59%

ANDREW MOSS
Aviva, CEO
40%
ANDREW SUKAWATY
Inmarsat, chairman
BUSINESS WITH PERSONALITY
SHAREHOLDERS yesterday unleashed their
wrath on leading blue chip businesses with an
unprecedented wave of rebellion against exec-
utive pay deals.
Businesses including Aviva, UBS and
Inmarsat suffered substantial rebellions
against remuneration packages at AGMs held
yesterday. And last night Trinity Mirror boss Sly
Bailey unexpectedly handed in her notice as
leading shareholders prepared to mount a
campaign against her 1.7m pay package.
The largest revolt was at insurance giant
Aviva, where 59 per cent of shareholders failed
to back proposed remuneration levels, protest-
ing that executive pay at the insurer has con-
tinued to climb despite a persistently weak
share price. Some called for directors includ-
ing chief executive Andrew Moss to quit.
The figures are evidence enough to con-
demn your abject performance without reser-
vation, said private investor Philip
Meadowcroft, who estimated Avivas total
boardroom pay has risen 90 per cent in the last
four years as its shares fell 62 per cent.
The vote is advisory only and cannot block
the insurers pay plans but it was enough to
force Avivas outgoing chairman, Colin
Sharman, to issue an apology to investors and
pledge that in future the board will listen
more closely to shareholder concerns.
It was only the fourth time that a FTSE 100
firm has seen investors reject a remuneration
report since advisory votes began in 2003.
Shareholders are registering their displeas-
ure with companies that have raised levels of
compensation dramatically during the good
years and failed to reduce them following the
downturn, said Adrian Hoggarth of law firm
Prolegal.
Swiss bank UBS was also embarrassed when
more than one third of its shareholders reject-
ed its remuneration plans, including those for
incoming chairman Axel Weber and invest-
ment bank co-head Andrea Orcel. Rebellions by
large shareholder groups are a rarity in
Switzerland but sub-par profits and a $2bn
rogue trading scandal energised a usually
docile investor base.
British satellite company Inmarsat also saw
37 per cent of shareholders reject a pay deal for
chairman Andrew Sukawaty who remains on
614,000 despite handing over the chief execu-
tive role to Rupert Pearce. A spokesman said
last night that this was a transition phase
and that the shareholders who voted against
it are US proxy managers who do not under-
stand the unique situation.
www.cityam.com FREE
FTSE 100 5,766.55 +8.44 DOW 13,206.59 -61.98 NASDAQ3,024.30 -35.55 /$ 1.62 unc / 1.23 unc /$ 1.32 unc
ISSUE 1,626 FRIDAY 4 MAY 2012
MORE: Page 2, Page 6, Page 12

Certified Distribution
27.02.2012 till 01.04.2012 is 99,462
BY JAMES WATERSON
40%
AXEL WEBER
UBS, incoming chairman
*
* percentage of investors that did not vote in favour of pay plans
QUIT
SLY BAILEY
Trinity Mirror, CEO
See
Page 3
REVOLUTION
IN THE CITY
LONDON ON A KNIFE EDGE
[email protected]
Follow me on Twitter: @allisterheath
IN BRIEF
US jobless numbers fall sharply
nThe number of Americans filing new
claims for jobless aid dropped by the
most in a year last week, easing fears
the labour market recovery was
stalling, official data showed
yesterday. But separate figures on the
vast US services sector was less
upbeat, with the rate of growth
slowing more than expected and a
gauge of employment falling to its
lowest level in four months. Initial
claims dropped 27,000 to a seasonally
adjusted 365,000, the Labor
Department said yesterday the
largest fall since May last year.
However, the Institute for Supply
Management said its services index
fell to 53.5 last month from 56 in
March, missing economists' forecasts
for a modest decline to 55.5, but still
above the 50 no change mark.
Spains borrowing costs up again
nSpain saw yields jump at a bond
auction yesterday, the first after its
recent downgrade to triple-B by credit
ratings agency Standard and Poors.
However, demand remained solid,
largely from domestic banks. The
government raised 2.5bn (2.03bn)
as planned, paying 4.96 per cent on
five-year debt, compared with 3.696
per cent at the last similar auction,
and 4.03 per cent on three-year
bonds, up from 2.617 per cent. Other
markets remained stable, with yields
on 10-year bonds down 0.068
percentage points over the day and
stocks on the IBEX 35 up 0.29 per
cent. But analysts worried the rising
yields showed the impact of central
bank liquidity boosts is wearing off.
G
E
T
T
Y
Britain on course to lose
vote on EU banking rules
BRITAIN is on course to be outvot-
ed for the first time ever on a
major piece of EU financial regula-
tion, after EU officials said they
had a majority in favour of propos-
als that Osborne said would make
him look like an idiot.
Following 16 hours of negotia-
tions on a set of new EU banking
rules that broke up at 2am on
Thursday, Britain was still far from
securing the concessions it wants.
If it cannot get enough support
between now and the next meet-
ing of EU finance ministers in two
weeks, the UK faces the prospect of
losing control over its bank regula-
tions despite being home to
Europes biggest financial centre.
Denmark, which holds the EUs
rotating presidency, said: There is
a supporting qualified majority
but we would like to widen this
support even further. I hope that
we can reach an agreement.
EU commissioner Michel Barnier
echoed the sentiments, but hours
earlier he had threatened chancel-
lor George Osborne with being out-
voted if Britain would not give in.
He said he hoped the vote would
be unanimous, but cited a very
large consensus in favour of the
current version of the banking
rules, which aim to make the EUs
ROYAL Bank of Scotland (RBS) is
set to announce today that it will
finish repaying 163bn in
emergency loans it owes to the UK
and US governments.
RBS, which is 82 per cent owned
by the British government, will
unveil the plan when it publishes
its first quarter results today
which are expected to show a
slight decline in retail profits for
the first quarter but a smaller loss
across the whole group.
The repayments cover 75bn
that RBS received from the credit
guarantee programme, which was
a key plank of the governments
bailout of banks in October 2008
at the height of the financial
crisis.
It also includes repayment of
the 36.6bn it received through
emergency liquidity assistance
from the Bank of England and
$84.5bn (52bn) loaned by the US
Federal Reserve.
RBS is still borrowing from the
European Central Banks long-
term refinancing operation but it
is thought that the 10bn (8.1bn)
of loans from this source is seen as
a way of raising cheap funding.
Separately Lloyds bank says that
it will have finished paying back
its debt to the UK government by
the end of this year. Lloyds debts
peaked at 157bn.
RBS to repay
163bn of loans
to government
Chancellor George Osborne had testy exchanges with EU commissioner Michel Barnier
2
NEWS
BY JAMES WATERSON
BY JULIET SAMUEL
To contact the newsdesk email [email protected]
O
FF with their heads: the
message from shareholders is
becoming louder and angrier
by the day. Listen to us, they
are rightly telling company boards,
you work for us. We pay you. Stop
behaving as if you own the place.
And thats exactly the point: CEOs are
merely shareholders paid hands. The
real capitalists are the buy-side
financial institutions long only
funds, hedge funds, pension funds,
insurance companies and other
pooled investment vehicles. They are
the shareholders and therefore the
owners of corporate Britain. The fact
that they have belatedly remembered
their responsibilities is the best news
in the City for ages.
In recent days, institutional
investors have begun reasserting
themselves they too had come
under fire, rightly in some cases, for
EDITORS
LETTER
ALLISTER HEATH
City pay revolt: Long live this most capitalist of revolutions
FRIDAY 4 MAY 2012
failing to act as proper stewards of
individuals savings and pocketing
too many fees for insufficient returns.
Absentee landlords are never a good
thing. Capitalism requires engaged
proprietors and custodians who mon-
itor and assess the performance and
behaviour of their executives to
ensure that capital is allocated to its
most productive use. Paradoxically,
two of the major firms to have suc-
cumbed to a shareholder rebellion on
pay insurance giant Aviva yesterday
and hedgie firm Man Group a few
days ago are themselves large insti-
tutional investors. But corporate capi-
talism has an astonishing ability to
reinvent itself. The fact that its all
kicking off in the City is a great sign
that the system is beginning to work
sensibly again.
Checks and balances are built into a
properly functioning market econo-
my: if institutional shareholders
accept poor returns, their own
investors moan and threaten to with-
draw their funds. When the equity
markets are weak, as they are at the
moment, the pressure eventually
reaches breaking point. That is where
we are at today, and it helps to explain
the mounting anger. Booming mar-
kets are bad for corporate governance:
only the worst excesses get stopped
and everybody turns a blind eye to
rent-seeking and bad behaviour.
hikes while share prices plummet
and returns on capital wither are
rightly no longer being tolerated.
The City is also finally cracking
down on rewards for failure, long a
blight on the financial landscape. Sly
Bailey, who yesterday quit as boss of
Trinity Mirror, the newspaper group,
presided over years of decline. The
mood has also turned against bosses
who demand special dispensation
because their firms share price has
been hit by circumstances beyond
their control, such as the Eurozone
crisis or new regulations forcing
banks and insurance companies to
hold more capital. The message from
shareholders is loud and clear: if we
suffer, or if we gain, then so should
our CEOs. Long live the revolution.
It is vital to understand what the
growing revolt against inappropriate
boardroom pay deals is about and
what it isnt. This is not a socialist
revolt against inequality. It is a capi-
talist revolt to boost returns to capital
and prevent boards from diverting
resources to themselves. This is not
about the public defeating the City
it is about one part of the City hold-
ing another part to account. The rows
are not even really a protest against
high pay in general: remember, fund
managers are not exactly badly paid
themselves. They are merely opposed
to the wrong sort of high pay, the
kind which isnt related to perform-
ance and which implies a dangerous
looseness with other peoples money.
Golden hellos to compensate execs for
leaving their previous job now clearly
fall into that category. High pay for
great results remains fine; but pay
lenders safer.
The key issues at stake are Britains
ability to implement its new macro-
prudential regulatory regime, which
it says is not possible under the cur-
rent draft, and a series of loopholes
inserted into the text by France and
Germany that Osborne wants taken
out. The rules are based on the inter-
national Basel III regulations, but
the UK says they are watered down.
Britain has won some concessions,
however, and a Treasury source said
it is too soon to judge the final out-
come. The rules will now allow
London to tack on an additional
three per cent in capital require-
ments to the EU minimum and use
tighter criteria defining what capital
counts although not as tight as the
UK wants.
But many in the City have raised
doubts over the effectiveness of the
Basel regime. Basel III is not a final
panacea of banking regulations,
said BDO partner Charles Ilako.
Others argue the regulations will
produce huge distortions with
unknown consequences.
BASEL RULES TIGHTEN: Page 8

Banks look to farm out SME lending
Several large European banks are
weighing the idea of outsourcing a portion
of their core small business lending to a
new crop of loan funds, in a further sign of
the growth of the shadow banking
industry in Europe. A number of banks
including UBS and Royal Bank of Scotland
how banks might give those funds access
to their corporate client bases.
New threat to prop trading
Bank trading desks face a new threat to
their profitability after global regulators
unveiled proposals yesterday to force
them to hold more capital against the risk
of heavy losses when markets freeze. The
Basel Committee on Banking Supervisions
fundamental review of the trading book
aims to close loopholes that have allowed
banks to cut capital requirements by
parking assets in their trading books.
Third Nespresso factory to open
Nespresso, the fast-growing premium
coffee brand owned by Switzerlands
Nestl, yesterday brushed off fears of
rising competition for high-margin
capsules with plans for a third factory to
boost output to meet surging global
demand.
Beijing to back nuclear Britain
Americas largest nuclear generator has
been approached by a consortium
bankrolled by the Chinese government to
rescue Britains flagging reactor building
programme. Exelon would operate up to
six new reactors on two sites in Anglesey
and Gloucestershire if the estimated
15bn cost of building them can be found.
Yahoo chief accused of fake CV
An activist hedge fund calling for a shake-
up of Yahoo! has accused the CEO of
embellishing his CV to make himself
appear more qualified for the job.
Former MG Rover workers to receive
3 compensation
Former employees of MG Rover are set to
receive compensation of just 3 per
worker despite a seven-year campaign to
retrieve funds from the collapsed car
maker. 6,500 workers will share 22,000.
Young Italians flock to be shepherds
As Italys unemployment rate topped 10
per cent this week, it emerged that young
people are flocking to become shepherds.
The profession has recently attracted
3,000 young Italians.
EU vs Russia in Serbian election
Serbia's national elections are turning
into a referendum on the country's future,
with voters asked to choose between a
strategy of ever-deeper ties with the EU
or a policy of forging closer relations with
Russia.
Pepsi brings back King of Pop
Pepsi is resurrecting Michael Jackson to
try to pump life into its flagship cola,
three years after the singer's death and
over 25 years after his sponsorship deal to
become the brands voice.
WHAT THE OTHER PAPERS SAY THIS MORNING
The new jobs website for London professionals
CITYAMCAREERS.com
LONDONERS yesterday went to the
polls and selected their mayor for
the next four years but the result
will not be known until late this
evening.
A final YouGov poll issued
yesterday morning suggested that
Boris Johnson was on track for a 53-
47 victory over Ken Livingstone once
second preference votes are taken
into account.
Automated counting of ballot
papers will only begin at eight
oclock this morning.
All recent polls have pointed to a
narrow lead for the incumbent
mayor despite the unpopularity of
his Conservative party at present.
Both sides were reportedly
concerned by low turnout levels on
a damp and overcast day.
A victory for Johnson would be a
boost for Prime Minister David
Cameron in the face of poor poll
ratings, especially since the
Conservatives are expected to lose
hundreds of seats in yesterdays
local council elections held outside
the capital.
Polls predict
close finish in
mayoral race
BY JAMES WATERSON
E
P
A
FACEBOOK last night valued itself at
up to $96bn as it set out the pricing
range for its hotly anticipated IPO.
In a new regulatory filing, the social
network said it would seek to sell
337.4m shares at between $28 and $35
a share, raising up to $13.6bn in total,
and netting founder Mark Zuckerberg,
who plans to offload 30.3m of his
shares in the IPO, a potential $1bn if it
prices at the top of the range.
Even with the sale, which
Zuckerberg plans to use to
pay off a tax bill, he will
still remain easily the
largest shareholder in
the company with his
quarter share enabling
him to control approxi-
mately 57.3 per cent of
the voting power of out-
standing capital stock follow-
ing the offering.
Facebook IPO
pricing values
firm at $96bn
BY KATIE HOPE
Despite the hefty valuation which
puts Facebook almost on a par with
Amazon in terms of market capitalisa-
tion the valuation is lower than the
$100bn anticipated and the $44 per
share price Facebook shares sold for
recently on private company exchange
SharesPost. Analysts said the conserva-
tive target could be tactical.
The (price range) will be a relief to
some people who are concerned that
they may try to take the highest possi-
ble price because of high
demand.They will likely walk the
range up, said Sam Schwerin of
Millennium Technology Value
Partners.
Facebooks pricing could increase if
demand proves high when the firms
investment bankers, Morgan
Stanley, JP Morgan and Goldman
Sachs, start pitching the deal to
investors in roadshows set to start on
Monday. Facebook said the lock-up
period, during which
employees cannot sell
shares after the
IPO, would range
from 151 days to
181 days.
FRIDAY 4 MAY 2012
3
NEWS
cityam.com
For BT residential customers, calls will cost no more than 4.5p per minute, plus 13.1p call set-up fee (current at March 2012). The price on non-BT phone lines may
be different. Calls may be monitored or recorded for security and training purposes. Over 14billion of new lending includes all credit made available to SME
businesses, with a turnover of up to 25million, between 1st January 2011 31st December 2011. Barclays Business provides services to rms with a turnover of up
to 5million. Loans are subject to application and status. Excludes online applications and automatic overdraft renewals. Terms, conditions and exclusions apply.
Barclays Bank PLC is authorised and regulated by the Financial Services Authority (FSA). Registered No 1026167. Registered Ofce: 1 Churchill Place, London E14 5HP.
Business Banking
My local business manager
was responsible for my
lending decision, not a PC.
Lidija Newton made the leap from fashion to farming in 2010
and, with the support of her Business Manager, her raspberry
farm is beginning to reap rewards.
All our 1,700 Business Managers spend time getting to know
your business to help you make the right lending choices
We consider each customers need individually and personally
We could even help you reduce the cost of borrowing
with the Barclays Cashback Finance Scheme, part of the
Governments National Loan Guarantee Scheme
In 2011 Barclays completed over 14billion of new lending to
small and medium sized businesses.
Backed by Barclays, Britain means business.
To see how we can help your business, talk to our Business
Banking team on 0845 301 6306 or visit barclays.co.uk/lendingkit
Top: Boris Johnson reads City A.M. after voting, as Ken Livingstone heads to his pollingstation.
READ OUR LIVE ELECTION BLOG
FOR RESULTS FROM 11AM:
www.cityam.com
Mark Zuckerberg
could net $1bn
from the IPO
A CONTROLLING stake in historic
breakfast cereal firm Weetabix has
been sold to China in a 1.2bn deal in
the latest swoop for British assets.
State-owned Bright Foods, based in
Shanghai, has taken a 60 per cent
stake in the Weetabix Food Company
in the largest foreign acquisition by a
Chinese food group.
Weetabix, which also makes Alpen
and Ready Brek, is Britains second-
largest cereals group and turned over
422m in 2010. It exports to 80 coun-
tries and the remaining 40 per cent is
owned by buyout firm Lion Capital
and the management.
Bright Foods is expected to lead a
further growth push in Asia and
sources close to the firm said they are
not looking to make immediate job
cuts in Britain.
Chairman Zongnan Wang said:
With Bright Foods strong resources
and our expertise in both the Chinese
and broader international markets,
we are excellently placed to develop
BY PETER EDWARDS
the Weetabix business.
The deal, which is subject to regula-
tory and government approval in
China, values the Kettering-based firm
at 1.2bn including debt.
Bright Food executives have said that
they are targeting overseas wine, sugar
and dairy assets but it has a mixed
record in bids.
The firm, which turned over $12.2bn
last year, has invested in Australias
Manassen and New Zealand milk pro-
ducer Synlait in the last two years but
lost out in bids for United Biscuits,,
French yoghurt-maker Yoplait and
CSRs sugar business.
Weetabix, set up 80 years ago, was
sold by the George family for 642m in
2004 to US private equity firm Hicks
Muse Tate & Furst, which later restruc-
tured and spun out its European buy-
out arm to form Lion Capital.
The Bright Foods deal comes three
weeks after UK tailor Gieves & Hawkes
was sold to its Hong Kong licensee
Trinity. Chinas sovereign wealth fund
bought a minority stake in Thames
Water in January.
BRIGHT Foods was advised by
Rothschild and Linklaters teams in
Britain and China.
Rothschilds team here was made up of
Akeel Sachak, global head of consumer,
Robert Plowman, Jessica Gretton and
Abhishek Wahi. In China the deal was
led by Jennifer Yu, Rothschilds head of
Greater China, and Ting-Jie Zhang. Last
year Sachak led the team advising
Labelux when it bought Jimmy Choo
his third involvement in a deal for the
shoe brand. Sachak was also an adviser
in the 110m sale of the luxury label by
Phoenix Equity Partners to Lion Capital
in 2004 and the 180m sale by Lion to
Towerbrook Capital Partners.
Two years ago Yu helped lead the deal
when carmaker Zhejiang Geely bought
Volvo Cars from Ford for $1.8bn, after
months of painstaking negotiations
over the future of the Swedish maker of
robust sedans.
The Linklaters team was led by
corporate senior consultant Richard Gu
and corporate partner Teresa Ma in
Shanghai and corporate partner
Clodagh Hayes and corporate
managing associate Tom Matthews in
London.
Law firm Mills & Reeve advised the
Weetabix Food Company and Weil,
Gotshal & Manges acted for Lion
Capital. PETER EDWARDS
ADVISERS ROTHSCHILD
JENNIFER YU
HEAD OF GREATER
CHINA
New figures reveal full extent of
Heathrow passport control chaos
THE FULL extent of the border
crisis at Heathrow was laid bare
yesterday in new figures that
showed passengers wait up to
three hours to clear immigration.
Airport owner BAA showed
that the UK Border Force failed to
hit time targets at Heathrow on
most days in April and one in
four passengers from outside
Europe are waiting longer than
the governments 45 minute goal.
At Terminal 5, the target was
missed on 23 out of 30 days. At
BY MARION DAKERS
Terminals 3 and 4, the Border
Force failed on 21 days.
Immigration minister Damian
Green assured parliament on
Monday that passengers never
wait more than 90 minutes, but
BAA found instances on 30 April
of passengers queuing for three
hours at terminal four.
And delays could get even worse
next week, when immigration staff
walk out as part of a national
strike over public sector pensions.
Green and home secretary
Theresa May met with airlines
yesterday to thrash out
contingency plans.
Simon Buck of airline group
BATA said the meetings were
constructive but that there wont
be improvements overnight.
Following the meeting, the
Border Force said that a further
400 immigration staff will be
drafted in at Heathrow to help
deal with the huge influx of
tourists around the Olympics.
In the longer term our
management and rostering
changes will address the issue of
queues, a spokesperson said
yesterday.
FRIDAY 4 MAY 2012
4
NEWS
cityam.com
RSA moves away from motoring
with growth in newer markets
INSURANCE group RSA said it was
off to a good start to the year as
newer markets offset a slump at its
car insurance business, More Than.
Net written premiums rose five
per cent to 2.2bn in the first
quarter of the year, thanks to a rate
hike coupled with a one per cent
uptick in volumes.
Emerging markets delivered
much of this growth, with net
written premiums rising 20 per cent
to 281m. This was enough to offset
mixed results closer to home, with a
17 per cent drop in car insurance
premiums by value, following an
BY MARION DAKERS
eight per cent rise in rates, and a two
per cent dip in personal coverage in
the UK.
Overall UK premiums rose four
per cent to 725m. RSAs commercial
arm posted an 11 per cent jump in
written premiums to 395m, and
there was good progress in its
expanding pet insurance division.
RSAs investment portfolio shrank
slightly to total 14.4bn at the end of
March, which was due to a 33m
foreign exchange hit and other
movements causing a 47m dent.
The firm has not changed its full-
year outlook and expects good
premium growth and around 500m
of investment income for the year.
Analysts at Credit Suisse said in a
note that the update was solid
though lacking in anything that is
likely to shift existing perceptions.
Revenue growth fell slightly short of
expectations due to a lack of M&A
gains in the year so far, they added.
FRENCH lender Socit Gnrale
(SocGen) yesterday reported a drop in
profits after it cut lending in its
investment bank, despite a rise in
trading.
The banks net profits were down
20 per cent to 732m in the first
three months of 2012 compared to
the same period last year, although,
stripping out the effect of an
accounting loss, that rises to 851m.
But increasingly stringent capital
requirements are forcing SocGen to
continue with speedy deleveraging.
The bank ditched 6.4bn of
investment banking assets during
the first quarter of this year, but it
managed to contain the losses on
them to a relatively light 226m.
Soc Gen sees profits drop as it
scales back its investment arm
BY JULIET SAMUEL
The disposals were needed to
boost its core tier one capital ratio by
25 basis points under Basel III
standards, which will be phased in
from January next year.
SocGen said it intends to add 70
basis points to its capital base by the
end of this year, implying that
billions more in deleveraging is
ahead and raising the prospect of
further losses. But despite shrinking
its balance sheet, the corporate and
investment bank booked a rise in
revenues from 65m at the end of
last year to 1.9bn this year. The bank
also managed to pare down its loan-
to-deposit ratio to 118 per cent.
SocGens Frederic Oudea said the
banks strong start to the year gave
him confidence in the future despite
a morose economic outlook.
LIFE insurance group Legal &
General posted flat overall sales
yesterday, as customers bought
more general insurance coverage
but shied away from saving or
investing their cash.
The 176-year old insurer wrote
434m of new business in the first
three months of the year,
compared to 433m a year ago.
Gross premiums for general
insurance rose 17 per cent to 83m
in the quarter, helped by growth in
the States, the Netherlands and
new ventures in emerging markets.
But savings fell six per cent on
last year to 300m on an annual
Legal & General sales flat as
nervous Brits save less cash
BY MARION DAKERS
premium equivalent basis, and the
division saw 489m net outflows in
the quarter as nervous customers
cashed out their savings.
But the firms institutional
investment business LGIM
delivered net inflows of 2.6bn, up
29 per cent on a year ago, taking
assets under management up three
per cent to 383bn. LGIM is
attracting more international
funds, with business coming from
the US and Asia. Despite the
challenging economic backdrop we
have strong positions in our chosen
markets, outgoing chief executive
Tim Breedon said.
L&G shares closed 3.1 per cent
down at 118p.
RSA Insurance Group PLC
2May 3May 27Apr 30Apr 1 May
103
104
105
106
107 p 105.10
3May
July 2010- trumped by Singaporean palm oil
producer Wilmar International, which acquires Sydney-
based CSRs sugar business.
November 2010- talks collapse over sale of United
Biscuits, maker of McVities and Hula Hoops.
March 2011 - loses out to General Mills, which buys
controlling stake in French yoghurt brand Yoplait.
And the ones that got away...
MAY 2012
Agrees to buy 60% stake in Weetabix
AUGUST 2011
Buys 51% stake in the milk processing
arm of the New Zealands Synlait
JULY 2010
Took 75% stake in Australian food firm
Manassen, which produces Jelly Belly
BRIGHT FOODS SHOPPING LIST
China chews up
Weetabix in
1.2bn buyout
I AM
THE MERCHANT.
I ENTERTAIN MANY
GUESTS, BUT NONE
AS ESTEEMED AS
MY DELICIOUS
GUEST ALES.
S
o
u
r
c
e
:

M
a
n
if
e
s
t

BEFORE yesterday only three FTSE
100 firms had seen their remunera-
tion reports rejected in the nine
years since shareholders gained the
right to vote on such matters.
But the rebellion by Aviva share-
holders shows the growing tendency
for major institutional investors to
take an interest in executive pay.
The identity of voters was secret,
yet it is believed that a vast majority
of UK shareholders voted against the
package. Across all shareholders,
over half either voted against or
abstained.
Individual investors were
the most vocal at yesterdays
AGM but major shareholder
groups such as Pensions &
Investment Research
Consultants had already recom-
mended its members vote
against excessive pay.
The difference this time is
BY JAMES WATERSON
that more people are becoming as
engaged and as vociferous and as
active on this issue as we have been,
Tim Breedon, CEO of Legal & General
Group, the biggest investor in the UK
stock market, said yesterday. The col-
lective leverage is far greater. Thats
got to be a good thing.
Sly Bailey has led Trinity Mirror for
eight years but has seen mounting
anger over her 1.7m pay packet
despite the falling share price.
Investors such as Standard Life,
Schroders, Legal & General and Aviva
Investors were expected to vote
against her package at next weeks
AGM had she not stepped down.
The rebellion at UBS was led by ISS,
an American advisory service that
provides guidance to more than
1,300 firms and Ethos, a Swiss
foundation that owns
shares in the bank and
advises other clients.
They were joined by
F&C asset management
and fund manager
Hermes.
Trinity Mirror plc
2012 2004 2006 2008 2010
32.00
32.50
33.00
33.50
34.00
34.50
35.00
p
32.25
3May
Aviva PLC
2011 2012
300
350
400
450
p
311.30
3May
UBS
2012 2007 2008 2009 2010 2011
10
20
30
40
50
60
70
80
CHF
11.44
3May
Inmarsat PLC
Jan2010 Jan2011 Jan2012
800
700
600
500
400
p
457.80
3May
L&Gs Tim Breedon said he
expected activisim to grow
TRINITY Mirror chief executive Sly
Bailey handed in her resignation
last night after shareholders took
issue with her large pay package in
the midst of falling profits and
sales.
Bailey received almost 1.8m in
cash and share awards last year,
while the companys operating
profit fell 15 per cent to 104m,
despite cost cuts that included
axing jobs and freezing salaries.
The group owns The Daily
Mirror and the Daily Record but
shares have plummeted from 719p
to 32p under her tenure.
I feel the time has come to
hand over to someone else to take
up the challenge and for me to
seek new challenges and
opportunities elsewhere, said
Bailey.
Non-executive chairman Ian
Gibson said in a statement: The
company and the board are
grateful to Sly for her immense
contribution and leadership over
an extended period and wish her
well for the future.
Bailey will step down at the end
of the year, by which time she will
have been CEO for almost a decade.
She was criticised earlier this
year for being on holiday when the
firm announced plans to sack a
further 75 journalists.
Rise & fall of
Trinity Mirror
BY JAMES WATERSON
n Shares have plunged more than 90 per
cent in the 10 years since Sly Bailey took
charge of the company.
nThe group owns the Daily Mirror plus
more than 100 regional newspapers but
has a market cap of just 82m.
TRINITY MIRROR
FRIDAY 4 MAY 2012
6
NEWS REVOLT IN THE CITY
cityam.com
DAVID
JONES
TIM
GUINNESS
ALLISTER
HEATH
RICHARD
FARLEIGH
LEX
VAN DAM
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DAVID CROW
Shareholder revolts dont get much worse than this
ridiculous pension. The second
occurred in 2003, when 63 per cent
voted against the 23m severance
package of GlaxoSmithKlines con-
troversial boss Jean-Pierre Garnier.
Now say what you like about
Avivas Andrew Moss, but he obvi-
ously doesnt evoke anything like
the kind of strong feelings that were
inspired by Goodwin and Garnier.
This a different kind of revolt.
Proxy season has barely started
and it is already clear there will be
no more Mr Nice Guy from the buy
side. Yesterday, UBS and Inmarsat
were victims of sizeable protest
votes, while Barclays boss Bob
Diamond was also under the cosh
last week. Last night, Trinity Mirror
boss Sly Bailey decided to walk the
plank rather than face investors
next Thursday. You will struggle to
find anyone who will mourn her
departure.
Shareholder activism has been on
the increase for some years now. An
average 10.5 per cent of FTSE 100
shareholders voted against remu-
neration reports in 2010-11, nothing
compared to the 16 per cent or so in
2002-3, but much higher than the
six to eight per cent that was the
norm between 2004 and the crisis.
Heres hoping this flurry of bloody
noses is a sign of things to come.
[email protected]
Follow me on Twitter: @davidcrow83
I
T DOESNT get much bigger than
this. Fifty-nine per cent of
shareholders refused to back
Avivas remuneration report
yesterday, either by voting against
it (50 per cent) or abstaining (nine
per cent). Of those who cast a
ballot, 54 per cent voted against.
To illustrate how bad this is for
Aviva, we need to put it into some
context. There have been just two
occasions in the last decade where
total dissent votes cast against
plus abstentions was greater, says
proxy voting agency Manifest.
The first was a whopping 91 per
cent revolt against the RBS report in
2009, hardly surprising considering
the outcry over Fred Goodwins
FTSE 100 Average Yearly Remuneration Dissent
2002-03 2005-06 2008-09 2011
2
4
6
10
8
12
14
16
18 %
Allresolutions
LTIPresolutions
Remuneration
Report
Biggest shareholder dissents
in last 10 years
GlaxoSmithKline
(May 2003) 63.16%
Royal Bank of Scotland Group
(May 2009) 91.51%
AMEC
(May 2009) 53.14%
British Land
(July 2009) 51.54%
Dissent (Abstentions + Against)
n Investors are angry because the insurers
shares have fallen 58 per cent since CEO
Andrew Moss took over in 2007.
n The companys chairman Colin Sharman
has apologised to investors and pledged to
listen more closely to concerns in future.
AVIVA
n The Swiss bank was hit by huge subprime
write-offs during the crisis, and lost $2bn in
a rogue trading scandal last year.
n Shareholders have also criticised a
golden hello for Andrea Orcel, who will join
from Bank of America Merrill Lynch in July.
UBS
n Thirty-seven per cent of investors
voted against the pay report, which pays
chairman Andrew Sukawaty the same
amount as when he was also the CEO.
n Shares in the company have been
falling steadily since the start of 2010.
INMARSAT
SHARE PRICE FALLS THAT GOT INVESTORS WORRIED
Who are the
REBELS?
R
E
U
T
E
R
S
MORE monetary easing is firmly off
the agenda as European Central
Bank (ECB) boss Mario Draghi yester-
day said he sets policy for the whole
Eurozone including countries
with strong growth and low unem-
ployment not just those which are
struggling.
The euro rose 0.21 per cent against
the yen and moved off a two-week
low against the dollar on the sur-
prisingly hawkish announcement,
while the ECB held the base interest
rate at one per cent.
The ECB now believes inflation
will stay above its two per cent tar-
get for the whole of 2012,
before falling closer to tar-
get next year again
reducing the room for
any further interest rate
cuts.
Draghi congratulated
the Italian and Spanish
governments for their
significant efforts in
pushing through spending
cuts and market reforms
in a very short
space of time.
However,
he said
o t h e r
Hopes for rate
cut dealt blow
by hawk Draghi
BY TIM WALLACE
governments needed to step up their
efforts, while all states should try to
focus spending cuts on current,
rather than capital, spending and
minimising tax rises.
It is understandable that under
extreme urgency, governments take
the easiest road, raising taxes and
reducing capital expenditure, he
said.
It is more difficult and complex to
reduce current expenditure, but in
the medium term this should be cor-
rected.
The ECBs Draghi also yesterday
stressed the continued need for mar-
ket reforms, arguing that fostering
private sector growth and entrepre-
neurship represents the best way
to create jobs and sustainable
economic growth in the
medium term.
There is no contradiction
between growth and the fis-
cal compact, he said.
Growth is sustainable if it
is based on several pillars,
one of which is fiscal stabili-
ty, Draghi added.
Calls mount for probe into the
Bank of Englands role in crisis
INFLUENTIAL MP Andrew Tyrie
called for an inquiry into the Bank
of Englands actions in the financial
crisis yesterday, after Mervyn King
claimed he saw bank problems
building but was powerless to act.
After years of refusing to hold an
inquiry, Bank governor King
yesterday suggested he would drop
his opposition if one was proposed.
Meanwhile some economists
rejected the governors narrow and
partial analysis of the crisis,
claiming his explanation ignored
BY TIM WALLACE
much of the problem and that his
planned solution would not
correctly reform the sector.
An investigation into what went
wrong at the Bank of England is still
important, said Treasury Select
Committee chairman Tyrie, but
comes too late to impact on the
Banks new regulatory structure.
As the governor himself said, it is
important for us all to learn from
the mistakes that have been made,
Tyrie said yesterday. The Bank is
taking on considerable new powers
in the Financial Services Bill,
currently before parliament. Yet we
still do not have firm and agreed
conclusions about the mistakes that
were made and which the legislation
is, presumably, seeking to address.
Citi economist Michael Saunders
also hit out at Kings claim that this
was a bust without a boom, as well
as his suggested solutions. His
explanation of the causes of the
crisis and hence of the lessons to be
learnt is too narrow and partial,
said Saunders, who believes there
was a credit boom. King said that he
had seen the crisis coming, but that
his warnings went unheeded.
Sir Mervyn King claims he foresaw the financial crisis, but was powerless to stop it
GOVERNMENTS must end the too
big to fail banking model with a
credible resolution mechanism for
failed banks or face higher
borrowing costs, a top Bank of
England official said yesterday.
States must ensure markets
never again view banks as
guaranteed, said deputy governor
Paul Tucker, which means creating
a system which successfully
contains disorder when a bank
collapses, doing as little damage as
possible to retail customers, the
Tucker urges regulators to end
too big to fail banking model
BY TIM WALLACE
sector or the government.
This can lead to a much better
financial system, with stronger
market discipline and so less
stability-threatening imprudence,
Tucker said but he warned, there
is no silver bullet.
We need resolution tools that
work in different contexts for
different types of bank/dealer,
reflecting the complexity and
variety of firms in the industry.
In particular Tucker argued in
favour of bail in bonds, where
debt becomes equity to recapitalise
struggling banks.
THE FORUM DEBATE: Page 33

FRIDAY 4 MAY 2012
7
NEWS
cityam.com
ECB president
Mario Draghi says
market reform
must continue
INTERNATIONAL regulators are
tightening the screw on banks by
revising the rules that govern how
they estimate balance sheet risks.
The Basel Committee, a group of
central bankers and regulators, has
kicked off a consultation on how
banks should model risks and what
rules should govern what they put in
their trading books versus their
banking books.
The distinction is important
because trading books, which largely
comprise wholesale operations, and
more retail-focused banking books
use different accounting and risk
systems. And the Basel Committee
says that lenders are engaging in
regulatory arbitrage by moving
assets between the two.
Among its proposals are tighter
criteria for where an asset sits and a
greater use of standardised risk
models alongside banks own
modelling. They even suggest that
using regulators models should be
mandatory and incur a surcharge.
Bankers have privately criticised
the proposals for not allowing for
radically different balance sheets
and business models and for using
1980s mathematics.
PricewaterhouseCoopers Patrick
Fell said: This is a turn of the screw...
Whether this will lead banks into a
back to basics move to traditional
banking, as some regulators would
prefer, is an open question.
Basel tightens
screw on banks
BY JULIET SAMUEL
BRITAINS all-important services
sector expanded solidly last
month, according to data pub-
lished yesterday, although the pace
of growth was slower than in
March.
Economists said slowing demand
may renew calls for more quantita-
tive easing (QE) from the Bank of
England, as Markits purchasing
managers index for the sector
came in at 53.3, down from 55.3 in
March.
Nonetheless, the index remained
above the no change level of 50
for the 16th consecutive month.
Business sentiment continued to
improve, with increasing numbers
of orders translating into a further
rise in staffing levels.
From what we are hearing from
panellists, this certainly does not
sound like an economy in reces-
sion, said Markit economist Chris
Williamson.
However, there were factors drag-
Slowing service
sector boosts
chance of QE3
BY TIM WALLACE
ging down growth, as higher fuel
prices hit the sector, squeezing
margins, and demand growth
slowed.
As a result, some economists now
expect the Bank of England to try
to stimulate demand still further
with more monetary loosening
next week.
The level of activity now report-
ed appears to be consistent with
more QE under its post-crisis reac-
tion function, said Nomuras
Philip Rush. So we still expect dis-
appointment at demand growth to
prompt a final 25bn of QE in May.
Small financiers scramble to fill
gap left by FSA-regulated lenders
SMALL-TIME finance companies are
seeing explosive growth as banks
are priced out of the market for
helping small businesses to export
their goods.
Trade Finance Partners (TFP),
which extends credit to small
exporters that includes firms
supplying Pepsi, Argos and a
Tanzanian hydro-electic project, has
booked a profit in its first year of
trading on a turnover of 12m.
Like other firms targeting small
business financing such as
Bluehone Secured Assets,
MarketInvoice and Funding Circle,
BY JULIET SAMUEL
TFP is tapping into pent-up demand
due to a large gap in the market left
by deleveraging banks, which have
been hit by tightening capital rules.
Its commercial director, William
Tebbit son of the former cabinet
minister Norman Tebbit and
previously a banker at Seymour
Pierce and WestLB told City A.M.
that all 18 of the firms current
clients had been refused the
financing they needed by banks.
These small businesses are the
lifeblood of the economy and they
are being starved of cash, he said.
He calls his model that of an old-
fashioned merchant bank that
extends credit to a small firm to get
its goods made, and then sells them
the goods for selling on to a large
customer such as Argos or Pepsi.
Tebbit is critical of government
initiatives like credit easing that try
to make large banks lend more
cheaply because they will still lend
at the same terms and conditions
and have no effect on the new
regulations hitting lending.
By contrast, TFP is not FSA-
regulated. We seem to have a
number of people in government
who believe that if you say it is
getting better they think that is all
you have to do. It probably stems
from never having had a job or run a
business, he said.
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ENVIRONMENTAL and anti-cuts protestors targeted a summit of power firms taking place
in the City yesterday, gathering outside the Grange Hotel close to St Pauls Cathedral. The
Climate Justice Collective said more than 300 protestors had turned up to disrupt the
conference, which was attended by bosses of the Big Six energy companies.
PROTESTERS TARGET ENERGY CONFERENCE
THE Renault-Nissan alliance
yesterday signed a long-awaited
deal to take control of Russias
largest car maker, AvtoVAZ, as it
seeks growth in fast-growing
markets outside sluggish Western
Europe.
The car group would hold 67 per
cent of a joint venture with state
corporation Russian Technologies
to own 74.5 per cent of AvtoVAZ.
The non-binding preliminary
agreement would give the Franco-
Japanese alliance 50.01 per cent of
the maker of the Lada.
The alliance plans to invest
about $750m in the deal, including
about $300m from Renault and
the remainder from Nissan.
Renault-Nissan signs deal to
take control of Russian carmaker
BY CITY A.M. REPORTER Todays memorandum is the
latest step in an expanding
collaboration that helps
modernize the leader of Russia's
auto industry, said Renault-Nissan
Alliance chairman and CEO Carlos
Ghosn in a statement.
Russian Technologies has agreed
to restructure its outstanding
loans with AvtoVAZ to give it a
strong balance sheet with no
liquidity constraints, while the
alliance would accelerate
technology transfer to AvtoVAZ.
The companies hope to sign a
definitive deal by the end of this
year, with the transaction expected
to be completed by 2014, by which
time the venture will buy Russian
investment company Troika
Dialogs entire stake in AvtoVAZ.
FRIDAY 4 MAY 2012
8
NEWS
cityam.com
LinkedIn shares jump after the
bell on high profit and growth
LINKEDIN reported better-than-
expected revenue and profit last
night, after it racked up strong
growth from its services that help
companies find and hire
employees and it revised upward
its 2012 outlook.
The professional networking
site also announced that it had
acquired content sharing
company SlideShare for $118.75m
(73.4m) in a mix of cash and
stock.
First quarter revenue at
LinkedIn rose 101 per cent to
BY CITY AM REPORTER
$188.5m, besting analysts average
forecast of $178.58m, according to
Thomson Reuters.
Shares of LinkedIn were up nine
per cent in after-hours trading to
$120.50 from their $109.41 close
in regular trading.
The Mountain View, California-
based company was one of the
first prominent US social
networking sites to make its debut
in an initial public offering a year
ago, whetting the appetites of
those eagerly awaiting Facebooks
impending IPO.
LinkedIn describes itself as the
worlds largest professional
internet network, boasting of
161m members across the planet.
The company revised its 2012
outlook, expecting revenue in the
range of $880m to $900m from a
prior range of $840m to $860m.
Excluding special items, its first-
quarter earnings per share of 15
cents was well above analysts
expectations of nine cents per
share.
Net income rose to $5m from
$2.1m in the same quarter a year
ago. Adjusted earnings before
interest, tax, depreciation and
amortisation (Ebitda) for the first
quarter were $38.1m.
THE OWNERS of One Plantation
Place yesterday confirmed the sale
of the giant City office block to
one of Brazils richest men for
close to 500m, bringing an end to
a drawn-out battle to solve its debt
problems.
An investment vehicle
controlled by Brazilian banking
mogul Moise Safra has agreed to
buy the 550,000 square feet
development, while Jamie
Ritblatts Delancey will manage
the building on its behalf.
Plantation Place, which is home
to tenants including insurance
giant Royal Sun Alliance, was
developed by Ritblatts father Sir
Brazilian banking mogul buys
City office landmark for 500m
BY KASMIRA JEFFORD
John Ritblat, when he was chief
executive of British Land in 2004.
A consortium including Invista
Foundation Property Trust and
Stobart Group then bought the
building for 525m in 2006.
It has since been at the centre of
several bids and proposals to
restructure its 435m debt.
Delancey was close to taking
control of the building last year
but this fell through after months
of negotiation.
Schroder Real Estate Investment
Trust, which acquired a 28.9 per
cent stake via its takeover of
Invistas mandates, said it will
pocket 11.73m from the sale
while fellow shareholder Stobart
made a 8.1m profit.
UK services activity kept growing in April
P
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In
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Jan12 Jan11 Jan10 Jan09 Jan08 Jan07 Jan06 Jan05
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66
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d
DIAGEO, the worlds biggest distilled
drinks company, yesterday reported
a third quarter of sales growth
despite disappointing trading in
Europe.
The group posted a six per cent
sales rise, excluding acquisitions,
which it put down to a three per
cent growth in the volume of drinks
sold as well as price increases and a
trend of customers buying more
expensive products.
Diageo, whose brands include
Smirnoff, Captain Morgan, Baileys
and Guinness, also raised its glass to
emerging markets where it saw
continued rapid growth.
In the nine months to 31 March,
sales in Latin America and the
Caribbean climbed 18 per cent, while
Africa and Asia Pacific grew 12 and
10 per cent respectively. North
American sales gained an extra five
per cent.
But sales fell by one per cent in
Europe, dragged down by economic
conditions in Spain and Greece
despite a strong performance in
Germany.
Diageo boss Paul Walsh said: Our
year to date performance continues
to demonstrate that Diageo is well
positioned with our balance of
businesses across categories.
Shares rose 1.5 per cent to 16.15.
Diageo toasts
new markets
as sales grow
BY LAUREN DAVIDSON
G
E
T
T
Y
WM MORRISONS chief executive said
yesterday the supermarket would not
succumb to offering more vouchers
after aggressive discounting by rivals
like Tesco hurt its first quarter sales.
Dalton Philips warned that, as eco-
nomic conditions remained uncer-
tain, squeezed consumers would
continue to seek out even more pro-
motions.
But he brushed off concerns that
the grocer was losing market share to
rivals offering more discounts, saying
the firm wanted to sit back from
this activity rather than pursue mar-
ket share gain at any cost.
We believe in profitable growth
there are times to be in this market
and there are times when to with-
draw, he added.
Sales at stores open over a year fell
one per cent excluding fuel in the 13
weeks to 29 April.
Philips attributed the fall the first
in seven years to tough comparatives
with the same quarter of last year
Morrison rules
out any further
discount plans
BY KASMIRA JEFFORD when Easter and the royal wedding
took place. Excluding these events,
sales were flat in the quarter, he said.
Total sales for the period, which take
store expansions and openings into
account, rose by 1.5 per cent, exclud-
ing fuel.
The group also said it had increased
the number of products in its M Savers
value range by 43 per cent to 500 since
it launched at the start of the year and
that it is making good progress with
the roll-out of its M Local convenience
stores, with 300 planned by 2014.
American ice-cream chain to
double its number of UK stores
BASKIN-ROBBINS, the worlds largest
chain of ice cream parlours, said it
plans to double its stores in the UK,
hiring 400 new staff.
The 65-year old American
company is best-known for its
wacky flavours such as bombshell
blondie maple and sponge cake
ice-cream and Lunar Cheesecake
in celebration of the 1960s Nasa
space missions.
In a statement yesterday, the
group said it will launch 80 restau-
rants over the next three years, with
the first three opening today in
London, Middlesex and
Hertfordshire.
BY KASMIRA JEFFORD
It already has around 100
franchises in the UK, including
restaurants and concessions in
other shops and cinemas.
The new stores will be kitted out
with larger topping stations and
high-tech interactive menus on lcd
screens, with walls reminiscent of
waffle cones the group said.
Baskin-Robbins was founded by
Irvine Robbins and his brother-in-
law, Burton Baskin in 1940s, who
concocted flavours such as Jamoca
almond fudge and others named
after events happening in American
culture at the time such as Cocoa a
Go-Go, when go-go dancers were
popular. It is now part of Dunkin
Brands and owned by a consortium
of buy-out groups Bain Capital,
Thomas Lee Partners and the
Carlyle Group. The ice-cream maker
now has more than 6,700 franchises
in almost 50 countries around the
world.
Baskin-Robbins takes pride in
delighting guests the world over
with its rich library of ice cream
flavours and wide array of frozen
treats, said Nigel Travis, chief
executive officer of Dunkin Brands.
Baskin-Robbins further growth
in the UK provides an excellent
opportunity for those looking to
develop a franchise business. It also
means hundreds of new jobs, which
we are particularly pleased to be
supporting, he added. Baskin-Robbins is famous for its extravagant flavours
IN BRIEF
BMI Baby to close in September
n Budget airline BMI Baby is to close
after previous owner Lufthansa failed to
find a buyer. Loss-making BMI, which
was taken over by IAG in April, said it
would consult on plans to shutter the
division in September, with some flights
ceasing as soon as next month. The firm
still has hope that a buyer will be found
for BMI Regional. The firm said it will
offer refunds or alternative flights for
disappointed holidaymakers.
Conrad Black to leave prison
n Former media tycoon Conrad Black is
due to be released from a prison in Florida
today, marking the end of a sentence for
fraud and obstruction of justice. The
mogul, who once owned the Telegraph,
was jailed in 2007 but released from
prison in July 2010 while he appealed. He
returned to prison last September to serve
his shortened sentence.
Sales melt away at Thorntons
n Chocolate shop chain Thorntons said
yesterday its third quarter sales had fall-
en nearly three per cent to 62.4m, as
ongoing store closures and a tough con-
sumer environment bit into turnover.
Excluding store closures as part of an
ongoing restructuring, total sales were
broadly flat, the company said.
Deutsche star moves to Morgan Stan
n Eric Heaton, a veteran investment
banker with a track record in M&A deals,
has left Deutsche Bank to join Morgan
Stanley, according to people familiar
with his plans. Heaton, head of
Deutsche's North American financial
institutions group, resigned on Monday.
WM Morrison Supermarkets PLC
2May 3May 27Apr 30Apr 1 May
278
280
282
276
284
286
p
276.50
3May
This is a disappointing update from Morrison, even if it is against its
toughest comparatives for the year. There is no doubt about that to our minds
and the performance recorded underscores our concerns about the per-
formance of the group in recent weeks.
ANALYST VIEWS

First quarter sales are at the bottom end of expectations, albeit by around
0.5 per cent... That said, it has a lot to do in order to achieve its 2016 vision...In the
meantime, it has a number of self help levers which should sustain prot
growth, but our Hold recommendation reects the relative risk.

Like-for-like sales numbers were lower, coming in against strong com-

paratives from last year. In addition, Morrisons market share has been inching in
the wrong direction according to the latest industry surveys, with its per-
ceived value offerings coming under pressure from discount rivals.

DID MORRISONS FIRST

QUARTER FIGURES MEET
EXPECTATIONS? Interviews by Kasmira Jefford
CLIVE BLACK SHORE CAPITAL

PHILIP DORGAN PANMURE GORDON

RICHARD HUNTER HARGREAVES LANSDOWNE

FRIDAY 4 MAY 2012
10
NEWS
cityam.com
CEO Dalton Philips said that market share should not be sought for any cost
Hermes gets Asian lift yet warns
over drag from European crisis
HERMES first-quarter sales have
grown strongly as Chinese buyers
flock to stores in both Europe and
Asia, yet the French luxury goods
firm yesterday warned that the
weak European economy could drag
down growth in 2012.
The slowdown was not yet
evident in the April figures, chief
executive Patrick Thomas said,
noting that the month was broadly
in line with the beginning of the
year, but the turmoil of Europe
CITY A.M REPORTER
would continue to be a threat.
It is going to be a very difficult
year, he said. The beginning was
easy ... but the trend is not good.
Hermes sales for the quarter grew
17.6 per cent, excluding currency
fluctuations. Yet Hermes kept a
cautious target of roughly 11 per
cent growth for 2012 and noted that
operating margins might be hit by
commodity prices.
European sales for the quarter
were strong, up some 27 per cent in
organic terms, excluding France
where growth was weaker due to
supply problems. Thomas attributed
European growth to brand loyalty
and Asian tourism.
The Asia Pacific region also drove
growth, with sales up 22 per cent,
excluding Japan. Thomas said he
saw no slowdown in demand for
goods in China, a market which is
closely tied to the health of the
luxury goods industry.
Shares in rival luxury company
LVMH, which owns a 22 per cent
stake in Hermes, fell slightly in
April when it intimated that
demand in China was weakening
for items like Louis Vuitton bags
and Dior perfumes.
Hedgie Hendry
forecasts Asian
economic crash
HEDGE fund boss Hugh Hendry has
warned the next phase of the eco-
nomic crisis will hit Asia as China
feels the impact of a property bubble
and falling demand for exports.
The Scot (below), who runs Eclectica
Asset Management, which has
around $700m in assets, is known for
his gloomy view of China but he said
in his latest investor letter he was
more pessimistic on Chinese growth
than ever.
This makes us bearish on most
Asian stocks, bearish on industrial
commodity prices, interested in some
US stocks, a seller of high variance
equities and deeply concerned that
Japan could become the focal point of
the next global leg down, Hendry
said in the April-dated letter
He cited Japanese group Hitachi as
too expensive while buying five-year
credit default swaps on Toshiba.
Hendry, who set up the Bayswater-
based fund after leaving his job at
Odey Asset Management, said some
Japanese companies are corporate
zombies which will sooner rather
than later fall prey to over exposure to
Chinese exports, high leverage and
BY PETER EDWARDS
opaque and bloated balance sheets.
It is hard to escape the impression
that Japans blue-chip companies are
teetering on the brink of extinction,
he wrote. Hendry has repeatedly
warned that China has inflated a prop-
erty bubble while allowing govern-
ment debts to rise excessively. Three
years ago he posted a video on
YouTube showing empty skyscrapers
in the city of Wuhan.
China will also struggle to maintain
its export-supporting currency peg
with the US dollar just as a slowdown
in European growth hits demand for
its goods, he said.
It has long seemed to us to be the
case that this economic crisis would
start in the US and make its way to
Europe. That has happened. However,
we also think it will end in Asia.
In his latest letter Hendry also said
he was more bullish than most about
US growth prospects,
believing price
restructuring in
debt and labour
markets as well as
huge advances
in shale oil
extraction will
maintain the
economys posi-
tion as the
w o r l d s
largest.
ARE YOU PLEASED TO SEE A RETURN
IN SHAREHOLDER ACTIVISM?
Interviews by Lauren Davidson
No, I think businesses should be left to run
themselves. Thats what executives get paid
for. If investors dont approve of the way the company is
being run, they can get rid of their shares.
These views are those of the individuals above andnot necessarily those of their company
KEVIN POWELL
XL INSURANCE

Yes if companies want to be on the stock

exchange they have to be accountable.
Shareholders should have their voices heard and compa-
nies ignore this at their peril.
ANDY SWAN
JARDINE LLOYD THOMPSON
I think its a good thing. The incentives of
management are not always the same as
those of investors, and its the responsibility of share-
holders to get to the issues of the company.
FILIPE MARTINS
LONDON BUSINESS SCHOOL

Fuel costs send Lufthansa further

into the red and prompt job cuts
GERMANYS biggest airline
yesterday announced plans to cut
3,500 office jobs in an attempt to
stem widening operating losses.
Lufthansa reported an operating
loss of 381m (309m) for the first
three months of the year, more
than double its losses a year ago, as
high fuel and tax costs along with
fierce competition across Europe
battered its bottom line.
The loss came despite a 5.6 per
cent rise in revenues to a record
6.6bn and higher traffic figures.
BY MARION DAKERS
We can only safeguard jobs for
the long term and create new
openings if we reorganise the
administrative functions and
accept job losses now, chief
executive Christoph Franz said in a
statement.
The firm aims to cut
administrative costs by 25 per cent
and slim down other operations to
improve Lufthansas annual
operating profits by at least 1.5bn
by the end of 2014.
Lufthansa said that despite the
economic turbulence that has
weighed on its sales, the mood has
lightened overall recently, and it
has kept its full year operating
profit forecast of a figure in the
mid-hundreds of millions of euros.
The German carriers move came
as Scandinavian airline SAS blamed
high fuel prices for a quarterly loss
that was more than twice as large
as analysts had forecast.
Irish carrier Aer Lingus
yesterday upgraded its 2012
operating profit forecast, saying it
expected to match last years 49m
as higher revenue per passenger
mile compensated for growing
costs.
CITYVIEWS
Hugh Hendry says China
faces a property bubble
BAILED-OUT insurer American
International Group (AIG) said quarter-
ly profit more than doubled from a
year earlier, exceeding expectations
with the help of investment gains.
The company yesterday reported
first-quarter earnings of $1.65 a
share on an operating basis, beating
the $1.12 estimated on average by
analysts.
AIGs net income for the quarter
was $3.2bn, or $1.71 per share. That
compared with year-earlier net
income of $1.3bn, or 31 cents per
share. In the corresponding quarter
last year, AIG racked up substantial
Bailed-out AIG trumps forecasts
as its profits more than double
BY CITY A.M. REPORTER
catastrophe losses arising from the
earthquake in Japan. The year-earlier
earnings also included a charge for
the termination of AIGs credit
facility with the US Federal Reserve.
AIGs global property insurance
unit, Chartis, earned $1bn,
compared with a loss of $424m a
year earlier when the Japanese
earthquake affected results. The
company said its loss ratio improved
due to a shift to higher value
businesses, pricing improvements
and risk selection.
SunAmerica, AIGs US life insurer,
reported a profit of $1.3bn in the
quarter, up from $1.2bn, helped by
reinvestment of cash during 2011.
FRIDAY 4 MAY 2012
12
NEWS
cityam.com
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IN BRIEF
Kesa sells stake in Darty Telecom
nElectrical group Kesa has sold a
majority stake in its French telecoms
business to Bouygues Telecom, lifting
shares 1.7 per cent yesterday. Under
the agreement, Kesa will sell a 99.9
per cent stake in Darty Telecom for
40m (32m) and will receive a share
of future revenues based on the
existing and future subscriber
numbers.
BMW posts record sales in China
n BMW, the world's largest luxury
carmaker, posted its strongest-ever first
quarter yesterday, overcoming weakness
in Europe with surging sales in China,
which leapfrogged the United States to
become its single-biggest market.
Earnings before interest and taxes rose
nearly 19 per cent to 2.13bn (1.73bn).
Profits were driven by a sharp rise in
sales of high-margin vehicles, including
its family of SUVs and more importantly
the 7 Series flagship limousine. Sales in
China, which eclipsed the US as BMWs
largest market during the quarter,
jumped 37 per cent.
Metro swings to a surprise loss
n Germanys Metro, the worlds
fourth largest retailer, said yesterday
that it would focus on fixing problems
in its existing business before entering
new markets such as Indonesia as it
reported a surprise operating loss in
the first quarter. The Duesseldorf,
Germany-based group reported an
operating loss of 9m (7.2m) for the
first quarter, blaming investments at
its Media-Saturn chain of electrical
goods stores.
REGUS, the flexible office space
provider, yesterday posted strong
sales growth despite taking a hit
from its rapid expansion plan.
Turnover in the first quarter grew
by 8.8 per cent to 299.3m, boosted
by a 26 increase in revenue per
occupied workstation to 1,883.
Regus said its mature business
comprising the centres opened
before the end of 2010, accounting
for over 85 per cent of the compa-
nys global portfolio grew rev-
enues 4.4 per cent to 282.2m.
This like-for-like increase builds
further on the strong performance
in 2011, reflecting continued
healthy levels of occupancy, the
company said in a statement.
Regus accelerated pace of expan-
sion, which has seen 37 new centres
opened in the last three months
compared to 12 in the same period
last year, took its toll on profitability.
But the company said it is on track
to open the planned 200 new cen-
tres before the end of 2012, assuring
that it expects the financial drag
Sales rise but
expansion hits
Regus profits
BY LAUREN DAVIDSON
from new centres to diminish
through the remainder of the year.
Headquartered in Luxembourg,
Regus provides flexible working
space such as offices, meeting
rooms, business lounges and recep-
tion facilities.
While the majority of its revenues
come from the Americas, it has
strong exposure to emerging mar-
kets where there is a heavy reliance
on virtual offices.
Founded in Brussels in 1989, Regus
now counts Google, Disney, Starbucks
and BP among its clients.
Its shares fell one per cent to 108.5p
yesterday.
Can maker Rexam says trading
is in line but its shares fizzle out
PACKAGING group Rexam pared
back early gains yesterday to close
flat, after reporting that its sales
were in line with expectations.
Rexam, which manufactures
products from drinks cans to
cosmetics packaging, reported good
volumes in its European business.
The firm said that its North
American arm, which makes cans
for Pepsi, Jim Beam and Starbucks,
was clawing back gains that were
lost in the last year, while South
America was also showing growth.
However, Rexams healthcare
business is trading slightly below
BY MARION DAKERS
levels seen last year as profits come
off patent and fewer people than last
year suffer from flu.
Efforts to sell off Rexams personal
care business are going to plan, it
added in an interim management
statement ahead of its annual
shareholder meeting.
All motions at the meeting were
passed with at least 92 per cent
approval.
Graham Chipchase, Rexam chief
executive, said in a statement: The
global economic outlook remains
uncertain but, at this stage, we
continue to expect 2012 to be
another year of progress as we
maintain our focus on cash, costs,
and return on capital employed.
Analysts at Singer Capital Markets
said the shares now lack fizz after
a good run in the wake of Rexams
asset disposal plans.
G
E
T
T
Y
Regus PLC
2May 3May 27Apr 30Apr 1 May
107
108
109
106
105
110
111
p
108.50
3May
GENERAL MOTORS yesterday
offered investors a disappointing
outlook for the upcoming six
months in North America, raising
questions about the US economys
recovery.
While the worlds largest
carmaker posted a first-quarter
profit that surpassed forecasts, the
outlook for its core market fell
short of expectations.
Were clearly seeing some
improvement in the economy,
finance chief Dan Ammann said.
Excluding one-time items mostly
General Motors disappoints with
outlook as Opel losses improve
BY CITY A.M. REPORTER
related to pension accounting in
Europe, GM reported a profit of 93
cents per share. Net income fell to
$1bn, or 60 cents a share, from
$3.1bn, or $1.77 a share, in the
same quarter a year earlier. Last
years quarter included a one-time
gain of $1.5bn from the sale of
stakes in Delphi and Ally.
Europe, which has struggled to
return to profit, saw a $256m loss.
But that was an improvement on
the previous quarters $562m loss.
CEO Dan Akerson said he hopes
to provide details of a turnaround
plan for GMs Opel unit in the next
few months.
ARTIFICIAL hip and knee maker
Smith & Nephew (S&N) said
yesterday the early fruits of a
restructuring programme and a
strong performance in knee
implants delivered a better-than-
expected five per cent rise in
first-quarter trading profit.
The group, which also makes
wound therapy products,
reported trading profit of $252m
(155m), $10m better than
analysts expected, on revenue
three per cent higher at $1.08bn.
S&N said that its knee
franchise grew six per cent,
outperforming a market that
grew at three per cent.
The groups hips business
Smith & Nephew climbs after
restructuring starts to pay off
continued to lag however, with
sales down two per cent.
S&N was the highest climber
on the FTSE 100 yesterday as
investors reacted well to the
update, sending its share price
up almost four per cent to
629.50p.
The market for reconstructive
surgery has been in the
doldrums for a couple of years as
patients postpone surgery
because of the costs and time off
work required.
S&Ns chief executive Olivier
Bohuon said it was too soon to
talk about a recovery in the US.
Its still a very challenging
environment, still unstable,
however its better than one
could have expected, he said.
FRIDAY 4 MAY 2012
14
NEWS
cityam.com
General Motors will announce its turnaround plan for Opel in the next few months
BY CITY A.M. REPORTER
Rexam PLC
2May 3May 27Apr 30Apr 1 May
425
430
435
440
445
p
432.60
3May
House prices fall again in April
as recession crushes consumers
HOUSE prices fell again in April,
Nationwide revealed yesterday, as
economists warned the new
recession will keep the market very
weak.
Prices fell 0.2 per cent last month
to an average of 164,134, following
a one per cent fall in March.
That brings prices down 0.9 per
cent on the year, in part because
the rush to buy houses before the
stamp duty holiday expired in
March has now dried up.
This provided a temporary boost
BY TIM WALLACE
to house prices in early 2012 as
buyers brought forward purchases
that would otherwise have taken
place later in the year, said
Nationwides Robert Gardner.
This effect should fade in the
months ahead, and measures such
as the governments NewBuy
scheme should provide some
support to buyer demand. However,
the challenging economic backdrop
suggests that a significant
acceleration in prices or activity is
unlikely in the near term.
Other analysts went further.
Howard Archer from IHS Global
Insight forecasts a three per cent
fall this year, arguing consumers
are under sustained pressure.
THE ECONOMY will stagnate in
2012, recording no growth, a
leading think-tank predicted
yesterday, contrasting starkly with
official forecasts for an economic
expansion and raising calls for a
short-term fiscal boost.
The fall in GDP in the first
quarter of the year, which took
Britain back into recession, has
dragged down the National
Institute for Economic and Social
Researchs (NIESR) outlook to
forecast no growth for the year,
compared with the Office for
Budget Responsibilitys (OBR) 0.8
per cent prediction.
Top think-tank predicts Britain
will see zero growth this year
But NIESR expects a strong
acceleration to two per cent growth
in 2013, matching the OBRs
outlook.
The think-tank argues for a
short-term fiscal stimulus as the
UK suffers from a lack of demand,
which it believes would help the
economy but not damage long-term
deficit reduction targets.
The weak state of the economy is
in part influenced by the ongoing
Eurozone crisis NIESR expects a
shallow recession followed by a
delayed but successful resolution
to the crisis.
Meanwhile it forecasts global
GDP growth of 3.7 per cent in 2012
rising to four per cent in 2013.
BY TIM WALLACE
House prices fell in the year to April
A
n
n
u
a
l c
h
a
n
g
e
in
h
o
u
s
e
p
r
ic
e
s
Apr 9 Apr 10 Apr 11 Apr 12
-20%
-15%
-10%
-5%
0%
5%
10%
15%
FRIDAY 4 MAY 2012
15
NEWS
cityam.com
A

D
a
i
m
l
e
r

B
r
a
n
d
The A-Class.
Available with a customer deposit of just 999.
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Representative APR 4.9%.
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168-118 g/km. Model featured is a Mercedes-Benz A 160 BlueEFFICIENCY Classic SE at 16,420.00 on-the-road including optional metallic paint at 370.00 (on-the-road price includes VAT, delivery, 12 months Road Fund Licence, number plates, first registration fee and fuel). *Based on a
Mercedes-Benz Agility Agreement. Example based on 10,000 miles per annum. Excess mileage charges may apply. Payable if you exercise the option to purchase the car. Includes optional purchase payment, purchase activation fee and retailer deposit contribution. Quotations available on request for
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THE CHIEF executive of Schroders
yesterday warned of the impact of
more Eurozone turmoil as the asset
manager posted an eight per cent
drop in first quarter profits.
Michael Dobson said he was wary
of events in Europe despite a recent
easing in market swings.
You can trace investor demand
pretty closely to whats happening in
the Eurozone and, below, reflected
in equity markets. There are signs of
a slowdown. The impact of market
uncertainty is seen most immediate-
ly in the retail sector, but it also
impacts institutional clients.
The blue-chip money manager post-
ed an eight per cent fall in pre-tax
profits to 95.5m due to lower vol-
umes in the three months to 31
March. Net inflows of 1.6bn were
nearly 50 per cent lower than in the
first quarter of last year. Private bank-
ing saw outflows of 100m.
Total funds under management
rose 6.6 per cent from the end of last
year to 199.6bn.
Schroders also said it had bought a
Schroders says
Eurozone woes
hitting demand
BY PETER EDWARDS
25 per cent stake in Axis AMC, the
asset management subsidiary of Axis
Bank, the third largest private sector
bank in India, as it aims to tap into
the growing middle class in Asias
third-largest economy.
I think its a very exciting long-
term market, and I would emphasise
long term, Dobson said.
The update capped a mixed week
for the industry. Aberdeen Asset
Management said assets rose nine per
cent after strong fund performance
outweighed net outflows in its first-
half but Henderson posted a net out-
flow of 857m in the first quarter.
Schroders PLC
2May 3May 27Apr 30Apr 1 May
1,430
1,440
1,450
1,400
1,410
1,420
1,460
1,470 p
1,412.00
3May
L
A
U
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A

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E
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C
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A
M
EDVARD Munchs masterpiece The Scream, one of the worlds most recognisable
works of art, sold for $120m (74m) at Sothebys on Wednesday night, setting a new
record as the most expensive piece of art ever sold at auction. A so-far anonymous
telephone bidder secured the vibrant painting after a near 15-minute bidding war.
THE SCREAM SELLS FOR $120M AT AUCTION
ST JAMESS Place yesterday overcame
lingering fears over the Eurozone to
post a record level of funds under
management.
The wealth manager, 60 per cent
owned by Lloyds Banking Group,
said assets rose nine per cent to
31bn during the first quarter of this
year, due in part to the performance
of its existing funds.
Chief executive David Bellamy said
retail clients were still relatively
cautious in their taste for
investment as total new business on
an annual premium equivalent (APE)
basis fell 2.6 per cent to 152.6m
from the same period last year.
Its been a good first quarter with
the one caveat being the markets are
a little challenging and volatile and
that makes investors a little bit
nervous and it just takes a bit
longer, Bellamy said.
Strong retention of existing client
funds and 1.26bn of new
investments led to a net inflow of
700m to its funds, though this was
slower than the 770m in the same
period last year, the company said.
James Pearce at UBS said: Falling
sales make tough reading for a
company on a premium rating,
particularly with Lloyds 60 per cent
shareholding... However, in our view
SJP has the most sustainable
business model in the UK.
Assets jump to
record 31bn
at St Jamess
BY PETER EDWARDS
T
HERE was a time when the
rights agency group Merlin
dubbed itself the virtual fifth
major in the music world,
fancying itself as rubbing shoulders
with major record labels Universal,
Sony BMG, EMI and Warner.
The description gave the group,
which represents a series of inde-
pendent labels producing music
from artists including Adele, Arctic
Monkeys and Belle & Sebastian, a
sense of importance in the music
world.
But The Capitalist has learnt that
Merlin seems to have lost its star-
splattered wizards hat somewhere
near the outskirts of Brussels.
The indie group is vigorously
opposing Universals 1.2bn takeover
of EMIs record label business, argu-
ing that the merger would damage
competition in the market-place to
the detriment of consumers and
independent music producers
and rights agencies.
The deal, announced in
November, is currently
being considered by the
European Commission
and Merlin has not shied
away from voicing its
opinion.
And while the fifth
major claim used to
appear proudly in
Merlins public state-
ments, in recent
Adele is signed to
independent label XL
Recordings, a member of
Merlin
RBC, the Canadian bank that is busy grow-
ing its London presence, has been named
as the title sponsor for the Great Ormond
Street Hospital Childrens Charity annual
5km family fun run on Sunday 24 June.
Last years race (also sponsored by RBC)
raised over 400,000 towards the redevel-
opment of the hospital, with Linford
Christie joining in the fun. To sign up, go
to raceforthekids.co.uk.
Got A Story? Email
[email protected]
Follow The Capitalist
on Twitter: @citycapitalist
16
cityam.com
cityam.com/the-capitalist
THECAPITALIST
So it was farewell to Norman
Askew this week as Finsburys
Roland Rudd hosted an evening for the
former chief executive of British
Nuclear Fuels and East Midlands
Electricity. Rudd made sure the retiring
Askews preferred wines were on the
menu at the dinner which was attended
by former colleagues including
Vodafones Andy Halford and banking
adviser Richard Broadbent.
FRIDAY 4 MAY 2012
*Price is per person, package includes accommodation and car hire, travel must be completed before 31 October 2012. Flights are not included. Prices subject to change according to dates of travel and availability of hotels. Taxes are not included. Promotion ends 31 October 2012.

ATLANTIC CANADA
Visit www.AtlanticCanadaHoliday.co.uk
for more information
Two-week Seacoast Holiday packages
From
939
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person

Nova Scotia. Photo Credit: Nova Scotia.

Between now and the start of the
Olympics, City A.M. is publishing its
Olympic Image of the Week. If you
have a shot you think our readers will
like, please email [email protected]
with IOW2012 in the subject line. Full
details: cityam.com/london-2012
LONDON 2012 is joining up with British Airways
to create Park Live, an outdoor venue set in the
newly-created 250 acres of Olympic parklands.
A giant double-sided screen, sitting in the River
Lea, will broadcast live Olympic coverage for
those without tickets for sporting events. Other
entertainment will include visits from athletes.
LONDON 2012 IMAGE OF THE WEEK
months there has been no sign of the
epithet in press releases or in the
groups lobbying at Brussels.
A spokesperson for Merlin
told The Capitalist: Its a falla-
cious argument that we
are the fifth major,
because were not a
record label. You would-
nt compare a newsagent
to a department store
just because they
both stock news-
papers.
We have
never called
ourselves the
fifth major.
Probably a good
idea to take the
claim off your website
then, Merlin.
Merlin goes from major to minor
Christie
last year
RBC backs Race for Kids
IN BRIEF
Antofagasta copper output hit
nFirst-quarter copper production at
Chilean miner Antofagasta fell 13 per
cent on the previous three months
amidst rising development costs, the
London-listed firm said yesterday.
Esperanza, a flagship growth project
that hit troubles in its production
build-up last year, saw damage to a
key conveyor belt in the quarter which
held up throughout February and
March. It warned the mines full-year
production would be at the lower end
of forecast ranges. The problem also
weighed on the miners total output
for the quarter, down 12.9 per cent on
the last three months of 2011.
Avocet boosted by gold prices
n Gold miner Avocet Mining said yes-
terday that its quarterly pre-tax profit
rose on higher gold prices, but lower
production resulted in higher cash cost
per ounce produced. Profit before tax
and exceptionals from continuing oper-
ations rose to $20.8m (12.8m) from
$12.6m a year ago. Avocet, which
entered the FTSE 250 Index in March,
maintained its production forecast of
160,000 ounces for the year at a cash
cost of $800-$850 per ounce.
Mondi reports weaker quarter
n South African papermaker Mondi
yesterday posted a drop in first-quarter
underlying operating profit due to
lower prices and volumes, but said
demand for its products was picking
up. Mondi, also listed in London, said
first-quarter underlying operating prof-
it fell to 120m, (97.5m) compared
with 179m last year.
Maple Group edges closer to
2bn takeover of Canadas TMX
G
E
T
T
Y
GAS and oil producer BG Group said
yesterday it had agreed to sell its
Brazil gas distribution business
Comgas to Cosan for $1.8bn (1.1bn)
as it unveiled soaring first quarter
profits on the back of higher oil
prices and production.
BG is selling its 60 per cent stake in
Comgas as part of a $5bn disposal
programme to channel resources
from downstream distribution and
power generation assets into more
lucrative upstream oil and gas pro-
duction projects.
The cash raised will ease fears
about BGs ability to meet the cost of
bringing big fields in Brazil and
Australia onstream.
The announcement of deal talks
last month hit Cosan shares as
investors questioned what synergies
Brazils largest sugar and ethanol
producer could achieve from a deal,
and its impact on Cosans efforts to
improve its debt rating.
The sale price implies a premium of
around 11 per cent to Comgass clos-
ing share price on Wednesday. Royal
BG Group sells
Comgas stake
in a 1bn deal
BY HARRY BANKS
Dutch Shell owns another 18.1 per
cent.
Comgas is the largest distributor of
piped natural gas in Brazil with 4,000
kilometres of pipelines that deliver
gas to customers in 57 cities.
Meanwhile BG Group reported a 55
per cent rise in underlying net profits
to $1.27bn in its first trading quarter,
broadly in line with analysts fore-
casts. Chief executive Sir Frank
Chapman said: In addition to project
delivery, the group continued to
enjoy exploration and appraisal suc-
cess, maintaining our position as one
of the industrys leading explorers.
Bumi arm makes Samin Tan its
president as his power grows
CHAIRMAN of mining company
Bumi, Samin Tan, was yesterday
named as president director of
Bumi Resource Minerals (BRM).
BRM is a company listed on the
Jakarta Stock Exchange
and the appointment
was made at an
extraordinary general
meeting.
Tan replaces Ken
Farrell in the role, the
company said in a market
statement. Farrell,
an Australian,
BY CITY A.M. REPORTER
joined BRM after 21 years with
mining giant BHP Billiton in
various executive and management
roles.
BRM holds various non-coal
mineral operating, development
and exploration properties in
Indonesia and in West Africa. BRM
has a mixed portfolio of minerals,
including copper, gold, zinc, lead,
iron ore and diamonds.
Coal entrepreneur Tan, who
became a major investor in Bumi
alongside the Bakrie family last
year, was made chairman in March.
Former chairman Nat Rothschild
and the Bakrie camp fell out in
November after a letter from
Rothschild demanding a radical
cleaning up on corporate
governance issues was leaked.
The incendiary letter caused
uproar with the Bakries, who were
furious at the way the issue was
publicly aired.
Tan then stepped into the fold as
chairman while as part of a peace
deal Rothschild has remained on
the board.
Bumis main operations are
mining in coal rich Indonesia.
BG Group PLC
2May 3May 27Apr 30Apr 1 May
1,480
1,460
1,440
1,420
1,400
p
1,424.50
3May
Samin Tan is now
president of BRM.
RANDGOLD Resources chief
executive Mark Bristow yesterday
told how he had dug in at his
companys Mali headquarters as
the country teetered on the brink
of civil war.
The South African said that he
was leading by example and could
not leave his staff to face the crisis
engulfing the country alone.
I had to show leadership
qualities thats what a good CEO
does. Life and limb was not
threatened in the end and we had
contact with the countrys
Randgold profit rises as boss
lifts lid on Mali coup tensions
BY JOHN DUNNE leaders. He said that the
companys mining operation was
left untouched and has recently
benefited from a drop in tax.
However the coup dented the FTSE
100 gold miners shares as
investors became jittery.
The company said yesterday that
profit for the firms first quarter
rose to $104m (64.2m), more than
double that in the 2011 period but
down on the previous quarter's
$145m due to an expected fall as
it mined lower-grade ore at its
Loulo-Gounkoto complex in Mali.
Bristow said the coup in March
had had no impact on the figures.
AERO electronics group Cobham
has agreed to buy Danish rival
Thrane & Thrane after its
increased offer of 275m was
accepted by the board of the
satellite communications
equipment maker.
Thrane & Thrane shareholders
will be offered 435 Danish crowns
(47.54) in cash for each Thrane &
Thrane share, an increase of 15
Danish crowns per share over
Cobhams offer announced on 10
April, 2012, the British company
said.
Cobham last month renewed its
initial 420 Danish crowns per share
bid for Thrane after some investors
Cobham sweetens its offer to
275m to secure Thrane deal
BY CITY A.M. REPORTER
warmed to a previously rejected
proposal. The British company said
its revised offer takes into account
the dividend Thrane would have
declared for the financial year to
the end of April 2012.
This is an outstanding
opportunity to bring together two
world-class, highly complementary,
commercially focused SATCOM
businesses and is in line with our
aim of prioritising investment that
will bring more balance said
Cobham chairman John Devaney.
Cobham said its offer
represented a premium of 48 per
cent to the closing price of Thrane
& Thrane shares on 24 February,
the last trading day before Thrane
said it had received a takeover bid.
FRIDAY 4 MAY 2012
17
NEWS
cityam.com
Chief executive Mark Bristow was on the front line when Mali descended into chaos
US corporate results round up
VIACOM posted a higher-than-
expected quarterly profit
yesterday, boosted by an increase
in revenue from its cable
networks fees and digital
licensing of its TV shows and
movies.
The parent of MTV and
Nickelodeon benefited mainly
from an increase in affiliate fee
revenue from cable and satellite
distributors.
Net income rose to
$588m in the second
quarter from $376m,
a year earlier.
Viacom beats Street view
LOSSES have widened at MGM
Resorts in the last three
months, the casino operator
said yesterday, despite an
increase in revenue.
MGM reported losses of
$217.3m compared with $89.9m a
year earlier, as expenses rose by
48 per cent. Casino revenue more
than doubled, while room rev-
enue lifted 6.9 per cent.
The groups Las Vegas resorts
performed particularly
well, with revenue per
room up 4.5 per cent
as occupancy rose.
Losses widen at MGM
PRE-TAX profits at financial
trading intermediary BGC
Partners fell by 9.5 per cent in
the first quarter of 2012,
despite an increase in
revenues.
A 10.5 per cent rise in
revenue to $403.9m, compared
to $365.5m in the same period
last year, was not enough to
offset what it called an
industry-wide decline in
activity across the
financial markets,
which saw profits
dip 9.5 per cent.
BGC hit by market chaos
MAPLE Group said yesterday that
it would accept a regulators
conditions on its C$3.8bn
(2.3bn) bid for TMX Group,
likely paving the way for the
elusive takeover of the operator
of the Toronto Stock Exchange to
go ahead.
The consortium of Canadas
largest banks, insurers and
pension plans said that if the
terms from the Ontario
Securities Commission (OSC)
survive a 30-day comment
period, it would accept them,
allowing Maple to win control of
the Toronto exchange in a deal
that will give it some 85 per cent
of Canadian stock trades.
We believe that the orders
published today set out a
balanced framework that
ensures strong regulatory
oversight and accountability
following the Maple transaction,
TMX chief executive officer Tom
Kloet said in a joint statement
with Maple.
In its document, the OSC made
clear it was concerned about the
transparency of the new exchange
and was seeking controls on
governance, including restrictions
on the make-up of the board of
directors and limits on ownership
to ensure the new stock exchange
operator acts in the public
interest.
BY CITY A.M. REPORTER
FRIDAY 4 MAY 2012
18
KPMG
David Ellis has been appointed as
a partner and head of KPMGs UK
reward practice, which specialises
in advising companies on how to
most effectively pay their
executives. He joins from BDO,
where he was head of human
capital and a partner since 2004.
Ellis has also previously worked
for Ernst & Young and qualified as
a solicitor at Richards Butler, the City law firm.
Lloyds Bank Acquisition Finance
The leveraged debt provider has made a number of senior
promotions. Mark Craig has been appointed as a managing
director, responsible for the origination of larger
transactions, while Joelle Antmann and Riella Hollander
have become senior directors. Craig joined in 2006 as a
senior director. He has previously worked in other senior
roles in the Lloyds Banking Group and at Societe Generale.
Quilter
The investment management firm has appointed Chris
Meares as non-executive chairman. This is its first
appointment since Quilter was acquired from Morgan
Stanley by Bridgepoint. Meares was recently group chief
executive of HSBCs global private banking arm. He retired
from HSBC in 2011 after 32 years working for the bank.
Signia Wealth
Sonjoy Phukan has been appointed as managing director at
the wealth management firm. He will report to Nathalie
Dauriac-Stoebe, founder and chief executive of Signia
Wealth. Phukan joins from Barclays Wealth, where he most
recently held the position of market head. He has also
worked at Goldman Sachs as an executive director.
Helios Investment Partners
The Africa-focused private investment firm has appointed
Dabney Tonelli to the role of investor relations partner.
Tonelli will be based in London. She was previously a
managing partner and chief operating officer of Chayton
Capital, an emerging markets private equity investment
adviser. Tonelli also spent twelve years at Goldman Sachs,
where she held a variety of positions in its global
investment research division.
Vectura
The pulmonary drug delivery company has announced that
Dr Trevor Phillips will join its board, effective 1 June. Phillips
became chief executive of Vectura in July 2011, having
joined the company in January 2010 as president of US
operations. He has also served as president and chief
executive of Critical Therapeutics, after six years as its chief
operating officer.
Bird & Bird
Geraint Lloyd has joined the international corporate
practice group of Bird & Bird, the law firm. He arrives from
BLP, where he headed the venture capital team. He has
wide experience in technology, cleantech and healthcare,
with particular focus on private equity, venture capital,
mergers and acquisitions and funds formations.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
U
S stocks fell yesterday as
economic data sent mixed
signals on the recovery a day
before the April payrolls
report, while shares of Green
Mountain plunged after poor results.
Slower-than-expected growth in the
dominant US services sector drove the
day's trading. The retail sector
dragged the market lower after sever-
al chains, including Target and Gap,
fell after missing April sales esti-
mates.
The Dow Jones industrial average
dropped 61.98 points, or 0.47 per cent,
to 13,206.59 at the close. The
Standard & Poors 500 Index fell 10.74
points, or 0.77 per cent, to 1,391.57.
The Nasdaq Composite Index lost
35.55 points, or 1.16 per cent, to
3,024.30. With yesterdays decline, the
S&P 500 has fallen close to its 50-day
moving average of around 1,386.48.
UBS
Deutsche Bank has changed its recommendation on the Swiss bank from sell
to hold and increased its target price from SFr11.75 to SFr12, despite results
that it calls uninspiring. The broker expects the investment bank operations
to continue losing share, but asset gathering to beat expectations.
DASHBOARD CITY
CITY MOVES
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in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
B
RITAINS blue chip-index edged
up in thin volume yesterday as
gains among defensive stocks
offset disappointing trading
updates among cyclicals and weak US
macro data.
The FTSE 100 closed 8.44 points high-
er, or 0.2 per cent, at 5,766.55 points,
having traded only 87 per cent of its
90-day volume average.
Some investors were reluctant to
take new positions until Fridays US
non-farm payrolls report provided
some clarity on the pace of recovery in
the worlds largest economy.
The index pared gains yesterday
afternoon after Institute for Supply
Management data showed the pace of
growth in the US services sector
slowed more than expected in April,
countering an estimate-beating manu-
facturing report published on Tuesday.
Defensive stocks shone yesterday,
with artificial hip and knee maker
Smith & Nephew topping the FTSE
100 chart on the back of better-than-
expected first quarter results.
Shares in the group hit a one-month
high as they rose four per cent in vol-
ume more than double the average,
Thomson Reuters data showed.
Imperial Tobacco rose 2.3 per cent,
helped by a target hike at Citigroup,
which said the stocks multiple was
likely to expand on improving volume
momentum. The shares traded at 17.6
times their expected earnings for the
next 12 months, compared to multi-
ples of more than 19 for peers British
American Tobaccoand Philip Morris.
LONDONREPORT
FTSE ticks up as
defensives rise
NEW YORKREPORT
Wall St drops
ahead of data
ZIGGO
Goldman Sachs has initiated coverage of the the Netherlands largest cable
operator with a buy rating. The broker calls Ziggo a triple-play winner
in the market, despite the company reporting widening losses in late April
despite strong sales, as the cost of its stock market listing weighed.
BUNZL
JP Morgan has maintained its overweight stance on the distribution and
outsourcing group but upped its target price from 1,050p to 1,130p after
three recent bolt-on acquisitions that the broker says will add 1.3 per cent
to its earnings per share estimates.
BESTof theBROKERS
Bunzl PLC
27Apr 30Apr 1May 2May 3May
p
1,070
1,060
1,050
1,040
1,030
1,020
1,063.00
3 May
Ziggo
27Apr 26Apr 30Apr 2May 3May
24.80
23.20
23.40
23.60
23.80
24.00
24.20
24.40
24.60
24.40
3 May
UBS AG
27Apr 26Apr 30Apr 2May 3May
CHF 12.20
12.00
11.80
11.60
11.40
11.20
11.44
3 May
FTSE
2May 3May 27Apr 30Apr 1 May
5,820
5,800
5,780
5,760
5,740
5,720
5,766.55
3May
FRIDAY 4 MAY 2012
LONDONTIME
19
Edited by Timothy Barber
cityam.com
The world
your
wrist
on
World Timers: the
executive watch P.21
Celebrating an icon:
the Royal Oak P.24
Fast cars, fast
watches P.26
T
HERES a case to be made that in
the age of global business the
ultimate executive watch is a
world timer. For anyone whose
work sees them regularly jetting
between time zones, or who simply
needs to know the hour in different
markets around the globe at any
given moment, a world timer in
which an adjustable ring around
the dial shows cities in
numerous time zones and the
corresponding time on a 24 hour
scale is the suave mark of a
truly internationalist outlook.
For this sophisticated design we
have Louis Cottier to thank, a genius
watchmaker who invented one of the
first such watches during the 1930s.
Cottiers nifty world time mechanism
could simultaneously display the hour
in 24 time zones around the world. It was
a highly exclusive piece, but Cottier had
sussed that, with the rising popularity and
glamour of air travel, a world timer would
hold a special appeal for the new, globe-trot-
ting elite.
Houses that adopted the mechanism included
Vacheron Constantin, Rolex and Patek Philippe, who
used it to create some of the rarest and most desirable
watches ever made. Sothebys New York sold a 1937
Patek Philippe Ref 96 HU Heure Universelle at auction
in December last year for a cool $482,500.
The industry remains inspired by Cottiers example,
with Patek Philippe still one of the key protagonists,
eking out low volume specialities like the Ref 5131. The
watch contains one of Pateks lissome automatic move-
ments, but what makes it so collectable is its dial, which
is hand-decorated with cloisonn enamel in the form of
a colourful world map. So rare are dials like this that
Patek will only sell you the 5131 if its absolutely sure
youre the right sort of chap to own one. Less hard to
track down is the Ref 5130 [1] without the beautiful
world map, but this year newly available on a stunning
Patek-designed bracelet.
Vacheron Constantin is none too shabby in this
department either, as proved by its Patrimony
Traditionelle World Time, which can tell the time simul-
taneously in 37 of the worlds time zones, including the
half and quarter hours of Myanmar and Nepal.
Just as technical is Girard-Perregaux, whose collection
of world time watches includes the WW.TC Financial,
which indicates the business hours of the stock markets
in New York, London, Hong Kong and Tokyo. Those of a
politically correct persuasion look away now: GP also
offers a ladies version the WW.TC 24 Hour Shopping,
which swaps city names for the worlds most famous
shopping districts, Bond Street and Rodeo Drive among
them.
Watches from this hallowed triumvirate occupy the
upper strata of the collectible market, but there are plen-
ty of options under 10k, thanks largely to the rush of
new world timers being presented this year.
Zenith and IWC both launched a collection of pilots
watches: Zeniths Pilot Doublematic (main picture,
8,600 in steel) is loaded with functions, adding a
chronograph, an alarm, an alarm power reserve and a
grand date to its world time function, while IWCs Pilots
Watch WorldTimer [2] (7,500) has an anti-magnetic soft-
iron inner case and has been designed to cater for sud-
den drops in air pressure.
Talking of aviation, Breitlings Transocean
Chronograph Unitime [3] (8,380 in steel,) is a looker
inside and out, fuelled as it is by the brands new Calibre
05 in-house movement; and then theres Bremont, the
young British brand known for its love of the skies,
which has just launched the pilot-inspired ALT1-WT [4],
its first world timer.
Two global time-keepers stood tall this year because of
their remarkable price points. Frdrique Constant
lived up to its mantra of accessible luxury with the hand-
some Classic Manufacture Worldtimer [5], which is pow-
ered by an in-house movement, yet retails for a barely
believable 2,710. Also challenging the status quo on cost
is Ball Watch (a brand worth keeping an eye on), whose
Trainmaster World Time Chronograph [6] is a snip at
2,300.
One other watch worth mentioning is Seikos new
Astron GPS [7] (starting from 1,750), a whizzy piece of
electronic kit that automatically adjusts its display to tell
the time wherever you are in the world by picking up sig-
nals from GPS satellites, which it also uses to correct
itself daily. Cleverer still is that this is all sustained by the
sun the shiny dial is a solar panel.
FRIDAY 4 MAY 2012
21
LONDONTIME
cityam.com
Watches for those
with a global outlook
Robin Swithinbank explains the appeal of the world timer
1 2
3
4
5
6
7
Bremont to unveil
victorious tribute to
Englands naval past
Y
OU think you have a brand
pegged, and then it spins on its
heel and does something
completely unexpected. In the
case of Bremont, a company that has
fast become Britains leading
producer of luxury watches, the
proposition has been pretty simple:
super-tough, sweetly-designed
modern chronographs that reflect
the aviation passion of the brands
founders, brothers Nick and Giles
English, with a welcome dash of
English understatement. Tool
watches, but among the most
elegant, charismatic tool watches on
the market.
So the announcement this year of a
high-luxury, classical piece incorpo-
rating engravings, gold and can it
be, really? wood was something of
a surprise. But as it turns out, the rea-
sons for this are really pure Bremont.
Launching this June, the Bremont
Victory is a limited edition watch cel-
ebrating the greatest ship in the his-
tory of the British navy, HMS Victory.
Giles and I are ambassadors for the
Royal Navy Historic Flight, which
keeps the old Fleet air Arm in the air,
explains Nick English. We heard that
HMS Victory was having a major
restoration and was being stripped
right back, and we managed to get
some original wood from it.
The wood is incorporated into the
watchs caseback, which also features
an engraving in the crystal of Nelsons
seal, and a stunning, anchor-shaped
gold rotor. The dial, meanwhile, is a
classical affair recalling old pocket
watches, with retrograde seconds and
date. The engraving of the word
Victory on the case is pure elegance.
A true collectors item of great style
and provenance, its assembly and
many of its decorative features are
being carried out in England. Itll be
launched aboard HMS Victory in July.
www.bremont.com
TIMOTHY BARBER
FRIDAY 4 MAY 2012
23
LONDONTIME
cityam.com
Alex Doak pays tribute to a modern classic
W
HEN we decided to launch the
Royal Oak 40 years ago, Olivier
Audemars explains animatedly, it
was the start of the worst crisis ever
to hit the Swiss watchmaking industry.
People were throwing themselves from
windows But luckily, he adds with a glint
in his eye, watch factories tend to be just
one storey high, so they survived.
Not only did they survive, but despite the
1970s onslaught of plastic Japanese digitals,
ye olde Swiss watch industry survived as
well. Yet, on balance, Audemars Piguets
iconic octagonal watch really shouldnt have.
No one had made a luxury sports watch
before, and the market simply wasnt ready
for a steel watch that cost the same as presti-
gious gold pieces of the time.
Back then, the technology
didnt exist to work the Royal
Oaks complex shapes in
steel, Audemars contin-
ues. It was more expen-
sive to machine the case
and bezel in steel than
gold. In fact, the very
first prototype we
made from white
gold.
The Royal Oak
broke the rules of
the industry, at a
critical time, but at
AP it seemed the logi-
cal thing to do.
It took a few years for
the Royal Oak to start
selling, famously to
entrepreneurs such as the
legendary head of Fiat,
Giovanni Agnelli, and fellow
members of the glitzy interna-
tional jet set. But sure enough,
APs gamble of 1972 paid off hand-
somely, to the point where the Royal Oak
now forms the core collection of this venera-
ble family firm.
FRESH, COOL
It wasnt just the bold choice of material that
broke new ground, however. It was the
design as a whole; a design that, like the
Porsche 911 or Fender Stratocaster, has
remained virtually unchanged four decades
down the line; a design that still feels fresh
and, lets face it, achingly cool.
It was the brainchild of a man called Grald
Genta, who passed away in August last year.
Universally acknowledged as the Greatest
Watch Designer of Our Time, he already had
classics like Patek Philippes Golden Ellipse
and Omegas Constellation under his belt
before he embarked on the first and greatest
of his trio of Seventies octagonal classics (the
others being IWCs Ingenieur SL and Patek
Philippes Nautilus).
Legend has it that Genta dashed off the
Royal Oak in a single night which isnt so
far-fetched, given how coherently this watch
hangs together. Its a moreish cocktail of sig-
nature details like the tapestry-weave dial
pattern, a slick integrated bracelet and eight
hexagonal screws affixing that eight-sided
bezel it in itself inspired by the portholes of
the Royal Navys 17th-century HMS Royal
Oak.
The Royal Oak is extraordinary because,
amazingly, it remains unique and recognis-
able, says Mansel Fletcher, fea-
tures editor of mens style
portal, Mr Porter. Thats part-
ly, but only partly, because
it's octagonal. Forty years
later it retains the power to
shock something for
which Genta deserves
huge acclaim.
40TH ANNIVERSARY
EDITIONS
What this years 40th-
anniversary launches
prove also is the sheer ver-
satility of the Royal Oak
formula. This ranges from
a 247,730 tourbillon edi-
tion with a skeleton dial,
whose interior angles take a
week to polish, right down
to a 16,000 re-edition of the
1972 original, complete with
blue petite tapisserie dial,
whose complex relief pattern
is still milled using 40-year-old
machines. There are chrono-
graphs, perpetual calendars, diamond-set
ladies pieces and more somewhat paradox-
ically, today these are available in gold as
well as steel.
In terms of sheer lan, are there any other
watches that even hold a candle to the Royal
Oak? Very few are in the same league, says
Fletcher. Pateks Nautilus is the only one
that easily comes to mind and while it's
hugely desirable it doesnt define the brand
in the way that the Royal Oak defines
Audemars Piguet.
Nowadays, every high-end watch brand
offers a steel sports collection. But theres lit-
tle point looking elsewhere, when the Royal
Oak offers the original, real McCoy, with
killer looks and faultless execution to boot.
The 70s icon that kept its cool
FRIDAY 4 MAY 2012
24
LONDONTIME
cityam.com
Fraser Hart Ltd
8 New Change Passage (St Pauls) s Tel: 020 7236 4560
Chronograph with date display, stainless steel
bracelet and case water-resistant to 30 metres.
CORUM automatic movement, COSC chronometer-
certied. www.corum.ch
T
AG Heuer is a company
renowned for its ultra-sporty
watches, with a history
heavily bound up with the
glamour and speed of motor sports
(see the feature on page 26). It may
not seem the most obviously
ladylike brand, therefore, but
things have got very ladylike
indeed with the arrival of the
movie star, Cameron Diaz, to bring
some added gloss and sparkle to its
fast-evolving womens watches
section.
The wider story in
womens watches at the
moment is the fact that
the industry is finally wak-
ing up to the notion
that women as well as men can be
attracted to proper watches
mechanical pieces, rather than sim-
ply bejewelled quartz watches that
are more jewellery than watch.
The Link Lady Diamond Star,
which Diaz helped announce in
Basel in March, is a concept piece
that represents real groundbreak-
ing in the field of womens watch-
es something thats still all too
rare. Designed by London-based
watch genius Christophe Behling
the watchs mechanical winding
rotor, shaped like a series of shoot-
ing stars, essentially floats around
the outside of the dial itself.
The watch emphasises the impor-
tance a brand like TAG is placing on
the womens market, while its Link
Lady series as a whole continues to
offer some of the more elegant
womens watches on the market
that are both relatively affordable
and, well, watchy.
The TAG Heuer Diamond star
Cameron Diaz
brings the glitz
to TAG Heuer
The brand is taking a leap forwards with
womens watches with the stars help
Nicole Kidman
The Oscar-winning star of lms
including Moulin Rouge, To Die For and the
Hours is a brand ambassador for Omega. As
such, shes often seen on the red carpet
sporting Omegas impressive latest
womens watch, the De Ville Ladymatic.
Clive Owen
The British actor, whose lms include
Duplicity, Closer and the International, was
seen at this years Salon Internationale de la
Haute Horology in Geneva at the Jaeger-
LeCoultre stand. There, while helping unveil
its latest high spec piece, he explained he
had become a long term fan of the brand
since discovering its Amvox watches, its
Aston Martin-inspired racing range.
Leonardo Dicaprio
Most of TAGs ambassadors are sports
people, but the brand managed to bring
Dicaprio on board. We fancy hell be wear-
ing something rather more retro than TAGs
racing chronographs when he appears as
Jay Gatsby in the forthcoming adaptation of
F Scott Fitzgeralds novel.
Kate Winslet
The celebrated British actress joined
Longines as a brand representative in 2010,
advertising its cinematically-inspired
Longines Dolcevita watches.
Natalie Portman
Announced this week, Portman is to
be a new partner of the Richard Mille brand.
MOVIE STARS AND THEIR WATCHES
1
2
5
4
3
1. Chopard, Mille Miglia GT XL Chrono
Speed Silver, 6,000. www.chopard.com
2. Hublot, Big Bang Magic Gold, price on
application. www.hublot.com
3. Stefan Johansson, Mark VIII Carbon
Fiber, $15,000, www.stefanjohansson.com
4. Bulgari, Octo Maserati. 20,300
www.bulgari.com
5. Parmigiani, Bugatti SuperSport, price
on application. www.parmgiani.ch
6. Omega Speedmaster Racing, price to be
confirmed. www.omegawatches.com
7. Richard Mille, RM 050 Tourbillon split
seconds chronograph Felipe Massa, price
on application. www.richardmille.com
8. Blancpain, L-Evolution flyback
chronograph Super Trofeo. 14,860
www.blancpain.com
Y
OU dont have to be a petrol
head to like watches, but it
helps. Thanks to shared
interests in cutting-edge
technology, compelling design,
glamorous exclusivity and the
importance of time, watch
companies produce a multitude of
pieces inspired by the beauty of fast
cars and the speed and drama of the
racetrack.
Which is why I found myself being
hurled at colossal speed around the
hairpin corners of the Mugello
Circuit in Italy late last year. At an
event to unveil a partnership
between Hublot and Ferrari, I rode
passenger in a Ferrari 458 Italia
which, souped-up for the race track,
had all the easy-going serenity of a
ballistic missile. If the micro-parts of
a mechanical watch can withstand
these kind of juddering, screaming
G-forces, theyll withstand pretty
much anything.
Until you actually drive a modern
racing car it is hard to comprehend
how violent the environment inside
is, and this in my opinion is a fantas-
tic way to really test the watches in
real time, says Stefan Johansson, the
former Formula 1 ace. Like many rac-
ing drivers Johansson became a col-
lector of watches Im told that
among F1 drivers their inbuilt com-
petitiveness naturally spills over
from the track into competing over
watch acquisitions. But Johansson
took things several stages further by
deciding to set up as a watch produc-
er himself. His cool, ultra-tough
chronographs can be bought
through his website
StefanJohansson.com (or from
WestTime, Los Angeless famous
watch boutique, if you happen to be
passing through).
Theres a natural connection
between these worlds, says
Johansson. Young boys like mechan-
ical things, and that can take you
into cars or watches. The older you
grow you appreciate nice things, and
you cant have enough of a good
thing. If you get the car, you need the
watch as well.
ULTIMATE BOYS TOY
In other words, as one CEO of a
watch company told me this week,
the only difference between little
boys and grown men is the cost of
their toys. For racing fans, the ulti-
mate boys toy must be one of the
watches produced by high-end mav-
erick Richard Mille carrying F1 driver
Felipe Massas. Ultra-lightweight, fan-
tastically strong and stupendously
complicated, they incorporate futur-
istic materials like carbon nanofiber,
and theyre tested by Massa in the
cockpit of his Ferrari.
Speaking of which, the Hublot
announcement. The fashionable
brand will be producing low-volume
limited edition pieces aimed at those
wealthy enough to buy the
Italian supercars (you
wont see them in
Ferrari airport duty
free concessions
any time soon, put
it that way). The
first, launched
earlier this year,
uses Hublots
new alloy, Magic
Gold a sub-
stance combining
gold with ceramic
to make it exception-
ally hard and scratch
resistant.
The wristwatch took
over from the pocket
watch just as the motor
sports industry was tak-
ing off, and theyve grown
together. Back in the
1920s, for instance, Jaeger-
LeCoultre used to create
dashboard instruments for
the likes of Aston Martin.
The worlds of fast cars and fabulous watches hold plenty of mutual appeal, writes Timothy Barber
FRIDAY 4 MAY 2012
26
LONDONTIME
cityam.com
LAP TIMES
Today it pro-
duces its suave
Amvox watches for the
venerable marque Clive
Owen is a collector of
Amvox pieces, by the way.
JACK HEUER
The watch brand with by far
the most celebrated association
with motor sports is TAG
Heuer. Back in the 1960s Jack
Heuer used to mix with the
worlds most famous, glam-
orous drivers, and named the
brands most
famous watch,
the Carrera,
after the great
Mexican road race of the same
name. For many years Heuer were
the official timers of Formula 1 rac-
ing, and its watches are worn to this
day by McClaren superstars Jenson
Button and Lewis Hamilton. This
year it brought out one of its most
dashing pieces in years a retro-
infused Carrera celebrating Jack
Heuers 80th birthday (pictured far
left), which will be unveiled at the
Goodwood Festival of Speed this June.
The Carrera Panamerica is not the
only race to have given its name to a
line of watches. Italys glamorous Mille
Miglia race has inspired a vast number
of Chopards stupendous sporting
chronographs Chopard CEO Karl-
Friedrich Scheufele actually drives in
the Mille Miglia himself. Likewise
Marc Hayek, who runs Blancpain, is a
regular participant in the Blancpain
Endurance Series supercar races.
Blancpain has a particular relation-
ship with Lamborghini, also sponsor-
ing its glitzy SuperTrofeo race series.
1 2 3 4
5 6 7 8
Bell & Ross UK +44 207 096 08 78
.
[email protected]
.
e-Boutique: www.bellross.com
HERITAGE COLLECTION
AVIATION BR 03-92 42 mm
VINTAGE BR 126 41 mm
EVOLUTI ON OF THE BR MI LI TARY WATCH
THE holy grail of watch
manufacturing is for a
company to be able to make its own
movements in-house. This is no
mean thing Breitling, one of the
most famous brands around, only
released its first in-house
movement in 2009 and spent years
of research and millions of dollars
of investment in the process.
The fact that this has now been
achieved by Hermes, the French
luxury goods house, therefore
shows the extent of the companys
commitment to its watch side. In
fact the company has a long history
in the watch industry, but it is
stepping back to the front line at
Patek rediscovers the cushion
shape and refines the Calatrava
Basel stories: the best of the new
FRIDAY 4 MAY 2012
28
LONDONTIME
cityam.com
EVERY spring the Swiss city of
Basel hosts the great gathering
of the watch industry, at which
thousands of luxury brands
coalesce to impress retailers,
distributors, collectors and
journalists with their latest
creations.
Venerable Patek Philippe is
always a star attraction, with a
stand the size of mansion towering
over its neighbours. Of its many
novelties, one of the most
interesting was the cushion-shaped
perpetual calendar, Ref 5940 (Patek
relies on reference numbers, being
too smart to use names). Generally
when you think of Patek you
probably beautifully refined round
watches, but Pateks cushion-
shaped watches or you may call it
a tonneau (meaning barrel)
shape are among its most valued
by collectors. This one is a typical
beauty. Its a perpetual calendar a
speciality grand complication for
Patek in a beautiful ultra-slim
gold case. The generous spacing the
designers have managed in such a
busy dial is remarkable another
Patek speciality. It costs 61,530.
Meanwhile, Pateks basic
Calatrava range has an elegant new
edition, given zest by the sword-
shaped hands and cross-hair
subdial. Its 18,060.
www.patek.com
Omega takes to space with
a multi-function wonder
OMEGA is famous for its classic
Speedmaster Professional
chronograph which is known as the
Moon Watch for having been picked
by NASA in the 1960s to be worn by
astronauts, and for having been worn
on the moon by Buzz Aldrin.
NASAs space programme may be
on the back foot at the moment, but
Omega is in the mood for space travel
nonetheless. Its First Omega in Space
Speedmaster (3,400) is a limited edi-
tion celebrating the 50th anniversary
of the first Speedy to be worn in
space, when astronaut Wally Schirra
orbited the Earth for the first time.
Another retro version commemo-
rates the final NASA moon mission,
Apollo 17, which took place in 1972.
Consequently 1,972 versions are
being made, and a smattering of
these will be in the UK, complete with
a hand-embossed caseback based on
the Mission Patch worn by the astro-
nauts.
These may look to the past, but the
Spacemaster Z33 (pictured left, 3,400)
is rather more futuristic even
though its case shape is resolutely
1970s in style. Theres very little this
watch doesnt do. Designed with pilots
in mind, it has self-programmable pro-
fessional pilot functions to lug flights,
as well as a perpetual calendar, alarm,
alternative time zone, chronograph,
countdown timer, all operated on a
rather stylish digital display. Its not
often Id get excited by an electronic
watch, but this one is special.
www.omegawatches.com
Feathers take on diamonds as
the ultimate chic decoration
Thought diamonds were a
girls best friend? Well, its
possible you were wrong, given the
buzz created by two brands
incorporating feathers as
decorative elements into their
watches this year. Although fair
enough theres a fair few shining
stones on these watches as well.
Harry Winstons feathered
friends included the stunner that
is the Lady Amherst watch
(pictured near left), with tiny
pheasant feathers emanating
beautifully from the centre of the
dial. Its part of the brands
Premier Feather range of three
such watches, using ethically
sourced feathers including silver
pheasant, Lady Amherst pheasant
and peacock feathers.
Over at Dior, meanwhile, the
feathers have been attached to the
brands innovative Calibre Inverse
mechanism, which places the
winding rotor of the automatic
watch on top of the dial, meaning
you can watch it swing around as
you move. The idea of the Dior VIII
Grand Bal Plume watch is to
recreate the elegance and feel of
Christian Diors couture creations
the feathers represent the swish
of a ball gown as they fan out
around the dial.
www.harrywinston.com
www.dior.com
Bell & Ross goes for old school
cool with its latest releases
THE French brand Bell & Ross
has built a terrific reputation
over the years for its sturdy-cut-chic
squareform watches inspired by
instruments from aeroplane
cockpits.
Those watches were particularly
on song during the big watch craze
of the boom years and they still sell
well, particularly in the City but
lately Bell & Ross has shown an
impressive ability to adapt to more
retro, classical tastes while keeping
its brand essence intact.
Witness its new offerings at this
years BaselWorld show. On the far
left is the Vintage WW2 Regulateur
Heritage (4,300), a piece inspired by
a type of watch used by the
navigators of bomber planes during
the Second World War. The notched
bezel gives it an unusual, tool-ish
feel, while the regulator dial it
separates the hours, minutes and
seconds into three displays has an
alluringly vintage appeal.
On the near right is the WW1
Jumping Hour watch (17,000)
another piece for those who like
something a little unusual. Jumping
hour watches display the hour in a
window in the dial, with a hand for
the minutes. In this case, theres also
a sleek retrograde power reserve
display. With a continuing line of
avant garde square pieces based on
esoteric cockpit instruments, B&R
are always interesting and never
obvious.
www.bellross.com
Chopard and Hermes mix
elegance with in-house tech
the moment. Developed in
partnership with Vaucher
Manufacture in Fleurier in
Switzerland, the Hermes H1837
movement is found in a new
version of its Dressage watch. Its a
highly elegant piece suitable for
any boardroom, and costs 7,050.
Chopard is famous for both its
watches and its jewellery, though so
far its own incredibly high-spec
movements have been seen in its
haute horological LUC watches. Its
gorgeous new Classic Manufacture
piece (9,100), inspired by the look
of old pocket watches, contains its
first in-house movement intended
for production in industrial
volumes, and signals a new chapter
for this magnificent watch brand.
www.hermes.com
www.chopard.com
Timothy Barber picks the highlights from BaselWorld 2012, the watch industrys love-in
*

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MESURE ET DMESURE
*
TONDA 1950
Rose gold
Ultra-thin automatic movement
Herms alligator strap
Made in Switzerland
www.parmigiani.ch
LONDON HARRODS - ARIJE - ASPREY | YORK HARPERS | CHELTENHAM BEARDS
THE luxury magazine for watch lovers, 00/24
WatchWorld, is offering City A.M. readers the
chance to vote in one of the
most prestigious competitions
in the watch industry.
The 00/24 WatchWorld Watch of the
Year competition rewards the best
watches across four price categories,
plus an award for the best womens
watch, as decided by a panel of esteemed
industry judges.
On top of that comes the Readers
Award, which this year City A.M. is
proud to support. Readers of both City
A.M. and 00/24 WatchWorld are invited
to vote for their single favourite watch
out of the entirety entered across all the
main categories.
To vote, go to the awards page on
www.0024watchworld.com[special URL for
competition page in box on right], browse
the watches in competition, and select the
one that impresses you most.
Voters have the option of being entered into a prize draw
for which winners will receive a luxury leather watch box
(pictured right) and a three year
subscription to 00/24 WatchWorld
magazine.
There are over 100 watches in
competition. Those pictured above
are simply a sample of all the
eligible watches in the
competition, and are in no way a
short list.
The watches up for consideration
have all been entered into the
competition for free by the brands
or their distributors.
For the five main awards, the
judging panel of industry figures
will whittle down a shortlist in
each category. Shortlisted watches
will then be physically presented
at a judging session this summer,
with winners announced
including the City A.M. Readers
Award winner at a glamorous
ceremony in London this
September.
Thank you for voting!
YOU decide the Watch of the Year
FRIDAY 4 MAY 2012
30
LONDONTIME
cityam.com
Montblanc
Watch: Timewalker TwinFly Chronograph
Description: A sleek, uber-modern yback chronograph
with a second timezone and in-house movement.
Price: 8,500
Richard Mille
Watch: Tourbillon RM 038 Bubba Watson
Description: Remarkable, ultra-lightweight piece of sporting
haute horology as sported by the newest Masters champ.
Price: 324,324
Nomos
Watch: Zurich Weltzeit (World Timer)
Description: A future classic from the cool German brand
mixing minimalism, perfectionism and affordability.
Price: 3,620
Romain Jerome
Watch: Steampunk Metal Chrono
Description: Part of Romain Jeromes Titanic-inspired series,
with oxidized steel bezel and a mobile propeller at 6 oclock.
Price: 10,500
Blancpain
Watch: X Fathoms
Description: A charismatic, ultra-complex enhance-
ment of Blancpains iconic 50 Fathoms diving watch.
Price: 26,170
MB&F
Watch: Legacy Machine No.1
Description: Classicism meets pure design audaciousness
including a ying balance wheel above the dial.
Price: 55,000
FP Journe
Watch: CS Chronometre Souverain
Description: Beautifully purist yet imbued with character, a
slimline beauty from one of the worlds nest watchmakers.
Price: 21,000
Jaeger-LeCoultre
Watch: Deep Sea Chronograph
Description: Perfect proportions and effortless style com-
bine in Jaegers retro-inspired diving beauty.
Price: 7,250
The UKs leading watch magazine is inviting
City A.M. readers to cast their votes
TO VOTE:
Please visit http://tinyurl.com/0024vote
00/24 WatchWorld is published quarterly,
with in-depth articles on the finest watches
from the world's revered brands and
watchmakers. A year's subscription is 25.
www.0024watchworld.com
FRIDAY 4 MAY 2012
31
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1642.50 -10.00
SILVERLDN FIX AM.........................................30.43 -0.77
MAPLE LEAF 1 OZ ............................................32.39 0.75
LON PLATINUM AM ......................................1557.00 -8.00
LON PALLADIUM AM.....................................667.00 -8.00
ALUMINIUM CASH......................................2064.00 -2.00
COPPERCASH............................................8400.00 -127.00
LEAD CASH..................................................2143.00 -7.00
NICKEL CASH.............................................17425.00 -95.00
TIN CASH..................................................22225.00 -450.00
ZINC CASH..................................................2028.00 -20.50
BRENT SPOT INDEX........................................119.54 0.17
SOYA...........................................................1480.00 -175.00
COCOA ........................................................2372.00 13.00
COFFEE...........................................................181.30 -1.55
KRUG ..........................................................1702.60 -16.20
WHEAT ..........................................................171.20 -1.93
AIR LIQUIDE......................................................98.45 0.14 102.30 80.90
ALLIANZ ...........................................................84.89 0.61 107.45 56.16
ANHEUS-BUSCHINBEV.....................................56.75 1.25 57.23 33.85
ARCELORMITTAL ................................................12.63 -0.24 25.40 10.47
AXA...................................................................10.54 0.00 15.94 7.88
BANCO SANTANDER...........................................4.58 0.02 7.86 4.49
BASF SE............................................................60.92 -0.39 70.22 42.19
BAYER...............................................................53.39 0.20 59.44 35.36
BBVA..................................................................4.88 -0.05 8.44 4.83
BMW.................................................................71.68 0.61 73.95 43.49
BNP PARIBAS....................................................29.10 -0.95 55.20 22.72
CARREFOUR ......................................................14.75 -0.20 28.19 14.53
CRH PLC.............................................................15.27 -0.21 16.93 10.28
DAIMLER ...........................................................40.71 -0.66 53.95 29.02
DANONE ...........................................................54.39 0.59 54.81 41.92
DEUTSCHE BANK ...............................................31.23 -0.83 44.56 20.79
DEUTSCHE BOERSE...........................................46.90 -0.13 57.68 35.65
DEUTSCHE TELEKOM...........................................8.44 -0.01 11.38 7.88
E.ON ...................................................................17.18 0.20 23.54 12.50
ENEL...................................................................2.40 0.00 4.86 2.38
ENI ....................................................................16.69 0.04 18.72 11.83
FRANCE TELECOM..............................................10.29 0.05 15.96 9.86
GDF SUEZ............................................................17.15 -0.18 28.00 17.03
GENERALI ASS. ...................................................9.86 -0.14 16.38 9.79
IBERDROLA.........................................................3.44 0.03 5.94 3.38
INDITEX............................................................69.07 1.52 74.73 52.20
ING GROEP CVA...................................................5.19 -0.06 9.07 4.21
INTESA SANPAOLO..............................................1.06 -0.03 2.13 0.85
KON.PHILIPS ELECTR.........................................14.30 0.10 20.75 12.01
L'OREAL............................................................92.84 0.26 94.80 68.83
LVMH...............................................................129.35 0.95 136.80 94.16
MUNICHRE.....................................................106.60 -1.35 118.35 77.80
NOKIA.................................................................2.67 -0.03 6.36 2.60
REPSOL YPF.......................................................13.89 0.14 24.45 13.69
RWE..................................................................32.23 0.06 44.48 21.15
SAINT-GOBAIN...................................................31.87 -0.13 47.43 26.07
SANOFI .............................................................58.54 0.32 59.56 42.85
SAP...................................................................49.53 -0.34 54.85 32.88
SCHNEIDERELECTRIC........................................46.74 -0.03 60.28 35.00
SIEMENS...........................................................68.98 0.03 99.07 62.13
SOCIETE GENERALE............................................17.27 -0.77 46.60 14.32
TELECOM ITALIA..................................................0.85 0.02 1.03 0.70
TELEFONICA ......................................................10.68 0.02 18.34 10.57
TOTAL ................................................................36.16 0.02 43.61 29.40
UNIBAIL-RODAMCO SE.....................................142.55 0.70 162.95 123.30
UNICREDIT..........................................................2.70 -0.13 11.57 2.20
UNILEVER CVA ..................................................26.27 0.04 27.16 20.96
VINCI..................................................................35.15 -0.03 45.48 28.46
VIVENDI.............................................................13.79 -0.15 21.37 12.42
VOLKSWAGEN VORZ .......................................145.00 2.60 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5766.55 8.44 0.15
FTSE 250 INDEX . . . . . . . . . . . . . . . 11483.31 7.42 0.06
FTSE UK ALL SHARE . . . . . . . . . . . . 2999.54 3.96 0.13
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 774.49 -1.41 -0.18
DOWJONES INDUS 30 . . . . . . . . . 13206.59 -61.98 -0.47
S&P 500. . . . . . . . . . . . . . . . . . . . . . 1391.57 -10.74 -0.77
NASDAQ COMPOSITE . . . . . . . . . . . 3024.30 -35.55 -1.16
FTSEUROFIRST 300 . . . . . . . . . . . . . 1044.39 0.74 0.07
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 9380.25 29.30 0.31
DAX 30 PERFORMANCE . . . . . . . . . 6694.44 -16.33 -0.24
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 3223.36 -2.97 -0.09
SHANGHAI SE INDEX . . . . . . . . . . . 2440.08 1.64 0.07
HANG SENG. . . . . . . . . . . . . . . . . . 21249.53 -59.55 -0.28
S&P/ASX 20 INDEX. . . . . . . . . . . . . 2659.90 1.40 0.05
ASX ALL ORDINARIES. . . . . . . . . . . 4494.50 -10.30 -0.23
BOVESPA SAO PAOLO. . . . . . . . . . . 62104.15 -319.41 -0.51
ISEQ OVERALL INDEX . . . . . . . . . . . 3252.53 -15.92 -0.49
STRAITS TIMES. . . . . . . . . . . . . . . . 3000.94 -5.20 -0.17
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
SWISS MARKET INDEX . . . . . . . . . . 6097.68 -11.09 -0.18
Price Chg %chg
3M....................................................................89.39 -0.13 98.19 68.63
ABBOTT LABS...................................................63.05 0.40 63.20 46.29
ALCOA................................................................9.58 -0.15 17.96 8.45
ALTRIA GROUP .................................................32.55 0.18 32.62 23.20
AM INTL GRP.....................................................34.14 -0.62 35.05 19.18
AMAZON.COM.................................................229.45 -0.80 246.71 166.97
AMERICAN EXPRESS ........................................60.86 -0.19 61.42 41.30
APPLE .............................................................581.82 -4.16 644.00 310.50
AT&T...................................................................33.11 0.07 33.33 27.29
BANK OF AMERICA ............................................8.00 -0.16 12.71 4.92
BOEING CO........................................................76.83 -0.43 80.65 56.01
CATERPILLAR..................................................100.67 -1.96 116.95 67.54
CHEVRON .......................................................105.99 -1.04 112.28 86.68
CISCO SYSTEMS..................................................19.72 -0.12 21.30 13.30
CITIGROUP........................................................32.48 -0.22 46.00 21.40
COCA-COLA.......................................................77.44 0.28 77.82 63.34
COMCAST CLASS A............................................30.36 -0.06 30.88 19.19
CONOCOPHILLIPS .............................................54.26 -0.33 80.13 53.81
CVS/CAREMARK................................................46.14 0.22 46.22 31.30
DU PONT(EI) DE NMR.......................................53.26 -0.41 57.50 37.10
EMC CORP.........................................................28.22 -0.29 30.00 19.84
EXXON MOBIL...................................................85.65 -0.55 88.13 63.47
GENERAL ELECTRIC............................................19.61 -0.16 21.00 14.02
GOOGLE A........................................................611.02 3.76 670.25 473.02
HEWLETT PACKARD..........................................24.48 -0.77 41.74 19.92
HOME DEPOT....................................................52.47 -0.24 52.88 28.13
IBM.................................................................207.24 -0.82 210.69 157.13
INTEL CORP ......................................................28.56 -0.62 29.27 19.16
J.P.MORGAN CHASE...........................................43.01 -0.19 46.49 27.85
JOHNSON & JOHNSON .....................................65.34 0.01 68.05 55.76
KRAFT FOODS A ...............................................39.59 -0.11 39.99 24.30
MC DONALD'S CORP..........................................97.04 -0.47 102.22 78.20
MERCK AND CO. NEW........................................39.17 -0.12 39.50 29.47
MICROSOFT........................................................31.76 -0.04 32.95 23.65
OCCID. PETROLEUM..........................................89.82 -2.56 117.89 66.36
ORACLE CORP...................................................29.38 -0.33 36.50 24.72
PEPSICO............................................................66.91 0.08 71.89 58.50
PFIZER .............................................................22.60 -0.06 23.30 16.63
PHILIP MORRIS INTL.........................................89.96 -0.35 91.05 60.45
PROCTER AND GAMBLE ....................................64.51 0.53 67.95 56.57
QUALCOMM INC................................................63.55 -0.69 68.87 45.98
SCHLUMBERGER................................................72.61 -1.56 95.53 54.79
TRAVELERS CIES...............................................64.75 0.01 65.27 45.97
UNITED TECHNOLOGIE.......................................80.91 -0.64 91.83 66.87
US BANCORP DELAWRE....................................31.94 -0.10 32.98 20.10
VERIZON COMMS..............................................40.64 0.04 40.84 32.28
VISA CL A .........................................................116.41 -5.78 125.35 73.11
WAL-MART STORES..........................................58.99 -0.02 62.63 48.31
WALT DISNEY CO...............................................43.81 0.27 44.50 28.19
WELLS FARGO & CO..........................................33.39 -0.18 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................................0.255 0.00
LIBOR Euro - 12 months ................................1.281 0.00
LIBOR USD - overnight .................................0.147 0.00
LIBOR USD - 12 months................................1.049 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.......................................3.120 -0.01
European repo rate......................................0.134 0.00
Euro Euribor .................................................0.317 0.00
The vix index .................................................17.13 0.25
The baltic dry index....................................1149.0 -3.00
Markit iBoxx...............................................243.59 0.15
Markit iTraxx...............................................140.42 4.30
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .288.6 -3.8 340.8 248.1
Chemring Group . . . . . . .361.1 -10.8 677.0 316.9
Cobham. . . . . . . . . . . . .224.3 0.0 239.5 165.9
Meggitt . . . . . . . . . . . . .413.0 5.0 413.9 304.9
QinetiQ Group . . . . . . . .156.1 -0.8 159.3 101.5
Rolls-Royce Holdi . . . . .859.0 17.5 861.0 557.5
Senior . . . . . . . . . . . . . . .211.3 1.4 213.0 135.6
Ultra Electronics . . . . . .1716.0 -9.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .204.9 -0.2 245.0 157.0
Barclays . . . . . . . . . . . . .212.9 -0.8 283.8 138.9
HSBC Holdings . . . . . . .563.3 1.9 656.2 463.5
Lloyds Banking Gr . . . . . .31.7 -0.4 58.0 21.8
Royal Bank of Sco . . . . . .24.6 -0.2 42.9 17.3
Standard Chartere . . . .1454.5 1.5 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1137.0 -21.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . . .381.3 2.5 444.0 289.9
Diageo . . . . . . . . . . . . .1614.5 24.5 1617.0 1112.0
SABMiller . . . . . . . . . . .2575.0 -5.0 2660.0 1979.0
AZ Electronic Mat . . . . .323.5 4.5 338.1 206.1
Croda Internation . . . .2251.0 19.0 2282.0 1597.0
Elementis . . . . . . . . . . .206.2 -0.7 208.7 107.5
Johnson Matthey . . . .2368.0 16.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1435.0 -5.0 1590.0 1025.0
Yule Catto & Co . . . . . . .238.6 0.5 253.0 148.0
/$ 1.3147 0.0006
/ 0.8124 0.0005
/ 105.64 0.2674
/ 1.2309 0.0007
/$ 1.6181 0.0018
/ 130.03 0.2012
FTSE 100
5766.55
8.44
FTSE 250
11483.31
7.42
FTSE ALL SHARE
2999.54
3.96
DOW
13206.59
61.98
NASDAQ
3024.30
35.55
S&P500
1391.57
10.74
Brown (N.) Group . . . . .237.9 3.0 304.5 222.4
Carpetright . . . . . . . . . .602.5 -4.5 741.0 375.0
Debenhams . . . . . . . . . .85.5 1.3 85.8 51.2
Dignity . . . . . . . . . . . . .855.5 1.5 866.0 727.0
Dixons Retail . . . . . . . . .18.8 0.7 19.9 9.4
DunelmGroup . . . . . . .524.0 1.0 533.0 389.0
Halfords Group . . . . . . .277.7 -0.3 405.9 268.6
Home Retail Group . . . . .83.4 -4.2 228.5 72.5
Inchcape . . . . . . . . . . . .373.0 1.4 425.4 268.1
JD Sports Fashion . . . . .835.0 0.5 1030.0 570.0
Kesa Electricals . . . . . . . .57.0 1.0 151.4 52.8
Kingsher . . . . . . . . . . .291.4 1.0 313.8 217.0
Marks & Spencer G . . . .355.5 -1.8 402.2 301.8
Next . . . . . . . . . . . . . .2990.0 19.0 3060.0 2153.0
Sports Direct Int . . . . . . .315.6 2.9 315.6 190.0
WHSmith . . . . . . . . . . .529.5 4.5 559.0 451.6
Smith & Nephew . . . . .629.5 24.0 694.0 521.0
Synergy Health . . . . . .830.0 -8.5 981.0 809.5
Barratt Developme . . . .134.3 -0.9 151.5 67.5
Bellway . . . . . . . . . . . . .802.0 -6.0 859.5 540.5
Berkeley Group Ho . . .1294.0 -4.0 1414.0 1025.0
Bovis Homes Group . . .480.5 -7.4 518.5 326.5
Persimmon . . . . . . . . . .626.0 -6.5 706.5 374.0
Balfour Beatty . . . . . . . .270.1 5.3 333.7 214.6
CRH . . . . . . . . . . . . . . .1236.0 -24.0 1663.5 1053.0
Galliford Try . . . . . . . . .645.0 -3.5 653.0 383.8
Kier Group . . . . . . . . . .1176.0 -6.0 1489.0 1095.0
Drax Group . . . . . . . . . .570.5 -3.5 581.5 443.1
SSE . . . . . . . . . . . . . . . .1332.0 8.0 1423.0 1193.0
Domino Printing S . . . .596.0 -4.0 701.5 434.3
Halma . . . . . . . . . . . . . .404.4 -1.5 429.6 306.3
Laird . . . . . . . . . . . . . . . .212.0 -4.4 222.0 128.5
Morgan Crucible C . . . . .332.8 1.4 360.0 224.0
Oxford Instrument . . . .1218.0 -7.0 1285.0 714.0
Renishaw . . . . . . . . . . .1457.0 2.0 1886.0 800.0
Spectris . . . . . . . . . . . .1902.0 0.0 1909.3 1039.0
Aberforth Smaller . . . .638.0 3.0 714.0 494.0
Alliance Trust . . . . . . . .360.0 -0.6 392.7 310.2
Bankers Inv Trust . . . . .414.8 -4.2 433.8 346.5
BH Global Ltd. GB . . . . .1181.0 -9.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.8 -0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.4 -0.1 20.2 16.5
BH Macro Ltd. GBP . . .2038.0 -13.0 2078.0 1698.0
BH Macro Ltd. USD . . . . . .19.3 -0.2 20.2 16.4
BlackRock World M . . .659.0 -11.0 782.0 574.5
BlueCrest AllBlue . . . . . .160.5 0.0 176.2 160.3
British Assets Tr . . . . . . .124.7 -0.8 138.6 109.0
British Empire Se . . . . .420.0 0.7 533.0 404.0
Caledonia Investm . . .1405.0 -8.0 1800.0 1337.0
City of London In . . . . .295.2 -2.9 306.9 257.0
Dexion Absolute L . . . . .139.5 -0.3 149.4 130.0
Edinburgh Dragon . . . .242.0 0.0 253.1 201.4
Edinburgh Inv Tru . . . .494.4 -0.9 504.0 422.5
Electra Private E . . . . .1698.0 -5.0 1750.0 1287.0
Fidelity China Sp . . . . . .80.8 -1.0 109.8 70.0
Fidelity European . . . .1075.0 -3.0 1280.0 912.0
Foreign and Colon . . . .305.3 -0.2 327.9 261.5
Herald Inv Trust . . . . . . .513.0 -1.0 545.5 419.0
HICL Infrastructu . . . . . .120.0 -0.2 123.6 112.7
John Laing Infras . . . . .106.5 -0.3 110.6 103.8
JPMorgan American . . .918.0 1.5 965.5 721.5
JPMorgan Asian In . . . .195.3 -0.2 243.9 170.1
JPMorgan Emerging . .544.0 -4.0 610.5 480.1
JPMorgan Indian I . . . . .325.8 -4.2 437.0 313.1
JPMorgan Russian . . . .536.5 -7.5 689.0 415.1
LawDebenture Cor . . . .384.4 4.7 398.7 323.0
Mercantile Invest . . . .1024.0 -11.0 1114.0 823.0
Merchants Trust . . . . . .375.0 -2.0 431.8 341.5
Monks Inv Trust . . . . . .336.4 -0.4 361.2 298.1
Murray Income Tru . . . .651.0 -4.5 674.0 568.0
Murray Internatio . . . . .964.0 1.0 1012.0 818.5
NB Global Floatin . . . . . .100.1 -0.4 103.0 92.5
Perpetual Income . . . . .267.1 -0.4 276.0 236.5
Personal Assets T . . .34180.0 -70.0 35350.031750.0
Polar Capital Tec . . . . . .389.5 0.5 404.0 299.5
RIT Capital Partn . . . . . .1161.0 -2.0 1360.0 1141.0
Scottish Inv Trus . . . . . .479.7 3.4 524.0 417.0
Scottish Mortgage . . . .690.0 0.5 781.0 565.0
SVG Capital . . . . . . . . . .277.8 1.1 295.5 165.1
Temple Bar Inv Tr . . . . .929.0 -5.0 970.0 791.0
Templeton Emergin . . .570.0 1.0 678.5 497.0
TRProperty Inv T . . . . . .153.7 1.0 206.1 136.2
TRProperty Inv T . . . . . .64.8 0.2 94.0 59.8
Witan Inv Trust . . . . . . .477.4 1.2 533.0 401.5
3i Group . . . . . . . . . . . . .194.8 1.4 294.1 166.9
3i Infrastructure . . . . . . .124.8 0.8 128.0 115.6
Aberdeen Asset Ma . . .283.8 0.7 286.5 167.8
Ashmore Group . . . . . .380.0 -1.0 420.0 306.4
Brewin Dolphin Ho . . . .165.5 -1.5 177.0 113.7
Camellia . . . . . . . . . . .9845.0 45.0 10950.0 8800.0
Charles Taylor Co . . . . .140.0 5.3 160.0 115.6
City of London Gr . . . . . .72.0 0.0 88.0 61.3
City of London In . . . . .360.0 -5.0 440.0 304.3
Close Brothers Gr . . . . .745.5 -10.0 820.0 590.0
F&C Asset Managem . . .68.7 1.0 81.7 56.1
Hargreaves Lansdo . . . .532.0 2.5 641.0 402.5
Helphire Group . . . . . . . . .1.7 0.0 13.3 1.4
Henderson Group . . . . .115.8 0.0 163.7 95.1
Highway Capital . . . . . . .14.5 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .375.0 -1.5 515.0 311.6
IG Group Holdings . . . .468.2 0.3 502.5 393.6
Intermediate Capi . . . . .261.5 0.2 345.0 197.9
International Per . . . . .259.8 -4.6 388.8 148.5
International Pub . . . . . .117.6 -0.9 121.7 112.7
Investec . . . . . . . . . . . . .359.0 2.7 522.0 318.4
IP Group . . . . . . . . . . . . .142.0 -4.0 151.0 36.0
Jupiter Fund Mana . . . .228.6 1.0 310.5 184.9
Liontrust Asset M . . . . . .115.0 -0.5 125.0 57.9
LMS Capital . . . . . . . . . . .60.5 2.3 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . .1053.0 8.0 1093.0 756.5
Lonrho . . . . . . . . . . . . . . .10.8 0.0 19.8 8.9
Man Group . . . . . . . . . . .93.5 -1.3 259.6 92.6
Paragon Group Of . . . . .176.5 -5.4 206.1 134.6
Provident Financi . . . .1204.0 4.0 1210.0 915.0
Rathbone Brothers . . .1345.0 -6.0 1351.0 977.0
Record . . . . . . . . . . . . . . .18.3 -0.1 35.5 9.8
RSM Tenon Group . . . . . . .6.8 -0.7 32.3 5.6
Schroders . . . . . . . . . . .1412.0 -9.0 1872.0 1183.0
Schroders (Non-Vo . . . .1112.0 -8.0 1521.0 970.0
Tullett Prebon . . . . . . . .340.6 -2.4 422.9 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .215.9 2.4 232.1 161.0
Cable & Wireless . . . . . .32.9 -0.1 48.9 30.1
Cable & Wireless . . . . . .33.0 -0.9 55.0 14.2
COLT Group SA . . . . . . . .119.2 6.5 149.5 84.1
KCOM Group . . . . . . . . . .72.5 -0.8 84.0 60.5
TalkTalk Telecom . . . . .129.9 -0.1 150.0 118.9
TelecomPlus . . . . . . . .700.0 8.0 802.0 472.0
Booker Group . . . . . . . . .79.7 -0.2 85.3 60.0
Greggs . . . . . . . . . . . . .502.0 -3.0 558.0 445.0
Morrison (Wm) Sup . . .276.5 -3.5 328.0 275.3
Ocado Group . . . . . . . . . .123.1 0.2 233.0 52.9
Sainsbury (J) . . . . . . . . .307.8 -1.1 362.8 263.5
Tesco . . . . . . . . . . . . . . .318.2 0.2 420.1 310.5
Associated Britis . . . . .1242.0 14.0 1244.0 977.0
Cranswick . . . . . . . . . . .810.0 -1.0 841.0 588.5
Dairy Crest Group . . . . .303.7 0.2 409.7 290.4
Devro . . . . . . . . . . . . . . .306.1 -1.7 332.2 232.0
Tate & Lyle . . . . . . . . . . .713.5 14.5 720.5 544.5
Unilever . . . . . . . . . . . .2133.0 11.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .570.0 0.0 664.0 413.5
Centrica . . . . . . . . . . . . .308.6 -0.4 330.3 278.8
International Pow . . . . .417.4 -0.1 418.0 279.4
National Grid . . . . . . . .669.5 1.5 673.1 569.0
Pennon Group . . . . . . . .742.0 5.5 751.0 623.5
Severn Trent . . . . . . . .1670.0 3.0 1720.0 1375.0
United Utilities . . . . . .629.0 8.5 637.0 560.0
Cookson Group . . . . . . .709.0 2.5 747.5 395.8
Rexam. . . . . . . . . . . . . .432.6 0.1 438.0 299.8
RPC Group . . . . . . . . . . .373.8 1.3 393.2 300.5
Smith (DS) . . . . . . . . . . .163.9 -0.1 183.7 113.3
Smiths Group . . . . . . .1089.0 11.0 1255.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3614.0 11.0 3670.0 3100.0
Redrow . . . . . . . . . . . . .123.5 -1.0 126.0 90.2
Taylor Wimpey . . . . . . . .51.7 -0.3 52.8 28.7
Bodycote . . . . . . . . . . . .428.7 -4.2 437.6 225.6
Fenner . . . . . . . . . . . . . .434.2 -13.4 483.7 280.0
IMI . . . . . . . . . . . . . . . . .980.5 4.0 1119.0 636.5
Melrose . . . . . . . . . . . . .437.8 -2.1 442.9 268.0
Northgate . . . . . . . . . . .205.6 5.6 341.8 190.0
Rotork . . . . . . . . . . . . .2260.0 2.0 2274.0 1501.0
Spirax-Sarco Engi . . . .2325.0 16.0 2334.0 1649.0
Weir Group . . . . . . . . . .1616.0 -64.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .360.6 -6.3 460.5 315.0
Ferrexpo . . . . . . . . . . . .285.5 -4.3 495.3 238.7
Talvivaara Mining . . . . .168.2 -9.6 525.0 167.8
BBA Aviation . . . . . . . .202.6 2.5 223.4 156.0
Stobart Group Ltd . . . . .126.3 -0.2 149.5 112.0
Admiral Group . . . . . . .1177.0 3.0 1754.0 787.0
Amlin . . . . . . . . . . . . . .336.0 2.9 427.0 270.6
Beazley . . . . . . . . . . . . . .141.4 -0.5 151.8 109.6
Catlin Group Ltd. . . . . . .425.0 1.7 449.0 337.0
Hiscox Ltd. . . . . . . . . . . .398.7 -5.0 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .85.6 1.2 89.9 51.7
Johnston Press . . . . . . . . .5.9 0.1 8.0 4.1
MecomGroup . . . . . . . .162.3 3.8 293.5 134.5
Moneysupermarket. . . .134.7 -1.2 136.8 93.4
Pearson . . . . . . . . . . . .1166.0 5.0 1255.0 1038.0
PerformGroup . . . . . . .313.4 13.4 320.3 150.0
Reed Elsevier . . . . . . . .523.5 8.0 578.0 461.3
Rightmove . . . . . . . . .1600.0 21.0 1607.1 1036.0
STV Group . . . . . . . . . . . .112.5 0.3 163.0 76.3
Tarsus Group . . . . . . . . .154.9 2.9 165.0 119.5
Trinity Mirror . . . . . . . . . .32.3 -0.3 54.3 30.8
UBM . . . . . . . . . . . . . . .600.5 4.0 641.5 416.0
UTVMedia . . . . . . . . . . .141.0 -4.5 159.5 92.5
Wilmington Group . . . . .97.0 -1.0 151.0 78.5
WPP . . . . . . . . . . . . . . . .847.5 7.0 880.0 578.0
Yell Group . . . . . . . . . . . . .3.6 0.1 11.0 3.4
African Barrick G . . . . . .358.5 1.9 616.5 351.2
Anglo American . . . . .2365.0 -10.0 3181.0 2138.5
Anglo Pacic Gro . . . . .305.0 -2.0 340.0 237.9
Antofagasta . . . . . . . . .1108.0 -51.0 1491.0 900.5
Aquarius Platinum . . . .129.5 -2.0 360.0 128.1
Avocet Mining . . . . . . . .161.0 -8.5 286.8 159.6
BHP Billiton . . . . . . . . .1996.0 -21.5 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .545.0 6.5 1158.0 496.0
Centamin (DI) . . . . . . . . .67.6 -0.3 141.5 63.1
Jardine Lloyd Tho . . . . .703.5 -3.5 764.5 576.0
Lancashire Holdin . . . . .825.0 2.5 827.0 618.5
RSA Insurance Gro . . . . .105.1 -0.3 139.8 99.6
Aviva . . . . . . . . . . . . . . . .311.3 0.2 447.1 275.3
Legal & General G . . . . .118.0 -3.8 135.0 89.8
Old Mutual . . . . . . . . . . .150.3 2.1 188.1 112.1
Phoenix Group Hol . . . .523.0 -2.5 688.0 451.1
Prudential . . . . . . . . . . .747.5 -9.5 797.5 509.0
Resolution Ltd. . . . . . . .222.7 -1.2 316.1 220.6
St James's Place . . . . . .332.0 2.0 376.0 294.0
Standard Life . . . . . . . . .219.7 -4.5 250.7 172.0
4Imprint Group . . . . . . .285.0 12.0 312.5 200.0
Aegis Group . . . . . . . . . .177.2 -0.8 187.4 115.7
Bloomsbury Publis . . . .108.0 2.0 138.0 91.3
British Sky Broad . . . . .704.0 2.5 850.0 618.5
Centaur Media . . . . . . . . .33.3 0.8 56.3 30.5
Chime Communicati . . .203.3 -2.8 298.5 163.0
Creston . . . . . . . . . . . . . .61.0 0.0 121.0 47.0
Daily Mail and Ge . . . . .420.5 4.0 505.5 343.4
Euromoney Institu . . . .804.0 -24.0 828.0 522.5
Future . . . . . . . . . . . . . . . .11.3 0.0 19.5 8.3
Haynes Publishing . . . .190.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . .44.3 -1.3 76.3 32.3
Informa . . . . . . . . . . . . .419.9 4.9 451.0 313.9
ITE Group . . . . . . . . . . . .225.4 -3.5 255.3 157.7
Eurasian Natural . . . . .553.0 -7.0 882.5 522.0
Fresnillo . . . . . . . . . . . .1561.0 -8.0 2150.0 1302.0
GemDiamonds Ltd. . . .256.1 10.0 310.6 179.8
Glencore Internat . . . . .426.4 0.8 531.1 348.0
Hochschild Mining . . . . .477.7 -2.2 580.0 365.9
Kazakhmys . . . . . . . . . .825.0 -25.0 1405.0 730.0
Kenmare Resources . . . .50.4 -1.1 61.5 31.0
Lonmin . . . . . . . . . . . .1043.0 -10.0 1601.0 941.0
NewWorld Resourc . . .399.2 -1.6 1060.0 396.3
Petra Diamonds Lt . . . .148.4 -2.9 188.2 97.0
Petropavlovsk . . . . . . . .453.8 -8.4 913.0 451.5
Polymetal Interna . . . .905.0 -8.0 1175.0 877.0
Randgold Resource . .5150.0-200.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3363.0 -76.0 4595.0 2712.5
Vedanta Resources . . .1180.0 -26.0 2220.0 928.0
Xstrata . . . . . . . . . . . . .1168.0 -1.0 1448.0 764.0
Inmarsat . . . . . . . . . . . .457.8 15.7 620.0 389.3
Vodafone Group . . . . . .173.0 1.0 182.7 155.1
Genesis Emerging . . . .506.5 3.0 543.5 424.0
Afren . . . . . . . . . . . . . . .133.7 -1.4 171.0 73.6
BG Group . . . . . . . . . . .1424.5 -26.5 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .435.7 1.9 504.6 363.2
Cairn Energy . . . . . . . . .342.0 1.7 501.4 291.9
EnQuest . . . . . . . . . . . . .132.1 4.5 136.8 85.7
Essar Energy . . . . . . . . .145.1 -2.3 455.9 101.6
Exillon Energy . . . . . . . .135.4 -6.2 460.0 123.0
Heritage Oil . . . . . . . . . .148.0 -3.6 262.1 133.1
Ophir Energy . . . . . . . .569.0 2.0 587.0 184.5
Premier Oil . . . . . . . . . .374.4 -6.0 485.0 310.0
Royal Dutch Shell . . . .2184.5 8.5 2402.0 1883.5
Royal Dutch Shell . . . .2261.0 8.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .192.0 5.0 230.0 125.0
Salamander Energy . . .208.0 0.3 235.8 148.0
Soco Internationa . . . .290.0 -4.1 397.5 278.0
TullowOil . . . . . . . . . . .1557.0 12.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1130.0 2.0 1207.0 740.5
Hunting . . . . . . . . . . . . .926.5 -9.5 968.0 530.0
Kentz Corporation . . . .425.6 -9.0 508.0 375.0
Lamprell . . . . . . . . . . . .364.9 -1.8 395.2 220.7
Petrofac Ltd. . . . . . . . .1764.0 4.0 1772.0 1108.0
Wood Group (John) . . .798.0 9.0 803.0 469.9
Burberry Group . . . . . .1536.0 21.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .343.5 1.4 387.9 285.0
Supergroup . . . . . . . . . .330.9 -7.1 1600.0 324.6
AstraZeneca . . . . . . . . .2727.5 24.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .387.7 7.9 389.7 236.8
Genus . . . . . . . . . . . . .1426.0 -31.0 1457.0 853.5
GlaxoSmithKline . . . . .1446.0 13.5 1497.0 1205.0
Hikma Pharmaceuti . . .637.5 -0.5 869.0 555.5
Shire Plc . . . . . . . . . . .2039.0 12.0 2300.0 1818.0
Capital & Countie . . . . .200.0 1.5 203.7 158.1
Daejan Holdings . . . . .3116.0 -93.0 3300.0 2282.0
F&C Commercial Pr . . . . .103.1 -0.6 108.0 92.6
Grainger . . . . . . . . . . . . . .98.1 -0.6 133.2 77.3
London & Stamford . . . .111.0 0.0 140.0 103.9
Savills . . . . . . . . . . . . . .372.0 3.7 427.1 256.2
UK Commercial Pro . . . . .71.5 -0.7 85.5 65.1
Big Yellow Group . . . . .299.7 2.4 344.4 218.0
British LandCo . . . . . . .499.7 2.7 629.5 444.0
Capital Shopping . . . . .323.5 -2.4 408.6 288.7
Derwent London . . . . .1776.0 5.0 1880.0 1400.0
Great Portland Es . . . . .378.4 5.4 445.0 312.9
Hammerson . . . . . . . . .420.7 -0.2 490.9 345.2
Hansteen Holdings . . . . .73.0 -1.0 89.5 68.0
Land Securities G . . . . .742.5 5.5 885.0 612.0
SEGRO . . . . . . . . . . . . . .222.3 0.0 326.1 195.0
Shaftesbury . . . . . . . . .523.5 2.0 539.0 441.2
Aveva Group . . . . . . . .1664.0 -36.0 1799.0 1298.0
Computacenter . . . . . . .413.5 -1.5 490.0 324.7
Fidessa Group . . . . . . .1564.0 14.0 2109.0 1444.0
Invensys . . . . . . . . . . . .216.0 3.4 333.9 180.9
Logica . . . . . . . . . . . . . . .77.7 0.8 144.8 59.0
Micro Focus Inter . . . . .468.3 0.4 476.7 242.9
Misys . . . . . . . . . . . . . . .349.0 0.1 420.2 214.9
Sage Group . . . . . . . . . .289.6 1.5 312.4 231.7
SDL . . . . . . . . . . . . . . . . .721.0 -6.0 756.0 586.0
Telecity Group . . . . . . . .816.0 7.5 825.0 450.5
Aggreko . . . . . . . . . . .2278.0 8.0 2316.0 1522.0
Ashtead Group . . . . . . .249.5 -1.1 271.1 99.4
Atkins (WS) . . . . . . . . . .740.5 15.5 820.0 490.2
Babcock Internati . . . . .844.5 15.5 851.0 570.5
Berendsen . . . . . . . . . . .517.0 -7.5 568.0 402.7
Bunzl . . . . . . . . . . . . . .1063.0 16.0 1070.0 676.5
Cape . . . . . . . . . . . . . . .405.7 -7.9 591.5 295.0
Capita . . . . . . . . . . . . . .674.5 -2.5 767.0 611.5
Carillion . . . . . . . . . . . .300.0 4.0 403.2 264.6
De La Rue . . . . . . . . . . .988.5 -7.5 1001.0 730.0
Diploma . . . . . . . . . . . .458.0 -2.0 460.5 284.0
Electrocomponents . . .234.4 1.4 294.9 182.2
Experian . . . . . . . . . . . .995.0 -2.5 1004.0 665.0
Filtrona PLC . . . . . . . . . .483.1 4.0 484.5 296.3
G4S . . . . . . . . . . . . . . . .280.4 -0.7 292.1 219.9
Hays . . . . . . . . . . . . . . . . .91.0 -0.1 117.9 58.9
Homeserve . . . . . . . . . .251.0 0.3 532.0 214.7
Howden Joinery Gr . . . .119.7 -1.3 130.8 93.1
Interserve . . . . . . . . . . .289.3 0.9 341.3 270.1
Intertek Group . . . . . .2532.0 -18.0 2605.0 1744.0
Michael Page Inte . . . .406.9 -3.1 552.5 323.0
Mitie Group . . . . . . . . . .296.4 0.5 296.8 206.8
PayPoint . . . . . . . . . . . .648.0 1.5 670.0 450.0
Premier Farnell . . . . . . .208.5 -7.2 301.0 144.5
Regus . . . . . . . . . . . . . . .108.5 -1.3 117.5 64.0
Rentokil Initial . . . . . . . .86.6 -0.8 100.9 58.2
RPS Group . . . . . . . . . . .237.3 -2.1 253.0 156.6
Serco Group . . . . . . . . .560.0 6.0 597.5 458.0
Shanks Group . . . . . . . . .93.1 -0.2 130.9 90.8
SIG . . . . . . . . . . . . . . . . . .102.1 -1.2 153.5 77.0
Travis Perkins . . . . . . .1043.0 2.0 1125.0 715.0
Wolseley . . . . . . . . . . .2390.0 -25.0 2558.0 1404.0
ARM Holdings . . . . . . . .514.0 -1.5 645.0 464.0
CSR . . . . . . . . . . . . . . . . .236.1 0.8 391.4 154.1
Imagination Techn . . . .661.5 16.5 717.0 296.9
Spirent Communica . . .174.0 2.1 176.0 105.8
British American . . . .3230.5 42.5 3248.5 2592.0
Imperial Tobacco . . . .2591.0 57.0 2597.0 1974.0
Betfair Group . . . . . . . .839.5 45.0 901.0 567.0
Bwin.party Digita . . . . . .156.1 5.7 174.0 100.6
Carnival . . . . . . . . . . . .2018.0 -11.0 2642.0 1742.0
Compass Group . . . . . . .651.0 -7.5 671.0 512.5
Domino's Pizza UK . . . .440.0 -4.0 526.0 377.0
easyJet . . . . . . . . . . . . .519.0 1.5 521.5 302.5
FirstGroup . . . . . . . . . . .199.4 2.6 370.2 190.0
Go-Ahead Group . . . . .1135.0 2.0 1598.0 1125.0
Greene King . . . . . . . . .526.0 -1.5 531.5 410.0
InterContinental . . . . .1532.0 16.0 1544.0 955.0
International Con . . . . . .177.8 -1.0 258.7 132.0
Ladbrokes . . . . . . . . . . . .181.4 1.2 182.5 114.0
Marston's . . . . . . . . . . . .98.0 -0.6 112.0 84.6
Millennium& Copt . . . .502.0 9.3 535.0 371.2
Mitchells & Butle . . . . . .265.7 -0.4 336.8 215.6
National Express . . . . .226.5 4.8 270.2 201.6
Rank Group . . . . . . . . . .114.9 -6.1 153.7 109.5
Restaurant Group . . . . .286.9 -2.2 329.0 254.9
Spirit Pub Compan . . . . .58.3 -1.5 62.8 35.3
Stagecoach Group . . . . .254.1 1.6 287.4 220.0
TUI Travel . . . . . . . . . . . .195.9 0.9 250.0 136.7
Wetherspoon (J.D. . . . .400.0 -8.5 468.3 380.5
Whitbread . . . . . . . . .2006.0 33.0 2008.0 1409.0
WilliamHill . . . . . . . . . .280.6 6.1 281.7 183.3
Abcam . . . . . . . . . . . . . .374.3 2.3 460.0 320.0
Advanced Medical . . . . .74.0 -1.8 95.0 64.8
Albemarle & Bond . . . .324.0 -0.5 400.1 302.5
Amerisur Resource . . . . .24.8 -0.8 29.0 9.5
Andes Energia . . . . . . . .39.5 0.0 82.8 17.5
Andor Technology . . . .550.0 -3.0 685.0 471.8
Archipelago Resou . . . . .62.0 2.5 79.0 56.5
ASOS . . . . . . . . . . . . . .1440.0 -40.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .21.0 -0.8 71.0 16.0
Avanti Communicat . . .320.0 26.3 450.0 241.3
Blinkx . . . . . . . . . . . . . . . .51.8 -3.0 158.0 41.3
Borders & Souther . . . . .88.0 -1.5 131.0 43.5
BowLeven . . . . . . . . . . . .89.0 -0.5 342.3 62.0
Brooks Macdonald . . .1347.5 -17.5 1372.5 940.0
Cluf Gold . . . . . . . . . . . .83.0 -2.0 112.8 66.5
Cove Energy . . . . . . . . .224.5 -0.5 242.0 61.0
Daisy Group . . . . . . . . .106.6 0.0 127.0 95.0
EMIS Group . . . . . . . . . .545.0 -5.0 583.0 397.5
Faroe Petroleum . . . . . .177.0 1.3 177.8 130.0
Gulfsands Petrole . . . . .126.0 -3.3 287.0 125.0
GWPharmaceutical . . . .88.0 -3.0 130.0 78.5
H&T Group . . . . . . . . . . .287.0 -3.5 395.0 286.0
Hargreaves Servic . . . .1215.0 5.0 1264.0 855.0
Healthcare Locums . . . . . .2.6 0.2 2.7 2.3
ImpellamGroup . . . . . .357.0 -0.5 382.6 225.0
Iomart Group . . . . . . . . .137.8 -2.3 151.0 85.5
James Halstead . . . . . .525.0 13.0 535.0 410.3
London Mining . . . . . . .291.5 -9.5 427.0 257.5
Lupus Capital . . . . . . . . .129.0 -4.0 140.0 86.0
M. P. Evans Group . . . . .525.0 24.0 525.0 371.0
Majestic Wine . . . . . . . .475.3 -1.8 510.0 315.0
May Gurney Integr . . . .235.0 -1.4 302.0 230.0
Monitise . . . . . . . . . . . . .35.8 0.5 40.0 24.0
Mulberry Group . . . . .2472.0 55.0 2500.0 1290.0
Nanoco Group . . . . . . . .69.0 -0.5 90.0 38.0
Nautical Petroleu . . . . .342.0 2.0 379.0 223.5
Nichols . . . . . . . . . . . . .730.5 13.8 730.5 505.0
Numis Corporation . . . . .87.3 -2.8 119.6 72.0
Pan African Resou . . . . . .15.8 -0.3 18.3 9.5
Patagonia Gold . . . . . . . .35.8 -1.0 70.0 34.0
Prezzo . . . . . . . . . . . . . . .69.0 0.0 71.5 53.5
Rockhopper Explor . . . .339.8 0.3 393.5 141.0
RWS Holdings . . . . . . . .520.3 -5.0 560.0 389.0
Secure Trust Bank . . . .1060.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .17.8 -1.3 32.0 6.4
Songbird Estates . . . . . .120.0 0.0 160.3 103.0
Valiant Petroleum . . . .558.0 -17.5 628.5 400.0
Young & Co's Brew . . . .615.5 -1.3 712.0 580.0
COLT Group SA . . . . . . . . . . . . . . .119.2 5.8
Betfair Group . . . . . . . . . . . . . . .839.5 5.7
PerformGroup . . . . . . . . . . . . . .313.4 4.5
GemDiamonds Ltd. . . . . . . . . . .256.1 4.1
Dixons Retail . . . . . . . . . . . . . . . .18.8 4.0
Smith & Nephew . . . . . . . . . . . .629.5 4.0
Bwin.party Digital . . . . . . . . . . . .156.1 3.8
Inmarsat . . . . . . . . . . . . . . . . . . .457.8 3.6
EnQuest . . . . . . . . . . . . . . . . . . . .132.1 3.5
Northgate . . . . . . . . . . . . . . . . . .205.6 2.8
Talvivaara Mining . . . . . . . . . . .168.2 -5.4
Rank Group . . . . . . . . . . . . . . . . .114.9 -5.0
Avocet Mining . . . . . . . . . . . . . . .161.0 -5.0
Home Retail Group . . . . . . . . . . .83.4 -4.8
Antofagasta . . . . . . . . . . . . . . .1108.0 -4.4
Exillon Energy . . . . . . . . . . . . . . .135.4 -4.4
Weir Group . . . . . . . . . . . . . . . .1616.0 -3.8
Randgold Resources . . . . . . . .5150.0 -3.7
Premier Farnell . . . . . . . . . . . . .208.5 -3.3
Legal & General Gr . . . . . . . . . . .118.0 -3.1
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 . . . . . . .102.19 0.00 110.2 100.8
Tsy 5.250 12 . . . . . . .100.44 -0.02 104.9 100.4
Tsy 2.500 13 . . . . . . .283.75 -0.02 287.7 282.8
Tsy 4.500 13 . . . . . . .103.44 -0.02 106.4 103.4
Tsy 8.000 13 . . . . . . .110.63 -0.02 116.4 110.5
Tsy 5.000 14 . . . . . . .110.65 -0.01 112.9 110.4
Tsy 8.000 15 . . . . . . .126.19 -0.02 129.2 125.4
Tsy 4.750 15 . . . . . . .113.65 -0.01 115.4 110.8
Tsy 4.000 16 . . . . . . .113.20 0.01 114.7 107.7
Tsy 2.500 16 . . . . . .343.58 -0.05 345.7 323.8
Tsy 1.250 17 . . . . . . . .115.76 -0.09 117.1 109.9
Tsy 8.750 17 . . . . . . .139.40 -0.28 141.9 135.6
Tsy 12.000 17 . . . . . .118.50 0.00 127.9 117.0
Tsy 5.000 18 . . . . . . .121.29 0.00 122.5 113.2
Tsy 4.500 19 . . . . . .120.03 0.00 120.9 109.3
Tsy 3.750 19 . . . . . . .115.26 0.00 115.9 103.4
Tsy 4.750 20 . . . . . . .122.81 -0.02 123.5 110.7
Tsy 2.50020 . . . . . .366.76 -0.10 369.3 330.6
Tsy 8.000 21 . . . . . . .151.57 0.02 154.1 138.8
Tsy 1.875 22 . . . . . . .127.36 -0.10 129.2 114.9
Tsy 4.000 22 . . . . . . .117.38 0.04 118.2 103.2
Tsy 2.500 24 . . . . . .330.27 -0.09 334.7 288.9
Tsy 5.000 25 . . . . . .128.79 0.07 130.6 111.5
Tsy 1.250 27 . . . . . . .122.80 -0.19 127.0 107.6
Tsy 4.250 27 . . . . . . .119.82 0.02 122.7 101.7
Tsy 6.000 28 . . . . . .144.14 0.01 148.0 123.7
Tsy 4.125 30 . . . . . . .311.54 -0.22 322.8 272.0
Tsy 4.750 30 . . . . . . .126.10 -0.03 130.5 107.3
Tsy 4.250 32 . . . . . . .118.29 -0.04 123.1 100.3
Tsy 4.250 36 . . . . . . .117.74 -0.11 123.9 99.6
Tsy 4.750 38 . . . . . . .127.07 -0.12 134.2 107.9
Tsy 4.500 42 . . . . . . .123.11 -0.21 130.8 104.1
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXEDLINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER &MULTIUTILITIES
GENERAL INDUSTRIALS
GENERAL RETAILERS
HEALTH CARE EQUIPMETN & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
NON LIFE INSURANCE
LIFE INSURANCE
MEDIA
MINING
MOBILE TELECOMS
NON EQUITY INVESTM. COMM.
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
REAL ESTATE INVEST. TRUSTS
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. &EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
Y
OU know theres a stock
market bubble when the
shoeshine boy starts giving
you stock tips. In the same
way, I cant help but think
theres plenty of froth in digital right
now, because everyone I know is
building an app.
As Facebook heads for its IPO on 18
May, which could value the company
as high as $85-95bn (53-59bn), its a
seductive thought that so much
value could be created from a simple
idea. More and more people want to
believe that the digital economy has
created a space where business has
become a form of conceptual art,
where idea is everything and
execution is almost irrelevant.
Theyre wrong though. In fact,
O
N 6 May, Greece, like France,
is voting. So what? This may
be the reaction of many
people. The Greek economy is
under effective international
control; the country does not need to
try to go back to borrowing on
international financial markets for
over two years, and so on. That is the
official script. And the big story now
is Spain, where there may well be a
worse outcome. After all, the Greek
economy only makes up about 2 per
cent of the European Union total.
Well, that is one way of looking at it
and the situation with Spain and the
Spanish banks in particular is certain-
ly serious. But the problem is that the
people pushing this line, most of
them linked to Brussels, have been
consistently wrong about every stage
of the Greek crisis, and the banking
crisis in Europe in general. They have
very little knowledge of the history of
Greece and the reasons for the disas-
ters of the last three years. Like a seri-
ous illness, it is a good idea to get a
doctor who knows what is wrong with
you before trying to treat it. We were
CITYJET.COM
EXCLUSIVE SERVICEDIRECT FROMLONDONCITY AIRPORT. FAREIS ONEWAY ECONOMY & INCLUDESTAXES & CHARGES. SUBJECT TOAVAILABILITY & TERMS& CONDI TIONS.
Toulon
CTE DAZUR
FROM 93
cityam.com/forum
As many as a third
of Greek workers are
owed three months
back pay or more
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: [email protected]
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

32
FRIDAY 4 MAY 2012
JAMES PETTIFER
Sundays Greek elections are being
ignored but the tragedy plays on
assured early on from Brussels that all
the earlier bailouts starting in sum-
mer 2010 would work, that the Greek
people would accept reforms and
large sums of money would be raised
from privatisation sales, and then in
some undefined way, the numbers
would add up. This is a fiction. As
things stand, a future of endless insol-
vency beckons. And like any business,
large or small, bankruptcy means
youre unable to pay the wages. That
is a major problem for many enter-
prises, with as many as a third of
Greek workers owed three months
back pay or more.
With this years tourist bookings
and cash numbers not looking very
good, spiralling unemployment and
dropping living standards are not a
recipe for social stability. For the older
generation among us who watched
the downfall of Yugoslavia after about
1988, there are some disturbing
echoes, particularly the increasing
isolation of the Europe-controlled
political elite from the great majority
of the people. For the Markovic period
in the last rotating presidency in the
old Yugoslavia read the Venizelos
leadership of PASOK in Athens. The
Brussels elite seem to see their own
role as modernisers and rationalisers
as popular, welcome and essential; in
reality nobody much is listening to
them.
In these circumstances, the people
see the nation in danger from inter-
national forces, and turn towards
nationalism, as in late Yugoslavia. The
big Greek communist parties have a
distinctly nationalist tinge, particular-
ly the powerful KKE which effectively
controls the trade union movement.
On the right, the hitherto tiny neo-fas-
cist Golden Dawn party is gaining
support, although from a very low
base. I personally believe its support
will remain limited, as memories of
the Colonels dictatorship in the late
1960s and early 1970s are still very
fresh with the over-50s. Given the cal-
ibre of some, or perhaps most,
Europeans currently governing from
Athens, it is not surprising national-
ism is flourishing. They promise so
much and deliver so little, drawing
large salaries and becoming rather
well acquainted with the nicer Greek
islands at weekends. Again, there is
an uncomfortable echo of the hour
of Europe, when politicians from
Brussels thought they would solve the
problems of the old Yugoslavia in
three months in 1990. After ten or
more years of war, it didnt seem quite
like that.
So where does Greece go from here?
Many Greeks have got used to what
one friend of mine calls a status quo
of crises. Every family in the lower
economic strata is involved in a daily
battle for economic survival and emi-
gration is the main safety valve for
the young. Intellectuals regard the
nation as broken and as in the past,
bad times for Greece mean a suscepti-
bility to bad external influences, prob-
lems with Turkey and Cyprus and a
host of the usual tensions that plague
the eastern Mediterranean. The rich
gas finds off the coast of Cyprus that
have been made recently should, in a
rational world, ease international ten-
sions, but the reactions of the Turkish
government in Ankara to the discov-
eries do not give a lot of reasons for
optimism.
The Greek crisis is far from over.
James Pettifer is a member of the Oxford
University History Faculty and St Cross
College. His ebook, The Making of the Greek
Crisis, published by Penguin Shorts is out
now for 1.99.
Facebook shows this more clearly
than most. For one thing the ugly
legal dispute between Facebook
founder Mark Zuckerberg and the
Winklevoss twins revolves around
this very question. The twins had an
idea for a Harvard-only social
network and thought all they had to
do was commission Zuckerberg to
program it for them. It turned out he
was working on his own project the
face book at the time. They now
claim that he stole their idea and
that, as the scale of Facebooks
success increases, it only reveals
more and more money that he has
cheated from them.
The courts have granted the
Winklevosses a settlement including
shares that, at IPO, could be worth
$200m+. But the idea that
Zuckerberg and the teams he later
hired were not the chief reason for
Facebooks spectacular growth is
preposterous. He had demonstrated
his ability to build an addictive,
popular site already, with the
controversial Facemash generating
22,000 photo views in its first four
hours. And Facebook succeeded by
making the right choices again and
again, even as other social networks
like Friendster and Myspace fell by
the wayside. Facebook has earned its
valuation the hard way.
And where Facebook hasnt lived
up to that standard notably in
mobile its bottom line suffers. My
Facebook app for BlackBerry makes
me want to throw my phone across
the room every time I use it. And
Facebook evidently sees this problem
too, which is why it just paid out
$1bn for Instagram, a mobile photo-
sharing app that is an absolute joy to
use. Equally, Facebook must defend
its valuation by showing it can turn
its user base into an audience for
effective advertisements.
Execution is still everything. Apps
can make serious money, but most
wont. And Edisons rule about the
proportions of perspiration and
inspiration holds true, as the hours
pulled by serious app entrepreneurs
in workspaces like TechHub prove.
The author Dorothy L. Sayers
wrote in The Mind of the Maker that
creation requires not just an idea,
but implementation and the users
engagement. Without all three, a
global app market is no guarantee of
free money for anyone with a good
idea. But until the froth gets blown
off, its still a tempting dream. How
about an app that helps you come up
with app ideas? Anyone know a good
programmer?
Marc Sidwell is City A.M.s business
features editor.
THE LONG
VIEW
MARC SIDWELL
Everyone is building an app but its not that easy to be like Facebook
Brest
BRITTANY
FROM 83
Deauville
NORMANDY
FROM 83
33
Clueless Bank
[Re: Mervyn King should have hiked rates to
deflate the bubble, yesterday]
I agree with you. Mervyn King has joined the
long list of revisionist historians. To say he
spotted the looming crisis is just not borne
out by the facts and the Bank of Englands
actions at the time. The loss of the Banks
regulation division in no way compromised
its ability to use responsible monetary
policy, i.e. to raise rates. Even ordinary
gossipers in City wine bars had a better grip
on what was going on at HBOS and RBS at
the time. And even property professionals
know that, when average yields fall below 6
per cent, the bubble is about to burst, even
if no one remembered to tell King and the
Bank of England.
Matt Gash
Russian bear
[Re: Time for Russia 2.0: Putins return
promises an economic revolution, Monday]
As a Russian citizen, I couldnt not comment
on this article. It assumes that the key pillars
of the Russian economy (natural gas, oil,
coal and precious metals) will disappear
within six years. They wont. Theres little
incentive for Vladimir Putin to reform.
Similarly, he wont tackle corruption or
improve corporate guidance. Corruption in
Russia is part of the mindset, and any
behavioural changes will take at least a
generation to happen. Corporate
governance is different in Russia, especially
the close relationship between corporate
giants and government. Unfortunately
theres little evidence of any likely change.
AlexandraB
I
TS the stuff Gallic political
dramas are made of. A highly
polarised campaign; a lively
eleventh-hour debate between
the candidates; a sense of
emergency; a country cut in two as
on the fringe of civil war.
Incumbent Nicolas Sarkozy will
face his socialist challenger
Franois Hollande and Frances
very fate is at stake.
But compare todays electoral
battle to 10 May 1981, when
another Franois and another
socialist, Mitterrand, defeated
president Valry Giscard dEstaing
and took power, even inviting the
Communist Party to join his first
government. 2012 is no 1981. If
Hollande wins a majority this
coming Sunday, France will not
wake up a democratic popular
republic of the North Korean
stripe, neither will it leave the EU
or bring back the French franc.
Both final contenders have much
in common, though they promote
two different visions for France.
Crucially, they are both convinced
that, despite an unprecedented
financial and economic crisis, the
solutions to restore growth and
prosperity are to be found inside
the system as we know it. Paris is
neither Athens nor Rome yet.
This long-expected duel between
centre-right and centre-left
candidates hides a far more
worrying threat. I was living in
London on 21 April 2002 when
Jean-Marie Le Pen qualified for a
presidential run-off against
Jacques Chirac. On 22 April this
year, Le Pens daughter, Marine,
got an outstanding 17.9 per cent
and nearly 6.5m votes better
than her father by over 1 per cent.
The news made front pages
around the world. It went
relatively quiet here in France. Ten
TOP TWEETS
Mervyn King prompts the question: Who is
actually capable of running the economy?
@polleetickle
King is now happy to ignore CPI on the
upside, but wasnt prepared to undershoot
CPI to deflate the insane housing bubble.
@AndrewBeckett
Sarkozys problem is that hes working to
the theory that Le Pen is mightier than the
sword.
@MichaelRosenYes
Non EU passengers moaning about a 45
minute wait to get through customs. Try
going to America. Then you can moan.
@Lolly11070
Is Mervyn King justified in saying that he
was powerless to stop the financial crisis?
YES
The financial lynch-mob seems determined to bury Mervyn King. Its
easy to blame a lame duck. Even if Northern Rock had been more
aggressively addressed, would that have left the UK banking system
intact? No. That leaves the charge he failed to rein in banks before
they nearly sank themselves. But from 1997 the Bank of England
became a side-show, setting monetary policy with a nod to stability.
The convoluted multi-partite regulatory system post-1997 signalled
that the civil servants had taken over. If anyone is to blame, it was
regulators who mistook form-filling for prudential regulation. The
crisis of 2007/08 showed a lack of authority. The Bank saw its role as
an academic monetary arbiter rather than guardian of market
stability. Perhaps Kings academic bent can be blamed for his
reluctance to take firm control. But the days when the Bank carried a
big stick to chastise bankers were over long before Kings watch.
Bill Blain is senior director at Newedge UK Financial.
Bill Blain
NO
David Blanchflower
Mervyn King argued that there seemed no reason to expect the
worst recession since the 1930s and nobody saw it coming because
no-one believed it would happen. Actually many people in the
City did. They spotted that house price to earnings ratios had
reached unsustainably high levels and the only way was down. Of
course, banking crises are old as the hills; plus the 1929 Great Crash
started in the Florida housing market. King was too focused on
inflation and missed the big picture. King also claimed that with
hindsight we should have shouted from the rooftops that a system
had been built in which banks were too important to fail. Hindsight
isn't good enough. We pay the governor a large salary to have some
foresight. Blaming Gordon Brown, the FSA and the banks doesnt
wash. Ultimately, the buck stops at the top and King needs to take
responsibility. The public interest requires an independent inquiry.
David Blanchflower is a former member of the MPC.
RAPIDresponses
La Belle France is
voting for some
beastly politics
years ago, millions had taken to
the streets to fight fascism and
save la Rpublique. This year,
nothing. With 28.6 per cent and
27.1 per cent, Hollande and
Sarkozy reached the second ballot
and everything seemed safe
enough. But for how long?
Earlier this week, a poll showed
that 37 per cent of French voters
share Le Pen filles values. The
National Fronts leader hopes for
revenge at the parliamentary
elections on 10 June and 17 June.
Despite an unfavourable electoral
system, she might bank a couple of
MPs and she may well be one of
them, representing a deprived area
near Calais where she got some 35
per cent two weeks ago. This
would once again make headlines
worldwide. But the true challenge
for mainstream parties is 2017 and
the next presidential election. The
likely victory of Hollande may
provoke mayhem on the political
right. The prospect of some
Sarkozy supporters calling for an
alliance with Le Pens troops cant
be excluded. A failure of the Left in
office would also strengthen the
populist leader. She may approach
the next presidential contest in a
much stronger position.
21 April 2017 risks repeating 21
April 2002. If we turn a blind eye,
it will be too late. Thats a matter
of worry for all of Europe, not just
for France.
Franck Guillory is deputy editor in
chief at JOL Press. www.jolpress.com
FRIDAY 4 MAY 2012
FRANCK GUILLORY
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The Forum is open for you to take part. Got a sharp comment
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Email [email protected] or comment at cityam.com/forum
34
FRIDAY 4 MAY 2012
cityam.com
PROPERTYINTERIORS
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CANNON STREET ROAD
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TOWER OF
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ST. KATHERINES
PIER
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WAPPING
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Wapping
Library
Pizza
Express Pasha Restaurant
Il Bordello
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Quatro is a fantastic new development of 1, 2 and 3 bedroom
shared ownership apartments in trendy and desirable Wapping.
Quatro will provide an exceptional central London address within
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To book an appointment ca||
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and quote CAM4
www.nottinghillhousing.org.uk/quatro
Computer generated image
Made.com Panama chaise,
389, made.com
This left-hand facing chair in hot
pink has an art deco style to it.
Both elegant and fun, itd be
perfect for any bedroom or living
room.
Heals Cap 6 Drawer Chest,
1,495-1,795, heals.co.uk
Perfect for office, bedroom or
living room, this piece is from a
range of sleek Italian-made
chests with soft closing drawers.
Matt or high-gloss finish.
Liberty contemporary
Essaouira rug, 385,
liberty.com
Hand-made in Morocco for
Liberty, this is an unique and
elegant way to add colour to your
bedroom.
Missoni Home Mekele Orchid
cushion, 385, selfridges.com
Statement piece in the classic
style of Missoni, this cushion will
add a splash of life and colour to
any bed or sofa.
SCP V-leg bed designed by
George Nelson, 1,275,
scp.co.uk
Supremely-elegant hand-built
bed with 26-layer plywood and
supported by satin chrome plated
steel v-legs. Chic but still
comfortable.
Dwell Freestanding rotating
storage mirror, 299,
dwell.co.uk
This elegant, rotating mirror
conveniently comes with plenty
of storage.
Oliver Bonas small velvet
armchair, 685,
oliverbonas.com
Plump and luxurious, these
chairs are finished with the
best Dutch velvet and come
with a 20 year guarantee.
How to
amp up the
elegance in the
bedroom
Try these chic pieces, says Zoe Strimpel
Eagle Wharf SE1
425,000 leasehold
A large studio apartment set within this very popular Shad Tames warehouse development
located in the Tower Bridge Piazza. Te property retains some of its original features such as
bare brick walls.
New Concordia Wharf SE1
1,350 per week
An exceptional duplex penthouse situated in this prestigious development. Te property
boasts outstanding living accommodation while retaining many warehouse features such
as original hardwood fooring, exposed brickwork & high ceilings.
Leerdam Drive E14
495,000leasehold
A delightful 3 bedroom townhouse in excess of 1,400 sq ft in the quiet London Yard
development. Te house is ofered in very good condition & benefts from a pleasant
outlook & generously proportioned rooms.
Berkeley Tower E14
650 per week
A spacious apartment comprising 2 double bedrooms, 2 bathrooms, a spacious
reception room with access to a private balcony with river views, separate fully ftted
kitchen & excellent storage. Te development benefts from a 24 hour concierge &
on site Virgin Active gym (not included in the rental).
Tower Bridge & City
020 7357 7999
[email protected]
Tower Bridge & City
020 7357 6911
[email protected]
Canary Wharf & Docklands
020 7510 8300
[email protected]
Canary Wharf & Docklands
020 7510 8310
[email protected]
chestertonhumberts.com
hurlingham 8th to 10th june 2012
Chesterton Humberts is the
proud property sponsor of
MINT Polo in the Park
One Commercial Street is a new landmark development
in a prime location between the fnancial heart of London
and the dynamic city fringe.
Studios, one, two and three bedroom apartments from 355,000
*
LONDON
+44 (0)20 3441 2001
REGISTER YOUR INTEREST TODAY
EMAIL: [email protected]
WWW.ONECOMMERCIALSTREET.COM
CGl of One Commercial Street is indicative only.
*Prices are correct at time of press.
THE HEIGHT
OF STYLE IN
F
I
N
A
L
T
W
O
A
P
A
R
T
M
E
N
T
S
R
E
M
A
IN
IN
G
SALES CENTRE & SHOW APARTMENT LOCATED ON HIGH ROAD, SOUTH WOODFORD E18 2QH SALES CENTRE OPEN DAILY
Q
Dont miss out on the remaining apartments at this highly
successful development.
0800 883 8607or (out of hours) 0800 032 0077 www.queenmarysgate.co.uk
Sales Centre Open Monday 10am - 6pm Thursday - Saturday 10am - 6pm Sunday 11am - 5pm (closed Tuesday & Wednesday)
*Price correct at time of going to press. Photographs depict Queen Marys Gate.
Spacious apartments with high internal specification including fixtures
and fittings, fully equipped kitchens with integrated appliances and
excellent Customer Service package
24 hour concierge service
Private landscaped gardens and courtyards
Just 10 minutes walk from a Central line
tube station
Prices from 199,950
*
Queen Marys Gate
South Woodford
E18
Shop, dine, live, swim and relax on the river
- Bright, spacious 1, 2 and 3 bedroom Thames-side apartments
- Contemporary interior design with impressive specication
- Secure underground car-parking
- River taxi, underground, railway and shuttle bus services
- Concierge and porterage
- Private residents pool, sauna and gym
- On-site restaurants, delicatessen and convenience store
- Completions from December 2012 to March 2013
www.riversidequarter.com
Book an appointment
020 8877 2000
Mon - Fri 11am - 6pm, Sat - Sun 11am - 4pm
Sales Gallery, Milliners House,
Eastelds Avenue, SW18 1LP
Riverside Quarter
invites you to its
M
arketing Suite
Open Monday to Sunday
Or call 020 8877 2000
for an appointment




















































































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M
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020 8877 2000
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Contemporary interior design with impr
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elax on the river Shop, dine, live, swim and r
oom Thames-side apartments Book an appointment
020 8877 2000
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elax on the river
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Mon - Fri 11am - 6pm, Sat - Sun 11am - 4pm














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FRIDAY 4 MAY 2012
38
cityam.com
PROPERTY FOCUS ON
CURRENT MORTGAGE DEALS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
Chelsea BS Flexible 2.39 May 2014 5.4 70
First Direct Flexible 2.69 Term 2.8 65
NatWest Flexible 2.69 July 2014 4 75
Yorkshire BS Flexible 2.79 June 2014 4.7 75
HSBC Flexible 2.79 Term 2.8 60
HSBC Fixed 2.64 July 2014 3.9 60
Cumberland BS Fixed 2.89 June 2014 4.3 75
First Direct Fixed 2.89 2 years 3.7 65
Leeds BS Fixed 2.95 June 2015 5.3 75
ST ANDREWS ROAD
Price: 2.25m
A detached five bedroom family home with three reception rooms, three bathrooms, a
kitchen/breakfast room, a garage, a large garden and a pool. Contact savills.co.uk or call
01491 843 000
FOCUS ON: HENLEY
RIDGEWAY FARMHOUSE
Price: 3.25m
A Grade II Listed, three bedroom home with a kitchen/breakfast room, conservatory, dining
Room, drawing Room, study, cloakroom and cellar. Contact knightfrank.com or
call 01491 844 900
STILES, LOWER SHIPLAKE
Price: 2.25m
This five bedroom house, on a highly regarded riverside road, features a conservatory, a linen
store, a cellar, a double garage, grounds of just under 0.6 acres and approximately 85 feet of
river frontage. Contact knightfrank.com or call 01491 844 900
ALDERLEY, LAMBRIDGE WOOD ROAD
Price: 1.6m
This five bedroom property comes with landscaped gardens, a three-bay detached garage, a
gym, four bathrooms, three reception rooms and a breakfast room. Contact savills.co.uk or call
01491 843 000
FRIDAY 4 MAY 2012
39 PROPERTY FOCUS ON
BARLOWS MEWS
Price: 315,000
This two bedroom red-brick property at the affordable end of the Henley market has a bath-
room, sitting room, kitchen, cloakroom, courtyard garden and parking rent paid for two years.
Contact savills.co.uk or call 01491 843 000
OXFORD LODGE
Price: 1.75m
A four bedroom home in the centre of Henley with private gardens and an extensive cellar com-
plex. Oxford Lodge is an imposing late Regency era property with painted exterior walls and
attractive green window frames with external shutters. Contact knightfrank.com or call
01491 844 900
COMMUTING AND AREA
Henley is in an unspoiled part of the
country but retains the buzz of London. It
hasdirect trains to Paddington which take
just over an hour, easy access to both the
M4 and M40 and is only a short distance
to Heathrow, which means it attracts both
international and London buyers. Situated
on a particularly scenic part of the
Thames, Henley has the feel of an old
market town and is surrounded by great
architecture with Georgian, Victorian and
medieval homes.
THINGS TO SEE AND DO
Popular villages surrounding Henley include
Wargrave, Shiplake, Hambleden (where
many famous movies have been made,
including Sleepy Hollow and Chitty Chitty
Bang Bang) and Turville (where Vicar of
Dibley is filmed). Henley is world renowned
for its rowing and the Henley Royal Regatta
but there are many other festivals which
add to its status, such as the Henley Rewind
Festival, the Henley Music Festival, the
Henley Film Festival, the Henley Food
Festival and the Henley Literary Festival.
NEED TO KNOW| AREA INSIGHT
LOCAL AREA
|
PRICES
SOURCE: LAND REGISTRY
Detached Semi-Detached Terraced Flats
Henley on Thames 680,846 424,755 366,220 266,229
Q A
&
BUY
Ed Mead
DIRECTOR OF ESTATE AGENT
DOUGLAS & GORDON
Q.
All my friends keep telling me that if I wait,
prices will fall. It does seem that in my
area, North Kensington, some properties are
coming down in price. Should I wait?
A.
Over the last 10 years, flats in the area you mention have gone up on aver-
age 79 per cent, according to the Savills Index. During that period there
was one annual fall in values otherwise its been a steady upward curve.
Betting against that would seem counter-intuitive. However, a shortage of proper-
ty and the frenzy among agents to get business has meant asking prices have gone
too far in fact, theyre at an all-time high. The result has been that buyers, still
finding mortgages as difficult as ever, have said enough is enough and agents are
being forced to be more realistic with sellers, bringing about some falls in asking
prices. This may lead to individual situations where an owner is very keen to sell
but, despite asking prices easing off, values are still showing a gentle upward
trend. Make sure you can afford your mortgage and can live in your property for at
least five years if interest rates rise (dont forget that, despite three low years,
more normal interest rates will take effect eventually).
High tech flats launch in Lewisham
Family Mosaic last weekend launched its new Central Park development in Lewisham. The futur-
istic development includes electric car charging points in the basement car park and photovolta-
ic panels to generate electricity from daylight to help power the lifts and communal lighting.
Prices are expected to start from 179,950 for a one bedroom apartment. To register your inter-
est in one of the new homes go to www.centralparkliving.co.uk or call Savills on 020 7089 3917
Henley-on-
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LIFE&STYLE
FRIDAY 4 MAY 2012
cityam.com
GOING OUT
Zac Efron battles against a threadbare script in this cliched, limp-wristed adaptation
IF THE mark of a good horror film is
plunging the audience into an
unrelentingly tense and
nightmarish world, then Silent
House is a triumph. Its certainly
very familiar, centring entirely on
an isolated and inexplicably
terrifying old house, and the plight
of a girl (Elizabeth Olsen), as she
attempts to escape its many leering
and lurching horrors.
Presented in claustrophobic real
time, it is basically an escape movie,
with very little else on offer. No
brainy twists, no knotty turns it is,
in essence, a series of well-
orchestrated bangs and jumps. This
is horror and cinema stripped
down to the bare bones and its no
bad thing.
But there is something else at the
heart of Silent House thats
distinctly troubling. Were
presented with what is basically 90
minutes of a pretty blonde teenage
girl being chased around a gloomy
house, sobbing, vulnerable, with
blood smeared on her plunging
cleavage, as we nervously anticipate
all manner of eye-watering
brutalities to be inflicted by mystery
men. This may be a trope as old as
the hills, but its still very, very
grubby. When its all over youll feel
like taking a shower.
Piggy squeals loudly
but still disappoints
FILM
SILENT HOUSE
Cert 15 | by Tom Latter
hhhii
THE latest London-based gangland
thriller sees a quiet and listless
delivery boy (Martin Compston)
blankly surviving a dull existence
in the city after his brother is
attacked by a vicious gang.
When Piggy (a charismatic Paul
Anderson), an old friend he can
hardly remember, turns up and
suggests he wreak violent revenge
on them, things escalate rather
quickly. Writer/direction Kieran
Hawkes sets up an admirable
tautness (and kudos to him for
making this a Danny Dyer free
zone), but things fall apart pretty
dramatically in the final act.
Anderson remains the most
watchable, and interesting, aspect
of this Brit flick as the plot sadly
peters out after a truly unsettling
first hour.
Whats odd is that, although
Martin Compston gives a fine
performance, youre just waiting
for him to start knifing people
rather than being affected by his
descent into violence. When it
happens, theres nowhere for
Hawkes to steer proceedings other
than some yawn-worthy
speculations on the nature of
revenge etcetera, etcetera. If ultra-
violent gang fights are your thing,
its worth a look for that first
FILM
PIGGY
Cert 18 | by Stevie Martin
hhiii
No Sparks in The Lucky One
Paul Anderson is chilling as the ultra-violent Piggy
Silent House is
scary but it
feels grubby
Zac Efron and Taylor Schilling have little to work with in this awkward romance
THE LUCKY One, the latest Nicholas
Sparks (The Notebook) adaptation,
amounts to little more than a group
of pretty people lurching from one
awkward, cringey scene to the next.
Zac Efron is Logan, a man who
avoided death in Iraq thanks to a
photo of a mysterious stranger. He
tracks her down after coming back
and starts working at her family-
owned kennels but feels he cant tell
her the story of the photo for fear of
appearing mental.
Sparks isnt known for cutting-
edge studies of humanity but at least
Dear John and The Notebook werent
without their merits. Not so with The
Lucky One. Efron does an alright job
with the little hes given and Taylor
Schillings Beth isnt terrible but nei-
ther of them exactly set the screen
alight. Its hardly their fault the
chemistry doesnt crackle the script
is so threadbare and replete with
clich they have almost nothing to
work with. Unless youre 15 or just
really, really like Zac Efron, avoid this.
FILM
THE LUCKY ONE
Cert 12A | by Stevie Martin
hiiii
Olsen stars in this teensploitation horror
L
ast week one of Londons
heaviest hitting hotspots
relaunched for its third
incarnation, revitalising itself to
remain fresh and keep pace with the
capitals highly competitive
entertainment market. Mo*vida has
become a global brand and after
opening an installation in Dubai it
has enlisted the help of Sammy
Chams (Maddox, LArc Paris) to
conduct an extensive refurbishment
in line with the aesthetic of its
international sister club. Spread over
an expansive 13,000 square feet with
a total capacity of more than 400,
Mo*vida manages the tricky feat of
remaining intimate despite boasting
four different rooms and four
different bars. A 25 metre video wall
running the length of the main
room adds an impressive touch and
is best viewed from the VIP area
opposite. Its reinvention, refit and
relaunch every three years has
helped it to maintain its iconic
status. If you like your clubs full of
popping champagne corks, beautiful
people and pumping sound systems,
you should reacquaint yourself.
Mari Vanna opened last month
and has already become popular
with the fashionable Knightsbridge
set for its sophisticated Russian
cuisine and eccentric style. Theyve
now opened a lounge bar downstairs
which is an intimate affair tucked
underneath the main dining room
and features the same quirky
adornments of matryoshka dolls and
trinkets the main restaurant has
become famous for its a bit like
drinking in a glamorous version of
your grandmothers house. On Beak
Street in Soho, efforts are underway
to launch yet another of the
fabulously successful Vinoteca wine
bar/shop/restaurants. Vinoteca
consistently offers an excellent way
to enjoy a relaxed bottle of great
wine without a hefty mark up. This
new venue is spread over two floors
with solid oak flooring, exposed
brickwork and iron-framed Crittal
windows. Finally, look out this
weekend for the newly relocated
Amika coming to South Molton
Street in Mayfair.
Tim Badham is the founder of Innerplace,
Londons leading entertainment concierge
service. www.innerplace.co.uk.
Mo*vida enters its third phase
and Soho gets yet more wine
WHERE
TO DRINK
TIM BADHAM
42
TV & GAMES
cityam.com
T
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BBC1
SKY SPORTS 1
7pmSky Sports News 7.30pmLive
Football League 10pmPremier
League Preview10.30pmTake It
Like a Fan 11pmSPL Round-Up
11.30pmPremier League Preview
12amFootball League 1.30amSPL
Round-Up 2amPremier League
Preview2.30amFootball League
Weekend 3.30amFootball League
5amSPL Round-Up 5.30am-6am
Premier League Preview
SKY SPORTS 2
7pmRoad to London 7.30pmLive
Super League 10pmSchool of
Hard Knocks 11pmTight Lines
12amSuper League 2amTrans
World Sport 3amThrillseekers
3.30amRoad to London
4am-6amSuper League
SKY SPORTS 3
7pmTight Lines 8pmLive PGA
Tour Golf 12amEuropean Tour
Golf: The Open de Espana.
2am-6amPGA Tour Golf
BRITISH EUROSPORT
5.30pmLive UEFA Under-17s
Championship Football 7.15pm
Live Snooker: The World
Championship 10pmBoxing
10.30pmCycling
11.30pm-12.30amCavendish: One
Man, Two Jerseys
ESPN
7pmLive ATP Tennis 9pmESPN
Kicks: Extra 9.15pmPremier
League Preview9.45pmESPN
Kicks: Scottish Premier League
10pmEredivisie Review Show
11pmRussian Premier League
Review11.30pmPress Pass 2012
12amSerie A Review12.30am
ATP Tennis 2.30amMMA Live
3amLive UFC 4.15amESPN Kicks:
Extra 4.30am-7.30amLive
Australian Rules Football
SKY LIVING
6.30pmCSI: Crime Scene
Investigation 7.30pmCriminal
Minds 8.30pmCougar Town. Jules
and Grayson fail to agree on joining
their finances. 9pmCriminal Minds
10pmCSI: Crime Scene
Investigation 11pmBones 12am
The Love Machine 1amMaury
1.50amMedium2.40amBones
3.30amNothing to Declare
4.20amAmericas Next Top Model
5.10am-6amJerry Springer
BBC THREE
7pmDoctor Who 8.05pmGreat
Movie Mistakes 2011: Not in 3D
8.30pmWorlds Craziest Fools
9pmLip Service 10pmEastEnders
10.30pmRussell Howards Good
News Extra 11.15pmFamily Guy
2.55amLip Service 3.50amAngry
Boys 4.20am-5.05amRussell
Howards Good News Extra
E4
7pmHollyoaks 7.35pmHow I Met
Your Mother 8pmSupernanny US
9pmFILMWaynes World 1992.
11pmShameless 12.05amThe Big
Bang Theory 1amScrubs 2am
How I Met Your Mother
2.25amRules of Engagement
2.45amSwitched Up! 3.30am
Greek 4.10am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
American Pickers 10pmAmerican
Restoration 11pmCash Cowboys
12amStorage Wars 12.30am
Pawn Stars 1amSwamp People
2amThe Universe 3amIce Road
Truckers 4amHeir Hunters
5am-6amAncient Discoveries
DISCOVERY
7pmBear Grylls: Born Survivor:
Enduring Icelands freezing
conditions. 8pmWorlds Toughest
Expeditions with James Cracknell
9pmWhale Wars 10pmWheeler
Dealers 11pmAmerican Chopper:
Senior Versus Junior Build Off
Special 1amWhale Wars 2am
Real Prison Breaks 3amDeadliest
Catch 3.50amIce Pilots 4.40am
Wheeler Dealers 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmI Didnt
Know I Was Pregnant 9pm
Sextuplets & The City 10pm
Worlds Worst Mom11pmI Didnt
Know I Was Pregnant 12am
Sextuplets & The City 1amWorlds
Worst Mom2amI Didnt Know I
Was Pregnant 3amSupernanny
US 4amA Baby Story 5am-6am
Baby Tales
SKY1
7pmThe Simpsons 7.30pmThe
Middle 8pmModern Family
8.30pmThe Simpsons. Guest
starring Ricky Gervais and Russell
Brand. 9pmA League of Their
Own 10pmGlee 11pmAn Idiot
Abroad: Karl Pilkington reflects on
his travels. 12amRoad Wars 1am
Airline 2amBrit Cops: Frontline
Crime UK 2.55amMy Holiday
Hostage Hell 3.45amShowboaters
4.35amRaising Hope
5.05am-6amBest of Oops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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6pmBBC News
6.30pmBBC London News
7pmThe One Show: BBC News
8pmEastEnders
8.30pmWould I Lie to You?
9pmHave I Got News for You
9.30pmNot Going Out
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton Show
11.20pmThe National Lottery
Friday Night Draws 11.30pmThe
Matt Lucas Awards 12.05am
EastEnders 2amWeatherview
2.05amSign Zone: Titanic with Len
Goodman 2.35amCountryfile
3.30amQuestion Time
4.30am-6amBBC News
6pmEggheads
6.30pmGreat British Menu
7pmLive Snooker: The World
Championship: The penultimate
session of the opening semi-
final.
9pmCHOICE Maestro at the
Opera
10pmQI
10.30pmNewsnight
11.15pmWeather
11.20pmLater with Jools
Holland
12.25amSnooker: The World
Championship
1.15amTaken 2.40amBBC News
4.30am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale: Chas starts
to think twice about Cameron.
7.30pmCoronation Street
8pmPoms in Paradise
8.30pmCoronation Street
9pmCHOICE Piers Morgans
Life Stories: Jason Donovan
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMAmerican Pie
Presents Band Camp. 2005.
12.15amThe Store; ITV News
Headlines
2.15amFILMThe Sting. 1973.
4.25am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pmFoxes Live: Wild in the
City
8pmCome Dine with Me
9pm8 Out of 10 Cats
9.30pmVery Important
People
10pmCHOICE Alan Carr:
Chatty Man
11.05pmStand Up for the Week
11.55pmFILMHot Rod. 2007.
1.35amRandom Acts 1.40amMy
Name Is Earl 2.25amDirty Sexy
Money 3.50amLaid Off 4amSt
Elsewhere 4.50amSmallville
5.30am-6.15amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmRobsons Extreme Fishing
Challenge: 5 News Update
8pmDirty Great Machines: 5
News at 9
9pmThe Mentalist: A popular
teacher is murdered.
10pmCastle
10.55pmLaw & Order:
Criminal Intent
11.55pmInside Hollywood
12amSuperCasino
4amMotorsport Mundial 4.25am
Michaelas Wild Challenge 5.10am
Wildlife SOS 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
14 24
29 10
39
9 10 13
35 11
9 18
9 33
11 20 6
26
27 13
12 28
16
10
15
8
8
38
19
8
7
21
30
23
19
11
25
21
6
24
36
8
10
17
14
12
ACROSS DOWN
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M A P S H U S K S
I O L I O W A
A R M Y M E G
M E A S T E R E G G
I L L T I T R Y
I O N I A N S E A
D A D N O N B C
A R R O G A N C E O
Z A R U R A L
E M A V E R D
D I A R Y T A P S
1 3 4 2 1 2 3 8
9 6 8 7 6 4 8 9
4 9 6 3 1
4 1 9 4 1 7
5 2 1 4 8 7 6 3 9
4 6 5 9
7 6 3 5 1 2 8 4 9
2 4 9 2 1 6
9 8 3 9 3
9 2 8 7 1 5 2 3
2 1 7 3 7 8 5 9
4
4
4
4
4
4
4
4
4
The nine-letter word was
WOMANISER
1 Very warm (3)
3 Tightly curled and
unopened ower (7)
6 Counterpane (9)
8 Lyric poem (3)
10 Woven oor
covering (6)
13 Vagrant, tramp (4)
14 Amount by
which a salary is
increased (5)
16 Blackthorn fruit (4)
17 Writing
implement (6)
20 Seventh letter of the
Greek alphabet (3)
21 Self-service
restaurant (9)
22 Sign of something
about to happen (7)
23 Cambridgeshire
cathedral city (3)
1 Chaos (5)
2 Fleshy root (5)
3 Arm of the Indian
Ocean between Africa
and Arabia (3,3)
4 Made of clay (7)
5 Explosion that fails
to occur (3)
7 Even if (6)
9 Perennial garden plant
with large brightly-
coloured owers (6)
11 General rule regarding
moral conduct (7)
12 Give money as
a reward for a
service (3)
15 Clandestine (6)
18 Discontinue (5)
19 Place for temporary
parking (3-2)
21 Articial covering
for a tooth (3)
T
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
FRIDAY 4 MAY 2012
MAESTRO AT THE OPERA
BBC2, 9PM
Four celebrities compete for the
chance to conduct a full act of a
performance on the main stage of the
Royal Opera House, Covent Garden.
PIERS MORGANS LIFE STORIES:
JASON DONOVAN ITV1, 9PM
The actor recalls his relationship with
fellow Australian Kylie Minogue and
reflects on how his one-time addiction
to cocaine nearly cost him his life.
ALAN CARR: CHATTY MAN
CHANNEL4, 10PM
The host is joined by comedian Eddie
Izzard, Britains Got Talent judges
David Walliams and Amanda Holden,
and the Made in Chelsea cast.
TVPICK
THIS has been one of the most dramatic
title races I can remember and Id be
surprised if there arent some more
twists and turns over the final two
weekends. Manchester City got the
result they desperately needed on
Monday night and Roberto Mancini
knows that a win against Newcastle on
Sunday will virtually guarantee
the league.
It isnt going to be easy for the
Citizens, though, as Newcastles victory
at Stamford Bridge on Wednesday night
was a massive boost to their chances of
finishing fourth. The Magpies have won
seven of their last eight games and their
in-form strikers, Papiss Cisse and Demba
Ba, have been wreaking havoc.
However, City have the title within
touching distance and it just looks as
though now is their time. Coral have
them as 8/13 favourites and although
that is fairly short, I still think theyll
win. They perhaps should have beaten
Manchester United more comfortably
on Monday, but their defence was
rock solid, led by the outstanding
Vincent Kompany.
The shape of the match will depend
on the opening exchanges. If City take
an early lead, Mancini may try to shut
up shop and hit Newcastle on the break,
but that is a dangerous policy against
Alan Pardews side, who have attacking
flair in abundance and whose front line
is so confident.
The Magpies also need to go for a win
and it would be no surprise if they got
on the scoresheet. Both teams have
scored in their last five meetings and
City have won four of those contests,
with the other a 2-2 draw. An opening
goal for Newcastle would really light the
touch paper and we may end up with a
high-scoring contest.
My gut feeling is that City will have
enough to win and with both sides going
for three points, I can certainly see both
goalkeepers having a busy afternoon. If I
was to have a spread bet, Id buy goals at
3.1 with Sporting Index.
Cup kings Chelsea set for
another win at Wembley
the truth is that, despite massive
investment, the Carling Cup hold-
ers are lacking in quality. And they
came very close to blowing that
opportunity, needing penalties to
overcome Cardiff. Liverpool have to
be opposed at 2/1 with Coral.
Chelsea are 7/10 to lift the tro-
phy and if they manage that then
it will be the fourth time they have
won the competition in six years.
The fact that the Chelsea Four of
John Terry, Branislav Ivanovic, Raul
Meireles and Ramires will all miss
the Champions League final is
going to make the team even more
determined. Both managers can
call on plenty of players with big
game experience, but Di Matteos
men also have the edge in
this department.
Because of the nature of the
occasion I wouldnt be surprised to
see a tight game. The last five
finals have seen an aggregate of
just six goals scored in normal
time so the spread betting advice
is to sell goals at 2.35 with
Sporting Index.
The focus in the build-up will
understandably be on Fernando
Torres, but I expect to see him on
the bench with Didier Drogba
restored to the starting XI. Drogba
loves playing at Wembley and hes
worth a punt at 6/1 with Coral to
score first, especially as the firm is
refunding losing bets on first/last
goalscorer, correct scores and
scorecasts on the match if Torres
gets the last goal of the game.
Chelsea captain John Terry has lots of big-game experience
43
THEPUNTER
FOOTBALL TRADER
BEN CLEMINSON BRINGS YOU THIS WEEKS BEST FOOTBALL BETS
cityam.com
FRIDAY 4 MAY 2012
CHELSEA........................................
LIVERPOOL ....................................
NEWCASTLE ...........................................
MANCHESTER CITY.................................
Sunday 1.30pm, Sky Sports
nPointers
Chelsea at 7/5 with Coral
Didier Drogba to score first at 6/1 with Coral
Sell total goals at 2.35 with Sporting Index
nPointers
Manchester City at 8/13 with Coral
HAD things worked out differently at the
Etihad on Monday then Manchester United
would have approached this game expecting
it to mark another championship
coronation. They could still win a 13th
Premier League title, but if Manchester City
arent going to drop points then the only way
they can do it is with a major goal swing.
Swansea at home looks a better chance
of swelling the for column than
Sunderland away on the final day so all
out attack could be the order of the day.
The Swans have won the hearts of
neutrals this season thanks to Brendan
Rodgerss stubborn application of an easy-
on-the-eye passing game, no matter who
they are playing. Even at Old Trafford
Rodgers is unlikely to waver and it might
be his sides undoing.
They shared eight goals evenly with
Wolves last time out and we could be in for
another high-scoring encounter here.
No ground has witnessed more goals
this season than the Theatre of Dreams,
with an average of 3.83 to date, so even
Sporting Indexs hefty quote of 3.7 goals
can be bought.
It certainly looks a better choice than a
bet on the outright market United are no
bigger than 1/5 for victory. Even if the hosts
dont hammer Swansea, it will probably be
because theyve let in one or two going for
them at the other end.
MANCHESTER UNITED............................
SWANSEA...............................................
Sunday 4.00pm, Sky Sports
nPointers
Buy total goals at 3.7 with Sporting Index
Text MOBILE
to 65559
coral.co.uk
1700+ Shops
nationwide
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TORRES
RETURNS
IF FERNANDO
TORRES SCORES
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WELL REFUND
LOSING BETS
CHELSEA V LIVERPOOL
30 FREE BET!
FOR NEW CUSTOMERS
TORRES RETURNS: Singles only on specied markets qualify. Max refund 100 per customer per market. Pre-match bets
only. Applies to tomorrows LIVE FA Cup Final. Any remote refunds will be credited within 24hrs. Coral rules apply. For additional
terms see coral.co.uk. Where a bet qualies for this offer and Consolation Cash Back, stakes will only be refunded once
regardless of the number of concessions to which the bet qualies. CHAMPIONS CLUB: 20 Free Bets is part of the
free Grandstand Membership. 100 Free Bets is a benet of the 30 Classic Membership. See coralchampionsclub.
co.uk for full terms & conditions. NEW ACCOUNT OFFER: Available on mobile, coral.co.uk and by phone. New
customers, 18s+ & UK residents only. Deposit and stake up to 30 on any sporting event(s) to receive a matched deposit free
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TOMORROWS FA CUP FINAL
TORRES RETURNS: Applies to First / Last Goalscorer,
Correct Score and Scorecasts in tomorrows Live FA Cup Final.
Prices subject uctuation.
7/5 Chelsea 11/5 Draw Liverpool 2/1
Kick-off 5.15pm, Live on ITV1
First Goalscorer
6/1 D. Drogba (C)
6/1 L. Suarez (L)
6/1 F. Torres (C)
8/1 F. Lampard (C)
8/1 J. Mata (C)
9/1 S. Gerrard (L)
9/1 A. Carroll (L)
10/1 D. Kuyt (L)
Correct Score
Chelsea Liverpool
7/1 0-0 7/1
13/2 1-0 15/2
11/2 1-1 11/2
11/1 2-0 14/1
Chelsea Liverpool
9/1 2-1 10/1
14/1 2-2 14/1
25/1 3-0 33/1
22/1 3-1 28/1
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T
RADITION might have gone
out the window when it
comes to the scheduling of
the FA Cup final, but there is
still no other game quite like it.
Playing the final a week early
affected both Chelseas and
Liverpools midweek Premier
League fixtures, although at least
it showed where the clubs priori-
ties lie. They will be desperate to
lift the trophy tomorrow evening.
Chelsea kick-off as favourites, at
7/5 with Coral, and had looked in
great shape until Wednesdays
defeat at home to Newcastle. The
Blues demanding schedule forced
Roberto Di Matteo to shuffle the
pack at Stamford Bridge, but his
team still put in a lacklustre per-
formance. They will be back to full
strength at Wembley and should
have the edge.
Liverpool are in danger of suffer-
ing the dual disappointment of
recording their worst-ever Premier
League finish and ending the cam-
paign below Everton. The Reds
havent managed to find any sort
of consistency this term, and at no
point have they managed a win-
ning run of more than two league
games. They have only done that
on three occasions and not once
in 2012.
During this calendar year
Liverpool have lost 10 of 17 top
flight games and have won just
four times. Clearly their twin cup
runs have been a distraction, yet
Saturday 5.15pm, ITV 1
T
HE QIPCO British Champions
Series, now in its second year,
is designed to throw the
spotlight on Britains best flat
races and the first of the 35-race
programme is tomorrow
afternoons 2000 Guineas.
Even though Aidan OBrien hasnt
saddled the winner of the opening
Classic of the season since
Henrythenavigator back in 2008, the
Ballydoyle maestro will fancy his
chances with the highly-regarded
Camelot. Last seasons emphatic
Racing Post Trophy winner is
unbeaten in two career starts and
arrives in Newmarket as Corals
6/4 favourite.
The son of Montjeu is ultimately
being aimed at the Investec Derby
but has obviously shown plenty of
speed at home. He demonstrated an
electric turn of foot when last seen
in action at Doncaster and is with-
out doubt the one they all have to
beat. However, he lacks experience
and at the current prices, Im pre-
pared to take him on.
Both Born To Sea and Top Offer
have huge potential, but with only
three racecourse appearances
between them, they arguably hold
too prominent a position in the mar-
ket on what they have achieved on
the track. Trumpet Major definitely
warrants a second look, as his
Craven win was impressive, but Im
keen on the chances of French
raiders ABTAAL and FRENCH FIF-
TEEN at 9/1 and 10/1 respectively.
The former was an impressive win-
ner of a Group Three over a mile on
his final start as a two-year-old and
he was arguably unlucky not to
make a winning reappearance in the
Prix Djebel last month. He stumbled
when being asked to quicken at the
furlong pole and lost out to my other
selection French Fifteen.
Now, both of these Gallic con-
tenders are proven on soft ground
and the deluge Newmarket received
on Thursday will ensure that there is
plenty of juice in the surface tomor-
row. They were also both Group win-
ners over a mile as two-year-olds
which means they will stay every
yard of the trip and the softer
ground will blunt the speed of some
of their rivals.
My main worry with Abtaal is the
draw as the runners tend to come
over to the stands side rail when
its soft. Hes in stall two on the far
side which could be the wrong
place to be, but its always worth
having one on each side and French
Fifteen could be ideally housed in
stall 16.
The rest of tomorrows card looks
fiendishly difficult, but FIORENTE is
worth backing each-way in the
Jockey Club Stakes at 2.30pm. Sir
Michael Stoute is a master at improv-
ing horses between three and four
and this Monsun colt was second
behind Nathaniel in the King
Edward VII at Royal Ascot last sum-
mer on soft ground.
Its a hot race tomorrow and
Andre Fabres Meandre is the big
danger. He won the Grand Prix de
Paris at Longchamp last summer
before finishing a decent sixth in the
Prix de lArc de Triomphe. Anything
Fabre sends over here has to be
respected, but Im not sure Meandre
will love the ground and hes likely
to be short enough.
Melbourne Cup winner Dunaden
and St Leger winner Masked Marvel
have to shoulder 5lb penalties and
that, combined with the ground and
shorter trip, could find them out.
Goodwood plays second fiddle to
Newmarket tomorrow, but Sir Henry
Cecil looks to have found the ideal
opportunity for VITA NOVA in the
Listed Daisy Warwick Stakes
(2.15pm). She has at least a stone in
hand with all bar one of her rivals on
official figures, goes on the ground
and has won first time up for the last
two seasons.
Aidan OBrien saddles hot
favourite Maybe in Sundays QIPCO
1000 Guineas and the unbeaten
daughter of Galileo will be hard to
beat. She handles any ground, stays
the trip and has reportedly been
working well at home. I think shell
win, but instead of backing her at
5/4 with Coral, Im taking a chance
on French raider MASHOORA at
8/1. She also has no ground worries
and her ability to move up the
gears could prove decisive.
The British Champions Series is
also launching a free racing fantasy
game which will include the chance
to win a VIP trip to QIPCO British
Champions Day at Ascot. You have to
select five trainers and five jockeys
which are fixed for the course of the
season and then pick two horses to
run for you in each race. Log-on to
www.britishchampionsseries.com for
more details.
Follow me on Twitter @BillEsdaile
for all my views on this weekend's
racing.
FRIDAY 4 MAY 2012
44
THEPUNTER RACING TRADER
cityam.com
NEWMARKET SATURDAY LIVE ON CH4
3.10
QIPCO 2000 GUINEAS STAKES (204TH RUNNING) (GROUP 1)
(1) 1m 3yo Only Winner 213,513
1 211-2 ABTAAL (30)(D) 9-0 ...........................................................................C Soumillon
(2) Runs: 4 Wins: 2(GS) Places: 2 17,424
Trainer: J C Rouget (FR) Owner: Mr Hamdan Al Maktoum
2 1 222-2 BOOMERANG BOB (14) 9-0 ...............................................................S Sanders
(8) Runs: 5 Wins: 1(A) Places: 4 32,181
Trainer: J Hills Owner: Mr R J Tufft
3 12- BORN TO SEA (188)(BF) 9-0 ........................................................ J P Murtagh
(14) Runs: 2 Wins: 1(S) Places: 1 30,194
Trainer: John Oxx (IRE) Owner: Mr Christopher Tsui
4 114-3 BRONTERRE (14)(BF) 9-0 ................................................................J P Spencer
(11) Runs: 4 39,779
Trainer: R Hannon Owner: Mr Michael Pescod
5 11- CAMELOT (196)(D2) 9-0 ....................................................................J P OBrien
(12) Runs: 2 141,679
Trainer: A P OBrien (IRE) Owner: Mr D Smith, Mrs J Magnier, Mr M Tabor
6 1158-1 CASPAR NETSCHER (14) 9-0 ............................................................ S W Kelly
(5) Runs: 11 Wins: 4(S,F,GS,G) Places: 4 170,363
Trainer: A McCabe Owner: Mr Charles Wentworth
7 1151-5 COUPE DE VILLE (16)(BF,C,D) 9-0 ................................................ P Hanagan
(3) Runs: 7 Wins: 4(F,GS,G) Places: 1 297,780
Trainer: R Hannon Owner: Macdonald, Wright, Creed, Smith & Jiggins
8 313- FENCING (196) 9-0 ..................................................................................... W Buick
(15) Runs: 3 Wins: 1(G) Places: 1 37,829
Trainer: J Gosden Owner: Mr George Strawbridge
9 1121-1 FRENCH FIFTEEN (30)(D2) 9-0...........................................................O Peslier
(16) Runs: 7 Wins: 5(S,GS) Places: 1 76,744
Trainer: N Clement (FR) Owner: H H Sheikh Mohammed Bin Khalifa
10 1-3 HERMIVAL (30)(D) 9-0 ..........................................................................G Benoist
(4) Runs: 2 Wins: 1 Places: 1 20,345
Trainer: M Delzangles (FR) Owner: Sheikh Mohammed Bin Khalifa Al Tha
11 11212- POWER (210)(BF) 9-0 ........................................................................... R L Moore
(17) Runs: 6 Wins: 4(S,F,G) Places: 2 284,539
Trainer: A P OBrien (IRE) Owner: Mr M Tabor, D Smith & Mrs John Magnier
12 4012-4 PTOLEMAIC (16)(V) 9-0 ............................................................................T Eaves
(1) Runs: 5 Wins: 1(F) Places: 1 10,626
Trainer: B Smart Owner: Mrs F Denniff
13 1482-4 REDACT (17) 9-0 .......................................................................................J Crowley
(13) Runs: 6 Wins: 2(F,A) Places: 1 30,745
Trainer: R Hannon Owner: Kennet Valley Thoroughbreds
14 1328-5 RED DUKE (35) 9-0 ................................................................................... T Queally
(10) Runs: 7 Wins: 2(F,G) Places: 1 92,745
Trainer: J J Quinn Owner: Maxilead Limited
15 53362- SAIGON (196)(BF) 9-0 ...............................................................................R Havlin
(7) Runs: 7 Wins: 2(F) Places: 2 34,469
Trainer: J Toller Owner: P C J Dalby & R D Schuster
16 1975-1 TALWAR (21)(D) 9-0 ................................................................................. L Dettori
(6) Runs: 8 59,910
Trainer: J Noseda Owner: Mr Vimal Khosla
17 1- TOP OFFER (267) 9-0 ...................................................................................J Doyle
(9) Runs: 1 4,140
Trainer: R Charlton Owner: Mr K Abdulla
18 1415-1 TRUMPET MAJOR (16)(CD) 9-0 ...................................................... R Hughes
(18) Runs: 9 Wins: 4(F,GS) Places: 2 93,405
Trainer: R Hannon Owner: Mr John Manley
2011: Frankel 9 0, T Queally 1-2 Fav (Sir H Cecil), drawn (1), 13 ran.
BETTING FORECAST: 5-4 Camelot, 7 Abtaal, Born To Sea, 8 Top Offer, Trumpet Major, 10 French
Fifteen, 12 Power, 14 Hermival, 25 Others.
Series. It is run over a mile and is for three year old horses only. It is
last season who will follow the great horse into history on Saturday?
BILL ESDAILE, OUR RACING EXPERT, PREVIEWS THIS WEEKENDS QIPCO GUINEAS MEETING
nPointers
VITA NOVA 2.15pm Goodwood (tomorrow)
FIORENTE e/w 2.30pm Newmarket (tomorrow)
ABTAAL e/w 3.10pm Newmarket (tomorrow)
FRENCH FIFTEEN e/w 3.10pm Newmarket (tomorrow)
MASHOORA e/w 3.15pm Newmarket (Sunday)
THE QIPCO British Champions
Series kicks off again tomorrow
and its going to be another
hugely exciting season. I had
some really decent wins last
year and Im hoping for more of
the same.
We could see another
superstar emerge at Newmarket
tomorrow afternoon as I
honestly dont think Camelot
can be beaten in the QIPCO 2000
Guineas. His form is red hot and
he has been well backed over
the past few weeks which is
always a good sign when it
comes to the Ballydoyle horses.
Richard Hughes has a good
each-way chance on Trumpet
Major, as does Johnny Murtagh
on Born To Sea. I ride Talwar
for Jeremy Noseda and he will
love the cut in the ground.
Whether hes quite good
enough, I dont know, but wed
be delighted to get into
the places.
My best chance of a winner
tomorrow is probably Mariners
Cross in the 4.55pm. He gave me
a really good feel in the Wood
Ditton and he should run a
big race.
Im afraid I cant reveal who
Im going to be riding in
Sundays QIPCO 1000 Guineas,
but I can tell you that both
Lyric Of Light and Discourse
have excellent chances. Sheikh
Mohammed will be making up
his mind this morning, but
there really isnt much between
these fillies and they are both
in really good order.
Maybe is another hot
favourite from Ballydoyle, but I
think our fillies are as good as
anybodys and Im certainly not
afraid to take her on. We won
this race last year with Blue
Bunting and lets hope Ill be
doing another flying dismount
on Sunday.
Frankie Dettori is an
ambassador for the QIPCO
British Champions Series. For
more information, or to buy
tickets, visit
www.britishchampionsseries.co
m or call 0870 727 1234.
FRANKIES
THOUGHTS
FRANKIE DETTORI
Christophe Soumillon has a strong chance in both Classics this weekend
French can upset
Ballydoyle hotpots
in this weekends
opening Classics
IN BRIEF
Cotto ready for Mayweather bout
nBOXING: WBA light-middleweight
champion Miguel Cotto has warned
challenger Floyd Mayweather that he
is in the best form of his career ahead
of their Las Vegas fight on Saturday.
Cotto, 31, said: Mayweather is facing
the best Miguel Cotto ever.
Wrestler fails doping test
nOLYMPICS: Britains London 2012
wrestling medal hope Myroslav Dykun
faces a two-year ban after failing a
doping test for a banned recreational
drug. Dykun is suspended and awaits
the outcome of a second test on the B
sample, and a disciplinary hearing.
Injury ends Wallaces career
nRUGBY UNION: Ireland and Munster
flanker David Wallace has retired
because of a knee injury. He said: I
take great comfort knowing I have had
an unbelievably enjoyable career.
SPORTING RICH LIST: TOP TENS
G
E
T
T
Y
Easter eager to lock horns with
Powell and guarantee top spot
Easter missed the win over Sale earlier this season because he was at the Rugby World Cup
Quins star talks to
City A.M. ahead of
final-day Sale clash
US OPEN champion Rory
McIlroys swift rise to the
pinnacle of golf has swelled his
fortune to 11m by the age of just
23, according to new research.
But he is still only the 12th
wealthiest player in Britain and
Ireland, with Sir Nick Faldo, who
is worth an estimated 34m, the
highest placed in the Sunday
Times Sport Rich List 2012.
New England manager Roy
Hodgson has amassed 11m,
although that is peanuts
compared to the richest boss,
Manchester Uniteds Sir Alex
Ferguson, who has 32m.
Currently unemployed Roy
Keane, with 29m, is second,
while Arsenals Arsene Wenger is
third with 26m. Tottenhams
Harry Redknapp has 12m.
McIlroy already worth 11m
BY SPORTS DESK STAFF
FRIDAY 4 MAY 2012
45
SPORT
cityam.com
0844 847 2492 Or visit
ticketmaster.co.uk
Book your place amongst
81,601 true fans and enjoy
rugby at its very best.
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Q
What happened the last
time you played Sale in the
Aviva Premiership?
A
I was at the World Cup last
time but I know we won 48-
41. I won money off Mark
Cueto as we had a bet on the
outcome but he still hasnt paid
up so Ill ask him to show me the
money after the game
Q
What type of game can
supporters expect to see
tomorrow?
A
Sales back three like to run
the ball but theyve also got
a big powerful forward pack.
We like to play with ball in
hand as well. Theres a time when
you dont and their pitch is quite
narrow so early on it might be
better off playing for territory.
Q
Who do you perceive to be
their main threats?
A
Their full-back Rob Miller is
very powerful and is starting
to come into a bit of form.
From a defensive point of
view Dave Seymour is very hard to
shake off when he gets himself
over the ball.
Q
Which individual match-up
are you most looking
forward to seeing?
A
Personally Im looking
forward to playing against
Andy Powell again. I played
against him when he was at
Wasps and in a few England-Wales
matches and hes a very dynamic
player. In the past there might
only have been two or three big
ball carriers in the league, now
there are a lot more and well have
to concentrate when hes on the
attack.
Q
How would you sum up
your season since that
meeting?
A
Enjoyable. Winning helps
that but weve always tried
to keep pushing back the
boundaries and I think
thats why its been so enjoyable.
Q
Which current academy
player can we expect to see
big things of in the future?
A
Rob Buchanan. Hes got that
grittiness you need as a
hooker and his
scrummaging prowess is
extremely impressive. Hes had
the better of Leicester and
Saracens recently and since
making his debut hes not been
fazed by anything.
Q
What has been your
personal highlight of the
season so far?
A
I would say beating Toulouse
away was the highlight. We
lost to them at home and
when we went down there
no-one was expecting anything
big out of us and we out-scored
them three tries to two. A lot had
been said about our unbeaten run
at the beginning of the season and
that we couldnt beat a strong
team. That was the first time we
proved we could.
If you buy a ticket for this year's
Aviva Premiership Final on 26 May
you will receive a free rugby shirt. Go
to www.premiershiprugby.com/freeshirt
to buy yours
Golfers Football managers
nSir Nick Faldo 34m
nPadraig Harrington 33m
nColin Montgomerie 28m
nLuke Donald 25m
nLee Westwood 25m
nIan Poulter 20m
nIan Woosnam 20m
nDarren Clarke 15m
nPaul Casey 14m
nJuston Rose 14m
nSir Alex Ferguson 32m
nRoy Keane 29m
nArsene Wenger 26m
nGiovanni Trapattoni 20m
nRoberto Mancini 20m
nSven-Goran Eriksson 16m
nSteve Bruce 14m
nHarry Redknapp 12m
nRoy Hodgson 11m
nMark Hughes 11m
PREMIERSHIP D-DAY:
THE PERMUTATIONS
Fixtures
Leicester v Bath, 2pm
London Irish v Gloucester, 2pm
Northampton v Worcester, 2pm
Sale v Harlequins, 2pm
Saracens v Exeter, 2pm
Wasps v Newcastle, 2pm
At The Top
Harlequins, Leicester and Saracens
could all still finish top, while
Northampton are set for fourth
At The Bottom
Newcastle need a bonus-point win
over Wasps, or to beat them by at
least 24 points, to avoid relegation
Results
FORMER West Ham and Charlton
manager Alan Curbishley has backed
Roy Hodgson to succeed as Englands
new boss, but says a major overhaul
of the national coaching set-up is
long overdue.
Curbishley, out of management
since resigning from West Ham in
2008, also admits he misses day-to-
day involvment in the game and
revealed to City A.M. his interest in
replacing Hodgson at
Premier League West Brom.
The Football Association
moved for Hodgson this
week after cooling their
interest in recruiting book-
makers favourite Harry
Redknapp and, while
Curbishley believes the
Tottenham manager
was a deserving can-
didate, he insists
the new man, for-
merly of
Switzerland and
Inter Milan, mer-
its his chance.
When the FA
have sat down
and said what
sort of man do
we want?,
theyve put a
description in
and Roy obviously
ticks more boxes
than anyone else,
Hodgson ticks
all boxes for
England post,
says Curbishley
Curbishley told City A.M.. Firstly, Im
glad the new managers English,
because I think weve needed that.
Ive got admiration for what Roys
done over the years so I hope they get
behind him, because thats what
we need.
Yet despite admiring Hodgsons
appointment, Curbishley, who was
interviewed to replace Sven-Goran
Eriksson in 2006 after impressively
establishing Charlton as a top-flight
club, remains adamant that a pro-
gressive development plan for
English coaches, finally coming to
fruition at the FAs new St
Georges Park base, should have
been put in place far sooner.
Curbishley was among those dis-
cussed for a coaching role during
Erikssons time as the national
team manager, though
only Steve McClaren,
Erikssons eventual suc-
cesor, was recruited.
That was the plan,
said Curbishley.
Eriksson took the
England job and the
plan was that three or
four young English
coaches would join in
and get the experience,
because were talking
about English managers
getting European experi-
Exclusive: Former West Ham boss on why
coaching needs reform and West Brom
CHELSEA midfielder Jon Obi Mikel
has urged his team-mates to forget
the disappointment of missing out
on the Premier Leagues top four
before it consumes their hopes of
a famous Champions League and
FA Cup double.
Wednesday evenings 2-0 defeat
at home to Newcastle effectively
ended any chance Chelsea had of
domestically securing Champions
League qualification, but Mikel,
determined to avoid further
regret, has demanded an
immediate response for
tomorrows FA Cup final against
Liverpool at Wembley.
We have to make sure now that
we win on Saturday in the cup
final and make sure that we dont
let the cup final go past us, said
Mikel. It was just one of those
days. We played Barcelona the
other day. They created God knows
how many chances, but we scored.
This is football.
Mikel concedes that Chelseas
only hope of playing in next
seasons Champions League is by
beating Bayern Munich in this
seasons 19 May final though,
as yet, he is refusing to look
beyond Liverpool.
Now we have to concentrate,
he said. Everyone is going to say
that the only chance we have now
is to win the Champions League
final. It is what everyone wants.
We have to forget about it [the
Newcastle result] and just make
sure we put it right on Saturday.
Any attempt to overcome Bayern
will have to be done without the
suspended Raul Meireles,
Branislav Ivanovic and Ramires,
who received yellow cards against
Barcelona, and captain John Terry,
who was sent off. Each, however, is
available for Roberto di Matteo to
select for tomorrows showpiece.
The Italian will also decide
between Didier Drogba and
Fernando Torres for a lone
strikers role.
Like Chelsea, Liverpool have also
been inconsistent. They have,
however, already won this seasons
Carling Cup at Wembley, and are
expected to recall Pepe Reina, Luis
Suarez and captain Steven Gerrard
after manager Kenny Dalglish
rested them for Tuesdays 1-0
league defeat at home to Fulham.
Mikel: Forget
the league, we
want the cups
LIVERPOOL have announced a huge
loss of almost 50m, which Anfield
chiefs have blamed largely on wasted
spending on abandoned plans to
build a new stadium.
Managing director Ian Ayre said
35m in design fees and legal and
administrative costs relating to the
proposed move to Stanley Park
contributed to 59m of exceptional
items and an increase in losses from
19.9m to 49.4m.
Contract terminations, including
those of incoming England manager
Roy Hodgson and former managing
director Christian Purslow,
Liverpool blame 50m loss on
35m stadium move write-off
amounted to 8.4m, while signings
such as Andy Carroll hiked net
transfer spend to 41m.
But Ayre insisted it was the
decision of Fenway Sports Group,
who took over in 2010, to settle costs
related to the previous regimes
lavish stadium plans that cast the
figures in an unhealthy light.
It is a big write-off but it means
that its gone forever now and we
can move forward now without that
around our neck, he said. It also
means that we are in pretty good
shape in being a sustainable
business. Its a positive step forward.
Stadium costs are not included in
Financial Fair Play calculations.
FRIDAY 4 MAY 2012
46
SPORT
cityam.com/sport
BY DECLAN WARRINGTON
BY DECLAN WARRINGTON
BY FRANK DALLERES
Smartly dressed: Curbishley
is keen for a dugout return
Allardyce urges caution after
Mikel hopes Chelsea can win the FA Cup
ence, but very rarely do English man-
agers get the top jobs to be in the
Champions League. I thought it was
a very good plan, but it
never materialised.
Curbishley, 54, has emerged as an
early favourite to succeed Hodgson at
the Hawthorns and admits to some-
times contemplating tactics and
decisions as though still in the
dugout, such is his desire to resume
a promising career.
I think that everyone knows I
want to get back into the Premier
League, so West Brom is a Premier
League club, and obviously I was
linked with the Wolves job recently,
so its something Id be interested in,
yeah, he said. Of course I do [miss
football, particularly] when I go to
live games I was sitting there
watching the Manchester United
against Manchester City game think-
ing what would I do? How would I
do it?
Curbishleys time at Charlton pre-
ceded a shorter spell at West Ham,
who he has supported since child-
hood, where a dispute surrounding
the clubs transfer policy resulted in
him resigning from the club.
The Hammers are on their third
manager since his departure, with
under-pressure boss Sam Allardyce in
the process of trying to negotiate the
Championships play-offs, and
though Curbishley is sympathetic
about the East End clubs expectation
levels, he expects them to secure
their much sought-after Premier
League return.
If they get to Wembley, whoever
they play, I think they will be classed
as favourites, he added. I think that
the expectation at West Ham was
that they were going to go straight
up, and because they havent, theres
going to be criticism. But at the end
of the season, if theyve won promo-
tion, theyll all accept that, because
its a different ball game in the
Premier League.
Alan Curbishley wears McCann Bespoke.
For more information on McCann
Bespokes exceptional tailoring service to
Londons business & sporting elite visit
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Two goals for Wales international midfielder Jack Collison, second right, gave West Ham a vital
PROSPECTIVE Rangers owner Bill
Miller has vowed to make the club
live within its means no
excuses if, as expected, he seals
a 11m takeover of the financially
stricken Scottish side next week.
Administrators made Miller
preferred bidder yesterday after
the American tycoon removed
conditions from his offer, raising
hope that Rangers will avoid a
further points penalty and
overturn their transfer embargo.
Miller said: Rangers will be
managed with fiscal discipline
such that the club not only
American truck tycoon closes
in on 11m Rangers takeover
conforms to Uefa Financial Fair
Play regulations but also such that
Rangers will never have to suffer
this kind of anguish again. From
now on, Rangers will live within
its means - no excuses.
BY FRANK DALLERES
WHO IS BILL MILLER?
n Founded and grown rich from
Tennessee towing and recovery truck
company Miller Industries
n Now 65, he grew up in Detroit and
has a degree and MBA in engineering
n Failed with TRAC racing venture,
which was set up as a rival to NASCAR
47
Premiership D-Day: Three clubs target
top spot and exclusive Nick Easter Q+A
cityam.com
FRIDAY 4 MAY 2012
The worlds nest at racing meets the worlds nest
fantasy racing game. Its free to enter so get your
stable ready before the Series starts on 5th May,
live at Newmarket and on Channel 4:
britishchampionsseries.com
/britishchampionsseries
May the best stable
win. Thats mine,
not yours.
Brian Meehan,
British Champions Series Trainer

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Collisons brace gives West Ham vital play-off advantage
CARDIFF CITY.............................0
WEST HAM UNITED....................2
BY DECLAN WARRINGTON
CHAMPIONSHIP
WEST HAM manager Sam Allardyce
praised his sides efforts after they
earned a crucial advantage before
Mondays Championship play-off
semi-final decider at Upton Park,
though he remains adamant that
they are not yet safe.
Two goals from Welshman Jack
Collison were enough to secure the
win as the Hammers impressive
away record continued, but
Allardyce maintained that they
cannot afford to relax.
We were excellent, said
Allardyce. We asked the lads to
control their emotions and I thought
they handled the pressure
excellently. It has been a great night
for us and it is only 90 minutes of a
two-legged affair.
Anything could still happen and
the onus is on us to see it through,
and there is no pressure on Cardiff.
But we are really pleased and not
getting too carried away.
The clean sheet and two goals is
everything we have been looking for
and it is a great contribution from
all the players. But the bottom line is
to make sure we are through into
the final after 90 minutes.
When Ricardo Vaz Te refused to
give up in his pursuit of a seemingly-
doomed loose ball and crossed from
the left wing, Collison pounced to
head West Ham in front in the ninth
minute after his initial shot was
superbly saved by David Marshall.
Cardiffs subsequent attacking
intent proved to be futile with West
Ham, particularly James Tomkins,
defending so resiliently before
scoring another goal that would
suitably serve as a microcosm of
their style.
Carlton Cole played for a corner,
and though Mark Hudson headed
clear, the confident Collisons
impressively-struck shot, from just
outside the penalty area, took a
substantial deflection off of Ben
Turner and travelled beyond
Marshall into the back of the net.
The home side pressured West
Ham intensely as the game
progressed, knowing a solitary goal
would be enough to change the
dynamic of Mondays second leg, but
West Hams stubborn resistance held
for a crucial two-goal lead.
2-0 lead ahead of Mondays second-leg Championship play-off semi-final at Upton Park
SOMERSET have threatened legal
action against West Indies
batsman Chris Gayle after he
reneged on a deal with them in
the hope of making his
international return against
England this month.
Gayle had agreed to be
Somersets designated overseas
player for their Twenty20
campaign but, following talks to
end his dispute with the West
Indies Cricket Board, has pulled
out of the contract.
Somerset chief executive Guy
Lavender said he was very
disappointed by Gayles decision,
just weeks before the 32-year-old
had been due to arrive, and hinted
that they make seek redress.
A contract is a contract, said
Lavender. We are exploring our
options and will decide what is
best for Somerset in due course.
Gayle has not played for West
Indies since the 2011 World Cup
but is keen to return for the three-
Test series against England, which
begins at Lords on 17 May, and the
subsequent one-day and T20
matches. He said: I understand
that by making this decision, it
may place me in a position of
considerable risk.
Storm over Gayle
Windies return
BY FRANK DALLERES
Rugby Union: Page 45
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