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Euro banks
scramble
for funding
TWO unnamed banks tapped the
ECBs weekly dollar funding facility for
the second time in a month yesterday
in a fresh sign that Europes interbank
markets are freezing up.
The escalating crisis has seen bor-
rowing costs rise for banks, forcing
weaker lenders to tap the emergency
cash supply to the tune of $575m
(364.6m). That follows a one-time use
of the facility by one bank in August,
which borrowed $500m.
A bank would only draw on ECB
funding if it were frozen out of the
open market, where borrowing costs
are much lower than the 1.1 per cent
rate the Bank demands.
Moodys yesterday downgraded two
French banks, Credit Agricole and
Socit Gnrale, but they have denied
any funding problems.
The average rate banks are charged
for loans in sterling, euro and dollars is
on the rise. The three-month dollar
London interbank offered rate (Libor)
increased from 0.347 per cent on
Tuesday to 0.349 per cent yesterday,
with Credit Suisse and Credit Agricole
charged the most at 0.415 per cent.
Three-month euro rates also
increased, from 1.4781 per cent to
1.4787 per cent and the equivalent
sterling rate rose from 0.912 per cent
to 0.915 per cent.
And IFR magazine has reported that
US banks are stepping into the fund-
ing breach, signing deals to lend bil-
lions to European lenders over the
summer. MORE: P3, P24
BY JULIET SAMUEL
EUROZONE
Chancellor George Osborne is taking the ECB, headed up by Jean Claude-Trichet, to court Picture: REX
BRITAIN will today sue the European
Central Bank (ECB) over new rules that
will force the Citys biggest clearing
house, LCH.Clearnet, to relocate to the
Eurozone.
The move highlights growing impa-
tience among Whitehall officials and
politicians, who believe Brussels is
using new regulation as a smoke-
screen to undermine Londons pre-
eminence as a global financial centre.
Under new rules unveiled by the
ECB in July, clearing houses must be
based in the Eurozone if they hold
more than five per cent of any one
euro-denominated market, including
over-the-counter (OTC) derivatives.
London is home to around 40 per cent
of OTC derivate trading.
Such a rule would force
LCH.Clearnet one of the largest clear-
ing houses in the world to relocate
huge parts of its business to a financial
centre within the Eurozone, such as
Paris or Frankfurt, costing hundreds of
London jobs.
According to the ECB policy paper,
clearing houses that exceed the five
per cent threshold must be legally
incorporated in the euro area with full
managerial and operational control
and responsibility over all core func-
tions exercised from within the euro
area.
One Whitehall official told City A.M.:
BY DAVID CROW
POLITICS
www.cityam.com FREE
JOE LEWIS
CHASES M&B
SUITOR HOPES TO
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This sets a dangerous precedent and
has serious implications for the Citys
competitiveness. The general feeling is
that this is our enoughs enough
moment.
Britain is expected to file the lawsuit
today at the European Court of Justice
(ECJ), marking the first time a member
state has taken legal proceedings
against the ECB.
Although Britain will fight the case
on the grounds that it undermines the
single market, the unprecedented
move represents part of a wider
assault against the deluge of anti-City
regulation that is coming out of
Brussels.
Some officials fear that France and
Germany are trying to win business
for their own financial centres by
changing the regulatory goal-posts in
the name of financial stability.
A Treasury spokesman said: This
decision contravenes European law
and fundamental single market prin-
ciples by preventing the clearing of
some financial products outside the
Euro area. That is why we have begun
proceedings against the ECB through
the ECJ.
[We] want to see this resolved swift-
ly and without involving the courts,
but if necessary will not shy away from
continuing legal action to make sure
there is a level playing field across the
EU for British businesses.
Issue 1,468 Thursday 15 September 2011
Certified Distribution
01/08/11 till 28/08/11 is 92,745
THE GLOVES ARE
OFF: UK SUES ECB
News
2 CITYA.M. 15 SEPTEMBER 2011
BP shoulders
blame for spill
AN OFFICIAL US government report
has heaped most of blame for the
countrys biggest ever oil spill on BP
yesterday, chastising the company and
other parties for poor management
and a string of critical mistakes that
could have been prevented.
BPs cost or time saving decisions
without considering contingencies
and mitigation were contributing
causes of the Macondo blowout in
April last year, a final enquiry by the
US Coast Guard and the offshore oil
regulator concluded.
The 17-month enquiry also finds
fault with rig owner Transocean and
contractor Halliburton for their part
in the catastrophe but concludes BP
was ultimately responsible for making
a series of decisions which ultimately
led to the failure of the cementing of
the well.
The explosion aboard the
Deepwater Horizon killed 11 people
and caused almost 5m barrels of oil to
leak into the Gulf of Mexico.
BPs shares rose as much as 4.8 per
cent before the report was published
on hopes that it would help the com-
pany avoid being found grossly negli-
gent, which would increase its
financial liabilities. The shares fell
back slightly but still closed 3.5 per
cent higher as the report implicated
other parties.
BY KASMIRA JEFFORD
ENERGY
DEUTSCHE BRSE-NYSE DEAL TO SAVE

EXTRA $1BN FOR CUSTOMERS
Deutsche Brse and NYSE Euronext,
the exchange operators planning to
create the worlds largest bourse, have
significantly raised their estimate of
savings by banks from the deal, saying
customers would save about $1bn
more than previously estimated.
VICKERS MEMBER CALLS FOR REPEAL OF
BANK LEVY
An influential member of the Vickers
commission on banking reform has
urged the government to offset the
potential 7bn-a-year hit to the indus-
try from implementing the reports
recommendations, by axing the annu-
al 2.5bn balance sheet levy. Bill
Winters said any concerns that the
Vickers recommendations would
make British banks uncompetitive
against foreign-owned rivals could be
softened by tax cuts.
BARCAP NEARS 1BN DEAL FOR STUDENT
HOMES STAKE
Barclays Capital is close to selling its
majority stake in University
Partnerships Programme, the UKs
largest developer of university campus-
es, in a deal that could be worth close
to 1bn. PGGM, the Dutch pension
fund, has entered exclusive negotia-
tions with UPP and is likely to sign a
deal early next month to buy the bulk
of the 80 per cent stake controlled by
BarCaps infrastructure fund.
HAPAG-LLOYD IPO BLOCKED BY SPLIT
AMONG SHAREHOLDERS
The general manager of the consor-
tium that owns a majority of Hapag-
Lloyd, one of the worlds largest
container shipping lines, has ruled out
a 3bn ($4.1bn) initial public offering
in the next 12-15 months. Karl
Gernandt, chief executive of Kuehne
Holding, a member of the Albert
Ballin consortium that controls 62 per
cent of Hapag-Lloyd, said the IPO had
been held up by differences of opinion.
MCLARENS FORMULA ADDED TO
LUCOZADE, DRUGS AND EDUCATION
McLarens expertise in building
Formula One cars is to be put to use
in the manufacture of antibiotics,
vaccines and Lucozade in an unlikely
alliance between the motor racing
team and GlaxoSmithKline. The two
companies are to spend between
25m and 30m on a technical centre
in Woking that will pool analytical
tools.
PLYMOUTH MARINA CHIEF BOWS TO
INVESTOR PRESSURE
The chief executive of Plymouths
marina and airport stepped down yes-
terday in the aftermath of an investor
revolt. Sutton Harbour Group, which
also owns the dock that services
Plymouths fishing fleet, said that
Nigel Godefroy had resigned after 19
years at the company for personal
reasons.
IMF: EUROPE NEEDS TO TAKE DECISIVE
ACTION NOW ON BANKING CRISIS
The International Monetary Fund
(IMF) has issued its starkest warning to
date that Europes banking debacle is
turning into a systemic threat to glob-
al finance and can no longer be
allowed to fester. This is the most
urgent crisis facing the world today,
said Zhu Min, the IMFs deputy man-
aging director and China's voice at the
institution.
IPPR: THE BLOATED SCOTTISH PUBLIC
SECTOR WILL HAMPER RECOVERY
Economic recovery in Scotland will
lag behind most of the UK because it
has become so reliant on an unafford-
able public sector, a think tank study
has concluded. The Institute for Public
Policy Research (IPPR) said the SNP
administration must oversee a
marked turnaround in the creation
of private sector jobs.
THAT IPO POP? MAJORITY OF 2011 US
LISTINGS ARE UNDERWATER
More than half of the US-based com-
panies making their domestic stock-
market debuts this year are trading
below their offer price, an ominous
backdrop for any companies hoping
to come public. For any investor who
bought and held these so-called
underwater stocks in their portfolios
over the course of the year, it is a
painful reminder that even deals that
did well their first day in the spot-
light can crater later.
GOP TIES HOUSE WINS TO
PRESIDENTS WOES
Decisive Republican wins Tuesday in
two House races have Democrats
increasingly worried they will face
problems in the 2012 elections if the
economy and President Barack
Obama's job approval rating don't
improve significantly.
WHAT THE OTHER PAPERS SAY THIS MORNING
Economy not rebalancing fast enough
IT is not good news on the jobs front.
Unemployment jumped by 80,000 over
the past three months; employment is
up by just 24,000 over the past year.
The post-recession jobs rebound has
ground to a halt. The economy is rebal-
ancing towards the private sector but
no longer quickly enough.
Private sector employment peaked
at 23.542m during the first quarter of
2008. Interestingly, private jobs started
to fall long before Northern Rock. The
trough came in the final quarter of
2009, when private sector employment
fell to 22.515m, down 1.027m from the
boom-time peak, a devastating blow
but still less than expected after a
recession of such severity. One reason
was that public spending, including in
construction, propped up technically
private but in fact state-funded jobs
(a major trend during the Labour
years, when hundreds of thousands of
private jobs dependent on govern-
ment contracts were created).
Firms started to add to their staffing
levels at the start of 2010. Private sector
employment has grown during each of
the past six quarters, with a net
617,000 jobs added, taking the total
back to 23.132m. But the strong
growth of previous quarters is now
running out of steam. One reason for
this is the loss of state-supported jobs;
but the main factor is that the econo-
my grew by just 0.2 per cent in the sec-
ond quarter, which is just too weak to
create enough jobs.
What was more surprising was the
acceleration in the rate of public sector
jobs losses. Public sector employment
reached its peak as a share of total jobs
in late 2009, hitting 21.9 per cent on
the official measure; payrolls reached
6.327m at the end of 2009. They then
started to fall when Labour was still in
power a decline that has since accel-
erated and dropped to 6.037m in the
second quarter, 20.7 per cent of the
total. So far, therefore, total state sector
jobs are down by 290,000, through a
combination of non-replacement and
redundancies but even then we are
still only just back to levels last seen in
2008. The most recent three months
were unusual in that total public sec-
tor job losses (111,000) swamped pri-
vate sector growth (41,000).
The rate of job losses in the public
sector appears to be running 3-4 times
faster than predicted by the Office for
Budget Responsibility. Either George
Osborne is getting the painful news
out of the way or the overall reduc-
tions will end up being higher than
planned. One reason to suspect the lat-
ter is that the supposed pay freeze in
the public sector is not happening:
even excluding the nationalised
banks, total pay in the public sector
rose by 1.6 per cent on a year earlier
(against 3.1 per cent in the private sec-
tor). Because the public sector is failing
to keep wage costs down, far more peo-
ple will have to lose their jobs.
All of which put the onus back on
the private sector. It is a miracle, given
that national insurance (aka the jobs
tax) has been hiked, that the coalition
has utterly failed to deregulate the
economy in any meaningful way, the
job cuts in the City, and that vast num-
bers more rules have actually hit
employers in recent months, that the
situation isnt worse.
With the Eurozone in crisis and UK
inflation hitting real incomes, growth
will remain depressed. The only way
the coalition can possibly incentivise
UK Plc to create more jobs under such
conditions is to transform the business
climate by introducing radical deregu-
latory measures. It is the only hope;
Osborne must act urgently.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
ACCOUNTANCY giant Ernst & Young
is to face an investigation into its
alleged failure to audit the accounts
of Anglo Irish Bank properly in the
run-up to the financial crisis.
The Irish Chartered Accountants
Regulatory Board (CARB) reported
yesterday that it has found enough
evidence to justify a probe into
E&Ys role regarding the banks dis-
closure of certain loans and financ-
ing operations.
In particular, the regulator will
look into E&Ys work on the lenders
2008 accounts regarding its dealing
with Irish Life & Permanent.
Both Anglo Irish and IL&P were
bailed out by the Irish government,
which expects to make a loss of some
38bn on the Anglo Irish rescue
alone.
Dublins decision to guarantee its
banks mountain of debt was instru-
mental in forcing the state to seek a
bailout last year.
BY JULIET SAMUEL
FINANCIAL SERVICES
E&Y to face Irish probe

Irish regulators will examine Ernst & Young, led in the UK and Ireland by Steve Varley
NEWS | IN BRIEF
Lehman Bros bonus case fails
A bankruptcy judge has denied Lehman
Brothers Holdings attempt to recover
$500m (317m) it alleges was supposed
to go toward employee bonuses from
Barclays. Lehman had said Barclays
never gave the money to the employees
and should send it back to Lehman for
the benefit of Lehman's creditors.
Wednesday's ruling is the latest instance
of validation for Barclays, which bought
Lehmans North American business in
2008 following the collapse of the firm.
HSBC dropped from silver probe
HSBC has for now been dropped from
an investor lawsuit accusing it of con-
spiring to drive down silver prices, leav-
ing JP Morgan Chase as the only bank
defendant in the case. Investors had in a
raft of complaints filed in 2010 and
2011 accused banks of amassing hun-
dreds of millions of dollars in illegal prof-
it by manipulating prices of COMEX
silver futures and options contracts. But
an amended complaint in the US courts
yesterday said HSBC had entered into a
tolling agreement with claimants,
without giving a reason why, and that
they were no longer a defendant.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
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BP, led by Bob Dudley
said it agreed the spill
was a result of multiple
causes involving multiple
parties.
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 748 2711
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
FACEBOOK will delay its initial pub-
lic offering (IPO) until the end of
next year so employees can focus on
developing products for the social
networking website, according to
reports.
Facebook, which is expected to
have one of the biggest IPOs in histo-
ry, plans to go public at the end of
2012, a later public debut than it
originally planned. The float had
been scheduled for April, with some
suggesting it could even be this year.
Chief executive Mark Zuckerberg
is said to want to delay an IPO until
September or later in 2012 to avoid
employees becoming distracted by
the prospect of a pay-out from their
share options, according to the FT.
The decision was said to be unre-
lated to market conditions.
The worlds most popular social
networking site is being advised by
Goldman Sachs, which is also a
major investor in the company, valu-
ing it at around $60bn similar to
the value at which commodities
trader Glencore floated earlier this
year.
Facebooks revenue is said to
have doubled to $1.6bn in the first
half of this year. The firm declined
to comment on its float plans last
night.
MARKETS rallied yesterday after
European Commission president Jose
Manuel Barroso promised to unveil
new proposals for euro-bonds in the
near future.
Speaking to the European
Parliament, he said: This is a fight for
the economic and political future of
Europe. This is a fight for European
integration itself.
A euro-bond would effectively see
paymaster economies agree to under-
write the debts of weaker countries.
In the evening the regions leaders
tried to affirm their support for
Greeces membership of the euro.
Following a conference call
between Prime Minister George
Papandreou, French President Nicolas
Sarkozy and German Chancellor
Angela Merkel, Athens released a
statement that said: Greece is an
integral part of the Eurozone... Greece
is determined to meet all its commit-
ments to its partners.
Merkel had previously warned that
politicians must weigh their words
carefully, a slap-down to her coali-
tion partner who has talked publicly
about preparing for a Greek default.
There were reports that the EU is
preparing for disaster behind the
scenes. A leaked document written by
EU officials was quoted as saying that
over the summer, contagion has
spread across markets and countries
and the crisis has become systemic.
And the statement is unlikely to
impress markets. Yesterday morning
Newedges Bill Blain warned against
further euro elite platitudes, saying:
We dont need more circular chitter-
chatter, plans about plans, or panic
about electoral implications We
have reached the do something
moment.
That moment could still be far off,
however: despite the Eurostoxx 50
and the FTSE 100 both closing up,
stocks dipped during the day after an
Austrian parliamentary committee
refused to fast-track a vote on expand-
ing Europes bailout facility.
The current schedule could see the
region wait until December to fully
ratify Greeces second bailout. But at
the moment, markets are more con-
cerned about Athens staying on track
with its austerity targets to continue
receiving instalments of its first
bailout.
MORE ON THE EURO: P24
Markets rally
after promise
of euro-bond
MOODYs downgraded Credit
Agricole and Socit Gnrale two
of Frances biggest lenders yesterday
on the basis of Credit Agricoles expo-
sure to Greeces ailing public finances
and SocGens reliance on wholesale
funding.
But BNP Paribas avoided a down-
grade and fought back against its crit-
ics by unveiling a dramatic
restructuring that will see the bank
offload 70bn of assets.
In a conference presentation in New
York, the banks chief executive
Baudouin Prot also outlined plans
some already in motion to shrink its
investment banks funding needs by
60bn by the end of next year and to
exit the UK, Hungary and Switzerland.
The sell-off, which will also include
non-core assets like yacht and jets-leas-
ing businesses, will deliver a ten per
cent reduction in the groups leverage
ratio, Prot said. He aims to boost the
banks common tier one equity ratio
by one per cent compared to June of
this year.
He claimed that the bank is on track
to meet its target of a nine per cent
common equity ratio under Basel III
definitions by the end of 2012.
The bank emphasised that it has so
far reduced its investment banks fund-
ing needs by 22bn since June 2010.
BNP Paribas avoids Moodys
downgrade of French banks
Facebook could delay $60bn
float to second half of 2012
BY JULIET SAMUEL
EUROZONE
TECHNOLOGY
BY JULIET SAMUEL
BANKING
News
Jose Manuel Barroso said that the Eurozone must fight for its life
NEW jobs in the private sector failed
to offset major declines in state sector
employment in the second quarter of
the year, figures from the Office for
National Statistics (ONS) revealed yes-
terday.
With chancellor George Osbornes
austerity plans beginning to kick in,
government roles were down by
111,000 in the three months to June --
the largest fall in state employment
since the records began in 1999 --
while the commercial sector created
41,000 new jobs.
Not all of the public sector job loss-
es were unexpected, however 14,000
were staff employed on a temporary
basis to work on the census.
And over six million people are still
employed by the state, despite 240,000
positions being cut in the last 12
months. In the same period, 264,000
jobs have been created in the private
sector.
Yet figures for the three months to
July show unemployment increased
by 80,000 to 2.51m compared with the
previous three months -- a rise of 0.2
percentage points to 7.9 per cent and
the largest spike in almost two years.
Employment minister Chris
Grayling said the figures underline
the scale of the challenge we face par-
ticularly given slower growth across
Europe and North America.
Grayling pointed to measures
including the creation of enterprise
zones, expected to create 30,000 jobs
by 2015, and steps to cut tax and red
tape on companies as evidence of gov-
ernment action on unemployment.
An extra 30,000 people claimed job-
seekers allowance in August than in
the month before, a lower increase
than analysts predicted.
We anticipated a rise in the
claimant count of 40,000, said
Investecs Victoria Cadman. Despite
the smaller rise, the UKs recovery
prospects look to be negative.
The number of people in employ-
ment also sunk in the three months
to July, down by 69,000 compared to
the previous three months.
Long-term unemployment
increased as well, with 849,000 people
now out of work for over 12 months
51,000 more than in the previous
three months.
The government is taking the steps
needed to support growth and rebal-
ance the economy, said Grayling. In
terms of the long-term jobless, our
new Work Programme is now up and
running across the country and will
offer flexible support tailored to peo-
ples needs to help them get into
employment.
Public sector
jobs slashed
at record rate
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BY TIM WALLACE
ECONOMY
HIRING for financial services roles in

London fell to its lowest point so far
this year during August, with just
4,095 vacancies compared to the
10,291 job seekers that entered the
market, a report said yesterday.
New opportunities in the financial
sector fell 18 per cent month-on-
month from July, and were down a
huge 26 per cent since August 2010,
when 5,544 jobs were available, claim
figures from Morgan McKinley.
Between July and August, the num-
ber of new job seekers in the financial
services market rose by 17 per cent a
five per cent decrease on the same
time last year.
But for those who did manage to
secure a role during August there was
at least some good news, as average
salaries for new employees rose by
three per cent from July.
Financial services roles remain at
a premium as hiring levels slump
RECRUITMENT
HURRICANE Irene and low confi-

dence made retail and food sales
stagnate last month, according to
figures released yesterday by the US
Census Bureau.
Advanced estimates indicate over-
all sales did not grow at all during
August, compared to monthly
growth of 0.3 per cent and 0.2 per
cent in July and June respectively.
Sales of vehicles and clothing led
the fall, declining by 0.3 per cent and
0.7 per cent respectively over the
month. Electronics and sports goods
helped offset that, however, with
sales increasing by 0.5 per cent and
2.4 per cent in turn.
Economists believe sales post-
poned by the hurricane and a build-
ing expansion prompted by
increased repair works will con-
tribute to third quarter sales exceed-
ing those in the second quarter.
Over the year so far sales are 7.9
per cent higher than in the same
period of 2010, but a slow increase in
business inventories up 0.4 per
cent in July, according to figures
from the Commerce Department
released yesterday indicates firms
are cautious about future demand.
The Producer Price Index (PPI)
measure of inflation was also static,
showing no change overall in
August. Food prices rose 1.1 per cent
over the month while energy
declined by an almost identical one
per cent.
US retail growth grinds to halt
in August after slow summer
BY TIM WALLACE
US ECONOMY
News
Barack Obama
faces a fight to steer
the US back into
strong economic
growth
Picture: REUTERS
CREDIT rating agency Moodys said
proposals from the Independent
Commission on Banking (ICB) to ring-
fence the retail operations of UK
banks and get them to hold more cap-
ital would not lead to any immediate
rating changes on the sector.
Moodys said, however, that the
ICBs proposals would have a negative
impact in the longer-term for British
banks bondholders.
Earlier this week, the ICB -- which
submitted its final report to the gov-
ernment earlier this week -- said top
UK banks should insulate their retail
lending activities and store up billions
in extra capital.
The proposals will impose a ring-
fence limiting the extent to which a
bank can use money in its retail arm
to fund investment banking activities,
thus increasing its funding costs,
which will likely hit profits and possi-
bly make it harder for banks to lend to
businesses.
The ICB also insisted banks hold
core capital of at least 10 per cent of
risk-weighted assets in their domestic
retail operations.
They will have to hold a further
seven to 10 per cent of capital that can
be in the form of bail-in bonds --
which take a loss or convert into equi-
ty to recapitalise a bank if it hits trou-
ble -- giving a requirement they hold a
total of primary loss-absorbing capital
of between 17 and 20 per cent, a level
only the Swiss also plan to introduce.
The final report published by the
ICB will not trigger any immediate rat-
ing changes for UK banks, Elisabeth
Rudman, senior vice president in
Moodys Financial Institutions Group
in London, said in a statement.
Moodys: UK
bank ratings
safe for now
CITY landmark Tower 42, an icon of
the London skyline since it was
completed in 1980, has been put up
for sale, with its private equity own-
ers hoping to get 290m for the
building on Bishopsgate.
BlackRock UK Property Fund and
LaSalle Investment Management
yesterday announced they were
looking for buyers of their freehold
in the Tower 42 estate, which
includes five other commercial
buildings around Old Broad Street.
With limited supply and
increasing demand exerting
upward pressure on rents in the
City market, investors can antici-
pate strong returns and consider-
able long term growth potential,
said BlackRock managing director
Jeff Morton.
The flagship tower, which stands
over 600 feet tall, was built between
1971 and 1980 as the new head-
quarters for NatWest bank, and cost
around 70m to build at the time.
It was previously put on the mar-
ket last year with a target price of
300m by BlackRock and LaSalle.
Despite more than 40 serious view-
ings, reported to include property
tycoon Gerald Ronson, the owners
decided to hold out for a higher
offer.
Tower 42 put
up for sale for
by PE owners
Tower 42, once the Citys tallest building, has been put up for sale Picture: REX
BY HARRY BANKS
BANKING
PROPERTY
The ICB estimates the cost of its proposals at

4-7bn a year for the banking industry.
It says half of the cost will be down to the ring-
fence requirement and half due to a rise in funding
costs due to the introduction of bail-in bonds.
FAST FACTS | VICKERS REPORT
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NEWS FROM THE
CITY OF LONDON
Get City news, info and offers at
www.cityoflondon.gov.uk/eshot
Stories supplied by the City of London
ADVERTISEMENT
Moonlight in the Square Mile
ohn Atkinson Grimshaw (1836-1893): Painter of Moonlight
opens at Guildhall Art Gallery, EC2, on 19 September. Details
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J
JOE LEWIS has told associates he
wants to meet JP McManus and John
Magnier, his friends and fellow share-
holders in Mitchells & Butlers, to
enlist their support in his fight to
take full control of the pub chain.
According to one source who was
yesterday at a meeting on Lewiss boat
Aviva, the financier expressed his
wish to meet McManus and Magnier
within 48 hours.
However, an adviser representing
Lewiss vehicle Piedmont stressed no
such meeting between the two par-
ties had yet been scheduled.
Investors in M&B are concerned a
joint approach from Lewis and the
Irish tycoons who own 22.8 per cent
and 20 per cent of the leisure group
respectively could make it difficult
for shareholders such as Standard
Life, which has spoken out against the
possible bid, to reject a low-ball offer.
Magnier and McManus have in the
past denied they have been acting
together with respect to their share-
holdings in M&B a view accepted by
the Takeover Panel, which in January
2010 defended the pair from accusa-
tions they were trying to take control
of the Harvester and All Bar One
owner without making a formal bid.
But one source told City A.M. that
Magnier and McManus both enjoyed
hospitality aboard Aviva over the
summer, reportedly joining Lewis on
the superyacht for games of cards.
Bankers have speculated that
Lewis, whose Piedmont vehicle
announced a possible 230p per share
offer for M&B on Monday, could offer
a more or less equal shareholding in
the new company to the two Irish
investors if they decide to join his bid
plans.
Lewis seeks out
Irish tycoons in
brewing battle
M&B suitor Joe Lewis (left) hopes to meet with JP McManus (right) and John Magnier to discuss a bid Picture: NEWSCAST
BY DAVID HELLIER AND HARRIET DENNYS
LEISURE
News
JUSTICE secretary Ken Clarke yester-
day poured scorn on EU plans to har-
monise contract law across Europe,
calling the initiative unnecessary,
disproportionate and damaging.
In a wide-ranging speech, during
which he outlined an action plan
to promote UK legal services across
the globe, Clarke said efforts to
establish a unified law across the sin-
gle market would tie up the EC from
doing useful work elsewhere, and
could prompt years of litigation as
the new law gets tested.
Clarke also outlined his commit-
ment to helping UK legal services
expand into new markets, with
India which bans foreign law firms
and lawyers from practising in its
markets singled out as a key target
for investment.
He also reiterated the importance
of the new Legal Services Act, which
will liberalise the way UK law firms
can be run when it is introduced
later this year.
I want to make it clear that for
this government, the City of London
is a legal centre not just a financial
one, said Clarke.
The rule of law is one of our
greatest exports but there is more
that we can do to help UK legal serv-
ices thrive.
BRITISH unions yesterday gave notice
that up to a quarter of the countrys
workforce could go on strike in
November in protest at the govern-
ments public sector pensions reform.
The Trades Union Congress, a
group of unions that represent 6.5m
workers, voted unanimously in
favour of industrial action yesterday.
Leaders chose the 30 November as the
planned date for coordinated action
at a meeting at the TUC conference in
London.
Unite, the Fire Brigades Union and
the GMB have already started ballot-
ing members over strike action in
response to the planned rise in pen-
sion contributions from those who
work for the state.
Even Unison, which represents
1.1m workers and decided not to take
part in Junes one-day strike, said it
will ask members to vote on industri-
al action.
The government is seeking to raise
contributions by three per cent from
April next year to save more than
1bn in 2012-2013.
Unions and ministers have been
trying to negotiate a compromise
since the details were laid out in Lord
Huttons report in March.
TUC general secretary Brendan
Barber warned that a day of strikes in
November could mark the start of a
wave of industrial action over the
winter if a deal is not reached.
The intention will be to take the
call for pensions justice for both pub-
lic and private sector workers to every
corner of the land on that day in the
biggest trade union mobilisation in a
generation, he said.
Cabinet Office minister Francis
Maude said the government hopes to
come to an agreement without the
need for strikes.
It is extremely disappointing that
the TUC is calling on union members
to lose a days pay and go on strike
while serious talks, which were set up
at their request, are very much still
ongoing, he said.
Labour shadow Treasury minister
Angela Eagle called on the govern-
ment to step up talks to avoid any
industrial action. I urge all sides to
step back from a confrontation that
will further harm the economy and
make life tougher still for millions of
British families, she said.
Unions plot
more pension
strike action
DEPUTY Prime Minister Nick Cleggs
proposals to boost the economy by pri-
oritising infrastructure spending were
rejected by several economists and
business leaders yesterday.
Cleggs plans for speeding up spend-
ing on projects like Crossrail and
boosting the M25s capacity will not
bring about growth, warned Mark
Littlewood from the Institute of
Economic Affairs (IEA). What we need
is a major programme of deregula-
tion, making it easier for private busi-
ness to flourish.
The IEA is calling for the minimum
wage to be suspended and a more rad-
ical liberalisation of planning laws.
Steve Radley from manufacturers
organisation EEF added: The most
pressing areas to address are tax,
finance, regulation and skills. A one-
in-one out system for new regulations
would help, as would a renewed
emphasis on science, technology, engi-
neering and maths qualifications.
Tony Dolphin from the Institute for
Public Policy Research criticised the
governments fiscal position: By
repeatedly saying there is no plan B
on spending the government has pre-
vented itself even from simply bring-
ing next years infrastructure
spending forward.
Clegg under fire after calls
for infrastucture spending
Clarke challenges EU on plans for
a unified European contract law
BY MARION DAKERS
POLITICS
LEGAL SERVICES
BY TIM WALLACE
UK ECONOMY
News
TUC general secretary Brendan Barber warned of a wave of industrial action
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
project, The Capitalist has learned
ahead of the official announcement
later this month, is the start of
building works on the marina resi-
dences, to be sold during construc-
tion by a newly opened Albany
office in Berkeley Square.
Leading the new office is Albanys
business development director James
Deen, most recently spotted at inter-
national members club The Eden
Club. Just the right credentials, then,
to persuade Mediterranean yacht
owners to invest in a marina-side
penthouse with a private swimming
pool alongside a winter berth for
their boat in the Caribbean.
JUST FOR MEN
IT SOMETIMES feels like he would
turn up to the opening of an envelope.
But Nick Candy, the newly crowned
Entrepreneur of the Year by GQ maga-
zine and suit afficionado, was
nowhere to be seen at the opening of a
new Spencer Hart store on Mayfairs
Brook Street.
Instead, Liongate Capitals co-
founders Randall Dillard and Jeff
Holland; Mike Asscher, the director of
development of Far East business for
the Royal Asscher Diamond Company;
Owen Murfin, managing director of
BlackRock Global Capital Securities;
and Justin Marciano, managing direc-
tor of Revolver Entertainment; trotted
along to admire the tailors fresh and
modern retail world for men.
Open for business today, the flag-
ship shop marks a new direction for
the brand, which has diversified into
books, films, music and art over to
you as to whether the Spencer Hart
scent, designed by Floris heir Edward
Bodenham, is a step too far
NO MACPLAN B
THERE is something galling about
Alex Salmond, the Scottish first minis-
ter, lecturing the rest of the UK on the
economy.
Yesterday, the bumptious Scot was
crowing from the rooftops about
Scottish employment, which outper-
formed the rest of the UK between May
and July, rising 23,000 compared to a
69,000 fall across the UK.
Funnily enough, he failed to men-
tion that in east Glasgow, almost a
fifth of the population claims incapac-
ity benefit. Maybe George Osborne
shouldnt adopt the so-called Plan
MacB after all.
EVERSHEDS OPTS IN
A PUBLIC engagement close to
Theresa Mays heart yesterday, as the
home secretary launched the govern-
ments voluntary gender equality ini-
tiative at Eversheds.
Promoting equality of opportu-
nity and equal treatment isnt just
the right thing to do, its also cru-
cial to promoting growth, said May,
speaking at the City law firm that
has 27 per cent female representa-
tion on its board.
Also adding weight to the debate
were Katja Hall, chief policy director
at the CBI; Tesco personnel director
Judith Nelson; BT Groups people
director Caroline Waters; and
Eversheds chairman John Heaps, who
recently joined The 30 Per Cent Club.
We have been externally reporting
on diversity for three years, Heaps
told The Capitalist. We regard it as an
important part of the culture of our
firm that we do so it is crucial both
our clients and our staff understand
how important the issue is.
GIRL POWER
SO PERHAPS Eversheds and its high-
powered panel could help spread the
word about the Women of the Future
Awards, open to high-achieving
women under 35 in the UK, which
has issued a last call for entries ahead
of the closing date on 21 September.
Nominate either yourself or a col-
league at http://
womenofthefuture.co.uk to stand a
chance of joining the winners at the
awards ceremony at the Marriott Hotel
in Grosvenor Square on 16 November.
PUBS WAR CAN WAIT AS JOE LEWIS
EXPECTS NEW GREAT-GRANDCHILD
ALL EYES remain on financier Joe
Lewis, whose surprise appearance in
London on his superyacht Aviva ten
days ago has been satisfactorily
explained by this weeks hostile move
to take control of pub chain Mitchells
& Butlers. Case closed.
Or is it? As ever with the enigmatic
Bahamas-based billionaire, the truth
is rather more surprising the real
reason Lewis is in town, according to
a business associate source, is that
the 74-year-old is expecting the arrival
of his first great-grandchild.
Lewiss boat has now moved from
Tower Bridge to the Tower of
London, says The Capitalists man on
the riverbank, and there it will
remain until the latest addition to
the Lewis gene pool has been safely
delivered into the world. Forget
Mitchells & Butlers, said the source.
He could have done that business
from anywhere in the world.
Such as the New Providence
marina in the Bahamas, Avivas
usual mooring place and the site of
the Albany resort, which Lewis has
been quietly developing through
his Tavistock Group business inter-
est alongside golfing investors
Tiger Woods and Ernie Els.
The next stage of the 600-acre
Rooms with a view: work is due to start on Joe Lewiss Albany Marina homes in early 2012
Equal footing: Theresa May and John Heaps
Tailor made: the new Spencer Hart store
BREVAN Howards BH Macro fund is
the best performer of UK listed hedge
funds, adding 15 per cent to its net
asset value in the year to date, Numis
analysts said yesterday.
Performances across the sector
were mixed but still helped insulate
investors from stock market turbu-
lence. All but the Dexion Equity
Alternative outperformed the FTSE
all-share index in the year to date.
Analysts led by Ewan Lovett-Turner
said funds had reduced their leverage
and stable investor bases so were bet-
ter placed to withstand a crisis in
financial markets than in 2008.
LOUIS Vuitton, the star brand within
the worlds biggest luxury group
LVMH, yesterday unveiled a succes-
sion plan which will see a former
Danone executive, Jordi Constans,
take the executive reins as of 2013.
Yves Carcelle, 63, chief executive of
the French leather goods maker
since 1990, will remain on the execu-
tive board of LVMH and be in charge
of strategic missions for Bernard
Arnault, chairman and chief execu-
tive of LVMH.
This is of course about an organ-
ised succession, not a replacement, a
spokesman for LVMH said yesterday.
Carcelle will also become chair-
man of the brands foundation,
which is to open its doors in early
2013.
Louis Vuitton, which generates
nearly 6bn (5.2bn) in annual rev-
enues and contributes more than
half of LVMHs operating profits, said
2012 would be a transition year dur-
ing which Constans would work
alongside Carcelle to learn about the
brand and the job.
Constans, 47, originally from
Spain, was head of Danones fresh
dairy products division, the groups
biggest, and a member of its execu-
tive board since 2008. He joined
Danone in 1990.
The nomination comes as LVMHs
other major brand Dior is in talks
with Marc Jacobs, Louis Vuittons
artistic director, to replace John
Galliano, sources close to the matter
have said.
However, this week fashion media
reported negotiations between
Jacobs and Dior were stalling, partly
on money issues. If Jacobs leaves
Vuitton, there has been speculation
that Phoebe Philo, designer at sister
brand Celine, would replace Jacobs at
Louis Vuitton.
LVMH shares, which have lost 11.4
per cent since the start of the year,
closed up 2.5 per cent at 111.80 yes-
terday.
In July, LVMH reported a glittering
first half, with revenues up 15 per
cent to 10.3bn (9.1bn).
Profits from recurring operations
rose 22 per cent from the same time
last year to 2.2bn a reflection of
the growing appetite for luxury
goods, particularly in emerging mar-
kets.
Danone dairy
chief to run
Louis Vuitton
ENERGY explorer Cairn yesterday
came a step closer to completing its
$6.5bn (4.1bn) Indian asset sale,
after its shareholders gave their
blessing to the disposal.
The FTSE 100-listed firm has been
trying to sell Cairn India, which
operates oil fields off the coast of
Rajasthan, for more than a year but
has encountered numerous road-
blocks from regulators.
Having won the green light from
the Indian government in the sum-
mer after agreeing a royalties deal,
Cairn now has the nod from 97.29
per cent of its shareholders.
However, excluding shares
owned by Cairn or Vedanta busi-
nesses, just 60.82 per cent of
investors by value voted yes in the
postal ballot.
Cairn gets the nod
from shareholders
RYANAIR attacked the board of Irish
airline Aer Lingus yesterday,
demanding it ask shareholders their
views on three issues in a bid to
rebuild value at the company.
Ryanair, currently one of the
biggest shareholders in Aer Lingus,
said investors should decide whether
they receive an 0.20 per share spe-
cial dividend to compensate for the
firms 80 per cent loss of value since
2007.
It said investors should also be
asked their views on a halt on pay-
ments into the firms pension fund,
which is running a large deficit.
Ryanair hits out
at Aer Lingus
Brevan leads
listed hedgies
BY HARRY BANKS
RETAIL
HEDGE FUNDS
AVIATION
Yves Carcelle will remain on the LVMH board once Constans takes over the top job at Louis Vuitton Picture: REUTERS
BY MARION DAKERS
ENERGY
News
News
Entertainment One
is distributing the
new film version of
John Le Carres
Tinker Tailor
Solider Spy, released
in UK cinemas this
weekend
SHARES in Entertainment One
leapt by up to 25 per cent yesterday
after the Peppa Pig owner con-
firmed it was mulling a sale, adding
almost 75m to the companys mar-
ket capitalisation.
Entertainment One said yester-
day it was considering its strategic
options... in response to interest it
has received from various parties.
Though a spokesperson for the
firm said that reports naming
Disney and Viacom as potential bid-
ders were plucked out of the air,
analysts said a large US trade buyer
would be the best fit for the group,
whose revenue streams cover film,
television and music distribution
rights.
Entertainment One would be
best suited within a big US media
company that will make continued
investment in its content rights,
said Patrick Yau at Peel Hunt.
Private equity is also likely to be
interested, though management
may be sceptical, as its a model that
has proved less successful in the
past. Other names being linked
with a possible bid include Sony,
Alliance Films, Lionsgate and even
NewsCorp, though Entertainment
One insisted discussions were very
preliminary and that there were
no bids on the table.
Analysts said the rumoured price
of 400m would be reasonable.
That values the company at around
2.15 per share, a 30 per cent premi-
um to its closing price on Tuesday,
before bid rumours began.
Entertainment One
soars on bid interest
BY ELIZABETH FOURNIER
MEDIA
N
e
t
w
o
r
k
B
a
n
k
e
r
.
c
o
.
u
k
N
e
t
w
o
r
k
B
a
n
k
e
r
.
c
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.
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k
NetworkBanker.co.uk NetworkBanker.co.uk
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ANALYSIS l Entertaiment One Ltd
p 200
180
8Sept 9Sept 12Sept 13Sept 14Sept
194.50
14 Sept
FOR advice on its strategic review,
which many expect to result in the sale
of the company before the end of 2011,
Entertainment One has turned to man
of the moment Harry Hampson,
European telecoms and media invest-
ment banking chief at JP Morgan.
Canadian-born Hampson has
made quite the splash in the
media world over the past
couple of years, first coming
to mainstream prominence
when he acted for
Bertelsmann, whose RTL
Group sold Channel 5 to
Richard Desmond for
248m in July 2010.
But its Hampsons work for
NewsCorp thats really raised
his profile in recent
months, after he
advised Rupert
Murdoch on the
acquisition of his
daughter Elisabeths
independent television
production company, Shine,
completed in April this year.
Hampson then took a key role for
NewsCorp on its ultimately doomed bid
for the remainder of BSkyB shares, which
was abandoned in mid-July during the
height of the phone hacking scandal but
could be revived once investigations are
completed.
Away from the office, Hampson is part
owner of Italian restaurant
Osteria dell'Arancio on
Chelseas Kings Road. He
is joined on the
Entertainment One account
by David Harvey-Evers.
Also helping the Peppa Pig
owner conduct its strategic
review is Credit Suisse, led by
head of media investment banking
Alastair Blackman.
Blackman, with col-
leagues Indy
Bhattacharyya and
Stuart Field, also advised digi-
tal sports media group
Perform on its London initial
public offering in April.
Credit Suisses Joe Hannon is also
advising.
HARRY HAMPSON
JP MORGAN
ALASTAIR BLACKMAN
CREDIT SUISSE
@
@
@
MORE NEWS
ONLINE
www.cityam.com
MEET THE ADVISERS
Contact us on: 0800 279 4772
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Its no wonder traders have asked us Why trade FX anywhere else?
BARRATT Developments, the UKs
biggest housebuilder, hailed its first
underlying profit in three years yester-
day, helped by higher selling prices,
and expects to make further progress
despite a sluggish housing market.
The group reported a full-year prof-
it before tax and exceptional items of
42.7m compared with a loss of 33m
in 2010, beating market estimates.
We have made considerable
progress in rebuilding profitability
by optimising selling prices, improv-
ing operational efficiency and secur-
ing new higher margin land, Mark
Clare, chief executive, said.
The company was lifted by strong
second-half trading in London, where
average selling prices of private homes
were higher, as well as a shift in focus
to family homes as opposed to flats.
Its private average selling price was up
7.4 per cent for the year to 198,900.
Barratt said that while low con-
struction levels and a lack of mort-
gage finance was restricting activity
in the housing market, growth would
be maintained by a focus on higher
prices and new land, which it said
should make 35 per cent of sales this
year, up from 12 per cent in 2011.
The company also carried out a sig-
nificant refinancing with 1bn of
committed facilities and reduced the
net debt on its balance sheet to
322.6m, down from 366.9m in the
previous year.
Shares rose by 1.12 per cent last
night, closing at 77p.
Barratt posts
its first profit
in three years
Galliford Trys earnings jump
HOME EVENT
CONSTRUCTION and housebuilding
firm Galliford Try has posted a 34 per
cent jump in full-year adjusted pre-
tax profit, beating expectations, driv-
en by its focus on southern England.
Galliford, whose projects this year
include restoring Londons St Pancras
Chambers and the athletes village at
the Olympic Park, said pre-tax profits
for the financial year came in at
35.1m compared with 26.1m last
year on revenues up five per cent to
1.28bn.
Chief executive Greg
Fitzgerald (pictured right)
said its housebuilding arm
saw the number of comple-
tions rise 27 per cent to
2,170 after the market
picked up in the second half
of the year.
The group,
which raised
119.3m in
2009 to double
the size of its
housebuilding
division, said it was on track to
complete 3,000 units this year,
with a strategic focus on the
south of England.
Revenues in its construction
business were flat and underly-
ing profits dipped by three per
cent to 22.2m as Fitzgerald
warned that the market
remained increas-
ingly competi-
tive. Galliford
upped its divi-
dend by 28 per
cent to 18p.
BY KASMIRA JEFFORD
PROPERTY
BY KASMIRA JEFFORD
PROPERTY
HOUSEBUILDER Taylor Wimpey is

expected to save approximately
8.3m in debt interest costs on an
annual basis after drawing strong
demand for a buyback offer on its
outstanding 10.4 per cent bond
maturing in 2015.
The company announced yesterday
it would buy back 82.4m of the out-
standing 250m bond.
It had initially set out to buy back
around 60m of the bond when it
launched the tender offer last week,
but received tenders amounting to
117.2m by the expiration of the
offer, it said yesterday.
Meanwhile, Crest Nicholson said
yesterday it had strengthened its bal-
ance sheet after successfully complet-
ing a major debt restructuring. In all,
359m of its debt has been converted
to equity.
Taylor Wimpey cuts costs
through a bond buyback
PROPERTY
News
ANALYSIS l Barratt Developments Plc
p
8Sep 12Sep 13Sep 9Sep 14Sep
80.00
77.50
75.00
77.00
14 Sept
WHAT IS YOUR OUTLOOK FOR THE HOUSEBUILDING SECTOR? By Kasmira Jefford
CHRIS MILLINGTON | NUMIS

The housing sector, at such a low level of
activity, is showing a remarkable level of resilience.
If we dont get an interest rate rise it is very unlikely
that we will see a big onset of foresellers in the mar-
ket -- so if that is the case, I think pricing stays pret-
ty stable and companies show quite big lifts
in profits. I am quite upbeat on the sector.
MARK HUGHES | PANMURE GORDON

We are currently building a historically low
level of new homes in the UK and therefore from a
volume perspective, whilst I dont see things taking
off to any great degree, I think this is a perfectly
sustainable level of output. Weve been forecasting
that house prices would fall by anything up
to a couple of per cent this year.
ROBIN HARDY | PEEL HUNT

I think we are still fairly cautious on the market outlook ...Housebuilders still produce a lot of their output in
regional markets and certainly the RICS housing market survey yesterday suggests a bleak outlook for a lot of those
areaslike the Midlands, where a lot of the housebuilding outlook is still produced.
Barratt has returned

to profitability after
three years of losses
Picture: GETTY
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Introduction by City AM Editor, Allister Heath
CAR rental company Avis Budget
Group has dropped out of the race
to buy Dollar Thrifty, after a pro-
longed bidding battle with rival
Hertz Global Holdings.
Avis said it had made significant
progress in obtaining regulatory
clearance for the Dollar Thrifty
acquisition, but had decided not to
pursue a transaction due to cur-
rent market conditions.
Avis and rival Hertz have been
chasing Dollar Thrifty for more
than a year, amid growing consoli-
dation pressure in the industry,
and were in separate talks for
antitrust approval.
Dollar Thrifty had set a deadline
of 10 October for both the compa-
nies to make their final buyout
offers, to end the continued uncer-
tainty surrounding the deal.
It also adopted a poison pill to
thwart unfriendly takeovers after
Hertz raised it buyout offer in May.
Hertzs offer is currently worth
about $1.92bn (1.22bn), based on
the stocks last closing price.
However, after Avis acquired its
European namesake in June for
about $1bn, Wall Streets expecta-
tions of a higher bid from Avis had
come down significantly.
Avis had not matched Hertz with
a counter bid.
Hertz first agreed to buy Dollar
Thrifty in April 2010, in a $1.2bn
deal that would have created the
second-biggest US car rental com-
pany.
But Avis filed a counterbid of
about $1.33bn that July, topping
the Hertz offer and starting a bid-
ding war that has rumbled on ever
since. Shares of Hertz jumped near-
ly nine per cent to $10.88 in early
morning trading, making them
one of the top gainers on the New
York Stock Exchange.
Dollar Thrifty shares rose 0.53
per cent per cent to $65.04, while
Avis shares rose 6.3 per cent to
$12.48 on the Nasdaq.
Avis Budget
drops bid for
Dollar Thrifty
SPAINS plans to sell a stake in its
state lottery operator are on course
to be completed before a November
general election, despite volatile
markets and opposition from the
likely new government.
Loterias y Apuestas del Estado said
in a statement it had not changed
plans for what would be Spains
biggest-ever initial public offering
set to raise 7bn for state coffers --
after El Mundo newspaper reported
the government might delay the
sale.
I dont know where that comes
from, economy minister Elena
Salgado told reporters in Congress
yesterday morning when asked
about the story. She said there was
no change in plans.
Once the stock market regulator
approves the lotterys IPO prospec-
tus, expected by the end of
September, the process will begin for
the company to list on the exchange
before the first week of November, as
expected, Loterias said.
Two sources close to the deal said
analysts were due to begin meeting
with investors next week to market
the offering of a 30 per cent stake.
The Loterias market debut was
still targeted for 18-20 October, one
source added.
Spain pushes
ahead with IPO
of state lottery
BY HARRY BANKS
TRANSPORT
M&A
News
AVON CELEBRATES 125TH BIRTHDAY
COSMETIC group Avon, which has 300m customers worldwide, celebrates its 125 year
anniversary today. Avon is the worlds largest direct seller, with over 3.5bn products sold
each year in more than 100 countries. The cosmetics giant has 6.5m independent representa-
tives its famous Avon ladies and profits of 2.9m a year. Avon was launched in 1886
with a line of five fragrances, and now creates nearly 1,000 products every year.
News
JOHN Lewis yesterday revealed a
slump in profits as discounting in the
face of the tough consumer climate
took its toll.
The retailer, which also owns the
Waitrose chain, said first half pre-tax
profits plunged by 18 per cent to
90.4m.
Its Never Knowingly Undersold
pledge meaning that they will offer
the lowest prices on the market con-
tributed to the fall as retailers cut
their prices to boost sales.
The drop in profits in the six
months to 30 July at John Lewis and
Waitrose came as the partnership
increased total sales by five per cent
to 3.6bn.
Sales growth was strongest at
Waitrose, where like-for-like sales a
measure that strips out the impact of
new store openings increased four
per cent year on year.
Chairman Charlie Mayfield said
profits were affected by our commit-
ment to Never Knowingly Undersold
and a highly competitive trading
environment. The partnership also
reported a 65 per cent increase in
investment with a 253.8m injection
into new formats and branches,
including the Westfield Stratford
store close to the Olympic park.
A dozen more Little Waitrose
branches are planned for the second
half as well as two new John Lewis
home shops.
Mayfield added: Sales grew strong-
ly although, as expected, profits were
lower than in the same period in 2010
as we accelerated investment in our
future growth plans.
We are not simply waiting for the
recovery, but instead we have
increased the pace of investment and
innovation across the partnership...
Our momentum is strong.
The company said Waitrose had
managed to absorb the impact of
price inflation rather than passing it
on to customers.
John Lewis
profits hit in
price squeeze
John Lewis chairman Charlie Mayfield said sales has been strong Picture: GETTY
BY JOHN DUNNE
RETAIL
WILL THE NEW WESTFIELD CENTRE ENCOURAGE

YOU TO SHOP IN EAST LONDON? Interviews by William Turvill
Yes I think so. It's only a short trip from London and col-
leagues who have already been have told me its really
impressive. I think it can be a real asset for London
and really expand on what's already on offer here.
KIM WAKE | ETHOS COMMUNICATIONS
It's completely out of the way for me, but I think I will make
the effort to go and see it. I think it will prove to be very
popular with Londoners and may even prove
appealing to European travellers.
I am quite intrigued by all of the hype surrounding it
so I will certainly pay it a visit. I don't think it will stand
out as a unique feature for London but it will add a
lot to the east end of the capital.
KETAN SHAH | SAGICOR
JAMES MILNE | LLOYDS
* These views are those of the individuals above and not necessarily those of their company.
News
NEXT yesterday said there was a
chink of light amid the retail gloom
as it forecast a pick-up in sales in
2012.
The retailer said there had been a
perfect storm in 2011 with cus-
tomers squeezed by surging energy
bills, the slowdown in government
spending and a hike in VAT.
However, pre-tax profits for the six
months to 30 July rose 8.5 per cent to
228m.
Next said prices were seven per
cent higher in the first half and
would be eight higher in the second,
but with the cost of cotton falling
prices would stabilise.
Chief executive Lord Simon
Wolfson (left) gave an upbeat forecast
for next year but warned that the
Eurozone sovereign debt crisis was a
variable which could still derail any
recovery.
He said: There are indications that
2012 will not be as challenging. We
have negotiated a third of our prices
for our spring collection and are con-
fident that we will see little or no
inflation in our selling prices in the
first half. The cotton price bubble has
collapsed.
Next Directory saw a 15 per cent
rise in sales and an 11 per cent
increase in profits in the first half of
the year. That contrasted with a 1.8
per cent fall in overall retail sales.
Wolfson said that sales among
young customers, particulary with its
Lipsy brand, were suffering as they
were faced with debt from university
fees and difficulties in finding work.
Nevertheless, Next said it now
expects profits for the full year to be
around 590m, up from the 577m it
previously forecast.
The group said it expects to open
another 400,000 sq ft of retail space,
in the second half of the year with
another 400,000 sq ft expected next
year.
The firm raised its interim divi-
dend by 2.5p to 27.5p and will pay
shareholders on 3 January.
Next upbeat
on 2012 while
earnings rise
Directory arm
saves the day
HOW does Next do it? As a mid-
market retailer with a presence in
most town centres, youd expect it
to be suffering from the gloom on
the high street, not bucking it.
It is Nexts catalogue and inter-
net business, Next Directory, that
has proved the firms saviour, pro-
viding exposure to both the surge
in online retail sales as well as
more buoyant markets overseas.
Sales excluding VAT in Nexts
Retail division essentially all the
physical stores actually fell 1.8 per
cent during the first half. That puts
it in line with most of its peers and
significantly behind some others,
such as John Lewis.
Next Directory, however, grew
sales by 15.2 per cent over the same
period. International directory
sales jumped to 32m from 10m
in the same period last year.
Since 1997, when Next Directory
sales were 208m a year, the divi-
sion has gone from providing
around a third of what the shops
brought in (639m) to around a
half today (935.5m compared to
2.2bn). That trend will only accel-
erate.
So there will be much talk about
how Nexts results provide hope for
the high street, but the real story is
the growth in shopping from
home especially online.
BOTTOMLINE
Analysis by David Crow
BY JOHN DUNNE
RETAIL
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GULF Keystone Petroleum, the
Kurdistan-focused oil explorer listed
on the alternative investment market,
said yesterday it is targeting a move up
to the main listing in the first half of
next year.
As at 12 September 2011, the com-
pany had a market capitalisation of
1.2bn which would place it comfort-
ably in the higher echelons of the FTSE
250 index if it were currently eligible,
chief executive Todd Kozel said in a
statement yesterday.
The company, which has made huge
oil discoveries in Kurdistan, also
announced plans to exit a project with
Hungarys Mol Nyrt to fund other
operations in the region.
Gulf Keystone will sell its 20 per cent
interest in the Akri-Bijeel block, esti-
mated to hold around 2.4bn barrels of
oil, for around $350m, the company
said yesterday.
It plans to use the proceeds to help
fund the development of its Shaikan
field, the groups first Kurdistan dis-
covery in 2009.
Interest in Kurdistan has surged
over the year as relations between
Iraqs central and regional govern-
ments improved.
The semi-autonomous government
of Kurdistan has been haggling with
Baghdad over its right to hand out
licences and collect tax revenue from
the oil production, which oil majors
are confident will soon be resolved.
Gulf Keystone rose in early morning
trading before closing down 1.24 per
cent yesterday at 179.25p.
Gulf Keystone
to seek main
market listing
BY KASMIRA JEFFORD
ENERGY
News
Sam Moody, Rockhoppers chief executive, hopes to produce oil in the Falklands in 2016
BRITISH oil group Rockhopper
Exploration has unveiled plans for a
$2bn (1.3bn) investment in the
Falkland Islands, a move which will
transform the remote territory into a
new oil province.
The emergence of the British-gov-
erned territory as an oil producer will
likely stoke tensions with Argentina,
which 30 years ago fought a war
against Britain for control of the
islands, over which it still claims sover-
eignty.
Rockhopper said yesterday it expect-
ed to start pumping oil in 2016 from
the Sea Lion discovery made in 2010
and production would ramp up to a
maximum of around 120,000 barrels
of oil per day by 2018.
Rockhopper said its reserves, which
it estimated at around 350m barrels of
recoverable oil, were large enough for
a development, having spent recent
months drilling a series of test wells to
establish the size of the oil field.
Rockhopper set to invest
1.3bn in Falklands plan
ENERGY
ANALYSIS l Gulf Keystone Petroleum Ltd

p
180
170
160
150
140
179.25
14 Sept
BRITISH energy support services firm
Hargreaves Services posted an 18 per
cent rise in full-year pre-tax profit
yesterday, bolstered by robust coke
and coal sales in Europe, and said it
expects strong demand for high-
grade coal from steel producers.
The supplier of solid fuels and bulk
material logistics said it would pay a
final dividend of 10.4p per share,
bringing the full-year dividend to
15.5p a share, up about 15 per cent
from last year.
The firm, which was established in
1994 as a specialist bulk haulier, said
it expected its Tower Colliery project
in South Wales to contribute signifi-
cant profits, after the planning per-
mission for the project was finalised.
Hargreaves Services four operat-
ing divisions -- production, energy
and commodities, transport, and
industrial services plan to focus
mainly on Europe, Asia and the steel
sector this year.
Underlying pre-tax profit in the
year to the end of May rose to 40.5m
from 34.3m last year. Revenue
climbed 20 per cent to 552.3m.
The companys shares, which have
risen by more than 40 per cent over
the past year, closed up 9.1 per cent
at 982p, valuing the business at
243m.
UK energy firm
Hargreaves in
18pc profit rise
ENERGY
News
ACCOUNTANCY firm RSM Tenon saw
its share price dented yesterday after
announcing that it would slash its
annual dividend.
The company said the move was
prudent in a tough trading environ-
ment, while also reporting a rise in
profits.
Pre-tax profits increased to 27.1m
in the 12 months to 31 June, com-
pared to 24.1m during the same
period last year.
RSM, which offers a range of busi-
ness services, said the acquisitions of
RSM Bentley Jennison in 2009 and
some assets of Vantis in 2010 had
helped to boost the figures.
But it has reduced its dividend to
0.55p per share from 1.6p in 2010 as
uncertainty still surrounded the
economy.
Chief executive Andy Raynor said
the trading environment was diffi-
cult to predict but that the company
was on course.
We have improving returns and
reducing net debt. We will maintain
our prudent stance and we look for-
ward to further progress against our
rivals, he said.
The company said that the per-
formance of its audit division had
helped to fuel a rise in profits.
It said its net debt stood at 65.7m
on 30 June compared with 43.1m
last year.
RSM Tenon in
share fall as
dividend cut
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FINANCIAL SERVICES
NEWS | IN BRIEF
Allergan confident on Botox
Allergan, the global pharmaceutical
company that makes Botox and breast
implants, has forecast nearly 1bn in
Botox sales this year, and said the com-
pany continues to be robust in the US
despite a sluggish economy. Botox,
most commonly used to smooth wrin-
kles, has recently acquired US approval
to treat migraine headaches and over-
active bladders, positioning it to grow
beyond the 30 per cent of Allergan
sales it accounts for now. The company
is also increasing its investment in Asia
to take advantage of growing demand
for its products, with revenues in Asia
up 36 per cent from a year ago in its
latest quarter.
Wal-Mart invests in women
Multinational retailer Wal-Mart has
announced that it plans to commit $5bn
(3.2bn) annually by 2016 in the US to
double the amount spent on training
women, and sourcing from international
suppliers run by women. Wal-Mart also
plans to help train and educate 400,000
women into jobs, and in financial-related
skills.
Brooks Macdonald profits rise
Integrated wealth management group
Brooks Macdonald has released end-of-
year results showing pre-tax profits of
7.3m, a 28 per cent increase on 2010.
The figures, released yesterday, also
revealed that total funds under manage-
ment increased by 36 per cent, to nearly
3bn. Chris Macdonald, chief executive
of the AIM-listed company, said that the
results are significant and show that
Brooks Macdonald can continue to
grow.
Al Carey is Pepsis new chief executive of Americas beverages
ANALYSIS l Tenon Group Plc
p
8Sep 9Sep 13Sep 14Sep 12Sep
26
27
25
24
23
22
21.75
14 Sept
PEPSI announced a shake-up of its bev-
erages unit yesterday, appointing a
new head to try to turn around the
business, which has lagged behind
Coca-Cola in North America.
Pepsi named Albert Carey, a 30-year
PepsiCo veteran who most recently ran
its Frito-Lay North America unit, to be
chief executive of PepsiCo Americas
Beverages, effective immediately.
Carey, 60, will take over responsibili-
ty for all aspects of the beverage busi-
ness in the Americas, including the
North American bottlers that PepsiCo
bought in 2010.
Eric Foss -- former chief executive of
Pepsi Bottling Group, which PepsiCo
acquired last year -- will leave the com-
pany in December.
His eventual departure was expect-
ed following the integration of the bot-
tler.
Pepsi shakes up drinks unit
in bid to boost its business
FOOD & BEVERAGE
Mirrlees means its game over for 50p tax rate

T
HE debate about the 50p tax
swirls on, but there is only one
question that really matters:
does it work? Does it actually
raise any money for the Treasury,
that is?
Opinion polls show that the pub-
lic only supports the tax on the
grounds that it raises money; if it
doesnt, then the majority are
happy to scrap it.
So the report yesterday from the
Institute for Fiscal Studies, by Nobel-
laureate Sir James Mirrlees, is game-
changing.
It is the best evidence we have,
and it concludes: According to
these estimates, the introduction of
the 50 per cent rate would actually
reduce revenue. The IFS thinks that
it costs the Treasury approximately
500m a year.
This will be no surprise to stu-
dents of the Laffer curve, which sug-
gests that above about 40p in the
pound, the more you raise tax rates,
the less revenue you get.
This turns all the arguments
about the 50p tax upside down. The
question isnt whether we can
afford to get rid of it, but can we
afford to keep it? How many public
sector jobs are we having to cut in
order to satisfy our lust to punish
the rich? Why should those on
lower incomes pay higher taxes to
make up the shortfall?
Or put it another way if the gov-
ernment scraps the 50p tax, it could
use the money raised to lift more
low earners out of tax altogether.
And at the same time, it would give
a boost to the economy. Win, win,
win who could possibly argue
against that?
Quite a few but with increasing-
ly emotive irrationality. Some say
we need the tax to bash the
bankers, but more than three quar-
ters of those who pay the tax have
nothing to do with financial servic-
es.
We hear that the rich in the US
and France want to pay more tax,
and so should the rich here.
But I suspect that if Warren
Buffet was paying tax at a UK rate of
50 per cent rather than the US rate
of 35 per cent he would be a little
less saintly.
The implosion of the economic
arguments in favour of the tax show
that what is really behind it is what
brought Britain to the brink in the
1970s the politics of envy. It has
made a comeback, which is bad for
us all.
If Britain is to have a successful
future, we must celebrate success
not seek to punish it.
Anthony Browne is former director of
Policy Exchange
ANTHONY BROWNE
News
Sirius Petroleum
Ed Johnson has been promoted to chief
executive of Sirius Petroleum, after
joining the company as commercial
director on 1 August from Renaissance
Capital, where he was head of the new
markets oil team for investment bank-
ing and financing.
JM Finn & Co
The investment manager has made five
senior hires, all from Williams de Bro,
to expand its private client service.
Peter Hancock, Andrew Banks and
Michael Burton join as senior invest-
ment managers and Brendan Company
and Mark Jeffreys join as investment
managers.
Baird
The employee-owned investment bank
has announced that David Silver will
succeed John Fordham as head of
European investment banking (EUIB),
and Fordham will take up the newly
created position of chairman of Baird
International. Silver will oversee the
EUIB arm in addition to his current
role leading the business services bank-
ing practice in Europe.
Fulcrum Asset Management
The fund manager has appointed
Nicholas Smith as a director within the
UK institutional marketing and sales
team. Smith joins from Towers Watson
where he was head of the UK DC
investment team. He also previously
worked at Schroders, where he was an
executive director, responsible for UK
pension clients.
HgCapital
The private equity investor has hired
Simon Cottle and Thorsten Toepfer to
its services sector team as associate
directors. Cottle joins from Cognetas,
where he spent three years as an
investment manager, while Toepfer
was previously a member of the invest-
ment team at Hellman & Friedman.
Aon Hewitt
The HR consulting and outsourcing
business has hired Mike Curtis to its
reward and engagement team as a
senior consultant. Curtis joins from
QCG, where he was compensation and
benefits practice leader, having previ-
ously spent more than five years at
professional services company Towers
Perrin.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
US stocks climb on
back of relief rally
U
S stocks rose one per cent in a
third day of gains yesterday
after European leaders dis-
played new urgency in efforts
to contain the Eurozone debt crisis.
German and French leaders called
on Greece to implement all financial
reforms strictly and effectively, a
German government spokesman said.
Greece expects policymakers to
report that Athens is on track to ful-
fill its targets and receive the aid it
needs to avoid any chance of a debt
default, a Greek official said.
Adding to the relief for investors,
Italian Prime Minister Silvio
Berlusconi won a confidence vote on
an austerity plan for the Eurozones
third-largest economy.
Fears that Europes crisis could
plunge it into recession and drag
down global growth have hammered
stocks for weeks. Stocks that are typi-
cally well positioned to benefit from
economic growth, such as General
Electric and other industrial shares,
were top gainers.
What were watching is global
hedge funds, at least momentarily,
throw the risk-trade switch back on,
directing funds away from the dollar
and into the euro and into global
equities, said Fred Dickson, chief
market strategist at DA Davidson &
Co.
The Dow Jones industrial average
was up 140.88 points, or 1.27 per cent,
at 11,246.73. The Standard & Poors
500 Index was up 15.81 points, or 1.35
per cent, at 1,188.68. The Nasdaq
Composite Index was up 40.40 points,
or 1.60 per cent, at 2,572.55.
The S&P 500 is still down 11.6 per
cent since 22 July, roughly when the
markets recent slide began.
The actions by European leaders
followed an urgent call by US
Treasury secretary Timothy Geithner
for them to act forcefully to solve
Europes debt crisis. Geithner said
they have the financial and economic
capacity to do so.
Conglomerate GE ended 2.5 per-
cent higher at $15.79. Tech stocks also
were among top gainers, and the
Nasdaq outperformed the other two
major indexes for a third day.
Shares of Nvidia Corp jumped 5.2
percent to $15.28, while SanDisk Corp
rose 4.2 percent to $42.66.
Dell added 3.3 per cent to $14.86 a
day after its board authorized an
additional $5bn stock buyback pro-
gramme.
Volume was 8.5bn shares on the
NYSE, Amex and Nasdaq, above last
year's average of roughly 7.6bn.
Advancers beat decliners by nearly
11 to four on the NYSE and by about
three to one on the Nasdaq.
B
RITAINS leading shares
closed higher yesterday after
Europes top bureaucrat said
plans for a common euro
bond, seen by many as a key tool to
help end the regional debt crisis,
would be presented shortly.
A common bond would give the
weaker peripheral countries access
to cheaper funds, backed by core
Europe, although regional paymas-
ter Germany has consistently
opposed such as move.
The comments from European
Commission President Jose Manuel
Barroso clipped gilt futures, in a
further sign of investors willing-
ness to take on more risk, although
market conviction remained low,
Yusuf Heusen, sales trader at IG
Index said.
The market remains sentiment
driven, but was unlikely to break
out of current rangebound trade
until firm details around a bond
were released, he said. Its bounc-
ing around technical levels hav-
ing tried several times to get
through 5,270.
By the close, the FTSE 100 was up
one per cent, or 52.77 points, at
5,227.02, adding to the previous
sessions 0.9 per cent gain,
although it remains down 3.1 per
cent in September.
Underscoring the political dis-
unity at the heart of the crisis,
Austrian approval of changes to
the regions bailout fund faced a
setback after a parliamentary com-
mittee failed to clear the measure
for a quick vote.
The news prompted a short-lived
index pullback and came ahead of
a conference call between German,
French and Greek leaders as
Athens tries to implement austeri-
ty cuts and secure fresh bailout
funds.
Weak US retail sales data added
to the pullback.
The lack of clarity was evident in
the derivatives markets, Atif Latif,
director of trading at Guardian
Stockbrokers said, citing buying of
puts versus calls across both
October and November contracts,
possibly taking advantage of the
call skew.
The trading pattern also seemed
to indicate that investors are
unsure about a directional play but
are now trading volatility, he said.
Integrated oils led the charge
thanks mostly to BP which ended
up 3.5 per cent after a key US gov-
ernment report into the Macondo
oil spill split the blame between
the firm, fellow partners in the
field and contractors.
Leading blue-chip gainers in vol-
ume, nearly four times its 90-day
daily average, was high street fash-
ion retailer Next, up 6.3 per cent
after its first-half profits beat fore-
casts.
The firm said any further ero-
sion of Eurozone sovereign
finances was the biggest unknown
risk for profits going forward,
although it was more sanguine on
the outlook for the UK consumer.
Peers elsewhere in the sector
were boosted by Nexts results,
with Marks and Spencer up 2.5 per-
cent, although macroeconomic
data did little to help, as the num-
ber of UK unemployed rose at its
fastest pace for two years.
With data weakening across the
developed world, fears of a return
to recession are rising and the
chances of a fresh round of quanti-
tative easing from the Bank of
England are now 40 per cent, a
Reuters poll showed yesterday.
FTSE closes higher after Euro
chiefs reassure on debt crisis
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Close Brothers Group PLC
800
775
750
725
700
675
650
Jul Aug Sep 15Sep
p 677.00
15 Sept
CLOSE BROTHERS
UBS rates the merchant bank neutral with a 12-month target price of 700p,
down from 780p. The broker notes that market levels have dropped material-
ly since the firms last update in July, and has cut its 2012 estimates by 11 per
cent. UBS is cautious about the outlook for equity volumes, corresponding to
a five per cent fall in the firms operating profits. The broker also expects a
lower rate of improvement in credit quality.
ANALYSIS l Ashmore
420
380
340
Jul Aug Sep
p
389.90
14 Sept
ASHMORE
JP Morgan rates the industrial group neutral with a target price of 410p.
The broker says Ashmores preliminary results were in line with estimates,
and that performance since the year-end has been reasonable. However, it
has trimmed some forecasts for performance fees and operating margins.
Overall, JP Morgan thinks Ashmore deserves its premium to the rest of the
sector, given the growth potential for its operations in emerging markets.
ANALYSIS l Accor
30
22
26
Jul Aug Sep
22.35
14 Sept
ACCOR
Deutsche Bank rates the global hotel manager a buy with a target price of
37. The broker thinks yesterdays investor day was a crucial time for the firm
to set out its strategy, and that the results were largely impressive. The com-
panys new EBIT forecast of 510m-520m for the year was in line with
Deutsches expectations, though below consensus forecasts, and the asset
reshuffle seems a sensible way to improve returns.
20Jun 08Jul 28Jul 7Sep 17Aug
6,200
5,400
5,000
5,800
ANALYSIS l FTSE
5,227.02
14 Sept
NS&I
Lord Sassoon, the commercial secretary to the
Treasury, has appointed Sir John de Trafford
as the new chairman of the board of NS&I to
replace Martin Gray, effective from 1 January
2012. De Trafford, who joined the board of
NS&I as a non-executive director on 1 January
2010, spent his early career at Unilever and
Guinness before moving to American Express
and rising to regional president for Northern
Europe and chair of the companys EMEA
Executive, retiring from the role five years ago.
News
CITYA.M. 15 SEPTEMBER 2011 21
DUTCH supermarket group Ahold yes-
terday appointed Jeff Carr as its new
chief financial officer, picking an
executive with experience at Unilever,
Associated British Foods and easyJet.
Carr, 49, is currently a board mem-
ber at transport company FirstGroup
and personal care products group
McBride. Both firms said that he will
be standing down, and FirstGroup
said a search for Carrs replacement
will start immediately.
Ahold had been looking for a
replacement for the current finance
chief, Kimberly Ross, for a few
months. Ross is leaving Ahold in
November to become CFO at US-based
womens cosmetics seller Avon.
Carr will formally join Ahold pend-
ing shareholder approval at the next
annual meeting April.
Alongside his new duties, Ahold
said Carr will also manage the compa-
nys existing 350m (304.8m) cost-
reduction programme and explore
further ways to reduce costs.
He started his career at Anglo-
Dutch consumer goods giant Unilever.
Before he joined FirstGroup, Carr
had been group finance director and
board member at easyJet, and held
senior financial roles at Associated
British Foods, Reckitt Benckiser and
Grand Metropolitan.
Nick Chevis, who has been with
FirstGroup since 1997, will become
acting finance director until a perma-
nent replacement can be found.
FirstGroup's
Carr moves
over to Ahold
A SWEDISH court said yesterday it
would decide in the next few days
whether to allow struggling car maker
Saab to appeal a ruling denying it pro-
tection from creditors, with Saab
almost certain to slide into bankruptcy
if its case is rejected.
The case will be dealt with as a pri-
ority and a decision in the question of
the right to appeal will probably be
announced in a few days, The Court
of Appeal for western Sweden said in a
statement.
Saab sought creditor protection last
week, owing workers their salaries and
suppliers hundreds of millions of
crowns. Its factory in southwest
Sweden has been mostly shut down
since early April.
The court rejected Saabs plea and at
the start of this week the car makers
own unions served bankruptcy appli-
cations despite the company having
conjured up a promise of 70m
(60.8m) in vital financing.
Saab appealed the decision, saying
the lower court had overstepped its
remit and that the new money showed
it had a viable future. Saab wants cred-
itor protection to give it time until a
promised investment of 245m from
Pangda Automobile Trade and
Zhejiang Youngman Lotus Automobile
gets the nod from Chinese authorities.
Court close to
a decision on
Saab appeal
BY HARRY BANKS
RETAIL
TRANSPORT
ANALYSIS l Firstgroup
p
360
350
340
339.30
14 Sept
MASERATI UPBEAT ON SALES GROWTH
FIAT luxury brand Maserati is expecting sales growth of seven per cent this year, its chief
executive said yesterday, after the car maker presented its first SUV at the Frankfurt auto
show. The [sales] trend of the first eight months of the year will be confirmed for the whole
of 2011, Maserati chief executive Harald Wester told reporters at the car show after unveil-
ing the new Maserati Kubang, the companys answer to the German Porsche Cayenne.
22
Wealth Management| Personal Finance
Selftrade is a trading name of Talos Securities Limited and registered trade mark of Boursorama. Talos Securities Limited is incorporated in
England and Wales (Registration No. 4196325, Registered Address: Boatmans House, 2 Selsdon Way, London E14 9LA), is authorised and
regulated by the Financial Services Authority (FSA Register No. 208271) and is a member of the London Stock Exchange and PLUS Markets plc.
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Please remember that investments, and
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NFLATION stealthily redistributes
wealth from those with savings to
those with debts which is why
highly indebted governments
often turn a blind eye to it. But as
important as it is to beat inflation,
your investment strategy should be
driven by facts, not fear.
For those who missed out on the
National Savings and Investments
(NS&I) inflation-linked bond, recently
taken off the market, the temptation
to jump into the hot-off-the-press
National Grid inflation-linked bond
might be overpowering. These bonds
will be issued from 6 October until 29
September or could finish earlier if
there is enough demand and if held
for the full ten years, investors are
promised an annual 1.25 per cent
above inflation (paid semi-annually)
and the original investment adjusted
for inflation. At just 2,000, with addi-
tional 100 increments, there is a rela-
tively low barrier of entry. They will be
available through most brokers and
can be sheltered from tax in an Isa or
Sipp. Tempting, but investors should
be alert to the risks before signing up.
CURRENT RISKS
Although the National Grid is a gov-
ernment monopoly, it could still go
bust which could prove costly for
bond holders, as this investment isnt
protected by the Financial Services
Compensation Scheme (FSCS).
Although conservatively managed,
there is nevertheless a risk that poor
management or regulatory changes
could lead to its demise. The current
plight of the postal services in the UK
and US show that government protec-
tion cant guarantee balanced books.
Because the National Grid bond can
trade below par, Hargreaves
Lansdowns Danny Cox warns
investors could lose money if they
take the money out early. Anna Sofat
of Addidi urges investors to under-
stand that this is not a simple bank
deposit paying 1.25 per cent over the
retail price index (RPI). She stresses
that this is a corporate bond issue with
RPI adjustment. Sofat says: If the RPI
in February 2021 is lower than that in
February 2011, there will be no adjust-
ment of the principal amount
returned at maturity (October 2021).
On the positive side, Luke Gale of
Ashburton says, in contrast to infla-
tion-linked gilts, in which the face
value of the bonds is not guaranteed,
the National Grid bond has a floor at
zero. Thus: If we enter a period of
deflation and the RPI figure in 2021 is
lower than that of the base RPI figure
relating to February 2011 the bond
holder will still receive the face value
of the bonds at maturity.
INFLATION SPECULATION
This bond is very much a speculation
on inflation over the next 10 years,
says Sofat. Patrick Connolly of AWD
Chase de Vere cautions: While the
product looks good now with infla-
tion high, the rate of inflation is
expected to fall in 2012, not least when
the impact of Januarys VAT rise is no
longer included in the figures, and it
is likely that it will look far less attrac-
tive then. Cox notes that the markets
current prediction for inflation over
the next ten years is 2.639 per cent, per
year. Although Adrian Lowcock of
Bestinvest cautions that economists
tend to get their predictions wrong.
The safer inflation hedge of a NS&I
inflation linked bond cannot be sub-
stituted for a corporate bond of any
sort, as a Standard and Poors rating of
BBB+ on this one makes clear. Andrew
Swallow of Swallow Financial
Planning says they are chalk and
cheese. Stuart Fowler of Fowler Drew
thinks National Grids bond should be
ignored, because unlike the NS&I
bond, it is not a perfect hedge: You
cannot own enough different issues to
spread the credit risk, making it fun-
damentally unattractive, having tail
risk as large as equities but without
the real-return upside potential.
Connolly advises those looking to
invest in corporate bonds to spread
their risk in an investment fund such
as the M&G Corporate Bond fund or
Fidelity MoneyBuilder Income fund,
yet on the former Swallow is reticent
about its reliance on credit default
swaps. The moral of the story is, as
always, caveat emptor, especially with
products as complicated as this.
At first glance any inflation-linked bond might look attractive
for all investors but the devils in the detail, says Philip Salter
National Grid bonds
are not without risk
There are powerful reasons to be cautious Picture: GETTY
R
EMEMBER when the American
Express Gold Card was the
celebritys payment card of
choice in the movies? Well,
times have changed. Every bank is
offering exclusive cards to its premi-
um customers now theyre always
keen to sign up City high-fliers. But
which bank is offering the best deal?
Kevin Mountford from
MoneySupermarket.com says: None
of them are worth it if you dont cash
in on the benefits, so you need to use
the card that offers you the most ben-
efits that suit your lifestyle.
ASK THE EXPERTS
With this in mind, we asked
MoneySupermarket.com and
Moneyfacts for their card recommen-
dations and put together a shopping
list of rewards.
High-end plastic in your wallet is a
status symbol, but you need to weigh
up its benefits, writes Donata Huggins
Spotting the
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credit cards
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With a concentrated portfolio of 40-60 hand picked
companies from countries such as China, Hong Kong, India
and Taiwan, the Trust aims for a high rate of total return by
picking stocks the manager believes are mispriced and will
grow in the future.
Please remember that past performance is not a guide to
future performance. The value of an investment and the
income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount
originally invested.
Most of the investments in this portfolio are not made in
Sterling, so exchange rates could affect the value and income
from your investment. Emerging markets tend to be less stable
than more established markets and can be affected by local
political and economic conditions, reliability of trading systems,
buying and selling practices and financial reporting standards.
This portfolio may hold a limited number of investments. If one
of these investments declines in value, this can reduce the
portfolio's value more than if it held a large number of
investments. Some of the investments in this portfolio are in
smaller companies shares. They may be more difficult to buy
and sell and their share price may fluctuate more than that of
larger companies.
Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson
Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354),
Henderson Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England
and Wales with registered office at 201 Bishopsgate, London EC2M 3AE), Gartmore Investment Limited (reg. no. 1508030), Gartmore Fund Managers Limited (reg. no.
1137353), (each incorporated and registered in England and Wales with registered office 201 Bishopsgate, London, EC2M 3AE) are authorised and regulated by the
Financial Services Authority to provide investment products and services. Telephone calls may be recorded and monitored.
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Investment trusts, managed by Henderson
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Henderson TR Pacific Investment Trust
2010/11 2009/10 2008/09 2007/08 2006/07
Share Price (Total Return) 17.54% 17.63% 15.23% -11.98% 46.47%
Net Asset Value (Total Return) 16.07% 19.44% 16.11% -13.90% 46.22%
Source: All data sourced from Morningstar as at 31 July 2011, unless
otherwise stated. The latest data is available on our website.
The Total Expense Ratio is a measure of the total expenses incurred
by the Company including those charged to capital, expressed as a
percentage of the average shareholders' funds at the beginning and
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Wealth Management | Institutional FX
T
HE effects of speculation that China
would be buying up Italian sover-
eign debt displayed just how much
sway the Chinese government
holds over the world currency markets.
China has been accumulating foreign cur-
rency reserves at a rapid rate its forex
reserves increased by $750bn between
June 2010 and June 2011. It is reported that
China now holds more than $3 trillion in
foreign currency reserves and has made
commitments to further euro-denominat-
ed debt purchases in Greece, Spain and
Portugal.
REALPOLITIK
So why is China buying up euro currency
so heavily? After all, with the Eurozone
project seemingly teetering on the
precipice, Europe doesnt seem like the
safest of bets, but yet China now has more
than a quarter of its forex holdings in
euros. As John Hardy, consultant FX strate-
gist at SaxoBank points out, despite the
awful condition of the Eurozone, the
Chinese authorities are always concerned
about their exposure to the dollar. The
wrangling over the US debt ceiling and
the S&P downgrade will have hit China
hard. Chinas export economy is obviously
heavily influenced by the dollar, and what
is bad for the US is bad for China.
While Greek bond yields are pricing in
an imminent default whatever form
that default will take there has been a
disconnect between a Eurozone that has
been lumbering from one crisis to the
next and the euro, which has held its own
against its major pairs. And it would seem
that Chinese currency purchases have
gone a long way towards supporting the
euro. There is a strong element of
realpolitik from China, says Hardy. China
has an interest in a healthy euro, and as a
fully fledged economic big beast, is trying
to use their purchasing power to defend
its interests. But its support certainly does-
nt come without strings. In a speech yes-
terday, Chinese premier, Wen Jiabo, went
on manoeuvres saying that while China
will continue to expand its investment in
the Eurozone, those countries must put
their houses in order. At the speech to the
World Economic Forum he added that
based on WTO rules, Chinas full market
economy status will be recognised by 2016.
If EU nations can demonstrate their sin-
cerity several years later, it would reflect
our friendship. Loaded words indeed, and
a stark reminder that if the Eurozone is to
survive, it is the institutional foreign
exchange holdings of the Chinese govern-
ment that will play a key role in keeping it
intact. This week will have reminded mar-
kets that in this arrangement, he who
pays the piper will call the tune.
Chinese forex holdings are propping up the
European single currency, writes Craig Drake
China lies at the heart of euro survival
China now holds over a quarter of its foreign reserves in euros Picture: REUTERS
Wealth Management | Markets
EU SHARES
AIR LIQUIDE...............87.21 2.10 100.65 80.90
ALLIANZ .....................61.61 2.41 108.85 56.16
ALSTOM......................26.70 0.38 45.32 25.03
ANHEUS-BUSCH INBEV36.620.25 46.33 33.85
ARCELORMITTAL......12.89 0.01 28.55 12.06
AXA...............................9.30 0.60 16.16 8.05
BANCOSANTANDER ..5.63 0.14 9.80 5.15
BASF SE .....................46.38 1.71 70.22 42.19
BAYER.........................38.74 0.37 59.44 35.36
BBVA.............................5.55 0.15 10.21 5.03
BMW............................55.07 3.12 73.85 45.91
BNP PARIBAS ............26.90 -1.10 59.93 23.05
CARREFOUR..............15.89 0.28 36.06 14.66
CREDITAGRICOLE......5.22 0.06 12.92 4.59
CRH PLC.....................11.16 0.57 17.40 10.28
DAIMLER ....................34.25 1.83 59.09 30.93
DANONE .....................44.11 0.84 53.16 42.08
DEU.BOERSE OFFRE42.87 2.81 55.75 37.03
DEUTSCHE BANK......23.52 0.38 48.70 20.79
DEUTSCHE TELEKOM 8.37 0.19 11.38 7.88
E.ON............................14.28 0.61 25.54 12.50
ENEL .............................3.04 0.08 4.86 2.85
ENI ...............................13.37 0.22 18.66 11.83
FRANCE TELECOM ...11.81 0.17 17.45 11.26
GDF SUEZ...................20.31 0.65 30.05 18.32
GENERALIASS. .........11.04 0.14 17.05 10.34
IBERDROLA .................4.77 0.22 6.50 4.29
INGGROEP CVA..........4.78 0.09 9.50 4.32
INTESA SANPAOLO.....0.95 0.03 2.53 0.85
KON.PHILIPS ELECTR13.04 0.33 25.45 12.06
L'OREAL .....................72.65 0.99 91.24 69.86
LVMH .........................111.80 2.75 132.65 97.67
MUNICH RE ................82.76 2.56 126.00 78.10
NOKIA...........................4.34 0.08 8.49 3.33
REPSOL YPF ..............19.33 0.23 24.90 17.31
RWE.............................23.60 1.29 55.88 21.22
SAINT-GOBAIN...........29.59 0.55 47.64 27.62
SANOFI .......................47.34 0.65 56.82 42.85
SAP .............................36.08 0.41 46.15 32.88
SCHNEIDER ELECTRIC41.75 2.10 61.83 37.42
SIEMENS.....................66.85 2.02 99.39 62.13
SOCIETE GENERALE17.39 -0.52 52.70 14.32
TELECOMITALIA.........0.76 0.03 1.16 0.70
TELEFONICA..............13.48 0.40 19.69 12.50
TOTAL .........................32.69 0.39 44.55 30.34
UNIBAIL-RODAMCOSE133.500.45 162.95 124.50
UNICREDIT ...................0.73 -0.01 2.05 0.67
UNILEVER CVA ..........22.47 0.39 24.08 20.82
VINCI ...........................32.31 0.65 45.48 30.31
VIVENDI ......................15.69 0.17 22.07 14.10
Price Chg High Low Price Chg High Low
WORLDINDICES
US SHARES
3M.................................79.44 1.63 98.19 76.00
ABBOTT LABS............50.92 0.34 54.24 45.07
ALCOA.........................11.73 0.10 18.47 10.99
ALTRIA GROUP...........26.55 0.37 28.13 23.20
AMAZON.COM...........222.57 3.04 227.45 143.56
AMERICAN EXPRESS 48.99 1.09 53.80 37.33
AMGEN INC.................55.26 0.35 61.53 47.66
APPLE........................389.30 4.68 404.50 265.52
AT&T.............................28.26 0.14 31.94 27.20
BANK OFAMERICA......7.05 0.05 15.31 6.01
BERKSHIRE HATAWB69.41 0.56 87.65 66.51
BOEING CO.................63.03 0.18 80.65 56.01
BRISTOL MYERS SQUI29.63 0.08 30.14 20.05
CATERPILLAR.............85.45 0.43 116.55 70.80
CHEVRON....................97.31 1.38 109.94 78.16
CISCOSYSTEMS ........16.33 -0.02 24.60 13.30
CITIGROUP..................27.39 0.34 51.50 25.40
COCA-COLA................69.77 0.67 71.77 57.22
COLGATE PALMOLIVE91.39 1.93 92.22 73.62
CONOCOPHILLIPS .....65.97 1.21 81.80 54.73
CVS/CAREMARK ........36.67 0.11 39.50 28.98
DU PONT(EI)DE NMR.45.52 0.86 57.00 42.45
EXXON MOBIL.............72.64 0.99 88.23 60.36
GENERAL ELECTRIC .15.79 0.38 21.65 14.72
GOOGLE A.................532.07 2.55 642.96 473.02
HEWLETTPACKARD..22.93 0.23 49.39 22.13
HOME DEPOT..............33.54 0.88 39.38 28.13
IBM.............................167.24 3.81 185.63 128.43
INTEL CORP................21.12 0.36 26.78 18.20
J.P.MORGAN CHASE..32.80 0.31 48.36 31.21
JOHNSON & JOHNSON63.73 0.12 68.05 57.50
KRAFTFOODS A ........34.53 0.30 36.30 24.30
MC DONALD'S CORP.86.75 0.63 91.22 72.14
MERCK AND CO.NEW32.12 0.38 37.68 29.47
MICROSOFT ................26.50 0.46 29.46 23.65
OCCID.PETROLEUM..82.83 2.38 117.89 73.86
ORACLE CORP ...........28.15 0.43 36.50 24.72
PEPSICO......................61.58 1.04 71.89 59.25
PFIZER.........................18.41 0.08 21.45 16.25
PHILIP MORRIS INTL..67.59 1.62 72.74 54.26
PROCTER AND GAMBLE62.340.40 67.72 56.57
QUALCOMMINC.........53.07 0.75 59.84 40.58
SCHLUMBERGER.......72.93 0.80 95.64 57.28
TRAVELERS CIES.......48.94 0.00 64.17 46.62
UNITED TECHNOLOGIE73.68 1.23 91.83 67.12
UNITEDHEALTH GROUP48.680.69 53.50 33.92
VERIZON COMMS.......35.60 0.10 38.95 30.61
WAL-MARTSTORES...52.20 0.61 57.90 48.31
WALTDISNEY CO.......32.29 0.84 44.34 29.60
WELLS FARGO& CO .24.69 0.33 34.25 22.58
FTSE 100 . . . . . . . . . . . . . . 5227.02 52.77 1.02
FTSE 250 INDEX . . . . . . . 10107.87 96.82 0.97
FTSE UK ALL SHARE ....2709.56 26.53 0.99
FTSE AIMALL SH . . . . . . . . 768.11 5.29 0.69
DOWJONES INDUS 30 ..11246.73 140.88 1.27
S&P 500. . . . . . . . . . . . . . . . 1188.68 15.81 1.35
NASDAQCOMPOSITE ...2572.55 40.40 1.60
FTSEUROFIRST 300 . . . . . . 913.22 12.79 1.42
NIKKEI225AVERAGE....8518.57 -97.98 -1.14
DAX 30PERFORMANCE..5340.19 173.83 3.36
CAC 40 . . . . . . . . . . . . . . . . 2949.14 54.21 1.87
SHANGHAISE INDEX ....2484.83 13.52 0.55
HANG SENG. . . . . . . . . . . 19045.44 14.90 0.08
S&P/ASX 20INDEX ......2403.70 -36.80 -1.51
ASX ALL ORDINARIES ...4090.40 -68.00 -1.64
BOVESPA SAOPAOLO..56525.91 981.94 1.77
ISEQOVERALL INDEX ...2467.51 49.81 2.06
STI . . . . . . . . . . . . . . . . . . . . 2739.35 9.98 0.37
IGBM . . . . . . . . . . . . . . . . . . . 811.22 21.11 2.67
SWISS MARKETINDEX...5417.89 58.75 1.10
Price Chg %chg Price Chg %chg Price Chg %chg
LONGDONCEFIXAM .........................................1829.00 23.00
SILVERLDNFIXAM.................................................40.55 -0.18
MAPLELEAF1OZ...................................................43.16 0.66
LONPLATINUMAM ..............................................1811.00 -7.00
LONPALLADIUMAM .............................................721.00 6.00
ALUMINIUMCASH ...............................................2354.00 35.50
COPPERCASH ....................................................8757.00 112.00
LEADCASH .........................................................2425.00 0.00
NICKELCASH ....................................................21275.00 425.00
TINCASH...........................................................23505.00 370.00
ZINCCASH ..........................................................2177.00 37.00
BRENTSPOTINDEX ..............................................108.55 -3.24
SOYA ...................................................................1381.25 -6.25
COCOA ................................................................2848.00 -3.00
COFFEE .................................................................272.85 -0.85
KRUG...................................................................1882.60 3.10
WHEAT...................................................................164.62 -0.50
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...........................................................0.856 -0.30
LIBOR Euro - 12 months .........................................................2.026 0.00
LIBOR USD - overnight ...........................................................0.146 0.00
LIBOR USD - 12 months..........................................................0.834 0.00
HaIifax mortgage rate..............................................................3.990 0.00
Euro Base Rate ........................................................................1.500 0.00
Finance house base rate.........................................................1.000 0.00
US Fed funds............................................................................0.250 0.00
US Iong bond yieId ..................................................................3.290 -0.03
European repo rate..................................................................0.760 -0.04
Euro Euribor.............................................................................1.094 0.00
The vix index............................................................................37.32 -1.21
The baItic dry index.................................................................1.901 0.02
Markit iBoxx ...........................................................................232.60 -0.61
Markit iTraxx...........................................................................190.39 -8.31
C/$ 1.3771 0.0092
C/ 0.8721 0.0051
C/ 105.49 0.1330
/C 1.1563 0.0003
/$ 1.5789 0.0009
/ 120.99 0.4553
FTSE100
5227.02
52.77
FTSE250
10107.87
96.82
FTSEALL SHARE
2709.56
26.53
DOW
11246.73
140.88
NASDAQ
2572.55
40.40
S&P500
1188.68
15.81
Smiths Group . . . . . .945.0 19.5 1429.0 907.5
Brown (N.) Group . . .271.7 1.7 311.2 229.4
Carpetright. . . . . . . . .515.0 9.5 835.5 492.9
Debenhams . . . . . . . . .56.1 3.7 77.4 52.3
Dignity . . . . . . . . . . . .816.0 -0.5 833.5 633.0
Dixons RetaiI . . . . . . .11.5 0.6 28.5 10.6
DuneImGroup. . . . . .427.1 0.2 550.0 378.4
HaIfords Group . . . . .274.2 4.7 498.4 268.7
Home RetaiI Group . .110.6 3.1 235.0 106.2
Inchcape . . . . . . . . . .287.5 16.4 425.4 270.0
JD Sports Fashion . .865.0 10.0 1030.0 726.0
Kesa EIectricaIs . . . . .87.2 -6.6 174.0 86.9
Kingfisher . . . . . . . . .239.6 5.7 287.1 211.1
Marks & Spencer G. .326.5 7.9 427.5 301.8
Mothercare . . . . . . . .351.2 7.2 627.5 343.5
Next . . . . . . . . . . . . .2483.0 148.0 2530.0 1868.0
Sports Direct Int . . . .220.0 2.7 266.2 124.0
WH Smith. . . . . . . . . .495.5 13.8 523.0 431.8
Smith & Nephew. . . .597.0 6.5 742.0 521.0
Synergy HeaIth . . . . .888.0 3.5 981.0 690.0
Barratt DeveIopme . . .77.0 0.9 119.0 67.5
BeIIway. . . . . . . . . . . .568.5 9.5 753.5 511.0
BerkeIey Group Ho.1231.0 26.0 1299.0 789.5
BaIfour Beatty . . . . . .239.4 7.9 357.3 228.6
KeIIer Group . . . . . . .307.3 -28.5 698.5 306.0
Kier Group . . . . . . . .1124.0 6.0 1418.0 1068.0
Drax Group . . . . . . . .529.0 4.0 538.0 353.6
Scottish & Southe. .1281.0 14.0 1423.0 1108.0
Domino Printing S . .545.0 6.5 705.0 489.0
HaIma . . . . . . . . . . . . .341.2 5.4 429.6 303.6
Laird . . . . . . . . . . . . . .150.8 7.8 207.0 127.9
Morgan CrucibIe C . .256.0 8.7 357.1 205.3
Renishaw. . . . . . . . .1270.0 -3.0 1886.0 950.0
Spectris . . . . . . . . . .1339.0 28.0 1679.0 998.0
Aberforth SmaIIer . . .545.0 -6.0 714.0 533.0
AIIiance Trust . . . . . .334.2 3.2 392.7 325.0
Bankers Inv Trust . . .366.4 3.2 428.0 357.9
BH GIobaI Ltd. GB .1204.0 5.0 1215.0 1058.0
BH GIobaI Ltd. US. . . .12.0 0.1 12.2 10.4
BH Macro Ltd. EUR. . .20.1 0.1 20.2 15.8
BH Macro Ltd. GBP 2070.0 10.0 2073.0 1630.0
BH Macro Ltd. USD. . .20.0 -0.1 20.2 15.8
BIackRock WorId M .680.0 2.5 815.5 600.0
BIueCrest AIIBIue . . .171.0 1.0 176.2 162.4
British Assets Tr . . . .116.0 2.8 140.5 113.0
British Empire Se . . .457.0 5.5 533.0 448.0
CaIedonia Investm .1546.0 41.0 1928.0 1500.0
City of London In . . .266.9 4.8 306.9 257.0
Dexion AbsoIute L . .141.6 -0.3 151.0 135.2
Edinburgh Dragon . .220.5 1.8 262.1 213.0
Edinburgh Inv Tru. . .445.3 7.6 492.2 414.9
EIectra Private E . . .1287.0 -11.0 1755.0 1287.0
F&C Inv Trust . . . . . .281.3 3.5 327.9 268.6
FideIity China Sp. . . . .83.0 0.6 128.7 80.0
FideIity European . . .986.5 11.5 1287.0 963.0
FideIity SpeciaI . . . . .465.6 7.6 595.0 451.7
HeraId Inv Trust. . . . .439.2 9.2 545.5 402.3
HICL Infrastructu. . . .115.3 0.3 121.3 112.0
Impax Environment . .97.8 1.8 130.5 96.0
JPMorgan American.780.0 12.5 916.0 719.0
JPMorgan Asian In . .195.1 -5.5 250.8 195.0
JPMorgan Emerging.513.5 -4.5 639.0 499.3
JPMorgan European.724.0 11.5 983.5 688.0
JPMorgan Indian I. . .369.1 0.1 502.0 354.8
JPMorgan Russian .506.0 4.5 755.0 493.0
Law Debenture Cor. .328.9 5.9 385.0 306.9
MercantiIe Inv Tr . . . .902.5 10.5 1137.0 885.0
Merchants Trust . . . .358.5 7.5 431.8 345.6
Monks Inv Trust . . . .335.7 10.2 367.9 311.3
Murray Income Tru . .603.0 13.5 673.0 577.0
Murray Internatio . . .879.5 -1.0 991.5 845.5
PerpetuaI Income . . .241.9 2.5 276.0 230.6
PoIar Cap TechnoI . .330.0 9.5 391.2 299.5
RIT CapitaI Partn. . .1255.0 26.0 1334.0 1110.0
Scottish Inv Trus. . . .442.1 5.1 524.0 423.5
Scottish Mortgage . .664.5 5.5 781.0 606.0
SVG CapitaI . . . . . . . .233.8 -0.6 279.8 153.8
TempIe Bar Inv Tr . . .822.5 -9.5 952.0 782.0
TempIeton Emergin .562.0 -7.5 689.5 554.0
TR Property Inv T . . .159.0 -2.0 206.1 151.7
TR Property Inv T . . . .73.0 -2.0 94.0 68.5
Witan Inv Trust . . . . .436.0 5.6 533.0 428.0
3i Group. . . . . . . . . . .194.1 0.2 340.0 190.1
3i Infrastructure . . . .121.3 0.5 125.2 112.9
Aberdeen Asset Ma .179.4 -2.0 240.0 144.7
Ashmore Group . . . .389.9 4.9 420.0 301.5
Brewin DoIphin Ho . .127.9 2.9 185.4 117.0
CameIIia. . . . . . . . . .9337.5-162.510950.08895.0
CharIes TayIor Co. . .139.5 -3.0 198.3 122.0
City of London Gr . . . .76.3 0.0 93.6 76.3
City of London In . . .376.3 -1.8 461.5 289.0
CIose Brothers Gr. . .677.0 7.5 888.5 656.5
CoIIins Stewart H . . . .70.5 0.0 90.8 67.0
EvoIution Group . . . . .91.0 0.8 94.0 62.3
F&C Asset Managem .66.1 -0.6 92.9 58.7
Hargreaves Lansdo .454.3 -3.0 646.5 402.5
HeIphire Group . . . . . . .2.9 0.0 39.0 2.2
Henderson Group. . .120.9 2.5 173.1 116.8
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .473.9 12.2 570.5 391.3
IG Group HoIdings . .443.0 -1.0 553.0 393.6
Intermediate Capi . . .223.7 -2.3 360.3 204.8
InternationaI Per . . . .219.9 0.8 388.8 217.0
InternationaI Pub. . . .114.4 -1.5 118.3 108.6
Investec . . . . . . . . . . .410.0 6.0 538.0 378.7
IP Group. . . . . . . . . . . .43.5 -1.5 54.5 27.9
Jupiter Fund Mana . .207.0 2.0 337.3 184.9
Liontrust Asset M . . . .72.5 0.0 95.3 72.0
LMS CapitaI . . . . . . . . .62.3 0.8 64.8 44.5
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .847.0 17.0 1076.0 675.0
Lonrho . . . . . . . . . . . . .15.0 0.3 19.8 10.5
Man Group. . . . . . . . .231.3 3.2 311.0 178.0
Paragon Group Of . .147.4 2.4 206.1 134.6
Provident Financi . .1052.0 -19.0 1124.0 728.5
Rathbone Brothers.1039.0 -25.0 1257.0 828.0
Record . . . . . . . . . . . . .29.4 0.0 52.0 20.3
RSM Tenon Group . . .21.8 -3.3 66.3 21.0
Schroders . . . . . . . .1332.0 7.0 1922.0 1312.0
Schroders (Non-Vo.1072.0 12.0 1554.0 1038.0
TuIIett Prebon . . . . . .367.8 8.4 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .169.4 4.9 204.1 138.9
CabIe & WireIess . . . .37.1 -0.1 61.1 31.3
CabIe & WireIess . . . .31.0 0.1 78.4 30.2
COLT Group SA . . . .101.5 -0.1 156.2 100.4
TaIkTaIk TeIecom . . .124.0 1.0 168.3 119.8
TeIecomPIus. . . . . . .687.0 12.0 700.0 365.5
Booker Group . . . . . . .69.1 0.5 77.9 46.1
Greggs . . . . . . . . . . . .467.4 -4.5 550.5 429.1
Morrison (Wm) Sup .292.9 -0.1 308.3 262.7
Ocado Group. . . . . . .126.2 12.0 285.0 107.0
Sainsbury (J) . . . . . . .278.8 1.9 395.0 275.5
Tesco . . . . . . . . . . . . .366.0 1.9 440.7 360.1
Associated Britis . .1066.0 6.0 1182.0 940.0
Cranswick . . . . . . . . .614.0 3.0 896.0 606.0
Dairy Crest Group. . .325.0 -13.5 424.9 324.8
Devro . . . . . . . . . . . . .232.0 -8.4 296.9 218.0
Premier Foods. . . . . . .11.4 0.0 35.1 11.2
Tate & LyIe. . . . . . . . .594.0 3.5 656.0 461.6
UniIever . . . . . . . . . .1962.0 40.0 2081.0 1750.0
Mondi . . . . . . . . . . . . .533.0 11.0 664.0 468.8
Centrica . . . . . . . . . . .295.3 2.8 345.8 286.3
InternationaI Pow . . .326.6 5.9 448.6 279.4
NationaI Grid . . . . . . .625.0 6.0 632.5 530.0
Northumbrian Wate .461.8 -0.7 469.5 295.5
Pennon Group. . . . . .668.5 5.0 737.5 579.5
Severn Trent . . . . . .1471.0 24.0 1517.0 1306.0
United UtiIities . . . . .594.5 10.5 632.0 543.5
Cookson Group . . . . .430.5 4.7 724.5 418.9
DS Smith . . . . . . . . . .191.5 3.0 266.2 145.9
Rexam . . . . . . . . . . . .325.0 2.9 400.0 301.5
RPC Group . . . . . . . .312.2 3.8 384.8 215.4
BAE Systems . . . . . .273.2 0.4 369.9 248.1
Chemring Group. . . .531.0 0.0 736.5 485.0
Cobham . . . . . . . . . . .179.5 1.5 245.6 173.4
Meggitt . . . . . . . . . . . .315.1 10.1 397.6 288.3
QinetiQ Group. . . . . .118.6 1.1 136.3 96.7
RoIIs-Royce Group . .611.0 7.5 665.0 557.5
Senior. . . . . . . . . . . . .142.1 2.0 190.6 122.4
UItra EIectronics . . .1399.0 1.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .183.6 8.6 245.0 158.2
BarcIays. . . . . . . . . . .152.0 3.7 333.6 144.0
HSBC HoIdings. . . . .501.5 2.5 730.9 491.5
LIoyds Banking Gr . . .33.5 1.7 77.6 27.6
RoyaI Bank of Sco . . .22.8 0.9 50.2 19.7
Standard Chartere .1325.5 -13.5 1950.0 1295.0
AG Barr . . . . . . . . . .1136.0 21.0 1395.0 1031.0
Britvic. . . . . . . . . . . . .306.0 3.0 503.5 289.9
Diageo . . . . . . . . . . .1216.0 21.0 1307.0 1070.0
SABMiIIer. . . . . . . . .2221.5 48.0 2340.0 1968.0
AZ EIectronic Mat . . .245.0 5.0 338.1 210.0
Croda Internation . .1774.0 6.0 2081.0 1367.0
EIementis. . . . . . . . . .135.2 -2.4 187.4 88.4
Johnson Matthey . .1578.0 22.0 2119.0 1537.0
Victrex . . . . . . . . . . .1229.0 12.0 1590.0 1178.0
YuIe Catto & Co. . . . .165.8 1.3 253.0 150.1
Price Chg High Low
Bovis Homes Group.394.5 6.3 464.7 326.5
Persimmon . . . . . . . .437.2 7.0 502.5 336.5
Reckitt Benckiser . .3270.0 31.0 3648.0 3015.0
Redrow. . . . . . . . . . . .109.9 -0.2 139.0 98.4
TayIor Wimpey . . . . . . .31.1 1.3 43.3 22.3
Bodycote . . . . . . . . . .267.1 2.8 397.7 240.8
Charter Internati . . . .860.0 5.0 862.0 538.5
Fenner . . . . . . . . . . . .355.0 13.5 422.5 229.0
IMI . . . . . . . . . . . . . . . .801.0 2.0 1119.0 733.0
MeIrose . . . . . . . . . . .293.1 1.3 365.4 254.0
Northgate. . . . . . . . . .267.7 1.2 346.7 202.0
Rotork . . . . . . . . . . .1630.0 -2.0 1895.0 1501.0
Spirax-Sarco Engi. .1809.0 23.0 2063.0 1649.0
Weir Group . . . . . . .1789.0 31.0 2218.0 1371.0
Ferrexpo. . . . . . . . . . .368.2 11.6 499.0 292.4
TaIvivaara Mining . . .291.2 7.2 622.0 283.8
BBAAviation . . . . . . .164.0 2.6 240.8 156.0
Stobart Group Ltd. . .128.0 0.4 163.6 124.1
AdmiraI Group. . . . .1274.0 4.0 1754.0 1252.0
AmIin . . . . . . . . . . . . .278.7 -5.9 427.0 278.7
BeazIey. . . . . . . . . . . .114.5 3.3 139.2 109.6
Informa. . . . . . . . . . . .330.1 6.1 461.1 320.0
ITE Group. . . . . . . . . .182.4 1.9 258.2 158.0
ITV. . . . . . . . . . . . . . . . .56.4 2.8 93.5 52.5
Johnston Press. . . . . . .4.8 0.2 15.5 4.4
MecomGroup . . . . . .146.8 -0.5 310.0 145.8
Moneysupermarket. .107.7 1.4 120.4 75.7
Pearson . . . . . . . . . .1078.0 8.0 1207.0 926.0
PerformGroup . . . . .210.0 5.0 234.5 150.0
Reed EIsevier . . . . . .479.7 11.8 590.5 461.3
Rightmove . . . . . . . .1255.0 9.0 1307.0 725.0
STV Group. . . . . . . . .109.0 -0.5 168.0 89.8
Tarsus Group . . . . . .136.5 1.5 165.0 112.5
Trinity Mirror . . . . . . . .40.0 0.5 124.0 37.5
UBM . . . . . . . . . . . . . .423.8 -0.1 725.0 416.9
UTV Media . . . . . . . . .128.0 -2.0 151.0 101.0
WiImington Group . . .83.3 0.5 183.0 83.3
WPP . . . . . . . . . . . . . .614.5 10.5 846.5 578.5
YeII Group . . . . . . . . . . .4.4 -0.1 16.6 4.2
African Barrick G . . .616.5 17.5 638.0 393.5
AngIo American . . .2421.0 12.0 3437.0 2234.0
AngIo Pacific Gro . . .294.1 2.1 369.3 257.1
Antofagasta. . . . . . .1242.0 4.0 1634.0 1120.0
Aquarius PIatinum . .215.2 -3.5 419.0 212.8
BHP BiIIiton. . . . . . .1949.0 -3.0 2631.5 1846.0
Centamin Egypt Lt . .103.7 -0.3 197.1 89.7
CatIin Group Ltd. . . .339.4 2.4 421.4 325.0
Hiscox Ltd. . . . . . . . . .353.2 8.1 424.7 340.5
Jardine LIoyd Tho. . .619.0 0.0 709.0 564.5
Lancashire HoIdin . . .658.5 22.5 700.0 529.0
RSA Insurance Gro. .109.8 1.3 143.5 107.6
Aviva. . . . . . . . . . . . . .297.4 1.1 477.9 290.2
LegaI & GeneraI G. . . .92.6 0.5 123.8 90.3
OId MutuaI . . . . . . . . .113.4 1.2 145.2 103.2
Phoenix Group HoI . .515.0 -4.5 730.0 458.0
PrudentiaI . . . . . . . . .587.0 10.5 777.0 564.5
ResoIution Ltd. . . . . .241.5 3.7 316.1 211.3
St James's PIace. . . .310.8 -7.6 376.0 236.2
Standard Life. . . . . . .191.0 0.7 244.7 172.0
4Imprint Group . . . . .212.0 -3.0 295.0 195.0
Aegis Group . . . . . . .124.6 2.5 163.5 119.0
BIoomsbury PubIis. .100.0 -1.0 138.0 98.4
British Sky Broad . . .702.0 20.5 850.0 618.5
Centaur Media. . . . . . .37.6 0.1 73.0 37.0
Chime Communicati.175.3 -1.8 298.5 173.0
Creston . . . . . . . . . . . .81.0 -1.0 121.0 78.5
DaiIy MaiI and Ge . . .362.8 1.3 594.5 360.4
Euromoney Institu . .543.5 14.5 736.0 527.0
Future. . . . . . . . . . . . . .11.5 -0.3 30.0 10.8
Haynes PubIishing . .235.0 0.0 262.5 202.5
Huntsworth . . . . . . . . .57.5 -0.5 86.0 56.5
Eurasian NaturaI . . .646.0 12.0 1125.0 585.5
FresniIIo. . . . . . . . . .1927.0 -3.0 2150.0 1137.0
GemDiamonds Ltd. .226.2 7.2 306.0 179.8
GIencore Internat . . .420.6 9.9 531.1 348.0
HochschiId Mining . .521.0 0.0 680.0 390.5
Kazakhmys . . . . . . .1033.0 17.0 1671.0 918.0
Kenmare Resources. .44.5 0.5 59.9 17.2
Lonmin. . . . . . . . . . .1161.0 -19.0 1983.0 1103.0
New WorId Resourc .538.0 -6.0 1060.0 514.5
PetropavIovsk . . . . . .846.5 4.5 1252.0 676.0
RandgoId Resource 6935.0 -35.0 7070.0 4425.0
Rio Tinto . . . . . . . . .3530.0 -17.0 4712.0 3387.5
Vedanta Resources 1369.0 38.0 2559.0 1225.0
Xstrata . . . . . . . . . . . .999.7 9.0 1550.0 933.4
Inmarsat . . . . . . . . . . .495.0 8.8 724.5 389.7
Vodafone Group . . . .162.3 2.1 181.9 155.1
Genesis Emerging . .459.2 -1.8 568.0 444.5
Afren. . . . . . . . . . . . . .103.2 -2.5 171.2 92.5
BG Group. . . . . . . . .1235.0 -1.5 1564.5 1082.5
BP. . . . . . . . . . . . . . . .395.1 13.5 509.0 363.2
Cairn Energy . . . . . . .289.0 2.0 469.7 281.4
EnQuest . . . . . . . . . . .100.7 -0.3 158.5 95.1
Essar Energy . . . . . .253.5 5.5 589.5 235.1
ExiIIon Energy. . . . . .264.7 9.6 469.7 190.0
Heritage OiI . . . . . . . .233.5 6.5 486.0 190.0
JKX OiI & Gas . . . . . .176.0 -4.0 335.1 160.0
Premier OiI. . . . . . . . .344.9 1.9 535.0 310.0
RoyaI Dutch SheII . .2033.0 18.0 2326.5 1842.5
RoyaI Dutch SheII . .2054.0 12.5 2336.0 1792.0
SaIamander Energy .214.6 9.8 317.6 204.8
Soco Internationa . . .343.7 -1.8 467.9 279.8
TuIIow OiI . . . . . . . . .1412.0 27.0 1493.0 945.5
Amec . . . . . . . . . . . . .917.0 19.0 1251.0 834.0
Hunting . . . . . . . . . . .635.0 -4.5 817.0 592.5
LampreII . . . . . . . . . . .279.0 11.1 395.2 254.5
Petrofac Ltd. . . . . . .1339.0 21.0 1685.0 1110.0
Wood Group (John) .546.0 -1.0 715.8 390.1
Burberry Group. . . .1367.0 73.0 1600.0 894.5
PZ Cussons. . . . . . . .331.8 2.3 409.0 320.5
Supergroup . . . . . . .1085.0 23.0 1820.0 818.5
AstraZeneca . . . . . .2769.5 8.5 3385.0 2543.5
BTG . . . . . . . . . . . . . .260.0 2.1 309.7 210.1
Genus. . . . . . . . . . . . .991.0 5.0 1046.0 765.0
GIaxoSmithKIine. . .1279.5 -5.0 1385.0 1127.5
Hikma Pharmaceuti .569.5 13.5 900.0 557.2
Shire PIc. . . . . . . . . .1950.0 30.0 2136.0 1405.0
CapitaI & Countie . . .171.1 2.5 203.7 128.3
Daejan HoIdings . . .2402.0 -14.0 2954.0 2282.0
F&C CommerciaI Pr .100.7 0.6 108.0 88.0
Grainger . . . . . . . . . . .101.5 0.5 133.2 86.3
London & Stamford .118.4 -1.1 140.0 110.3
SaviIIs. . . . . . . . . . . . .290.0 -6.0 427.1 288.2
St. Modwen Proper . .131.0 3.1 196.2 123.5
UK CommerciaI Pro . .77.1 -0.8 85.5 70.4
Unite Group. . . . . . . .176.2 0.4 229.8 152.9
Big YeIIow Group . . .260.3 2.3 353.3 234.2
British Land Co. . . . .494.0 -7.5 629.5 464.0
CapitaI Shopping . . .317.7 -1.5 424.8 312.5
Derwent London . . .1539.0 -10.0 1880.0 1411.0
Great PortIand Es . . .356.1 3.7 445.0 325.4
Hammerson. . . . . . . .382.0 -0.5 490.9 375.4
Hansteen HoIdings. . .73.4 -3.6 89.5 64.7
Land Securities G. . .658.0 -12.0 885.0 620.5
SEGRO. . . . . . . . . . . .236.0 -5.2 331.3 232.4
Shaftesbury. . . . . . . .461.4 -0.3 539.0 426.3
Autonomy Corporat 2529.0 -1.0 2534.0 1271.0
Aveva Group . . . . . .1465.0 -15.0 1799.0 1385.0
Computacenter . . . . .389.5 -3.6 490.0 286.4
Fidessa Group. . . . .1561.0 23.0 2109.0 1409.0
Invensys. . . . . . . . . . .236.6 6.9 364.3 221.7
Kofax . . . . . . . . . . . . .282.1 -0.9 535.0 253.0
Logica . . . . . . . . . . . . .80.5 -1.5 147.2 79.4
Micro Focus Inter . . .330.4 -2.9 426.2 239.4
Misys . . . . . . . . . . . . .270.2 -5.9 420.2 234.7
Sage Group . . . . . . . .255.2 0.9 302.0 231.7
SDL. . . . . . . . . . . . . . .610.0 1.5 711.5 554.5
TeIecity Group. . . . . .540.5 -5.5 572.5 430.0
Aggreko . . . . . . . . . .1800.0 -12.0 2034.0 1394.5
Ashtead Group . . . . .137.9 -0.4 207.9 94.4
Atkins (WS) . . . . . . . .544.0 12.5 820.0 513.5
Babcock Internati . . .606.0 11.0 733.0 513.5
Berendsen . . . . . . . . .450.9 4.3 568.0 390.0
BunzI . . . . . . . . . . . . .764.0 -3.5 812.5 676.5
Capita Group. . . . . . .710.5 5.0 794.5 635.5
CariIIion . . . . . . . . . . .329.1 9.2 403.2 298.8
De La Rue . . . . . . . . .774.0 0.5 853.5 549.5
EIectrocomponents .198.4 3.5 294.9 190.0
Experian. . . . . . . . . . .703.0 16.0 833.5 659.5
FiItrona PLC . . . . . . . .352.8 -0.5 385.5 227.5
G4S. . . . . . . . . . . . . . .259.8 1.0 291.0 237.7
Hays . . . . . . . . . . . . . . .72.0 0.6 133.6 69.4
Homeserve . . . . . . . .468.3 -3.5 532.0 408.0
Howden Joinery Gr. .102.0 3.4 127.5 70.6
Intertek Group. . . . .1948.0 12.0 2148.0 1715.0
MichaeI Page Inte . . .348.8 3.6 567.0 342.1
Mitie Group . . . . . . . .228.0 8.0 242.5 191.2
Premier FarneII . . . . .155.0 2.0 308.8 150.7
Regus. . . . . . . . . . . . . .73.6 1.7 119.0 64.0
RentokiI InitiaI . . . . . . .77.7 2.3 107.1 74.5
RPS Group. . . . . . . . .186.0 -1.0 253.0 179.5
Serco Group . . . . . . .492.3 -3.5 633.0 490.5
Shanks Group . . . . . .114.0 1.6 130.9 101.1
SIG . . . . . . . . . . . . . . . .98.1 0.9 153.5 95.3
SThree . . . . . . . . . . . .226.0 -2.1 447.6 226.0
Travis Perkins . . . . . .727.5 3.0 1127.0 718.0
WoIseIey . . . . . . . . .1521.0 -4.0 2261.0 1381.0
ARM HoIdings . . . . . .598.5 12.0 651.0 338.9
CSR . . . . . . . . . . . . . .225.0 9.5 447.0 208.0
Imagination Techn . .387.5 26.9 502.0 296.9
Pace . . . . . . . . . . . . . .103.0 0.8 231.8 91.0
Spirent Communica .121.5 -0.6 160.3 116.0
British American . .2748.5 38.5 2871.0 2282.5
ImperiaI Tobacco . .2012.0 -42.0 2231.0 1784.0
Avis Europe. . . . . . . .314.2 1.2 314.9 184.0
Betfair Group. . . . . . .720.0 15.0 1550.0 567.0
Bwin.party Digita . . .124.4 10.4 297.9 100.6
CarnivaI . . . . . . . . . .2060.0 74.0 3153.0 1742.0
Compass Group . . . .547.5 6.5 612.0 511.5
Domino's Pizza UK. .500.0 7.6 586.0 377.0
easyJet. . . . . . . . . . . .324.6 13.3 479.0 301.0
Enterprise Inns . . . . . .36.0 0.9 122.7 32.5
FirstGroup . . . . . . . . .339.3 -7.0 412.6 311.3
Go-Ahead Group. . .1446.0 3.0 1598.0 1085.0
Greene King . . . . . . .447.5 7.4 518.0 410.0
InterContinentaI . . .1047.0 60.5 1435.0 955.0
InternationaI Con . . .154.0 7.5 305.0 145.4
JD Wetherspoon. . . .399.6 1.0 468.3 389.9
Ladbrokes . . . . . . . . .123.2 1.2 155.3 120.3
Marston's. . . . . . . . . . .94.3 0.8 117.1 87.1
MiIIennium& Copt . .404.7 4.7 600.5 397.0
MitcheIIs & ButIe. . . .260.0 9.0 361.0 216.4
NationaI Express . . .230.2 -0.6 270.2 220.7
Rank Group . . . . . . . .126.0 2.0 153.7 109.5
Restaurant Group. . .269.1 2.1 335.0 254.9
Spirit Pub Compan . . .40.8 0.8 55.0 37.0
Stagecoach Group . .246.0 2.5 268.5 180.4
Thomas Cook Group .39.1 5.2 204.8 33.9
TUI TraveI. . . . . . . . . .144.1 6.0 271.9 137.2
Whitbread . . . . . . . .1607.0 17.0 1887.0 1409.0
WiIIiamHiII. . . . . . . . .226.5 5.7 237.3 155.5
Abcam . . . . . . . . . . . .365.8 20.8 460.0 307.0
AIbemarIe & Bond . .361.0 -14.0 400.1 248.5
Amerisur Resource . .15.8 -0.8 29.0 11.5
Andor TechnoIogy . .580.0 8.0 685.0 324.0
ArchipeIago Resou. . .74.5 -1.5 79.0 32.3
ASOS . . . . . . . . . . . .1725.0 62.0 2468.0 1067.0
AureIian OiI & Ga . . . .44.8 0.8 92.0 42.5
Avanti Communicat .317.8 0.5 735.0 288.8
Avocet Mining . . . . . .277.0 1.5 286.8 129.0
BIinkx . . . . . . . . . . . . .144.5 2.5 148.8 70.5
Borders & Souther . . .49.6 0.6 93.0 44.8
BowLeven . . . . . . . . .125.5 -4.5 398.0 115.3
Brooks MacdonaId 1223.5 83.5 1372.5 907.5
Conygar Investmen . .97.0 2.5 120.0 92.5
Cove Energy . . . . . . . .73.0 1.5 112.8 59.5
Daisy Group. . . . . . . .111.0 2.5 127.0 88.0
EMIS Group . . . . . . . .545.0 -10.0 580.0 318.0
Encore OiI . . . . . . . . . .51.5 0.0 151.5 40.8
Faroe PetroIeum. . . .158.0 4.0 218.3 133.0
GuIfsands PetroIe. . .177.5 6.8 401.5 142.5
GWPharmaceuticaI .106.0 2.3 130.0 83.0
Hamworthy . . . . . . . .541.0 16.0 705.0 352.0
Hargreaves Servic . .982.0 82.0 1076.0 620.0
HeaIthcare Locums . . . .8.4 0.6 8.7 7.5
Immunodiagnostic . .998.0 -2.0 1218.0 768.5
ImpeIIamGroup . . . .350.0 5.0 387.5 130.0
James HaIstead. . . . .426.0 -9.0 495.0 318.8
KaIahari MineraIs . . .237.3 1.0 301.0 142.0
London Mining . . . . .370.0 3.8 436.5 283.0
Lupus CapitaI . . . . . . .95.0 -2.0 150.0 85.3
M. P. Evans Group . .423.0 21.5 500.5 371.0
Majestic Wine . . . . . .420.3 3.3 510.0 314.0
May Gurney Integr . .242.0 2.0 295.0 177.0
Monitise . . . . . . . . . . . .34.8 1.0 39.0 18.5
MuIberry Group. . . .1460.0 32.0 1920.0 375.0
Nanoco Group. . . . . . .57.0 -0.5 115.8 57.0
NauticaI PetroIeu . . .269.0 8.8 547.0 190.0
NichoIs. . . . . . . . . . . .525.0 -1.0 579.0 410.0
Numis Corporation. . .93.5 -2.8 142.5 91.9
Pan African Resou . . .13.3 0.8 14.5 7.8
Patagonia GoId . . . . . .65.0 0.0 70.0 19.5
Prezzo . . . . . . . . . . . . .58.5 0.0 71.5 47.5
Pursuit Dynamics . . .195.0 5.0 700.0 160.5
Rockhopper ExpIor .235.3 -10.8 510.0 141.0
RWS HoIdings. . . . . .430.0 10.0 479.8 258.5
Songbird Estates . . .120.0 0.0 160.3 110.3
VaIiant PetroIeum . . .450.0 0.5 761.5 444.2
Young & Co's Brew. .652.5 0.0 712.0 525.0
ThomasCookGroup .39.1 15.4
OcadoGroup.......126.2 10.5
Bwin.partyDigitaI ...124.4 9.1
ImaginationTechno .387.5 7.5
Debenhams .........56.1 7.0
Next .............2483.0 6.3
InterContinentaIH..1047.0 6.1
Inchcape ..........287.5 6.1
BurberryGroup....1367.0 5.6
Laird..............150.8 5.5
KeIIerGroup .......307.3 -8.5
KesaEIectricaIs .....87.2 -7.0
HansteenHoIdings ...73.4 -4.7
DairyCrestGroup...325.0 -4.0
Devro .............232.0 -3.5
JPMorganAsianInv .195.1 -2.7
TRPropertyInvTr....73.0 -2.7
StJames'sPIace....310.8 -2.4
Afren .............103.2 -2.4
RathboneBrothers .1039.0 -2.4
Risers FaIIers
MAINCHANGESUK350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
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Tsy 3.250 11. . . . .100.50 -0.15 103.2 100.5
Tsy 5.000 12 . . . .102.12 -0.05 106.4 102.1
Tsy 5.250 12 . . . .103.41 -0.03 107.8 103.4
Tsy 9.000 12 . . . .107.10 -0.33 115.2 106.7
Tsy 4.500 13 . . . .105.79 -0.03 108.8 105.8
Tsy 2.500 13 . . . .284.00 -0.06 287.7 277.5
Tsy 8.000 13. . . . .114.91 -0.04 120.7 114.9
Tsy 5.000 14. . . . .112.41 -0.13 114.1 109.2
Tsy 7.750 15 . . . .102.00 -0.58 342.1 102.0
Tsy 4.750 15. . . . .114.58 -0.16 115.1 108.6
Tsy 8.000 15 . . . .128.74 -0.16 131.3 123.7
Tsy 2.500 16 . . . .339.55 -0.19 341.3 310.2
Tsy 4.000 16. . . . .113.06 -0.25 113.7 104.9
Tsy 12.000 17 . . .125.20 0.06 185.9 124.8
Tsy 1.250 17. . . . .114.25 -0.17 115.0 106.7
Tsy 8.750 17 . . . .140.82 -0.56 142.1 132.9
Tsy 5.000 18 . . . .120.63 -0.25 121.5 109.7
Tsy 4.500 19. . . . .118.06 -0.27 119.1 105.4
Tsy 3.750 19. . . . .112.48 -0.28 113.5 99.4
Tsy 4.750 20 . . . .120.26 -0.27 121.3 106.6
Tsy 2.500 20 . . . .352.91 -0.21 355.7 312.4
Tsy 8.000 21 . . . .150.83 -0.36 152.4 133.8
Tsy 4.000 22. . . . .113.79 -0.26 114.8 99.0
Tsy 1.875 22 . . . .122.87 -0.24 124.0 111.3
Tsy 2.500 24 . . . .315.28 -0.29 318.3 273.5
Tsy 5.000 25 . . . .124.29 -0.30 125.5 107.4
Tsy 1.250 27. . . . .117.97 -0.30 119.4 104.6
Tsy 4.250 27. . . . .114.34 -0.30 115.7 97.9
Tsy 6.000 28 . . . .138.59 -0.30 140.2 119.5
Tsy 4.125 30 . . . .299.31 -0.32 302.7 261.2
Tsy 4.750 30 . . . .120.82 -0.31 122.2 103.0
Tsy 4.250 32. . . . .113.24 -0.36 114.6 96.0
Tsy 4.250 36. . . . .112.04 -0.48 113.7 95.0
Tsy 4.750 38 . . . .120.90 -0.60 122.9 102.8
Tsy 4.500 42. . . . .116.19 -0.88 116.2 98.9
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Business Features| Education
MBA students go
gaga over lessons
from pop stars
Top business schools are increasingly looking at how companies
can adopt models from celebrities, says Jeremy Hazlehurst
There are rumours that
Lady Gagas next proj-
ect will be a self-help
album for investment
bankers
Picture: GETTY
L
OOK along the business books sec-
tion in a bookshop and you will find
many tomes that promise to teach
you how to invest like Warren Buffett
or to learn from Bill Gates how a start-up
can turn you into a billionaire. But along-
side those you will also find another sub-
genre of books that promise to re-purpose
the wisdom of those who are strangers to
the boardroom into business-friendly
advice. In 2009, the writer Robert Greene
co-wrote a book called The 50th Law with
rapper 50 Cent, explaining how the musi-
cians experiences of dealing drugs on the
streets could be translated into corporate
America. The shelves groan under the
weight of books that claim to use the wis-
dom of complicated (and therefore mal-
leable) books like Machiavellis The Prince,
Sun-Tzus the Art of War and various bits
of Nietzsche to turbo-charge your career.
The trend reached a high (or low) point
with the recent addition of Mother Teresa,
CEO: Unexpected Principles for Practical
Leadership.
Silly? Maybe. But now business schools
are also getting in on the act. The ESMT
school in Germany has recently added a
case study about Lady Gaga to its MBA
course. While stopping short of suggesting
that students wear clothes made from
meat to interviews (as Gaga famously did
at an awards ceremony), it looks at what
businesses can learn about strategic inno-
vation from the pop star. Lady Gaga is
not just an incredible creative talent, she
is also a very astute business woman, says
the school.
SOCIAL SKILLS
At first sight this might simply be written
off as a gimmick designed to pique the
interest of students (and journalists) but is
there anything to it? Martin Kupp, who
teaches the Lady Gaga course, says that
the shock of the new does play a part
after a while people get fed up with
Apple, Google and Facebook but that it
is Gagas successful harnessing of social
media that makes her relevant. She has
10m followers on Twitter and 15m
Facebook friends and her videos have
been downloaded an average of 85m
times a month in 2011, and in the past
three years they have been viewed over a
billion times. Traditional businesses
which have failed to capitalise on social
media would be arrogant to assume that
there is nothing to learn here.
Of course, not everybody is convinced.
Vince Mitchell, Professor of Consumer
Marketing at Cass business school, says
that the point of a case study is to provide
substantive learning which is generalis-
able. Gaga is an extremely talented
artist, thats the main reason for her suc-
cess, not the business decisions she
makes. So to examine her with a music
course is legitimate, to examine her with-
in a business school is not, he adds. The
best people to learn from are business-
men who make business decisions and we
want to know how and why they took
them. There are lots of great business
entrepreneurs to learn from. Im not sure
that artistic entrepreneurs have anything
more to teach a general business audi-
ence, unless it was on the curriculum of
the Simon Cowell School of Business.
CREATIVE CONTROL
That all sounds very commonsensical. But
there is perhaps something to Gaga stud-
ies. Jochen Runde, Director of the MBA
programme at the Judge business school
in Cambridge, says that musicians can
teach entrepreneurs a lot about keeping
control of the product. I watched some
of the film about the preparation of
Michael Jackson's last tour, and was sur-
prised to see that he was dealing directly
with his drummer on some of the most
subtle stuff. There might well be lessons
here for small manufacturers that want
to keep their identity (and keep up quali-
ty) after they are bought by bigger corpo-
rations.
Runde also says that internet smarts
are essential to benefit from the long
tail opportunities that, together with
online social networks and search algo-
26
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s e m m a r g o r p d e t i d e r c c a 3
s n o i s s e s g n e i r b e e r f 3
: y b d e r o s n o p S
m / m o c . d l r o wwo a b m . ww. www www
: w o n r e t s i g e R

y l n o s
X E L A B O L G G N I R I P S N I
r i a ffa a b

E C N E L L E C X
rithms, have transformed the market-
place for niche businesses. I used to be a
musician and have a thing for exotic jazz
guitar players who live in Manhattan.
These people have tiny audiences and in
former times they would have struggled
to make a living, having to do a lot of hack
work to survive. But courtesy of the web,
they can now reach a global audience, a
tiny one to be sure, and sell all kinds of
stuff that they wouldnt have been able to
before. All sorts of small businesses could
try as indeed many already are to har-
ness the same technology to reach a high-
ly dispersed global audience of devoted
enthusiasts, and a success story like
Gagas may help them develop a strategy
that brings home the bacon.
PEER POWER
There are two essential reasons why Lady
Gaga is a worthwhile person or phenom-
enon to study, according to Kupp. For a
start, one of the most important features
of an MBA is learning from the experi-
ences of your peers. If they are bored by
yet another discussion about Ikeas brand-
ing or the South American mobile phone
market, then maybe a bisexual pop star
riding a motorcycle might kick-start the
conversation, especially as she is also very
wealthy.
But more importantly, Lady Gagas
brand of outisde-the-box behaviour can
27
teach students about the role of creativity.
This is something close to Kupps heart,
and he works with an artist in Berlin in
order to think up new ways to inject cre-
ativity into businesses they recently
worked on an art-project together, which
involved business school students, and co-
wrote a book called The Fine Art of
Success which takes lessons for business
from artists such as Madonna, Damien
Hirst and Picasso.
There is a big need for companies to
look at innovation and creativity, Kupp
says. This is a big topic. People realise
that the standard stuff they have learned
only takes them so far, then they realise
that it is about creative leadership and
how to produce an environment where
creativity can flow. There is a growing
number of smart people coming from
Asia and India, they are very well educat-
ed, they are good mathematicians and
engineers. The question is: what is our
edge?
BREAKING THE MOULD
Creativity is one of the major challenges
facing business right now, thinks Kupp.
As companies get bigger and more com-
plex, they become good at standardisa-
tion a manufacturer might make 10,000
car-parts an hour to exactly the same spec-
ification in factories all over the world
but they also need to be able to constantly
re-think that product to stay competitive.
Combining that consistency with creativi-
ty in the same corporate structure is one
of the big challenges of the early 21st cen-
tury. Move over Mother Teresa, theres a
new business guru in town. And shes
wearing leather hotpants.
C
ORRUPTION is a bad thing.
Widespread bribery can reduce a
countrys GDP by up to 1 per cent,
according to the World Bank. A tril-
lion dollars is paid in bribes every year. A
decade ago, a quarter of Africas GDP was
paid in bribes. This isnt just a problem for
poor countries. A report by
PricewaterhouseCoopers and market
research company TNS-Enmid in 2007
found that German companies lost more
than 6bn a year through corruption,
embezzlement and fraud. In 2006, a quar-
ter of UK companies thought they had lost
a contract to a competitor who had paid a
bribe in the previous five years, said a
report by risk consultancy Control Risks.
Recently, the focus has been on India,
with activist Anna Hazare going on hunger
strike to protest against corruption in the
country, where there has been a series of
high-profile cases of corruption. According
to anti-corruption watchdog Transparency
International, Indias poorest 400m people
pay a total of $200m a year. A total of $19bn
a year seeps overseas from Indias economy
due to bribery. In Russia, the figure is said
to be $300bn a quarter of the countrys
GDP. Thats a problem in a country where
the economy contracted by 7.9 per cent in
2009. And that really affects peoples lives.
Corruption makes it harder for poor people
to get out of poverty, because they have to
pay a lot of their income in bribes, and pre-
vents new businesses starting.
So what role can business schools play in
helping to stamp out corruption? And,
indeed, is that their job? Some certainly
think so. At the Skolkovo business school,
just outside Moscow, that has been run-
ning an MBA since 2009, anti-corruption is
a strong theme. The school is connected to
a technology park (the Russian Silicon
Valley, say cheerleaders) which aims to
improve the countrys woeful track-record
in innovation. In general, after the finan-
cial collapse of 2008, business schools were
stung by criticism that the ideology they
pushed contributed to risk-taking. Since
then, schools have been keen to talk about
their ethical credentials, and an anti-cor-
ruption stance is part of that.
At Americas Tuck school, MBAs can
attend fireside chats by convicted white-
collar criminals, who explain how they got
tempted and, importantly, how they were
caught. (The speakers are provided by a
public-speaking company called, wonder-
fully, The Pros and The Cons.) Professor Rick
Shreve, who oversees the ethics courses at
Tuck, says that the school has a serious
commitment to producing people with
character who wouldnt consider corrupt
activity. If we have got students for two
years, we have to at last think about
whether we are a value-neutral or an inspi-
rational institution, says Shreve. Acting
morally, then, is not about following a list
of rules, but being constantly aware of the
consequences of your actions and ethical
questions they might raise. The code of
conduct is not just on the wall, it informs
the culture, he says.
Ethics is a big deal at the Spanish school
IESE, which is partnered with numerous
African business schools, and prides itself
with its generally ethical and
specifically anti-
c or r upt i on
ethos. IESEs
P r o f e s s o r
A n t o n i o
Argandona says
that an anti-cor-
ruption stance
should infuse
every class at a
business school.
Only by under-
standing the cultural, political or econom-
ic reasons for corruption, and the legal
and other weapons to fight against it, such
as proper accounting, honest marketing
and good management, can corruption
really be defeated.
CULTURE CLASH
Its easy for Europeans to lecture people in
other parts of the world where things are
done differently. But is that naive? If kick-
backs and bribes are the way of the world,
well, shouldnt we go along with it?
In some circumstances, corruption can
appear to improve economic efficiency.
There is often a reason that corruption
exists beyond the venality of officials. In
countries with weak market institutions
and a bureaucratic culture that hinders
business getting done, then a so-called
speed bribe to jump the queue and get a
form rubber-stamped obviously makes
things move more smoothly. Can corrup-
tion be a good thing?
CORRUPTION COSTS
Douglas Webber, a professor at Insead,
thinks such arguments are wrongheaded,
simply because there are practical as well
as moral questions to be considered. Once
a company becomes involved in corruption
it establishes a reputation for itself as being
amenable to bribery or blackmail, and you
keep on paying, he says. Furthermore, gov-
ernments are increasingly bringing in anti-
corruption legislation such as the Bribery
Act in the UK. In India, the zero-rupee
movement hands the worthless notes out
as a rebuke to those asking for bribes. There
is a long-term move towards stamping out
corruption. Until the late 1990s, bribes
were actually tax-deductible expenses in
Germany no more. Webber thinks that
the shift in culture is driven by the democ-
ratisation process that started with the end
of the Cold War. In secretive, authoritarian
regimes, it is easier to keep bribes secret
than in democracies; and while in the past
Western countries interests in African
nations were restricted to keeping them on-
side against the USSR, these days we are
more concerned about development,
which means stamping out corruption.
Corruption abroad as well as at home is
rapidly becoming unacceptable among
respectable businesses.
And anyway, says IESEs Argandona, cor-
ruption is not just illegal, or frowned-upon,
or bad for reputation, but a sign of the fail-
ure of the management of a company. If a
companys executives allow corruption to
go on, they are simply not doing their jobs
properly. A corrupt company is a company
that is run poorly, he says. It might be
tempting to blame others politicians, civil
servants, or competitors who take bribes
but that is always an excuse for poor man-
agement. Reputable and successful compa-
nies simply do the right thing. If thats true,
then its not NGOs or governments or the
World Bank that are in the front line
against corruption and all its evils but
business schools.
The lessons in ethics offered by MBA programmes are benefiting businesses, writes Jeremy Hazelhurst
How to teach that bribery doesnt pay
Business Features | Education
Stopping the brown
paper envelope
Picture: PHOTOSHOT
Lifestyle| Books
TINKER TAILOR
SOLDIER SPY
JOHN LE CARRES BOOK IN
FILM, REVIEW ON FRIDAY
29
However, Nesbos departure from the
Harry Hole formula results in a novel lack-
ing the tight pace, suspense and colourful
palette of unsavoury characters that made
previous works household names.
Moreover, the only characters explored
to any extent are the lead Roger Brown
and the victim/enemy Clas Greve. Rogers
wife, Diane, is left mostly mute: the only
discernible fact being that she has veins
that stick out on her forehead during sex
and has loud and frequent orgasms.
Rogers love interest meanwhile is left
almost totally blank and generally paint-
ed as a socially inept extra not in any
way equipped for the somewhat pivotal
role she plays in the closing chapter of the
book.
Clas Greve quickly becomes a comic-
book villain in his relentless, increasingly
tiresome pursuit of Roger including at
different points stabbing him in the but-
tocks and relieving himself on Rogers
head.
In addition as flattering as it may be to
any recruiter that reads this, it seems
unlikely that a headhunter could be so
incredibly influential that major business-
es feel the need to assassinate them. In my
experience most recruiters would be
grateful if a client returned their call,
never mind bringing in Norwegian para-
troopers.
Nesbos book has been a roaring success
in Norway, with recent confirmation of a
film within the year however one cant
help but feel that he has missed some-
thing here. Too much emphasis is placed
on Roger being a sleaze at the expense of
both plot and other characters. When
towards the end some form of redemption
is created, it feels hollow.
Perhaps Harry Hole was the better candi-
date for the job after all.
Alasdair Byers
A SHORT
HISTORY OF ENGLAND
BY SIMON JENKINS
Profile books, 25
hhhhi
A FASCINATION with this countrys capti-
vating history is something that is almost
crushed out of most school children but
only almost.
The television channels, programmes,
magazines and books devoted to history
shows that the subject looms large in peo-
ples imagination.
Many a great book has been written on
the history of England, most notably Lord
Macaulays enthralling work and David
Humes six volume masterpiece. Peter
Ackroyd whose recent work on
Londons history is one of the best ever
produced is mimicking Hume, with the
first volume, in his six volume The
History of England, just out in bookshops.
Sadly most of us wont have the time to
plough through six volumes on the histo-
ry of England until we retire, which is a
good reason to turn to Sir Simon
Jenkinss A Short History of England.
The chairman of the National Trust has
long been a distinguished defender of
Englands finest institutions and reforms
as well as sharp critic of its less welcome
corruptions. Although a defender of tradi-
tions, Jenkinss work is not in the least bit
jingoistic, presenting a balanced view of
the story of England.
The principal figures and events that
moulded this country are reflected
upon: from the Saxon dawn, through
kings and queens, the rise of parliamen-
tary power, right up to Thatcher and her
successors.
Dip into a chapter of an evening and let
Jenkins sweep you through Englands his-
tory, painting a vivid picture of this coun-
trys green and pleasant land.
Philip Salter
Jo Nesbo swept to worldwide
fame with The Snowman, but
his latest is a bit disappointing
Norwegian
bestseller is
just alright
Lifestyle | Food
Jo Nesbo is
Norways (living)
answer to the
Swede Stieg
Larsson, author of
the Millenium
Trilogy.
T
HIS week saw one of Londons
most auspicious and historic pri-
vate members clubs magnificent-
ly unveiled. The Arts Club has
reopened on Mayfairs Dover Street and
looks set to take the Big Smoke by storm.
Founded in 1863 by a small group of
friends including Dickens and Trollope;
this most recent incarnation is likely to
attract an equally eminent modern alum-
ni with the help of Mark Ronson as
Musical Director and Raphael Duntoye
(of Zuma and La Petite Maison fame) as
Chef Director. Occupying a grand and
sprawling Georgian Mayfair townhouse,
September is a month of hot openings
BILLINGSGATE FISH MASTERCLASS
Fish lovers who work in Canary Wharf have
a treat in store on Friday 30 Sep, when
fine-dining Plateaus chef, Allan Pickett, will
be taking a fish masterclass at Billingsgate
Market. During a jolly and informal evening,
Allan will show you how to make two fish
dishes shallow fried plaice fillets with
French beans and almonds and nut-brown
butter sauce,
and roast fillet
of sea bass,
olive oil and
herb dressing.
Then, of
course, youll
sit down and
enjoy your evenings work with a glass or
three of wine. A great chance to be part of
the action of one of Londons most famous
food markets, with a Canary Wharf foodie
star. Friday 30 September from 18:30-
21:30 at Billingsgate Seafood Training
School, Billingsgate Market, E14 5ST.
Places are 85 per person and the class
size will range from 12-14. For more infor-
mation or to book, call Billingsgate Seafood
Training School on 020 7517 3548.
BERLUSCONI PIZZERIA OPENS
Bunga Bunga, the Berlusconi-referencing,
Italian tongue-in-cheek pizzeria, bar and
karaoke hotspot in Battersea has opened. If
thats not mouthful enough, go along to the
place itself and stuff yourself on surprisingly
accomplished, well put together pizzas and all
sorts of meats from Italy that are found on
antipasti boards. Bunga Bunga is destined to
become the dar-
ling of the
Battersea and
Chelsea crowd,
and others may
well be lured by
its unique
promise of fun,
singing and really good food. 37 Battersea
Bridge Road, SW11 3BA. Tel: 020 7095 0360.
HERON TOWERS DRIFT GOES AUTUMANL
Think gorgonzola, walnut and rocket salad
with pears, paprika and honey and rocket and
butternut squash salad with Machego cheese,
or go liquid with Dorado rum and the Skinny
Bakewell Sour. The new menu is a real taste of
the season. Side entrance, the Heron Tower,
thedriftbar.co.uk
FOOD & BOOZE NEWS
ZOE STRIMPEL
TIM
BADHAM
GOING OUT
its complete with stunning marble clad
brasserie restaurant, a sumptuous first
floor lounge bar, verdant courtyard gar-
den with smoking terrace, drawing
rooms, a nightclub-come-live music
venue in the basement and a striking con-
temporary art collection throughout that
would give leading galleries a run for their
money. Put your best artistic foot forward
if applying for membership.
Senkai quietly launched last
Wednesday and is set to become a desti-
nation hang out overnight. This new
Japanese restaurant and lounge bar from
the Ignite Group (Boujis and Wyld) has
perfectly reinvented the old Cocoon site
on Air Street by Piccadilly. Still sleek and
stylish but the complete overhaul is more
subtle and natural with pale woods and
serene hues giving it an exclusive and
exotic hideaway impression. The famous
circular central bar now feels much more
spacious and the new cocktail lounge
means you can enjoy sipping Nipponese
inspired concoctions whilst overlooking
the hustle and bustle of Regent Street
below. Try their signature, the Parnsip
Cup (Babicka vodka with parsnip pure,
coconut and vanilla syrup, lemon and gin-
ger served in an absinthe rinsed glass)
while sampling the delicious oriental
treats on offer. A little higher above
street level, in the City/Spitalfields bor-
ders, the Sky Lounge also launched last
week, situated on the thirty-second floor
of the Nido building on Frying Pan Ally.
This new sky-scraping bar features
double-height ceilings of floor-to ceiling
windows which present stunning 270
degree views from the Olympic Park and
Tower Bridge across to the Gherkin and
St Pauls. The bar is great, but its the
views that are the real star and are even
more impressive from the mezzanine bal-
cony above. You can walk in but booking
a table is advisable and on Thursdays and
Fridays therell be DJs to spin beats till
late. Tim Badham is the founder of
Innerplace, Londons leading specialist
VIP entertainment Concierge
www.innerplace.co.uk. Nominated for
best Concierge in the London Lifestyle
Awards. To vote please go to london-
lifestyleawards.com/vote.php
HEADHUNTERS
BY JO NESBO
Harvill Secker, 11.99
hhhii
N
ORWEGIAN Jo Nesbo shot to UK
prominence in 2010 with The
Snowman. This was quickly fol-
lowed by what is considered his best
work: 2011s The Leopard. Both feature
Detective Harry Hole, a flawed yet brilliant
detective who operates in the Norwegian
underworld.
Headhunters is a departure from the
series. Already sitting at No1 on the
Norwegian bestseller lists it follows execu-
tive headhunter Roger Brown, who uses
his art-patron wifes connections to
arrange interviews for CEO-level candi-
dates all of whom happen to be art col-
lectors and then proceeds to burgle their
homes whilst the candidate interviews
elsewhere. This system has worked for
some time, until Roger comes up against a
candidate with an ex-special forces back-
ground who later ends up joining a con-
spiracy to remove Roger from his position
of kingmaker.
S
IZE isn't everything an inaccu-
rate platitude typically uttered
by those whose equipment is
lacking in some way.
Thats right, folks, were talking
about mobile media storage solu-
tions. And in this game, the length of
your battery life and the girth of your
storage capacity are kingmakers.
Its no longer just music collections
we want to have on tap from our mobile
devices. Anyone whos ever traveled long-
haul, especially with small children,
knows the appeal of having access to the
Crown Jewels of their entertainment
repertoire: an extensive film collection.
Thats where a new crop of mobile
media storage devices come to the rescue.
These nifty little gadgets can store movies
and stream them directly to your iPhone
or iPad using their own Wi-Fi network and
dedicated iOS apps. Once up and running,
you can put them away and forget about
them. Very elegant.
One of the smallest and most affordable
Mobile storage devices are now more
portable, affordable and useful,
says Andrew Carrier
BROKEN GLASS AT THE VAUDEVILLE
Arthur Millers play Broken Glass, which
reflects on the American Jewish experience
during the Nazi ascendancy in Germany, sees
the return to the London stage of two of the
countrys finest actors, Anthony Sher and
Tara Fitzgerald. After reading about the
events of Kristallnacht, Fitzgeralds character
Sylvia is rendered paralysed. Until 10
December, Vaudeville Theatre, WC2R 0NH.
Tickets 22.70-47.50 from
www.nimaxtheatres.com
FOOD, CHEFS, FILM
To coincide, three top hotels are host-
ing foodie film screenings intro-
duced by top chefs, along with
Q&As and three course dinners. Bill
Granger (right), Laura Santtini
and Lucas Hollweg are on board
to introduce Eat Drink Man
Woman, Waitress and Chocolat at
the Soho Hotel, covent Garden Hotel
and Charlotte Street Hotel. Tickets 55.
More info: www.firmdalehotels.com
LONDON JAZZ FESTIVAL
One of the capitals most diverse
music events, the London Jazz
Festival, returns this November.
Highlights to book tickets for now
include a rare London perform-
ance from the majestic Cape
Verde songstress Cesaria Evora,
an appearance by vocalist and
harpist Lucinda Belle . Information,
dates and prices can be found at
www.londonjazzfestival.org.uk.
Left, Anthony Sher
and Tara Fitzgerald
are starring in Broken
Glass.
Gizmos for taking
films with you
on the move
S
TEP into menswear brand Alfred Dunhills London home,
Bourdon House on Davies St in Mayfair, and you enter a world
of heritage and urbanity polished leather and wood, old-
fashioned stylings, gentlemanly deference and proper tai-
loring. Theres even an attached gentlemens club thats
strictly invitation only. All very classy, but lets just say it does-
nt exactly suggest forward-thinking techy innovation.
As it happens, though, Dunhills a menswear brand
thats rather fond of its groovy gadgets the companys
popularity in tech-mad Asia no doubt has something to
do with it. Earlier this year it brought out a biometric
wallet a wallet made of carbon fibre that can only be
opened by recognising its owners fingerprint and a
stylish solar charger for phones and gadgets.
Its latest gizmos are some high-end headphones
and a very cool mini-projector. The latter tool can
screen presentations, images and films over a 60 inch
screen size perfect for business meetings done on the
hoof. Its leather case also doubles up as a small screen.
For the headphones, Dunhills partnered up
with audiophile brand Denon to create superior
noise-cancelling cans that will make you the envy of
fellow commuters.
www.dunhill.com
Timothy Barber
is the Kingston Wi-
Drive (99.95 for 16GB or
139.95 for 32GB from
Widrive.co.uk). Unlike other
devices, you cant expand the stor-
age beyond its 32GB maximum. Three
people can use it simultaneously though
which might be handy. And, unlike its
competitors, it also enables you to use the
internet while connected to it.
SUPERIOR SOLUTION
A superior solution in my eyes is the
AirStash. Its very small, light and only has
one button. Crucially, it accepts SD cards,
so you can brings as many as you want
with you. Battery life is about five hours.
No word on UK availability yet but you can
buy it from AirStash.com
for $99. Youll have to add shipping and
the cost of your SD cards of course.
My favourite, however, is the Seagate
GoFlex Satellite 500GB (187.90 from
Amazon.co.uk). Its on the bulky side, I
grant you, but with good reason: it has far
and away more storage than any of its
competitors. With 500 GB of capacity, its
got room for hundreds of films and enjoys
a pretty decent five hours of battery life.
Oh, and it uses the very fast new USB 3.0
standard to load up your files in the first
place.
Size, it turns out, is everything. But
youve never said otherwise, right?
The author is the editor-in-chief of luxury lifestyle
magazine TheProdigalGuide.com
Clockwise from top:
the Airstash; the
Seagate GoFlex
Satellite; and the
Kingston Wi-Drive.
Pocket watch:
the next
generation
T
HOUGHT the pocket watch was a gadg-
et relegated to history? Think again. Of
late two of the most cutting edge Swiss
watch companies have announced new
pieces designed to be worn on a chain rather
than on the wrist.
The first, by Urwerk (www.urwerk.com),
a brand that specialises in futuristic
timepieces that bear only the slightest
relationship to our traditional
notions of what watches
should look like, is an
object at the most
extreme end of
horological design.
Titled the Zeit
Device Uber
Complication, it
looks like
something
from far into
the future
and indeed,
its
designed
to still be
running in a
thousand years,
and has a
millennial indicator
just to point this out. To
ensure it gets there, its also got an
oil change indicator to remind you to send it
back to Urwerk for a five yearly service.
Above and beyond that, theres a whole
host of functions and complications
squeezed into the titanimum-aluminium
alloy case. These include the Urwerks
highly-innovative revolving calendar and
revolving hour display, which is fixed to a
retrograde minute hand. While theres no
word on the price as yet, expect it to be
astronomical, as this is just about as
advanced a mechanically-powered
timepiece as can be found.
Urwerk is only going to
make eight Zeit Devices,
so potential owners are
rather more likely to keep
them stored in their
most secure safes
rather than in their
pocket.
More likely to be
worn on a chain
with a smart
three-piece suit is
this retrotastic
pocket watch, the
PW1, newly
released by Bell &
Ross (www.bellross.com) a
company ironically known for its highly
contemporary aviation watches. This year
Bell & Ross has gone on a vintage tip with
watches inspired by World War I pilots,
including this little beauty.
For more on cutting-edge watches,
see the next edition of the City A.M.
watch supplement, London Time,
on Friday 30 September.
Lifestyle | Technology
A menswear brand with technological edge
OUT OF OFFICE
TIMOTHY BARBER
Both items are 595 from www.dunhill.com.
T
E
R
R
E
S
T
R
I
A
L
TORCHWOOD: MIRACLE DAY
BBC1, 9PM
The Torchwood team embarks on a
final desperate mission but the Three
Families are unstoppable, unless a
sacrifice is made. Last in the series.
BILLY CONNOLLYS ROUTE 66
ITV1, 9PM
New series. The comedian fulfils a
lifelong dream of travelling along the
worlds most famous highway on his
motor-trike.
OK! TV
CHANNEL5, 6.25PM
Jeff Brazier and Jenny Frost present
the latest news from the Big Brother
house. Plus, a comprehensive round-up
of showbiz stories.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmPremier League World
8pmLive Prizefighter Boxing
11pmTime of Our Lives 12amThe
Rugby Club 1amPremier League
World 1.30amPrizefighter Boxing
4.30amRugby Club 5.30am-6am
Premier League World
SKY SPORTS 2
7pmNRL Fulltime 7.30pmLive
Championship Rugby League
9.30pmSuper Leagues Supermen
10pmWWE: Late Night Raw
12amWWE: NXT 1amNFL: Total
Access 2amNRL Fulltime 2.30am
Championship Rugby League
4.30am-5amSuper Leagues
Supermen
SKY SPORTS 3
7pmEuropean Challenge Tour
Golf 8pmLive PGA Tour Golf
11pmLadies European Tour Golf
12amEuropean Tour Golf
2am-5amPGA Tour Golf
BRITISH EUROSPORT
7pmStrongest Man 8pmLive
Snooker 11pm-12amThe Battle
5.25am-6amLive Test Cricket
ESPN
5.30pmLive UEFA Europa League
Football 8pmLive UEFA Europa
League Football: Atletico Madrid v
Celtic (Kick-off 8.05pm). 10.15pm
International Football 12amUEFA
Europa League Highlights 2am
ESPN Press Pass 2.30amGoal!
3amLive Basketball 5am-6am
Formula 3 Euroseries Review
SKY LIVING
7pmCriminal Minds 8pmTeen
Wolf 9pmBritain & Irelands Next
Top Model 10pmPushy & Proud:
Junk Food Mums 11pmCriminal
Minds 12amClaire Richards: Slave
to Food 1amCSI: Crime Scene
Investigation 2.40amMaury
3.30amNothing to Declare
4.20amCharmed 5.10am-6am
Jerry Springer
BBC THREE
7pmTop Gear 8pmDont Tell the
Bride 9pmYoung Soldiers 10pm
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
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Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 ___-Herzegovina,
European country (6)
6 Four-wheel covered
carriage (6)
7 Slight stinging
sensation (6)
9 One who imputes
guilt or blame (7)
10 Japanese poem (5)
12 Child learning
to walk (7)
17 Scene of action (5)
18 Pulpit (7)
20 Unstintingly
extravagant (6)
21 Calculate (6)
22 Admission (6)
DOWN
1 Catty, malicious (6)
2 Brightly shining (6)
3 Actor, ___ Guinness
(1914-2000) (4)
4 Underwriter (7)
5 Tall tower referred
to in the Bible (5)
8 Praise or glorify (4)
11 Thor Heyerdahls
famous raft (3-4)
13 Tibetan or Mongolian
priest (4)
14 Directions for cooking
something (6)
15 Cleanses with soap
and water (6)
16 One stroke over
par in golf (5)
19 Arm bone (4)
P
I
R
E
P S
E
C
O

4

4
C O V E N S A L V O
H G T M K
A P O G E E P U M A
T V L O U Y
T H U G E T H Y
Y L A M P R E Y B
F E Z H E P E E
A E D O E A
R O O T N I M R O D
T T E O L
S H R E W A B O V E
9 3 2 1 3 5 1
7 1 6 7 8 3 9 4
4 2 1 3 9 4 7
8 5 6 7 9 1 8 9
2 1 5 7 6 8
4 6 9 8 1 2 3 7
1 3 9 7 8 6
2 4 9 4 3 1 2 5
1 7 9 6 3 1 7
1 2 5 6 3 4 8 9
9 7 8 1 2 3 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
LINGERING
Lifestyle | TV&Games
CITYA.M. 15 SEPTEMBER 2011 32
Sport
Results
ENGLAND spinner Graeme Swann
revealed his most difficult task since
being handed the captaincy of the
Twenty20 side was keeping the
appointment a secret for two days.
With regular skipper Stuart Broad
set to miss the double header against
the West Indies next week with a
shoulder injury, England have turned
to the Nottinghamshire twirler.
I was desperate to phone my mum
and dad up a couple of nights ago,
but I couldnt, he said. Thats been
the hardest thing for me over the last
48 hours - keeping it to myself.
Andy Flower asked me a couple of
nights ago at the ICC dinner whether
Id step in as the interim captain
while Broady has his bad shoulder.
Youre always very honoured
when things like that happen, and
Im no different. It was a little bit of a
surprise. But if truth be told Id
looked at the likely squad and
thought I might have a chance
here.
Swanns jovial and self-deprecating
manner has made him a hugely pop-
ular personality amongst his team-
mates, but he acknowledges hell
have to adopt a slightly more conser-
vative approach in his new position of
enhanced responsibility.
Im very much the joker in the
Test side, he said. Im there for a stu-
pid quip at the end of the session
thats part of my role.
But thats a very settled side, with
everyone knowing their place. With
this Twenty20, Id naturally have to
be more grown-up and mature about
things anyway.
In the absence of Broad and his fel-
low shoulder injury victim and offi-
cial vice-captain Eoin Morgan but also
the rested Kevin Pietersen and no
return yet to the shortest format for
one-day international captain
Alastair Cook there is a decidedly
youthful look to Englands group of
Twenty20 hopefuls.
Swann said: Its obviously a case of
being fairly mature in the changing
room, because weve got a few young
guys whove not played before and
need to have at least a semi-sensible
role model to look up to.
But Ill be looking to still inject my
own brand of energy into the team,
and hope that will come off.
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email sport@cityam.com
BY JAMES GOLDMAN
CRICKET
SPORT | IN BRIEF
Surrey back in Division One
CRICKET: Surrey have gained promotion
back to Division One of the County
Championship after completing victory
over Derbyshire by an innings and 126
runs. Spinner Pragyan Ojha then took 6-
42, to finish with match figures of 10-
90, as the visitors crumbled to 152 all
out. Surreys 24 points means that they
finish one point above Northants.
Redknapp quashes England link
FOOTBALL: Tottenham manager Harry
Redknapp has denied he has held talks
with a view to becoming the next
England boss. Speculation over the
weekend suggested the FA was ready to
dismiss Fabio Capello following the
abject display against Wales, which iron-
ically took England to within a point of
qualifying for Euro 2012. But Redknapp
said: Until I get offered the job I would-
nt have a decision to make, but at the
moment I havent spoken to anybody
about being England manager. I want to
see England do well, I want Capello to
get them to the Euros and I want them
to win it. Points Jersey.
Hushovd wins in Wales
CYCLING: Norwegian world road cham-
pion Thor Hushovd won stage four of the
Tour of Britain from Welshpool to
Caerphilly. The Garmin and Cervelo rider
edged out stage three winner Lars Boom.
Russell Hampton retained the King of the
Mountains Jersey, while Boom has the
Points Jersey. Stage five runs from
Exeter to Exmouth today before the
Taunton to Wells leg tomorrow.
Swann will captain
the T20 side against
the West Indies
Picture: PA
Swann proud
of chance to
lead England
CHELSEA defender David Luiz has
backed Fernando Torres to put his dif-
ficulties behind him after the goal-
shy striker played a key role in
Tuesdays win over Bayer Leverkusen.
Torres, who has scored just once in
22 Blues games, set up both goals in a
2-0 win as the west Londoners got
their Champions League group cam-
paign off to a winning start.
Fernando had a very good game,
two assists, and it is difficult because
the people all the time speak about
him, said Luiz. It is big pressure in
the head, but Fernando is a good guy
and I know this season he will score
many, many goals.
The performance was a timely fillip
for Torres, who has faced increasing
speculation about his future at
Stamford Bridge this week, despite
only joining the club in January.
Winger Florent Malouda added: It
is difficult when you can see people
focusing on one player in the squad. I
think the whole squad work hard
every day in training and I think
Fernando is working very well. I
would say we need to be patient, he
works very hard for the team.
MANCHESTER UNITED manager Sir
Alex Ferguson reacted angrily to sug-
gestions that last nights inclusion of
goalkeeper Anders Lindegaard at the
expense of David de Gea indicated he
was losing patience with the
Spaniard following last nights
Champions League draw in Lisbon.
Oscar Cardozo fired Benfica into a
deserved early lead but a blast from
the evergreen Ryan Giggs shortly
before half-time ensured a much-
changed United side escaped with a
point.
Ferguson made eight alterations to
the team which brushed aside Bolton
last Saturday, but it was the omission
of 17m summer signing De Gea,
who has made a series of high-profile
errors since his switch from Atletico
Madrid, which raised eyebrows.
The Scot, however, dismissed sug-
gestions he had dropped the 20-year-
old as nothing more than mischief
making and confirmed he would
restore De Gea to the starting line-up
against Chelsea on Sunday.
Asked whether the impressive
Lindegaard had given him a selection
dilemma in choosing between the
Dane and De Gea in goal against
Chelsea this weekend, Ferguson said:
No, not at all. David de Gea will play
on Sunday. That was the understand-
ing we had before the game, and it
doesnt change.
I dont know why you ask these
questions, youre just looking for stu-
pid little things. Anyway, it proves we
have two terrific goalkeepers.
Lindergaard earned United a point
with athletic late saves from Nicolas
Gaitan and substitute Nolito, but had
no chance with Cardozos 24th
minute opener.
The outstanding Gaitan lifted an
extravagant pass with the outside of
his right foot over the United defence
and into the path of Paraguay for-
ward Cardozo, who twisted past
Jonny Evans and located the far cor-
ner with a rasping drive.
That effort was made to look posi-
tively tame by Giggs four minutes
from the break, however, when he
collected Antonio Valencias pass,
shuffled past several challenges and
detonated an unstoppable shot into
the top left-hand corner.
Golden Giggs
to the rescue
for Ferguson
Luiz champions improving Torres
Sport 34 CITYA.M. 15 SEPTEMBER 2011
BY FRANK DALLERES
FOOTBALL
ARSENAL midfielder Mikel Arteta

believes his new club have the quality
to end their trophy drought.
The Spaniard, a deadline day sign-
ing from Everton, helped the
Gunners begin their Champions
League campaign with a highly cred-
itable draw at the home of German
champions Borussia Dortmund on
Tuesday, and believes he has seen
enough from his new team-mates to
be sure a six-year wait for a trophy
will soon be over.
He said: The challenge here is to
win trophies and at Everton I didnt
have the chance to do that. Hopefully,
we are going to have it here. We all
need to be together and we have to
make sure we are close.
C
HELSEAS Champions League
match on Tuesday night, when
the club welcomed back an old
legend in Michael Ballack as
they kicked off their European chal-
lenge under the leadership of a new
manager, should have felt like a
grand occasion. A 2-0 win meant it all
went passably enough but it was diffi-
cult not to notice the banks of empty
seats as Stamford Bridge witnessed its
worst attendance for several years.
Even cup matches against the likes
of Ipswich and Cardiff have attracted
40,000-plus crowds to the ground (as
next Wednesdays visit of Fulham in
the lower grade Carling Cup surely
will), whereas the Bayer Leverkusen
contest brought fewer than 34,000
paying spectators through the turn-
stiles.
It is always difficult to say exactly
why one match is under-attended
against another but my instinct is
that the stadium would have been
much fuller if Chelsea had not decid-
ed to increase prices for European
group stage matches to 40. Two
years ago, it cost a very reasonable
30 a head and Chelsea were reward-
ed with full houses for every match.
REVENUE GAIN
Some fans, annoyed by the price
increase, are already planning a boy-
cott for the match against unfancied
Genk. Whether it amounts to much
football fan boycotts rarely do,
because most supporters are so loyal
they would never miss a match it
would seem likely that the atten-
dance for that match will sink below
that of Tuesday night.
With most spectators (juniors, pen-
sioners and corporate hospitality
aside) paying 40 a head, the receipts
for the Leverkusen match would have
been around 1.3m. The Fulham
Carling Cup match will probably net
around 1m at the lower adult prices
of 25. So there is a definite revenue
gain in charging the higher prices
even with the lower crowd figure.
But a less-than-full stadium looks
so much worse for the TV cameras
(the Leverkusen match was live on
Sky Sports), the atmosphere is less
big-time inside the ground and the
empty seats make Stamford Bridge
feel far less like the place to be (which
is not optimal when the club is trying
to sell naming rights for the ground).
For a club like Chelsea, the qualify-
ing stage of the Champions League
has become a touch too predictable
also. It would be highly unlikely if
they failed to qualify for the next
stage, so the interest in the opening
group stage is not as great as a few
years ago when they first embarked
on European adventures.
Chelsea have done well to price
their domestic cup matches realisti-
cally but if the Leverkusen match is
anything to go by they might wish to
next season revisit the pricing deci-
sion for the Champions League.
Empty seats are cause to revisit Chelsea strategy
FOOTBALL FINANCE COMMENT
DAVID HELLIER
Giggs has now
scored in a record
16 different
Champions
League seasons
Picture: PA
KEY MOMENTS | RYANS RASPER
66 mins: Anders Lindegaard, in his first
United appearance since February, got down
well to prevent the onrushing Nolito and later
clawed away Gaitans left-footed curler.
41 mins: Ryan Giggs became the first player
to score in 16 different Champions League
seasons when his solo run culminated in a
shot which nearly broke Arturs net.
27 mins: Benfica capped their spirited open-
ing with a fine goal. Jonny Evans will feel he
was turned too easily by Oscar Cardozo, but
the strikers finish was worthy of praise.
FC Basel 1 1 0 0 2 1 3
Man Utd 1 0 1 0 1 1 1
Benfica 1 0 1 0 1 1 1
Galati 1 0 0 1 1 2 0
GROUP C
TEAM PLD W D L F A PTS
Arteta up for the cups
BY JAMES GOLDMAN
FOOTBALL
BY JAMES GOLDMAN
FOOTBALL
1
1
BENFICA
MANCHESTER UTD
Scotland zero
in on decider
against Pumas
SCOTLAND coach Andy Robinson
toasted his teams battling qualities
after a hard-fought victory over
Georgia kept them on course to main-
tain their record of reaching the
knockout stages of every World Cup.
Fly-half Dan Parks kicked all the
points, with four penalties and a drop
goal, as Scotlands front-five out-mus-
cled the notoriously grizzled
Georgian pack to make it two wins
from two in Pool B.
It puts them on nine points, follow-
ing the defeat of Romania in their
opening match, and leaves their next
fixture, against Argentina a week on
Sunday, looking increasingly like a
second-place play-off.
Some days youve got to win ugly.
The key for us was to win the game. I
was delighted with the way the play-
ers played, right across the board,
said Robinson.
I set the target that when we left
Invercargill [after the first two games]
we wanted nine points. Weve
achieved that and the guys stuck to a
very good plan today. I thought the
front five were outstanding.
Back-row Kelly Brown was the
pick of an outstanding Scottish pack,
although there was little in the way
of attacking threat, leaving
Robinsons men to rely on the boot of
Parks. Georgia were first on the score-
board with the first of two Merab
Kvirikashvili penalties but Parks
replied with two of his own and a
drop goal, plus a second-half penalty.
Sport | Rugby World Cup
THE BREAKDOWN |
WORLD CUP BRIEFS
CANADA TAME TONGA
Canada produced the first shock
of the World Cup as they enjoyed
a 25-20 win over Tonga in
Whangarei. Canada led the Pool A
clash 10-7 at half-time through
Jebb Sinclairs converted try with
Siale Piutau replying before the
break, but Canada stunned the
favourites with two tries in the
last 12 minutes to record a famous
victory.
SAMOA THRASH NAMIBIA
A hat-trick from Alesana Tuilagih
helped Samoa record an emphatic
49-12 win over Namibia in a one-
sided Pool B encounter. Kahn
Fotualii and Paul Williams also
crossed, while Samoa were award-
ed a penalty try in the second half.
Tusi Pisi added 10 points before
limping off with Williams adding
a further nine points from the
boot.
HABANA SIDELINED
South Africa winger Bryan
Habana (inset) has been ruled out
of Saturday's Pool D match
against Fiji because of a knee
injury. And the Springboks could
also be without Johann Muller
after the Ulster lock
injured his ham-
string in train-
ing. Bryan
sustained a
Petallar
Tendon injury
during last
weeks match
and will not be
considered for
selection, said team
communications manager Andy
Colquhoun. With Bakkies Botha
(Achilles) and Victor Matfield
(hamstring) also struggling, the
defending champions have issues
to deal with in the second row, too.
CENTURY UP FOR MCCAW
New Zealand captain Richie
McCaw is set to become the first
player to rack up 100 appearances
for the All Blacks after being
named in the side for the Pool A
clash with Japan in Hamilton
tomorrow. McCaw will lead a side
that shows eight changes to that
which beat Tonga 41-10 in the
tournament opener in Auckland.
Star fly-half Dan Carter will be
rested after he picked up a slight
back problem.
BY FRANK DALLERES
RUGBY UNION
15
6
SCOTLAND
GEORGIA
Parks kicked all
of Scotlands
points
Picture: ACTION
IMAGES
Scotland 2 2 0 0 1 9
England 1 1 0 0 0 4
Argentina 1 0 0 1 1 1
Georgia 1 0 0 1 0 0
Romania 1 0 0 1 0 0
POOL B
TEAM PLD W D L BP PTS
IRELANDS World Cup hopes suffered
a blow yesterday when hooker Jerry
Flannery was ruled out of the rest of
the tournament.
Flannery, who came off the bench
in the opening-match victory over the
United States, is facing a six-week lay-
off after tearing a calf muscle in train-
ing. Ireland coach Declan Kidney has
drafted Damien Varley into the squad
in his place, while Sean Cronin will
fill in for him among the replace-
ments in the forthcoming crunch
game against Australia.
Munster forward Flannery faces an
uncertain future, however, having
suffered from calf problems for much
of the last year.
Ireland face Australia at Eden Park
in Auckland on Saturday in their sec-
ond match in Pool C. They beat the US
22-10 in their opener on Sunday.
Ireland in Flannery blow
BY FRANK DALLERES
RUGBY UNION
MANCHESTER CITY manager Roberto

Mancini accused his players of put-
ting personal glory before the team
after Napoli held the Premier League
pace-setters to a draw on their
Champions League debut.
City needed a free-kick from
Aleksandar Kolarov to rescue a point
from their first match against
Europes elite for 43 years, after
Edinson Cavani had put the Italians
ahead midway through the second
half.
A compelling, open game might
have yielded more goals City hit the
bar twice and Napoli once and an
otherwise content Mancini admitted
to frustration at his teams failure to
make more of their possession.
Maybe some players wanted to win
the game on their own because we
played one touch too many in the first
half. When we had the chance, one
touch more, he said.
Apart from that I enjoyed the
game. First half we played very well,
but second half maybe we were too
long, because every player wants to
score a goal and we left a lot of space.
Mancinis men came into their first
game in a hugely competitive Group A
in free-scoring, all-conquering form
after a blistering start to the season.
And they looked set to continue in
that vein, when Samir Nasri fizzed a
snapshot inches wide and the recalled
Edin Dzeko forced Morgan de Sanctis
to make a fingertip save within the
first 15 minutes.
But it was Napoli, whose attacking
trio of Marek Hamsik, Cavani and
Ezequiel Lavezzi is widely coveted,
who almost took a shock lead when
the latter turned City skipper Vincent
Kompany and guided a shot towards
the top-right corner, only to hit the
crossbar.
Back down the other end, a Yaya
Toure effort went the same way
before half-time, but the Italians
bared their teeth again straight after
the break when Hamsiks volley from
an acute angle beat Joe Hart but was
cleared off the line by Kompany.
And Napoli made the break-
through on 69 minutes when City lost
possession, Christian Maggio charged
40 yards and fed Cavani, who drilled a
low finish under Hart.
Aguero was inches away from level-
ling moments later, when he touched
Nasris cross onto the bar, but Kolarov
succeeded where he failed 15 minutes
from time with a dipping free-kick.
Dzeko might even have won it but
spun and shot wide and Mancini
threw on last seasons top scorer,
Carlos Tevez, in a bid for all three
points, but in vain.
BY JAMES GOLDMAN
FOOTBALL
1
1
MANCHESTER CITY
NAPOLI
Exiles star Corbisiero ready
to replace stricken Sheridan
ENGLAND prop Alex Corbisiero
insists hes ready to make the most
of a World Cup opportunity present-
ed to him by Andrew Sheridans
untimely injury.
Sheridan damaged his shoulder in
last weekends bruising encounter
against Argentina and will play no
further part in the tournament,
opening the door for London Irishs
Corbisiero to make a significant
impact in New Zealand.
The American-born 23-year-old,
who was one of the finds of
Englands Six Nations campaign
earlier this year, was disappointed to
see Sheridan suffer such a painful
fate but is confident he can bring
the necessary bite to Englands front
row.
When my opportunity comes Ill
be ready to take it and make the
most of it, Corbisiero said.
Responsibility will fall on all of
us, as a front row, as a pack. Theres
four of us (props) left here and its
going to be a big job for all of us.
Losing someone with the experi-
ence of Sheridan is tough, but it will
make us stronger and pull together.
We have four good players there.
I was aware Sheri had a niggle
form the weekend but I didnt
realise the severity of it until I heard
a couple of the boys talking about it.
I just wish him all the best. Hes a
world-class player. Hes a big hero of
mine. I think the squad will miss
him tremendously, but weve just
got to get on with it now and go for-
ward together as a team.
FORMER world No1 Serena Williams
has again passed up the opportunity
to apologise for her astonishing rant
at the umpire during her US Open
final defeat and claimed her outburst
was prompted by the stresses of an
emotional week.
Williams collapsed to a surprise
straight sets reversal against
Australias Samantha Stosur and in
the closing stages accused Eva
Asderaki of, amongst other things,
being unattractive inside.
My emotions did get the best of
me this past weekend when I dis-
agreed with the umpire, Williams
tweeted yesterday. It has been a long
road to get back to the US Open this
year, and I am thankful to have had
such a great two weeks in New York.
The incident came just two years
after the American was fined a grand
slam record 53,000 and handed a
suspended ban from the US Open for
launching a foul-mouthed diatribe at
a line judge.
She was warned another major
offence before the end of 2011
would trigger the ban and another
fine, but on this occasion the USTA
deemed her crime worthy of a mea-
gre $2,000 fine.
TENNIS
Emotional Williams still to

apologise for US Open rant
Selfish City
are stalled on
their big night
Sport
EMPTY SEATS PROVIDE
CHELSEA CONUNDRUM
BLUES MUST REVISIT
TICKETING STRATEGY: P34
BY JAMES GOLDMAN
RUGBY UNION
Kolarovs strike
meant City were
behind for just
six minutes
Picture: PA
KEY MOMENTS | ITALIAN JOB
75 mins. Just seconds after Aguero had come
within a crossbars width of equalising,
Kolarov steps up to a free-kick on the right
flank and expertly curls it over the wall and
inside the near post.
69 mins. Napolis threat on the break earns
them the lead. City lose possession, Maggio
drives forward and feeds Cavani, who ruth-
lessly finishes to put the other Champions
League debutants in front.
49 mins: Both sides strike the woodwork in a
pulsating first-half, but Napoli come closer still
four minutes after the break when Vincent
Kompany clears Marek Hamsiks volley off his
own goal line.
Bayern 1 1 0 0 2 0 3
Napoli 1 0 1 0 1 1 1
Man City 1 0 1 0 1 1 1
Villarreal 1 0 0 1 0 2 0
GROUP A
TEAM PLD W D L F A PTS

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