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EUROCRATS BACK Hester could

get £4.5m in

NEW TAX ON CITY bonus deal

▲
BANKING
BY RICHARD PARTINGTON
THE CHIEF executive of state-owned
TAX lender Royal Bank of Scotland (RBS)
▲

BY JULIET SAMUEL could receive a bonus of up to £4.5m,

under a long-term incentive scheme
THE European Parliament voted yester- revealed last night.
day to slap a Tobin tax on all financial Stephen Hester could take home the
transactions that pass through all-share reward if he hits strict perform-
Europe, in a bid to raise €200bn ance targets over the next three years,
(£172bn) for EU spending. on top of a £2m bonus he will get for last
The tax would disproportionately year.
hit the City, Europe’s financial capital, The payment comes as part of an all-
at a time when banks are struggling to share bonus pool worth up to £28m for
build up their capital bases. nine of RBS’ top staff, including Hester.
The EU Parliament said the propos- RBS last night revealed its long-term
al, to impose a 0.05 per cent tax on incentive plan ahead of further bonus
“every type of transaction” at EU-level, disclosures next week, agreed under the
is aimed to “help finance budgets, government’s Project Merlin talks.
reduce public deficits and fight specu- Hester’s award of 10.1m shares in the
lation”. bank will vest in March 2014 and will be
The EU is keen to find new ways to dependent on him sufficiently turning
raise cash for itself and sees the around the state-owned lender as well as
region’s banks as a ripe target for extra meeting other strategic targets.
revenue-raising, claiming the tax The bank’s second highest paid execu-
would make the industry pay for the tive under the long-term incentive plan
crisis. revealed last night was finance director
The vote would require the consent The EU Parliament voted in favour of a so-called “Robin Hood tax” that would disproportionately hit London Picture: GETTY Bruce van Saun, who will be in line for a
of member states to become law, but £2.8m reward if he hits targets.
the margin by which it passed – 529 to The CBI’s Brussels director, Sean migrate elsewhere, along with the buy CDSs to insure sovereign debt that RBS could come under renewed
127 – will force the European McGuire, said: “It would hamper the jobs, the tax revenues and the rest.” they did not own. scrutiny for its bonus plans as a result of
Commission to draw up plans for its EU’s long-term competitiveness as a The transaction tax vote comes a “They’re trying to say hedging is OK its 83 per cent taxpayer ownership, yet
implementation. leading centre for financial services day after the EU Parliament’s but speculating isn’t,” said an indus- the bank last night defended its long-
“We want to send out an institution- companies, and ultimately have a neg- Economic Affairs Committee passed a try source. “But if they ban naked term reward scheme.
al signal saying that the private sector ative impact on jobs and growth.” motion to ban trading of naked credit trading, there’ll no one for the worthy A spokesperson said: “These awards
bears its part of the responsibility for He added that the tax would also be default swaps (CDS) on sovereign debt hedgers to trade with. They’ll dry up follow exhaustive consultation with our
the crisis,” said German MEP Martin passed on to consumers. and to force traders to settle naked the market.” shareholders and we believe they appro-
Schulz. The British Bankers’ Association short sales at the end of each day. A naked trade is a bet on a derivative priately balance demonstrating
Critics fear the charge, dubbed a said: “It would require simultaneous The measures, which must be nego- where the trader does not own the restraint while remaining fully support-
“Robin Hood tax” by supporters, will worldwide application to succeed, oth- tiated by European finance ministers, underlying asset. ive of our leadership through the RBS
drive capital flows outside the EU. erwise the business would simply would mean that traders could not ALLISTER HEATH: P2 turnaround plan.”

FTSE 100 ▲5,974.76 +0.98 DOW ▲12,214.38 +124.35 NASDAQ ▲2,765.77 +20.14 £/$ 1.62 unc £/¤ 1.16 unc ¤/$ 1.39 t-0.01 Certified Distribution
03/01/11 till 30/01/11 is 97,465
 2 News CITYA.M. 9 MARCH 2011

Why Britain must reject a Tobin tax NEWS | IN BRIEF

Chinese make a bid for Kalahari
A $1.23bn (£761m) potential takeover
offer by a Chinese state-run group for
pension fund returns or anything else. Taxing just derivative, equity and sation to hold a security on which Kalahari Minerals may prompt Rio
Even though there would no longer be bond trades would yield £40bn- taxes had just been hiked, eroding the Tinto to consider its own bid for the
any money to be made from trading £180bn. Compare that to UK corpora- miniscule revenues collected. The uranium miner. The 290p per share
in the EU, everybody would stay put, tion tax revenues of £43bn and number of transactions in shares col- offer by China Guangdong Nuclear
continuing to buy and sell as before, income tax of £150bn and you realise lapsed, eroding capital gains tax Power Holding would allow China’s
albeit for free, and ensuring that all of that MEPs are plotting the biggest tax receipts (stock prices also fell as a government access to uranium to
the tax money were actually raised – hike in British history, one that would result of the tax, further cutting gains boost its atomic generation efforts.
such altruistic people, these traders. destroy the economy at the stroke of a as well as making it harder for firms Rio Tinto owns 14 per cent of Kalahari
EDITOR’S LETTER The MEPs believe the tax would col- pen – and equally astonishingly, to raise capital for expansion and and has indicated an interest in buy-
lect £20bn from UK trades, roughly as would transfer these resources from jobs). Over half of all equity trading ing smaller miners, raising the
ALLISTER HEATH much as the total global profits of the UK to Brussels. Unbelievable – lit- moved to London. During the first prospect that it could consider a
London’s largest banks – though of erally. Such sums could not possibly week of the Tobin tax on bonds, trad- takeover. Japan’s Itochu Corp also
IT is amazing how many intelligent course it would be paid for by thou- be raised in this way. Transactions ing slumped 85 per cent, even though owns 14 per cent of Kalahari.
people believe in free lunches. The lat- sands of financial firms and their would cease to be conducted in the the levy on five-year bonds was only
est instance of this bizarre intellectual investors, including pension funds EU. Tens of thousands of jobs would be 0.03 per cent. Futures trading col- AIG pays $6.9bn to US Treasury
affliction can be found in yesterday’s and insurance firms, whose returns lost overnight and the City of London lapsed 98 per cent and options trading AIG has repaid a further $6.9bn
vote by MEPs in Brussels to slap a from their hedge fund investments would be destroyed. The tax would stopped altogether. (£4.3bn) of its debt with the US
Tobin tax on financial transactions in would be decimated. But as the Open raise a couple of billion at most. Even were it imposed globally, a Treasury, as it attempts to recover
the EU. The vote fortunately has no Europe think-tank points out, the real Sweden is the only country that has Tobin tax would still slash transaction from its crisis-era troubles. The pay-
legal power, but European parliamen- cost would be even greater. The World ever imposed a unilateral Tobin tax; volumes, make markets less liquid, ment brings the total amount recov-
tarians believe their scheme would Federation of Exchanges puts the total the experiment was an unmitigated increase the cost of raising finance for ered by the US government from its
raise €200bn (£172bn) a year. Weirdly, value of financial transactions in the disaster in the 1980s and was reversed. all firms and punish companies that $411bn Troubled Asset Relief Program
they don’t think that grabbing such a UK at £600 trillion a year. On the eco- Instead of raising 1.5bn kroner on operate in more than one currency. (TARP) to 70 per cent. AIG paid the
huge chunk of cash – roughly speak- nomically illiterate assumptions used bonds alone, as predicted, the tax col- The British government must stand its money from the proceeds of its sale of
ing, it would wipe out all profits at by the MEPs, a Tobin tax would thus lected 50m kroner a year. The cost of ground and block this nonsense. shares in insurer MetLife, shares it
investment banks and wealth man- raise between £60bn (at a rate of 0.01 government borrowing went up, as [email protected] acquired when MetLife bought its
agers – would have any effect on jobs, per cent) and £300bn (at 0.05 per cent). investors demanded greater compen- Follow me on Twitter: @allisterheath Ailco international unit last year.

7th Floor, Centurion House,

24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
BC Partners
raises €4bn
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
PRIVATE EQUITY sis, as investors have reduced the num-
▲

Lifestyle Editor Zoe Strimpel

Sports Editor Frank Dalleres BY RICHARD PARTINGTON ber of companies they invest with and Billionaire Carl Icahn has grown weary of overseeing others’ money
Art Director Craig Gaymer how much they put with their pre-

Icahn returns client cash

Pictures Alex Ridley LONDON-based private equity house ferred managers. Last year, firms
BC Partners has raised €4bn (£3.4bn) raised $225bn (£139bn) globally, the
Commercial towards a buyout fund, as it builds one lowest amount since 2004. In 2007,
Sales Director Jeremy Slattery of the largest cash stockpiles since the prior to the collapse of Lehman
Commercial Director Harry Owen financial crisis. Brothers, private equity houses raised
Head of Distribution Nick Owen Investors in the firm were told yes- almost $700bn worldwide, according
terday that it had reached a point to data provider Preqin. HEDGE FUNDS money as markets are becoming
▲

Distribution helpline where it could start to use the funds. BC Partners won’t use its war chest more unpredictable and investors
If you have any comments about the distribution BY HARRY BANKS
of City A.M. Please ring 0207 015 1230, or email The amount exceeds the €3bn BC to go on a spending spree just yet, as it more demanding.
[email protected] Partners had expected to raise by this still has enough capital to do at least BILLIONAIRE hedge-fund manager “While it may sound ‘corny’ to
point. It is aiming to build a €6bn fund one more deal from the €5.9bn fund it Carl Icahn is returning outside some, the losses that were incurred
Editorial Statement by the end of this year. raised in 2005. investors’ capital, marking the end of by investors in our funds in 2008
This newspaper adheres to the system of Seen as a bellweather for the private an era as he joins a string of promi- bothered me a great deal more, in
self-regulation overseen by the Press Complaints equity industry due to its longevity, BC Partners co-chair nent stock pickers who no longer many respects, than my own losses,”
Commission. The PCC takes complaints about the the firm’s fundraising will be closely wants the headache of overseeing the 75-year-old investor wrote in a six-
editorial content of publications under the Editor’s Francesco Loredan’s
watched by houses in the US and else- other people’s money. paragraph-long letter sent to
Code of Practice, a copy of which can be found at
www.pcc.org.uk where looking to drum up investor new fund will be one of Icahn, known for his knack of pick- investors.
Printed by Newsfax International,
interest. the biggest since before ing winners and his ability to face off Outsiders had invested roughly
Beam Reach 5 Business Park, Private equity firms have struggled the financial crisis. with captains of industry, says he has $1.75bn (£1bn) in Icahn’s $7bn Icahn
Marsh Way, Rainham, Essex, RM13 8RS to raise capital since the financial cri- grown weary of overseeing others’ Capital hedge fund.

WHAT THE OTHER PAPERS SAY THIS MORNING

provide incentives for housebuilders
by easing their cash flow problems
with projects on state-owned land. It
MOVE TO SYNTHETIC US JUNK BONDS is expected to be among an array of FORGET THE BAD TIMES – THE GLORY ICELAND'S ECONOMY CONTRACTED IN US, EU AIR-SAFETY PACT NEARS FINAL
Demand is growing for “synthetic” “growth” measures to be made public DAYS ARE ON THE WAY BACK FOR FOURTH QUARTER APPROVAL
financial instruments that enable in the run-up to the Budget on March HEDGE FUNDS Iceland’s economy shrank again in After a delay of almost two years, the
investors to take positions in the US 23. Investors are expected to pour record the final part of last year after grow- US and the European Union appear
junk bond market without owning sums into hedge funds this year, with ing in the third quarter, data showed, ready to cement an air-safety pact
the underlying securities. The instru- LIBYAN CENTRAL BANK CHIEF estimates suggesting that the figure but it closed 2010 with its first year-on- that both sides say should improve
ments, created by using credit deriva- SURFACES could be as high as $210bn. That year growth since the country was hit aviation oversight and save millions
tives on junk bond or high-yield The whereabouts of the governor of would be almost four times higher by a brutal recession. Gross domestic of dollars annually by eliminating
indices, resemble transactions linked Libya’s central bank, the man who than in 2010. Deutsche Bank said that product (GDP) shrank 1.5 per cent in duplicate efforts. The agreement was
to US mortgages that proliferated holds the key to the Gaddafi regime’s such investment would increase the the fourth quarter from the previous reached in 2008 but languished amid
before the financial crisis. The col- finances, have confounded officials, total size of the hedge fund market by three months, the statistics office said opposition in the U.S. Congress. That
lapse of these synthetic mortgage- diplomats and bankers who have been more than 10 per cent, valuing it at yesterday. Year-on-year the economy fight now appears resolved. As a
backed collateralised debt obligations desperate to find him over the past $2.25 trillion (£1.4 trillion). grew for the first time since before result, the EU on Monday gave its
when mortgages turned sour was a two weeks. Farhat Omar Bengdara has the financial crisis, rising 0.1 per cent. final approval of the pact, which
big feature of the crisis. spent much of the time since the out- DECLINE IN FINAL-SALARY PENSION could come into force as soon as May.
break of the uprising against SCHEMES GATHERS PACE FORD CHIEF EXECUTIVE MULALLY
BUILD NOW, PAY LATER PLAN TO SPUR Muammer Gaddafi outside Libya. Late Final-salary pension schemes are GIVEN $56.5M OF SHARES WARNER BROS. TO OFFER MOVIES
HOUSING on Tuesday night the governor finally being closed to existing employees at Ford, which made its biggest profit in THROUGH FACEBOOK
Housebuilders will be given govern- surfaced: in an e-mail sent to the the fastest rate on record, according more than a decade last year, has Warner Bros. Entertainment said it
ment land to build homes – with no Financial Times, he said he had been to new research. Seventeen per cent rewarded chief executive Alan Mulally will start renting movies via
need to pay until the properties are informed that the secretary of plan- of defined-benefit schemes were with shares worth $56.5m (£35m). The Facebook, the latest effort by movie
built and sold – under radical plans ning and finance had been appointed closed to new accrual by 2010, up man who hired Mulally, executive studios to find new revenue sources
being considered by ministers. The as acting governor and confirmed that from 7 per cent in 2009 and only 3 chairman Bill Ford Jr., also got stock as consumers buy fewer DVDs and
plan, “build now, pay later”, would he had been in Istanbul. per cent in 2008. worth $42.4m. spend more time online.
CITYA.M. 9 MARCH 2011 News 3

RAJARATNAM TRIAL BEGINS

THE CRIMINAL
trial of hedge fund
Horta-Osorio makes his mark
in Lloyds boardroom reshuffle
founder Raj
Rajaratnam, at the
centre of the
biggest US insider
trading probe in
decades, began yes-
terday in New York.
One-time billionaire Weir will leave with immediate from Santander.

▲
BANKING
Rajaratnam, 53, BY RICHARD PARTINGTON effect and Kane will stay with the Two senior employees of the
whose Galleon bank until its annual meeting. Spanish bank’s British operation fol-
Group hedge funds LLOYDS Banking Group will this The development comes as new lowed him to Lloyds after it was
managed $7bn at morning announce a boardroom chief executive António Horta-Osório announced he would replace Eric
their peak, is shake up that will see two senior looks to make his mark on the bank, Daniels as the head of the state-
charged with insid- board directors exit. after his first two weeks in charge. backed lender. Juan Colombás, head
er trading that net- Amongst the casualties are retail One option available to Horta- of risk at Santander UK and Antonio
ted him $45m in banking chief Helen Weir and insur- Osório in the reshuffle could be to Lorenzo, the bank’s chief financial
illegal profit. ance boss Archie Kane, sources have promote senior Lloyds executives, officer, joined Lloyds in January.
told City A.M. including those he has brought in LLOYDS TSB RETAIL BOND: P4

No safe haven
for HSBC if it
leaves London
annual report shows that it has 167
▲

BANKING
BY JULIET SAMUEL people in its banking supervision divi-
sion, versus the FSA’s 988.
BANKING regulators in Hong Kong The most recent figures available
would face a huge challenge to scale also show that in 2006, the HKMA was
up their operations if HSBC were to responsible for regulating banks with
abandon the City in favour of its for- a total of HK$8.3 trillion in assets, less
mer home, raising questions as to than half the size of HSBC’s HK$19 tril-
whether it would be welcomed into a lion global balance sheet last year.
rival jurisdiction with open arms. And although HSBC could avoid the
With HSBC’s chairman Douglas UK’s bank levy by moving its head-
Flint warning that the UK bank levy is quarters, it might not escape extra cap-
a “location tax” on being head-quar- ital requirements.
tered here, speculation has mounted HKMA says it is “keeping an open
that it could leave if the Independent mind” on the issue of surcharges for
Banking Commission tries to break up systemically important banks.
its operations. HKMA added that it does not com-
But HSBC’s natural alternative ment on matters concerning individ-
home, Hong Kong, would not neces- ual banks. HSBC refused to comment.
sarily welcome taking responsibility
for the banking behemoth. ANALYSIS l HSBC Holdings
“It’s a very different beast in Hong
p
Kong,” says Baker & McKenzie’s Tim 740
Gee. “They’re not lead regulator to a
720
bank with anything like the scale and 670.60
complexity of HSBC.” 700
8 Mar
The Hong Kong Monetary Authority
(HKMA), which currently supervises 680
HSBC’s Hong Kong subsidiary, has a 660
fraction of the banking supervision
staff of the FSA, its equivalent regula- 640
tor in the UK. The HKMA’s most recent 22 Dec 14 Jan 3 Feb 23 Feb

Japanese food chain Wagamama

to be sold for more than £200m
▲

LEISURE
ket conditions.
JAPANESE noodle chain Wagamama is Wagamama has expanded rapidly
expected to be sold to private equity in recent years. It now operates more
firm Duke Street Capital within the than 60 restaurants in the UK and
next two weeks, in a deal worth over almost 40 overseas, including in
£200m. Australia and the US.
The chain’s current owner, Lion The group’s eateries in London have
Capital, is currently in talks with the been known to turn over 12 sittings a
firm with a view to striking a deal. day.
Lion had looked to sell Wagamama Founded in 1992 in London by
earlier last year, after it appointed entrepreneur Alan Yau, the firm
investment bank Rothschild to advise made more than £15m in pre-tax prof-
on the process. its in the year to April 2010.
The private equity firm had previ- Yau sold out to Graphite Capital and
ously considered an initial public entrepreneur Rory McCarthy in 1998,
offering for the firm in 2007, yet abort- before Lion bought a majority stake
ed its efforts due to choppy stockmar- from Graphite for £103m in 2005.
 4 News CITYA.M. 9 MARCH 2011

Lloyds TSB unveils David Cameron’s ad man

5.5 per cent bond gets top job at Havas
for retail investors PROFILE Jones, who currently heads up

▲
BY RICHARD PARTINGTON Havas’ flagship Euro RSCG advertis-
ing agency, will become one of a
THE ADVERTISING executive behind handful of foreign leaders of French
David Cameron’s election campaign firms.
has been given the top job at French A Francophile, Jones will also be
BANKING find similar returns elsewhere. advertising group Havas. one of the youngest chief execu-
▲

BY MARION DAKERS “We applaud companies like David Jones, who helped hand tives in the global advertising
Lloyds that are helping to recreate an Cameron the keys to Number 10 as industry.
LLOYDS TSB launched a five-year cor- active bond market for private his ad man, will become chief exec- During the 2010 general elec-
porate bond for retail investors yes- investors to put them on a par with utive of the firm following the tion campaign he worked close-
terday, following its first offering to institutional investors.” shock resignation of its chief execu- ly with David Cameron and his
private bond investors last June. The bank said the notes will be eli- tive yesterday. former communications
The bonds will pay 5.5 per cent gible for trading on the London In an unexpected move, director Andy Coulson.
interest at a fixed rate until the notes Stock Exchange’s electronic order Fernando Rodés told the group’s He was the creative spark
mature in September 2016. Lloyds book for retail bonds, which was board of directors of his plan to behind Cameron’s “dad’s
and Royal Bank of Canada are under- launched in February last year to quit, as the company discussed its nose, mum’s eyes,
writing the scheme. give individuals better access to full-year results. Gordon Brown’s debt”
Lloyds expects to raise at least investment products. The firm said Rodés had quit to campaign but not the
£50m from the bonds, which will be Seven new bonds have been intro- “give a new direction to his personal infamous “I’ll cut the
offered to individuals for a minimum duced for the new platform in the and family entrepreneurial activi- deficit – not the NHS”
investment of £1,000 with £100 units year since launch, with companies ties” but that he would “remain poster series.
above this, as part of its scheme to including Tesco, John Lewis and associated” with the group. His RSCG firm has
issue £50bn of European medium Provident Financial entering the Havas, the fifth largest advertis- been the Conservatives’
term notes. market. Lloyds TSB’s first corporate ing group in the world, reported a ad agency since 2007
Killik & Co senior partner Paul bond for retail investors, launched in 20 per cent increase in net profit to and also counts US food
Killik said yesterday: “The retail bond June with a 5.375 per cent interest €110m (£97.4m) on revenues of giant Kraft and carmaker
market offers welcome relief to rate and £100 unit price, now €1.56bn. Peugeot as clients.
investors and savers struggling to changes hands for £103.25 per unit.
DAVID JONES

dine out with the stars

Dresdner bankers
at gordon ramsay, marco pierre white + many more
2 course lunch £15, 3 course dinner for £25 set for bonus case
BANKING company was struggling. guaranteed minimum bonus pool
▲

BY MARION DAKERS Commerzbank argues that the cannot be contractually binding

bank was entitled to slash bonus even though individual employees
COMMERZBANK faces a high-pro- awards because the bank’s eco- cannot at the time point to an enti-
file lawsuit from 104 of its invest- nomic conditions had materially tlement to a specific bonus
ment bankers over a bonus changed, based on Dresdner’s payable out of it.
dispute, after the Court of Appeal €6.2bn losses during the bonus “At the very least each of them
yesterday rejected the bank’s period. would be entitled to nominal dam-
request to dismiss the case. The court has heard that ages for its breach,” he added.
Current and former bankers, bankers learned about a guaran- Commerzbank said it was disap-
who worked for Dresdner teed €400m bonus pool during a pointed by the decision but that it
Kleinwort before Commerzbank meeting in August 2008, but the will defend itself against the
took it over in 2009, are suing to bank ended up paying out around claims.
recover €52m (£44.7m) in bonus €272m. The bank declined to comment
payments from 2008 and will now The court yesterday allowed the on whether it might appeal the lat-
prepare for a full trial in 2012. bankers to argue that contractual est judgment or consider a settle-
The case could force promises were made during inter- ment.
Commerzbank to reveal details of nal meetings, as well as in written Law firms Stewarts and Mishcon
Dresdner’s bonus decisions and set form, in a blow to the bank’s case. de Reya are representing the
a precedent for other banks that Judge Andrew Morritt said: “I bankers, while Linklaters is acting
have withheld bonuses when the see no reason why the promise of a for the bank.

Oil prices fall on output negotiations

as Gaddafi launches attack on rebels
▲

ENERGY around $113m a barrel on the news. Barak Obama to plan an end to the
Libya’s ongoing conflict has sent violence in Libya.
OIL prices fell yesterday after the oil US crude prices to their highest level In a phone call yesterday after-
minister of Kuwait said that OPEC since September 2008, as investors noon, the two leader’s agreed to
was in talks about an output continue to fret about potential sup- coordinate their efforts to end the
increase. ply disruption in the Middle East as fighting.
The commodity has surged on unrest and protests spread. A Downing Street spokesperson
unrest in the Middle East, most Gaddafi yesterday launched an said: “They agreed that the common
recently driven by Colonel Gaddafi’s assault to recapture towns held by objective in Libya must be an imme-
brutal oppression of anti-govern- rebels in the country. diate end to brutality and violence;
ment protests in Libya. Reports suggest his forces have the departure of Gaddafi from
OPEC said it was considering an devastated Zawiyah, a refinery town power as quickly as possible; and a
fonefood Search official hike in production for the just 30 miles from the capital transition that meets the Libyan
first time in more than two years, Tripoli. peoples’ aspirations for freedom,
Dining on selected dates only, subject to availability and conditions. allaying fears over security of supply. Meanwhile, Prime Minister David dignity, and a representative govern-
For full list of participating restaurants and terms & conditions go to www.lastminute.com
In London, Brent crude fell to Cameron spoke with US President ment.”
CITYA.M. 9 MARCH 2011 News 5

ABI NAMES OTTO THORESEN NEW DIRECTOR-GENERAL OTTO Thoresen, the

chief executive of
Aegon’s UK arm,
has been named as
Deutsche Telekom,
Sprint eye US tie-up
the new director-
general of the
Association of
British Insurers
(ABI). The trade
association for
insurance, invest-
ment and savings and Harbinger-backed start-up

▲
TELECOMS
has been overseen BY HARRY BANKS LightSquared about a potential spec-
by Maggie Craig, trum deal with its US operation, T-
ABI’s director for life DEUTSCHE Telekom has held talks Mobile USA.
and savings, since with larger rival Sprint Nextel over a Deutsche Telekom is open to all
Kerrie Kelly left last potential sale of T-Mobile USA in options in the US, chief financial officer
summer after just exchange for a 50 per cent stake each in Timotheus Hoettges said in an email.
six months in the the combined company, sources said Hoettges said the operator was not
post. Thoreson is the yesterday. pressed for time, although the compa-
first industry execu- The company has made no secret of ny acknowledged earlier that it needs
tive in the role. the fact that it has held talks with access to more wireless spectrum in
Picture: Getty smaller companies such as Clearwire coming years for data services.

BarCap set to
gain broking
mandate at 3i
brokers in terms of FTSE 100 clients.
▲

ADVISORY
BY DAVID HELLIER AND JULIET SAMUEL Bank of America Merrill Lynch is
expected to hang on to the joint bro-
BARCLAYS Bank’s fast growing equi- kerage which it nearly lost in 2009
ties business BarCap was last night when its relationship broker Mike
said to be close to winning an impor- Findlay left the firm shortly after its
tant new broking appointment at the takeover by Bank of America.
international private equity group 3i. Meanwhile Swiss banking group
3i has been conducting a regular UBS yesterday enjoyed a welcome suc-
review of its brokers, which are cur- cess as it won a prestige broking
rently Bank of America Merrill Lynch account with the global drinks group
and JP Morgan. Diageo. The UBS appointment and
The group, whose chief executive is the reappointment of an existing bro-
Michael Queen, said it would not for- ker led to speculation that Diageo
malise an appointment until a board might drop Goldman Sachs but as of
meeting at the end of the month. yesterday a spokesman for the group
“We are reviewing our brokers at the said: “As of today we have three corpo-
moment,” a spokesman said. rate brokers.” The other adviser is
But City A.M. has been told that Swiss group Credit Suisse.
BarCap, whose UK equities capital The appointment of UBS will be a
markets team is led by Jim Renwick, major boost since the firm has lost a
is in pole position to win one of the number of clients recently, including
broking positions from JP Morgan. Standard Life and Legal & General.
If BarCap succeeds in winning the It would be particularly sweet for
account it will be a further boost for UBS if its appointment knocked
the unit, whose recent accounts wins Goldman off the mandate since last
have included IAG, the airline group September it lost one of its star bro-
comprised of Iberia and British kers Philip Shelley to its rival.
Airways, Resolution and BHP. It is also Key to the Diageo decision-making
broker to National Grid. process is believed to be the powerful
Earlier this year BarCap overtook investor relations director Catherine
Nomura to break into the top ten of James.

Credit Suisse Madoff trustee London to

client in court has won $9.8bn Copenhagen
from
£
29 .99
▲

MINING FINANCIAL CRIME

A CREDIT Suisse client pleaded guilty THE trustee seeking money for
in US federal court yesterday to evad- investors hurt by Bernard Madoff’s
ing taxes, confirming that the bank Ponzi scheme said he hopes to begin single
has become tangled in the US govern- distributing money “in the near inc. taxes
ment’s latest wave of tax evasion future” but that lawsuits challenging
probes. his efforts are causing delays.
Defendant Edward Gurary, of Ohio, Irving Picard, the trustee, said he
was originally charged with hiding has won $9.8bn (£6bn) in recoveries
assets at accounts at Swiss bank UBS, since the fraud was uncovered in
but he now also admits he hid assets December 2008. But most of this sum
at Credit Suisse. is being held, including a $7.2bn set-
US officials said they are investigat- tlement from the estate of former
ing other banks after UBS paid $780m Madoff investor Jeffry Picower that is We fly from London Gatwick, London Stansted and Manchester. Price correct on 14 February for travel between
to settle tax evasion charges. The case being challenged by investors who 28 February and 17 April 2011. Variable charges for hold baggage apply and some payment methods attract a
marks the first time Credit Suisse has complain the accord blocks other law- handling fee. See website for details. Photo credit: Nicolai Perjesi.
been mentioned in the case. suits against the estate.
 6 News CITYA.M. 9 MARCH 2011

London still
at top for Greek yields
metal trade rise as it sells
€1.6bn T-bills
▲

COMMODITIES
BY KATIE HOPE
LONDON led the way last year as the
top exchange centre for trading of
non-ferrous metals, with a 90 per cent
share of the record 120.3m contracts EUROZONE CRISIS Eurozone benchmark German Bund

▲
turned over. BY STEVE DINNEEN following news of Madrid’s plan to
Overall, exchange trading of com- launch a new 15-year bond. The
modities such as gold and silver GREECE’S Public Debt Management Spanish issue is understood to be for
surged by 20 per cent in 2010 as their Agency (PDMA) sold €1.625bn between €3bn and €5bn.
popularity as well as the ease of (£1.4bn) of 6-month T-bills yesterday, Portugal will auction a round of
investing in them increased, accord- with the yield rising by 11 basis short-dated bonds this morning as it
ing to data from financial member- points compared to an auction held seeks to fund itself through markets,
ship body TheCityUK. last month. resisting pressure to accept an inter-
In total commodity assets under The sale was well covered with the national bailout.
management have now nearly dou- bid-cover ratio at 3.6 versus 4.54 in the The yield on 10-year Portuguese
bled to $380bn (£235.1bn) at the end previous auction. Greece paid a yield debt continues to set new highs, in
of the year, with the bulk invested in of 4.75 per cent, up from 4.64 per cent part driven by rising yields across the
energy and precious metals. in the 8 February auction, the debt Eurozone as the European Central
The value of global gold turnover agency said. Bank prepares markets for a rise in
increased by a quarter in 2010 to a Foreigners bought nearly a third of interest rates. Its 10-year bonds have
record $25.1 trillion, while silver trad- the issue, PDMA chief Petros yielded more than seven per cent for
ing increased by 57 per cent to a Christodoulou said. more than a month.
record $3.2 trillion, as fears over the The Greek yields were hit by a Greek Prime Minister George
strength of the economic recovery Spanish plan to launch a new bond by Papandreou said the EU must adopt a
saw a surge of interest in the per- syndication, adding to unease in “safe environment for the euro, and
ceived safe-haven appeal of precious peripheral markets. The Portuguese subsequently for the management of
metals. Daily reported net trading in bond yield hovered near record highs debt, to convince markets.”
gold on the London Bullion Market and Italian yield spreads also He said Greece’s credit downgrade
Association averaged $22.5bn in 2010, widened. by Moody’s Investors Services was
up 12 per cent on 2009. Greek prime minister George Papandreou called Greece’s credit downgrade “unjustified”. Spanish debt underperformed the “unjustified”.

@
EU stress
tests easier
than 2010

@
▲
REGULATION
BY JULIET SAMUEL

Hot fares! THE European Banking Authority

(EBA) yesterday began rolling out
stress tests on 88 of the region’s
Fly from Heathrow banks, which together hold 65 per
cent of EU assets.
Europe has promised a more cred-
Dubai from £
319 ible set of tests after only seven
banks failed the last round in 2010 –
none of them Irish, despite the sub-
Lagos from £
347 sequent nationalisation of the coun-
try’s remaining banks.

@
However, the worst-case scenarios
Accra from £
386 that the EBA will use for its tests,
designed by the European Central
Bank, are less severe than those used
Nairobi from £
421 in the 2010 tests. It involves a 0.5 per
cent fall in the euro area economy

Johannesburg 422
from £ this year, and a 15 per cent drop in
European equities – less harsh than
the overall 20 per cent drop mod-
Singapore from £
480 elled in the 2010 tests.
Markets were hoping that a rigor-
ous process could force banks into
Return fares, incl taxes raising capital by highlighting their
exposure to real estate and sovereign
debt crises.
UK banks are expected to fare well,
More offers on KLM.com with PricewaterhouseCoopers’
Richard Barfield saying: “We would
www.cityam.com

expect the results of this round of

stress testing to reveal UK banks to
be in a stronger position than in
Fares quoted are for return flights from Heathrow via Amsterdam, including taxes and charges, which are subject to change. Book 2010.” The bank tests will be a key
by 20/03/11. Travel periods vary. Fares are subject to availability. Credit card surcharge will apply. Specific booking conditions and
the General Conditions of Transportation of KLM and AIR FRANCE apply. Prices correct at 03/03/11.
moment for the EBA, which was
established in January, to prove its
credentials as a regional regulator.
Germany had been pushing for
the results of the tests to remain pri-
vate, but Spain and other states won
an agreement to publish them.
CITYA.M. 9 MARCH 2011 News 7

Antofagasta to
pay $1bn extra Airlines slam
to shareholders
MINING
BAA reaction
▲

CHILE-FOCUSED miner Antofagasta

revealed a huge special dividend of
almost $1bn (£619m) yesterday to
share last year’s rewards from boom-
ing copper prices and increased pro-
Antofagasta chief exec Marcelo Awad has delivered a bumper dividend Picture:REUTERS

ANALYST VIEWS: WHAT DID YOU MAKE OF

to snow chaos
duction.
The firm said pre-tax profit rose 79
ANTOFAGASTA’S RESULTS? Interviews by Marion Dakers & Eric Wilkens was apologetic, telling the committee:

▲
AVIATION
per cent to $2.5bn, boosted by an 18 “We had planned for six centimetres
BY MARION DAKERS
per cent rise in copper production. MICHAEL STARKE | EDISON of snow, in the event we got far more

“
However, the results missed some HEATHROW operator BAA came in for than that... We should have had a plan
forecasts once one-off gains were stiff criticism in front of the transport which envisaged much more snow.”
stripped out, largely due to higher The firm had an exceptional year, with copper prices pushing revenues select committee yesterday, with air- BAA is due to publish its own report
energy costs at the firm’s mines. up and operational profits almost doubling. The huge dividend reflects that fact. lines slamming the firm’s handling of on the snow delays later this month.

”
The $1 per share special dividend The question is whether it will be able to repeat this – we’ve seen some profit tak- the snow in December. Ferrovial, BAA’s Spanish parent,
means the company will pay share- ing today from those who think that Antofagasta has peaked. Executives from Virgin Atlantic and also said yesterday it was studying
holders 109 per cent of its net earn- British Airways told the committee offers for a 10 per cent stake in BAA,
ings for the year. that BAA’s organisation problems left put up for sale to help pay Ferrovial’s
“We feel confident about having CHARLES COOPER | ORIEL SECURITIES thousands stranded. debts.

“
the dividend,” said chief executive “At the end of the day, if the airport Chinese operator HNA was yester-
Marcelo Awad in a call with analysts. operators do not provide a service to day seen as a leading contender,
“It underlines the increased produc- It’s broadly been a bumper year, though some figures missed consensus us it is our customers that suffer and though a Ferrovial spokesperson said
tion and confidence in the future forecasts once one-offs are removed. But given the fact that the firm has account- that is a situation that is not accept- no decision has been made.

”
prospects of the market and the ed for spending on projects and taking into account higher commodity prices, it’s able to us,” said BA’s operations direc- ANALYSIS l Ferrovial Group
group.” possible that the company could pay out a similar dividend in 2011. tor Andrew Lord.
The firm has set aside $95m for Virgin chief executive Steve 9.5 €
fresh exploration – slightly down on Ridgway said communication
last year. “Capital expenditure will be TOM GIDLEY-KITCHIN | CHARLES STANLEY between BAA and airlines had been 9 8.72

“
lower compared to the last few years poor compared to Gatwick, which he 8 Mar
and we felt it was appropriate to said worked more closely with carriers 8.5
make a larger return of cash for the The dividend shows that Antofagasta is confident about copper prices to minimise disruption.
year,” said Awad. over the next year and is continuing to increase production quite significantly. It’s Both Virgin and BA called for rules

”
8
The firm’s new Esperanza copper a gesture in favour of greater distribution. The firm’s significant net cash balance that would allow the government to
project produced its first shipment in remains in place and it has a positive exploration programme. fine airports for poor performance. 7.5
January, Awad said. BAA chief executive Colin Matthews 22 Dec 14 Jan 3 Feb 23 Feb
 8 News CITYA.M. 9 MARCH 2011

Tullett blames British consumers like the

staff exodus iPad 2 but think it is pricey
from +30 to +35 and is already show- Apple will want to turn the posi-

for profit fall ing signs of declining again.

There is lower base excitement
about the iPad in Germany but we
have seen a rise there from +13 to
+21.
PRICE WEIGHS ON IMAGE
tive buzz it has created into an
improvement in value perceptions
if it wants to overcome that barrier
to purchase.

CONSUMERS IN WAIT AND SEE MODE

In all three countries there has
▲

FINANCIAL SERVICES in March last year and damages would BRANDINDEX The biggest drag on the index score is been a rise in the index score (which
be decided at a trial this month. value perceptions – in the UK they combines the sentiment scores on
BY ALISON LOCK
“The judge held that there was an STEPHAN SHAKESPEARE even have a negative score. six key measures) but that increase
INTER-DEALER broker Tullett Prebon unlawful conspiracy between BGC This is further developed by the has been much less dramatic than

L
blamed a “raid” on its US employees and its two senior directors to poach AST Wednesday Steve Jobs YouGov TabletTrack, a quarterly sur- buzz (from 17 to 21 in the UK for
by rival BGC Partners for an 11 per the company’s employees,” Tullett unveiled the iPad 2, a revised vey of a nationally representative example).
cent drop in its full-year pre-tax profit said. “The company is seeking sub- design for the tablet that will and tablet owning audience on This suggests that excitement has
yesterday. stantial damages from BGC.” become available in the US tablet perceptions, which shows been created but most people are
Tullett Prebon, the world’s second- It said further cases against former next week and in 25 other countries that price is a key block to the iPad waiting for more evidence before
largest broking intermediary, said employees and BGC were continuing a fortnight later. becoming a mass market product they deliver a verdict.
pre-tax profit fell to £139.7m from in the US, Hong Kong and Singapore. with 31 per cent of rejectors saying Stephan Shakespeare is chief executive of
£157.0m in 2009 while earnings per Tullett said financial markets APPLE CREATES BUZZ IN UK it is too expensive. YouGov.
share fell to 46.4p from 49.2p the pre- remained “unsettled” and it “seems The announcement led to an imme-
vious year. Analysts had expected a reasonable to expect there will be peri- diate rise in buzz score in the UK;
profit of £142m. ods of volatility” throughout 2011. from +20 on the day of the ANALYSIS l iPad BrandIndex ANALYSIS l iPad buzz by country
Chairman Keith Hamill said rev- announcement to +37 by Monday of
30 40
enues shrank four per cent to ANALYSIS l Tullett Prebon this week. Looking at this in combi-
£908.5m from £947.7m in 2009, 430 nation with the attention score, we 35
p 25
“mainly due to the net effect of the 421.00 can see that over half the population 30
broker defections in North America 8 Mar have heard something about the 20
25
following the raid by BGC in the sec- 410 iPad in the last two weeks and a vast
ond half of 2009”. majority have heard something posi- 15 20
Its shares fell 6.3 per cent in trading tive. 15
10
yesterday before closing down 1.4 per 390 Germany Germany
10
cent at 420p. BUT IMPACT IS LESS IN AMERICA 5 US US
Tullett said a court case in London Interestingly, the rise in the US was 5
UK UK
against BGC and ten former Tullett 370 much less marked (admittedly from 0 0
brokers had found in Tullett’s favour 13 Dec 5 Jan 25 Jan 14 Feb 4 Mar a higher starting point); going up 02 Mar 03 Mar 04 Mar 05 Mar 06 Mar 07 Mar 02 Mar 03 Mar 04 Mar 05 Mar 06 Mar 07 Mar

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CITYA.M. 9 MARCH 2011 News 9

2%
Hedge funds set to grow
ANALYSIS l Investor breakdown by type (by AUM)

3% 2%
7% 7%
6%
9%
%
Survey found. The industry managed High demand from institutional

▲
Fund of Funds Foundation & ASSET MANAGEMENT
assets of $1.92 trillion at the end of investors is driving growth. More
Private Bank
Endowment BY ALISON LOCK 2010, according to data from US-based than 80 per cent of sovereign wealth
9%
Insurance
Investment Consultant
Company HEDGE fund investors expect a firm Hedge Fund Research. funds, foundation and endowment
Family Office/High
Net Worth Individual
Sovereign
Wealth Fund
55% bumper 2011 with assets likely to reach
an all-time high of $2.25 trillion (£1.38
Fund managers expect to cut cash
holdings by $29bn in the next six
funds, pension and insurance compa-
nies plan to either add to or maintain
Pensions (private Other trillion), a survey yesterday found. months to put more money to work. their hedge fund allocations.
and public) Net inflows to funds globally are “Bullish sentiment on market per- “We believe the industry is poised to
expected to almost quadruple in 2011 formance, flows and industry dynam- continue to become a more and more
Source: 2011 Deutsche Bank Alternative Investment Survey to $210bn from $55bn in 2010, the ics were the clear messages conveyed significant part of the asset manage-
Deutsche Bank Alternative Investment by the investors,” the report said. ment industry,” the report said.

Man Group Sovereign

wins €1.2bn 1 & 2 bedroom apartments funds surge
mandate through L&Q’s part buy, 11pc in 2010
part rent scheme
▲

▲
HEDGE FUNDS from ASSET MANAGEMENT
BY HARRY BANKS * BY ALISON LOCK
MAN Group has won a mandate to
£760 ASSETS in sovereign wealth funds saw
pcm
run €1.2bn (£1bn) for German pen- a second year of double-digit growth
sion fund BVK, as the world’s biggest
listed hedge fund firm tries to woo
The Artillery, in 2010, new research showed yester-
day.
clients after bleeding assets during
the crisis. Shooters Hill SE18 Sovereign wealth funds, held main-
ly in the Middle East, North African
The mandate, first mentioned in and Asian (MENA) states, grew 11 per
Man’s January trading statement cent to $3.98 trillion (£2.45 trillion) at
without identifying the client, will the start of 2011 from $3.59 trillion in
see Germany’s largest public pension 2010.
fund, Bayerische But the investment plans of several
Versorgungskammer invest this year MENA funds including Libya’s $70bn
in so-called managed accounts – port- fund look uncertain as civil unrest
folios where the investor still con- across the region continues, the 2011
trols the assets.
Man will provide services such as Jude Court, Preqin Sovereign Wealth Fund Review
warned. The conflict between gov-
operational due diligence and risk ernment and rebels in Libya “could
management, although BVK will Brockley SE4 have ramifications for the future
choose which hedge funds it invests
in.
Enterprise House, investment policies of the Libyan
Investment Authority” as “its man-
Man, which last year bought small- date could alter following any politi-
er rival GLG to bulk up assets and Bromley BR2 from cal change,” the report said. “The
reduce dependence on computer-
driven funds, has been struggling to £950* SWFs of both Algeria and Bahrain
could also be affected. Collectively,
keep pace with the $1.9 trillion hedge pcm the MENA-based SWFs in question
fund industry’s revival since the cred- have hundreds of billions of dollars in
it crisis. assets and changes in their invest-
In January, the firm revealed it had from ment policies would be widely felt.”
seen $1bn of net client outflows in its
third-quarter, mainly due to one £727* Sam Meakin, managing editor of
the report, said funds’ “significant
redemption of more than $1bn from pcm collective assets under management”
an investor switching out of meant they represent “an important
European equities. potential source of capital for fund
Shares in the alternative fund managers across all asset classes.”
manager edged up 0.7 per cent to The Abu Dhabi Investment
close at 282.45p yesterday. Book your viewing Authority is the world’s largest such
fund with $625bn in assets, followed
ANALYSIS l Man Group Call: 0844 406 9800 by the Norwegian state pension fund
315 p 284.40 with $531bn and two Chinese funds,
8 Mar the SAFE Investment Company and
305
Web: www.lqgroup.org.uk the China Investment Corporation,
with $347bn and $332bn respectively.
Industrial and Provident Society 30441R exempt charity. Details correct at time of going to print March 2011. Your home is at Funds’ investment into alternative
295 risk if you fail to keep up repayments on a mortgage, rent or other loan secured on it. Please make sure you can afford the asset classes such as infrastructure,
repayments before you take out a mortgage. * The figure quoted is based on part buy, part rent and on a percentage share. This
is a guideline and may vary according to individual incomes and circumstances. See website for details. real estate and private equity should
285 increase this year as they resume
investment plans put on ice during
the downturn.
22 Dec 14 Jan 3 Feb 23 Feb

Managed account deal is vote of confidence in fund manager

AS votes of confidence go, this is agement, which grew from $65.9bn tion scheme, Britain’s second largest stop clients pulling out their cash in Sarah Ing thinks the management
pretty resounding. The fact that at the end of September (including pension fund, which recently award- the crisis. They also offer more trans- fee will be around 0.5 per cent rather
Germany’s largest public pension the acquisition of GLG Group) to ed Man Group a $1bn managed parency; clients with managed than the traditional two per cent.
fund – a byword for caution and $68.6bn at the end of December. The account mandate. accounts get regular performance That would still mean an extra €6m
solidity – has given Man Group a gains were entirely performance Managed accounts – whereby updates and can see – and in some in management fees – with even
managed account mandate worth related, however; the firm actually assets are invested in a hedge fund cases veto – the trades made by the more in performance fees should the
€1.2bn is good for the alternative reported a net outflow of $1.1bn in strategy but are physically held by an fund manager. manager perform well.
fund manager’s image. No wonder it its long-only funds, wiping out a net independent third party – are Although the deal will allow Man
is shouting about it. inflow of $0.1bn in alternatives. increasingly popular. Firstly, these to report a healthy inflow at the end
The mandate will provide a timely
boost for Man’s assets under man-
It follows a similar win last year
from the universities superannua-
assets aren’t subject to the kind of
“gates” that hedge funds erected to
of the month, it is much less lucra-
tive for the likes of Man Group.
BOTTOMLINE
Analysis by David Crow
 The Capitalist
10 CITYA.M. 9 MARCH 2011
EDITED BY
HARRIET DENNYS
GOT A STORY? EMAIL
[email protected]

BUSINESS
AS USUAL
AS BORIS
BIKES TO
CANNES Cartier International Day

set the new record for the fastest lap time

of 49.49 seconds – faster than the previous
IF you happened to be in Cannes yesterday record set by Top Gear’s original Stig,
afternoon, you would have been treated to Perry McCarthy, when he opened the eco-
the sight of a middle-aged, straw-haired track at the end of January.
man riding a Boris Bike into the centre of At the bottom end of the leaderboard,
town. Credit Suisse managed to come ninth –
On closer inspection, you would have despite calling its team Here for the Beer –
spotted that that figure was, in fact, the while the slowest lap of the night, 53.43
London Mayor Boris Johnson, who was seconds, was recorded by the team from
livening up the MIPIM property fair as ING, otherwise known as Carry on
only he knows how. Karting. Or perhaps they shouldn’t.
Just hours after delivering his keynote
speech at the convention, Boris was
escorted 6km along the seafront by the
French police, where he and his com-
SWEEPING PLAINS
THE organisers of the Cartier
munications director Guto Harri International Day at Guards Polo Club
joined the last leg of the Aedas (above) are looking forward to welcoming
Cycle to Cannes charity ride. the country’s financial leaders to this
Boris wore a business suit
for his sedate lap of honour,
NO PAIN, NO GAIN After BOY RACERS year’s event on Sunday 24 July.
GOOD to see that Jon Pain, the IT’S official: Morgan Stanley has the To get City A.M.’s readers in the mood,
and on alighting at the
Palais des Festivals, he had
former managing director of
supervision at the Financial
delivering his fastest boy racers in the City, after zoom-
ing to victory in the TeamSport go-karting
The Capitalist can reveal this year’s party
will have a Kenyan colonial estate theme,
the grace to admit he
looked rather out of
Services Authority, has returned
to gainful employment after los-
keynote championship at Tower Bridge.
The four Morgan Stanley drivers – Dave
styled with the trappings of the 1940s Rift
Valley heyday including a dramatic struc-
place among the 83 bat-
tle-scarred cyclists from
ing out on one of the top jobs at
the regulator in a clash of
speech, Boris Pethers, Will Alderson, Paul Railston and
Mikey Horton (three pictured below) –
ture “more used to being set overlooking
Kenya’s sweeping plains”.
the property world, who
had cycled 1,500km in
horns with Hector Sants (pic-
tured left).
was escorted scored 100 points to beat the team from
Bank of America Merrill Lynch into second
It remains to be seen how that will
translate to the outskirts of Windsor – but
six days.
Other than that, the
No matter that Pain
steered the UK’s banks, insur-
along the place with 92 points.
Just to ram the point home, Pethers also
the three-course African-inspired menu is
certain to be memorable.
riders on the trip – who
included John Wallace,
ance groups and all other
financial services firms
seafront by
chief executive of Qatari
Diar; Stuart Carr-Jones,
through the darkest days of
the financial crisis. When
the French
vice-president of JP Morgan;
and Giles Clark, relation-
push came to shove, chancellor
George Osborne persuaded Sants to
police
ship director at Barclays stay on as chief executive and Pain
Corporate – said the adventure was forced to seek career advance-
passed without incident. ment elsewhere.
Unless you count the “bumps” in Pain is having the last laugh though
Kent, when two riders fell off on the – he has now been snapped up by KPMG
A20; the hospitalisation of one of to join the firm as a partner in its
the eight motorcycle outriders after Financial Services Regulatory Centre of
a crash near Lyon; or the time the Excellence, starting in July after the
guide bus got lost, setting the timings obligatory period of gardening leave.
back so much the team had to cycle If you can describe helping KPMG’s
through a gorge in the dark. clients navigate their way through the
No wonder there were “tears of new world of financial regulation at a
relief” when the group reached its time of “unprecedented change” as a
final destination. laugh, that is. Morgan Stanley’s winning drivers Mikey Horton, Dave Pethers and Paul Railston
 12 Economics CITYA.M. 9 MARCH 2011

Inflation in VIETNAM LOOKS TO HALT DOLLARISATION NEWS | IN BRIEF

US outcry at Gbagbo cocoa grab
A move by Ivory Coast’s Laurent
Gbagbo to take the cocoa sector into

British stores state hands “amounts to theft,” the US

State Department said yesterday. Ivory
Coast state television said that Gbagbo
had issued a decree under which the
state becomes the sole purchaser of
cocoa in the world’s top grower and

still growing handles its export to world markets.

Cocoa futures have broken 30-year
highs since a disputed election in
November that has triggered a power
struggle between Gbagbo and rival pres-
idential claimant Alassane Ouattara,
judged by the United Nations to have
UK ECONOMY tomers,” Robertson added. won.
▲

BY JULIAN HARRIS Weak consumer demand may be

keeping a lid on food prices. UK records highest G7 inflation
PRICES in British shops rose again in “Food retailers have had to main- The Organisation for Economic Co-oper-
February, despite a slowdown in food tain promotions and price cuts at the ation and Development’s annual inflation
price inflation, the British Retail high levels we saw in December and rate was recorded at 2.1 per cent in
Consortium (BRC) revealed today. this has helped to mitigate some of the January 2011, unchanged from the pre-
Overall prices grew 0.7 per cent effects of the underlying inflation,” vious month. Of the G7 countries, the UK
compared to January, when they said Mike Watkins of Nielsen, which (four per cent) and Canada (2.3 per
increased by 0.6 per cent on December. collates the data. cent) recorded the highest rates of infla-
Inflation in February rose to an annu- Food price inflation measured 4.5 tion for January, as the US (1.6 per cent)
alised rate of 2.7 per cent, up from 2.5 per cent year-on-year in February, and Japan (flat) recorded the lowest.
per cent the previous month. down from 4.6 per cent in January.
“The good news is tough retail com- At the beginning of the year food Sri Lanka holds interest rates
petition is keeping shop price infla- prices jumped 1.6 per cent compared Despite accelerating inflation and above-
tion well below the wider consumer to December, but the monthly trend growth, the central bank of Sri
price index,” said the BRC’s Stephen increase to February was only 0.3 per Lanka kept interest rates unchanged
Robertson. CPI inflation is expected to cent. yesterday, keeping its repo and reverse
exceed four per cent in February. “Food inflation appears to have sta- VIETNAM undertook measures to save its currency, the dong, from further depreciation repo rates at seven per cent and 8.5 per
“Even so, non-food inflation would bilised for now despite on-going pres- yesterday, raising both its refinancing rate and discount rate to 12 per cent, in an cent respectively. Sri Lankan headline
be much higher if the full impact of sure from soaring global commodity attempt to curb 12.3 per cent inflation. Authorities may also deploy fiscal tightening in inflation jumped from 6.8 per cent to 7.8
the VAT rise had been passed on to cus- costs,” the report said. a bid to rescue the dong and prevent further “dollarisation” (substitution by US dollars). per cent in February.

Upbeat French
morale boosts
German industrial UK trade deficit expected
despite stronger exports
hopes for GDP orders see rebound
▲

UK ECONOMY
And 45 per cent of trading compa-
THE UK is undergoing a “two speed” nies are concerned that this month’s
▲

EUROZONE ECONOMY EUROZONE ECONOMY

sal,” said ING’s Carsten Brzeski. recovery, with exporting companies budget will negatively affect their busi-
FRENCH business confidence GERMAN factory orders bounced The rise was largely driven by set to take advantage of greater ness.
remained strong into February, the back in the new year after a weak higher domestic orders, which demand abroad than at home, a sur- “My first concern is the hike in
Bank of France revealed yesterday. December, official data showed yes- increased 4.5 per cent, while foreign vey revealed today. National Insurance,” one manufactur-
The Bank’s measure of sentiment terday. orders rose 1.6 per cent. “Confidence in international trade is er told Travelex.
for manufacturing held at a high Industrial orders were up 2.9 per And within foreign orders, robust as exporters thrive on a global Nonetheless, trade with emerging
index rating of 110, while service sec- cent in January compared to demand from other parts of the euro rebound but confidence in the current Asian markets is on the rise, the survey
tor morale rose by one point. December, when they dropped by a area was strongest, rising by 2.3 per UK economic climate is at a record low revealed, despite declines in trade
The scores prompted the Bank to downwardly revised 3.6 per cent. cent. Non-Eurozone orders were up as consumer demand remains slug- with the US and Europe.
anticipate GDP growth of 0.8 per cent The jump surpassed the expecta- just 1.3 per cent. gish,” the report by Travelex said. And almost half – 47 per cent – of
for the first quarter of the year. tions of economists, and suggest “Eurozone demand for German However, despite a weak pound and small to medium-sized British firms
Meanwhile, the French trade gap that the Eurozone’s powerhouse goods is alive despite fiscal austeri- increasing demand in foreign mar- trading internationally have reported
widened to a deficit of €5.89bn (£5bn) economy is “surging again, confirm- ty,” Brzeski said. “German industry is kets, the UK is still expected to report a an increase in their exports, a separate
in January, up from €5.06bn in ing that the December drop was only awakening from its short hiberna- trade deficit for January, when the report by Bibby Financial Services
December. a correction but not a trend rever- tion.” official figures are released today. revealed.

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CITYA.M. 9 MARCH 2011 News 13

Retirees face decades of

ANALYSIS l Population trends
13
% of population

debt as living costs soar 11

9
The survey painted a picture of start the count-down to retirement
▲

INSURANCE
BY ALISON LOCK retirement-age people too reliant on without debt, but for many people
the state pension and borrowing. this has not been possible due to eco-
A FIFTH of UK retirees still have thou- Over-75-year-olds now hold an average nomic realities, poor financial deci-
sands of pounds of mortgage debt £3,370 in credit card debt, while just sions or family obligations,” said
while a third owe money on credit 42 per cent of those retiring have a Aviva director Clive Bolton. 7
cards, a report showed yesterday. private pension provision. Most blamed the rising cost of liv-
Outstanding mortgage debt among “While mortgage borrowing gener- ing for their debt, and almost a third
over-55s has also risen by a fifth to ally falls as people age, this does not said they would cut back on luxuries 55-64 65-74 75+
more than £65,000 from £54,500 in appear to be the case with credit to pay it back. But eight per cent were Source: Aviva
February 2010, according to Aviva’s cards,” the report said. looking to return to work and six per 5
latest Real Retirement Report. “In an ideal world people would cent to sell their house to pay it off. 1986 1996 2003 2005 2007 2016 2026

NEWS | IN BRIEF
Geithner upbeat on global growth the global recovery. “I think we’re in a
Europe’s efforts to save the euro were much stronger position than we were
endorsed by US treasury secretary three months, six months, nine months
Timothy Geithner yesterday, during his ago to deal with the mix of challenges we
trip to Germany. “The leaders of Europe face ahead,” Geithner said.
have done the essential necessary things
and they've made it clear they will do Professional services shield capital
what is necessary not just to hold the London experienced a mild recession,
euro together but to make sure that these compared to the rest of the UK, due to its
reform programmes are able to work,” he high number of professionals, the Centre
said. Geithner was also optimistic about for Economic Performance said today.
 14 News CITYA.M. 9 MARCH 2011

Betfair eyes £30m saving CITY VIEWS: ARE YOU WORRIED ABOUT COMPANIES
LEAVING THE UK?
CLIVE VAUS | IBM
Interviews by Marion Dakers & Eric Wilkens

via Gibraltar licence shift “I wouldn’t want to see jobs go from the UK,
but on the other hand if companies can do
better business elsewhere then I wouldn’t
sometimes subject to in the UK under ANALYSIS l Betfair want to see anyone stopping them doing so. I
▲

GAMING
BY STEVE DINNEEN its current set up. It follows Ladbrokes 1,300 p
would prefer them to stay in the country,
and William Hill in setting up their
BETFAIR yesterday confirmed it will gambling licenses offshore. though.”
move its gambling licence to Gibraltar Chief executive David Yu told City 949.01
in order to save on its tax bill. A.M. the “lions share” of savings will 8 Mar LUKE CASSAR | UNIVERSITY OF QUEENSLAND
The betting firm estimates it will be through tax but the firm will also 1,100
save £10m in the next year and £20m benefit from synergies.
the year after, taking advantage of
Gibraltar’s one per cent tax on gross
The firm also announced its rev-
enues were up 6.2 per cent on the
“There has been a handful of companies mov-
profit from betting. same period a year earlier, despite
900
ing offshore recently, which is concerning, but
Betfair says part of the reason for poor weather and a decrease in aver-
13 Dec 5 Jan 25 Jan 14 Feb 4 Mar
most of them are staying here. There are rea-
the move is the double taxation it is age poker spending.
sons other than taxation to stay in the UK. It
affects both business and personnel.”

MICHAEL BOGDEN | WILLIS

“It’s a real concern, yes, but London will
always be a financial capital. I think com-
panies thinking of moving for tax reasons
might be put off by the human capital
that exists in the City, which is hugely
important.”

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CITYA.M. 9 MARCH 2011 News 15

News Corp ups ante on BSkyB NEWS | IN BRIEF

Pace warning hits share price
Pace, the world’s biggest maker of set-
Vodafone and BT get boost
Vodafone and BT Group saw their
top boxes, said a US customer was delay- shares surge yesterday after a broker
MEDIA Carey said News Corp is still focused was sought, with culture secretary ing a big order to 2012, reducing its 2011 upgrade. They also saw exceptionally
▲

BY STEVE DINNEEN on getting the proposed transaction Jeremy Hunt finally giving the green sales growth and wiping some £100m high volumes, after getting a boost from
through regulatory clearance and said light earlier this month. off its stock market value. The setback a note on the telecoms sector from
NEWS Corp chief operating officer his company had already valued BSkyB overshadowed strong underlying profit Morgan Stanley in which they were
Chase Carey upped the ante yesterday fairly. ANALYSIS l British Sky Broadcasting growth and an upbeat longer-term out- upgraded. The broker said: “Telecoms is
in negotiations to buy BSkyB, claiming But BSkyB investors including 840 p look, sending Pace shares more than 15 our preferred defensive sector. It offers
his company has already offered a “fair Fidelity, which owns three per cent, 828.50 per cent lower as it set an outlook for greater potential for a positive growth
price” of 700p. and hedge fund boss Frank Brosens, 8 Mar revenue growth of around the same level surprise as well as offering a substantial
800
The BSkyB board has previously who owns 1.18 per cent, are hoping to as the 17 per cent seen in 2010. Adjusted dividend yield boost over other sectors.”
hinted it will recommend a bid of over push the price as high as 950p a core earnings rose 36 per cent in 2010 to Both firms were upgraded to “over-
800p a share but the broadcaster has share. BSkyB shares closed yesterday 700
£103.6m after it shipped 22.2m devices weight” with price targets of 225p for
continued to strengthen its position at 828.50p, up from 763p just a for cable, satellite and IPTV customers Vodafone and 260p for BT. Vodafone
since then, hitting its target of 10m month earlier. such as Comcast, DirecTV and AT&T. closed yesterday 1.76 per cent up at
subscribers and increasing its first-half Talks between the two sides were 720 Analysts at RBS said the results were 181.85p. BT closed up 3.97 per cent at
profits by 40 per cent year-on-year. broken off while regulatory clearance 13 Dec 5 Jan 25 Jan 14 Feb 4 Mar higher than they had expected. 191.1p.

Pinewood
Microsoft to THE BEST OF BRITISH FILMS

to invest in
pay $1bn for British film
Nokia tie-up MEDIA

▲
BY STEVE DINNEEN
PINEWOOD Studios says it will set
aside millions over the next few years
to help finance small British films.
TELECOMS the fourth-quarter of last year, with The firm says it will invest heavily
▲

BY STEVE DINNEEN the Scandinavian giant struggling to in productions with a budget of

find a foothold in the increasingly around £2-3m, saying it was keen to
MICROSOFT will pay Nokia a stagger- dominant high-end market. get involved in the next surprise hit
ing $1bn (£620m) upfront to develop Nokia shares have dropped 26 per like The King’s Speech.
handsets designed to run its Windows cent since the tie-up was announced It will snap up a 20 per cent stake of
Phone 7 (WP7) operating system, it is last month. It is thought Microsoft small productions, with a total annu-
understood. was desperate to avoid Nokia pen- al investment of around £1.6m.
Nokia will reportedly pay Microsoft ning a deal with Google, with whom The scheme is a throwback to its
a royalty fee for each WP7 licence it it was also in talks. days as a major UK production finan-
uses, although the exact figure has not Meanwhile, Nokia said it will start cier. Its studios are now better known
been announced. talks with Finnish employees over the for hosting blockbusters including
Nokia chief executive Stephen Elop, company’s new strategy, which unions Casino Royale and Harry Potter.
a former Microsoft employee, had pre- fear could cost more than 5,000 jobs in It said its revenues for 2010 were
viously said Nokia will receive “bil- the Nordic country. eight per cent higher at £43.4m, with
lions” in benefits from the tie-up, film revenues of £29.1m making up
largely expected to be through dis- ANALYSIS l Nokia the bulk, helped by big-budget hits
counted licences. 8.5 such as Pirates of the Caribbean: On
€
The two firms hope the deal will Stranger Tides.
allow them to compete with Google’s TV revenues were down slightly,
fast-growing Android platform and 7.5
6.10 falling from £11.3m to £8.2m.
8 Mar
Apple’s iOS. Pinewood was hurt by ITV and the BBC
Nokia was the biggest global hand- deciding to film more productions at
set manufacturer last year and its 6.5 PINEWOOD Studios will invest millions over the next few years to support small budget their own in-house studio facilities.
Symbian operating system was the films in the vein of The Full Monty (top right), which has grossed £258m since its release in Chairman Michael Grade said: “The
most commonly used platform. But it 1997 on a budget of just £2.1m, or The King’s speech (bottom right), which made £168m company has produced strong results
saw its market share slip 7.5 per cent 5.5 with a £5m budget. Bridget Jones’s Diary (top left) grossed £160m on a £26m budget, while as it has tackled head on increased
28 Dec 17 Jan 4 Feb 24 Feb
and Google’s Android overtook it in Wallace and Gromit: The Curse of the Were-Rabbit grossed £120m on a £19m budget. international competition.”

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 16 News CITYA.M. 9 MARCH 2011

Old Mutual ups

Omega makes profit and looks
shock loss in to further gains

difficult year
INSURANCE

▲
SHARES in insurance giant Old
Mutual rose more than three per cent
yesterday after it delivered a 14 per
cent rise in 2010 pre-tax profit.
The UK and South Africa-focused
insurer said earnings and profit were
▲

INSURANCE the loss was incurred from business up in all divisions due to strong new
BY ALISON LOCK written in 2009 or earlier, before the business growth and cost controls.
board change. Chief executive Group IFRS pre-tax profit rose to
THE CHAIRMAN of Omega Insurance Richard Pexton also said the previous £1.48bn from £1.3bn in 2009, above a
described 2010 as a “baptism of fire” management’s underwriting, rein- £1.45bn analyst consensus forecast.
as the Lloyd’s insurer slumped to a surance and data management was Group chief executive Julian
$42.8m (£26.3m) loss yesterday. poor and had been overhauled. Omega Insurance chairman John Coldman said 2010 was a “baptism of fire”. Roberts said 2011 should be “a year of
John Coldman, who was parachut- Omega’s combined ratio rose dra- further delivery” as the group contin-
ed in a year ago after shareholders matically to 114.4 per cent from just TIME LINE | OMEGA BOARD CHANGE ued to simplify and refocus on its
ousted his predecessor, said it had 81.4 per cent in 2009. It said it would insurance business.
taken a $65m hit from catastrophes not pay a second-half dividend “as a Earnings per share rose 20 per cent
in the year. matter of prudence”. Analysts said January 2009 five new directors join the board. to 16p from 13.3p in 2009 while funds
But its loss was far bigger than the the results were worse than expected Omega raises £130m from investors to fund 19 March 2010 under management grew six per cent
$18.9m consensus market expecta- and “disappointing”. Omega’s shares growth, largely on strength of founder and Chief executive Richard Tolliday dismissed to £309.3bn from £275.4bn in 2009.
tion and a significant fall from its fell 17.87 to close at 82.75p. chief underwriting officer John Robinson. and replaced with Richard Pexton. Sales were up seven per cent.
$43.6m 2009 profit. It occurred October 2009 31 March 2010 Old Mutual, which tried to sell its
despite a 34 per cent increase in gross ANALYSIS l Omega Insurance Holdings Robinson leaves the company. Omega says the earthquake in Chile “will stake in South African bank Nedbank
premiums written, to $356.1m from December 2009 have a material effect” on full-year profit. last year, did not clarify whether it
115 p
$265.8m in 2009. Shareholder Invesco calls a special general August 2010 was still keen to sell, saying only that
“To say that ours was a baptism of
82.75 meeting (SGM) to propose chairman Walter Omega makes $34.2m (£21m) half-year loss; it would “continue to work with
105
8 Mar
fire would be an understatement,” Fiederowicz and director Christopher Clarke shares slump 11 per cent. Nedbank to build shareholder value”.
Coldman said, adding that he was are removed from the board. January 2011 It also confirmed the sale of its US
forced to issue Omega’s first profit 95 12 March 2010 Canopius makes unsolicited bid for Omega. life business to Harbinger Capital for
warning a week after starting work. All SGM resolutions are passed and John February 2011 $350m (£215m), which Shore Capital
“Subsequent events proved equally Coldman becomes chairman. Directors Tolliday sues for unpaid remuneration. analyst Eamonn Flanagan said was
85
challenging. I am naturally very disap- Christopher Clarke, Clifford Palmer, Coleman March 2011 just 22 per cent of its $1.6bn IFRS net
pointed that we are reporting a loss.” Ross and Nicholas Warren step down and Omega makes $42.8m full-year loss. asset value. Its shares closed up 3.3
22 Dec 14 Jan 14 Feb 4 Mar
But he added that 86 per cent of per cent at 137.7p.
CITYA.M. 9 MARCH 2011 News 17

ANALYSIS | How the fast food giants stack up

Revenue* Revenue* Outlets:
Subway now bigger
$15.2bn
Outlets:
33,749
$2.5bn 12,200
Revenue* Outlets:
than McDonald’s
kets with its successful franchised

▲
CONSUMER
$2.5bn 6,550 BY JOHN DUNNE business model, which emphasises
small, low-cost outlets.
Revenue* SANDWICH group Subway has over-
taken McDonald’s as the world’s
The privately-owned company said
it had been “on a great run”.
$24.075bn Revenue Outlets: largest restaurant chain, the compa- Meanwhile McDonald’s yesterday
ny has said. said that global like-for-like sales at
Outlets: $10.8bn** 37,000* Subway had 33,749 sites across the
globe at the end of last year, com-
restaurants in February rose 3.9 per
cent, as strong sales in Europe helped
32,737 ** Group total including its KFC, Taco Bell and
Pizza Hut restaurants
pared with 32,737 for McDonald’s.In
recent years, Subway has made a
major push into international mar-
offset a weak US market. It said it
wanted to be “better” rather than
just “bigger” in relation to rivals.
* Global revenue 2010 Source: Company figures.

Inchcape in
profit rise as
its sales rally
efiting from end of contract exten-
▲

CONSUMER
BY JOHN DUNNE sion deals.
The company’s aftersales business
GLOBAL car dealership Inchcape saw in the UK performed ahead of last
its profit jump by 38 per cent last year year due to Inchcape Advantage – a
as emerging markets performed group-wide improvement pro-
strongly. gramme for customer service.
Profit before tax and one-off items Inchcape, which has been listed on
was £214m, also helped by cost sav- the London Stock Exchange since
ings across the business. 1958, is headquartered in London and
However, Inchcape warned that it employs around 14,300 people.
expected pressure on gross profit The company’s shares rose by 1.8
margins this year due to the apprecia- per cent to close at 398.42p after the
tion of the yen and to rising input announcement.
costs for manufacturers, but predict- Inchcape also said it was recom-
ed a “solid performance” overall. mending that dividend payments be
“In 2011, we continue to expect to resumed.
see an uneven global recovery with Analysts at Investec raised their
market growth in Hong Kong, pretax profit forecast for 2011 for
Australia, Russia, Finland, the Baltics, Inchcape from £215m to £223m.
Africa and South America,” said the
ANALYSIS l Inchcape 398.42
British-based group, which sells and
distributes cars for manufacturers 420 p 8 Mar
like BMW, Toyota and Mercedes-Benz
in 26 markets. 400

“However, we anticipate market

380
declines in Singapore, Greece,
Belgium and the UK, which together
360
represent circa 50 per cent of group
sales,” it added.
340
Its fleet business lifted trading
profits by 66.7 per cent to £6.5m, ben- 22 Dec 14 Jan 3 Feb 23 Feb

John Menzies sees net debt fall

as aviation arm gives firm a lift
in lost profits but this was offset by
▲

MEDIA
de-icing fees in January and
DISTRIBUTION company John December.
Menzies yesterday reported a 28 per The distribution arm – which han-
cent rise in profit to £45m thanks to a dles around 5.2m newspapers and 2.6
strong performance in its aviation magazines every day – saw operating
division. profits up 3.2 per cent to £28.8m.
Turnover across the group was up Net debt dropped by more than
six per cent to £1.96bn. £33m to £99m. Weekly magazine
Profits in aviation – which handled sales dived 6.5 per cent, while month-
700,000 flight turns, 71m passengers lies held up better than expected,
and 1.7m tonnes of cargo in 2010 – falling by three per cent.
were up 56 per cent due to a rise in Chairman Iain Napier said: “Whilst
overseas cargo volumes and growth market conditions for the distribu-
in the ground handling business. tion division are challenging, the (avi-
The volcanic ash activity in April ation) division is an excellent cash
last year cost the firm around £2.2m generator.”
 18 News CITYA.M. 9 MARCH 2011

CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys in association with

Jeffery Green Russell Savoret has joined as joint head of glob- Turnbull as associate director in the
Cordea Savills Gareth Jones has been made a Partner al equities, reporting to Jotwani. John advisory services team. In addition,
The international property fund manager has in JGR’s commercial litigation team. Phizackerley, currently joint chief Matthew Ennion, formerly of Berry
appointed Alexandra McGhee as head of fund Jones joined JGR in 2008 and specialis- administrative officer (CAO) of the Asset Management, has joined the
finance, UK, with overall responsibility for the es in insolvency, debt recovery, compa- wholesale division, will succeed Jotwani investment team of RSM Tenon
financial control and reporting on funds admin- ny law, construction, negligence and IT. as chief executive for EMEA, while Paul Financial Management.
istered from London, Stockholm and Spanswick will continue to lead the
Luxembourg. McGhee’s previous experience in Nomura growth of the corporate platform as Irwin Mitchell
European fund management includes the posi- Nomura Holdings has announced fur- the sole CAO of Wholesale. The law firm has expanded its business
tions of business development director at ther appointments to its global leader- advisory team with the appointment of
Protego Real Estates and finance manager at ship team. Tarun Jotwani has been RSM Tenon Tom Flanagan as the firm’s head of
Henderson Global Investors. promoted to executive vice president The accounting firm has boosted its risk employment. Flanagan joins from
and head of global markets, and Benoit management service by appointing Jed Pinsent Masons, where he is partner.

To appear in CITYMOVES please email your career

updates and pictures to [email protected] SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT +44 (0)20 7557 7245
morganmckinley.com

New demand for equipment hire

helps to narrow Ashtead losses
Weir profit soars on
international growth
▲

ENGINEERING tools, posted a pre-tax loss of £1.7m for

the three months to the end of January,
INDUSTRIAL equipment hire company compared to a £12m loss in the same
Ashtead narrowed its third-quarter loss- period in 2010.
es yesterday as wary contractors chose to “It is now likely that the full-year out-
rent rather than to buy equipment. come will exceed our earlier expecta- ENGINEERING 2010”. tomers in the power generation
▲

The FTSE 250 company, which hires tions,” said chief executive Geoff BY HARRY BANKS Weir said full-year pre-tax profit market, said its order book grew to
out equipment from diggers to small Drabble. jumped 58 per cent to £295m, beat- £1.9bn at the end of 2010, up 39 per
ENGINEERING group Weir said yes- ing a consensus forecast of £289m, cent, after customers increased cap-
terday it was confident on growth according to a poll of 15 analysts. ital expenditure.
as it expects mining and oil and gas “We’re now starting to see the Shares in Weir, which have rock-
customers to continue to spend on emergence of international interest eted 108 per cent in the last 12
valves and pumps, putting it ahead in unconventional drilling tech- months the FTSE by over 100 per
of schedule with a plan to double niques in the shale markets in cent in the same period, closed
2009 profits by 2014. Australia and China,” Cochrane down 4.6 per cent at £16.97.
Weir said growing demand for said. “Weir is an increasingly high
commodities in China was fuelling “As we move into 2011, the theme quality asset, offering sector-leading
large mining projects and the will increasingly turn to original growth, market-leading positions,
expansion into new geographies of equipment ... that in turn will pro- and a robust business model.
oil and gas shale drilling made it vide an increased installed base Despite the stock’s very strong run
upbeat about prospects for 2011 which will then drive greater after- through 2010, we believe there is
after what chief executive Keith market sales.” more to come,” said Investec analyst
Cochrane called an “exceptional Weir, which also supplies cus- Andrew Wilson.

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CITYA.M. 9 MARCH 2011 News 19

BEST OF THE BROKERS To appear in Best of the Brokers email your research to [email protected]

ANALYSIS l Intertek 1,955.00 ANALYSIS l Petrofac 1,454.00 ANALYSIS l Schroders

2000
p 8 Mar 1650
p 8 Mar 1950
p
1,797.00
1900 1550 8 Mar
1850

1800 1450
1750

13 Dec 5 Jan 25 Jan 14 Feb 4 Mar 13 Dec 5 Jan 25 Jan 14 Feb 4 Mar 13 Dec 5 Jan 25 Jan 14 Feb 4 Mar

INTERTEK PETROFAC SCHRODERS

JP Morgan Cazenove rates the product tester “overweight” with a target Deutsche Bank rates the energy services firm “hold” with a target price of Evolution Securities rates the asset manager “neutral” with a target price
price of £21.30, up from a previous target of £20.50. The broker has also £14.70. The broker still harbours worries about the firm’s engineering and of £18.60. The broker expects the firm to report profits close to their
upgraded its 2011 earnings estimates by six per cent, arguing that the construction business following results on Monday, with continued politi- 2007 peak tomorrow, with forecast net inflows of £28.1bn for the full-
firm has one of the best opportunities in the testing sector. JP Morgan cal unrest in Petrofac’s markets in the Middle East. Deutsche Bank also year. It also expects funds under management to have grown 27 per cent
believes that the firm’s acquisition of Moody represents an earnings accre- thinks that intense competition from Asian contractors will substantially during the year to £188.5bn. Evo views Schroders as the best convention-
tive deal and a strategic step forward with chances for cross-selling. slow the firm’s contract pipeline. al asset manager, but sees limited scope for upgrades to forecasts.

FTSE nudges higher as

late rally boosts stocks
THELONDON
REPORT
about 5,600,” Michael Hewson, mar-
ket analyst at CMC Markets, said.
“Among the favoured equity plays
was a move from more cyclical stocks
into defensives, said Manoj Ladwa,
senior trader at ETX Capital.
WANT
A FREE
“I know Morgan Stanley came out

A
late afternoon rally nudged with a note earlier on recommending
Britain’s top share index into that clients move that way as well, so
positive territory yesterday, as that’s certainly a theme that we’re
investors eyed geopolitical tur- seeing today.”
moil in the Arab world and favoured Defensive telecommunication
defensive stocks. firms Vodafone and BT Group were
The FTSE 100 closed 0.98 points among the top blue chip performers,
firmer at 5,974.76, having flirted with up 1.8 per cent and 4 per cent respec-
the key psychological 6,000 level earli- tively in high volumes. Traders cited
er in the session after Kuwait’s oil Morgan Stanley upgrades on the pair.

AD?
WE’LL
minister said OPEC was considering Randgold Resources was the
boosting production. sharpest blue-chip faller, dropping 8.2
While this helped pare crude per cent, with traders saying trouble
prices, traders said investors were
focused on longer-term implications
as Libya threatens to dissolve into
in Ivory Coast, where it has opera-
tions, was hurting it. DO IT
civil war, and as tensions persist else-
where in the region.
After yesterday’s short rally, ana-
ANALYSIS l FTSE
6,100 p
5,974.76
8 Mar FOR
NOTHING
6,050
lysts warned that a break above
6,000
February’s highs was crucial for the
index to maintain its upward 6,950
momentum. 5,900
“I think we could well have seen
the highs at 6,100. If the FTSE doesn’t
5,850 On March 18th, help RedRoute create
5,800
break above those highs in the next more ads for more clients in one day
month or so, I think we could see a
correction lower down to round 13 Dec 5 Jan 25 Jan 14 Feb 4 Mar than any other agency in history – and
help create a poverty-free world.

Oil price drop and BofA Just send a brief for your product, brand, service -
whatever - and you’ll get a hot-off-the-Mac ad. But
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uptrend, although trading volume www.redrouteagency.com
THENEW YORK was lacklustre.
Bank of America shot up 4.7 per
cent to $14.69 after it forecast pre-tax
or see us at the top of
Carnaby Street on March 18th
REPORT profit of about $40bn annually longer
term, higher than some investors had
expected.
Financial shares led gainers, with

A
N upbeat profit forecast from the S&P financial index up 2.2 per
Bank of America and a pull- cent.
back in oil prices lifted Wall Oil prices pulled back, with Brent
Street out of the technical dan- crude down nearly 2 per cent at
ger zone yesterday in another sign of $113.06 a barrel after Kuwait’s oil
the market’s near-term resilience. minister said OPEC was in discussions
The S&P 500 jumped back above a to increase production.
six-month trend line after closing just The Dow Jones industrial average
below it on Monday. Holding this gained 124.58 points, or 1.03 per cent,
level is a sign of strength, but traders to 12,214.61. The Standard & Poor’s Supported by
will grow wary the more it is tested. 500 Index added 11.69 points, or 0.89
Similarly, the Nasdaq composite per cent, to 1,321.82. The Nasdaq
index rallied from its 50-day moving Composite Index rose 20.14 points, or
average in another indication of an 0.73 per cent, to 2,765.77.
 Wealth Management Foreign Exchange
20 CITYA.M. 9 MARCH 2011

EURO RETREATS
ON SOVEREIGN Shaky times for Kiwi
DEBT WORRIES
BORIS SCHLOSSBERG
DIRECTOR OF CURRENCY RESEARCH, GFT
ahead of rates decision
Predictions are in
J
UST as euro-dollar broke through the key
$1.4000 level on anticipation of an upcoming
European central bank (ECB) rate hike, Moody’s abundance ahead of
downgraded Greece, bringing the rally to a sud-
den halt as sovereign debt fears returned to the cur- New Zealand’s
rency market. On Monday, Moody’s reduced Greece’s
sovereign debt rating by three notches to B1 from crunch rates decision,
Ba1 classifying it as “highly speculative”.
Moody’s noted that: “The fiscal consolidation writes Philip Salter
measures and structural reforms that are needed to
stabilise the country’s debt metrics remain very

O
ambitious and are subject to significant implementa- N 22 February an earthquake with a
tion risks.” It added that conditions attached to con- magnitude of 6.3 hit the South
tinuing financial aid after 2013 will reflect solvency Island of New Zealand, devastating
criteria that the country may not satisfy, and result persons and property in the city of
in a restructuring of existing debt. Christchurch. In consequence, the Kiwi slid
The Greek government quickly countered stating: against the US dollar. Prior to the quake the
“At a time when the global economy is fragile and reserve bank of New Zealand (RBNZ) was
market sentiment is sensitive, unbalanced and unjus- largely expected to sail a steady course,
tified rating decisions such as Moody’s today can ini- holding rates at 3 per cent for the medium
tiate damaging self-fulfilling prophecies and term. Post-shock a cut is on the cards and
certainly strengthen the arguments for tighter regu- Thursday’s meeting of the RBNZ has
lation of the rating agencies themselves.” However, become the main event for forex traders.
the damage had been done and euro-dollar retreat- There are as many opinions as there are
ed off its highs as currency traders contemplated people commenting on whether, and by
the possible ramifications of the downgrade. how much, the RBNZ will cut. Expectations
For euro bulls, the downgrade of Greece could not range from no change to a cut of 50 basis
have come at a worse time. Just last week, ECB points. Angus Campbell of London Capital
President Jean-Claude Trichet practically promised Group suggests that “considering that
the market a rate hike at ECB’s next meeting in inflation globally is on the rise, it’s unlikely
April, creating the foundation for the current rally. that we’ll see a move from their central
With America’s Federal Reserve still on the sidelines bank to cut rates at the next meeting,” but Heads you win Picture: GETTY
despite improving US economic fundamentals, the he adds that “the decision is expected to be
euro has been rallying against the dollar on interest on a knife edge.” rebound against the US dollar from levels minimal and manageable for a country of
rate differentials as the spread between US and Michael Hewson of CMC Markets howev- last seen in October last year.” New Zealand’s wealth and economic posi-
German two-year bonds continued to widen out in er suggests that “25 basis points are priced With an eye to the future Hewson sug- tion” says Tchetvertakov. Uncertain times
favor of Europe. in, so “we could well see a bounce in the gests that “any downgrading of the fiscal indeed, but potentially profitable if you can
However, Portugal has €4.342bn in bond redemp- Kiwi.” Although “the RBNZ is expected to outlook could also impact risk appetite and pick where the Kiwi is heading.
tions coming in April and Greece has €8.22bn due cut by 25 basis points” says Rishi Patel of increasing oil prices will be a factor in that
on 20 April. If the credit markets move against both FairFX “we cannot rule out a 50 basis point assessment.” For Campbell, the recent spike ANALYSIS l The Kiwi’s slide against the dollar
countries ahead of the event, the ECB may be forced cut.” George Tchetvertakov at Alpari UK in oil prices is encouraging “investors to 0.775 NZD-USD
to delay its tightening policy – which could trigger a thinks we will probably see “a 25 basis exit riskier currencies such as the New
0.770
much more significant correction in euro-dollar. point cut, although a significant amount of Zealand dollar, back into safer havens like
market participants are expecting a 50 the swissie or greenback.” 0.765
basis point cut”. As the economic aftershocks from the 0.760
“The battle of the high yielders” between earthquake subside, traders are getting 0.755
the Australian and New Zealand dollars has back to fundamentals, but uncertainty
0.750
been interesting for Campbell: “since the hangs over these Pacific islands. Patel
Australian dollar-New Zealand dollar broke points to a recent business survey from the 0.745
out above resistance at $1.3200.” Hewson Bank of New Zealand indicating that senti- 0.740
suggests “the New Zealand dollar may well ment has fallen by 43 points to a 2 year low
have been overdone, hence the current of -21 points. Yet “long-term damage will be 14 Feb 21 Feb 28 Feb 7 Mar

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CITYA.M. 9 MARCH 2011 21

Wealth Management | Markets

FTSE 100 FTSE 250 FTSE ALLSHARE DOW NASDAQ S&P 500 / 1.1618 0.0024 /$ 1.3910 0.0059
5974.76 11743.52 3103.13 12214.38 2765.77 1321.82 /$ 1.6164 0.0042 /£ 0.8608 0.0012
0.98 -4.35 0.31 124.35 20.14 11.69 /¥ 133.56 0.1808 /¥ 114.99 0.0295
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 Yule Catto & Co . . . . .227.7 7.3 240.5 109.4 Brewin Dolphin Ho . .183.3 -1.4 186.0 114.0 Rexam . . . . . . . . . . . .370.0 1.5 375.4 284.8 Amlin . . . . . . . . . . . . .403.9 5.3 433.0 366.8 BHP Billiton . . . . . . .2443.0 -27.5 2616.0 1684.5 Great Portland Es . . .398.3 -2.8 402.9 280.5 Marston's . . . . . . . . . . .95.1 -0.4 117.1 89.9
Camellia . . . . . . . . . .9950.0 50.010700.0 6900.0 Smiths Group . . . . .1353.0 6.0 1429.0 1008.0 Beazley . . . . . . . . . . . .128.0 0.6 139.2 105.4 Centamin Egypt Lt . .132.9 1.0 197.1 118.5 Hammerson . . . . . . . .466.0 -10.7 478.8 336.3 Millennium & Copt . .552.0 -6.0 600.5 386.8
Tsy 3.250 11 . . . . .101.86 -0.02 103.9 101.8 CONSTRUCTION & MATERIALS Charles Taylor Co . . .162.0 -0.5 240.0 153.0 Brit Insurance Ho . .1071.0 0.0 1075.0 728.0 Eurasian Natural . . .945.5 -12.0 1266.0 818.0 Land Securities G . . .768.0 -0.5 773.0 545.0 Mitchells & Butle . . . .308.8 0.6 361.0 274.0
Tsy 9.000 11 . . . . .102.91 0.00 110.8 102.9 GENERAL RETAILERS
Balfour Beatty . . . . . .354.0 -3.3 360.5 229.8 City of London Gr . . . .92.0 0.0 95.0 65.0 Catlin Group Ltd. . . .372.0 2.1 399.2 319.9 Fresnillo . . . . . . . . . .1602.0 -31.0 1682.0 763.5 SEGRO . . . . . . . . . . . .325.1 -0.1 338.5 250.2 National Express . . .244.1 2.3 260.3 213.4
Tsy 2.500 11 . . . . .309.03 -0.01 311.1 307.5 Keller Group . . . . . . .620.5 0.5 784.5 515.0 City of London In . . .390.0 10.0 461.5 266.5 Brown (N.) Group . . .273.2 0.4 311.2 213.0 CPP Group . . . . . . . . .306.5 3.0 329.0 225.0 Gem Diamonds Ltd. .274.5 -5.3 306.0 186.3 Shaftesbury . . . . . . . .490.2 1.6 491.7 349.3 PartyGaming . . . . . . .182.3 -2.7 334.5 172.1
Tsy 5.000 12 . . . .104.05 -0.03 107.4 104.0 Kier Group . . . . . . . .1307.0 41.0 1383.0 886.5 Close Brothers Gr . . .872.5 18.0 888.5 664.0 Carpetright . . . . . . . . .770.5 15.5 936.5 636.0 Hiscox Ltd. . . . . . . . . .382.4 -2.2 399.0 327.9 Hochschild Mining . .661.5 -18.5 688.0 234.0 Punch Taverns . . . . . .69.1 1.1 101.0 58.0
Tsy 5.250 12 . . . .105.20 -0.03 108.6 105.2 Collins Stewart . . . . . .87.0 -2.0 94.0 67.3 Debenhams . . . . . . . . .59.9 -0.4 79.0 53.0 Jardine Lloyd Tho . . .681.5 -2.5 688.0 518.0 Kazakhmys . . . . . . .1406.0 -42.0 1671.0 965.0 SOFTWARE & COMPUTER SERV. Rank Group . . . . . . . .129.9 0.4 138.5 94.8
Tsy 9.000 12 . . . . .110.97 0.00 117.5 109.8 ELECTRICITY Evolution Group . . . . .79.0 -0.8 127.0 67.0 Dignity . . . . . . . . . . . .713.0 -2.0 726.5 598.0 Lancashire Holdin . . .602.0 -5.0 647.0 442.0 Kenmare Resources . .42.0 -0.2 42.9 9.3 Autonomy Corporat 1652.0 22.0 1975.0 1271.0 Restaurant Group . . .279.8 -3.1 310.9 208.2
Tsy 4.500 13 . . . . .106.11 -0.05 109.2 105.9 Drax Group . . . . . . . .403.0 -1.7 415.6 326.3 F&C Asset Managem .85.5 0.6 92.9 47.5 Dixons Retail . . . . . . .17.7 -0.1 36.5 17.4 RSA Insurance Gro . .137.2 0.4 143.5 114.8 Lonmin . . . . . . . . . . .1827.0 -24.0 2113.0 1355.0 Aveva Group . . . . . .1670.0 -11.0 1739.0 1044.0 Sportingbet . . . . . . . . .47.1 -0.3 79.9 45.0
Tsy 2.500 13 . . . .281.60 -0.07 281.9 266.9 Scottish & Southe . .1220.0 5.0 1258.0 1010.0 Gartmore Group Lt . .110.2 0.9 210.0 88.5 Dunelm Group . . . . . .407.0 0.0 550.0 325.3 Petropavlovsk . . . . .1062.0 -20.0 1365.0 903.5 Computacenter . . . . .441.8 12.0 457.5 260.0 Stagecoach Group . .214.5 2.8 224.0 160.7
Tsy 8.000 13 . . . . .116.42 -0.05 121.3 116.3 LIFE INSURANCE
Hargreaves Lansdo .614.0 16.0 614.0 317.4 Halfords Group . . . . .380.0 -9.6 550.0 377.3 Randgold Resource 4480.0-400.0 6655.0 4424.0 Fidessa Group . . . . .1635.0 -9.0 1722.0 1269.0 Thomas Cook Group 187.0 -1.0 272.0 171.7
Tsy 5.000 14 . . . .109.76 -0.08 114.1 109.2 ELECTRONIC & ELECTRICAL EQ. Helphire Group . . . . . .17.1 -0.3 60.3 11.8 Home Retail Group . .208.4 -2.2 295.1 188.5 Aviva . . . . . . . . . . . . . .475.1 5.2 479.0 294.2 Rio Tinto . . . . . . . . .4145.5 -64.5 4712.0 2812.0 Invensys . . . . . . . . . . .349.7 -5.1 364.3 230.2 TUI Travel . . . . . . . . . .239.4 0.5 308.4 190.0
Tsy 7.750 15 . . . .105.91 0.00 112.0 76.0 Domino Printing S . .703.0 -2.0 724.5 337.9 Henderson Group . . .165.7 -0.8 168.9 118.1 Inchcape . . . . . . . . . .393.6 2.1 414.0 237.1 Legal & General G . . .121.2 -0.4 122.7 72.3 Vedanta Resources 2326.0 -39.0 2934.0 1839.0 Logica . . . . . . . . . . . .132.7 -2.3 147.9 101.7 Whitbread . . . . . . . .1694.0 32.0 1887.0 1266.0
Tsy 8.000 15 . . . .124.52 -0.14 131.6 123.7 Halma . . . . . . . . . . . . .345.0 -0.2 366.6 239.5 Highway Capital . . . . . .7.0 0.0 8.5 6.0 JD Sports Fashion . .908.5 18.5 933.5 560.5 Old Mutual . . . . . . . . .137.7 4.4 145.2 102.0 Xstrata . . . . . . . . . . .1393.0 -22.0 1535.0 845.8 Micro Focus Inter . . .314.7 -0.5 546.5 276.0 William Hill . . . . . . . . .188.7 1.6 216.5 155.5
Tsy 4.750 15 . . . .109.56 -0.10 114.7 108.6 Laird . . . . . . . . . . . . . .156.4 -6.2 179.0 98.8 ICAP . . . . . . . . . . . . . .527.5 0.5 570.5 341.6 Kesa Electricals . . . .130.6 1.1 174.0 99.2 Phoenix Group Hol . .660.0 3.5 758.0 584.5 Misys . . . . . . . . . . . . .329.9 1.8 354.8 217.0
Tsy 2.500 16 . . . .317.07 -0.14 318.5 296.9 MOBILE TELECOMS AIM 50
Morgan Crucible C . .307.5 -1.4 316.0 167.5 IG Group Holdings . .466.4 1.4 553.0 362.4 Kingfisher . . . . . . . . .241.1 -4.2 271.3 198.5 Prudential . . . . . . . . .714.0 13.5 742.0 489.2 Sage Group . . . . . . . .274.0 -1.3 302.0 222.7
Tsy 4.000 16 . . . .106.07 -0.16 111.4 103.6 Renishaw . . . . . . . . .1778.0 94.0 1791.0 607.0 Intermediate Capi . . .319.6 5.6 360.3 240.4 Marks & Spencer G . .338.5 2.6 427.5 326.4 Resolution Ltd. . . . . .288.2 -2.1 328.6 211.3 Inmarsat . . . . . . . . . . .607.0 14.0 821.0 593.0 SDL . . . . . . . . . . . . . . .670.0 20.0 678.5 421.0 Abcam . . . . . . . . . . . .402.0 29.0 402.0 216.0
Tsy 12.000 17 . . .128.03 -0.67 185.9 126.8 Spectris . . . . . . . . . .1432.0 -2.0 1440.0 740.5 International Per . . . .323.2 6.7 386.6 183.3 Mothercare . . . . . . . .481.1 3.0 643.0 475.4 St James's Place . . . .320.4 3.1 320.9 204.2 Vodafone Group . . . .181.9 3.2 185.0 129.5 Telecity Group . . . . . .491.7 1.7 532.5 365.0 Albemarle & Bond . .300.0 -10.0 334.0 218.0
Tsy 1.250 17 . . . .108.40 -0.21 111.1 104.0 International Pub . . . .112.7 -0.5 118.3 110.7 Next . . . . . . . . . . . . .1934.0 -7.0 2344.0 1909.0 Standard Life . . . . . . .240.0 1.6 243.3 173.0 Amerisur Resource . .24.3 -1.0 27.0 11.5
Tsy 8.750 17 . . . .134.02 -0.19 142.2 132.9 EQUITY INVESTMENT INSTRUM. NONEQUITY INVESTM. COMM. SUPPORT SERVICES
Investec . . . . . . . . . . .474.8 0.3 562.0 429.2 Sports Direct Int . . . .180.2 -5.3 187.5 92.3 MEDIA Archipelago Resou . . .63.6 0.1 64.8 32.3
Tsy 5.000 18 . . . . .110.98 -0.22 117.6 108.2 Aberforth Smaller . . .672.5 2.0 697.0 495.0 IP Group . . . . . . . . . . . .48.0 1.8 52.5 28.0 WH Smith . . . . . . . . . .458.5 -7.5 523.0 398.2 Genesis Emerging . .506.0 3.0 568.0 427.0 Aggreko . . . . . . . . . .1515.0 10.0 1685.0 1045.0 ASOS . . . . . . . . . . . .1924.0 103.0 1924.0 456.3
Tsy 4.500 19 . . . .106.84 -0.25 113.8 103.5 Alliance Trust . . . . . .359.1 3.7 377.9 293.5 Jupiter Fund Mana . .327.0 1.6 337.3 180.3 4imprint Group . . . . .265.0 0.0 275.0 140.5 Ashtead Group . . . . .203.2 16.7 203.2 77.0 Aurelian Oil & Ga . . . .89.5 -2.5 93.0 35.8
Tsy 3.750 19 . . . .100.95 -0.27 107.7 97.0 HEALTH CARE EQUIPMENT & S. OIL & GAS PRODUCERS
Bankers Inv Trust . . .418.5 0.0 427.7 337.0 LMS Capital . . . . . . . . .56.4 -0.6 59.0 40.0 Aegis Group . . . . . . .139.4 -0.6 148.3 103.6 Atkins (WS) . . . . . . . .705.0 -5.0 792.5 578.0 Avanti Communicat .515.0 -8.0 735.0 375.0
Tsy 4.750 20 . . . .108.16 -0.29 115.9 104.7 BH Global Ltd. GB .1091.0 -2.0 1174.0 1071.0 London Finance & . . .19.5 0.0 21.5 16.5 Smith & Nephew . . . .710.5 0.0 742.0 537.5 Bloomsbury Publis . .125.6 -0.6 127.0 105.3 Afren . . . . . . . . . . . . . .158.7 -3.7 164.3 79.2 Babcock Internati . . .581.5 0.0 635.0 492.8 Avocet Mining . . . . . .236.5 -7.5 253.5 95.5
Tsy 2.500 20 . . . .320.35 -0.24 325.7 296.2 BH Global Ltd. US . . . .10.7 -0.1 11.6 10.7 London Stock Exch .880.5 0.0 933.0 544.0 Synergy Health . . . . .883.0 -4.0 948.0 562.5 British Sky Broad . . .828.5 -5.0 834.0 536.5 BG Group . . . . . . . . .1456.0 -24.0 1524.0 984.0 Berendsen . . . . . . . . .482.8 -7.5 494.5 360.2 Blinkx . . . . . . . . . . . . . .95.5 4.0 102.0 12.3
Tsy 8.000 21 . . . .135.66 -0.29 147.1 133.6 BH Macro Ltd. EUR . . .16.4 -0.2 17.2 15.8 Man Group . . . . . . . . .284.4 3.9 311.0 201.9 Centaur Media . . . . . . .63.3 -2.0 73.0 45.8 BP . . . . . . . . . . . . . . . .493.8 -3.7 655.4 302.9 Bunzl . . . . . . . . . . . . .724.0 -7.0 783.0 658.0 Borders & Souther . . .60.5 -1.0 93.0 45.8
Tsy 1.875 22 . . . . .113.50 -0.32 117.8 108.5 HHOLD GDS & HOME CONSTR.
BH Macro Ltd. GBP 1694.0 8.0 1785.0 1630.0 Paragon Group Of . .183.2 4.2 191.5 114.4 Chime Communicati .278.5 10.8 281.8 158.0 Cairn Energy . . . . . . .448.0 6.8 493.2 365.7 Capita Group . . . . . . .785.0 3.0 826.0 635.5 BowLeven . . . . . . . . .352.8 0.0 398.0 103.0
Tsy 4.000 22 . . . .100.61 -0.40 108.4 96.2 BH Macro Ltd. USD . . .16.6 0.1 17.1 15.8 Provident Financi . . .975.0 -1.0 1033.0 728.5 Barratt Developme . .102.9 0.8 137.7 70.1 Creston . . . . . . . . . . . .95.0 -0.5 105.0 78.5 EnQuest . . . . . . . . . . .146.5 -2.5 150.6 89.3 Carillion . . . . . . . . . . .374.0 5.9 399.3 291.2 Caledon Resources .102.3 0.3 107.0 23.3
Tsy 2.500 24 . . . .281.16 -0.38 286.9 258.6 BlackRock World M .779.0 -5.5 815.0 533.0 Rathbone Brothers .1187.0 -7.0 1257.0 762.5 Bellway . . . . . . . . . . . .665.0 -4.5 809.0 511.0 Daily Mail and Ge . . .520.0 -14.5 594.5 433.0 Essar Energy . . . . . .506.5 -8.5 589.5 383.0 De La Rue . . . . . . . . .747.5 -4.5 984.0 549.5 Cape . . . . . . . . . . . . . .498.0 10.5 499.8 190.5
Tsy 5.000 25 . . . .109.28 -0.49 118.5 104.5 BlueCrest AllBlue . . .171.7 0.6 174.5 159.0 Real Estate Credi . . . . .1.2 0.0 2.5 0.9 Exillon Energy . . . . . .453.5 13.5 454.6 166.0 Electrocomponents .276.3 -2.8 280.5 197.3 CareTech Holding . . .209.4 7.4 422.0 200.8
Tsy 1.250 27 . . . .107.01 -0.20 111.2 100.5 British Assets Tr . . . .136.2 0.2 140.5 105.0 RSM Tenon Group . . .44.5 -1.0 66.3 38.0 Heritage Oil . . . . . . . .282.0 7.5 581.0 261.7 Experian . . . . . . . . . . .772.5 -7.5 819.0 572.0 Conygar Investmen .117.0 0.0 124.3 101.3
Tsy 4.250 27 . . . . .99.65
Tsy 6.000 28 . . . .121.41
-0.45
-0.43
108.8
132.7
95.6
117.7
British Empire Se . . .492.5 2.0 512.0 404.1
Caledonia Investm .1768.0 -3.0 1928.0 1532.0
S & U . . . . . . . . . . . . .632.5
Schroders . . . . . . . .1797.0
0.0 638.5 482.5
3.0 1922.0 1154.0
MAIN CHANGES UK 350 JKX Oil & Gas . . . . . .321.9 2.3
Premier Oil . . . . . . . .2076.0 -3.0
329.3 223.2
2140.0 1085.0
Filtrona PLC . . . . . . . .312.0 -6.0
G4S . . . . . . . . . . . . . . .267.0 -1.7
319.3 193.4
283.5 237.7
Cove Energy . . . . . . . .90.0 -2.0
Daisy Group . . . . . . . .97.0 -0.5
112.8
108.5
41.0
84.5
Tsy 4.750 30 . . . .104.93 -0.46 115.0 101.1 City of London In . . .289.0 1.1 296.0 233.7 Schroders (Non-Vo .1420.0 -6.0 1508.0 950.5 Royal Dutch Shell . .2197.5 -21.5 2267.5 1624.0 Hays . . . . . . . . . . . . . .128.0 -1.4 133.6 88.4 Desire Petroleum . . . .39.3 -0.8 168.5 32.3
Tsy 4.125 30 . . . .268.20 -0.20 274.4 246.3 Dexion Absolute L . .150.4 -0.1 151.0 131.2 Tullett Prebon . . . . . .421.0 -5.0 426.0 298.0
Risers % Fallers %
Royal Dutch Shell . .2168.5 -19.0 2251.0 1554.0 Homeserve . . . . . . . .472.5 -0.1 487.5 329.0 EMIS Group . . . . . . . .465.0 0.0 485.0 303.5
Tsy 4.250 32 . . . . .98.10 -0.49 107.8 94.5 Edinburgh Dragon . .236.2 2.8 262.1 197.6 Walker Crips Grou . . .47.5 0.0 50.5 45.0 Ashtead Group . . . . .203.2 9.0 Pace . . . . . . . . . . . . . .176.4 -20.0 Salamander Energy .312.0 -1.6 317.3 204.9 Howden Joinery Gr . .112.0 2.5 127.5 56.8 Encore Oil . . . . . . . . .122.8 -0.3 151.5 15.0
Tsy 4.250 36 . . . . .97.39 -0.51 107.4 93.6 Edinburgh Inv Tru . . .437.0 -0.5 467.2 366.0 Betfair Group . . . . . . .955.0 7.6 Randgold Resources4480.0 -8.2 Soco Internationa . . .362.5 10.0 484.2 292.0 Intertek Group . . . . .1955.0 -39.0 2000.0 1324.0 Faroe Petroleum . . . .179.3 -5.8 218.3 106.0
Tsy 4.750 38 . . . .105.60 -0.51 116.5 101.5 Electra Private E . . .1650.0 15.0 1719.0 1177.0 FIXED LINE TELECOMS Tullow Oil . . . . . . . . .1460.0 -33.0 1504.0 991.5 Michael Page Inte . . .512.0 -12.5 565.5 346.4 Gulfsands Petrole . . .335.0 -1.0 401.5 244.3
Tsy 4.500 42 . . . .101.88 0.00 112.8 97.8 Renishaw . . . . . . . . .1778.0 5.6 Supergroup . . . . . . .1397.0 -6.2
F&C Inv Trust . . . . . .313.6 -0.2 316.8 251.4 BT Group . . . . . . . . . .191.1 7.3 191.4 109.9 BTG . . . . . . . . . . . . . .220.8 4.2 Weir Group . . . . . . .1695.0 -4.7 Mitie Group . . . . . . . .206.5 1.8 241.1 188.7 GW Pharmaceutical .103.9 -3.1 141.0 83.0
Fidelity China Sp . . . .112.1 2.6 128.7 92.3 Cable & Wireless . . . .51.1 1.4 63.7 44.4 OIL EQUIPMENT & SERVICES Premier Farnell . . . . .305.2 -3.6 313.0 194.4 Hamworthy . . . . . . . .480.0 -10.0 502.0 256.8
BT Group . . . . . . . . . .191.1 4.0 AZ Electronic Mate . .292.3 -4.2
Fidelity European . .1162.0 2.0 1170.0 916.0 Cable & Wireless . . . .71.5 0.7 100.0 60.5 Amec . . . . . . . . . . . .1183.0 -21.0 1251.0 760.5 Regus . . . . . . . . . . . . .107.4 -0.2 120.0 66.1 Hargreaves Servic . .965.0 -17.0 983.0 556.5
AEROSPACE & DEFENCE Fidelity Special . . . . .580.5 -1.0 595.0 503.0 COLT Group SA . . . .151.5 3.4 156.2 109.0 Yule Catto & Co . . . . .227.7 3.3 Laird . . . . . . . . . . . . . .156.4 -3.8 Hunting . . . . . . . . . . .804.0 5.5 806.0 439.4 Rentokil Initial . . . . . . .88.2 0.4 138.5 87.4 Healthcare Locums . .112.5 0.0 0.0 0.0
BAE Systems . . . . . .327.7 2.6 388.8 294.7 Herald Inv Trust . . . . .529.5 0.5 541.0 349.8 TalkTalk Telecom . . .134.5 -5.3 168.3 108.5 Old Mutual . . . . . . . . .137.7 3.3 TalkTalk Telecom G . .134.5 -3.8 John Wood Group . .666.5 4.5 670.0 293.1 RPS Group . . . . . . . . .199.7 -4.3 242.0 169.8 Immunodiagnostic . .807.5 -32.0 975.0 575.0
Chemring Group . . .3354.0 29.0 3663.0 2598.0 HSBC Infrastructu . . .116.7 -0.5 121.2 112.0 Kier Group . . . . . . . .1307.0 3.2 African Barrick Go . .547.5 -3.6 Lamprell . . . . . . . . . . .315.9 3.7 390.0 195.3 Serco Group . . . . . . .591.0 -8.5 651.0 529.5 James Halstead . . . . .422.5 0.0 450.0 283.3
FOOD & DRUG RETAILERS
Cobham . . . . . . . . . . .235.3 5.6 275.9 192.3 Impax Environment .121.0 1.8 130.5 106.5 SDL . . . . . . . . . . . . . . .670.0 3.1 Aquarius Platinum . .381.1 -3.5 Petrofac Ltd. . . . . . .1454.0 -21.0 1685.0 1002.0 Shanks Group . . . . . .114.5 -0.9 126.7 92.0 Kalahari Minerals . . .301.0 16.0 308.3 142.0
Meggitt . . . . . . . . . . . .352.4 -1.9 380.9 261.7 JPMorgan American .891.0 6.0 909.0 673.0 Booker Group . . . . . . .58.0 -0.5 60.6 38.6 Exillon Energy . . . . . .453.5 3.1 Enterprise Inns . . . . . .88.1 -3.5 SIG . . . . . . . . . . . . . . .126.8 -1.5 153.2 90.7 London Mining . . . . .382.0 2.0 418.8 194.0
QinetiQ Group . . . . . .124.6 -1.5 142.0 96.7 JPMorgan Asian In . .223.4 4.2 250.8 182.5 Greggs . . . . . . . . . . . .494.0 1.0 501.5 417.8 PERSONAL GOODS SThree . . . . . . . . . . . .429.5 4.5 429.8 231.1 Lonrho . . . . . . . . . . . . .17.0 0.0 19.0 9.4
Rolls-Royce Group . .600.5 0.5 665.0 535.0 JPMorgan Emerging .575.5 4.5 639.0 479.5 Morrison (Wm) Sup .279.8 0.0 306.3 257.6 Price Chg High Low Price Chg High Low Burberry Group . . . .1193.0 -7.0 1220.0 612.5 Travis Perkins . . . . .1000.0 1.0 1127.0 709.0 M. P. Evans Group . .440.0 -2.4 500.5 317.5
Senior . . . . . . . . . . . . .139.0 -4.0 159.5 90.0 JPMorgan European .866.0 2.0 885.0 606.0 Ocado Group . . . . . . .202.0 -5.0 285.0 123.5 PZ Cussons . . . . . . . .347.4 1.9 409.0 260.1 Wolseley . . . . . . . . .2154.0 34.0 2261.0 1223.0 Majestic Wine . . . . . .407.4 2.4 430.0 255.0
Ultra Electronics . . .1679.0 -10.0 1895.0 1483.0 JPMorgan Indian I . . .415.0 5.4 502.0 377.2 Sainsbury (J) . . . . . . .368.6 1.0 395.0 312.9 Berkeley Group Ho .1039.0 13.0 1039.0 751.0 Euromoney Institu . .730.0 4.0 736.0 463.0 Supergroup . . . . . . .1397.0 -92.0 1820.0 535.0 May Gurney Integr . .253.0 -2.0 264.0 177.0
JPMorgan Russian .696.0 -4.0 755.0 502.0 Tesco . . . . . . . . . . . . .399.0 -0.1 454.4 377.5 Bovis Homes Group .447.0 -0.2 460.0 326.6 Future . . . . . . . . . . . . . .26.0 -0.5 30.0 15.8 TECHNOLOGY HARDW. & EQUIP. Monitise . . . . . . . . . . . .23.5 -0.3 27.0 14.3
ALTERNATIVE ENERGY Law Debenture Cor . .355.6 -0.2 362.9 273.3 PHARMACEUTICALS & BIOTECH ARM Holdings . . . . . .589.5 -0.5 651.0 222.5 Mulberry Group . . . .1225.0 10.0 1388.0 180.5
Mcbride . . . . . . . . . . .140.7 -0.3 242.1 114.0 Haynes Publishing . .239.0 5.0 280.0 202.5
Hansen Transmissi . . .41.6 0.3 108.0 39.1 Mercantile Inv Tr . . .1114.0 0.0 1137.0 840.0 FOOD PRODUCERS Huntsworth . . . . . . . . .75.0 -0.8 87.5 65.0 AstraZeneca . . . . . .2971.0 -9.0 3385.0 2772.0 CSR . . . . . . . . . . . . . .374.6 -1.8 495.0 280.9 Nanoco Group . . . . . . .81.3 -0.3 115.8 77.8
Persimmon . . . . . . . .458.1 0.8 507.5 336.5
Merchants Trust . . . .401.3 -5.2 425.0 320.0 Associated Britis . . .977.5 2.5 1182.0 918.0 Reckitt Benckiser . .3115.0 -14.0 3655.0 3037.0 Informa . . . . . . . . . . . .419.9 -7.6 461.1 342.1 BTG . . . . . . . . . . . . . .220.8 8.8 263.0 154.2 Imagination Techn . .471.3 -0.1 476.0 215.1 Nautical Petroleu . . .419.0 -10.0 547.0 45.0
AUTOMOBILES & PARTS Monks Inv Trust . . . .347.0 5.0 363.0 275.5 Cranswick . . . . . . . . .813.0 -14.0 907.5 784.0 Genus . . . . . . . . . . . . .969.5 -13.0 984.4 677.5 Pace . . . . . . . . . . . . . .176.4 -44.1 231.8 148.6 Nichols . . . . . . . . . . . .457.4 -7.6 495.0 332.5
Redrow . . . . . . . . . . . .126.4 -0.7 151.9 97.5 ITE Group . . . . . . . . . .248.2 -0.3 252.2 130.6
GKN . . . . . . . . . . . . . .208.5 2.7 237.1 109.3 Murray Income Tru . .636.5 -2.5 649.0 518.0 Dairy Crest Group . . .367.1 0.0 424.9 339.7 Taylor Wimpey . . . . . . .40.7 0.1 44.0 22.3 ITV . . . . . . . . . . . . . . . . .90.1 -1.6 93.5 48.3 GlaxoSmithKline . . .1179.0 6.0 1318.5 1095.0 Spirent Communica .151.3 1.4 160.3 102.8 Numis Corporation . .118.0 -1.0 158.5 109.0
Murray Internatio . . .931.0 7.0 966.0 791.5 Devro . . . . . . . . . . . . .293.0 4.2 293.9 161.0 Johnston Press . . . . . .12.3 0.3 33.5 9.1 Hikma Pharmaceuti .739.5 2.0 900.0 580.0 Patagonia Gold . . . . . .53.0 -2.0 59.3 12.5
BANKS Perpetual Income . . .252.8 -0.7 262.0 203.0 Premier Foods . . . . . . .26.3 0.0 34.4 16.0 INDUSTRIAL ENGINEERING Shire Plc . . . . . . . . . .1752.0 -5.0 1764.0 1321.0 TOBACCO Pursuit Dynamics . . .285.3 -13.0 700.0 180.0
Mecom Group . . . . . .263.3 0.3 288.0 162.0
Barclays . . . . . . . . . . .308.6 0.7 383.2 255.4 Polar Cap Technol . .354.0 0.0 391.2 269.0 Tate & Lyle . . . . . . . . .558.0 8.0 599.5 409.1 Bodycote . . . . . . . . . .330.4 5.4 331.3 179.7 Moneysupermarket. . .91.0 -0.6 92.9 61.0 British American . .2507.0 38.5 2521.0 1959.0 Rockhopper Explor .233.5 -0.5 510.0 37.0
HSBC Holdings . . . . .670.6 13.1 730.9 596.2 RIT Capital Partn . . .1292.0 -5.0 1328.0 1027.0 Unilever . . . . . . . . . .1840.0 5.0 1995.0 1688.0 Pearson . . . . . . . . . .1100.0 0.0 1117.0 864.0 REAL ESTATE INVEST. & SERV. Imperial Tobacco . .1912.0 8.0 2145.0 1753.0 RWS Holdings . . . . . .368.6 1.1 377.0 239.0
Charter Internati . . . .763.5 6.5 853.5 567.0
Lloyds Banking Gr . . .61.5 0.5 77.6 50.5 Schroder Asia Pac . .218.0 3.7 233.6 177.5 Fenner . . . . . . . . . . . .358.0 6.0 386.7 183.3 Reed Elsevier . . . . . .547.5 -3.5 590.5 460.6 Capital & Countie . . .161.0 2.2 162.0 100.0 Songbird Estates . . .143.0 2.5 180.2 133.8
Scottish Inv Trus . . . .507.0 4.0 516.5 401.5 FORESTRY & PAPER Daejan Holdings . . .2850.0 50.0 2919.0 2157.0 TRAVEL & LEISURE Sterling Energy . . . . . .70.0 -2.5 166.0 51.3
Royal Bank of Sco . . .44.4 0.6 58.1 37.6 IMI . . . . . . . . . . . . . . . .958.0 7.5 958.0 578.0 Rightmove . . . . . . . . .962.0 2.5 973.5 596.5
Standard Chartere .1680.0 -2.0 1950.0 1514.5 Scottish Mortgage . .719.5 4.5 742.5 533.0 Mondi . . . . . . . . . . . . .571.0 2.5 573.0 367.6 Melrose . . . . . . . . . . .312.0 -4.8 329.0 192.1 STV Group . . . . . . . . .151.5 0.0 152.5 49.3 F&C Commercial Pr .103.9 0.9 107.0 88.0 Avis Europe . . . . . . . .204.4 -4.6 284.7 190.0 Valiant Petroleum . . .630.0 -6.0 761.5 504.0
SVG Capital . . . . . . . .250.6 1.3 252.0 137.8 Rotork . . . . . . . . . . .1702.0 3.0 1895.0 1254.0 Tarsus Group . . . . . .145.5 1.0 149.0 107.0 Grainger . . . . . . . . . . .104.2 0.0 145.0 86.3 Betfair Group . . . . . . .955.0 67.5 1550.0 865.5 Vatukoula Gold Mi . . .167.0 -7.0 227.0 84.0
BEVERAGES Temple Bar Inv Tr . . .887.0 -5.0 913.5 717.0 GAS, WATER & MULTIUTILITIES Helical Bar . . . . . . . . .274.2 -1.3 358.8 262.0 Carnival . . . . . . . . . .2625.0 57.0 3153.0 2037.0 Young & Co's Brew . .595.5 1.8 670.0 502.0
Spirax-Sarco Engi . .1949.0 6.0 2057.0 1344.0 Trinity Mirror . . . . . . . .59.0 -2.8 170.1 58.0
AG Barr . . . . . . . . . .1104.0 16.0 1304.0 856.0 Templeton Emergin .628.0 4.0 689.5 497.0 Centrica . . . . . . . . . . .337.2 1.0 346.1 264.5 Weir Group . . . . . . .1695.0 -84.0 1861.0 846.0 United Business M . .621.5 -4.5 725.0 480.1 London & Stamford .129.6 1.2 133.5 110.3 Compass Group . . . .540.5 -0.5 594.0 492.6
Britvic . . . . . . . . . . . . .393.0 2.1 518.0 364.5 TR Property Inv T . . .174.9 -0.4 175.5 132.3 International Pow . . .322.1 -2.7 448.6 284.5 Ferrexpo . . . . . . . . . . .397.8 -8.8 447.9 219.0 UTV Media . . . . . . . . .137.3 -2.5 151.0 95.0 Savills . . . . . . . . . . . . .383.9 3.5 399.0 273.1 Domino's Pizza UK . .477.7 1.7 586.0 324.7
Diageo . . . . . . . . . . .1204.0 9.0 1258.0 1025.0 TR Property Inv T . . . .84.0 -0.4 84.4 59.2 National Grid . . . . . . .573.0 -0.5 596.2 484.2 Talvivaara Mining . . .552.5 -5.0 622.0 342.4 Wilmington Group . .164.5 -0.5 183.0 129.0 St. Modwen Proper . .176.4 1.9 201.0 135.4 easyJet . . . . . . . . . . . .357.0 3.0 496.5 348.6
SABMiller . . . . . . . . .2094.0 13.5 2306.0 1827.0 Witan Inv Trust . . . . .509.0 1.5 522.0 409.9 Northumbrian Wate .330.0 1.2 361.5 252.8 WPP . . . . . . . . . . . . . .807.5 -15.5 846.5 608.0 UK Commercial Pro . .79.0 -0.3 85.0 72.8 Enterprise Inns . . . . . .88.1 -3.2 139.3 84.4
Pennon Group . . . . . .624.5 -2.5 650.0 482.9 INDUSTRIAL TRANSPORTATION Unite Group . . . . . . . .213.0 2.7 270.0 163.0 FirstGroup . . . . . . . . .368.5 2.6 412.6 342.8
FINANCIAL SERVICES Yell Group . . . . . . . . . . .8.1 -0.5 59.0 5.8
CHEMICALS Severn Trent . . . . . .1503.0 -5.0 1513.0 1086.0 Go-Ahead Group . . .1457.0 14.0 1490.0 1042.0
BBA Aviation . . . . . . .209.4 -0.5 240.8 171.0 REAL ESTATE INVEST. TRUSTS
AZ Electronic Mat . . .292.3 -12.7 320.0 249.0 3i Group . . . . . . . . . . .303.2 -0.7 340.0 251.9 United Utilities . . . . .588.0 3.0 628.5 507.0 MINING Greene King . . . . . . .454.9 -4.2 491.4 376.2
Forth Ports . . . . . . . .1603.0 -2.0 1608.6 1112.0
Croda Internation . .1629.0 -20.0 1657.0 900.0 3i Infrastructure . . . .120.3 0.2 125.2 104.1
GENERAL INDUSTRIALS Stobart Group Ltd . . .146.0 1.9 163.6 132.0 African Barrick G . . .547.5 -20.5 670.0 501.5 Big Yellow Group . . .338.0 -0.3 353.3 284.4 InterContinental . . .1339.0 17.0 1435.0 959.0 http://corporate.webfg.com
Elementis . . . . . . . . . .157.5 -0.5 159.6 51.5 Aberdeen Asset Ma .216.2 3.9 229.5 120.0 Anglo American . . .3251.0 -35.0 3437.0 2254.0 British Land Co . . . . .574.0 -6.0 585.5 418.3 International Con . . .228.6 -1.9 305.0 184.2 mailto:
Ashmore Group . . . .341.0 1.0 383.7 235.0 Cookson Group . . . . .680.0 -21.0 703.5 367.4 NON LIFE INSURANCE Capital Shopping . . .398.3 2.0 424.8 301.0 JD Wetherspoon . . . .420.0 -11.9 548.5 386.5
Johnson Matthey . .1887.0 8.0 2100.0 1460.0 Antofagasta . . . . . . .1382.0 -38.0 1634.0 761.0
Victrex . . . . . . . . . . .1330.0 -18.0 1522.0 874.0 Berkeley Technolo . . . .4.3 0.0 9.0 2.2 DS Smith . . . . . . . . . .210.0 6.2 226.0 108.0 Admiral Group . . . . .1661.0 7.0 1753.0 1238.0 Aquarius Platinum . .381.1 -13.9 458.0 227.1 Derwent London . . .1733.0 -27.0 1767.0 1208.0 Ladbrokes . . . . . . . . .135.9 2.2 162.7 122.7 [email protected]

EUSHARES USSHARES
Price Chg High Low In association with Price Chg High Low
AIR LIQUIDE........................................93.88
ALLIANZ ............................................104.15
ALSTOM ..............................................41.58
0.75
-0.35
-0.01
99.15
108.85
50.73
73.16
75.82
30.78 Don’t miss breaking 3M ........................................................93.75
ABBOTT LABS ...................................48.70
ALCOA ................................................16.49
1.35
0.20
0.24
94.16
55.55
17.68
67.98
44.59
9.81

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ANHEUS-BUSCH INBEV ....................41.07 0.06 46.33 35.06 ALTRIA GROUP ..................................25.66 0.28 26.22 19.20
ARCELORMITTAL...............................25.64 -0.08 33.68 20.26 AMAZON.COM..................................166.89 -2.19 191.60 105.80
AXA......................................................15.23 0.38 17.60 10.88 AMERICAN EXPRESS........................45.24 1.53 49.19 37.13
BANCO SANTANDER...........................8.31 0.07 10.57 7.00 AMGEN INC.........................................52.52 0.78 61.26 50.32

10:30 AM EMAIL
BASF SE..............................................59.96 -1.30 62.00 39.94 APPLE ...............................................355.76 0.40 364.90 199.25
BAYER .................................................56.18 -0.22 59.17 43.27 AT&T....................................................28.45 0.55 30.10 23.78
BBVA......................................................8.48 0.10 10.95 6.87 BANK OF AMERICA ...........................14.69 0.66 19.86 10.91
BMW ....................................................57.97 0.23 65.49 31.58 BERKSHIRE HATAW B.......................86.35 1.31 87.65 68.48
BNP PARIBAS.....................................53.20 0.97 59.93 40.81 BOEING CO.........................................72.04 1.16 76.00 59.48
CARREFOUR ......................................32.38 0.12 41.28 30.85 BRISTOL MYERS SQUI......................26.45 0.14 28.00 22.24
CREDIT AGRICOLE ............................11.99
CRH PLC .............................................15.97
0.21
0.12
13.78
22.00
7.87
11.51
Each day we’ll cover the morning’s breaking news, CATERPILLAR ..................................104.13
CHEVRON .........................................103.77
2.00
0.76
105.86
104.99
54.89
66.83
DAIMLER .............................................49.25
DANONE..............................................44.58
0.66
0.07
59.09
48.50
32.01
39.35
give you current market analysis and CISCO SYSTEMS................................18.22
COCA-COLA .......................................65.64
0.02
0.42
27.74
65.88
18.02
49.47
DEUTSCHE BANK ..............................44.60
DEUTSCHE BOERSE .........................56.07
0.06
0.45
55.25
62.48
35.93
46.33 the most up-to-date financial headlines. COLGATE PALMOLIVE ......................78.19
COMCAST CLASS A ..........................25.56
0.65
0.14
86.15
25.91
73.12
16.30
DEUTSCHE TELEKOM .......................10.01 0.38 10.64 8.51 CONOCOPHILLIPS.............................78.32 -0.88 81.00 48.06
E.ON.....................................................23.12 -0.07 28.93 20.86 DU PONT(EI) DE NMR........................54.26 1.00 56.19 33.66

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ENEL......................................................4.22 0.00 4.36 3.42 EMC CORP..........................................26.87 0.08 27.47 17.10
ENI .......................................................17.95 0.30 18.66 14.30 EXXON MOBIL....................................84.60 -0.12 88.23 55.94
FRANCE TELECOM............................15.68 0.15 17.92 14.01 GENERAL ELECTRIC.........................20.61 0.23 21.65 13.75
GDF SUEZ ...........................................27.56
GENERALI ASS...................................16.09
-0.02
0.00
30.05
18.25
22.64
13.31
receive our free email. GOLDMAN SACHS GRP ..................161.22
GOOGLE A........................................592.31
2.11
0.65
186.41
642.96
129.50
433.63
IBERDROLA ..........................................5.99 0.02 6.50 4.38 HEWLETT PACKARD .........................42.40 0.42 54.75 37.32

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ING GROEP CVA...................................8.84 -0.01 9.32 5.34 In association with HOME DEPOT.....................................37.04 0.17 39.38 26.62
INTESA SANPAOLO .............................2.39 0.04 2.99 1.88 IBM.....................................................162.28 2.35 166.25 116.00
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KON.PHILIPS ELECTR .......................23.98 0.31 27.01 20.58 INTEL CORP .......................................21.13 -0.08 24.37 17.60
L'OREAL..............................................82.70 0.86 90.00 70.90 J.P.MORGAN CHASE .........................46.40 1.21 48.36 35.16
LVMH..................................................114.30 1.35 129.05 78.26 WORLD INDICES JOHNSON & JOHNSON.....................60.71 0.31 66.20 56.86
MUNICH RE .......................................118.60 0.60 126.00 98.38 KRAFT FOODS A................................31.45 0.12 32.67 27.49
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
NOKIA....................................................6.06 0.06 11.82 6.00 MC DONALD'S CORP ........................75.54 -0.75 80.94 63.25
FTSE 100 . . . . . . . . . . . . . . 5974.76 0.98 0.02 S&P 500 . . . . . . . . . . . . . . . 1321.82 11.69 0.89 CAC 40 . . . . . . . . . . . . . . . . 4015.91 25.50 0.64 BOVESPA SAO PAOLO . . 68012.10 -133.43 -0.20
REPSOL YPF.......................................24.57 0.47 24.74 15.31 FTSE 250 INDEX. . . . . . . . 11743.52 -4.35 -0.04 NASDAQ COMPOSITE . . . 2765.77 20.14 0.73 SHANGHAI SE INDEX . . . . 2999.94 3.73 0.13 ISEQ OVERALL INDEX . . . 2924.05 -1.90 -0.06 MERCK AND CO. NEW ......................32.98 0.15 39.04 30.70
RWE .....................................................47.72 0.10 68.34 47.20 FTSE UK ALL SHARE . . . . 3103.13 0.31 0.01 FTSEUROFIRST 300 . . . . . 1147.43 3.57 0.31 HANG SENG . . . . . . . . . . . 23711.70 398.51 1.71 STI . . . . . . . . . . . . . . . . . . . . 3103.84 37.32 1.22 MICROSOFT........................................25.91 0.19 31.58 22.73
SAINT-GOBAIN ...................................42.19 0.30 44.85 27.81 FTSE AIM ALL SH . . . . . . . . 932.81 -1.96 -0.21 NIKKEI 225 AVERAGE . . . 10525.19 20.17 0.19 S&P/ASX 20 INDEX . . . . . . 2880.60 0.00 0.00 IGBM . . . . . . . . . . . . . . . . . . 1080.04 7.26 0.68 OCCID. PETROLEUM.......................100.92 -2.61 107.56 72.13
SANOFI-AVENTIS ...............................50.55 0.07 57.45 44.01 DOW JONES INDUS 30 . . 12214.38 124.35 1.03 DAX 30 PERFORMANCE. . 7164.75 2.82 0.04 ASX ALL ORDINARIES . . . 4902.50 0.00 0.00 SWISS MARKET INDEX. . . 6511.21 15.69 0.24 ORACLE CORP...................................32.75 0.65 33.71 21.24
SAP ......................................................43.37 -0.40 45.05 33.28 PEPSICO .............................................63.79 0.32 68.11 60.32
SCHNEIDER ELECTRIC ...................116.55
SIEMENS .............................................94.28
-1.55
-0.31
123.30
98.92
73.95
66.43
COMMODITIES CREDIT & RATES PFIZER ................................................19.68
PHILIP MORRIS INTL .........................64.25
0.07
0.61
19.90
64.60
14.00
2.00
SOCIETE GENERALE.........................47.25 0.70 52.70 29.71 LON GD ONCE FIX AM...........1435.00 -2.00 TIN CASH.............................31740.00 -160.00 BoE IR Overnight ............................0.500 0.00 Euro Base Rate ...............................1.000 0.00 PROCTER AND GAMBLE ..................62.05 0.34 66.95 39.37
TELECOM ITALIA..................................1.14 0.03 1.16 0.88 SILVER LDN FIX AM ..................35.90 -0.26 ZINC CASH ............................2410.00 -76.50 BoE IR 7 days .................................0.500 0.00 Finance house base rate ................1.000 0.00 QUALCOMM INC ................................57.15 -0.43 59.84 31.63
TELEFONICA ......................................18.24 0.15 19.69 14.67 MAPLE LEAF 1 OZ ....................66.50 0.00 BoE IR 1 month ..............................0.500 0.00 US Fed funds...................................0.250 0.00 SCHLUMBERGER ..............................89.85 -0.40 95.64 51.67
BRENT SPOT INDEX ................117.00 1.20 BoE IR 3 months ............................0.500 0.00 US long bond yield .........................4.020 0.00
TOTAL..................................................43.65 -0.05 44.63 35.66 LON PLATINUM AM................1815.00 -23.00 TRAVELERS CIES ..............................59.06 0.10 61.15 47.69
SOYA .....................................1387.75 0.00 BoE IR 6 months ............................0.500 0.00 European repo rate .........................0.866 0.09
UNIBAIL-RODAMCO SE...................148.15 0.40 155.95 105.19 LON PALLADIUM AM ...............789.00 -25.00 UNITED TECHNOLOGIE ....................83.26 0.98 85.46 62.88
COCOA ..................................3721.00 0.00 LIBOR Euro - overnight ..................0.825 0.37 Euro Euribor ....................................0.895 0.02
UNICREDIT............................................1.80 0.02 2.30 1.46 ALUMINIUM CASH .................2565.50 -21.50 LIBOR Euro - 12 months ................1.884 0.01 The vix index ...................................19.61 -1.05 VERIZON COMMS ..............................36.48 0.47 37.70 24.77
UNILEVER CVA...................................21.89 0.17 24.11 20.68 COPPER CASH ......................9840.00 -130.00 COFFEE...................................281.15 0.00 WAL-MART STORES..........................52.44 0.42 62.50 47.77
LIBOR USD - overnight...................0.219 0.00 The baltic dry index ........................1.382 0.03
VINCI....................................................43.71 0.06 44.98 33.01 LEAD CASH ...........................2619.50 -50.50 KRUG.....................................1483.70 1.00 LIBOR USD - 12 months .................0.784 0.00 Markit iBoxx...................................212.56 0.00 WALT DISNEY CO ..............................43.20 0.18 44.34 30.72
VIVENDI ...............................................19.99 0.09 22.07 16.18 NICKEL CASH ......................28525.00 -400.00 WHEAT ....................................194.00 -3.50 Halifax mortgage rate .....................3.500 0.00 Markit iTraxx ....................................98.98 0.00 WELLS FARGO & CO.........................32.51 0.79 34.25 23.02
 22 Wealth Management | Foreign Exchange CITYA.M. 9 MARCH 2011

GET TRADING
EDUCATION ON Europe’s tale of
A SHOESTRING
TOM HOUGAARD
two currencies
CONSULTING ANALYST, INTERTRADER

couldn’t be
I
RECEIVED a phone call from a guy who wanted
help with his trading. He had spent nearly
£15,000 on trading education with a well known
educational trading establishment. Yet he was
more different
nowhere closer to making trading his chosen career
than he was before, despite his sizeable investment
in trading education. The Swiss franc has dipped against its euro
I related the story to a few of my trading friends
and together we came up with a book budget, and dollar pairs but the final countdown to
which we felt would amply cover the syllabus the
unfortunate man had been through, and at a frac-
tion of the cost. In fact, we calculated that it would
interest rate rises is crucial, writes Craig Drake
probably have saved him more than 99 per cent.

P
ARTS of Geneva may now be start- off of risk perception as things got a lit-
BOOK NO. 1 ing to look like Fulham as bankers tle less wobbly in the MENA: “as people
Technical Analysis of Stock Trends by Robert and fund managers flee there to sit watching CNBC and Bloomberg flash
Edwards and John Magee. This will cover 95 per celebrate the manyfold merits of images across their screens of riots in
cent of your trading education. It covers everything the UK’s 50 per cent income tax rate. The the Middle East, they start trying to
you would want to know and it will cost you £23. Swiss treasury, probably progressive tax- shore themselves up with the franc.
Although concerned with stocks it is fully applica- ation’s biggest champion, had also seen After the initial surge, the momentum
ble to trading FX, futures and any other asset class. its franc strengthen. Its status as a haven traders who are looking at the short
currency was recently underlined by pur- term will start taking profit.”
BOOK NO. 2 chases by hedge funds and the big play- In his regular column, Boris
High Performance Trading by Steve Ward. This is a ers in the money market as oil prices and Schlossberg at GFT was asking last week
complete psychological infrastructure of trading, the events in Christchurch sent volatility why we had yet to see flight into the dol-
dealing with everything you need to trade for a liv- indices northwards. And although one lar despite continued turmoil in the
ing. It will cost you £19. may have thought that Swiss jobs would Middle East, concerns over the Irish res-
And that is all you need to purchase for now. The be taken by London financiers and their cue deal and fears over rising commodi- somehow managed to see a steady ride
rest you can find on the internet for free. In Google families, the Swiss economy is indeed ty prices. Had the dollar lost its safe against the dollar. Despite the currency
you will need to search for “pattern recognition” so strong: Switzerland’s unemployment haven attraction? But Tuesday saw the being thrown into a hessian sack and
you know what patterns to look for. You need to rate fell in February, dropping from 3.5 dollar climbing to a nine day high knocked around the room with the
search for “candle chart patterns” so you under- to 3.4 per cent. against the franc. We have started to see blows of one bailout and debt crisis after
stand price action. Finally, you can consider joining that the answer was that we were seeing another, it has still seen consistent gains
a bulletin board where experienced traders post A DIP IN THE SWISSIE only short term flirtation with the franc against the greenback. Although the
their trades. You can learn a lot from that alone. But though things may have been look- before the strong flows of petrodollars euro has benefited from petrodollar
InterTrader frequently run webcasts where experi- ing rosy in the land of clocks and drove the dollar back up. A real fight- countries trying to diversify their cur-
enced traders talk about specialist topics. toblerones, the Swiss franc has recently back from the dollar came on the back of rency holdings, the euro has largely been
Once you have studied the material, you are dropped off against the dollar. The an announcement by Kuwait’s oil minis- held high by yield differentials against
ready to trade with a minute amount. Open an strong performance as a result of flight ter Sheikh Ahmad Abdullah al-Sabah the US dollar. We are also seeing a 2 year
account with InterTrader, either a demo or a real into the franc abated once wild specula- that Opec would be in talks with a view high in the yield differential in favour of
one and get tucked in. There is no better practice tion as to the direction of oil was tem- to ramping up oil production for the the euro with the European Central
than doing. Reading about it is fine, but you will pered by the Organisation of the first time in two years. Bank likely to raise interest rates long
learn far more from actually trading and keeping a Petroleum Exporting Countries (Opec) before the US Federal Reserve does.
trade log. Happy trading. signalling that it would increase oil pro- EURO RISING...
The views and comments in this article are not the duction in the face of the disruptions The Swiss franc was also down at the ...DESPITE ITS DEBT CRISIS
views of InterTrader.com. The provision of this infor- caused by events in Libya start of the week against the euro, with Although the euro seems to be happily
mation should not be construed in any circumstances According to Ian O’Sullivan at euro-franc rising 0.28 per cent to hit gaining against the dollar, this seems to
as a recommendation or solicitation to buy or sell any Spreadco, the reduced flows into the 1.2981 on Tuesday. be an odd situation as news was
security or financial instrument. Swiss franc are most likely just a tailing The European single currency has also announced that ratings agency Moody’s
CITYA.M. 9 MARCH 2011 Wealth Management | Foreign Exchange 23

Trichet’s speculations last THE

week that the central bank TIPSTER
will ramp up interest rates, CLARITY ON
have fuelled criticism. EURO MIGHT
SEE BUYING

E
straw that breaks the camel’s back. UROPEAN officials are preparing to
“There is still a real European debt crisis announce a comprehensive solution to
that the market seems to be carrying on the “peripheral problem”, with an
regardless of. This is partly because the expansion of the existing European
ECB doesn’t meet to discuss interest financial stability facility (EFSF). Given the
rates until the end of the month. In market focus on the issue, it is likely that a
short, the conclusion of the discussions large proportion of market participants are
as to how to respond to the next round speculatively short on the euro as a hedge
of the European debt crisis will be that if against default risk becoming market news.
Germany doesn’t stump up the cash to The comprehensive set of measures set to be
shore up the ailing parts of the euro announced on 25 March have a decent
area, then the zone is in real difficulty.” chance of inducing euro buying, as the
At first sight, it seems that the euro is European outlook becomes a little clearer and
a currency on a slow, steady ascendancy more certain. This coming Friday’s gathering
whereas the franc is seeing a slump after of EC ministers may not deliver anything con-
a short term rise. However, beneath the crete, but their comments should raise volatil-
surface things couldn’t be more differ- ity in euro pairs. Alpari offers a spread on the
ent. The Swiss franc is backed up by an euro-US dollar of $1.39192-$1.39208.
economy of Alpine solidity. The euro, Dealers have reported a noticeable shift
though boasting the steel structure of from petrodollar accounts away from the
German industry, is resting on Belgian Swiss franc towards the euro recently and
chocolate foundations, now exposed to the euro-Swiss franc seems to have put in a
the Mediterranean heat of Spanish and solid base around SFr1.28 from which to
Portuguese economic woes. press forward. Support is currently coming
from the 50 day exponential moving average
ANALYSIS l Euro and dollar pairings around SFr1.2920, with the 100 day moving
with Swiss franc average currently keeping a lid on things
around SFr1.3035. If it can break this level
2% we could see it hit SFr1.320 pretty soon.
Spread Co offer a spread on the euro-Swiss
1% Euro franc of SFr1.2975-SFr1.2978.
Dollar Sticking with the Swiss franc, the almost
0 relentless slide in US dollar-Swiss franc
may have turned a corner yesterday with the
dollar fighting back. The US dollar-Swiss
-1% franc finally broke through the SFr0.9325
resistance (the lows from January and
-2% February) and at the time of writing was try-
had reduced Greece’s sovereign debt rat- central bank will ramp up interest rates, The 1980s was a ing to get above its 15-day exponential mov-
ing from Ba1 to B1, a drop of three have fuelled criticism from those who great time for glam -3% ing average around SFr0.9344. A close above
degrees to a classification of “highly say that this raise will hit those barely rockers Europe, but this level could well see it climb towards the
speculative” treading water on the Eurozone periph- recent years haven’t SFr0.96 mark where longs should look to
Furthermore, comments from Axel ery. been great for their -4% book profits. Spread Co offers a spread on
Weber, the head of the Bundesbank, According to Michael Hewson, an ana- political tribute act US dollar-Swiss franc of SFr0.9346-
backing up ECB president Jean-Claude lyst at CMC Markets, the widely speculat- SFr0.9349.
Trichet’s speculations last week that the ed interest rate hike is the potential Picture: REX 14 Feb 21 Feb 28 Feb 7 Mar Philip Salter

FOREX ANALYST PICKS

FOREX STRATEGIST FOREX STRATEGIST FOREX STRATEGIST
JOHN KICKLIGHTER ILYA SPIVAK JOEL KRUGER

My pick: Short Aussie dollar-dollar, Long dollar-Swiss franc My pick: Short euro-dollar up to $1.3860 My pick: Short euro-dollar at $1.4025
Expertise: Fundamental and Technical Analysis with Risk Management Expertise: Global Macro Expertise: Technical Analysis
Average time frame of trades: 1 day to 1 week Average time frame of trades: 1 week to 6 months Average time frame of trades: 1 week to 6 weeks

Opposing views on the yen with my long dollar-yen and short euro- Euro-dollar is testing trend defining resistance at a falling trend line set from The latest surge through key resistance by $1.3975-$1.4000 looks to
yen tripped a first target on the first and stop on the second. The the record high in July 2008. Speculative net short positions have returned to be a little too aggressive in our opinion and from here we would not
notional difference between the two was substantial; but position the highs noted in October 2009 and 2010, where they foreshadowed a sig- expect to see sustainable gains above $1.4000. While we would not
size actually evened the two out. I’m still waiting to jump on an nificant top in the currency pair within 2-4 weeks. Negative RSI divergence rule out the potential for an eventual assault on the November 2010
Aussie dollar-dollar short should it drop below parity and $0.99. In and a bearish Inverted Hammer candlestick reinforce the case for a down- highs at $1.4280, the risks from here are for a shorter-term bearish
the meantime, I like a purely speculative long dollar-franc above side scenario. I will enter short on a daily close below $1.3860, initially tar- reversal towards the $1.3600-$1.3800 area. Position: short at
SFr0.9330 with a 125 stop and first objective. geting $1.3485. A stop will be triggered on a close above $1.4035. $1.4025 for $1.3625.
 Lifestyle
24 CITYA.M. 9 MARCH 2011

| Motors WORDS BY
RYAN BORROFF

E LA
VIV nce
dif fere
With petrol costs heading up
towards £6 a gallon, the age
of the electric car has arrived

D
RIVING the Peugeot iOn is certain- expected. The availability of instant ture too big to deal with here. are free in some London boroughs for
ly unusual. Until now the only oomph does make driving in traffic a tad And the price is prohibitive for many. electric vehicles, plus free VED road tax,
electric cars I have driven have easier – though I seem to drive more You can only lease the car, not own it, at then owning an iOn may make financial
been the excellent Tesla sports car slowly, a bit more gently. This is not at all £415 a month – but this includes mainte- Do your bit to cut out sense. But park the car outside your front
that looks like a Lotus Elise, and the con- a bad thing, because in an electric car nance and full warranty. Running costs noise pollution door for 90 per cent of the time like most
siderably less good G-Wiz which looks putting the air-conditioning on, even the are estimated to be just £185 per 10,000 people do, and adopting an iOn is almost
like Noddy built it on his weekends from windscreen wipers, cuts down the car’s miles which compares to £1,950 in a car certainly not for you.
a kit. These cars exist at opposite ends of range. The steering is a little light, which that averages 30mpg. If you are used to But if you are an urban commuter
the electric car market. The iOn is slap is all the more surprising because I paying the congestion charge each day committed to the car, who won’t ride a
bang in the middle. It is a real-world elec- expected the car to feel heavy on account (£2,520 annual charge) – which is free for bike and for whom public transport just
tric car, the first of a few on the road this of all of those batteries under the seats. electric car drivers – and expensive park- won’t do, then a car like the iOn is worth
year. It is stylish and has four doors, four It’s a perfectly acceptable driving experi- ing charges (eg.£2,000 annually) – which a look. Calculator in hand, of course.
seats and a boot that you could fit your ence that’s a bit more engaging than I
weekly shop in. It still packages an elec- expected when the car just needs the
tric motor and battery pack in its body inputs of steer, brake and go. THE FACTS:
without compromising on interior space. The question of whether you should PEUGEOT iON
Inside, it has some quite poor plastic trim get one for the daily commute is a bit
on the doors, piano black trim around more complicated. You’ll need a calcula- PRICE: £415 per month
the audio and air-con controls, and tor and a good deal of chin-scratching 0-62MPH: 15.9 secs
except for its dashboard instruments before such a decision can be made. It TOP SPEED: 81mph
which indicate charge, range and power takes seven hours to fully recharge the
it is like any other small, city car except battery at home using a household sock- CO2 G/KM: 0g/km
there is absolutely no sound at all to let et; a special charger can charge 80 per RANGE: 93 miles
you know it’s ready to go. cent in 30 minutes. With a daily com-
Driving it around London, the iOn mute of 50 miles or less, on a full charge THE VERDICT:
proved almost completely silent. There is driving the iOn would be anxiety-free, DESIGN hhhii
a small amount of wind and road noise, but a spontaneous decision to travel fur- PERFORMANCE hhhii
but really all you can hear is a very slight ther afield would be dependent on PRACTICALITY hhhii
whining of the 47kW motor. It is actually whether charging points are available en VALUE FOR MONEY hhiii
quite peaceful and more fun than I route. And that’s an issue of infrastruc-

CAR TALK BY RYAN BORROFF

Mini Rocketman VW Bulli Suzuki Swift S-Concept

Ok, so it’s an awful name but this is the coolest Mini since Alec This VW Bulli concept is a spiritual successor to the iconic VW T1 If hot hatches are your thing this concept previews the hottest sport
Issigonis penned the original. Unlike the Minis in the current range, bus of the 50s and 60s. Unveiled last week at Geneva, the bus has six version of the Suzuki Swift yet. Suzuki has lowered the body by
this one – called Rocketman – is a real mini Mini at last. Launched seats, including a stowable rear bench seat and reclining seats that 30mm and the car is wider by 60mm than the standard Swift. That
last week at the Geneva motor show, the car has a 3+1 seating lay- allow the interior to transform into a compact camper. Oh, and it has big rear spoiler gives the car a very dynamic look. Inside, it has a
out and points to how future Minis will look. an iPad-controlled entertainment system so it must be cool. sporty steering wheel, Recaro Sport seats and carbon fibre trim.

Wide choice, great value, first class service.

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U LFHFRU UHFWRIWLPHRIJRLQJWRSUHVV3LFWXUHIRULOOXVWU DWLRQSXU SRVHRQO\&DOOVPD\EHUHFRUGHG5HJLVWHUHGRɇFH0HUFHGHV  % HQ]5HWDLO*URXS8./WG7RQJ ZHOO0LOWRQ.H\ QHV0.%$ 
 25

London 2012 MUST SEE

TOP FIVE
EVENTS p28 - 29

The Games mean business

Now’s the time for companies to book an Olympics seat, writes Seb Coe
L
ondon 2012 is fast-approaching and in the
east of London, the landscape has altered
significantly as the Olympic Park rises up
from what was a previously under-devel-
oped patch of earth. Its progress is tribute to
the Olympic Delivery Authority and the 10,000
or so workers who are charged with its con-
struction. It will host world class sport in the
summer of 2012 and then will become the
heart of a brand new community in the subse-
quent years. At a point when the economy has
been so unpredictable, there is a school of
thought which says this could not have come
been any better timed. I rather suspect that
those 10,000 workers would agree.
London 2012 has been something of a tri-
umph for UK plc. Across the project, we have let
around £5bn worth of contracts, 98 per cent of
which have gone to UK based businesses. Some
of the feats of engineering onsite are impressive
beyond belief and if you add in some of the new
industry standards set in terms of sustainabili-
ty and health and safety, the legacy that
London 2012 will leave for the construction
industry is something that we can be rightly
proud of. A better global advertisement for UK
industry and innovation, you could not ask for.
Add to this some of the country’s biggest and
best known companies also contributing nearly
£700m to London 2012 through sponsorship,
then you have a recipe for success.
On 15 March, the application process opens
for tickets – a major landmark for us, as sales of
tickets account for a sizeable portion of the
money we need to stage the Games. But also we
need to sell those tickets to ensure our venues
are packed to the rafters with sports fans. And
this is another opportunity for British business.
I’m sure many people will have already
signed up to our website at www.tickets.lon-
don2012.com and will have been receiving
information about the 26 sports and how to
apply.
When the process opens on 15 March, those
people will have six weeks to apply for tickets –
and remember, it’s not first come, first served
so you can apply at any point before 26 April.
Of the 8.8m tickets on sale, 75 per cent of them
will be available through this process. But also
going on sale from 15 March are our hospitality
packages. Although accounting for less than 1
per cent of our total tickets, these tickets are
hugely important to us. For every package
bought through our on-site hospitality
provider, Prestige Ticketing, one ticket is donat-
ed to our Ticketshare scheme which will see
children across the UK receive Olympic Games
tickets.
We are working hard with Prestige Ticketing
to ensure that the onsite hospitality offered at
Games-time is genuinely best in class, with food
representing the ‘Best of British’ and sustain-
ably sourced. Thomas Cook, one of our spon-
sors, is also offering fantastic accommodation
packages for sports fans across the UK and
Jetset Sports will be working with us to offer
hospitality opportunities to those coming in to
the UK from across the world.
UK plc is going for gold with its contribution
to the Games so far. 15 March represents a fan-
tastic opportunity to enjoy the fruits of its
labour. If you want to be there, then now is the
time to act. It is the greatest show on earth. See
you there.

l Seb Coe chairs the 2012 Organising Committee

 We’re getting
ready are you?

Prestige Ticketing is the official on-site hospitality programme

for the London 2012 Olympic and Paralympic Games.

Hospitality packages go on sale on 15 March

Pre-register your interest now at
www.prestigeticketing.london2012.com
or call 0844 7228 2012

Don’t miss out on this once-in-a-lifetime opportunity

to entertain at the greatest show on earth.
CITYA.M. 9 MARCH 2011 London 2012—The Games mean business 27

Business has won already

Now’s the time to show clients what has been achieved, writes David Hellier

T
HAT much of the debate over ity for the building of the venues and Townsend says one reason for project of this kind.” was the first to sign up as a sponsor,
the Olympics has focused on the infrastructure. The second body, London’s success has been that the the value of being involved with the
what happens to its venues LOCOG, is mainly privately funded organisers have adopted what he VITALITY OF THE PRIVATE SECTOR Games became all the greater when-
after 2012 speaks volumes for and it has been tasked with organis- terms as a “true business partnership Freshfields has been involved in the the bank hit problems following its
the efficiency with which the games ing the events themselves, the pub- model”. The organisers offered up Games since 2003, when it played a disastrous merger with HBoS. Says
have so far been organised. Instead of licity and marketing and the three categories of sponsorship and part in submitting the opening bid Sally Hancock, the director of the
the endless speculation of whether ticketing for them. So far the LOCOG offered sponsors exclusivity in their for London. Jones says that one of the London 2012 Partnership at the
venue X or Y will be ready on time organisers—many of their staff are respective business sectors. Hence key differences between the London bank: “Our involvement became
that is normal territory in the secondees from the private sector— Lloyds Banking Group, for example, bid and those that lost was that more important and not less after
months leading up to such events, have around £700m in goods and is the only bank to be involved, BMW London emphasised the private sec- the banking crisis because we knew
arguments have raged on which services from business. the only car company and Deloitte tor participation. “There hasn’t been that if we did things well and appro-
London football club will take over the only professional services group. a bureaucratic approach to this priately that would change the way
the running of the Olympic Stadium ADVERSE ECONOMIC BACKDROP Importantly, say those involved, event. What we all said was let’s people felt about the bank.”
once the games are over. This input has been achieved against London extended sponsorship cate- draw on the vitality of the business Assuming the venues continue to
By most standards, the organisers a poor economic backdrop, with gories to throw them open to non- community and we have.” reach completion without any last
of the Games have played a blinder. financial companies in particular retail sectors. Tim Jones, the London Heather Hancock, lead Deloitte minute hitches the biggest task from
But they are the first to admit that knocked sideways by the sub-prime managing partner of Freshfields, 2012 partner, says that the tendering now on in is selling as many tickets
they could not have achieved so collapse. Chris Townsend, commer- says: “The key thing about these process was extremely competitive. as possible.
much, so cleanly, without a massive cial director for the London Games is that they have been opened “It soon became clear to us that you There are 8.8 million tickets on
amount of assistance from the busi- Olympics’ organising committee up to business organisations who would not want one of your competi- sale, of which one per cent are
ness community. says: “These are real record numbers have often provided value in kind to tors associated with the Games. But it reserved for corporate guests. The
The Games themselves are effec- and here you have leading brands the organisers. From a business per- also really mattered that we were message from the organisers to busi-
tively being organised by two bodies. paying for the delivery of the Games spective, it’s a good differentiator truly involved in delivering the ness is a simple one. You’ve helped us
One is the publicly funded Olympic through cash and through lending being able to show how we have been Games.” create this spectacle, now come and
Delivery Authority. It has responsibil- their expertise.” successfully involved in a massive For Lloyds Banking Group, which watch them in style.

Seeing the Games in Style WORDS BY

An anticipation area awaits ZOE STRIMPEL

I
T’S THE only time in your life that food and allocated according the timing of your
the Olympics will be in London. And you’re The theme of the games’ hospitality offering is, predictably, best of event.
in. As you walk into the winged, three-floor Meanwhile, at Horse Guards Parade, where
structure attached to the Olympic Park for British. This means “no fuss”, and an emphasis on good ingredients. the beach volleyball will be held, there will be a
dinner, the very building seems to urge you on “five star Maldives” design, “where it’s not clear
to rejoice in, quite simply, how cool this all is. where the restaurant ends and the beach
“We want people to exclaim: ‘wow, we never these days, and you’ve got a recipe for all-stops- sible, but it’s not available in the quantities sup- begins” and, Barnard reckons, a buffet or bar-
thought it would be like this’”, says Tony pulled-out. plied, so high quality French and New World beque of fresh-cooked fish. Following dinner
Barnard, head of Prestige, the company in The theme of the games’ hospitality offering wine will be on hand too. and the game, this pop-up beach club will turn
charge of corporate hospitality at London 2012. is, predictably, best of British. This means “no Prestige has seven of London’s most historical into a party – Ibiza style, but all very luxe.
Prestige is so intent on wowing that Barnard fuss”, an emphasis on good ingredi- or architecturally impressive venues to work
has called the area in the central atrium of the ents, ethically produced, seasonal with and the food and entertainment will
structure – a massive glass entryway with an and from small (or as small as possi- reflect the brilliance of the locations – and the OLYMPIC MEALS
interactive icon powered by solar energy – the ble to supply the Games) farmers character of each. Sustainability and impeccable sourcing will be
“anticipation area”. and growers. Strawberries and At Olympic Park in Stratford, service and din- an overt theme. Of particular note – and a true
That corporate hospitality guests will be cream, says Barnard, is a bit cliche. ing will be formal – perfect for the most sign of the robustly provenance-obsessed times
watching the games of their choice (and budget) “We can do better than that”. Think august of law firms and banks. (so long, plate of poached salmon and new pota-
is obvious. But the question on all prospective a true celebration of British fruit – Depending on your ticket, you can toes, once beloved of corporate hospitality!) - is
customers’ lips, says Barnard, is: “What will the summer pudding loaded with expect the very highest quality of the short film before dinner is served at the
food be like?” currants, indigenous berries of British food – (the quality Olympic Park.
all sorts, doffed with Devon promises to be high Three minutes long, and played three min-
cream. Think Scottish lan- throughout, but the utes before dinner is served, projected on the
A TRUE CELEBRATION goustines, Cromer crab, value of ingredients may “giant” screen in the room, will be a brief docu-
This part of the package must be perfected. The Cornish sole. rise for the most expen- mentary of where the food came from, the story
standard of food has risen so sharply in London Barnard himself is heading off sive packages, such as the of its cultivation, how it was prepared by the
and the UK that nothing but the best will do. in a boat with a Cornish fisher- Opening and Closing cere- chefs and then a word about the wine.
Couple this with the fact that corporate hospi- man of lemon sole and he’ll be for- monies). Foodies take note: don’t let your Olympic
tality was born in London, and that nobody feels aging too, to find the best suppliers. There are six restaurants in the three- meal steal the limelight from the games them-
like splashing cash without exquisite returns British wine will be used where pos- story Olympic Park structure, similar in selves.
 28 London 2012 – What to see CITYA.M. 9 MARCH 2011

EVENTS The main

Frank Dalleres looks at the sports likely to draw the

biggest corporate crowds at next year’s Games

> ATHLETICS
3–11 August
n OVERVIEW titles on 3 and 4 August. Triple jump
Not just one event of course but a multitude of disciplines taking in king Phillips Idowu, a silver medallist
track, field, combined and road competitions, athletics is the in Beijing, will be looking to go one
cornerstone and focus of any Olympics. More than 2,000 athletes better on 9 August, while the sprint
will taking part, including sprint superstar Usain Bolt [pictured, relays round off the track action on
right] a number of Britons who have been working towards medal 11 August.
performances since the Games was awarded to London six years
ago, including heptathlete Jessica Ennis n VENUES
[pictured, left]. Nearly all of the athletics will take place in the brand new, 80,000-
seater Olympic Stadium in Stratford’s Olympic Park, apart from the
n HIGHLIGHTS road events, such as the marathon, where Paula Radcliffe represents
So many to choose from, but perhaps the best British hope, which will finish on The Mall.
the most sought-after tickets will be
for 5 August, when the fastest men n CORPORATE TICKET INFO
on the planet, including Jamaican Hospitality chiefs boast that facilities at the Olympic Park will be the
ABOVE: The City played a significant role
Bolt, will do battle for 100m glory. very best of any sporting experience in the world. At least six
in the delivery of the London 2012 Games
Native east Londoner Christine restaurants capable of sitting a total of 3,000 guests and the best
Ohuruogu defends her 400m title seats in the house will cost £45,000 for a table of 10, contingent on PHOTOS: Allsport, Wikimedia Commons,
on the same day, while Ennis buying packages for cheaper, less in-demand events. If you want the Olympic Delivery Authority
looks to add Olympic gold to best, it comes at a price. For more information call Prestige on 0844
her world and European 728 2012 or email [email protected]

> EQUESTRIAN
28 July–9 August
n OVERVIEW n VENUE
The equestrian events are Greenwich Park is hosting all
divided into three disciplines: of the equestrian events,
dressage (2-8 August), event- including the cross country,
ing (28-31 July) and jumping and is proving a popular desti-
(4-8 August), all taking place nation for corporate clients
just a stone’s throw from both who have already registered
central London and the main their interest in tickets.
Olympic site in Stratford.
n CORPORATE TICKET INFO
n HIGHLIGHTS A two-storey facility with a tra-
Zara Phillips [pictured, below], ditional theme boasting two
> TENNIS the Queen’s grand-daughter, is
hoping for success in eventing
restaurants with a total of 500
covers is being constructed just
> ROWING
28 July–5 August and is among the best British
hopes of a medal. Her partici-
metres from the action. Prices
for tables of 10 start at £4,950
28 July–4 August
pation is expected to bring the and rise to up to £9,950 for
sport to the attention of a finals. For more information call
n OVERVIEW n VENUE wider audience. Prestige on 0844 728 2012. n OVERVIEW n VENUE
Five medals are up for grabs in Wimbledon, the home of lawn Team GB has a strong heritage All disciplines are taking place
the men’s and women’s singles tennis, will get a rare second in rowing, from the historic at Eton Dorney, an eight-lane
and doubles, as well as the major airing of the year. The achievements of quadruple course set in parkland near
mixed doubles. The competi- finals take place on the recent- gold-winning Sir Steve Windsor Castle. It is a short
tion is taken seriously by the ly refurbished Centre Court. Redgrave to the world- train or car journey (parking
world’s elite: witness Rafa renowned Boat Race. available at the neighbouring
Nadal winning gold in Beijing. n CORPORATE TICKET INFO racecourse) from London.
Guests will enjoy the very same n HIGHLIGHTS
n HIGHLIGHTS facilities they would at the The action hots up on 1 August, n CORPORATE TICKET INFO
The big question will be Championships, albeit with a the first of four days of finals in Seats are right on the finish
whether Andy Murray [pic- flavour of the same food and which home competitors are line and the double-decker
tured, above] can bring cheer entertainment available at strongly fancied to make an restaurant will seat 500. Prices
to success-starved British ten- other Olympic sites. Prices for a impact on the podium. Team for a table of 10 range from
nis fans. If a grand slam contin- table of 10 start at £4,950, ris- GB duo Mark Hunter and Zac £4,950 to £7,950, the latter for
ues to elude the Scot, Olympic ing to £9,950 for the two sin- Purchase [pictured, above] finals days which also require
gold could yet prove his crown- gles finals, which also require struck gold in the men’s light- buying a package for a lower
ing achievement. He’ll hope to other packages to be pur- weight double sculls four years category event. For more infor-
be in the men’s singles final on chased. For more information ago, and will be looking to mation call Prestige on 0844
5 August. call Prestige on 0844 728 2012. repeat that feat on 4 August. 728 2012.
CITYA.M. 9 MARCH 2011 London 2012 – What to see 29

> FOOTBALL
26 July–11 August
n OVERVIEW Ipswich’s Connor Wickham and Southampton’s Alex Chamberlain.
Hopes are high that Team GB can deliver some long-awaited home
cheer on the international football stage, even if that dream has n VENUES
been undermined a touch by internal wrangling. The men’s team, The most widely spread of all events, it’s being held as far afield as
which must be made up largely of under-23s and is tipped to Cardiff, Glasgow, Manchester, Newcastle, Coventry and, of course,
involve David Beckham as either a player or a coach, will have to London. Wembley is the capital’s sole football venue and will host
see off 15 other nations, while the women’s competition features both finals: women’s on 9 August and men’s on 11 August. At
12 teams. 90,000 it is one of the world’s biggest stadia and the ideal setting
for Team GB to claim gold, just as they did in 1908 and 1912.
n HIGHLIGHTS
Due to the largely youthful nature of the competition, it’s a chance n CORPORATE TICKET INFO
to see some of the stars of tomorrow, with Argentina’s 2008 win- Wembley will have up to 17,000 premium seats and hospitality
ning side boasting the likes of Lionel Messi, Angel di Maria and places for each match, all in the Club Wembley area. Ticket prices
Sergio Aguero. The holders have not qualified for London 2012, range from £67.50 to £192.50, while ticket and hospitality prices
but Brazil are likely to bring Neymar, while Team GB—which may for restaurants and suites will be £270 to £630 per person, per
only include English players—could feature youngsters such as event. For more information call 0844 980 0038.
30 London 2012—The Games mean business CITYA.M. 9 MARCH 2011

The hosts with the most in 2012

Three hospitality groups beat rivals to the rights to sell corporate tickets, writes John Dunne

T Guide to ticket firms:

HREE groups have been given the
rights to sell   packages for the
Olympic Games after a bidding
process which saw them beat a
field of other companies to the finishing PRESTIGE TICKETING
line. 
The main UK  domestic packages are The company is providing the only on-site hospi-
being run by an alliance between
Prestige ticketing and Mike Burton- tality at Olympic venues. Its tie-up with Mike
Sodexo, while US agency JetSet  has also Burton-Sodexo means it can offer all round hos-
been given a podium place. 
Thomas Cook has also been chosen
pitality with top quality food and drink as well as
and will offer short-stay hotel packages the promise of the best seats in the house. Its tickets start at around
for the Games along with tickets for £4,500. For more info go to: prestigeticketing.london2012.com
events. 
JetSet will get access to around 60,000
tickets and Mike Burton-Sodexo with
Prestige ticketing around 70,000. THOMAS COOK
That will account for just under two
per cent of the total 10m tickets that will The travel firm is offering short break packages for
be sold for the 2012 Olympics and
Paralympics. the London games, with shuttles from hotels to
The JetSet one per cent  will cover all events included in the price. The prices are wide
sports and include a range of prices and- ranging with the most expensive package, taking
will cater for international visitors. 
JetSet has worked for the last ten win- in the Olympic opening ceremony. There are a wide
ter and summer Games and was a key range range of packages. Call 0844 800 9900.
provider of  travel and hospitality pack-
ages at the Beijing Olympics,

GLOBAL REACH JETSET SPORTS

Meanwhile Mike Burton (pictured in his
playing days) is a former England rugby A massive player in the US, the company has
union international whose company
provides packages for sports events,
been involved in global sporting events, including
mainly rugby, tennis and golf. the Beijing Olympics. JetSet will provide pack-
His tie-up with Prestige has created ages to bring in travellers from across North
one of the leading sports hospitality
operations across the globe and the
America – and the globe – to the Games which will showcase London.
company has been chosen to provide the Go to Jetsetsports.com for more information

“
hospitality for the next rugby World
Cup. 
For the London Olympics the opera-
tion will provide the only on-site hospi-
ed with what we are offering. We are not
talking about a marquee or something
tiny proportion of the total number of
tickets available for the Games,” he said.
We are said; “London 2012 is a huge opportuni-
ty for our customers who will be able to
tality at Olympic venues, with plush
surroundings and gourmet food on
like that, our hospitality will be in a
building created especially for the
“This is the way modern sport and all
these amazing spectacles come about.
counting benefit from a great range of Games
Breaks to suit all budgets. We are count-
offer for the lucky recipients of sought-
after tickets,
Games. It’s going to be something that
people will remember.
They have to be paid for.”
Applications for Olympic Games tick-
down the days ing down the days until this once in a
lifetime event begins.”
Prestige marketing chief Tony
Barnard told City A.M the hospitality at
“The corporate hospitality market in
the UK is very mature and the expertise
ets will be accepted up until 26
April. Thomas Cook has a range of short
until this once TOP DRAWER
the Games would be the best ever seen
at a sporting event, with a guaranteed
that the Mike Burton-Sodexo operation
brings to the table is invaluable.
stay packages available for events, start-
ing at £99. The deals include a £399
in a lifetime A London 21012 spokesman said:
“We are hosting the two biggest sport-
“wow factor”. 
The company has already received
“Their experience in providing hospi-
tality for the Rugby World cup makes
price for a three-night stay in a north
London hotel with a ticket for the men’s
event begins – ing events on the planet and providing
tickets to international audiences is a
more than 5,000 expressions of interest
in its corporate tickets which will be
them  a top player.” 
Any suggestions that the corporate
football semi-final at Wembley, plus
some athletics heats.  The most expen-
Stephen standard part of hosting an internation-
al event. The JetSet one per cent
sold on a first come, first served basis.
Full details of the plans have been kept
hospitality industry was depriving tick-
ets for “true sports fans” was dismissed
sive deal on offer for Thomas Cook is
£6,499 per person and includes the
Vaughan will cover all sports and a range of
prices and the international visitors
under wraps, with blueprints of the by Barnard.  opening ceremony, table tennis and vol- Thomas are an important part of tourism to

”
venue to be released next month.  “The truth is these events would not leyball competitions.  London and the UK that events such
“What we have planned is absolutely
amazing — no-one could be disappoint-
be able to take place without corporate
ticket sales. The reality is that we have a
Stephen Vaughan, managing director,
Thomas Cook, London 2012 Partnership,
Cook as the Olympics and Paralympics can
provide.”

LOANING TOP TALENT TO THE GAMES

SOME OF THE SPONSORS HAVE LENT OUT THEIR STARS

D
ELOITTE, one of the Olympics sponsors, committee and is responsible for bringing the amazing. 6,200 Paralympics athletes and side of things.
is playing a major part in making the Games to life online for millions of people “We have learned lessons technical officers, as well as “However my background as a
games in 2012 a winner by offering up around the world. from other Games and the managing 10,000 bedrooms management consultant has really helped
staff to play key roles in the organisation of A team of up to 20,  to include some website will be as slick as across the Olympic villages me in my new position as part of the Olympic
the event. volunteers, will work round the clock to we can make it.  located in Weymouth & organising committee. You need to be able to
The auditing and consulting giant has update medal tables and provide a constant Meanwhile colleague Portland, Royal Holloway work with people, listen to them, and deliver
seconded some of its top people to help create news flow for the greatest show on earth. Julie Neuhoff swapped and Stratford. what hey need.”
the best Olympics ever as have other Games Details of what the site will look like are her job as consulting Her expertise as part Julie will return to her consultant position
sponsors. being kept under wraps until the launch in manager to join Deloitte’s consulting team at Deloitte once the Games are over, claiming
Lloyds, for example, has seconded more spring next year, but it will be presented in at the Olympics organising has proved to be an extremely the Olympic experience has enriched
than 100 employees and had 2,000 least English and French and feature real-time committe. valuable asset in what she her professional skills in multiple ways.
applications for the roles. news.  She is in charge of the three main considers “one of them most exciting She said: “It has given me a fantastic
The Olympic website will be run with the Goulding, who was a star gymnast as a Olympic Villages where Usain Bolt, Jessica challenges of my career.” insight into the operational urgency of
know-how of Deloitte’s online guru Liz child, said: “I am really looking forward to the Ennis, and the thousands of Olympic hopefuls She said: “This is the biggest sporting business and this can only help me when I
Goulding [pictured, right].  Games and this is my ideal job. As a keen will be spending quality time off the stadium. event on the planet and it’s been a great return to Deloitte. It’s showed me how to
The 27-year old from Washington is on gymnast I have always watched the Olympics Julie will have to meet the needs of 16,000 experience to work on the operational side of communicate effectively with people and
secondment to the 2012 organising and now to be involved in some way is athletes and team officials in Olympic mode, an organisation, as opposed to the consulting deliver according to their needs.”
CITYA.M. 9 MARCH 2011 Lifestyle | TV& Games 31

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5 TV PICK

TERRESTRIAL
6pm BBC News 6pm Eggheads: Quiz show, 6pm London Tonight 6pm The Simpsons 6pm Home and Away
6.30pm BBC London News hosted by Dermot Murnaghan. 6.30pm ITV News 6.30pm Hollyoaks 6.25pm OK! TV
7pm The One Show 6.30pm Royal Upstairs 7pm Emmerdale 7pm Channel 4 News 7pm 5 News at 7
7.30pm The Boat That Guy Downstairs 7.30pm CHOICE UEFA 7.55pm 4thought.tv 7.30pm Starlight: For the
Built: BBC News 7pm Escape to the Country: Champions League Live: 8pm Beauty and the Beast: Children: 5 News Update
8pm CHOICE Waterloo Road A family searches for a large Tottenham Hotspur v Ugly Face of Prejudice 8pm Cowboy Builders:
9pm MasterChef property in Somerset. AC Milan (Kick-off 7.45pm). 9pm Jamie’s Dream School A family from Bolton receives
10pm BBC News 8pm Great British Food Revival 10pm ITV News at Ten 10pm CHOICE help; 5 News at 9
10.25pm Regional News 9pm 23 Week Babies: 10.30pm London News The Model Agency 9pm NCIS
10.35pm The National Lottery The Price of Life 10.35pm UEFA Champions 11.05pm Shameless 12.10am Music 10pm Law & Order:
Wednesday Night Draws 10pm Have I Got Old News for League: Extra Time on 4: 4Music Favourites: Jessie J Criminal Intent WATERLOO ROAD
10.45pm Film 2011 with Claudia 12.40am The Album Chart Show BBC1, 8PM
You: With guest Miranda Hart. 11.35pm Police, Spotlight 12.55am Mercury Prize 10.55pm Law & Order:
Winkleman: National Lottery 10.30pm Newsnight: Weather The truth about why Bex ran away is
Update 11.25pm FILM The Killing Camera, Action! Sessions 1.10am Life, Death and Special Victims Unit
Fields: Drama, starring Sam
11.20pm ICC Cricket World 12.30am The Zone; Suffer Story 1.20am One Under 11.55pm Law & Order revealed, testing Tom’s recovery when
Waterston. 1984; Weatherview Cup Highlights ITV News Headlines 1.45am This Is Me 1.50am Frontier 12.55am SuperCasino he is forced to deal with the
1.45am Country Tracks 2.40am 12.20am Timeshift: The 2.30am FILM Timecop: The Berlin House 2.45am Without a Trace 3.55am Your Sport 4.05am Brian consequences. With Tina O’Brien.
Toughest Place to Be a Paramedic Modern Age of Coach Travel Decision: Sci-fi thriller sequel, 3.30am Hill Street Blues 4.20am Sewell’s Grand Tour 4.50am Nick’s
3.40am The Foods That Make 1.20am BBC News 4am-6am starring Jason Scott Lee. 2003. Reaper 5.10am Wogan’s Perfect Quest 5.10am Wildlife SOS
Billions 4.40am-6am BBC News BBC Learning Zone 3.55am-5.30am ITV Nightscreen Recall 5.35am-6.20am Countdown 5.35am-6am House Doctor

SKY SPORTS 1 Tour Golf 12am Inside the PGA SKY LIVING 2.25am Rick & Steve: The 4.40am How the Universe
SATELLITE & CABLE

7pm Sky Sports News at Seven Tour 12.30am European Tour 7pm Ghost Whisperer 8pm Happiest Gay Couple in All the Works 5.30am-6am How Does
7.30pm Total Rugby 8pm ICC Weekly 1am Total Rugby Four Weddings US 9pm Bones World 2.50am Reaper 3.30am That Work?
Cricket World Cup 10pm You’re 1.30am-2.30am Max Power 10pm Grey’s Anatomy 11pm The OC 4.15am Style Her
on Sky Sports! 11.30pm Criminal Minds 12am CSI: Famous 4.35am-6am Switched DISCOVERY HOME &
Football’s Greatest 12am UEFA
BRITISH EUROSPORT Crime Scene Investigation HEALTH
Champions League Highlights 7pm World Superbikes 9.15pm 2.40am Charmed 4.20am Four HISTORY 7pm A Baby Story 8pm UEFA CHAMPIONS LEAGUE LIVE
1am FIFA Futbol Mundial Selection 9.20pm Riders Club Weddings 5.10am-6am Maury 7pm Heir Hunters 8pm Ax Men Hoarding: Buried Alive 9pm ITV1, 7.30PM
1.30am You’re on Sky Sports! 9.25pm Selection 9.35pm PGA 10pm IRT Deadliest Roads Mystery ER 10pm Hospital Tottenham Hotspur v AC Milan (Kick-
3am UEFA Champions League Tour Golf 10.35pm Golf Club BBC THREE 11pm Warriors 12am Ax Men Sydney 11pm The Trauma Team off 7.45pm). Coverage of the last-16
Highlights 4am-6am ICC 10.40pm Yacht Club 10.45pm 7pm Don’t Tell the Bride 8pm 1am IRT Deadliest Roads 2am 12am Mystery ER 1am Hospital second-leg encounter at White Hart
Cricket World Cup Wednesday Selection 11pm- How to Live with Women 9pm Cities of the Underworld 3am Sydney 2am The Trauma Team Lane.
12.30am Cycling How Drugs Work 10pm FILM Mega Disasters 4am Warriors 3am Hoarding: Buried Alive
SKY SPORTS 2 Severance 2006. 11.30pm 5am-6am Ancient Discoveries 4am Bringing Home Baby 5am-
7pm Live UEFA Champions ESPN Family Guy 12.15am Junior 6am A Baby Story
League 10.15pm Football 7pm ESPN Kicks: Extra 7.15pm Doctors: Your Life in Their Hands DISCOVERY
Special 11.15pm ICC Cricket FIS Alpine Ski World Cup 1.15am Being Human 2.15am 8pm How Do They Do It? SKY1
World Cup 1.15am Junior Pro Report 7.45pm Planet Speed American Dad! 4.30am- 8.30pm How It’s Made 9pm 8pm Louie Spence’s
Surfing 1.45am Trans World 8.15pm World Rally 5.30am Junior Doctors: Your When Rome Ruled Egypt 10pm Showbusiness 9pm An Idiot
Sport 2.45am Ten Pin Bowling Championship 9.45pm ESPN Life in Their Hands World’s Toughest Tribes: The Abroad 10pm Mad Dogs 11pm
3.45am-4.45am Boots ’n’ All Kicks: Extra 10pm Premier lives of Atlantic fishermen. Ross Kemp: Extreme World 12am
League World 10.30pm E4 11pm Swords: Life on the Line Drugs Wars: DEA 1am Miami
SKY SPORTS 3 Snowboard FIS World Cup 7pm Hollyoaks 7.30pm Friends 12am Bear Grylls: Born SWAT 1.50am Football Behind THE MODEL AGENCY
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Inside the PGA Tour 8pm Trans 12am Baseball Tonight Dozen 2 2005. 10.50pm Glory 2am Frontline Battle Machines 3.30am Lost 4.20am Guinness With the agency at the height of show
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World Sport 11pm Sunshine Live NHL Ice Hockey Young, Sexy and Rich 3.50am Extreme Engineering Answer take their toll on the staff and models.

COFFEE BREAK
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QUICK CROSSWORD
   

SUDOKU KAKURO
17 17 15 3 20 15 33 
9 7 13
34 14 
45
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 Fill the grid so that each block 9 29
17 16
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 35 6
above or to the left of it. 6
You can only use the digits 1-9 23 8 11     
 and you must not use the
16 32
20
same digit twice in a block. 17 24 19 4
    The same digit may occur 6 10 8    
19 13
     more than once in a row or
column, but it must be in a
24 30
21

11 10
   separate block.
7 9 
45
  13 11 5


   ACROSS DOWN
1 Dealer in textiles (6) 1 Creeping low plant (4)
    
    WORDWHEEL H N
6 Blossom (5)
7 Lubricant (3)
2 Public violence (4)
3 Frugal (10)
Using only the letters in the Wordwheel, you have 8 Glossy fabric (5) 4 ___ and Herzegovina,
 ten minutes to find as many words as possible,
B A European country (6)
10 Hostelry (3)
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters S 11 Wager (3) 5 Unruffled (6)
6 Course of action which
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
U E 13 Crazy (3)
14 Burnt remains (3)
is unproductive (5,5)
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
T R 16 Curve (3)
9 Bladed chopping tool (3)
11 Hard ridge that forms the
QUICK CROSSWORD 5 3 2 1 9 3 7 8 17 Spring-loaded door upper part of the nose (6)
F A T A L T W E A K
8 5 4 2 4 2 1 3 SUDOKU         
fastener (5)
12 Item used to brew a
9 4 6 8 7 1 5 2          20 Entirely (3)
A I E E L
6 2 1 8 9 9 7
popular drink (6)
S L M I R A C L E         
C E L L O K E 7 1 5 3 2 6 4 1 21 Graverobber (5) 15 French word denoting
        
I N A M E G 5 7 2 1 9 22 Crossbreed (6) that a wine is dry (3)
        
A M E N
A
Y
E U R O
N O E L
E
5
1
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WORDWHEEL          18 Excursion (4)
L S G O U D A         
T A C T F U L P D
6 9 8 5 7 8 4 9 The nine-letter word was 19 Manual worker (4)
W L E O E 2 6 9 8 1 7 2 4         
B I P E D D I N E R 3 7 5 9 2 6 3 1
WHITEBAIT         
 Sport
33
“WE WILL GIVE HIM A VERY
WARM WELCOME”
SPURS BOSS REDKNAPP WARNS MILAN
BAD BOY FLAMINI: PAGE 35

Flood, Lawes and Croft fit for England SPORT | IN BRIEF

F1 chiefs set Bahrain deadline
FORMULA ONE: Bahrain Grand Prix
organisers have been given until 1 May
RBS win over France 11 days ago, but
Johnson last night revealed his confi-
from a two-month lay-off by rejoin-
ing the squad this week.
to face Scotland on Friday. “He
is desperate to get back
to decide whether they can rearrange
the race for later this year. The Gulf
6 NATIONS dence in the Leicester No10’s condi- Captain Lewis Moody, who and has worked very, kingdom had been due to stage the first
tion by releasing potential has missed all three of very hard and is very, event of the season this month but
BY FRANK DALLERES replacement Charlie Hodgson. England’s games in the very unfortunate to pulled out amid political unrest.
Leeds flanker Hendre Fourie was competition so far, is still get the same injury November is the most likely date.
ENGLAND manager Martin Johnson also among the 10 players allowed to recovering from his again.”
looks set to pick Toby Flood at fly-half return to their clubs, suggesting that knee injury and is set to Other players Gill: United debts no hindrance
and recall fit-again pair Courtney Leicester’s Croft could be handed his miss out again, released last night FOOTBALL: Manchester United chief
Lawes and Tom Croft when they first start of the championships. although Johnson left include Harlequins executive David Gill insists the club’s
resume their grand slam quest in Lawes (right), meanwhile, is back in the door open for him to pair Chris Robshaw £500m debts have not affected their
Sunday’s RBS 6 Nations match against Johnson’s plans after the return in the final fixture and Joe Marler, spending power. Admitting “it would be
Scotland. Northampton lock, voted man of the against Ireland. Wasps duo Tim Payne better” if they did not pay £45m inter-
Flood was an injury doubt, having series for last year’s November inter- “It is still possible,” said and Joe Simpson, and est a year, Gill said: “We know it's there
suffered an achilles problem in the nationals, crowned his comeback Johnson, who will name his team Saracens’ David Strettle. but it doesn’t impact what we do. There
has been no impact [on] our transfers.”

Wales restore Hook to fly-half

Injury rules
ROSS THE BOSS: TAYLOR HAMMERS PAKISTAN RUGBY UNION: Wales have switched
James Hook to fly-half for Saturday’s
RBS 6 Nations visit from Ireland. Fit-
again Jonathan Davies returns to the
midfield, meaning Hook moves to No10,
with Stephen Jones on the bench.

Broad out of Results

L<=8:?8DG@FEJC<8>L<=@IJKBEF:BFLK
IFLE;J<:FE;C<>

World Cup
9XiZ\cfeX%%%%%%%%%%%%%%%(  * 8ij\eXc%%%%%%%%%%%%%%%%%%%%%%'  (
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EGFN<I:?8DG@FEJ?@G
9Xiejc\p%%%%%%%%%%%%%%%%'  ) JZlek_fig\%%%%%%%%%%%%%%%'  (
9i`jkfc:`kp%%%%%%%%%%%%%(  ) Gfikjdflk_%%%%%%%%%%%%%%%'  (
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▲

CRICKET chief medical officer Doctor Nick D`[[c\jYifl^_%%%%%'  ) ;\iYp%%%%%%%%%%%%%%%%%%%%%%%%%%(  (

D`ccnXcc%%%%%%%%%%%%%%%%%'  ) HGI%%%%%%%%%%%%%%%%%%%%%%%%%%%%'  '
BY JAMES GOLDMAN Peirce. “Stuart felt some discomfort Gi\jkfe%%%%%%%%%%%%%%%%%%'  ( C\\[j%%%%%%%%%%%%%%%%%%%%%%%%%%%(  )
following the South Africa match J_\]]Lk[%%%%%%%%%%%%%%%'  ) Efkkd=fi%%%%%%%%%%%%%%%%%%%(  (
JnXej\X%%%%%%%%%%%%%%%%%(  ( NXk]fi[%%%%%%%%%%%%%%%%%%%%%'  (
ENGLAND’S World Cup hopes suf- and our initial assessment indicated
EGFN<IC<8>L<(
fered another seismic blow yesterday a strain to his left side. 9i\ek]fi[%%%%%%%%%%%%%%'  ' 9i`^_kfe%%%%%%%%%%%%%%%%%%%%'  (
when it was confirmed that fast “Subsequent scans have confirmed :Xic`jc\%%%%%%%%%%%%%%%%%%'  ( ?Xikc\gffc%%%%%%%%%%%%%%%%%'  '
bowler Stuart Broad will miss the a significant side strain injury – ;X^I\[%%%%%%%%%%%%%%%(  ( :fcZ_\jk\i%%%%%%%%%%%%%%%%%'  '
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rest of the tournament due to a side where the muscle attaches the rib. ?l[[\ij]c[%%%%%%%%%%%% )  ) IfZ_[Xc\%%%%%%%%%%%%%%%%%%%%'  (
strain. “Any participation in the forth- DB;fej%%%%%%%%%%%%%%%%'  ) :_Xickfe%%%%%%%%%%%%%%%%%%%%'  '
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The 24-year-old returned to form in coming IPL [Indian Premier League] Fc[_Xd%%%%%%%%%%%%%%%%%% )  ) J_\]]N\[%%%%%%%%%%%%%%%%% )  *
Sunday’s thrilling six-run victory will be determined according to his Gcpdflk_%%%%%%%%%%%%%%%%(  ( Jn`e[fe%%%%%%%%%%%%%%%%%%%%'  '
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over South Africa, taking four for 15 rehabilitation timescale established KiXed\i\%%%%%%%%%%%%%%%'  ' 9i`jkfcIfm\ij%%%%%%%%%%%%(  (
including the decisive wickets of in due course.” NXcjXcc%%%%%%%%%%%%%%%%%%%'  ' C\pkfeFi`\ek%%%%%%%%%%%%%(  )
Dale Steyn and Morne Morkel. Chris Tremlett, who was taken to EGFN<IC<8>L<)
Broad missed the last three Ashes the tournament as standby for the 8ZZi`e^kfeJk%%%%%%% *  * JkfZbgfik%%%%%%%%%%%%%%%%%%'  '
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Tests over the winter after he picked squad, is poised to replace Broad. 9Xie\k%%%%%%%%%%%%%%%%%%%'  ' NpZfdY\%%%%%%%%%%%%%%%%%%%(  (
up a similar injury problem during Tremlett stood in for Broad to 9iX[]fi[%%%%%%%%%%%%%%%%%(  ) Ifk_\i_Xd%%%%%%%%%%%%%%%%%(  (
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the victory in Adelaide, but the great effect during the Ashes – taking 9lip%%%%%%%%%%%%%%%%%%%%%%%'  ( Dfi\ZXdY\%%%%%%%%%%%%%%%'  '
England and Wales Cricket Board an impressive 17 wickets at an aver- NEW ZEALAND batsman Ross Taylor’s extraordinary innings of 131 helped his side to a :_\jk\i]`\c[%%%%%%%%%%'  ) Efik_Xdgkfe%%%%%%%%%%%%'  (
DXZZc\j]`\c[%%%%%%%%%%(  ( :i\n\%%%%%%%%%%%%%%%%%%%%%%%%'  '
were last night keen to stress that age of 23.35 – and also played four of 110-run World Cup victory over Pakistan. The Kiwis looked set to post low total before J_i\njYlip%%%%%%%%%%%(  ) GfikMXc\%%%%%%%%%%%%%%%%%%%%%(  )
this injury is a fresh one. the seven one-day matches in the 6-1 Taylor celebrated his 27th birthday by smashing 62 from the last 16 balls he faced as he Jflk_\e[%%%%%%%%%%%%%%%%(  ) >`cc`e^_Xd%%%%%%%%%%%%%%%%% )  )
“Scans have confirmed a signifi- series defeat against Australia prior and Jacob Oram scored a world record 92 from the final four overs to reach 302-7. Jk\m\eX^\%%%%%%%%%%%%%'  ' ?\i\]fi[%%%%%%%%%%%%%%%%%%%%'  (
cant side strain injury,” said ECB to the World Cup. Pakistan were bowled out for 192, Tim Southee taking three for 25. Picture: GETTY email [email protected]
34 Sport CITYA.M. 9 MARCH 2011

Red card was

a joke, says
Van Persie OUTCLASSED
l Brilliant Barca end Arsenal’s European hopes again
l Wenger rages at Van Persie sending off for dissent

ARSENAL striker Robin van Persie

branded his red card a “joke” as his
side crashed out of the Champions
League against Barcelona for the sec-
ond year in a row.
Van Persie was given a second yel-
low by referee Massimo Busacca
card 11 minutes into the second-half
for time wasting, just 180 seconds
after Arsenal had restored their
aggregate advantage.
“I think the red card had a big
influence,” he said. “I think it’s a total Fabregas gifted Barca
joke – how can I hear this whistle the opener to cap a mis-
with 95,000 people?” erable homecoming
Just a second elapsed between Picture: PA
Busacca blowing his whistle and Van
Persie striking the ball, and the Dutch
international continued: “That makes
it even worse. I cannot understand scoring the decisive goals. Wenger was were on course for a huge upset at Arsenal did not manage even one.
that view from the ref. He’s been bad
all evening. We feel betrayed a bit.”
BARCELONA 3 livid at Van Persie’s second yellow card –
shown for shooting after the referee had
Camp Nou. He added: “I knew that like
the first game [in which Arsenal came
Danger loomed from the first
minute as the Catalans chased the win
blown for offside, although the striker from behind to win 2-1] we could come they needed, but the resolute Johan

BARCELONA v ARSENAL
ARSENAL 1 denied hearing a whistle – and blamed
Busacca for his side’s exit.
back into the game and overall I’m con-
vinced we would have won this game.”
Djourou made a series of last-ditch
blocks and Almunia stood firm – until
“We are frustrated with his decision,” To make matters worse for Arsenal, first half stoppage time. Fabregas, fac-
19 (10) Attempts 0 Barcelona win 4-3 on aggregate he said. “It is very difficult to under- goalkeeper Wojciech Szczesny suffered ing his old team, carelessly backheeled
stand his attitude. We have many a dislocated finger and had to be to Andres Iniesta and Messi flicked
▲

0 Saves 21 FOOTBALL
regrets tonight because we didn’t replaced after 15 minutes, while cap- over Almunia and volleyed home with
BY FRANK DALLERES
5 Corners 2 expect to lose the game like that.” tain Cesc Fabregas appeared to aggra- glorious spontaneity.
FURIOUS Arsenal manager Arsene The Frenchman said officials from vate his hamstring problem. Arsenal were thrown a lifeline just
8 Offside 4 Wenger confronted referee Massimo European chiefs Uefa shared his shock If there was a bright side for the visi- after the break when Busquets headed
Busacca after seeing his 10 men at the sending off, adding: “It killed a tors, Szczesny’s stand-in Manuel into his own net, but their joy quickly
724 Passes 199 played off the pitch and dumped out promising, fantastic football match. Almunia played superbly to keep the turned to despair after Van Persie was
69% Possession 31% of the Champions League in What for? If it’s a bad tackle or a second scoreline respectable, while teenage sent off and Barca began to run riot.
Barcelona. bookable offence okay, but frankly it is midfielder Jack Wilshere starred Xavi finished a slick move by firing
8 Fouls 19 Masterful Barca utterly dominated embarrassing.” among stellar company. past Almunia via a deflection from
0 Yellow cards 5 from start to finish but only delivered Arsenal had just drawn level on the There was no denying the superiority Bacary Sagna, and Messi, scorer of four
the killer blows after Robin van Persie night, through a Sergio Busquets own of the Spanish champions, however, goals when Barca eliminated Wenger’s
0 Red cards 1 had been sent off – Xavi and Lionel goal, when Van Persie was dismissed, who enjoyed 69 per cent of possession men last season, sealed victory from
Messi, with his second of the night, and Wenger was adamant his team and mustered 19 attempts at goal. the penalty spot.
CITYA.M. 9 MARCH 2011 Sport 35

KEY MOMENTS | BARCA BATTER GUNNERS

45 mins: After somehow managing to keep Barca at bay,

Arsenal were undone by an error from their captain. A sui-
cidal backheel from Cesc Fabregas presented Andres
Iniesta with possession just outside the penalty area. Bale is expecetd to be fit but won’t be risked by Redknapp Picture: GETTY
Fabregas’ Spain international teammate found Lionel Messi,
who improvised brilliantly by flicking the ball over Manuel
Almunia and smashing home on the volley.
Expect fiery welcome,
Redknapp tells Flamini
Arsenal player and having made a bad
TOTTENHAM tackle in the first leg.”
Van der Vaart, who has been out
since the first leg win, has been passed
AC MILAN fit to play, but Bale, who made his
comeback as a substitute on Sunday,
53 mins: A rare, almost isolated foray into Barca territory remains a slight doubt.
▲

saw Arsenal win a corner. Samir Nasri swung the ball in

FOOTBALL Redknapp said: “I would love to
from the left, Abou Diaby rose at the near post and, in keep- BY JAMES GOLDMAN start him if he is fit. He is a fantastic
player for but if he’s not quite right
ing with the rest of his performance, missed it. Having been
TOTTENHAM manager Harry then I wouldn’t want to take a chance
put off by the Frenchman’s attempt, the ball landed almost Redknapp has warned ex-Arsenal mid- on him.”
apologetically on the head of Sergio Busquets and dropped fielder Mathieu Flamini to expect a
into the corner of the net to restore Arsenal’s advantage. white-hot reception tonight following
his horrendous tackle on Vedran
Corluka three weeks ago.
Spurs, who are likely to be able to
Tottenham to bank
call upon the services of star midfield-
ers Gareth Bale and Rafael van dear £50m from kit deal
Vaart, hold a one-goal advantage after
a fractious game at the San Siro.
The chief aggravator that night, TOTTENHAM have signed a kit sup-
Milan captain Gennaro Gattuso, plier deal worth up to £50m with
earned himself a four-game ban for Under Armour. The five-year agree-
headbutting Tottenham coach Joe ment represents the American com-
Jordan, but Flamini escaped retrospec- pany’s largest European team
tive punishment from Uefa despite his sponsorship and is thought be
dreadful two-footed lunge on Corluka. worth up to £10m a year to the club.
71 mins: The outstanding Xavi leveled the tie in the 69th “They will give him a very warm Under Armour currently supply the
minute, finishing off another wonderfully intricate move welcome,” Redknapp said. “I’m sure he Wales national rugby team but this
which involved Iniesta and David Villa. And 90 seconds expects that coming here as an ex- is their first in the Premier League.
later Messi landed the killer blow. Laurent Koscielny, who
had been lucky not to concede a penalty in the first leg,

Why wing wonder Bale

was penalised for a trip on Pedro and Messi did the rest.

will have Milan terrified

winger will be upfield with the ball at
his feet within a couple of seconds.
Elsewhere I think Redknapp will
stick with the Peter Crouch-Rafael
van der Vaart pairing in attack that
has worked so well this season, with
Wilson Palacios complementing Luka
Modric in midfield.
TALKING TACTICS
TREVOR STEVEN Gomes

SPORT
I
F Gareth Bale does return to the
Tottenham side tonight, as
expected, it will cause great con- Dawson Gallas

CRICKET cern in the AC Milan camp.

Bale is such a threat wide on the
left with his ability to run with the
Corluka Assou-
Ekotto

ball at defences, and if he can get in Palacios Modric

ENGLAND WORLD CUP one-on-one situations with Milan’s
right-back then the visitors will be in Lennon Bale
BLOW AS BROAD IS trouble.
Whenever Spurs win possession

SENT HOME back in the middle of their own half

they will look to release Bale –
Van der
Vaart Crouch

PAGE 33 because they know the fleet-footed

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