Cityam 2012-02-17

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FTSE 100 5,885.38 -6.78 DOW 12,904.01 +123.06 NASDAQ 2,959.85 +44.02 /$ 1.58 +0.01 / 1.20 unc /$ 1.31 +0.01
Former banking star
takes John Lewis job
FREE
BUSINESS WITH PERSONALITY
BRITISH retail banks must act fast to
encourage competition or face the
threat of being broken up, a leading
regulator has warned.
John Fingleton, head of the Office
of Fair Trading (OFT), yesterday said
he would contemplate asking for a
Competition Commission investiga-
tion into the sector unless there was
a step change in the way banks
operate that makes it simpler for
customers to switch accounts.
Fingleton also called for more
transparent pricing, suggesting it is
difficult to encourage switching if
customers perceive that their bank-
ing is free.
He used a speech to bankers to
declare the current system was
manifestly not working well for
consumers and suggested that the
lack of competition meant new
entrants were seeing limited
rewards from innovating.
We need to see evidence which
demonstrates that the market
dynamics of entry and switching are
sufficient to drive stronger cus-
tomer-focused competition, said
Fingleton.
Without this, the obvious ques-
tion is whether the concentrated
market structure of UK banking is
the problem. And one way to consid-
er this question is a reference to the
Competition Commission, he
added, drawing parallels with the
enforced break-up of airport opera-
tor BAA.
New entrants such as Metro Bank
and Virgin Money provide a distinc-
tive product but the market contin-
ues to be dominated by the
traditional big four of Lloyds, RBS,
HSBC and Barclays.
The long-awaited arrival of Tesco
Bank has now been postponed until
late 2013 to allow for the full imple-
mentation of an industry-wide auto-
matic redirection service that will
allow consumers to transfer all
direct debits and payment arrange-
ments to a new provider within
seven days.
The OFT has already announced its
intention to conduct a review of cur-
rent account market later this year
and will report back in early 2013.
Issue 1,573 Friday 17 February 2012
Certified Distribution
02/01/12 till 29/01/12 is 92,258
THE BEST NEW LUXURY WATCHES
LONDON TIME: OUR EXCLUSIVE WATCH SUPPLEMENT P21
BY JAMES WATERSON
BANKING
HELEN WEIR, the former head of

retail banking at Lloyds Banking
Group, has been appointed by John
Lewis as group finance director, mak-
ing a return to the sector eight years
after leaving the same post with the
DIY retailer Kingfisher.
John Lewis said Weir will formally
join the company in April, replacing
Marisa Cassoni at the beginning of
June, whose plan to retire was
announced in September last year.
Weir left Kingfisher in 2004 and
joined Lloyds as finance director.
The 49 year old became one of the
most powerful women in British
banking after taking over the reins
as retail banking chief in 2008.
She quit last year after Antnio
Horta-Osrio announced a board
shake-up barely a week after becom-
ing chief executive of the bailed-out
bank.
BY KASMIRA JEFFORD
RETAIL
Helen Weir was formerly head of retail at Lloyds Banking Group

Watchdog warns of competition probe
PERSONAL CURRENTACCOUNTMARKETSHARE
Lloyds
RBS
HSBC
Barclays
Santander
Nationwide
25%
15%
14%
13%
13%
7%
6.6%
Co-op 2%
currently;
+ 4.6% with
Lloyds sale
BANKS FACE
NEW THREAT
OF BREAK UP
www.cityam.com
News
2 CITYA.M. 17 FEBRUARY 2012
Greeks: were
nearly there
HOPES rose last night that a bailout
deal for Greece could finally be on
the verge of completion, despite
ongoing bickering between politi-
cians from the ailing Mediterranean
state and its main lenders.
We are almost there, one
Eurozone official said yesterday, sig-
nalling that euro finance ministers
could sign an agreement at their
meeting scheduled for Monday.
Greece has done what it had to
do, claimed New Democracy party
leader Antonis Samaras, whose oppo-
sition to some austerity measures had
been seen as a potential barrier to the
deal. There is no certainty but there
is cautious optimism, Samaras said.
But despite the more positive nois-
es, tit-for-tat exchanges were yet again
heard between Greek and German
officials.
We are starting to believe
Germany wants to kick Greece out of
the Eurozone, a Greek official told
Reuters. Some recent German state-
ments have been particularly
provocative and offensive.
German finance minister
Wolfgang Schaeuble provoked fur-
ther anger by referring to Italian tech-
nocrat Mario Monti having a year to
push through reforms a statement
seen as a hint that Greece should
defer its elections, expected in April.
BY JULIAN HARRIS
EUROZONE
HEDGE FUND PIONEER BACK FOR ASIA

VENTURE
William Bollinger, one of the pio-
neers of Londons hedge fund indus-
try, has come out of retirement to
launch a new venture in Singapore.
A protg of the renowned investor
Julian Robertson and a former donor
to the Labour party, Mr Bollinger set
up Egerton Capital, one of the UKs
first and now most successful
hedge funds, with John Armitage in
1994.
SWISS ENGINEER ABB FACES PROFIT
SQUEEZE
Shares in ABB dipped as the Swiss
electrical engineering group warned
that less profitable orders would
weigh on margins in the first quarter,
even as it posted record revenues for
2011. Zurich-based ABB reported full-
year revenue of $37.99bn, although a
24 per cent rise in net income to
$3.17bn still fell short of analyst esti-
mates.
ROACH LEAVES MORGAN STANLEY
Stephen Roach is retiring as non-exec-
utive chairman of Morgan Stanleys
Asia operations and moving into full-
time academia after 30 years at the
bank. Mr Roach is well known for pre-
dicting that China will eclipse the US
as the worlds dominant economy by
2025. He became executive chairman
of Asia in 2007 but moved back to
New York in 2010 to join the faculty at
Yale University, simultaneously
becoming non-executive chairman of
the banks Asia operations.
SHARES IN FINNISH MINER DROP
Shares in Talvivaara Mining, the
Finnish nickel producer, dropped
sharply after it announced plans to
place nearly 25m shares equivalent
to 10 per cent of existing equity to
fund expansion and capital invest-
ment. Shares fell by 51 per cent in
Helsinki and 14.5 per cent in London.
US OWNERS OF CITY LANDMARK MISS
LOAN PAYMENT
The American owners of City Point
Tower have defaulted on a loan inter-
est payment in a move that could trig-
ger the sale of one of the Square
Miles most recognisable buildings.
Beacon Capital Partners has owned
the 35-storey tower since 2007 after
buying it for 650m from Tishman
Speyer.
BRITONS JUST CANT GET ENOUGH
PORRIDGE
The British appetite for porridge has
led to another big expansion of the
countrys largest oat-milling site.
PepsiCo, Britains biggest porridge
maker with its Quaker and Oat So
Simple brands, is investing 14.4m in
its Cupar site near Fife to increase
production capacity by a third to
85,000 tonnes a year. The move comes
in response to a growing demand.
UN PASSES RESOLUTION DEMANDING
SYRIAS ASSAD STEP ASIDE
Russia and China were left isolated
after voting against a United Nations
resolution calling for an end to the
violence in Syria. The measure was
passed at the UN General Assembly by
137 votes to 12. The curent crackdown
is estimated to have cost 7,000 lives.
BANKS AND HEDGE FUNDS FACE SAME
TAX PENALTY AS RANGERS
Banks and hedge funds are among
around 300 companies that have been
drawn into the tax crackdown that
pushed Scottish football club Rangers
into administration this week. HM
Revenue & Customs investigation
found it owed 43m in tax as a result
of its use of employee benefit trusts to
pay players wages. Experts say it will
be the first of many cases as the tax-
man goes after high-earners in the
financial sector.
GERMAN STATE PROSECUTOR SEEKS
TO INVESTIGATE PRESIDENT
A German state prosecutor requested
that parliament lift the German
Presidents immunity to clear the way
for an official investigation into alle-
gations that he had accepted favors
while a governor, before becoming
head of state. The affair threatens to
become a political embarrassment for
Chancellor Angela Merkel, who hand-
picked Christian Wulff.
SANTORUM TO FACE ROMNEY AD
BLITZ IN MICHIGAN
Mitt Romneys campaign and an inde-
pendent group supporting his White
House bid have booked nearly $2m in
television and radio ads in Michigan
alone, as they seek to blanket the air-
waves ahead of the next primary.
That contrasts with the $42,443 Rick
Santorum, his main rival, has
reserved in airtime for its own ads.
WHAT THE OTHER PAPERS SAY THIS MORNING
The US economy is recovering at last
IT used to be said that when America
sneezes, the rest of the world catches a
cold. This remains the case, despite the
rise of China and other emerging
giants. So it is good news that the US
economy has started to recover, with
even unemployment going down.
The markets can barely contain
themselves for joy, even though as
Capital Economics points out, the US
economy has already been at this
point twice before, in early 2010 and
then early 2011, only for growth to fall
back sharply. But domestic conditions
are on a much firmer footing this
time, with genuine improvements in
housing and credit. Things are looking
up, though America still has huge,
long-term economic problems.
Millions have dropped out of the
labour market, many Americans are
finding their skills and productivity to
be insufficient to compete in a glob-
alised economy and the mood is
increasingly protectionist. The US also
urgently needs to make up its mind
whether it wants to be a social-democ-
racy or a traditional capitalist society.
The current compromise a huge
budget deficit, public spending on a
long-term exponential trajectory, com-
bined with low taxes just doesnt
work. Regrettably, the US political sys-
tem feels increasingly broken.
Americas recovery is bound to help
Barack Obama in the November presi-
dential elections though if the
Republicans are foolish enough to pick
big government conservative Rick
Santorum as their candidate, Obama
would probably win regardless of the
economy. But that contest will matter
hugely: on issues such as tax and Wall
Street reform, there is a huge gulf
between the parties; whoever wins will
indirectly have a substantial impact on
Londons economy.
TURKEY V GREECE
WHEN economists were making the
case for the euro in the late 1980s, they
produced all sort of bullish estimates
to back up their argument. The most
memorable was the Cecchini Report,
which estimated that 0.5 per cent of
GDP a year would be saved by eliminat-
ing conversion costs, while five per
cent of GDP would be gained by
reduced risk and uncertainty. Growth
was meant to be permanently higher
for members.
While of course there are benefits to
the euro, it is now clear its costs are
even greater. It would have been more
sensible for Greece to stay out. The best
thing that ever happened to its arch-
rival Turkey was not to be allowed to
join the EU. Even though it has its own
serious problems, it has done massive-
ly better than Greece, despite not
enjoying the supposed benefit of
membership of a strong currency run
by a credible central bank.
As Tim Congdon of International
Monetary Research points out, when
Greece joined the EU, its GDP per capi-
ta in purchasing power parity terms,
in current international dollars was
three times that of Turkeys. Now it is
around 1.8 times. In 1980, Turkeys
GDP was less than 50 per cent higher
than Greeces; today it is more than
three times larger and will be at least
four times by 2016 (and probably
more). Despite suffering its own
macroeconomic and political prob-
lems, being outside of the euro has
served Turkey well.
Rather than pretending to be in
Germanys league, countries such as
Greece an emerging economy with-
out the internal discipline needed to
join a strong currency are better off
going it alone.
[email protected]
Follow me on Twitter: @allisterheath
A WORKER at Legal & General
Investment Management was arrested
yesterday in the FSAs largest ever
insider dealing operation.
An unnamed 44-year-old man was
arrested and interviewed under cau-
tion in London yesterday, and was
bailed pending further enquiries.
LGIM confirmed yesterday that he is
an employee, but said it is not aware
of any detriment caused to customers
or any impact on our financial
results.
His detainment came after searches
at one business and two homes in
London and Kent, the FSA said.
Yesterdays arrest is part of a probe
run by the FSA and the Serious
Organised Crime Agency, which has
spanned almost two years and result-
ed in 11 convictions to date, with 16
further prosecutions ongoing.
It is part of the same probe that last
year resulted in custodial sentences for
Christian and Angie Littlewood.
BY MARION DAKERS
FINANCIAL CRIME
Legal & Gen man arrested

Legal & General Investment Management headquarters at Coleman Row Picture: GETTY
NEWS | IN BRIEF
Murdoch flies into The Sun
Rupert Murdoch will today reassure a
hostile audience of journalists at The
Sun and The Times that they have his
complete backing, following anger that
News International executives have
handed confidential information on
sources to the police. Sun employees are
reportedly considering a legal challenge
against the actions of their manage-
ment.
Bids for London Metals Exchange
CME Group, the worlds largest futures
exchange, has made a bid for the
London Metals Exchange, according to
reports yesterday. In addition to the
Chicago-based firm, is it thought that
NYSE Euronext has also bid for the
London open outcry market, which could
be worth up to 1bn. The London Metals
Exchange is considering ending its inde-
pendence after record trading volumes.
Nasdaq hits decade high
The Nasdaq last night closed at its high-
est level since December 2000, up 1.5
per cent. The Dow Jones Industrial
Average also achieved its best close
since May 2008.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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Greek technocratic PM
Lucas Papademos is
expected to stand
aside when elections
are held in April
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
AN ARREST warrant was issued yester-
day for Kazakh billionaire Mukhtar
Ablyazov, the former BTA Bank chair-
man accused of embezzling up to
$5bn (3.2bn) from the bank.
Mr Justice Teare found the tycoon
who fled to the UK in 2009 in con-
tempt of court for breaching orders
related to the freezing of his assets,
including a house on Londons bil-
lionaires row.
Ablyazov yesterday failed to attend
the hearing, where he was sentenced
to three concurrent 22-month jail
terms and ordered into custody.
The seriousness of Mr Ablyazovs
conduct, in my judgment, requires
immediate custody, Justice Teare told
the court yesterday, adding that an
arrest warrant would be issued.
But Ablyazovs whereabouts were
still unknown last night, and his
lawyers are believed to have been told
to provide the prosecution with his
contact details by 10am this morning.
Ablyazovs passport and travel docu-
ments were confiscated by the court
during earlier proceedings, but BTAs
counsel Stephen Smith speculated yes-
terday that the tycoon was a flight
risk, and asked for confirmation that
the papers were secure.
Ablyazovs former employer wants
to recover $5bn in assets that the for-
mer chairman allegedly siphoned off
from the banks balance sheet.
THE FSA took the unprecedented step
yesterday of publishing the full tran-
script of a phone-call that brought
down one of the Citys most well-
known rainmakers.
Former Merrill Lynch banker
Andrew Osborne agreed to pay a
350,000 fine despite denying that he
is guilty of disclosing inside informa-
tion. The City regulator published its
evidence after the strength of feeling
that Osborne had been mistreated
became clear.
Osborne himself said that he strong-
ly disagrees with the FSAs verdict but
is paying the fine to draw a line under
this very long, arduous and time con-
suming process.
The transcript is a record of a phone-
call between the management of
Punch Taverns, Punchs broker
Osborne and Greenlight Capitals
David Einhorn, who was one of the
companys biggest shareholders.
The aim was to sound out Einhorns
support for a major capital-raising that
Osborne and Punch thought necessary
to avoid a default on the firms debt.
But unlike other shareholders,
Einhorn refused to cross the wall
that is, to sign a non-disclosure agree-
ment (NDA) that would forbid him
from selling or buying Punch shares
for an allotted period.
Einhorn said: I am uncomfortable
with an NDA that is going to, you
know, restrict our ability to, you know,
to transact.
That left Osborne in the difficult
position of trying to discuss the details
of a capital-raising that Einhorn was
not supposed to know about.
The FSA concluded that although
Osborne did not deliberately pass on
insider information, his role amount-
ed to market abuse because he dis-
closed the huge scale of the share issue
being considered (350m) and gave a
strong indication of the timing (kind
of a week) that suggested the process
was in its advanced stages.
Einhorn told them: I dont know
that were going to sign an NDA,
because we prefer to just remain
investors, but... that gives a lot of sig-
nalling value. And the signalling value
that comes from figuring out the com-
pany has figured out that its not
going to make it on its own.
But the transcript shows that
Einhorn acted on the basis of informa-
tion disclosed both by Osborne and
the chief executive of Punch, who did
the vast majority of the talking.
Following the call, Einhorn sold
down his stake in the company, avoid-
ing a loss of 5.8m, an action for which
he has been fined 7.2m. The FSA also
said that Osborne should have
informed the regulator once he found
out about Einhorns transactions.
But the case will raise concerns that
brokers risk disproportionately harsh
treatment for actions they take in a
difficult grey area between clients and
investors.
The call that did for City rainmaker
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Warrant for Kazakh bank
boss who snubbed court
BY JULIET SAMUEL
BANKING
BY ELIZABETH FOURNIER
FINANCIAL CRIME
News
Two key parts of the phonecall: Osborne discloses the scale of the rights issue and inadvertently indicates that it is in advanced planning stages
Left to right: Andrew Osborne, Greenlights David Einhorn, ex-Punch chief Giles Thorley
DAVID EINHORN:
So so how much equity do you
think you need to raise to protect
the situation? as you pencil that
out, what do those amounts turn out
to be?
ANDREW OSBORNE:
Something like 350 sterling.
DAVID EINHORN:
350 million sterling?... Wow, wow.
That would be shockingly horrifying
from my perspective.
Later in the call:
ANDREW OSBORNE:
I think its fair to say that, you know,
broadly, most of the other sharehold-
ers are supportive.
DAVID EINHORN:
Supportive of what?
PUNCH CEO:
Well, I stuff thats in the NDA
[the plans for a capital-raising].
Kazakh billionaire
Mukhtar Ablyazov faces
a warrant for his arrest,
after being found in
contempt of court
FRENCH lender Socit Gnrale sur-
prised markets yesterday by reporting
a sharp decline in revenues in the
fourth quarter of last year, with losses
from legacy assets and Greek debt
write-downs coming on top of a slow-
down for its investment bank.
Overall, fourth quarter pre-tax prof-
its for the group fell 60 per cent, with
the investment bank plunging deep
into the red to book a pre-tax loss of
738m. Overall, that knocked the divi-
sions full-year profits down to 669m.
SocGen blamed the decline on his-
torically low levels [of] client-driven
activity due to the credit crunch in
late autumn.
Costs from its legacy assets most-
ly complex financial products bought
pre-2008 also ramped up at the end
of the year, losing 621m in the last
quarter for a total loss of 961m in
2011, 38 per cent worse than in 2010.
The bank also booked a loss of
162m in the fourth quarter from writ-
ing down the value of its Greek bond
holdings by 75 per cent. The cost of a
restructuring charge in part sever-
ance pay came to 215m.
On a more positive note, SocGen
dramatically scaled back its use of dol-
lars funding last year, cutting down its
needs from $100bn in June to $45bn at
the end of last year.
THE EUROPEAN COMMISSION (EC)
came under fire from British pension
funds, employers and investors after
it appeared to ignore concerns that
proposed pension rules will cost hun-
dreds of billions of pounds, force the
closure of all final salary schemes
and even bankrupt some businesses.
It wants to impose rules on pension
funds similar to the Solvency II regu-
lations being worked out for the
insurance industry.
That would mean holding more liq-
uid assets to protect against a short-
term shock something insurers
might face, but not pension funds,
which have very long-term liabilities.
In a white paper published yester-
day, the EC noted that market partici-
pants think the EU should avoid
binding regulation, and that they
want to focus on the nature and
duration of pension liabilities.
However, it also highlighted the
European Parliaments view that ele-
ments of Solvency II for a valuable
starting point for the new rules.
Opponents of the rules believe the
EC has not fully thought through
their consequences.
We have called for a full impact
assessment, said Jim Bligh from the
Confederation of British Industry.
Draft legislation is expected to be
published by the end of this year, and
it would be very difficult to do a prop-
er assessment across the whole EU
and all the different pension schemes
by then.
EU plan set to end final salary pensions
and cost hundreds of billions of pounds
NYSE Euronext is attempting to
bounce back from its failed merger
with Deutsche Boerse by taking a 25
per cent stake in UK trading technolo-
gy company Fixnetix.
The index will pay 17.5m initially
in a deal valuing Fixnetix at 100m. It
has the option to buy the rest of the
business by 2015.
Stanley Young, chief executive of
NYSE Technologies, said the two
firms experience in multi-asset trad-
ing technology would create an even
more compelling value proposition
for market participants trading any-
where in the world.
Last week NYSE narrowly beat ana-
lysts forecasts to post a 13 per cent
rise in fourth-quarter operating profit
to $212m (134m). It is shifting its
focus to faster-growing areas like sup-
plying computer systems and infor-
mation from trading following the
collapse of the Deutsche deal because
of concerns raised by the EU
Competition Commissioner.
NYSE signals a new era
with swoop for Fixnetix
CAPITAL MARKETS
AXA, Europes second-biggest insurer,

yesterday announced that full-year
2011 net income rose by 49 per cent,
mainly due to asset sales.
Earnings rose to 4.32bn (3.58bn)
last year, assisted by 2.3bn of income
from the sale of its stake in Chinese
insurer Taikang Life and other dispos-
als in Canada, Australia and New
Zealand.
Total revenue shrunk slightly from
89.4bn to 86.1bn
However, profits failed to meet
expectations after the firm made a
943m goodwill reduction related to
the impact of falling long-term US
interest rates on its portfolio of annu-
ities.
It wasnt expected by the market,
but for us it was a prudent move. I
would remind you that were talking
about a goodwill write-down on a US
unit which is a small part of our over-
all operations, AXA chief financial
officer Gerald Harlin said.
AXAs bottom line was hit by
281m of restructuring costs and
write-downs reflecting expectations it
will have to take a 78 per cent haircut
on Greek debt holdings.
AXA income
up 50pc due
to disposals
INSURANCE
INSURER Zurich Financial took a

$1bn hit on natural disasters last year
but still plans to pay a bumper divi-
dend after increasing profits by 10
per cent.
Overall net income for 2011
amounted to $3.766bn, missing the
$4.041bn expected by analysts, but
the Swiss firm said it would pay a div-
idend of SFr17 per share unchanged
from last year despite a turbulent
12 months for the insurance indus-
try.
Martin Senn, chief executive, said:
We delivered a good result in a year
characterised by natural catastro-
phes, including devastating earth-
quakes in Japan and New Zealand as
well as exceptional weather-related
losses around the globe.
This trend continued during the
fourth quarter with flooding in
Thailand and aftershocks in New
Zealand.
The earthquake and tsunami in
Japan last March was one of the
costliest natural catastrophes in the
history of global insurers, having
caused insured losses of between
$12bn and $25bn for the industry,
risk modelling firm Eqecat has said.
In the final three months of the
year Zurichs net income declined 46
per cent to $557m, after being hit by
the effect of floods in Thailand.
Europes fourth-largest insurer by
market value said it was well-placed
to weather the crisis in the Eurozone,
however. It has eliminated holdings
of Greek government bonds.
The group continues its disci-
plined approach and closely monitors
its investments in euro zone periph-
eral government debt to ensure risk is
well balanced and diversified, Zurich
said in a statement. As of the end of
last year, the Swiss-listed firm held 66
billion of sovereign debt. It has eight
per cent of that sum in Italian, seven
per cent in Spanish and one per cent
in Portuguese bond holdings.
In Britain the firms general insur-
ance business saw a five per cent fall
in gross written premiums to
1.719bn. The business operating
profit soared 23 per cent to 159m.
Zurich gains despite disaster
BY PETER EDWARDS
INSURANCE
Toxic assets
blow hole in
SocGen profit
BY JULIET SAMUEL
BANKING
BY TIM WALLACE
REGULATION
News
NEW STRIKES BUT FEWER DELAYS ON UK TRAINS
ANALYSIS l Zurich Financial Services AG
CHF
10Feb 13Feb 14Feb 15Feb 16Feb
236
234
232
230
228
232.70
16 Feb
ANALYSIS l Societe Generale

25.0
24.5
24.0
23.5
23.0
22.5
22.0
21.5
22.56
16 Feb
Despite an ongoing strike by station cleaners, Network Rail gave commuters a reason to
be cheerful yesterday when it revealed record punctuality figures for some routes last
month. Overall, 91.4 per cent of trains ran on time in January, Network Rail claimed, up
from 90.3 per cent a year ago. Passengers on c2c routes such as Southend to Fenchurch
Street can enjoy the most punctual journeys, with 97.4 per cent running on time. A 48-
hour walkout by Network Rail-contracted cleaners over wages is due to continue today.
THE US posted strong unemploy-
ment figures, manufacturing output
and housing data yesterday.
The Standard & Poors 500 index
rose 1.12 per cent on the back of the
encouraging figures, as new jobless
claimants fell to their lowest level
since March 2008.
The Labor Department figures reg-
istered a fall of 13,000 to 348,000 last
week, well below economists fore-
casts.
In a separate report, the
Philadelphia Federal Reserve Bank
said its business activity index rose
to 10.2 this month from 7.3 in
January as orders jumped.
Though factories in the region
hired fewer workers this month,
they increased hours for existing
employees, which bodes well for
wage growth. In addition, order
backlogs are rising and factories are
taking a bit longer to make deliver-
ies.
Healthy figures also came from
the Commerce Department, which
reported that housing starts rose 1.5
per cent to an annual rate of 699,000
units last month.
Starts were boosted by multi-unit
buildings, reflecting growing
demand for rental apartments as
Americans move away from home-
ownership.
Permits for future home construc-
tion rose 0.7 per cent to a 676,000-
unit pace in January.
US posts lowest jobless
statistics for four years
US ECONOMY
SPAINS promises of economic and

budget reforms have dragged down
the countrys borrowing costs from
dangerous highs in late 2011 to much
more manageable rates, with even
Greeces woes not taking bond yields
back to unsustainable levels.
French borrowing costs also fell,
though weak car registration data pro-
vided a reminder that Europes
economies remain in poor shape.
The Spanish parliament approved
banking reforms yesterday, requiring
banks to set aside extra provisions by
the end of the year to cover potential
further losses on property.
The measure is part of a wider pro-
gramme of budget cuts and economic
reforms to restore stability and market
confidence in the country, pushed by
Prime Minister Mariano Rajoy.
He was elected in November, when
the countrys borrowing costs on 10-
year debt hit a dangerous 6.7 per cent.
Rajoy took office in December and
borrowing costs have fallen to 5.4 per
cent or below. Spain borrowed 4.07bn
(3.38bn) yesterday, with the average
yield on three-year debt coming in at
3.33 per cent up on rates earlier this
month, following worries over Greece,
but well below last years levels.
Meanwhile France sold 8.46bn in
bonds with two, three and five-year
maturities with no difficulty the
two-year yield fell from 1.05 per cent
seen a month ago to 0.89 per cent.
Data out yesterday showed EU car
sales dropped by 10 per cent in the
year to January.
Markets trust
Spain as debt
costs stay low
BY TIM WALLACE
EUROZONE
News
ANALYSIS l Spanish yields are out of the
danger zone
%
Dec 2012 Feb
6.5
6
7
5.5
5
GOLD DEMAND AT 14-YEAR HIGH
Central bank demand for gold hit its highest level since 1971 last year, and overall global
demand stood at a 14-year high of 4,067.1 tonnes, the World Gold Council reported yes-
terday. The price swung between $1,920.30 and just above $1,300 per ounce, making the
year one of the most volatile ever. Demand from China stood at 190.9 tonnes in the final
quarter of 2011, above Indias 173 tonnes for the first time.
NEWS | IN BRIEF
EU seeks shadow bank rules
Financial operators on the fringes of the
traditional bank system could be made
to hold more capital, and mainstream
banks forced to limit exposure to risk in
the $60 trillion (38.07 trillion) shadow
banking sector, a draft EU paper
showed. In the draft consultation docu-
ment obtained by Reuters, the bloc's
executive European Commission said
shadow banking, including money mar-
ket funds, exchange-traded funds, repur-
chase agreements and securities lending,
could play a "potentially useful" role. But
the Commission said the financial crisis
showed they pose major risks to finan-
cial stability if they fail in a disorderly
way. "As long as such activities and enti-
ties remain subject to a lower level of
regulation and supervision than the rest
of the financial sector, reinforced bank-
ing regulation could drive a substantial
part of banking activities beyond the
boundaries of traditional banking and
towards shadow banking," the paper
said.
Eurozone set for 2012 recession
The European Central Banks survey of
professional forecasters predicts eco-
nomic contraction of 0.1 per cent in
2012 for the Eurozone, followed by
growth of 1.1 per cent in 2013. Previous
forecasts had expected to see growth of
0.1 per cent this year and 1.2 per cent in
2013. The average forecaster now
expects to see growth of 1.8 per cent in
2016 still relatively weak.
Unemployment is expected to remain
high at 10.8 per cent through 2012 and
2013, and still stand at 8.8 per cent in
2016, while inflation is forecast to stay
on target at 1.9 per cent in 2012, 1.7 per
cent in 2013 and two per cent into 2016.
THE BRITISH former president of
Olympus has demanded answers from
auditors and Japanese regulators after
the arrest of seven bankers and execu-
tives linked to the disgraced camera
giant.
Michael Woodford, who was fired
after exposing the $1.7bn (1.08bn)
accounting scandal, hailed the arrests
as a moment of vindication and told
City A.M. that more questions must be
posed over the financing of Olympus
and Gyrus, the British medical equip-
ment firm it bought in 2008.
Billions went through the banks.
Olympus is highly indebted, who lent
Olympus the money? What due dili-
gence was done on the loans?
KPMG qualified the accounts of
Gyrus. How were they passed to Ernst
& Young without questions being
raised? The auditors have fundamen-
tal questions to answer.
Olympus bought 100 firms from
plastic plates to face cream to DVD
reproduction. Why did they buy the
companies and who gave the money?
Last month a lawyers panel set up
by Olympus cleared KPMG and E&Y of
any responsibility for the accounting
fraud. Yesterday KPMG and E&Y
declined to comment.
Woodford spoke out hours after
Tokyo prosecutors arrested ex-presi-
dent Tsuyoshi Kikukawa, former exec-
utive vice-president Hisashi Mori and
former auditor Hideo Yamada on sus-
picion of violating the Financial
Instruments and Exchange Law, offi-
cials said. Also arrested were former
bankers Akio Nakagawa and
Nobumasa Yokoo and two others sus-
pected of helping hide huge invest-
ment losses through M&A deals.
The three former executives had
been identified by the investigative
panel as the main culprits in the
fraud, seeking to delay the reckoning
from risky investments made in the
late-1980s bubble economy.
A series of Olympus directors are
expected to step down at a sharehold-
ers meeting in April.
Ex-Olympus
boss in plea
for answers
DEALS worth more than 500m to
advance the UKs nuclear power pro-
gramme are due to be signed today,
as Prime Minister David Cameron
and other ministers meet with
President Nicolas Sarkozy in Paris.
Cameron said the summit will
signal our shared commitment to
the future of nuclear power.
The deals, which are expected to
create 1,500 UK jobs, include a
400m agreement between Rolls-
Royce and Frances Aveva to supply
manufacturing and other services
at Hinkley Point.
And EDF will sign a contract with
UK firms Keir and BAM Nuttall to
start preliminary works at the same
site.
Deputy PM Nick Clegg, foreign
secretary William Hague, defence
secretary Philip Hammond and new
energy secretary Ed Davey will also
travel to Paris to meet with their
French counterparts.
Cameron said in a statement yes-
terday: I want the vast majority of
the content of our new nuclear
plants to be constructed, manufac-
tured and engineered by British
companies. And we will choose the
partners and technologies to max-
imise the economic benefits to the
UK.
REED Elsevier was the highest riser
in the FTSE 100 yesterday, jumping
almost three per cent as the publish-
ing group reported a profit increase
of 18 per cent to 760m.
Chief executive Erik Engstrom
assured investors the company will
not make any significant divest-
ments as each of its five businesses
grew underlying revenues in 2011
for the first time since 2007.
However, total revenues slipped
one per cent to 6bn.
The group ended the year with net
debt of 3.4bn.
The coming year, which marks the
twentieth year since British trade
publishing house Reed International
and Dutch science publisher Elsevier
merged, is expected to bring another
year of profit growth.
Shares closed 2.9 per cent up at
5.50.
UK set to sign
nuclear deals
with France
Reed Elsevier leads FTSE
100 risers on profits leap
Reed Elsevier will not sell any of its major divisions, said chief exec Erik Engstrom
BY PETER EDWARDS
TECHNOLOGY
ENERGY
News
BY LAUREN DAVIDSON
MEDIA
BAE Systems yesterday reported a

seven per cent fall in full year profits
as US and UK military budgets were
slashed.
Europes largest military contractor
saw revenues slip by 14 per cent last
year and forecast flat sales for 2012.
Among the problems hitting the
company was the US army cutting
supply orders following its pullout
from Iraq and after the delay of an
order for 72 Eurofighter Typhoon jets
by Saudi Arabia.
BAE posted underlying earnings
before interest, tax and amortisation
(EBITA) of 2.02bn for the year to the
end of December 2011.
The company increased the total
dividend 7.4 per cent to 18.8p. Chief
executive Ian King said: BAE Systems
is operating in a difficult business
environment as defence spending
reduces in its largest markets, the US
and UK. Whilst little sales growth can
be expected for the group in 2012 in
the current market conditions, mod-
est growth in underlying earnings
per share is anticipated.
BAE generates 47 per cent of its rev-
enues from the US and 29 per cent
from Britain.
It looks like it will be a long, hard
slog ahead for the company, said
Socit Gnrale analyst Zafar Khan.
BAE profits in
decline after
budget cuts
BY JOHN DUNNE
MANUFACTURING
CHINAS top search engine, Baidu,

beat Wall Streets earnings estimates
last night as its revenue grew more
than 80 per cent year-on-year in the
fourth-quarter.
Shares of New York-listed Baidu
were up more than two per cent in
after-hours trading.
Baidu reported fourth-quarter net
income of $326.3m (206.5m), on rev-
enues of $710.9m.
The firm has expanded its domi-
nant position in Chinas internet
search market ever since Google
decided in 2010 to relocate its search
engine to Hong Kong following a
standoff with the Chinese govern-
ment over Internet censorship.
Baidu has made efforts to expand
into mobile, travel and online video
sectors to boost growth, and is also
aunching its own browser.
Baidu beats Street forecasts as
more surfers in China use its site
TECHNOLOGY
News
BAE chief exective Ian King has predicted a tough 2012 Picture: REUTERS
A victim of lowered military ambitions
Next year we are to bring the soldiers home
For lack of money, and it is all right.
Places they guarded, or kept orderly,
Must guard themselves, and keep them-
selves orderly.
We want the money for ourselves at home.
SO wrote the great post-war poet
Philip Larkin in his 1969 poem
Homage to a Government, in
response to Harold Wilsons decision
to remove troops from the British
colonial base in Aden.
He could have easily been writing
about current defence policy in the
US and the UK. Not only are the wars
in Afghanistan and Iraq coming to an
end, but America and Britain have
made it clear they no longer have the
inclination or cash to police the
world.
That is bad news for BAE Systems,
the defence giant that counts the UK
and US as its biggest customers. Last
year, its headline sales fell by 14 per
cent as the two countries reduced
defence spending.
In the US, which accounts for some
47 per cent of group sales, the full
effect of cuts is not yet clear. So far,
projects have been delayed rather
than cancelled, but no-one is in any
doubt that further spending reduc-
tions in the near future will hit BAE
hard. The British situation is clearer.
Following the Strategic Defence and
Security Review, annual sales will be
permanently lower by some 500m
per annum.
BAE has tried to offset the impact
by restructuring the business to focus
on newer high-growth areas such as
cyber security. But this is jam tomor-
row at best.
If the military ambitions of Britain
and America are to be permanently
smaller, then so too will BAE.
BOTTOMLINE
Analysis by David Crow
ANALYSIS l BAE Systems
p
330
325
335
320
315
325.20
16 Feb
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GENERAL Motors has laid the ground
for cuts to its Vauxhall operation in
Britain as it posted another heavy loss
in Europe despite record global profits.
Dan Ammann, chief financial offi-
cer of the Detroit carmaker, described
last years $747m (472.7m) European
loss, including $562m in the final
quarter, as unacceptable.
He said the company is working
aggressively to transform the conti-
nental business, which includes Opel
and Vauxhall, but said earlier restruc-
turing plans had been based on
Europes economy being more
robust than it is today. GM did not dis-
cuss the future of its plants in Luton
and Ellesmere Port, near Merseyside,
beyond 2014.
The GM group, which was bailed
out by US taxpayers in 2009, has been
drawn into the US presidential debate
with Mitt Romney, the favourite for
the Republican nomination, urging
the Obama administration to sell its
stake of nearly a third.
Yesterday, however, the firm posted
record profits after raising US vehicle
prices and seeing pension fund
returns that were better than expect-
ed. GMs profit jumped 62 per cent to
$7.6bn with revenue rising 10.8 per
cent to $150.3bn.
Fourth-quarter net income attribut-
able to common shareholders was
$500m, or 28 cents a share, compared
with $500m, or 31 cents a share, for
the same period last year.
Fears GM will
press brakes
on Vauxhall
ICELANDIC banks Landsbanki and
Glitnir have helped Malcolm Walker
and other execs beat private equity
firms to exclusive talks to buy Iceland
Foods, a deal that values the retailer
he founded at 1.55bn.
The two banks are said to be provid-
ing Walker with a 250m loan. That
makes his offer more valuable and
helped beat bids from Bain and BC
Partners.
Though nothing has been decided,
lenders in contention for Walkers
loans to fund the remainder include
UBS, Bank of America Merrill Lynch,
Deutsche, Nomura and Socit
Gnrale, banking sources said.
Blackstone GSO, the credit arm of
Blackstone Group, is likely to provide
mezzanine debt if this is in the final
structure, the sources said.
Walker aims to finalise his financ-
ing package over the next few weeks.
Iceland founder lines up
banks to help bid effort
Malcolm Walker, chief executive of Iceland, hopes to take back control Picture: REX
BY PETER EDWARDS
AUTOMOTIVE
News
CITYA.M. 17 FEBRUARY 2012
BY JAMES WATERSON
RETAIL
9
ANALYSIS l General Motors Co
$
26.75
26.50
26.25
26.00
25.75
25.50
25.25
25.00
27.17
16 Feb
DAVID Cameron yesterday delivered a
plea to Scots in defence of the UK,
enticing Scotland to reject independ-
ence with an offer to devolve more
power to Edinburgh.
The Scottish National Party want
to hold a referendum on full inde-
pendence in 2014 but the Prime
Minister is desperate to keep the
union intact.
Cameron took his case for keeping
the kingdom united to Edinburgh,
arguing in a speech that Scotland was
better off as part of the union.
The union helps to make Scotland
stronger, safer, richer and fairer, he
told business leaders.
Of course, Scotland could govern
itself. So could England, but we do it
so much better together.
Alex Salmond, Scotlands First
Minister, met with Cameron in an
attempt to thrash out a deal on the
referendum, though his visit was
largely symbolic.
The nationalist leader remained
unconvinced by the promise of fur-
ther devolved powers.
Fool me once, shame on you. Fool
me twice, shame on me. I dont think
Scotland will be fooled twice. If its on
the table, I think the people of
Scotland would want to see what it is.
Wheres the detail? Wheres the
beef?
Cameron urges
Scots to stay
within the UK
POLITICS
KINGFISHER boss Ian Cheshire is in
line for a windfall payout after the
retailer said it was on track to meet
analyst forecasts for a full-year profit
of 800m.
Cheshire is likely to receive shares
worth up to 6.14m, after the owner
of the B&Q chain beat two main tar-
gets set out in its 2008 performance
share plan, relating to earnings per
share and total shareholder return
over four years to January.
Delivering its fourth quarter trad-
ing statement, Kingfisher said sales
rose by four per cent to 2.36bn,
after a strong performance at its
Castorama stores in France helped to
offset a decline in sales in the UK
and Ireland.
Weak consumer confidence
impacted like-for-like sales growth at
B&Q stores in the UK and Ireland,
which fell 2.5 per cent in the quarter.
This compared with analysts expec-
tations of a fall of around two per
cent.
Meanwhile, like-for-like sales at
Castorama stores rose 2.9 per cent
and were up 5.7 per cent at Brico
Depot France stores.
Cheshire said yesterday that the
firm was now looking to expand sig-
nificantly in its established markets
of Poland, Russia, Turkey and Spain,
as well as seeking in-fill opportuni-
ties in France and Britain.
The group, which has about 950
stores across eight countries in
Europe and Asia, also unveiled a
management reshuffle that will see
finance director Kevin OByrne
become chief executive of B&Q.
Euan Sutherland, the current
chief executive, will become group
chief operating officer while interna-
tional chief executive Peter Hogsted
will step down from his role later on
in the year.
Shares fell 0.32 per cent to 278p
last night.
TELECOMS giant BT is muscling in
on the legal sector after confirm-
ing yesterday that its claims man-
agement division has applied to
become an alternative business
structure under the so-called Tesco
law.
Wholly-owned subsidiary BT
Claims currently just handles
claims related to its parent groups
corporate vehicles, but if a licence
is granted plans to roll the service
out to other companies running a
business fleet.
We can confirm that BT Claims
has submitted an application to
begin the ABS process,
the company said
yesterday. The
S o l i c i t o r s
R e g u l a t o r y
Authority, which
would grant the
licence, does not
comment on
ongoing applications.
BT is the latest non-law firm
company to turn its focus to the
legal sector, following the liberali-
sation of the licensing rules at the
beginning of this year.
Though no licences
have yet been award-
ed, the SRA
received more
than 100 appli-
cations in the
first month of
the new system.
BT latest to plan legal service as claims
business applies for Tesco law licence
MENTION of Vodafone was conspicu-
ously lacking in Cable & Wireless
Worldwides interim statement yester-
day after news of the possible buyout
bid pricked ears on Monday, sending
CWWs share price up by almost half.
The telecoms group, which provides
communication networks to 70 of the
FTSE 100 companies, kept its full year
outlook unchanged and said it would
focus on reducing its business com-
plexity. CWW comprises hundreds of
networks, support systems and
bespoke products.
Other turnaround targets include
focussing on sustainable cash genera-
tion and returns from capital invested
while increasing internal capability.
Chief executive Gavin Darby, who
joined CWW in November, insisted the
business is fixable. He said the com-
pany is working on a number of
medium term strategic initiatives
which will be announced in May.
Vodafone has until 12 March to put
up or shut up.
CWW promises strategic
scheme to save business
TELECOMS
GERMAN phone network Deutsche

Telekom could pull out of telco
hybrid Everything Everywhere in a
bid to raise cash after its attempt to
sell T-Mobile USA to AT&T fell
through.
The largest telephone company in
Germany is said to be in early stages
of considering the sale of T-Mobile
UK, although Deutsche Telekom has
not yet appointed banks to advise
the deal.
Deutsche Telekom and
Everything Everywhere declined to
comment.
However, a Deutsche Telekom
spokesperson pointed out the group
is not in desperate need of money
and has no need to look for cash
due to stable balance sheets.
Similar rumours circulated in
late 2011, when AT&Ts $39bn stock
and cash offer to buy T-Mobile USA
was called off on strong opposition
from the FCC, Americas communi-
cations regulator.
Everything Everywhere was
formed in 2010, when the British
divisions of France Telecom
(Orange) and Deutsche Telekom (T-
Mobile) joined forces to create the
UKs largest mobile operator by cus-
tomer numbers.
Deutsche
Telekom
could sell
British ops
TELECOMS
BRITAINS second-biggest bookmaker

Ladbrokes reported a better-than-
expected full year operating profit
yesterday as strong growth in rev-
enue from gambling machines
helped its retail business to perform
strongly despite tough market condi-
tions.
The company, which has around
2,100 shops in Britain, said yesterday
group operating profit fell by 0.4 per
cent to 193.5m.
The average forecast was 187m,
according to a poll of analysts.
Gross win, which is total bets
minus payouts, from machines rose
by 19.2 per cent to 360.9m.
Chief executive Richard Glynn
(pictured) said the companys
retail business had performed
strongly, with bets placed over-
the-counter marginally up on
2010.
The contribution from
machines has been excellent and
we have grown profit per shop for
a second consecutive year despite a
comparatively poor gross win mar-
gin in the second half of 2011 and
continued cost pressures.
Trading in the fourth
quarter was hit by a high number of
favourites winning in
Premier League football.
Rival William Hill
said in January that
it had seen an
upturn in bets
placed over-the-
counter in its shops
and money taken
by its gambling
machines as cash-
strapped consumers
looking for cheap
entertainment
b o o s t e d
trade.
Ladbrokes beats the stakes
BY HARRY BANKS
LEISURE
B&Q boss set

for windfall
as goals met
BY KASMIRA JEFFORD
RETAIL
BY ELIZABETH FOURNIER
LEGAL SERVICES
News
NEWS | IN BRIEF
Glencore reveals exec stakes
Commodities trader Glencore detailed
the stakes held by some of its top execs
yesterday, with its head of aluminium
Gary Fegel emerging as one of the
largest individual shareholders with a
stake worth just over $1bn at current
prices. Others with significant holdings
disclosed yesterday include Stuart Cutler,
who runs the ferrochrome division after
the January shake-up, and newly
appointed head of iron ore, Christian
Wolfensberger. Steven Blumgart, who
announced plans to leave the firm last
month, holds 1.25 per cent.
Virgin protests BMI deal
Virgin Atlantic has made a formal com-
plaint to the European Commission
about IAG's purchase of Lufthansa's
British unit BMI, saying competition on
some European routes would diminish
and that fares would increase. In its
submission Virgin Atlantic said that if
the deal was approved, three key
domestic routes to and from
Heathrow Aberdeen, Edinburgh and
Manchester would become a BA
monopoly.
Cadogan halts Ukraine drilling
Cadogan Petroleum yesterday announced
that it had been forced to suspend
drilling on its Pokroskvoe 2a well in
Ukraine after it encountered problems
with its equipment. Cadogan advises
that it has decided to temporarily sus-
pend operations on its Pokroskvoe 2a
well. This well has been drilled to 4,783
metres, the company said.
ANALYSIS l Kingfisher
p
278
276
280
274
272
270
278.00
16 Feb
Kingfisher chief Ian Cheshire is on course for a performance-related payout
ANALYST VIEWS: HOW WELL IS KINGFISHER
PERFORMING? By Marion Dakers
PHILIP DORGAN | PANMURE GORDON

Good underlying progress, but we need to shave our numbers for
2013 by 30m to 865m. We continue to believe that Kingfisher has a significant
growth opportunity...At last, Kingfisher is beginning to extract benefits from hav-
ing a group structure and is set to dramatically increase both common and
direct sourcing.
DAVID JEARY | INVESTEC

A solid performance with group like for like sales up 0.9 per cent sees
Kingfisher confirm a 2012 profit before tax increase of around 20 per cent. Of
greater interest arguably is a management reshuffle, the net effects of which see
the group looking for a new CFO and the departure of Peter Hogsted, CEO
of Kingfisher International.
MATTHEW MCEACHRAN | SINGER CAPITAL MARKETS

Despite the tough backdrop, certain divisional outperformance means
they deliver market expectations, so we dont expect any forecast changes today.
Todays IMS highlights the strong momentum in this business, albeit against a
weak weather [comparison for last year], and so should be well received.
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NESTLE, the worlds biggest food con-
glomerate, posted better-than-expect-
ed 2011 sales growth yesterday but
remained cautious on its outlook.
The maker of brands such as
Nescafe, Perrier, Maggi and Haagen
Dazs warned that 2012 would be just
as difficult as previous years due to
continued economic uncertainties
and volatility.
Net profits rose eight per cent to
SFr9.5bn (6.6bn) last year while
underlying sales rose by 7.5 per cent,
beating analyst expectations of 7.1
per cent.
However, the group reported a 4.8
per cent fall in absolute sales -- slight-
ly better than expected -- to SFr83.6bn,
as the rise in the safe-haven currency
more than cancelled out underlying
growth.
Overall, Nestle managed 3.7 per
cent underlying sales growth in the
tough markets of Portugal, Italy,
Greece and Spain and recorded a big
surge in margins in Europe as it
pushed new products like Dolce
Gusto coffee and Maggi spice-filled
roasting bags.
The group did not give figures for
its UK performance but the region
reported a strong year despite the
tough economic climate.
UK shoppers are adapting to chal-
lenging times, they still want to pro-
vide their families with good quality
food and drink, and the occasional
luxury theyre just looking for value
in the way that they do it, UK chief
executive Paul Grimwood said.
The Swiss giant, which employs
around 5,000 people at 23 UK sites,
said it plans to invest over 500m over
the next three years building manu-
facturing facilities.
It is also extending its product tech-
nology centre at York, where choco-
late bars such as Kit Kat and Yorkie
are made, and moving its headquar-
ters to Gatwick.
APPLE has launched a legal campaign
against Kodak, asking the New York
federal bankruptcy court for permis-
sion to sue the bankrupt camera com-
pany for intellectual property theft.
A successful suit would see Kodak
banned from importing various prod-
ucts that Apple claims infringe its
patents including printers, the area
in which the once-successful photo-
graphic film firm has now set its focus.
Kodak, which filed for bankruptcy
in the US less than a month ago, sued
Apple in January for four patent
infringements relating to the transfer-
ral of images on and off devices.
Meanwhile, Apples prospects in
China have taken another hit as more
retailers in the region have pulled the
iPad from their shelves in what could
prompt a mega problem for the
Cupertino-based company for which
China offers potentially the strongest
and most profitable market.
Since Amazons Chinese website
halted sales of the coveted device on
Wednesday, two major shopping cen-
tres in Shanghai have stopped selling
the iPad and several cities have been
asked to empty their stock of the tablet
computer.
This has been linked to an ongoing
trademark dispute with Chinese com-
pany Proview Technologies over the
name iPad, although some have
claimed the storefront shelf sweeps
were at Apples request.
Apple was not available for com-
ment.
Apple sets court on Kodak as the fate
of Chinese iPads hangs in the balance
SHARES in Polish paper maker Mondi
Swiecie climbed above an offer price
from its South African parent yester-
day, as investors bet Mondi would have
to sweeten its 237m buy-out bid.
The South African paper maker
owns two-thirds of Mondi Swiecie, and
offered 69 zlotys (13.60) per share for
the remaining 34 per cent of the
Polish company.
The offer was in line with Mondi
Swiecies closing price in Warsaw on
Wednesday, but investors sent shares
of the firm up another 5.8 per cent to
73 zlotys yesterday.
Pension fund Aviva PTE, which
holds 7.3 per cent of Swiecie, said it
was analysing the bid, while ING PTE,
which has 10 per cent, declined to
comment.
Mondi, which is also listed in
London, said it had made the 1.2bn
zloty all-cash offer for the remaining
17m shares to gain full control of the
container board maker, in line with its
strategy to streamline its structure.
Mondi seen sweetening
237m bid for Polish unit
INDUSTRIALS
MOLSON Coors Brewing Cos fourth-

quarter profit blew past Wall Street
estimates yesterday, as price increases,
cost savings and an extra selling week
helped offset weak sales volume.
The brewer of Molson Canadian,
Coors Light and Blue Moon beers also
cited easy comparisons with the year-
earlier period, when the weak econo-
my hurt sales and higher fuel and
commodity costs pressured profits.
With business concentrated in the
mature markets of Canada, the UK
and the US, Molson is seen as having a
disadvantage compared to larger rivals
Anheuser-Busch InBev and SABMiller,
which are strong in developing coun-
tries. Molson missed analysts profit
estimates for the past four quarters.
In the latest quarter, Molsons net
income was $173.2m (109m), or 95
cents per share, up from $109.8m, or
58 cents per share, a year earlier.
Excluding items, earnings were 97
cents per share, topping analysts aver-
age estimate of 71 cents per share.
Molson Coors profit tops
Wall Street expectations
CONSUMER
FRENCH spirits giant Pernod Ricard

has raised its full-year guidance after
reporting a rise in profits, boosted by
strong demand from Asia and France.
The owner of Absolut Vodka and
Jameson Irish whiskey said underly-
ing profits growth from recurring
operations would be close to eight
per cent in the full year to June after
previously targeting a rise of around
six per cent.
Underlying profits rose by 17 per
cent to 1.38bn (1.14bn) in the six
months to 31 December on sales up
11 per cent to 4.61bn, benefitting
from the earlier timing of Chinese
New Year, which brought forward
some purchases for the festival.
Asia drove most of Pernods
growth, with the region posting an
underlying sales rise of 18 per cent,
driven by strong demand for Martell
and Scotch whiskies in China.
In France, sales jumped 25 per cent
as French suppliers and consumers
stocked up at the end of 2011 ahead of
a tax hike. However, Pernod cau-
tioned that consumption in France
would be depressed in the coming
months as a result.
Pernod said in a statement that for
the next six months it expected con-
tinued strong dynamism for emerg-
ing markets, a gradual improvement
in the US, ongoing softness in
Western Europe, with continued
recession in Southern Europe.
Pernod lifts
earnings on
high demand
RETAIL
RENAULT hunkered down to face a

worsening European car market after
using discounts to clear vehicle
stocks, boost cash and cut debt to its
lowest in 13 years by the end of 2011.
Europes car market, which
accounted for 57 per cent of Renaults
2011 deliveries, is expected to con-
tract three to four per cent this year
as austerity measures and economic
uncertainty bite into consumer
spending power, the company said.
Unveiling a 40 per cent drop in full-
year earnings, the French carmaker
pledged to maintain positive free
cash flow in 2012 after more than
doubling its target last year, in con-
trast with mounting debts and cash
burn at larger domestic rival PSA
Peugeot Citroen.
PSA Peugeot Citroen on Wednesday
put its profitable Gefco logistics busi-
ness up for sale after net debt bal-
looned 170 per cent to 3.36bn
(2.99bn). PSA also burned through
1.6bn of cash in 2011 as the auto divi-
sion swung to a 92m full-year loss.
Renaults core manufacturing busi-
ness held up better, with operating
income falling 17 per cent to 330m,
or 0.8 per cent of sales compared
with a divisional operating margin of
1.1 per cent in 2010.
It stayed in the black despite a sales
slump in Europe, where Renault car
sales fell 8.1 per cent last year, outpac-
ing the markets 1.4 per cent decline.
Net debt fell for a third straight
year to 299m, its lowest since 1998
and a 1.14bn improvement over the
year that came mainly from operat-
ing cash flow.
Renaults 10.8bn automotive free
cash flow exceeded its 500m target
last year as net income fell 39 per
cent to 2.09bn. Group sales rose 9.4
per cent to 42.63bn in 2011.
MORE ON CARS: P15
Renault plans for contraction
BY HARRY BANKS
AUTOMOTIVE
Economy sees
Nestle warn
of tough 2012
BY KASMIRA JEFFORD
RETAIL
BY LAUREN DAVIDSON
TECHNOLOGY
News
SALES RISE AT GUCCIS OWNER PPR
PPR, the French luxury and retail group, said sales rose 11.1 per cent to 12.2bn (10.1bn)
last year as strong luxury profits helped compensate for a big drop at its books and elec-
tronics chain Fnac. The owner of designer brands including Gucci and Yves Saint Laurent
posted a 2.3 per cent rise in net profit to 986.3m. PPR, which is trying to exit its retail
business, is in the process of selling its mail order firm Redcats and also plans to sell Fnac.
ANALYSIS l Nestle
CHF
56.00
55.50
55.00
54.50
54.00
53.50
55.60
16 Feb
EIGHT MONTHS after Music Festivals
floated on Aim, founder Vince Power
has announced the companys first
expansion funded by the IPO a hard
rock festival in Spain, to be headlined
by Guns N Roses and Marilyn Manson.
Costa de Fuego, named after the
firepower of its 40 heavy metal acts,
will take place over two days on 20
and 21 July, one week after Music
Festivals existing indie, pop and elec-
tronic event Benicassim. Using the
same beachfront site for both, says
Power, will significantly reduce the
cost of staging the 30,000-capacity
event over three stages.
The launch is in line with Powers
ambition to expand Music Festivals
to a 100m business within five
years a substantial company, as
was his former live music firm Mean
Fiddler, sold for 38m in 2005. I cer-
tainly have the appetite and the
energy for it, he told The Capitalist.
The more festivals you do, the more
buying power you have.
So Power is always looking but he
dismisses reports John Giddings Isle
of Wight festival is up for sale, and the
HMV Live events hawked by Citigroup
are out because they come as a pack-
age. Indications are he has the cash,
though Music Festivals first full-year
results as a public company in April
will, apparently, show a profit.
BETTING EXCHANGE
WAYNE ROONEY has a way with
words: the would-be England captain
has named his new racehorse
Switcharooney.
Although Betfairs entrepreneurial
co-founder Andrew Black (below)
should perhaps take some of the cred-
it, as the footballers horse is being
trained at the Manor House stables
Black co-owns with Michael Owen.
Rooney and his wife Coleen bought
the colt for 60,000 guineas at
Newmarket last October, and the plan
is to run the horse this summer in the
Tattersalls Millions series. Thats a
total prize fund of 1.3m if young
Switcharooney wins all six races.
MAYORAL ROW
CREDIT SUISSE, PwC and HSBC are
already on board; now the Lord Mayor
wants the rest of the City to support
his Fit for the Future campaign by tak-
ing part in his indoor rowing chal-
lenge at the Guildhall on 25 April.
Even Olympic gold medallist Sir
Steve Redgrave will make an appear-
ance. To register a team of five, see
www.lordsmayorsappeal.org/events
GUNS N ROSES TO LEAD
SPANISH ROCK LAUNCH
14
Guns N Roses will headline Music Festivals new heavy metal event in Spain in July
The Capitalist
EDITED BY HARRIET DENNYS
Got A Story? Email [email protected]
Follow The Capitalist on Twitter: @dennysharriet
News
GEORGE Osborne must slash red tape
to inspire confidence and boost eco-
nomic growth, the British Retail
Consortium (BRC) argued today in its
submission to the chancellor ahead of
next months budget.
The promised bonfire of red tape
has yet to emerge, businesses are being
unfairly hit with higher taxes and
schemes such as enterprise zones need
to be extended to the whole country,
the BRC said.
The government promised a one
in, one out system to prevent new reg-
ulations adding to the overall burden
on firms. However, this has not
worked as hoped, the BRC claims.
Too often the proposed outs are
not relevant to the sector affected by
the in, the group said. Scrapping
long-obsolete war time trading regula-
tions does not count this has to be
about removing rules that are actually
holding business back now.
The group cites the Grocery Code
Adjudicator, which seeks to protect
suppliers against unfair supermarket
behaviour, as an example of a rule
which is unnecessary the industry
argues mechanisms are already in
place to achieve exactly the same aim.
The Department for Business,
Innovation and Skills denied the gov-
ernment was failing to cut red tape,
pointing to the plethora of consumer
protection rules recently consolidated
into one single piece of legislation.
The BRC also asked Osborne to raise
business rates in line with predicted
consumer price inflation of 3.2 per
cent not the planned 5.6 per cent.
Retailers call
for real action
on regulation
Global economic worries
ebb on renewed US hopes
THE WORLD economic climate
remains gloomy, according to data out
yesterday from the Ifo, but survey
respondents are more optimistic
about the second half of 2012.
The climate indicator rose to 82.4 in
the first quarter, up from 78.7 in the
fourth quarter of 2011, as the US index
climbed strongly from 69.5 to 87.9.
However, the index remains firmly
below the 106.8 recorded a year ago,
and the long-run average of 96.7.
The survey results confirm that the
situation of the world economy
remains difficult, said Ifo president
Hans-Werner Sinn.
The expectations index rose sharply
from 71.9 to 80.7, though it stood at
110.5 in the first quarter of 2011 and
129.8 at the start of 2010.
BY TIM WALLACE
UK ECONOMY
UK RENTS rose last month, in a rare

January increase, as mortgages
remained hard to come by, according
to LSL Property Services buy-to-let
index, out yesterday.
Last months rise came in at 0.1 per
cent, taking average rents in England
and Wales to 712 per month.
Mortgage transactions remain at
almost half their historic levels, and
the increasing dependency on rental
accommodation will drive further
rent rises over the long-term, said LSL
boss David Newnes.
Rents jump as
house loans are
hard to access
PROPERTY
WORLD ECONOMY
CAR PRODUCTION jumped in

January, according to the Society of
Motor Manufacturers and Traders, as
the industry helped boost UK
exports.
Output shot up 15.6 per cent to
127,382, with 83.4 per cent of those
being sold abroad. Exports rose 12.9
per cent in the month to 106,189.
UK car production continues to
drive manufacturing growth and a
rebalancing of the economy, said
SMMT boss Paul Everitt. Success in
markets around the world is a trib-
ute to the quality and competitive-
ness of UK production facilities,
management and employees.
Engine production increased by
five per cent to 227,161, though
exports declined 4.1 per cent to
147,823, while commercial vehicle
output fell by 1.2 per cent in the
month to 9,844,
Exports boom as UK car
output hits 16-month high
Nissan was the biggest car producer in the UK last year Picture: REUTERS
BY TIM WALLACE
UK ECONOMY
www.RateSetter.com Customer Phoneline: 08442490115

In association with RateSetter: A better way to Save and Borrow, Peer to Peer
MIKE JOHNSON | 2 PUMP COURT
Renting in London is very expensive. I dont live in London myself, so
Im not a sufferer, but it is a problem Ive noticed among my friends.
I think, in particular, with the Olympics coming up this summer in
London there have definitely been price hikes when it comes to
property rental.
* These views are those of the individuals below and not necessarily those of their company
JOCELYN TASKER | BLACKROCK
Its definitely tough, but its a matter of supply and demand really
people want to live in central London, so landlords will respond
accordingly. There still seems to be an influx of young people with
high paid jobs moving to London, but perhaps the high rent is
forcing people on slightly lower incomes out of the city.
CITY VIEWS: IS IT BECOMING UNAFFORDABLE TO
RENT PROPERTY IN LONDON?* Interviews by Lauren Davidson
ANALYSIS l Economic gloom shows signs
of easing
Ifo economic climate
index, 2005=100
Long-term average
1996-2011 (96.7)
199092 94 96 98 00 02 04 06 08 10 12
140
100
110
120
130
90
80
70
40
50
60
HOUSEHOLDS boosted savings and
cut borrowing in the final quarter of
2011 despite the pressures of
Christmas, research from ING Direct
showed today.
Cash savings rose by an average of
73 in the fourth quarter, following
three consecutive quarters of decline.
The extra saving took the median
balance in accounts to 1,574. Most of
this saving came in October and
November, leaving customers with a
buffer they could use in December.
Average borrowing on credit cards,
hire purchase agreements and person-
al loans fell 15.4 per cent, or 405, in
the three-month period to an average
of 2,224 the lowest level of unse-
cured borrowing since the survey
began three years ago.
It is good to report an increase in
Britons savings this quarter and
encouraging that so many of them are
resolved to make saving a big priority
this year, said ING boss Richard Doe.
However in the current economic
environment whether they can
achieve this remains to be seen.
Consumers are
paying debts
and saving more
UK ECONOMY
Barrick hit by bleak outlook

African Barrick Gold posted a 30 per
cent increase in core profit for 2011
yesterday, as a rising gold price pushed
margins to record levels, offsetting the
impact of soaring costs across the
industry and helping the miner treble
its dividend.
But the firms shares fell 13 per cent
as investors disappointed by its out-
look took fright.
The Tanzania-focused company last
month posted a two per cent dip in
full-year production to 688,278
ounces, after outages at its Buzwagi
mine held back output in the final
quarter.
But with power disruptions set to
continue into 2012, it set its target for
the year yesterday at a modest 675,000
to 725,000 ounces -- forecasting what
could be another drop.
Costs, meanwhile, jumped 22 per-
cent on the back of industry wide
inflation in, for example, the cost of
materials, but also a higher headcount
and increased use of more expensive
generator power to keep mines work-
ing, with cash costs per ounce coming
in at $692.
The miner forecast a similar rate of
increase for 2012, with cash costs of
$790 to $860 per ounce.
The soaring cost of production, the
darker side of rising prices in recent
years, is becoming an increasingly
painful issue particularly for miners in
newer frontiers like West and East
Africa.
Chief exec Greg Hawkins said the
miner would fight rising costs with
increased productivity and efforts to
make its workforce as local as possible.
BY HARRY BANKS
MINING
KINGFISHER Airlines losses mounted

in the third quarter, taking the total
loss to $240m (152m) this fiscal year,
as the ailing Indian carrier was
squeezed by high fuel costs, a weaker
rupee and fierce competition.
Kingfisher, controlled by liquor
baron Vijay Mallya, has become a
byword for the debt-laden Indian air-
line industry savaged by rising fuel
bills, dwindling cash and a stark lack
of financing options.
The company has incurred sub-
stantial losses and its net worth has
been eroded, Kingfisher said in a
statement yesterday. Steep deprecia-
tion of the Indian rupee coupled with
consistently high crude oil prices has
led to a challenging quarter. The
company is around a quarter-owned
by banks and its top lender Bank of
India has refused to add to loans.
Kingfisher losses mount
as soaring costs take toll
TRANSPORT
News
ING Investment Management
Patrick Chia has been appointed as head
of Asian fixed income, based in
Singapore. Chia joins from Amundi,
where he was head of fixed income and
currencies, responsible for the firms
assets in Asia Pacific. Previously Chia
managed fixed income with companies
including DBS Asset Management, the
Monetary Authority of Singapore and
Standard Chartered.
Heritage Capital
Heritage Capital UK, the new independ-
ent private merchant banking business,
has appointed Angus Kerr as managing
director and head of European advisory.
Kerr was most recently a managing
director in Credit Suisses UK invest-
ment banking team.
Peel Hunt
The broking and advisory house has
hired the former international equities
team from MF Global, comprising
Jos Martinez, Mike Hall and Jaime
Eddery. Ian Williams, a small and mid-
cap equity strategist joins as econom-
ics and strategy analyst, and James
Gardiner joins from RBC Hoare Govett
as an equity research analyst.
HSBC
Annemarie Ganatra has been appoint-
ed as global head of medium term
notes (MTN) and structured notes,
based in London. Ganatra joined HSBC
in 1997 and previously ran the MTN
teams in Hong Kong and New York.
Novo Altum
Simon Chapman has joined Novo
Altum as a performance improve-
ment director. He joins from
Accenture, where he focused on
back-office performance improve-
ment and transformation.
Renaissance Group
Renaissance has appointed Svetlana
Kopylova as director and head of
compliance for Russia and CIS.
Kopylova joins from Aton Capital
Group, where she was head of compli-
ance and managing director.
Emerging Capital Partners
Amaechi Ndili has been appointed to
lead the African private equity firms
Nigeria operations, based in Lagos.
Amaechi is the founder and executive
chairman of Lionstone Group.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to [email protected] SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
US Bank
US Bank Global Corporate Trust Services has
named Tom Cubitt, senior vice president, as
leader of the banks European corporate trust
business, based in London. Cubitt is responsible
for US Banks securitisation and structured
finance trust and agency business. The firm has
also appointed Breige Tinnelly and Emma Hanley
to run the London-based European sales team.
Breige formerly worked at BNY Mellon, while
Hanley has held roles at Capita Trust
Company, BNY Mellon and Bankers Trust.
B
RITAINS FTSE 100 closed off
intraday lows yesterday as
upbeat US economic data
brought some cheer to an oth-
erwise gloomy macro outlook, help-
ing oil stocks pare losses, while banks
and miners sagged as Greeces debt
crisis rumbled on.
Londons blue chip index closed
down 6.78 points, or 0.1 per cent at
5,885.38, bouncing off an intraday
low 5,829.38 as US equity markets
strengthened.
But volumes remained light at just
84 per cent of an already weak 90-day
average, pointing up a muted
appetite for risking fresh cash against
a mixed economic backdrop.
The US data suggested the recovery
in the worlds biggest economy was
gaining a head of steam and further
decoupling it from other developed
economies.
Crude oil rallied after the U.S. data,
which suggested demand from the
United States would remain robust
and support the current price above
$100 a barrel.
UK miners fell for the third succes-
sive session. The sector had gained 30
per cent since late 2011 but Citigroup
switched to a bearish stance on
Wednesday, citing spot commodity
prices still pointing to earnings down-
grades.
Cuts to military spending by the US
and Britain bit into profit at BAE
Systems, Europe's biggest defence
contractor, and sent its shares 2.3 per
cent lower.
International Airlines shed 1.2 per-
cent as Deutsche Bank cut its earn-
ings forecasts on the owner of British
Airways and Iberia by up to 31 per
cent ahead of the companys full-year
results due on 29 February.
FTSE bounces
off lows after
good US data
p
21 Nov 9Dec 3Jan 10Feb 23Jan
6,000
5,200
5,000
5,400
5,600
5,800
ANALYSIS l FTSE
5,885.38
16 Feb
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to [email protected]
ANALYSIS l Rolls-Royce Holding
700
725
750
775
800
675
Dec Jan Feb
p
790.00
16 Feb
ROLLS-ROYCE
Investec rates the aerospace and defence
giant buy with a target price of 850p.
The broker has lifted its pre-tax profit fore-
casts by two per cent for this year, with
defence and new acquisition Tognum more
than offsetting lower profits at marine and
energy. Investec now predicts pre-tax prof-
it of 1.5bn in 2012. It notes that manage-
ments cautious delivery of results often
detracts from the underlying story of
strong growth.
ANALYSIS l Intercontinental Hotels
1,100
1,200
1,300
1,400
1,000
Dec Jan Feb
p
1,383.00
16 Feb
ANALYSIS l Aureus Mining
90
70
75
80
85
95
65
60
Dec Jan Feb
p 83.00
16 Feb
INTERCONTINENTAL HOTELS
Panmure Gordon rates the hotelier buy
with a target price of 16.25, up from
15.55. The broker has raised its earnings
per share forecasts by seven per cent for
the coming year, after IHG beat its 2011
expectations. It has also hitched its rev-
enues per available room forecasts by 3.5
per cent. Panmure is encouraged by the
recent strong performance of US-based
peer Marriott, which forecast revenue per
room growth of up to seven per cent.
AUREUS MINING
Singer Capital Markets rates the miner
buy and has raised its target price from
102p to 132p. The broker expects to see
significant gold discoveries at the firms
New Liberty mine, and is convinced the
company is one of the highest quality
exploration and development plays in the
UK market. It also notes that the New
Liberty project has a lower cost than many
other West African mines, at approximate-
ly $632 per ounce of gold.
T
HE S&P 500 hit a nine-month
high yesterday, fueled by strong
US economic data and increased
hopes for a deal on a Greek
bailout next week.
The benchmark index posted its
strongest percentage gain in two
weeks, bouncing back from several
sessions of back-and-forth action.
Sectors sensitive to economic
growth paced the market, with tech-
nology, materials and financials lead-
ing on a day when all 10 S&P sectors
finished higher.
The Dow Jones industrial average
gained 123.21 points, or 0.96 per cent,
to 12,904.16. The Standard & Poors
500 Index climbed 14.82 points, or
1.10 per cent, to 1,358.05. The Nasdaq
Composite Index rose 44.02 points, or
1.51 per cent, to 2,959.85.
Bank shares rose, brushing off a
warning from Moodys about possible
downgrades to credit ratings of 17
global and 114 European financial
institutions.
And shares of Microsoft hit a 52-
week high, garnering buying interest
on heavy volume. The stock was the
most actively traded on the Nasdaq,
up four per cent.
The CBOE Volatility index dropped
8.7 per cent, its biggest decline since 9
December.
S&P hits a nine
week high on
hope for Greece
THELONDON
REPORT
THENEW YORK
REPORT
F
OR many, Ireland is the poster boy for
how to deal with a banking crisis. I dis-
agree. Lauded by European governments
for its quick decisive actions, Ireland
effectively contributed to bailing out the
entire European banking system and, in
doing so, has left a legacy of bankruptcy that
puts huge financial pressure on its citizens
for generations to come.
If Anglo Irish Bank which was nation-
alised, bailed out and then wound down by
the Irish government had been a US institu-
tion, the equivalent debt would have been in
the region of $3.5-$4 trillion (2.2-2.5 tril-
lion). Yet, the Irish government guaranteed
this debt, as well as that of Bank of Ireland
and Allied Irish Bank.
Ireland is not Greece is a statement fre-
quently heard in Ireland. This is true. The
Irish need for a bailout was not due to profli-
gate public spending. Before the global crisis,
Ireland was running a budget surplus and
also possessed one of the lowest debt levels in
the developed world. But the government
failed to heed the warnings from clued-up
economists, with one Prime Minster even
stating that the boom is getting boomier.
As the coffers swelled on the back of property
transaction taxes, income taxes were reduced
accordingly. When the property bubble burst,
the revenue stream all but dried up, thus cre-
ating the deficit.
The governing party at the time of the bank
guarantee has been replaced by the coalition
government of Fine Gael and Labour. As one
would expect, the mandate of this replace-
ment government promised the Irish a sub-
stantial amount, but has so far delivered
little. Understandably, the opposition lack
credibility both within parliamentary
debates and among the Irish population as a
whole. The fiscal pact, vetoed in the UK, is not
a sufficient solution either. It simply main-
tains the status quo and similar to mone-
tary union attempts to force a
one-policy-fits-all fiscal framework on vastly
different economies.
Irelands unemployment rate has grown to
over 14 per cent levels not seen since the
1980s. Around 1,000 citizens emigrate every
week. And the Irish housing market is
depressed, with values down some 50 per
cent. The Irish Central Bank has also slashed
its growth forecast to 0.5 per cent this year,
down sharply from the 1.8 per cent forecast in
October 2011.
Certain issues continue to rankle. One in
particular is the repayment of 1.25bn
(1.04bn) to unsecured bondholders of the
now defunct Anglo Irish Bank. The govern-
ment maintains that the repayments are nec-
essary to restore fiscal reputation and keep
international investors happy. Just over 28bn
in outstanding aid needs to be pumped into
the former banking powerhouse, through the
execution of promissory notes a payment of
3.1bn is due at the end of next month. Had it
not been for these liabilities, Ireland could
have avoided the need for the EU/IMF/ECB
troika bailout.
The insistence that it would have been cata-
strophic if Irelands government had not
stepped in holds no water. It was merely a
bank and cannot be compared to a sovereign
like Greece. In the future, ECB policy will no
doubt lead to higher interest rates as the need
to address inflation once again becomes part
of the key mandate. This scenario means that
Irelands terms of trade will deteriorate,
reducing competitiveness in the export sector
and almost certainly ensuring the economy is
driven into external deficit.
As a result, there is a strong likelihood that
Ireland will breach the targets set by the pact
and the automatic penalties that entails are
almost a foregone conclusion. The economy is
fragile and there is a deafening scepticism
that a state with a debt ratio well over 100 per
cent, unclear growth prospects and a contin-
uing deficit will succeed in funding itself.
To all intents and purposes, global equity
markets have seen recovery. Is this down to
renewed confidence? I would argue that for
the most part the recent equity rally is fuelled
by central bank monetary policies and ECB
long term refinancing operations (LTRO). The
LTRO measures merely address liquidity, not
the core of the problem in Europe. The ECB
has also insisted that it is a temporary
arrangement. The day of the cheap carry
trade for the banks will not last forever.
Its almost impossible to quantify how
bond markets will react later this year, espe-
cially when the inevitable Greek restructur-
ing goes ahead.
The rhetoric that we have turned a corner,
either in Ireland or Europe, is without basis.
Greeces issues will affect Cyprus; Austria is
all-too-closely connected with Hungary.
Portugals woes will inevitably be to the detri-
ment of Spain. The contagion effect didnt
disappear as soon as Ireland took a bailout, if
anything the disease became an epidemic.
Brenda Kelly is a senior market strategist at CMC
Markets.
18
The Forum
The insistence that it
would have been
catastrophic if Irelands
government had not
stepped in holds no water
Ireland is plagued with debt
it cannot repay and remains
exposed to euro contagion
cityam.com/forum
BRENDA KELLY
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: [email protected].
Top responses will be reprinted in The Forum.
19
Greater openness
can help the City
keep European
regulation at bay
We need better
communication,
not extra rules
B
RITAINS comply-or-explain system of
corporate governance has come in for
some stick in Brussels since the banking
crisis. Sometimes dubbed self-regula-
tion, it is seen as unreliable, and a number of
senior officials have indicated their preference
for codes to be replaced by more prescriptive
regulation.
Yet the facts tell a different story. Systematic
research by Grant Thornton the accountancy
firm shows that half of all FTSE 350 companies
comply fully with the UK corporate gover-
nance code and two thirds of the rest provide a
meaningful explanation for their deviation
which is what the code requires. Since compa-
nies that do not comply usually deviate from
only one or two provisions of the code, compa-
nies in the FTSE 350 comply with around 96
per cent of all the provisions that affect them.
That doesnt suggest much need for a fresh
dose of regulation.
True, this didnt protect the banking system
from coming unstuck, but the resilience of the
non-banking sector in the face of severe eco-
nomic pressure indicates that much was going
right.
The real governance challenge facing the
capital markets is somewhat different. This is
the need to raise the level of trust between
companies and the shareholders that provide
their capital. Open, honest and clear explana-
tions for deviations from the code are an
important part of this, and that a substantial
minority of companies still do not explain
fully when they deviate from the code is worth
addressing.
A new Financial Reporting Council paper,
which is based on discussions between compa-
nies and investors, has thus sought to define
what an explanation really involves. It should
explain the background, provide a clear ration-
ale which is not generic, indicate how long the
deviation is likely to last and explain what
other measures have been taken to deliver the
code.
We hope this will be a useful benchmark for
shareholders in pressing reluctant companies
to step up to the plate and for companies, espe-
cially newly-listed ones.
In the process we should be able to show the
European Commission that we are not compla-
cent, but this is only part of the story. The real
benefit should stem from the increased confi-
dence that arises from better communication
between companies and their shareholders.
Although the paper started out focusing on
explanations, a strong view emerged that all
companies, even those which comply with the
code, could usefully include in their annual
reports a brief description of their governance
arrangements showing clearly that the board
understands how they contribute to delivery of
the companys strategic objectives.
Such a clear articulation, accompanied if
necessary by cogent explanations for devia-
tions from the code, is a good indication that
boards have thought carefully about their task.
That should lead to behaviour of a quality
which formulaic compliance with prescriptive
regulation can never deliver. If we can manage
that, we might even be in better stead next
time the banking system starts to wobble.
Peter Montagnon is senior investment adviser at
the Financial Reporting Council.
Debt is soaring
[Re: The real reasons why the
UK is in trouble, Wednesday]
Government spending has
exceeded income for most
years post WWII. There is a
cycle which goes from growth,
when tax receipts eventually
catch up with spending, almost
immediately followed by reces-
sion, when deficits return. The
busts have been getting ever
bigger and the brief periods of
surplus income getting ever
shorter. Our national debt has
risen accordingly.
Until a politician manages to
get elected on a platform of
running surplus budgets for
decades and actually reducing
national debt, this will continue
until we simply go bust alto-
gether. Unfortunately, we seem
perfectly happy with impover-
ishing our children and grand-
children so we can enjoy
unsustainably high levels of
public spending.
John Moss
Greece is staying
[Re: Flawed euro is tearing Europe
apart, yesterday], there is no of
course about Greece leaving the
euro. A flood of capital from the
country prior to the currency
switch date would damage the
Greek economy beyond repair. The
knock-on effects across the
Eurozone would be far worse than
the costs of a bailout. The current
spat is not about Greece staying
in the euro thats a done deal
but the means and the terms.
Paddy Briggs
RAPID RESPONSES
PETER
MONTAGNON
BY MARC SIDWELL
The Forum
O
UR national poets
understood how
much freedom
matters. Milton!
you should be living at
this hour: England has
need of you William
Wordsworth sighed at
the dawn of the nine-
teenth century. In the second decade of the twenty-
first, when British journalists are rounded up by the
police in dawn raids and both a senior Labour politician
and the editor of a national newspaper have publicly
floated the idea of the state licensing journalists, John
Milton is due another resurrection.
The author of Paradise Lost might seem an unlikely
champion of Grub Street, but literary greatness in
Britain could hardly help being influenced by our liberal
political traditions. Indeed, both Miltons Latinate verse
and his passion for liberty grew from the same root
his classical education. Miltons hymn to the freedom
of the press, Areopagitica, published in 1644, had an
epigraph from the ancient Greek tragedian Euripides
and a text that called on legislators to defend our tra-
dition of free expression. For Milton, knowing our debt
to Athens and Rome clarified British freedom as much
as the contrast to continental despotism.
In the summer of 1643, Parliament reinstituted
state censorship in Britain. Milton responded by set-
ting down for all time why such an action diminished
the growth of knowledge, insulted the nations citizens
and broke with all that was greatest in our history.
Lords and Commons of England, consider what
nation it is whereof you are, and whereof you are the
governors: a nation not slow and dull, but of a quick,
ingenious, and piercing spirit. He adds, Nor is it to the
common people less than a reproach; for if we dare
not trust them with an English pamphlet, what do we
but censure them for a giddy, vicious, and ungrounded
people; in such a sick and weak estate of faith and dis-
cretion, as to be able to take nothing down but
through the pipe of a licenser.
Milton saw that licensers despised everyone else
but luxuriated in their own pride, imagining they could
judge what the public should read: I know nothing of
the licenser, but that I have his own hand here for his
arrogance; who shall warrant me his judgment? The
state, sir, replies the stationer, but has a quick return:
The state shall be my governors, but not my critics;
they may be mistaken in the choice of a licenser, as
easily as this licenser may be mistaken in an author.
This was no academic question for Milton. He had
seen the alternative first hand: In other countries,
where this kind of inquisition tyrannises I have sat
among their learned men, for that honour I had, and
been counted happy to be born in such a place of
philosophic freedom, as they supposed England was,
while themselves did nothing but bemoan the servile
condition into which learning among them was
brought... There it was that I found and visited the
famous Galileo grown old, a prisoner to the Inquisition,
for thinking in astronomy otherwise than the
Franciscan and Dominican licensers thought.
With the classical languages and liberal education in
abeyance, Milton is as little read today as liberty, it
sometimes seems, is respected in modern Britain. But
behind his unfamiliar turn of phrase he reminds us that
understanding our heritage helps us appreciate fully
why it is so important to fight to preserve it. If some
of todays journalists have shamed their profession,
those who call now for a muzzled press, with every
member licensed the way dogs once were, insult us all.
Marc Sidwell is the business features editor for
City A.M.
Licensing journalists
its just not very British
Email: [email protected]
Twitter: @cityamforum
In association with
20
Wealth Management | Markets
LON GD ONCE FIX AM...........1716.00 -9.50
SILVER LDN FIX AM ..................33.11 -0.50
MAPLE LEAF 1 OZ ....................36.08 0.12
LON PLATINUM AM................1612.00 -21.00
LON PALLADIUM AM...............679.00 -9.00
ALUMINIUM CASH .................2173.00 10.50
COPPER CASH ......................8395.00 -5.00
LEAD CASH...........................2048.00 -27.50
NICKEL CASH......................20345.00 145.00
TIN CASH.............................24530.00 -265.00
ZINC CASH ............................2016.00 -5.00
BRENT SPOT INDEX................118.90 0.87
SOYA .....................................1261.00 6.00
COCOA..................................2392.00 122.00
COFFEE...................................200.40 -3.80
KRUG.....................................1783.10 10.10
WHEAT ....................................163.75 -0.50
AIR LIQUIDE........................................98.51 1.28 100.65 80.90
ALLIANZ..............................................88.01 -0.03 108.85 56.16
ANHEUS-BUSCH INBEV ....................49.81 0.37 49.89 33.85
ARCELORMITTAL...............................16.17 -0.13 28.10 10.47
AXA......................................................12.06 -0.16 16.10 7.88
BANCO SANTANDER...........................6.29 -0.17 9.00 4.94
BASF SE..............................................62.00 0.02 70.22 42.19
BAYER.................................................55.62 0.06 59.44 35.36
BBVA......................................................6.80 -0.29 9.17 4.94
BMW ....................................................70.40 0.17 73.85 43.49
BNP PARIBAS.....................................35.86 0.97 59.93 22.72
CARREFOUR ......................................17.36 0.01 31.64 14.66
CRH PLC .............................................15.38 0.01 17.40 10.28
DAIMLER.............................................46.33 -0.28 56.79 29.02
DANONE..............................................50.01 0.10 53.16 41.92
DEUTSCHE BANK..............................33.19 0.05 48.70 20.79
DEUTSCHE BOERSE .........................51.50 0.06 61.69 35.65
DEUTSCHE TELEKOM.........................8.85 -0.07 11.38 7.88
E.ON.....................................................16.28 0.04 25.00 12.50
ENEL......................................................3.08 -0.18 4.86 2.78
ENI .......................................................17.27 -0.04 18.66 11.83
FRANCE TELECOM............................11.26 -0.04 16.65 11.09
GDF SUEZ ...........................................19.55 0.13 30.05 17.65
GENERALI ASS...................................11.73 -0.35 16.93 10.34
IBERDROLA..........................................4.62 -0.04 6.10 4.16
INDITEX ...............................................67.73 -0.54 69.40 50.92
ING GROEP CVA...................................6.71 -0.00 9.50 4.21
INTESA SANPAOLO.............................1.52 0.03 2.47 0.85
KON.PHILIPS ELECTR.......................15.71 0.11 24.12 12.01
L'OREAL..............................................85.38 -0.02 91.24 68.83
LVMH..................................................125.10 -1.35 132.65 94.16
MUNICH RE.......................................107.55 -0.70 126.00 77.80
NOKIA....................................................3.94 0.01 6.84 3.33
REPSOL YPF.......................................20.47 -0.21 24.90 17.31
RWE.....................................................32.96 0.61 53.11 21.15
SAINT-GOBAIN...................................34.92 0.18 47.64 26.07
SANOFI ................................................56.57 0.01 57.42 42.85
SAP......................................................48.92 0.25 49.03 32.88
SCHNEIDER ELECTRIC.....................46.55 -0.42 61.83 35.00
SIEMENS .............................................74.10 0.15 99.39 62.13
SOCIETE GENERALE.........................22.56 0.18 52.70 14.32
TELECOM ITALIA..................................0.81 0.01 1.16 0.70
TELEFONICA ......................................12.87 -0.18 18.59 12.50
TOTAL..................................................41.28 0.26 44.55 29.40
UNIBAIL-RODAMCO SE...................144.00 0.20 162.95 123.30
UNICREDIT............................................4.16 -0.00 13.34 2.20
UNILEVER CVA...................................25.79 0.31 27.16 20.90
VINCI ....................................................37.60 -0.26 45.48 28.46
VIVENDI ...............................................16.37 0.06 21.37 14.10
VOLKSWAGEN VORZ ......................140.15 0.65 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5885.38 -6.78 -0.12
FTSE 250 INDEX. . . . . . . . 11203.43 -85.49 -0.76
FTSE UK ALL SHARE . . . . 3040.14 -6.28 -0.21
FTSE AIMALL SH . . . . . . . . 800.69 -1.06 -0.13
DOWJONES INDUS 30 . . 12904.08 123.13 0.96
S&P 500 . . . . . . . . . . . . . . . 1358.04 14.81 1.10
NASDAQ COMPOSITE . . . 2959.85 44.02 1.51
FTSEUROFIRST 300 . . . . . 1076.90 1.15 0.11
NIKKEI 225 . . . . . . . . . . . . . 9238.10 -22.24 -0.24
DAX 30 PERFORMANCE. . 6751.96 -5.98 -0.09
CAC 40 . . . . . . . . . . . . . . . . 3393.25 2.90 0.09
SHANGHAI SE INDEX . . . . 2356.86 -9.84 -0.42
HANG SENG. . . . . . . . . . . 21277.28 -87.95 -0.41
S&P/ASX 20 INDEX . . . . . . 2507.00 0.00 0.00
ASX ALL ORDINARIES . . . 4257.20 0.00 0.00
BOVESPA SAO PAOLO. . 66141.70 773.21 1.18
ISEQ OVERALL INDEX . . . 3131.94 0.14 0.00
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 860.97 -18.91 -2.15
SWISS MARKET INDEX. . . 6217.28 18.94 0.31
Price Chg %chg
3M........................................................87.65 0.64 98.19 68.63
ABBOTT LABS ...................................55.85 0.39 56.84 45.69
ALCOA ................................................10.28 0.18 18.47 8.45
ALTRIA GROUP..................................29.54 0.29 30.40 23.20
AMAZON.COM..................................179.93 -4.54 246.71 160.59
AMERICAN EXPRESS........................52.87 1.35 53.80 41.30
AMGEN INC.........................................68.89 0.99 70.00 47.66
APPLE...............................................502.21 4.54 526.29 310.50
AT&T....................................................30.02 0.15 31.94 27.27
BANK OF AMERICA.............................8.09 0.31 14.91 4.92
BERKSHIRE HATAW B.......................78.91 0.84 87.65 65.35
BOEING CO.........................................75.27 0.06 80.65 56.01
CATERPILLAR..................................113.96 1.43 116.55 67.54
CHEVRON.........................................106.52 1.52 110.99 86.68
CISCO SYSTEMS................................20.19 0.28 20.49 13.30
CITIGROUP.........................................32.71 0.99 49.60 21.40
COCA-COLA.......................................68.86 0.46 71.77 61.29
COMCAST CLASS A..........................28.65 0.13 29.05 19.19
CONOCOPHILLIPS.............................72.78 -0.67 81.80 58.65
CVS/CAREMARK................................44.55 1.02 44.56 31.30
DU PONT(EI) DE NMR........................50.53 1.07 57.00 37.10
EXXON MOBIL....................................85.41 1.29 88.23 63.47
GENERAL ELECTRIC.........................19.01 0.25 21.60 14.02
GOOGLE A........................................606.52 0.96 670.25 473.02
HEWLETT PACKARD.........................29.89 0.77 49.12 19.92
HOME DEPOT.....................................45.93 0.22 46.23 28.13
IBM.....................................................193.02 0.77 194.90 151.71
INTEL CORP .......................................26.83 0.25 27.00 19.16
J.P.MORGAN CHASE.........................38.00 0.60 48.36 27.85
JOHNSON & JOHNSON.....................64.92 0.27 68.05 55.76
KRAFT FOODS A................................38.24 -0.05 39.06 24.30
MC DONALD'S CORP ........................99.26 0.65 102.22 72.89
MERCK AND CO. NEW......................38.14 0.12 39.43 29.47
MICROSOFT........................................31.29 1.24 31.55 23.65
OCCID. PETROLEUM.......................104.33 0.57 117.89 66.36
ORACLE CORP...................................28.95 0.97 36.50 24.72
PEPSICO.............................................62.73 -0.34 71.89 58.50
PFIZER ................................................21.33 0.22 22.17 16.63
PHILIP MORRIS INTL .........................81.94 0.39 82.31 59.44
PROCTER AND GAMBLE ..................65.20 0.65 67.72 56.57
QUALCOMM INC ................................62.27 0.69 62.40 45.98
SCHLUMBERGER ..............................78.06 0.70 95.64 54.79
TRAVELERS CIES..............................59.44 0.15 64.17 45.97
UNITED TECHNOLOGIE ....................83.22 0.62 91.83 66.87
UNITEDHEALTH GROUP...................54.79 0.17 54.89 41.27
VERIZON COMMS ..............................38.05 0.22 40.48 32.28
VISA CL A..........................................113.80 -1.30 117.18 70.45
WAL-MART STORES..........................62.04 0.28 62.63 48.31
WALT DISNEY CO ..............................41.54 0.29 44.34 28.19
WELLS FARGO & CO.........................30.37 0.20 34.19 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.280 0.00
LIBOR Euro - 12 months ................1.650 0.00
LIBOR USD - overnight...................0.142 0.00
LIBOR USD - 12 months.................1.066 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.140 0.06
European repo rate.........................0.223 0.00
Euro Euribor ....................................0.371 0.00
The vix index ...................................19.77 -1.77
The baItic dry index ........................731.0 -3.00
Markit iBoxx...................................241.47 -0.24
Markit iTraxx..................................144.50 7.82
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .325.2 -7.8 355.7 248.1
Chemring Group . . . .422.9 3.7 736.5 368.8
Cobham . . . . . . . . . . .188.9 -3.3 236.5 165.9
Meggitt . . . . . . . . . . . .374.0 -3.9 397.6 304.9
QinetiQ Group . . . . . .145.0 -0.2 145.7 101.5
RoIIs-Royce HoIdi . . .790.0 2.0 791.0 557.5
Senior . . . . . . . . . . . . .182.0 -4.0 190.6 132.6
UItra EIectronics . . .1638.0 -4.0 1808.0 1305.0
GKN . . . . . . . . . . . . . .219.2 0.5 245.0 157.0
BarcIays . . . . . . . . . . .244.9 3.3 333.6 138.9
HSBC HoIdings . . . . .573.6 -2.3 730.9 463.5
LIoyds Banking Gr . . .34.4 0.5 69.3 21.8
RoyaI Bank of Sco . . .26.8 -0.2 49.0 17.3
Standard Chartere .1623.5 3.0 1712.5 1169.5
AG Barr . . . . . . . . . .1200.0 -21.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .373.5 -6.9 444.0 289.9
Diageo . . . . . . . . . . .1500.0 -6.5 1509.5 1112.0
SABMiIIer . . . . . . . . .2552.5 -11.0 2563.5 1979.0
AZ EIectronic Mat . . .314.0 -2.2 338.1 206.1
Croda Internation . .2037.0 -54.0 2091.0 1483.0
EIementis . . . . . . . . . .166.9 1.5 187.4 107.5
Johnson Matthey . .2315.0 -12.0 2327.0 1523.0
Victrex . . . . . . . . . . .1330.0 5.0 1590.0 1025.0
YuIe Catto & Co . . . . .207.8 -0.9 253.0 148.0
C/$ 1.3111 0.0055
C/ 0.8301 0.0021
C/ 103.40 1.0477
/C 1.2044 0.0031
/$ 1.5798 0.0107
/ 124.56 1.5521
FTSE 100
5885.38
6.78
FTSE 250
11203.43
85.49
FTSE ALLSHARE
3040.14
6.28
DOW
12904.08
123.13
NASDAQ
2959.85
44.02
S&P 500
1358.04
14.81
Smith (DS) . . . . . . . . .165.2 -3.0 183.4 113.3
Smiths Group . . . . .1056.0 2.0 1386.0 869.5
Brown (N.) Group . . .252.6 -2.5 304.5 227.0
Carpetright . . . . . . . . .613.0 1.0 770.5 375.0
Debenhams . . . . . . . . .69.3 -0.8 74.8 51.2
Dignity . . . . . . . . . . . .755.5 -7.0 854.5 666.5
Dixons RetaiI . . . . . . .14.4 0.1 21.6 9.4
DuneImGroup . . . . . .509.0 3.5 524.5 383.9
HaIfords Group . . . . .318.2 -4.7 408.6 268.6
Home RetaiI Group . .102.8 -0.2 235.0 72.5
Inchcape . . . . . . . . . .360.0 -5.2 425.4 268.1
JD Sports Fashion . .860.0 -0.5 1030.0 570.0
Kesa EIectricaIs . . . . .80.4 0.4 151.4 60.2
Kingfisher . . . . . . . . .278.0 -0.9 287.1 217.0
Marks & Spencer G . .347.9 1.9 402.2 301.8
Next . . . . . . . . . . . . .2779.0 15.0 2810.0 1868.0
Sports Direct Int . . . .276.0 -2.0 279.7 165.8
WH Smith . . . . . . . . . .540.0 0.5 559.0 433.8
Smith & Nephew . . . .635.0 0.0 742.0 521.0
Synergy HeaIth . . . . .841.5 -10.0 981.0 808.0
Barratt DeveIopme . .122.7 -0.5 124.6 67.5
BeIIway . . . . . . . . . . . .782.5 -7.5 798.0 540.5
BerkeIey Group Ho .1316.0 8.0 1360.0 960.0
BaIfour Beatty . . . . . .279.1 -2.4 357.3 214.6
CRH . . . . . . . . . . . . .1276.0 -2.0 1700.0 1053.0
GaIIiford Try . . . . . . . .499.5 -0.5 530.0 332.8
Kier Group . . . . . . . .1432.0 -3.0 1461.0 1097.0
Drax Group . . . . . . . .516.5 -13.0 581.5 371.9
SSE . . . . . . . . . . . . . .1286.0 10.0 1423.0 1184.0
Domino Printing S . .615.5 -4.5 705.0 434.3
HaIma . . . . . . . . . . . . .378.0 -3.2 429.6 306.3
Laird . . . . . . . . . . . . . .166.2 -0.1 207.0 127.9
Morgan CrucibIe C . .344.4 -9.6 357.1 224.0
Oxford Instrument .1087.0 -11.0 1102.0 600.5
Renishaw . . . . . . . . .1450.0 0.0 1886.0 800.0
Spectris . . . . . . . . . .1660.0 0.0 1679.0 1039.0
Aberforth SmaIIer . . .612.0 -1.0 714.0 494.0
AIIiance Trust . . . . . .363.8 -3.1 392.7 310.2
Bankers Inv Trust . . .406.5 -1.6 428.0 346.5
BH GIobaI Ltd. GB .1189.0 19.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.9 0.2 12.2 10.4
BH Macro Ltd. EUR . . .19.7 0.1 20.2 16.3
BH Macro Ltd. GBP 2030.0 6.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.5 -0.1 20.2 16.2
BIackRock WorId M .701.0 -9.0 815.5 574.5
BIueCrest AIIBIue . . .162.8 -1.2 176.2 160.6
British Assets Tr . . . .125.9 -0.1 139.5 109.0
British Empire Se . . .444.4 -0.9 533.0 404.0
CaIedonia Investm .1509.0 -11.0 1816.0 1337.0
City of London In . . .295.4 -0.6 306.9 257.0
Dexion AbsoIute L . .140.6 0.2 151.0 130.0
Edinburgh Dragon . .245.0 -1.6 252.0 201.4
Edinburgh Inv Tru . . .481.4 -0.3 492.2 414.9
EIectra Private E . . .1665.0 -10.0 1755.0 1287.0
F&C Inv Trust . . . . . .306.9 -1.3 327.9 261.5
FideIity China Sp . . . . .85.7 -0.5 114.3 70.0
FideIity European . .1095.0 3.0 1287.0 912.0
HeraId Inv Trust . . . . .508.5 -3.5 545.5 419.0
HICL Infrastructu . . . .119.8 -0.1 121.3 112.7
Impax Environment .101.8 -0.8 125.4 88.5
John Laing Infras . . .110.0 -0.2 110.6 103.4
JPMorgan American .915.0 -14.0 929.0 721.5
JPMorgan Asian In . .202.1 -1.9 244.0 170.1
JPMorgan Emerging .561.0 -5.0 610.5 480.1
JPMorgan European .721.5 -3.0 983.5 624.0
JPMorgan Indian I . . .395.4 -0.4 459.0 313.1
JPMorgan Russian .563.5 -1.5 741.0 415.1
Law Debenture Cor . .374.4 -1.7 385.0 321.0
MercantiIe Inv Tr . . . .986.5 -13.5 1137.0 823.0
Merchants Trust . . . .384.7 -0.3 431.8 341.5
Monks Inv Trust . . . .331.5 -2.7 367.9 298.1
Murray Income Tru . .655.0 -2.0 673.0 568.0
Murray Internatio . . .965.0 -18.0 991.5 818.5
PerpetuaI Income . . .265.0 -1.0 276.0 236.5
PersonaI Assets T .34450.0-100.0 34550.030210.0
PoIar Cap TechnoI . .371.5 -3.8 385.1 299.5
RIT CapitaI Partn . . .1235.0 0.0 1360.0 1173.0
Scottish Inv Trus . . . .482.0 -3.0 524.0 417.0
Scottish Mortgage . .691.0 -8.0 781.0 565.0
SVG CapitaI . . . . . . . .255.7 -1.0 279.8 165.1
TempIe Bar Inv Tr . . .905.0 -6.0 952.0 791.0
TempIeton Emergin .620.5 -8.0 684.5 497.0
TR Property Inv T . . .149.1 -2.0 206.1 136.2
TR Property Inv T . . . .69.8 -0.7 94.0 59.8
Witan Inv Trust . . . . .482.8 -2.2 533.0 401.5
3i Group . . . . . . . . . . .195.6 -1.2 317.0 166.9
3i Infrastructure . . . .122.4 -0.3 124.0 113.4
Aberdeen Asset Ma .262.0 -3.8 265.8 167.8
Ashmore Group . . . .398.1 -4.6 420.0 301.5
Brewin DoIphin Ho . .153.7 0.8 185.4 113.7
CameIIia . . . . . . . . . .9175.0-145.010950.08800.0
CharIes TayIor Co . . .136.0 -2.5 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .352.3 1.8 445.0 304.3
CIose Brothers Gr . . .715.5 4.5 875.0 590.0
CoIIins Stewart H . . . .98.8 0.3 99.0 48.5
F&C Asset Managem .68.0 0.0 88.1 56.1
Hargreaves Lansdo .463.9 4.3 646.5 402.5
HeIphire Group . . . . . . .2.1 -0.1 17.4 1.4
Henderson Group . . .120.8 -3.1 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .378.0 0.8 552.5 311.6
IG Group HoIdings . .480.0 4.1 502.5 393.6
Intermediate Capi . . .279.0 -3.0 345.0 197.9
InternationaI Per . . . .212.6 -1.3 388.8 148.5
InternationaI Pub . . . .119.9 -0.2 121.5 108.6
Investec . . . . . . . . . . .390.0 -5.7 522.0 318.4
IP Group . . . . . . . . . . .101.3 0.5 102.3 36.0
Jupiter Fund Mana . .243.8 -0.5 337.3 184.9
Liontrust Asset M . . . .89.9 -0.5 91.4 57.9
LMS CapitaI . . . . . . . . .57.8 1.3 64.8 54.0
London Finance & . . .22.5 0.0 23.5 19.0
London Stock Exch .942.5 -18.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.3 0.3 19.8 8.9
Man Group . . . . . . . . .132.0 -2.2 309.0 104.5
Paragon Group Of . .182.0 0.0 206.1 134.6
Provident Financi . . .990.0 10.0 1124.0 915.0
Rathbone Brothers .1239.0 1.0 1246.5 977.0
Record . . . . . . . . . . . . .12.0 0.4 35.5 11.4
RSM Tenon Group . . . .5.6 0.1 54.5 5.6
Schroders . . . . . . . .1552.0 6.0 1906.0 1183.0
Schroders (Non-Vo .1252.0 11.0 1554.0 970.0
TuIIett Prebon . . . . . .316.6 -7.8 428.6 262.3
WaIker Crips Grou . . .40.5 0.0 51.5 40.0
BT Group . . . . . . . . . .212.4 -1.1 216.0 161.0
CabIe & WireIess . . . .35.5 -1.2 51.2 31.3
CabIe & WireIess . . . .27.3 -0.1 75.5 14.2
COLT Group SA . . . . .92.2 -2.0 156.2 84.1
KCOM Group . . . . . . . .70.5 -1.0 84.0 58.5
TaIkTaIk TeIecom . . .142.1 -0.1 151.5 118.9
TeIecomPIus . . . . . . .648.0 0.5 802.0 440.0
Booker Group . . . . . . .74.5 -0.8 80.0 54.5
Greggs . . . . . . . . . . . .535.0 0.0 550.5 445.0
Morrison (Wm) Sup .295.7 3.4 328.0 268.5
Ocado Group . . . . . . . .96.4 -3.1 259.3 52.9
Sainsbury (J) . . . . . . .296.0 5.9 389.3 263.5
Tesco . . . . . . . . . . . . .320.3 2.3 420.1 312.4
Associated Britis . .1228.0 10.0 1232.0 940.0
Cranswick . . . . . . . . .803.5 -29.0 862.0 588.5
Dairy Crest Group . . .332.6 2.7 409.7 311.0
Devro . . . . . . . . . . . . .284.2 -0.3 296.9 232.0
Tate & LyIe . . . . . . . . .708.5 -8.0 720.5 520.0
UniIever . . . . . . . . . .2070.0 15.0 2189.0 1796.0
Mondi . . . . . . . . . . . . .550.0 -7.5 664.0 413.5
Centrica . . . . . . . . . . .292.6 0.5 345.8 278.8
InternationaI Pow . . .335.4 -0.5 347.7 279.4
NationaI Grid . . . . . . .647.0 7.0 649.5 543.5
Pennon Group . . . . . .698.5 2.5 737.5 584.5
Severn Trent . . . . . .1540.0 5.0 1600.0 1375.0
United UtiIities . . . . .606.0 1.0 637.0 551.0
Cookson Group . . . . .622.0 -2.5 724.5 395.8
Rexam . . . . . . . . . . . .376.4 -0.3 400.0 299.8
RPC Group . . . . . . . .382.9 0.5 393.2 231.5
Price Chg High Low
Bovis Homes Group .495.6 -2.0 499.6 326.5
Persimmon . . . . . . . .565.0 -2.5 571.5 374.0
Reckitt Benckiser . .3597.0 30.0 3599.0 3015.0
Redrow . . . . . . . . . . . .127.0 -1.0 136.2 103.5
TayIor Wimpey . . . . . . .45.3 1.1 45.5 28.7
Bodycote . . . . . . . . . .333.5 -3.7 397.7 225.6
Fenner . . . . . . . . . . . .452.3 -6.1 465.8 280.0
IMI . . . . . . . . . . . . . . . .926.5 -9.5 1119.0 636.5
MeIrose . . . . . . . . . . .375.4 -2.7 388.0 268.0
Northgate . . . . . . . . . .237.0 -3.1 346.7 190.9
Rotork . . . . . . . . . . .1975.0 6.0 1982.0 1501.0
Spirax-Sarco Engi . .2040.0 -8.0 2089.0 1649.0
Weir Group . . . . . . .1969.0 -20.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .420.8 -15.5 460.5 315.0
Ferrexpo . . . . . . . . . . .329.5 -6.5 499.0 238.7
TaIvivaara Mining . . .281.9 -47.6 605.5 195.2
BBAAviation . . . . . . .203.6 1.8 239.0 156.0
Stobart Group Ltd . . .124.0 -2.7 155.0 112.0
AdmiraI Group . . . . . .962.5 -7.0 1754.0 787.0
AmIin . . . . . . . . . . . . .356.1 -2.3 427.0 270.6
BeazIey . . . . . . . . . . . .147.4 0.3 149.8 109.6
Informa . . . . . . . . . . . .417.2 2.9 461.1 313.9
ITE Group . . . . . . . . . .235.0 -0.2 258.2 157.7
ITV . . . . . . . . . . . . . . . . .77.5 0.2 93.5 51.7
Johnston Press . . . . . . .6.4 -0.1 12.8 4.1
MecomGroup . . . . . .190.8 -4.3 310.0 134.5
Moneysupermarket. .122.0 0.8 124.5 84.8
Pearson . . . . . . . . . .1221.0 11.0 1255.0 1013.0
PerformGroup . . . . .277.0 -2.1 285.0 150.0
Reed EIsevier . . . . . .549.5 15.5 662.2 461.3
Rightmove . . . . . . . .1344.0 -19.0 1408.0 857.0
STV Group . . . . . . . . .107.1 -2.9 168.0 76.3
Tarsus Group . . . . . .149.0 -2.3 165.0 119.5
Trinity Mirror . . . . . . . .53.0 3.5 84.8 37.5
UBM . . . . . . . . . . . . . .593.5 5.0 719.5 416.0
UTV Media . . . . . . . . .118.0 -4.0 150.0 92.5
WiImington Group . . .84.3 -0.5 171.0 78.5
WPP . . . . . . . . . . . . . .811.0 2.0 846.5 578.0
YeII Group . . . . . . . . . . .4.7 0.4 11.0 3.4
African Barrick G . . .448.0 -70.5 616.5 393.5
AIIied GoId Minin . . .120.0 -1.7 281.3 34.4
AngIo American . . .2644.0 -46.0 3360.5 2138.5
AngIo Pacific Gro . . .305.0 -11.1 350.0 237.9
Antofagasta . . . . . . .1303.0 -24.0 1491.0 900.5
Aquarius PIatinum . .138.1 1.4 409.8 133.9
BHP BiIIiton . . . . . . .2039.5 -14.5 2631.5 1667.0
CatIin Group Ltd. . . .419.9 0.6 449.0 334.0
Hiscox Ltd. . . . . . . . . .409.1 -0.4 424.7 340.5
Jardine LIoyd Tho . . .662.5 -8.0 764.5 576.0
Lancashire HoIdin . . .779.5 20.5 782.0 532.5
RSA Insurance Gro . .111.4 -1.2 143.5 99.6
Aviva . . . . . . . . . . . . . .364.0 1.0 477.9 275.3
LegaI & GeneraI G . . .120.3 0.9 123.8 89.8
OId MutuaI . . . . . . . . .157.7 -1.3 159.0 98.1
Phoenix Group HoI . .562.5 -2.5 688.0 451.1
PrudentiaI . . . . . . . . .718.0 -1.5 777.0 509.0
ResoIution Ltd. . . . . .263.1 -2.0 316.1 229.5
St James's PIace . . . .371.0 0.4 376.0 294.0
Standard Life . . . . . . .229.9 -1.1 244.7 172.0
4Imprint Group . . . . .266.0 6.0 295.0 200.0
Aegis Group . . . . . . .165.4 -0.2 166.9 115.7
BIoomsbury PubIis . .124.0 0.0 138.0 91.3
British Sky Broad . . .689.5 -1.0 850.0 618.5
Centaur Media . . . . . . .39.0 -0.3 73.0 32.5
Chime Communicati .222.3 -6.5 298.5 163.0
Creston . . . . . . . . . . . .58.0 1.5 121.0 47.0
DaiIy MaiI and Ge . . .424.3 2.2 567.0 343.4
Euromoney Institu . .715.0 12.0 738.0 522.5
Future . . . . . . . . . . . . . .13.1 -0.3 28.0 8.3
Haynes PubIishing . .195.0 0.0 257.0 190.0
Huntsworth . . . . . . . . .42.5 0.1 81.0 32.3
Bumi . . . . . . . . . . . . . .755.0 0.0 775.0 733.0
Centamin (DI) . . . . . . . .95.5 -1.5 154.2 78.5
Eurasian NaturaI . . .701.0 -10.0 1008.0 522.0
FresniIIo . . . . . . . . . .1733.0 -29.0 2150.0 1302.0
GemDiamonds Ltd. .233.6 -2.2 306.0 179.8
GIencore Internat . . .426.6 4.6 531.1 348.0
HochschiId Mining . .493.4 -9.6 680.0 365.9
Kazakhmys . . . . . . .1119.0 2.0 1538.0 730.0
Kenmare Resources . .58.5 1.0 59.9 31.0
Lonmin . . . . . . . . . . .1005.0 -11.0 1880.0 941.0
New WorId Resourc .492.6 -18.4 1060.0 409.4
PetropavIovsk . . . . . .680.0 -4.5 1090.0 543.5
PoIymetaI Interna . .1075.0 -37.0 1175.0 877.0
RandgoId Resource 6980.0-175.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3633.5 -49.5 4595.0 2712.5
Vedanta Resources 1255.0 -2.0 2518.0 928.0
Xstrata . . . . . . . . . . .1177.0 -2.5 1550.0 764.0
Inmarsat . . . . . . . . . . .468.9 -0.3 700.0 389.3
Vodafone Group . . . .173.9 0.3 182.8 155.1
Genesis Emerging . .506.0 -1.5 548.5 424.0
Afren . . . . . . . . . . . . . .125.3 -7.2 171.2 73.6
BG Group . . . . . . . . .1474.0 -1.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .487.6 0.2 497.5 363.2
Cairn Energy . . . . . . .347.5 3.1 531.8 291.9
EnQuest . . . . . . . . . . .117.0 0.6 158.5 85.7
Essar Energy . . . . . .123.6 -2.3 525.5 119.2
ExiIIon Energy . . . . . .246.7 3.7 469.7 184.2
Heritage OiI . . . . . . . .185.5 -7.0 332.2 160.0
Ophir Energy . . . . . . .374.8 -5.1 380.0 184.5
Premier OiI . . . . . . . . .413.9 -9.9 521.0 310.0
RoyaI Dutch SheII . .2294.0 -7.0 2402.0 1883.5
RoyaI Dutch SheII . .2327.0 -4.5 2489.0 1890.5
SaIamander Energy .243.5 -1.3 317.6 182.3
Soco Internationa . . .304.0 -2.0 400.0 278.0
TuIIow OiI . . . . . . . . .1535.0 3.0 1543.8 945.5
Amec . . . . . . . . . . . .1078.0 -20.0 1207.0 740.5
Hunting . . . . . . . . . . .767.0 -10.5 845.0 530.0
Kentz Corporation . .472.3 5.8 508.0 347.0
LampreII . . . . . . . . . . .321.0 -6.0 395.2 220.7
Petrofac Ltd. . . . . . .1536.0 -16.0 1603.0 1108.0
Wood Group (John) .696.0 -24.0 720.0 469.9
Burberry Group . . . .1432.0 -19.0 1600.0 1092.0
PZ Cussons . . . . . . . .317.4 -0.6 387.9 285.0
Supergroup . . . . . . . .523.5 0.5 1718.0 435.2
AstraZeneca . . . . . .2856.0 -42.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .345.2 -1.9 348.4 210.1
Genus . . . . . . . . . . . .1121.0 2.0 1125.0 853.5
GIaxoSmithKIine . . .1422.5 1.5 1497.0 1138.5
Hikma Pharmaceuti .720.0 -14.0 869.0 555.5
Shire PIc . . . . . . . . . .2300.0 7.0 2315.0 1671.0
CapitaI & Countie . . .193.4 -2.6 203.7 144.5
Daejan HoIdings . . .2815.0 -5.0 3030.0 2282.0
F&C CommerciaI Pr .102.2 -0.6 108.0 92.6
Grainger . . . . . . . . . . .103.0 -1.8 133.2 77.3
London & Stamford .110.7 -0.4 140.0 103.9
SaviIIs . . . . . . . . . . . . .357.5 -2.3 427.1 256.2
UK CommerciaI Pro . .72.8 -0.5 85.5 65.1
Unite Group . . . . . . . .190.0 -3.0 224.1 152.9
Big YeIIow Group . . .297.3 -2.7 344.4 218.0
British Land Co . . . . .479.1 -5.1 629.5 444.0
CapitaI Shopping . . .336.4 -1.6 408.6 288.7
Derwent London . . .1725.0 -18.0 1880.0 1400.0
Great PortIand Es . . .353.9 -8.0 445.0 312.9
Hammerson . . . . . . . .391.7 -1.1 490.9 345.2
Hansteen HoIdings . . .73.2 -1.3 89.5 68.0
Land Securities G . . .685.5 -2.0 885.0 612.0
SEGRO . . . . . . . . . . . .228.3 -0.8 331.3 195.0
Shaftesbury . . . . . . . .500.5 -6.5 539.0 441.2
Aveva Group . . . . . .1700.0 -13.0 1799.0 1298.0
Computacenter . . . . .399.3 -7.2 490.0 324.7
Fidessa Group . . . . .1649.0 22.0 2109.0 1444.0
Invensys . . . . . . . . . . .215.0 1.2 357.8 180.9
Logica . . . . . . . . . . . . .77.9 -1.2 147.2 59.0
Micro Focus Inter . . .454.9 -3.5 461.8 242.9
Misys . . . . . . . . . . . . .314.0 9.0 420.2 214.9
Sage Group . . . . . . . .305.4 0.3 310.1 231.7
SDL . . . . . . . . . . . . . . .660.0 -6.5 711.5 586.0
TeIecity Group . . . . . .694.5 3.0 705.0 450.5
Aggreko . . . . . . . . . .2172.0 -18.0 2190.0 1394.5
Ashtead Group . . . . .244.3 -7.1 252.5 99.4
Atkins (WS) . . . . . . . .764.5 -0.5 820.0 490.2
Babcock Internati . . .746.5 -5.5 758.0 542.0
Berendsen . . . . . . . . .456.6 -1.7 568.0 402.7
BunzI . . . . . . . . . . . . .915.0 0.5 927.5 676.5
Cape . . . . . . . . . . . . . .440.4 0.6 591.5 295.0
Capita . . . . . . . . . . . . .652.5 8.0 786.5 611.5
CariIIion . . . . . . . . . . .321.6 -2.6 403.2 281.0
De La Rue . . . . . . . . .990.0 -5.5 1001.0 699.0
DipIoma . . . . . . . . . . .392.3 -3.9 425.5 263.5
EIectrocomponents .236.3 -6.0 294.9 182.2
Experian . . . . . . . . . . .951.5 1.0 955.5 665.0
FiItrona PLC . . . . . . . .400.0 -1.2 404.5 293.0
G4S . . . . . . . . . . . . . . .284.2 -1.1 291.0 219.9
Hays . . . . . . . . . . . . . . .80.5 0.3 130.0 58.9
Homeserve . . . . . . . .245.3 1.5 532.0 218.5
Howden Joinery Gr . .111.6 -0.4 127.5 93.1
Interserve . . . . . . . . . .312.6 2.3 341.3 239.8
Intertek Group . . . . .2237.0 1.0 2244.0 1738.0
MichaeI Page Inte . . .415.6 -8.8 567.0 323.0
Mitie Group . . . . . . . .266.3 -0.5 271.0 195.9
PayPoint . . . . . . . . . . .565.0 -11.0 585.4 327.3
Premier FarneII . . . . .214.7 -1.4 308.8 144.5
Regus . . . . . . . . . . . . .112.0 -0.1 119.0 64.0
RentokiI InitiaI . . . . . . .75.7 0.5 100.9 58.2
RPS Group . . . . . . . . .220.0 -4.2 253.0 156.6
Serco Group . . . . . . .532.5 -1.5 618.5 458.0
Shanks Group . . . . . .105.2 -0.5 130.9 90.8
SIG . . . . . . . . . . . . . . .103.0 0.5 153.5 77.0
Travis Perkins . . . . . .967.0 -1.0 1090.0 715.0
WoIseIey . . . . . . . . .2355.0 33.0 2368.0 1404.0
ARM HoIdings . . . . . .585.5 -5.0 645.0 464.0
CSR . . . . . . . . . . . . . .235.8 -4.4 435.0 154.1
Imagination Techn . .599.5 -17.5 630.5 296.9
Spirent Communica .129.6 -1.6 160.0 105.8
British American . .3148.0 3.0 3157.5 2300.0
ImperiaI Tobacco . .2492.0 43.0 2504.0 1878.0
Betfair Group . . . . . . .880.0 4.0 1030.0 567.0
Bwin.party Digita . . .163.6 -3.0 204.0 100.6
CarnivaI . . . . . . . . . .1927.0 7.0 2975.0 1742.0
Compass Group . . . .637.5 -1.5 639.5 512.5
Domino's Pizza UK . .489.2 -0.8 526.0 377.0
easyJet . . . . . . . . . . . .464.7 -2.5 476.1 301.0
FirstGroup . . . . . . . . .300.5 0.5 378.0 297.1
Go-Ahead Group . . .1284.0 -4.0 1598.0 1190.0
Greene King . . . . . . .508.0 -2.0 521.5 410.0
InterContinentaI . . .1382.0 2.0 1435.0 955.0
InternationaI Con . . .171.1 -2.1 258.7 132.0
JD Wetherspoon . . . .406.7 -0.3 468.3 380.5
Ladbrokes . . . . . . . . .145.9 -1.3 155.3 114.0
Marston's . . . . . . . . . . .99.1 -1.6 112.0 84.6
MiIIennium& Copt . .485.0 -1.3 600.5 371.2
MitcheIIs & ButIe . . . .273.1 -2.0 336.8 215.6
NationaI Express . . .224.9 -0.6 270.2 201.6
Rank Group . . . . . . . .129.1 -0.8 153.7 109.5
Restaurant Group . . .301.4 -1.5 335.0 254.9
Spirit Pub Compan . . .56.3 0.8 57.8 35.3
Stagecoach Group . .263.1 -1.4 287.4 200.0
TUI TraveI . . . . . . . . . .201.9 -2.9 250.0 136.7
Whitbread . . . . . . . .1716.0 -4.0 1860.0 1409.0
WiIIiamHiII . . . . . . . . .233.9 -1.6 244.1 176.8
Abcam . . . . . . . . . . . .330.8 -2.5 460.0 320.0
Advanced MedicaI . . .87.8 -1.5 96.0 64.8
AIbemarIe & Bond . .368.5 0.0 400.1 281.0
Amerisur Resource . .22.3 -0.5 29.0 9.5
Andor TechnoIogy . .535.0 -14.8 685.0 387.1
ArchipeIago Resou . . .69.8 0.8 79.0 55.5
ASOS . . . . . . . . . . . .1851.0 -30.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.8 0.3 92.0 16.0
Avanti Communicat .269.5 -7.5 608.0 248.5
BIinkx . . . . . . . . . . . . . .91.0 1.3 158.0 50.5
Borders & Souther . . .73.3 0.0 73.5 43.5
BowLeven . . . . . . . . . .74.0 -0.8 382.3 62.0
Brooks MacdonaId .1185.0 0.0 1372.5 940.0
CIuff GoId . . . . . . . . . . .93.3 -0.3 125.8 66.5
Cove Energy . . . . . . .150.0 1.5 151.0 61.0
Daisy Group . . . . . . .104.5 -1.5 127.0 88.0
EMIS Group . . . . . . . .427.5 -7.5 580.0 397.5
Faroe PetroIeum . . . .164.0 0.5 190.0 130.0
GuIfsands PetroIe . . .168.0 -5.0 342.0 142.5
GWPharmaceuticaI . .89.8 0.1 130.0 78.5
H&T Group . . . . . . . . .334.5 3.0 395.0 277.0
Hargreaves Servic .1203.0 4.0 1220.0 855.0
HeaIthcare Locums . . . .3.3 0.0 3.5 3.2
Immunodiagnostic . .435.8 12.0 1218.0 288.8
ImpeIIamGroup . . . .307.5 22.5 387.5 225.0
Iomart Group . . . . . . .147.5 -3.5 151.0 85.5
James HaIstead . . . . .485.0 -5.0 496.5 410.0
London Mining . . . . .278.8 -0.8 436.5 257.5
Lupus CapitaI . . . . . .129.5 -0.3 150.0 86.0
M. P. Evans Group . .449.5 -0.5 475.0 371.0
Majestic Wine . . . . . .413.0 -3.0 510.0 315.0
May Gurney Integr . .293.0 -2.5 302.0 234.0
Monitise . . . . . . . . . . . .37.8 0.8 40.0 20.5
MuIberry Group . . . .1951.0 26.0 1951.0 1065.0
Nanoco Group . . . . . . .62.0 -1.0 93.3 38.0
NauticaI PetroIeu . . .331.0 -0.8 452.0 223.5
NichoIs . . . . . . . . . . . .619.8 14.8 629.0 410.0
Numis Corporation . . .95.6 0.1 122.5 72.0
Pan African Resou . . .16.8 -0.5 17.8 9.5
Patagonia GoId . . . . . .40.0 1.8 70.0 36.8
Prezzo . . . . . . . . . . . . .62.0 -1.8 71.5 53.5
Pursuit Dynamics . . . .88.5 -0.5 409.0 67.0
Rockhopper ExpIor .360.0 -7.5 367.5 141.0
RWS HoIdings . . . . . .463.8 -1.8 494.3 345.0
Secure Trust Bank .1005.0 0.0 1015.0 755.0
Songbird Estates . . .109.0 3.5 160.3 103.0
VaIiant PetroIeum . . .498.0 8.3 645.0 400.0
Young & Co's Brew . .650.0 2.5 712.0 565.0
Misys . . . . . . . . . . . . .314.0 3.0
Reed EIsevier . . . . . .549.5 2.9
Lancashire HoIding .779.5 2.7
TayIor Wimpey . . . . . . .45.3 2.4
Sainsbury (J) . . . . . . .296.0 2.0
ImperiaI Tobacco G .2492.0 1.8
Kenmare Resources . .58.5 1.7
Euromoney Institut . .715.0 1.7
BH GIobaI Ltd. GBP 1189.0 1.6
ExiIIon Energy . . . . . .246.7 1.5
TaIvivaara Mining . . .281.9 -14.5
African Barrick Go . .448.0 -13.6
Afren . . . . . . . . . . . . .125.3 -5.4
Heritage OiI . . . . . . . .185.5 -3.6
New WorId Resource 492.6 -3.6
Evraz . . . . . . . . . . . . .420.8 -3.6
AngIo Pacific Grou . .305.0 -3.5
Cranswick . . . . . . . . .803.5 -3.5
Wood Group (John) .696.0 -3.3
PoIymetaI Internat . .1075.0 -3.3
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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Tsy 5.250 12 . . . .101.47 -0.03 105.4 101.5
Tsy 9.000 12 . . . .103.98 0.00 111.3 103.3
Tsy 5.000 12 . . . .100.24 -0.04 104.2 100.2
Tsy 4.500 13 . . . .104.30 -0.03 106.5 104.3
Tsy 2.500 13 . . . .282.81 -0.04 287.7 279.8
Tsy 8.000 13 . . . . .112.16 -0.05 116.9 112.1
Tsy 5.000 14 . . . . .111.61 -0.05 112.9 109.2
Tsy 7.750 15 . . . .100.00 0.00 106.2 99.4
Tsy 4.750 15 . . . . .114.68 -0.12 115.4 108.8
Tsy 8.000 15 . . . .127.79 -0.13 129.2 123.7
Tsy 4.000 16 . . . . .114.03 -0.15 114.7 105.2
Tsy 2.500 16 . . . .341.59 -0.18 344.2 312.5
Tsy 12.000 17 . . .120.81 0.52 128.6 120.5
Tsy 8.750 17 . . . .141.47 -0.56 141.9 133.0
Tsy 1.250 17 . . . . .115.50 -0.30 116.6 106.7
Tsy 5.000 18 . . . .121.95 -0.31 122.5 110.0
Tsy 4.500 19 . . . .120.02 -0.29 120.7 105.8
Tsy 3.750 19 . . . . .114.80 -0.32 115.6 99.9
Tsy 2.500 20 . . . .363.66 -0.29 367.1 314.1
Tsy 4.750 20 . . . .122.33 -0.34 123.5 107.0
Tsy 8.000 21 . . . .151.10 -0.35 153.4 134.3
Tsy 1.875 22 . . . .125.86 -0.44 129.1 111.3
Tsy 4.000 22 . . . . .116.20 -0.41 118.2 99.5
Tsy 2.500 24 . . . .326.53 -0.39 334.7 275.9
Tsy 5.000 25 . . . .127.44 -0.49 130.6 108.1
Tsy 1.250 27 . . . .121.91 -0.56 127.0 104.8
Tsy 4.250 27 . . . . .118.31 -0.68 122.7 98.5
Tsy 6.000 28 . . . .142.71 -0.69 148.0 120.1
Tsy 4.125 30 . . . .310.67 -0.44 322.8 263.4
Tsy 4.750 30 . . . .124.64 -0.78 130.5 103.7
Tsy 4.250 32 . . . . .117.13 -0.82 123.1 96.8
Tsy 4.250 36 . . . . .117.21 -0.97 123.9 96.0
Tsy 4.750 38 . . . .126.53 -0.99 134.2 104.0
Tsy 4.500 42 . . . .122.97 -1.12 130.8 100.2
% %
21
Edited by
Timothy Barber LondonTime
page 23
A TANK IS A TANK
Cartiers iconic watch is
reborn once more
page 26
AVIATOR WRISTWEAR
Why pilot watches
have history and style
page 30
THE NEW SOPHISTICATION
Things are looking up for
women craving fine watches
for
| London Time
23
T
HE war machines which lum-
bered across the battlefields of
World War One might seem
odd inspiration for a watch
seen as the last word in chic, but
thats supposedly how the Cartier
Tank got its name. Louis Cartier, the
original genius of wristwatch design,
apparently saw some French Renault
battle tanks and dreamed up the case
shape of this most elegant piece.
Its probably apocryphal the
French didnt even use the word
tank for the armoured vehicles
when the watch was pro-
duced in 1917. But
whether the visual resem-
blance to the overhead
view of an early tank is
coincidental or not, the
name stuck and the
watch became one of the
most celebrated designs
of all.
BERGMAN, WARHOL
In its many varia-
tions, it would come
to be sported by
luminaries like
Rudolph Valentino,
Clark Gable, Ingrid
Bergman and Andy
Warhol. It remains a
mainstay of the
Cartier collection.
The Tank is one
of those watches
where you can say
that if it did not
exist it would be
necessary to invent
it, says Jack Forster,
watch expert and
author of the book
Cartier: Time Art. It
was not only one of the
first models that was
specifically designed as
a wristwatch, but it also
embodied a certain kind
of elegance that has real-
ly stood the test of time.
Its great innovation
was to make the lugs
which hold the strap part of the case
of the watch itself.
The brancards the sections
that flank the square dial and extend
past it to the strap attachment are
what cause that resemblance to a bat-
tle tank, but they give the watch a
graceful, tremendously economic sil-
houette. Most wristwatches at the
time looked like pocket watch-
es on straps; the Tank is plainly
designed for the wrist. As
such, it helped spur the gener-
al changeover from pocket
watches to wristwatches that
occurred subsequently.
As far as we know this is the earli-
est example of this kind of
approach to case design, says Forster.
It also captured the preoccupation
with rectilinear geometry so
favoured in Deco era design.
VARIATIONS
Over the decades there have been
many variations squashed
Tanks, elongated Tanks, skewed
Tanks, diamond-set Tanks and
plenty of others in between.
Two more are launched this
year the Tank Anglaise (fol-
lowing up on previous models
the Tank Francaise and Tank
Americaine), which has a fat-
tened profile and a winding
crown poking through the case
itself; and an ultra-slim version of
the most refined Tank iteration,
the Tank Louis Cartier.
Jingoism aside, its the latter
piece that would be my pick a
watch every bit as noble and hand-
some as its 1917 forbear.
Timothy Barber is UK editor of the luxury
watch magazine 0024 WatchWorld.
Cartiers chic icon
is still looking as
fresh as it did 95
years ago, writes
Timothy Barber
Andy Warhol wearing
a Cartier Tank.
Pic: GETTY
Right: the new Louis
Cartier Tank Ultra
Slim, 9,300.
Below: the new Tank
Anglaise in white gold,
27,500
Below left: a Cartier
Tank from 1922
GMT WATCHES
Time for travellers
B
EING an hour behind the rest of the Continent is probably rather proudly
lodged in the British psyche as is the fact that its actually they who are
out from us, or rather from Greenwich Mean Time (GMT), from where
the world is divided into its 24 time zones. For a Brit, the fact that wrist-
watches with the function of a second time zone display are generally known as
GMT watches is a nice reminder of Blightys one time-time primacy.
For a traveller, or anyone having to deal with markets on the other side of the
world, these watches are exceptionally useful. At their most simple, a second
hour hand or GMT hand can be adjusted to point to the hour in a different
time zone, with a 24-hour display round the dial to help you determine whether
its day or night over there. Here are four of the best.
Montblanc
Rieussec Chronograph
Open Hometime
21,400
www.montblanc.com
Patek Philippe
Aquanaut TravelTime
Reference 5164
24,610
www.patek.com
Grand Seiko
Mechanical GMT
4,000
www.jurawatches.co.uk
Zenith
Captain Dual Time
3,600
www.zenith-watches.co.uk
| London Time
24
Its getting haute in here
T
HE high-luxury watch worlds
favourite device is the tourbillon
the word means whirlwind
in French, and denotes a mecha-
nism which mounts a watchs escape-
ment (the vibrating part regulating
power from the mainspring) in a con-
stantly rotating cage to counteract the
effects of gravity on accuracy. Nowadays
everyone and his brother puts these hyp-
notic gizmos into collectors watches it can
add 50,000 to the price which means to
impress you have to go quite a few extra miles.
Step forward Jaeger-LeCoultre, which
produced one of the stand-out pieces at
this years Salon Internationale de la
Haute Horlogerie (SIHH), the January
showcase for top-end watchmaking
from select luxury brands. One
could write several pages on the
technical achievements of its
Duometre Spherotourbillon [main
picture, right], in which a cylindrical
escapement rotates on two differ-
ent axes on one side of the watch
crudely, its highly accurate and its
two-barrel system means a lengthy
power reserve but the best thing
about it is that its a show-off watch that
doesnt overly show off. For a 230,000
watch, its as understated and compact as
its technically dazzling.
Jaeger-LeCoultre was far from the only
brand wowing collectors. German brand
A. Lange & Sohne makes some of the
most beautiful watches on Earth,
including this year a new version of its
greatly admired Datograph chrono-
graph [right, top]. A sumptuous watch,
now with power reserve indicator and
an even more balanced design.
Montblancs switch from maker of
writing instruments (how gauche) to
one of spectacular watches took a fur-
ther leap forward with its TimeWriter II
[right, centre], a handsome beast with a
chronograph (stopwatch) that can split time
to 1/1000th of a second.
Audemars Piguet is one of the best
known luxury brands, and the Royal
Oak is easily its best-known watch.
Launched on an unsuspecting mar-
ket in 1972, it is a classic of modern
watch design which survives largely
unchanged in APs modern collection,
though it has given birth to plenty of
variations along the way. This year saw a
couple of versions with skeletonised
dials (the dial cut away to reveal the
highly-worked, decorated mecha-
nism beneath) for the collectors,
and an ultra-thin version in the
classic Royal Oak guise. The
watch, with its hexagonal
porthole-style bezel,
exposed screws and inte-
grated bracelet, is a sym-
bol of the sporting
luxury life, and in very
fine fettle for its 40th
birthday.
Parmigiani is perhaps a
lesser-known brand, but one
that well be hearing more of
now that its opening its own
boutique in Mayfair this spring.
Its first ever annual calendar, the
Tonda Annual Calendar [left, bot-
tom], is a dapper piece in which the
numbers of the day of the month
surround the dial, and a smart moon-
phase indication sits at 6 oclock.
As well as producing new Tank watch-
es (see previous page), Cartier continues to
impress with its haute horological
pieces the uninitiated may think of
Cartier as a jewellery brand, but it is
currently striking out in bold fields of
research and innovation in the world of
highly complicated watches.
Meanwhile IWC, who no one would
construe for a jewellery brand, upgraded
its famous collection of pilots watches. For
that story, turn the page.
Timothy Barber reports on the best in show at Genevas Salon International de la Haute Horlogerie
F
OR a luxury watch brand with a history dating
back to 1830, Baume & Mercier has been main-
taining a curiously low profile for the past few
years. Or rather had been until 2011, during
which it had a bit of a break-out year. Suddenly
there were interesting, charismatic pieces appear-
ing again in its collection, and it seemed the his-
toric marque was back on song. Its latest watches,
launched in January at the Salon Internationale
de la Haute Horlogerie (SIHH), build steadily on
the strides made last year.
Baume & Mercier sits at the affordable end of
the luxury spectrum: with watches ranging from
around 1,500 up to 5,500, it is the entry-level
brand of the Richemont Group, which owns
Cartier, IWC, Piaget and several other prestige
brands (SIHH is mostly a Richemont Group enter-
prise, but not exclusively). Its watches are generally
classical in flavour, tastefully designed and very
nicely made fine executive time pieces.
The company started life in the 19th century in
the form of a watch shop in the Swiss Jura opened by
the watchmaking Baume family the shop was
named Freres Baume. The business grew into one pro-
ducing high-grade pocket watches that were sold around the world
a Baume Brothers branch was opened in London. Shortly after
World War One William Baume joined forces with a watchmaker of
Russian extraction, Paul Mercier. In the wristwatch age, the company
became well-known for its chronographs mid-20th Century versions
are highly collectible.
One of these in fact inspired the stand-out watch of last
years collection, the Capeland Flyback Chronograph a beau-
tifully retro piece with a dial full or esoteric detail that was
nevertheless crisply legible. This years version
[pictured left] with a black dial with
gold hands and a dark gold inner
telemeter ring, is a no less dashing
piece of wristwear.
CONTEMPORARY LOOK
The mainstream family of
Capeland chronographs have
a more contemporary look,
and have been sized up to
44mm a big watch, but not
an unwieldy one. The absolute
stand-out, for my money, is one
with a blue dial [pictured right].
The strikingly bold blue is achieved
through electroplating the dial, and
the red markings on the black teleme-
ter ring seem to light it up. Hunt this
piece down, but not before I do.
The Hampton range is Baume et Merciers
slightly more formal range of square watches
the pleasure with these things is all in the
detail, where they interplay of curves and inner
angles of the case, domed sapphire crystal over
the dial and lugs works beautifully.
Timothy Barber
Baume & Mercier: historic brand back on its game
Born in the air, oenneo in the cockpit, createo in Englano, realiseo in Switzerlano:
Bremont mechanical chronometers are maoe by prolessionals to exacting stanoaros... lor the rest ol us.
Watch Brand of the Year lacebook.comTesteoBeyonoEnourance | twitter.comBremontWatchCom
selfridges.com

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Below, Breitlings Navitimer
01 contains its in-house
chronograph movement.
Right, an early advertising
poster from Hamilton.
| London Time
T
HE meaning of value is hard to
pin down. Youve got perceived
value versus actual value, for
starters, and then the problem
that one mans tripe is another mans
caviar. One of the few things we can all
agree on though, is that there is value
in usefulness.
Usefulness is reassuringly tangible. A
car is useful. A microwave can come in
very handy. Usefulness is the reason
men go into B&Q for a roll of masking
tape and come out with a power tool.
So it is with a watch. Ultimately, a
watch is an instrument we use to tell
the time, the date and the runniness of
an egg. This has always been the case.
The first clocks were used to determine
the movements of the sun and the
earth. They were followed by marine
chronometres used to position a ship
on the high seas, and then by watches
worn on the wrists of those magnifi-
cent men in their flying machines.
As it happens, your wristwatch owes
a lot to the pilots of the early 20th cen-
tury. Cartier is often credited with pop-
ularising the wristwatch after creating
the Santos for Brazilian pioneer aviator
Alberto Santos-Dumont in 1904. Louis
Blriot, the first man to cross the
English Channel in a plane in 1909,
entrusted timekeeping duties to a
Zenith for his momentous journey.
LEGIBLE, ROBUST, ICONIC
Then came the wars and the battle for
the skies. Pilots, gloved and under-
standably preoccupied, had little time
for fumbling about with pocket watch-
es. The wristwatch was the useful solu-
tion and pilots on both sides were
issued with trusty, legible, robust mod-
els from all manner of iconic
watch brands IWC,
Longines, Hamilton,
Omega, Stowa and Elgin
among them.
Returning from
battle still wearing
their bomber jackets
and wristwatches,
pilots were not
only heroic fig-
ures, they were
trendsetters. By
the end of World
War II the wrist-
watch had become
fashionable cool
before cool existed.
Not much has
changed now. A pilots
watch is still cool.
Masculine, versatile, depend-
able, charming a pilots
watch is the gentlemans watch
for all seasons.
Common traits among pilots
watches include large, open dials
with clear markings penned with
maximum legibility in mind. A
chronograph (stopwatch) function
is a practical addition, particularly if
your planes electrics are prone to sud-
den lapses of concentration, and a true
pilots watch comes equipped with an
oversized winding crown, originally
designed to cater for lessened dexterity
when wearing gloves in a bi-plane.
The upshot of all this is that a pilots
watch makes a great everyday time-
piece. The style just works, for starters.
Because of their legibility pilots
watches generally have a lovely classi-
cal look to them and that makes them
ideal for wearing in the office or at the
weekend, says Giles English, co-
founder of the high-flying British
watch brand Bremont, which makes a
number of very sought-after pilots
watches. A lot of aviation watches have
black dials and these tend not to clash
with different outfits, he says.
This is a good year to be in the mar-
ket for a pilots watch. At Januarys
SIHH watch fair in Geneva, IWC
launched a raft of new pieces in its
Pilots Watch collection, including five
models bearing the TOP GUN logo.
Before you unleash the peroxide and
help yourself to a pile of white towels,
worth remembering these are not
named after the
naff 1986 film. In
fact, like the
film, they are
named after the
Naval Fighter
Weapons School
based at
Miramar in
California.
First among equals
is the Pilots Watch
Chronograph TOP
GUN Miramar, with its
metallic grey ceramic
titanium case, military
inspired green textile
strap and for the
watch nerds IWCs
own in-house move-
ment. Yours for 9,750.
Zenith recently
reminded the world it is
the only watch brand with
licence to put the word pilot on the
dial of a watch with its much talked-
about Pilot Chronograph. So positive
was the reception that it has promised
to extend the range but new models
remain under wraps until spring.
Newness aside, the choice of pilots
watch, as with any other watch, still
comes down to budget. Breguets
Type XXII, based on an original made
for the French Navys airborne divi-
sion in the 1950s, has a 1/20th of a
second chronograph and a price tag
of 13,300. Rolexs iconic GMT Master
II, famously designed in cahoots with
1950s Pan Am pilots looking for a
watch that would help them deal
with jetlag, currently retails for
5,250.
CALCULATIONS
Breitlings Navitimer 01 [pictured left]
comes complete with a circular slide
rule bezel for those last gasp calcula-
tions and costs 6,390 the newest
version carries Breitlings first ever
proprietary movement, the superb
Calibre 01. Or you can slip on
Glycines Airman SST06 named
after the mothballed 1960s Boeing
Super Sonic Transport passenger plane
with its three time zones for 2,995.
Bell & Ross, the stylish French brand
whose watches are inspired by aero-
plane cockpit instruments, is best
known for its flagship square-cased
pilots watches including the state-
ment-making BR 01-92 [pictured right], a
steel three-handed watch you could
read with your eyes closed, for 2,650.
And not forgetting the aforementioned
Bremont, whose SOLO has a case hard-
ened to an impenetrable 2,000 Vickers,
and costs 2,550.
Sinn, a German company with (pre-
dictably) a strong reputation for its
technical approach, has a huge range
of Instrument Chronographs, like the
Flieger Chronograph 103 A Sa a hand-
some piece with an automatic move-
ment that will set you back a very
reasonable 1,465.
LADEN WITH TRICKERY
Hamiltons newly announced Khaki
Aviation X-Patrol marks the brands
120th anniversary and comes laden
with trickery, including a double
bezel that serves as a multiple conver-
sion tool. Its automatic chronograph
movement has a hefty 60-hour power
reserve and will serve you well for
1,350. And Stowa sells its simple,
honest Flieger collection of mechani-
cal pilots watches on its own website
from just 580.
Part of these watches charm is that
none of them is what you might call an
obvious choice. And just as impor-
tant, because a pilots watch is clean-
cut and built to last, its the kind of
watch a future father-in-law would be
glad to see a chap wearing. Which
could prove very useful in itself.
Robin Swithinbank is editor of the luxury
watch magazine Calibre.
The aviation watch is a masculine style thats built to last, says Robin Swithinbank
Brothers, pilots, watch brand CEOs: Nick and Giles English of Bremont
Main picture:
IWCs celebrated
Big Pilot watch.
Below: the BR01-
92 from Bell &
Ross, inspired by
cockpit
instruments.
Bell & Ross UK +44 207 096 08 78
.
[email protected]
.
e-Boutique: www.bellross.com
HERITAGE COLLECTION
AVIATION BR 03-92 42 mm
VINTAGE BR 126 41 mm
EVOLUTI ON OF THE BR MI LI TARY WATCH
| London Time
SPORTURA. For more than a century, both SEIKO and FC Barcelona have, in our dif ferent arenas,
been dedicated to perfection. Now, we are partners, celebrating our shared determination to be the
best with the new Sportura Chronograph. SEIKO invented the quartz chronograph in 1983 and
has timed world class sport for 50 years. All this experience comes together in the new Sportura.
With 10 bar water resistance, a sapphire crystal and a 1/ 5 second chronograph, Sportura is the watch
chosen by perhaps the greatest team in world football. seiko.co.uk
The pick of the
pilot watches
The smooth, gliding
beauty of Spring Drive
G
ENERALLY speaking, for fans of fine
watches there is a clear and even
line to be drawn between mechani-
cal and electronic watches. The one
consists of an intricate system of cogs,
gears, wheels and levers transforming
power from the wound-up mainspring into
regulated timekeeping, and is the product
of craftsmanship, skillful engineering and
deep tradition. It has soul. The other is a bit
of cheap circuitry powered by an oscillat-
ing synthetic quartz crystal, and has all the
soul of a Toys R Us shop. Its a toy for the
undiscerning.
Trust the Japanese to blur that line. The
Spring Drive system invented by Seiko is
one of the more remarkable mechanisms
in the luxury watch arena. Like any
mechanical watch movement it is powered
by a wound-up mainspring, but converts
that power to electrical energy which via
a tiny quartz crystal in turn generates
electromagnetic force to drive the rotation
of the hands.
What all that gobbledegook means is a
supremely accurate watch in which the
hands glide smoothly round, rather than
hacking round in tiny increments as they
do with any mechanical watch. Its hugely
reliable and mesmerising to see in action.
So is it mechanical or electronic?
Dont ask the Swiss. Seiko, of course, is
the company whose invention of the cheap
quartz wristwatch almost did for
Switzerlands watch industry in the 1970s.
But Spring Drives proponents, of which
there are plenty, will tell you its simply an
example of what the Japanese do best: it is
an innovative, efficient and brilliantly
clever improvement on Western design.
And bear this in mind: if the 25 nano-
watts a Spring Drive movement uses were
multiplied by 6 billion, youd just about
have enough power for one light bulb.
TB
1
2
6
6
4
1. Breguet Type XXII, 13,300. www.breguet.com
2. Bremont Solo, 2,550. www.bremont.com
3. Glycine Airman SST Chronograph, 2,995. www.jurawatches.co.uk
4. Hamilton Khaki Aviation X-Patrol, 1,350. www.hamiltonwatch.com
5. Bell & Ross WW1 96 Grand Date, 2,500. www.bellross.com
6. Stowa Flieger with date, 580. www.stowa.de
7. IWC Pilots Watch Top Gun Miramar, 9,750. www.iwc.com
5
7
3
Grand Seiko Spring
Drive Chronograph,
7,000.
| London Time
29
Robin
Swithinbank
Calibre magazine
In the one-watch game, IWC is
never far from front of mind
and nor, particularly, is the blue
Portuguese Automatic (9,250).
Powered by an in-house move-
ment with a seven-day power
reserve, its understated, stylish
but above the whims of flash-in-
the-pan fashion, and cooler than
an Eskimos freezer.
Maria Doulton
TheJewelleryEditor.com
I like the shape of the Ralph
Lauren Stirrup, and in rose gold
a small-size model on a leather
strap (left) is 9,100 though
Id prefer the larger size on a
purple strap. Alternatively,
Hermes newDressage in steel
(7,050) is a mans watch but so
beautifully designed it looks
lovely on a womans wrist.
Andrew Carrier
TheProdigalGuide.com
Im going to push the budget a
bit by chosing an Audemars
Piguet Royal Oak Automatic
(11,100) it's the modern ver-
sion of the most important
sports watch ever made, and its
40 years old this year. The Royal
Oak single-handely created the
market for luxury steel sports
watches and has remained virtu-
ally unchanged since legendary
watch designer Gerald Genta
first sketched it 40 years ago.
Laura McCreddie
Retail Jeweller magazine
Id start with a Jaeger-
LeCoultre Grand Reverso Ultra
Thin Tribute to 1931 (5,350)
because its just so damn sophis-
ticated. Then Id spend the rest
on a Bremont ALT1-C (3,945)
with the cream dial I have one
Bremont, but one isnt enough.
Timothy Barber
0024 WatchWorld
magazine and
City AM London Time
Im going to split the money up.
My first purchase is a Zenith El
Primero Striking 10th (7,400) a
superb upgrading of one of the
best and most famous chrono-
graphs ever made. That leaves
me with room for a charismatic
one-hand piece from ingenious
German brand Meistersinger
Ill take the Perigraph with date
(far left, 1,480) and a
California dial Incursore III from
Glycine (740).
W
HEN watch aficionados think of Rolex, its the
brands steel sports models - its tool watches -
that really excite them. No other brand has such
a wide range of iconic watches so inexorably
linked to achievement, adventure and celebrity.
In the 1950s, Tenzeng Norgay and Sir Edmund Hillary
conquered Everest with Rolex Oysters an essential part of
their kit. In the 60s, when Sean Connerys Bond was galli-
vanting around the world defending us from SPECTRE and
bedding beautiful women, it was with a Rolex Submariner
strapped to his wrist. (Bond could be confident that the
Sub was up to the job since Jacques-Yves Cousteau himself
had helped test it before its launch in 1954.)
Jacques Piccard even dived to the bottom of the
Mariana Trench with a Rolex Sea-Dweller Deep-Sea Special
on the outside of his submarine.
So far so glorious, and there are plenty of other exam-
ples. These were watches with a clear purpose, designed
with quiet restraint.
Over the last few years, Rolex has been gently shifting
the underlying aesthetic of these watches. One after anoth-
er, weve seen the Submariner, Daytona, GMT-Master II,
and Sea-Dweller metamorphose by tiny, but crucial, incre-
ments. The Supercase (a new, larger, more squared case
size), the Maxi Dial (a bigger and fatter set of markers and
hands) and bold (for Rolex) styling cues such as polished
centre links on the bracelet, extra labelling on the dials and
some rather interesting colour choices have come into play.
These are excellent watches with plenty of fans, but per-
sonally I was pleased that those stalwarts, The Explorer
and Explorer II, had until recently avoided what some
Rolex fans regard as an onslaught of bling. (Were touchy
sorts, us Rolex die-hards). But even these two brave adven-
turers have now been reworked. In 2010, Rolex updated
the Explorer to a larger case size and last year, it did the
same to the Explorer II.
There are still a few of the previous generation Explorers
to be found in the dealer network. To me, theyre now truly
the last great Rolex tool watches and yet theyre cheaper
than their bigger, newer replacements. So if youre a fan of
old school Rolex beauty, do like me: plot a course to your
nearest authorised dealer, ask for them by name (the
Explorer is the reference 114270; the Explorer II is the
16570) and snap these two heroes up while you can.
The author is editor-in-chief of TheProdigalGuide.com, an
irreverent luxury lifestyle magazine.
Andrew Carrier, an old school
Rolex fan, suggests hunting
out remaining models
from the pre-bling era
Personal
Taste
Time to go exploring
for an old Explorer
The 10,000question
Five horological experts answer the question: how would you spend 10,000 on watches?
l KENSINGTON boutique the
Watch Gallery is one of the most
esteemed watch shops in
London, and its no longer one of
a kind. Having been acquired by
DM London, the independent
retailer with its Time2 shops in
Westfield and Covent Garden
and the luxury watch concession
in Selfridges, it is now lending its
name to DM Londons entire lux-
ury business. The shops in
Westfield and Covent Garden are
being renamed Watch Gallery,
and more importantly, its web-
site, www.thewatchgallery.co.uk,
will re-launch next month to be
one of the most comprehensive
luxury watch e-tailers around.
129 Fulham Road, SW3 6RT
ww.thewatchgallery.co.uk
lITS not every watch boutique
that can reliably claim to be sell-
ing the worlds finest new wrist-
watch as it happens, its just
one in London right now.
Mayfairs William & Son is the
only place you can go to
find the DB28 by
super-niche brand
De Bethune,
which won the
top prize in
Nov e mb e r s
Grand Prix
dHorlogerie in
Geneva. Theres
a certain Star
Trek quality to
the DB28, which
is a phenomenal
example of watch-
making. An open-
worked piece in which
even the lugs are skele-
tonised, it has a fabulous
News from the boutiques
lLastly, anyone looking to start
a vintage watch collection, or
simply fancying chancing their
arm in an accessible auction
without the fuss of Sothebys or
Bonhams, could attend the next
event held by innovative auction-
eers Watches of Knightsbridge
on 10 March. Head to the sale
room or bid live online the
business offers both options for
watches ranging from around
50 up to tens of thousands.
For more information visit
www.watchesofknightsbridge.com
Room, which includes inner
boutiques for exclusive brands
such as IWC, Vacheron
Constantin, A. Lange & Sohne,
Panerai and Richard Mille. Its
home to plenty of exclusive
watches, the latest being the lim-
ited edition Portofino
Chronograph from IWC marking
the awards fo the Laureus Sport
for Good Foundation, held in
London earlier this month a
handsome blue-dial model with
exlusive rear engraving.
www.harrods.com
moonphase display, an
opening for the silicon
and platinum balance
wheel and it weighs
just about nothing at
all. Yours for well,
lets just say comfort-
ably five figures.
William & Son, 14 Mount
St, W1K 2RF
www.williamandson.com
l BEFORE Christmas
Harrods opened its spec-
tacular new Fine Watch
Meistersinger Perigraph with date
and cream dial, 1,480
Ralph Lauren Stirrup in rose gold
with leather strap, 9,100.
www.ralphlaurenwatches.com
Newer Older
Rolex Explorer II: spot the differences
mother-of-pearl dial to reveal a
glimpse of its automatic movement.
SWAP STRAPS
In a bid to embrace the various facets
of a womans life, Baume & Mercier has
created a practical day-into-night col-
lection of automatic watches called
Linea with interchangeable straps that
allow you to swap from leather to steel
to match outfits or moods. As a tasty
| London Time
B
EAUTY or brains? For a long
time womens watches have
been focused on the former
with lashings of diamonds dis-
tracting from whats hidden inside
typically a battery-run movement. But
now we can enjoy both and stop
borrowing from the boys,
because some of the worlds
finest watch brands have
realised that women want a
bit of integrity from their
timepiece in the form of a
mechanical movement.
Katie Worrall, luxury
watch concierge for
Selfridges watch retail-
er Time2, says the
watch brands recogni-
tion that women have
sophisticated watch
tastes too is not before
time.
Most women come
to us with an idea of
what they want but theyve
been stuck wearing a mans
automatic watch, says Worrall,
who provides everything from
explanations of watch jargon to
style advice. At present, she reports,
automatic rose gold watches and
sportier styles such as Chanels J12
are bestsellers.
LONGEVITY
Fine jewellery and watch aficionado
Maria Doulton of online magazine
TheJewelleryEditor.com agrees that
the J12 has become one of the most
popular womens automatics in
recent years and Chanel has likely
influenced other watchmakers to fol-
low suit with designing luxury watch-
es for women.
Watch companies are producing
more mechanical womens
watches than they
were five years ago,
she explains.
Women look for
quality and have
realised that its
silly to buy an
expensive watch
with a battery
powered move-
ment when a
mechani cal
watch has
longevity and
doesnt feel
disposable.
Diors vamp-
ish black ceramic
Dior VIII mechani-
cal watch is a strik-
ing new contender for
Chanel fans, while
Omega has lead the charge
in mechanical watches with
its elegant Ladymatic, one of
the most talked about womens
The new sophistication
watches of the past 12 months.
Frdrique Constant, a
recent arrival at Selfridges in
London, boasts an array of auto-
matic watches specially designed
by a female team of watchmak-
ers. Its Heart Beat collection
includes steel, rose gold and
chocolate brown leather options,
but also has well-considered
details such as hearts cut in to its
addition to its offer, the
watchmaker has also released a collec-
tion of summer-inspired leather straps
in hues of mandarin, violet and sky
blue.
But if high luxury and heritage is
your thing then look no fur-
ther than Van Cleef &
Arpels or Cartier for stun-
ning womens automat-
ics with a playful twist.
Cartier recently
unveiled its
Promenade dune
Panthre jewellery
watch, a timepiece
mixing undeniable
beauty with technical
innovation.
PANTHER
The watchs
rotor the fan-
shaped part that
rotates as you move,
keeping the watch
ticking is moved
from its typical place at
the back of the watch
onto the dial, and is
styled into a black and
white, diamond-encrust-
ed panther. It appears to
walk, or better swing,
around the watch as the
wearer moves a truly
striking piece of design.
With watchmakers
taking women shoppers
seriously, now is the time
to invest in an intelligent,
mechanical timepiece
that reflecting the sophis-
tication of a modern
tastemaker.
Kathryn Bishop is a freelance
writer specialising in jewellery and
watches.
As a name thats
synonymous with the most
luxurious, covetable and collectable of
timepieces, youd expect Patek Philippe to
come up with something pretty special
for women and it has. The Ladies First,
housed within an elegant 18ct rose gold
case, is a self-winding minute repeater a
watch that beautifully chimes, at your
request, the hours and minutes through a
series of pitch-perfect dings. Regarded as
grand complications, minute repeaters are
some of the rarest and most elaborate
timepieces, featuring hundreds of tiny
components. But the Ladies First remains
one of the thinnest repeaters ever made.
Each takes several months to assemble and all
are personally assessed by Pateks presidents
Thierry and Philippe Sterne before it is
delivered to its expectant owner. And of
course with something this exquisite, you
can expect to pay well over 200,000
to pick one up.
www.patek.com
Women who want
their watch to be
more than simply
quartz-powered
jewellery have a
growing list of
options, writes
Kathryn Bishop
1
2 3
4
The ultimate ladies watch
1. Cartier - Promenade dune
Panthere, 139,000.
www.cartier.com
2. Baume & Mercier - Linea Rose
Gold, 3,950. www.time2.com
3. Frederique Constant - Double
Heartbeat, 3,420.
www.frederique-constant.com
4. Omega - Ladymatic in steel with
bracelet and diamonds, 9,900.
www.omegawatches.com
Film star Nicole Kidman
sporting a gold
Ladymatic watch from
Omega.
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2 Bedroom Apartment
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SHOW HOMES OPEN DAILY
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Living | The Olympics
How to avoid an
Olympian hassle
Former Apprentice candidate Jamie
Lester, of Haus Properties, gives
Zoe Strimpel the low-down on letting
your property out for the Olympics
Q.
How much can I expect to earn
from letting out my property for
the Olympics?
A.
The exact figure would need to be
determined on evaluating the
property and assessing both the local
area and transport links to Olympic
venues, however, due to the inflation
of hotel prices (most charging up to
three times their usual rates) and the
demand in London during the
Olympic weeks, we expect that some
properties could achieve up to 50 per
cent over market value. For example, a
one bedroom property in Fulham
could achieve 1,500 and a four bed-
room home up to 3,000 per week.
Do I need insurance?
You must check that you are fully cov-
ered for short term rentals: where most
homeowners are covered for building
insurance, it is imperative to check you
are covered for contents insurance.
Do I need to contact the council or any
other companies?
You need to check with your local
authority and council as there are
many different regulations.
Westminster requires planning permis-
sion for lettings less than 90 days (with-
out it, you are breaking the law and
could be fined up to 20,000);
Southwark, Tower Hamlets, Islington,
Kensington and Chelsea and Camden
have also warned that short-lets con-
ducted without planning permission
could be served with enforcement
notices.
My property is leasehold, can I rent it
out and if so, what do I need to be aware
of?
You need to double check your lease to
see if there are any restrictions.
As a home-owner currently living in my
property, what do I do about my belong-
ings?
The main piece of advice is to only con-
sider short term Olympic rentals if you
can relocate promptly, and are able to
lock up your personal and valuable
belongings, leaving tenants with a
clean depersonalised and well
equipped property. If you can, it is then
advisable to appoint an agent to evalu-
ate and manage your letting.
We are now receiving enquiries in their
droves about lettings over the Olympic
period. Interestingly, 90 per cent of these
enquiries are coming from landlords, which
tells a story in itself. At the moment, there
is very limited demand from tenants.
I offer a word of caution to investor
landlords who are considering losing their
long term, blue-chip tenants for this short
term gain. While landlords can earn above
market value rents, the major drawback is
the void period running up to the let and
more importantly, following the let. If
long-term investors jump on the Olympic
bandwagon and launch their properties
back on to the market in September, there
is a strong risk that there will be a sudden
surge in supply of properties available
without the demand. We are already
noticing a reduction in demand levels I
believe that the lettings market plateaued
in October 2011 and in some areas, is now
marginally dropping. The reason for this
change in market conditions is that the
City is not employing its normal influx of
expats and it is these tenants who under-
pin the lettings market. With the economic
outlook looking bleak, this situation is not
going to improve and therefore, the market
will not be able to cope with this extra
supply, which could drive rents down.
In addition, anyone wanting to
let during the Olympics will also
need to check what their council
requires in terms of planning permis-
sion to let their property for less
than 90 days. If they proceed
without it, they could be
breaking the law, and the
future sale of the property
could also be affected as any enforcement
notice will be registered as a legal charge
and this may deter future buyers.
A short let may also invalidate some
insurance policies. If the rent is under
1,923 per week, it will become an AST
(Assured Shorthold Tenancy) and there-
fore, a Section 21 Notice must be served. If
the tenant refuses to leave, they may be
able to stay for six months until court pro-
ceedings can be initiated.
My advice to long term
investors is to ignore the hype and
temptation, unless the current ten-
ancy is actually coming to an end in
July, or unless you are a homeown-
er who wants to avoid the
Olympic gridlock in London
and flee to calmer and possi-
bly warmer climates.
LUCY MORTON, LETTINGS, WA ELLIS | OLYMPICS LETS ARE A BAD IDEA
xrtxtxtyxtyx xtxtyx-
tyxyxyyx xtyxtyxy
xyxyx xyxyxtyxy
Picture: GETTY
Q.
Ive recently come into the mar-
ket for a buy-to let property and
noticed that there are quite a few
new developments nearing completion
in 2012 should I look to purchase a
flat in a modern development or consid-
er a converted flat in an older building?
A.
Whether a tenant rents a flat in a
modern development or a period
property is completely a matter of
choice. What a development may lack in
character, it makes up for in convenience,
with many having underground parking
spaces, porters and well equipped interiors
benefitting from greater lateral space.
Generally, tenants from the Far East
(China/Japan) prefer new developments,
whereas Europeans and many Americans
come to England wanting to live in some-
thing typically English and love original
period features and the accompanying
quirks. The layout of many period houses
cannot be changed and so they may not
have best use of the space. In either type
of property, tenants are not prepared to
put up with old appliances, so expect
kitchens and bathrooms to be modern and
for the property to be freshly repainted. In
my experience modern developments can
date over the years, whereas a period
building, as long as it is regularly painted
and maintained, is timeless and classic.
Q.
What are the regulations about
letting out a property to multiple
people? I think my property is an
HMO, but how do I make sure that it is
rented within the law?
A.
A House of Multiple Occupation
(HMO) is a property that is let as a
home to at least three tenants who
form more than one household and who
share a kitchen, bathroom or toilet. A house-
hold means a single person, a couple, mem-
bers of the same family, including relatives,
step-children, grandchildren, uncles, aunts or
domestic staff, the key thing
being that they live together. An
HMO must have a licence if the
property is three or more storeys
and is occupied by five or more
people who form more than one household.
If you think your property may qualify, you
should contact your local as there are various
requirements imposed on a Landlord to
ensure their property is safe for any prospec-
tive tenant. To obtain more information on
HMOs and the Housing Health and Safety
Rating System (HHSRS), I would suggest
looking up www.direct.gov.uk/ and locate
Home and Community, the Private Renting
and then Repairs and Standards.
Q A
&
Catherine
Cockcroft
HEAD OF RENTALS AT
AYLESFORD INTERNATIONAL
RENT
800 MILLION PEOPLE
LIKE YOUR PROPERTY
Join one of the frst estate agents to ofer a
property search function within Facebook
South Dock Marina SE16
325,000
A very attractive 2 bedroom Klipperaak barge, built in 1913 & completely refurbished in
2006 by the current owners. Te barge is fully equipped as a seaworthy vessel & perfect as
a home near Canary Wharf.
Empire Square East SE1
550 per week
A modern & well presented 2 bedroom apartment in this modern development. Situated
close to both London Bridge & Borough stations & benefting from a balcony, porter &
underground parking.
Belgrave Court E14
795,000 freehold
A 1, 220 sq ft south/south east facing 2 bedroom apartment, located on the 6th foor of
this prestigious Canary Riverside development. Sold in excellent condition, with parking
& views of the river from all principal rooms.
Discovery Dock West E14
425 per week
A 1 bedroom apartment fnished to the highest of standards. Benefting from a spacious
open plan kitchen/ reception room with access to the balcony & with views of the dock &
Canary Wharf. Te development is located within close proximity to Canary Wharf.
Tower Bridge & City
020 7357 7999
[email protected]
Tower Bridge & City
020 7357 6911
[email protected]
Canary Wharf & Docklands
020 7510 8300
[email protected]
Canary Wharf & Docklands
020 7510 8310
[email protected]
chestertonhumberts.com
S
COTLAND: land of hunting,
shooting, fishingand forti-
fied castles set amid hundreds
of acres selling for less than
3m, the cost of a mere flat in cer-
tain parts of London.
As Jamie Macnab, of Savills
Edinburgh office, says: Someone
said to me once that four square
miles of London is worth more than
the whole of Scotland. And that was
ten years ago.
More than ever, Scotland is look-
ing like a good place to park your
money, whether youre keen on a
townhouse in Edinburghs New
Town, an area that has bucked the
decline in Scottish property prices
since 2007; a massive pile in
Aberdeenshire, or a regal home in
Gleneagles.
Prime London has gone up in
value by eight per cent this year,
notes Macnab. Prime Scotland
defined as property listed at over
400,000 has declined by about 4.7
per cent over the past 12 months.
Indeed, Macnab says that in the
heady days of 2007, when everyone
wanted a bit of kilt-wearing stateli-
ness, Seaton Castle was sold for 5m.
This year, Midmar Castle, in rural
Aberdeenshire, the equivalent,
fetched only 2.9m, the highest
value of the year.
Ran Morgan of Knight Frank,
which recently produced a report on
prime Scottish property, said: As
usual in such tough fiscal condi-
tions, a two tier market develops.
The best houses in the best areas con-
tinue to fare well. Oil has supported
Aberdeenshire with some phenome-
nal prices paid for town houses in
the City. Rural Aberdeenshire within
commuting distance of the city has
also done well.
Meanwhile, central Edinburgh
continues to do well. Matthew
Monroe of Knight Frank says:
Overseas buyers in particular are
very much in evidence, particularly
from Russia. They clearly see
Edinburghs prime housing stock as
quality and good value.
But for many people, its the
prospect of a castle or Hebridean
hideout that appeals and this is
what Scotland is fabulous for. Just
bear in mind that it takes a certain
kind of person to redo houses with
ten or more bedrooms. But if you're
that person, nows the time to strike.
Living | Scotland
Look to our northern neighbour for
space and value, says Zoe Strimpel
Scottish house price dip
means good value buys
Penmore, St Ives
Price: 1.35m
Just 400 yards Porthminster Beach, this stunning house holds a
spectacular position overlooking St Ives Bay and Godrevy
Lighthouse. It has four-five bedrooms, three reception rooms,
pantry, terraced gardents, private gated driveway and garage, and
is only a short walk to the beaches.
Contact: Savills Cornwall, tel: 01872 243 200.
Penmore, St Ives
Price: 1.35m
Just 400 yards Porthminster Beach, this stunning house holds a
spectacular position overlooking St Ives Bay and Godrevy
Lighthouse. It has four-five bedrooms, three reception rooms,
pantry, terraced gardents, private gated driveway and garage, and
is only a short walk to the beaches.
Contact: Savills Cornwall, tel: 01872 243 200.
Letterfourie, Buckie,
Banffshire
Price: 2.2m
A residential and agri-
cultural estate centred
on an important Adam
mansion house,
Letterfourie is three
miles south of the
Moray Firth coastline.
With four principal
reception rooms, five
further reception
rooms, 11 bedrooms,
chapel gardens and
outbuildings, you will
not be short of space.
Contact: Savills on
01356 628628
TheWhiteHouse,
Anstruther, Fife
Price: 850,000
Only nine miles from St
Andrews, this is a truly
charming little 17th
century house on the
sea, with a music room,
five bedrooms, hall and
self-contained one bed-
room flat. Set in one of
the highly sought-after
Neuk villages this is one
of the most picturesque
locations in the area
and represents fabu-
lous value.
Contact: Knight
Frankon0131 222
9600
TheArns, Downhill,
Luncarty, Perthshire
Price: 325,000
Afive-bedroomPerthshire
farmhouse, it is believedthe
housewas built around
1650andwas aprivateresi-
denceupuntil 1784whenit
was grantedaliquor licence
andbecameacoachinginn.
Inabout 1855thelicence
hadbeenlost andtheprop-
ertyreturnedtobeingapri-
vateresidence.
Contact: KnightFrankon
01312229600
Castle Gogar
Price: 3.5m
Immaculately restored
seven-bedroom castle
six miles from
Edinburgh centre.
Features Scots
Baronial faades. crow
step gable with spired
roofs a dn corbelled
towers either side. Its
thought to date from
1625 when it was built
as a traditional L plan
castle for John
Cowper. Stables, vault-
ed crypt and sauna
also included.
Contact: Savills 0131
247 3711
Selling fast
- 8 sold in the last week
- Live in one o London's uost desirable aartuents,
uost coue with balcony and arkinq sace
- Close to Chelsea and 8attersea Park, Clahau Junction
rail station uinutes away by oot
BATTERSEA
The Regent, Gwynne Road,
London SW11 3UW
2 bedroom apartments
from 309,995
Marketing Suite and Show Home
open daily 10am 5pm
0207 223 3381
lindenhomes.co.uk/theregent
QR scan ue now
11iues aroxiuate. Price correct at tiue o qoinq to ress. Photoqrahs show interiors at Lvolution Quarter.
A development by:
An inspirational development of 1, 2 & 3 bedroom apartments and penthouses close to Maritime Greenwich,
with excellent links to Canary Wharf and The City.
A VIEWTO THRILL
*Price correct at time of going to press. Photograph depicts view from 10
th
floor of Adagio Point. Photographs depict Greenwich Creekside exterior and show apartment interior.
Selling Agents:
0800 883 8627
or (out-of-hours) 0800 032 0077
www.telfordhomes.plc.uk
[email protected]
Greenwich Creekside Sales Centre, 133 Creek Road, Greenwich SE8 3BU. Opening times Mon - Sat 10am - 6pm Sun 11am - 5pm
GREENWICH CREEKSIDE
SALES CENTRE AND SHOW APARTMENTS OPEN MONDAY - SUNDAY
PRICES FROM 247,500

*
15 MINUTES
15 MINUTES
A development by:
0800 883 8953 or (out-of-hours) 0800 032 0077
www.caxtongaramond.co.uk
Computer generated image of Garamond Building. Times are approximate and are courtesy of www.tfl.gov.uk. *Price correct at time of going to press.
Selling Agents:
Offering exceptional and convenient City fringe living: a location between
Tower Bridge and Canary Wharf, proximity to The City that means an
easy walk to work in the Square Mile or 15 minutes door-to-door
commute (DLR) to Canary Wharf from nearby Shadwell DLR station.
EXCEPTIONAL
APARTMENTS
ZONE 1
ONLY 4 APARTMENTS REMAINING
1 & 2 bedroom apartments, ready for occupation April 2012
Prices from252,500*
City or Canary Wharf in under 15 minutes!
&
CAXTON
APARTMENTS
GARAMOND
BUILDING
LONDON E1
SELFRIDGES
THE DORCHESTER
HILTON HOTEL
HYDE PARK CORNER
BUCKINGHAM PALACE
MARBLE ARCH
HYDE PARK
THE SERPENTINE
KNIGHTSBRIDGE
23
CANARY
WHARF
MARBLE
ARCH
1
BOND
STREET
4
TOTTENHAM
COURT RD
6
HOLBORN
2
OXFORD
CIRCUS
8
PICCADILLY
CIRCUS
10
LEICESTER
SQUARE
14
COVENT
GARDEN
11
BANK
(CITY)
020 3394 0029
43-45 GREAT CUMBERLAND PLACE, LONDON W1
A unique residence in London.
One of the most prestigious new residential opportunities in London W1. Six magnicient,
individually designed 2 & 3 bedroom apartments by Galliard Homes, each with Smart Home
Technology and specications to provide the ultimate in sophisticated style.
The apartments are located a few minutes walk from Marble Arch, Hyde Park and
Oxford Street and are close to Marylebone High Street and Mayfair.
Prices from 1,850,000 to 2,715,000
999 year leases
Selling Agent
A Development By
Tube travel is equally impressive with Marble Arch offering
Central Line connections across the capital in minutes and
the Jubilee Line at Bond Street to Canary Wharf.
Journey times shown in approx minutes from Marble Arch tube station.
Images indicative only.
THE OLD IS OVER
THE NEW IS UNSTOPPABLE...
PRICES
FROM
275,000
WINNER: UK PROPERTY AWARDS 2011
WINNER: THE DAILY TELEGRAPH BRITISH HOMES AWARDS 2011
SHORTLISTED: BUILDING AWARDS 2012
THE LIBRARY BUILDING
CLAPHAM HIGH STREET, SW4
NEW 1&2 BEDROOM APARTMENTS
NO VICTORIAN CONVERSIONS
LAUNCH WEEKEND 25-26 FEBRUARY
MARKETING SUITE OPEN 10AM-6PM
PHONE +44 (0)845 899 0136
WWW.THENEWCLAPHAM.COM
21 WAPPING LANE E1
www.nottinghillhousing.org.uk/quatro
Computer generated image in actual photography
Computer generated image
Quatro Launching
Saturday 24th & Sunday 25th February
Quatro is a fantastic new development of 1, 2 and 3 bedroom shared ownership
apartments in trendy and desirable Wapping. Quatro will provide an exceptional
central London address within easy reach of the Thames and the many amenities
on offer. If youre looking to cut your commute and become a part of the largest
new development in the area for 10 years then Quatro is for you.
To book an appointment call 020 8357 4444
or email [email protected] and quote CAM24
Living | Focus On
DEMAND
Jan FebMar AprMay Jun Jul Aug Sept Oct Nov Dec
1200
1000
800
600
400
200
0
2010 2011 2011
Dec 2011 low(211)
Jan2012high(1029)
SUPPLY
500
400
300
200
100
0
2010 2011 2012
Sept Oct Nov Dec Jan Feb Mar AprMayJun Jul Aug
Dec 2006low(127)
Jul 2010high(448)
SUPPLY & DEMAND
Demand2012
Demand2011
Supply 2012
Supply 2011
Jan FebMarAprMayJun Jul AugSeptOct NovDec
1600
1400
1200
1000
800
600
400
200
0
DOUGLAS & GORDON AVERAGE LONDON SALES PRICE INDEX
Q1 2011 Q2 2011 Q3 2011 Q4 2011
1 bed flat 368,333 374,167 383,750 383,500
2 bed flat 543,333 557,083 570,083 579,583
3 bed house 1,174,167 1,209,583 1,257,500 1,277,083
4 bed house 1,780,833 1,905,833 1,905,000 1,933,333
T
heres little doubt the
market has potential
with the highest
number of buyers
registering for 12 months.
It seems the domestic mar-
ket is picking up quickest
with lower/middle level
flats selling at last. The
higher end is proving a little
stickier in early 2012 as
foreign buyers, driving
prices north, pause for
breath. Perhaps the fact
that the properties actually
selling are those with nom-
inal price cuts shows prices
are reaching their peak.
THE LONDON
BAROMETER
Ed Mead
DIRECTOR OF DOUGLAS & GORDON
Roehampton Lane
Price: 2.5m
Detached, gated six bedroom house with four bathrooms, three reception rooms,
kitchen/breakfast room, two cloakrooms, two balconies, an extensive garden, off-street
parking and garage. Contact [email protected]
Dover Park Drive
Price: 2.95m
A detached family home with front and rear gardens and a
garage. Features include six bedrooms, reception hall, double
reception room, study, conservatory, kitchen/breakfast, two bath-
rooms in addition to an ensuite and a roof terrace.
Contact [email protected] or call 020 8780 9900
Carmalt Gardens
Price: 1.65m
A well presented period family house with off-street parking and separate
garage. Features five bedrooms, double reception room, kitchen/break-
fast/family room, family bathroom, utility room, cellar, off-street parking,
garage, and a garden.
FOCUS ON: PUTNEY
Enmore Road
Price: 2m
Semi-detached family house with a wealth of period features, a west facing garden
and gated off-street parking. Features five bedrooms, drawing room and sitting room.
MATCHMAKERS WHARF
LONDON E9
0800 883 8712
or (out-of-hours) 0800 032 0077 www.matchmakerswharf.co.uk
Selling Agent:
Studio apartments from 175,000*
1 bedroom apartments from 215,000*
2 & 3 bedroom apartments from 260,000*
V
I
E
W
I
N
G
N
O
W

A
V
A
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A
B
L
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B
Y

A
P
P
O
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T
M
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Looking to Buy-2-live or
Buy-2-let, look no further
than M
atchmakers W
harf!
Potential net rental yields of up to 7.4% p.a
Just 15 - 20 minutes walk to Stratford City

Many apartments have wide open views towards the 2012 Olympic Park,
Canary Wharf, The City or the vast open greenery of Hackney Marshes
Designer kitchens with integrated appliances
Landscaped communal deck and roof terraces
24 hour concierge service and exclusive residents only gymnasium
Stylish waterside apartments ready for move-in
from March 2012, ahead of the London Olympic Games.
*Prices correct at time of going to press. Based on independent estimated rentals for 3 bedroom apartments as of February 2012. Computer generated image of
Matchmakers Wharf from the River Lea. Photographs depict previous Telford Homes show apartment interiors and view from 14
th
floor Sky Apartments towards The City.
Lifestyle | Going Out
Extremely Loud &
Incredibly Twee
Thomas Horn often
looks hopelessly lost
as the grieving young
Oskar Schell. And not
in a good way.
Barrel of laughs in Shropshire, 1706
I
ts funny how fads sweep theatreland.
Sometimes you cant move for
Shakespeare and just now there seems
to be a proliferation of 18th century
comedy (She Stoops to Conquer at the
National springs to mind). Now, for his
debut as Donmars new artistic director,
Josie Rourke has gone with The Recruiting
Officer by Irish playwright George Farquar,
a ribaldric look at a group of army officers,
the women they seduce and the men
theyll do anything to enlist.
The Officer in question, Captain Plume
(played by very sexy rising star Tobias
Menzies), is based on the Duke of
Marlborough. A divisive figure,
Marlborough was also a highly successful,
charismatic commander in chief. His
claim to fame was transforming the
British army from what he thought to
be a bunch of overfed oafs who drank
too much into a lean, mean fighting
machine, ultimatley capable of
defeating the French.
This warm and jolly plays
action opens in a village in
Shropshire, where Plume and
his cohort Sergeant Kite (played
by Mackenzie Crook of
Jerusalem fame) are in town to,
err, recruit officers. Its all very convivial,
with news arriving that Plume has
fathered yet another child to a woman who
has given birth down the road. True love
enters the fray, though, when a flustered
Mr Worthy (Nicholas Burns) rushes in and
confesses to a tiresome lack of success with
one Melinda (Rachael Stirling), a woman of
recent means, strong opinions and huge
petticoats.
Meanwhile, Plume by all appearances a
rake gets all dewy eyed over Silvia (the
truly excellent Nancy Carroll), Melindas
cousin. Silvia alone seems to transcend the
folly of womanhood, and Plume is man
enough to appreciate it. Indeed, Silvia is a
unique creature: one of the most enjoyable
parts of the play is her turn as a gentleman,
part of a plan to test Plumes faithfulness.
The misanthropic Kite provides lots of
laughs in his guise as a German fortune
teller, tricking the townspeople to suit
his (and Plumes) ends, while Silvias
father, Justice Balance (Gawn
Grainger), is a lovelier version of
Polonius and made me smile. Mark
Gatiss is brilliantly funny as the
camp Captain Brazen, a rival to Mr
Worthy for Melindas affections,
and is resplendent in wig, ribbons,
blush and wit.
Its a finely staged production,
with its woman-baiting and sexual
power-broking brought out with real
comic panache. The cast is terrific.
There are shades of depth, to be sure,
but I couldnt quite shake the feeling
that Shakespeare would have done it
all a bit more interestingly.
Y
ou might think a documentary
about the director of B-movies like
Attack of the Crab Monsters and
Swamp Women was a bit superflu-
ous. Corman's World: Confessions of a
Hollywood Rebel could easily have focused
on nothing but the schlocky, low-budget
films he is known for. Instead, we get a
clearer portrait of a man who, despite his
geniality, paints an almost tragic figure.
It seems grossly unfair that Hollywood
picked up his ideas and ran with them to
Film
CORMANS WORLD
Cert: 12A
hhhhh by Lisa Melvin
Rebel with a very good cause
Film
EXTREMELY LOUD
& INCREDIBLY CLOSE
Cert: 12A
hhIII by Steve Dinneen
T
ragedy can have a powerful effect on
popular culture, be it on a local scale
(the Smiths singing about the Moors
murders; Terrence Malicks Badlands
on the Starkweather-Fugate killing spree) or
as a reaction to global events (Japanese
Mangas fixation on nuclear holocaust; the
Vietnam protest songs of the 1960s). There
has been a reticence, though, about directly
addressing the events of 11 September 2001.
While countless films, songs, and works of
art and literature bear its influence, few
have tackled the atrocity head-on.
Notable exceptions are Oliver Stones
World Trade Center, Paul Greengrass bru-
tally direct United 93 or John Ney Riebers
introspective writing for the Captain
America comic (which saw the consum-
mate American hero sifting through the
rubble alongside fire fighters). Extremely
Loud & Incredibly Close wants to be a
definitive 9/11 movie, captur-
ing the aftermath of loss and
despair and incomprehension.
It fails.
It follows Asperger-suffering
eleven-year-old Oskar Schell
(Thomas Horn), who is unable to move
on from his fathers death. When Oskar
finds a key in an envelope labeled
Black, he convinces himself it is a mes-
sage from his father and begins a quest that
largely involves sifting through the New
York phonebook.
The real skill in Jonathan Safran Foers
novel, from which this is adapted, is his lay-
ered prose, giving a real sense of the world
closing in on the young, frightened protag-
onist. Director Stephen Daldry makes a stab
at replicating this, with trains screeching
by, cars honking and planes droning over-
head. But mostly hes content to follow
Oskar from one nauseatingly saccharine
encounter to the next. It is all so hopelessly,
cloyingly nice it makes Be Kind Rewind look
like Straw Dogs. Around 20 per cent of the
screen-time and five per cent of the screen
space is taken up by shots of Oskars big,
glassy eyes, welling up like little, sorrowful
fountains and if that isnt enough to let
you know how tragic it all is, a handy voice-
over is on hand to tell you. Carrying the
weight of the whole affair, Horn often looks
hopelessly out of his depth. There are parts
that are very sad but then 9/11 was very
sad. Daldry hardly has to break a sweat
pulling the heartstrings.
The supporting cast offers little
redemption, with Tom Hanks and
Sandra Bullock too glossily perfect as
Oskars parents. Max von Sydow is
the stand-out exception; his mysteri-
ous, mute lodger conveys more of a
sense of the unfathomability of loss
than the rest of the cast combined,
despite never opening his mouth.
Daldrys adaptation, though, too
often relies on schmaltz over sub-
stance. It may be extremely loud but it is
also incredibly twee.
make huge budget action films like Jaws and
Star Wars while he languishes in straight-to-
video obscurity. Interviews with his former
proteges, including Jack Nicholson, Martin
Scorsese and Robert DeNiro, reveal a director
and producer who has consistently pushed
the envelope, creating the first biker movie
(The Wild Angels) and a film about racial
integration (The Intruder) so controversial
that Corman was branded a communist and
persuaded to keep his political ideas in the
sidelines. Still producing films in his 80s, he
recently won a Lifetime Achievement Award
at the Oscars: a late recognition from the
establishment for a man who, for all his
seemingly silly movies, deserves to be taken
seriously. Cormans World is a fine testament
to a director whose approach to film-making
is reflected in his violence-filled movies:
when it stops moving, blow it up.
Theatre
THE RECRUITING OFFICER
The Donmar Warehouse
hhhhI by Zoe Stripmel
W
hat is there left to say about
Pablo Picasso, the man who is
to modern art what
Shakespeare is to sonnets or
Lou Reed is to feedback?
The Tate Britains Picasso and British
Modern Art, explores, predictably, the
Spaniards relationship with, and influ-
ence on, the UK. Far from being revered as
a young artist, he was critically lambasted
during his first exhibition here in 1910.
Renowned critic GK Chesterton described
one painting as a piece of paper on
which Mr Picasso has had the misfortune
to upset the ink and tried to dry it with
his boots a line as inspired as it was
misguided.
The exhibition charts Picassos career
from his earlier, less abstract work (Girl on
a Chemise and The Frugal Meal being
highlights) through to the unmistakable
cubism of Nude Woman in a Red
Armchair, contextualising it all through
its reception on these shores.
His work is displayed alongside the
British artists he influenced, from Ben
Nicholsons violently scarred canvases to
David Hockneys touching tributes (one
sketch of Hockney sitting naked at a desk
while Picasso inspects one of his paintings
is particularly moving). The inclusion of
several of Francis Bacons wailing, twisted
mouths and Graham Sutherlands
Crucifixion series are other highlights.
Some of the comparisons, though,
are little more than mimicry most of
the work by Duncan Grant and some by
Sutherland amount to little more than
Picasso-light; scrawl the Spaniards dis-
tinctive signature across the bottom and
squint a bit (OK, squint a lot) and youd
struggle to tell them apart.
The Guernica was, of course, conspicu-
ous by its absence and a printed replica
glued to the wall felt like a bit of an insult.
When you consider the last time it was in
the UK it ended up nailed to the wall of a
used car showroom, you cant really
blame the Spanish for hanging onto it.
The Tates own relationship with the
artist is also a running theme the
gallery bought its first of his works (a
rather un-Picassian floral number) in
1933, three decades before he rose to glob-
al popularity.
A Modern Lovers song about the artist
goes: Pablo Picasso never got called an
asshole not in New York. This clearly
wasnt the case in Britain. You wont find
many people saying it now though.
Nothing like a bit of
cross-dressing to get
the juices flowing:
Nancy Carroll as Silvia
dressed as a man
swoops in on a hap-
less market girl
(Aimee-Ffion
Edwards)
Art
PICASSO AND MODERN
BRITISH ART
Tate Britain
hhhhI by Steve Dinneen
T
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HUSTLE
BBC1, 9.00PM
Mickey decides to retire but not
before one last job involving a crooked
businessman, a 10million payout and
a death threat. Last in the series.
THE MAD BAD AD SHOW
CHANNEL4, 10.00PM
Mark Dolan hosts a panel show in
which team captains Micky Flanagan
and Mark Watson answer questions
on adverts from the UK and abroad.
THE MENTALIST
CHANNEL5, 9.00PM
Jane believes a car bomb was
intended for a former football star, so
he sets up a ruse to make the killer
believe the athlete is dead.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive World Club Challenge
10pmTake It Like a Fan 10.30pm
Premier League World 11pm
Football League 12amWorld Club
Challenge 2amTake It Like a Fan
2.30amPremier League World
3amFootball League 4am-6am
World Club Challenge
SKY SPORTS 2
6.30pmTight Lines 7.30pmLive
Football League 10.15pm
International Twenty20 Cricket
11.15pmInternational One-Day
Cricket 12.15amWomens
International Twenty20 Cricket
2.15amElite League Ice Hockey
3.15amClassics 3.30amA League
Football 4amTake It Like a Fan
4.30amPremier League World
5am-6amFootball League
SKY SPORTS 3
6pmWomens International
Twenty20 Cricket 8pmLive PGA
Tour Golf 11pmEuropean Tour
Golf 1amPGA Tour Golf 4am
Tight Lines 5amKings of the
Snow5.30am-6amRoad to
London
BRITISH EUROSPORT
7pmLive Snooker: The Welsh
Open 10pmBoxing 11.30pmSki
Jumping 12am-12.30amCycling
ESPN
6.45pmGoal! 7.15pmTotal Italian
Football 7.45pmLive Serie A
9.45pmBundesliga 11.30pm
ESPN Press Pass 12amMMA Live
12.30amOff the Ball 1amFA Cup
Preview Show1.30amICC
Cricket World Magazine 2am
Euroleague Basketball Magazine
2.30amFIBA Basketball
3am-3.30amNBA Action
SKY LIVING
7pmCriminal Minds 8pm
Steps Reunion 9pmCriminal
Minds 10pmCSI: Crime Scene
Investigation 11pmBones 12am
Criminal Minds 1.50amCSI:
Crime Scene Investigation
3.30amMedium4.20amBones
5.10am-6amJerry Springer
BBC THREE
7pmDoctor Who 8.30pmThe
Real Hustle: Celebrity Chancers
9pmRussell Howards Good News
10pmEastEnders 10.30pmSun,
Sex and Suspicious Parents
11.30pmFamily Guy 12.15am
American Dad! 1amRussell
Howards Good News 2amBizarre
Crime 2.30amThe Real Hustle:
Celebrity Chancers 3amSun, Sex
and Suspicious Parents 4am-5am
Being Human
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmSupernanny US
9pmFILMDodgeball: A True
Underdog Story 2004. 10.50pm
Playing It Straight 11.55pmThe
Big Bang Theory 12.50amScrubs
1.45amHow I Met Your Mother
2.10amRules of Engagement
2.30amGreek 3.15amUgly Betty
3.55am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmIRT Deadliest Roads:
The Andes 9pmMud Men 10pm
Cash Cowboys 11pmHow London
Was Built 12amPawn Stars
12.30amStorage Wars 1amThe
True Story 2amHow London Was
Built 3amOnly in America 4am
The True Story 5am-6amCash
Cowboys
DISCOVERY
7pmBear Grylls: Born Survivor
8pmAircrash Confidential 9pm
Storm Chasers 10pmAmerican
Chopper: Senior Versus Junior
11pmDeadliest Catch Behind the
Scenes 12amBear Grylls: Born
Survivor 1amStorm Chasers 2am
American Chopper: Senior Versus
Junior 3amWheeler Dealers
3.50amMythbusters 4.40am
More Industrial Revelations
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon
and Kate Plus 8 9pm19 Kids and
Counting 10pmKate Plus 8 11pm
Kids Hospital 12am19 Kids and
Counting 1amKate Plus 8 2am
Kids Hospital 3amSupernanny
US 4amA Baby Story 5am-6am
Baby Tales
SKY1
8pmModern Family: Access All
Areas 8.30pmThe Simpsons 9pm
Stella. Luke has a 25th birthday
party. 10pmAn Idiot Abroad 2
11pmA League of Their Own
12amDog the Bounty Hunter 1am
Fringe 1.50amDom Jolys Happy
Hour 2.40amRoad Wars 4.20am
Bondi Vet 5.10am-6amDont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
A
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show; BBC News
8pmEastEnders
8.30pmRoom 101
9pmCHOICE Hustle
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton
Show
11.20pmThe National Lottery
Friday Night Draws 11.30pm
FILMSeverance: 2006. 1am
Weatherview1.05amSign Zone:
Question Time 2.05amSign Zone:
Great Barrier Reef 3.05amSign
Zone: Hairy Bikers Best of British
3.50am-6amBBC News
6pmEggheads
6.30pmBritains Heritage
Heroes
7pmLive Cycling: The Track
Cycling World Cup Classics
event from London.
8pmMastermind
8.30pmMastermind
9pmBaka: A Cry from the
Rainforest
10.30pmNewsnight
11.20pmThe Review Show
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1 2 3 4 5 6
7
8 9
10
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15
16 17 18
19 20 21
22
23 24
16 21 17
45
12 10
15 20
22 5 7
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45
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10
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14
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14
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3
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33
26
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12
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
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KAKURO
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WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
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Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Garment worn on
the upper half of
the body (5)
4 Go in (5)
7 Drum out (4)
8 Aromatic, edible
bulb (5)
9 Month with
30 days (5)
11 Feasible
alternative (11)
15 Egg of a louse (3)
16 Gift of prophetic
vision (6,5)
19 Projecting bay
window (5)
21 Dutch ball-shaped
cheese (5)
22 Rise upward into
the air (4)
23 Wrinkled (5)
24 Deviating from
the truth (5)
DOWN
1 Spy (5)
2 Colloquial term for
ones ancestry (5)
3 Large cask or barrel (3)
4 Hour at which something
is due (inits) (3)
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over public roads (5)
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pressure diference (7)
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14 Of a thing (3)
16 Backless chair (5)
17 Colour of bleached
bones (5)
18 Exaggerated nasality
in speech (5)
20 Hallucinogenic
drug (inits) (3)
21 Alliterative term for
a young woman (3)
L
N
U
R
O D
F
W
E

4
4

B E S O M E J E C T
I Y A O A
G M S U B S U M E
T A P A S H D
O T A S S U R E
P R O N G T A I N T
A M O E B A N U
C V R O G E R
D E C I D E D L R
M C O E E
D E F E R M O T E T
6 8 7 9 4 1 7 2
1 2 4 6 8 3 9 5
2 5 8 9 1 2
3 9 8 6 4 7 9
1 2 4 7 3 1 4
3 7 8 9 2 9 5 8
2 6 7 4 5 8 9
1 4 5 3 2 4 8
8 6 1 2 2 6
3 1 7 2 6 4 8 9
7 2 9 8 1 2 3 5
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
INDULGENT
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H
AVING watched Arsenals disastrous
trip to the San Siro on Wednesday,
Sunderland might be licking their
lips in anticipation of progressing to
the quarter-finals of the FA Cup.
Arsenal were abject against AC Milan in
their midweek Champions League clash,
the 4-0 result becoming Arsene Wengers
worst ever European defeat. Fancy backing
Arsenal to win that tournament at around
300/1? I didnt think so.
Sunderland host the Gunners for the
second consecutive weekend and we sug-
gested backing a home win in last weeks
betting preview. Although the Black Cats
lost, it required a heroic last minute win-
ner from Thierry Henry for the visitors to
seal the points and a 2-1 win. Factor in this
time that theres no Henry, who bid a not-
so-fairytale goodbye to Arsenal fans on
Wednesday, and that his former team-
mates are likely to be tired and dejected
after their return from Italy.
Sunderland will be better rested, and
even if the Gunners had been on their way
to the Stadium of Light on the back of
beating AC Milan Id have expected them
to struggle. I cannot see a reason not to
back the hosts again, this time at 2/1 with
bet broker Bet Butler, who not only guar-
antee your bet is placed at the best odds
available, but are also offering a new
account offer of a free 25 bet.
Another reason to favour Sunderland is
their opponents leaky defence. An injury
picked up by centre-back Laurent
Koscielny in the week only adds to
Wengers worries. Of their five away fix-
tures in all competitions since the turn of
the year, the Gunners have lost three. The
two other results were last weekends nar-
row win and a goalless draw against
Bolton hardly anything to get excited
about. In those five matches, Arsenal con-
ceded 10 goals.
Since Martin ONeill took the reins at
Sunderland, not until the Arsenal match
had his side conceded more than a single
goal at the Stadium of Light. In seven
home games in that time, they have kept
three clean sheets. Thats not to say the
hosts will be able to keep Arsenal out you
can never count on that when Robin van
Persie is on the pitch but it does suggest
selling Arsenals supremacy at 0.15 with
Sporting Index is probably the right call.
I wouldnt argue with backing the hosts
to win 2-1 either. If you fancy it, get on at
10/1 with Coral and take advantage of the
firms Fight back Cashback offer: if
Arsenal were to win from a losing posi-
tion, as they did last week, theyll refund
your losing bet.
FOOTBALL TRADER BEN CLEMINSON BRINGS YOU THE BEST
FA CUP BETS FOR THE WEEKEND
POINTERS...
Sunderland at 2/1 with Bet Butler
Sunderland to win 2-1 at 10/1 with Coral
Sell Arsenal supremacy at 0.15 with Sporting Index
TOMORROW 5.15PM ITV 1
ARSENAL
SUNDERLAND
ONLY die-hard Tottenham fans are likely to
be familiar with Broadhall Way. The
ground used to host the clubs reserve
games, and although Stevenage have
played Spurs in the odd friendly, the North
Londoners will make their first full
appearance there this weekend.
The FA Cup fifth round tie conjures
reminders of Stevenages battles with
Newcastle United. In 1998, Guiliano
Grazioli famously earned the then non-
league team a St James Park replay they
were unfortunate to lose 2-1. But they took
revenge last season when the Toon came
calling again and left victims of a 3-1
defeat.
The 2010/11 season was a vintage one for
Stevenage, with promotion from League
Two at the first attempt added to their FA
Cup fourth round appearance. And they
havent looked back since. Nearly two-
thirds of the way through this campaign
and they again find themselves occupants
of a play-off position.
Cup fever might be sweeping the town,
but any dreams of a Wembley return for
the 2007 FA Trophy champions the first
side to win a competitive final under the
arch will only be realised via the League
One play-offs.
Harry Redknapp has spoken of his sides
FA Cup opportunity. If, as expected, he
takes the England job, what better way of
signing off than by delivering Champions
League football and lifting the famous tro-
phy for a second time after having done so
with Portsmouth in 2008?
That might be getting a little carried
away, but theres no reason to doubt
Corals 3/10 favourites on Sunday. The
hosts have excelled in this years tourna-
ment, keeping four clean sheets to reach
this stage, but Spurs havent conceded a
goal either and I dont expect them to start
now.
Since the start of December, Redknapps
men have won nine games across all com-
petitions and have let in just one goal in
those victories. Corals quote of evens for
them to win to nil looks a cracker.
Ironically, given Spurs 5-0 hammering of
Premier League opponents Newcastle last
time out, I dont think theyll run away
with it. Id expect a 1-0 or a 2-0 scoreline, so
sell goals with Sporting Index at 2.75.
SUNDAY 2.00PM ITV 1
TOTTENHAM
STEVENAGE
POINTERS...
Spurs to win to nil at evens with Coral
Sell total goals at 2.75 with Sporting Index
THESE two sides are both struggling in
their respective leagues and its quite fea-
sible that Bolton will be playing
Championship football next season and
Millwall will be back in League One. The
Lions are currently six points outside the
relegation zone, but they are still looking
over their shoulders.
Owen Coyle has endured a wretched
fortnight with his side going down at
Norwich and against bottom of the league
Wigan at the Reebok last Saturday. The
Trotters have looked very poor and their
next two league games are worryingly at
Chelsea and Manchester City. The FA Cup
will provide a welcome distraction, but
Coyle wont be relishing a trip to the New
Den.
Millwall have drawn their past two
league games, but they beat Southampton
in the fourth round at St Marys last
month and they are always dangerous in
front of their own fans. Kenny Jacket will
be looking for a decent cup run and Id
rather back them at 9/5 than Bolton at 7/5.
However, I have a feeling that these two
could be hard to split and the draw is the
best option at 12/5 with Coral.
The Lions have scored just 31 goals in
their 30 league games this season while
Bolton have found the net 29 times in
their 25 matches. A sell of goals at 2.45
with Sporting Index definitely looks the
right spread betting option and I wouldnt
put anyone off backing no goalscorer at
9/1 with Bet Butler.
TOMORROW 3.00PM
BOLTON
MILLWALL
POINTERS...
Draw at 12/5 with Coral
No goalscorer at 9/1 with Bet Butler
Sell total goals at 2.45 with Sporting Index
Black Cats to
taste victory
with second
bite of cherry Sunderland will be better rested Picture: GETTY
43
SPORT TRADER OLLIE DREW PREVIEWS THE THIRD ODI BETWEEN PAKISTAN AND ENGLAND
WHILE BILL ESDAILE LOOKS AHEAD TO THE CHELTENHAM FESTIVAL
F
OR a long time Alastair Cook
couldnt even get in Englands
one day side. Now, no mans
place in the team is more
secure. The Three Lions skipper has
registered a number of big scores at
the top of the order and this week
became the first England captain to
hit back-to-back centuries, with
totals of 137 then 102 in the space of
48 hours. It was Englands 574th ODI.
After a terrible showing in the
Test series, in which they were
whitewashed, England have earned
themselves an unassailable limited
overs lead after winning the two
opening games of this four-match
series. The first of those was
achieved without breaking sweat.
The tourists made 260-7 and eased
to a 130-run win in Abu Dhabi as
Cook reached his highest one day
score and Ravi Bopara played his
part with an exact half-century. The
Essex boys were again Englands top
scorers on Wednesday Bopara
posted 58 as the team made 250-4
and won by 20 runs.
However, Pakistans required run
rate was still around a run a ball
until late on, while they had enough
wickets in hand to give the visitors
more of a scare. In both matches
England have won the toss and cho-
sen to bat. If Misbah-ul-Haq gets to
make the decision on Saturday, as
the action moves to the Dubai
International Cricket Stadium, and
puts England in, then they could
struggle to chase down under pres-
sure. In the last two matches on this
ground it is the team batting first
which has prevailed.
Before their two reverses in Abu
Dhabi, Pakistan had won 13 of their
previous 14 ODIs so will expect to
make a mark on this series, especial-
ly as Englands last 50-over series
ended in a 5-0 thrashing in India.
The bookies also expect Pakistan to
improve their fortunes, with 3-1 to
England the favourite with Blue
Square at evens in the series correct
score market.
The sides cant be split in the
third ODI betting, with each team
available at 5/6 with Coral, and Im
in favour of Pakistan at those odds.
Another option is to buy their
supremacy at 10 with Sporting
Index. Despite his undeniably fan-
tastic form, I think there is also an
opportunity to oppose Cook. He is
3/1 favourite to be his sides top scor-
er again, but it is worth remember-
ing that he was dropped on 28 and
he has plenty of low scores to match
the highs from his 43 ODI caps.
There have been four ducks in that
time and further six failures to
reach double figures. His average
stood at 35.56 until his last two
knocks pushed it to 41.39. A small
sell of his performance at 40 with
Sporting Index is recommended.
POINTERS...
Pakistan to win at 5/6 with Coral
Buy Pakistans supremacy at 10 with Sporting
Index
Sell Cook performance at 40 with Sporting
Index
SATURDAY 11.00 AM SKY SPORTS
ENGLAND
PAKISTAN
Captain Cook could struggle
to continue his fine ODI form
W
ITH only 24 days to go until
the start of this years
Cheltenham Festival, the
majority of ante-post mar-
kets are beginning to reach a stage of
maturity where there may be better
value waiting until the day.
That said, the next 48 hours or so
will see the reputations of many well-
fancied hopes either seriously
enhanced or smashed to pieces. Long
Run (Gold Cup), Sprinter Sacre (Arkle)
and Bobs Worth (RSA Chase) are just
three high profile runners all having
their prep runs this weekend.
However, one race that really catch-
es the eye from a trading perspective
is the more unfashionable Albert
Bartlett Novices Hurdle run over
three miles on the last day of the
meeting. The current market is head-
ed by two horses that are by no means
guaranteed runners meaning there
must be some value lurking below
them in the list.
Philip Hobbs came out this week
and stressed that Fingal Bay (as short
as 5/1) is being aimed at the Neptune
Investment Hurdle, while that race is
also under consideration for current
favourite Boston Bob (as short as 4/1).
My gut feeling is that Willie Mullins
may also opt to run him in the
Neptune as he tends to aim his best at
that particular contest.
So, with every chance that neither
will make the line-up on the day, the
obvious place to start the search for
value is the next pair in the market,
but neither make much appeal.
Mount Benbulbens form is all on soft
ground (only once in 20 years has the
ground been soft on Gold Cup day)
and his jumping was awful last time.
Im sure many people will also be
interested in the Paul Nicholls
trained Rocky Creek as he was might-
ily impressive at Doncaster recently.
However, Ive just got a sneaky feeling
that form may be a little bit suspect.
That leaves Irish raiders SEA OF
THUNDER and FOLSOM BLUE as the
two that make the most appeal as
both are guaranteed stayers and even
though they are both Gigginstown
Stud-owned, they dont hold multiple
entries.
The former had a Grade Two over
the course and distance in the bag
before Christmas when tipping up at
the last. He relished the good ground
that day and showed no ill effects
from that fall when chasing home
Boston Bob on terrible ground over
an inadequate two and a half miles
last time. He can still be backed each-
way at 14/1 in places and will surely
start nearly half that price if lining up
on the day.
As for Folsom Blue, he is another
progressive staying hurdler who is
looking for a fourth win on the
bounce. He showed a lovely atti-
tude when winning on desperate
ground over two miles and six fur-
longs last time and the step up to
three miles looks ideal. He is avail-
able at 16/1 with Willam Hill and
Paddy Power when other firms are
already as short as 8/1.
On the subject of Cheltenham,
there are still a couple of team places
available for the official Cheltenham
Golf Day at Celtic Manor on Monday
12th March. For more information or
to book, contact Fairway to
Furlongs Sam Krume by emailing
[email protected].
Likely non-runners make Irish pair attractive in Albert Bartlett Hurdle
POINTERS...
SEA OF THUNDER e/w 14/1 Albert Bartlett
(Cheltenham Festival)
FOLSOM BLUE e/w 16/1 Albert Bartlett
(Cheltenham Festival)
Cooks one-day average was 35.56 before his
back-to-back centuries Picture: GETTY
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NOW
RACING TRADER BILL ESDAILE PREVIEWS THE TOP ACTION
FROM NEWBURY, ASCOT AND HAYDOCK
T
HERE is a fantastic card at
Newbury this afternoon and
both the racecourse and
sponsors Betfair should be
commended for rescheduling the
key races following last Saturdays
abandonment. The big betting
contest of the day is the Betfair
Hurdle (1.15pm) and all the key
protagonists have stood the
ground.
I put up both SIRE DE GRUGY
and CICERON last week and with
ground conditions to suit Im still
keen on both of them. Coral have
pushed out the former to 16/1 and
thats a massive price each-way.
The meeting gets underway
with the Betfair Super Saturday
Chase (12.10pm) and SPRINTER
SACRE, also tipped up last week, is
a strong fancy. Its a big day for his
trainer Nicky Henderson with
Long Run lining up in the Betfair
Denman Chase (12.40pm). The
reigning Gold Cup champion is as
short as 4/9 and although he is eas-
ily the most likely winner, I would-
nt want to be taking such a short
price about a horse that hasnt
jumped brilliantly this season.
Now, Im not saying that Long
Run wont win, its just that I
think there is better value in back-
ing his stablemate BURTON PORT
each-way at 9/1 with Blue Square.
The eight-year-old hasnt run since
finishing second in the 2010
Hennessy, but that was an excel-
lent performance and dont forget
that he finished in front of Long
Run in that years RSA Chase.
Henderson is a master at bring-
ing horses back from a break and
Burton Port has reportedly been
working really well at home. Im
not a fan of What A Friend and
even if Burton Port doesnt win,
hes got a really solid chance of fin-
ishing second.
Venetia Williams string have
been in much better form this sea-
son and lets hope Ciceron does us
a favour in the Betfair Hurdle.
However, Im also quite sweet on
her STOWin the Betfair Supports
Walking With The Wounded
Handicap Hurdle at 2.25pm. The
seven-year-old won this race
emphatically last year and is only
4lb higher. Hes got a lovely racing
weight and ran really well at
Haydock last time.
Nicky Hendersons Bobs Worth
has had a minor breathing opera-
tion since finishing third to
Grands Crus in the Feltham at
Kempton on Boxing Day and has
been backed into a best-priced 9/2
for the RSA Chase. The seven-year-
old was an emphatic winner of the
Albert Bartlett Novices Hurdle at
last years Festival and it would be
no surprise to see him add further
Cheltenham success next month.
However, tomorrows likely
small field and slowly run three
miles around Ascot in the
Reynoldstown Novices Chase
(1.50pm) hardly looks like playing
to his strengths and Id be happy
to oppose him. His reputation will
ensure that hell be sent off
favourite, but I see no reason why
Paul Nicholls SILVINIACO CONTI
shouldnt beat him again with
conditions in his favour.
Messrs Nicholls and Henderson
have the two market leaders in the
Grade One Betfair Ascot Chase
(3.00pm) in the shape of Kauto
Stone and Riverside Theatre. They
both have solid claims, but theyre
not going to be much of a price
and my eye is drawn to David
Pipes IMSINGINGTHEBLUES at
around the 14/1 mark.
The 10-year-old has been tremen-
dously consistent this season and
he really deserves a step up to this
level. He has never been out of the
first two in four starts at Ascot and
although this is a Grade One, I
think he can be competitive. David
Pipe obviously believes so too, as
he has left him in the final 14 for
next months Champion Chase.
Medermit is a danger on his best
form, but Gauvain isnt the most
consistent and Id also be slightly
worried about the form of the
Nick Williams stable.
The conditions at Haydock are
going to be pretty testing and that
makes proven stamina the order
of the day in the Betfred Grand
National trial (3.20pm). The first
place to start has to be with the
Welsh National winner Le Beau
Bai, who will relish the conditions.
He stayed on really well at
Chepstow and is still fairly handi-
capped judged on his old form.
The worry is that hes gone up
nearly a stone for that victory and
hes also quite short at 5/1.
Giles Cross was only just reeled
in last time and he is another with
a big chance, but Im willing to
oppose him at the prices. Always
Right needs to put a poor perform-
ance at Wetherby behind him,
while this is going to be a tough
ask for Neptune Collonges off top
weight on this ground.
Ian Williams continues to fire in
the winners and his FREDOlooks a
really solid each-way bet at 10/1
with Coral. He was running on at
the death behind Hey Big Spender
last time and has won two of his
three visits to Haydock. Soft
ground is a big plus and I definite-
ly think hes got a decent race in
him off this kind of mark.
Ill be at Ascot tomorrow so fol-
low me on Twitter @BillEsdaile for
all my views.
W
ERE now just over a
week away from the
grand final of the
Blue Square Sprint
Series and tomorrows two divi-
sions are the last chance for
runners to accumulate enough
points to guarantee a place in
the final. The Series has been a
great success and the final
promises to be very exciting
with 15,000 in prize money
on offer.
Tomorrows first division
(3.25pm) features two previous
winners and I think CUT THE
CACKLE can go in again. Richard
Guests runner was made
favourite last week following his
victory a fortnight ago, but just
couldnt get into it from stall 11.
Hes in stall two this time and
the Series leading jockey
William Carson is back in the
saddle.
Nubar Boy did this column a
favour last week, but he is up
another 3lb and that will make
life difficult. I was tempted to
put up Waterloo Dock after
his promising second
last time, but he has-
nt won from a mark
this high before and
is therefore passed
over.
The second division
(4.00pm) is really hard
to call. Captain
Di mi t r i os
has been
cons i s -
tent throughout the winter and
Waabel is certainly handicapped
to win. However, Im going to
give a chance to Ron Harris MY
LORD who has won off much
higher marks in the past.
Blue Square continue to
refund bets if you are beaten less
than a length and they also have
the Blue Square Winter
Carnival App for all the news
on the Blue Square Sprint
Series.
LUKE MORRIS RIDE
OF THE WEEKEND
NOBLE SILK 1.40PM
LINGFIELD
(TOMORROW)
Burton Port to put
it up to Long Run
POINTERS...
BURTON PORTe/w 12.40pm Newbury
STOWe/w 2.25pm Newbury
SILVINIACO CONTI 1.50pm Ascot
(tomorrow)
IMSINGINGTHEBLUESe/w
3.00pm Ascot (tomorrow)
FREDOe/w 3.20pm Haydock (tomorrow)
Already Advised
SPRINTER SACRE 12.10pm Newbury
SIRE DE GRUGYe/w 1.15pm Newbury
CICERONe/w 1.15pm Newbury
Burton Port (above) beat stablemate Long Run in the 2010 RSA Chase Picture: GETTY
Punter | Racing
ENGLAND batsman Ravi Bopara has
tipped one-day captain and Essex
team-mate Alastair Cook to force his
way back into the Twenty20 side.
Cook has banished his reputation
as a short-form flop with consecutive
centuries as England have opened up
a 2-0 lead in the one-day series with
Pakistan. Cook has not added to his
four T20 caps since 2009 but Bopara
said: Theres no reason why he cant
change and become that Twenty20
player as well.
CRICKET
SPORT | IN BRIEF
Petits Wenger warning
FOOTBALL: Former Arsenal star
Emmanuel Petit has urged boss
Arsene Wenger to axe his flops
following Wednesdays 4-0
thrashing at AC Milan. He said:
You have to say to [Andrey]
Arshavin, and to [Tomas]
Rosicky: Gentlemen, thank you,
but goodbye. And soon.
Casey out of Match Play
GOLF: Englands Paul Casey has
been forced to pull out of next
weeks Accenture Match Play
Championship in Arizona but
hopes to return from a shoulder
injury next month.
THE MAN who submitted the so-
called anonymous complaint to the
European Commission blamed for
scuppering West Hams Olympic
Stadium move says he had told
authorities he was behind it all
along, City A.M. can reveal.
A deal with the football club was
scrapped in October amid fears it
would be delayed by legal action,
with legacy chief Baroness Margaret
Ford blaming a sickening and
vindictive anonymous complaint.
But architect Steve Lawrence,
who helped draw up initial plans
for the Olympic Park, says he had
extensive correspondence with the
Department for Culture, Media and
Sport in which he told them he was
complaining to the EC.
Lawrence also believes his com-
plaint was used as an excuse to
abandon the deal because Fords
Olympic Park Legacy Company
feared it would lose a looming judi-
cial review of its decision to choose
West Ham as tenants. He told City
A.M.: I challenged DCMS and the
Greater London Authority many
times. They told me they had a
robust process in place. I challenged
them again and, when I didnt get a
response, finally I contacted the
commissioners office and I told
DCMS I was contacting them.
A spokesperson for DCMS con-
firmed it had corresponded with
Lawrence but said it didnt have
any knowledge he intended to
complain to the EC. An OPLC
spokesperson said it had not known
Lawrence was behind the complaint
until yesterday.
Lawrence says he complained
over concerns the project would
become a burden on the taxpayer,
and that a 40m loan from
Newham council to West Ham
might constitute illegal state aid. He
says he sent 32 emails to bodies
including DCMS, the GLA and OPLC
before contacting the EC on 23
September 2011.
He concedes he did ask the
European Commissioner not to
publish his name, as it was not rele-
vant and might attract harassment,
knowing of course the authorities
would know who the complaint
had come from due to the history of
correspondence between us.
Lawrence emerged as the man
behind the complaint yesterday,
telling Sky Sports News: My feeling
is that they used the complaint as
an excuse for pulling out in advance
of the judicial review as they knew
they were going to lose.
Stadium complaint not anonymous
Sport
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Exclusive: West
Ham Olympic
move rebel says
he warned chiefs
West Hams deal to move into the stadium was axed in October Picture: GETTY
Cook can be T20
hit, says Bopara
BY FRANK DALLERES
OLYMPICS
Sport
46
MANCHESTER CITY are set to complain
to European chiefs that Yaya Toure and
Mario Balotelli suffered racial abuse as
the Premier League leaders earned a
valuable comeback win last night.
Striker Sergio Agueros late winner
capped a second-half recovery from the
visitors, aided by an own goal by Alvaro
Pereira, after Silvestre Varela had put
the Portuguese champions in front.
But the Europa League last 32 first leg
victory was marred by chants apparent-
ly aimed at Toure and Balotelli, and City
are thought to be ready to lodge a com-
plaint. Manager Roberto Mancini, who
said he had not heard the racist abuse,
praised his teams second-half turn-
around, which makes them favourites to
reach a last 16 tie with either Legia
Warsaw or Sporting Lisbon.
We played very well, said Mancini. I
told them only to play as we know how.
In the second half maybe we played
higher but we had seven or eight
chances to score and more importantly
we didnt give Porto any.
Varela put Porto in front after 27 min-
utes when he beat Gael Clichy to a
drilled cross from Hulk and poked past
England goalkeeper Joe Hart.
City equalised in freakish circum-
stances 10 minutes after half-time, when
Balotelli and Pereira jostled to reach
Toures cross and the ball bounced off
the defenders shoulder and past strand-
ed keeper Helton. Toure also had a hand
in Citys winner, charging at the heart of
Portos defence before squaring for sub-
stitute Aguero to tap into the empty net
six minutes from time.
FOOTBALL
City in racism complaint as

Aguero grabs late winner
1
2
PORTO
MANCHESTER CITY
Chelsea at
odds over
Villas-Boas
Manager admits squad is divided over his
approach as Blues battle to finish in top four
UNDER-FIRE Chelsea manager
Andre Villas-Boas admits he is
battling a divided dressing
room but insists owner
Roman Abramovich still has
faith in him.
Villas-Boas is under increas-
ing pressure, with the Blues
on course to miss out on
Champions League qualifica-
tion for the first time since
Abramovich took over in 2003.
And the former Porto boss
yesterday lent credence to sug-
gestions of unrest among the
squad by confessing some of
his players do not back his
approach.
That is normal, he said.
They dont have to back my
project. Its the owner who
backs my project.
Saturdays defeat at Everton
marked a new low in an
already disappointing season,
but Villas-Boas denies it has
nudged him closer to being
sacked.
I dont think so, but its a
question that you will have to
ask the owner, he added.
Much has been made of
Ambramovichs increased
presence at Chelseas training
ground this month, yet the 34-
year-old believes he retains the
Russians total confidence.
Villas-Boas said: I think the
owner has full trust in me and
will continue to progress with
the ideas that we have.
Abramovich has earned a
reputation for ruthlessness
with under-performing man-
agers, with five being dis-
missed during his
eight-and-a-half-year tenure.
Villas-Boas, recruited at a
cost of 28m in the summer
after winning the treble in his
first full season at Porto, has
always insisted that his remit
is to mastermind a long-term
project, even if it is at the
expense of instant success.
However a failure to qualify
for the Champions League
would cost the club around
40m, and Abramovich may
feel forced to intervene if he is
not convinced his team will
attain an all-important top-
four place.
Chelsea currently lie fifth,
behind Arsenal only on goals
scored, with 13 Premier
League games remaining.
Newcastle are just one point
behind and Liverpool a fur-
ther three adrift in what is
likely to be a four-way fight.
MANCHESTER UNITED boss Sir
Alex Ferguson admitted to mixed
feelings last night after taking a
huge step towards the Europa
League last 16 but losing winger
Antonio Valencia to injury.
Ferguson was delighted at a
comfortable win, earned by sec-
ond-half goals from winger Ashley
Young and striker Javier
Hernandez, that makes them hot
favourites to
progress at Old
Trafford in a fort-
night.
But his
evening was
soured by Valencias
hamstring problem,
which he predicted
would keep the
Ecuador star out for a
month as United look to
overhaul rivals Manchester
City in the Premier League
run-in.
Im delighted with the score-
line, said Ferguson. It was not a
brilliant performance, but good
enough. At home we have a good
opportunity to get through.
On Valencia, who has emerged
as a key figure in Fergusons latest
United team, he added: It
will be four weeks. It is a bad
blow for us.
Young (left) opened the
scoring on 59 minutes when
Ajax failed to clear Nanis
cross and the former Aston
Villa player cut inside onto his
right foot to drive a shot between
the legs of goalkeeper Kenneth
Vermeer.
Hernandez added a
breakaway second
with five minutes
left, exchanging passes
with Wayne Rooney before
his low shot ricocheted in off
the diving Vermeer.
United will face Athletic
Bilbao or Lokomotiv
Moscow if they qualify for
the next round.
BY FRANK DALLERES
FOOTBALL
BY FRANK DALLERES
FOOTBALL
0
2
AJAX
MAN UNITED
Valencia out for a month as injury
sours United march towards last 16
Chelsea managers since Roman
Abramovichs takeover in 2003 by length
of service
Guus Hiddink 3 months, 15 days*
Luiz Felipe Scolari 7 months, 9 days
Andre Villas-Boas 7 months, 25 days
Avram Grant 8 months, 4 days
Claudio Ranieri 10 months, 29 days**
Carlo Ancelotti 1 year, 11 months, 21 days
Jose Mourinho 3 years, 3 months, 18 days
*Left voluntary at end of short-term deal
**Time in charge post-Abramovich buyout
COMPARED | ROMANS MANAGERS
BRITAINS pursuit teams progressed
safely to the final at the Track Cycling
World Cup as the Olympic Velodrome
was given a noisy competitive bap-
tism last night.
Wendy Houvenaghel, Laura Trott
and Joanna Rowsell will bid for gold
today after qualifying second fastest
behind Canada in the heats.
Their time of three minutes, 21.370
seconds was around six tenths of a
second slower than their in-form
rivals but enough to beat Australia,
Holland, the United States and New
Zealand.
Britains men Ed Clancy, Geraint
Thomas, Steve Burke and Pete
Kennaugh must wait until Sunday
for their showdown with Australia.
The home side were again second
in a field that also included New
Zealand and Belgium, although
Australia will be favourites for the
gold medal after clocking a time
more than half a second faster.
Clancy admitted to being shocked
by the sonic effect generated by the
6,000-string sell-out crowd crammed
into the eye-catching Velodrome for
Brit pursuit teams shine at
Velodromes wall of noise
BY FRANK DALLERES
CYCLING
47
NORTHAMPTON head coach Jim
Mallinder has not applied to be
England manager but admits he
would like the job one day.
The Saints boss was thought to be
one of the home-grown candidates to
have registered interest before
Wednesdays deadline.
But he said: I havent applied. Its
probably the best job in the world
coaching-wise but its got to be the
right thing at the right time.
Mallinder follows former New
Zealand assistant coach Wayne Smith
in ruling himself out of the running
to be Martin Johnsons permanent
successor. Interim boss Stuart
Lancaster, who has won his opening
two Six Nations matches since being
placed in temporary charge, has con-
firmed he wants to keep the job.
London Irish coach Toby Booth is
thought to be his main domestic rival,
while former international chiefs
Nick Mallett, John Kirwan and Eddie
OSullivan are also in the frame.
Mallinder: I
dont want
England job
BY FRANK DALLERES
RUGBY UNION
EXCLUSIVE: ANONYMOUS OBJECTOR

HITS BACK IN STADIUM ROW
MAN BLAMED FOR COLLAPSE OF WEST HAM
OLYMPIC DEAL TALKS TO CITY A.M.: PAGE 45
London 2012IMAGE OF THE WEEK
its debut. Riding here will take some
getting used to because the crowd are
so loud, he said.
Normally we only get that kind of
support at the start and finish. For a
qualifying race it was just bizarre, it
was mental, it was just a wall of noise
all the way around.
The final leg of the World Cup con-
cludes on Sunday, with British stars
such as Victoria Pendleton and Sir
Chris Hoy in action over the weekend
in the Olympic test event.
Hoy will face off with fellow Briton
and world champion Jason Kenny in
Sundays individual sprint, as they vie
for the one Team GB spot for that
event at the Games.
Villas-Boas has
faced mounting
pressure
Picture: GETTY
Britains men
face Australia in
Sundays final
Picture: GETTY
TWO HEARTS. REAL PRECISION.
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