday.
It reached a deal with US regula-
tors to enable the oil major to
resume drilling work on ten wells
halted since the explosion and oil
spill from its Deepwater Horizon rig
in April 2010.
The Gulf of Mexico wells are all in
deep water but will be drilled purely
to maintain or supplement oil pro-
duction to existing platforms.
Sources close to BP told City A.M. it
was “looking to resume drilling”
there as a number of other compa-
nies had already done so. But it has
agreed to tough new regulatory over-
sight including allowing US govern-
ment officials 24-hour access to its
operations there, and agreed to meet
strict safety standards.
It has also called a last-ditch tribu-
nal hearing today to try to save its
$16bn (£11.2bn) share swap deal with
Russia’s Rosneft.
Even if the share swap is allowed
to proceed, the pair have already
been forced to put their Arctic explo-
ration plans on ice after BP’s Russian
partners in TNK-BP objected to the
deal.
BP returns to
Gulf of Mexico
well drilling
BY ALISON LOCK
ENERGY

ENERGY

News
3 CITYA.M. 4 APRIL 2011
ANALYSIS l Centrica p

10Jan 28Jan 28Feb 29Mar 350 345 340 335 330 325 320 315 330.20 1Apr
ANALYSIS l Centrica
p

10Jan 28Jan 28Feb 29Mar
350
345
340
335
330
325
320
315
330.20
1 Apr
Rate has been increased three times in the past nine years H Marginal tax rate: 62-81% Stable for two decades Marginal tax rate: 50% Substantial incentives offered. Rate has been stable for decades Marginal tax rate: NORWAY UK 78%THE NETHERLANDS
Rate has been increased
three times in the
past nine years
H




Marginal tax rate:
62-81%
Stable for
two decades
Marginal tax rate:
50%
Substantial incentives
offered. Rate has been
stable for decades
Marginal tax rate:
NORWAY
UK
78%
THE NETHERLANDS
ANALYSIS | HOW NORTH SEA MARGINAL TAX RATES COMPARE
UK
The highest tax rate
is levied on oil fields
developed before
1993, which must
pay an extra 50 per
cent petroleum rev-
enue tax
BRITISH banks are braced for a week
of share price volatility as the
Independent Commission on Banking
(ICB) readies its interim report for pub-
lication next Monday.
The best outcome for banks could
be a deal that allows them to avoid
splitting up their operations if they
hold more capital, with sources close
to the commission suggesting that
capital ratios will form a core part of
the report released next week.
ICB chair John Vickers has already
suggested that hiving off different
business lines from one another could
have the same effect as holding a larg-
er cushion of capital at group level: “If
the probability and/or impact of bank
failure... can be reduced by forms of
separation between banking activi-
ties, then so too might capital require-
ments,” he said in January.
The committee is also mulling tools
to make it easier to unwind failing
banks, such as splitting core opera-
tions like payments off into a separate
subsidiary with its own capital. The
idea would be to keep essential retail
functions going for a period even if
the bank has collapsed.
Another possibility is a forced sepa-
ration of retail and wholesale banking
into separately capitalised sub-
sidiaries.
The industry is also preparing for a
raft of measures on the competitive-
ness of retail banking. One industry
source said that, as far as the ICB is
concerned, the competition issue is
“the dog that hasn’t barked”.
Commission
mulls higher
capital ratios
BY JULIET SAMUEL
BANKING

News
4 CITYA.M. 4 APRIL 2011
ANALYSIS l Royal Bank of Scotland
p
10Jan 28Jan 17Feb 9Mar 29Mar
50
46
42
38
42.34
1 Apr
Barclays chief Bob Diamond, RBS chief Stephen Hester and HSBC chief Stuart Gulliver are awaiting the findings of the commission
STAY COOL
“Do nothing” is the only
option more unlikely than a
full-scale bank break-up
LIVING WILL
Banks will have to
draw up a plans for an
orderly bankruptcy
HIGHER GROUP CAPITAL
Instead of splitting up banks,
they could be given the choice
to simply hold more capital
OPERATIONAL SUBSIDIARISATION
Hiving off essential ops like payments
systems to keep them running for a
period after a bank’s collapse
GLASS-STEAGALL
BREAK UP
All but ruled out by
John Vickers; would
split ownership of retail
and wholesale banking
NEW CAPITAL
INSTRUMENTS
Banks might have to
use co-cos or bail-in
bonds to encourage
investor supervision
FUNCTIONAL
SUBSIDIARISATION
Splitting up wholesale
and retail banking but
keeping them under the
same ownership
TURNING UP THE HEAT ON BANKS | THE COMMISSION’S OPTIONS
GEOGRAPHICAL
SUBSIDIARISATION
Forcing banks to split
their business over
national lines, as
HSBC does already
DEUTSCHE Bank has officially con-
firmed its intention to appeal a tribu-
nal decision which ruled against a
scheme it established to avoid taxes
on bonuses.
The January decision against the
bank by Judge David Williams affects
a £92m pay pot Deutsche set up in the
Cayman Islands before rule changes
made the arrangement illegal.
A spokesman for the bank said:
“This was a one-off arrangement from
seven years ago and hasn’t been
repeated. We believe it met all
requirements at the time and are
appealing the decision.”
SANTANDER UK has rejected a sugges-
tion by MPs that its purchase of 318
RBS branches last year was a “missed
opportunity” to improve the competi-
tiveness of high street banking in
Britain.
“'The deal to buy the RBS branches
was approved by the EU. Santander is a
challenger bank in the UK, not an
incumbent,” a spokesman for the bank
told City A.M., objecting to the commit-
tee’s decision to group Santander UK
with Britain’s biggest retail banks –
Barclays, Lloyds, HSBC and RBS.
The bank was reacting to a report
published at the weekend by the influ-
ential Treasury Select Committee,
chaired by Tory Andrew Tyrie, which
said that Santander “was already a
leading player” in UK banking and
that the government let its desire for a
good return from the RBS sale trump
its effect on competitiveness.
Santander is keen to stress its “chal-
lenger” status, adding that it is “pro-
viding a competitive alternative to the
UK’s incumbent banks”, rather than
contributing to concentration in the
market.
Other large banks also dismissed
the committee’s view. HSBC said: “The
UK retail market is very competitive at
the moment – it’s probably the most
competitive in Europe.”
The Treasury Committee report said
that some banks’ “too big to fail” sta-
tus gives them an unfair advantage
that contributes to an “oligopoly”,
with “high barriers to exit”, or bank-
ruptcy. It added that banks are not
clear enough about current account
fees and horde information such as
access to the payments system.
Despite concern about concentra-
tion, however, the committee said the
Lloyds-HBOS merger should not be
reversed for fear of damaging govern-
ment “credibility”.
Banks reject
claims over
competition
BANKS who turn down loan requests
from small businesses (SMEs) will have
their decision reviewed by a rival
lender, as part of a new appeals
process designed to boost credit to
SMEs.
The banking sector hopes the new
regime will help repair its image,
which has suffered the face of repeat-
ed attacks from politicians who say
banks are starving SMEs of cash.
Banks claim they are lending to as
many healthy SMEs as is possible but
that the demand is not there, as firms
undergo an often painful process of
de-leveraging.
Under the new process, SMEs will
learn the result of their appeal within
30 days and banks will have to offer
guidance on alternative sources of
finance, such as equity financing.
SMEs able to appeal
refused loan requests
THE e-mails and names of customers
of Citigroup, Walgreen and other
large US companies were exposed in a
massive and growing data breach,
after a computer hacker penetrated
online marketer Epsilon.
In what could be one of the biggest
such breaches in US history, diverse
companies that did business with
Epsilon stepped forward over the
weekend to warn customers some of
their electronic information could
have been exposed. Affected firms
included video recorder TiVo, credit
card lender Capital One Financial and
teleshopping company HSN.
Citigroup hit by
US cyber attack
Deutsche set
to fight HMRC
BY JULIET SAMUEL
BANKING

REMUNERATION

TECHNOLOGY

A report from the
Treasury select
committee, chaired
by Andrew Tyrie (l),
said Santander’s
purchase of RBS
branches was a
missed opportunity
for improving high
street banking
competitiveness
Picture: Micha
Theiner/City A.M.
BY HARRY BANKS
BANKING

News
5 CITYA.M. 4 APRIL 2011
ANALYSIS l Lloyds Banking
p
10Jan 28Jan 17Feb 9Mar 29Mar
70
66
62
58
61.00
1 Apr
HONG Kong has given Glencore per-
mission for the Asian leg of its float,
according to sources close to the com-
modities giant.
The commodities and trading
giant, which is valued at $60bn
(£37bn), received a letter on Friday
giving it the go-ahead for its Hong
Kong listing as part of a dual London-
Hong Kong listing plan first disclosed
by City A.M. in December.
The initial public offering (IPO),
which will be London’s biggest ever
float, had originally been considered
a UK-only deal, but sources close to
the deal told City A.M. that its manage-
ment have been persuaded to pursue
a dual listing in Asia to be closer to
the region’s high-growth, commodi-
ty-hungry economies.
Glencore is understood to be inter-
ested in raising $10bn through the
deal, which will transform the com-
pany from its traditional partnership
model, allowing many of its senior
staff to cash out.
Analysts have been told that mid-
May is a preliminary deadline, after
which the company will have to redo
its accounts in order to float.
BlackRock fund manager Evy
Hambro, who holds a number of
Glencore’s convertible bonds, con-
firmed last week that he is expecting
the IPO to get off the ground in the
second quarter of this year.
Analysts were also given a deadline
of last Friday to complete their notes
after a series of investor meetings by
Glencore chief executive Ivan
Glasenberg.
Glencore gets
a green light
in Hong Kong
THE owners of the Daily Express and
the Daily Mail are said to have held
informal talks about a potential
merger of the national newspa-
per titles.
According to Sky News,
Richard Desmond (r), the
chairman of the Express
owner, Northern & Shell, and
Lord Rothermere, chairman of
Daily Mail & General Trust,
discussed the idea earlier this
year and further talks may
be held within a few weeks.
Any deal would mark an
end to the hostilities
between the proprietors,
which for several years
were played out
through the papers.
Circulation fig-
ures show a merger
would create a
newspaper power-
house, with week-
day sales of more
than 3m copies.
Ophir Energy plans $2bn
London float or stake sale
AFRICA-focused oil company Ophir
Energy, which is backed by Indian
steel magnate Lakshmi Mittal, is
preparing for a $2bn (£1bn) float in
London.
The company, which has a portfo-
lio of oil fields across Africa, plans to
raise up to $500m by selling a quarter
of its shares before the summer to
fund the development of recent
finds.
Ophir is understood to have lined
up Credit Suisse and JPMorgan to
lead the listing.
However, the group is also looking
at selling a stake in one of its projects
or attracting further private invest-
ment as an alternative to a listing.
The company, which was set up in
2004, is 70 per cent owned by four
investors.
Mittal, the wealthiest man in
Britain, owns 21 per cent after invest-
ing three years ago.
Ophir is the latest firm keen to
cash in on soaring commodities
prices. The price of oil hit $118 a bar-
rel last week as political unrest con-
tinued in Libya and protests spread
to other Middle Eastern oil produc-
ers.
Ophir was not available for com-
ment.
Richard Desmond
mulls Mail merger
BY JULIET SAMUEL
MINING

BY JENNY FORSYTH
M&A

RUSSIAN coal giant SUEK is likely to
join the FTSE 100 when it floats in a
London IPO in June. The group’s
intention to tap investors for around
$1bn (£623m) this summer was first
revealed in City A.M. last Thursday.
With a valuation of between $5bn
and $10bn, the group – the Siberian
Coal Energy Company in full – is like-
ly to become a constituent of the
blue-chip FTSE 100 index. It has been
tightening up its corporate gover-
nance procedures to comply with
London’s strict listing rules.
SUEK set to
join FTSE 100
in June IPO
MINING

GAS & OIL

News
6 CITYA.M. 4 APRIL 2011
Chief executive Ivan Glasenberg has been meeting potential investors Picture: REUTERS
FINANCIAL services firms have report-
ed business that is only slightly below
normal levels for the first time since
the financial crisis, a survey reveals
today.
However, this partly reflects lower
expectations of what constitutes “nor-
mal trading”, according to
PricewaterhouseCoopers (PwC), which
conducted the survey alongside the
Confederation of British Industry
(CBI).
New regulation threatens to burden
the industry over the coming months,
the survey revealed.
The proportion of firms reporting
that statutory legislation and regula-
tion could stunt growth over the next
12 months reached a record high for
the survey.
Nonetheless, a net 22 per cent of
firms reported growing volumes of
business in the past quarter, while a
net 30 per cent expected to see growth
accelerate in the next three months.
Fees and revenues at banks, build-
ing societies, fund managers, traders
and insurers rose at the fastest rate
since March 2007.
Financial firms
say business is
back on track
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KEY oil town Brega was at the centre of
clashes in Libya yesterday, as rebels
fought Gaddafi’s troops for control of
the eastern settlement and coalition
warplanes launched targeted attacks.
Fighting in Brega has been at a stale-
mate for several days, with Western air
power failing to give insurgents the
upper hand in clashes.
A Western coalition air strike killed
13 rebels late on Friday near the settle-
ment’s eastern gate. The rebel leader-
ship said that the bombing was an
unfortunate mistake, and that air
strikes were still needed against
Gaddafi’s better-armed units.
Meanwhile, reports yesterday sug-
gested Libya’s deputy foreign minister
Abdelati Obeidi had flown to Athens
with a message for the Greek Prime
Minister George Papandreou.
A meeting was expected to take
place late last night, raising hopes of a
diplomatic solution to the war.
As Nato assumed control of coali-
tion forces, the UK said it had sent
diplomats on a fact-finding trip to
meet rebel leaders in Benghazi – the
insurgents’ stronghold in the east.
Meanwhile, thousands of Syrians
called for freedom at the funeral of
eight protesters yesterday after
President Bashar al-Assad named a for-
mer agriculture minister to form a
new government.
Unrest also continued in Yemen yes-
terday, where two protesters were
reported to have died when police
used live ammunition and tear gas to
disperse anti-government protests in
Taiz, south of the capital Sana’a.
Despite ongoing turmoil across the
Middle East, Gulf markets have made
positive gains in the past week, as their
political risk premium appeared to
decline.
Both the Egyptian and Omani
bourses made small gains yesterday,
with Egypt up 1.7 per cent – the fifth
time in seven sessions that it has risen.
Crude oil was at a 30-month high in
New York on Friday, with May deliver-
ies hitting $107.94 a barrel.
Stalemate in
Libya as Gulf
markets rally
JAPAN’S government yesterday
warned that it could take months to
stem radiation leaks from the dam-
aged Fukushima Daiichi nuclear
plant, as the plant’s operator said
attempts to seal the latest reactor leak
had so far failed.
A crack in the concrete pit at
Fukushima’s number 2 reactor was
confirmed at the weekend, and radia-
tion readings remained high last night
despite efforts to repair the fracture.
Meanwhile two nuclear plant work-
ers were named as the first official
deaths at Fukushima.
Speaking on national television,
prime ministerial aid Goshi Hosono
admitted that overheated nuclear rods
at the plant still presented a crisis situ-
ation. “How long will it take to achieve
(the goal of stopping the radiation
leakage)? I think several months would
be one target,” he said.
Plant operator Tokyo Electric Power
Company (Tepco) yesterday said that
General Electric had promised to help
with supply generation in the coming
months.
A Tepco spokesman said that GE,
which helped build three of six reac-
tors at the Fukushima plant, “would
cooperate with Tepco on restarting
and strengthening its thermal power
generation”.
Japan nuclear
leaks could take
months to halt
Political unrest in Syria is part of widespread turmoil in the Middle East Picture: GETTY
BY ELIZABETH FOURNIER
MIDDLE EAST

JAPAN

News
8 CITYA.M. 4 APRIL 2011
A step back in time for this week’s bill from 11 November 1918, which
can be seen as part of an exhibition at Dr Johnson’s House on Gough
Square from tomorrow until 30 July. When the gathering of 31 distin-
guished diners – including the first Viscount Northcliffe Alfred
Harmsworth, founder of the Daily Mail, the Lord Mayor of London and
detective author GK Chesterton – sat down at a banquet at Dr
Johnson’s house near Fleet Street, they put away 36 cocktails, six bot-
tles of Corton Burgundy, seven bottles of Pontet-Canet claret and six
bottles of Cockburn’s 1896 port, while their food included turtle soup
and “the famous rumpsteak, kidney, lark and oyster pudding”. Converted
into today’s money, the bill works out at about £6,750.
BILL OF THE WEEK
fundraiser at law firm Mayer
Brown – including Jerrold
Bennett from the Financial
Services Authority and
Alexandra Pereyra-Achata from
Execuzen (pictured above) –
where drinks were followed
by a panel debate
chaired by the BBC’s
economics editor
Stephanie Flanders.
Lord Sassoon, com-
mercial secretary to
the Treasury (right),
discussed how the City
can contribute to
Britain’s economic
recovery with Xstrata
chief executive Mick Davies and Anthony
Alt, deputy chairman of NM Rothschild &
Sons, and Sassoon agreed with Alt that the
City should invest in SMEs such as the tech
firms at Silicon Roundabout to offset the
loss of public sector jobs. “It’s deeply
shocking there is such a close conjunction
between some of the wealthiest and the
poorest parts of the UK,” he said.
RINGING THE CHANGES
BUSINESSMAN and philanthropist Dill
Faulkes, who made his money in software,
is best known for his work to help young
people through his educational trust.
But yesterday he stepped in as the
principal benefactor for a new set of
bells for the City’s parish church on
Cornhill, the Christopher Wren-
designed St Michael’s.
The 12 bells, which range in size
from one to five feet, were laid out
yesterday morning and consecrated
in an opening ceremony by the
Bishop of London Richard
Chartres (pictured
above striking one of
the bells), inscribed
with the benefac-
tors’ names.
That’s £195,000
well spent – listen
out for the tune-
ful three-hour
peals on
Sundays, Saints
Days and
memorial days.
NEVER mind capital markets – when
clients meet Craig Coben, head of equity
capital markets at Bank of America
Merrill Lynch, they are far more interest-
ed in talking about when his famous
brother, the US author Harlan Coben, is
publishing his next novel.
“A lot of the bank’s corporate and pri-
vate equity clients – ranging from chief
executives to chief financial officers – are
fans of Harlan’s,” Craig Coben told The
Capitalist. “They know his books so well
they quote details of the plots to me that
even I can’t remember.”
So the senior US private equity figure
who emailed Craig Coben excitedly when
he noticed a full-colour ad in the New
York Times for Harlan’s new book Live
Wire will be pleased to hear the “electric,
stay-up-all-night thriller” has shot to the
top of that newspaper’s bestseller lists
after its first week on sale in America,
ahead of its UK publication in May.
Craig, 44, is the youngest of the three
Coben brothers after Harlan, 49, and
Larry, 52, who runs a charity for preserv-
ing archaeological sites. Although Craig’s
15 years as a London banker at Merrill
Lynch and Deutsche Bank must have
given him plenty of material, he has no
plans to collaborate with Harlan on an
intricate plot set in the financial world.
“Historically, Harlan has focused on the
people and places he knows best, such as
New Jersey, to give his novels an authentic
feel and tone,” said Coben, who plans to
read Live Wire when he is in the States on
business later this month.
“I have no input into his books, just as
he has no input into what I do. We leave
each of our métiers to the professionals.”
MIND THE GAP
KAREN Gerrard from Citigroup walked
away from a party last Thursday better-
dressed than when she arrived, after win-
ning a £1,000 Savile Row suit voucher by
predicting the closing level of the Nasdaq-
100 index with deadly accuracy.
Gerrard was joined by 150 young City
professionals at the Young Norwood
Bishop of London Richard Chartres
When clients
meet Craig
Coben they
are more
interested in
talking about
his brother’s
next book
Bennett and Pereya-Achata
9
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
[email protected]
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 4 APRIL 2011
HARLAN’S
LICENCE TO
THRILL HIS
CITY FANS
Author Harlan Coben has a wide fan club among Bank of America Merrill Lynch’s corporate clients
News
10 CITYA.M. 4 APRIL 2011
ECB should hike rates – but don’t forget Spain
I
Tis all but certain that the ECB will
raise rates this week. It has been
itching to do so for some time. Now
that the moment has arrived what
will the move actually mean for the
Eurozone and the global economy?
The simple answer is probably not
very much. The move has been well
telegraphed and priced in to financial
assets. The key policy rate will also
remain well below an inflation read-
ing that in February hit a 29-month
high of 2.6 per cent.
Some degree of normalisation is
desirable. The current ultra-easy
money environment is not sustainable
without creating huge distortions fur-
ther down the road. Drilling down fur-
ther, rates are not in any way
appropriate for the big economies of
France and Germany, which are well
on their way to recovery.
The real issue though is not what
happens on 7 April but after it.
Pragmatically, the ECB should tighten
slowly and carefully. The economic
environment remains unclear with
the situations in Japan, North Africa
and the Middle East still unresolved.
However, the biggest uncertainty poli-
cy makers face is how the periphery of
the region will respond to a higher
cost of borrowing.
The central bank says it can do no
better than set policy for the whole of
the area. True, but is the ECB really
prepared to feed the weakest members
of its flock to the wolves? Despite ongo-
ing liquidity support, an abrupt
change in the cost of money will kill
off any hope of recovery for many.
The critical country to watch now is
Spain. While Greece, Ireland and
Portugal matter, they are still minor
players within the euro area. Spain is
its fourth largest economy. It matters
not only to the ECB but also to the
markets.
Judging by yields in the secondary
market, investors have become more
relaxed about prospects for Spain over
recent weeks. This may change. The
cost of recapitalising the country’s sav-
ings banks is still unknown, as is the
impact of tighter money on the broad-
er economy. Spain has large numbers
of variable mortgages which means
that any move from the ECB will be
quickly transferred to the already
stretched consumer.
If Spain shows signs of faltering
then the Eurozone has a massive
problem. At that point rate rises may
need to stop or even be reversed.
This, though, is for the future.
Tightening is the right thing to do
right now. Pricing in an aggressive
tightening cycle is not. There
are still too many unknowns: both
the ECB and investors should tread
very carefully.
Guy Johnson co-anchors European Closing
Bell weekdays on CNBC.
CNBC COMMENT
GUY JOHNSON
MARKS and Spencer, the retail bell-
wether, is likely to add to the sense of
impending doom on the High Street
when it reports a sharp drop in sales
later this week.
Analysts expect like-for-like sales of
general merchandise – which exclude
food – to have fallen by a “grisly” six
per cent in the fourth quarter. Food
sales are likely to have held up, how-
ever, growing by around 1 per cent at
stores open for a year or more.
The drop in sales will be exacerbat-
ed by an unusually good performance
in the same quarter a year ago, when
M&S grew non-food sales by 9 per
cent.
The late timing of Easter and
Mother’s Day is also likely to be cited
as a factor by management.
But bears are sure to seize on the
figures, which follow a slew of bad
news from retailers, as proof of an
impending “Nightmare on the High
Street”.
“M&S should have suffered from a
mix of tougher comparatives and a
more cautious consumer at the start
of 2011,” analysts at Société Générale
said in a note.
M&S is seen as a bellwether for the
rest of the retail sector, due to its
heavy footfall of 21m customers a
week and the wide range of merchan-
dise it sells.
The slide in sales at M&S comes hot
on the heels of a raft of gloomy news
from some of the best-known High
Street names.
Last week, Dixons Retail, the owner
of Currys and PC World, warned on
its profits for the second time in as
many months, after like-for-like sales
fell by seven per cent in the 11 weeks
to the end of March.
Justin King, the chief executive of J
Sainsbury, also recently said sales at
the supermarket had fallen signifi-
cantly since Christmas.
Even Domino’s Pizza, which has
been seen as one of the biggest benefi-
ciaries of the recession, last week said
first quarter sales had dropped by
over 10 per cent.
M&S to add to
retail gloom
BY DAVID CROW
RETAIL

ANALYSIS l Marks & Spencer
p
10Jan 28Jan 17Feb 9Mar 29Mar
390
370
350
330
338.90
1 Apr
Forget the Champs-Élysées: British
consumers have lost their joie de vivre
THERE was much fanfare last week
when Marks and Spencer returned
to the Champs-Élysées in Paris. But
even if the French flock to the
British retailer in droves, which
seems somewhat improbable to us,
their joie de vivre isn’t being shared
by domestic customers. Like-for-like
sales in the fourth quarter are
expected to be off by six per cent.
Bulls are sure to point out that
M&S is fighting against incredibly
tough comparatives, after sales in
the same period last year jumped by
9 per cent. And they will also point
out that Mother’s Day, Easter and
the Royal Wedding, which all fall in
M&S’s next quarter, will provide a
boost next time round.
That might be so, but the medi-
um to long-term outlook is uncer-
tain for M&S, as it is for most
retailers. Spiralling inflation stoked
by higher commodity prices, higher
taxes, constrained consumer credit
and fear over public sector cuts are
about to combine to create a lethal
brew.
Most retailers, with the exception
of those who have fallen by the way-
side, have had a remarkably good
recession. Sadly for the likes of
M&S, that can’t last.
[email protected]
BOTTOMLINE
Analysis by David Crow
News
11 CITYA.M. 4 APRIL 2011
BUSINESS groups and trade unions
clashed yesterday over the introduc-
tion of new employment laws.
Over half (52 per cent) of companies
say the new regulations, granting
extra paternity leave and scrapping
the default retirement age, will harm
their business, according to a survey.
And over a third (34 per cent) said the
changes would be “extremely detri-
mental”.
“In the face of promises by the gov-
ernment to listen to the needs of busi-
ness and cut red tape, these two new
pieces of employment regulation will
hit businesses hard,” said David Frost
of the British Chambers of Commerce
(BCC), which conducted the survey.
However, TUC general secretary
Brendan Barber said businesses
should be grateful for the regulations
on paternity leave.
“The extension of family-friendly
working over the last decade has
helped to drive record employment
rates for working families, which busi-
nesses have hugely benefited from,”
Barber said.
Four in 10 employers are still unpre-
pared for the changes to paternity
leave regulations, according to recent
research from the charity Working
Families.
The new Additional Paternity Leave
regulations allow fathers of children
born from yesterday onwards to take a
share of the mother’s maternity leave
if she returns to work. Fathers can
take a maximum of six months pater-
nity leave.
In a further blow for employers, the
default retirement age of 65 will be
gradually phased out from
Wednesday.
In last month’s Budget, chancellor
George Osborne unveiled a policy to
except some small firms from new
government regulations.
“There is some confusion about
this,” a Federation of Small Businesses
spokesperson told City A.M. yesterday.
“We’re still not sure what regulations
the proposed three year moratorium
refers to.”
“The Budget revealed a policy to
exempt start-ups and existing firms
with fewer than ten employees from
new domestic regulation,” added
Frost. “But arguably, any exemptions
should include a wider scope of firms,
not just micros,” Frost said.
Business says
paternity law
will hit hard
BY JULIAN HARRIS
EMPLOYMENT

Final Reductions
including
5 shirts for £100
Finishes Tuesday 5th April 2011
Shop 14, The Old Truman Brewery
91 Brick Lane, London E1 6QL
Tel: 020 7434 2001
All major credit cards accepted
Terms & Conditions apply
We need to shout about
the best things in London
W
HAT is London? A city, yes,
but so much more. It is a
global centre of finance,
sure. It is by some meas-
ures the world’s creative capital,
from media to theatre to film; home
to the world’s most popular music
venue and its most popular modern
art gallery. The university capital of
the world, with more top universi-
ties and international students than
any other city. A global leader in
medical research, and the European
leader in digital technology. We
might not be the fashion capital
quite yet, but we did give the world
the business suit. The best restau-
rants, even the French are starting
to say. More museums than Paris,
less rain than Rome, a quarter the
murder rate of New York. Next year,
we’ll become the first city in history
to host the Olympics three times.
I say all this because when we
asked business what the top thing is
that the Mayor can do to boost the
London economy, the answer came:
promote it. He is in a unique posi-
tion to champion London around
the world, in a way that no individ-
ual company can.
The Mayor inherited various agen-
cies – Think London, to promote
inward investment, Study London,
to encourage international stu-
dents, and Visit London, to encour-
age tourists. They all did a good job
within their sector, but businesses
urged the Mayor to merge them so
we can take a more strategic and
flexible approach, and get more pro-
motional bang for our buck. Uniting
them, we can promote a coherent
message about London with a single
brand, and promote whichever sec-
tors give the greatest economic
returns. By combining forces, we
can reduce duplication and increase
the firepower.
After two years of preparations,
we last week launched the capital’s
new promotional agency – London
and Partners. Despite cuts from cen-
tral government, we managed to
fund it from our own resources.
And although mainly publicly fund-
ed, we set it up to be ruthlessly com-
mercially-led, with a private sector
board, and working in close part-
nership with companies as well as
public agencies. From early days,
Dame Judith Mayhew Jonas, chair-
man of the New West End
Company, was very generous with
her time, and we were delighted
when she agreed to be the founding
chairman.
All we need do now is actually
promote London. And what a time
to do it! This month we have the
Royal wedding, next year the
Queen’s diamond Jubilee closely fol-
lowed by the Olympics and
Paralympics, with the world’s eyes
upon us. London and Partners will
be leading the charge in using the
2012 games to promote all that our
great city has to offer the world.
London might be glowing, but it is
set to shine even brighter.
Planning an event for 2012? Share
details by 31 March 2011 and be part
of a unique and exciting year.
Cultural events: http://www.thecul-
turediary.com
Other events:
http://www.london.gov.uk/eventsin
2012
Anthony Brown is an adviser to the
Mayor of London
VIEW FROM CITY HALL
ANTHONY BROWNE
Government must cut
red tape to allow British
businesses to grow, said
David Frost of the British
Chambers of Commerce.
THE chief executive of Betfair’s finan-
cial betting exchange LMAX has quit
just three months after the platform
was launched for retail investors.
Robin Osmond, a former head of
global investment banking at Morgan
Stanley, is leaving to “pursue other
opportunities in the City”, LMAX said
in a statement.
Betfair, which owns a majority 75
per cent stake after investing £25m in
the start-up, said it remained “fully
committed to LMAX”.
But the departure of Osmond so
soon after the platform was launched
for retail investors is sure to raise
questions among some in the City,
especially after Betfair declined to
give details of LMAX’s progress when
it unveiled its maiden results as a
public company early last month.
Yesterday, sources close to the firm
were playing down expectations for
LMAX’s trading so far, insisting it was
“still very early days”.
Osmond will be replaced by David
Mercer, who will become interim
chief executive with immediate
effect. Most recently, Mercer worked
at specialist forex and derivatives
provider Velocity Trade.
City A.M. understands that while
Betfair was happy with the technical
performance of LMAX under
Osmond, it felt Mercer had more
appropriate commercial experience.
Prior to Velocity Trade, Mercer had
spells at IFX Markets, City Index and
Saxo Bank.
Chief quits Betfair’s LMAX
months after retail launch
Robin Osmond has resigned to pursue other opportunities Pic: Micha Theiner/City A.M.
BY DAVID CROW
FINANCIAL SERVICES

NEWS | IN BRIEF
SABMiller eyes Brazil brewery
SABMiller is said to be considering a
bid for Schincariol, Brazil's second-
largest brewer, which has been put up
for sale for about $2bn (£1bn). Dutch
brewer Heineken could also be interest-
ed in the privately owned company it is
understood. SABMiller, the world's
number two brewer, declined to com-
ment.
New EasyGym brand to launch
EasyJet founder Sir Stelios Haji-Ioannou
is set to launch a chain of easyGyms
across the UK. He plans to open the first
two gyms in summer, with the aim of
rolling out 10 sites a year from next
year. He will be working on the project
with private equity firm Fore Fitness.
Like other “easy” brands, the gyms will
focus on value for money, with no con-
tracts and prices starting at £15 a
month.
Hop film bounces into box office
Animated movie Hop, about a music-
loving teenage rabbit, jumped to the top
of box office charts with $38m
(£23.6m) in North American ticket
sales, according to studio estimates yes-
terday. The movie, in which comedian
Russell Brand voices a young rabbit
who will one day become the Easter
Bunny, easily outdistanced thriller
Source Code, which collected $15m.
Rounding out the top three was
Insidious with $13.5m. All three movies
were in their first weekends in theatres.
"Hop" was released by Universal
Pictures, part of the NBC Universal
media company run by Comcast Corp.
It was released in the UK on Friday.
Correction
In our edition dated Friday 1 April, an
article on the potential sale of Odeon
and UCI cinemas by Terra Firma said
the private equity house was also
mulling a sale of Cineworld. It does not
own the Cineworld chain, which is
owned by public company Cineworld
Group.
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News
13 CITYA.M. 4 APRIL 2011
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MORE NEWS
ONLINE
www.cityam.com
Chinese growth will benefit City of London too
W
ITH the debate over how to
stimulate UK economic
growth still raging, one area
we can ill afford to neglect is
strengthening our trading relation-
ships through commercial diplomacy.
Emerging economies are expected
to account for over 50 per cent of
global growth over the next five years.
Some people view this change in the
economic landscape as a threat to our
future prosperity but I see it as an
opportunity for closer partnership.
The City has always thrived in the
face of intense competition for busi-
ness. London is a natural location for
trade and investment with rapidly
developing countries but we must
continue to make the case.
That is why I will be leading a sen-
ior City business delegation to China
later this week. As the world’s second
largest economy, China is already a
key player on the international stage.
But by sharing our experience and
expertise we can help China over-
come bottlenecks and help it develop
a thriving financial industry to serve
Chinese companies’ domestic needs
and support international expan-
sion.
Just as London is the natural
point of entry for international firms
looking to access European markets,
Chinese centres want to become
financial gateways to Asia and
beyond.
Hong Kong is already established
among the top three world financial
centres, alongside London and New
York, while the State Council and the
Shanghai municipal government are
taking steps towards realising the
vision of Shanghai becoming
China’s international financial cen-
tre and shipping hub by 2020.
The growth of new financial cen-
tres will ultimately benefit
established centres such as London:
as the size of the global industry
expands, we will see new business
opportunities forged on the
basis of strong links between finan-
cial centres.
To this end, I look forward to sign-
ing a renewal of a Memorandum of
Understanding with the Shanghai
Municipal Government, to strength-
en our longstanding relationship.
The Prime Minister and Chinese
Premier Wen agreed last November
to work towards doubling bilateral
trade to $100bn (£50bn) a year by
2015.
China’s dramatic development
presents considerable opportunities
for UK firms, especially in high-value
projects. Huge sums will need to be
invested into infrastructure schemes
to keep pace with domestic consump-
tion.
Michael Bear is Lord Mayor of the City of
London
LORD MAYOR’S COMMENT
MICHAEL BEAR
CANDY & Candy, the interior design
and property development firm
owned by Nick and Christian Candy,
slipped to a £4.4m loss in 2010, its
accounts showed yesterday.
The firm fell to a £4.4m pre-tax loss
in the year to the end of
June last year from a
£2.2m profit in 2009
after sales plummeted
to £8.3m from £18.2m a
year earlier, according to
accounts filed at
C o mp a n i e s
House.
The firm
blamed a lack of
new business
for the decline.
“The lack of
liquidity in the
construction
finance market
has affected
the division’s
clients and lim-
ited the number
of new business opportunities, which
will in turn affect the division
prospects,” its statement said.
The Candy brothers lost contracts
to develop expensive projects such as
Chelsea Barracks and NoHo square
north of Oxford Street that had boost-
ed revenues in 2009. The plans for
Chelsea Barracks were abandoned by
its Qatari developer after
opposition from Prince
Charles among others.
High costs and
administrative expenses
were also a factor, as the
firm paid out a com-
bined £12.3m last
year compared
with £16.6m in
2009. Candy &
Candy said it
took steps to
cut costs by
reducing head-
count. The
brothers also
sold their large
London head-
quarters in
February.
Candy bros
see £4m loss
BY ALISON LOCK
PROPERTY

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BUSINESS surveys continue to point
to a rebound in growth for the first
three months of this year, but econo-
mists are divided on the extent to
which the UK economy will recover.
Business surveys due out today and
tomorrow, which cover March, will
reveal the level of progress in the con-
struction and services sectors, which
together account for around 85 per
cent of the UK economy.
“Last month’s services purchasing
managers’ index fell back to 52.6
from January’s 54.5, consistent with
lacklustre growth,” said Investec’s
Philip Shaw.
Figures over 50 in PMI surveys
reflect expansion in a sector.
“Given gloomy evidence from
retailers over recent weeks, we sus-
pect that the level of the services PMI
will remain in the doldrums tomor-
row, and accordingly we are forecast-
ing it to remain at 52.6,” Shaw added.
The services sector alone makes up
around three quarters of the British
economy.
Other business surveys, conducted
for the European Commission, point
to a positive outlook for the first
quarter of 2011, according to Simon
Ward, chief economist at Henderson.
“Services and industrial output --
which makes up 93 per cent of GDP --
was 0.7 per cent above its quarter
four average,” Ward said.
“And the economy is already rebal-
ancing, with a 12 per cent rise in
business investment in the year to
quarter four. This contributed one
percentage point to GDP growth,
which is the equivalent of a 1.6 per
cent increase in consumer spending,”
Ward added.
On Wednesday, official data will
report on industrial output in
February, providing more evidence
for the likely expansion of GDP in the
first three months of the year.
“Overall industrial production is
expected to have expanded by 0.3 per
cent month-on-month,” said Howard
Archer of IHS Global Insight, “with
the manufacturing part up by 0.5 per
cent.”
The UK’s factory industry has been
the good news story of the recovery,
yet the sector’s PMI score dropped to
57.1 in March – down from 60.9 in
February, and a record high of 61.2 in
January.
“Manufacturers reported an
unwelcome combination of slower
growth and rising price pressures in
March,” said Rob Dobson of Markit,
which conducts the surveys.
The sector’s growth still remains
significantly above the long run aver-
age of 51.3.
Business polls
still point to
UK recovery
BY JULIAN HARRIS
UK ECONOMY

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ALMOST two thirds (63 per cent) of
fund managers believe the UK econo-
my will grow over the next 12 months,
a survey revealed today.
However, a majority of fund man-
agers (54 per cent) expect the economy
to only “marginally” improve, as slug-
gish growth looks likely to stall the
recovery.
Faith in sterling nonetheless
remains strong, with almost half (44
per cent) expecting the currency to
appreciate over the coming 12
months. Only 28 per cent anticipate
further depreciation of the currency.
The euro, however, is set to depreci-
ate, according to 63 per cent of respon-
dents. The 17 country single currency
has recently strengthened, with the
European Central Bank expected to
hike interest rates on Thursday.
But the expectation of depreciation
to come “highlights further uncertain-
ty about Europe’s economic security,”
according to the report by Capital
Spreads.
“Although sterling is currently trad-
ing at roughly a four month low
against the euro, fund managers
appear to be of the opinion that it is
only a matter of time before it
strengthens,” said Capital Spreads
chief Simon Denham.
Fund managers expect economy to
grow but warn of sluggish progress
BY JULIAN HARRIS
WORLD ECONOMY

PwC: Budget
was good for
businesses
CHANCELLOR George Osborne
received a boost today, when a poll
revealed that three quarters (74 per
cent) of businesses believe that the
Budget made the UK a more attrac-
tive place to do business.
Osborne pledged several incre-
ments of cuts in corporation tax as
well as reforms to Controlled Foreign
Company rules, in last month’s
Budget.
Among multinational companies,
83 per cent believe last month’s
Budget was “good for business,”
PricewaterhouseCoopers (PwC)
revealed today.
Last year, just over half (56 per
cent) thought the previous Budget
has been good for business.
“The 2011 Budget contained a wide
range of measures aimed at making
the UK tax system more competitive
globally,” said PwC’s Justin O’Hagan.
“Businesses will welcome these
measures,” O’Hagan said, citing tax
simplification measures and the new
patent box tax relief.
However, over half (56 per cent)
doubt whether the full corporation
tax reform will be in place by the
summer of 2012.
And there remains widespread
scepticism over whether the chancel-
lor can successfully reduce the UK’s
annual government deficit.
Only 28 per cent of respondents
think the austerity plans are realistic
and achievable, compared with 60
per cent in the last year’s poll.
BY JULIAN HARRIS
UK ECONOMY

NEWS | IN BRIEF
Weak recovery in the Eurozone
Growth in the Eurozone will be slug-
gish in 2012, while the single currency
area faces strong downside risks,
Ernst and Young’s spring economic
forecast will state today. The euro
area economy is recovering “at a
much slower pace than expected,”
with forecast GDP growth of just 1.5
per cent this year and 1.7 per cent in
2012, Ernst and Young will announce.
“And although we still expect a muted
recovery for the Eurozone over the
next 12 months that could easily be
blown off course by global economic
events or an escalation of the
Eurozone debt crisis,” said Ernst and
Young economist Marie Diron.
Unemployment across the Eurozone
could still be around 14m in 2015,
according to the forecast – consider-
ably above 2007 levels. Given the
frailty of the economy, the European
Central Bank could be making a mis-
take by raising interest rates, Diron
feels. The ECB is widely expected to
hike interest rates when it meets on
Thursday of this week.
Manufacturers oppose rate rise
A sustained economic recovery in the
UK “cannot be taken for granted,”
manufacturers’ group EEF said today.
“Interest rates must remain on hold
until much stronger evidence emerges
of a healthier economy,” said EEF
economist Lee Hopley. “Any bounce
back in the first quarter will not neces-
sarily signal a rebound in economic for-
tunes,” she added. “Growth is
dependent on a pick up in private sec-
tor contributions from trade and
investment.”
News
15 CITYA.M. 4 APRIL 2011
ECONOMISTS’ VIEWS: IS THE UK ON COURSE TO
BOUNCE BACK IN QUARTER ONE? Interviews by Julian Harris

SIMON WARD | HENDERSON
I am encouraged by the strength of employment expec-
tations in EU surveys for March, suggesting that firms have
weathered recent events with their optimism intact.

Construction data for March is released today Picture: Micha Theiner/City A.M.

PHILIP SHAW | INVESTEC
We expect to see GDP rebounding by 0.8 per cent in the
first quarter of the year. That would reflect around 0.5 per cent
'lost' last year as well as 0.3 per cent ‘genuine’ growth.


HOWARD ARCHER | IHS GLOBAL INSIGHT
Signs that consumers are reining in their spending is a
particular concern. As consumer spending accounts for 65 per
cent of GDP this is very worrying for growth prospects.

HOW WILL MAJOR CURRENCIES
PERFORM OVER THE NEXT
12 MONTHS?
Depreciate Appreciate
Euro 63% 15%
Dollar 31% 41%
Sterling 28% 44%
Yen 26% 30%
Australian Dollar 24% 38%
Yuan 15% 50%
Source: Capital Spreads survey
News
16 CITYA.M. 4 APRIL 2011
FOREIGN exchange company
Travelex is poised to appoint bankers
to advise on the sale of its global
business services, as it builds up cash
reserves to expand its currency serv-
ices in global markets.
Travelex’s global business services
operation is currently the largest
non-bank provider of foreign
exchange services to businesses and
financial institutions.
A source close to the company said
that talks with banks and advisers
were ongoing following strong
financial results last month, and
that although no banks had been
officially hired yet an appointment
is likely to be made “very shortly”.
Chief executive Peter Jackson said
in late March that the company was
looking to use cash reserves from dis-
posals – including the $459m
(£285m) sale of its prepaid currency
card unit to MasterCard last year – to
fund expansion of its currency serv-
ices in markets across Asia and
South America.
The company added 139 new
stores in 2010, expanding the brand
to 950 stores across 24 countries. It
also acquired a minority stake in
South African peer FX Africa last
year,
Travelex has been the subject of
listing rumours since the middle of
last year, after chairman Lloyd
Dorfman admitted that its private
equity majority owner Apax Group
was looking at exit strategies.
The company released its second
best-ever set of profits on 21 March,
despite being hit by the Icelandic vol-
cano and travel strikes last year.
Travelex eyes
another sale
BY ELIZABETH FOURNIER
FINANCIAL SERVICES

Investec Derby Festival – 3rd & 4th June 2011
Featuring the world’s greatest flat race
The Investec Derby Festival is one of the most iconic events of the sporting
and social calendars. With an anticipated 125,000 on Investec Derby Day
alone, the Festival is one of the most popular sporting events in Britain. And
for good reason. The Festival attracts a diverse range of people, creating
#3*5"*/(0&4065
%$
%$
FTSE expected to dip as traders take some profits
T
HE first 100-point gain for the
FTSE 100 index on Friday since
the start of the year is likely to
prove too much of a temptation
for those looking to bag some profits
this morning, with the usual
headaches still tormenting the mar-
kets: oil and the European debt crisis.
In out-of-hours trading, GFT is fore-
casting the UK blue-chip index to open
down 22 points from last week’s close,
at around 5,988. The German DAX is
quoted to open down 27 points at
7,152 and the French CAC down 15
points at 4,039.
The surge made by equities at the
end of the week came on the back of
more positive economic data from the
US, this time from the non-farm pay-
rolls. The boost from the heavyweight
US jobs number was a major boost to
European stock markets, signalling to
many we are witnessing a genuine
recovery in the jobs market there.
Nevertheless, the contrary side to the
good news is that it may in fact be too
good; enough perhaps even to bring
about a premature ending by the
Federal Reserve of its quantitative eas-
ing programme – currently scheduled
to end in June – and maybe even flag-
ging a potential rise in US interest
rates later in the year.
With it seemingly only a matter of
time before Portugal needs a bail-out,
and Ireland revealing that it needs
another €24bn (£21.2bn) for its bank-
ing system, Europe’s whole financial
system is still perilously poised, yet
the ECB is expected to raise interest
rates for the first time in two years on
Thursday, as inflationary pressures
have continued to mount.
Crude oil is also set for another
volatile week, starting near two year
highs, with the conflict in Libya now
looking increasingly likely to drag on
longer than was originally expected,
making it difficult to predict when oil
exports can resume.
Martin Slaney is director of global deal-
ing operations for GFT.
MARTIN ON
THE MARKETS
MARTIN SLANEY
10Jan 28Jan 17Feb 29Mar 9Mar
6,100
5,800
5,700
5,600
5,500
5,900
6,000
ANALYSIS l FTSE
6,009.92
1 Apr
7,600
7,000
6,800
6,600
6,400
7,200
7,400
ANALYSIS l Dax Index
12Jan 1 Feb 21 Feb 11 Mar 31 Mar
7,179.81
1 Apr
JEWELLER Aurum Holdings, owned
by failed Icelandic bank Landsbanki,
has been put on the block for as
much as £200m.
Aurum, which owns 165 Mappin &
Webb, Watches of Switzerland and
Goldsmiths stores, posted core earn-
ings of £16.1m, up 53 per cent, on
like-for-like sales of £326m in the year
to 30 January 2011.
Aurum is controlled by the resolu-
tion committee of failed Icelandic
bank Landsbanki, which acquired its
stake when Iceland’s Baugur Group
placed its UK arm into administra-
tion in 2009. Aurum’s chairman and
management team also own stakes.
Goldsmiths owner on the
block for up to £200m
BY HARRY BANKS
RETAIL

SUPERMARKET chain Tesco yesterday
launched an online used-car sales serv-
ice, giving customers access to thou-
sands of pre-checked vehicles at set
prices.
To avoid the pitfalls usually associat-
ed with buying a second-hand vehicle,
all cars will undergo an RAC inspec-
tion and be provided with full service
history and details of any damage.
Tesco claims the service will offer
cheaper prices than the traditional
forecourt model by supplying the cars
direct to customers, sourced from a
variety of business and retail stock.
Though customers won’t be able to
test drive the car before purchase, the
website includes videos of the vehicles
being tested for performance and safe-
ty.
The new service is chaired by Sir
Trevor Chinn, former chair of both
Kwik-Fit and the RAC.
Tesco launches
website for
used-car sales
AUTOMOTIVE

PAUL Herman is advising Aurum on the
sale of the jewellers. Yesterday, he said
the business had received interest from
UK mid-market jewellers and a number
of firms based in the Middle East. He
predicted the sale process would cul-
minate in a two-way run between a UK
player and a Middle East buyer.
Herman, a chartered accountant who
is fluent in French, joined Cavendish in
2000 and heads the retail team at the
advisory firm. He has led transactions
for top clients such as stationers
Smythson, womenswear retailer Etam
and portrait photographer Olan Mills.
MEET THE ADVISERS
PAUL HERMAN
CAVENDISH
CORPORATE
FINANCE
News
17 CITYA.M. 4 APRIL 2011
an exhilarating carnival atmosphere. This year’s Investec Derby Festival will be no exception. The two–day Festival
starts with Investec Ladies’ Day on Friday 3rd June, followed by Investec Derby Day on Saturday 4th June.
Hospitality packages are available. Book ahead and you can be there for the whole show.
Book now: 0844 848 3256 | epsomdowns.co.uk
Ascot Mining
The Costa Rican gold miner has
strengthened its board of directors
by appointing Alex Panko as non-
executive director. Panko has more
than 25 years’ experience in financ-
ing and was previously a director of
Coral Resources, Renaissance
Structures and Eagle Gold Mines.
Eversheds
The international law firm has
appointed Howard Barrie as a part-
ner in its project and infrastructure
team. Barrie joins from SNR Denton,
where he was a partner.
Alexander Proudfoot
Paul Carvell has been appointed as
head of business services at the
operational improvement consultan-
cy. Carvell, who was previously chief
executive of Business Post Group,
has more than 30 years’ experience
in logistics, supply chain manage-
ment and transport.
Barclays Corporate
Mark Lee has been appointed as
head of manufacturing, transport
and logistics at Barclays Corporate,
reporting to Graham Buckland, head
of London industry teams. Prior to
Barclays, Lee worked at the Royal
Bank of Scotland.
KPMG
The consultancy group has appointed
Dan Roman, formerly of Ernst &
Young, as a partner in its hedge
funds tax practice.
Investor Relations Society
Richard Davies will retire as chair-
man at the society’s annual general
meeting on 21 June, to be replaced
by John Dawson, currently deputy
chairman and director of investor
relations at National Grid.
CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys
Bibby Financial Services
The invoice finance specialist has appointed
Andy Leopold as sales director for the south,
based in London. Leopold, who has been pro-
moted from the role of sales director for
London and Hastings, brings more than 19
years’ experience working in the financial
services sector. He will be responsible for
securing new business and supporting the
company’s expanding network in the
Midlands, London and the south of England.
+44 (0)20 7557 7245
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to [email protected] SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to [email protected]
ANALYSIS l Tate & Lyle
600
580
560
540
520
500
14Feb 21 Feb 28Feb 7Mar 29Mar
p
573.00
1 Apr
TATE & LYLE
RBS rates the UK speciality food producer “buy” and ups its target price
from 580p to 625p following a positive trading update and the sale of its
Fort Dodge ethanol plant to Cargill for £36m. Though the sale is at a sig-
nificant shortfall to the £234m of investment it had made, the broker still
sees significant cash benefit. Normalised profits before tax are raised
from £251m to £259m, taking earnings per share from 45.1p to 46.5p.
ANALYSIS l Serco Group
620
600
580
560
540
520
14Feb 21 Feb 28Feb 7Mar 29Mar
p
548.00
1 Apr
SERCO
The announcement of successful bidders for the Work Programme last
week brought disappointment for the support services firm, but Espirito
Santo maintains its “buy” rating, believing that the firm’s track record of
delivery, scale, breadth of service and geographic spread will continue to
underpin attractive growth. The broker estimates the impact equates to
only a one per cent headwind to forecasts, and sets a target price of 680p.
ANALYSIS l Future Plc
30
28
26
24
22
20
14Feb 21 Feb 28Feb 7Mar 29Mar
p
21.00
1 Apr
FUTURE
Altium Securities reiterates its “sell” recommendation for the Bath-based
publishing firm, following an interim management statement that sub-
stantially reduced profit guidance for the full year. The company’s shares
fell 11 per cent following the warning, but the broker warns that further
underperformance is likely, as planned digital gains may not compensate
for print advertising declines. The target price is reduced from 27p to 19p.
WALL STREET WEEK AHEAD
T
HE Standard & Poor’s 500 index
is poised to hit its highest mark
in nearly three years this week
after more signs of life from the
jobs market, but think twice before
betting the house.
Many investors are coming to the
view that the US employment situa-
tion has turned a corner, but the risks
that sent stocks cascading between
mid-February and mid-March are as
real as ever.
In addition, the surprisingly robust
recovery shown in recent economic
data has some investors nervous that
the Federal Reserve may end its easy
money policies before schedule and
increase interest rates in the second
half of the year.
That could spell trouble for risk
assets such as stocks and commodi-
ties that have benefited from the
added liquidity provided by the Fed’s
$600bn Treasury bond buying. The
programme, known as quantitative
easing, or QE2, is slated to end in
June.
“The Fed is now going to much
more seriously consider early with-
drawal of QE2 because these numbers
are getting stronger,” said Kenneth
Polcari, managing director at Icap
Corporates, a floor broker at the
NYSE.
One Fed official poured cold water
on that idea on Friday, saying he saw
no reason to reverse course even as
the economy adds jobs. The com-
ments helped cement optimism over
the jobs data.
THE WEEK AHEAD in association with
COMPANY NEWS
l On Monday, investors
will be keen to hear
EnQuest’s view on the
recent tax rise for North
Sea producers that was
included in last week’s
Budget. The steady rise in
oil prices should ensure a
solid set of results. Future
strategy and any change in
production targets may
have a further impact.
l M&S will release its
year end trading state-
ment on Wednesday. M&S
has been affected by
weak UK retail sales in
Jan/Feb, and it is believed
that it will suffer in the
food and clothing markets
despite the relatively
more robust finances of
its upper-mid market
customers.
ECONOMICS NEWS
lIt is not expected that
the Bank of Japan (BoJ)
will change its monetary
stance in its meeting on
Thursday. The BoJ is likely
to continue to inject liquidi-
ty into the banking sector,
and it has raised note
issuance considerably as
the demand for cash has
risen.
lIn the second of
Thursday’s meetings of
inert central banks, it is not
expected that the events of
the past month will have
done anything to close the
differences of opinion that
exist across the Monetary
Policy Committee (MPC).
Consequently there is little
chance of any change of
either the bank rate or
asset purchase facility.
POLITICAL NEWS
l We can all breathe a
sigh of relief when the
House of Commons goes
into recess on Wednesday.
MPs will return to legislate
and levy taxes on 26 April.
lIt is expected that US
President Barack Obama
will register as a 2012 re-
election candidate next
week, with the Federal
Election Commission filing
possibly coming as early as
Monday.
lThe White House has
announced Israel’s
President, Shimon Peres,
will visit President Barack
Obama next week. During a
working lunch planned for
Tuesday, the two leaders
will discuss US-Israeli secu-
rity cooperation.
THE TIPSTER
NOT JUST
ANY SHARE
INCREASE...
T
HIS week sees a fourth quarter trading
update from Marks & Spencer. The
impact of the VAT hike, rising commod-
ity prices and careful consumers will
make for interesting reading. With so many
others on the high street struggling, there is no
real hope of a good performance from M&S.
Overseas ambitions may well help in the
longer term, but are unlikely to be enough to
compensate for a drop in traditional, store-
based demand from this retail mainstay.
Current IG Index price is 335.96p-336.84p
BP had been on a downtrend since the
beginning of the week, falling around 30p,
but on Friday it received a boost from
JPMorgan, who issued a bullish note. This
weekend’s good news on exploring in the
Gulf of Mexico will also help, despite
Russian uncertainties. The recent strength
in oil prices also underpins the share price.
Capital Spreads quotes 463.6p-464.2p for
BP’s shares.
ARM Holdings has so far offered the
best performance of the FTSE 100 from
the beginning of year to date and has just
broken above its 50-day moving average
while still some 70 off its high for the year.
This is still some way off the top end of the
range on the Relative Strength Index.
WorldSpreads offers a 578.4p-580.6p
spread.
J Sainsbury shares have fallen some 15
per cent from their early January highs as
sales growth slowed and lower disposable
income has affected sales. The slide has
paused on a long term support line going
back to mid 2008, but with this line now
very vulnerable, and food commodities
soaring yesterday on the back of US crop
reports, Sainsbury’s could well test
317/307p before we see a recovery. Spread
Co quotes 333.2p-334p on J Sainsbury.
The slew of poor updates from retailers
has pushed Kesa Electricals to the edge
of a precipice, which may see its shares
fall a further 10-15 per cent. The 10 per
cent fall last week from 131p to under
118p pushed it below an important sup-
port trend line at 120p that goes back to
2008. Past price history may suggest it
could hit 110p or even 100p soon. Spread
Co offers a spread on Kesa Electricals of
117.6p-117.9p
Craig Drake
Betting on, instead of owning, shares
has lots of advantages if you are fine
taking on the risk, says Philip Salter
T
HERE are tax, leverage and
other advantages to using
spread betting to get expo-
sure to equities. For some
investors, of course, these benefits
may not offset the time and skill
needed to negotiate the spread bet-
ting markets. However, some mar-
kets are easier than others to
manage, with the FTSE 250 the best
place to start.
The main advantage is that “any
profits you make on spread betting
are not subject to tax of any kind,”
says Michael Hewson of CMC
Markets. Unlike dealing directly in
equities, there is no capital gains
tax or stamp duty to pay. The only
tax downside is that “because it is a
bet, traders cannot offset losses
against capital gains,” says Manoj
Ladwa of ETX Capital.
Spread betting is a leveraged
product so the potential for profit-
ing on rising share prices is huge.
But this is a “double-edged sword”,
according to Angus Campbell of
London Capital Group. On the one
hand, being able to leverage your
position lowers the barrier to mak-
ing serious profits compared with
owning the equities, but on the
other hand, traders can also lose a
lot very quickly, potentially more
than their original deposit.
The most popular individual
equities for spread betters belong
to the FTSE 100. qRio Tinto and
Barclays are highly liquid, well
traded, and volatile within a small
range. This means that for short-
term traders there will always be
some movement and profits to be
made. Ian O’Sullivan of Spread Co
says the smarter traders know how
to trade these by playing the levels
and using charts. However, the
skills required for such short-term
trading may be unfamiliar to equi-
ty investors so the FTSE 100 is
arguably not the best place to start.
With the FTSE 250, it is harder to
profit from day-to-day volatility in
the same way as the FTSE 100, yet it
offers an opportunity for new bet-
ters in equities. David Jones of IG
Index suggests that the FTSE 250
can be a good play over three or
four months. If traders use a quar-
terly contract – in which all the
costs are in the spread – they can
run their positions more like a
portfolio, provided they set up sen-
sible stop losses to offset the down-
side risk. Jones sees this as a “less
manic way” to spread bet. Good
recent bets on the FTSE 250 include
Bodcote, SVG Capital, Mondi and
Rightmove. An investor with a posi-
tion on Rightmove from 2009
could have had some of the action
in its steady rise from 160p to
1,011p. A leveraged spread bet
would have earned much more
Professional Trading
Professional Spread Betting
Spread betting can result in losses that exceed your initial deposit.
Authorised and regulated by the Financial Services Commission, Gibraltar.
www.ProSpreads.com
Ladder Trading
Wealth Management| Spread Betting
18 CITYA.M. 4 APRIL 2011
Taking a punt
on FTSE 250
companies
than just owning the equity. Smaller
cap firms outside the FTSE 250 can
be harder to deal in though, due to
their wider spreads, increased
volatility and illiquidity.
Alongside these advantages,
spread betters need to be more
proactive and willing to take on
more risk than comes with buying
equities, even when dealing in the
relatively longer-term FTSE 250. But
for any investors thinking of moving
from equities to spread betting, dip-
ping your toe in the relatively calm
waters of the FTSE 250 is the place to
start.
H
ERE is an exercise that my own trading coach
Steve Ward taught me. I may be paraphras-
ing, but to the best of my recollection these
are his exact words:
“Tom, you will never make the progress you
want, if you don’t go back and review your old
trades. On your losing trades, you have to ask your-
self if you could have done things differently. Was
the entry well defined? Was the stop in the proper
place? On winning trades, you have to ask yourself
if you got out too early, too late or timely. Could you
have added to the winning position, rather than just
sitting back and watching the trade?”
Today I traded euro-sterling, and I bought it at
£0.8793 with a stop at £0.8775. The entry was
perfect, for about a minute, then the market sank
lower. It spiked lower to £0.87743, then reversed
hard up, and is now trading at £0.8820. So I got
stopped out on a spike by half a pip, and it is now
sitting exactly where I would have liked it to be. In
my diary, I noted calmly that, since I was trading
with the daily and the four-hour time frame, I prob-
ably needed to have a slightly wider stop than I did.
Otherwise everything was fine. It was just one of
those trades that didn’t work out. I also took a
snapshot of the before/after chart, for reference. I
have learnt more from reviewing my old trades
than from any book or any course I ever took.
Happy trading.
The views and comments in this article are not
the views of InterTrader.com. The provision of this
information should not be construed in any circum-
stances as a recommendation or solicitation to buy
or sell any security or financial instrument.
l In my last two articles, I wrote about a trading
setup, and named it after Eva Mendes, simply
because it is as near to perfection as they come.
However, I understand from her solicitors that she
took offence. I wish to publicly apologise for my
inappropriate gesture, which was well intended. I
have nothing but admiration for her work and char-
acter and the setup was simply a reflection of that.
TRADE BETTER
BY REVIEWING
YOUR RESULTS
TOM HOUGAARD
CONSULTING ANALYST, INTERTRADER
Philip Salter asks entrepreneur and investment guru
Jim Mellon for insights on taxes and trading trends
WHAT ARE YOUR FAVOURITE MARKETS
TO TRADE IN?
Forex and indices.
WHAT ARE THE ADVANTAGES OF SPREAD
BETTING?
Tax, convenience, leverage and cost.
WHAT IS THE MOST COMMON
MISTAKE MADE BY TRADERS?
Sticking with losers.
WHAT IS THE MOST IMPORTANT LESSON
FOR A TRADER TO LEARN?
Don’t trade unless you have a high
degree of confidence in the outcome.
IN THE PAST YOU HAVE SUGGESTED
SHORTING THE EURO AGAINST THE
DOLLAR. IS THIS STILL A GOOD BET?
This is still a very good trade but you
need to change your mind on a
dime. I think the euro is des-
tined to go to 1.20 against the
dollar in the next two years.
WHICH EMERGING MARKETS
ARE YOU MOST EXCITED ABOUT?
Turkey and Brazil. Turkey is
undervalued; Brazil is resource
rich and a real country – most
Latin American countries
are still small scale
and dangerous.
YOU HAVE
TIPPED SOLAR
ENERGY AND
BIOSCIENCE
AS AREAS FOR
THE FUTURE.
DO YOU STILL
BACK THEM?
I do, particu-
larly bio-
science. My
new book on
this will be out before the end of the
year.
WHAT IS IN STORE FOR THE UK?
Very low growth and a poor housing
market.
YOU HAVE PREDICTED THAT HOUSES
WILL FALL 50 PER CENT FROM PEAK TO
TROUGH IN THE UK – ARE YOU STILL
WAITING FOR FURTHER FALLS?
Yes. The slow attrition of housing
prices will persist for the next two
years.
DO YOU THINK GEORGE OSBORNE IS
GOING FAR ENOUGH?
On the cuts side yes, but he needs to be
much more radical on taxes. The Laffer
curve works.
WHEN COMPETING IN
MARATHONS, ARE YOU ABLE
TO SWITCH OFF?
I think about everything,
from “did I switch off the
gas?” to “is the yen
cheap?”
Jim will be speaking at the UK’s
largest investor show, Master
Investor at the Business
Design Centre in
Islington on the
16 April. There
are 20 pairs of
free tickets for
City A.M.
r e a d e r s .
Call on
0 16 2 4 6 41
310 or email
mi2011
tickets@
t1ps.com
Quote: “MI
11CAM”.
The FTSE 250 could
be the best place to
make a splash when
spread betting equities
CITYA.M. 4 APRIL 2011 19
Jim Mellon: wise words
from a master investor
“Don’t trade
unless you
have a high
degree of
confidence in
the outcome”
Wealth Management | Markets
20 CITYA.M. 4 APRIL 2011
LON GD ONCE FIX AM...........1434.50 3.50
SILVER LDN FIX AM ..................37.60 -0.09
MAPLE LEAF 1 OZ ....................31.00 -31.50
LON PLATINUM AM................1779.00 4.00
LON PALLADIUM AM...............768.00 7.00
ALUMINIUM CASH .................2598.00 3.50
COPPER CASH ......................9399.00 -120.00
LEAD CASH...........................2719.50 24.50
NICKEL CASH......................26075.00 -170.00
TIN CASH.............................31635.00 235.00
ZINC CASH ............................2318.00 -19.00
BRENT SPOT INDEX................116.89 1.73
SOYA .....................................1410.25 38.25
COCOA..................................2952.00 -35.00
COFFEE...................................264.15 -0.65
KRUG.....................................1479.60 -12.20
WHEAT ....................................199.50 -2.50
AIR LIQUIDE........................................95.16 1.40 99.15 73.16
ALLIANZ............................................100.70 1.67 108.85 75.82
ALSTOM ..............................................43.17 1.45 48.94 30.78
ANHEUS-BUSCH INBEV ....................41.56 1.36 46.33 35.06
ARCELORMITTAL...............................25.59 0.07 33.68 20.26
AXA......................................................15.21 0.47 17.60 10.88
BANCO SANTANDER...........................8.41 0.22 10.58 7.00
BASF SE..............................................61.89 0.86 62.08 39.94
BAYER.................................................56.19 1.55 59.17 43.27
BBVA......................................................8.62 0.21 10.77 6.75
BMW ....................................................61.22 2.47 65.49 33.78
BNP PARIBAS.....................................53.44 1.83 59.93 40.81
CARREFOUR ......................................32.39 1.15 41.28 29.83
CREDIT AGRICOLE ............................11.98 0.40 13.78 7.87
CRH PLC .............................................16.50 0.32 22.00 11.51
DAIMLER.............................................51.59 1.74 59.09 34.43
DANONE..............................................46.44 0.34 48.50 39.35
DEUTSCHE BANK..............................42.75 1.27 55.25 35.93
DEUTSCHE BOERSE .........................52.81 -0.74 62.48 46.33
DEUTSCHE TELEKOM.......................11.10 0.23 11.15 8.51
E.ON.....................................................21.74 0.19 28.93 20.21
ENEL......................................................4.50 0.05 4.52 3.42
ENI .......................................................17.65 0.32 18.66 14.30
FRANCE TELECOM............................15.89 0.08 17.86 14.01
GDF SUEZ ...........................................28.35 -0.40 30.05 22.64
GENERALI ASS...................................15.54 0.26 18.19 13.31
IBERDROLA..........................................6.22 0.08 6.50 4.38
ING GROEP CVA...................................9.18 0.25 9.50 5.34
INTESA SANPAOLO .............................2.11 0.02 2.93 1.88
KON.PHILIPS ELECTR.......................22.84 0.28 27.01 20.58
L'OREAL..............................................83.40 1.20 90.00 70.90
LVMH..................................................113.00 1.30 129.05 78.26
MUNICH RE .......................................114.15 3.15 126.00 98.38
NOKIA....................................................5.99 -0.05 11.82 5.42
REPSOL YPF.......................................24.54 0.37 24.74 15.31
RWE.....................................................45.67 0.72 68.34 42.25
SAINT-GOBAIN...................................44.49 1.29 44.85 27.81
SANOFI-AVENTIS ...............................50.28 0.81 55.85 44.01
SAP......................................................43.76 0.56 45.05 33.60
SCHNEIDER ELECTRIC...................123.20 2.60 123.30 73.95
SIEMENS .............................................99.38 2.67 99.39 67.00
SOCIETE GENERALE.........................47.11 1.26 52.70 29.71
TELECOM ITALIA..................................1.09 0.00 1.16 0.88
TELEFONICA ......................................17.95 0.29 19.69 14.67
TOTAL..................................................43.60 0.64 44.63 35.66
UNIBAIL-RODAMCO SE...................154.10 1.25 155.95 105.19
UNICREDIT............................................1.75 0.00 2.30 1.46
UNILEVER CVA...................................22.05 -0.08 24.11 20.68
VINCI ....................................................44.96 0.87 44.98 33.01
VIVENDI ...............................................20.52 0.37 22.07 16.18
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 6009.92 101.16 1.71
FTSE 250 INDEX. . . . . . . . 11708.73 116.75 1.01
FTSE UK ALL SHARE . . . . 3116.83 49.10 1.60
FTSE AIMALL SH . . . . . . . . 905.74 4.38 0.49
DOWJONES INDUS 30 . . 12376.72 56.99 0.46
S&P 500 . . . . . . . . . . . . . . . 1332.41 6.58 0.50
NASDAQ COMPOSITE . . . 2789.60 8.53 0.31
FTSEUROFIRST 300 . . . . . 1141.40 16.52 1.47
NIKKEI 225 AVERAGE. . . . 9708.39 -0.40 0.00
DAX 30 PERFORMANCE. . 7179.81 138.50 1.97
CAC 40 . . . . . . . . . . . . . . . . 4054.76 65.58 1.64
SHANGHAI SE INDEX . . . . 2967.41 39.30 1.34
HANG SENG. . . . . . . . . . . 23801.90 350.47 1.49
S&P/ASX 20 INDEX . . . . . . 2924.20 16.30 0.56
ASX ALL ORDINARIES . . . 4954.60 26.00 0.53
BOVESPA SAO PAOLO. . 69268.29 681.59 0.99
ISEQ OVERALL INDEX . . . 2942.04 67.33 2.34
STI . . . . . . . . . . . . . . . . . . . . 3120.47 14.62 0.47
IGBM. . . . . . . . . . . . . . . . . . 1094.96 15.95 1.48
SWISS MARKET INDEX. . . 6439.91 82.36 1.30
Price Chg %chg
3M........................................................93.13 -0.37 94.33 67.98
ABBOTT LABS ...................................49.37 0.32 53.75 44.59
ALCOA ................................................17.47 -0.19 17.80 9.81
ALTRIA GROUP..................................25.98 -0.05 26.27 19.20
AMAZON.COM..................................180.13 0.00 191.60 105.80
AMERICAN EXPRESS........................45.36 0.16 49.19 37.13
AMGEN INC.........................................53.08 -0.37 61.26 50.32
APPLE...............................................344.56 -3.95 364.90 199.25
AT&T....................................................30.62 0.01 30.97 23.78
BANK OF AMERICA...........................13.37 0.04 19.86 10.91
BERKSHIRE HATAW B.......................83.68 0.05 87.65 68.48
BOEING CO.........................................74.01 0.08 76.00 59.48
BRISTOL MYERS SQUI ......................26.46 0.03 28.00 22.24
CATERPILLAR..................................113.12 1.77 113.59 54.89
CHEVRON.........................................108.32 0.83 109.65 66.83
CISCO SYSTEMS................................17.04 -0.11 27.74 16.97
COCA-COLA.......................................67.22 0.88 67.48 49.47
COLGATE PALMOLIVE......................80.52 -0.24 86.15 73.12
COMCAST CLASS A..........................25.21 0.49 25.91 16.30
CONOCOPHILLIPS.............................79.68 -0.18 81.80 48.06
DU PONT(EI) DE NMR........................55.19 0.22 56.19 33.66
EMC CORP..........................................26.55 -0.01 27.59 17.10
EXXON MOBIL....................................84.68 0.55 88.23 55.94
GENERAL ELECTRIC.........................20.34 0.29 21.65 13.75
GOLDMAN SACHS GRP..................160.23 1.63 186.41 129.50
GOOGLE A........................................591.80 5.04 642.96 433.63
HEWLETT PACKARD.........................40.98 0.01 54.75 37.32
HOME DEPOT.....................................37.56 0.50 39.38 26.62
IBM.....................................................164.27 1.20 167.72 116.00
INTEL CORP .......................................19.72 -0.46 24.37 17.60
J.P.MORGAN CHASE.........................46.35 0.25 48.36 35.16
JOHNSON & JOHNSON.....................59.49 0.24 66.20 56.86
KRAFT FOODS A................................31.61 0.25 32.67 27.49
MC DONALD'S CORP ........................75.99 -0.10 80.94 65.31
MERCK AND CO. NEW......................33.07 0.06 37.97 30.70
MICROSOFT........................................25.48 0.09 31.58 22.73
OCCID. PETROLEUM.......................104.30 -0.19 107.56 72.13
ORACLE CORP...................................34.02 0.59 34.10 21.24
PEPSICO.............................................65.22 0.81 68.11 60.32
PFIZER ................................................20.38 0.07 20.57 14.00
PHILIP MORRIS INTL .........................64.93 -0.70 66.02 2.00
PROCTER AND GAMBLE ..................62.08 0.48 66.95 39.37
QUALCOMM INC ................................54.47 -0.36 59.84 31.63
SCHLUMBERGER ..............................93.70 0.44 95.64 51.67
TRAVELERS CIES..............................59.71 0.23 61.15 47.69
UNITED TECHNOLOGIE ....................85.32 0.67 85.95 62.88
VERIZON COMMS ..............................38.47 -0.07 38.95 24.77
WAL-MART STORES..........................52.13 0.08 57.90 47.77
WALT DISNEY CO ..............................42.85 -0.24 44.34 30.72
WELLS FARGO & CO.........................32.06 0.35 34.25 23.02
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 ..................0.568 -0.29
LIBOR Euro - 12 months ................1.961 0.01
LIBOR USD - overnight...................0.184 0.00
LIBOR USD - 12 months.................0.785 0.00
HaIifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.000 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.020 0.00
European repo rate.........................0.576 -0.01
Euro Euribor ....................................0.777 -0.01
The vix index ...................................17.09 -0.65
The baItic dry index ........................1.530 -0.18
Markit iBoxx...................................213.38 -0.92
Markit iTraxx....................................95.06 -2.11
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4234 0.0059
C/£ 0.8830 0.0006
C/¥ 119.66 1.9650
/C 1.1324 0.0010
/$ 1.6121 0.0080
/¥ 135.51 2.0659
FTSE 100
6009.92
101.16
FTSE 250
11708.73
116.75
FTSE ALLSHARE
3116.83
49.10
DOW
12376.72
56.99
NASDAQ
2789.60
8.53
S&P 500
1332.41
6.58
RPC Group . . . . . . . .292.7 11.7 292.7 178.7
Smiths Group . . . . .1328.0 31.0 1429.0 1008.0
Brown (N.) Group . . .253.0 -0.7 311.2 217.5
Carpetright . . . . . . . . .666.0 -14.5 888.0 636.0
Debenhams . . . . . . . . .61.7 2.5 79.0 53.0
Dignity . . . . . . . . . . . .700.0 4.0 737.5 598.0
Dixons RetaiI . . . . . . .12.7 0.2 36.5 12.5
DuneImGroup . . . . . .392.0 8.1 550.0 325.3
HaIfords Group . . . . .350.8 2.6 550.0 347.1
Home RetaiI Group . .195.4 2.3 295.1 188.5
Inchcape . . . . . . . . . .350.1 3.7 414.0 237.1
JD Sports Fashion . .858.5 -29.5 964.5 650.0
Kesa EIectricaIs . . . .117.7 -3.0 174.0 99.2
Kingfisher . . . . . . . . .253.8 7.9 271.3 198.5
Marks & Spencer G . .338.9 2.2 427.5 326.4
Mothercare . . . . . . . .405.3 5.3 627.5 400.0
Next . . . . . . . . . . . . .2000.0 20.0 2344.0 1868.0
Sports Direct Int . . . .183.7 2.2 196.1 92.3
WH Smith . . . . . . . . . .439.9 6.1 523.0 398.2
Smith & Nephew . . . .709.0 6.0 742.0 537.5
Synergy HeaIth . . . . .823.0 3.0 948.0 562.5
Barratt DeveIopme . .112.7 2.6 137.7 70.1
BeIIway . . . . . . . . . . . .723.5 27.5 809.0 511.0
BaIfour Beatty . . . . . .341.6 -2.2 357.3 229.8
KeIIer Group . . . . . . .628.5 8.5 784.5 515.0
Kier Group . . . . . . . .1334.0 34.0 1383.0 886.5
Drax Group . . . . . . . .407.0 10.5 420.0 326.3
Scottish & Southe . .1284.0 23.0 1285.0 1010.0
Domino Printing S . .636.5 6.0 705.0 383.5
HaIma . . . . . . . . . . . . .355.0 4.5 366.6 239.5
Laird . . . . . . . . . . . . . .137.2 -0.8 179.0 98.8
Morgan CrucibIe C . .303.7 7.0 316.0 167.5
Renishaw . . . . . . . . .1513.0 3.0 1819.0 637.5
Spectris . . . . . . . . . .1407.0 44.0 1451.0 740.5
Aberforth SmaIIer . . .669.5 8.0 697.0 495.0
AIIiance Trust . . . . . .370.6 6.4 377.9 293.5
Bankers Inv Trust . . .417.2 4.2 427.7 337.0
BH GIobaI Ltd. GB .1067.0 9.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .10.5 0.1 11.6 10.4
BH Macro Ltd. EUR . . .16.4 0.1 17.2 15.8
BH Macro Ltd. GBP 1689.0 3.0 1780.0 1630.0
BH Macro Ltd. USD . . .16.5 0.2 17.1 15.8
BIackRock WorId M .796.5 7.0 815.0 533.0
BIueCrest AIIBIue . . .170.5 0.3 174.5 160.4
British Assets Tr . . . .135.1 1.3 140.5 105.0
British Empire Se . . .503.5 6.8 512.0 404.1
CaIedonia Investm .1745.0 20.0 1928.0 1532.0
City of London In . . .292.9 4.0 296.0 233.7
Dexion AbsoIute L . .147.0 1.3 151.0 131.2
Edinburgh Dragon . .246.2 7.7 262.1 197.6
Edinburgh Inv Tru . . .449.0 5.0 467.2 366.0
EIectra Private E . . .1676.0 12.0 1719.0 1177.0
F&C Inv Trust . . . . . .316.5 2.6 316.8 251.4
FideIity China Sp . . . .112.0 2.0 128.7 92.3
FideIity European . .1234.0 34.0 1234.0 916.0
FideIity SpeciaI . . . . .574.0 8.0 595.0 503.0
HeraId Inv Trust . . . . .523.0 4.0 541.0 349.8
HICL Infrastructu . . . .118.7 0.6 121.2 112.0
Impax Environment .125.2 0.7 130.5 106.5
JPMorgan American .903.0 9.0 909.0 673.0
JPMorgan Asian In . .237.6 2.6 250.8 182.5
JPMorgan Emerging .606.0 15.0 639.0 479.5
JPMorgan European .950.0 20.0 951.0 606.0
JPMorgan Indian I . . .448.6 5.9 502.0 377.2
JPMorgan Russian .735.0 14.5 755.0 502.0
Law Debenture Cor . .347.0 2.0 362.9 273.3
MercantiIe Inv Tr . . .1096.0 -7.0 1137.0 840.0
Merchants Trust . . . .415.0 5.0 425.0 320.0
Monks Inv Trust . . . .357.4 3.4 363.0 275.5
Murray Income Tru . .636.0 4.0 649.0 518.0
Murray Internatio . . .947.0 15.5 966.0 791.5
PerpetuaI Income . . .255.9 3.1 262.0 203.0
PoIar Cap TechnoI . .361.0 -3.0 391.2 269.0
RIT CapitaI Partn . . .1319.0 12.0 1328.0 1027.0
Schroder Asia Pac . .223.3 2.6 233.6 177.5
Scottish Inv Trus . . . .511.0 3.5 516.5 401.5
Scottish Mortgage . .748.5 6.5 749.0 533.0
SVG CapitaI . . . . . . . .249.3 0.4 258.1 137.8
TempIe Bar Inv Tr . . .900.0 14.0 913.5 717.0
TempIeton Emergin .676.5 16.5 689.5 497.0
TR Property Inv T . . .177.9 0.8 178.5 132.3
TR Property Inv T . . . .83.8 0.4 85.0 59.2
Witan Inv Trust . . . . .519.5 9.5 522.0 409.9
3i Group . . . . . . . . . . .285.8 -13.1 340.0 251.9
3i Infrastructure . . . . .117.7 0.5 125.2 106.0
Aberdeen Asset Ma .212.0 1.2 229.5 123.0
Ashmore Group . . . .332.2 0.8 383.7 235.0
BerkeIey TechnoIo . . . .4.3 0.0 9.0 2.2
Brewin DoIphin Ho . .170.2 2.0 185.4 114.0
CameIIia . . . . . . . . . .9401.0 175.010700.0 6900.0
CharIes TayIor Co . . .142.5 2.5 240.0 140.0
City of London Gr . . . .91.0 -4.0 96.0 67.5
City of London In . . .410.0 10.0 461.5 266.5
CIose Brothers Gr . . .844.0 -1.0 888.5 664.0
CoIIins Stewart . . . . . .85.0 0.0 94.0 67.3
EvoIution Group . . . . .75.3 -1.8 127.0 67.0
F&C Asset Managem .76.0 0.2 92.9 47.5
Gartmore Group Lt . .119.8 7.6 164.0 88.5
Hargreaves Lansdo .608.0 -2.0 635.0 317.4
HeIphire Group . . . . . .13.8 0.3 55.0 11.8
Henderson Group . . .173.1 3.6 176.8 118.1
Highway CapitaI . . . . . .7.0 0.0 7.0 6.0
ICAP . . . . . . . . . . . . . .530.5 2.5 570.5 341.6
IG Group HoIdings . .456.0 -0.6 553.0 362.4
Intermediate Capi . . .326.3 -0.2 360.3 240.4
InternationaI Per . . . .325.7 4.1 386.6 183.3
InternationaI Pub . . . .114.0 0.3 118.3 108.6
Investec . . . . . . . . . . .487.7 10.0 550.5 429.2
IP Group . . . . . . . . . . . .49.5 2.0 49.9 28.0
Jupiter Fund Mana . .290.1 2.7 337.3 180.3
LMS CapitaI . . . . . . . . .57.5 0.0 59.0 40.0
London Finance & . . .19.5 0.0 21.5 16.5
London Stock Exch .855.5 23.0 933.0 544.0
Man Group . . . . . . . . .253.1 7.2 311.0 201.9
Paragon Group Of . .172.0 2.1 191.5 114.4
Provident Financi . . .955.0 -5.0 1033.0 728.5
Rathbone Brothers .1199.0 -17.0 1257.0 762.5
ReaI Estate Credi . . . . .1.2 -0.0 2.5 0.9
RSM Tenon Group . . .36.0 -0.8 66.3 35.0
S & U . . . . . . . . . . . . .687.5 0.0 708.5 482.5
Schroders . . . . . . . .1774.0 38.0 1922.0 1154.0
Schroders (Non-Vo .1427.0 18.0 1508.0 950.5
TuIIett Prebon . . . . . .418.8 9.5 426.0 298.0
WaIker Crips Grou . . .48.0 0.0 50.5 45.0
BT Group . . . . . . . . . .188.2 2.6 191.1 109.9
CabIe & WireIess . . . .46.0 0.4 63.7 44.4
CabIe & WireIess . . . .51.2 -1.3 93.0 49.3
COLT Group SA . . . .150.0 0.9 156.2 109.0
TaIkTaIk TeIecom . . .139.2 1.4 168.3 108.5
Booker Group . . . . . . .60.6 0.4 60.6 38.6
Greggs . . . . . . . . . . . .528.0 18.5 529.5 418.7
Morrison (Wm) Sup .277.8 1.8 306.3 257.6
Ocado Group . . . . . . .231.1 3.1 285.0 123.5
Sainsbury (J) . . . . . . .334.4 -0.9 395.0 312.9
Tesco . . . . . . . . . . . . .389.0 8.0 454.4 377.5
Associated Britis . .1003.0 11.0 1182.0 918.0
Cranswick . . . . . . . . .831.0 0.5 907.5 784.0
Dairy Crest Group . . .359.1 -0.2 424.9 339.7
Devro . . . . . . . . . . . . .285.9 3.4 293.0 162.5
Premier Foods . . . . . . .29.7 1.8 32.9 16.0
Tate & LyIe . . . . . . . . .573.0 -4.5 599.5 409.1
UniIever . . . . . . . . . .1901.0 1.0 1995.0 1688.0
Mondi . . . . . . . . . . . . .608.5 9.0 608.5 367.6
Centrica . . . . . . . . . . .330.2 4.9 346.1 264.5
InternationaI Pow . . .305.2 -2.8 448.6 284.5
NationaI Grid . . . . . . .597.5 3.5 598.9 484.2
Northumbrian Wate .338.4 6.2 361.5 252.8
Pennon Group . . . . . .634.0 9.0 650.0 482.9
Severn Trent . . . . . .1476.0 15.0 1513.0 1086.0
United UtiIities . . . . .598.5 7.0 628.5 507.0
Cookson Group . . . . .705.0 15.5 705.0 367.4
DS Smith . . . . . . . . . .203.2 4.2 226.0 108.0
Rexam . . . . . . . . . . . .364.7 1.3 375.4 290.4
BAE Systems . . . . . .330.4 5.5 379.2 294.7
Chemring Group . . . .700.0 8.5 736.5 519.6
Cobham . . . . . . . . . . .231.7 1.5 275.9 192.3
Meggitt . . . . . . . . . . . .350.0 7.1 380.9 261.7
QinetiQ Group . . . . . .122.1 0.4 137.8 96.7
RoIIs-Royce Group . .630.5 11.5 665.0 535.0
Senior . . . . . . . . . . . . .153.4 1.7 159.5 104.4
UItra EIectronics . . .1752.0 30.0 1895.0 1490.0
GKN . . . . . . . . . . . . . .204.7 3.8 237.1 109.3
BarcIays . . . . . . . . . . .289.5 11.9 383.2 255.4
HSBC HoIdings . . . . .655.1 14.1 730.9 596.2
LIoyds Banking Gr . . .61.0 2.9 77.6 50.5
RoyaI Bank of Sco . . .42.3 1.6 58.1 37.6
Standard Chartere .1654.5 37.5 1950.0 1514.5
AG Barr . . . . . . . . . .1231.0 1.0 1304.0 900.0
Britvic . . . . . . . . . . . . .398.6 3.1 518.0 364.5
Diageo . . . . . . . . . . .1199.0 14.0 1258.0 1025.0
SABMiIIer . . . . . . . . .2255.0 47.5 2306.0 1827.0
AZ EIectronic Mat . . .275.6 -0.3 320.0 249.0
Croda Internation . .1694.0 16.0 1700.0 901.0
EIementis . . . . . . . . . .149.9 -2.2 159.6 56.8
Johnson Matthey . .1899.0 39.0 2100.0 1460.0
Victrex . . . . . . . . . . .1395.0 45.0 1522.0 878.5
YuIe Catto & Co . . . . .200.0 -1.1 240.5 109.4
Price Chg High Low
BerkeIey Group Ho .1060.0 19.0 1066.0 751.0
Bovis Homes Group .442.3 6.5 464.7 326.6
Persimmon . . . . . . . .451.8 6.8 507.5 336.5
Reckitt Benckiser . .3288.0 86.0 3655.0 3015.0
Redrow . . . . . . . . . . . .125.6 0.6 151.9 97.5
TayIor Wimpey . . . . . . .40.9 0.3 44.0 22.3
Bodycote . . . . . . . . . .340.0 9.0 341.4 182.5
Charter Internati . . . .814.0 6.0 853.5 567.0
Fenner . . . . . . . . . . . .364.0 4.0 386.7 183.3
IMI . . . . . . . . . . . . . . .1044.0 14.0 1047.0 578.0
MeIrose . . . . . . . . . . .333.0 5.1 333.1 203.4
Northgate . . . . . . . . . .320.7 2.5 323.4 152.3
Rotork . . . . . . . . . . .1761.0 15.0 1895.0 1254.0
Spirax-Sarco Engi . .1966.0 27.0 2025.0 1344.0
Weir Group . . . . . . .1776.0 45.0 1861.0 846.0
Ferrexpo . . . . . . . . . . .448.2 16.2 449.5 219.0
TaIvivaara Mining . . .574.5 -7.0 622.0 342.4
BBAAviation . . . . . . .204.0 0.8 240.8 175.0
Forth Ports . . . . . . . .1635.0 0.0 1647.0 1112.0
Stobart Group Ltd . . .150.0 4.7 163.6 132.6
AdmiraI Group . . . . .1611.0 57.0 1753.0 1238.0
Future . . . . . . . . . . . . . .21.0 -5.5 30.0 15.8
Haynes PubIishing . .256.0 -1.0 262.5 202.5
Huntsworth . . . . . . . . .71.3 1.3 87.5 65.0
Informa . . . . . . . . . . . .426.8 10.1 461.1 342.1
ITE Group . . . . . . . . . .244.7 1.4 258.2 135.5
ITV . . . . . . . . . . . . . . . . .78.6 1.2 93.5 48.3
Johnston Press . . . . . . .8.0 -0.0 33.5 7.1
MecomGroup . . . . . .281.3 -7.8 293.0 162.0
Moneysupermarket. . .88.2 2.5 92.0 61.0
Pearson . . . . . . . . . .1138.0 37.0 1139.0 864.0
Reed EIsevier . . . . . .543.5 3.5 590.5 460.6
Rightmove . . . . . . . . .958.0 8.0 980.0 596.5
STV Group . . . . . . . . .152.3 -0.8 155.0 56.8
Tarsus Group . . . . . .144.0 1.0 147.0 107.0
Trinity Mirror . . . . . . . .47.3 0.8 170.1 46.3
United Business M . .617.0 18.5 725.0 480.1
UTV Media . . . . . . . . .130.0 0.5 151.0 106.0
WiImington Group . .153.3 4.8 183.0 129.0
WPP . . . . . . . . . . . . . .788.0 19.5 846.5 608.0
YeII Group . . . . . . . . . . .6.8 0.1 59.0 5.8
African Barrick G . . .538.5 -3.0 670.0 501.5
AngIo American . . .3256.0 49.0 3437.0 2254.0
Antofagasta . . . . . . .1397.0 36.0 1634.0 761.0
Aquarius PIatinum . .356.1 10.5 458.0 227.1
BHP BiIIiton . . . . . . .2512.0 52.0 2616.0 1684.5
AmIin . . . . . . . . . . . . .387.6 5.9 433.0 366.8
BeazIey . . . . . . . . . . . .126.3 3.1 139.2 108.4
CatIin Group Ltd. . . .373.1 12.2 399.2 319.9
CPP Group . . . . . . . . .150.0 -4.0 329.0 147.0
Hiscox Ltd. . . . . . . . . .389.3 12.0 399.0 327.9
Jardine LIoyd Tho . . .701.5 9.5 710.5 521.0
Lancashire HoIdin . . .620.5 23.0 647.0 442.0
RSA Insurance Gro . .133.4 1.9 143.5 114.8
Aviva . . . . . . . . . . . . . .446.3 13.5 477.9 294.2
LegaI & GeneraI G . . .117.2 2.0 122.7 72.3
OId MutuaI . . . . . . . . .140.1 4.1 145.2 102.0
Phoenix Group HoI . .675.0 7.0 758.0 584.5
PrudentiaI . . . . . . . . .730.5 24.0 749.0 489.2
ResoIution Ltd. . . . . .297.0 1.1 328.6 211.3
St James's PIace . . . .339.9 5.4 340.0 204.2
Standard Life . . . . . . .213.5 6.7 244.7 173.0
4imprint Group . . . . .252.5 0.0 275.0 156.0
Aegis Group . . . . . . .146.0 3.1 148.3 103.6
BIoomsbury PubIis . .131.0 1.0 132.8 105.3
British Sky Broad . . .827.5 2.5 838.5 536.5
Centaur Media . . . . . . .54.5 0.5 73.0 45.8
Chime Communicati .264.5 -2.5 281.8 158.0
Creston . . . . . . . . . . . .95.0 0.0 105.0 78.5
DaiIy MaiI and Ge . . .500.0 5.8 594.5 433.0
Euromoney Institu . .707.0 10.0 736.0 506.5
Centamin Egypt Lt . .134.4 -1.3 197.1 118.5
Eurasian NaturaI . . .957.0 20.5 1266.0 818.0
FresniIIo . . . . . . . . . .1565.0 22.0 1682.0 763.5
GemDiamonds Ltd. .276.5 -3.5 306.0 186.3
HochschiId Mining . .622.5 -22.0 680.0 234.0
Kazakhmys . . . . . . .1408.0 14.0 1671.0 965.0
Kenmare Resources . .48.0 3.6 48.4 9.3
Lonmin . . . . . . . . . . .1734.0 31.0 2113.0 1355.0
PetropavIovsk . . . . . .967.0 -31.0 1365.0 903.5
RandgoId Resource 5200.0 232.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4419.0 40.0 4712.0 2812.0
Vedanta Resources .2411.0 32.0 2934.0 1839.0
Xstrata . . . . . . . . . . .1487.0 30.0 1535.0 845.8
Inmarsat . . . . . . . . . . .627.0 23.0 821.0 575.0
Vodafone Group . . . .179.1 2.6 181.9 129.5
Genesis Emerging . .542.0 9.5 568.0 427.0
Afren . . . . . . . . . . . . . .167.0 4.1 167.8 79.2
BG Group . . . . . . . . .1564.5 13.5 1574.0 984.0
BP . . . . . . . . . . . . . . . .470.0 16.0 655.4 302.9
Cairn Energy . . . . . . .463.4 1.3 493.2 366.0
EnQuest . . . . . . . . . . .137.5 1.2 158.5 89.3
Essar Energy . . . . . .472.9 -0.2 589.5 383.0
ExiIIon Energy . . . . . .422.2 12.2 454.6 166.0
Heritage OiI . . . . . . . .278.8 -5.3 581.0 261.7
JKX OiI & Gas . . . . . .313.0 -2.0 335.1 223.2
Premier OiI . . . . . . . .2006.0 12.0 2140.0 1085.0
RoyaI Dutch SheII . .2285.0 21.0 2287.0 1624.0
RoyaI Dutch SheII . .2283.5 23.5 2289.1 1554.0
SaIamander Energy .305.9 15.9 315.3 204.9
Soco Internationa . . .386.6 3.6 484.2 292.0
TuIIow OiI . . . . . . . . .1478.0 30.0 1493.0 991.5
Amec . . . . . . . . . . . .1192.0 -1.0 1251.0 764.0
Hunting . . . . . . . . . . .791.0 14.5 806.0 439.4
John Wood Group . .670.0 32.5 670.5 293.1
LampreII . . . . . . . . . . .355.6 3.1 390.0 195.3
Petrofac Ltd. . . . . . .1516.0 27.0 1685.0 1002.0
Burberry Group . . . .1200.0 26.0 1203.0 612.5
PZ Cussons . . . . . . . .342.8 16.3 409.0 265.5
Supergroup . . . . . . .1460.0 2.0 1820.0 535.0
AstraZeneca . . . . . .2895.0 32.0 3385.0 28.9
BTG . . . . . . . . . . . . . .226.0 -1.6 263.0 154.2
Genus . . . . . . . . . . . . .948.0 4.0 982.5 681.0
GIaxoSmithKIine . . .1200.5 11.0 1318.5 1095.0
Hikma Pharmaceuti .736.5 -1.5 900.0 630.0
Shire PIc . . . . . . . . . .1818.0 7.0 1832.0 1321.0
CapitaI & Countie . . .168.0 -0.5 169.7 100.0
Daejan HoIdings . . .2625.0 -10.0 2919.0 2157.0
F&C CommerciaI Pr .102.2 -0.9 107.0 88.0
Grainger . . . . . . . . . . .105.8 -1.5 145.0 86.3
HeIicaI Bar . . . . . . . . .271.6 0.8 358.8 262.0
London & Stamford .126.5 1.5 133.5 110.3
SaviIIs . . . . . . . . . . . . .368.2 10.1 399.0 273.1
St. Modwen Proper . .176.2 -3.6 201.0 135.4
UK CommerciaI Pro . .80.8 -0.2 85.0 72.8
Unite Group . . . . . . . .215.1 -0.9 260.1 163.0
Big YeIIow Group . . .326.8 -3.9 353.3 284.4
British Land Co . . . . .564.5 12.0 585.5 418.3
CapitaI Shopping . . .386.1 3.1 424.8 301.0
Derwent London . . .1647.0 4.0 1760.0 1208.0
Great PortIand Es . . .384.1 -1.7 401.1 280.5
Hammerson . . . . . . . .450.1 3.2 476.7 336.3
Hansteen HoIdings . . .84.8 -0.3 90.3 60.0
Land Securities G . . .747.0 13.5 773.0 545.0
SEGRO . . . . . . . . . . . .321.7 0.2 331.3 250.2
Shaftesbury . . . . . . . .473.9 0.8 490.2 349.3
Autonomy Corporat 1603.0 14.0 1975.0 1271.0
Aveva Group . . . . . .1628.0 13.0 1739.0 1044.0
Computacenter . . . . .438.0 3.0 457.5 260.0
Fidessa Group . . . . .1781.0 31.0 1810.0 1269.0
Invensys . . . . . . . . . . .351.5 6.3 364.3 230.2
Kofax . . . . . . . . . . . . .535.0 16.0 536.0 220.3
Logica . . . . . . . . . . . .131.4 0.4 147.9 101.7
Micro Focus Inter . . .318.0 1.9 546.5 276.0
Misys . . . . . . . . . . . . .320.0 3.8 354.8 217.0
Sage Group . . . . . . . .280.8 2.7 302.0 222.7
SDL . . . . . . . . . . . . . . .655.5 5.5 678.5 421.0
TeIecity Group . . . . . .516.0 7.5 532.5 365.0
Aggreko . . . . . . . . . .1594.0 18.0 1685.0 1154.0
Ashtead Group . . . . .199.9 1.5 206.5 77.0
Atkins (WS) . . . . . . . .722.0 21.0 792.5 620.0
Babcock Internati . . .622.5 1.5 635.0 492.8
Berendsen . . . . . . . . .481.4 0.4 492.0 360.2
BunzI . . . . . . . . . . . . .747.5 3.0 783.0 658.0
Capita Group . . . . . . .739.5 -3.5 826.0 635.5
CariIIion . . . . . . . . . . .382.1 2.1 399.3 291.2
De La Rue . . . . . . . . .790.0 0.5 984.0 549.5
EIectrocomponents .270.2 2.9 279.5 202.3
Experian . . . . . . . . . . .777.0 5.0 819.0 572.0
FiItrona PLC . . . . . . . .305.0 1.2 318.0 193.4
G4S . . . . . . . . . . . . . . .260.1 4.7 282.8 237.7
Hays . . . . . . . . . . . . . .116.9 0.6 133.6 88.4
Homeserve . . . . . . . .455.7 11.4 487.5 358.8
Howden Joinery Gr . .111.1 1.6 127.5 56.8
Intertek Group . . . . .2092.0 58.0 2092.2 1331.0
MichaeI Page Inte . . .533.5 19.5 565.5 346.4
Mitie Group . . . . . . . .197.7 1.2 241.1 188.7
Premier FarneII . . . . .274.2 2.9 308.8 208.4
Regus . . . . . . . . . . . . .116.3 1.4 120.0 66.1
RentokiI InitiaI . . . . . . .90.5 0.5 138.5 84.3
RPS Group . . . . . . . . .213.5 -0.3 242.0 169.8
Serco Group . . . . . . .548.0 -10.0 651.0 529.5
Shanks Group . . . . . .115.7 1.6 126.7 92.0
SIG . . . . . . . . . . . . . . .143.5 4.0 153.2 90.7
SThree . . . . . . . . . . . .416.0 6.7 434.5 231.1
Travis Perkins . . . . .1031.0 15.0 1127.0 709.0
WoIseIey . . . . . . . . .2145.0 46.0 2261.0 1223.0
ARM HoIdings . . . . . .580.5 5.5 651.0 228.4
CSR . . . . . . . . . . . . . .366.5 -3.1 472.0 280.9
Imagination Techn . .435.4 6.2 471.9 220.7
Pace . . . . . . . . . . . . . .153.5 1.4 231.8 148.6
Spirent Communica .137.1 -0.4 160.3 102.8
British American . .2538.5 36.5 2594.0 1959.0
ImperiaI Tobacco . .1940.0 13.0 2069.0 1753.0
Avis Europe . . . . . . . .188.5 -0.2 284.7 183.1
Betfair Group . . . . . . .985.5 10.5 1550.0 840.0
Bwin.party Digita . . .204.0 10.6 324.0 172.1
CarnivaI . . . . . . . . . .2466.0 14.0 3153.0 2037.0
Compass Group . . . .564.0 3.5 594.0 492.6
Domino's Pizza UK . .429.4 1.5 586.0 324.7
easyJet . . . . . . . . . . . .332.6 -8.3 496.5 324.5
Enterprise Inns . . . . . .89.4 0.9 139.3 84.4
FirstGroup . . . . . . . . .326.0 -0.3 412.6 322.7
Go-Ahead Group . . .1330.0 -10.0 1485.0 1042.0
Greene King . . . . . . .446.7 -1.0 491.4 376.2
InterContinentaI . . .1264.0 -14.0 1435.0 982.0
InternationaI Con . . .226.7 -0.3 305.0 184.2
JD Wetherspoon . . . .425.7 1.2 548.5 386.5
Ladbrokes . . . . . . . . .131.4 -1.1 162.7 122.7
Marston's . . . . . . . . . . .95.8 0.8 117.1 89.9
MiIIennium& Copt . .506.5 0.5 600.5 386.8
MitcheIIs & ButIe . . . .302.6 0.9 361.0 274.0
NationaI Express . . .245.9 0.4 260.3 213.4
Punch Taverns . . . . . .77.2 0.2 101.0 58.0
Rank Group . . . . . . . .149.8 0.4 152.8 94.8
Restaurant Group . . .305.1 5.1 311.6 208.2
Stagecoach Group . .216.0 0.6 224.0 160.7
Thomas Cook Group 168.0 -2.6 271.9 165.1
TUI TraveI . . . . . . . . . .226.4 -0.6 307.3 190.0
Whitbread . . . . . . . .1663.0 13.0 1887.0 1266.0
WiIIiamHiII . . . . . . . . .179.8 -0.9 216.5 155.5
Abcam . . . . . . . . . . . .375.5 -1.5 402.0 235.2
AIbemarIe & Bond . .307.0 -1.5 334.0 218.0
Amerisur Resource . .22.3 -1.0 27.0 11.5
ArchipeIago Resou . . .61.8 4.4 64.8 32.3
ASOS . . . . . . . . . . . .1737.0 29.0 1924.0 517.5
AureIian OiI & Ga . . . .72.5 0.0 92.0 35.8
Avanti Communicat .444.8 -6.5 735.0 423.8
Avocet Mining . . . . . .247.8 2.8 253.5 112.0
BIinkx . . . . . . . . . . . . .104.0 4.0 104.0 12.3
Borders & Souther . . .63.5 1.5 93.0 45.8
BowLeven . . . . . . . . .375.5 -6.8 398.0 103.0
CaIedon Resources . .94.3 -0.8 107.0 23.3
Cape . . . . . . . . . . . . . .500.0 7.8 500.0 190.5
Conygar Investmen .114.8 -1.0 120.0 101.3
Cove Energy . . . . . . . .94.5 0.8 112.8 44.3
Daisy Group . . . . . . . .94.1 1.1 108.5 84.5
Desire PetroIeum . . . .36.5 -1.0 168.5 32.3
EMIS Group . . . . . . . .472.5 -11.5 488.3 303.5
Encore OiI . . . . . . . . .109.3 -0.8 151.5 16.0
Faroe PetroIeum . . . .173.0 3.0 218.3 106.0
GuIfsands PetroIe . . .293.0 3.3 401.5 244.3
GWPharmaceuticaI . .96.0 -1.5 141.0 83.0
Hamworthy . . . . . . . .533.5 13.5 539.0 256.8
Hargreaves Servic . .939.5 7.0 983.0 556.5
HeaIthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic . .850.0 20.0 975.0 575.0
James HaIstead . . . . .461.0 9.0 481.8 291.3
KaIahari MineraIs . . .234.3 0.5 301.0 142.0
London Mining . . . . .376.0 0.8 418.8 194.0
Lonrho . . . . . . . . . . . . .18.1 1.1 19.0 9.4
Lupus CapitaI . . . . . .140.0 0.0 145.0 72.0
M. P. Evans Group . .444.4 14.4 500.5 317.5
Majestic Wine . . . . . .392.0 -6.0 430.0 258.0
May Gurney Integr . .260.0 0.0 264.0 177.0
Monitise . . . . . . . . . . . .25.5 0.0 27.0 15.8
MuIberry Group . . . .1395.0 21.5 1415.0 189.8
Nanoco Group . . . . . . .77.0 -3.0 115.8 68.0
NauticaI PetroIeu . . .400.0 -7.0 547.0 46.0
NichoIs . . . . . . . . . . . .474.9 7.4 495.0 351.0
Numis Corporation . .116.0 0.5 157.5 109.0
Patagonia GoId . . . . . .46.3 0.8 59.3 12.5
Pursuit Dynamics . . .268.5 3.5 700.0 180.0
Rockhopper ExpIor .238.0 -9.8 510.0 37.0
RWS HoIdings . . . . . .401.1 -4.9 412.6 239.0
Songbird Estates . . .148.3 4.3 166.4 133.8
SterIing Energy . . . . . .54.5 1.0 147.0 51.3
VaIiant PetroIeum . . .510.0 -14.5 761.5 504.0
VatukouIa GoId Mi . . .134.5 -0.8 227.0 84.0
Young & Co's Brew . .570.3 0.3 670.0 510.0
Kenmare Resources . .48.0 8.2
Gartmore Group Ltd .119.8 6.8
Premier Foods . . . . . . .29.7 6.3
SaIamander Energy .305.9 5.5
Bwin.party DigitaI . . .204.0 5.5
John Wood Group . .670.0 5.1
LIoyds Banking Gro . .61.0 5.0
PZ Cussons . . . . . . . .342.8 5.0
RandgoId Resources5200.0 4.7
BarcIays . . . . . . . . . . .289.5 4.3
3i Group . . . . . . . . . . .285.8 -4.4
HochschiId Mining . .622.5 -3.4
JD Sports Fashion . .858.5 -3.3
PetropavIovsk . . . . . .967.0 -3.1
CPP Group . . . . . . . . .150.0 -2.6
Kesa EIectricaIs . . . .117.7 -2.5
easyJet . . . . . . . . . . . .332.6 -2.4
CabIe & WireIess W . .51.2 -2.4
Carpetright . . . . . . . .666.0 -2.1
St. Modwen Propert .176.2 -2.0
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
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Tsy 3.250 11 . . . . .101.69 -0.03 103.8 101.7
Tsy 9.000 11 . . . . .102.29 -0.06 110.3 102.3
Tsy 2.500 11 . . . . .308.52 -0.03 311.1 307.7
Tsy 5.250 12 . . . .104.90 -0.06 108.6 104.8
Tsy 9.000 12 . . . . .110.39 0.00 117.2 109.7
Tsy 5.000 12 . . . .103.74 -0.06 107.4 103.7
Tsy 4.500 13 . . . .105.90 -0.10 109.2 105.8
Tsy 2.500 13 . . . .282.60 -0.14 283.2 269.4
Tsy 8.000 13 . . . . .115.98 -0.14 121.3 115.9
Tsy 5.000 14 . . . .109.54 -0.20 114.1 109.2
Tsy 7.750 15 . . . .105.40 -0.50 112.0 76.0
Tsy 8.000 15 . . . .124.16 -0.23 131.6 123.7
Tsy 4.750 15 . . . .109.40 -0.24 114.7 108.6
Tsy 2.500 16 . . . .318.33 -0.13 320.1 301.2
Tsy 4.000 16 . . . .105.98 -0.24 111.4 104.0
Tsy 1.250 17 . . . .108.68 -0.17 111.1 104.9
Tsy 8.750 17 . . . .133.88 -0.24 142.2 132.9
Tsy 12.000 17 . . .127.33 0.00 185.9 126.8
Tsy 5.000 18 . . . . .111.13 -0.24 117.6 108.6
Tsy 4.500 19 . . . .107.12 -0.25 113.8 104.0
Tsy 3.750 19 . . . .101.32 -0.29 107.7 97.7
Tsy 4.750 20 . . . .108.43 -0.29 115.9 105.1
Tsy 2.500 20 . . . .322.94 -0.10 325.7 302.4
Tsy 8.000 21 . . . .135.96 -0.33 147.1 133.6
Tsy 1.875 22 . . . . .113.88 -0.17 117.8 108.5
Tsy 4.000 22 . . . .100.92 -0.32 108.4 97.0
Tsy 2.500 24 . . . .283.39 0.07 286.9 262.1
Tsy 5.000 25 . . . .109.55 -0.23 118.5 105.3
Tsy 1.250 27 . . . .107.83 0.12 111.2 100.5
Tsy 4.250 27 . . . .100.32 -0.18 108.8 96.3
Tsy 6.000 28 . . . .122.16 -0.14 132.7 118.4
Tsy 4.750 30 . . . .105.71 -0.07 115.0 102.1
Tsy 4.125 30 . . . .271.16 0.26 274.4 248.7
Tsy 4.250 32 . . . . .98.84 -0.04 107.8 95.5
Tsy 4.250 36 . . . . .98.27 0.00 107.4 94.5
Tsy 4.750 38 . . . .106.61 0.00 116.5 102.4
Tsy 4.500 42 . . . .103.06 0.00 112.8 98.7
% %
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E
ARLY morning Melbourne, the
sun is rising, and we are drifting
over this modern metropolis and
its spectacular skyline of skyscrap-
ers and spires in a hot air balloon.
Rising high above the city, we gaze
down on icons such as the Melbourne
Cricket Ground (MCG), the Formula
One racetrack, Government House,
Melbourne Park, and the meandering
Yarra River far below.
When Melbourne hosted the
Olympics back in 1956, it was seen as a
quaint backwater, but this city, the sec-
ond biggest in Australia, is now dynam-
ic, cutting-edge, and sophisticated.
Penetrate the heart of the city, and
you will soon be hit by its multi-cultur-
al vibe, a heady mix of arts and culture
and a big dose of European chic. Walk
around its boulevard-style streets, criss-
crossed with tramlines and inter-
spersed with lanes and alleys teeming
with bookshops, jewellers and music
stores, and you’ll soon agree it deserves
its title as Victoria’s capital of cool.
With so much to do and see, you
need to plan your time carefully, but a
good starting point is the Eureka
Skydeck on the 88th floor of a towering
92-floor skyscraper, from where you
can enjoy a 360 degree view across the
city from the CBD to the Dandedong
Ranges and Port Phillip Bay.
For the non-faint-hearted (and non-
vertigo sufferers) it’s well worth trying
an experience known as “The Edge”,
which involves stepping into a 10ft
glass cube jutting out from the tower.
From this observation deck, the
highest public vantage point in
Melbourne, you can gaze down over
the streets of the city a long, long way
below.
If, after that, you’re still looking for a
buzz, jump on the back of a Harley
Davidson for a tour of the city’s sites
with your very own bearded biker-
chauffeur. After meeting at a pre-
arranged pick-up in the centre of town,
I was kitted out in helmet and leathers,
and spent an exhilarating hour roaring
through the city and cruising out
along the open road to the beach sub-
urb of St Kilda – a kind of Brighton-
down-under – complete with its very
own theme park and pier.
Once here, you’ll be in no hurry to
leave, as there’s no better place to sam-
ple the city’s food culture – the streets
are brimming with cafes and cake
shops, as well as top-notch bars and
bistros.
For a slightly less adrenaline-filled
introduction to the city, join one of the
Hidden Secrets walking tours which
take you from funky Federation Square
– the new see-and-be-seen fusion of
arts, eateries and museums in the city
centre – through the lanes and arcades
past designer start-ups and specialty
A brilliant cafe culture, exciting food, world-class
wineries and outdoor sport has Esther Shaw enthralled
Live it up in Melbourne,
Australia’s city of plenty
22 CITYA.M. 4 APRIL 2011
Lifestyle | Travel
In association with
retailers.
You’ll get to see the loft and base-
ment businesses, the boutiques that are
unique to the city, and the chocolate,
confectionary and cafes which send the
smell of fresh coffee wafting through
the streets.
Spend a few hours getting under the
skin of this city with a well-versed
guide, and you soon begin to realise
that Melbourne is far richer in history
than you might have first imagined.
While you’ll find it tricky to run out
of things to do in the city itself, if you
can tear yourself away for a few days,
you’ll find there’s plenty more to the
state of Victoria than Melbourne.
Just 45 minutes from the city is the
Yarra Valley – Melbourne’s premier
wine-growing region. Home to acres of
vineyards and 40 cellar doors – the
bushland is dotted with vines and
mountain ash forests for as far as the
eye can see.
If you’re looking for luxury travel,
take one of the Melbourne Private
Tours, as these chauffeured excursions
through the region can be personalised
to suit your itinerary.
Spend your day stopping off at vine-
yards to find out how the wine is
crushed, fermented, and bottled, and
get a peek behind the scenes with the
people who make it.
I spent a very enjoyable few hours at
Dominique Portet (www.dominique-
portet.com), one of the newer wineries
in the Yarra Valley, tasting the estate’s
wines under the guidance of the uber-
charming Dominique, the ninth
recorded generation in this family of
vignerons dating back to eighteenth
century France.
From here, I wobbled on to the beau-
tiful TarraWarra Estate (www.tarrawar-
ra.com.au) – famous for its Pinot Noir
and Chardonnay – where visitors can
enjoy a lunch of delights such as saf-
If you love your wines,
but fancy something a
little different, then
head out to the
Mornington Peninsula
and explore the region
on horseback
BYBLOS’S NEW SEASON PACKAGE
To celebrate opening for the 2011 sea-
son, Saint Tropez’s most iconic hotel,
Byblos, is offering a seductive package
to entice early season weekenders.
Enticements are indeed numerous, with
an Alain Ducasse restaurant, Byni'z for
tapas and cocktails by the pool, a luxuri-
ous Sisley spa, recently refurbished
rooms and suites and the exclusive Les
Caves du Roy nightclub. Escapade pack-
age is £347 per night for 2 people
including breakfast and a gift. Not avail-
able on weekends in July and August. To
book, call +33 4 94 56 68 00 or go to
www.byblos.com
GLENEAGLES EASTER TREATS
Easter at Scotland’s grandest hotel,
Gleneagles, is full of delights – egg hunts,
bonnet parades and teddy bear making.
(Naturally.) Also on offer to keep the
kids enthralled is a circus. There’s no
chance of them of getting bored with
the chance to learn stilt-walking, jug-
gling, or the thrill of performing a human
pyramid, surely. Easter weekend, Friday
22 April and Saturday 23 April, rooms
from £325 per person, including break-
fast. Children’s bed, breakfast and activi-
ties from £225 (based on two children
sharing their own room, per night). For
further information visit www.glenea-
gles.com or call Resort Sales on 0800
704 705.
SOFITEL’S NEW MOROCCO RESORT
Sofitel, the hotel group, has pushed its
luxury offering further into the limelight
with the new Essaouira Mogador Golf &
Spa (pictured), near the historical port
of Essaouira. Surrounded by 600
hectares of forest, natural sand dunes
and a pristine beach, the setting is idyllic.
Add in elegant design by Didier Gomez
and architect Rachid El Andaloussi and
the result is a wonderful continuity
between outside and in. An 18-hole golf
course and 1300 m spa confirm it as one
of the best places to stay outside
Marrakesh. From £148 per night,
www.sofitel.com.
CITYA.M. 4 APRIL 2011
THE RISE OF LONDON’S
TOWNHOUSE HOTELS
IN TOMORROW’S
NEWSPAPER
23
THE BLACKMAN 5*
452 St Kilda Road | Melbourne | VIC 3004
If you have an eye for art, or even if you haven’t,
you’ll love this luxurious yet quirky stay on St Kilda
Road. An Art Series hotel, The Blackman is inspired
by one of Australia’s most celebrated artists,
Charles Blackman, and his striking and edgy work
is showcased throughout. The rest of the stylish
décor is impressive in itself and it all combines to
create a unique hotel with real flair!
THE WESTIN MELBOURNE 5*
205 Collins Street | Melbourne | VIC 3000
Head to the heart of this eclectic city and enjoy a
chic and elegant stay at The Westin Melbourne. It’s
the place to be to experience all the surrounding
theatres, designer boutiques, galleries and attrac-
tions that Melbourne has in abundance. And the
hotel’s tranquil Wellness Centre is certainly the
place to relax and rejuvenate too. Or why not try a
special Westin ‘In-Room Spa’ instead?
ROYCE HOTEL 5*
379 St Kilda Road | Melbourne | VIC 3004
Having once been a Rolls Royce showroom, this
hotel certainly hasn’t forgotten its exclusive roots. It
lies next to the Royal Botanic Gardens on
Melbourne’s famous boulevard, St Kilda Road, and
boasts lovely boutique décor blended with a touch
of glitz and glamour. The award-winning ‘Dish’
restaurant is a delight and it even includes the
Royce Ballroom – see, we told you it was glamorous!
In association with
THINK ROOMS...
To book your stay at any of these fabulous hotels, or to discover a whole world of other
accommodation possibilities, visit LateRooms.com or call 0161 831 3894.
with
fron-cured ocean trout, followed by
seared venison with sautéed chicory,
while sitting out on the terrace, gazing
out over the expanse of vineyards.
If you love your wines, but fancy
something a little different, then head
out to the Mornington Peninsula
which curves southwards from
Melbourne to Port Phillip Bay, and
explore the region on horseback.
Once you’ve slipped into the saddle
and bonded with your trusty steed, you
head off into the vineyard region of
Red Hill and Shoreham, dismounting
every now and then to sample a little
of the local produce.
You’ll stop off at wineries such as T
Gallant (www.tgallant.com.au) and Ten
Minutes by Tractor (www.tenminutes-
bytractor.com.au) for a tipple – or, if
you can afford the time, a longer gour-
met lunch surrounded by the patch-
work of bushland, pasture, hills and
vineyards.
Sitting back in the southern
Australian sunshine, Pinot Noir in
hand, marveling at the breathtaking
vineyards before me, I can think of few
better ways to while away an afternoon
– or two.
For more info: Global ballooning (global-
ballooning.com.au) costs from AU$315 per
person; the Eureka Skydeck and the Edge
Experience (eurekaskydeck.com.au) costs
AU$28.50. The Harley Davidson tour with
HD Chauffeur Ride
(www.harleyrides.com.au) costs from
AU$115.50, and the Hidden Secrets tours
(www.hiddensecretstours.com) cost AU$115
per person. A tour of the Yarra Valley with
Melbourne Private Tours
(melbprivatetours.com.au) costs from
AU$560 for one person, while the Horseback
Winery Tours (horsebackwinery
tours.com.au) cost from AU$110 per person.
TRAVEL NOTES | by Zoe Strimpel
Left: the Melbourne
skyline; bottom left;
the Yering Gorge
Cottages and
Federation Square.
WHERE TO STAY
The Olsen, set in South Yarra, is one of
the Art Series Hotel Group (art-
serieshotels.com.au) along with the
Cullen and the Blackman – each of
which are named after renowned
Australian artists. The Olsen’s 229 five-
star suites are adorned with the works
of landscape artist Dr John Olsen,
while the interior of the Cullen, in the
south-eastern suburb of Prahran, is
filled with the cutting-edge works of
Adam Cullen, part of Australia’s
“grunge” art movement, whose paint-
ings take an irreverent view of
Australian outlaw, Ned Kelly and his
gang.
The Blackman showcases the works
of Charles Blackman, with an emphasis
on his large and spectacular Alice in
Wonderland paintings. Prices for a stu-
dio suite start from AU$209 per night.
In the Yarra Valley, make yourself at
home in one of the 12 Yering Gorge
Cottages (yeringcottages.com.au) on
the banks of the Yarra River, each of
which offers a spacious open-plan liv-
ing area, wood-burning stove, fully-
equipped kitchen and jacuzzi.
Once you’ve set foot inside, you’ll
feel a world away from the city – espe-
cially once you set eyes on the herd of
kangaroos which cavort outside the
cottages each day at dawn and dusk.
A one-night stay in a one-bedroom cot-
tage starts from AU$259 per night,
including a breakfast basket delivered
to your door each morning.
WHERE TO EAT AND DRINK
Food is one thing Melbourne does
extremely well, and for top-notch
tapas head to Mo Vida Aqui
(movida.com.au), or if you fancy some-
thing French, Harvey’s (harveysrestau-
rant. com.au) is one of the city’s
favourites; best-known for breakfast, it
is also a fabulous venue for both lunch
and dinner.
If you want to splash out, book a
table at Vue de Monde
(vuedemonde.com.au) in the historic
Normanby Chambers building in the
heart of the CBD for a real treat of
classical fine dining.
And, if you want to head on into the
night, top watering holes include the
bar and live music venue, Toff in the
Town (thetoffintown.com) on
Swanston Street, and the swanky
rooftop bar, Siglo on Spring Street sit-
uated just above the popular
Melbourne Supper Club.
HOW TO GET THERE
Economy flights from Heathrow to
Melbourne via Doha with Qatar
Airways (www.qatarairways.com/uk)
start from £833; the scheduled flight
time is 21 hours and 40 minutes.
Melbourne and the Yarra Valley: eat, drink, stay, fly
T
HE well-heeled traveller auto-
matically thinks of the impos-
ing Dolder Grand when staying
in Switzerland’s financial cen-
tre. He is wrong to do so.
Filling nine lovingly restored, his-
toric townhouses in the very heart of
Zurich, the Widder Hotel is a deluxe
little hotel in a quiet street just off
Bahnhoffstrasse, the top class shop-
ping street. The effort that has gone
into preserving beautiful original fea-
tures while creating a genuinely first
class hotel over the past fifteen years
is quite extraordinary. The oldest
parts of the little complex are the
twelfth century walls in the library.
The gothic window alcoves, the carv-
ings and the (working) fireplaces that
the buildings have accrued since
those walls were built are retained
without in any way impairing the
Swiss-clock efficiency of the hotel.
There’s a gym, function rooms and
a business centre equipped just as
they should be. The concierge knows
every twist and turn of his city.
There’s wireless throughout. But the
point about this hotel is the extras,
not the ticked boxes.
Guests are issued with person-
alised, attractively printed business
cards with your direct line and the
hotel’s details, to give to contacts if
you wish whilst you’re in Zurich. Each
suite comes with a courtesy iPad for
the duration of your stay. The Bang
and Olufson sound system in each
room is perfect. Eames chairs unique
to the hotel are in each room.
And you’re treated like a grown-up
here. The windows actually open (the soundproofing is total when they’re
closed – and the only noise is the
sound of church bells anyway). One
can smoke in one’s room, and – a
vociferous non-smoker being with me
on our stay – I can say that there’s
genuinely no smell of smoke in
rooms later. There is provision made
for smokers as well as non-smokers in
the hotel’s three restaurants. The bar
features the country’s biggest collec-
tion of single malts, and hosts (good)
jazz nightly, which can only be heard
in the bar; you simply wouldn’t know
it was going on in any other room.
The hotel is spotlessly clean.
Each aspect of decoration is select-
ed to suit each room, each of which
has been tailored uniquely by a
designer. Each of the nine houses has
its own subtle but distinct style and
atmosphere, from the hand-carved
curlicues to the individually designed
doors and rich paintings. This is a
hotel that remembers and values
every detail of décor and of your stay.
This is the antithesis of the standard
large luxury hotel with identikit
rooms and identikit staff – and it is all
the better for that. It cannot be rec-
ommended more highly.
Rooms from 560 CHF (£380) per night–
details available onine: www.widder
hotel.ch
Nine historic
townhouses make
up Zurich’s most
beguiling hotel,
writes Alex Deane
A unique blend of
Swiss refinement
An Eames chair, just
one of the furnish-
ings tailored for the
rooms at the
Widder.
Lifestyle | Hotels
24 CITYA.M. 4 APRIL 2011
Apex Hotels [ London [ Edinburgh [ Dundee
Book online at
apexhotels.co.uk
or call 0845 365 0000
Apex City of London Hotel From £79
*
Apex London Wall Hotel From £89
*
Top 15 rated hotels out of over 1000 London hotels
reviewed on TripAdvisor
®**
Sma|| Hote| Group
of the Year 2010-2011
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www.cityam.com
Donata Huggins
speaks to London’s
coolest tech start-ups
about how they keep
their creative juices
flowing in Old Street
F
ORGET Silicon Valley and
Cambridge’s Silicon Fen, the Silicon
Roundabout celebrated by David
Cameron in a speech late last year is
the UK’s newest and coolest hub of entre-
preneurship. Dozens and dozens of IT start-
ups lie just around London’s Old Street
roundabout, spreading into Shoreditch
and further east. The area’s cheap rent
drew them in initially, but now serves to
facilitate what economists call
“clustering.” Clustering is not just what the
gentlemen in the pictures on this page are
doing, but it is part of it. Businesses often
benefit from grouping together in the
same area because it allows easy network-
ing and the sharing of ideas, and people
looking for their services know where to
find them.
At the start of this year, City A.M. asked
investors in new enterprise what type of
business they were looking for. Almost all
those questioned said they had their sights
set on east London, searching out the next
Facebook. Some took this more seriously
than others. Just last month Index
Ventures, a venture capital firm, moved
into one of the shared office spaces that are
popular in the area alongside Moo, a digital
design and print company.
The shared office space is just one way
that the silicon community is making the
most of their cluster. Three of the people
pictured here – Ollie Maitland, Sean Bowen
and Ross Motley – are fine examples of how
the area’s dynamic works. Maitland’s com-
pany Byng Systems designs cloud comput-
ing software, Bowen’s company Push
Technology pushes content around the
internet at super speed and Motley is what
is known as a “nomad”. An Imperial
College maths graduate and part-time DJ,
Motley is a freelance software architect. He
comes up with the original outlines for
Songkick: An online database of concerts,
tour dates and festivals. www.songkick.com
SocialGO: A service allowing users to create
private social networks. www.socialgo.com
Tweetminster: Connecting users to UK politi-
cians and news.
tweetminster.co.uk
Smarkets: Sports betting website.
www.smarkets.com
TweetDeck: Twitter browser that connects
different applications.
www.tweetdeck.com
FactSet: Supplier of market data and econom-
ic information for financial investors.
www.factset.com
Moo: A printworks that turns virtual content
into printed material.
www.moo.com
Byng Systems: Designed cloud computing
software company.
www.byng-systems.com
Horsesmouth: Social network for informal
mentoring groups.
www.horsesmouth.co.uk
Floxx: An anonymous location-based flirting
website.
www.floxx.com
Last.fm: The world's largest online music cata-
logue. www.last.fm
WhoSampled: A database of sampled music.
www.whosampled.com
My Neighbourhoods: A local neighbourhood
platform to help you meet your neighbours.
www.myneighbourhoods.co.uk
Shooting People: Independent film-making
distribution network. www.shootingpeople.org
SOME OF THE SILICON ROUNDABOUT’S HOTTEST STARS
Real world social networking helps to
keep the Silicon Roundabout turning
Business Features| Entrepreneurs
25
Above: Ollie Maitland,
founder of Byng
Systems (left, in glass-
es), and Sean Bowen,
founder of Push
Technology (centre)
socialising in The Book
Club in Shoreditch
Right: Maitland just
before a game of ping-
pong
Right: Maitland chat-
ting with Ross Motley,
a “nomadic” software
architect
Pictures:
Micha Theiner
/City A.M.
software and commands a high price for
his services. Motley designs the framework
for the products Byng fleshes out and sells.
And Push Technologies collaborates with
Byng on projects for their customers. It all
turns on an intricate web of relationships.
Bowen explains: “Push isn’t based out
here, but I come down here a lot to work
with these guys. I’m an ex-City boy and
work with banks, so it’s all a bit too trendy
for my liking. This stuff seems to keep the
creative juices flowing for them – and
that’s all good.”
Maitland thinks the environment helps:
“Being based out here is great for business.
IT start-ups need to be based around here to
attract the best creative people. They’re
attracted to the atmosphere.”
T
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EASTENDERS
BBC1, 8PM
Jack fears his marriage is on the verge
of collapse, and urges Ronnie to open
up to him about her emotional
problems.
LAMBING LIVE
BBC2, 8.30PM
New series. Kate Humble and Adam
Henson reveal the challenges and risks
faced by sheep and their owners on a
farm during lambing season.
THE EVENT
CHANNEL4, 11.05PM
President Martinez and Blake Sterling
have the Sleepers surrounded – but
negotiations have to take place when
Sophia triggers a national disaster.
BBC1
SKY SPORTS 1
7pmUS Masters Official Film –
Ballesteros 1983 7.30pmLive
Football League 10pmMasters –
Golf’s First Major 11pmPremier
League Review12amNetbusters
12.30amSPL Round-Up 1am
Football League 2.30amSports
Unlimited 3.30amWatersports
World 4.30amMax Power
5.30am-6amFIFA Futbol Mundial
SKY SPORTS 2
7pmThe Sky Sports Years 8pm
How the 2011 ICC Cricket World
Cup Was Won 10pmThe Sky
Sports Years 11pmSoccer AM:
The Best Bits 12amHow the 2011
ICC Cricket World Cup Was Won
2amNASCAR 3amEuropean Tour
Golf 4am-5amPGA Tour Golf
SKY SPORTS 3
7pmWild Spirits 7.30pmLive
Speedway 9.30pmWild Spirits
10pmWWE Hall Of Fame 11pm
WWE: Late Night – Bottom Line
12amWWE: Afterburn 1am
WWE: NXT 2amLive WWE: Late
Night – Raw4.15am-5.15am
WWE Hall Of Fame
BRITISH EUROSPORT
5.30pmMotoGP 7.30pm
Strongest Man 8.30pmCycling
9.30pmLive Curling 11.30pm
Rallying 11.45pm-12.45am
Cycling
ESPN
6.30pmTalk of the Terrace 8pm
French Top 14 Rugby Union
8.30pmPremiership Rugby Union
10pmBetween The Lines
10.30pmESPN Pardon the
Interruption 11pmESPN Game of
the Week 11.30pmThis Week in
Baseball 12amLive Major League
Baseball 3amLive NHL Ice Hockey
5.30am-6amESPN Press Pass
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmKatie 9pmFour
Weddings 10pmStep Kids Don’t
Ruin My Big Day 11pmCriminal
Minds 12amGhost Whisperer 1am
CSI: Crime Scene Investigation
2.40amCharmed 4.20am
Nothing to Declare 5.10am-6am
Maury
BBC THREE
7pmDoctor Who 7.45pmDoctor
Who Confidential 8pmSnog,
Marry, Avoid? 8.30pmThe Lock
Up 9pmMy Brother the Islamist
10pmEastEnders 10.30pm
Bizarre ER 11pmFamily Guy
11.45pmMy Brother the Islamist
12.45amBizarre ER 1.15amPolice
Academy UK 2.15amThe Lock Up
2.45amSnog, Marry, Avoid?
3.15amA Dangerous Place to
Meet My Family 4.15am-5.15am
Police Academy UK
E4
7pmHollyoaks 7.30pmFriends
9pmGlee 10pmGreat British
Hairdresser 11pmBeauty and the
Geek 12amMy Name Is Earl
1amUgly Betty 1.45amBeauty
and the Geek 2.25amImportant
Things with Demetri Martin
2.50amDavid Blaine: Drowned
Alive 3.35amPrivileged
4.15am-6amSwitched
HISTORY
7pmAmerica: The Story of the US
8pmPawn Stars 9.30pmMud
Men 10.30pmIRT Deadliest
Roads 11.30pmPawn Stars 12am
Mud Men 1amPawn Stars 2am
IRT Deadliest Roads 3amAmerica:
The Story of the US 4amThe
Universe 5am-6amIce Road
Truckers
DISCOVERY
8pmHow Do They Do It? 8.30pm
How It’s Made 9pmMythbusters:
Testing a famous assassination
attempt. 10pmDual Survival 11pm
Monsters Inside Me 12amBear
Grylls: Born Survivor 1am
Deadliest Catch 2amFuture
Weapons 3amHitler’s Henchmen
3.50amWorld War Two in HD
Colour 4.40amNasa’s Greatest
Missions 5.30am-6amDestroyed
in Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmKate: Her
Story 9pmTrauma Unit 10pm
Untold Stories of the ER 11pm
Critical Condition 11.30pmA&E
12amTrauma Unit 1amUntold
Stories of the ER 2amCritical
Condition 2.30amA&E 3amKate:
Her Story 4amBringing Home
Baby 5am-6amA Baby Story
SKY1
8pmRooftop Rainforest 9pmRoss
Kemp in Search of Pirates 10pm
Spartacus: Gods of the Arena
11.15pmA League of Their Own
12.15amNight Cops 1.15amRoad
Wars 2.10amGlenn Martin, DDS
2.40amCold Case 3.30amLost
4.20amDom Joly’s Happy Hour
5.10am-6amLiza and Huey’s Pet
Nation
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmBang Goes the Theory;
BBC News
8pmCHOICE EastEnders
8.30pmFinished at Fifty? –
Panorama
9pmWaking the Dead
10pmBBC News
10.25pmRegional News 10.35pm
A Question of Sport 11.05pmLate
Kick Off 11.35pmFILMThe Big
Easy: 1987; Weatherview1.20am
Sign Zone: MasterChef 2.20am
Sign Zone: Silk 3.20amSign Zone:
Arctic with Bruce Parry
4.20am-6amBBC News
6pmEggheads
6.30pmGreat British Menu
7pmThe Great Rift: Africa’s
Wild Heart
8pmUniversity Challenge: The
Grand Final. Last in the series.
8.30pmCHOICE Lambing
Live:
10pmNever Mind the
Buzzcocks
10.30pmNewsnight; Weather
11.20pmLouis Theroux: America’s
Most Hated Family in Crisis
12.20amThe Brain: A Secret
History: Scientists’ efforts to
understand emotions. 1.20 An
Island Parish 1.50amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmThe Dales
8.30pmCoronation Street
9pmLaw & Order: UK
10pmITV News at Ten
10.30pmLondon News
10.35pmReal Crime: A Shot in
the Dark
11.35pmRiver Monsters
12.30amThe Zone; ITV News
Headlines 2.35amUEFA Champions
League Weekly 3.05amThe Jeremy
Kyle Show3.55am-5.30amITV
Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmDispatches: Cashing in on
Degrees
9pmOne Born Every Minute
10pmHeston’s 70s Feast
11.05pmCHOICE The Event
12.05amMusic on 4: The Album
Chart Show Introduces – Katy B
12.20amMusic on 4: 4Play: Gypsy
and the Cat 12.40amEuropean
Poker Tour 1.35amRome Wasn’t
Built in a Day 2.30amRoyal Deaths
and Diseases 3.25amCodex
4.20amThe Bible: A History
5.15am-6amUgly Betty
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmHow Do They Do It?;
5 News Update
8pmThe Gadget Show;
5 News at 9
9pmFILMExecutive Decision:
Action thriller, starring Kurt
Russell. 1996.
11.45pmFILMUndisputed:
Boxing drama, starring Ving
Rhames. 2002.
1.30amSuperCasino 4.05amThe
FBI Files 4.55amAnimal Rescue
Squad 5.10amWildlife SOS
5.35am-6amHouse Doctor
1 2 3 4 5
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5
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22
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28
21
26
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7
14
14
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUE’S
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to find as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
2 Trait of lacking
courage (9)
6 Bring dishonour
upon (5)
8 Iridescent internal layer
of a mollusc shell (5)
11 Discolour, usually with
use or wear (7)
12 A Town Like ___,
Nevil Shute novel later
made into a film (5)
13 Painful eyelid
swellings (5)
14 Perfect type (5)
17 Fruit pulp (5)
19 Suppose (7)
20 Hand tool for
boring holes (5)
21 Derive, evoke (5)
22 Private conversation
between two
people (4-1-4)
DOWN
1 Republic in Central
America (5,4)
2 American raccoon (5)
3 In what place? (5)
4 Hindu queens (5)
5 Deserving of a
scratch (5)
7 Relatively coarse lace
made by weaving and
knotting cords (7)
9 Bedazzle with
wonder (7)
10 Elliptical chocolate
treat associated with
a spring festival (6,3)
15 Number (5)
16 Immature insect (5)
17 Fragment (5)
18 Put back into service
after processing (5)
D
A
W
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L Y
B
E
R

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4


S I N B A D A M
T O A T O M I C
O P E N A I R O C
I S S I G N O
C H E A P P G U Y
D I S C U S S
S R I Y P A T C H
O T A C T L A
L I H O R I Z O N
A Z O R E S V K
R N S C A N T Y
1 3 7 4 1 2 7
7 6 9 8 3 5 1 9
4 8 2 1 9 6 8
9 7 4 2 1 6 3 5
1 2 6 5 9 8
3 1 4 2 2 5 1 3
8 9 3 7 5 9
3 4 7 5 1 2 3 7
1 7 9 6 9 8 7
4 8 3 4 7 6 8 9
5 9 1 2 1 2 3
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
TURNTABLE
Lifestyle | TV&Games
CITYA.M. 4 APRIL 2011 26
C
ELEBRATIONS in India are prob-
ably only just starting to die
down after Saturday’s thorough-
ly deserved World Cup final vic-
tory over gallant losers Sri Lanka.
Sachin Tendulkar is currently
bathing in unprecedented adulation,
but when the hype and hysteria dissi-
pates, the two men all of India should
look to thank above any other are
their coach Gary Kirsten and
captain MS Dhoni.
The two have dovetailed
superbly and worked hard
to unite a side whose talent
was unquestionable,
but one which had
become unmanage-
able such was the
abundance of egos
in the dressing
room.
As a
c o a c h ,
Kirsten has
i n s t a n t l y
become one of the hottest properties
in cricket. If I were him I’d sit
back and let the offers
flood in; he won’t be short
of any.
He’s exceptionally thor-
ough in his preparation
and accepts noth-
ing short of total
commi t ment
and if you
want tangi-
ble evidence
of how that
has rubbed
off on his
side, just
take a look
at how
India have improved to become one of
the best fielding teams around.
Dhoni, meanwhile, represented
something of a wildcard choice when
he was given the captaincy, but the
decision to do so was inspired. Being
handed the leadership of the team
has matured him no end, not only as
a person but also as a batsman.
When he first burst onto the scene
he was all about big, extravagant
shots . There was not a bit of that in
Mumbai on Saturday, though, and it
was fitting that his innings helped get
his side over the line.
India are now world champions,
top of the Test rankings and heading
here this summer – if you’ve got a
ticket you won’t be disappointed.
Kirsten and Dhoni deserve India’s adulation
SRI LANKA will be feeling gutted at
having failed to give Muttiah
Muralitharan the perfect send-off but
the innings of Mahela Jayawardene
deserves a special mention.
If England need a lesson in how to
play a one-day innings on the subcon-
tinent, and on the evidence of the last
month they do, they should be sat
down and made to watch that knock.
It was an object lesson in timing,
patience and precision. Finding the
boundary by trying to hit the cover
off the ball is always a fast way back
to the pavilion. Jaywardene proved
this game will always be brain over
brawn. England should take note.
A POINTER FOR ENGLAND
Results
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email [email protected]
SPORT | IN BRIEF
Horsey plays up Morocco victory
GOLF: David Horsey won a three-way
play-off in the Trophee Hassan at the
Royal course in Morocco. The 25-year-
old had a hole-in-one at the second but a
double bogey at the last meant he had
to battle with Rhys Davies and Jaco
Van Zyl in a play-off. Horsey played a
fine iron shot to within two feet for a
birdie at the second extra hole to claim
the title.
Bale winning Madrid fitness race
FOOTBALL: Tottenham winger Gareth
Bale has flown to Spain with his team-
mates ahead of tomorrow’s Champions
League quarter-final against Real
Madrid. His manager Harry Redknapp
claims the Welshman has an 80 per
cent chance of playing. Defender Alan
Hutton is out for the season with a knee
injury he picked up in training last week.
ENGLAND World Cup hopeful Matt
Stevens produced an inspired display
against his former side Bath as
Saracens tightened their grip on sec-
ond place in the Premiership with a
20-9 victory.
The South African-born prop,
capped 32 times by England but not
once since 2008, faced his former
club for the first time since leaving
the Recreation Ground in the wake of
failing a drugs test that landed him
with a two-year ban. Winger David
Strettle enjoyed a lively afternoon
and scored the only try while
Alex Goode kicked five
penalties, but it was the
forwards that did the
real damage.
“I came into
Saracens with every-
thing sorted out.
Week on week it’s
something I keep an
eye on and I’m in a
very stable environ-
ment,” said Stevens
(right). “It’s not just about
what happens on the park and
that has made it easy to stay focused
and be healthy. I feel like a 20
year-old who’s just started
the game.”
Elsewhere, London
Irish boosted their
hopes of a top-six fin-
ish as they came from
behind to beat Wasps
25-12 at the Madejski
Stadium. The visitors
had held an early 12-3
lead but Exiles winger
Tom Horner then kicked
six penalties and a try from
David Paice settled matters.
Saracens look bound for the play-offs
as Stevens steals show against Bath
BY JAMES GOLDMAN
RUGBY UNION

Sport
27 CITYA.M. 4 APRIL 2011
MANCHESTER CITY manager Roberto
Mancini toasted a fruitful weekend
after seeing his side capitalise on
their rivals’ failings with a swash-
buckling rout of woeful Sunderland.
Adam Johnson, Carlos Tevez, David
Silva, Patrick Vieira and Yaya Toure all
scored as City leapfrogged Chelsea
and moved to within touching dis-
tance of second-placed Arsenal.
“I am very happy because we got
three points, moved above Chelsea
and are now just three points behind
Arsenal. It’s true they both have a
game in hand, but this was a good
day for us,” said Mancini.
“This was an important weekend
for us, too – a big weekend will be
when we win something – but it was
important, nonetheless. I was sur-
prised we won by five goals but I am
not complaining.”
Mancini singled out England
winger Johnson, who netted a fine
opener, and striker Mario Balotelli,
even though he was one of the few
who did not trouble the scoresheet.
“Johnson is a very important player
for us and we have missed him
because he is the only player in our
squad who can play the role he does,”
he added. “Mario was much better
today, he worked hard for the team,
was strong, didn’t get involved with
the referee or opposition and concen-
trated on what he needed to do.”
Johnson swapped passes with
Toure to score after just nine minutes
and Tevez doubled the lead on a quar-
ter of an hour with a penalty after he
had been fouled by Phil Bardsley.
City crowned the win with three
goals in 10 second-half minutes. First
Silva tucked away a rebound and
then Vieira turned home Aleksandar
Kolarov’s drilled cross, before Toure
capitalised on Lee Cattermole’s suici-
dal back-pass.
Five-star City
swagger back
into top three
Tevez struck his first league goal since February Picture: ACTION IMAGES
Man Utd 31 19 9 3 68 32 66
Arsenal 30 17 8 5 59 29 59
Man City 31 16 8 7 50 27 56
Chelsea 30 16 7 7 54 25 55
Spurs 30 13 11 6 41 34 50
TOP FIVE
TEAM PLD W D L F A PTS
BY FRANK DALLERES
FOOTBALL

5
0
MANCHESTER CITY
SUNDERLAND
CRICKET COMMENT
ANDY LLOYD
PS
CHAIRMAN Mohamed Al Fayed has
provoked outrage among Fulham
fans after telling those supporters
critical of his controversial statue of
Michael Jackson to “go to hell”.
Al Fayed, speaking after unveiling
his tribute to the deceased King of
Pop at Craven Cottage yesterday, also
suggested fans who did not like it
were not welcome and should follow
west London rivals Chelsea instead.
His remarks sparked such fury
among disbelieving Cottagers
fans that the club had to
delete a discussion
thread on their official
website in which sup-
porters were angrily
deriding Al Fayed
and the monu-
ment.
Al Fayed rounded
on his critics when
asked if he thought
it a little bizarre to
house the statue of
Jackson, a friend of his
but with little other associa-
tion with Fulham, at the club’s
ground.
“Bizarre? Why? Football fans love
it,” he said. “And if some stupid fans
don’t understand and appreciate
such a gift that this guy gave to the
world, they can just go to hell. I don’t
want them to be fans if they don’t
understand and believe in the things
that I believe in. If not, they can go to
Chelsea or to anywhere else.”
Fulham fans hit back at Al Fayed on
the club website’s forum, calling him
“misguided” and an “old fool”, while
his comments were labelled “an own
goal” and “a terrible, terrible PR
move”.
Others said they felt “infuriated”
and “disgusted” by the remarks,
while contributors largely poured
scorn on the statue itself, calling it
“laughable” and “a joke”. The thread,
entitled “Fayed is Off the Wall” was
eventually removed.
Fanzine editor David Lloyd, of
There’s Only One F In Fulham, strong-
ly defended Al Fayed’s tenure but
admitted his comments were
“potentially divisive”.
“To come out with that
is a bit brash but fairly
typical of him,” Lloyd
told City A.M. “The
chairman’s the
bedrock and what’s
keeping us afloat.
He has barely put a
foot wrong as chair-
man. I don’t think
it’s worth throwing
toys out of the pram.”
Al Fayed originally
intended the statue of
Jackson, who died in 2009, to be
displayed in Harrods but switched its
location to Fulham after selling the
Knightsbridge store last year. He
added: “It is nice to see a memory
that can stay forever. And it’s such a
beautiful statue.”
Jackson attended a game in 1999
with the chairman but was otherwise
not associated with the club, although
Al Fayed talked up his interest.
Tendulkar laughs off talk of
retiring ahead of England tour
INDIA’S talisman Sachin Tendulkar
maintains thoughts of retirement
couldn’t be further from his mind
following Saturday’s World Cup final
victory.
A hundredth international centu-
ry may have eluded the Little Master,
as captain MS Dhoni and Gautam
Gambhir steered India to a six-wicket
victory over Sri Lanka, but with a
World Cup winners’ medal now part
of his astonishing array of honours
Tendulkar could be forgiven for call-
ing time on his 20-
year career.
But with a box
office tour of
England on the hori-
zon this summer, and
the chance to register
that landmark ton at
Lord’s, the 37-year-
old isn’t ready for
retirement yet.
He said: “No. This is a
moment to enjoy and celebrate.
It’s not about what I’m going to
do in the future. This is a spe-
cial moment which I really
want to enjoy and live it to its
fullest.
“I started playing cricket
dreaming of lifting the trophy
one day and that is where it
all started. I am speechless
to be honest.
“This was the reason why
I started playing cricket. I
wanted to achieve something,
do something for the country.
The process has been a long
one and I’ve continued to
enjoy my game. I don’t see
any reason why I need to
change anything right now.”
MANCHESTER UNITED striker Wayne
Rooney will discover today whether
he is to face punishment for his foul-
mouthed goal celebration in
Saturday’s win at West Ham.
Rooney shouted a stream of exple-
tives into a television camera after
completing his hat-trick in a 4-2 come-
back victory that stretched United’s
Premier League lead to seven points.
Football Association director Sir
Trevor Brooking said the governing
body would investigate the incident
and decide whether to bring a charge
against the England star today.
“Tomorrow there will be a deci-
sion,” Brooking said yesterday. “It is
something we will have to look at.”
United, whose manager Sir Alex
Ferguson is serving a five-match
touchline ban for his criticism of a
referee, released a statement on
Saturday evening in which Rooney
apologised for his “heat of the
moment reaction”.
The controversy overshadowed an
otherwise triumphant day for the
club, who saw title rivals Arsenal and
Chelsea slip further behind after both
were unable to keep pace.
The Gunners failed to sparkle in a
0-0 draw at home to struggling
Blackburn, while the Blues were held
to a 1-1 stalemate at Stoke.
FOOTBALL

Decision due today as FA
probe Rooney swearing
GO TO HELL
28 CITYA.M. 4 APRIL 2011
“HIGH FIVE KEEPS
CITY IN THE HUNT”
JOHNSON BOOSTS
EURO HOPES: P27
BY FRANK DALLERES
FOOTBALL

BY JAMES GOLDMAN
CRICKET

Zamora makes
it easy as 1, 2, 3
FULHAM manager Mark Hughes
believes his side can now turn their
attention to cementing a top half finish
after yesterday’s win over Blackpool.
The Cottagers are now six points
clear of the relegation zone and five
ahead of yesterday’s opponents who
were beaten by a Bobby Zamora first-
half brace and Dickson Etuhu’s first
Premier League goal since August.
Fulham are now up into tenth, and
with last season’s top scorer, Zamora,
now back to full fitness, Hughes is look-
ing forward to an enjoyable run-in.
“We’ve never wavered from the view
that we are a top-half team and obvi-
ously tonight we’re in that position,” he
said. “We’re something like three points
from seventh. It’s possible we can really
establish ourselves from now until the
end of the season in that top half.
“And that’s what we anticipated we
would do this season and obviously we
lost key personnel, Bobby being the
main one in that respect, and that ham-
pered our season. But we are really
starting to progress as a group and the
players are all really receptive.”
Fulham chairman Al Fayed sparks fury among
fans by hitting out at critics of Jackson statue
Fulham’s Jackson
tribute has angered
a section of fans
Picture: Micha
Theiner/City A.M.
BY JAMES GOLDMAN, CRAVEN COTTAGE
FOOTBALL

3
0
FULHAM
BLACKPOOL
Sport
R E T A I L B A N K I N G - C O R P O R A T E & I N V E S T M E N T B A N K I N G
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P R I V A T E B A N K I N G , G L O B A L I N V E S T M E N T M A N A G E M E N T & S E R V I C E S
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regulated by the French Autorité de Contrôle Prudentiel (Prudential Control Authority) and Autorité des Marchés Financiers (Financial Markets Authority). Societe Generale is subject to limited regulation by the UK Financial Services
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certain banking and investment services within the EEA. This material has been prepared solely for information purposes and does not constitute an offer from Societe Generale to buy or sell any securities or financial instruments,
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