Cityam 2011-04-15

FTSE 100 ▼5,963.80 -46.64 DOW ▲12,285.15 +14.16 NASDAQ ▼2,760.22 -1.30 £/$ 1.63 unc £/¤ 1.13 unc ¤/$ 1.45 unc
Bond yields
escalate on
Greek debt
concerns
GREECE will today present fresh austeri-
ty and privatisation plans in an attempt
to convince markets it can tidy up its
finances and avoid restructuring its
debt.
“The measures which we will
announce will send a message to mar-
kets: Greece now has credibility, a plan
and a prospect which guarantee that
we will meet our targets,” government
spokesman George Petalotis said, deny-
ing debt restructuring plans.
The government is expected to
announce sell-offs, benefit cuts and
effective tax hikes to save about €23bn
(£20bn) to bring its budget deficit to
about one per cent in 2015 from about
10 per cent in 2010, officials said. Two-
thirds of this would come from spend-
ing cuts and one third from revenues.
Worries that Greece will be forced to
restructure its massive government
debt saw Greek bond yields surge yester-
day. Markets were reacting to German
finance minister Wolfgang Schaeuble’s
warning that “additional steps” may
have to be taken if research suggests
that Greek debt is not sustainable.
The yield on two-year Greek bonds hit
18.4 per cent, while five-year yields
briefly topped 18 per cent and 10 year
yields rose to a euro lifetime high of
13.61 per cent.
Greece “needs more time” to con-
vince investors that its reform pro-
gramme is on track, finance minister
George Papaconstantinou also said.
It is unclear when Greece will be able
to return to the financial markets for
funding, Papaconstantinou admitted.
A review of the Greek position is due
to be published in June, written by the
European Central Bank (ECB) and
European Commission.
Senior ECB official Olli Rehn hit back
yesterday, insisting: “We do not see debt
restructuring as an option. Instead we
are engaged in a revised and updated
debt sustainability analysis, which we
will do with the IMF and present in due
course,” Rehn said.
BY JULIAN HARRIS
EUROZONE
▲
COLOUR and excitement returned
to the City yesterday as Glencore
announced a former French foreign
legionnaire, Algerian war veteran,
author, explorer and financier as its
new chairman. Simon Murray (pic-
tured) will be tasked with leading
the firm’s up-to $11bn (£6.7bn)
float, valuing it at about $60bn, the
details of which were confirmed
yesterday.
The move heralded a return to
the days when interesting and com-
plex characters, rather than faceless
executives, ran the City.
Earlier this week, Murray said:
“This is very exciting, but you are
talking to someone who has been
chased by a leopard. You are talking
to someone who has been shot at
with a machine gun and missed.”
Murray, whose tales of derring-do
include carrying two severed heads
in his backpack during his time
in the French Foreign
Legion, was born in Leicester in cen-
tral England. As a teenager in 1960
he joined the Foreign Legion on a
whim, going on to fight for five
years in Algeria. He later wrote a
bestseller, Legionnaire, about his
time in north Africa.
It was made into a film in 2002.
Educated at Bedford School, one
of England’s oldest public schools,
Murray was turned down by the
British Army before signing up with
the Foreign Legion.
“I think perhaps I was just a
young buck without much confi-
dence in himself setting an extreme
challenge to see if he could hack it
in a man’s world,” he says in his
book.
He has since run a 240km race in
the Moroccan desert, climbed
Mount Everest and
become the old-
est man to
w a l k
u n s u p -
ported to
the South
Pole. Glencore unveiled
its blockbuster initial
public offering
(IPO) to the
market yesterday, following months
of speculation.
The Swiss-based firm, which mar-
kets and produces metals and other
commodities, is seeking to raise
between $6.8bn and $8.8bn in a
London listing, making it the biggest
float ever offered in the capital.
A secondary share offer of approx-
imately $2.2bn worth of existing
stock in the company will be sold in
Hong Kong.
The deal will value Glencore at
about $60bn, making it one of the
top 20 London-listed firms by mar-
ket capitalisation and sending it
straight into the FTSE 100.
It will be just the third firm to
attain blue chip status on its first
day of trading, following BT in 1984
and BG Group in 1986.
The firm is aiming to complete its
IPO in May, and will use $3.2bn of
the proceeds to buy Kazakhstan
mining group Kazzinc.
It will also pay off debts and use
the funds to provide working capital
for the next three years.
Senior management in the
company, including chief exec-
utive Ivan Glasenberg, will
become billionaires
overnight, although they
will be locked into shares
for five years.
Glasenberg, who owns
a 15 per cent stake in the firm, will
be made into one of the world’s rich-
est men following the IPO.
Almost 500 partners in the firm
will also become millionaires in the
deal, but will also be blocked from
selling their shares immediately fol-
lowing the float.
Former BP chief executive Tony
Hayward will join Murray on
the board as a sen-
ior independ-
ent director,
as he begins
to rebuild
his busi-
n e s s
c a r e e r
a f t e r
departing
the oil
giant amid
the Gulf of
Mexico oil
spill crisis last
year. MORE:
P4-P5
MEET THE 71-YEAR
OLD ADVENTURER
IN THE HOT SEAT
www.cityam.com Issue 1,365 Friday 15 April 2011 FREE
BUSINESS WITH PERSONALITY
Certified Distribution
31/01/11 - 27/02/11 is 107,265
As Glencore unveils its London mega-float
BY RICHARD PARTINGTON
COMMODITIES
▲
News
2 CITYA.M. 15 APRIL 2011
Cable in row
on migration
THE COALITION was thrown into
confusion last night after business
secretary Vince Cable came out to
criticise Prime Minister David
Cameron’s stance on immigration
and then later said he backed govern-
ment migration policy.
Cable said that Cameron’s promise
to limit immigration to “tens of
thousands, not hundreds of thou-
sands” was “very unwise” and “risks
inflaming extremism”.
Asked if this meant that he did not
support his own government’s policy
of an annual 20,700 visa cap for non-
EU workers, Cable backtracked, say-
ing: “We are completely united
behind the immigration policy.”
The business secretary’s interven-
tion comes as top Tories and Liberal
Democrats seek to position them-
selves for local elections on 5 May.
A spokesman for deputy Prime
Minister Nick Clegg also criticised
Cameron: “It’s not the language the
deputy Prime Minister or any Liberal
Democrat would use in a speech
about immigration.”
The coalition partners are keen to
distinguish themselves and appeal to
their bases during the campaign,
with Cameron telling voters in
Hampshire – a key Tory/Lib Dem bat-
tleground – that “for too long, immi-
gration has been too high”.
But he added: “Our country has
benefitted immeasurably from
immigration.”
After business criticised its origi-
nal policy earlier this year, the gov-
ernment decided to exempt those
earning over £150,000 from its visa
cap.
BY JULIET SAMUEL
POLITICS
▲
Glass is both half full and half empty
GLASSES can either be half full – or
they can be half empty, depending on
one’s temperament: optimist or pes-
simist. But when it comes to economic
conditions, and prospects for invest-
ments, jobs, incomes and growth,
there is enough material to make both
sides happy. My own take is moderate
medium-term optimism, combined
with longer-term pessimism. Another
debt and macroeconomic crisis is
brewing, but there are also plenty of
good things going on in the world.
Let’s first look on the bright side.
Surveys show that G7 economic activi-
ty in the coming months will be
strong. It remains to be seen how
much the UK rebounded in the first-
quarter, but growth is back, despite
falling take-home pay and retail sales.
The global economy remains solid,
despite a slowdown in China, the
Eurozone’s woes, the geopolitical crisis
in North Africa and the Middle East
and Japan’s nuclear catastrophe.
American credit constraints are eas-
ing, with banks increasingly able to
lend, as Ian Harwood, an advocate of
the bullish case at Evolution Securities,
points out. This is documented by Fed
loan officers’ surveys, PayPal small
business lending data and the month-
ly NFIB survey (now at its highest since
the start of 2008).
In the US, payrolls growth has
firmed (despite a setback yesterday),
unemployment has begun to dip and
there is less talk of a jobless recovery
(though there is still a huge way to go
and millions fewer jobs than there
once were). In Britain, the private sec-
tor is creating far more jobs than are
being cut by the state. March’s UK com-
posite purchasing managers index
showed the strongest jobs growth
since October 2007. Companies are
generating cash and profits. Business
investment and employment are ris-
ing. Margins are being squeezed by
commodity and oil prices, but earn-
ings and revenues are still growing.
So much for the bullish case. There
is also plenty of depressing news. In
the UK, inflation remains too high,
which is cutting wages, consumer
spending and hitting the public
finances. Voters seem unaware that
interest rates will eventually have to
rise as monetary policy is normalised.
The sovereign debt crisis in the
Eurozone’s periphery is intensifying –
and while Barack Obama is finally try-
ing to cut the massive US budget
deficit, neither he nor the Republicans
seem really serious about acting.
Eventually – perhaps in ten years’ time
– the US will either have to act or face a
crisis that will make the sub-prime
debacle look like a walk in the park.
Closer to home, three-year yields on
Greek debt hit a monstrous 18 per cent
yesterday. Greece will eventually have
to default on part of its debt. But the
fact that this could happen before new
European procedures are in place in
2013 means that there will be no
mechanism for a forced restructuring.
It would have to be “voluntary”, which
will be interesting.
Last but not least, China’s forex
reserves soared 24 per cent over the
past year to $3.04 trillion, with the
cash recycled into securities, pushing
down yields on US and other govern-
ment debt and stoking future bubbles.
This very process was one of the key
drivers of the boom and bust – yet
nothing has changed. The reserves will
come in handy when Beijing eventual-
ly sorts out the Chinese banking sys-
tem, which is nursing lots of bad debt
– but in the meantime the much-need-
ed repricing of credit and risk is not
taking place. Have a great weekend.
[email protected]
Follow me on Twitter: @allisterheath
NEWS | IN BRIEF
BA crew won’t strike over Easter
British Airways cabin crew will not
strike over the Easter and royal wedding
bank holidays, the airline and Unite
union said in a joint statement yester-
day. BA’s new chief executive Keith
Williams and Unite boss Len McCluskey
have agreed to extend a prior deadline
of 15 April for any strikes to be
announced, meaning crunch talks can
continue and Unite will hold off from
calling disruptive action over the holi-
days. Both parties said they would con-
tinue to work towards “lasting peace”.
Hammerson chair for Lloyd’s
John Nelson, chair of FTSE 100 proper-
ty company Hammerson, is believed to
be a front-runner for the role of chair-
man of Lloyd’s of London, the UK’s
biggest insurer. The firm’s current
chair, Lord Levene, will step down this
year, leaving vacant a post that is seen
as an ambassadorial role for the British
insurance industry. Nelson has previ-
ously worked at Lazard, Kleinwort
Benson and Credit Suisse First Boston.
He is currently a front-runner among a
list of candidates, according to a report
from Sky News.
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
Printed by Newsfax International,
BeamReach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
Distribution helpline
If you have any comments about the distribution
of City A.M. Please ring 0207 015 1230, or email
[email protected]
Figures prove that economic
migration is anything but bad
IMMIGRATION boosts the economy
and subsidises the UK’s welfare state,
several academic institutions said
yesterday, as the proposed cap on
immigration came under wide-
spread criticism.
“Immigrants contribute more in
taxes than they use in services,” said
Sam Bowman of the Westminster-
based Adam Smith Institute.
“Home Office research suggests
that is equivalent to 1p off the basic
rate of income tax,” Bowman
explained. “Immigrants don’t drain
the welfare state, they subsidise it.”
Earlier in the year the govern-
ment’s statistics office revealed that
foreign-born people are less likely to
claim state benefits than their UK-
born counterparts in nearly all
British regions and countries.
The UK’s engineering sector is set
to suffer from the new regulations,
the Institution of Engineering and
Technology (IET) said yesterday.
“These changes to the immigra-
tion system will not help our engi-
neering sector to contribute to eco-
nomic recovery in the UK,” said IET
director Dr Tony Whitehead.
“We currently have a national
shortage of engineers and techni-
cians, which has a negative effect on
the UK economy.”
“Populist immigration policies are
damaging to economic growth,” said
Jens Tholstrup of Oxford Economics,
earlier in the week.
Unemployment, currently at 7.8
per cent in the UK, is not exacerbated
by large-scale immigration, accord-
ing to Michael Clemens of the Centre
for Global Development.
Following EU expansion in 2004,
there was a sudden influx of just
under half a million eastern
Europeans to the UK.
Yet a Bank of England report in
2007 said that the wave of immi-
grants “appears to have had little or
no discernible effect on the unem-
ployment rate or any other labour
market aggregate for that matter.”
by Julian Harris
BOSCH WARNS JAPAN CRISIS WILL
SLOW GLOBAL GROWTH
The impact of last month’s Japanese
earthquake will cut global economic
growth by a quarter of a percentage
point and could put a big dent in
planed increase in car production
this year, the head of the world’s
largest car parts supplier warned.
Franz Fehrenbach, chief executive of
Bosch, said damage to Japan’s indus-
trial base would slow momentum of
the world economy.
SWISS JULIUS BAER PAYS BERLIN
€50M TO SETTLE TAX EVASION CASE
Julius Baer became the first Swiss pri-
vate bank to reach a settlement with
the German authorities over its
potential role in helping rich cus-
tomers to evade taxation with a one-
off €50m (£44m) payment. German
tax authorities have gone to great
lengths to track down tax evaders,
including the purchase of stolen
client information.
LIBERTY SELECTED AS PREFERRED
QUINN BIDDER
Liberty Mutual, the US insurance
company, has been selected as pre-
ferred bidder for Quinn Insurance,
Ireland’s second largest general insur-
er, which was placed in administra-
tion by the Irish regulator last year
over breaches of insolvency rules. The
deal is one of several announced yes-
terday as creditors closed the net on
founder Sean Quinn.
LISTING THREAT TO PLANS FOR NEW
UBS BASE
Plans by UBS to build a new head-
quarters in the City of London’s
Broadgate estate could be under
threat from English Heritage, which
is considering a historic listing for
parts of the 25-year-old Arup-designed
office campus. The conservation
group is considering recommending
a Grade II listing.
BURGER INVESTORS EAGER FOR A
TASTE OF LATIN AMERICA
American investors rushed to take
advantage of a rare opportunity to
gain blue-chip exposure to the grow-
ing Latin American economies when
the world’s biggest McDonald’s fran-
chisee started trading in New York
yesterday. Shares in Arcos Dorados
rose nearly 25 per cent above their
IPO price of $17 (£10.40) on the New
York Stock Exchange yesterday.
DIXONS PULLS OUT OF SPAIN
Dixons Retail, the owner of Currys
and PC World, confirmed that it was
pulling out of the Spanish market
yesterday. The company said that the
decision was made “due to a continu-
ing weak consumer environment and
continuing losses of the business,
together with the group’s plans to
focus on combined electrical and
computing stores”.
SIR RICHARD BRANSON TO MAKE BID
TO BUY BACK FORMER VIRGIN RADIO
Sir Richard Branson is attempting to
buy back the former Virgin Radio 14
years after selling the UK radio group.
The Daily Telegraph understands Sir
Richard's Virgin Radio International
will make a bid today for Absolute
Radio. The radio group is being sold
by its Indian owner TIML Radio, part
of Bennett Coleman.
BRICS WARN OVER COMMODITY
PRICES
The roller-coaster path of commodity
prices threatens the global recovery,
the BRICS group of new economic
powers warned. “Excessive volatility
in commodity prices, particularly
those for food and energy, poses new
risks for the ongoing recovery of the
world economy,” they said in a joint
statement, released as the nations
met for their third summit.
ENI SEEKS TO SHIP LIBYA OIL TO ITALY
Eni, Italy’s biggest energy company by
market value, said yesterday it plans
to transport as much as possible of its
own oil stored in a Western Libyan
terminal to Venice for safety reasons.
“We are trying to lift as much equity
oil as possible” from the Mellitah ter-
minal via a tanker to Venice, said Eni.
“No specific time frame is available,
but we hope to have one [tanker] in a
few days.”
SPAIN MOVES TO CLAMP DOWN ON
HIGH-INTEREST DEPOSITS
Spain’s ailing savings banks are rush-
ing out a slew of aggressively priced
products for savers ahead of an initia-
tive by the government and the Bank
of Spain to limit money-losing
deposits. The Finance Ministry has
outlined new draft rules aimed at
limiting the interest rates that banks
can pay for deposits.
WHAT THE OTHER PAPERS SAY THIS MORNING
IRELAND yesterday said it had passed a
crunch review of its economic progress
by creditors without any penalty and
ratings agency Fitch upgraded its out-
look in some rare good news for the
debt-ridden country.
“The troika [EU, IMF and ECB team]
have informally signed off on the first
quarter,” finance minister Michael
Noonan said. The central bank cut its
economic growth forecast for 2011
from one to 0.9 per cent. But ratings
agency Fitch left Ireland’s sovereign
rating at BBB+, upgrading its outlook
from ratings watch negative to out-
look negative, saying its economy was
stablising. BANK OF IRELAND: P8
THE already shaky climate in the
London new issues market worsened
yesterday as the Russian mobile phone
retailer Euroset pulled its £800m issue.
While the deal was overshadowed
by Glencore’s announcement,
Euroset’s flotation is the latest smaller
planned initial public offering (IPO) to
have been dogged by uncertainty
because of nervousness in the mar-
kets. Investors are increasingly unwill-
ing to pay for what they deem to be
overvalued stock.
The decision to pull the float was
taken around lunchtime, according to
bankers close to the deal.
Three issues have been pulled from
the London market in the past couple
of weeks: Topaz Energy, which wanted
to raise £300m; on Tuesday the online
payments group Skrill pulled its £80m
cash-raising; and the vacuum technol-
ogy group Edwards last week pulled its
£375m offer.
There were also three Russian floats
pulled from the market earlier this
year. Market experts are talking about
a “buyers’ strike” in the London mar-
kets, which are suffering far more
than their European counterparts.
Experts say that the expectations of
sellers are currently higher than they
ought to be given the scepticism of
potential buyers. Potential investors,
they say, have also been spooked by
sharp price declines in two deals that
priced at the end of last week, Perform
and Austrian group AMAG.
The Euroset deal was expected to
net Russian billionaire Alexander
Mamut more than £500m. Mamut is a
shareholder in the troubled retail
group HMV and he is also expected to
subscribe for shares in Nomos Bank, a
Russian IPO set to price within the
next few days.
Euroset said in a statement that
“the shareholders and management
team remain confident of the strong
fundamentals for Euroset and will
continue to develop the business in
line with the existing strategy.”
Alfa Capital, Credit Suisse, Goldman
Sachs and VTB Capital were the bank
advisers on the deal.
Banking sources were saying even as
recently as Wednesday that the deal
would push ahead, although very like-
ly on a reduced scale.
Etalon, a Russian property group, is
expected to price shortly.
Euroset float
cancelled as
buyers dither
LONDON-BASED banks will need an
extra 1.6m square feet of space by 2014
to accommodate an expected hiring
spree, research out today claims.
“To put this into perspective, this is
the equivalent of four extra Shards or
five extra Heron Towers – good news
for the City in particular as this is
where most of the banks will be look-
ing,” said Dan Bayley, head of central
London at BNP Paribas Real Estate,
which commissioned the research.
Banks and financial services compa-
nies will add a total of 11,500 extra
employees over the next three years,
the survey predicts.
Three quarters of the banks sur-
veyed said their business will grow
over the next three years, with 55 per
cent adding that they will increase
head counts during this period.
City hiring spree to
drive office squeeze
SALES of electronic books (e-books)
have overtaken those of print books
in the US for the first time ever,
according to data published by the
Association of American Publishers.
Revenues from e-book sales soared
169 per cent to $90.3m (£60m) dur-
ing January and February of this
year while sales in paper books
dropped 25 per cent to $81.2m over
the same period.
Publishers blamed the print
decline on bad weather, low con-
sumer confidence and Borders, the
high street books retailer, going
bust. E-books are overall more prof-
itable due to low distribution costs.
US e-book sales
overtake print
Ireland passes
key stress test
BY DAVID HELLIER
CAPITAL MARKETS
▲
EUROZONE
▲
MEDIA
▲
BY MARION DAKERS
PROPERTY
▲
News
3 CITYA.M. 15 APRIL 2011
LEADERS UNITE ON GADDAFI
BARACK Obama (top left) has aligned himself with Nicolas Sarkozy (centre) and David Cameron by committing to support military
action in Libya until dictator Gaddafi is gone. The leaders write that the world will be guilty of an “unconscionable betrayal” if the
Libyan leader is left in place, putting the fate of citizens who have held out against the dictator in the hands of a merciless militia
intent on revenge. Colonel Gaddafi must “go and go for good” before the rebuilding of Libya can begin, they say in today’s Times, reject-
ing demands for an immediate ceasefire and a negotiated exit for the Libyan dictator, which could have left his family in charge.
GLENCORE’S transformation into a
publicly listed company has forced the
commodities giant to lift the lid on
some of its most closely guarded busi-
ness secrets, revealing the true extent
of its dominance in the global supply
of raw materials.
The newly published financial
information shows that the firm has a
60 per cent market share in mar-
ketable zinc metal (zinc that is suit-
able for trading on markets), and a 50
per cent market share in zinc concen-
trates and copper metal.
Its market share in global produc-
tion terms is 13 per cent share in zinc,
14 per cent in nickel and 23 per cent
in cobalt. Overall, the compa-
ny trades in and
produces 16 differ-
ent kinds of com-
modities, from
grains to thermal
coal. From one
mine alone, it fore-
casts production of
1.16m metric tonnes
of copper over the
next five years.
Its strong presence
in the marketable thermal coal mar-
ket (28 per cent) is one reason for the
trader to seek a dual-listing in Hong
Kong and London, a plan first revealed
by City A.M. in December (see below),
rather than staying in London alone.
The $2.2bn listing in Hong Kong
will give it ready access to insatiable
Chinese demand for coal.
But the trader also boasts owner-
ship of mines the world over from
Chile to Kazakhstan as well as stakes
in FTSE 100 miner Xstrata and alu-
minium producer RUSAL.
In its “intention to float” docu-
ment, the firm makes a strong pitch
to investors based on its “strong repu-
tation over decades as a reliable sup-
plier of quality products on a timely
basis”.
It adds that
its dual role
as a miner
and mar-
keter “makes
Glencore’ s
earnings less
volatile than
those of
equivalent
pure com-
modity pro-
ducers”.
Float reveals
dominance of
mining giant
We fly from Gatwick, Luton and Stansted. Price correct as at 6 April 2011 Available to book now for travel between
21 April and 20 June. Variable charges for hold baggage apply and some payment methods
attract a handling fee. See website for details.
London to
Amsterdam
from
£
28
.99
one way
inc. taxes
Get on your bike on your
City Break to Holland
Visit Amsterdam and Rotterdam both within half an hour of Amsterdam Airport.
BY JULIET SAMUEL
COMMODITIES
▲
Focus on Glencore
4 CITYA.M. 15 APRIL 2011
BANKING rainmaker David Wormsley,
widely known in the City as “The
Worm”, is leading Citigroup as joint
global co-ordinator and bookrunner on
the Glencore listing.
As chairman of UK investment bank-
ing at Citi he has been at the heart of
several high-profile deals, including a
key role in the sale of airport operator
BAA to his client Ferrovial for £10.1bn
amid fierce competition.
He recently came under fire from
former friend Guy Hands over the sale
of British music group EMI to the pri-
vate equity tycoon’s Terra Firma vehicle.
Hands lost a multibillion-dollar lawsuit
last year after he tried to claim
Wormsley tricking him into buying
EMI.
Morgan Stanley and Credit Suisse
also acted as joint global co-ordinator
and bookrunners on the Glencore deal.
Bank of America Merrill Lynch and
BNP Paribas will act as joint bookrun-
ners. Barclays Capital, Société Générale
and UBS will be co-bookrunners.
Liberum Capital is also involved.
On the legal side, Adrian Cartwright
is leading City law firm Clifford Chance
as the adviser to the banks on the
Glencore IPO. A partner at the firm
since 2002, he has recently advised AZ
Electronics on its $900m (£550m)
IPO; and Volkswagen on its £3.9bn
rights issue. He joined the firm from
Linklaters in 1999.
A Linklaters team led by partners
Charlie Jacobs and Patrick Sheil repre-
sented Glencore. Jacobs has been at
the firm since 1990, while Sheil joined
from US firm Fried Frank Harris Shriver
& Jacobson in 1995.
Finsbury was Glencore’s chosen PR
firm, with a team led by Guy Lamming.
MEET THE ADVISERS
DAVID
WORMSLEY
CITIGROUP
06/07/10 Agricultural Bank of China Commercial Bank 22,121.169
20/10/06 ICBC Commercial Bank 21,969.280
21/10/10 AIA Group Insurance 20,491.312
18/03/08 Visa Other Finance 19,650.400
17/11/10 General Motors Manufacturing 18,140.100
12/10/98 NTT Mobile Commun Network Radio/TV/Telecom 18,051.872
02/11/99 Enel Electric Service 16,588.651
24/10/86 Nippon Telegraph & Telephone Telephone Comms 13,745.091
17/11/96 Deutsche Telekom Telephone Comms 12,487.026
23/05/06 Bank of China Commercial Bank 11,186.350
14/04/2011 Glencore Commodities trader 11,000.000
Source: Thomson Reuters
TOP IPOs OF ALL TIME
ISSUE ISSUER INDUSTRY PROCEEDS
DATE ($M)
ADRIAN
CARTWRIGHT
CLIFFORD CHANCE
THE Hong Kong Stock Exchange is
mounting an aggressive bid to lure
away part of a float that looked set to
be the biggest in London’s history.
Glencore International, the
world’s biggest commodities trader
and a mining giant valued at £30bn,
is planning an initial public offering
(IPO) that could generate fees of up
to £300m-£600m for its advisers,
which include Morgan Stanley,
Citigroup and Credit Suisse. The deal
is being led by Morgan Stanley’s
Franck Pettigas.
According to people familiar with
the matter, Hong Kong is muscling
in on the IPO of the Swiss-based
firm, with Glencore “tempted” to go
ahead with a joint listing instead of
making London its primary base.
A joint listing would be a blow for
London’s status as the world’s pre-
mier commodities exchange and a
victory for Hong Kong, which is try-
ing to grab market share in the
lucrative mining and commodities
sector.
Some observers had expected
Glencore to pick Hong Kong for a sec-
ondary listing, but few were antici-
pating a fully-fledged dual listing.
A source close to Glencore said:
“There are clearly very powerful
arguments in favour of Hong Kong.
It is a huge source of funds and there
is such a dynamism about the
region.”
“There’s a lot of discussion about
Hong Kong,” said another source
familiar with the matter. With a
strong Chinese presence, the Hong
Kong stock exchange could offer
Glencore better access to the world’s
biggest resources investors.
Recent figures showed that Hong
Kong was the world’s hottest IPO
location during 2009, with compa-
nies raising over $51bn (£32.3bn) on
the exchange.
Earlier this year, UC Rusal, the alu-
minium producer, and L’Occitane,
the French cosmetics company, both
surprised the markets by taking
their IPOs to Hong Kong instead of
Europe.
The company that runs the city’s
exchange, Hong Kong Exchanges and
Clearing (HKE), recently altered its
rules to make it easier for mining
companies to float in a bid to beef up
its resources listings.
And UK regulators are tightening
up their enforcement of the rules.
“At the same time as Hong Kong is
making it easier, there is a general
thought that European regulators
are becoming a bit more rigorous as
a reaction to the downturn,” says
Edward Bibko, partner at Baker &
McKenzie. “I think it caused a num-
ber of companies to look a bit more
seriously at alternatives,” he added.
Glencore, which is based in Baar,
Switzerland, posted a turnover of
$106.4bn last year. It has also accrued
assets valued at $66.3bn and owns a
third of FTSE 100 miner Xstrata.
Glencore chairman Willy Strothotte
currently chairs the board of both
companies, but is due to be replaced
at Xstrata next year in a board-room
shakeup.
The LSE and Glencore both
declined to comment.
www.cityam.com
Issue 1,287 Friday 17 December 2010
FREE
k Cit eds to cut dividends and bonuses
PATRICK GRANT INTERVIEW P27
Hong Kong expected to grab a share of the
action in Glencore’s initial public offering
BY JULIET SAMUEL
EXCLUSIVE ▲
LONDON TO LOSE OUT
IN £30BN MEGA-FLOAT
Glencore chair-
man Willy
Strothotte also
chairs FTSE 100
miner Xstrata.
Former BP boss
Tony Hayward (far
left) will join the
Glencore board
when it becomes a
publicy quoted
company. Hong
Kong businessman
Simon Murray
(centre) will be the
chairman of the
firm, while US
businessman
William Macaulay
(right) will also
join the board
Focus on Glencore
5 CITYA.M. 15 APRIL 2011
PUBLICITY-SHY chief executive Ivan
Glasenberg will end years of secre-
cy by putting the private firm cen-
tre stage in an initial public
offering (IPO).
The former South African and
Israel champion race walker is
known to be wary of the limelight,
preferring relative anonymi-
ty.
Yet the 54-year-old has
recognised the constraints
of a private partnership on
Glencore, despite the scruti-
ny it will now come under
from new shareholders and
the public gaze.
Glasenberg took the long
road to the top, first start-
ing as a coal trader for
Glencore in 1983. He took a
quarter of a century to
become chief executive of
the Swiss-based firm, taking
the top job in 2002, via sever-
al senior positions in
Australia, Hong Kong and
Beijing.
He has since built the firm
into a commodities power-
house, as one of the world’s
biggest privately held firms.
Secretive chief takes
centre stage
BY RICHARD PARTINGTON
MINING
▲
THE STORY BEHIND A
COMMODITY TITAN
THE COMMODITY boom has helped
to turn Glencore into a powerhouse,
creating huge profits on massive rev-
enues.
Driven by massive demand from
China, commodity prices have
soared in recent years, turning the
Swiss-based firm into one of the
largest privately held companies.
Last year, it had pre-tax profits of
$6.2bn (£3.8bn) on revenues of $145bn.
It said yesterday it expects to
announce a $350m shareholder divi-
dend alongside its half-year results
this August.
Yet the timing of its listing plans
comes as demand for commodities
slows and prices fall, although
observers still view the firm
favourably.
Founded in 1974, Glencore was
initially focused on the physical
marketing of metals, minerals and
crude oil.
In the early 1980s, the firm
acquired an established Dutch grain
trading company, later adding a coal
trading unit.
It has since moved from purely
marketing commodities sourced
from third parties, into an extractor
in its own right. It also holds smelt-
ing, refining and processing assets.
It first ploughed its cash into equi-
ty investments in 1987, when it
acquired a stake in a US aluminium
smelter, before it purchased a con-
trolling interest in 1988.
Glencore now holds significant
stakes in several publicly listed
industrial firms, including Xstrata,
Century Aluminium and Katanga
Mining.
1 Royal Dutch
Shell A and B 79692.03
60517.71
2 HSBC Hldgs 116496.6
3 Vodafone Group 91639.74
4 BP 87467.69
5 Rio Tinto 67329.89
6 GlaxoSmithKline 64632.03
7 BHP Billiton 55481.25
8 British American
Tobacco 50512.42
9 BG Group 50437.24
10 Xstrata 43536.5
11 AstraZeneca 41934.01
12 Anglo American 41721.13
13 Lloyds Banking Group 41307.26
14 Standard Chartered 38588.68
15 Barclays 37618.9
16 Glencore approx. 37000
17 SABMiller 35647.18
18 Tesco 32285.64
19 Diageo 30224.59
20 Royal Bank Of
Scotland Group 25598.57
HOW GLENCORE WILL SIT IN FTSE 100
COMPANY MARKET
CAP (£M)
COMPANY MARKET
CAP (£M)
IVAN GLASENBERG
BP management faced angry protests
from shareholders yesterday, as
investors concerned about Russian
deals, tar sands projects and the Gulf
of Mexico disaster gave the company a
bloody nose in the annual vote.
BP said yesterday that prospective
Russian partner Rosneft has given the
firm more time to clear the path for its
£10bn share swap, though bosses yes-
terday remained cautious.
Chief executive Bob Dudley con-
firmed that BP had offered to buy out
Russian partner AAR to allow its deal
with Rosneft to go ahead, while chair-
man Carl-Henric Svanberg conceded:
“I don’t think it would be a possibility
to bring them on side more than we
thought we had.”
Dudley said the relationship with
AAR “is not dysfunctional, it’s noisy.
Our relationship is very good with
Rosneft, and with TNK, it’s not person-
al. It’s business.”
Svanberg stressed that Russia
remains a key part of BP’s strategy,
pointing out that the TNK-BP project
has delivered $16bn (£9.8bn) in divi-
dends since it was formed in 2003.
A sizeable minority of sharehold-
ers – 11 per cent – voted against BP’s
director remuneration report, while
five per cent rejected its annual report,
compared with last year when 91 and
99.8 per cent of voters approved the
respective resolutions.
BP’s first AGM since the Gulf disas-
ter last April drew dozens of vocal pro-
testors. Svanberg told the meeting
that five shareholders lobbying for the
rights of Gulf fisherman had been
barred from entry, while four people
shouting against BP’s Canadian tar
sands projects were dragged out of the
ExCel centre by security.
Protests mar
BP’s meeting
Fuel consumption figures for the Jazz range in mpg (l/100km): Urban 40.9 – 61.4 (6.9 – 4.6), Extra
Urban 57.7 – 64.2 (4.9 – 4.4), Combined 50.4 – 62.8 (5.6 – 4.5). CO
2
emissions: 129 – 104 g/km.
Model and specification shown is 12YM Jazz 1.4 EX Manual in Azure Blue Metallic, at £15,435 price including 1 year’s road fund licence, based on 2010/11
2
Government VED rates. Offers are valid on new retail 12YM Jazz range (excluding 12YM Jazz 1.2 S Manual and 1.2 S A/C Manual) registered from 1 April to
29 June 2011. Offers applicable at participating Dealers and are at the Promoter’s absolute discretion. Subject to model, colour and stock availability. Honda
Aspirations (PCP): Indemnities may be required in certain circumstances. Finance is only available to persons aged 18 or over, subject to status. All figures are
correct at time of publication but may be subject to change. Promoter is Honda UK, 470 London Road, Slough, Berkshire SL3 8QY. You do not have to pay the Final
Payment if you return the car at the end o f t he agreement, you have paid a ll other amounts due, the vehicle is in good condition and has been serviced in accordance
with the Honda service book and the maximum permitted mileage of 10,000 per annum has not been exceeded. Servicing: 3 years complimentary servicing
or 37,500 miles, whichever comes first, and includes a maximum of 3 services. Complimentary servicing covers the manufacturer’s scheduled servicing only.
You can’t possibly predict what
lies ahead. Where you’ll go,
who you’ll go with or what you
might take with you.
Isn’t it better to be flexible?
Meet our Magic Seats.
You can find them in the Jazz.
They flip up, recline, and fold
completely flat to give you
180 combinations and all the
possibility you could need.
Your life won’t stay the same,
so why should your car?
Do you believe in the
power of dreams?
Get a handy 3 years servicing
plus
6.4% APR Representative
LLLLLLLLLLLLLLLLLLLLLLLLIIIIIIIFFFFFFFFFFFFFFFFFFEEEEEEEEEEEEEEEEEEEEEEEEEE’’’’’’’’’’SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS LLLLLLIIFFFFEEEE’’’’’SSSSSSS
BLE BLE UUUUUUUUNNNNNNNPPRRREEDDDDDIIIIIIIIIICCCCCCCCTTTTAAAAAAAAAB UUUUUNNNNPPRREEDDDDIIIIIICCCCCTTTTAAAAAB
IIIIIITTTTTTTTTTTTTTT’’’’’’’’’’’’’SSSSSSSSSSSSSSSSSSSSSS IIIITTT’’’SSSSS
FLLLLLLLLLLLLLLLLLLEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXIBLE FLEEEEEEEEEEEXXXXXXXXXXXXIBLE
BBBBEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEETTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEERRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR BBBEEEEEEEEEEEETTTTTTTTTTTTTEEEEEEEEERRRRRRRRRRRR BBBBBBBBBBBB
WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWHHHHHHHHHHHHHHHHHHHHHHHEEEEEEEEEEEEEEEENNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN WWWWWWWWWWWHHHHHHHEEEEEEENNNNNNNNNNNNNN
TTTTTTTOOOOOOOOOOOOOOOO TTOOO
BBBBBBBBBBBBBBBEEEEEEEEEEEEEEEEE BBBBBBEEEEEE
BY MARION DAKERS
ENERGY
▲
AT the eleventh hour, the US House
of Representatives yesterday approved
a Budget deal cutting $38bn (£23.2bn)
in spending for the current fiscal
year, enabling the government to
keep operating until 30 September.
The House passed the bill by a vote
of 260 to 167, and sent it to the
Senate, which was set to pass the bill
late last night before existing funding
ran out at midnight.
About one-fourth of House
Republicans defected because the
cuts were not deep enough and more
than half of Democrats rebelled
against cuts they feared would hurt
lower income Americans. The House
vote was the first act in a growing
political battle over spending and
debt, with Obama and Congress gear-
ing up for new fights over an increase
in the $14.3 trillion US debt limit.
US house approves
deal on Budget bill
US ECONOMY
▲
BP’s first AGM
since the Gulf
disaster last April
drew dozens of
vocal protestors
News
6 CITYA.M. 15 APRIL 2011
SHAREHOLDER VIEWS: WERE YOU HAPPY WITH
BP’S AGM? Interviews by Marion Dakers and Eric Wilkens
“It was a very good BP shareholder meeting, and I’ve
been to a few. I think the board were very forthright
and got their points across. I had some ques-
tions about the Gulf and the chief executive
answered them in his speech.”
ALLAN AITKEN | HORNCHURCH
“I was mostly interested in how my shares were
going to do. The board have convinced me of the
strength of the business and the plans for the future –
though some of them might not be ethical.
I’m happy for them to deal with Russia.”
“I wasn’t happy with it at all, especially with the
tar sands projects. I believe they should be invest-
ing much more in renewables. BP's current philoso-
phy of investing in oil is bad for the climate and
bad for indigenous people.”
SEAN GIFFORD | LONDON
JAMIE JOHN | BRIDGEND
…by the Low Emission Zone?
From 3 January 2012, if you have a larger van or specialist vehicle between1.205 tonnes
unladen and 3.5 tonnes gross vehicle weight, it will need to meet certain emissions
standards to drive within London.
Minibuses with more than 8 passenger seats weighing 5 tonnes or less gross vehicle weight
will also be affected.
There are a number of options available to meet the standards including fitting an approved
filter, upgrading your vehicle, or pay a daily charge. A number of vehicle manufacturers
*
,
Ashwoods, Citroën, Ford, Mercedes-Benz, Peugeot, and Volkswagen are offering discounts
on new vehicles to help owners of vehicles that do not meet the emissions standards.
To check if your vehicle is affected and for advice on your options including where to
find out more about the discounts visit tfl.gov.uk/lezlondon or call 0845 607 0009
**
*Each vehicle manufacturer will have their own terms and conditions relating to eligibility for their specific offer. For details of participating dealers
please contact the vehicle manufacturer direct. TfL is not responsible for the contents or reliability of any of the manufacturer’s websites
or promotional material and does not endorse the products, services or views expressed within them or the organisation or persons providing
them in any way. **Calls from BT landlines cost up to 4p per minute. The cost of calls from other lines may vary
GOOGLE posted a 15 per cent rise in
pre-tax profits to $2.89bn (£1.76bn)
in its first-quarter results last night,
but investor panic over a 34 per cent
surge in costs saw its shares dive by
5.4 per cent in after-hours trading.
Costs ballooned to $5.78bn, with
sales and marketing spending rising
69 per cent to $1.03bn and operat-
ing costs up 20 per cent to $2.94bn.
But the search giant said revenue
growth of 27 per cent quarter-on-
quarter justified the outlay. “These
results demonstrate the value of
search and search ads to our users
and customers, as well as the
extraordinary potential of areas like
display and mobile,” said chief
financial officer Patrich Pichette.
Paid clicks – ads that generate rev-
enue whenever a user clicks on
them – rose 18 per cent, with cost-
per-click rising eight per cent.
Google also revealed that it has
hired another 2,316 staff in the first-
quarter of this year, which in part
explains its growth in costs. In addi-
tion, it spent $890m on property
and equipment, up from $239m in
the first-quarter of 2010.
Much of the spending has gone
towards an aggressive expansion in
Google’s mobile and social network-
ing presence.
“You’ve got expenses growing
faster than revenue and some peo-
ple were caught by surprise by the
willingness of the company to
spend,” said BGC Partners analyst
Colin Gillis.
“But Larry Page has signalled
pretty clearly that he is going to be
driving up expenses. If the expenses
are targeted and result in future rev-
enue streams, then good for Larry. If
not, that results in an undisciplined
spending approach.”
Google cost surge
sees investors flee
BY JULIET SAMUEL
TECHNOLOGY
▲
BANK of Ireland surprised the mar-
ket yesterday when it announced it
scaled back its losses last year, but
warned its future remains challeng-
ing.
It reported full-year losses of
€609m (£544m), compared to
€1.76bn in 2009, after negotiating a
string of tough write-downs with its
bondholders.
However, the group is still staring
down the barrel of majority state
control after the central bank said it
needed €5.2bn in extra capital to bul-
letproof itself from future economic
shocks. Chief executive Richie
Boucher says the bank is looking to
foreign investors to help it stay inde-
pendent.
Bank of Ireland, in which the state
already holds a 36 per cent stake, will
update the market in coming weeks
about its capital-raising plans, and
some of its subordinated bonds have
risen on speculation it will offer a
debt for equity swap.
Boucher said: “It’s a clean story to
understand. We have moved from
survival to stabilisation.”
Most of the Irish banking sector
has been effectively nationalised,
with Allied Irish Banks unveiling a
jaw-dropping €10.4bn loss.
Bank of Ireland reduces its loss as it
promises an update on capital raising
BANKING
▲
BANKS are well on the way to
preparing for the end of the Bank
of England’s special liquidity
scheme, according to Bank execu-
tive director Paul Fisher.
In a paper on the Bank’s collater-
al policy published yesterday,
Fisher said:
“The banks have made good,
early progress in reducing their
use of the scheme, unwinding the
collateral swaps ahead of their con-
tractual maturities,” Fisher said.
“It is expected that the banks
will be able to generate liquidity
using their mortgage assets in the
private market or by raising fund-
ing through other markets,” he
added.
Fisher: Banks will cope after SLS
BANKING
▲
News
8 CITYA.M. 15 APRIL 2011
NEWS | IN BRIEF
Next boss gets £1m bonus
Next boss Lord Wolfson was handed a
£1m bonus for last year, taking his total
remuneration to around £1.75m. Next
reported a nine per cent rise in pre-tax
profits to £551m in the year ending
January. Cost savings boosted the fig-
ures as the chain suffered a four per
cent fall in same-store retail sales. Next
forecast profit for the new financial year
to be between £520m and £570m, in
line with current market expectations.
The retailer will also pay its group prod-
uct director Christos Angelides £1m,
including a £500,000 bonus.
No European banks for ICBC
Industrial and Commercial Bank of
China, the world’s biggest bank by mar-
ket value, plans to increase its global
footprint by setting up new branches in
countries such as Brazil, India and
Pakistan, its chairman said yesterday.
But ICBC is not considering acquiring
European banks in the near term, chair-
man Jiang Jianqing said. The bank aims
to draw 10 per cent of its assets and
profit from overseas operations by
2016, up from four per cent now. ICBC
has been aggressive compared to other
Chinese banks in boosting its overseas
presence through acquisitions, although
on a much smaller scale than its west-
ern competitors. It acquired 80 per
cent of Bank of East Asia’s US business
in January for $140m (£86m).
ICELAND TO START REPAYMENTS IN SUMMER
ICELAND will begin making debt repayments to Britain and the Netherlands this sum-
mer, using funds raised from the sale of assets from one of its collapsed banks, the coun-
try’s Prime Minister Johanna Sigurdardottir (pictured) said yesterday. The country’s
coalition government survived a vote of no confidence earlier in the week.
MAVERICK investor Terry Smith
attacked share buybacks as a tool to
destroy shareholder value and called
for a review of their use yesterday.
Smith, an outspoken financier who
launched fund manager Fundsmith
last year, attacked the practice of
using buybacks to raise companies’
earnings per share figure by cutting
the number of shares in circulation.
“Most share buybacks destroy value
for remaining shareholders,” he said.
“Simply by executing a share buy-
back rather than paying out divi-
dends, companies can inflate their
earnings per share and are almost
universally seen to have created value
for shareholders when mostly they
clearly have not.”
Smith, who is also chief executive
of broker Tullett Prebon, called for
more analysis of the causes of share
buybacks.
Terry Smith launches an
attack on share buybacks
BY ALISON LOCK
INVESTMENT
▲
ANALYSIS l Bank of Ireland
€
5Apr 16Mar 24Feb 4Feb 17Jan
0.45
0.35
0.25
0.28
14 Apr
ANALYSIS l Google
$
1 Apr 14Mar 23Feb 3Feb
640
620
600
580
560
578.25
14 Apr
www.houseoffraser.co.uk
WEDDING CRASHER
TO BOISDALE of Canary Wharf for
the grand opening of the latest
whisky and cigar restaurant venture
from the group’s colourful propri-
etor Ranald Macdonald.
Actress Jessica Lowndes of teen
show 90210 had to cancel at the last
minute – much to the disappoint-
ment of Roger Hambury, managing
director of sponsor CityIndex – but
the presence of Nancy Dell’Olio and
Sky News political editor Adam
Boulton more than made up for the
loss.
Boulton was on mellow form as
he enjoyed the live jazz from Ray
Gelato and the Giants of Jive, telling
The Capitalist he is looking forward
to going back to his cub journal-
ism roots by doing a spot of
doorstepping.
The south doorstep of
Westminster Abbey on 29 April,
that is, where he will take up res-
idence to cover the Wedding Of
The Year.
PASSAGE TO INDIA
HOWEVER, no-one could top the
exploits of Michael Herron,
global head of legal at
CityIndex, who is as we speak flying
out to South India with two of his
colleagues to drive 3,500km from
Cochin in Kerala to Shillong in
Meghalaya in a three-wheeled auto
rickshaw with a lawnmower-sized
engine.
“The roads are among the most
dangerous in the world, even if you
are driving a normal car,” Herron
said. “And none of us are Hindu, so
if we are unlucky enough to get hit
by a truck, we don’t have a great
belief we will be reincarnated as a
Bollywood icon.”
Now that would be a story.
NOT TOO BIG TO FAIL
BACK to Boisdale bleary-eyed the fol-
lowing morning for yet another
opening celebration in Cabot Place
– this time for “the launch of
lunch”.
No jazz and whisky here though;
instead, City leaders including
Simon Mansell, chief operating offi-
cer of GFT Global Markets, David
Wiggin, founder of Ptarmigan
Media and David Stuart, chief oper-
ating officer of Alpari, were treated
to a spirited defence of capitalism
by Mark Littlewood, director general
of the Institute of Economic Affairs
(below).
“In the good times, I don’t
remember people saying that since
the bankers created the wealth, it
wasn’t theirs to spend,” he said.
Littlewood went on to call the
interim report from the
Independent Commission on
Banking “deeply confused”.
“We seem to be too concerned
about preventing failure rather
than providing a system within
which banks can fail in an
orderly fashion,” he said.
“Finding a mecha-
nism to allow a bank
to go to the wall so
it is wound up sen-
sibly, as
Woolworths was
wound up, is the
Holy Grail.”
STOCK EXCHANGE VET
TO STAGE WEST END
MUSICAL COMEBACK
THE Stock Exchange Veterans dinner
last night had the largest turnout in
its 15-year history, with 470 brokers
out in force at The Brewery.
The event’s organiser Bill Sharp,
head of institutional sales at
Alexander David, was delighted
to “see so many old friends”,
including Ron Martin, chair-
man of Southend United FC,
Brian Winterflood of
Winterflood Securities and
Clive Sinclair-Holden, chief
executive of Beowulf, the
fastest-growing company on
AIM this year.
Later, Martin Pope,
sales trader at RBS,
auctioned off
the evening’s
prizes, includ-
ing “memora-
bilia from
We mb l e y
Stadium”, otherwise known as con-
crete in a presentational box. “It’s so
bad, it’s brilliant,” said one guest.
The Capitalist also caught up with the
Vets’ chairman Les Ames (pictured
below), who found fame as a singer in
the 1970s after performing his
smash hit ballad Love Is All on
Top of the Pops.
Ames declined to sing a
song last night – “it’s not that
type of audience darling” –
but revealed he is in talks
about taking part in a 70s hits
show in the West End. “But
I’m not sure I have the time,”
said Ames, mindful
of his day job as
head of deal-
ing at WH
Ireland. “It’s
a difficult
circle to
square.”
Left to right:
Michael Hicks, Tony
Carter, Brian
Wi n t e r f l o o d ,
Deborah Connors,
Julian Palfreyman
and Charlie Brown
at the Stock
Exchange Veterans
dinner at The
Brewery
The Vets’
chairman Les
Ames is in
talks to
appear in a
Seventies hits
revival show
in a West
End theatre
The Capitalist
10 CITYA.M. 15 APRIL 2011
EDITED BY
HARRIET DENNYS
Got A Story? Email
[email protected]
Follow The Capitalist
on Twitter: @citycapitalist
Piano man: Jools Holland at Boisdale
The cIosest thing to trafñc was puIIing over my bike
for a famiIy of deer.
Banff National Park, Alberta
Explore more of Canada.
Visit www.canada.travel/BanffRockies
to start planning your trip.
243 ratings
Hank53
Posted 4:13pm (Aug 12, 2010)
After that, anything would feel claustrophobic.
Melissa_55
Posted 5:37pm (July 5, 2010)
Is that the Rockies? Looks amazing.
Send Post your comment
Like 32

Tweet 56 +

Share
0:00/2:32
CONSUMER giant Reckitt Benckiser
saw up to £2bn wiped off its value yes-
terday after the shock announcement
that boss Bart Becht is standing down.
News of his exit stunned the mar-
ket and its share price dived by nine
per cent at one stage, eventually clos-
ing down 7.5 per cent at £31.15.
Becht has earned an estimated
£200m over last six years, with the
hefty pay and perks package justified
by a string of impressive results.
Becht’s long-term share options
and awards have soared in value as he
lifted Reckitt’s share price from £6
when it floated in 1999 to £35 last
year.
But the maker of goods such as
Nurofen and Cillit Bang has now been
left with a gaping hole to fill to bring
investors back on side.
Rakesh Kapoor, who is vice-presi-
dent of global category development,
will take on the role.
Andrew Wood, an analyst at
Sanford C Bernstein, said Becht’s
retirement had been a shock.
“He is only 54 years old and we did
not anticipate it so soon.
“We know very little about the
character of the new CEO Rakesh
Kapoor.... there was no sense he was a
CEO in waiting.”
Becht will stay on as a part-time
adviser to Kapoor and the company’s
board until September 2012.
Kapoor is credited for growing the
business with the recent purchase of
SSL International, the Durex condom
maker and steering the company
through a tough consumer climate.
He earned £200m in six years.
Now we know why: Becht’s exit
reduced Reckitt’s value by £2bn
BY JOHN DUNNE
CONSUMER
▲
News
11 CITYA.M. 15 APRIL 2011
ANALYSIS l Reckitt Benckiser
p
5Apr 16Mar 24Feb 4Feb 17Jan
3,500
3,300
3,100
3,130.00
14 Apr
Switch off the
panic button until
the figures are in
WITH Becht’s departure follow-
ing that of finance chief Colin
Day last year, it’s not surprising
that the market is spooked. The
company is now without the
core team that led it so success-
fully through the last decade.
The £2bn man – that’s how
much the markets marked down
the firm when they learnt of
Becht’s departure – will be a
tough act to follow.
There’s no doubt that replace-
ment Rakesh Kapoor has a lot to
prove, and until he’s had a
chance to get his feet under the
table the share price could be
dampened. But 25 years at the
company must count for some-
thing, and management will be
hoping that next week’s first-
quarter figures will boost
morale and restore value.
Nestle’s market cap fell by
£4bn when its finance chief Paul
Polman was passed over to take
charge in 2007, but the shares
quickly recovered and long-term
performance has been strong.
Don’t hang Reckitt out to dry
just yet.
BOTTOMLINE
Analysis by Elizabeth Fournier
BART Becht has spent more than a decade at the
helm of Reckitt Benckiser. During that time the
value of the company increased five-fold and it has
become one of the most profitable consumer goods
businesses in the world under his stewardship. He
took the role in December 1999 when Dutch deter-
gent maker Benckiser and Britain’s Reckitt &
Colman merged.
He is one of Britain’s biggest
charitable donors, giving
almost £110m of Reckitt shares
to charity in 2009, after he col-
lected more than £90m on the
back of rising stock options.
He has a mansion in
Berkshire and is known for
his hands-on approach.
“After 16 years in the role, I
believe now is the right time
to retire,” Becht said.
BY JOHN DUNNE
CONSUMER
▲
Chief exec goes out with a bang
BART BECHT
DEBENHAMS said yesterday its
chief executive of eight years
would retire in September as it
posted a 4.5 per cent rise in first-
half profit and resumed its divi-
dend.
Rob Templeman will be succeed-
ed by Michael Sharp, the current
deputy chief executive, the depart-
ment store chain said.
Templeman, who has been at the
helm for eight years, will remain as
a consultant for up to one year
after his retirement.
Debenhams, which trades from
about 170 stores in Britain, Ireland
and Denmark and about 60 fran-
chised outlets in 24 countries, said
it made an underlying pre-tax prof-
it of £129.2m in the six months to
26 February.
That was slightly above analysts’
consensus forecast of £128m and
up from £123.6m in the same peri-
od last year.
Debenhams, ranked second after
employee-owned department store
John Lewis, said first-half sales rose
3.2 per cent, with sales at stores
open over a year down 1.5 per cent,
The firm, which ended the peri-
od with net debt of £351.6m,
returned to the dividend list for
the first time in three years with a
one pence payout.
Debenhams said it expects trad-
ing in its second-half to be difficult
as disposable incomes come under
pressure from inflation, govern-
ment cuts and higher taxes.
But Templeman said: “The trad-
ing environment has been difficult
but Debenhams has now produced
six consecutive halves of pre-tax
profit growth in what has been a
consistently challenging retail cli-
mate.”
Debenhams boss to
retire as sales rise
BY HARRY BANKS
RETAIL
▲
FRENCH food group Danone stuck to its full-year
goals yesterday despite rising commodity costs and
tough economic conditions, after price hikes fuelled
stronger-than-expected first-quarter sales.
The world’s largest yoghurt maker with brands
like Actimel and Activia said business picked up in
all divisions, with water and baby food particularly
strong and it benefited from its dairy products merg-
er with Russia’s Unimilk last November.
Danone, which competes with Nestle and Unilever,
posted first-quarter like-for-like sales growth of 8.5 per
cent. It also confirmed its target of 6-8 per cent like-
for-like sales growth for 2011 and a full year operating
margin up 0.2 per cent at 15.4 per cent.
Danone benefits
from price hikes
CONSUMER
▲
Consumer News
12 CITYA.M. 15 APRIL 2011
NEWS | IN BRIEF
Dunelm hit by material costs
British homewares retailer Dunelm said
rising raw material prices meant it was
unlikely to be able to continue improving
its profitability at the rate of recent
years. The group, which runs 111 mostly
out-of-town stores selling items such as
kitchenware, lighting, wall art and rugs,
said it was so far coping well with cost
pressures and a tough consumer envi-
ronment. Sales at stores open at least a
year fell 1.3 per cent in the 13 weeks to
2 April, its fiscal third-quarter, in line
with the decline reported for the 39
weeks of the financial year so far.
“Whilst, to date, our buying scale and
supply chain structure have provided
some protection, cost price pressures
are likely to continue over the coming
months,” Dunelm said.
Dixons shed jobs in Spain exit
Electrical goods retailer Dixons is clos-
ing its 34 loss-making stores in Spain
shedding around 1,200 jobs. The British
group, which said last month it was
looking at exiting Spain as it issued a
profit warning, said it made the decision
to close its PC City stores in the country
as a result of a continued weak con-
sumer environment. “The management
committee of PC City has informed the
employee representatives about the
decision in order to start appropriate
actions for the compulsory redundancy
scheme,” the firm said in a statement.
WH SMITH yesterday hiked its divi-
dend by 18 per cent after reporting a
profit rise.
The stationer said first-half profits
in the six months to 28 February rose
three per cent to £64m on like-for-like
sales that were down four per cent at
£686m.
Sales at stores open at least a year
fell five per cent, with a three per cent
decline at its travel division exacerbat-
ed by a six per cent drop at high street
shops.
Gross profit margins, however, were
up 170 basis points, following a long-
term trend in which the group has
steered away from low margin prod-
ucts like CDs and DVDs, focused on
better sourcing and better control of
markdowns.
The results met City forecasts, and
the company said it now planned to
grow with international expansion.
WH Smith already has 24 interna-
tional outlets, including stores in
Australia, India and Kuwait, and is
aiming to expand these to 40 this year.
The average spend in one of its trav-
el outlets at airports, stations and hos-
pitals is just £3.50 while in the
company’s high street stores it is £5.50.
The dividend rise represents a lift to
7.2p per share.
Chief executive Kate Swann added
yesterday: “In Travel we have grown
profit by nine per cent, demonstrating
the strength of the business model.
Our high street business continues to
be highly profitable and cash genera-
tive.”
WH Smith’s shares surged after the
figures were announced, closing 5.4
per cent higher at 475.1p.
WH Smith raises
dividend as profit
jumps after cuts
BY JOHN DUNNE
RETAIL
▲
SOAP and shampoo maker PZ Cussons yesterday said
trading remains challenging pressured by higher raw
material costs, but sees more optimism for its next
financial year led by growth in Asia and Nigeria.
The maker of Imperial Leather soaps and Carex anti-
bacterial hand washes said results for its 26 January to
13 April period were in line with its expectations, but
the outlook to the end of its financial year at the end
of May will be hit by tough UK trading, the temporary
delay to Nigerian elections and raw material costs.
The group said the resilience of its more premium
brands in the UK, growth in Asia and the underlying
improvement in demand in Nigeria all gave it cause for
encouragement for its next financial year.
PZ Cussons hit by
mounting costs
CONSUMER
▲
ANALYSIS l Debenhams
p
5Apr 16Mar 24Feb 4Feb 17Jan
70
66
62
58
66.55
14 Apr
ANALYST VIEWS: CAN WH SMITH CONTINUE
TO HIT TARGETS WITH CUTS? Interviews by John Dunne
“
KEITH BOWMAN | HARGREAVES LANSDOWN
The group’s reputation for consistent if somewhat unexciting growth
has again been enhanced. An early adoption of the now increasingly fashionable
trend to concentrate on profit margins at the expense of sales has served the com-
pany well. Furthermore, despite understandably cautious comments with regards
to the outlook, management is still attempting to push the boundaries. In all, WH
Smith continues to be rewarded with a positive (‘buy’) market consensus.
”
“
NEIL SAUNDERS | VERDICT
It’s the familiar story of an increase in profits on the back of a decline in
overall sales, brought about by cost reductions and margin enhancements. The
danger is that as cost savings become more difficult to extract, the business will
have a weaker consumer proposition and will continue to see sales slide; ultimate-
ly this could damage profitability. We are not yet at that point, but on current
form this looks to be the inevitable direction that the firm is heading in.
”
“
NICK BUBB | ARDEN
The figures for the first-half numbers are in line, as always, and there is
not too much in the statement to get excited about. But the 18 per cent rise in the
interim dividend is a useful reminder that WH Smith continues to grind out mas-
sive surplus cash flow (for dividend growth and earnings per share enhancing
share buybacks) and a five per cent yield is very attractive. There is overseas
growth across the board with store openings in hospitals and stations as
well as in India.
”
CHINA’S foreign exchange reserves,
the world’s biggest, hurtled past the $3
trillion (£1.8 trillion) mark in March,
up 24.4 per cent over the last year, its
central bank said yesterday.
The reserves rose by $197bn
(£120.6bn) in the first-quarter of 2011
and have now nearly tripled Japan’s
holdings, the world’s second-biggest
official currency reserves.
Heavy criticism from the US and
other governments is mounting
around China, which is accused of dis-
torting trade and the global economy.
CLAIMS for unemployment benefits
in the US unexpectedly shot up last
week, official data showed yesterday.
New claims have been on a down-
ward path for around two years, but
jumped by 27,000 in the week end-
ing 9 April to total 412,000.
Applications for state benefit typi-
cally increase at the beginning of a
new quarter, as payments are calcu-
lated on the basis of the previous
four quarters’ earnings.
Yet the degree of volatility still
shocked analysts and comes as an
unwelcome knock to the US recov-
ery.
“I’d view this as one data point,
and a data point that is volatile from
week to week,” said Brian Lazorishak
of Chase Investment Counsel in
Virginia.
“However, one of the positives
we’ve had in the past year is contin-
ued, albeit slow, improvement in the
jobs picture, so any setback there
will be discouraging.”
Meanwhile, inflationary pressures
were revealed in a separate data
release from the bureau of labour
statistics.
Core producer prices – which do
not include food or energy compo-
nents – rose 0.3 per cent in March,
compared to February.
The jump pushed the annualised
rate of core price inflation to 1.9 per
cent, the largest gain since August
2009.
“Yet the rise in core prices was all
concentrated in light truck prices,”
said economist Brian Jones of Societe
Generale in New York.
“It could be due to seasonal adjust-
ments and they tend to be volatile. It
could even be a pickup in demand.”
The headline producer price
index number showed a 0.7 per cent
rise in prices on the month, largely
driven by energy prices, which
surged by 2.6 per cent.
Compared to March last year,
the price of finished goods was up
5.8 per cent.
Shock upturn
in US jobless
benefit claims
TENSIONS in the Middle East could
lead to upward pressure on inflation
in the Eurozone and affect economic
growth, research from the European
Central Bank (ECB) showed yesterday.
“Risks to the medium-term outlook
for price developments remain on the
upside,” reads the ECB’s April bulletin.
“They relate to higher than
assumed increases in energy prices,
not least owing to ongoing political
tensions in North Africa and the
Middle East.”
The inflation rate in the Eurozone
was registered at 2.6 per cent in March.
The ECB’s bulletin said it will “con-
tinue to monitor very closely all devel-
opments with respect to upside risks
to price stability”.
Last week the ECB raised rates for
the first time in almost three years.
headline sponsor champagne reception sponsor
official venue partner sponsored by
What will you say?
Enter the City A.M. Awards 2011 and you could be
recognised as one of the City’s great personalities
or companies of the year.
Visit our website to see how you can enter:
www.CityAMAwards.com
or for more information, please contact Jo Pead:
020 8267 4043 / [email protected]
“It is great recognition... CITY A.M. has
a fantastic reputation in the city and
we are proud to have won”
Deloitte (Professional Services Firm of the Year)
ECB sticks with its
hawkish sentiment
China’s reserves
pass $3 trillion
BY JULIAN HARRIS
US ECONOMY
▲
WORLD ECONOMY
▲
Economists were surprised by the jump in US unemployment Picture: REUTERS
BY EUGENIO MONTESANO
EUROZONE ECONOMY
▲
Economics
13 CITYA.M. 15 APRIL 2011
NEWS | IN BRIEF
German figures show growth
Berlin yesterday hiked its official
German growth forecast for 2011 from
2.3 to 2.6 per cent, citing soaring con-
sumer spending as the main reason
behind the expansion. German authori-
ties said that the average households’
disposable income should rise by 3.3 per
cent this year and next.
Japan worries dampen economy
Japan’s earthquake and tsunami last
month continue to hit the country’s
economy as Japanese business confi-
dence plunged in April, the Reuters
Tankan survey showed yesterday. The
manufacturing and service-sector senti-
ment indices tumbled to negative terri-
tory for the first time since last year, as
the percentage of pessimistic respon-
dents outnumbered the optimistic ones.
Swiss investor confidence booms
Swiss shareholder sentiment reached its
highest peak in eight months in April, as
the ZEW index, an indicator of economic
sentiment based on analysts’ opinions,
jumped to 8.8 from minus 13.5 last
month, hinting the country’s economy,
which has been boosting output and hir-
ing, will maintain its growth momentum.
Canadian factory sales slide
Canadian factory sales fell 1.5 per cent
in February after a 4.4 per cent gain in
January, the biggest slide in 18 months
and way above market expectations of a
0.2 per cent dip. Exports were badly
affected by the strong Canadian dollar,
but analysts remain confident that over-
all first-quarter growth will be robust.
Singapore enjoys GDP boost
Singapore’s economy continues to grow,
according to figures released yesterday
by the Ministry of Trade and Industry
that revealed a GDP rise of 8.5 per cent
in the first-quarter of 2011. The increase
marked a rise of 23.5 per cent compared
to the previous quarter, led primarily by
the manufacturing, services and con-
struction sectors. Singapore's central
bank allowed an immediate rise in the
value of its currency dollar to help tackle
inflation, which it said would likely stay
elevated.
CREDIT Suisse hit back at an activist
investor that called for a rethink of the
bank’s strategy on contingent convert-
ible or “coco” bail-in capital yesterday.
Swiss shareholder Ethos
Foundation, an influential voice
among institutional investors, said it
opposed the bank’s decision to issue
billions of francs of contingent con-
vertible capital to support its trading.
But Credit Suisse slammed the
stance as “simply incomprehensible”
and said it had the support of regula-
tors and its investors.
Ethos executive director Dominique
Biedermann questioned the value of
the investment bank’s trading activi-
ties, arguing they do not work in the
long-term interest of shareholders and
pay “excessive” salaries to staff.
“These activities are very capital
intensive and carry risks that are not
in line with the long term interests of
Credit Suisse’s shareholders. Without
these activities, the issuance of cocos is
not necessary,” he said.
Credit Suisse plans to issue 6bn
Swiss francs (£3.8bn) of coco bonds –
equivalent to 42 per cent of its issued
share capital – to meet strict regulato-
ry requirements that require it to be
able to absorb any losses from its risky
trading division.
Ethos said investors should oppose
the plan and a SwFr1.5bn dividend
payment to “reinforce the bank’s core
equity and avoid issuing cocos”.
A spokesman for the bank said:
“Credit Suisse finds it simply incom-
prehensible that Ethos is not support-
ing these efforts to build a more stable
financial system.
“The measures we are taking are in
line with the approach prescribed by
the regulatory authorities, and we are
fully convinced that our measures are
also in the interests of our sharehold-
ers, since any other form of capital
increase would have a direct dilutive
effect.”
LONDON-based fund manager
Ashmore Group yesterday reported an
eight per cent increase in its assets
under management to $50.3bn
(£30.75bn), surpassing RBS’s assets
forecast for the third quarter by 3.5
per cent.
In its interim management state-
ment, the emerging markets special-
ist said the rise was driven by $2.3bn
of new money and $1.3bn from posi-
tive investment performance.
Ashmore’s best performance for the
period ending 31 March came from its
“other” themed portfolio which pro-
duced a 25 per cent rise in value.
The mandate, which handles the
group’s currency hedging and overlay
strategy, grew to $7.0bn from $5.6bn.
The only investment expected to
lose value is the special situations
fund, which mainly invests in corpo-
rate restructurings.
“Trading conditions are in line with
management expectations and the
group remains confident of its
prospects for the current year,”
Ashmore said in a statement.
The group also expects its acquisi-
tion of a 63 per cent stake in EMM to
be completed by 31 May. The majority
holding, for which Ashmore agreed to
pay as much as $246m on 24
February, will be included in its
fourth-quarter asset under manage-
ment figures.
Ashmore’s share price closed at
360p yesterday, marking a rise of 2.10
per cent.
Ashmore Group’s asset rise trumps
forecasts in a strong third-quarter
PRUDENTIAL won a court dispute
with members of its staff pension
plan yesterday over cuts to payments
into the scheme.
Members had argued that the insur-
ance group did not have the right to
introduce a cap of 2.5 per cent on the
annual increase in discretionary pay-
ments into their pensions in 2005,
after decades of basing the rise on
retail price inflation. Members felt
they had been given a reasonable
expectation that the rule would not be
changed, but the court ruled that
Prudential had not breached its duty
of good faith to its staff.
Katherine Dandy, a partner at
Sackers, which represented members,
said the decision was “very disappoint-
ing for the members who had come to
expect a particular level of benefit”.
A Prudential spokesman said it
“introduced the new policy, in good
faith, as part of a package of meas-
ures designed to secure the financial
future of its pension scheme”.
Prudential wins in court
case over pension dispute
INSURANCE
▲
A SURGE in business customers and
American tourists helped Eurostar
push its first-quarter sales revenue up
10.7 per cent to £197m.
The total number of passengers
transported rose 7.5 per cent year-on-
year to 2.15m. The firm, which oper-
ates trains through the Channel
Tunnel, says the royal wedding will
help push passenger numbers up fur-
ther this month and pointed to the
2012 Olympics as another revenue
booster.
Eurostar chief executive Nicolas
Petrovic said: “We are pleased to report
strong growth during the first quarter
of 2011 in both sales revenues and pas-
senger numbers. While market condi-
tions remain uncertain, we have seen
an increase in business passenger vol-
umes with a particular uplift from
clients in the financial services sector.”
Eurostar said a rise in business trav-
eller numbers helped to fuel a 12 per
cent rise in its annual revenue last
year. Total ticket sales rose to £760m
for the year, up from £675.5m in 2009.
Last year the firm said it will buy 10
new trains for £700m to add to its
existing fleet as it extends services to
Amsterdam and Geneva.
Rise in business passengers pushes
Eurostar revenues up over 10 per cent
TRANSPORT
▲
ACTIVIST investor Elliott Advisors
turned up the pressure on Swiss
biotech company Actelion yesterday,
pushing for further board changes.
Elliott conceded that it could not
top Actelion’s proposal to add two
pharma heavyweights, including for-
mer GlaxoSmithKline head Jean-Pierre
Garnier (pictured), to the board.
But the hedge fund argued their
presence would not do enough to
improve strategy, and called for share-
holders to lift the current 11-person
board size limit to enable it to add six
of its own nominees too.
“Elliott has decided to support
the Garnier and [Robert]
Bertolini nominations,” Elliott
said, but added the move “does not
go far enough to create real
change that will increase
shareholder value.”
Elliott wants share-
holders to vote at the
annual meeting in
May to remove seven of
the current nine direc-
tors and add six of its
own. But if sharehold-
ers vote to retain some
or all of the current
team – plus Actelion’s two candi-
dates, Garnier and former
Schering-Plough chief financial
officer Robert Bertolini – Elliott’s
candidates would be blocked.
Elliott’s directors – five
pharma executives and a
banker – also wrote to
shareholders criticising
Actelion’s drug pipeline
and governance.
Sources close to
Actelion told City A.M.
Elliott’s changing
demands were “a
moving target” for
the board.
Garnier pick fails to quell Elliott
BY ALISON LOCK
PHARMACEUTICALS
▲
Credit Suisse
slams attack
on coco plan
BY ALISON LOCK
BANKING
▲
BY ROBERT LEEDHAM
FUND MANAGEMENT
▲
News
14 CITYA.M. 15 APRIL 2011
NEWS | IN BRIEF
BRC warns over warranty probe
The British Retail Consortium (BRC) has
warned an Office of Fair Trading (OFT)
investigation into the sale of extended
warranties on electrical goods could be
costly and achieve little. The OFT says
customers could be losing out on up to
£350m after shelling out on lengthy
warranties and wants to make sure they
are getting value for money. An OFT
investigation will conclude in the sum-
mer and could end with action against
suppliers or a referral to the
Competition Commission. However, the
BRC pointed to an earlier investigation,
in which strict new rules were placed on
the sale of warranties. A spokesman
told City A.M.: “It’s hard to see what
another costly investigation will
achieve.”
Sony mulls summer holiday
Sony is mulling a complete two-week
summer shutdown of some company
premises to save energy as Tokyo and
Japan's northern regions face the peak
period with vastly reduced power gener-
ation capacity following the 11 March
quake. The government last week
announced energy saving targets that
will require large-scale users to cut peak
consumption in the region by one-quar-
ter, after the earthquake and tsunami
shut down several big nuclear and ther-
mal power stations. The disruption has
had a global impact, with Nokia,
Research In Motion and Sony Ericsson
shutting down factories and Toyota idling
plants both locally and in Europe. Sony is
also considering introducing daylight sav-
ings time by starting work an hour later.
10.7%
to £197m
Total sales
revenue up
7.5%
to 2.15m
Total
passengers up
FIRST QUARTER 2011: | EUROSTAR
ANALYSIS l Credit Suisse
CHF
1 Apr 14Mar 23Feb 3Feb
45
43
41
39
39.35
14 Apr
HEALTHCARE giant Roche shrugged
off a fall in first-quarter sales yester-
day, focusing instead on successes in
new clinical trials.
Sales of SwFr11.1bn (£7.6bn) were
nine per cent lower than the same
quarter last year, but the company
said it was on track to meet full-year
revenue targets.
Roche said its key blockbuster
drugs such as cancer treatment
Herceptin and heart attack or stroke
medication Activase supported sales
while sales of swine flu treatment
Tamiflu fell as expected.
Chief executive Severin Schwan
said drug trial results were encourag-
ing.
“Since the beginning of the year
we have already announced positive
results from seven key phase II or III
clinical trials, further underscoring
our growth prospects for the coming
years,” he said.
The strength of the Swiss franc
derailed the steady sales growth,
however. Roche said it took a 1.1bn
SwFr hit from the poor euro and dol-
lar exchange rates to the franc.
Excluding Tamiflu, its pharmaceu-
tical division saw three per cent dol-
lar revenue growth, but an eight per
cent fall in revenues when converted
to francs. Roche’s Japanese and inter-
national businesses both registered
11 per cent growth in dollar sales.
“We are on track to achieve our
targets for the full-year,” Severin
said.
Its key cancer drug Avastin saw
revenues fall six per cent as concerns
about effects on patients damaged
US and European sales.
Schwan said US healthcare
reforms had also hit sales, estimat-
ing an impact of 0.6 percentage
points on first-quarter sales in terms
of growth.
Roche’s Swiss-traded shares fell 0.2
per cent to SwFr132.80 yesterday.
MUSIC streaming site Spotify faces a
fan backlash after announcing it will
slash the amount of free music avail-
able to new users.
The Swedish firm, which was
recently valued at more than $1bn
(£612m), will limit users of its free
service to just 10 hours a month –
half the current allowance.
It will also cut the number of times
any given track can be played to five,
down from 10.
The move has been interpreted as
either a sop to record companies,
with whom Spotify has been involved
in long and tortuous negotiations in
the US over the rights to their cata-
logues, or a further push towards a
fully paid model.
Spotify recently announced it has
reached 1m paying subscribers but
denied it was eroding its free service.
It has a total of 6.67m users, the
majority of which are subsidised by
adverts.
A spokesman said: “It’s vital that
we continue offering an on-demand
free service to you and millions more
like you, but to make that possible we
have to put some limits in place going
forward.”
In February Digital Sky
Technologies (DST) invested $100m
(£61.7m) in Spotify, valuing it at a
staggering $1bn.
The move raised fears of a second
dotcom boom after Facebook’s valua-
tion smashed through the $50bn bar-
rier and Twitter was valued at $10bn.
Spotify slashes the amount of free
music available to its army of users
BELGIAN health products distributor
Omega Pharma yesterday forecast
improvements in Russia and south-
ern Europe in the second-half of 2011
and a profit margin this year at least
as high as in 2010.
The company, which sells non-pre-
scription products such as wart treat-
ment or sun tan lotion to
pharmacists, said yesterday it reiterat-
ed its outlook, but there was a slight
change.
It said that it expected full-year
turnover would be €927m (£819m), an
increase of eight per cent, whereas
previously the company had said
turnover would be “at least” that
amount.
Omega reported first-quarter sales
rose 7.8 per cent to €217.8m.
The average forecast was for an 8.4
per cent rise in first-quarter sales,
with a surge in France.
Sales in core market Belgium rose
by 12.7 per cent and in France by 14.1
per cent.
Omega Pharma forecasts
profits will equal last year
PHARMACEUTICALS
▲
GRAINGER, Britain’s largest residen-
tial property owner, said it expects
completed sales from its UK assets to
be worth £89m for the six months to
31 March, up £1m compared to last
year.
The Newcastle-based company’s trad-
ing update showed that the value of its
portfolios of UK residential and devel-
opment operations will increase by
around two per cent at the half-year. In
addition, there were £1m worth of
sales from its German portfolio.
The results came despite tough
market conditions. Grainger also said
its pre-tax profit would benefit from a
partial reversal of mark-to-market
movements on its long-term financial
derivatives and the purchase of HI
Tricomm Holdings in the first-half.
The company, which will announce
its interim results on 19 May, will con-
tinue to comfortably meet its bank-
ing covenants and reshape its debt
with £290m from new lenders, it said
in the statement.
Grainger expects sales to
rise despite tough market
PROPERTY
▲
ONLINE gaming firm 888 yesterday
said talks over a possible takeover by
British bookmaker Ladbrokes were
continuing after it posted its best
quarterly performance since with-
drawing from the US market.
“There is a discussion ongoing with
Ladbrokes. There’s not a lot of dis-
agreement other than one, which is
price, and that may close or may not.
That depends on buyer and seller,”
said chief executive Gigi Levy, who
announced his intention to step
down earlier this week.
Ladbrokes was weighing up a high-
er offer for 888 after an initial propos-
al failed to win the support of 888’s
founding shareholders, the Shaked
and Yitshak families, who control 61
per cent of the stock and hold the key
to a deal taking place.
888 reported a nine per cent rise in
total revenue to $75m (£45.9m) in the
first-quarter boosted by a strong per-
formance from its casino and bingo
products and an improved showing
in poker, where it has revamped its
software and introduced video to the
site.
The company added that trading at
the start of the second-quarter had
been strong.
Shares in 888 lost 2.9 per cent to
close at 41.5p yesterday, valuing the
business at around £150m.
Results boost 888 bid talks
BY HARRY BANKS
LEISURE
▲
Roche looks
to the future
as sales fall
BY ALISON LOCK
PHARMACEUTICALS
▲
BY STEVE DINNEEN
MEDIA
▲
News
15 CITYA.M. 15 APRIL 2011
WHITE IPHONE COULD BE ON SALE IN WEEKS
APPLE is set to launch its much-delayed white iPhone 4, pictured above with Apple boss Steve
Jobs, in two weeks time, according to reports, which say the phone could be available on US
networks by the end of the month. The launch was delayed last June, when Apple said: “White
models of Apple’s new iPhone 4 have proven more challenging to manufacture than expected.”
Apple gave preview models of the handset to celebrities such as Stephen Fry late last year.
NEWS | IN BRIEF
Earnings down at Dori Media
Dori Media Group yesterday posted an
operating loss of $3.2m (£1.96m) for
the year ending December, down from
a $1.6m profit last year. Group rev-
enues fell to $47m from $48.7m in
2009, whilst gross profits dropped to
$11.4m from $15.4m. President and
finance chief of the company Nadav
Palti said that the firm remained con-
fident about its prospects for 2011.
“Trading for the first three months of
2011 has been strong and our busi-
ness operations are stable and cash
generative,” he said.
Aeon posts revenue increase
Japanese retail group Aeon yesterday
forecast a 1.5 per cent increase in
operating profit for the financial year,
and said the effect of a post-quake
decline in discretionary consumer
spending would likely be offset by
demand for basic goods. Despite a
seven per cent fall in its share price
following the events of the 11 March
earthquake, Aeon forecast a 175bn
yen (£1.28bn) operating profit for the
year beginning in March with the aid
of continuing demand for food and
other essentials. Aeon owns the oper-
ator of Japan's biggest convenience
store chain, Seven-Eleven.
Shaft Sinkers profits rise 34pc
Pre-tax profits at South African
underground construction group Shaft
Sinkers Holdings rose by 34 per cent
to £16.7m from £12.5m for the year
to December. Having raised around
£30.6m from listing on the London
Stock Exchange on 23 December, rev-
enue for the group was up 24 per cent
to £183.1m from £147.9m. Basic earn-
ings per share rose 27 per cent to 30p
from 24p. Although no final dividend
was proposed, Shaft Sinkers said it
planned to commence payment this
year.
ANALYSIS l 888 Holdings
p
5Apr 16Mar 24Feb 4Feb 17Jan
60
50
40
41.50
14 Apr
ANALYSIS l Roche
CHF
1 Apr 14Mar 23Feb 3Feb
140
130
150
132.80
14 Apr
News
16 CITYA.M. 15 APRIL 2011
HSBC
David McKenzie and Karina Challons
have been appointed as managing
directors of HSBC Private Bank.
McKenzie, who is also promoted to
head of credit advisory, first joined
HSBC Private Bank from NatWest in
September 2001. Challons has spent
the last two years leading the bank’s
tax and financial planning team.
Cushman & Wakefield
The property consultant has confirmed
Dean Maszlin as partner in its London
asset management team, effective from
18 April. Maszlin joins the company
from CB Richard Ellis, where most
recently he worked on Draper’s Gardens
for Exemplar and Canary Wharf Group.
Trilantic Capital Partners
The transatlantic private equity firm
has appointed Michel Léonard as oper-
ating partner. Léonard will advise
Trilantic Capital Partners on invest-
ments in the food and consumer goods
sectors to support Trilantic’s portfolio
companies throughout Europe.
Jato Dynamics
Andy Rothery has been promoted to
chief executive, following two years
spent as chief operating officer. Rothery
will broaden the company’s product
portfolio, focusing on emerging markets
such as Brazil and China.
White & Case
Elena Millerman has been made a part-
ner to strengthen the law firm’s pres-
ence in the power and infrastructure
markets. Millerman moves from
Debevoise & Plimpton, bringing more
than 10 years’ experience in project
finance in North and South America.
ICF
The Investment Climate Facility (ICF)
for Africa has appointed Neville Isdell,
the former chief executive and chair-
man of the board of directors for The
Coca-Cola Company, as co-chair. Isdell,
who has sat on the ICF’s board of
trustees since 2009, replaces Niall
FitzGerald, deputy chairman of
Thomson Reuters, who is stepping down
as co-chair to pursue other interests.
CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys
Lloyds TSB Commercial Finance
Andrew Gaunt has been promoted to associate
director of Lloyds TSB commercial finance’s
business development team in the North East
and Yorkshire. Gaunt moves from the lender’s
large and major corporates team in the region,
where he has spent the last five years as client
manager, looking after a combined review limit
of £150m. In his new role, Gaunt will be respon-
sible for bringing in new business with turnover
of between £5m and £25m.
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to [email protected] SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Defensive sectors
support US market
S
TOCKS that outperform in a
weak economy helped buoy the
Dow and S&P 500 yesterday as
concerns about faltering growth
and inflation prompted investors to
seek out less volatile names.
Energy shares also rallied as US
crude gained more than one per cent.
The S&P 500 fell almost one per
cent early but found support near
1,300, a level that attracted buying
interest in early March.
Stocks have lately sagged as econo-
mists have lowered forecasts for US
growth. A poll of economists showed
2011 gross domestic product forecasts
fell to 2.9 per cent from 3.1 per cent.
“GDP forecasts are continuing to
fall, so [bets on defensives] are a safety
trade,” said Peter Boockvar, equity
strategist at Miller Tabak & Co.
Adding to the bearish sentiment,
Google shares fell five per cent after
the bell after the Internet giant post-
ed quarterly results.
The Dow industrials’ top percent-
age gainers during the regular ses-
sion were Coca-Cola, up 1.5 per cent,
Kraft Foods, up 1.7 per cent and
Merck & Co, up 1.2 per cent.
A Senate investigation of Goldman
Sachs hurt the Wall Street giant and
some of its peers, while an unexpect-
ed rise in jobless claims added to bear-
ish sentiment that kept gains in
check.
Goldman shares fell 2.7 per cent
and were a drag on the S&P financial
sector, which was down 0.9 per cent.
The Dow Jones industrial average
rose 14.16 points, or 0.12 per cent, to
12,285.15. The Standard & Poor’s 500
gained 0.11 of a point, or 0.01 per
cent, to 1,314.52. The Nasdaq
Composite dropped 1.30 points, or
0.05 per cent, to 2,760.22.
Adding to the energy sector boost
as oil rose, natural gas producer and
pipeline company El Paso said it will
develop a shale oil field without a
partner. El Paso shares jumped 5.5 per
cent to lead gains in the S&P energy
sector’s index, which rose 0.6 per
cent.
Weighing on the tech sector,
Fairchild Semiconductor shares
dropped 4.5 per cent as it disappoint-
ed investors after it said last month’s
earthquake that threw Japan’s elec-
tronics supply chain into disarray has
yet to generate new business for the
company.
Supervalu forecast fiscal-year earn-
ings above Wall Street’s expectations
after its quarterly profit fell less than
feared. The supermarket operator’s
shares shot up 16.9 per cent.
Shares of Arcos Dorados, a large
South American franchisee of fast-
food chain McDonald’s, yesterday
jumped by 24.7 per cent in their stock
market debut.
B
RITAIN’S top share index fell yes-
terday, led by Reckitt Benckiser
after the company said its chief
executive was retiring, and with
banks weaker on renewed worries
about sovereign debt levels.
The FTSE 100 fell 46.64 points, or 0.8
per cent, to 5,963.80, its lowest close
since 31 March. The index is up 1.1 per
cent in 2011.
Volumes were 83.5 per cent of the
average for the past 90 days, with
some investors remaining cautious
until more US companies report first-
quarter earnings.
“A bit of risk has been coming off
the table in the past week. A lot of the
big strategists have become more cau-
tious, though it’s more tactical than
fundamental, at the start of US report-
ing season,” said James Buckley, fund
manager at Baring Asset
Management.
Banks suffered, part of a sectoral
sell-off in Europe, as mounting wor-
ries over a debt restructuring by over-
borrowed Greece drove credit default
swaps and yields on government
paper higher.
Michael Hewson, market analyst at
CMC Markets, pointed to the sector
suffering “after the IMF warned that
global banks will need to raise an
incredible $3.6 trillion worth of debt
in the next two years, as they compete
with indebted sovereigns”. Barclays,
HSBC, Lloyds and Royal Bank of
Scotland fell between 1.1 and 2.3 per
cent.
Barclays Capital cut its target price
on Lloyds and kept its “underweight”
rating on the bank, saying the UK’s
Independent Commission on
Banking’s stance on Lloyds “will fur-
ther dilute returns”.
Consumer goods group Reckitt
Benckiser fell 7.5 per cent after the
firm said chief executive Bart Becht is
to retire, six months after announc-
ing the departure of its chief financial
officer.
“It was one of the most highly
regarded management teams, in the
FTSE,” Martin Dolan, an analyst at
Espirito Santo, said. “The fact that
they’ve both gone now I think is basi-
cally going to cause some people to
reassess [the situation].”
The stock traded over nine times
average volume of the last 90 days.
Miners fell, with some base metal
prices slipping, as investors shied
away from riskier assets. Analysts
cited concerns ahead of Chinese infla-
tion and GDP data due today.
Chinese inflation in March acceler-
ated to 5.4 per cent from a year earlier,
Hong Kong media said yesterday. This
reinforced concerns about the govern-
ment tightening monetary policy in
China, the world’s biggest metals user.
Elsewhere, in the resources sector,
commodities trading giant Glencore
published details of long-awaited
plans to raise up to $12.1bn in a
London and Hong Kong offering.
Oil heavyweight BP fell 0.9 per
cent. BP and Russia’s Rosneft
appear to have few options left to
salvage a £10bn share swap deal
after trying unsuccessfully to buy
out BP’s partners in its Russian ven-
ture TNK-BP.
Among the midcaps, newspaper,
books and stationery retailer WH
Smith rose 5.4 per cent after post-
ing a three per cent rise in first-half
profit and hiking its dividend as
higher profit margins offset lower
sales. Supermarket heavyweight
Tesco was flat, ahead of its results
on Tuesday, with a strong recent
run having put it near “over-
bought” levels in technical terms.
Back in the wider market, techni-
cal analysts were bearish. “The 45-
point gain [on Wednesday was] not
enough to suggest that Tuesday’s
slide was an aberration,” said Bill
McNamara at Charles Stanley.
FTSE falls with investors still
cautious ahead of US results
THELONDON
REPORT
THENEW YORK
REPORT
17Jan 15Feb 16Mar 5Apr
6,100
5,800
5,700
5,600
5,500
5,900
6,000
ANALYSIS l FTSE
5,963.80
14 Apr
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to [email protected]
ANALYSIS l Asos
2100
1900
1700
1500
17Jan 4Feb 24Feb 16Mar 5Apr
p
2050.00
14 Apr
ASOS
JP Morgan rates the online retailer “neutral” but has raised its target price
from £13.20 to £19. The broker was pleasantly surprised by ASOS’s sale
growth in the last three months of the financial year, which more than off-
set extra investment in promotional offers. JP Morgan thinks the rise in
expenditure is already paying off in sales transactions, though a slowdown
in international markets could give cause for concern down the line, it says.
ANALYSIS l Hightex
6.6
7
7.4
6.2
17Jan 4Feb 24Feb 16Mar 5Apr
p
6.00
14 Apr
HIGHTEX
Numis says the construction materials specialist’s problem has been that
following three contract wins worth an aggregate €45.3m (£40.1m) in
2009, the firm has failed to clinch any major deals. However, it says that
given the prospect for multiple contract wins, Hightex's fortunes could still
revive dramatically. Hightex’s pipeline of near term prospects, worth an
aggregate €140m, justifies Numis’ renewed “buy” stance, it says.
ANALYSIS l Tesco
415
405
395
385
375
17Jan 4Feb 24Feb 16Mar 5Apr
p 406.15
14 Apr
TESCO
Evolution expects lacklustre results next week, with underlying UK like-for-
likes expected to be negative in the second half. It says international per-
formance is likely to have been better in Asia, as highlighted in December’s
analyst trip, but more mixed in Europe, where Evo expects Ireland to have
been particularly tough. Given Tesco’s reliance on a difficult UK market, the
broker sees little room for positive surprise and rates the firm “sell”.
LON GD ONCE FIX AM...........1457.50 -0.50
SILVER LDN FIX AM ..................41.30 0.69
MAPLE LEAF 1 OZ ....................48.00 -4.50
LON PLATINUM AM................1784.00 1.00
LON PALLADIUM AM...............771.00 0.00
ALUMINIUM CASH .................2634.50 1.50
COPPER CASH ......................9625.00 -45.00
LEAD CASH...........................2817.00 -62.50
NICKEL CASH......................26675.00 -435.00
TIN CASH.............................32625.00 -350.00
ZINC CASH ............................2445.50 -19.50
BRENT SPOT INDEX................122.20 -0.70
SOYA .....................................1333.50 3.75
COCOA..................................3066.00 13.00
COFFEE...................................280.70 6.90
KRUG.....................................1523.30 9.10
WHEAT ....................................204.75 -2.00
AIR LIQUIDE........................................94.77 -0.22 99.15 73.16
ALLIANZ............................................102.55 -1.85 108.85 75.82
ALSTOM ..............................................43.19 -0.56 48.94 30.78
ANHEUS-BUSCH INBEV ....................41.62 0.05 46.33 35.06
ARCELORMITTAL...............................24.48 -0.32 32.82 20.26
AXA......................................................15.42 -0.27 17.60 10.88
BANCO SANTANDER...........................8.31 -0.20 10.58 7.00
BASF SE..............................................62.97 -0.08 64.45 39.94
BAYER.................................................55.46 -0.24 59.17 43.27
BBVA......................................................8.44 -0.23 10.75 6.75
BMW ....................................................57.94 0.35 65.49 34.64
BNP PARIBAS.....................................52.64 -0.83 59.93 40.81
CARREFOUR ......................................31.04 -0.40 41.28 29.83
CREDIT AGRICOLE ............................11.47 -0.28 13.78 7.87
CRH PLC .............................................16.21 -0.16 22.00 11.51
DAIMLER.............................................49.79 -1.31 59.09 34.98
DANONE..............................................47.76 0.92 48.50 39.35
DEUTSCHE BANK..............................41.60 -1.10 55.25 35.93
DEUTSCHE BOERSE .........................54.49 0.07 62.48 46.33
DEUTSCHE TELEKOM.......................11.08 -0.01 11.21 8.51
E.ON.....................................................22.44 -0.08 28.93 20.21
ENEL......................................................4.60 -0.03 4.64 3.42
ENI .......................................................17.20 -0.13 18.66 14.30
FRANCE TELECOM............................15.62 -0.08 17.57 14.01
GDF SUEZ ...........................................27.10 -0.29 30.05 22.64
GENERALI ASS...................................15.71 -0.31 17.80 13.31
IBERDROLA..........................................6.16 -0.09 6.50 4.38
ING GROEP CVA...................................8.81 -0.35 9.50 5.34
INTESA SANPAOLO.............................2.20 -0.05 2.93 1.88
KON.PHILIPS ELECTR.......................21.37 -0.06 27.01 20.58
L'OREAL..............................................82.27 -0.82 90.00 70.90
LVMH..................................................111.20 0.00 129.05 78.26
MUNICH RE .......................................115.60 -0.25 126.00 98.38
NOKIA....................................................6.00 -0.06 11.48 5.42
REPSOL YPF.......................................23.40 -0.53 24.90 15.31
RWE.....................................................46.66 -0.50 68.12 42.25
SAINT-GOBAIN...................................44.57 -1.01 46.43 27.81
SANOFI-AVENTIS ...............................51.17 -0.26 55.40 44.01
SAP......................................................44.00 -0.05 45.05 33.60
SCHNEIDER ELECTRIC ...................110.00 -2.75 123.65 73.95
SIEMENS .............................................93.20 -0.54 99.39 67.00
SOCIETE GENERALE.........................45.64 -1.01 52.70 29.71
TELECOM ITALIA..................................1.07 0.01 1.16 0.88
TELEFONICA ......................................17.81 -0.19 19.69 14.67
TOTAL..................................................41.64 -0.41 44.55 35.66
UNIBAIL-RODAMCO SE...................152.40 -1.45 155.95 105.19
UNICREDIT............................................1.71 -0.05 2.30 1.46
UNILEVER CVA...................................22.56 0.19 24.11 20.68
VINCI ....................................................42.80 -0.54 45.04 33.01
VIVENDI ...............................................20.35 -0.23 22.07 16.18
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5963.80 -46.64 -0.78
FTSE 250 INDEX. . . . . . . . 11603.19 -12.58 -0.11
FTSE UK ALL SHARE . . . . 3093.33 -20.79 -0.67
FTSE AIMALL SH . . . . . . . . 911.94 -0.34 -0.04
DOWJONES INDUS 30 . . 12285.15 14.16 0.12
S&P 500 . . . . . . . . . . . . . . . 1314.52 0.11 0.01
NASDAQ COMPOSITE . . . 2760.22 -1.30 -0.05
FTSEUROFIRST 300 . . . . . 1128.84 -6.40 -0.56
NIKKEI 225 AVERAGE. . . . 9653.92 12.74 0.13
DAX 30 PERFORMANCE. . 7146.56 -31.41 -0.44
CAC 40 . . . . . . . . . . . . . . . . 3970.39 -35.84 -0.89
SHANGHAI SE INDEX . . . . 3042.64 -7.76 -0.25
HANG SENG. . . . . . . . . . . 24014.00 -121.03 -0.50
S&P/ASX 20 INDEX . . . . . . 2952.70 -17.20 -0.58
ASX ALL ORDINARIES . . . 4972.40 -27.20 -0.54
BOVESPA SAO PAOLO. . 66278.89 -207.60 -0.31
ISEQ OVERALL INDEX . . . 2939.69 0.69 0.02
STI . . . . . . . . . . . . . . . . . . . . 3158.92 -13.16 -0.42
IGBM. . . . . . . . . . . . . . . . . . 1084.08 -17.00 -1.54
SWISS MARKET INDEX. . . 6357.03 -7.27 -0.11
Price Chg %chg
3M........................................................92.94 0.08 94.64 67.98
ABBOTT LABS ...................................51.00 0.55 53.75 44.59
ALCOA ................................................16.55 0.00 18.47 9.81
ALTRIA GROUP..................................26.89 0.21 26.99 19.20
AMAZON.COM..................................181.82 -0.47 191.60 105.80
AMERICAN EXPRESS........................45.88 -0.22 49.19 37.13
AMGEN INC.........................................54.83 -0.11 61.26 50.32
APPLE...............................................332.42 -3.71 364.90 199.25
AT&T....................................................30.29 0.11 31.00 23.78
BANK OF AMERICA...........................13.13 -0.14 19.86 10.91
BERKSHIRE HATAW B.......................80.74 -0.02 87.65 68.48
BOEING CO.........................................72.30 0.17 76.00 59.48
BRISTOL MYERS SQUI ......................27.61 0.28 28.00 22.24
CATERPILLAR..................................107.58 -0.05 113.93 54.89
CHEVRON.........................................104.88 1.07 109.94 66.83
CISCO SYSTEMS................................17.17 -0.08 27.74 16.97
COCA-COLA.......................................68.31 1.03 68.47 49.47
COLGATE PALMOLIVE......................81.84 0.23 85.82 73.12
CONOCOPHILLIPS.............................78.28 0.62 81.80 48.06
DU PONT(EI) DE NMR........................54.11 0.29 56.52 33.66
EMC CORP..........................................26.63 -0.06 27.59 17.10
EXXON MOBIL....................................83.44 0.28 88.23 55.94
GENERAL ELECTRIC.........................20.00 0.06 21.65 13.75
GOLDMAN SACHS GRP..................155.70 -4.55 186.41 129.50
GOOGLE A........................................578.51 2.23 642.96 433.63
HEWLETT PACKARD.........................40.36 -0.77 54.75 37.32
HOME DEPOT.....................................37.84 0.17 39.38 26.62
IBM.....................................................164.97 1.02 167.72 116.00
INTEL CORP .......................................19.58 -0.20 24.37 17.60
J.P.MORGAN CHASE.........................44.97 -1.28 48.36 35.16
JOHNSON & JOHNSON.....................60.02 0.42 66.20 56.86
KRAFT FOODS A................................32.95 0.55 32.96 27.49
MC DONALD'S CORP ........................77.07 0.18 80.94 65.31
MERCK AND CO. NEW......................33.86 0.39 37.68 30.70
MICROSOFT........................................25.42 -0.21 31.58 22.73
OCCID. PETROLEUM.........................97.55 0.66 107.56 72.13
ORACLE CORP...................................33.80 0.10 34.43 21.24
PEPSICO.............................................66.70 0.25 68.11 60.32
PFIZER ................................................20.49 0.03 20.75 14.00
PHILIP MORRIS INTL .........................66.19 0.08 67.28 2.00
PROCTER AND GAMBLE ..................63.30 0.31 66.95 39.37
QUALCOMM INC ................................52.60 -0.08 59.84 31.63
SCHLUMBERGER ..............................86.02 0.23 95.64 51.67
TRAVELERS CIES..............................59.63 -0.30 61.15 47.69
UNION PACIFIC ..................................97.39 0.49 99.50 65.99
UNITED TECHNOLOGIE ....................83.98 -0.23 86.00 62.88
VERIZON COMMS ..............................37.71 0.02 38.95 24.77
WAL-MART STORES..........................53.50 -0.13 57.90 47.77
WALT DISNEY CO ..............................41.02 -0.68 44.34 30.72
WELLS FARGO & CO.........................30.15 -0.53 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 ............................0.545 0.00
LIBOR Euro - overnight ..................1.085 0.00
LIBOR Euro - 12 months ................2.051 0.00
LIBOR USD - overnight...................0.138 0.00
LIBOR USD - 12 months.................0.765 0.00
HaIifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.250 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.........................1.090 0.00
Euro Euribor ....................................1.149 0.00
The vix index ...................................16.74 -0.18
The baItic dry index ........................1.324 -0.01
Markit iBoxx...................................214.93 1.28
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4485 0.0044
C/£ 0.8857 0.0021
C/¥ 120.81 0.3690
/C 1.1260 0.0028
/$ 1.6356 0.0089
/¥ 136.36 0.1155
FTSE 100
5963.80
-46.64
FTSE 250
11603.19
-12.58
FTSE ALLSHARE
3093.33
-20.79
DOW
12285.15
14.16
NASDAQ
2760.22
-1.30
S&P 500
1314.52
0.11
Smiths Group . . . . .1321.0 -16.0 1429.0 1008.0
Brown (N.) Group . . .280.2 0.2 311.2 221.0
Carpetright . . . . . . . . .680.0 18.0 888.0 631.0
Debenhams . . . . . . . . .66.6 -0.3 77.9 53.0
Dignity . . . . . . . . . . . .734.0 2.5 739.7 598.0
Dixons RetaiI . . . . . . .13.2 1.0 36.5 11.8
DuneImGroup . . . . . .446.2 6.2 550.0 325.3
HaIfords Group . . . . .370.1 12.3 550.0 348.2
Home RetaiI Group . .206.8 -3.4 295.1 188.5
Inchcape . . . . . . . . . .350.7 3.3 414.0 237.1
JD Sports Fashion . .850.5 13.0 964.5 683.0
Kesa EIectricaIs . . . .117.0 3.9 174.0 99.2
Kingfisher . . . . . . . . .265.5 1.7 271.3 198.5
Marks & Spencer G . .370.8 3.6 427.5 326.4
Mothercare . . . . . . . .404.3 5.4 627.5 382.0
Next . . . . . . . . . . . . .2161.0 12.0 2344.0 1868.0
Sports Direct Int . . . .196.3 2.7 196.3 92.3
WH Smith . . . . . . . . . .475.1 24.4 523.0 398.2
Smith & Nephew . . . .684.5 -3.0 742.0 537.5
Synergy HeaIth . . . . .846.0 -1.0 948.0 562.5
Barratt DeveIopme . .103.4 -0.3 137.7 70.1
BeIIway . . . . . . . . . . . .693.5 3.5 809.0 511.0
BerkeIey Group Ho .1032.0 2.0 1066.0 751.0
BaIfour Beatty . . . . . .331.9 1.4 357.3 229.8
KeIIer Group . . . . . . .616.0 -4.0 784.5 515.0
Kier Group . . . . . . . .1324.0 -13.0 1383.0 886.5
Drax Group . . . . . . . .434.0 2.0 438.9 326.3
Scottish & Southe . .1316.0 -9.0 1329.0 1010.0
Domino Printing S . .603.0 -8.0 705.0 383.5
HaIma . . . . . . . . . . . . .348.6 -1.1 366.6 239.5
Laird . . . . . . . . . . . . . .133.1 -1.0 179.0 98.8
Morgan CrucibIe C . .297.9 4.9 316.0 167.5
Renishaw . . . . . . . . .1526.0 -24.0 1819.0 637.5
Spectris . . . . . . . . . .1366.0 -11.0 1451.0 740.5
Aberforth SmaIIer . . .648.5 -1.5 697.0 495.0
AIIiance Trust . . . . . .373.5 -4.0 377.9 293.5
Bankers Inv Trust . . .414.0 -5.0 427.7 337.0
BH GIobaI Ltd. GB .1078.0 -5.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .10.6 -0.1 11.6 10.4
BH Macro Ltd. EUR . . .16.4 -0.1 17.2 15.8
BH Macro Ltd. GBP 1684.0 0.0 1780.0 1630.0
BH Macro Ltd. USD . . .16.3 -0.2 17.1 15.8
BIackRock WorId M .789.5 -6.0 815.5 533.0
BIueCrest AIIBIue . . .173.2 -0.4 174.5 161.2
British Assets Tr . . . .134.6 -0.9 140.5 105.0
British Empire Se . . .516.0 0.0 517.5 404.1
CaIedonia Investm .1744.0 -23.0 1928.0 1532.0
City of London In . . .294.5 0.0 296.0 233.7
Dexion AbsoIute L . .146.1 -0.5 151.0 131.2
Edinburgh Dragon . .246.2 -0.5 262.1 197.6
Edinburgh Inv Tru . . .458.7 0.2 467.2 366.0
EIectra Private E . . .1695.0 -22.0 1719.0 1177.0
F&C Inv Trust . . . . . .306.6 -2.4 316.8 251.4
FideIity China Sp . . . .112.2 -0.5 128.7 92.3
FideIity European . .1220.0 -22.0 1242.0 916.0
FideIity SpeciaI . . . . .563.5 -5.5 595.0 503.0
HeraId Inv Trust . . . . .524.0 -3.5 541.0 349.8
HICL Infrastructu . . . .118.4 0.1 121.2 112.0
Impax Environment .122.6 -1.4 130.5 106.5
JPMorgan American .870.0 -6.0 909.0 673.0
JPMorgan Asian In . .237.7 -2.6 250.8 182.5
JPMorgan Emerging .589.0 -10.0 639.0 479.5
JPMorgan European .944.0 -6.5 950.5 606.0
JPMorgan Indian I . . .456.2 -2.8 502.0 377.2
JPMorgan Russian .691.5 -15.5 755.0 502.0
Law Debenture Cor . .345.7 -0.4 362.9 273.3
MercantiIe Inv Tr . . .1076.0 3.0 1137.0 840.0
Merchants Trust . . . .415.2 -3.0 425.0 320.0
Monks Inv Trust . . . .360.7 0.4 365.7 275.5
Murray Income Tru . .638.5 -6.5 649.0 518.0
Murray Internatio . . .926.5 -2.0 966.0 791.5
PerpetuaI Income . . .256.0 -0.3 262.0 203.0
PoIar Cap TechnoI . .354.6 -1.5 391.2 269.0
RIT CapitaI Partn . . .1286.0 -11.0 1328.0 1027.0
Schroder Asia Pac . .220.5 -2.3 233.6 177.5
Scottish Inv Trus . . . .497.5 -5.5 516.5 401.5
Scottish Mortgage . .730.5 -4.5 748.5 533.0
SVG CapitaI . . . . . . . .252.3 -3.0 259.8 137.8
TempIe Bar Inv Tr . . .894.5 -1.0 913.5 717.0
TempIeton Emergin .670.0 -5.0 689.5 497.0
TR Property Inv T . . .179.1 -1.9 181.0 132.3
TR Property Inv T . . . .84.2 -1.3 85.8 59.2
Witan Inv Trust . . . . .511.5 -2.5 525.0 409.9
3i Group . . . . . . . . . . .264.1 2.4 340.0 251.9
3i Infrastructure . . . . .115.5 -0.4 125.2 106.0
Aberdeen Asset Ma .212.5 -0.5 229.5 123.0
Ashmore Group . . . .360.0 7.4 383.7 235.0
BerkeIey TechnoIo . . . .4.3 0.0 9.0 2.2
Brewin DoIphin Ho . .169.0 0.1 185.4 114.0
CameIIia . . . . . . . . . .9500.0 -25.010700.0 6950.0
CharIes TayIor Co . . .156.0 2.5 240.0 140.0
City of London Gr . . . .88.5 0.0 93.6 65.8
City of London In . . .415.8 5.8 461.5 266.5
CIose Brothers Gr . . .805.5 14.0 888.5 664.0
CoIIins Stewart . . . . . .81.8 -0.8 94.0 67.3
EvoIution Group . . . . .74.5 0.0 125.0 67.0
F&C Asset Managem .73.2 -1.9 92.9 47.5
Hargreaves Lansdo .613.0 -8.0 635.0 317.4
HeIphire Group . . . . . .14.3 0.5 55.0 11.8
Henderson Group . . .160.7 -7.9 173.1 118.1
Highway CapitaI . . . . . .7.0 0.0 7.0 6.0
ICAP . . . . . . . . . . . . . .501.5 -7.5 570.5 341.6
IG Group HoIdings . .450.2 8.2 553.0 362.4
Intermediate Capi . . .317.5 -4.2 360.3 240.4
InternationaI Per . . . .330.0 2.5 386.6 183.3
InternationaI Pub . . . .112.9 0.0 118.3 108.6
Investec . . . . . . . . . . .477.1 -4.8 544.5 429.2
IP Group . . . . . . . . . . . .52.0 0.3 52.5 28.0
Jupiter Fund Mana . .285.4 2.2 337.3 180.3
LMS CapitaI . . . . . . . . .62.3 1.0 62.3 40.0
London Finance & . . .19.5 0.0 21.5 16.5
London Stock Exch .866.5 -6.0 933.0 544.0
Man Group . . . . . . . . .240.4 -2.5 311.0 201.9
Paragon Group Of . .170.8 -2.2 191.5 114.4
Provident Financi . . .971.0 -4.5 1033.0 728.5
Rathbone Brothers .1160.0 -24.0 1257.0 762.5
ReaI Estate Credi . . . . .1.2 -0.0 2.5 0.9
RSM Tenon Group . . .34.8 3.3 66.3 30.5
S & U . . . . . . . . . . . . .700.0 2.5 708.5 482.5
Schroders . . . . . . . .1813.0 4.0 1922.0 1154.0
Schroders (Non-Vo .1476.0 0.0 1508.0 950.5
TuIIett Prebon . . . . . .415.5 -3.5 428.6 298.0
WaIker Crips Grou . . .48.5 0.0 50.5 45.0
BT Group . . . . . . . . . .188.3 -0.8 191.1 109.9
CabIe & WireIess . . . .45.0 -0.3 63.7 44.4
CabIe & WireIess . . . .50.6 -1.3 92.9 50.0
COLT Group SA . . . .146.7 -0.2 156.2 109.0
TaIkTaIk TeIecom . . .139.8 3.2 168.3 108.5
Booker Group . . . . . . .60.0 -0.5 61.1 38.6
Greggs . . . . . . . . . . . .510.0 1.0 528.0 418.7
Morrison (Wm) Sup .286.3 1.1 306.3 257.6
Ocado Group . . . . . . .227.4 1.4 285.0 123.5
Sainsbury (J) . . . . . . .341.7 -0.4 395.0 312.9
Tesco . . . . . . . . . . . . .406.2 0.2 454.4 377.5
Associated Britis . .1031.0 12.0 1182.0 918.0
Cranswick . . . . . . . . .756.0 -6.0 907.5 755.0
Dairy Crest Group . . .372.4 0.6 424.9 339.7
Devro . . . . . . . . . . . . .289.8 8.4 293.0 166.3
Premier Foods . . . . . . .30.0 -0.6 32.1 16.0
Tate & LyIe . . . . . . . . .599.5 8.0 611.5 409.1
UniIever . . . . . . . . . .1942.0 14.0 1995.0 1688.0
Mondi . . . . . . . . . . . . .573.5 -6.5 610.5 367.6
Centrica . . . . . . . . . . .328.5 1.4 346.1 264.5
InternationaI Pow . . .314.3 -4.3 448.6 284.5
NationaI Grid . . . . . . .595.5 -3.5 604.0 484.2
Northumbrian Wate .327.1 2.3 361.5 252.8
Pennon Group . . . . . .622.0 1.0 650.0 482.9
Severn Trent . . . . . .1434.0 -10.0 1513.0 1086.0
United UtiIities . . . . .606.5 -0.5 628.5 507.0
Cookson Group . . . . .651.0 -1.5 720.0 367.4
DS Smith . . . . . . . . . .200.0 -0.4 226.0 108.0
Rexam . . . . . . . . . . . .376.9 -0.1 379.5 290.4
RPC Group . . . . . . . .323.4 10.5 323.9 178.7
BAE Systems . . . . . .329.5 -4.7 379.2 294.7
Chemring Group . . . .693.5 -13.5 736.5 519.6
Cobham . . . . . . . . . . .229.1 -6.3 272.3 192.3
Meggitt . . . . . . . . . . . .348.0 -1.0 380.9 261.7
QinetiQ Group . . . . . .121.1 -2.0 137.4 96.7
RoIIs-Royce Group . .633.5 9.5 665.0 535.0
Senior . . . . . . . . . . . . .150.5 -1.1 159.5 104.4
UItra EIectronics . . .1662.0 -4.0 1895.0 1509.0
GKN . . . . . . . . . . . . . .199.6 -3.9 237.1 109.3
BarcIays . . . . . . . . . . .301.8 -7.1 383.2 255.4
HSBC HoIdings . . . . .653.3 -8.3 730.9 596.2
LIoyds Banking Gr . . .60.0 -0.7 77.6 50.5
RoyaI Bank of Sco . . .43.5 -0.6 58.1 37.6
Standard Chartere .1638.5 -16.0 1950.0 1514.5
AG Barr . . . . . . . . . .1309.0 -18.0 1336.0 900.0
Britvic . . . . . . . . . . . . .381.7 2.6 518.0 364.5
Diageo . . . . . . . . . . .1192.0 -8.0 1258.0 1025.0
SABMiIIer . . . . . . . . .2223.5 -23.5 2306.0 1827.0
AZ EIectronic Mat . . .252.0 -11.3 320.0 249.0
Croda Internation . .1712.0 -10.0 1749.0 901.0
EIementis . . . . . . . . . .158.3 -4.2 163.0 58.8
Johnson Matthey . .1873.0 -26.0 2100.0 1460.0
Victrex . . . . . . . . . . .1388.0 0.0 1522.0 933.5
YuIe Catto & Co . . . . .192.0 -3.5 240.5 109.4
Price Chg High Low
Bovis Homes Group .413.9 -3.2 464.7 326.6
Persimmon . . . . . . . .446.7 3.4 507.5 336.5
Reckitt Benckiser . .3115.0-251.0 3655.0 3015.0
Redrow . . . . . . . . . . . .119.5 -0.8 151.9 97.5
TayIor Wimpey . . . . . . .36.8 0.8 44.0 22.3
Bodycote . . . . . . . . . .326.5 0.5 346.1 182.5
Charter Internati . . . .746.0 -2.5 853.5 567.0
Fenner . . . . . . . . . . . .352.9 2.9 386.7 183.3
IMI . . . . . . . . . . . . . . . .990.0 -5.0 1059.0 578.0
MeIrose . . . . . . . . . . .312.9 -2.4 339.4 203.4
Northgate . . . . . . . . . .332.9 -6.9 346.7 152.3
Rotork . . . . . . . . . . .1710.0 29.0 1895.0 1254.0
Spirax-Sarco Engi . .1897.0 13.0 2025.0 1344.0
Weir Group . . . . . . .1740.0 -6.0 1861.0 846.0
Ferrexpo . . . . . . . . . . .444.0 3.3 475.0 219.0
TaIvivaara Mining . . .544.5 5.0 622.0 342.4
BBAAviation . . . . . . .202.6 1.6 240.8 175.0
Forth Ports . . . . . . . .1619.0 3.0 1647.0 1112.0
Stobart Group Ltd . . .149.0 -3.2 163.6 132.6
AdmiraI Group . . . . .1632.0 3.0 1753.0 1238.0
AmIin . . . . . . . . . . . . .413.8 -0.5 433.0 366.8
Haynes PubIishing . .246.6 -2.5 262.5 202.5
Huntsworth . . . . . . . . .70.5 -0.4 87.5 65.0
Informa . . . . . . . . . . . .413.8 -5.3 461.1 342.1
ITE Group . . . . . . . . . .238.9 -2.6 258.2 135.5
ITV . . . . . . . . . . . . . . . . .74.3 -1.1 93.5 48.3
Johnston Press . . . . . . .8.1 -0.1 33.5 7.1
MecomGroup . . . . . .268.0 -2.8 293.0 162.0
Moneysupermarket. . .89.1 -1.1 92.0 61.0
Pearson . . . . . . . . . .1106.0 9.0 1149.0 864.0
Reed EIsevier . . . . . .536.0 0.0 590.5 460.6
Rightmove . . . . . . . .1005.0 65.0 1013.3 596.5
STV Group . . . . . . . . .134.0 1.5 154.0 66.0
Tarsus Group . . . . . .147.0 0.5 151.5 107.0
Trinity Mirror . . . . . . . .48.8 0.3 170.1 45.8
United Business M . .572.0 -5.5 725.0 480.1
UTV Media . . . . . . . . .134.5 -0.5 151.0 106.0
WiImington Group . .152.0 -2.8 183.0 134.3
WPP . . . . . . . . . . . . . .723.0 -11.0 846.5 608.0
YeII Group . . . . . . . . . . .6.8 -0.3 59.0 5.8
African Barrick G . . .556.0 7.0 670.0 501.5
AngIo American . . .3136.0 -10.5 3437.0 2254.0
AngIo Pacific Gro . . .322.0 2.0 369.3 230.0
Antofagasta . . . . . . .1355.0 -51.0 1634.0 761.0
Aquarius PIatinum . .335.5 -8.6 453.0 227.1
BHP BiIIiton . . . . . . .2518.5 -21.5 2631.5 1684.5
BeazIey . . . . . . . . . . . .134.5 0.1 139.2 109.1
CatIin Group Ltd. . . .389.4 0.2 399.2 319.9
CPP Group . . . . . . . . .124.4 -0.6 329.0 121.3
Hiscox Ltd. . . . . . . . . .404.1 1.5 405.9 327.9
Jardine LIoyd Tho . . .694.5 1.5 709.0 521.0
Lancashire HoIdin . . .633.5 1.0 653.5 442.0
RSA Insurance Gro . .133.1 0.7 143.5 114.8
Aviva . . . . . . . . . . . . . .436.2 -7.2 477.9 294.2
LegaI & GeneraI G . . .119.8 -0.8 122.7 72.3
OId MutuaI . . . . . . . . .137.2 -1.4 145.2 102.0
Phoenix Group HoI . .660.0 -7.0 758.0 584.5
PrudentiaI . . . . . . . . .739.0 -3.5 749.0 489.2
ResoIution Ltd. . . . . .308.0 4.6 311.7 211.3
St James's PIace . . . .343.6 1.6 349.1 204.2
Standard Life . . . . . . .212.3 -1.0 244.7 173.0
4imprint Group . . . . .259.0 0.0 275.0 185.0
Aegis Group . . . . . . .135.0 -1.1 148.3 103.6
BIoomsbury PubIis . .132.0 3.8 132.0 105.3
British Sky Broad . . .834.5 3.5 838.5 536.5
Centaur Media . . . . . . .50.3 -0.1 73.0 45.8
Chime Communicati .265.8 2.8 281.8 158.0
Creston . . . . . . . . . . . .95.0 0.0 105.0 78.5
DaiIy MaiI and Ge . . .474.5 -11.6 594.5 433.0
Euromoney Institu . .704.5 2.5 736.0 506.5
Future . . . . . . . . . . . . . .20.0 0.3 30.0 15.8
Centamin Egypt Lt . .152.0 -2.2 197.1 118.5
Eurasian NaturaI . . .909.0 -21.5 1257.0 818.0
FresniIIo . . . . . . . . . .1555.0 -21.0 1682.0 763.5
GemDiamonds Ltd. .272.1 -3.4 306.0 186.3
HochschiId Mining . .577.0 -4.5 680.0 234.0
Kazakhmys . . . . . . .1368.0 -41.0 1671.0 965.0
Kenmare Resources . .49.8 1.6 50.3 9.3
Lonmin . . . . . . . . . . .1622.0 -27.0 2095.0 1355.0
PetropavIovsk . . . . . .905.0 -12.5 1365.0 900.0
RandgoId Resource 5235.0 30.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4350.0 -58.5 4712.0 2812.0
Vedanta Resources 2332.0 -16.0 2876.0 1839.0
Xstrata . . . . . . . . . . .1467.5 -1.0 1535.0 845.8
Inmarsat . . . . . . . . . . .610.0 0.5 821.0 575.0
Vodafone Group . . . .175.5 -1.1 181.9 129.5
Genesis Emerging . .530.0 -12.0 568.0 427.0
Afren . . . . . . . . . . . . . .160.5 -1.5 171.2 79.2
BG Group . . . . . . . . .1489.0 -8.0 1564.5 984.0
BP . . . . . . . . . . . . . . . .460.1 -4.2 655.4 302.9
Cairn Energy . . . . . . .438.5 -9.1 493.2 366.0
EnQuest . . . . . . . . . . .137.9 -1.0 158.5 89.3
Essar Energy . . . . . .457.8 -7.2 589.5 383.0
ExiIIon Energy . . . . . .435.0 -15.0 460.0 166.0
Heritage OiI . . . . . . . .269.4 1.5 524.0 261.7
JKX OiI & Gas . . . . . .309.4 -6.0 335.1 223.2
Premier OiI . . . . . . . .2010.0 -6.0 2140.0 1085.0
RoyaI Dutch SheII . .2226.0 -20.5 2298.5 1624.0
RoyaI Dutch SheII . .2202.0 -25.5 2290.5 1554.0
SaIamander Energy .312.7 -1.4 317.6 204.9
Soco Internationa . . .390.5 -1.0 484.2 292.0
TuIIow OiI . . . . . . . . .1401.0 -12.0 1493.0 991.5
Amec . . . . . . . . . . . .1151.0 -4.0 1251.0 764.0
Hunting . . . . . . . . . . .803.5 -4.5 817.0 439.4
John Wood Group . .666.5 3.5 682.5 293.1
LampreII . . . . . . . . . . .360.6 -8.9 390.0 195.3
Petrofac Ltd. . . . . . .1506.0 -8.0 1685.0 1002.0
Burberry Group . . . .1160.0 0.0 1210.0 612.5
PZ Cussons . . . . . . . .328.0 -13.3 409.0 265.5
Supergroup . . . . . . .1466.0 34.0 1820.0 535.0
AstraZeneca . . . . . .2982.5 -30.5 3385.0 2772.0
BTG . . . . . . . . . . . . . .235.9 -1.1 263.0 154.2
Genus . . . . . . . . . . . . .975.0 0.0 982.5 681.0
GIaxoSmithKIine . . .1241.0 -5.0 1318.5 1095.0
Hikma Pharmaceuti .736.5 13.5 900.0 630.0
Shire PIc . . . . . . . . . .1876.0 6.0 1892.0 1321.0
CapitaI & Countie . . .159.5 -0.5 168.5 100.0
Daejan HoIdings . . .2660.0 -4.0 2919.0 2157.0
F&C CommerciaI Pr .102.7 0.7 107.0 88.0
Grainger . . . . . . . . . . .106.5 2.2 145.0 86.3
HeIicaI Bar . . . . . . . . .268.0 2.8 355.8 262.0
London & Stamford .128.8 0.2 133.5 110.3
SaviIIs . . . . . . . . . . . . .380.1 9.7 399.0 273.1
St. Modwen Proper . .166.3 -1.9 194.1 135.4
UK CommerciaI Pro . .79.7 -0.2 85.0 72.8
Unite Group . . . . . . . .211.2 -0.8 245.2 163.0
Big YeIIow Group . . .318.7 -2.4 353.3 284.4
British Land Co . . . . .552.0 -1.0 585.5 418.3
CapitaI Shopping . . .386.0 -2.3 424.8 301.0
Derwent London . . .1670.0 25.0 1760.0 1208.0
Great PortIand Es . . .388.7 8.3 401.1 280.5
Hammerson . . . . . . . .444.1 0.1 476.7 336.3
Hansteen HoIdings . . .84.9 0.4 89.3 59.4
Land Securities G . . .738.5 -2.0 773.0 545.0
SEGRO . . . . . . . . . . . .308.9 1.1 331.3 250.2
Shaftesbury . . . . . . . .475.0 7.4 490.2 349.3
Autonomy Corporat 1545.0 -6.0 1975.0 1271.0
Aveva Group . . . . . .1597.0 31.0 1739.0 1044.0
Computacenter . . . . .457.5 -2.5 463.1 260.0
Fidessa Group . . . . .1755.0 5.0 1810.0 1269.0
Invensys . . . . . . . . . . .323.3 -2.9 364.3 230.2
Kofax . . . . . . . . . . . . .514.5 10.5 535.0 225.5
Logica . . . . . . . . . . . .127.0 -0.1 147.9 101.7
Micro Focus Inter . . .316.3 -3.0 546.5 276.0
Misys . . . . . . . . . . . . .314.1 -1.1 354.8 217.0
Sage Group . . . . . . . .275.0 -0.4 302.0 222.7
SDL . . . . . . . . . . . . . . .655.0 20.0 678.5 421.0
TeIecity Group . . . . . .507.5 3.0 532.5 365.0
Aggreko . . . . . . . . . .1595.0 -19.0 1696.0 1154.0
Ashtead Group . . . . .199.0 5.0 207.9 77.0
Atkins (WS) . . . . . . . .726.0 -1.0 792.5 631.0
Babcock Internati . . .616.5 1.0 635.0 492.8
Berendsen . . . . . . . . .481.0 1.5 492.0 360.2
BunzI . . . . . . . . . . . . .723.5 -0.5 783.0 658.0
Capita Group . . . . . . .714.5 7.0 826.0 635.5
CariIIion . . . . . . . . . . .385.7 0.2 399.3 291.2
De La Rue . . . . . . . . .758.5 4.0 984.0 549.5
EIectrocomponents .268.5 2.4 279.5 202.3
Experian . . . . . . . . . . .783.0 4.5 819.0 572.0
FiItrona PLC . . . . . . . .322.0 14.8 324.2 193.4
G4S . . . . . . . . . . . . . . .272.4 3.8 282.8 237.7
Hays . . . . . . . . . . . . . .114.8 0.3 133.6 88.4
Homeserve . . . . . . . .462.3 0.2 487.5 376.8
Howden Joinery Gr . .112.9 0.9 127.5 56.8
Intertek Group . . . . .2018.0 -7.0 2096.0 1331.0
MichaeI Page Inte . . .535.5 -1.0 565.5 346.4
Mitie Group . . . . . . . .201.0 0.6 241.1 188.7
Premier FarneII . . . . .276.5 -1.9 308.8 208.4
Regus . . . . . . . . . . . . .109.0 -0.8 120.0 66.1
RentokiI InitiaI . . . . . . .90.9 0.1 138.5 84.3
RPS Group . . . . . . . . .203.0 -3.8 242.0 169.8
Serco Group . . . . . . .553.5 -0.5 651.0 529.5
Shanks Group . . . . . .116.8 0.6 126.7 92.0
SIG . . . . . . . . . . . . . . .136.8 -3.7 153.2 90.7
SThree . . . . . . . . . . . .435.6 -1.6 438.5 231.1
Travis Perkins . . . . .1033.0 14.0 1127.0 709.0
WoIseIey . . . . . . . . .2120.0 -19.0 2261.0 1223.0
ARM HoIdings . . . . . .590.5 -7.5 651.0 228.4
CSR . . . . . . . . . . . . . .367.3 -3.8 465.6 280.9
Imagination Techn . .468.2 -3.8 475.0 220.7
Pace . . . . . . . . . . . . . .155.8 -3.5 231.8 148.6
Spirent Communica .135.2 -2.8 160.3 102.8
British American . .2533.5 3.5 2550.0 1959.0
ImperiaI Tobacco . .2005.0 -3.0 2069.0 1753.0
Avis Europe . . . . . . . .194.0 0.8 284.7 184.8
Betfair Group . . . . . . .965.0 -5.0 1550.0 840.0
Bwin.party Digita . . .127.5 -6.2 322.0 118.0
CarnivaI . . . . . . . . . .2410.0 -26.0 3153.0 2037.0
Compass Group . . . .564.0 1.0 594.0 492.6
Domino's Pizza UK . .403.7 10.1 586.0 324.7
easyJet . . . . . . . . . . . .338.0 -3.6 496.5 322.3
Enterprise Inns . . . . . .87.7 2.2 139.3 84.4
FirstGroup . . . . . . . . .314.3 -5.7 412.6 305.4
Go-Ahead Group . . .1340.0 3.0 1485.0 1042.0
Greene King . . . . . . .458.0 -0.6 491.4 376.2
InterContinentaI . . .1288.0 7.0 1435.0 982.0
InternationaI Con . . .225.4 -1.1 305.0 184.2
JD Wetherspoon . . . .432.0 1.7 548.5 386.5
Ladbrokes . . . . . . . . .134.9 0.2 162.7 122.7
Marston's . . . . . . . . . . .98.2 -0.6 117.1 89.9
MiIIennium& Copt . .540.0 7.0 600.5 386.8
MitcheIIs & ButIe . . . .303.0 1.6 361.0 274.0
NationaI Express . . .254.3 3.1 260.3 213.4
Punch Taverns . . . . . .76.5 0.3 101.0 58.0
Rank Group . . . . . . . .148.1 1.7 152.8 94.8
Restaurant Group . . .311.8 0.8 313.2 208.2
Stagecoach Group . .228.8 11.1 233.5 160.7
Thomas Cook Group 164.5 -2.5 268.5 162.2
TUI TraveI . . . . . . . . . .230.0 -1.8 302.0 190.0
Whitbread . . . . . . . .1685.0 12.0 1887.0 1266.0
WiIIiamHiII . . . . . . . . .185.8 0.1 213.3 155.5
Abcam . . . . . . . . . . . .392.8 6.8 402.0 235.2
AIbemarIe & Bond . .297.0 -3.0 334.0 218.0
Amerisur Resource . .23.3 -0.8 27.0 11.5
ArchipeIago Resou . . .61.9 -0.1 64.8 32.3
ASOS . . . . . . . . . . . .2050.0 100.0 2088.0 523.0
AureIian OiI & Ga . . . .71.0 -1.0 92.0 35.8
Avanti Communicat .438.8 -3.5 735.0 423.0
Avocet Mining . . . . . .245.0 -6.3 254.2 112.0
BIinkx . . . . . . . . . . . . .116.5 0.0 122.0 12.3
Borders & Souther . . .68.0 1.0 93.0 45.8
BowLeven . . . . . . . . .352.5 4.0 398.0 103.0
CaIedon Resources .102.3 0.0 107.0 23.3
Cape . . . . . . . . . . . . . .518.5 10.0 520.0 190.5
Conygar Investmen .110.5 -0.5 120.0 101.3
Cove Energy . . . . . . . .92.5 0.3 112.8 44.3
Daisy Group . . . . . . . .98.8 2.4 108.5 84.5
Desire PetroIeum . . . .37.3 -2.3 168.5 32.3
EMIS Group . . . . . . . .490.5 8.0 493.5 303.5
Encore OiI . . . . . . . . .117.3 0.5 151.5 16.0
Faroe PetroIeum . . . .175.5 -2.5 218.3 106.0
GuIfsands PetroIe . . .306.0 -3.0 401.5 244.3
GWPharmaceuticaI .108.5 -0.5 141.0 83.0
Hamworthy . . . . . . . .524.5 22.5 539.0 256.8
Hargreaves Servic . .946.0 4.0 983.0 556.5
HeaIthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic . .883.0 -7.0 975.0 575.0
James HaIstead . . . . .470.0 9.5 479.8 291.3
KaIahari MineraIs . . .259.8 7.3 301.0 142.0
London Mining . . . . .404.8 6.5 418.8 194.0
Lonrho . . . . . . . . . . . . .17.0 -0.5 19.0 9.4
Lupus CapitaI . . . . . .139.0 -4.0 144.0 72.0
M. P. Evans Group . .444.3 16.8 500.5 317.5
Majestic Wine . . . . . .385.3 -2.3 430.0 268.0
May Gurney Integr . .252.8 -6.3 264.0 177.0
Monitise . . . . . . . . . . . .24.0 0.0 27.0 16.0
MuIberry Group . . . .1350.0 44.0 1415.0 197.5
Nanoco Group . . . . . . .93.0 6.0 115.8 68.0
NauticaI PetroIeu . . .400.0 0.0 547.0 49.5
NichoIs . . . . . . . . . . . .490.0 -5.1 495.1 355.0
Numis Corporation . . .94.0 -3.0 157.5 92.3
Patagonia GoId . . . . . .43.5 -1.3 59.3 12.5
Pursuit Dynamics . . .251.0 -3.0 700.0 180.0
Rockhopper ExpIor .247.8 -11.0 510.0 37.0
RWS HoIdings . . . . . .404.0 2.5 418.0 239.0
Songbird Estates . . .153.0 2.0 166.4 133.8
SterIing Energy . . . . . .54.0 0.0 147.0 51.3
VaIiant PetroIeum . . .539.5 -0.5 761.5 504.0
VatukouIa GoId Mi . . .148.0 -1.8 227.0 84.0
Young & Co's Brew . .578.8 6.0 670.0 510.0
Dixons RetaiI . . . . . . .13.2 8.4
Rightmove . . . . . . . .1005.0 6.9
WH Smith . . . . . . . . . .475.1 5.4
Stagecoach Group . .228.8 5.1
FiItrona PLC . . . . . . .322.0 4.8
Kesa EIectricaIs . . . .117.0 3.5
HaIfords Group . . . . .370.1 3.4
RPC Group . . . . . . . .323.4 3.4
Kenmare Resources . .49.8 3.3
SDL . . . . . . . . . . . . . . .655.0 3.2
Reckitt Benckiser . .3115.0 -7.5
Henderson Group . . .160.7 -4.7
Bwin.party DigitaI . . .127.5 -4.6
AZ EIectronic Mate . .252.0 -4.3
PZ Cussons . . . . . . . .328.0 -3.9
Antofagasta . . . . . . .1355.0 -3.6
ExiIIon Energy . . . . . .435.0 -3.3
Kazakhmys . . . . . . .1368.0 -2.9
Cobham . . . . . . . . . . .229.1 -2.7
SIG . . . . . . . . . . . . . . .136.8 -2.6
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
[email protected]
AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .101.71 -0.02 103.8 101.7
Tsy 9.000 11 . . . . .102.07 -0.02 110.1 102.0
Tsy 2.500 11 . . . . .308.45 -0.01 311.1 308.3
Tsy 5.250 12 . . . .104.98 0.01 108.6 104.8
Tsy 9.000 12 . . . . .110.39 0.00 117.1 109.0
Tsy 5.000 12 . . . .103.78 0.00 107.4 103.7
Tsy 4.500 13 . . . .106.09 0.03 109.2 105.8
Tsy 2.500 13 . . . .283.27 -0.02 283.5 271.3
Tsy 8.000 13 . . . . .116.15 0.01 121.3 115.8
Tsy 5.000 14 . . . .109.83 0.05 114.1 109.2
Tsy 7.750 15 . . . .104.65 -0.66 112.0 76.0
Tsy 8.000 15 . . . .124.51 0.07 131.6 123.7
Tsy 4.750 15 . . . .109.79 0.08 114.7 108.6
Tsy 2.500 16 . . . .319.49 -0.01 320.1 303.0
Tsy 4.000 16 . . . .106.41 0.08 111.4 104.0
Tsy 1.250 17 . . . .108.96 -0.01 111.1 104.9
Tsy 8.750 17 . . . .134.19 0.06 142.2 132.9
Tsy 12.000 17 . . .127.43 0.00 185.9 126.8
Tsy 5.000 18 . . . . .111.56 0.13 117.6 108.8
Tsy 4.500 19 . . . .107.52 0.11 113.8 104.1
Tsy 3.750 19 . . . .101.66 0.13 107.7 97.8
Tsy 4.750 20 . . . .108.69 0.14 115.9 105.2
Tsy 2.500 20 . . . .324.32 0.01 325.7 303.8
Tsy 8.000 21 . . . .136.05 0.12 147.1 133.6
Tsy 1.875 22 . . . . .114.08 -0.05 117.8 108.5
Tsy 4.000 22 . . . .101.15 0.16 108.4 97.0
Tsy 2.500 24 . . . .284.49 -0.05 286.9 262.1
Tsy 5.000 25 . . . .109.88 0.18 118.5 105.4
Tsy 1.250 27 . . . .107.12 -0.18 111.2 100.5
Tsy 4.250 27 . . . .100.37 0.24 108.8 96.3
Tsy 6.000 28 . . . .122.20 0.22 132.7 118.4
Tsy 4.750 30 . . . .105.77 0.23 115.0 102.2
Tsy 4.125 30 . . . .269.99 -0.18 274.4 248.7
Tsy 4.250 32 . . . . .98.98 0.26 107.8 95.6
Tsy 4.250 36 . . . . .98.39 0.28 107.4 94.7
Tsy 4.750 38 . . . .106.74 0.28 116.5 102.6
Tsy 4.500 42 . . . .102.77 0.00 112.8 98.8
% %
Don’t miss breaking
news with our new
10:30 AM EMAIL
Each day we’ll cover the morning’s breaking news,
give you current market analysis and
the most up-to-date financial headlines.
Sign up now to ensure you
receive our free email.
Visit: www.CityAM.com/newsletter
In association with
CITYA.M. 15 APRIL 2011 17
Wealth Management
English style: there’s
room for elegance and
brazen patriotism.
T
HE Royal Wedding is just two weeks
away. Come on, be honest, you are
kind of interested and a bit curious.
The truth is that there is something
fascinating about the lives of the English
aristocracy. Perhaps it is the Jane Austen we
read as teenagers or the English heritage
sites we were dragged round as children.
Whatever the cause, the quintessentially
English look is becoming even more fash-
ionable now that every paper has a page or
two dedicated to Kate. The clothes she
wears are out of stock everywhere and
English brands and designers are grabbing
the headlines. Quintessentially English
interiors, however, have been a little neg-
lected. Strange considering the country
manor is an essential facet of the lifestyle.
So how do we pretenders get the patriotic
look? Here’s our cheaters guide.
1. PERIOD HOME
While this is a cheater’s guide, you can’t
cheat entirely. The period home is indispen-
sable. While it is more fitting to have a
countryside home, where you can roam
around the grounds, the key is to find a
home with some history. Melanie Backe-
Hansen, Chesterton and Humberts’ in-
house historian, says that Victorian and
Georgian homes tend to offer the look that
most people associate with Englishness. If
you’re keen to stay in London, and have the
cash, there are numerous examples of fine
Victorian and Georgian houses in the capi-
tal.
2. FINE DETAILS
The finer details such as the mouldings on
the walls, elegant fireplaces and tiled floors
tend to be the interior features that make
Georgian and Victorian homes stand out.
Backe-Hansen says that these features often
lie dormant in period homes: hidden
under carpets or behind 1950s gas fires. So
if you already own a period property, rip up
Give your home an
aristocratic feel in the
lead up to the Royal
Wedding, writes
Donata Huggins
High time for creating rooms fit for Royalty
Iconic style: Cornwall
Terrace, Regent’s Park
(above).
Living| Interiors
18 CITYA.M. 15 APRIL 2011
the carpet and see what you can
find. These things make an enor-
mous difference to the quality of
the look you create. If the unso-
phisticated folk who lived in the
property before you removed
them, replacing them is not
too much hard work.
Interior designers who
work with heritage
homes will have no trou-
ble sourcing original
replacements for you.
3. BUY BRITISH
There is something satisfy-
ing about buying products
with a Royal warrant and
when it comes to Royal
warranted interior suppliers the vast major-
ity offer a heritage feel. Cole & Son, the 131-
year-old wallpaper supplier, for instance,
offers subtly exquisite designs, similarly
Clive Christian’s kitchens have a blingy
elegance about them (if you like that
sort of thing). You cannot go far wrong
if you follow these crown crest brands.
Oh, and buy an Aga.
4. ANTIQUES
Natalia Miyar, a senior designer at Helen
Green Designs (the agency known for
the quintessentially English interiors in
the Berkley hotel, Knightsbridge) says that
an important part of creating an English
look is sourcing antiques to give the room
a feeling of history. Go along to
Masterpiece London (30 June-5 July),
which – in its second year – boasts an
unparalleled spread of English design tra-
ditions, from antiques to classic cars. We
also like Ronald Phillips in Mayfair
(ronaldphillipsantiques.com), who has
one of the country’s best collections of
British antiques, including some rare and
exquisite mirrors.
5. GET PATRIOTIC
Of course, no English home is complete
without a splash of brazen patriotism. Cool
Brittania and Britpop first made the Union
Jack cool cultural currency. And so quintes-
sential British designer Paul Smith jumped
on this symbol of Anglomania by splashing
Union Jacks on as much as possible.
Alexander McQueen and Vivienne
Westwood also took up the Union Jack flag,
translated it into interiors – think cushions,
spreads and even the odd mug. Selfridges
and Debenhams have some goodies. If you
want to go all out, pay a visit to the new
Zetter Townhouse hotel in Farringdon,
designed by the brilliant Russell Sage, and
check out his controversial Union Jack bed-
room, with the flag as bunting. If the
Union Jack is too brazen for you, why not
go for a stamp-inspired rug? You can have
the Queen’s image on a 1p rug. (freshde-
signblog.com/tag/rug/). It doesn’t get more
patriotic than that.
KITCHENER & FARADAY HOUSE
A UNIQUE RANGE OF 21ST CENTURY
LIVING SPACES AT THE ACADEMY
SPACIOUS 2 BEDROOM APARTMENTS
FROM £260,000
ENQUIRIES
020 8856 0034
WWW.THEACADEMY-WOOLWICH.COM
[email protected]
LONDON SE18 4JJ
Woolwich Arsenal
DLR & Mainline
Greenwich
12 mins
London Bridge
19 mins
Canary Wharf
17 mins
City Airport
6 mins
Photography of Faraday House. *All journey times and routes are based on Transport for London information - updated Jan 2010
ONE INCREDIBLE VIEW
ONE ICONIC BUILDING
Savills: Tami Carrington
+44 (0)20 7701 2455
[email protected]
DTZ: David Mendel
+44 (0)20 7701 2668
[email protected]
Photography: Interiors of the penthouse apartment. Exterior view of Strata from helicopter.
Price and details correct at time of going to press. Please be aware that the property details are intended to give a general indication
and should be used as a guide only. The developer reserves the right to alter these details at any time. The contents herein shall not
form any part of any contract or be a representation including such contract.
Actual view from Penthouse 41.05
THAMES
Oxford
Circus
Borough
Waterloo
Lambeth
North
Embankment
Piccadilly
Circus
London
Bridge
Bank
Charing
Cross
Elephant
& Castle
N
o
r
t
h
e
r
n

B
a
k
e
r
lo
o
ZONE 1
L
a
s
t

f
e
w

r
e
m
a
i
n
i
n
g

1

&

2

b
e
d

a
p
a
r
t
m
e
n
t
s

a
v
a
i
l
a
b
l
e

f
r
o
m

£
3
6
4
,
0
0
0

(
o
n

3
4
t
h

fl
o
o
r

u
p
w
a
r
d
s
)
PENTHOUSE APARTMENTS NOW AVAILABLE
– THE TALLEST RESIDENTIAL TOWER IN ZONE 1.
From its central zone 1 location in Elephant & Castle, Strata SE1 towers
over the city. The apartments offer residents a unique perspective on
London life, with unrivalled views and 24hr concierge.
Apartments available for immediate occupation.
VIEWING BY APPOINTMENT ONLY.
STRATALONDON.COM
Tower 42
Heron Tower
Gherkin
Shard
DOWNAGE, NEAR PARSON STREET
Price: £1.35m
This five-bedroomed detached family home stretches across 3,030 sq ft and
three floors. It has a landscaped garden, two separate garages and a long
driveway with space for more than one car.
Contact: Aston Chase on 020 8455 3538 or go to www.astonchase.com
TENTERDEN
GROVE
Price: £699,950
This mews house is on a
quiet residential street.
It has a reception, dining
room, kitchen, conserva-
tory, utility room, three
bedrooms, courtyard
style garden, shed and
off-street parking.
Contact: Foxtons on 020
8432 1700 or go to
www.foxtons.co.uk
Commuting: Sandwiched between the M1
and the North Circular, Hendon is well con-
nected by road, allowing City workers to
reach the Bank of England from the centre
of town in 30 minutes. The area doesn’t do
badly in terms of the rail connections
either: Hendon Central tube station is on
the Northern line, running to Bank station
in 30 minutes.
Education: The local Hasmonean High
School is one of the UK’s best performing
comprehensive schools, achieving 84 per
cent A*-C at GCSE level. The school has an
Orthodox Jewish ethos and teaches the
boys and girls on two separate campuses
in Hendon and Mill Hill respectively. The
local sixth form college, Brampton College,
also does very well. Independent from the
state system it charges £13,535 per year.
Shopping: Brent Cross shopping centre,
close to Hendon, was the UK’s first ever
indoor shopping centre. It houses all of the
high-street favourites including Boots,
Marks & Spencer, John Lewis, Waitrose,
W.H. Smith, Starbucks, Dixons, HMV,
Jigsaw, Karen Millen, Oasis, Topshop,
Mothercare, Hugo Boss, Gap, French
Connection amongst others.
Leisure: Hendon has pockets of green
space everywhere, offering plenty for fans
of outdoor sports. The Welsh Harp
Reservoir, for instance, runs to 170
hectares of open water, marshes, trees
and grassland. This allows for sailing, just
ten miles from central London. There is
also a local golf club.
Restaurants and bars: The area boasts
great Jewish restaurants, including Eighty-
Six Bistro Bar, Adam’s and Kavanna.
NEED TO KNOW | AREA INSIGHT
Living | Focus On
CITYA.M. 15 APRIL 2011 20
HENDON, LONDON BY DONATA HUGGINS
Draker Lettings : Ho¦Lc¦n ¦¦acc Kcns¦ncLon London SW:W 8NS
L: ozo ,o±z ¤:oo í: ozo ,o±z ¤:oz n: o,88< zoo <o: c: L¦n.hassc¦¦Cdìakcì.co.uk www.draker.co.uk
Specialising in property to rent
in Chelsea, Belgravia,
Kensington and Pimlico
SUNNINGFIELDS
ROAD
Price: £299,950
Close to Sunny Hill Park,
this two bedroomed sec-
ond floor flat has been
recently refurbished. It
has a large living area, a
modern kitchen, two well-
proportioned bedrooms
and a bathroom. The flat
is close to the local shops.
Contact: Foxtons on 020
8432 1700 or go to
www.foxtons.co.uk
GET THE CITY
PERSPECTIVE
With exceptional views and the city on
your doorstep, The Heron is London living
at its most inspired. Visit the marketing suite
to discover this collection of apartments
finished to exacting standards and
featuring a private club, a garden terrace,
gym and concierge services.
Prices start from £490,000
New apartments on higher floors
are now available
Marketing Suite open 7 days a week
The Heron Pavilion, Moor Lane, London EC2Y 9BN
www.theheron.co.uk
0844 544 9202
[email protected]
Joint Sales Agents
A development by The Heron Residences LLP
Living | Europe
22 CITYA.M. 15 APRIL 2011
A
NDERMATT – a sleeping beauty of
a village, nestled in the Urseren
valley in central Switzerland – is
set to be awoken from its slumber
and transformed into one of the Alps’
major year-round holiday destinations.
The prince in question here is the self-
described “town-developer” Samir Sawiris.
He plans to revolutionise the town’s
tourism industry (currently comprising of
a few cosy but unremarkable two and
three-star digs) by building six luxury
hotels, 25 private villas and 490 apart-
ments in 42 buildings (each named,
rather charmingly, after the animals and
flowers that flourish in the surrounding
mountains) over the next decade. If any-
one is the man for the job, it’s Sawiris, the
brains behind the world-renowned El
Gouna and Taba Heights developments in
Egypt.
THE BEST SKIING NEAR ZURICH
This little town hasn’t always been so
It’s been a backwater for years, but now
Andermatt is being developed in grand style,
aiming to lure investors, says Amy Higgins
The Swiss town
that’s emerging
from the shadows
Above: an impres-
sion of what
Andermatt will look
like once the devel-
opment is complete.
The first apart-
ments will be ready
in 2013/2014.
quiet. In the Thirties it was a shining
example of Switzerland’s burgeoning hol-
iday industry and was the location for one
of the first English ski clubs. The Glacier
Express train linking St. Moritz and
Zermatt passes through Andermatt to this
day. However, the Gotthard rail and road
tunnel built in the early eighties bypassed
Andermatt, leaving it stranded. It has
since been used as a military base, and it is
soldiers rather than skiers who dominate
the town. Still, the principal reason for
Andermatt’s former glory remains: just an
hour and a half’s drive from Zurich, it
offers among the best ski runs in easy
reach of the country’s financial capital.
High altitude means that snow is guaran-
teed, and there is a wide range of pistes
from the sunny, child-friendly slopes of
Natschen to the challenging Gemsstock
area – which resides almost 3,000 metres
above sea-level. Under the expert eye of
the Swiss ski legend Bernhard Russi (who
also happens to be Andermatt born and
lated that the resort be supplied by renew-
able energy and all buildings will be built
to MINERGIE standards, a recognised
Swiss Quality label for sustainable and
ecologically designed buildings. It will
also be a traffic free zone, with parking
facilities housed underground.
WHAT’S FOR SALE
The tough restrictions on foreign buying
of Swiss real-estate – known as Lex Koller
legislation – have been lifted especially for
this project, making Swiss Alps
Andermatt a tempting opportunity for
those hankering for a slice of the Alpine
dream – whether for personal use or as an
investment (incidentally, exemption also
means property can be resold without a
minimum retention period). Currently on
the market and set to complete in winter
2013/2014 are 45 one to four bedroom
properties – ranging from £814,700 for a
one-bedroom apartment to £6.5m for
chalets. 120 furnished one and two bed-
room furnished apartments are also avail-
able in the resort’s showpiece hotel – the
sumptuous Chedi Andermatt – with a
starting price of £1.2m. The hotel’s lavish
facilities include a state of the art gym, an
elegant wine and cigar room, après-ski bar
and two fine-dining restaurant. All apart-
ments can be rented through Swiss Alps
Andermatt, with owners receiving 60 per
cent of the profits.
Not bad for a town with a current popu-
lation of just 1,270. St. Moritz, eat your
heart out. Contact: Andermatt Swiss Alps on 00
41 41 874 1717 or go to andermatt-
swissalps.ch/thechedi-andermatt.com.
bred), these areas are to be linked up with
the neighbouring ski area of Sedrun to
form one ultra-modern, highly-varied ski
arena with 135 kilometres of piste.
A YEAR-ROUND DESTINATION
While Sawiris is keen to make the most of
Andermatt’s natural suitability for winter
sports, he takes a reassuringly long-sight-
ed view of the project. “While the project
looks big on paper, we are building slow-
ly” he explains. “Andermatt will never be
as big as Gstaad or Zermatt but will
become a year-round destination”. Not
just for ski-lovers, anyone desirous of
escaping the city grind and unwinding in
the fresh air will find much to relish in
Andermatt. In the summer months its
mountains take on a Sound-of-Music-style
prettiness – lush green and packed with
wild flowers. They lend themselves to an
array of outdoor activities: hiking, moun-
tain biking, rock climbing, water-rafting
and picnicking. It’s in the warmer weath-
er that the town’s cultural life really gets
going – including local museums, open-
air theatre and concerts from the Lucerne
Festival, a world famous classical music
event. And if all that wasn’t enough, the
development includes an 18-hole golf
course – seamlessly embedded into the
natural landscape – and a sports centre
with a range of wellness programs and spa
facilities.
A CARBON-NEUTRAL SKI RESORT
Eager to preserve what he describes enig-
matically as “the untouched nature that is
the soul of the region”, Sawiris has stipu-
Above: The super-luxe Chedi
hotel has residences starting
from €1.2m.
Left: The Murmeltier (transla-
tion: groundhog) comprises of
12 two to four bedroom
apartments with great views.
Right: Steinbock apartment
interior.
Keston Waterside is a development of eight exclusive three-
bedroom apartments and duplexes including two penthouses with
roof gardens in a breathtaking lakeside setting. Just 20 minutes
by rail from Central London… yet a world away.
&
2
0
,
1
*

6
2
2
1
www.kestonwaterside.com
Keston Waterside Apartments, Keston, BR2 6EA
Savills: 01689 860 999
Alan de Maid: 01689 813 333
Viewings strictly by appointment
Another development by In joint venture with
Computer generated images
for illustrative purposes only
$SDUWPHQWVUDQJHIURPDSSUR[2,100–2,900 sq ft
3ULFHVVWDUWLQJIURP£940,000


































































*
1
1
1
*
0
, ,,
1
0
2
0
,
1
22
0
&&
2
1
1
22
1
22
2
0
66
2










































aterside WWa Keston
apartments oom bedr
br a in dens gar oof r





eight of development a is
including duplexes and apartments
setting. lakeside eathtaking br





ee- thr exclusive eight
with penthouses two including
minutes 20 Just setting.





P W U D S $






[ R U S S D P R U IIU H J Q D U V W Q H P 2,
W U D W V V H F L U 3






ft sq 2,900 – 100 2,
P R U IIU J Q L ,000 £940






br a in dens gar oof r
om Central London… yet a world away by rail fr
Another development by






setting. lakeside eathtaking br
om Central London… yet a world away
e with In joint ventur






minutes 20 Just setting.
. om Central London… yet a world away
.kestonwaterside www
aterside Apartm Keston W Wa






.com .kestonwaterside
aterside Apartments, Keston, BR2 6EA






Savills:
Alan de Maid:
iewings strictly by appointment V






Savills: 999 860 689 1 0
Alan de Maid: 333 3 1 8 689 1 0
iewings strictly by appointment
67 HIGH QUALITY APARTMENTS
NOW AVAILABLE
S
H
O
W

A
P
A
R
T
M
E
N
T

N
O
W
O
P
E
N
Register your details now at
bermondseycentralSE1.com
Another development by
• Contemporary 1, 2 and 3 bedroom
apartments
• Spectacular views across the City
of London
• Landscaped private courtyards
and balconies
• Walking distance to the River Thames
• Central London location close to
London Bridge transport services
• Prices from £280,000
Please call for
opening times
Computer generated image for illustrative purposes only
London Bridge
Bermondsey
VISIT OUR NEW SHOW APARTMENT
Living | Focus On
CITYA.M. 15 APRIL 2011 24
Q.
Dear Andrew, I would like to
entertain outside this year so
what preparation should I do
now to make the most of my garden?
A.
Entertaining outside is always a
nice way to spend a warm evening
and it is even better if you can
extend your home outwards to create a
larger entertaining area.
One trick for creating a seamless transi-
tion between the inside and the outside is
to use similar flooring in both spaces. This
could work for either stone or wooden
flooring. For example, you could lay lime-
stone in your living room and also use it as
your patio. Do ensure that whatever stone
you put outside is suitable and doesn’t get
too slippery when wet. So you could use
honed limestone for the outdoors, which
will reduce the slipperiness, and then use a
smooth limestone inside the house.
Alternatively, if you prefer wood floor-
ing in your living room then lay some
smart decking outside to continue the
wood look and create a large combined liv-
ing space.
To enhance the sense of space and
openness you can use large doors that fold
back on themselves with no visible fittings
in the middle. This opens up the view and
blurs the division between interior and
exterior. Do try to remember that if you
Andrew Dunning
CREATIVE DIRECTOR
AT DESIGN CONSULTANCY
APD INTERIORS
INTERIORS
are creating a larger com-
bined area, your garden
furniture should be of
equal quality to your
indoor furniture. A current
trend is exterior furniture in all weather
wicker rattan. These are also available in
sofa shapes – just add large comfortable
cushions and you have a perfect garden
room.
You will also need to consider the view
of the garden you will get from inside the
house. Hanging lightweight curtains on
the windows will ensure the view is not
obscured, but do remember to tend the
garden – you don’t want to be looking out
over a weed patch. Try not to crowd the
room inside with lots of furniture; keeping
it at a low level will not hide the view.
Another way to blur the division is to
include lots of houseplants into your inte-
rior space – place them near the windows
to bring the outside back in. You can also
continue the colour scheme from the liv-
ing room right through into the garden by
planting flowers of similar colours.
If you want you can also try to incorpo-
rate media into your outside space so you
can use it as you would your living room.
Waterproof speakers are now available
but make sure you position them appro-
priately and be considerate to neighbours.
Try and have some lighting outdoors but
remember that less is definitely more. A
few gentle lights at a low level and illumi-
nating some trees can really highlight the
features of the garden.
Finally when you are creating your out-
door space, bear in mind that you will
probably want some privacy – use para-
sols and other methods for shading the
area.
Q A
&
NEW DOCKLAND HOMES LAUNCHED
Hamptons International has launched Streamlight, a
new development in the London Docklands. The devel-
opers hope it will be completed by the autumn. It will
consist of 133 homes, spanning across three buildings,
including a 24 storey tower. The tower will house a range
of apartments. Prices start from £295,000.
BATTERSEA COTTAGES DUE IN NOVEMBER
Work has started on a new cottage development in
Battersea called Shaftesbury. The development will
include five two-bedroom cottages each with spacious
living rooms, a loft room and a garden. The cottages are
priced at £595,000. The developers hope the cottages
will be finished in November this year.
PROPERTY NEWS
BY DONATA HUGGINS
CURRENT MORTGAGE DEALS BY DONATA HUGGINS
Lender Fixed/Flexible Rate Until apr Maximum Loan
(per cent) (per cent) to Value (per cent)
First Direct Flexible 1.99 2 years 3.5 65
Santander Flexible 2.19 2 years 4 60
Skipton BS Flexible 2.28 2 years 4.8 60
Yorkshire BS Flexible 2.29 June 2013 4.7 75
Santander Fixed 2.79 June 2013 4.2 60
Yorkshire BS Fixed 2.99 June 2013 4.8 75
Skipton BS Fixed 3.49 April 2013 5 70
HSBC Fixed 3.89 June 2013 4.1 60
Mansfield Fixed 3.99 3 years 5.4 75
Source: MoneySupermarket.com
kayandco.com
NOTTINGHAM PLACE, MARYLEBONE, W1
A three bedroom flat on the first and second floor of this period conversion
located moments from Marylebone High Street.
Three Bedrooms • Two Bathrooms • Roof Terrace • Moments from Marylebone High Street
£1,299,000 – Leasehold – Sole Agents
Marylebone & Regent’s Park 020 7486 6338
BAYSWATER ROAD
BAYSWATER, W2
A well presented three bedroom
apartment on the second floor (with
lift) of this modern purpose built block
close to Hyde Park and the transport
links of Lancaster Gate.
• Three Bedrooms
• Bathroom and Separate Cloakroom
• 24 Hour Porter
• Private Balcony
£999,950 – Leasehold
Hyde Park & Bayswater
020 7262 2030
London Estate Agents | Investment & Development Consultants | Block Managers | Established 1982
GREAT TITCHFIELD STREET
FITZROVIA, W1
A beautifully refurbished one bedroom
flat, which benefits from an abundance
of natural light through its three sash
windows in the reception room.
• One Bedroom
• Excellent Condition
• Ideal Rental Investment
• Moments from Oxford Street
£549,950 – Leasehold
Marylebone & Regent’s Park
020 7486 6338
0800 883 8607
or (out-of-hours) 0800 032 0077
www.queenmarysgate.co.uk
*Applies to 2 bedroom apartments, over 900 sq ft of internal living space - London average 750 sq ft. **Prices correct at time of going to press. Photographs depict Queen Mary’s Gate. †Applies to Gatekeeper’s Lodge and Grove House apartments.
Sales Centre open daily • Mon - Sat 10am - 6pm • Sun 11am - 5pm
QUEEN MARY’S GATE
South Woodford, E18
URBAN CONNECTIONS
WITH A COUNTRY TWIST
South Woodford
10-15 mins walk
Stratford
10 mins
Liverpool Street
19 mins
Bank
21 mins
Canary Wharf
25 mins
Bond Street
30 mins
Central line connections:
1 & 2 bedroom apartments and penthouses offering the space to
enjoy and to entertain in style. Design that will make you the
envy of your friends; the luxury of the Capital in easy reach.
Large 1 bedroom apartments with parking from £242,500
**
Large 2 bedroom apartments with parking from £287,500
**
Private gated development with 24 hour concierge • Landscaped gardens and courtyards • Balconies & terraces to all apartments
†
Larger than average London living
*
Q
Q
Leading sustainable developments
S
PRING is (or certainly was) here. So what should you be wearing? The big looks
this season are a mercy for the fuller-figured woman – or anyone tired of the
super-clingy and the drab. Instead, it’s all about floral graphic prints (Oasis,
Ted Baker, Monsoon, Erdem, Louis Vuitton), colour blocking (Uniqlo, Benetton,
Zara) and the 1970s – of which maxi dresses are the key component (these are every-
where, including Monsoon and M&S). Sarah Curran, founder and CEO of fashion site
MyWardrobe, says: “Team a simple pink or orange t-shirt with a red pencil skirt or
wide leg trousers, which can be worn with a bright jacket for the boardroom. To
tone down this look, simply team a shift dress with a brightly coloured belt and
jacket.” Simple and effective. Now we just need the sun to stay out.
‘Tis the season to go all-out with
colour, texture and maxi dresses,
says Zoe Strimpel
5)&)*()45",&4
0'(-".063
Investec Ladies’ Day – Friday 3rd June 2011
Ladies take centre stage both on and off the track. Enter our Style on The Downs competition on the day for a chance
to win over £15,000 worth of prizes. Why not also consider a hospitality package and enjoy a truly glamourous day out.
Book now: 0844 848 3256 | epsomdowns.co.uk
Lifestyle | Fashion
26
HOW TO GET
DRESSED IN
THE CITY
Clare Rous & Kara Iland
FOUNDERSOF ROUSILANDMEMBERS’ BOUTIQUE,
WWW.ROUSILAND.COM
Q A
&
Q.
Working in the City, my
weekday look consists main-
ly of dark trousers, collared
shirts and v-neck knits. I want
some new ideas on wearing sepa-
rates but am also wary of looking
inappropriate. Any tips?
I
T is so important to feel inspired by
what you are putting on for your
working day. Not only will you
stand out from your peers but your
body language will be more positive
and confident. The trick is to find work
wear pieces that, styled differently, you
would be just as happy to wear with
your friends at the weekend. That way
your own personality doesn't become
lost in your working role.
Remember that the traditional work
uniform was developed for the trian-
gular male silhouette of broader shoul-
ders and narrow waist. Replicate this
on a woman's body and often you can
end up looking a bit boxy and square.
Starting from the top: replace the
stiff cotton shirt with a silk blouse.
This softer fabric is more flattering on
the body and has the added benefit of
bouncing light upwards to illuminate
your complexion. Neutral creams,
ivories and golden tones are all very
appropriate for the office. Don't be put
off by stronger, especially blue-based,
jewel tones too (e.g. peacock, cobalt
and amethysts) which, when paired
with sober work trousers, are the sim-
plest way to add an injection of colour.
Although v-neck cashmere jumpers
might keep you warm, they are not
sophisticated when paired with
trousers, look bulky over a bust and
are generally infinitely nicer on a male
figure than a woman’s. Instead, focus
on developing a selection of nipped-in
cropped jackets to show off the waist
in flexible soft fabrics that allow you
to move easily.
Finally, to complete your work sepa-
rates, you need a few pairs of trousers
in classic shades and different cuts.
Focus on higher-waisted styles that
draw attention to the smallest part of
your body. A slightly cropped (7/8th)
trouser, that skims the shape of your
legs rather than drowning them, is
both modern and practical as you can
wear them easily with flats when
rushing about, and heels for meetings.
So, this Monday, why don’t you try a
cropped trouser shape with a high
waist, teamed with a silk top tucked in
to show your waist and a delicate
skinny belt (in patent or even a neutral
snakeskin) to pull everything together.
Top off with your cropped jacket and
you will look instantly more polished,
sophisticated and stylish. You will feel
more like yourself in the office and will
stand out from the sea of black
trousers and brown v-necks in the
City.
For your own City style questions con-
tact: Clare Rous & Kara Iland, Rous Iland
Members’ Boutique
www.rousiland.com, tel: 0845 003 8945
2
1
5
6
CITYA.M. 15 APRIL 2011
SPRING’S
key looks
GET THE LOOK
1 Long blazer, Zara, £79.99. www.zara.com
2 Washed silk strapless top, Gucci, £565, www.netaporter.com
3 Feather print shift dress, Oasis, £55, www.oasis-stores.com
4 Pleated colour block satin tank, Miu Miu, £815, www.netaporter.com
5 Jersey dress, French Connection, £32, www.frenchconnection.com
6 Ellie dress, Monsoon, £75, www.monsoon.co.uk
4
3
Werewolf tale lacks bite
Film
RED RIDING HOOD
Cert: 12A
hhIII
TEENAGERS, werewolves and a classic love
triangle. Sound familiar? Well, this is the
latest offering from director Catherine
Hardwicke who brought the first Twilight
film to our screens – and Red Riding Hood
has Twilight written all over it, with pan-
ning overhead forest shots, speeded-up
chases and a ravenous black werewolf.
Sadly, that’s where the positive similarities
end. There’s no sexual chemistry, no eerie
atmosphere, zero believability – and
frankly, without R-Patz magnified on
screen, is there really any point?
Red Riding Hood, a modern take on the
old fairytale, is set in a medieval village
which looks like Hyde Park’s Christmas
Winter Wonderland. Following an attack
by the big bad wolf, village folk are sent
scattering, locking their doors and praying
for protection, until famed werewolf
hunter Father Solomon (Gary Oldman)
arrives. When he reveals that the wolf is in
fact a normal human by day, the townsfolk
are put further on edge – not least the pale-
skinned, rosy-lipped, red-caped maiden
Valerie (Amanda Seyfried).
Poor Valerie. She’s already having a
tough time trying to choose between
Henry, the eligible bachelor (Max Irons) and
Peter, a bad-boy woodcutter. But could one
of them be the wolf? Drama!
A rare red moon elicits a hairy killing
spree, and after an hour most of the cast
has been dispatched – not that we care. We
just want to see who Valerie cops off with.
At least the film does deliver (a bit) on
the murder-mystery front, keeping us
guessing until the end (no, it’s not the
grandmother). Also, the crimson cape is
fabulous – that’s undeniable.
. Leo Bear
Theatre
MOONLIGHT
Donmar Warehouse
hhhII
A SLIVER of a girl, with slicked back hair
and bruises around her legs, appears on
stage. She delivers an eerie monologue in
the short, simple sentences of a child.
A reimagining of the
famous children’s
story has hints of
Twilight, but little else
YOUR HIGHNESS Medieval slacker comedy with Natalie
Portman and James Franco.
LITTLE WHITE LIES Critically acclaimed, hugely suc-
cessful French contemporary drama.
SCREAM 4 Yet another return to the post-modern,
post-ironic, post-necessary slasher genre spoof.
FILM
HARRY POTTER AND THE DEATHLY HALLOWS PART 1
The wizard series hits a pre-finale holding pattern.
THE GIRL WHO KICKED THE HORNETS’ NEST The final
part of the adaptations of Stiig Larsson’s literary trilogy.
MONSTERS Incredibly imaginative and accomplished
alien invasion movie made for a tiny budget.
DVD
FOO FIGHTERS Dave Grohl’s rockers are now onto
album number seven, titled Wasting Light.
TV ON THE RADIO The groundbreaking New York
band’s new collection is called Nine Types of Light.
LOW The slow-rocking husband and wife band keep
evolving with C’Mon, their ninth record.
MUSIC
ALSO OUT THIS WEEKEND
FILMS, MUSIC, GAMES
Amanda Seyfried
stars as Valerie in Red
Riding Hood.
COUNTRY
HOTEL HEAVEN
IN MONDAY’S
TRAVEL SECTION
27 CITYA.M. 15 APRIL 2011
Lifestyle | Reviews
A marathon
endeavour for
Emma Crosby
The Channel Five news presenter is running the
Virgin London Marathon on Sunday, raising
money for the charity Wellbeing of Women
(www.wellbeingofwomen.org.uk). She told Zoe
Strimpel how she feels to be taking part in one
of the world’s biggest sporting events.
City A.M.: Why did you decide to run the
marathon?
Emma Crosby: I decided to do a challenge a
year – to put myself out of my comfort zone. I
wanted to do it last year but I couldn’t even
run for a bus.
So you really weren’t much of a runner
before? How did you get started?
Honestly, I was breathless after ten minutes. I
began running last spring and then started
doing five and 10 ks – I did the Great North
Run in September – and I thought: If I can do
that, I can do the marathon.
What did you do for training?
I only started training for the marathon after
Christmas – I did a 10-week intensive training
plan. My first training run was in South Africa
on a game reserve. I’d run past elephants with
a ranger in a jeep behind me. I also did a lot in
the hot and hilly terrain of Cape Town. So when
I got back here, all that training in 35 degree
heat gave me a good level of base fitness.
How do you feel now?
I feel great. To be able to run 10k and still feel
normal is a wonderful feeling.
What have you enjoyed most about the
training – apart from getting fit?
Being able to eat whatever I want – that’s
been good. I’ve discovered a new love of pasta
and porridge. Though I do have to make a con-
scious effort to drink more water.
With your busy schedule, how did you find
time to train?
You just have to make the time. I am the
biggest ditherer – but you just have to put your
trainers on and go. I haven’t had a weekend in
months where Sunday has been free from a
long run. During the week, I do shorter interval
training runs. Back when I was doing early
shifts I was feeling rubbish – but just by put-
ting my trainers on I felt better.
How do you ward off boredom?
Really hard – I hit a training wall recently. I
got bored of music I was listening to and
tired of running on my own. But music is a
great help - Coldplay and the Killers seem to
be my favourite. Also – go somewhere that’s
really pretty. I’ve been running on the tow
path on the Thames – on a sunny day it can
be gorgeous.
What’s your biggest fear for Sunday?
The unknown – I’ve never done anything like
this before – and how painful it’s going to be.
I’ve never done the full 26 miles.
How will you celebrate after?
Bottle of champagne on ice!
She’s afraid of waking her parents. She
knows things are quieter at night, but
she’s still afraid of waking them. Then
she’s gone.
This strange, bruised ghost is the voice
of betrayal and sorrow beyond the grave,
and the way Harold Pinter – in his last full-
length play (1993) – conducts us into the
world of a dysfunctional family. The play
centres around a dying, vituperative
father, played with grating menace by
David Bradley, who fears the “horizon”
waiting for him in death. By his side is his
laconic wife (Deborah Findley). Noticeably
absent from the deathbed are their two
runaway, seemingly insane sons and
Bridget, the ghostly daughter.
They’re all deeply damaged – that much
is clear. Adultery has marred the couple’s
life together, and as for the kids, one is
dead, the others mad. There are hints at a
past we know frustratingly little about.
In typical Pinterian style, it’s hard to put
your finger on just what is wrong, what
went wrong, or where the menace lies.
It’s not Pinter’s best play – not by a long
shot. It’s one of his least political, which
some have called a relief, but it’s also
patchily structured and much of it feels
spurious. The production is efficient, but
hardly zings. The set is minimalist and
neat, turning spotlights on actors in a given
scene while the others lurk in darkness.
Moonlight is mostly engaging, but it
doesn’t show either the Donmar, Pinter, or
even some of the actors, at their best.
Zoe Strimpel
T
E
R
R
E
S
T
R
I
A
L
THE GRAHAMNORTON SHOW
BBC1, 10.35PM
New series. The host welcomes
former Doctor Who stars David
Tennant and Catherine Tate, and
comedian Jon Richardson.
DAVID WALLIAMS ...
CHANNEL4, 10PM
In the second of three programmes to
be aired throughout the year, the
comedy actor celebrates the best and
worst TV adverts.
LAW& ORDER
CHANNEL 5, 10PM
A man’s death offers no immediate
explanation, until the autopsy points
the team in the direction of illegally
harvested donor bones.
BBC1
SKY SPORTS 1
7pmSky Sports News 7.30pm
Live Super League 10pmTake It
Like a Fan 10.30pmPremier
League Preview11pmFootball
League Weekend 12amSuper
League 1.30amTake It Like a Fan
2amPremier League Preview
2.30amFootball League Weekend
3.30amSuper League 5amTake
It Like a Fan 5.30am-6am
Premier League Preview
SKY SPORTS 2
7pmRoad to London 7.30pmLive
Football League 10pmTight Lines
11pmNFL: Total Access 12am
Masters Tennis 2amTight Lines
3amNFL: Total Access 4amRoad
to London 4.30am-6amLive
European Tour Golf
SKY SPORTS 3
6pmEuropean Tour Golf 8pm
Live PGA Tour Golf 11pm
European Tour Golf 1am
PGA Tour Golf 4amTight Lines
5amAerobics Oz Style
5.30am-6amKings of the Snow
BRITISH EUROSPORT
7pmTimbersports Series 8pm
Live Boxing 10.15pmBoxing
11.15pmIntercontinental Rally
Challenge 11.45pmExtreme
Sports 12.15am-12.45amHorse
Racing Time
ESPN
7pmLive Premiership Rugby
Union. Newcastle Falcons v
Northampton Saints (Kick-off
7.45pm). 10pmWorld Rally
Championship 10.30pmESPN
MMA Live 11.15pmUFC 11.45pm
ESPN Kicks: Extra 12amLive NHL
Ice Hockey 2.30amLive Major
League Baseball 5.30am-6am
This Week in Baseball
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmBones
9pmCriminal Minds 10pmCSI:
Miami 11pmCriminal Minds 12am
Ghost Whisperer 1amCSI: Crime
Scene Investigation 2.40am
Charmed 4.20amNothing to
Declare 5.10am-6amMaury
BBC THREE
7pmDoctor Who 7.50pmDoctor
Who Confidential 8pmDon’t Tell
the Bride 9pmWhite Van Man
9.30pmRussell Howard’s Good
News 10pmEastEnders 10.30pm
The Lock Up 11pmFamily Guy
11.45pmWhite Van Man 12.15am
Russell Howard’s Good News
12.45amIs Breast Best? Cherry
Healey Investigates 1.45am
Misbehaving Mums-to-Be 2.45am
The Lock Up 3.15amDon’t Tell the
Bride 4.15amDoctor Who
Confidential 4.25am-5.25am
Misbehaving Mums-to-Be
E4
7pmHollyoaks 7.30pmFriends
9pmJo Frost: Extreme Parental
Guidance 10pmSupernanny USA
11pmGreat British Hairdresser
12amMy Name Is Earl 1amJo
Frost: Extreme Parental Guidance
1.55amSupernanny USA 2.40am
Important Things with Demetri
Martin 3amUgly Betty 3.45am
Privileged 4.25am-6amSwitched
HISTORY
7pmAmerica 8pmThe Kennedys
10pmPawn Stars 10.30pmMud
Men 11.30pmIRT Deadliest
Roads 12.30amPawn Stars 1am
How London Was Built 2amHow
Britain Was Built 3amAmerica
4amThe Universe 5am-6amIce
Road Truckers
DISCOVERY
8pmHow It’s Made 9pmTaking
On Tyson 10pmWheeler Dealers
11pmMonsters Inside Me 12am
Bear Grylls: Born Survivor 1am
Trawler Wars 2amFuture
Weapons 3amGreatest Tank
Battles 3.50amThe First World
War 4.40amTreasure Quest
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pm18 Kids
and Counting 9pm19 Kids and
Counting 10pmQuints By
Surprise 11pmEmergency 12am
19 Kids and Counting 1amQuints
By Surprise 2amEmergency 3am
18 Kids and Counting 4am
Bringing Home the Babies
5am-6amA Baby Story
SKY1
7.30pmThe Middle 8pm
Simpsons 8.30pmModern
Family 9pmRaising Hope
9.30pmA League of Their Own
10.30pmSpartacus 11.45pmLive
to Dance 12.45amRoad Wars
1.45amBorder Invasion USA
2.35amCold Case 3.30amLost
4.20amMy Pet Shame
5.10am-6amBill Bailey’s
Birdwatching Bonanza
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show:
BBC News 8pmEastEnders
8.30pmA Question of Sport
9pmHave I Got News for You
9.30pmQI
10pmBBC News
10.25pmRegional News
10.35pmCHOICE The Graham
Norton Show
11.20pmThe National Lottery
Friday Night Draws 11.30pmThe
One Show12.30amFILMFakers
2004 1.55amSign Zone: Michel
Roux’s Service 2.55amThe Boat
That Guy Built 3.25amGreat
British Railway Journeys
3.55am-6amBBC News
6pmEggheads
6.30pmGreat British Menu
7pmAn Island Parish
7.30pmMastermind
8.30pmGardeners’ World
9pmMonty Don’s Italian
Gardens
10pmFrank Skinner’s
Opinionated
10.30pmNewsnight
11pmThe Review Show:
Weather
11.50pmLater with Jools
Holland:
12.50amFILMPinero 2001.
2.20amBBC News 3.55am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmBaboons with Bill Bailey
8.30pmCoronation Street:
Maria is left reeling by Carla’s
revelation.
9pmPaul O’Grady Live
10pmITV News at Ten
10.30pmLondon News
10.35pmTake Me Out
11.35pmThe Cube
12.30amThe Zone; ITV News
Headlines
2.35amIn Plain Sight
3.20am-5.30amITV Nightscreen
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.25pm4thought.tv 7.30pm
Unreported World 8pmA Place in
the Sun: Home or Away 9pm
Embarrassing Bodies: Back to the
Clinic
10pmCHOICE David Walliams:
Awfully Good Ads
12.10am10 O’Clock Live
1.05amMusic on 4: Mercury Prize
Sessions 1.20amMusic on 4: 4Play:
Funeral Party 1.30amMy Name Is
Earl 1.50amMy Name Is Earl
2.15amFreaky 2.40amFreaky
3.05amTricks from the Bible 4am
Ugly Betty 4.45amUgly Betty 5am
Wogan’s Perfect Recall
5.25am-6.10amCountdown
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmFifth Gear: 5 News
Update
8pmIce Road Truckers: Six
drivers form a convoy to
deliver a tricky load; 5
News at 9
9pmThe Mentalist
10pmCHOICE Law & Order
10.55pmThe Walking Dead
12.30amSuperCasino
4.05amMotorsport Mundial
4.30amFifth Gear 4.55amRough
Guide to Journeys 5.10amWildlife
SOS 5.35am-6amHouse Doctor
1 2 3 4 5
6 7 8
9 10
11 12 13
14
15 16 17
18
19 20
21 22
19 27
11 21
33 19
9 3 4
8 22
30
38 14
16 6 23
15 15
21 16
10 21
35
18
16
19
13
14
21
11
12
12
28
14
23
7
6
9
29
32
17
31
34
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
1 Retail establishments (5)
3 Damp (5)
6 South American civilisation (4)
8 Large shrimp cooked
in breadcrumbs (6)
9 Tune (3)
11 Class of artistic
endeavour having a
characteristic form (5)
12 French composer of works
such as Boléro (5)
14 Document certifying
successful completion
of a course (7)
15 More glacial (5)
16 Wealthy man (5)
18 Unwell (3)
19 Rhododendron-like shrub (6)
20 Cogwheel (4)
21 Mediterranean island
associated with the
Minoan civilisation (5)
22 Have a cigarette (5)
DOWN
1 Scarf bandage (5)
2 Grassy plain (7)
3 Pasta in the
form of slender
tubes (8)
4 Not possible
to shift (9)
5 Experiment (5)
7 Nominee (9)
10 Stay of
execution (8)
13 Dental filler (7)
15 ___ Asimov,
popular writer of
science-fiction (5)
17 Capital of
Switzerland (5)
O
R
T
O
I P
N
B
A



4
4


4
4
S E R U M S E A M
H A A B H O R A
E L F G R A M S
D E T A I L D O
V C I T I Z E N
E S A V E D V
P E R P L E X E
E H S T R O N G
A C H E I A T E
C O R I E L T T
H O P E E T H O S
7 3 4 2 3 2
8 4 7 2 1 5 9 3 6
6 8 5 7 9 4 9
9 2 6 3 9 7 8
2 1 6 3 2 4 1 3
7 1 4 8
5 7 9 8 3 7 1 8
1 3 8 9 7 3 9
2 5 7 8 6 9 4
3 8 1 9 7 5 4 2 6
9 2 3 1 5 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
VEGETABLE
Lifestyle | TV&Games
CITYA.M. 15 APRIL 2011 28
THE presence of Neptune Collonges in
tomorrow's Scottish Grand National
means that more than two thirds of
the field will be running from out of
the handicap. Paul Nicholls' stable is
flying at the moment and it has to be
of interest that Ruby Walsh is doing
10st 1lb on THE MINACK. This seven-
year-old has to prove he can handle a
big field, but he could be very
well-handicapped and is worth
a small each-way interest at
9/1 with Victor Chandler.
There are plenty of
others with chances,
including last year's
impressive winner
Merigo, who has been
kept fresh for this.
However, I still have
the feeling that he
would be better suited by
some cut in the ground. Philip Hobbs
has his string in fine fettle and Fair
Along is capable of running a big race
following a decent fourth at
Cheltenham last month.
Frankel, or 'The Second Coming', as
he's regarded by his legions of fans,
reappears at Newbury tomorrow
afternoon in the Greenham Stakes. He
is certain to go off a very short price
and can be backed at no bigger than
5/6 with Paddy Power for next
month's 2,000 Guineas. However,
there's no guarantee yet that he has
trained on and a number of Henry
Cecil's runners have struggled this
week. I'd be tempted to lay him on
Betdaq, as well as backing Richard
Hannon's STRONG SUIT who will rel-
ish the likely quick ground.
The Queen is at Newbury tomorrow
and plenty of her horses will be run-
ning. Roger Charlton has put DISCOV-
ERY BAYin the maiden at 4.50pm and
the son of Dansili is reportedly very
well regarded at home. Hannon then
runs GENERAL SYNOD in the last for
Her Majesty and this is another who
could break his maiden tag.
Finally, for those of you who can't
wait until tomorrow, don't miss out
on SCORN in today's 4.30pm at
Brighton. She is yet to win in 12 starts,
but has gone well fresh in the past
before and today could be the day.
T
HIS must surely be one of the most
exciting FA Cup semi-finals in
recent memory and it can provide
the competition with a much need-
ed shot in the arm. Manchester City
haven’t stepped foot on Wembley turf
since the dramatic League One play-off
final against Gillingham in 1999 when
Paul Dickov scored a late equaliser before
they went on to win the penalty shoot-out.
They have now gone 35 years without a
major trophy and a win tomorrow would
set up a final appearance against Bolton or
Stoke. This is obviously a very different
City side to the ones that have failed over
the years, but they were soundly beaten at
Anfield on Monday night and Carlos Tevez
will be missing tomorrow. That is a huge
blow for Roberto Mancini, although he
will be pleased that Wayne Rooney is sus-
pended.
It’s been a decent couple of weeks for
Manchester United - they have won their
last seven games - and they are now just
7/1 with Paddy Power to win the Premier
League, FA Cup and Champions League
treble. They were thoroughly professional
against Chelsea in the Champions League
and will fancy their chances against
Schalke in the semi. Victor Chandler have
them at 1/7 to win the title, so they could
be set for a cracking end to the season, but
they do have some big games on the way
and City will be bang up for this one.
United have dominated the recent
encounters against their local rivals, win-
ning five and drawing one of the last six
league games and knocking them out of
the Carling Cup last season. They are full
FOOTBALL TRADER BEN CLEMINSON TAKES A LOOK AT TOMORROW'S ALL-MANCHESTER FA CUP SEMI-FINAL
United and City are
hard to split in semi
Featuring the world’s greatest flat race
Investec Derby Festival – 3rd & 4th June 2011
Book now: 0844 848 3256 epsomdowns.co.uk
#3*5"*/µ4'"7063*5&
'03"%":065
%$
%$
TOMORROW- 5.15PM ITV 1
MANCHESTER UNITED
MANCHESTER CITY
RACING TRADER BILL ESDAILE PICKS OUT HIS BEST RACING BETS OF THE WEEKEND
POINTERS...
Draw at 23/10 on Betdaq
Man United to win on penalties at 10/1 with Victor
Chandler
Sell total goals at 2.35 with Sporting Index
Punter | Sport
29
BEHIND THE LINES
of confidence at the moment and
although the FA Cup isn’t a priority for Sir
Alex Ferguson, he would love nothing
more than to beat City after the war of
words over the past two seasons.
This is an important game for both
clubs, with a lot of local pride at stake, and
I can see it being quite tight. It would be
no surprise to see the sides go in level at
the break and I actually think it will be a
draw in 90 minutes, which can be backed
at 23/10 on Betdaq. I’d also look to sell
goals at 2.35 with Sporting Index as both
sides have strong back fours.
It’s always a lottery when you get to
extra-time, but I am quite interested in
Victor Chandler’s 10/1 about United win-
ning on penalties. They have more experi-
enced players in their squad and if it was
to go to a shoot-out, I’d fancy them to hold
their nerve better than the City players.
POINTERS...
SCORN 4.30pm Brighton (today)
STRONG SUIT 3.10pm Newbury (tomorrow)
LAY FRANKEL 3.10pm Newbury (tomorrow)
THE MINACK e/w 3.25pm Ayr (tomorrow)
DISCOVERY BAY e/w 4.40pm Newbury (tomorrow)
GENERAL SYNOD e/w 5.25pm Newbury (tomorrow)
It's FA Cup semi-final weekend
and we are refunding all losing
first goalscorer, correct score
and half-time/full-time bets on
either game if it goes to penal-
ties. The Manchester Derby
should be a cracker, but it's a
shame that both Wayne Rooney
and Carlos Tevez will be missing.
We also expect to see plenty of
business on the El Clasico game
tomorrow night. There is some
top quality racing action and we
are offering ¼ odds the first five
places in tomorrow's Scottish
Grand National. We will also be
keeping a close eye on the
Greenham at Newbury after lay-
ing a £550k bet on Frankel for
the 2,000 Guineas this week.
Sport
30 CITYA.M. 15 APRIL 2011
TOTTENHAM winger Gareth Bale
admits Champions League football is
a necessity rather than a luxury at
White Hart Lane.
The performances of the Wales
international decorated his side’s
run to the quarter-finals of the com-
petition in what was their debut sea-
son in Europe’s premier club
competition.
But after a 5-0 aggregate defeat at
the hands of Real Madrid Spurs now
face a fight with Chelsea and
Manchester City to ensure
Champions League football returns
to N17 next season with fourth place
in the Premier League up for grabs.
Bale said: “This is a massive club.
We’ve shown this year we can com-
pete in major competitions, and
now we have to qualify for the
Champions League again. It is not
going to be easy but we’re fully
focused on it.
“I’ve grown a lot from this compe-
tition. Because Wales are struggling
to qualify for major competitions,
the Champions League is the highest
level I am going to play at for the
time being.
“It is massively important that we
get back into the Champions League.
Everyone thrives on it and I want to
play as much as I can now.”
Bale: Champions League football
is a must for a big club like Spurs
FOOTBALL
▲
Results
=FFK98CC
L<=8<LIFG8C<8>L<HL8IK<I$=@E8C$
J<:FE;C<>
9iX^X%%%%%%%%%%%%%%%%%%%%% ' ' ;peXdfB`\m%%%%%%%%%%%%% ' '
8kk1(/#'''
Aaa. ¡·¡. Br+a+ W|r ar +W+] aa+|s ra|e.
=:Kn\ek\%%%%%%%%%%%%%%( ( M`ccXii\Xc%%%%%%%%%%%%%%%%%%% ' *
B+jr+m| JZ Rass| 59 |perì
Ra|er 8J |perì
8kk1)*#''' O+r| 89
Aaa. Z·8.
GJM%%%%%%%%%%%%%%%%%%%%%%%% ) ) 9\e]`ZX%%%%%%%%%%%%%%%%%%%%%%%( )
D/saá/s+| ¡ì la|s+a 45
lers Z5 O+ráa/a oJ |perì
8kk1*'#'''
Aaa. J·o.
JgXikXbDfjZfn%% ' ) =:Gfikf%%%%%%%%%%%%%%%%%%%%% ) ,
D/ja|+ 5Z Ha|| Z8
Ar| ìZ O Raár|aae/ 45
Oa+r|r 4ì
|+|c+a 54
8kk1)'#''' Ra|er V|c+e| 89
Aaa. J·¡O.
:I@:B<K
CM :FLEKP :?8DG@FEJ?@G $ ;@M@J@FE FE<1 ?Xdgj_`i\ m
Efkk`e^_Xdj_`i\ |Trert Br|áaeì. H+mps||re Z¡8 |A R Aá+ms
5·54. O E S|rec| 4·5¡ì 1 Natt|ra|+ms||re o·O |Z.O a1ersì.
NXin`Zbj_`i\mJfd\ij\k |T+artarì. w+rW|c|s||re4¡o·o
|9o.O a1ersì |D l V+áá] oìì. 1 Samerset.
;li_XdmPfibj_`i\ |He+á|ra|e] O+rrea|eì. Dar|+mJZo·9
|9o.O a1ersì |V J D| Verata ì4. V J R|c|+rásar oìì. 1
Yar|s||re.
;@M@J@FEKNF1 C\`Z\jk\ij_`i\m;\iYpj_`i\ |Der|]ì.
le|cesters||re ZJO |O w Heráersar ìì. T D OraereW+|á
5·59ì 1 Der|]s||re ¡O¡·4 |J4.O a1ersì.
>cXdfi^Xem>cflZ\jk\ij_`i\ |T|e SwAlEO St+á|amì.
O|+mara+r ZOZ |B J wr|a|t 8J. O O w+aa 58. l D S+te||]
5·5Jì 1 O|aacesters||re ìo·5 |Jì.Z a1ersì.
D`[[c\j\om<jj\o |larásì. V|áá|eset Zìì|R J w Tap|e]
5·o4ì 1 Esset O·O |¡.5 a1ersì. Kert 1 Nart|+mptars||re
|Nart|+mptarì. Kert ZOZ 1 Nart|+mptars||re 8o·J |4O.O
a1ersì.
email [email protected]
No logic in sacking
Ancelotti, says Hoddle
FORMER Chelsea boss Glenn Hoddle
has thrown his support behind under-
fire Blues manager Carlo Ancelotti
and questioned why anybody would
want to dismantle the solid founda-
tions at Stamford Bridge.
Ancelotti is under intense pressure
following Wednesday’s Champions
League exit at the hands of
Manchester United and failure to
retain the Premier League title.
Hoddle said: “I think in football you
need to get a balance. If you don’t
look at a balance you can make a mis-
take. Why would you want to start
afresh again? I would say he definitely
deserves another season, if not two.”
LEYTON ORIENT have followed Spurs
by announcing they have launched a
judicial review against Newham
Council over its role in helping West
Ham United win the right to move
into the Olympic stadium post-2012.
Spurs revealed on Wednesday they
was also taking the borough to court
over the same issue which revolves
around Newham’s offer of a £40m
loan to West Ham to convert the sta-
dium after the Olympic Games.
The O’s chairman Barry Hearn
claims the potential move, which
would see the Hammers offer dis-
counted tickets to the 60,000 seat
venue, could destroy his club, who
long established in the east end of
London.
“We are saying West Ham we don’t
want you in the Olympic Stadium,”
he said. “It’s not your patch, you’ve
got a nice football ground that you
can’t fill up at the moment, you are
going to put us out of business.”
Orient begin their own
Olympic judicial review
FOOTBALL ROUND-UP
SPORT | IN BRIEF
Topley topples Middlesex
CRICKET: Essex youngster Reece Topley
ensured his side enjoyed the better of the
first day’s play in their LV= County
Championship Division Two match at
Lord’s against Middlesex. In only his third
first-class appearance, the 17-year-old
caught the eye with a second successive
five-wicket haul. Nine home batsmen
made 15 or more but none could better
opener Scott Newman’s 38 as Middlesex
were dismissed for 277. Essex’s reply was
11 balls in when bad light ended play.
No Masters hangover for McIlroy
GOLF: Northern Ireland’s Rory McIlroy
put his Masters disaster behind him to
card a three-under 69 in the first round
of the Malaysia Open in Kuala Lumpur.
McIlroy sits five shots behind leader
Alexander Noren of Sweden five days on
from throwing away a four-shot lead at
Augusta. He said: “I’m fine, I think other
people are more upset about it.” Master
champion Charl Schwartzel carded a dis-
appointing 73 to finish one-over par.
Swann bemoans scheduling
CRICKET: England off-spinner Graeme
Swann believes there is too much cricket
being played at the moment and the situ-
ation needs assessing to avoid player
burn-out. The number of matches at the
top level of the sport has been a key sub-
ject of debate for several years, and
England and Wales Cricket Board chief
selector Geoff Miller recently admitted
that there was too much cricket, which
left players too little time for rest and
recuperation. “We do play too much
cricket,” said Swann. “There are a lot of
games that don’t really matter at the end
of the day and that even the fans aren’t
that bothered about.”
THE FACTS:
MARIO BALOTELLI
AGE: 20
TRANSFER FEE: £24m
APPEARANCES: 23
GOALS: 10
MINS PER GOAL: 141.1
Tevez blow hands supporting
cast the chance to shine
City boss Mancini confident his big-money buys will
come good and end United’s treble bid at Wembley
MANCHESTER CITY manager
Roberto Mancini insists he has
total faith in strikers Mario
Balotelli and Edin Dzeko, the men
likely to be charged with the
responsibility of replacing captain
and talisman Carlos Tevez in
tomorrow’s FA Cup semi-final
against Manchester United at
Wembley.
Mancini confirmed yesterday
that former United striker Tevez is
to miss at least the next four
weeks of the run-in with the ham-
string injury he picked up in
Monday’s 3-0 defeat against
Liverpool.
Both Balotelli and Dzeko have
failed to live up to their hefty
price-tags since their respective
moves from Inter Milan and
Wolfsburg, but Mancini is backing
the duo to come good when it
counts most.
“Tevez is not available for
tomorrow,” Mancini said. “It is a
big problem. But we can’t take any
risks. We have six games left and
hopefully we can get Carlos back
for the last two or three games.
“I still have to decide what to
do but both players (Dzeko
and Balotelli) know this is
an important chance for
them. Every player knows
this is an important
moment for the club.
“I know we have
improved a lot. The
important thing is
that we
don’t go
t h e r e
a n d
t h i n k
a b o u t
the enormity of the
game. We cannot
BY JAMES GOLDMAN
FOOTBALL
▲
afford for our heads to get full with
the occasion.”
More than anyone, that
applies to Balotelli. The tem-
peramental Italian has had
a mixed debut season in
England, with several disci-
plinary issues overshadow-
ing glimpses of brilliance.
“I trust Mario,” insisted
Mancini (left), who branded
the 20-year-old “stupid” follow-
ing his dismissal against Dynamo
Kiev last month and then substitut-
ed him at Anfield this week even
though he had been the man who
replaced Tevez just over an hour ear-
lier.
“He knows it is an important
game for him. If his focus is on the
game, he can do everything. We can
change the history of the club. The
first trophy is the hardest but it is
time for City to win something.”
United boss Sir Alex Ferguson
meanwhile, is denied the opportu-
nity to select the in-form Wayne
Rooney, who will be serving the
final game of his domestic ban.
The England striker said: “As
most footballers will tell you, it’s
probably more nerve-racking watch-
ing. But I believe we have got a good
chance of winning and I am hoping
the boys can pull through and get
us to the final.”
THE FACTS:
CARLOS TEVEZ
AGE: 27
TRANSFER FEE: £25.5m
APPEARANCES: 22
GOALS: 40
MINS PER GOAL: 147.5
WORLD No4 Andy Murray has moved
into the quarter-finals of the Monte
Carlo Masters with an assertive 6-3 6-3
victory over Frenchman Gilles Simon.
The opening exchanges were cagey
until Murray found his range and
dominated rallies with aggressive
groundstrokes.
The Scot’s consistency was frustrat-
ing Simon, who twisted his ankle at 5-
3 but managed to continue.
Simon responded with an early
break in the second but Murray
utilised the drop shot against his ail-
ing opponent.
“I thought it was a good match
until he got hurt,” said Murray. “Once
I got my position on the court and
could use my forehand to open the
court on his backhand I was able to
dictate a lot of the points - then he got
his injury.
“It changed the match. You always
feel you are in the driving seat but it’s
not a lot of fun, it spoils the concen-
tration. You know you are in the driv-
ing seat and you want to put the foot
down and finish the match.
“Drop shots were winning me vir-
tually every single point - I had to
keep moving him.”
Murray now faces Portuguese qual-
ifier Frederico Gil, the world number
82, for a place in the semi-finals.
Simon injury takes the shine off
as Murray advances in Monaco
TENNIS
▲
FORMER world No1 Ronnie
O’Sullivan added to the speculation
surrounding his future in the game
by taking steps to pull out of this
year’s World Championships, only
change his mind 24 hours later.
Snooker’s flagship event gets
underway in Sheffield tomorrow
with O’Sullivan, now ranked a lowly
10th in the world, set to begin his
campaign on Monday against
Dominic Dale.
Following a first-round defeat by
Ryan Day in the China Open last
month the three-times world
champion hinted at quitting the
sport altogether, saying: “I’m not
going to say I’m retiring but you
never know, it’s not looking
good”.
On a potential with-
drawal from this year’s
championships, a world
snooker spokesman told
City A.M.: “Ronnie called us
last Thursday and said he
intended to pull out.
Should a player not wish to
forfeit the relevant ranking
points they would need to pro-
vide a medical note as is stan-
dard procedure. But as Ronnie
called the next day and indicat-
ed he wanted to play it never
got that far.”
This year alone O’Sullivan
has withdrawn from two
major ranking events, the
Shanghai Masters and
the German Masters
Championship and has-
n’t won an official
match since claiming
the Premier League title
last November.
Struggling O’Sullivan took steps to
pull out of the World Championship
31 CITYA.M. 15 APRIL 2011
BRITAIN’S Lewis Hamilton has
warned his McLaren bosses that
unless he is provided with a more
competitive car he will be left with
no other option than to see alterna-
tive employers.
McLaren team principal Martin
Whitmarsh was earlier this week
reported to be mulling over an
offer worth a combined total of
£100m to keep Hamilton and
Jenson Button onboard until 2017.
But with this season’s world title
hopes already fading fast as a result
of the one hundred per cent start
made to the new campaign by Red
Bull’s outstanding Sebastian Vettel,
who has won both of the opening
races ahead of this weekend’s
Chinese Grand Prix, Hamilton
admits he could be tempted by a
fresh challenge, and more perti-
nently the chance to race a faster,
more reliable car.
“I have got only a short period in
Formula One and I want to be com-
petitive,” he said. “I want to win
championships. If you’re in a good
enough place and you’re happy
then there’s no need to go any-
where. But loyalty has its limits.”
Hamilton, who has been with
the Woking-based McLaren team
since signing as a child prodigy,
was asked whether he envisaged
staying with them for his entire
career. “I don’t really envisage any-
thing, to be honest,” he said.
According to Hamilton, Red Bull,
who would be favourites to sign
him if he did move on, are getting
stronger and stronger.
“They’re better this year,”
he said. “They’re just getting
better. The car is the quickest
so now they can focus on
other areas. Their pit stop is
the fastest. They’re in and out.
Boom. It’s like clockwork.”
Button, who succeeded
Hamilton as world champion
in 2009, was more upbeat
about McLaren’s chances of
overhauling Red Bull.
He said: “I think we can
make more headway than Red
Bull, because of not really
completely knowing our car
and not having the perfect set-
up over the past couple of
races. Also we have some
updates here; I don’t know if
Red Bull has.”
Hamilton warns McLaren: Make
me a winner again or I’ll leave you
BY JAMES GOLDMAN
FORMULA ONE
▲
BY JAMES GOLDMAN
SNOOKER
▲
THE FACTS:
EDIN DZEKO
AGE: 25
TRANSFER FEE: £24m
APPEARANCES: 15
GOALS: 4
MINS PER GOAL: 257.8