Why We'Re Backing Boris: Media Giant Under Siege As Mps Strike
Why We'Re Backing Boris: Media Giant Under Siege As Mps Strike
Why We'Re Backing Boris: Media Giant Under Siege As Mps Strike
DAVID MCCANN
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ANALYST VIEWS
CAN MAN GROUP TURN
AROUND ITS PERFORMANCE?
Interviews by Peter Edwards
Man boss Clarke defiant
in face of investor anger
INVESTORS renewed their flight
from the troubled Eurozone
economies in April, figures revealed
yesterday, driving up peripheral
governments borrowing costs.
Surveys of 55 leading investment
houses in the US, Europe, UK and
Japan showed holdings of Eurozone
bonds in balanced portfolios fell to
24.5 per cent, compared with 26 per
cent in March and substantially
lower than the 26.9 per cent
recorded at height of the crisis in
November last year.
Borrowing costs fell and funds
holdings of bonds stabilised at the
start of the year after the European
Central Bank (ECB) pumped
1trillion (815bn) in cheap loans
into Europes banks.
However, yields on Italys 10-year
bonds rose from five per cent at the
start of the month to 5.51 per cent
at the end as the impact of the cash
injection wore off.
Spanish 10-year yields rose from
5.26 per cent to 5.77 per cent in the
month, after peaking at 6.16 per
cent a level last seen in December
before the ECBs action.
Over the month yields on 10-year
UK gilts fell from 2.29 per cent to
2.11, after a low of 2.01 per cent, and
yields on US Treasuries dropped
from 2.23 per cent to 1.91 per cent as
investors continued to view the non-
Eurozone countries as safe havens.
Investors flee
Eurozone as
crisis deepens
BY TIM WALLACE
PIMCO boss Bill Gross has warned of
the inflation risk caused by central
banks efforts to kick-start growth and
raised the prospect of a fresh down-
grade to the US credit rating.
Gross, founder and co-chief invest-
ment officer of the California-based
bond giant, said stimulus policies
have created an ocean of credit.
In 2008, central bankers never real-
ly knew how much debt was out
there, and to be honest, they dont
know now, Gross said in his monthly
letter to investors.
He warned that boosting the pool of
credit would produce economic
growth this year for developed coun-
tries but also create structural risks
and rising inflation.
He said US Federal Reserve bankers
appeared to believe that markets will
buy future Treasuries at low yields
because the private markets stock
of Treasuries has been depleted.
Gross later told CNBC the US could
be downgraded if it does not tackle its
debt. He cited the structural deficit
figure, which is between six and eight
Pimco boss Bill
Gross warns of
inflation risk
BY PETER EDWARDS
per cent greater than any other coun-
try besides Britain and Japan.
Until we address that structural
deficit then yes, were headed to AA
territory, he said.
The US is currently rated AA+ by
Standard & Poors and AAA by
Moodys and Fitch. Last summer S&P
downgraded the US to AA+ with a neg-
ative outlook for the first time in its
history.
Gross gave the US a personal credit
rating of AA+ but said he was very
conscious of the fiscal cliff near the
end of the year.
He spoke out as filings of the
European arm of Pimco showed seven
directors, including the brother of
shadow chancellor Ed Balls, shared a
57m pot last year.
The highest-paid director, who was
not identified, received 29.96m,
according to filings at Companies
House. In total the directors were
awarded 57.13m. Profit before tax
was virtually flat at 28.02m.
Andrew Balls is a managing director
in the London office and head of
European portfolio management.
Pimco did not respond to calls.
BOLIVIA followed in Argentinas
protectionist footsteps yesterday
as it nationalised a local unit of
Spains Red Electrica, blaming a
lack of investment in the country.
Bolivias leftist President Evo
Morales ordered the army to take
over the Cochabamba
headquarters of the power
transmission company known as
TDE.
The move came just two weeks
after Argentina decided to take
control of YPF, the countrys
biggest oil firm that was majority
owned by Spanish firm Repsol.
Bolivian army seizes control of
Spanish energy business TDE
BY MARION DAKERS Buenos Aires decision was
slammed by many in the
international community but
celebrated by some of its South
American neighbours.
In honour of all Bolivian people
who have struggled to recuperate
our natural resources and basic
services, we are nationalising
Transportadora de Electricidad
(TDE), Morales said during his
official address for May Day, also
known as International Workers
Day.
Bolivia still needs partners, but
not owners, he said after
ordering the army to take over
TDEs installations.
WEDNESDAY 2 MAY 2012
3
NEWS
cityam.com
Bolivias President Evo Morales said his country needs partners but not owners
AS MPs in London produced the most
damning report so far of Rupert
Murdochs stewardship of his UK
newspapers, shares of his global
media group somewhat perversely
rose.
The Commons culture, media and
sports committee yesterday conclud-
ed that Rupert Murdoch and his son
James exhibited a wilful blindness
towards phone-hacking at the News of
the World, with the groups majority
Labour MPs saying that the 81 year
old is not fit to run a major interna-
tional company.
The committee also accused former
News Corp employees Les Hinton,
Tom Crone and Colin Myler of deliber-
ately misleading Parliament.
But at first glance, News
Corporations shares seem not to
reflect the recent events that have so
plagued the companys reputation.
Its shares rose one per cent to $19.79
yesterday, having climbed 14 per cent
since 7 July last year when James
Murdoch announced the imminent
closure of the News of the World.
Some say, however, that yesterdays
events make it more likely that Ofcom
will demand a change at News Corp.
The media watchdog, which last
week escalated its probe into whether
BSkyB is fit and proper to own a
broadcast licence, could soon force
Shares in News
Corp rise while
Murdoch slated
BY LAUREN DAVIDSON
News Corp to sell most of its 39.1 per
cent controlling stake in BSkyB an
outcome which analysts say might be
good news for News Corps sharehold-
ers.
BTIG, a US-based stockbroker, issued
a note before the select committees
report was published saying that
investors would love to see News Corp
sell off its UK assets considering it is
looking increasingly doubtful that
News Corp will be able to resuscitate
its bid for BSkyB.
The note claimed that the company
never received full credit for the
value of its unconsolidated BSkyB
investment and an auction of the
stake would like generate meaningful
incremental value to News Corp
investors.
Analysts have also predicted that
News Corps value will climb if the
company drops its relatively unprof-
itable newspapers.
G
E
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T
Y
Colin Myler, Tom Crone and Les Hinton were found to have deliberately misled the committee
The report points to the
difference between not
specifically being shown
evidence and not
being aware.
British Sky Broadcasting Group PLC
25Apr 26Apr 27Apr 30Apr 1 May
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691.00
1May
WEDNESDAY 2 MAY 2012
4
NEWS
cityam.com
News International has repeatedly stonewalled, obfuscated and misled and only
come clean, reluctantly, when no other
course of action was sensible and when its
wider commercial interests were threatened.
News Corp in the UK mounted a cover-up.
We conclude, therefore, that Rupert Murdoch is
not a fit person to exercise the stewardship of
major international company.
We have been told that it was as late as
December 2010 that James Murdoch and
Rupert Murdoch realised that the one
rogue reporter line was untrue. This, we
consider, to be simply astonishing.
Q
Can Hinton, Myler and Crone be punished
for misleading the committee?
A
It is now up to Parliament to
decide whether the three News
Corp executives have committed a
contempt, and if so, what
punishment should be imposed. A
possible outcome is that they will be
called to the House of Commons to
apologise to Parliament, but as
culture committee chair John
Whittingdale MP said yesterday, this
is uncharted water.
Q
So has this never happened before?
A
It has, but not since January 1957
when John Junor, then editor of
the Sunday Express,
was brought to the
Commons to apologise for printing
certain comments about MPs.
Q
Are Hinton, Myler and Crone likely to
apologise without fuss?
A
It is hard to know, but all three
issued statements in their defence
yesterday. Hinton said he was
shocked and disappointed at the
report, adding I refute these
accusations utterly. Crone claimed
the report demonstrates serious
flaws and lacks foundation, while
Myler current editor of the New
York Daily News said he stands by
his original evidence.
Q
A
and
What next for the News Corp execs?
The culture
committees report
referred to The News
of the Worlds
history of collective
amnesia.
The section of the
report which divided
MPs six to four.
Tory MP Therese Coffey said
News Int should not have
dismissed the previous select
committees report.
News International will regret forever
not taking the chance to thoroughly
investigate [evidence of phone-
hacking at its newspapers].
Labour MP Tom Watson, a victim of
phone-hacking, said those involved
have still not accepted responsiblity.
More than any individual alive
[Rupert Murdoch] is to blame.
Morally, the deeds are his. He paid
the piper and called the tune. It is his
company, his culture, his people, his
business, his failure, his crimes, the
price of profit and his power.
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G
E
T
T
Y
LLOYDS has taken an axe to its bal-
ance sheet in order to cut its reliance
on increasingly expensive wholesale
funding, the bank revealed yesterday.
Markets welcomed the speedy
shrinkage of the banks loan book as
well as a signal from chief executive
Antnio Horta-Osrio that he is keen
to start paying a regular dividend and
is only waiting to get clarity on new
regulations, due in June. Shares in the
part-nationalised lender were up by
8.4 per cent by the end of the day.
Lloyds unveiled an eight per cent
drop in its need for wholesale funding
in the first quarter, which now stands
at 231bn and meets its targeted loan-
to-deposit ratio of 130 per cent. The
progress was so rapid that Horta-
Osrio set a new target of 120 per cent
for this time next year.
Deutsche Bank analysts said:
Wholesale funding is falling very
quickly which reduces risk and will
reinforce shareholder returns over
time.
The change was fuelled by a five per
cent cut in lending to retail customers
Funding costs
drive Lloyds to
slash loan book
BY JULIET SAMUEL
during the first quarter of this year,
with retail assets reduced to 538bn,
and a slight increase in customer
deposits to 412bn.
But despite scaling back its lending
to retail customers mostly by cutting
mortgage lending the bank was keen
to emphasise its increase in business
loans. Net commercial lending is up
by four per cent on last year despite
what Horta-Osrio called a subdued
UK economic environment.
But many analysts were disappoint-
ed by a drop in the banks net interest
margins the average margin it
makes on lending which was down
by two basis points to 1.95 per cent due
to increased funding costs, a key rea-
son why the bank is deleveraging so
quickly.
Its bottom line was also hit by an
additional 375m provision to com-
pensation customers mis-sold pay-
ment protection insurance, bringing
the cost of the scandal to 3.6bn so far
for Lloyds. The PPI hit brought its pre-
tax profits to below expectations, at
288m. That was nonetheless a wel-
come return to positive territory ver-
sus a 3.5bn loss during the same
period last year.
Lloyds Banking Group PLC
25Apr 26Apr 27Apr 30Apr 1 May
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33.60
1May
DISGRUNTLED shareholders in
miner Xstrata yesterday made
their concerns felt over the firms
strategy ahead of its planned
merger with commodities giant
Glencore.
Almost four in ten shareholders
failed to support the firms pay
plan, while more than 15 per cent
refused to vote for the
reappointment of director Ivan
Glasenberg who also runs
Glencore.
Xstrata chairman Sir John Bond
urged investors to support the
Xstratas shareholders protest
over pay and Glencore merger
BY MARION DAKERS AND
JOHN DUNNE
50bn merger.
The terms of the proposal are
fair and reasonable and the
proposal represents a significant
opportunity to generate superior
returns for our shareholders, he
told the FTSE 100 firms annual
general meeting in Switzerland.
The two sides are still working
on the paperwork on the deal
which would see Xstrata chief
executive Mick Davis keep that
role in the combined group.
Separately Xstrata said
yesterday that quarterly copper
output dropped more than 18 per
cent year-on-year in its latest
quarter while coal output was up.
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WEDNESDAY 2 MAY 2012
RAOUL RUPAREL
Recession in the Eurozone reminds
us why economic reform is so vital
very high spending and fairly low
growth for many years. Clearly increas-
ing spending is no panacea for boost-
ing growth in these economies.
There are a huge number of factors
at play here. Many of these countries
are undertaking a large rebalancing
away from sectors of the economy that
used to drive economic growth (for
instance, financial services and real
estate in countries such as Spain and
Ireland). Other countries such as Italy
and Portugal are undertaking wide-
spread reform of their political and
economic institutions to tackle perma-
nently sluggish growth. These are
bound to have a temporary negative
impact on growth and employment,
but will deliver long-term benefits.
Its true banks arent lending as
much to the real economy which is
exacerbating things. However, this is
to be expected. Many people seem to
forget that the past decade saw a huge
expansion of credit and excessive bor-
rowing in the public and private sec-
tors across the Eurozone
deleveraging is a must. Given the
unknowns that are now lurking with-
in balance sheets, the sooner this is
dealt with the better. Just look at the
pressure which the shaky Spanish
banking sector is now putting on the
economy as a whole.
On top of this, much of previous
spending was lavished on infrastruc-
ture and, at least partly, state-spon-
sored projects. This did little to create
sustainable growth, but also left many
Eurozone states with bloated and inef-
ficient public sectors which are in dire
need of reform. Delaying this further
and funnelling even more money
through defunct institutions would
only serve to reward and engrain bad
practices. In fact, there is a case to be
made that, given the inefficiencies
present in many of these institutions,
cutting their wasteful spending
should not have a lasting negative
impact on economic growth.
Finally, and most importantly, this
debate takes away from the real prob-
lem which the Eurozone is still failing
to address. The crisis is still depicted by
those in charge as selective problems
in a few countries rather than a struc-
tural crisis within the Eurozone. There
is no clear approach for how to deal
with the competitiveness imbalances
and the clearly differing needs on
monetary and now fiscal policy.
Germany still seems unable to accept
that this cannot be a bloc of 17 like-
minded export-oriented economies.
A singular focus on austerity is not
desirable but woolly talk of growth
only helps to further distort the
debate. Growth is of course vital for
the Eurozone, but it has to be the right
type of growth. This must come from
structural reforms which improve
labour and product markets and boost
the competitiveness of the economies,
not unsustainable, short-term injec-
tions of spending. And such reform
must be targeted: not all countries can
or need to be hemmed into rigid fiscal
constraints. The Netherlands, for
example, has reasonable debt and
deficit levels and requires some meas-
ures to boost growth and clean up its
banking system: this should not be
constrained by a rigid fiscal and mone-
tary framework.
Addressing the real structural prob-
lems in the Eurozone will ultimately
be the only way to find a desirable bal-
ance between fiscal consolidation and
growth. Once again avoiding some
necessary short-term pain could be
detrimental to the Eurozone as a
whole in the long term.
Raoul Ruparel is the head of economic
research for Open Europe.
governments tax revenues than
lower earners. You may think they
should contribute even more. But
then it is perverse to complain that
they are not bearing an equal share
of the burden. To achieve an equal
contribution, the tax rate on
incomes above 150,000 would
need to be zero.
Collins knows what equal
means. So we must look for an idea
that could explain his apparently
bizarre use of this simple word. I
can think of only one. To
understand it, suppose you went to
dinner with someone, agreeing to
share the bill equally. It comes to
100. What should each of you pay?
50 is the obvious answer. But it
could be wrong. Suppose the two of
you had just found a stash of cash,
perhaps dropped from Ben
Bernankes stimulating helicopter.
You quickly stuffed it in your
pockets, agreeing to even up later.
But before doing so, you went for
that 100 dinner. Because you need
to even up your shares of the
money you found, you should split
the bill so that, after paying, you
both have the same amount left
over. For example, if one now has
50 more, he should pay 75 and
the other 25.
This must be how Collins sees
things generally. Someone who
earns 1m is like someone who,
along with the rest of us, has
happened upon some money but,
unlike the rest of us, has managed
to stuff a lot of it into his pockets. A
45 per cent tax does not even up
his contribution to government
spending because he still ends up
with 550,000 of our collective
money. Someone who earns
50,000 and pays 15,000 in tax
makes a bigger contribution
because he ends up with only
35,000.
Collins is not unusual. Such
thinking is implicit in the common
idea that tax cuts must be
funded. On the collective view,
your post-tax income is simply
another part of government
spending. Cutting taxes is a welfare
payment to those it benefits, which
must be paid for. The collective
view of incomes also explains why
fairness is always taken to support
a higher top rate of tax, no matter
how high it already is.
Those who think that equality
requires progressive taxation are
not confused about equality. They
are confused about how incomes
are generated.
Jamie Whyte is a senior fellow of the
Cobden Centre.
AGAINST
THE GRAIN
JAMIE WHYTE
People calling for an equal tax burden ignore how wealth is generated
23
Brain drain
[Re: Its time for the supporters of the single
currency to apologise, yesterday]
An excellent article. As someone who works
in recruitment, many of my best applicants
are from Greece, Portugal, Spain and
increasingly Italy. But not too many from
Ireland, yet. The irony is that these are the
most highly-skilled and mission-critical
people, all leaving their countries because
of the Eurozone crisis.
DaveAtherton
Not being in the euro hasnt done us much
good. Many euro economies are motoring
away (Estonia, Slovakia, Austria, Finland).
There are plenty of journalists in northern
Europe pointing at the UKs problems.
MaxStone
Mayoral showdown
[Re: Boris and Ken issue their final message
to voters, yesterday]
I will vote for Boris on Thursday, but Im
disappointed by his argument that London
needs more money from central
government to prosper. Growth is not
provided by government, and nor are jobs.
If Boris wants to ensure future prosperity, he
should cut ties from central government,
not increase Londons dependence on it.
AndrewLusher
Im not sure Ken Livingstone realised he was
writing for City A.M. and not the Guardian.
There must be a few Labour voters in the
City, but surely theres a better way to
appeal to them than an unrealistic fares cut.
EmmaWalker
The Forum is open for you to take part. Got a sharp comment
on one of todays columns? Do you have another subject you
want to share your opinion on? We want to hear your views.
Email [email protected] or comment at cityam.com/forum
E
CONOMIC issues will dominate
political discussions about the
votes taking place across the
EU in the coming month. As
well as our own local elections,
there are local elections in Germany
and Italy, presidential elections in
France and Hungary, a general
election in Greece and a referendum
in Ireland on the EUs new fiscal
treaty. Economic recovery is stalling
on the back of Eurozone turmoil, as
the sovereign debt crisis bites after
many years of poor decisions and
overspending by governments.
Not surprisingly, banking regulators
and standard setters are promoting
major changes supported by govern-
ments of all political persuasions.
Capital is being increased both in
ratios and in absolute terms, signifi-
cant liquidity requirements are being
introduced, deleveraging is taking
place and there are major enhance-
ments to risk controls. The industry
agrees with the broad thrust of the
proposals and is positively engaged in
getting the intentions of the policy
makers into the right operational
place.
But there are contradictions. For
example, policy makers and indeed
the public want both fiscal austerity
and investment. They want policies
for stability as well as policies for
growth. They want more competition
in banking and financial services
while the stability measures increase
the barriers to entry. And they want
fewer interdependencies, but without
losing the economies of scale.
Dealing with these competing
requirements is difficult for the
industry and it is difficult politically
too. These last two decades have seen
elections won by those parties who
promised more spending, who target-
ed more groups with more promises
and who handed out more benefits.
This approach is neither fiscally nor
TOP TWEETS
Boris clearly explains his plans for London.
Ken spends most of his article criticising
Boris. That says it all.
@sampritchard87
No one will apologise for the euro. They are
pathologically incapable. Even when its in
its death throes, they wont.
@SteveMcCarthyH
Greeks are emptying their bank accounts
because the press keeps saying Greece will
exit the euro. Who should apologise?
@VPPartner
Im not convinced that Putin will reform
Russia and attract investment, Im afraid.
@david_l_ross
Are the huge queues at Heathrow airport a
problem for Britains reputation overseas?
YES
London rightly aspires to be the business capital of the world. And
the government keeps telling us that the UK is open for business.
Why, then, are ministers apparently content to see potential
overseas investors, and UK business people returning from securing
vital job-creating contracts, frequently queue for over an hour just to
get through passport control? The government fools no-one but
itself by relying on complacent Border Force statistics that are
refuted by the personal experience of hundreds of thousands of
passengers. The UK should know how to provide both a secure
border and an efficient welcome, like other countries. Ministers must
appreciate the scale of the problem and urgently put in place real
and lasting improvements. This is not about the Olympics. It is about
the everyday functioning of UK plc, and provision of a business
infrastructure that supports economic recovery.
Willie Walsh is chief executive of International Airlines Group.
Willie Walsh
NO
Sam Gyimah
We need a secure border but we also need speedy and efficient
immigration controls: we have to show the world we are open for
business. Some of the queues at Heathrow last weekend were too
long. Better organisation of the UK Border Agencys resources is key
to tackling this challenge and it is right that the government has
made this the focus of its efforts. From this month, mobile teams of
immigration officers will be on hand to respond at peak times and
80 additional staff made available on the busiest days. A new
control room for the Border Force at Heathrow will mean better
operation across all terminals. The government has re-established
the Border Force as a separate operational command, with its own
ethos of law enforcement. With the Olympic Games coming this
summer, these are exactly the robust improvements we need. They
will mean a safer and more efficient border.
Sam Gyimah is Conservative MP for East Surrey.
RAPIDresponses
Contradictions in
new bank rules
create fresh risks
politically responsible, nor is it con-
fined only to a few countries. The
norm has been for countries to spend
more and more, financed by borrow-
ing.
Now we face a world in which poli-
tics and finance have become danger-
ously intertwined and, as a
consequence of new regulatory
requirements, the banking system is
required to take on ever-greater vol-
umes of government debt. This has
brought two obvious results. The first
is that it may make it easier for some
countries to sell their debt than
would otherwise be the case. But the
second is that it is tying the banking
industry even closer to government
decisions. If sovereign debt is to be the
safe and liquid investment that regu-
lators have designated it to be, then
governments have to keep to tough
fiscal policies. However, tough fiscal
policies are not necessarily an accept-
able choice for governments, or the
citizens who elected them.
The result is this: the more banks
are exposed to the sovereign debt of
politically volatile countries, the
greater the fiscal risk taken on by the
banking system. And the more impor-
tant therefore it becomes to address
the causes of the economic problems
by putting in place the right mone-
tary and fiscal policies, rather than
just addressing the symptoms by
recapitalising some banks due to the
downgrading of a country or coun-
tries sovereign debt.
Angela Knight CBE is the chief executive of
the British Bankers Association.
WEDNESDAY 2 MAY 2012
ANGELA KNIGHT
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R
E
U
T
E
R
S
C
URRENCY trading is as popular
as ever, but does it have a place
as part of a portfolio of stocks,
bonds, and other asset classes?
In order to answer it we need to look
at a range of factors and cross-market
correlations to see where it might fit
in with a well-diversified investment
programme.
We will be delving into this in more
detail at the conference, but where do
we start? In shares investing and fixed
income, we always measure their per-
formance via benchmarks. In equities
this means the UK FTSE 100, the US
S&P 500, and other stalwarts. Bonds
are a bit more complicated, but there
are a number of benchmark invest-
ments such as UK Treasury Gilts and
US Treasury Bonds that give us a point
of reference. What of FX?
Unlike stock or bond markets,
theres no long only investing for
currency traders. When trading cur-
rencies, you take positions in one cur-
rency against another. For example:
you might speculate that the euro will
appreciate against the dollar. Yet there
is no default position in this case
there is no natural reason for why the
euro may always strengthen or the
dollar or vice versa over the course of
decades.
Thus, instead of individual currency
investments we look to benchmark
strategy performance. In FX there are
tried--and-true currency trading strate-
gies have seen impressive perform-
ance over several decades. In fact, a
historical study shows that several FX
strategies could significantly improve
risk-adjusted returns in virtually any
and every portfolio especially those
concentrated in shares markets.
Time to buy your tickets for our
THE ATTRACTION
At its base, the FX market is one of the
largest and most liquid financial mar-
kets in the world; it seems natural to
look for an investment opportunity. Its
daily volumes dwarf even the largest
global stock markets, and individual
traders have access to unparalleled liq-
uidity.
Another factor to keep strongly in
mind is that there are no bull or bear
markets in currencies. A bear market in
shares means that most investors will
lose money, while fast-rising interest
rates will likely force losses in fixed
income investments. Yet currency
traders might actually do well in such
market conditions with two important
strategies. What are they?
FX TRADING STRATEGIES
One of the most popular and historically
successful strategies has involved buying
currencies with high interest rates and
selling those with comparatively lower
interest rates also known as the FX
carry trade, or forward rate bias. The
aim of the approach is to collect interest
rate differentials in order to boost
returns, and long-term history has
shown that currencies with higher inter-
est rates outperform lower-yielding
counterparts. This strategy is both sim-
ple in concept and implementation
interest rates for individual currencies
are easy to find and slow-moving. It is
not an active trading scheme.
The other is slightly more complex and
in the realm of active traders speculat-
ing on trends in currency markets.
And FX trading strategies compare
well with other assets, as the graph (left)
shows. Outside of the traditional safe-
haven US Treasuries investments, carry
trade and major measures of FX trader
performances have shown superior risk-
adjusted return rates of any major tradi-
tional portfolio.
David Rodriguez is a quantitative strategist
for DailyFX and will be on the Masters of Forex
panel on 24 May. To meet our forex panellists
and dozens more trading gurus on 24 May,
buy your 80 ticket today:
www.cityamactivetrader.com
WEDNESDAY 2 MAY 2012
24
ACTIVETRADER CONFERENCE
cityamactivetrader.com
We are holding our
all-day trading
conference on 24
May. One session will
cover trading foreign
exchange. David
Rodriguez gives us
a taster of the show
DONT MISS OUR BLOCKBUSTER
TRADING & INVESTMENT CONFERENCE
cityamactivetrader.com
24
TH
MAY 2012
See the full programme & buy tickets today at
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The Grange Tower Bridge Hotel is hosting City A.M.s all-day trading conference on 24 May
The US
remains top
dog in an
increasingly
ugly contest
trading extravaganza
ACTIVETRADER CONFERENCE
25
WEDNESDAY 2 MAY 2012
08:45 09:00
Welcome Address by Allister Heath:
Making prots in a chaotic world
09:00 10:00
Richard Farleigh: How to tame
the lion, my trading secrets
10:30 11:20
Charting Techniques: Panel discussion
with James Hughes, Alejandro
Zambrano, Angus Campbell,
David Jones and Ashraf Laidi
10:30 11:20
Jamie Seattele & David Rodriguez:
Forex Insight
11:30 12:20
Politics meets Trading: Panel
discussion with Guido Fawkes,
Allister Heath and Steve Sedgwick
11:30 12:20
Listed Products Masterclass:
Panel discussion with Nicolas
Bertrand, Deborah Fuhr and
Alex Houpert
12:30 13:20
Equities Insight with Gary Baker
12:30 13:20
Social Media meets Trading
with Dan Moczulski, Yoni Assia,
David Jones, Julio Bueso and
Joshua Raymond
13:20 14:20
Lunch
14:20 15:20
Lex van Dam: 5 Steps to trading
success
15:30 16:20
Spreadbetting and CFD Masterclass
with David Jones
15:30 16:20
Boris Schlossberg: Strategies
for day trading
16:40 17:30
Masters of Forex: Panel discussion
with Boris Schlossberg, John Hardy,
Richard Farleigh and David Rodriguez
16:40 17:30
Global Investment trends
with Tim Guinness
17:40 18:30
The Future of Trading: Panel
discussion with Tim Howkins, Simon
Denham, Torben Kaaber and Drew Niv
17:40 18:30
Quant Trading Masterclass with Emilio
Tomasini & Rakesh Shah
18:30 19:30
Champagne Reception
Complimentary lunch and later, champagne reception available for all delegates at the FXCM restaurant. This will be a chance to informally meet the Active Trader speakers.
Boris is director of currency
research at GFT. He is a
weekly contributor to CNBCs
Squawk Box. His daily currency
research available at
BORIS SCHLOSSBERG
GFT
www.fx360.com is widely quoted by newswires and
newspapers worldwide. Schlossberg is co-author of the
bestselling Millionaire Traders: How Everyday People Are
Beating Wall Street at Its Own Game.
Twitter: @Fxflow
Richard Farleigh Mr Nice
from Dragons Den was
born into poverty in the Australian
outback. He studied economics
and mathematics before
RICHARD FARLEIGH
ENTREPRENEUR
managing a derivatives desk, a proprietary trading desk, and a
hedge fund in the 1980s and early 90s, focusing on predicting
big picture trends and the effects on the currency and interest
rate markets. He is now a business angel, backing more early-
stage companies than anyone else in the UK.
Twitter: @FarleighRichard
Originally from Texas, John
Hardy has been with Saxo
Bank since 2002 and works out of
the Banks London office as head
of FX strategy. Hardy focuses on
JOHN HARDY
SAXO BANK
the major FX classes, and has developed a broad following
from his popular and often quoted daily FX Update column.
Alongside his column and media appearances, John writes on
the major currencies, central bank policies, macro-economic
trends and other developments.
Twitter: @johnjhardy
David Rodriguez is a
quantitative strategist for
DailyFX, specialising in statistical
studies in currency trading
markets and algorithmic trading
DAVID RODRIGUEZ
DAILYFX
systems. He holds a degree in economics from Williams
College with heavy emphasis on quantitative methods and
began trading financial markets during the tech boom and
bust of 1999-2001. Since then, his primary focus has shifted
from equities to currency markets.
Twitter: @DRodriguezFX
John Hardy who will be speaking at our trading event considers the dollars fortunes
ATTEND OUR TRADING CONFERENCE ON 24 MAY: BUY TICKETS AT CITYAMACTIVETRADER.COM
MASTERS OF FOREX
4.40PM - 5.30PM, 24 MAY
cityam.com
W
EVE got a pair of important event
risks for the US dollar for the rest
of this week, including the April
ISM non-manufacturing survey on
Thursday and the always hotly anticipated
US employment report on Friday. These
event risks will be critical for testing
whether the dollar is set to fall further
across the board if it can regain altitude
off rather important support levels.
ON THE WINGS OF A DOVE
Last weeks US Federal Open Market
Committee (FOMC) monetary policy
statement release and Bernankes press
conference provided an important
prelude for the action in dollar pairs this
week: the new monetary policy
statement was virtually unchanged, but
the changes in the FOMC economic
forecasts and monetary policy forecasts
were fairly hawkish. Nonetheless, the
market more or less only chose to pay
attention to the press conference, at
which the perma-dove chairman
promised that the Fed would act if
conditions warranted.
The dollar has generally suffered since
the FOMC meeting, even as central banks
elsewhere have only in rare instances
moved in a hawkish direction. The Bank
of England (BoE) is a notable example,
although the flying sterling-dollar rate of
late has come from the BoE merely
considering taking its foot off the
monetary accelerator as evidenced in its
most recent meeting minutes. The key
test for sterling and sterling-dollar is
next Thursdays BoE meeting. The recent
sterling-dollar action shows that this
market, despite its very low volatility of
late, seizes on any central bank
development with plenty of enthusiasm.
DATA DRIVEN
So what kind of data will we get and how
will the market filter that data? We got a
surprisingly positive US April ISM
manufacturing survey result yesterday,
despite a string of weak regional
manufacturing surveys in April. But the
non-manufacturing survey and
employment report should weigh far
more heavily, as measures of US
economic health and in the Feds
calculus. Do we get bad US data and will
the market see this as more likely to
bring another round of quantitative
easing (QE) from the Fed and thus
counter-intuitively pump asset prices
higher and push the dollar even lower?
Or, would bad data see risk assets
suffer from the poor growth
implications and see the dollar
strengthen on the realisation that the
Fed tends to only move once the
economy and markets are in sorry
shape? What about good data? A
possible, if less likely, pair of stronger
than expected numbers would probably
warrant a less complicated and positive
dollar response, as this would further
delay the prospects of Fed QE. Theres an
eventual caveat on that front, however,
as we have seen the dollar having a hard
time appreciating on positive US growth
data, as the Fed is still seen as the last in
line to tighten central bank policy if
world growth kicks into gear again.
I suspect the risks are that the April
ISM non-manufacturing survey and US
employment report will be weaker than
expected. After all, the US saw
unseasonably warm weather and
record warmth in
many cases in
highly populated
north-eastern and
mid-western areas
of the country
during the late
winter
months. This
may have
brought some
demand
forward and
warped the normal
seasonal pattern. Also,
the weekly jobless claims
indicators have surged higher in
recent weeks, suggesting that
payrolls growth may have dipped
in April. (Although we always
need to remember that the
official monthly non-farm
payrolls release contains
extraordinary statistical
assumptions and
adjustments that are often
larger than the overall
change in the payrolls.)
POLITICAL SENSITIVITIES
The market reaction is the tough part to
predict. Despite my expectations for
fairly weak data from the US this week, I
suspect that the market is over-
estimating the likelihood of near-term
easing from the Fed. Yes, the Bernanke
contingent holds the reins, but there are
a wide variety of views among the voting
FOMC members and we also have to
consider the political sensitivities of
Bernanke in the middle of an election
year. Are we really likely to see the Fed
tipping off a major new bond-buying
programme just ahead of the
presidential election? I'm not so sure,
even if QE3 is a long-term eventuality.
For the next couple of quarters, were
more likely to see incrementalism and/or
extensions of existing Fed programmes
at most. So for the nearest term, the
dollar might get knocked down another
notch or two if the data is bad, but I
suspect it will come roaring back in the
weeks to come as the US is likely to
continue to outperform the pitifully
struggling Europe and the Asian
exporting economies as well.
John Hardy is head
of FX strategy at
Saxo Bank and
will be on
the Masters
of Forex
panel on 24
May.
WEDNESDAY 2 MAY 2012
26
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1662.50 8.50
SILVERLDN FIX AM..........................................31.32 0.24
MAPLE LEAF 1 OZ ............................................33.64 0.10
LON PLATINUM AM......................................1574.00 7.00
LON PALLADIUM AM.....................................682.00 13.00
ALUMINIUM CASH...................................... 2057.00 -10.00
COPPER CASH............................................8529.00 -86.00
LEAD CASH..................................................2155.50 -29.00
NICKEL CASH.............................................17830.00 420.00
TIN CASH..................................................22620.00 220.00
ZINC CASH..................................................2039.00 7.50
BRENT SPOT INDEX.........................................119.71 0.00
SOYA...........................................................1503.00 625
COCOA........................................................2263.00 -101.00
COFFEE...........................................................177.95 2.95
KRUG ...........................................................1729.10 3.90
WHEAT..........................................................175.00 -2.50
AIR LIQUIDE .......................................................97.17 -1.80 102.30 80.90
ALLIANZ ............................................................84.18 -0.80 107.45 56.16
ANHEUS-BUSCHINBEV ....................................54.45 -0.65 56.80 33.85
ARCELORMITTAL ................................................13.07 -0.20 25.40 10.47
AXA...................................................................10.70 -0.28 15.94 7.88
BANCO SANTANDER............................................4.72 -0.12 7.96 4.53
BASF SE.............................................................62.19 -3.06 70.22 42.19
BAYER................................................................53.21 -2.45 59.44 35.36
BBVA....................................................................5.11 -0.11 8.44 4.84
BMW..................................................................71.81 -0.32 73.95 43.49
BNP PARIBAS....................................................30.35 -0.70 55.20 22.72
CARREFOUR .......................................................15.18 -0.37 28.19 14.53
CRH PLC.............................................................15.52 0.21 16.93 10.28
DAIMLER............................................................41.77 -0.31 53.95 29.02
DANONE ............................................................53.15 -0.53 54.81 41.92
DEUTSCHE BANK...............................................32.87 -0.63 44.56 20.79
DEUTSCHE BOERSE............................................47.43 -0.97 57.68 35.65
DEUTSCHE TELEKOM ...........................................8.52 -0.01 11.38 7.88
E.ON ...................................................................17.12 -0.11 23.54 12.50
ENEL...................................................................2.48 -0.05 4.86 2.39
ENI.....................................................................16.77 -0.15 18.72 11.83
FRANCE TELECOM..............................................10.34 -0.15 15.96 9.86
GDF SUEZ...........................................................17.39 -0.33 28.00 17.25
GENERALI ASS...................................................10.29 -0.24 16.38 9.84
IBERDROLA.........................................................3.52 -0.08 5.94 3.45
INDITEX.............................................................67.95 -0.41 74.73 52.20
ING GROEP CVA ..................................................5.33 -0.06 9.07 4.21
INTESA SANPAOLO...............................................1.14 -0.02 2.13 0.85
KON.PHILIPS ELECTR.........................................15.00 -0.27 20.75 12.01
L'OREAL............................................................90.89 -0.76 94.80 68.83
LVMH................................................................125.15 -1.10 136.80 94.16
MUNICHRE .....................................................109.65 -0.30 118.35 77.80
NOKIA .................................................................2.71 -0.03 6.36 2.60
REPSOL YPF.......................................................14.45 -0.25 24.45 13.92
RWE..................................................................32.48 -0.42 44.48 21.15
SAINT-GOBAIN..................................................31.65 -0.55 47.57 26.07
SANOFI..............................................................57.66 -0.55 59.56 42.85
SAP..................................................................50.09 -0.42 54.85 32.88
SCHNEIDER ELECTRIC ........................................46.41 -1.56 60.28 35.00
SIEMENS...........................................................69.97 -0.61 99.07 62.13
SOCIETE GENERALE............................................17.86 -0.30 46.60 14.32
TELECOM ITALIA..................................................0.86 -0.01 1.03 0.70
TELEFONICA........................................................11.01 -0.31 18.34 10.70
TOTAL................................................................36.07 -0.43 43.61 29.40
UNIBAIL-RODAMCO SE.....................................141.20 -3.55 162.95 123.30
UNICREDIT...........................................................3.01 -0.07 11.57 2.20
UNILEVER CVA ..................................................25.87 -0.17 27.16 20.96
VINCI ................................................................35.00 -0.56 45.48 28.46
VIVENDI.............................................................13.97 -0.31 21.37 12.42
VOLKSWAGEN VORZ.........................................143.10 1.25 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5812.23 74.45 1.30
FTSE 250 INDEX . . . . . . . . . . . . . . . 11503.86 86.27 0.76
FTSE UK ALL SHARE. . . . . . . . . . . . 3020.60 35.93 1.20
FTSE AIM ALL SH . . . . . . . . . . . . . . . . 774.78 -2.12 -0.27
DOWJONES INDUS 30 . . . . . . . . . 13279.40 65.77 0.50
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1405.82 7.91 0.57
NASDAQ COMPOSITE . . . . . . . . . . . 3050.44 4.08 0.13
FTSEUROFIRST 300 . . . . . . . . . . . . . 1048.07 4.79 0.46
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 9350.95 -169.94 -1.78
DAX 30 PERFORMANCE . . . . . . . . . . 6761.19 -40.13 -0.59
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 3212.80 -53.47 -1.64
SHANGHAI SE INDEX . . . . . . . . . . . 2396.32 -8.38 -0.35
HANG SENG. . . . . . . . . . . . . . . . . . 21094.21 352.76 1.70
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2651.90 23.50 0.89
ASX ALL ORDINARIES. . . . . . . . . . . 4497.30 30.10 0.67
BOVESPA SAO PAOLO . . . . . . . . . . 61820.26 129.05 0.21
ISEQ OVERALL INDEX. . . . . . . . . . . . 3261.55 37.10 1.15
STRAITS TIMES. . . . . . . . . . . . . . . . . 2978.57 -3.01 -0.10
IGBM. . . . . . . . . . . . . . . . . . . . . . . . . . 718.17 -2.98 -0.41
SWISS MARKET INDEX. . . . . . . . . . 6096.34 -20.02 -0.33
Price Chg %chg
3M....................................................................89.60 0.24 98.19 68.63
ABBOTT LABS ...................................................62.23 0.17 62.57 46.29
ALCOA ................................................................9.97 0.24 17.96 8.45
ALTRIA GROUP .................................................32.42 0.21 32.62 23.20
AM INTL GRP....................................................34.34 0.31 35.04 19.18
AMAZON.COM ................................................230.04 -1.86 246.71 166.97
AMERICAN EXPRESS.........................................60.97 0.76 61.17 41.30
APPLE..............................................................582.13 -1.85 644.00 310.50
AT&T.................................................................33.06 0.15 33.33 27.29
BANK OF AMERICA..............................................8.31 0.20 12.71 4.92
BOEING CO........................................................77.25 0.45 80.65 56.01
CATERPILLAR....................................................102.11 -0.66 116.95 67.54
CHEVRON........................................................108.27 1.71 112.28 86.68
CISCO SYSTEMS.................................................19.98 -0.18 21.30 13.30
CITIGROUP .......................................................33.60 0.56 46.00 21.40
COCA-COLA.......................................................76.93 0.61 77.82 63.34
COMCAST CLASS A............................................30.60 0.26 30.88 19.19
CONOCOPHILLIPS ..............................................56.51 -15.12 80.13 55.46
DU PONT(EI) DE NMR........................................53.71 0.25 57.50 37.10
EMC CORP.........................................................28.67 0.46 30.00 19.84
EXXON MOBIL ...................................................87.04 0.70 88.13 63.47
GENERAL ELECTRIC...........................................19.80 0.22 21.00 14.02
GOOGLE A......................................................604.43 -0.42 670.25 473.02
HEWLETT PACKARD...........................................25.17 0.41 41.74 19.92
HOME DEPOT....................................................52.32 0.53 52.75 28.13
IBM................................................................208.00 0.92 210.69 157.13
INTEL CORP ......................................................28.95 0.56 29.05 19.16
J.P.MORGAN CHASE..........................................43.79 0.81 46.49 27.85
JOHNSON & JOHNSON......................................65.22 0.12 68.05 55.76
KRAFT FOODS A................................................39.76 -0.11 39.99 24.30
MC DONALD'S CORP..........................................97.20 -0.25 102.22 77.77
MERCK AND CO. NEW.......................................39.37 0.13 39.50 29.47
MICROSOFT .......................................................32.01 -0.01 32.95 23.65
OCCID. PETROLEUM..........................................92.89 1.67 117.89 66.36
ORACLE CORP ...................................................29.57 0.17 36.50 24.72
PEPSICO...........................................................66.49 0.49 71.89 58.50
PFIZER..............................................................22.78 -0.12 23.30 16.63
PHILIP MORRIS INTL ........................................90.00 0.49 91.05 60.45
PROCTER AND GAMBLE....................................63.57 -0.07 67.95 56.57
QUALCOMM INC................................................63.64 -0.19 68.87 45.98
SCHLUMBERGER................................................75.13 0.99 95.53 54.79
TRAVELERS CIES...............................................64.60 0.28 64.99 45.97
UNITED TECHNOLOGIE.......................................81.43 -0.21 91.83 66.87
UNITEDHEALTH GROUP......................................57.13 0.98 59.71 41.27
US BANCORP DELAWRE ...................................32.29 0.12 32.98 20.10
VERIZON COMMS..............................................40.56 0.18 40.84 32.28
VISA CL A........................................................123.09 0.11 125.35 73.11
WAL-MART STORES..........................................59.07 0.16 62.63 48.31
WALT DISNEY CO..............................................43.79 0.68 44.50 28.19
WELLS FARGO & CO .........................................34.09 0.68 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight................................0.257 0.00
LIBOR Euro - 12 months................................1.297 0.00
LIBOR USD - overnight .................................0.147 0.00
LIBOR USD - 12 months ................................1.047 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield.......................................3.130 0.00
European repo rate ......................................0.138 0.00
Euro Euribor .................................................0.317 0.00
The vix index .................................................1614 -1.01
The baltic dry index....................................1155.0 -1.00
Markit iBoxx................................................242.12 -0.19
Markit iTraxx...............................................140.24 -2.62
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .296.4 1.2 340.8 248.1
Chemring Group . . . . . .391.9 65.4 677.0 316.9
Cobham . . . . . . . . . . . .229.0 2.5 239.5 165.9
Meggitt . . . . . . . . . . . . .413.5 5.0 413.6 304.9
QinetiQ Group . . . . . . . .156.0 3.0 159.3 101.5
Rolls-Royce Holdi . . . . .853.0 29.5 856.0 557.5
Senior . . . . . . . . . . . . . .210.4 -2.6 214.3 135.6
Ultra Electronics . . . . .1698.0 14.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .206.0 2.3 245.0 157.0
Barclays . . . . . . . . . . . . .226.2 8.0 286.2 138.9
HSBC Holdings . . . . . . .565.0 9.9 662.5 463.5
Lloyds Banking Gr . . . . . .33.6 2.6 58.9 21.8
Royal Bank of Sco . . . . . .25.3 1.0 42.9 17.3
Standard Chartere . . . .1512.0 6.0 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1167.0 4.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .382.3 0.1 444.0 289.9
Diageo . . . . . . . . . . . . .1570.0 19.0 1589.0 1112.0
SABMiller . . . . . . . . . . .2592.0 3.5 2660.0 1979.0
AZ Electronic Mat . . . . .322.0 3.7 338.1 206.1
Croda Internation . . . .2251.0 19.0 2282.0 1597.0
Elementis . . . . . . . . . . .207.5 -0.6 208.7 107.5
Johnson Matthey . . . .2340.0 26.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1449.0 -3.0 1590.0 1025.0
Yule Catto & Co . . . . . . .232.6 -0.2 253.0 148.0
/$ 1.3222 0.0021
/ 0.8154 0.0002
/ 106.05 0.3626
/ 1.2264 0.0003
/$ 1.6216 0.0022
/ 130.07 0.4730
FTSE 100
5812.23
74.45
FTSE 250
11503.86
86.27
FTSE ALL SHARE
3020.60
35.93
DOW
13279.40
65.77
NASDAQ
3050.44
4.08
S&P500
1405.82
7.91
Brown (N.) Group . . . . .241.8 12.6 304.5 222.4
Carpetright . . . . . . . . . .600.0 0.0 741.0 375.0
Debenhams . . . . . . . . . .83.6 1.0 83.8 51.2
Dignity . . . . . . . . . . . . .866.0 26.0 866.0 727.0
Dixons Retail . . . . . . . . . .18.1 0.3 19.9 9.4
DunelmGroup . . . . . . .520.0 8.5 533.0 389.0
Halfords Group . . . . . . .279.1 4.0 405.9 268.6
Home Retail Group . . . .101.0 -5.6 228.5 72.5
Inchcape . . . . . . . . . . . .370.0 4.1 425.4 268.1
JD Sports Fashion . . . . .841.0 21.0 1030.0 570.0
Kesa Electricals . . . . . . . .54.5 -0.1 151.4 52.7
Kingsher . . . . . . . . . . .289.6 -0.9 313.8 217.0
Marks & Spencer G . . . .357.7 0.7 402.2 301.8
Next . . . . . . . . . . . . . .2896.0 -33.0 3060.0 2153.0
Sports Direct Int . . . . . .306.6 4.4 306.6 190.0
WHSmith . . . . . . . . . . .529.0 2.0 559.0 451.6
Smith & Nephew . . . . .614.0 7.5 694.0 521.0
Synergy Health . . . . . .840.0 9.0 981.0 809.5
Barratt Developme . . . .132.0 -1.7 151.5 67.5
Bellway . . . . . . . . . . . . .787.0 -0.5 859.5 540.5
Berkeley Group Ho . . .1295.0 14.0 1414.0 1025.0
Bovis Homes Group . . .463.9 1.5 518.5 326.5
Persimmon . . . . . . . . . .628.0 -0.5 706.5 374.0
Balfour Beatty . . . . . . .268.7 7.7 333.7 214.6
CRH . . . . . . . . . . . . . . . .1267.0 22.0 1665.5 1053.0
Galliford Try . . . . . . . . .646.5 -6.5 653.0 383.8
Kier Group . . . . . . . . . .1191.0 25.0 1489.0 1095.0
Drax Group . . . . . . . . . . .551.5 8.5 581.5 443.1
SSE . . . . . . . . . . . . . . . .1325.0 4.0 1423.0 1193.0
Domino Printing S . . . .598.0 -1.0 701.5 434.3
Halma . . . . . . . . . . . . . .406.2 1.1 429.6 306.3
Laird . . . . . . . . . . . . . . . .217.5 1.2 222.0 128.5
Morgan Crucible C . . . . .330.3 5.3 360.0 224.0
Oxford Instrument . . .1225.0 1.0 1285.0 714.0
Renishaw . . . . . . . . . .1444.0 -5.0 1886.0 800.0
Spectris . . . . . . . . . . . .1890.0 4.0 1894.0 1039.0
Aberforth Smaller . . . . .631.5 6.5 714.0 494.0
Alliance Trust . . . . . . . .363.7 2.7 392.7 310.2
Bankers Inv Trust . . . . .421.5 6.5 433.8 346.5
BH Global Ltd. GB . . . . .1191.0 -1.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.8 0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.5 0.0 20.2 16.5
BH Macro Ltd. GBP . . .2055.0 5.0 2078.0 1698.0
BH Macro Ltd. USD . . . . . .19.6 0.2 20.2 16.4
BlackRock World M . . . .674.5 6.5 794.5 574.5
BlueCrest AllBlue . . . . . .160.5 0.0 176.2 160.5
British Assets Tr . . . . . . .126.5 1.4 139.4 109.0
British Empire Se . . . . . .418.8 7.3 533.0 404.0
Caledonia Investm . . .1414.0 5.0 1800.0 1337.0
City of London In . . . . .298.4 5.1 306.9 257.0
Dexion Absolute L . . . .140.0 0.8 149.9 130.0
Edinburgh Dragon . . . .242.2 4.0 253.1 201.4
Edinburgh Inv Tru . . . .503.0 9.5 504.0 422.5
Electra Private E . . . . .1679.0 13.0 1750.0 1287.0
Fidelity China Sp . . . . . . .79.9 2.1 113.9 70.0
Fidelity European . . . .1088.0 6.0 1287.0 912.0
Foreign and Colon . . . .307.0 2.9 327.9 261.5
Herald Inv Trust . . . . . . .513.0 1.0 545.5 419.0
HICL Infrastructu . . . . . .120.2 0.2 123.6 112.7
John Laing Infras . . . . . .107.0 0.3 110.6 103.8
JPMorgan American . . .921.0 12.0 965.5 721.5
JPMorgan Asian In . . . .195.6 3.1 243.9 170.1
JPMorgan Emerging . .548.0 3.5 610.5 480.1
JPMorgan Indian I . . . . .333.7 2.8 437.0 313.1
JPMorgan Russian . . . .542.0 -1.5 689.0 415.1
LawDebenture Cor . . . .384.5 6.0 398.7 323.0
Mercantile Invest . . . .1029.0 25.0 1119.0 823.0
Merchants Trust . . . . . .383.9 8.5 431.8 341.5
Monks Inv Trust . . . . . . .337.7 -0.8 367.9 298.1
Murray Income Tru . . . .655.0 10.0 674.0 568.0
Murray Internatio . . . . .967.0 12.0 1012.0 658.0
NB Global Floatin . . . . . .100.1 0.6 103.0 92.5
Perpetual Income . . . .270.4 3.8 276.0 236.5
Personal Assets T . . .34380.0 310.0 35350.031750.0
Polar Capital Tec . . . . . .392.9 5.9 404.0 299.5
RIT Capital Partn . . . . .1162.0 15.0 1360.0 1141.0
Scottish Inv Trus . . . . . .479.3 1.3 524.0 417.0
Scottish Mortgage . . . . .697.5 5.5 781.0 565.0
SVG Capital . . . . . . . . . .277.0 0.6 295.5 165.1
Temple Bar Inv Tr . . . . .941.0 15.0 970.0 791.0
Templeton Emergin . . .569.5 6.0 678.5 497.0
TRProperty Inv T . . . . . .152.4 3.7 206.1 136.2
TRProperty Inv T . . . . . .64.8 0.0 94.0 59.8
Witan Inv Trust . . . . . . .480.0 4.5 533.0 401.5
3i Group . . . . . . . . . . . . .195.2 4.1 294.1 166.9
3i Infrastructure . . . . . .126.6 0.4 128.0 115.6
Aberdeen Asset Ma . . .282.4 -1.1 287.8 167.8
Ashmore Group . . . . . .382.4 -0.2 420.0 306.4
Brewin Dolphin Ho . . . .164.5 1.0 177.0 113.7
Camellia . . . . . . . . . . .9674.5-100.5 10950.0 8800.0
Charles Taylor Co . . . . . .146.5 0.0 160.0 115.6
City of London Gr . . . . . .72.0 0.0 88.0 61.3
City of London In . . . . . .387.0 5.0 440.0 304.3
Close Brothers Gr . . . . .744.0 6.5 820.0 590.0
F&C Asset Managem . . . .67.7 0.4 81.7 56.1
Hargreaves Lansdo . . . .530.5 4.0 641.0 402.5
Helphire Group . . . . . . . . .1.7 0.1 13.5 1.4
Henderson Group . . . . .122.4 1.2 163.7 95.1
Highway Capital . . . . . . .14.0 1.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .384.0 4.3 524.0 311.6
IG Group Holdings . . . .470.0 7.0 502.5 393.6
Intermediate Capi . . . . .259.7 2.9 345.0 197.9
International Per . . . . . .267.4 -0.3 388.8 148.5
International Pub . . . . . .117.6 -0.1 121.7 112.7
Investec . . . . . . . . . . . . .355.4 0.2 522.0 318.4
IP Group . . . . . . . . . . . . .144.5 -1.0 151.0 36.0
Jupiter Fund Mana . . . .229.5 1.1 310.5 184.9
Liontrust Asset M . . . . . .115.0 0.0 125.0 57.9
LMS Capital . . . . . . . . . . .59.0 -1.0 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 19.0
London Stock Exch . . .1075.0 -13.0 1094.0 756.5
Lonrho . . . . . . . . . . . . . . .10.9 -0.1 19.8 8.9
Man Group . . . . . . . . . . . .97.8 -5.7 259.6 92.6
Paragon Group Of . . . . .177.1 -2.9 206.1 134.6
Provident Financi . . . .1168.0 12.0 1181.0 915.0
Rathbone Brothers . . .1342.0 19.0 1342.0 977.0
Record . . . . . . . . . . . . . . .18.3 0.0 35.5 9.8
RSM Tenon Group . . . . . . .7.6 -0.1 32.5 5.6
Schroders . . . . . . . . . . .1437.0 19.0 1906.0 1183.0
Schroders (Non-Vo . . . .1137.0 11.0 1554.0 970.0
Tullett Prebon . . . . . . . .343.9 0.4 427.3 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .216.9 6.1 232.1 161.0
Cable & Wireless . . . . . .32.6 -0.4 48.9 30.1
Cable & Wireless . . . . . .35.0 -0.5 55.0 14.2
COLT Group SA . . . . . . . .107.0 0.6 149.5 84.1
KCOM Group . . . . . . . . . .72.5 1.5 84.0 60.5
TalkTalk Telecom . . . . . .127.9 0.0 150.0 118.9
TelecomPlus . . . . . . . .689.0 5.5 802.0 472.0
Booker Group . . . . . . . . .81.9 2.9 85.3 60.0
Greggs . . . . . . . . . . . . .504.0 2.5 558.0 445.0
Morrison (Wm) Sup . . .279.4 -1.2 328.0 277.0
Ocado Group . . . . . . . . .127.0 -2.8 233.0 52.9
Sainsbury (J) . . . . . . . .309.2 1.3 362.8 263.5
Tesco . . . . . . . . . . . . . . .319.2 1.9 420.1 310.5
Associated Britis . . . . .1235.0 16.0 1239.0 977.0
Cranswick . . . . . . . . . . .822.0 17.0 841.0 588.5
Dairy Crest Group . . . . .306.4 5.4 409.7 290.4
Devro . . . . . . . . . . . . . .308.5 0.2 332.2 232.0
Tate & Lyle . . . . . . . . . .696.0 5.5 720.5 544.5
Unilever . . . . . . . . . . . .2128.0 25.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . . .571.5 0.0 664.0 413.5
Centrica . . . . . . . . . . . . .312.3 5.4 330.3 278.8
International Pow . . . . .418.0 1.0 418.0 279.4
National Grid . . . . . . . .668.0 2.5 668.0 569.0
Pennon Group . . . . . . . .742.0 6.0 751.0 623.5
Severn Trent . . . . . . . .1683.0 -7.0 1720.0 1375.0
United Utilities . . . . . . .627.5 9.0 637.0 560.0
Cookson Group . . . . . . .729.0 3.5 747.5 395.8
Rexam . . . . . . . . . . . . . .433.3 3.3 438.0 299.8
RPC Group . . . . . . . . . . .371.5 2.2 393.2 300.5
Smith (DS) . . . . . . . . . . .166.2 -1.6 183.7 113.3
Smiths Group . . . . . . .1085.0 15.0 1256.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3620.0 33.0 3688.0 3100.0
Redrow . . . . . . . . . . . . .123.5 0.5 126.0 90.2
Taylor Wimpey . . . . . . . .50.7 0.4 52.8 28.7
Bodycote . . . . . . . . . . . .435.0 9.6 437.1 225.6
Fenner . . . . . . . . . . . . . .449.2 -1.6 483.7 280.0
IMI . . . . . . . . . . . . . . . . .985.0 -4.5 1119.0 636.5
Melrose . . . . . . . . . . . . .439.0 1.9 441.6 268.0
Northgate . . . . . . . . . . .198.9 0.0 341.8 190.0
Rotork . . . . . . . . . . . . .2247.0 40.0 2260.0 1501.0
Spirax-Sarco Engi . . . .2315.0 9.0 2334.0 1649.0
Weir Group . . . . . . . . .1704.0 -1.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .375.6 6.2 460.5 315.0
Ferrexpo . . . . . . . . . . . .294.7 2.5 495.3 238.7
Talvivaara Mining . . . . .187.8 5.2 538.5 176.0
BBA Aviation . . . . . . . . .195.9 -1.6 223.4 156.0
Stobart Group Ltd . . . . .125.8 -2.0 149.5 112.0
Admiral Group . . . . . .1200.0 -11.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .335.4 5.6 427.0 270.6
Beazley . . . . . . . . . . . . .140.9 -0.8 151.8 109.6
Catlin Group Ltd. . . . . . .427.4 5.4 449.0 337.0
Hiscox Ltd. . . . . . . . . . .402.3 3.9 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .85.7 2.0 89.9 51.7
Johnston Press . . . . . . . . .5.8 0.0 8.0 4.1
MecomGroup . . . . . . . .154.3 4.3 300.0 134.5
Moneysupermarket. . . .132.9 -0.4 135.7 93.4
Pearson . . . . . . . . . . . .1153.0 -7.0 1255.0 1038.0
PerformGroup . . . . . . .304.7 -0.3 317.2 150.0
Reed Elsevier . . . . . . . . .518.0 8.0 578.0 461.3
Rightmove . . . . . . . . . .1531.0 -10.0 1541.0 1036.0
STV Group . . . . . . . . . . . .112.3 -0.3 166.0 76.3
Tarsus Group . . . . . . . . .149.0 2.3 165.0 119.5
Trinity Mirror . . . . . . . . . .32.5 0.0 54.3 30.8
UBM . . . . . . . . . . . . . . .596.0 6.5 641.5 416.0
UTVMedia . . . . . . . . . . .150.0 -2.0 159.5 92.5
Wilmington Group . . . . .99.0 4.0 151.0 78.5
WPP . . . . . . . . . . . . . . .848.0 14.5 880.0 578.0
Yell Group . . . . . . . . . . . . .3.8 -0.1 11.0 3.4
African Barrick G . . . . . .368.1 8.8 616.5 351.2
Anglo American . . . . .2412.0 44.0 3181.0 2138.5
Anglo Pacic Gro . . . . . .316.2 -3.8 340.0 237.9
Antofagasta . . . . . . . . .1189.0 8.0 1491.0 900.5
Aquarius Platinum . . . .130.0 0.0 360.0 125.9
Avocet Mining . . . . . . . .171.7 -0.9 286.8 159.8
BHP Billiton . . . . . . . . .2039.0 64.5 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .525.0 6.5 1158.0 496.0
Centamin (DI) . . . . . . . . .67.5 -1.1 141.5 63.1
Jardine Lloyd Tho . . . . .712.5 9.5 764.5 576.0
Lancashire Holdin . . . . .814.0 9.0 821.0 618.5
RSA Insurance Gro . . . .105.6 0.6 139.8 99.6
Aviva . . . . . . . . . . . . . . .317.5 9.4 450.3 275.3
Legal & General G . . . . . .119.1 1.5 135.0 89.8
Old Mutual . . . . . . . . . . .149.4 1.6 188.1 112.1
Phoenix Group Hol . . . .530.5 2.5 688.0 451.1
Prudential . . . . . . . . . . .758.5 4.0 797.5 509.0
Resolution Ltd. . . . . . . .224.7 0.9 316.1 220.6
St James's Place . . . . . .332.8 2.3 376.0 294.0
Standard Life . . . . . . . .225.5 1.9 250.7 172.0
4Imprint Group . . . . . . .275.0 0.0 312.5 200.0
Aegis Group . . . . . . . . . .178.2 0.5 187.4 115.7
Bloomsbury Publis . . . .108.5 4.5 138.0 91.3
British Sky Broad . . . . .691.0 13.0 850.0 618.5
Centaur Media . . . . . . . .32.0 0.0 56.3 30.5
Chime Communicati . . .216.8 -1.3 298.5 163.0
Creston . . . . . . . . . . . . . .62.3 1.6 121.0 47.0
Daily Mail and Ge . . . . . .417.1 0.8 505.5 343.4
Euromoney Institu . . . .781.5 -3.5 809.5 522.5
Future . . . . . . . . . . . . . . . .11.3 0.5 19.5 8.3
Haynes Publishing . . . .190.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . . .47.0 -0.5 76.3 32.3
Informa . . . . . . . . . . . . .417.0 2.4 451.0 313.9
ITE Group . . . . . . . . . . .226.4 0.5 255.3 157.7
Eurasian Natural . . . . .568.5 9.0 901.0 522.0
Fresnillo . . . . . . . . . . . .1613.0 53.0 2150.0 1302.0
GemDiamonds Ltd. . . .253.0 -6.0 310.6 179.8
Glencore Internat . . . . .434.6 9.0 531.1 348.0
Hochschild Mining . . . .496.0 -6.0 588.5 365.9
Kazakhmys . . . . . . . . . .877.5 16.5 1405.0 730.0
Kenmare Resources . . . .52.0 1.5 61.5 31.0
Lonmin . . . . . . . . . . . . .1061.0 19.0 1642.0 941.0
NewWorld Resourc . . .412.7 5.9 1060.0 396.3
Petra Diamonds Lt . . . .156.0 0.7 188.2 97.0
Petropavlovsk . . . . . . . .478.1 1.3 913.0 451.8
Polymetal Interna . . . . .918.0 3.0 1175.0 877.0
Randgold Resource . .5460.0 35.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3505.5 73.0 4595.0 2712.5
Vedanta Resources . . .1238.0 21.0 2303.0 928.0
Xstrata . . . . . . . . . . . . .1205.0 27.5 1485.0 764.0
Inmarsat . . . . . . . . . . . .441.8 2.0 620.0 389.3
Vodafone Group . . . . . .172.9 2.4 182.7 155.1
Genesis Emerging . . . .502.5 5.0 543.5 424.0
Afren . . . . . . . . . . . . . . . .135.1 0.6 171.0 73.6
BG Group . . . . . . . . . . .1450.5 0.0 1547.0 1144.0
BP . . . . . . . . . . . . . . . . . .441.3 -3.7 504.6 363.2
Cairn Energy . . . . . . . . .349.0 5.2 509.5 291.9
EnQuest . . . . . . . . . . . . .127.7 1.0 138.3 85.7
Essar Energy . . . . . . . . .146.9 0.4 459.6 101.6
Exillon Energy . . . . . . . .139.7 1.0 469.7 123.0
Heritage Oil . . . . . . . . . .148.6 -0.2 262.1 133.1
Ophir Energy . . . . . . . . .575.0 -2.0 586.0 184.5
Premier Oil . . . . . . . . . .378.4 4.4 487.5 310.0
Royal Dutch Shell . . . . .2213.5 20.5 2402.0 1883.5
Royal Dutch Shell . . . .2283.0 36.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .193.0 4.0 230.0 125.0
Salamander Energy . . .202.8 0.9 300.0 182.3
Soco Internationa . . . . .297.3 -2.7 397.5 278.0
TullowOil . . . . . . . . . . .1547.0 13.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1147.0 12.0 1207.0 740.5
Hunting . . . . . . . . . . . . .947.5 -3.5 968.0 530.0
Kentz Corporation . . . .434.0 9.3 508.0 375.0
Lamprell . . . . . . . . . . . .362.0 14.0 395.2 220.7
Petrofac Ltd. . . . . . . . .1759.0 24.0 1772.0 1108.0
Wood Group (John) . . .784.5 3.5 787.5 469.9
Burberry Group . . . . . .1483.0 -2.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .339.0 6.7 387.9 285.0
Supergroup . . . . . . . . . .333.0 -14.8 1600.0 322.8
AstraZeneca . . . . . . . .2728.0 28.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .376.7 -3.2 385.3 236.8
Genus . . . . . . . . . . . . .1420.0 8.0 1439.0 853.5
GlaxoSmithKline . . . . .1438.0 13.0 1497.0 1205.0
Hikma Pharmaceuti . . .625.5 -2.5 869.0 555.5
Shire Plc . . . . . . . . . . . .2016.0 6.0 2300.0 1818.0
Capital & Countie . . . . .198.4 -0.6 203.7 158.1
Daejan Holdings . . . . .3216.0 -22.0 3300.0 2282.0
F&C Commercial Pr . . . .103.8 0.0 108.0 92.6
Grainger . . . . . . . . . . . . .99.0 -0.2 133.2 77.3
London & Stamford . . . .111.0 0.0 140.0 103.9
Savills . . . . . . . . . . . . . .368.4 10.8 427.1 256.2
UK Commercial Pro . . . . .73.7 0.2 85.5 65.1
Big Yellow Group . . . . .295.3 -1.1 344.4 218.0
British Land Co . . . . . . .499.3 9.9 629.5 444.0
Capital Shopping . . . . .328.9 3.9 408.6 288.7
Derwent London . . . . .1774.0 32.0 1880.0 1400.0
Great Portland Es . . . . .370.0 9.9 445.0 312.9
Hammerson . . . . . . . . .424.0 6.4 490.9 345.2
Hansteen Holdings . . . . .74.0 0.7 89.5 68.0
Land Securities G . . . . .739.5 12.0 885.0 612.0
SEGRO . . . . . . . . . . . . . .223.6 2.5 329.6 195.0
Shaftesbury . . . . . . . . .520.0 8.5 539.0 441.2
Aveva Group . . . . . . . .1677.0 11.0 1799.0 1298.0
Computacenter . . . . . . .415.3 0.4 490.0 324.7
Fidessa Group . . . . . . .1539.0 -11.0 2109.0 1444.0
Invensys . . . . . . . . . . . .219.4 -2.7 338.3 180.9
Logica . . . . . . . . . . . . . . .79.2 1.3 144.8 59.0
Micro Focus Inter . . . . . .467.5 1.9 476.7 242.9
Misys . . . . . . . . . . . . . . .348.6 -0.1 420.2 214.9
Sage Group . . . . . . . . . .293.7 7.6 312.4 231.7
SDL . . . . . . . . . . . . . . . . .721.5 9.5 756.0 586.0
Telecity Group . . . . . . . .815.0 8.0 815.0 450.5
Aggreko . . . . . . . . . . .2266.0 15.0 2316.0 1522.0
Ashtead Group . . . . . . .254.3 5.8 271.1 99.4
Atkins (WS) . . . . . . . . . .740.5 13.5 820.0 490.2
Babcock Internati . . . . .818.5 -12.5 851.0 570.5
Berendsen . . . . . . . . . . .511.5 -3.5 568.0 402.7
Bunzl . . . . . . . . . . . . . .1048.0 25.0 1053.0 676.5
Cape . . . . . . . . . . . . . . . .407.1 29.7 591.5 295.0
Capita . . . . . . . . . . . . . .684.5 21.5 767.0 611.5
Carillion . . . . . . . . . . . . .294.8 3.1 403.2 264.6
De La Rue . . . . . . . . . . .983.5 8.0 1001.0 730.0
Diploma . . . . . . . . . . . .460.5 1.9 465.0 284.0
Electrocomponents . . .233.6 5.9 294.9 182.2
Experian . . . . . . . . . . . .991.0 18.5 998.0 665.0
Filtrona PLC . . . . . . . . . .467.8 3.4 484.5 296.3
G4S . . . . . . . . . . . . . . . .283.3 3.7 292.1 219.9
Hays . . . . . . . . . . . . . . . . .91.6 2.3 118.2 58.9
Homeserve . . . . . . . . . .252.0 -0.5 532.0 214.7
Howden Joinery Gr . . . .120.0 -2.0 130.8 93.1
Interserve . . . . . . . . . . .295.3 9.1 341.3 270.1
Intertek Group . . . . . . .2557.0 42.0 2605.0 1744.0
Michael Page Inte . . . . .421.4 5.8 552.5 323.0
Mitie Group . . . . . . . . . .296.7 5.0 299.5 206.8
PayPoint . . . . . . . . . . . .663.0 23.5 670.0 450.0
Premier Farnell . . . . . . .219.9 5.2 301.0 144.5
Regus . . . . . . . . . . . . . .106.9 0.2 117.5 64.0
Rentokil Initial . . . . . . . . .87.0 0.5 100.9 58.2
RPS Group . . . . . . . . . . .238.5 1.7 253.0 156.6
Serco Group . . . . . . . . . .552.5 10.0 597.5 458.0
Shanks Group . . . . . . . . .95.7 3.2 130.9 90.8
SIG . . . . . . . . . . . . . . . . .105.6 0.3 153.5 77.0
Travis Perkins . . . . . . .1055.0 5.0 1125.0 715.0
Wolseley . . . . . . . . . . .2423.0 80.0 2558.0 1404.0
ARM Holdings . . . . . . . .522.0 -2.0 645.0 464.0
CSR . . . . . . . . . . . . . . . .222.8 -7.9 391.4 154.1
Imagination Techn . . . .656.5 -31.0 717.0 296.9
Spirent Communica . . .169.0 -1.0 172.8 105.8
British American . . . .3200.0 41.0 3248.5 2592.0
Imperial Tobacco . . . .2556.0 92.0 2591.0 1974.0
Betfair Group . . . . . . . .806.0 16.0 901.0 567.0
Bwin.party Digita . . . . . .151.9 -2.1 174.0 100.6
Carnival . . . . . . . . . . .2040.0 37.0 2642.0 1742.0
Compass Group . . . . . .658.5 14.5 671.0 512.5
Domino's Pizza UK . . . .445.1 5.6 526.0 377.0
easyJet . . . . . . . . . . . . . .513.5 17.6 518.5 302.5
FirstGroup . . . . . . . . . . .200.5 5.7 370.2 190.0
Go-Ahead Group . . . . .1133.0 -7.0 1598.0 1114.6
Greene King . . . . . . . . .526.0 15.5 527.5 410.0
InterContinental . . . . .1484.0 17.0 1497.0 955.0
International Con . . . . .180.6 4.2 258.7 132.0
Ladbrokes . . . . . . . . . . . .181.1 1.7 181.1 114.0
Marston's . . . . . . . . . . . .99.4 1.9 112.0 84.6
Millennium& Copt . . . .489.7 3.9 535.0 371.2
Mitchells & Butle . . . . . .265.5 1.7 336.8 215.6
National Express . . . . .221.5 4.8 270.2 201.6
Rank Group . . . . . . . . . .113.5 -3.5 153.7 109.5
Restaurant Group . . . . .290.0 9.1 329.0 254.9
Spirit Pub Compan . . . . .56.5 1.0 62.8 35.3
Stagecoach Group . . . . .255.1 7.1 287.4 220.0
TUI Travel . . . . . . . . . . . .194.0 3.0 250.0 136.7
Wetherspoon (J.D. . . . .408.4 2.9 468.3 380.5
Whitbread . . . . . . . . . .1946.0 19.0 1954.0 1409.0
WilliamHill . . . . . . . . . . .281.1 -0.3 282.0 183.3
Abcam. . . . . . . . . . . . . .370.0 0.0 460.0 320.0
Advanced Medical . . . . .75.5 1.5 95.0 64.8
Albemarle & Bond . . . .323.8 4.8 400.1 302.4
Amerisur Resource . . . . .25.4 0.4 29.0 9.5
Andes Energia . . . . . . . . .41.3 1.5 82.8 17.5
Andor Technology . . . .547.5 0.0 685.0 471.8
Archipelago Resou . . . . .60.0 -0.3 79.0 56.5
ASOS . . . . . . . . . . . . . .1483.0 5.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .21.0 -1.0 71.0 16.0
Avanti Communicat . . .276.5 3.5 450.0 241.3
Blinkx . . . . . . . . . . . . . . .59.5 5.8 158.0 41.3
Borders & Souther . . . . .85.0 0.0 131.0 43.5
BowLeven . . . . . . . . . . . .88.3 -0.5 342.3 62.0
Brooks Macdonald . . .1340.0 -10.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .86.5 0.5 112.8 66.5
Cove Energy . . . . . . . . .226.0 -0.5 242.0 61.0
Daisy Group . . . . . . . . . .105.0 -5.0 127.0 95.0
EMIS Group . . . . . . . . . .570.0 0.0 584.2 397.5
Faroe Petroleum . . . . . .177.8 1.0 177.8 130.0
Gulfsands Petrole . . . . .125.0 -1.0 290.0 125.0
GWPharmaceutical . . . .90.0 1.5 130.0 78.5
H&T Group . . . . . . . . . . .293.0 3.0 395.0 286.0
Hargreaves Servic . . . .1221.0 -6.0 1264.0 855.0
Healthcare Locums . . . . . .2.5 0.5 2.9 2.0
ImpellamGroup . . . . . .352.5 2.5 382.6 225.0
Iomart Group . . . . . . . . .138.8 0.8 151.0 85.5
James Halstead . . . . . . .510.0 5.0 529.2 410.3
London Mining . . . . . . .300.0 1.3 436.5 257.5
Lupus Capital . . . . . . . . .128.0 -2.0 142.0 86.0
M. P. Evans Group . . . . . .513.3 15.8 515.5 371.0
Majestic Wine . . . . . . . .458.8 -0.3 510.0 315.0
May Gurney Integr . . . .235.0 4.0 302.0 230.0
Monitise . . . . . . . . . . . . .35.0 -0.8 40.0 24.0
Mulberry Group . . . . .2360.0 40.0 2360.0 1290.0
Nanoco Group . . . . . . . .68.8 -0.8 90.0 38.0
Nautical Petroleu . . . . .333.0 -5.0 392.0 223.5
Nichols . . . . . . . . . . . . . .697.5 -3.0 708.3 499.8
Numis Corporation . . . . .81.0 -1.8 119.6 72.0
Pan African Resou . . . . . .16.5 0.5 18.3 9.5
Patagonia Gold . . . . . . . .36.8 0.0 70.0 34.0
Prezzo . . . . . . . . . . . . . . .69.0 -0.4 71.5 53.5
Rockhopper Explor . . .342.0 1.8 393.5 141.0
RWS Holdings . . . . . . . .525.0 12.5 560.0 389.0
Secure Trust Bank . . . .1060.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .19.0 -0.5 32.0 6.4
Songbird Estates . . . . . .119.3 2.3 160.3 103.0
Valiant Petroleum . . . .580.0 -5.0 628.5 400.0
Young & Co's Brew . . . .615.0 0.0 712.0 580.0
Chemring Group . . . . . . . . . . . . .391.9 20.0
Lloyds Banking Gro . . . . . . . . . . .33.6 8.3
Cape . . . . . . . . . . . . . . . . . . . . . . .407.1 7.9
Brown (N.) Group . . . . . . . . . . . .241.8 5.5
Royal Bank of Scot . . . . . . . . . . . .25.3 4.2
Lamprell . . . . . . . . . . . . . . . . . . .362.0 4.0
Imperial Tobacco G . . . . . . . . .2556.0 3.7
Booker Group . . . . . . . . . . . . . . . .81.9 3.7
PayPoint . . . . . . . . . . . . . . . . . . .663.0 3.7
Barclays . . . . . . . . . . . . . . . . . . .226.2 3.6
Man Group . . . . . . . . . . . . . . . . . .97.8 -5.5
Home Retail Group . . . . . . . . . . .101.0 -5.3
Imagination Techno . . . . . . . . . .656.5 -4.5
Supergroup . . . . . . . . . . . . . . . .333.0 -4.3
CSR . . . . . . . . . . . . . . . . . . . . . . .222.8 -3.4
Rank Group . . . . . . . . . . . . . . . . .113.5 -3.0
GemDiamonds Ltd. . . . . . . . . .253.0 -2.3
Ocado Group . . . . . . . . . . . . . . . .127.0 -2.2
Howden Joinery Gro . . . . . . . . .120.0 -1.6
Paragon Group Of C . . . . . . . . . . .177.1 -1.6
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
[email protected]
Tsy 9.000 12 . . . . . .102.25 0.00 110.2 100.8
Tsy 5.250 12 . . . . . . .100.46 -0.03 104.9 100.5
Tsy 2.500 13 . . . . . . .283.71 -0.02 287.7 282.8
Tsy 4.500 13 . . . . . . .103.45 -0.01 106.4 103.4
Tsy 8.000 13 . . . . . . .110.64 0.00 116.4 110.6
Tsy 5.000 14 . . . . . . .110.61 -0.01 112.9 110.5
Tsy 8.000 15 . . . . . . .126.11 0.00 129.2 125.4
Tsy 4.750 15 . . . . . . .113.55 0.00 115.4 110.8
Tsy 4.000 16 . . . . . . .113.04 0.02 114.7 107.7
Tsy 2.500 16 . . . . . .343.28 0.08 345.7 323.8
Tsy 1.250 17 . . . . . . .115.69 0.06 117.1 109.9
Tsy 8.750 17 . . . . . . .139.17 -0.25 141.9 135.6
Tsy 12.000 17 . . . . . . .117.25 -1.06 127.9 117.0
Tsy 5.000 18 . . . . . . .121.00 0.06 122.5 113.2
Tsy 4.500 19 . . . . . . .119.67 0.10 120.9 109.3
Tsy 3.750 19 . . . . . . .114.89 0.13 115.9 103.4
Tsy 4.750 20 . . . . . .122.43 0.08 123.5 110.7
Tsy 2.500 20 . . . . . .366.31 0.24 369.3 330.6
Tsy 8.000 21 . . . . . . .150.91 0.03 153.8 138.8
Tsy 1.875 22 . . . . . . .127.07 0.08 129.2 114.9
Tsy 4.000 22 . . . . . . .116.78 0.08 118.2 103.2
Tsy 2.500 24 . . . . . .329.44 0.18 334.7 288.9
Tsy 5.000 25 . . . . . .128.02 0.10 130.6 111.5
Tsy 1.250 27 . . . . . . .122.59 0.02 127.0 107.6
Tsy 4.250 27 . . . . . . .119.03 0.13 122.7 101.7
Tsy 6.000 28 . . . . . .143.23 0.14 148.0 123.7
Tsy 4.125 30 . . . . . . . .311.01 0.15 322.8 272.0
Tsy 4.750 30 . . . . . . .125.19 0.26 130.5 107.3
Tsy 4.250 32 . . . . . . .117.42 0.25 123.1 100.3
Tsy 4.250 36 . . . . . . .116.86 0.24 123.9 99.6
Tsy 4.750 38 . . . . . . .126.17 0.23 134.2 107.9
Tsy 4.500 42 . . . . . .122.39 0.19 130.8 104.1
% %
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AIM 50
W
ow, this is cool Daddy,
what is it? says my
daughter as she clambers
into the back of the 70th
Anniversary edition Jeep Wrangler.
I appear to have acquired instant
street cred. Amongst the under
threes, in any case.
That I am driving this car at all for
this column is questionable. There
is almost nothing about the Jeep
Wrangler that fits with my brief to
write about premium, luxury and
commuter cars. And with CO2 emis-
sion figures of 213g/km this is not a
vehicle that will be popular with
the Mayors office.
Thankfully, I get to throw in the
occasional oddball for entertain-
ment value. These days Jeeps
Wrangler seems increasingly out-
moded despite earning itself a mas-
sive cult following over the years. Its
design has its origins in the Willys
Jeep from WWII, which goes some
way to explaining how badly it
drives by modern day standards. In
truth there are elements of this
Wrangler that feel like a 70-year-old
vehicle design.
Its impossible not to bounce
around on its leather-trimmed seats
as they jump around on their
springs. At times I feel like Tigger in
an old jalopy. One of my posher
friends said it reminded her of rid-
ing in a horse and carriage.
The acceleration and steering are
also crude. The steering requires
multiple inputs which becomes tir-
ing although things get easier at
higher speeds on the motorway.
The throttle progression is not
subtle. More on or off, like throw-
ing an old, mechanical switch. Its
197bhp 2.8-litre diesel engine is
able to accelerate from 0-62mph in
12.9 seconds. So its slow. But this is
Jeeps off-road model. The Wrangler
alongside the British stalwart the
Land Rover Defender share a spe-
cial relationship. Both are almost
exactly the same age. They are as
proper a 4x4 as an SUV can be. Rock
hard in other words. Not made for
the City. The attributes that have
make them so excellent in the
hands of generations of soldiers
and farmers make them more chal-
lenging to drive on tarmac.
Yet people still buy them. Because
they are uniquely cool. Cool like a
dirt bike, like extreme sports, like a
Leatherman tool. If you dont see
this then you obviously need to get
out more. Globally Jeep continues to
sell Wranglers to the wealthy as
weekend playthings and more and
more money is being spent person-
alising them.
Which is why you are unlikely to
see many of them in the City. On-
road things are bearable...just. I find
I become increasingly accepting of
the Wranglers lack of sophistica-
tion as I spent more time driving it.
But that is not to say that it is good.
Almost any other 4x4 will provide a
more comfortable ride than the
Wrangler but then they will also
be incomparable off-road. And
though this 70th Anniversary spe-
cial edition has plastic trim which
dominates its interior, the steering
wheel is trimmed in a soft and com-
fortable leather and chrome and
brushed aluminium adorns key
areas of the interior, including the
gear shift. Also, there is an accept-
able sat-nav system and using the
cruise control reduces fatigue. The
roof is removable, though the week-
end we have the car is characterised
by biblical amounts of rain. Shame,
having the roof off would have been
fun.
This is a vehicle that could make
for some memorable trips. By
todays standards it is slow, uncom-
fortable and uneconomical. There is
very little storage space in the rear;
this is a vehicle you strap things to
under tarpaulin rather than carry
stuff in the boot.
But the Wrangler cries out for a
fishing trip, for a canoe, a beach,
even a campfire would do. Its just
not right for urban use. Its wrong
on so many levels. But as a weekend
plaything its a big boys Tonka toy
and I love it, warts and all. It feels
large and awkward and a little
unpredictable: maybe the Mayor
would like it after all?
The Jeep Wrangler is a bit like a Tonka truck; lovable perhaps, but not a practical driving option for a city.
Driving this Jeep is a hard wrangle
Terrible on-road, pretty ropey off-road, this 70th anniversary edition Wrangler is more like a jalopy than a car
27
WEDNESDAY 2 MAY 2012
LIFE&STYLE
cityam.com
MOTORING
CAR TALK
BY RYAN BORROFF
Audi Q5 SUV with Google and online radio
Details on the latest Audi Q5 SUV have been released. The popular 4x4
has undergone styling tweaks and chassis improvements and has a new
electro-mechanical power steering system. Engine efficiency is up by 15
per cent. You can now also choose Audi's in-car internet service which
includes Google Earth, Google Street View, online traffic information
and internet radio. From 33,400 OTR.
WORDS BY
RYAN BORROFF
THE VERDICT:
DESIGN hhiii
PERFORMANCE hhiii
PRACTICALITY hhiii
VALUE FOR MONEY hhiii
THE FACTS: JEEP WRANGLER 70TH
ANNIVERSARY EDITION
PRICE: 27,395
0-62MPH: 12.9 secs
TOP SPEED: 107mph
CO2 G/KM: 213g/km
MPG COMBINED: 34.9mpg
BMWs fleet of low-emission cars
BMW has revealed its fleet of low-emission, diesel, hybrid and electric
cars, motorcycles and bicycles available for use during the London 2012
Olympic and Paralympic Games. Cars include electric Minis and 3- and
5-series Hybrids. The companys Munich testing facilities were also used
to test the resilience of the Olympic torch to 50mph winds, snow and
driving rain.
Lamborghini Reventon supercar going under hammer
A Lamborghini Reventn supercar one of only 20 built is going
under the hammer at the H&H Classics sale at Londons Motorexpo at
Canary Wharf, 11-17 June. Powered by a 6.5-litre V12 engine producing
650bhp, the carbon-fibre Reventn can sprint to 0-62 mph in just 3.4
seconds and go on 211mph. Expect to pay 1m or so.
www.motorexpo.com
28
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Roadshow3.35amGreat British
Railway Journeys 4.05am-6am
BBC News
6pmEggheads
6.30pmGreat British Menu
7pmLive Snooker: The World
Championship
8pmCHOICE Antiques
Uncovered
9pmThis World: The Shame of
the Catholic Church
10pmThe Apprentice: Youre
Fired
10.30pmNewsnight: Weather
11.20pmSnooker: The World
Championship: The concluding
quarter-finals.
12.10amSnooker Extra
2.10amBBC News 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmThe Unforgettable
Hughie Green
8pmCHOICE The British Soap
Awards 2012: Phillip Schofield
hosts the annual ceremony.
10pmITV News at Ten
10.30pmLondon News
10.35pmLeahs Dream
11.35pmTotal Emergency
12.30amThe Zone; ITV News
Headlines
2.30amBritish Touring Car
Championship 3.45am-5.30amITV
Nightscreen
6pmSimpsons 6.30pmHollyoaks
7pmNews 7.55pmFoxes Live: Wild
in the City 8pmFour Rooms 9pm
The Tallest Tower: Building the
Shard 10pmCHOICE The Killing
10.55pm2 Broke Girls 11.25pm
Desperate Housewives 12.25am
Random Acts 12.35amMusic on 4:
Mercury Prize Sessions 12.50am
Music on 4: Rita Ora: Intro 1.05am
Music on 4: 4Play: Marina and the
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Elsewhere 4.45amSmallville
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at 9
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5.35am-6amWildlife SOS
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6
7 8
9 10 11 12
13 14
15
16 17 18 19
20 21
22
23
24
23 6
33 19
3 30
4 9 10
41
6 4
36
16 19 7
10 13
24 35
11 17
7
16
9
17
34
17
8
10
16
38
19
18
34
12
20
11
15
16
15
8
14
22
ACROSS DOWN
B
K
L
E
F S
T
U
A
4
4
4
R A V E N H E E L S
A M I N E V I
C H A M B E R L A I N
E E W S G
R O U T E S F I L E
T G V
A P E X R E H E A T
R N O O A
I N S T R U C T I O N
E I O P E L G
S O L I D P Y G M Y
9 5 3 7 4 2 8
4 3 1 2 5 2 1 7
1 2 8 7 6 4 9
3 8 3 9 6 8
6 9 7 8 3 1 2 4
2 7 3 3 6 8
1 6 2 8 3 7 8 9
4 6 2 1 1 7
7 8 6 9 5 1 3
6 9 5 1 8 3 4 2
2 5 1 3 9 5 4
4
4
4
4
4
4
4
4
4
The nine-letter words were
FORMULAIC and FUMAROLIC
1 Spains head of state
from 1939-1975 (6)
6 Twelve noon (6)
7 Fit for cultivation (6)
9 Ultimate client for
which a thing is
intended (3,4)
13 Individual units
in a list (5)
14 Capacious (5)
15 Male child (3)
16 Furze (5)
19 Insectivorous
terrestrial lizard (5)
20 Watch attentively (7)
22 Surname of
Roseanne Barrs ex-
husband Tom (6)
23 Appraise (6)
24 Pencil rubber (6)
1 Pink wading bird (8)
2 Non-professionals (8)
3 Portent (4)
4 Hate coupled
with disgust (5)
5 Honey-badger
of Africa and
southern Asia (5)
8 Smaller in amount (6)
10 Hazard (6)
11 Plausible but false (8)
12 Tubular wind
instrument with eight
nger holes (8)
17 Rotund, extremely
chubby (5)
18 Set or keep apart (5)
21 Jar for owers (4)
T
E
R
R
E
S
T
R
I
A
L
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
WEDNESDAY 2 MAY 2012
ANTIQUES UNCOVERED
BBC2, 8PM
Lucy Worsley and collectibles expert
Mark Hill explore the stories behind
different antiques, beginning with
objects from the world of entertaining.
THE BRITISH SOAP AWARDS 2012
ITV1, 8PM
The stars of Coronation Street,
EastEnders, Emmerdale, Hollyoaks and
Doctors gather as Phillip Schofield
hosts the annual awards ceremony.
THE KILLING
CHANNEL4, 10PM
Detective Linden continues
investigating the teenagers murder,
and discovers Holder doctored the
photograph of Darren Richmond.
TVPICK
EVERTON wasted the chance to steal
a march on rivals Liverpool after
substitute Cameron Jerome secured
a Premier League point for Stoke
with a 69th-minute equaliser in an
occasion best forgotten.
[Finishing above Liverpool] is not
desperately important, the
important thing is to finish in the
top 10 and this might secure that,
said Everton manager David Moyes.
If we can win the last two games it
will be a good season for us.
Unlike many at this stage of the
season, Moyes side, who lie seventh,
still have much to play for as they
hope to finish above their rivals for
the first time since 2005, though
both they and Stoke appeared
motivated by little.
Typically, the throw-ins of Rory
Delap were Stokes chief creativity,
and any goal appeared unlikely to
arrive in a remotely inspirational
manner. Robert Huth, Ryan
Shawcross and Kenwyne Jones all
wasted chances for Stoke, while
Evertons in-form Nikica Jelavic hit
the ball over the bar with his knee.
Yet just when it appeared the
game would remain goalless at half-
time, Everton went in front when
Tony Hibberts cross hit Marc Wilson
before glancing in off of Peter
Crouchs back for a cruel own goal.
The second-halfs pattern of play
remained unchanged until Stoke
manager Tony Pulis introduced
Jerome in a treble substitution,
though it wasnt until he scored that
his contribution told. The powerful
striker seized on a loose ball to race
clear and fire past goalkeeper Tim
Howard to secure his sides equaliser
and what was ultimately a fair point.
Moyes content
despite Stokes
late leveller
G
E
T
T
Y
Fortress Anfield breached again
LIVERPOOLS preparations for
Saturdays FA Cup final took a
blow as their poor home form
continued to allow Fulham to win
their first game at Anfield and
draw level with them in the
Premier League.
I dont think it can be described
as a performance, said unhappy
Liverpool manager Kenny Dalglish,
whose side are eighth. They had
the chance to press [for Saturday]
but the performance was poor.
Dalglish had made nine changes
from the side that won 3-0 at
Norwich on Saturday to keep his
squad fresh for the biggest game of
their season. The Scot would have
hoped for hungry performances
from those aiming to start
Wembleys showpiece but his side
made the worst-possible start when
defender Martin Skrtel scored an
own goal by deflecting John Arne
Riises low cross past Doni.
The goal was emblematic of
Liverpools fortunes at Anfield, but
if Dalglish expected change then
only his optimism can be admired.
At half-time, Stewart Downing
replaced Jordan Henderson but the
reality was that Liverpool remained
as likely to score as Newcastle are
to return the 35m pocketed from
the transfer of Andy Carroll. Of 18
shots, only five were on target, and
though Fulham offered little in
return, their goalkeeper Mark
Schwarzer will have rarely felt so
untroubled. Shots flew over the bar
and crosses were cleared, but true
signs of a goal remained elusive. An own goal from Martin Skrtel, second left, was enough to gift Fulham an away victory
SPORT
29
WEDNESDAY 2 MAY 2012
cityam.com
STOKE .........................................1
EVERTON.....................................1
BY SPORTS DESK STAFF
PREMIER LEAGUE
LIVERPOOL ................................0
FULHAM......................................1
BY DECLAN WARRINGTON
PREMIER LEAGUE
FORMER Australia and Saracens star
Michael Lynagh has been discharged
from hospital as he continues his
recovery from a stroke.
Lynagh was admitted to intensive
care a fortnight ago in Brisbane
where it was discovered he had
suffered a blocked vertebral artery.
The 48-year-old wrote on Twitter
Lynagh released from hospital
yesterday: Almost exactly two weeks
after my stroke, I have been released
from hospital. A long way to go, but
a big step in the right direction.
The 1991 World Cup winner spent
two seasons at Saracens, helping
them to win the Tetleys Bitter Cup,
before retiring in 1998.
Lynagh remains based in Britain,
where he works in advertising and as
a television pundit.
BY FRANK DALLERES
IN BRIEF
Cleverly eyes Bellew rematch
n BOXING: Waless WBO light-
heavyweight champion Nathan Cleverly
will consider a rematch with Tony
Bellew if he fails to secure a unification
bout against another champion. He
[Bellew] looked impressive and thats
an option, said Cleverly, who
controversially outpointed Bellew last
October. If he had a world title then
that would help, we could have a
unification fight. Its a fight I want.
Brailsford sets Wiggins target
n CYCLING: Team Skys team principal
Dave Brailsford says Bradley Wiggins
priority is to defend his Criterium du
Dauphine title before he targets the
Tour de France. Our intention is for
Bradley to defend his title, he said.
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Results
ENGLANDS new manager Roy
Hodgson insists he is strong enough
to handle the pressure of the most
high-profile role of his lengthy
career, after completing a whirlwind
48 hours by signing a fouryear
deal yesterday.
Hodgsons appointment came in
for criticism before it was even con-
firmed, with questions raised about
why Tottenhams Harry Redknapp,
the bookmakers favourite, was
overlooked in favour of the
West Brom boss.
The 64-year-old also has
recent history of show-
ing the strain in a
demanding role, having
endured a difficult and
increasingly fraught six
months at Liverpool,
before the club sacked him
halfway through last season.
But Hodgson, who has impressed
since with the Baggies and boasts a
diverse CV that includes stints at
Inter Milan and with three national
teams, is adamant he is not fazed by
a notoriously demanding position.
Im prepared. The fact is I took it
at Liverpool and Ill take it here, said
Hodgson, whose first match in
charge will be against Norway
in Oslo on 26 May.
The Liverpool chapter
is in the past and Im
concentrating on the
future. There are lots of
other chapters in my
past I could concentrate
on if I wanted to that
would put a smile on my
face. Inter, I would submit,
wasnt exactly too easy when it
comes to scrutiny and size of club.
The England managers job is the
pinnacle of success for every English
manager and it certainly brings with
it a lot of scrutiny and criticism and I
have to be prepared for that.
Hodgson was presented at
Wembley yesterday, just two days
Im ready for the pressure, insists
prepares to inherit England jobs
after West Brom told him they had
accepted an approach from Football
Association chairman David
Bernstein, and less than a fortnight
before Englands squad for the
European Championship is set to be
named a timescale Hodgson con-
ceded was far from ideal.
Its going to be difficult of course
but hopefully Ive got time, he said.
Obviously Ive been working here [in
the Premier League] for the last five
years so the players are pretty well
known to me, even though I
havent worked with them
all. Ive done as much
research and spoken to
as many people as I can.
Hodgson declared
Manchester United strik-
er Wayne Rooney would
definitely be in his squad,
despite a two-match ban,
but refused to name a cap-
tain. Liverpool skipper Steven
Gerrard, who has worked with
Hodgson, would be a leading candi-
date and last night welcomed the for-
mer Anfield chiefs appointment.
Ive worked with Roy. Hes a good
man and a good manager, said
Gerrard. Its important hes given a
chance and Im looking forward to
working with him again.
Bernstein insisted former
Fulham manager Hodgson
had been the only man
approached and that he
had been identified a
month ago when City
A.M. revealed the FA had
gone cold on Redknapp.
He insisted the lack of
compensation associated
with hiring Hodgson he
was out of contract in the sum-
mer was not a factor but refused to
discuss why Redknapp had not been
interviewed.
Hodgson, meanwhile, revealed
Redknapp had left him a message of
congratulation. Hes been very gra-
cious in everything hes done, he
said. I hope we remain friends.
19
This is the 19th job of
Hodgsons 36-year
coaching career
3
World ranking
Switzerland achieved
under Hodgson
West Brom boss signs four-year deal and
has just two weeks to pick Euro 2012 squad
NORWEGIAN world champion
swimmer Alexander Dale Oen has
died, aged just 26, following a
cardiac arrest, in the latest such
incident to affect apparently
healthy sportsmen.
Dale Oen, who won 100m
breaststroke gold at last years
World Championships in Shanghai,
was found collapsed at a training
base in Arizona, where he was
preparing for the London 2012
Echoes of Muamba incident as
Norwegian swimmer, 26, dies
Olympics. Emergency services
proved unable to revive him.
It follows Bolton footballer
Fabrice Muambas on-field cardiac
arrest during an FA Cup match at
Tottenham in March. The 24-year-
olds heart stopped beating for 80
minutes but was eventually revived
and was discharged from hospital
two weeks ago.
Italian second division footballer
Piermario Morosini died last
month after suffering a heart
attack during a game.
WEDNESDAY 2 MAY 2012
30
SPORT
cityam.com/sport
BY FRANK DALLERES
BY FRANK DALLERES
Roy thrown
straight in at
the deep end
I
F HE was in any doubt
beforehand, Roy Hodgson got
a taste of the singular scrutiny
to which England managers
are subjected when he faced
the media for the first
time yesterday.
Perched slightly awkwardly,
Hodgson was bombarded with
just about every awkward
question imaginable. Could
John Terry and Rio Ferdinand
coexist in peace? Would Steven
Gerrard be captain? Then a
curveball: did he now regret
time playing in apartheid-era
South Africa some four decades
ago? He shuffled a touch as he
batted away the first two but
was robust on the latter. He also
gave a confident and forthright
response to the issue of Wayne
Rooneys selection.
Yet there was an elephant in
the room in Harry Redknapp,
and why the Tottenham boss
was not interviewed. Such was
David Bernsteins reluctance to
elaborate that he would not
even utter Redknapps name;
referring instead to him and
other candidates.
Sensing hostility, Bernstein
went to lengths to elaborate on
Hodgsons credentials. The new
man himself, meanwhile, three
times appealed for the country
to get behind him and trod a
fine line between a sensible
downplaying of expectations
and the sort of sober reality to
which Englands followers are
unaccustomed.
Occasionally, he smiled
nervously, like a candidate keen
to impress at a job interview,
but soon reverted to that lived-
in poker face. Overall, he
maintained the dignity for
which he has been praised. The
trick will be keeping that intact
over the next four years.
FOOTBALL
SKETCH
FRANK DALLERES
ALL-TIME RECORDS: ENGLAND MANAGERS
nStuart Pearce, Feb 2012-May 2012
P1 W0 D0 L1 Win% 0
nFabio Capello, Dec 2007-Mar 2012
P42 W28 D8 L6 Win% 66.67
n Steve McClaren, Aug 2006-Oct 2007
P18 W9 D4 L5 Win% 50
n Sven-Goran Eriksson, Jan 2001-Jul 2006
P67 W40 D17 L10 Win% 59.70
nPeter Taylor, Nov 2011
P1 W0 D0 L1 Win% 0
n Kevin Keegan, Feb 1999-Oct 2000
P18 W7 D7 L4 Win% 38.89
n Glenn Hoddle, Sep 1996-Feb 1999
P28 W17 D6 L5 Win% 60.71
n Terry Venables, Mar 1994-Jun 2006
P23 W11 D11 L2 Win% 47.82
n Graham Taylor, Sep 1990-Nov 1993
P38 W18 D13 L7 Win% 47.36
n Sir Bobby Robson, Sep 1982-Jul 1990
P95 W47 D30 L18 Win% 49.47
Di Matteo: Cup places available
CHELSEA interim manager Roberto
di Matteo has urged his fringe
players to force their way into his FA
Cup final plans by beating Newcastle
to strengthen their hopes of a top-
four Premier League finish.
The Italian insists his side are
focused on tonights game, in which
they could climb two places from
sixth, though he admitted his
players form would be a
consideration for Saturdays
showpiece against Liverpool at
BY DECLAN WARRINGTON Wembley, with Fernando Torres
among those to impress lately.
Well see how the game goes
tomorrow and then Ill be thinking
about Saturday, he said. I look a
little more back and look at maybe
the last three or four weeks and the
way we played and the different
positions and so on.
Di Matteo believes his squads
experience could prove decisive in
the four-way fight to claim the
remaining two Champions League
qualifying places. He said: We have
players that have been in this
situation before and have certainly
the experience to be playing in all
these important games with a lot of
pressure on us. It could prove
decisive.
He also confirmed that he is
confident defenders Gary Cahill and
David Luiz will regain fitness in time
for the Champions League final
against Bayern Munich on May 19,
something that is of greater
significance with captain John Terry
suspended. Hopefully theyll be
ready before, said Di Matteo. I have
hope, but I dont know yet.
31
ROY ON...
G
E
T
T
Y
G
E
T
T
Y
Hodgson, as he
poisoned chalice
Care and Haskell can
make South Africa
tour, says Lancaster
ENGLAND coach Stuart Lancaster
has opened the door for Danny Care
and James Haskell to return to the
international set-up for this
summers tour to South Africa,
though he accepts the duo will
never be coached by Wayne Smith.
The Harlequins scrum-half was
overlooked by England for this
years Six Nations following myriad
off-field controversies but after
holding talks with him, Lancaster
admitted Care would be considered
if his form was good enough.
Danny Care is someone I have
met recently and I am pleased with
what he is doing off the field in
terms of working hard to force
himself back into contention, said
Lancaster, I had a positive meeting
with him and he is one I will
consider for the tour.
Lancaster also revealed that
flanker James Haskell, scheduled to
return to Wasps for next season, will
again be under consideration as his
time with Super 15 side Highlanders
comes to a close, despite a current
three-week ban for punching.
He said: James Haskell will be
coming back into the equation. I
have spoken to him about his
availability. James has a three-week
ban, his next game would be May
26, then he will play a Super 15 on
June 2 and then join us, if selected.
Haskells former Wasps team-
mate Danny Cipriani, however,
appears unlikely to play any part,
even though Lancaster admitted the
fly-half could have a future role.
Danny Cipriani is another one
but I think the next step for him is
to go to Sale, do the pre-season, said
Lancaster. He is in a competitive
position. Hopefully he will earn
the right to get back in there
next season.
Lancaster revealed World Cup
winning former New Zealand coach
Smith had rejected a job offer, in a
second snub following Andy Farrell
decision to stay at Saracens. London
Irishs Mike Catt will take
Farrells place as backs
coach in South Africa,
and possibly beyond.
Mike has played for
England for 12 years and
has a wealth of
experience,
Lancaster added.
He has played in
South Africa and been with the
Lions. It will be really exciting to
work with him.
Haskells return to the England
squad may be more important than
previously anticipated, after a neck
injury suffered by Leicester flanker
Tom Croft ruled him out of selection
for the South Africa tour. He joins
Rob Webber, Courtney Lawes, Tom
Woods, Joe Simpson and Charlie
Sharples in being injured, while
Calum Clark is suspended.
It is hoped, however, that
Ugo Monye, Anthony
Allen and Alex
Corbisiero will
regain fitness in
time to tour.
Scrum-half Danny Care was left out of Lancasters England squad for the Six Nations
Proved hes a top manager at international
level so dont see a reason why he cant do it
for England
Its going to be
difficult [to pick a
squad so soon] but
hopefully Ive got
time. Ive been
working here for
five years so I know
the players
England have to
go into tournaments
to win because we
are a major football
nation. Players would
be disappointed if
we expected
anything less
cityam.com
WEDNESDAY 2 MAY 2012
BY DECLAN WARRINGTON
Photography: Simon Procter
Millinery: Stephen Jones
Attire: Antonio Berardi
royalascothospitality.co.uk
0844 411 5081
n Ron Greenwood, Sep 1977-Jul 1982
P55 W33 D12 L10 Win% 60.00
n Don Revie, Oct 1974-Jun 1977
P29 W14 D8 L7 Win% 48.28
n Joe Mercer, May 1974-Jun 1974
P7 W3 D3 L1 Win% 42.86
n Sir Alf Ramsey, Feb 1963-Apr 1974
P113, W69 D27 L17 Win% 61.06
n Walter Winterbottom
P138 W77 D33 L28 Win% 55.80
Lancaster will also
consider James
Haskell for selection
SCHEDULE
England tour of South Africa
n Saturday 9 June: First Test, Durban,
4pm
n Wednesday 13 June: v SA Barbarians
South, Kimberley, 1.30pm
n Saturday 16 June: Second Test,
Johannesburg, 4pm
n Tuesday 19 June: v SA Barbarians
North, Potchefstroom, 6.10pm
n Saturday 23 June: Third Test, Port
Elizabeth, 4pm
All times BST
Jack Wilshere gives Roy Hodgson the thumbs-up
I AM
THE MERCHANT.
MY ADVICE
TO YOU IS THIS.
EAT WELL, DRINK
WELL AND YOU
WILL LIVE WELL.
PROBABLY.