Cityam 2011-12-02

FTSE 100 5,489.34 -16.08 DOW 12,020.03 -25.65 NASDAQ 2,626.20 +5.86 /$ 1.57 unc / 1.17 unc /$ 1.
/ 1.17 unc /$ 1.35 +0.01

Eurozone implosion could cost the UK as much as 75bn
THE UK would face huge costs if the
Eurozone disintegrated, economists
from ING Bank warn today, as trade
would be devastated and financial
links with the continent would suffer
badly.
Britain would face a major reces-
sion, losing five per cent of GDP in
2012 around 75bn.
Eurozone economies themselves
would face losing 12 per cent of out-
put over the first two years after break-
up, the analysts believe, with GDP
across the currency union falling by
nine per cent in the first year alone.
Extending the analysis forward, the
costs would still not be recouped by
2016, as the short term impact contin-
ued to have longer repercussions.
Global growth would be knocked,
and the impact of a stronger dollar
would send the US into at least a mild
recession in 2012.
Japan would see its economy shrink
thanks to its trade links, and China
would suffer slower growth rates.
Peripheral Eurozone economies
could see inflation rocket to double
digits as their individual currencies
plummet in value against core coun-
tries currencies and those of the rest
of the world.
The costs of keeping the euro
intact have risen, but our results con-
tinue to beg the question of why poli-
cy-makers would even dream of an
exit being a viable policy option, said
Mark Cliffe from ING.
Fathom Consulting believes the UK
would lose seven per cent of GDP if the
Eurozone collapsed.
MORE EUROZONE: P9
BY TIM WALLACE
EUROZONE
Sir Mervyn King warned that banks must prepare for Eurozone disaster to help keep the UK safe Picture: REUTERS
A NEW credit crunch could hit the UK
if the crisis ravaging the Eurozone
spreads to Britains banking system,
Bank of England Governor Sir Mervyn
King warned yesterday in one of his
grimmest interventions to date.
Deputy governor Paul Tucker added
to the sense of gloom, warning
almost anything could happen in the
Eurozone in the next few months.
He added: It is in the interests of
banks shareholders and the economy
as a whole to put themselves in a posi-
tion to withstand this.
Banks should build up capital to pre-
pare for the oncoming storm, the
Banks Financial Policy Committee
said, although it urged them to keep
lending to individuals and businesses
at the same time.
The financial stability report, pub-
lished yesterday, stressed how greatly
the situation in Europe has changed in
the last six months.
Extraordinarily serious and threat-
ening conditions mean some
BY TIM WALLACE
UK ECONOMY
www.cityam.com FREE
THE FORUM
WHY WE SHOULD
PRIVATISE THE
COUNTRYS ROADS
PAGE 22
FESTIVE GIFT GUIDE
ALL YOU WANT FOR XMAS IN
OUR PRESENTS SPECIAL P25
BUSINESS WITH PERSONALITY
European banks are having trouble
borrowing, particularly in dollars, it
said.
If worries over inter-bank lending
spread to the UK, or if UK banks suffer
losses in the Eurozone, households
and businesses may be hit by a second
credit crunch similar to the one that
presaged the 2008 financial crisis.
A systemic crisis could already be
upon us, Sir Mervyn said, adding that
while British banks were better pre-
pared than in 2008 they would still
need to take more action.
UK banks are better capitalised
than many of their continental peers,
said Sir Mervyn yesterday, although he
added that it would be sensible and
desirable to raise capital buffers fur-
ther in order to improve resilience in
light of the continuing threats to UK
Certified Distribution
03/10/11 till 30/10/11 is 100,123
Issue 1,524 Friday 2 December 2011
THE KING REAPER
financial stability.
Banks should also be urged to dis-
close leverage ratios as part of their
usual reporting from 2013, two years
earlier than the 2015 deadline
imposed by the Basel III rules.
However, the crisis means they are
struggling to raise capital at just the
time they might need it most.
Retaining profits and slashing
bonuses could also help raise capital,
Sir Mervyn said, although he acknowl-
edged the risk that shoring up balance
sheets could mean less money to lend
out to businesses and individuals.
Banks should not reinforce the
strains in financial markets or threat-
en the supply of credit, he said.
The Financial Services Authority
should encourage banks to improve
the resilience of their balance sheets
without exacerbating market fragility
or reducing lending, he added.
European Central Bank stats yester-
day revealed demand from small- and
medium-sized enterprises rose from
April to September, but that banks
were increasingly reluctant to lend.
ALLISTER HEATH: P2 MORE: P8, P9
News
2 CITYA.M. 2 DECEMBER 2011
Iran may face
oil embargo
EUROPEAN authorities have imposed
sweeping new sanctions on Iran and
threatened to ban states from buying
its oil yesterday in a significant escala-
tion of efforts to prevent the country
progressing its nuclear ambitions.
European Union foreign ministers
added 180 Iranian people and institu-
tions to a blacklist that imposes asset
freezes and travel bans on those
involved in nuclear research and
development they believe is leading to
military uses. Irans government
insists the work is to provide power.
They also said a French proposal to
put an embargo on Irans oil exports
across the 27 EU nations was still on
the table. It faces concerns over desta-
bilising the oil market and where
alternative supplies could be sourced.
We are working on it, French for-
eign minister Alain Juppe said when
asked about an embargo. We have to
work with different partners so that
the interruption of [oil] deliveries
from Iran could be compensated by a
rise in production in other countries.
EU member states take 450,000 bar-
rels per day of Iranian oil, about 18 per
cent of the countrys exports, of
which most go to China and India.
Ministers ordered plans for sanc-
tions on Irans energy, transport and
financial sectors to be drawn up ahead
of their next meeting in January.
BY ALISON LOCK
POLITICS
STRIKE GETS RETAIL TILLS RINGING

This weeks strike proved a boon for
Britains battered high streets, with
official figures recording a 38 per cent
increase in shopper numbers on
Wednesday as public sector employees
and parents of school-age children hit
the stores. The fillip to trade was wel-
comed as the equivalent of an extra
Saturday by retailers, who reported
full car parks and large crowds.
MILIBAND SLAPS OSBORNE OVER WOMEN
Ed Miliband, the Labour leader,
accused George Osborne of orches-
trating the biggest attack on women
in a generation with his autumn
statement, saying that the chancel-
lors measures would hit women
twice as hard as men. Labour said
almost three-quarters of the 2.37bn
raised by the chancellor from tax
credit cuts and public sector pay caps
would come from women
ATTORNEY-GENERAL WARNS PRESS
The attorney-general has sounded his
concern over the increasing tenden-
cy of the press to test the boundaries
over the reporting of criminal cases.
Speaking at City University in London
on Thursday, Dominic Grieve QC said
it appeared at times that the press
had lost any sense of internal con-
straint and felt able to print what
they wished.
CARE INSPECTIONS CRITICISED
A catalogue of failures by the health
and social care regulator has been
highlighted in a damning report by
the National Audit Office, published
today. The spending watchdog
reveals that the Care Quality
Commission completed fewer than
half the reviews of hospitals and care
homes it had planned in the six
months to April as it struggled with
staff shortages and low morale. It
also fell far short of its targets to reg-
ister hospitals and care homes, the
NAO says.
3D MARILYN PICTURES GO ON SALE
She is one of the worlds most famous
faces and a Hollywood legend. But
thanks to a little-known sound engi-
neer with a passion for photography,
a set of images of Marilyn Monroe
have been made public for the first
time and are set to fetch more than
50,000 at auction in California.
SECOND EXPLODING IPHONE REPORTED
A second iPhone is reported to have
exploded days after an iPhone 4S
caught fire during a flight across
Australia. The latest incident hap-
pened in Brazil where the owner, Ayla
Paulo Mota, posted on a technology
blog that: At dawn, I woke up seconds
before witnessing the burning of my
iPhone when I saw a lot of sparks and
black smoke coming from the battery.
My room was filled with an unbear-
able smell of smoke. I was not hurt,
but it was 15cm from my eyes.
CLARKSON SHIFTS INTO REVERSE
Yesterday night, amid growing signs
of nervousness at the BBC, Jeremy
Clarkson uncharacteristically bowed
to pressure and issued an apology of
sorts. He became public sector enemy
number one after he was asked on
Wednesdays One Show what he
thought of the strike over pension
arrangements and said: Id have
them all shot.
TRIUMPH PROFITS ACCELERATE
British motorcycle maker Triumph
sold almost 50,000 bikes in the last
year as it increased sales despite glob-
al economic uncertainty. The compa-
ny, which produces motorcycles from
its base in Hinckley, Leicestershire,
increased sales by seven per cent to
48,684 in the 12 months to June 30,
despite the global market for premi-
um motorcycles contracting. It is now
Britain's biggest motorcycle maker.
RAJARATNAM ORDERED TO PRISON
Former hedge-fund titan Raj
Rajaratnam must begin serving his
11-year prison term while he appeals
his conviction on insider-trading
charges, a federal appellate court
ruled yesterday. In a one-page order,
the US Second Circuit Court of
Appeals denied his request to remain
free on bail while the court considers
arguments on whether to overturn
his conviction.
GM REASSURES CUSTOMERS
General Motors will buy back
Chevrolet Volts from any owner who
fears the car is a fire risk amid a US
safety investigation of its lithium-ion
battery, the auto maker said. The offer
comes in addition to GMs move this
week to offer loaners to 6,000 Volt
owners in an effort to reassure cus-
tomers after three crash-tests resulted
in fires or sparks weeks after the event.
WHAT THE OTHER PAPERS SAY THIS MORNING
Britain is hugely exposed to the euro
THERE was a time when exporters
would be regularly urged to trade
more with the European Union,
which was seen by officials as the
great new market for the UK. How
times have changed: now companies
the world over are doing their best to
downplay their exposure to the
Eurozone and its crippling toxic debt
and accelerating credit crunch.
Yesterday, Sir Mervyn King used apoca-
lyptic language to describe the risks
facing the financial system; forecast-
ers are falling over themselves to esti-
mate the cost to the UK of a disorderly
collapse of the Eurozone.
The bad news is that Britain is high-
ly exposed to the Eurozone; the slight-
ly better news is that some of the
oft-quoted numbers exaggerate this
dependency. One often hears from
politicians that half of the UKs trade
takes place with the EU; but such fig-
ures only refer to exports, not to over-
all economic output. Goldman Sachs
has crunched some of the numbers;
the (partial) metric it uses is goods
exports as a share of GDP. The expo-
sures vary dramatically, from 0.7 per
cent of GDP for Australia, 1.3 per cent
for the US to almost 50 per cent of
GDP for the Czech Republic. Among
the non-euro G7 economies, exposure
varies from 1.2 per cent of GDP in
Japan to 8.7 per cent in the UK.
Financial linkages are even more
important; that is why forecasters
believe the UK could lose up to 5-7 per
cent of GDP in the event of a total col-
lapse. Bank of International
Settlements data show that the UK
and Switzerland are more exposed
than the US and Japan. Deleveraging
Eurozone banks will also hit
economies that are not directly
exposed via a contraction in credit.
This will affect Central and Eastern
Europe as well as Latin America.
As to exports, the (slightly) better
news is that official statistics overstate
the Eurozones importance as a mar-
ket for UK goods and services. There
are two separate distortions, the
Rotterdam-Antwerp effect and the
Netherlands distortion, both high-
lighted by the Global Britain think-
tank. The problem is that statisticians
record as the destination of the export
the country of the first port of dis-
charge of a consignment, even when
the consignment is only in transit on
its way to a different end country. Lots
of British goods go to Rotterdam in
the Netherlands and Antwerp in
Belgium, two of the biggest ports in
the world; a small percentage of these
goods stay in those countries while a
lot more goes to other EU countries,
generally on lorries or trains. But quite
a lot of these goods are transferred to
cargo vessels going to other conti-
nents. A decent chunk of UK exports
recorded as going to the Netherlands
or Belgium will end up on container
vessels heading to Singapore or any-
where else in the world.
A similar effect is at play with flows
of capital: cash is often funnelled
through holding companies based in
Luxembourg and the Netherlands,
even though it actually originates
from elsewhere. Global Britain calcu-
lates that the real proportion of UK
exports of goods and services going to
the 26 EU member states, as well as
receipts of income, is around 42.6 per
cent of the total, substantially less
than the 48 per cent or so usually
recorded. Unfortunately, that remains
a huge number, which means that the
UK is bound to suffer grievously from
the Eurozones slow motion crash
and that is even without a financial
crisis and the ensuing contagion.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
CHRIS Huhne, the minister for energy
and climate change, yesterday insisted
the UK was on track to beat its target
to slash carbon emissions by more
than a third by 2020.
Speaking before flying to South
Africa for the latest round of climate
talks, Huhne said the target would
have been met even without the loss
of demand for energy caused by the
economic downturn.
Each persons energy use could be
halved by 2050 if the country optimis-
es its energy mix and use of technolo-
gy, he said, announcing the launch of
the governments carbon plan.
The government said we will use a
mix of power from nuclear, renew-
ables, and clean fossil fuels by 2050.
Labour has accused the government
of shirking its green duties, after the
chancellor this week unveiled a
250m package to soften the effects of
the most onerous climate taxes on
energy intensive firms.
BY ALISON LOCK
POLITICS
UK green target on track

Energy minister Chris Huhne said the UK was on track to meet emissions targets
NEWS | IN BRIEF
Finmeccanica chair resigns
Italian defence group Finmeccanica said
it had appointed its chief executive,
Giuseppe Orsi, as chairman after Pier
Francesco Guarguaglini resigned from
the position amid a growing corruption
probe. Guarguaglini, who had been in
the job since 2002, had previously resis-
ted calls to step down from the helm of
the loss-making company, Italys sec-
ond-biggest industrial group after Fiat.
Finmeccanica, part of the Eurofighter
consortium alongside BAE Systems and
EADS, is 32 per cent owned by the state
but embroiled in a long-running probe
centring on accusations of false invoices
and slush funds to bribe politicians.
AT&T hits back at regulator
AT&T has accused the US communica-
tions regulator of being one-sided and
cherry-picking facts yesterday after the
watchdog published a stinging rebuke of
the plan to buy T-Mobile USA from
Deutsche Telekom. The scathing Federal
Communications Commission staff
report, released earlier this week, said
AT&Ts $39bn (25bn) proposal to pur-
chase T-Mobile would lead to higher
prices for customers and big job losses.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
Printed by Newsfax International,
BeamReach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
Distribution helpline
If you have any comments about the distribution
of City A.M. Please ring 0207 015 1230, or email
distribution@cityam.com
Iranian president
Mahmoud
Ahmadinejad says the
nuclear research is for
peaceful purposes
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7283 5334
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 Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
US SENATORS laid into the chairman
of one of the key regulators of col-
lapsed brokerage MF Global yesterday,
attacking its apparently poor policing
of the firms risky behaviour and
accounting.
Gary Gensler, chairman of the
Commodity Futures Trading
Commission, was one of the first regu-
lators called to testify before the
Senate Agriculture Committee about
MF Globals bankruptcy on 31 October.
Republican lawmakers blasted
Genslers decision to step back from
the CFTCs investigation of MF Global.
Gensler recused himself in early
November, leaving Jill Sommers, a
Republican commissioner, to oversee
the probe and answer questions.
It looks to me like youre trying to
avoid the heat, said senator Mike
Johanns. You certainly didnt recuse
yourself all of the other weeks and
months and days while MF Global was
doing what it was doing.
The hearings aim to will assess
whether regulators could have done
more to prevent the failure. The com-
mittee is considering subpoenaing Jon
Corzine, MF Globals former chief.
MANUFACTURING production plum-
meted in the Eurozone, UK and China
in November, Markits purchasing
managers indices (PMI) showed yester-
day, yet US industry kept expanding.
Eurozone manufacturing PMI hit a
28-month low, with job losses in all 17
members of the currency bloc except
Germany and Austria.
PMI fell to 46.4 from 47.1 in October.
Any figure below 50 represents con-
traction in the sector.
Core and peripheral countries were
affected, with PMIs of 47.3 in France,
43.8 in Spain and 40.9 in Greece.
This is the first month since mid-
2009 the height of the credit crunch
that all countries saw output fall,
said Markits Chris Williamson.
The survey is broadly consistent
with manufacturing output falling at
a quarterly rate of two per cent, and
production is likely to be cut at an
even faster rate in December.
UK manufacturing declined for a
second month in a row, falling to 47.6
from 47.8 in October.
Employment fell at its fastest rate
for two years and Markit expects job
losses to mount if orders keep drop-
ping. China, too, saw manufacturing
decline, with PMI hitting a 32-month
low of 47.7 as both domestic and
export demand slipped.
Combined with a faster-than-
expected easing in inflation, this
sharp deterioration in business condi-
tions implies that growth is set to over-
take inflation as Beijings top policy
concern, said HSBCs Hongbin Qu.
This is likely to invite an across-the-
board policy easing, which is likely to
come as early as the year-end.
Meanwhile the US continued to out-
strip Europe. The Institute for Supply
Managements (ISM) manufacturing
PMI jumped to a five-month high of
52.7, up from 50.8 in October.
Despite concerns over the state of
the global and particularly European
markets, the ISM believes manufactur-
ers were cautiously optimistic about
output over the coming months.
Although the employment index
declined to 51.8 per cent from 53.5 per
cent in August, it remains in positive
territory. Car sales rose for the sixth
consecutive month as consumers
stayed confident, although initial job-
less figures rose above 400,000, show-
ing the recovery remains slow.
US factories
defy slump in
world output
TOM Glocer, the chief executive of
media group Thomson Reuters, will
step down at the start of January, the
company said yesterday.
Glocer will be replaced by the
groups chief operating officer James
Smith in the latest of several man-
agement reshuffles designed to raise
the groups performance after its
crucial Markets business, its largest
division, selling financial news and
data to companies, has lagged
behind the rest of the group this
year.
Glocer, who has led the group for
the past four years, is also the last
remaining senior Reuters executive
from before the Thomson family
bought it in 2008.
By the end of the year, the organ-
isational strategy and budget work I
have been leading will be complete,
and the transition plan I launched
last summer will have achieved its
objectives, he said in a statement.
Smith, a former journalist, was
previously head of the Professional
unit, which sells legal, tax and
accounting products. That weath-
ered the financial crisis better than
the Markets division.
The firms share price closed down
1.4 per cent yesterday.
www.blancpain.com
BLANCPAIN BOUTIQUES ABU DHABI BEIJING CANNES DUBAI EKATERINBURG GENEVA HONG KONG MACAU MADRID MANAMA
MOSCOW MUMBAI MUNICH NEW YORK PARIS SEOUL SHANGHAI SINGAPORE TAIPEI TOKYO ZURICH
0845 273 2500
Villeret Collection
Complete Calendar Half-Hunter
Patented under-lug correctors
Secured calendar and
moon-phases mechanism
Ref. 6664-3642-55B
Thomson Reuters to replace
chief exec in latest shake-up
US senators attack MF Global
watchdog for its poor policing
BY TIM WALLACE
WORLD ECONOMY
FINANCIAL SERVICES
Thomson Reuters chief executive Tom Glocer said his plans were complete Picture: Reuters
BY ALISON LOCK
MEDIA
News
SERGIO Ermotti has swiftly made his
mark as the new UBS chief executive
by ousting the chief risk officer barely
11 months after she took up the post.
Maureen Miskovic left the bank
abruptly yesterday, 11 weeks after she
was embarrassed by the discovery of
$2bn (1.27bn) of rogue trades.
Ermotti, who was confirmed as
chief executive little more than two
weeks ago, has replaced her with
Americas head Philip Lofts, a veteran
of more than 20 years at UBS who now
returns to his previous role.
There were also promotions for
Americas wealth management chief
Bob McCann and chief operating offi-
cer Ulrich Koerner, who had both been
rivals to Ermotti for the top job.
Both men will keep their current
responsibilities but McCann will also
become Americas chief executive and
Koerner will also take control of
Europe, the Middle East and Africa.
One of my main priorities is to con-
tinue to reinforce the banks risk
framework, Ermotti wrote in a memo
to staff yesterday.
The reshuffle is the latest in a series
of changes since the exposure of the
rogue trading scandal, which trig-
gered a split among senior executives
and ultimately led to the resignation
of chief executive Oswald Grbel.
UBS insists the departure of
Miskovic who joined from financial
services group State Street was unre-
lated to the losses allegedly racked up
by Kweku Adoboli, who is on remand
in Wandsworth jail.
UBS risk chief
goes 11 weeks
after scandal
BY PETER EDWARDS
BANKING
News
Sergio Ermotti
named chief
executive after
coming through a
two-month
audition as
caretaker boss.

Philip Lofts
UBS veteran was
put back into his
old job because
Ermotti needed a
safe pair of hands.
Ulrich Koerner,
right, and Bob
McCann
promoted by
Ermotti despite
both missing out
on the top job
Carsten
Kengeter
stayed as head of
investment bank
despite "rogue"
trade happening
on his watch

Francois Gouws
and Yassine
Bouhara
quit as co-heads
of global equities
over the scandal

Maureen
Miskovic
chief risk officer
left 11 weeks
after the arrest of
Kweku Adoboli

Ermotti shows the Swiss his inner steel
WE knew Sergio Ermotti was a
smooth operator, but now we have an
early sight of the steeliness that has
taken him to the top of UBS.
In dumping Maureen Miskovic yes-
terday, two weeks after cutting
another 400 jobs, Ermotti showed his
determination to restore the reputa-
tion of UBS. The new boss will have to
do a lot more, however, to restore the
confidence of investors, particularly
in the banks Swiss homeland.
There were apparently concerns
about the risk division, led by
Miskovic, a graduate in Russian and
German rather than finance, who
between 1996 and 2002 was chief risk
officer at Lehman Brothers, which
collapsed in 2008.
Yesterday Ermotti noticeably failed
to pay tribute to Miskovic, simply
thanking her for her dedication,
and throwing his weight behind her
replacement, Philip Lofts.
He demonstrated that he has the
broad skills and experience and the
strong leadership needed to run our
risk organisation decisively in a tur-
bulent market environment, he said.
Those skills will be much-needed.
The share price of UBS has steadily
declined from SwFr17.60 in April,
when a surge in first quarter net
fund inflows of SwFr11.1bn was seen
as evidence of a return of client trust.
Since then the banks stock has been
driven down by the rogue trade
and the failure to replace Oswald
Grbel quickly.
More bad news will surely follow,
with year-end results expected to
show an exodus of wealthy clients
after the scandal.
Last night shares closed down 1.88
per cent at SwFr10.97, 38 per cent off
their April value. Investors will hope
Ermotti has steel in his soul.
BOTTOMLINE
Analysis by Peter Edwards
ANALYSIS l UBS AG
CHF
25Nov 28Nov 29Nov 30Nov 1 Dec
11.00
11.20
11.40
10.80
10.60
10.40
10.20
10.00
10.97
1 Dec
LIFE AFTER GRBEL| UBS WINNERS AND LOSERS
DEVASTATING floods sweeping
Thailand caused Lloyds insurance
group Hardy Underwriting far worse
than expected losses, eating into its
capital and causing the group to put
itself up for sale.
Hardy has been hammered by inter-
national catastrophes this year and
said that the Thai floods would cause
it 10m to 25m of losses on top of
about 32m from the first half after
earthquakes in Japan and New
Zealand.
Several potential bidders have
expressed interest in buying the busi-
ness, it said, and the firm has started a
strategic review to consider whether
to sell or find a strategic partner.
City A.M. understands that
Canopius, the unlisted Lloyds group
that led a bid approach for fellow
Lloyds insurer Omega, is among the
interested parties.
Beazley, another Lloyds name, is
likely to be interested after it walked
away from talks to buy Hardy almost
exactly a year ago. Hardy fought a
robust defence against Beazley in
December 2010 and rejected its twice-
sweetened offer of $287m (184m),
demanding a price substantially in
excess of the 350p per share offer.
Hardys shares closed down 3.1 per
cent at 180.25p yesterday, valuing the
business at about 100m.
Hardy said losses from unprece-
dented international catastrophe
events in both 2010 and 2011 have
overshadowed the balance of the port-
folio, which is performing very well in
a challenging rating environment.
Collins Stewart analyst Ben Cohen
said several of the bidders for Omega,
such as US groups Barbican or Delphi,
may reappear as suitors for Hardy.
Hardy comes to market at the same
time that other Lloyds insurers have
failed to sell, and Numis analyst Nick
Johnson warned he felt that the
probability of a deal materialising is
low.
Hardy up for
sale over Thai
flood losses
WATFFFOR OR OR RDDDD
Fuel consumption gures for the CR-V 2.0 i-VTEC ES Manual in mpg (l/100km):
Urban 26.9 (10.5), Extra Urban 40.9 (6.9), Combined 34.4 (8.2). CO
2
emissions: 190 g/km.
Model shown is CR-V 2.0 i-VTEC ES Manual in Urban Titanium Metallic at 24,235 including metallic paint. Offers valid on new
retail CR-V registered on or before 31 December 2011. Offers applicable at participating Dealers and are at the Promoters absolute
discretion. Subject to model, colour and stock availability. Honda Hire Purchase (HP): Indemnities may be required in certain
circumstances. Finance is only available to persons aged 18 or over, subject to status. All gures are correct at time of publication
but may be subject to change. Promoter is Honda (UK), 470 London Road, Slough, Berkshire SL3 8QY. Servicing: Four years
complimentary servicing or 50,000 miles, whichever comes rst, and includes a maximum of four services. Complimentary servicing
covers the manufacturers scheduled servicing only. Roadside Assistance: Covers the vehicle and authorised drivers for four
years emergency breakdown, subject to the vehicle being maintained in accordance with the manufacturers servicing schedule.
FIND YOUR
LOCAL DEALER
4444 yyyyeeeeeeaaaaarrrrrrssssss ffffffrrrrreeeeeeee ssssseeeerrrrrvvvviiiicccciiiinnnnggggg
4444 yyyyeeeeaaaarrrrssss ffffrrrreeeeeee rrooaaadddsssiiddddeee aassssssiiiissssttttaaaannnncccceeeeee
4444 yyyyeeeeaaarrrss 00000%%%%% AAAAAPPPRRR RRRReeeepppprrreeeeeesssssseeeeennnnnnttttaaatttiiivvvee
FFoorrrr ooonnnlllyyyyy 222255552222 aa mmmmooonnntttthhhhh wwwiiiitthhh 5550000%%% dddddeeeepppppoooossiiiittttt
AAAAnnddd rrreeeaaasssssssuuuurrrriiinnnnnggggggllyyyy WWWWWWhhaatttt CCCCCCaaarr????? nnnnaaaammmmmmeeeeddd HHHoonnnnnnddddaaaa
tttttthhhhheeeee UUUUUUUKKKKKKssss mmmmmoooosssttt rrrrreeellliiiaaabbbblllleee cccccaaaarrrr mmmmmaaaaakkkkeeerr..
BY ALISON LOCK
INSURANCE
INVESTORS in Omega Insurance

including Aviva, Toscafund, Crystal
Amber and founder shareholder John
Robinson, are up in arms over plans
by tycoon Mark Byrne to allow his ten-
der offer for 25 per cent of shares in
the group to lapse even though it
received more than the minimal
number of acceptances.
Robinson, speaking to City A.M. last
night, said: The chairman, the advis-
ers and Invesco, who all supported
this approach, should now explain to
shareholders what on earth is going
on. The whole thing appears to be a
complete shambles.
Byrnes company HBL said yester-
day that it had requested further
information from Omega that might
allow it to explain why there had
been a significant and unexpected
deterioration in the companys
financial position and prospects.
It believes there are technical rea-
sons specifically unfulfilled clear-
ances that allow it to lapse its
current offer.
It has also indicated that it will
come back with a new offer at a fixed
price of 74p, but this has infuriated
investors who tendered to sell shares
at 83p each. Byrnes tender offer was
preferred by both the Omega board
and 30 per cent shareholder Invesco
to an 83p a share counter-offer from a
rival.
Omega investors angered by
Byrnes plans to lapse offer
BY DAVID HELLIER
INSURANCE
News
Mark Byrne plans to come back with a lower offer for Omega
ANALYSIS l Hardy Underwriting
p
197.50
200.00
195.00
192.50
190.00
187.50
185.00
182.50
180.00
180.25
1 Dec
Rothschild and Peel Hunt jointly share
the advisory work on Hardy, with Peel
Hunt also acting as its broker.
Leading the Rothschild advisory
team is managing director Crispin
Wright, who also advises Jardine
Matheson the biggest investor in
Lloyds insurance broker JLT, as well as
airport operator BAA and ferry com-
pany P&O.
In the past, acting as financial
adviser, Wright has fended off
takeover bids for both currency print-
er De La Rue, as Obethur made a
900m bid for the company, and
Wolverhampton & Dudley Breweries
after they were approached by
Pubmaster in 2000.
James Britton, director of corporate
finance at Peel Hunt, leads its Hardy
advisory team with help from Guy
Wiehahn. Britton joined the broker in
2003, when it was part of Belgian
group KBC. With 25 years corporate
finance expertise, he has helped build
its M&A and financial services prac-
tice. His CV includes stints as a manag-
ing director at Deutsche Morgan
Grenfell and time at Fox-Pitt, Kelton.
ADVISERS: ROTHSCHILD AND PEEL HUNT
CRISPIN WRIGHT
ROTHSCHILD
COMPLEX risk-weighting calcula-
tions make it difficult to assess how
well prepared banks are to face a
crisis, the Bank of Englands
Financial Policy Committee (FPC)
warned yesterday.
However, changes are on the way,
the FPCs report said. In particular,
lending to financial institutions
will be weighted more highly in
future, as a result of recent losses.
Lending to households and busi-
nesses is currently regarded as sig-
nificantly more risky than lending
to other banks. Large UK banks
total credit exposure to companies
is 3 trillion, according to the
report, against which banks must
hold 125bn of capital for regulato-
ry purposes.
Meanwhile they hold just 6bn of
capital against 360bn of exposure
to financial institutions.
However, recent losses will lower
this regulatory favour towards
intra-bank lending, on the basis
that wholesale banking losses
between 2007 and 2009 hit 160 per
cent of capital requirements allocat-
ed to the sector.
Risks from trading will also be
amended under the Basel trading
book review, though the FPC
believes systemic risk may contin-
ue to be undercapitalised.
This apparent mis-pricing of debt
is particularly well-illustrated by
the FPCs report that banks servic-
es to the UK real economy have
remained among the UK banks
most profitable and stable business
lines.
More broadly, banks received
praise for increasing the size of
their capital buffers, making UK
banks safer than those in many
European countries.
Nonetheless, the FPC did point
out that credit default swap premia
are above those seen at their 2008
peak.
Part of the reason is that current
strains are being amplified by
structural vulnerabilities in the
financial system, as banks are so
exposed to those in other countries.
In particular, UK banks are heavi-
ly exposed to those in France and
Germany, which are in turn particu-
larly heavily exposed to weaker
Eurozone economies.
A continuing deterioration in
the euro area would weaken banks
asset quality and profits, the report
noted.
That would also increase uncer-
tainty in funding markets, reducing
the availability, or increasing the
cost, of term refinancing.
Bank-to-bank
debts riskier
than thought
BY TIMWALLACE
REGULATION
SALARIES in European investment

banks will have to fall by as much as a
third as institutions fight to retain
their level of return on equity in the
face of harsh new regulation, analysts
at JP Morgan said yesterday.
Banks are likely to cut compensa-
tion levels drastically from 2012 as
they see their return on equity slump
by half to eight per cent amid new
regulatory regimes such as Basel III
and Dodd-Frank in the US.
In a sweeping outlook on the
European banking market, the ana-
lysts warned they expect banks
including Goldman Sachs, BNP
Paribas and Barclays to take drastic
steps to bring their return on equity
ratios back to a more attractive 13 per
cent.
The average bankers pay is likely to
be cut by nearly a third, or $100,000
(64,000) per year, to bring compensa-
tion ratios down from about 45 per
cent at present to closer to 25 per
cent.
Headcount is likely to be cut by 20
per cent meaning 4,314 job losses at
Goldman and 5,061 at Barclays and
cost to income ratios should fall from
about 70 per cent at the eight big
investment banks, to about 55 per
cent.
The wages of finance to fall
by a third as regulation bites
BANKING
The FPC is worried Eurozone bank problems may spread to the UK Picture: GETTY
News
ANALYSIS l Bank CDS premia have jumped
Basis points
Germany UK USA France Italy Spain
600
500
400
300
200
100
S
o
u
r
c
e
s
: C
a
p
t
ia
l I
Q
, M
a
r
k
it
G
r
o
u
p
L
im
it
e
d
,
T
h
o
m
s
o
n
R
e
u
t
e
r
s
D
a
t
a
s
t
r
e
a
m
a
n
d
B
a
n
k
c
a
lc
u
la
t
io
n
s
15June 2011
22November 2011
9March 2009
ANALYSIS l Probability of high-impact financial
event in the short term
N
e
t
b
a
la
n
c
e
r
e
p
o
r
t
in
g
h
ig
h
r
is
k
in
s
h
o
r
t
t
e
r
m
, %
2008 H1 H2 H1 H2 H1 H2
40
30
20
10
+
-
0
-10
2009 2010 2011
ANALYSIS l Capital levels soared post-crisis
Core tier 1,
bns
Sources: Bank of England, published
accounts andBank calculations
200102 03 04 05 06 07 08 09 10 11
70
80
90
60
50
40
30
20
10
HSBC
RBS
LBG
Barclays
ANALYSIS l UKbanks leverage has dropped sharply
Ratio
196065 70 75 80 85 90 95 05 2000 10
60
70
50
40
30
20
10
Maximum-minimumrange
Interquartile range
Median
THE amount it costs European govern-
ments to borrow from the financial
markets eased a little yesterday, after a
pair of closely-watched debt auctions
in Spain and France were more suc-
cessful than expected.
Bond traders also took succour
from European Central Bank presi-
dent Mario Draghi (pictured), who
appeared to suggest he would be
willing to expand purchases of sov-
ereign debt if the Eurozone were to
negotiate a new fiscal compact.
Such a fiscal compact would
force highly-indebted governments
like Italy and Greece to cut their
debts and deficits, and is the most
important element to restarting
credibility, Draghi said.
If Eurozone lead-
ers can strike an
agreement, other
elements might
follow, he said.
His remarks
were widely interpreted as a sign that
the ECB would be willing to buy even
greater quantities of Eurozone sover-
eign debt.
Yesterday, Spain paid an average of
yield of around 5.4 per cent at an auc-
tion of 3.75bn of bonds, the highest
since before the launch of the euro
but still well below the seven per cent
park that is seen as unaffordable.
France also saw good demand
at the sale of 4.35bn of
long-term bonds, with the
10 year yield at 3.18 per-
cent. The premium
investors charge for hold-
ing its bonds over German
bunds fell to 93 basis
points, its lowest in a
month. The yield on
Italian 10-year bonds
which has hovered
close to seven
per cent in
r e c e n t
weeks fell by
37 basis points
to 6.61 per cent.
Draghi speech
soothes euro
bond markets
Sarko pushes for new treaty
Classic Christmas Hamper, 150
THERE I S NOTHI NG L I KE
WHATEVER YOU SEND YOUR CLIENTS THIS
We have everything you need to celebrate with colleagues and
valued clients, from ne champagne and exceptional gifts to
Fortnums show-stopping hampers, brimming with the nest
food and wine. So, take your seats as the curtain rises.
A GIFT FROM FORTNUMS
www.fortnumandmason.com O
f
f
e
r

a
p
p
l
i
e
s

t
o

U
K

s
t
a
n
d
a
r
d

d
e
l
i
v
e
r
y

o
r
d
e
r
s

f
o
r

d
e
l
i
v
e
r
y

b
y

1
2

D
e
c
e
m
b
e
r
F
R
E
E

D
E
L
I
V
E
R
Y
o
n
o
r
d
e
r
s
o
v
e
r

5
0
b
e
f
o
r
e
5
D
e
c
e
m
b
e
r

o
n
o
r
d
FF
R
E
E

D
E
r
d
e
r
s
o
v
e
r

f
o
r
e
5
D
e
c
e
m
b
e
r
YY
D
E
L
I
V
E
R
e
r

5
0
b
e
f
o
r
e
5
D
e
R
Y

FRENCH President Nicolas Sarkozy,
under pressure from a spiralling
Eurozone debt crisis five months
before a presidential election, told
France last night the euro bloc needs
closer and stricter coordination of
national budgets to survive.
Seeking to reassure the public ahead
of a Franco-German push to redraw the
European Unions founding treaty,
Sarkozy promised that reforming
Europe would mean closer inter-gov-
ernmental cooperation, not handing
control to a supra-national body.
The reform of Europe is not a march
towards supra-nationality, he said in a
speech to some 5,000 supporters in the
Mediterranean port of Toulon. The
integration of Europe will go the inter-
governmental way because Europe
needs to make strategic political choic-
es.
Sarkozy said he would meet German
Chancellor Angela Merkel in Paris on
Monday to push ahead with joint pro-
posals for a new EU treaty to fix flaws
in the Maastricht Treaty and create a
true economic government for the
bloc.
He said France and every other
Eurozone country needed to enshrine
a budget-balancing golden rule in
their constitutions, to force stricter fis-
cal discipline as the bloc strives to
reform itself or get left behind.
He also said the European Central
Bank must stay independent and
decide for itself when to act against the
risk of deflation.
Let us not hide it, Europe may be
swept away by the crisis if it doesnt get
a grip, if it doesnt change, he said.
BY DAVID CROW
EUROZONE
BY HARRY BANKS
EUROZONE
LOOSER rules on state aid to troubled

banks introduced in 2008 have
been extended again as the European
Commission (EC) fears banks would
not survive without help.
Stronger tensions in sovereign debt
markets and the transmission of those
tensions to interbank markets and to
funding conditions for banks per-
suaded competition commissioner
Joaquin Almunia to take the action.
Lenders benefitting from support
like recapitalisation will still be
required to restructure before
approval is granted, and heavy users
must show they remain viable, but
some changes to the regime will be
made.
Banks will be expected to increase
the use of shares rather than cash in
remunerating the state for any sup-
port given, for example.
EC extends state aid rule
as funding crisis worsens
REGULATION
News
NEWS | IN BRIEF
Key Merrill banker steps down
Andrew Osborne, one of Bank of
America Merrill Lynchs best-known oil
and gas bankers, left the company on
Wednesday for confidential reasons, a
source told City A.M. He joined Merrill
Lynch in 2005 and has advised firms
such as Tullow Oil and Rockhopper.
French unemployment rising
Metropolitan unemployment in France
rose to 9.3 per cent in the third quarter,
up from 9.1 per cent previously, accord-
ing to data out yesterday from official
statistics agency INSEE. Unemployment
stands at 2.6m, though the total number
who do not work but would like to has
hit 3.4m. Youth unemployment fell
slightly, to 21.6 per cent.
Slovenia set to elect opposition
Slovenia's centre-right opposition is set
for a return to power in a snap election
on Sunday pledging painful reforms to
halt the Eurozone member states slide
back into recession. Slovenia faces reces-
sion and a worsening credit crunch.
Critics say the governing coalition, voted
out in September, failed to stimulate
growth and rein in unemployment.
Europe bondholders face losses
The owners of unsecured bonds issued
by troubled banks could be forced to
take losses from 2015, according to a
draft European Commission proposal
that would break the unwritten rule that
debt is fully repaid unless the borrower
goes bust. The draft law outlines a
framework to save a bank from collapse,
giving supervisors extensive powers to
temporarily take control and get the
bank back on its feet, for example by
ordering asset sales.
GREEKS BACK ON THE STREETS
MILLIONS of Greek workers took to the streets to strike yesterday, closing schools, govern-
ment offices and ports in the first industrial actions since the country appointed techno-
crat Prime Minister Lucas Papademos to lead a new government last month. Strikers
descended on Athens and other major cities in protest at strict austerity measures
designed to reign in the countrys fiscal deficit that are cutting their pay and benefits.
KINGFISHER posted better-than-
expected third quarter profits yester-
day, after the unseasonally mild
autumn weather helped boost sales
at the retailers stores in the UK and
France.
Europes biggest DIY company,
which runs over 800 stores across the
continent, posted a 13.9 per cent rise
in operating profit to 273m in the
the 13 weeks to 29 October, beating
analyst consensus of around 263m.
Chief executive Ian Cheshire said
unusual spending patterns due to the
mild weather meant its B&Q chain
sold as many barbeques in September
as it did in June, with a 68 per cent
rise in garden furniture sales.
Operating profits in Britain grew
almost 22 per cent to 56m, helped by
the acquisition of 27 former Focus
DIY stores from liquidators in a 23m
deal in May.
Like-for-like sales were down 0.9 per
cent, an improvement from the 1.8
per cent fall in the first half, as chal-
lenging conditions continued to
strain consumer spending on DIY.
Cheshire said the groups French
businesses Castorama and Brico
Dpt, which account for more than
40 per cent group profit, were more
resilient with like-for-like sales up
almost two per cent against the same
quarter a year ago.
The companys China business,
which operates 40 B&Q stores, halved
its losses to under 1m, with
Cheshire blaming the ongoing losses
on a 23 per cent drop in the Chinese
housing market.
During the quarter, the group con-
tinued to expand with six new B&Q
stores in Poland, Russia and Turkey.
Mild autumn
boosts profit
at Kingfisher
What Is It With Ireland And The Majors?
Time To Find Out.
Time To Play.
Six ma|ors capIured by Irish players ih |usI a !ew years is more Ihah |usI coihcidehce. Fihd ouI exacIly whaI iI is by playihg
Ihe courses where Ihese champiohs shaped Iheir games. World-beaIihg lihks, excepIiohal parklahd courses.
II's all here. Ahd wheh Ihe rouhd ehds, Ihe !uh is ohly begihhihg. 1his is Irelahd, aer all.
(PUPEJTDPWFSJSFMBOEDPNHPMG
ROYAL Bank of Scotland and
Santander reckon the official cost esti-
mate of the Vickers reforms are too
low, according to documents pub-
lished yesterday by the House of Lords.
The Independent Commission on
Bankings estimate that the changes it
proposed in September to avoid anoth-
er banking bailout will cost the indus-
try between 4bn and 7bn are
understated, Santander UK chief exec-
utive Ana Botin wrote earlier this
month in a letter to the Lords select
committee on economic affairs.
Santanders analysis of the likely
costs is in line with a 10bn estimate
from analysts at Goldman Sachs, Botin
said.
In a separate letter, RBS, 83 per cent
state-owned after receiving an emer-
gency bailout in the 2008 financial cri-
sis, believes the ICB cost estimate is
likely to be understated, its chief exec-
utive Stephen Hester said.
Adapting to the ICB recommenda-
tions will likely cost RBS between
500m and 1bn, plus annual operat-
ing costs of some hundreds of mil-
lions of pounds, Hester added.
The ICB, set up to propose ways of
preventing a repeat of the 2008 finan-
cial crisis, wants banks to ring-fence
their retail operations from their riski-
er investment banking activities.
Banks warn that Vickers has
underestimated cost of reform
BY KASMIRA JEFFORD
RETAIL
BANKING
Ian Cheshire said the French market remained more resilient than the UK
News
DO KINGFISHERS RESULTS SIGNAL GOOD NEWS FOR THE FULL YEAR?
By Kasmira Jefford
RICHARD HUNTER| HARGREAVES

Kingfisher has significantly exceeded esti-
mates and the share price rewarded accordingly
with a strong early hike... Even prior to this strong
update, the shares had had a good run over the last
three months. Todays numbers seem unlikely to
dampen this optimism, with the general
market view of the shares as a strong buy.
DAVID JEARY | INVESTEC

Kingfishers results came in 10m ahead of
our, and consensus, expectations, up 14 per cent to
273m, despite a surprising fall in profits at Poland.
We expect consensus to move to 800m, where we
leave our forecast unchanged. We have however cut
outer year forecasts in anticipation of nega-
tive like-for-like sales in France next year.
PHILIP DORGAN | PANMURE GORDON

Kingfisher's statement is a collector's item these days, showing, as it has, profit growth and leading to profit
upgrades. We expect to hear an exciting and relevant strategic update in March, adding visibility to its expansion plans and
its opportunity in common sourcing and in own label. We therefore maintain our Buy recommendation.
ANALYSIS l Kingfisher
p
260
265
270
255
250
245
261.30
1 Dec
GREENE King, the pub owner and
brewer, yesterday reported higher half-
year profits, after benefiting from an
upturn in trading as consumers con-
tinued to eat out in their local pubs.
The 212-year-old firm, which runs
2,410 pubs and restaurants including
the Loch Fyne seafood chain, said the
consumer environment remained
tough, with cost inflation rising ahead
of wage inflation and the squeeze in
discretionary spending.
Nevertheless, chief executive Roony
Anand said that the drinking out and
eating out markets are performing
well, delivering an everyday indul-
gence to the UK consumer.
Pre-tax profits before exceptional
items rose by 5.6 per cent to 77.2m in
the half year to 16 October, joining its
rivals Marstons and Fuller Smith who
have also posted rise in profits.
Drink sales rose by 9.9 per cent,
while food sales rose 16.3 per cent.
Greene Kings brewing division,
which makes Old Speckled Hen, Abbot
Ale and Belhaven Best, grew operating
profits by 4.5 per cent to 15.6m.
The company plans to boost its
managed pub estate and create 3,000
jobs in Britain over the next three
years, including 2,000 apprentice-
ships.
Anand warned of a tough year
ahead as consumer spending remains
squeezed but reassured that current
trading remained strong, with
Christmas bookings up by around 12
per cent.
Greene King
enjoys strong
profits boost
BY KASMIRA JEFFORD
LEISURE
SHAREHOLDERS in Fosters Group

overwhelmingly backed SABMillers
A$9.9bn (6.4bn) acquisition deal in a
vote yesterday, giving the takeover the
go-ahead.
Ninety-nine per cent of shareholders
voted in favour of the acquisition by the
beer company behind Castle, Grolsch
and Miller Lite, which was given the
green light by the Australian govern-
ment on Sunday. The bid had unani-
mous support from Fosters board.
Fosters is expected to cease trading
on the Australian Securities Exchange
today after gaining the Supreme Court
of Victorias approval.
Chairman David Crawford insisted
the beer will still be produced in
Australia, by Australians.
This will not affect the Fosters lager
brand in Europe, which is owned by
Heineken.
SABMiller acquisition of Fosters
given green light by shareholders
CONSUMER
BRITISH American Tobacco (BAT) yes-

terday launched a High Court chal-
lenge against an Australian law that
will require plain packaging of ciga-
rettes from December 2012, saying it
infringes intellectual property rights.
This legal action comes just days
after tobacco giant Phillip Morris sued
the government over this plan, which
will require all cigarettes to be sold in
drab olive-brown, brand-free packets
carrying graphic imagery of diseased
body parts.
The Australian government says
that tobacco use costs the
country A$32bn
(20.8bn) every year.
But BAT claims the
proposal will cut prof-
its and result in a black-
market boom.
BAT spokesperson
Scott McIntyre said:
Health minister Roxon has said her-
self there is no proof this will reduce
smoking rates.
Cheaper, more accessible
tobacco will actually
increase smoking rates.
Australia would be the
first to implement this
law but Britain, Canada
and New Zealand have
also expressed inter-
est and are watching
developments.
BAT starts court fight over
brand-free cigarette packets
BY LAUREN DAVIDSON
CONSUMER
News
ANALYSIS l Greene King
p
470
480
460
450
440
465.70
1 Dec
COACH DISAPPOINTS IN HONG KONG DEBUT
US luxury handbag maker Coach dropped in its trading debut in Hong Kong yesterday as
thin volumes in its depositary receipts limited their appeal to local investors. The companys
Hong Kong depositary receipts (HDR), each representing one tenth of Coachs common stock,
closed at HK$48.50, a decline of 0.5 per cent, while the Hang Seng Index surged 5.6 per cent.
CUSTOMERS who buy a DVD from
Tesco will also be able to watch the
film online in a new venture
launched by video-on-demand web-
site Blinkbox and the supermarket
giant.
This is the first time a major
retailer has bundled a material
product with its digital version,
in a sign that DVDs are becom-
ing increasingly obsolete.
The service is available to
Tesco Clubcard customers who,
by linking their reward scheme
account with a Blinkbox regis-
tration, will be able to watch
their purchased film on a
range of devices
including laptops,
games consoles,
smart TVs and
tablets.
The first title
available is box-
office hit Harry
Potter and the Deathly Hallows Part
2, which will be joined by recent
blockbusters such as Hangover Part 2,
Bad Teacher, Final Destination 5 and
Conan the Barbarian.
Richard Brasher, chief executive of
Tesco UK, said: This innovation with
Blinkbox will help start a digital revo-
lution, combining the physical
with the digital for the first
time.
Blinkbox chief executive
Michael Comish added
that the initiative gives the
customer the best of both
worlds.
Tesco acquired an 80 per
cent stake in Blinkbox, which
serves a monthly audience of
over 2.5m people, in April as
part of its drive into digital
home entertainment.
Tescos venture comes
in the wake of Sir
Richard Broadbents
commencement on
Wednesday as chair-
man.
Tesco makes
new push into
online movies
IN a push to encourage shopping in
the City, the Royal Exchange and
Leadenhall Market will open this
Saturday and Cheapside will be pedes-
trianised.
This will be the first time Cheapside
has been open for business on a week-
end in over a century.
Over 150 stores will be trading, with
many offering discounts and compli-
mentary treats in an attempt to tempt
customers to pass up the West End and
out-of-town malls in favour of the
recent City developments.
Businesses in the pedestrianised
area will also host special seasonal
activities, including ice-skating at Bow
Churchyard, a Christmas Fair and vari-
ous festive performances.
The Royal Exchange will be home to
a giant music box, which will open
every hour for a performance by a
snow queen ballerina.
The weekend plans are part of the
Cheapside Initiative, a drive to make
the traditional City thoroughfare a
retail destination.
This event will provide a truly
unique shopping experience and the
chance to indulge in the Citys rich cul-
tural and heritage offer, said Ruth
Duston, director of the Cheapside
Initiative.
City shops open
their doors to
weekend trade
Leadenhall Market is among the shopping destinations to open at weekends Picture: REX
BY LAUREN DAVIDSON
TECHNOLOGY
News
www.RateSetter.com Customer Phoneline: 08442490115
In association with RateSetter: A better way to Save and Borrow, Peer to Peer
CITY VIEWS: WOULD YOU SHOP IN THE CITY
AT WEEKENDS? Interviews by Caty Hirst and Marissa Cetin
LUCY DILLAWAY | CALYX
I would if the trains were working. I live in East London, and the
DLR is not always on. The trains arent consistent on the week-
end, so its hard to come in. Ill shop near home or online
instead.
NICKY DOCKREE | AWD
Normally Id go to the West End to go shopping, but Id come into the
City for something new and different. This weekends events sound
interesting.
THOMAS LLOYD | ALLEN & OVERY
Yes I would. I dont care where I go shopping, but it has to have variety
so I can do as much as possible. I dont live too far away either, so
going to the City on the weekend wouldnt be difficult.
* These views are those of the individuals above and not necessarily those of their company.
BY CATY HIRST
RETAIL
RUSSIAN firm Polyus Gold is

ready for a premium listing on the
London Stock Exchange if market
conditions remain as they are,
according to the boss of a compa-
ny with a blocking stake in the
miner.
Dmitry Razumov, chief execu-
tive of Onexim group, said: We
are heading towards the premium
listing and will definitely get it.
Razumovs bullish comments
came just days after an invest-
ment committee chaired by Prime
Minister Vladimir Putin said it
would not consider approval for
the Polyus move until 2012.
Razumov said the company,
part controlled by tycoon Mikhail
Prokhorov (pictured right), will not
proceed with listing only if there
is a total collapse [of the global
market].
But if market conditions hold
steady, Polyus will hold the listing
and its shares will be
included in the FTSE 100
index, which is essen-
tial for an adequate
valuation in the even-
tuality of M&A activity.
Polyus said in
October it had failed to
win approval from the
Russian government for
its proposed move
to Londons
p r e s t i -
g i o u s
FTSE 100 index because the gov-
ernment commission that evalu-
ates potential foreign investment
in Russia had delayed a decision.
Meanwhile Prokhorov himself
has been under the spotlight after
a high profile fall out with the
Kremlin.
He suddenly left Russian
politics over an acrimonious
clash with the Kremlin
ahead of parliamentary elec-
tions in December and the
presidential vote in March.
Analysts say Polyus still
faces hurdles over its London
listing, with its board due to
meet on 6
December to
hammer out
the details.
Polyus ready to list
in the UK, says boss
BY JOHN DUNNE
MINING
GOLDMAN Sachs reckons a bet

against European high-yield corpo-
rate debt is the most promising
trade for 2012, according to a
research note out yesterday.
The banking giant said if Europe
sinks into recession, as it expects,
then high-yield firms will come
under considerable pressure.
Goldman is also gloomy about
German bunds, telling traders to bet
on yields rising to 2.8 per cent, but it
thinks long bets on the euro and the
Swiss franc promise some good
returns.
For the global economy, Goldman
analysts have cut their 2012 growth
forecasts from 3.4 per cent to 3.2 per
cent to reflect the worsening debt
crisis in Europe.
Traders should also bet long on
Canadian equities versus Japanese
markets, according to Goldman, and
speculate on the price of Brent oil
rising next year.
Commodities analyst Jeff Currie
said Brent could rise to $127.50 a bar-
rel by the end of next year, from $111
yesterday. He also reckons the oil
benchmark could reach $135 a bar-
rel in 2013, which would be the high-
est level since 2008.
The bank is keeping its over-
weight rating on commodities for
the coming year, predicting rises of
up to 15 per cent over the year due to
potential supply shortages and the
prospect of economic growth out-
side the trouble-spots of the
Eurozone.
It said that during 2008, commodi-
ties tended to make gains until the
financial crisis tipped into a global
recession.
Goldman Sachs is also one of the
few banks expecting the price of UK
gas to soar next year, despite a sharp
drop in value since August. Its ana-
lysts also expect the price of copper
to rally.
Goldman is gloomy about
the European economy
but thinks oil is on the up
ECONOMY
News
NEWS | IN BRIEF
Rio Tinto wins bid for Hathor
FTSE 100 miner Rio Tinto yesterday
declared a C$4.70 per share bid for
Canadian uranium miner Hathor
Exploration a success, after securing
acceptances from over 70 per cent of
its shareholders. The group said that
around 94.95m Hathor shares were
tendered by shareholders or already
owned by Rio Tinto, representing 70.21
per cent of the company. Rio Tinto
added that it has decided to extend its
offer by ten days to 12 December to
mop up the rest of the Hathor shares.
The offer, which values Hathor at
C$654m, trumped a rival bid from
Canadian uranium major Cameco.
Premier makes North Sea find
Premier Oil yesterday announced
another discovery in the North Sea.
The FTSE 250-listed oil producer said
its Erne well hit oil with a drilling at
5,562 feet. Premier, which owns a 50
per cent interest in the well, said the
column included 20 feet of net oil and
ten feet of net gas.
Afren in Nigeria block deal
First Hydrocarbon Nigeria, which is
partly owned by London-listed Afren,
confirmed yesterday the purchase of a
45 per cent stake in Nigerian oil block
OML 26 for $147.5m (94m) from Shell,
Total and Eni. FHN, a Nigerian firm set
up by Afren, First City Monument Bank
(FCMB) and Guaranty Trust Bank, to
purchase local energy assets, said OML
26 was producing 6,000 barrels of oil
per day (bpd) and this would increase to
40,000 bpd within four years. Afren
owns 45 per cent of FHN. FHN plans to
operate the block with the producing
arm of Nigerian state-oil company
NNPC, which owns the other 55 per
cent and wants more indigenous com-
panies to own the oil in Africa's most
populous nation.
BP sells off Canadian assets
BP has agreed to sell its Canadian
natural gas liquids business to Plains
All American Pipeline for $1.67bn, as
it seeks to raise $45bn to pay for last
years Gulf of Mexico oil spill. The
business, which includes pipelines and
processing stations that remove valu-
able crude-like liquids from gas, owns
or has rights to more than 2,600
miles of pipeline systems and 21m
barrels of storage capacity. The BP
transaction is expected to be com-
pleted by the end of the first half of
2012. BP was advised on the sale by
Credit Suisse, while Barclays Capital
advised Plains. BP chief executive Bob
Dudley said Canada remains an
important region for the companys
portfolio.
Goldman Sachs analyst Jeff Currie, City A.M.s analyst of the year, is bullish on crude
MERCURIA, one of the worlds top
energy traders, has raised almost
$1.1bn (700m) through a loan facili-
ty and the sale of oil and gas assets,
beefing up its balance sheet for
future growth, its chief executive said
yesterday.
Marco Dunand said that Mercuria
Energy Tradings Singapore unit was
about to close the books on a $745m
revolving credit facility with 28
banks, 19 of them Asian, in a financ-
ing exercise that had been subscribed
1.5 times.
Mercuria separately agreed to sell
interests in oil and gas properties in
Bakken, North Dakota to Kodiak Oil &
Gas, in a deal that would raise $354m
for Mercuria.
Dunand said Mercuria had received
approaches from potential investors,
including sovereign wealth funds,
and might consider selling up to 20
per cent of its equity to one or two
investors by the end of 2012, but only
if it found the right partner.
Mercuria raises
$1.1bn to fund
future growth
COMMODITIES
some lingering drachma, last seen

on that holiday to Zakynthos in
2001, rest assured you have until 1
March next year to exchange it for
euro notes, according to the inform-
ative film.
Though perhaps if you wait a little
longer they just might become use-
ful again...
FALKLAND FRENZY
IT was fun and games all round at
the investor presentation for
Falkland Islands Holdings yesterday.
Normally the AIM-listed 25m
market cap company attracts rela-
tively little attention, but yesterday
analysts from the likes of Arbuthnot,
Arden, Canaccord, Cenkos, WH
Ireland and Charles Stanley all
trooped in to quiz (or butter up)
chairman David Hudd.
Could the surprisingly high level
of interest have had anything to do
with some of the hard-pressed
broking houses thinking there
might be a new client up for grabs?
Or is it just a coincidence that
Altium, Falklands current brokers,
will be giving up the mandate soon
after announcing earlier this week
that it is closing down its brokerage
business?
THE MAN DIET
AS voracious readers of City A.M.s
lifestyle section will no doubt
already know, Wednesday night saw
the launch of lifestyle editor Zoe
Strimpels (pictured below) latest tome
on the trials and tribulations of
being a single lady in the 21st centu-
ry.
The Man Diet, published by Harper
Collins (and available in all
good high street and online
bookstores, naturally) is a
modern womans guide
to how to detox her
love life from the bad
habits picked up over
years of dating
from pursuing men
too eagerly to (gasp)
giving up Facebook
stalking potential
boyfriend material.
Members club
Sketch was the set-
ting for celebrations, with cocktails,
champagne and canaps on hand to
further tempt those eager to get
their hands on the first copies of
Strimpels second book.
It was a gathering of scholars and
partyers, friends and colleagues.
They were drawn by the brilliant
Man Diet book, of course, but in
these straitened times, champagne-
and-vodka drenched parties dont
grow on trees. Everyone was enjoy-
ing themselves and there are quite a
few hangovers this morning,
Strimpel told The Capitalist, fresh-
faced despite an after-party that led
more ambitious revellers to Soho
hotspot The Box to continue the cele-
brations.
A LENGTHY TENURE
THE world of investment banking
can be a fickle one, so this morning
The Capitalist would like to raise her
(bowler) hat to one City stalwart who
has managed to survive the profes-
sion longer than most.
Yesterday marked the 25th
anniversary of Richard Klein on
Merrill Lynchs US equity sales desk
where he started on 1 December
1986 and has since risen through the
ranks to become head of the desk.
In the words of one of his faithful
disciples, Klein has manned the
ship through thick and thin, steer-
ing the desk through Black Sunday
and the subprime mortgage crisis,
surviving the sale to Bank of
America, and now negotiating the
tricky waters of sovereign debt and
finding US equities back in favour
once more.
According to one employee,
should Klein ever decide to step back
from the front line he could start a
sideline in Merrill Lynch memorabil-
ia apparently he keeps a drawer of
historically significant relics, includ-
ing a copy of the newspapers from
Black Sunday, and a pink slip saved
from his very first trade back in 1987.
VIRGIN GREETINGS
NOT content with having a stake in
worldwide businesses controlling
media, transport, drinks and most
recently banking, Virgin boss Richard
Branson is this year going after the com-
mercial big fish Christmas.
As the start of the festive month
rolled round yesterday and The
Capitalist worried about where
her advent chocolate hit
would come from, what
should land upon her
desk but a Virgin TiVo
branded advent calendar,
replete with Branson
dressed as an angel, over-
seeing the happy scene.
It brings a whole new
meaning to the spirit of
Christmas.
Harriet Dennys will be
back on Monday.
DRAGHI TAKES A NEW APPROACH TO
BACKING THE EURO IN ECB PROMO
AS European Central Bank chief
Mario Draghi stood in front of the
European Parliament yesterday and
delivered a gloomy outlook on the
future of the euro, a very different
Draghi was doing the rounds on
YouTube, in the latest piece of pro-
euro propaganda released by the
ECB.
In a video introduced by soft focus
images of attractive European peo-
ple and locations more commonly
seen in a Eurovision song contest
promo, Draghi calls the introduc-
tion of the first banknotes and
almost a decade ago an unprece-
dented challenge but one that
went smoothly no doubt echoing
his hopes for the single currencys
more recent performance in some of
the Eurozones most stressed
economies.
Later in the educational video,
budding numismatists are encour-
aged to look out for potential fakes
among the Eurozones 14bn circulat-
ing notes.
In case you were wondering, a gen-
uine euro banknote feels crisp and
firm to the touch, and features a
unique hologram that changes
image when tilted towards the light.
And for those still in possession of
ECB chief Mario Draghi shares his thoughts on the last decade of the euro
Falkland Island Holding chairman David
Hudd has been busy entertaining analysts
The Capitalist
EDITED BY
ELIZABETH FOURNIER
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
News
PRIVATE equity firms Blackstone
Group and Bain Capital are looking
to make a bid for full ownership of
stagnating internet giant Yahoo,
after days of speculation surround-
ing the companys buyout.
The deal, made alongside Chinese
e-commerce group Alibaba and
Japanese telecoms corporation
Softbank, is expected to see Yahoo
sell for as much as $20 a share, reach-
ing a total value of $25bn (15.9bn)
from 1.24bn shares outstanding.
Yahoos stock rose as much as six
per cent yesterday as the potential
bid was announced.
The offer would involve Blackstone
and Bain taking over the US opera-
tions of Yahoo, while Softbank would
run Yahoo Japan.
Alibaba would buy back the 40 per
cent stake of its shares that Yahoo
currently owns.
Offers for a minority stake in
Yahoo at $16-18 per share came in
earlier this week but Yahoo delayed a
decision in hope of a higher offer
emerging.
Yahoo jumps
as takeover
looks likely
INVESTORS in scandal-hit technology
firm Olympus are demanding an
emergency meeting after the former
chief executive launched a campaign
to sack the board.
Southeastern Asset Management,
the main foreign shareholder with
about five per cent, said Olympus
needs a new board with a majority of
independent directors.
The incumbent board must
promptly announce an emergency
meeting and allow shareholders the
opportunity to propose candidates.
Only with this new board can the
reform process be credible and trust-
ed, it said.
The call was echoed by the Asian
Corporate Governance Association.
Jamie Allen, secretary general of the
group, whose members include insti-
tutional investors managing assets of
more than $10 trillion (7.43 trillion),
said it was not healthy for the tension
between management and sharehold-
ers to continue.
It came as former Olympus chief
Michael Woodford resigned his posi-
tion on the board, which he had
retained despite being sacked. He
wants a new team of directors
installed but denied wanting to lead a
buyout of the camera and medical
equipment manufacturer, despite
approaches from several parties.
Im not trying to get involved to
sell Olympus to an American health-
care group, he said.
Woodford was speaking in New
York, where this week he met FBI offi-
cials probing the scandal. He also said
he had met investors and called for a
shareholders meeting by February.
Vodafone catches a little
Bluefish in takeover deal
VODAFONE Global Enterprise, the
mobile giants communication man-
agement business, yesterday acquired
IT consultancy Bluefish
Communications for an undisclosed
fee.
Bluefish will form the nucleus of
Vodafones new Unified
Communications and Collaborations
unit, which will advise multinational
companies on getting more from their
telecoms services and on new technol-
ogy such as cloud services.
The assets being acquired in the
takeover are valued at 3.14m.
Bluefish was ranked last year as
one of the fastest growing technology
companies in Europe by Deloitte.
Nick Jeffery, chief exec of Vodafone
Global Enterprise, said the deal fur-
ther develops our expertise in unified
communications and broadens the
range of services we can offer to our
multinational customers.
Vodafone yesterday declared its
interest in buying a 10 per cent stake
in Milans largest fibre network,
Metroweb SpA. It has also just
released Vodafone Guardian, an
Android app which enables parents
to protect their children from inap-
propriate mobile content.
Investors heap pressure on
beleaguered Olympus board
BY LAUREN DAVIDSON
TECHNOLOGY
TECHNOLOGY
TELECOMS
NEWS | IN BRIEF
Disney boss buys Apple stock
Apples newest board member, Walt
Disney co-chief executive Bob Iger, bought
about $1m (640,000) worth of the
iPhone makers shares earlier this week, a
symbolic gesture of confidence in the
prospects of the company. Iger, who was
appointed to Apple's board in November,
bought 2,670 Apple shares on the open
market on Tuesday at an average price of
$375 each, according to a US SEC filing.
France ready for digital books
Regulation and a devoted book culture
look set to cushion the impact on French
publishers and booksellers of the impend-
ing digital revolution that has transformed
markets in the US and Britain. Arnaud
Nourry, the chief executive of Hachette
Books Group, predicted that e-books
would take off in France this year and that
the market would benefit from the rela-
tively late adoption of digital reading.
Strict rules that prevent booksellers from
cutting prices have convinced Nourry the
shift to digital sales will be much less trau-
matic than otherwise feared.
Sprint Nextel boosts Clearwire
Sprint Nextel, the number three US mobile
provider, agreed to pay up to $1.6bn
(1.02bn) to Clearwire in the next four
years, including a network pact and a
potential equity infusion, easing concerns
about a liquidity crisis. Clearwire saw its
shares rise 18 per cent after it said that it
will be able to make a $237m debt interest
payment due 1 December.
JON Moultons investment vehicle
has won the battle to buy software
firm Clarity Commerce after winning
backing from 62 per cent of share-
holders.
Yesterday Enigmatic Investments
declared the 10.36m bid uncondi-
tional, only weeks after Claritys
board rejected the improved offer as
undervalued.
Enigmatic, which is controlled by
Moultons Better Capital, remains
well short of the 90 per cent support-
ed needed for the share purchase to
become compulsory and yesterday
urged those holding out against the
bid to accept and sell out.
Clarity provides software solutions
to the entertainment, retail and hos-
pitality industry and Moulton is
expected to join the firm with
DigiPos Store Solutions, an electronic
point of sale systems firm, which is
owned by Better Capital group. Last
night Clarity declined to comment.
BY PETER EDWARDS
M&A
Clarity looks a bit Better

Sitting pretty: Jon Moulton is set to expand his empire once again Picture: REX
ANALYSIS l Yahoo! Inc
$
16.00
16.25
16.50
15.75
15.50
15.25
15.00
16.23
1 Dec
THE LOCAL Shopping REIT saw its net
asset value decline by 6.2 per cent in
the year to 30 September, due to a
3.7m valuation decline in its portfo-
lio.
The company, which owns local
neighbourhood shops across the UK,
however, said its business is perform-
ing well as like for like rents grew by
0.7 per cent and its vacancy rate fell
from 11.3 to 10.6 per cent.
The real estate investment trust
raised its annual dividend 11 per cent
and said it was confident of delivering
growth as it focused on managing dis-
tressed assets.
PROPERTY regeneration company St
Modwen expects its full-year results to
buck the economic downturn, coming
in at the upper end of forecasts.
The company, which owns the
Elephant and Castle and Edmonton
Green shopping centres in London,
said in a trading update that sales and
buyer interest in its new sites have
both been high, and there has been
good interest in buying land.
St Modwen expects improvements
on 2010 in rental income, profits
before tax and trading profits, and
said results will include 20m in
realised profit from development
activities.
Chief executive Bill Oliver said: We
expect to report a strong performance
this year, in spite of challenging mar-
ket conditions.
Demand for residential land
remains robust, and we have made
excellent progress in our housing
development programme.
The group has also agreed an exten-
sion until 2014 of its 119m credit facil-
ities with lenders Lloyds and Barclays.
Analysts at broker Numis said: The
extension of group finance facilities
should remove a key plank of the risk
profile for the group.
The firm has begun development
on several major projects for 2012,
including two 85,000 sq ft supermar-
kets for Sainsburys and Tesco.
Property firm
St Modwen
sees big year
MARYLEBONE Cricket Club (MCC) has
bowled over UK developer
Almacantars plans for a top-end,
400m residential development near
Lords Cricket Ground in London, and
will fund the project itself.
MCC said the England and Wales
Cricket Boards decision to award the
club a string of major matches for the
period 2013-16 had given its commit-
tee the confidence to fund a redevel-
opment scheme on the clubs freehold
land, on its own.
Lords Cricket Ground is commonly
known as the spiritual home of the
game.
Almacantars
plan hit for six
Local Shopping
REIT value dips
BY THOMAS MCMAHON
PROPERTY
PROPERTY
PROPERTY
St Modwen boss Bill Oliver said the company was expecting a strong full-year performance
News
18
ANALYSIS l ST Modwen Properties
p
110
112
114
108
106
104
102
108.25
1 Dec
TRAIN companies will be punished if
they fail to keep passengers informed
of delays to their trains, under a new
code of practice announced yesterday
by the regulator.
The Office of Rail Regulation said
from February 2012 it wants to
amend its code of practice, commit-
ting companies to provide jargon-free
information about any disruptions to
their services.
Under the plans, companies will
also have to explain the reasons for
delays. Train companies, station
operators and Network Rail will all
have to sign.
AUTOMOBILE giants BMW and Toyota
announced a deal yesterday that will
see the companies work together on
developing environmental technolo-
gies, and said they intend to form a
broader partnership in the mid to
long term.
The car-makers have signed a mem-
orandum of understanding, under
which BMW will supply diesel
engines to Toyota for the European
market and Toyota will give BMW
access to its experience in developing
the lithium-ion batteries used in elec-
tric and hybrid cars.
The latest of many recent pacts in
the car industry is intended to pool
expertise and cut the costs of
researching and developing the tech-
nologies that cut emissions and use
less fuel.
Toyota has been losing market
share in western Europe due to a lack
of fuel-efficient diesel cars.
Rival companies Renault, Nissan
and Daimler signed a similar deal last
year to collaborate on green technolo-
gies; that agreement included an
equity swap, which BMW and Toyota
said may be discussed in future.
Toyota Motor Europe president and
chief executive Didier Leroy said: It is
interesting to see what can be
achieved when Japanese engineering
meets European engineering and
when the cooperation really works.
Toyota teams
up with BMW
to go green
AIRLINES will need to make greater
use of their flight slots in the EU from
2014 or risk losing them under legisla-
tion proposed by the EUs executive, a
move it said would help avoid a capac-
ity crunch at Europes airports.
The plan would also introduce slot
trading between airlines across the EU.
The EC said yesterday that would pro-
vide a financial incentive to sell under-
used slots rather than maintaining a
minimum service to retain them. Five
major EU airports are operating at full
capacity: Gatwick and Heathrow in
Britain, Duesseldorf and Frankfurt in
Germany, and Milan in Italy.
EU looks at slot
rules for airlines
Train firms told
to be more open
BY THOMAS MCMAHON
AUTOMOTIVE
TRANSPORT
TRANSPORT
News
19
SOTHEBYS WATCH SALE TO RAISE 1.4M
WATCHES by George Daniels, Rolex, Patek Phillipe and Cartier are among 346 to be auc-
tioned at Sothebys on 13 December. One Daniels piece is expected to raise over 40,000.
ANALYSIS l Toyota Motor Corp
JPY
2,500
2,550
2,600
2,450
2,400
2,567
1 Dec
NORSK Hydro warned that it sees
growth in global aluminium demand
slowing next year as a result of eco-
nomic turbulence that is creating a
weak market and pushing many
industry players into the red.
Hydro, one of the worlds top alu-
minium producers, said it saw
demand for primary aluminium out-
side China rising between three and
five per cent in 2012, after total
demand growth slowed to seven per
cent in 2011 from a 19 per cent rise a
year earlier.
Europes sovereign debt crisis has
curbed aluminium demand on parts
of the continent and it could take
some time before demand improves,
the firms chief executive Svein
Richard Brandtzaeg said at a capital
markets event yesterday.
In Europe, the uncertainty relat-
ing to the sovereign debt crisis has
impacted our customers, he said. It
may take some time before we can see
improvement in Europe.
The aluminium sector has been
especially weak in the fourth quarter
as customers cut inventories amid
the economic turmoil.
However, Chinese producers are
rumoured to have curtailed yearly
production by about 1.5m tonnes.
Aluminium prices have dipped in
recent months with the London
Metal Exchange (LME) three-months
aluminium price down to $2,100 a
tonne from its peak of $2,800 in May.
Norsk warns
over demand
in aluminium
BY HARRY BANKS
INDUSTRY
BRITISH inhaled-drug specialist

Consort Medical yesterday reported
higher first-half pre-tax profits on
strong volume growth at its Bespak
units core respiratory business.
The company, which specialises in
making asthma and anaesthesia
medical devices, said it expects full-
year results slightly ahead of expec-
tations.
For the May-October period,
Consort reported pre-tax profits
before special items of 10.2m, com-
pared with 8.2 m a year ago.
Total revenue rose two per cent to
71.1m.
Revenue at the companys Bespak
division rose 17 per cent to 47.9m,
though revenues at its US-based King
Systems anaesthesia equipment
maker fell 15 per cent to 21m.
With net debt rising 34 per cent to
42.6m at the end of the period, the
firm kept its interim dividend
unchanged at 7p a share.
Our strategy to deliver sustain-
able organic growth is now deliver-
ing ahead of expectations and we are
confident for the outlook for the rest
of the year and beyond, said chief
executive Jon Glenn.
Shares in FTSE-listed Consort
jumped 6.4 per cent yesterday to
close at 530p.
Consorts profit
rises on strong
Bespak growth
MEDICAL
News
ANALYSIS l Norsk Hydro ASA
NOK
27.00
27.50
28.00
26.50
26.00
25.50
25.00
24.50
26.86
1 Dec
Call 0800 049 4448 or visit carphonewarehouse.com
SAY HELLO TO
All information is accurate at the time of going to print. Important: due to the fast moving nature of this market, all offers, prices and availability are subject to change. 1. Offer available until 31st December 2011. BlackBerry, RIM, Research In Motionand related trademarks, names and logos are the property of Research In Motion Limited and are registered and/or used in the U.S. and countries
around the world. Used under license fromResearch In Motion Limited.
Geek Squad service plans available from 4.99 per month.
SAVE 150
SAVINGS
THISCHRISTMAS
Also available in 32GB and 64GB
SAVE 150
1
BlackBerry
PlayBook
WAS
399
16GB TABLET PRICE
249
MOTOROLA XOOM
WAS
479.99/ 379.99
Also available in 3G from 399.99
SAVE 150
329.99
WI-FI
TABLET PRICE
ARCHOS 7 70TI
WAS
249.99
SAVE 150
TABLET PRICE
99.99
London 2012
IMAGE OF THE WEEK
Coca-Cola, the longest continuous sponsor
of the Olympic movement, has today
announced its plans to create a pavilion for
the Olympic Park. The architectural
designers of the pavilion have been
revealed as the critically acclaimed, emerg-
ing London duo Pernilla Ohrstedt and Asif
Khan (above). Ohrstedt and Khan are
designing a building that will create a stun-
ning visual and sensory experience.
Between now and the 2012 Games,
City A.M. is publishing its Olympic
Image of the Week. We welcome
photos from all sources sponsors,
athletes, local businesses, commuters,
residents if you have a shot you think
readers will like, please email
pictures@cityam.com with IOW2012 in
the subject line. Full details:
www.cityam.com/london-2012.
LONDON 2012 | DESIGNS ON THE FUTURE
Grant Thornton
The financial and business advising
firm appointed Stephen Rigby as a
partner and head of the performance
improvement business unit. Stephen
formerly worked for Deloitte in the
corporate finance team and has 23
years of experience in the field.
ICAP
The interdealer broker has
announced named Gary Pettit global
head of financial futures and options.
Pettit is moving from MF Global,
where he was global head of futures
and options, and will be based in
London. ICAP has also appointed 25
former MF Global staff in the cities
of London, New York, Chicago and
Sydney.
Man Group
Ruud Hendriks has been appointed
as non-executive chairman of the
hedge funds institutional depart-
ment and is stepping down from his
position as non-executive director of
the board. Hendriks was previously a
managing director and co-head of
sales for Europe, Middle East and
Africa at Goldman Sachs and global
head of institutional sales for
Robeco, the international asset man-
ager.
Unite
The UKs biggest provider of student
accommodation has named Manjit
Wolstenholme as a non-executive
director and chair designate of the
audit committee. She is expected to
become chair of the audit committee
when the current chair, Nigel Hall,
steps down next year. Wolstenholme
is a non-executive director of Albany
Investment Trust and became its
chair in 2011.
Dentons Pension Management
The specialist provider and adminis-
trator of self invested pension prod-
ucts has announced the appointment
of John Moret as a non-executive
director, subject to regulatory
approval. Moret is known as Mr
SIPP for his pioneering work across
the Self-Invested Personal Pension
(SIPP) market, having set up his own
specialist consultancy MoretoSIPPs
in 2010 and spending over twenty
years championing the use of such
pensions.
CITY MOVES | WHOS SWITCHING JOBS Edited by Elizabeth Fournier
+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
Wall St slips ahead
of key jobs report
US stocks trod water yesterday after
the previous days massive gains, but
traders worried that recent strong
data could set the market up for a
sell-off should todays jobs report fall
short of hopes.
Both the Dow and the S&P 500
dipped and the Nasdaq ended with a
slight gain following Wednesdays
rally of more than four per cent on an
agreement from central banks to pro-
vide cheap dollar loans to struggling
European banks.
Sentiment was underpinned by
stronger-than-expected figures on US
factory activity, which came one day
after private-sector payroll data also
exceeded forecasts. Further gains
could be sparked by a significant
jump in November payrolls.
At this point in time we are defi-
nitely building for a better payrolls
number, said David Lutz, a trader at
Stifel Nicolaus Capital Markets in
Baltimore.
The US economy is expected to
have added 122,000 jobs in November.
Some investors think even a number
slightly better than that from the
Labor Department wont be enough
to justify more buying.
I cant believe people are getting
excited about 150,000 (new jobs) four
years into this economic malaise,
said Chad Morganlander, portfolio
manager at Stifel, Nicolaus & Co in
Florham Park, New Jersey.
Despite the importance of the pay-
rolls figure, the market will still focus
on the borrowing costs of Eurozone
nations. Spanish and French govern-
ment bond yields fell after well-bid
auctions yesterday, but relief may be
brief with no solution for the
Eurozones debt crisis in sight.
The financial sector, the strongest
gainer on Wednesday, gave back some
of its gains. The S&Ps financial index
slid 0.95 per cent.
Until theres a proper resolution
among European policy makers, wild
fluctuations in equity markets will
continue forward, Morganlander
said.
The Dow Jones industrial average
fell 25.65 points, or 0.21 per cent, to
12,020.03. The S&P 500 lost 2.37
points, or 0.19 per cent, to 1,244.59.
The Nasdaq Composite gained 5.86
points, or 0.22 per cent, to 2,626.20.
All three indices climbed more
than four per cent in Wednesdays
broad rally on heavy volume, with the
Dow industrials gaining almost 500
points.
In the latest better-than-expected
data, the pace of growth in the US
manufacturing sector picked up in
November to its strongest since June
and new orders rose, according to the
Institute for Supply Management.
THE UKs leading share index closed
lower yesterday, led by weaker com-
modity prices, as earlier gains were
reversed in tandem with a weaker
showing on Wall Street as
Wednesdays boost from central bank
intervention moves proved short-lived.
At the close, the FTSE 100 index was
down 16.08 points or 0.3 per cent at
5,489.34, just off the days low of
5,486.87, having reversed from a ses-
sion peak of 5,553.89 in choppy trade.
US blue chips were down 0.3 per
cent by Londons close, also having
posted strong gains on Wednesday,
after the latest weekly US jobless
claims rose by more than expected,
creating some concerns ahead of
Fridays November jobs report.
Now that yesterdays central bank
adrenaline shot has worn off, we have
been digesting the fact that maintain-
ing liquidity to prevent insolvent
banks disappearing into the abyss
does not fundamentally improve the
bigger picture, said Will Hedden,
sales trader at IG Markets.
Integrated oils were the biggest
drag on the blue-chip index, led by BP,
down 1.4 per cent, as the crude price
dropped more than one per cent.
Miners fell back as copper prices
lost ground after disappointing data
from the US, China, Britain, and the
Eurozone heaped demand concerns
on the sector.
China, which cut its banks reserve
requirement to shore up the economy
on Wednesday, said its factory sector
shrank in November for the first time
in nearly three years.
Britains manufacturing sector
shrank for a second successive month
in November and at its fastest pace
since June 2009. And the Eurozones
manufacturing sector contracted at
its fastest pace in two years last
month, as the downturn in the
periphery took hold in the core.
Miner Vedanta Resources shed 0.8
per cent, hit by a Credit Suisse down-
grade to neutral from outperform.
RBC Capital Markets, meanwhile,
lowered most of its 2012 forecasts for
commodity prices, with the exception
of aluminium and uranium, which it
left unchanged, and cut target prices
in the sector to take into account slow-
er forecast growth.
Banks saw initial gains reversed,
with the sector having leapt on
Wednesday after the move by central
banks to inject liquidity into the glob-
al financial system designed to easing
the sectors funding constraints.
Lloyds Banking Group, Royal Bank
of Scotland and Barclays shed 3.3 per
cent, 2.1 per cent, and 1.7 per cent
respectively.
Nomura said it viewed Barclays as
relatively investable among the
domestic banks, despite the chal-
lenges BarCap faces, but Lloyds and
RBS were more uncertain due to wor-
ries over the sectors fundamentals.
Among blue chip gainers,
Kingfisher added 2.2 per cent after the
home improvements retailer beat
third-quarter earnings forecasts in
spite of a tough economic backdrop.
Defensive stocks were also in
demand, with Imperial Tobacco and
telecoms firm Vodafone both up one
per cent.
Mario Draghi, head of the European
Central Bank, signalled the ECB was
ready to take stronger action to fight
Europes debt crisis if political leaders
agree next week on much tighter
budget controls.
Politicians seem to be finally get-
ting their act together and making
some decisive decisions. We can only
hope this trend continues as the glob-
al economy is shaky to say the least,
said Simon Furlong, a trader at
Spreadex.
Commodities drag FTSE 100
down as euphoria wears off
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 RPC Group
360
350
340
330
320
310
Oct Nov
p
353.00
1 Dec
RPC GROUP
JP Morgan rates the plastic packaging group as overweight and raises its
target price to 410p from 394p, after the company reported more than
100 per cent growth in interim adjusted operating profit to 45.4m seven
per cent above the brokers estimate. JP Morgan increases its operating
profit estimates in 2012 and 2013 by five and three per cent respectively,
and sees the outlook for further earnings growth as positive.
ANALYSIS l Remy Cointreau SA
62
60
58
56
54
52
50
Oct Nov
61.18
1 Dec
REMY COINTREAU
Nomura rates the French spirits group as neutral and increases its target
price from 63 to 66, after the company reported first half earnings
ahead of Nomura and consensus estimates. The brokers full-year expecta-
tions for 2012 remain unchanged, but 2013 is increased by six per cent to
reflect stronger-than-expected momentum in earnings before interest and
tax, plus the share buyback.
ANALYSIS l Fiat SpA
5.00
4.75
4.50
4.25
4.00
3.75
3.50
Oct Nov
3.77
1 Dec
FIAT
Morgan Stanley downgrades the Italian car group to underweight with a
target price of 3.50, and says the company is in need of a new plan to
raise its competitiveness. The broker says chief executive Sergio
Marchionnes ability to lead Fiat Auto through a second potential recession
may be tested, and that though the company is likely to survive, it will do
so at the cost of more delays to essential investment.
p
23Sep 5Sep 13Oct 2Nov 22Nov
5,800
5,000
5,200
5,400
5,600
ANALYSIS l FTSE
5,489.34
1 Dec
UniCredit
The Italian commercial bank has hired
Laurent Dupeyron, previously chief execu-
tive officer of Olympia Capital Management,
to be the global head of wholesale and insti-
tution equity derivatives distribution. Prior
to Olympia, from 1996 to 2008, he worked
for Goldman Sachs in various positions in
the equity derivatives and equity finance
businesses, mostly as an managing director
based in London. He will report to TJ Lim,
global head of markets.
News
I
MAGINE a private utility that charged cus-
tomers the same regardless of the service it
provided. Imagine it raises 32bn in revenue
per annum from those customers, but
spends less than a third of it on maintaining and
upgrading its assets. Everyone depends on its
service, yet it is unreliable, frequently over-
whelmed by demand and in places its infrastruc-
ture is crumbling. Yet its owner still raises prices
above the rate of inflation.
Imagine the company didnt decide on its cap-
ital and maintenance programme, but needed to
gain approval from politicians every year.
This utility isnt private, nor a company. I am
simply talking about the roads.
About 70 per cent of all passenger trips use
roads, while 67 per cent of freight by tonne/km
goes by road, including almost all urban freight.
It generates a 22bn annual surplus from
motoring taxes, yet potholes and bottlenecks are
chronic problems. The RAC Foundation recently
released a report listing over 10bn of unfunded
trunk road projects with positive economic
returns. That doesnt include roads in London,
such as a much-needed new East London River
Crossing. Meanwhile, vocal political activists
encourage government to penalise motorists,
subsidise its competition and stop road building.
Sir Rod Eddingtons report to the previous gov-
ernment said efficient road pricing could halve
congestion and save 15bn in GDP a year by 2025.
Yet road pricing is political poison because
motorists are sick of increases in motoring taxes
with nothing to show for it on the roads. They
understandably dont trust politicians, expect-
ing road pricing to rip them off more, and to be
another large government IT project debacle
(Londons congestion charging system excepted).
So we have a system that is chronically lacking
capital, with little relationship between users
and managers, and both funding and pricing
politically determined. Imagine if telecommuni-
cations networks were managed that way.
Other countries show more market-oriented
ways of managing roads. France has 19 private
and state owned companies owning and operat-
ing its motorway network (with tolls). Japan and
Italy also have private companies owning, operat-
ing and tolling large networks of highways.
Users of any of these networks will notice how
well most of them compare to British roads.
The government has announced its interest in
promoting private investment in new toll roads,
but the entire system needs fundamental
reform. Ending the war on motorists should be
about more than closing a bus lane and freezing
fuel duty, it should be about striking a new deal.
The solution could be to move towards a more
commercial, innovative, market-oriented system
that treats users as customers, sets prices based
on supply and demand and allocates resources
according to market demand rather than politi-
cal whim. The RAC Foundation has proposed
making the highway network a regulated net-
work utility. I propose going a little further.
Responsibility for all trunk roads could be
transferred into a series of commercial compa-
nies, with shares initially fully held by govern-
ment, but with independent boards. They would
focus on delivering service to road users and
would compete where viable. These companies
would be autonomous and could borrow, estab-
lish new toll roads in partnership with the pri-
vate sector and, crucially, develop direct
contractual relationships with motorists. Such a
contract would enable motorists to pay directly
for use of the roads in exchange for a refund in
motoring taxes. They could institute innovations
like express lanes, improved asset management,
intelligent highways and intelligent parking sys-
tems, such as the one being trialled in down-
town San Francisco that varies prices according
to demand. Such companies could be privatised.
Instead of politicians deciding road funding, a
transitional purchasing company could be estab-
lished, to buy road services on behalf of
motorists using a set amount of motoring taxa-
tion revenue. Road companies could bid to that
purchasing company for funds for maintenance
and new projects. Over time, the role of the pur-
chasing company would fade, as road companies
established road-pricing packages to lure
motorists away from fuel duty towards paying
them directly. This would allow a gradual transi-
tion towards road pricing that is user driven.
Prices would help manage congestion, with
additional revenue helping to fund new capacity
where it is needed most, tunnelling where viable
to avoid battles with property owners.
The system as it stands is Soviet in its central
command and control of resources. A new free
market deal for roads would treat motorists as
customers, paying for safe well maintained effi-
cient roads. As a bonus, politicians could no
longer play politics with the funding of road
projects, but they would have to surrender a
part of motoring taxation to make it work.
Isnt it about time roads joined the market
economy?
Scott Wilson is a management consultant with Booz
& Co. He blogs at http://roadpricing.blogspot.com. The
views contained in this article are personal and do not
reflect the views of his employer.
22
The Forum
CITYA.M. 2 DECEMBER 2011
Ending the war on motorists
should be about striking a
new deal for Britains roads
Time to bring our roads into
the market economy: A bold
vision for better transport
cityam.com/forum
SCOTT WILSON
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
23
Unity against the
plans is proof of
a bad idea with
dreadful timing
The EC proposals
for audit reform:
A costly mistake
T
HE European Commission has pulled
off some feat with its proposals for
audit market reform this week. It has
united businesses, investors, the Big
Four (Deloitte, Ernst & Young, KPMG and
PricewaterhouseCoopers) and even on some
points emerging and mid-sized auditors in
their criticism of the proposals.
How? Because the measures the
Commission proposes wont deliver its stat-
ed objectives of improving audit quality
and independence, nor will they boost com-
petition and choice. What they will do is
add to businesses costs at a time when the
focus should be on promoting growth and
job creation. The Commissions own impact
analysis estimates that this could add up to
150,000 (129,000) a year in extra compli-
ance costs for each large company. And the
damage doesnt stop there.
A BAN ON ADVICE
Take the proposed ban on auditors provid-
ing non-audit services to their clients.
Firms typically turn to their auditor for
advice when they need a quick answer or
someone who understands their business
in detail. Forcing companies to go else-
where could make the difference between
success or failure in addressing the issue.
The proposal to force companies to rotate
their auditor every six years is wronghead-
ed. Companies should regularly review
their choice of auditor, but this is better
done on a more flexible basis, with compa-
nies that fail to do so having to explain
why. Imagine having to rotate auditors in
the middle of a period of major business
upheaval.
However the Commission is right to raise
questions about concentration in the audit
market and what would happen if one of
the Big Four fails.
Better contingency planning to ensure
the supply of quality audits to the market
in the event of a failure would help miti-
gate this risk.
BOOST COMPETITION
Regulators, investors and audit firms must
also work together to increase competition
in the market. We also need to tackle barri-
ers to entry and growth. A good example of
this is removing measures that restrict
choice, such as banking covenants that
specify a Big Four audit.
Its now down to MEPs to focus on the
critical questions as the baton passes to the
European Parliament.
Will the reforms prioritise audit quality?
Are they market-driven to boost choice?
And can they meet these objectives without
adding to businesses costs and damaging
growth?
Its right to look at ways to increase qual-
ity, choice and resilience in the audit mar-
ket. But these proposals from the European
Commission fail to meet the objectives and
will be damaging to businesses, just when
the focus should be 100 per cent on creat-
ing jobs and growth.
John Cridland is the Confederation of British
Industrys (CBI) director-general.
Criticism, audited
I welcome Mario Cientanni's sup-
port for our proposals to increase
audit exemptions [Red tape
around audit is proving hard to
untangle, yesterday]. I don't agree
that banks will continue to require
audits as a condition of borrowing,
and the British Bankers
Association backs this up.
We realise that not all companies
will wish to provide the parent
guarantees required by EU law in
order for their subsidiaries to
obtain an exemption, but our infor-
mal discussions with business
revealed that many would indeed
welcome this flexibility.
I firmly believe that removing
these regulatory burdens will give
UK SMEs more freedom to inno-
vate and grow, and help put our
economy on the path to long-term,
sustainable growth.
Edward Davey, minister for
employment relations, con-
sumer and postal affairs,
Department for Business,
Innovation and Skills
Insightful equities
Allister Heath suggests that the
recent equity rally was short-
sighted. But when liquidity threat-
ens to dry up (usually thanks to
the real short-sighted idiots, politi-
cians and regulators) equities suf-
fer as they are tapped for liquidity.
Equity markets were low on justifi-
able fears of liquidity-driven
redemptions and forced selling.
Moves by the central banks helped
reduce that risk so they were re-
priced accordingly.
Mark Tinker, Axa
RAPID RESPONSES
JOHN CRIDLAND
The Forum
W
E ARE
approaching
an economic
event horizon.
Almost anything could
happen in the next few
months, says Paul
Tucker, deputy governor
of the Bank of England,
advising banks to pre-
pare to withstand the worst. The exceptional coordi-
nated action of central banks on Wednesday has been
widely seen not just as offering temporary relief to the
embattled Eurozone, but as a recognition that the glob-
al economy is on the lip of the catastrophe curve.
It is extraordinary then that the Office for Budget
Responsibility (OBR) refused to peer into the abyss in
its economic and fiscal outlook this week. If it is good
advice for banks to think about these nightmare sce-
narios, as Hector Sants of the Finanical Services
Authority has apparently also told them, one would
hope that the same might be said for governments.
Yet apparently not: while the OBR acknowledged
the significant downside risk of a disorderly euro
breakup, it claimed that it could not be quantified
meaningfully. As a result, while George Osborne spoke
of doing whatever it takes to protect Britain from
this debt storm, that apparently didnt extend to get-
ting ready for really bad weather. Perhaps he felt the
nation would be staggered enough by the huge down-
ward revisions in growth forecasts offered, but a time
of danger is hardly the moment for pusillanimity.
So while the chancellors words were spoken of in
hushed tones as predicting a bleak economic future
for Britain, no one seemed to want to contemplate
the honest truth that Osborne was speaking of a best
case scenario.
Moreover, Osborne was looking on the bright side
using data that is almost certainly badly wrong for
how else should we think of a statement that begins
by acknowledging that the last set of forecasts for
growth need to be cut in half (2011s forecast is down
from 1.7 per cent to 0.9 per cent) or reduced to a
third (2012s forecast is down from 2.5 per cent to
0.7 per cent)? The OBR acknowledged as much.
While it stands by its central forecast as the most
likely outcome, it points out that if things go off piste,
a drastic collapse is far more likely than a huge
improvement. Suffice to say, the probability of an
outcome much worse than our central forecast is
greater than the probability of an outcome much bet-
ter than our central forecast.
That is a gloomy prospect, which may be why peo-
ple dont want to look at it. But as others acknowl-
edge, only by facing the possibility of the worst can
we be ready to survive its reality. Instead, this was a
delusional mini-Budget, that neatly corrected for the
predictive failure of the last effort without consider-
ing the likelihood of further uncertainties ahead.
It was right, of course, to maintain plans for aus-
terity, but the truth is there are no massive cuts in
Osbornes plan, as this budget, with its increased state
benefits and handouts to assorted pet projects made
clear. From April to August this year, state spending
was up in real terms by 0.84 per cent compared to
the same period in 2010. Hardly a savage reduction.
This was a moment to be radical, to announce in
the absence of any other options a commitment to
growth by reining back an unaffordable state. But as
Pascal wrote in his Pensees, We run heedlessly into
the abyss after putting something in front of us to
stop us seeing it.
Marc Sidwell is the business features editor for
City A.M.
Looking the other way
on the lip of the abyss
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
BY MARC SIDWELL
24
Wealth Management
LON GD ONCE FIX AM...........1750.00 46.00
SILVER LDN FIX AM ..................32.94 0.27
MAPLE LEAF 1 OZ ....................35.39 0.16
LON PLATINUM AM................1552.00 37.00
LON PALLADIUM AM...............613.00 39.00
ALUMINIUM CASH .................1976.50 -13.50
COPPER CASH ......................7405.00 -42.50
LEAD CASH...........................1985.00 -13.00
NICKEL CASH......................16930.00 -45.00
TIN CASH.............................20050.00 -400.00
ZINC CASH ............................1942.00 7.00
BRENT SPOT INDEX................110.41 1.43
SOYA .....................................1131.25 6.25
COCOA..................................2162.00 -15.00
COFFEE...................................233.80 8.55
KRUG.....................................1808.40 35.50
WHEAT ....................................143.45 0.82
AIR LIQUIDE........................................91.95 -2.01 100.65 80.90
ALLIANZ..............................................76.25 -0.73 108.85 56.16
ANHEUS-BUSCH INBEV ....................44.37 0.07 45.23 33.85
ARCELORMITTAL...............................14.07 0.12 28.55 10.47
AXA......................................................10.50 -0.22 16.16 7.88
BANCO SANTANDER...........................5.56 -0.04 9.20 5.05
BASF SE..............................................53.06 -0.98 70.22 42.19
BAYER.................................................47.35 -1.42 59.44 35.36
BBVA......................................................6.22 -0.05 9.17 4.94
BMW ....................................................55.18 -0.80 73.85 43.49
BNP PARIBAS.....................................28.88 -0.60 59.93 22.72
CARREFOUR ......................................20.12 0.37 31.98 14.66
CRH PLC .............................................14.05 -0.20 17.40 10.28
DAIMLER.............................................33.35 -0.26 59.09 29.02
DANONE..............................................48.72 -0.33 53.16 41.92
DEU.BOERSE OFFRE ........................44.66 -0.73 55.75 35.46
DEUTSCHE BANK..............................28.64 0.02 48.70 20.79
DEUTSCHE TELEKOM.........................9.55 -0.09 11.38 7.88
E.ON.....................................................18.35 -0.02 25.54 12.50
ENEL......................................................3.15 -0.00 4.86 2.78
ENI .......................................................15.71 0.03 18.66 11.83
FRANCE TELECOM............................12.69 -0.12 16.65 11.12
GDF SUEZ ...........................................20.88 0.10 30.05 17.65
GENERALI ASS...................................12.39 0.08 17.05 10.34
IBERDROLA..........................................4.97 0.02 6.50 4.29
INDITEX ...............................................63.65 0.62 69.40 50.92
ING GROEP CVA...................................5.64 -0.10 9.50 4.21
INTESA SANPAOLO.............................1.24 0.01 2.47 0.85
KON.PHILIPS ELECTR.......................14.96 -0.10 25.45 12.01
L'OREAL..............................................79.20 -1.12 91.24 68.83
LVMH..................................................116.00 -0.60 132.65 94.16
MUNICH RE.........................................93.03 -0.72 126.00 77.80
NOKIA....................................................4.21 -0.06 8.49 3.33
REPSOL YPF.......................................22.31 -0.09 24.90 17.31
RWE.....................................................30.50 -0.23 55.88 21.22
SAINT-GOBAIN...................................31.10 -0.31 47.64 26.07
SANOFI ................................................52.01 -0.08 56.82 42.85
SAP......................................................44.57 0.19 46.15 32.88
SCHNEIDER ELECTRIC.....................41.53 -0.47 61.83 35.00
SIEMENS .............................................74.40 -0.59 99.39 62.13
SOCIETE GENERALE.........................17.50 -0.58 52.70 14.32
TELECOM ITALIA..................................0.84 -0.00 1.16 0.70
TELEFONICA ......................................13.88 -0.10 18.75 12.50
TOTAL..................................................38.31 -0.03 44.55 29.40
UNIBAIL-RODAMCO SE...................138.05 -0.20 162.95 123.30
UNICREDIT............................................0.77 -0.00 2.03 0.64
UNILEVER CVA...................................24.90 -0.40 25.41 20.90
VINCI ....................................................32.44 -0.67 45.48 28.46
VIVENDI ...............................................17.00 -0.12 22.07 14.10
VOLKSWAGEN VORZ ......................126.70 -0.95 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5489.34 -16.08 -0.29
FTSE 250 INDEX . . . . . . . 10203.75 -111.54 -1.08
FTSE UK ALL SHARE . . . . 2824.73 -11.11 -0.39
FTSE AIMALL SH . . . . . . . . 695.95 -0.45 -0.06
DOWJONES INDUS 30 . . 12020.03 -25.65 -0.21
S&P 500 . . . . . . . . . . . . . . . 1243.50 -3.46 -0.28
NASDAQ COMPOSITE . . . 2626.20 5.86 0.22
FTSEUROFIRST 300 . . . . . . 976.02 -6.00 -0.61
NIKKEI 225 . . . . . . . . . . . . . 8597.38 162.77 1.93
DAX 30 PERFORMANCE. . 6035.88 -52.96 -0.87
CAC 40 . . . . . . . . . . . . . . . . 3129.95 -24.67 -0.78
SHANGHAI SE INDEX . . . . 2386.86 53.45 2.29
HANG SENG. . . . . . . . . . . 19002.26 1012.91 5.63
S&P/ASX 20 INDEX . . . . . . 2544.00 0.00 0.00
ASX ALL ORDINARIES . . . 4288.10 0.00 0.00
BOVESPA SAO PAOLO. . 58143.42 1268.44 2.23
ISEQ OVERALL INDEX . . . 2709.78 -39.27 -1.43
STI . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
IGBM. . . . . . . . . . . . . . . . . . . 842.86 -3.11 -0.37
SWISS MARKET INDEX. . . 5681.57 29.26 0.52
Price Chg %chg
3M........................................................80.30 -0.74 98.19 68.63
ABBOTT LABS ...................................54.52 -0.03 55.61 45.07
ALCOA ..................................................9.81 -0.21 18.47 8.45
ALTRIA GROUP..................................28.68 -0.01 29.05 23.20
AMAZON.COM..................................197.13 4.84 246.71 160.59
AMERICAN EXPRESS........................47.79 -0.25 53.80 41.25
AMGEN INC.........................................58.00 0.09 61.53 47.66
APPLE...............................................387.93 5.73 426.70 310.50
AT&T....................................................28.84 -0.14 31.94 27.20
BANK OF AMERICA.............................5.53 0.09 15.31 5.03
BERKSHIRE HATAW B.......................77.81 -0.95 87.65 65.35
BOEING CO.........................................70.98 2.29 80.65 56.01
BRISTOL MYERS SQUI ......................32.90 0.18 33.27 20.05
CATERPILLAR....................................96.82 -1.06 116.55 67.54
CHEVRON.........................................101.83 -0.99 110.01 80.47
CISCO SYSTEMS................................18.58 -0.06 22.34 13.30
CITIGROUP.........................................26.99 -0.49 51.50 21.40
COCA-COLA.......................................66.83 -0.40 71.77 61.29
COLGATE PALMOLIVE ......................90.11 -1.39 94.89 74.86
CONOCOPHILLIPS.............................71.76 0.44 81.80 58.65
DU PONT(EI) DE NMR........................47.29 -0.43 57.00 37.10
EXXON MOBIL....................................79.79 -0.65 88.23 63.47
GENERAL ELECTRIC.........................15.91 0.00 21.65 14.02
GOOGLE A........................................613.77 14.38 642.96 473.02
HEWLETT PACKARD.........................28.22 0.27 49.39 19.92
HOME DEPOT.....................................39.34 0.12 39.79 28.13
IBM.....................................................189.45 1.45 190.53 141.28
INTEL CORP .......................................24.92 0.01 26.78 19.16
J.P.MORGAN CHASE.........................30.46 -0.51 48.36 27.85
JOHNSON & JOHNSON.....................64.45 -0.27 68.05 57.50
KRAFT FOODS A................................36.50 0.35 36.63 24.30
MC DONALD'S CORP ........................95.50 -0.02 95.88 72.14
MERCK AND CO. NEW......................35.68 -0.07 37.65 29.47
MICROSOFT........................................25.28 -0.30 29.46 23.65
OCCID. PETROLEUM.........................96.83 -2.07 117.89 66.36
ORACLE CORP...................................31.67 0.32 36.50 24.72
PEPSICO.............................................64.09 0.09 71.89 58.50
PFIZER ................................................20.03 -0.04 21.45 16.27
PHILIP MORRIS INTL .........................75.69 -0.55 77.00 55.85
PROCTER AND GAMBLE ..................64.08 -0.49 67.72 56.57
QUALCOMM INC ................................54.73 -0.07 59.84 45.98
SCHLUMBERGER ..............................74.87 -0.46 95.64 54.79
TRAVELERS CIES..............................55.04 -1.21 64.17 45.97
UNION PACIFIC ................................102.93 -0.48 107.89 77.73
UNITED TECHNOLOGIE ....................76.58 -0.02 91.83 66.87
UNITEDHEALTH GROUP...................48.52 -0.25 53.50 34.94
VERIZON COMMS ..............................37.77 0.04 38.95 31.60
WAL-MART STORES..........................58.61 -0.29 59.40 48.31
WALT DISNEY CO ..............................35.99 0.14 44.34 28.19
WELLS FARGO & CO.........................25.64 -0.22 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.629 -0.01
LIBOR Euro - 12 months ................2.004 -0.01
LIBOR USD - overnight...................0.145 0.00
LIBOR USD - 12 months.................1.064 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 .........................3.100 0.04
European repo rate.........................0.358 0.00
Euro Euribor ....................................0.894 -0.01
The vix index ...................................27.70 -0.10
The baItic dry index ........................1.846 0.01
Markit iBoxx...................................236.39 -1.65
Markit iTraxx..................................184.41 -10.02
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .271.3 -2.4 361.1 248.1
Chemring Group . . . .395.0 2.5 736.5 368.8
Cobham . . . . . . . . . . .173.6 -3.0 236.5 165.9
Meggitt . . . . . . . . . . . .382.8 2.0 397.6 304.9
QinetiQ Group . . . . . .127.4 1.2 136.3 101.5
RoIIs-Royce Group . .733.5 4.5 748.0 557.5
Senior . . . . . . . . . . . . .176.3 0.8 190.6 132.6
UItra EIectronics . . .1431.0 -13.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .190.8 -3.7 245.0 157.0
BarcIays . . . . . . . . . . .177.2 -3.1 333.6 138.9
HSBC HoIdings . . . . .495.7 1.2 730.9 463.5
LIoyds Banking Gr . . .24.0 -0.8 69.6 21.8
RoyaI Bank of Sco . . .20.6 -0.4 49.0 17.3
Standard Chartere .1407.0 23.0 1878.0 1169.5
AG Barr . . . . . . . . . .1161.0 9.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .329.5 -10.0 490.6 289.9
Diageo . . . . . . . . . . .1352.0 -10.0 1370.5 1112.0
SABMiIIer . . . . . . . . .2239.5 -0.5 2354.5 1979.0
AZ EIectronic Mat . . .240.2 -11.8 338.1 206.1
Croda Internation . .1846.0 24.0 2081.0 1456.0
EIementis . . . . . . . . . .152.5 0.2 187.4 107.5
Johnson Matthey . .1887.0 -24.0 2119.0 1523.0
Victrex . . . . . . . . . . .1166.0 -8.0 1590.0 1025.0
YuIe Catto & Co . . . . .175.0 4.9 253.0 148.0
C/$ 1.3465 0.0027
C/ 0.8581 0.0017
C/ 104.60 0.3501
/C 1.1654 0.0024
/$ 1.5692 0.0001
/ 121.90 0.1434
FTSE 100
5489.34
16.08
FTSE 250
10203.75
111.54
FTSE ALLSHARE
2824.73
11.11
DOW
12020.03
25.65
NASDAQ
2626.20
5.86
S&P 500
1244.59
2.37
RPC Group . . . . . . . .353.0 16.7 384.8 217.0
Smiths Group . . . . . .945.0 -2.0 1429.0 869.5
Brown (N.) Group . . .265.3 -0.4 311.2 242.3
Carpetright . . . . . . . . .390.1 -0.6 835.5 375.0
Debenhams . . . . . . . . .62.4 -1.3 75.7 51.2
Dignity . . . . . . . . . . . .807.5 -38.5 854.5 647.5
Dixons RetaiI . . . . . . .11.1 -0.2 26.1 9.4
DuneImGroup . . . . . .449.2 -12.7 550.0 383.9
HaIfords Group . . . . .323.4 -6.5 459.7 268.6
Home RetaiI Group . . .90.4 0.8 235.0 72.5
Inchcape . . . . . . . . . .320.5 -5.1 425.4 268.1
JD Sports Fashion . .700.0 -5.0 1030.0 686.0
Kesa EIectricaIs . . . . .84.9 -4.1 174.0 78.4
Kingfisher . . . . . . . . .261.3 5.7 287.1 217.0
Marks & Spencer G . .324.8 -5.4 402.2 301.8
Mothercare . . . . . . . .156.5 -5.5 627.5 127.3
Next . . . . . . . . . . . . .2661.0 -20.0 2810.0 1868.0
Sports Direct Int . . . .227.2 -6.2 266.2 127.0
WH Smith . . . . . . . . . .513.0 -12.0 558.0 433.8
Smith & Nephew . . . .584.0 3.0 742.0 521.0
Synergy HeaIth . . . . .865.0 -19.0 981.0 800.5
Barratt DeveIopme . . .99.3 -0.2 119.0 67.5
BeIIway . . . . . . . . . . . .754.5 25.5 763.5 516.5
BaIfour Beatty . . . . . .248.2 -2.9 357.3 214.6
GaIIiford Try . . . . . . . .476.0 -27.0 530.0 278.5
Kier Group . . . . . . . .1435.0 20.0 1450.0 1097.0
Drax Group . . . . . . . .550.5 -9.0 581.5 358.0
SSE . . . . . . . . . . . . . .1318.0 3.0 1423.0 1111.0
Domino Printing S . .497.2 1.2 705.0 434.3
HaIma . . . . . . . . . . . . .340.5 -4.7 429.6 306.3
Laird . . . . . . . . . . . . . .148.2 -8.7 207.0 127.9
Morgan CrucibIe C . .268.8 0.1 357.1 224.0
Oxford Instrument . .981.0 7.0 1010.0 581.0
Renishaw . . . . . . . . . .898.0 -21.5 1886.0 800.0
Spectris . . . . . . . . . .1241.0 -11.0 1679.0 1039.0
Aberforth SmaIIer . . .528.0 0.5 714.0 507.0
AIIiance Trust . . . . . .343.5 3.5 392.7 310.2
Bankers Inv Trust . . .381.0 -2.6 428.0 346.5
BH GIobaI Ltd. GB .1210.0 0.0 1216.0 1058.0
BH GIobaI Ltd. US . . . .11.8 -0.0 12.2 10.4
BH Macro Ltd. EUR . . .20.2 -0.0 20.3 15.8
BH Macro Ltd. GBP 2078.0 2.0 2090.0 1630.0
BH Macro Ltd. USD . . .20.1 -0.1 20.3 15.8
BIackRock WorId M .622.5 -9.0 815.5 574.5
BIueCrest AIIBIue . . .167.0 0.0 176.2 162.4
British Assets Tr . . . .119.7 -1.7 140.5 109.0
British Empire Se . . .450.0 -3.0 533.0 409.9
CaIedonia Investm .1459.0 -7.0 1928.0 1398.0
City of London In . . .281.1 -2.7 306.9 257.0
Dexion AbsoIute L . .134.8 -1.1 151.0 130.0
Edinburgh Dragon . .218.4 -0.6 262.1 201.4
Edinburgh Inv Tru . . .473.2 -2.5 492.2 414.9
EIectra Private E . . .1430.0 -5.0 1755.0 1287.0
F&C Inv Trust . . . . . .290.7 0.7 327.9 261.5
FideIity China Sp . . . . .78.9 -0.6 123.0 70.0
FideIity European . . .998.0 6.0 1287.0 912.0
HeraId Inv Trust . . . . .454.0 -8.0 545.5 419.0
HICL Infrastructu . . . .118.3 1.0 121.3 112.7
Impax Environment . .97.0 0.5 130.5 88.5
JPMorgan American .816.0 -11.0 916.0 721.5
JPMorgan Asian In . .188.1 3.6 250.8 170.1
JPMorgan Emerging .519.5 3.5 639.0 480.1
JPMorgan European .680.0 7.0 983.5 643.0
JPMorgan Indian I . . .339.0 0.1 492.0 325.6
JPMorgan Russian .530.0 -7.5 755.0 415.1
Law Debenture Cor . .348.1 -9.8 385.0 321.0
MercantiIe Inv Tr . . . .884.0 7.0 1137.0 825.0
Merchants Trust . . . .367.0 -0.8 431.8 341.5
Monks Inv Trust . . . .315.5 -2.8 367.9 298.1
Murray Income Tru . .624.0 -3.0 673.0 568.0
Murray Internatio . . .897.0 -4.0 991.5 818.5
PerpetuaI Income . . .257.0 -0.3 276.0 236.5
PersonaI Assets T .34050.0 -10.0 34180.030210.0
PoIar Cap TechnoI . .329.9 0.9 391.2 299.5
RIT CapitaI Partn . . .1220.0 -20.0 1360.0 1158.0
Scottish Inv Trus . . . .451.0 1.8 524.0 417.0
Scottish Mortgage . .620.0 -5.0 781.0 573.5
SVG CapitaI . . . . . . . .192.5 1.6 279.8 182.1
TempIe Bar Inv Tr . . .862.0 -4.5 952.0 791.0
TempIeton Emergin .554.5 1.0 689.5 497.0
TR Property Inv T . . .152.7 0.2 206.1 140.5
TR Property Inv T . . . .67.6 -0.7 94.0 67.6
Witan Inv Trust . . . . .445.0 2.4 533.0 401.5
3i Group . . . . . . . . . . .188.9 -1.1 340.0 176.9
3i Infrastructure . . . .121.0 0.0 125.2 113.1
Aberdeen Asset Ma .201.5 0.8 240.0 167.8
Ashmore Group . . . .338.3 1.2 420.0 301.5
Brewin DoIphin Ho . .126.1 -4.4 185.4 113.7
CameIIia . . . . . . . . . .9399.0 -21.010950.0 8800.0
CharIes TayIor Co . . .126.8 1.8 168.0 121.0
City of London Gr . . . .62.5 0.0 93.6 62.5
City of London In . . .328.0 -6.8 461.5 321.3
CIose Brothers Gr . . .644.5 -17.0 888.5 604.0
CoIIins Stewart H . . . .48.8 -1.3 90.8 48.8
EvoIution Group . . . . .81.0 1.0 94.0 62.3
F&C Asset Managem .68.3 -0.7 92.9 56.1
Hargreaves Lansdo .466.9 -3.8 646.5 402.5
HeIphire Group . . . . . . .1.8 -0.1 17.4 1.4
Henderson Group . . .112.7 -3.6 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .344.3 -11.0 570.5 311.6
IG Group HoIdings . .479.9 -1.9 528.0 393.6
Intermediate Capi . . .237.1 -3.4 360.3 197.9
InternationaI Per . . . .205.0 8.0 388.8 170.1
InternationaI Pub . . . .118.6 0.1 119.5 108.6
Investec . . . . . . . . . . .360.7 -0.8 538.0 318.4
IP Group . . . . . . . . . . . .71.0 0.0 76.5 29.9
Jupiter Fund Mana . .220.5 -1.7 337.3 184.9
Liontrust Asset M . . . .77.5 1.5 90.5 57.9
LMS CapitaI . . . . . . . . .56.0 -0.5 64.8 44.8
London Finance & . . .22.0 0.0 23.5 16.5
London Stock Exch .852.5 -8.0 1076.0 767.0
Lonrho . . . . . . . . . . . . . .9.0 -0.3 19.8 8.1
Man Group . . . . . . . . .139.6 -2.3 311.0 123.6
Paragon Group Of . .184.0 -3.4 206.1 134.6
Provident Financi . . .994.0 -10.0 1124.0 802.0
Rathbone Brothers .1066.0 -53.0 1257.0 977.0
Record . . . . . . . . . . . . .14.4 0.3 41.0 13.5
RSM Tenon Group . . .15.8 -1.5 66.3 15.5
Schroders . . . . . . . .1340.0 -3.0 1922.0 1183.0
Schroders (Non-Vo .1128.0 -7.0 1554.0 970.0
TuIIett Prebon . . . . . .293.0 -12.1 428.6 286.7
WaIker Crips Grou . . .44.5 0.0 51.5 40.0
BT Group . . . . . . . . . .189.0 -1.0 204.1 161.0
CabIe & WireIess . . . .38.2 -0.5 52.9 31.3
CabIe & WireIess . . . .16.4 -0.4 76.9 14.2
COLT Group SA . . . . .92.9 -2.9 156.2 84.1
KCOM Group . . . . . . . .72.0 -3.0 84.0 52.3
TaIkTaIk TeIecom . . .132.4 -2.0 168.3 119.8
TeIecomPIus . . . . . . .779.0 -23.0 804.3 412.0
Booker Group . . . . . . .75.4 -1.3 80.0 54.5
Greggs . . . . . . . . . . . .493.0 -3.0 550.5 435.3
Morrison (Wm) Sup .322.9 0.9 325.9 262.7
Ocado Group . . . . . . . .88.2 -0.9 285.0 81.0
Sainsbury (J) . . . . . . .303.2 -0.8 391.5 263.5
Tesco . . . . . . . . . . . . .406.0 0.8 439.0 356.3
Associated Britis . . .1116.0 7.0 1182.0 940.0
Cranswick . . . . . . . . .735.5 11.5 883.5 588.5
Dairy Crest Group . . .332.1 1.4 424.9 318.8
Devro . . . . . . . . . . . . .254.0 -12.5 296.9 223.5
Premier Foods . . . . . . . .5.5 -0.4 35.1 3.3
Tate & LyIe . . . . . . . . .667.5 -5.0 708.0 511.0
UniIever . . . . . . . . . .2115.0 -22.0 2162.9 1793.0
Mondi . . . . . . . . . . . . .451.0 -6.4 664.0 413.5
Centrica . . . . . . . . . . .301.7 -0.1 345.8 282.6
InternationaI Pow . . .336.0 0.6 448.6 279.4
NationaI Grid . . . . . . .627.5 3.0 649.5 530.0
Pennon Group . . . . . .711.5 -6.0 737.5 584.5
Severn Trent . . . . . .1553.0 9.0 1600.0 1368.0
United UtiIities . . . . .623.5 -5.5 637.0 543.5
Cookson Group . . . . .494.2 -1.0 724.5 395.8
DS Smith . . . . . . . . . .198.6 -1.7 266.2 164.4
Rexam . . . . . . . . . . . .342.9 -0.9 400.0 299.8
Price Chg High Low
BerkeIey Group Ho .1267.0 -11.0 1303.0 824.0
Bovis Homes Group .482.8 6.4 493.5 326.5
Persimmon . . . . . . . .494.9 1.7 518.5 345.3
Reckitt Benckiser . .3211.0 -8.0 3648.0 3015.0
Redrow . . . . . . . . . . . .112.0 -2.5 139.0 103.5
TayIor Wimpey . . . . . . .37.9 -1.0 43.3 24.1
Bodycote . . . . . . . . . .271.4 -4.2 397.7 225.6
Charter Internati . . . .924.0 -7.5 952.0 538.5
Fenner . . . . . . . . . . . .394.0 2.0 422.5 280.0
IMI . . . . . . . . . . . . . . . .759.0 -39.0 1119.0 636.5
MeIrose . . . . . . . . . . .340.0 -2.3 365.4 268.0
Northgate . . . . . . . . . .227.8 -14.0 346.7 203.8
Rotork . . . . . . . . . . .1796.0 -12.0 1858.0 1501.0
Spirax-Sarco Engi . .1861.0 -46.0 2063.0 1649.0
Weir Group . . . . . . .2072.0 12.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .294.3 -5.2 499.0 238.7
TaIvivaara Mining . . .230.6 -6.0 622.0 195.2
BBAAviation . . . . . . .170.9 -5.5 240.8 156.0
Stobart Group Ltd . . .116.0 -1.0 163.6 112.0
AdmiraI Group . . . . . .912.0 -10.5 1754.0 800.5
AmIin . . . . . . . . . . . . .323.8 -11.6 427.0 270.6
Huntsworth . . . . . . . . .38.0 0.3 85.0 36.3
Informa . . . . . . . . . . . .358.0 -3.3 461.1 313.9
ITE Group . . . . . . . . . .194.6 -7.1 258.2 157.7
ITV . . . . . . . . . . . . . . . . .64.0 -0.8 93.5 51.7
Johnston Press . . . . . . .4.8 0.1 12.8 4.1
MecomGroup . . . . . .184.0 0.0 310.0 134.5
Moneysupermarket. .105.5 -2.7 120.4 75.7
Pearson . . . . . . . . . .1135.0 -18.0 1207.0 960.5
PerformGroup . . . . .215.0 3.2 234.5 150.0
Reed EIsevier . . . . . .526.0 -2.0 590.5 461.3
Rightmove . . . . . . . .1265.0 -6.0 1408.0 743.0
STV Group . . . . . . . . . .88.5 0.0 168.0 87.0
Tarsus Group . . . . . .133.8 1.8 165.0 114.0
Trinity Mirror . . . . . . . .47.0 -1.0 93.0 37.5
UBM . . . . . . . . . . . . . .492.8 -9.2 725.0 416.0
UTV Media . . . . . . . . .109.0 0.8 150.0 101.0
WiImington Group . . .85.3 1.0 183.0 82.5
WPP . . . . . . . . . . . . . .661.5 -6.5 846.5 578.0
YeII Group . . . . . . . . . . .5.5 0.5 14.8 3.4
African Barrick G . . .493.9 -8.6 618.5 393.5
AIIied GoId Minin . . .187.2 -13.6 281.3 34.4
AngIo American . . .2427.0 7.0 3437.0 2138.5
AngIo Pacific Gro . . .262.2 -14.8 369.3 237.9
Antofagasta . . . . . . .1170.0 -14.0 1634.0 900.5
Aquarius PIatinum . .171.7 0.0 419.0 150.0
BeazIey . . . . . . . . . . . .132.8 -3.2 139.2 109.6
CatIin Group Ltd. . . .416.4 2.5 421.4 334.0
Hiscox Ltd. . . . . . . . . .388.4 -9.7 424.7 340.5
Jardine LIoyd Tho . . .659.0 -3.5 764.5 576.0
Lancashire HoIdin . . .723.0 -9.5 774.5 529.0
RSA Insurance Gro . .107.6 -0.6 143.5 102.2
Aviva . . . . . . . . . . . . . .309.6 -2.1 477.9 275.3
LegaI & GeneraI G . . .104.8 -1.3 123.8 89.8
OId MutuaI . . . . . . . . .114.1 0.7 144.8 98.1
Phoenix Group HoI . .540.0 -15.0 688.0 451.1
PrudentiaI . . . . . . . . .627.5 4.5 777.0 509.0
ResoIution Ltd. . . . . .244.7 9.1 316.1 211.7
St James's PIace . . . .329.3 -11.4 376.0 240.6
Standard Life . . . . . . .203.7 1.5 244.7 172.0
4Imprint Group . . . . .243.0 14.0 295.0 200.0
Aegis Group . . . . . . .136.0 0.0 158.5 115.7
BIoomsbury PubIis . . .94.8 0.8 138.0 93.0
British Sky Broad . . .766.0 1.0 850.0 618.5
Centaur Media . . . . . . .36.3 -2.5 73.0 34.6
Chime Communicati .177.0 -5.5 298.5 173.0
Creston . . . . . . . . . . . .73.0 0.4 121.0 70.0
DaiIy MaiI and Ge . . .395.5 -8.8 594.5 343.4
Euromoney Institu . .648.5 -47.5 736.0 522.5
Future . . . . . . . . . . . . . . .9.0 0.0 30.0 8.8
Haynes PubIishing . .225.0 0.0 257.0 210.0
BHP BiIIiton . . . . . . .1923.0 -26.0 2631.5 1667.0
Centamin Egypt Lt . . .99.0 -0.5 183.5 80.8
Eurasian NaturaI . . .662.0 -2.5 1125.0 522.0
FresniIIo . . . . . . . . . .1741.0 27.0 2150.0 1296.0
GemDiamonds Ltd. .189.4 -10.6 306.0 179.8
GIencore Internat . . .392.3 -6.3 531.1 348.0
HochschiId Mining . .427.4 -15.7 680.0 394.9
Kazakhmys . . . . . . . .918.0 -7.0 1671.0 730.0
Kenmare Resources . .35.2 -0.3 59.9 25.3
Lonmin . . . . . . . . . . .1037.0 -33.0 1983.0 963.0
New WorId Resourc .446.1 -23.6 1060.0 410.5
PetropavIovsk . . . . . .703.0 -22.0 1165.0 543.5
RandgoId Resource 6750.0 35.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3304.0 -35.0 4712.0 2712.5
Vedanta Resources 1054.0 -8.0 2559.0 928.0
Xstrata . . . . . . . . . . .1008.0 -9.0 1550.0 764.0
Inmarsat . . . . . . . . . . .427.9 -9.0 719.5 389.3
Vodafone Group . . . .173.2 1.0 182.8 155.1
Genesis Emerging . .456.0 4.5 568.0 424.0
Afren . . . . . . . . . . . . . . .85.3 -1.1 171.2 73.6
BG Group . . . . . . . . .1350.5 -8.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .454.4 -6.4 509.0 363.2
Cairn Energy . . . . . . .267.0 -5.3 469.7 261.4
EnQuest . . . . . . . . . . . .95.2 -4.3 158.5 85.7
Essar Energy . . . . . .229.0 -3.7 589.5 211.4
ExiIIon Energy . . . . . .275.1 -12.5 469.7 184.2
Heritage OiI . . . . . . . .182.7 -8.6 486.0 160.0
Ophir Energy . . . . . . .264.0 -6.0 299.0 184.5
Premier OiI . . . . . . . . .362.0 -2.4 535.0 310.0
RoyaI Dutch SheII . .2206.5 -17.5 2326.5 1883.5
RoyaI Dutch SheII . .2267.0 -19.0 2336.0 1890.5
SaIamander Energy .208.6 -4.3 317.6 182.3
Soco Internationa . . .303.5 -6.1 400.0 278.0
TuIIow OiI . . . . . . . . .1388.0 2.0 1493.0 945.5
Amec . . . . . . . . . . . . .882.0 13.5 1251.0 740.5
Hunting . . . . . . . . . . .683.5 -5.5 817.0 530.0
Kentz Corporation . .464.7 0.6 508.0 275.5
LampreII . . . . . . . . . . .274.0 -7.2 395.2 220.7
Petrofac Ltd. . . . . . .1432.0 -17.0 1685.0 1108.0
Wood Group (John) .651.5 -0.5 715.8 469.9
Burberry Group . . . .1308.0 38.0 1600.0 1030.0
PZ Cussons . . . . . . . .353.9 -5.2 409.0 320.5
Supergroup . . . . . . . .492.0 31.4 1820.0 435.2
AstraZeneca . . . . . .2912.0 -28.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .297.2 -12.3 313.1 210.1
Genus . . . . . . . . . . . .1030.0 -25.0 1111.0 824.0
GIaxoSmithKIine . . .1407.5 4.0 1419.8 1127.5
Hikma Pharmaceuti .616.5 -7.5 900.0 555.5
Shire PIc . . . . . . . . . .2126.0 -6.0 2141.0 1481.0
CapitaI & Countie . . .179.2 -2.7 203.7 142.8
Daejan HoIdings . . .2683.0 38.0 2954.0 2282.0
F&C CommerciaI Pr .102.3 -1.6 108.0 91.3
Grainger . . . . . . . . . . .106.9 -2.9 133.2 77.3
London & Stamford .117.0 -1.5 140.0 111.6
SaviIIs . . . . . . . . . . . . .316.2 -3.6 427.1 256.2
UK CommerciaI Pro . .70.1 0.4 85.5 69.7
Unite Group . . . . . . . .175.0 -2.5 224.1 152.9
Big YeIIow Group . . .252.5 -3.2 352.2 218.0
British Land Co . . . . .499.7 4.4 629.5 452.0
CapitaI Shopping . . .319.9 -1.2 424.8 288.7
Derwent London . . .1625.0 25.0 1880.0 1400.0
Great PortIand Es . . .343.1 -9.4 445.0 317.4
Hammerson . . . . . . . .389.0 -2.1 490.9 352.0
Hansteen HoIdings . . .73.2 0.7 89.5 69.6
Land Securities G . . .686.0 -1.0 885.0 616.0
SEGRO . . . . . . . . . . . .224.2 -1.1 331.3 204.8
Shaftesbury . . . . . . . .498.0 -3.5 539.0 431.7
Aveva Group . . . . . .1544.0 -32.0 1799.0 1298.0
Computacenter . . . . .338.7 -17.2 490.0 335.4
Fidessa Group . . . . .1544.0 -16.0 2109.0 1440.0
Invensys . . . . . . . . . . .204.1 1.2 364.3 180.9
Logica . . . . . . . . . . . . .75.2 -5.2 147.2 67.6
Micro Focus Inter . . .366.2 3.5 426.2 239.4
Misys . . . . . . . . . . . . .244.1 -7.2 420.2 214.9
Sage Group . . . . . . . .287.3 -2.8 302.0 231.7
SDL . . . . . . . . . . . . . . .586.0 -23.0 711.5 576.5
TeIecity Group . . . . . .615.0 5.0 620.5 430.0
Aggreko . . . . . . . . . .1887.0 -3.0 2034.0 1394.5
Ashtead Group . . . . .188.2 3.7 207.9 99.4
Atkins (WS) . . . . . . . .642.0 -14.0 820.0 490.2
Babcock Internati . . .728.0 3.5 736.5 527.0
Berendsen . . . . . . . . .435.7 -6.5 568.0 398.1
BunzI . . . . . . . . . . . . .827.5 -2.5 836.0 676.5
Cape . . . . . . . . . . . . . .327.6 1.1 591.5 295.0
Capita Group . . . . . . .630.5 0.5 786.5 614.5
CariIIion . . . . . . . . . . .297.4 -13.1 403.2 281.0
De La Rue . . . . . . . . .861.5 -46.5 936.0 637.0
DipIoma . . . . . . . . . . .345.4 12.0 414.3 263.3
EIectrocomponents .204.0 -9.4 294.9 182.2
Experian . . . . . . . . . . .844.0 0.0 853.0 665.0
FiItrona PLC . . . . . . . .383.8 -8.8 397.1 235.1
G4S . . . . . . . . . . . . . . .257.2 1.1 291.0 219.9
Hays . . . . . . . . . . . . . . .71.7 -1.6 133.6 66.6
Homeserve . . . . . . . .255.9 -2.6 532.0 218.5
Howden Joinery Gr . .108.0 -4.2 127.5 93.1
Interserve . . . . . . . . . .318.0 -8.0 341.3 190.8
Intertek Group . . . . .1966.0 42.0 2148.0 1715.0
MichaeI Page Inte . . .379.9 -4.4 567.0 338.7
Mitie Group . . . . . . . .252.7 -5.4 259.7 195.9
Premier FarneII . . . . .179.0 -1.0 308.8 144.5
Regus . . . . . . . . . . . . . .91.5 2.1 119.0 64.0
RentokiI InitiaI . . . . . . .64.7 -1.8 104.9 61.0
RPS Group . . . . . . . . .185.1 -3.2 253.0 156.6
Serco Group . . . . . . .485.4 -5.2 618.5 467.4
Shanks Group . . . . . .105.6 -2.4 130.9 102.7
SIG . . . . . . . . . . . . . . . .83.5 0.0 153.5 77.7
SThree . . . . . . . . . . . .244.0 1.4 447.6 213.2
Travis Perkins . . . . . .832.5 1.0 1127.0 715.0
WoIseIey . . . . . . . . .1902.0 1.0 2261.0 1404.0
ARM HoIdings . . . . . .592.0 -2.0 651.0 389.6
CSR . . . . . . . . . . . . . .172.0 -3.0 447.0 154.1
Imagination Techn . .479.7 -15.3 502.0 296.9
Pace . . . . . . . . . . . . . . .51.6 0.3 231.8 44.0
Spirent Communica .123.4 -2.7 160.3 109.5
British American . .2951.5 6.5 2992.5 2282.5
ImperiaI Tobacco . .2310.0 22.0 2354.0 1784.0
Betfair Group . . . . . . .776.0 1.5 1264.0 567.0
Bwin.party Digita . . .136.2 0.7 257.6 100.6
CarnivaI . . . . . . . . . .2189.0 -6.0 3153.0 1742.0
Compass Group . . . .590.5 1.5 612.0 512.5
Domino's Pizza UK . .451.1 2.7 586.0 377.0
easyJet . . . . . . . . . . . .380.0 1.0 474.0 301.0
FirstGroup . . . . . . . . .321.4 -4.9 412.6 301.8
Go-Ahead Group . . .1219.0 0.0 1598.0 1190.0
Greene King . . . . . . .465.7 -17.0 518.0 410.0
InterContinentaI . . .1096.0 -10.0 1435.0 955.0
InternationaI Con . . .151.6 4.1 305.0 132.0
JD Wetherspoon . . . .424.8 -7.6 468.3 380.5
Ladbrokes . . . . . . . . .130.8 1.6 155.3 114.0
Marston's . . . . . . . . . . .94.5 -1.4 117.1 84.6
MiIIennium& Copt . .421.5 -8.5 600.5 371.2
MitcheIIs & ButIe . . . .222.9 -6.4 361.0 215.6
NationaI Express . . .209.4 -0.6 270.2 201.6
Rank Group . . . . . . . .141.9 -7.8 153.7 109.5
Restaurant Group . . .303.0 -2.4 335.0 254.9
Stagecoach Group . .249.2 -1.5 272.4 200.0
Thomas Cook Group .16.7 -1.6 204.8 10.2
TUI TraveI . . . . . . . . . .165.2 -7.2 271.9 136.7
Whitbread . . . . . . . .1621.0 -23.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .201.7 -0.4 244.1 159.5
Abcam . . . . . . . . . . . .349.8 -13.0 460.0 307.0
AIbemarIe & Bond . .316.3 2.8 400.1 272.0
Amerisur Resource . .13.8 -1.0 29.0 9.5
Andor TechnoIogy . .540.0 -13.5 685.0 371.0
ArchipeIago Resou . . .70.0 6.9 79.0 49.5
ASOS . . . . . . . . . . . .1349.0 -11.0 2468.0 1230.0
AureIian OiI & Ga . . . .17.5 -0.3 92.0 16.0
Avanti Communicat .303.8 12.8 735.0 248.5
Avocet Mining . . . . . .209.3 -1.8 286.8 177.5
BIinkx . . . . . . . . . . . . . .71.0 -4.0 158.0 64.8
Borders & Souther . . .64.8 0.3 72.3 43.5
BowLeven . . . . . . . . . .65.0 -6.3 398.0 64.3
Brooks MacdonaId 1057.5 35.0 1372.5 940.0
Cove Energy . . . . . . . .96.8 2.0 112.8 61.0
Daisy Group . . . . . . .102.9 -5.1 127.0 88.0
EMIS Group . . . . . . . .512.3 2.3 580.0 406.0
Encore OiI . . . . . . . . . .74.8 -1.5 151.5 40.8
Faroe PetroIeum . . . .155.0 1.0 218.3 130.0
GuIfsands PetroIe . . .203.0 -9.3 401.5 142.5
GWPharmaceuticaI . .91.0 -2.3 130.0 87.0
H&T Group . . . . . . . . .325.0 2.5 395.0 277.0
Hamworthy . . . . . . . .830.0 0.0 833.0 373.8
Hargreaves Servic .1126.0 -41.0 1180.0 710.0
HeaIthcare Locums . . . .3.0 -0.8 3.9 3.0
Immunodiagnostic . .477.8 -24.3 1218.0 470.3
ImpeIIamGroup . . . .267.5 0.0 387.5 180.5
James HaIstead . . . . .465.1 -9.9 495.0 360.0
KaIahari MineraIs . . .232.0 0.5 301.0 198.3
London Mining . . . . .304.0 3.0 436.5 278.5
Lupus CapitaI . . . . . . .99.0 0.0 150.0 86.0
M. P. Evans Group . .400.0 0.0 500.5 371.0
Majestic Wine . . . . . .353.0 -12.3 510.0 353.0
May Gurney Integr . .285.0 0.0 302.0 229.5
Monitise . . . . . . . . . . . .32.0 0.3 40.0 18.5
MuIberry Group . . . .1503.0-122.0 1920.0 700.0
Nanoco Group . . . . . . .58.5 1.5 108.5 38.0
NauticaI PetroIeu . . .280.0 -8.5 547.0 223.5
NichoIs . . . . . . . . . . . .532.8 -0.8 579.0 410.0
Numis Corporation . . .82.9 2.9 137.8 80.0
Pan African Resou . . .16.3 1.0 16.3 9.5
Patagonia GoId . . . . . .52.3 -1.8 70.0 37.3
Prezzo . . . . . . . . . . . . .55.5 0.3 71.5 53.3
Pursuit Dynamics . . .212.5 -5.8 700.0 160.5
Rockhopper ExpIor .265.3 11.8 386.0 141.0
RWS HoIdings . . . . . .445.6 10.6 479.8 266.5
Songbird Estates . . .104.0 -2.5 160.3 104.0
VaIiant PetroIeum . . .434.3 -1.8 672.0 400.0
Young & Co's Brew . .668.8 3.0 712.0 565.0
Supergroup . . . . . . . .492.0 6.8
RPC Group . . . . . . . .353.0 5.0
InternationaI Pers . . .205.0 4.1
ResoIution Ltd. . . . . .244.7 3.9
DipIoma . . . . . . . . . . .345.4 3.6
BeIIway . . . . . . . . . . .754.5 3.5
Burberry Group . . . .1308.0 3.0
YuIe Catto & Co . . . . .175.0 2.9
InternationaI Cons . .151.6 2.8
Regus . . . . . . . . . . . . . .91.5 2.4
Thomas Cook Group .16.7 -8.8
Euromoney Institut . .648.5 -6.8
AIIied GoId Mining . .187.2 -6.8
Logica . . . . . . . . . . . . .75.2 -6.4
Premier Foods . . . . . . . .5.5 -6.3
Northgate . . . . . . . . . .227.8 -5.8
Laird . . . . . . . . . . . . . .148.2 -5.5
GaIIiford Try . . . . . . . .476.0 -5.4
AngIo Pacific Grou . .262.2 -5.3
Gem Diamonds Ltd. .189.4 -5.3
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . . .99.96 -0.04 102.7 100.0
Tsy 5.000 12 . . . .101.21 -0.03 105.4 101.1
Tsy 5.250 12 . . . .102.49 -0.01 106.8 102.4
Tsy 9.000 12 . . . .105.78 0.00 113.5 104.8
Tsy 4.500 13 . . . .105.20 0.10 107.9 105.0
Tsy 2.500 13 . . . .284.28 0.14 287.7 277.6
Tsy 8.000 13 . . . . .113.79 0.15 119.2 113.6
Tsy 5.000 14 . . . . .112.47 0.31 112.9 109.2
Tsy 7.750 15 . . . .100.50 -0.58 107.9 100.4
Tsy 4.750 15 . . . . .114.95 0.32 116.1 108.6
Tsy 8.000 15 . . . .128.49 0.34 129.2 123.7
Tsy 2.500 16 . . . .340.65 0.39 356.5 310.2
Tsy 4.000 16 . . . . .113.81 0.42 113.8 104.9
Tsy 12.000 17 . . .122.75 -0.22 132.0 122.3
Tsy 1.250 17 . . . . .114.56 0.35 115.4 106.7
Tsy 8.750 17 . . . .140.13 -0.01 141.9 132.9
Tsy 5.000 18 . . . .120.83 0.32 121.5 109.7
Tsy 4.500 19 . . . . .118.50 0.33 119.6 105.4
Tsy 3.750 19 . . . . .113.24 0.35 114.3 99.4
Tsy 4.750 20 . . . .120.98 0.35 122.2 106.6
Tsy 2.500 20 . . . .358.72 0.52 359.7 312.4
Tsy 8.000 21 . . . .150.32 0.52 151.8 133.8
Tsy 1.875 22 . . . .124.64 0.50 125.5 111.3
Tsy 4.000 22 . . . . .115.18 0.30 116.7 99.0
Tsy 2.500 24 . . . .323.06 0.39 324.7 273.5
Tsy 5.000 25 . . . .127.22 0.12 128.7 107.4
Tsy 1.250 27 . . . .122.12 -0.07 123.7 104.6
Tsy 4.250 27 . . . . .119.31 -0.33 120.8 97.9
Tsy 6.000 28 . . . .143.99 -0.33 145.8 119.5
Tsy 4.125 30 . . . .310.99 -0.36 316.0 261.2
Tsy 4.750 30 . . . .126.31 -0.69 128.5 103.0
Tsy 4.250 32 . . . . .118.85 -0.78 121.1 96.0
Tsy 4.250 36 . . . . .119.38 -0.98 122.2 95.0
Tsy 4.750 38 . . . .128.90 -1.07 132.3 102.8
Tsy 4.500 42 . . . .125.43 -1.28 129.2 98.9
% %
Christmas gift guide
25
*Excludes certain items. Not in conjunction with any other offer. Discount included in online price where applicable. Not all brands available online.
l
Stocking fillers
l
Gadgets
l
Ages 16-24
l
For men
l
For women
City A.M.
Lifestyles
guide to
the gifts
sure to
thrill your
loved
ones
TASTY TREATS
STAYING COSY
SPENCER HART
SLIPPERS, 550
Bespoke midnight blue velvet slippers with
black silk grosgrain trim from the cool kid of
Savile Row. www.spencerhart.com
UNIQLO CASHMERE
SCARF, 24.90
Super-soft, affordable love for your
neck. shop.uniqlo.com
BANANA REPUBLIC
RUFFLE TRIM
GLOVE, 17.50
Snug, girly and elegant.
bananarepublic.gap.eu
TOPMAN XMAS
SOCKS, 3
Irresistably cute and cuddly.
www.topman.co.uk
FOR THE KITCHEN
JOHN LEWIS
CONNOISSEUR
GLASSWARE
COLLECTION
20-35
An affordable way to make
your parties stylish.
www.johnlewis.co.uk
MUJI OLIVE WOOD
MORTAR & PESTAL,
14.95
Nifty little vessel for crushing
herbs and...whatever else.
www.muji.eu
MAISON DU CHCOLAT CHOCOLATE
COFFRETS, 40.50-170
This Christmas in Paris set of divine chocolates
shows off the French chocolatiers famous ganaches.
www.lamaisonduchocolat.co.uk
TIFFANY & CO
MUG, 25
The ultimate receptacle for
hot drinks has to be a
Tiffany mug decorated
with Londons most
famous sights.
www.tiffany.co.uk
PIERRE MARCOLINI
XMAS TREE BOX OF
CHOCCIES, 26
Praline-filled chocs in double milk,
pistachio nuts and nougat flavours.
www.marcolini-eboutique.com
FORTUMS ST NICHOLAS HAMPER, 300
Highlights of this luxuriously festive hamper include Billecart Salmon rose Champagne;
wonderful preserves and sumptuous Christmas cake. www.fortnumandmason.com
PIERRE HERME 40-MACARON
ASSORTMENT, 71
A gift box from the legendary Parisian macaroon man
cannot fail to delight those with a sweet tooth. At
Selfridges and Belgravia store, www.pierreherme.com
SWISSGOLD TEA
INFUSER, 10.95
Great for mugs or small pots, this
premium, dishwasher safe infuser
with gold-plated filter screen is
one of the best there is.
www.chateaurouge.co.uk
Christmas gift guide | Stocking fillers
27
Christmas gift guide | Stocking fillers
EMMANUEL
CRYSTAL RING,
220
Beautiful, chunky ring from
super-cool designer.
www.rousiland.com
PERIGON (CLARENDON GAMES),
39.99 (APP: 1.30)
Much-buzzed about new two-player strategy game: as
complex as chess and as accessible as Backgammon,
invented by old Etonian and man about town Will Sorrell.
www.perigon-game.com.
SPENCER HART
PALM SPRINGS
COLOGNE, 110
A heady reconstruction of
the Floris fragrance from
the 1950s.
www.spencerhart.com
VALENTINO
VALENTINA, 71
The new scent from Valentino is
floral and delicate, like a summers
day. At all major retailers.
ALEXANDER MCQUEEN
CLASSIC SILK SCARF,
165
A snazzy way to pay tribute to the late
designer and the the persistent skull trend.
www.harveynichols.com
PRADA CANDY, 71
(80MLS)
Spicy and fun new one from
Prada.
At all major retailers.
RACING DEMON
PLAYING CARDS, 35
Racing Demon is a fun and frenetic
game for all the family.
www.demonplayingcards.com
LIBERTY
SLIM RED
LEATHER
IANTHE
2012 DIARY,
45 .
A beautifully compact
paper diary: so much
prettier than your
phone, surely.
www.liberty.co.uk
ON TREND
AUDIO VISUAL
Christmas gift guide | Gadgets
iHELICOPTER, 30
Flying a helicopter around your living room using your
iPhone as a controller is exactly as much fun as it
sounds. A lot. amazon.co.uk
SAMSUNG NAVIBOT VACUUM
CLEANER, 400
The future is here get a robot to do your vacuum
cleaning. And it actually works.
samsung.com/uk
DYSON HOT, 260
The latest innovation from the house of Dyson is this stylish, low powered
heater. amazon.co.uk
NOKIA LUMIA,
FREE WITH 26 CONTRACT*
The years surprise hit, the Lumia is as good as any phone on
the market maybe even better. nokia.co.uk
MOTOROLA RAZR, FREE
WITH 36 CONTRACT*
Motorola is back in the game with this svelte
handset with a gigantic screen. website.co.uk
SAMSUNG GALAXY NEXUS,
Google and Samsungs latest tie-up is their best
yet a great Android advert. google.co.uk/nexus
APPLE iPHONE 4S,
The original and probably still the best block-
buster smartphone, the 4S is the gadget to have.
apple.com/uk
MONITOR AUDIO
iDECK 100, 300
A premium but not unaffordable iPhone
dock that will give you crystal clear
sound. monitoraudio.co.uk
OPTOMA DS211 PROJECTOR, 220
A compact, durable projector for movies, presentations and if you
must slide shows.
Amazon.co.uk
ZUMREED X2 HYBRID HEAD-
PHONES, 108
Join the fashion for gigantic headphones with
this cherry red number from Zumreed, which
can morph into a pair of speakers. play.com
MOBILES
OTHER
*With monthly two-year contract
29
Christmas gift guide | Gadgets
AMAZON KINDLE, 89
Amazons new thinner, lighter, faster
Kindle is incredibly simple to set up
and use. Its the one to beat.
amazon.co.uk
SONY READER
POCKET EDITION
150
Sonys e-reader is the classiest of the
bunch, with a slick metallic finish. It
comes with a stylus.
play.com
KOBO TOUCH 110
The new kid on the block, this is an
ultra-light reader coated in a durable
rubbery shell. Linked to WH Smiths
book shop. KoboBooks.com
XBOX KINECT 110
The pick of the motion sensing consoles out there, the Kinect also has the
software to justify the price. amazon.co.uk
ACER 5600G
LAPTOP, 700
A wickedly powerful laptop
that will have Modern
Warfare 3 running in crisp
HD. www.website.co.uk
SONY PLAYSTATION SLIM 120
PlayStation fans who have yet to sign up to the latest generation con-
sole will be impressed by this slim, sleek version. play.com
NINTENDO 3DS,
FROM 120
Nintendos 3DS is the best
portable console on the
market and with new
titles including the latest
Mario adventure, its well
worth a look.
nintendo.co.uk
GAMES
E-READERS
Christmas gift guide | For him
COSY
ON TREND
UGG ANSLEY SLIPPERS,
105
The masters of the comfy ladies boot
make a mean slipper for men too.
www.uggaustralia.co.uk
LIBERTY RED CHECK
KALLE REVERSABLE
JACKET, 275
In keeping with the seasons manly-man
look, this lush jacket will make you feel like
a lumberjack but look like a fashionable
man-about-town. www.liberty.co.uk
SPENCER HART MERINO WOOL
SHAWL CARDIGAN, 400
Gorgeous item for snuggling at home with your
loved ones. www.spencerhart.com
SKI
PAUL SMITH
BLACK CRYSTAL
SKULL CUFFLINKS,
90
Love them or hate them, these
skulls are super-trendy.
www.liberty.co.uk
VERSACE FOR H&M
MERINO BLEND
TROPICAL
JUMPER, 49.99
Ok, not everyones taste. But we
think it takes a seriously groovy
(and brave) man to rock
this. www.hm.com
DIESEL
ROUND-SHADE
SUNNIES, 153
Round is the new aviator,
folks. These are super-cool
for winter glare.
www.diesel.com
DIESEL
DUFFIE
TRAVEL
BAG, 280
Slouchy, cool and
durable: good old
Diesel.
store.diesel.com
NORTH FACE MEN'S
ULTRA MIDWEIGHT
SKI SOCKS, 20
Warm and cool at the same time, these
socks offer fantastic inulation while
youre on the slopes.
uk.thenorthface.com
DIESEL BLACK
SHADES, 165
Diesel just keeps on giving this season:
another stellar must-have, with nice
side-protection. www.diesel.com
GANT CHRISTMAS IN
VERMONT WOOL REIN-
DEER CREW JUMPER, 35
Similar to the iconic Sarah Lund jumper (as
in The Killing), this snuggly Christmas
warmer is perfect for on and off-piste action.
www.johnlewis.com
GANT
RUGGED
BIKER
HAT, 35
Theres no better way to keep your
head warm than this toasty cap.
www.johnlewis.com
Christmas gift guide | 16-24
32
GAMES
CRAB HAT FROM
PLAY.COM, 13
Stay warm at Christmas with this knitted
crab hat. Cosy and cool.
MUST HAVES
FANTASTI
C 4
OMNIBUS,
70
This 1,084-page
beast will fill you
in on the classic
era of the Marvel
heroes.
UNCHARTED 3, 34
Indiana Jones meets Lara Croft in
the latest episode of the adventur-
ing franchise. Great fun.
LEGEND OF
ZELDA:
SKYWARD
SWORD
35
Zelda games rarely
miss and this is no
exception. If you
own a Wii, you
need this game. If
you dont, buy one.
MODERN
WARFARE 3, 40
The game to own this
Christmas. MW3 has broken
every record in the book and
is as close to first-person-
shooter perfection as youll
find this year.
SUPER MARIO
3D LAND, 30
Marios latest adventure
is a primary-coloured
joy, with classic plat-
form action combining
perfectly with the 3D
handheld console.
BURTON CLASH SNOWBOARD,
265
Gnarly, whatever your style.
www.snowandrock.com
LOMO DIANA
MINI CAMERA
& FLASH, 89
Great for beginner snap-
pers, Lomo cameras take
quirky pictures sure to
fuel creative ambition.
www.lomography.com
33
Christmas gift guide | 16-24
KINECT SPORTS
SEASON 2, 30
Take on your mates at darts
or smash your way to victo-
ry in a tennis match in the
latest instalment of this
must-have Xbox Kinect
game.
DANCE CENTRAL 2, 32
Work up a sweat playing this addictive
game, where you can dance-off to the
likes of Lady Gaga.
FORZA 4
30
The daddy of realis-
tic racing games,
Forza lets you get
behind the wheel of
some of the worlds
greatest motors.
APPLE IPAD ANDY WARHOL
CASE, 13 SLEEVE, 49.99
One of the Apple Stores more hipster-friendly
products. store.apple.com/uk
BENEFIT
PRIMPCESS
EYEKIT, 25
A great gift for any lady, from
teen to 30s-something.
www.benefitcosmetics.co.uk
GARMIN
EDGE 200
129
The ultimate cycling
mini-computer with
excellent GPS.
www.garmin.com/uk
YELLOW RAY BANS, 108
Equally on-trend for Shoreditch brunch and Hawaiian holi-
days. www.asos.com
Christmas gift guide | For her
MOST DESIRED
FENN WRIGHT
MANSON DALMATION
PRINT TOP, 49
An affordable way to inject some life
into your winter work wardrobe.
www.fennwrightmanson.com
UNQULO BOATNECK
CASHMERE TUNIC, 79
A versatile, super-soft take on grey.
shop.uniqlo.com/uk
WINTER LOOKS
REISS TILLY WIDE
NECK KNIT, 119
Beautifully bright sweater thats per-
fect for the fireside.
www.reissonline.com
PRINGLE GRID PLAID
DRESS, 325
This sleeveless dress in Geelong lamb-
swool is perfect for winter day-wear.
www.pringlescotland.com
CE-ME BLACK RUCHED
SHOULDER, 59.99
Once you have a Ce-me dress you will
find it hard to remember how you man-
aged before. Versatile and flattering.
www.cemelondon.com
ROSAMOSARIO SILK-
SATIN AND LACE
PYJAMA PANTS, 320
Be comfortable and elegant in these
ornate pj pants. www.netaporter.com
CAROLINA HERRERA BISTROTEQUE
ORANGE BAG, 690
CH makes luxe but ultimately practical bags. You can
browse at the gorgeous Mount Street store but this is one
of our favourites. 120 Mount Street, W1.
carolinaherrera.com
DENISE MANNING
SILVER CUFF, 225
A sizzling statement piece that ignites
any black outfit. www.rousiland.com
MONTBLANC
IPHONE
HOLDER,
130
Set yourself out from
the crowds with this
fine piece of protective
leather.
www.montblanc.com
MONICA VINADER NUGGET
DROP EARRINGS, 275
Universally-stylish earings from the woman who
can do no wrong. www.monicavinader.com
FENN WRIGHT MANSON
DIAMANTE BRACELET, 49
A lot of glam for your buck: great for winter
sparkle. www.fennwrightmanson.com
TIFFANY & CO
SKATE BAG, 385
Tis the season to take to the ice,
and theres no cuter accessory do
do it with. www.tiffany.co.uk
JO MALONE POMEGRANATE
NOIR LUXURY CANDLE 260
Sensational 2.5kg candle oozing seductive,
unique scent. www.jomalone.co.uk
SMYTHSON SUNGLASSES
CASE, 95
The last word in shades protection.
www.smythson.com
CHLOE MARCIE DOUBLE-
HANDLE BAG, 1,020
A modern classic, plain and simple.
www.matches.com
CHATHAM CLOSE, NW11
Price: 795,000
A three bedroom unmodernised semi detached house located off Erskine Hill and
backing onto Big Wood. It offers an entrance room, reception and dining room togeth-
er with the kitchen and family bathroom. The property also has a view of trees and
hedges fronting the house. Call Glentree International 020 8488 7311, glentree.co.uk
WORDSWORTH
WALK, NW11
Price: 1.4m
Modern town house with
large reception room
overlooking a south fac-
ing garden with green-
house and shed. It
features a dining room,
reception room, kitchen,
study room, utility room,
master bedroom with
ensuite bathroom and
dressing room, two other
bedrooms and a family
bathroom. Call Glentree
International 020 8488
7311, glentree.co.uk
HEATHGATE, NW11
Price: 2m
Detached Grade II listed family home built in 1914 and designed by architect George
Sutcliffe. It has three reception rooms on the ground floor, seven bedrooms and a sepa-
rate garage. Heathgate is a turning that runs between Hampstead Heath extension and
St Judes Church. Call Glentree International 020 8488 7311, glentree.co.uk
Q A
&
Commuting: Nearby Hampstead is an
ideal commuting location for the City,
with a convenient link straight into
Bank on the Northern Line. Hampstead
Heath is also connected to the
Overground, which will soon circle the
whole of London.
Education: Some of the best schools in
London are located nearby, with
Henrietta Barnet Senior Girls School
and Brookland Junior School both very
highly regarded. They perform excep-
tionally in both inspections and exami-
nation averages.
NEED TO KNOW | AREA INSIGHT
CURRENT MORTGAGE DEALS BY STEVE DINNEEN Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
Santander Flexible 2.09 2 years 4 60
Chelsea BS Flexible 2.19 January 2014 5.4 70
Skipton BS Flexible 2.38 2 years 4.8 60
Leeds BS Fixed 2.29 January 2014 5.4 70
Santander Fixed 2.35 February 2014 4.1 60
Hanley Economics BS Fixed 2.35 November 2013 5 60
BUY HAMPSTEAD GARDEN SUBURB BY STEVE DINNEEN
HAMPSTEAD GARDEN SUBURB | PRICES
Detached Semi-Detached Terraced Flats
Hampstead Gardens 2.36m 908,471 531,407 345,337
Hampstead 4.36m 2.57m 2.12m 696,517
Source: Savills
Ready to move in for Christmas
HURRY ONLY ONE STUDIO REMAINING,
AND 2 AND 3 BEDROOM HOMES AT
CASPIAN APARTMENTS, FROM 164,950*
*value based upon a studio apartment. lnformation correct at time of going to print
December 2011. Your home may be at risk of repossession if you fail to keep up
repayments on a mortgage or other loan secured against it. Terms and conditions
apply please call for details. A2Dominion New Homes is a trading name of the
A2Dominion Housing Group Ltd, an exempt charity (l&P Soc. No. 28985R, TSA Reg.
L4240j and its legal subsidiaries. For the full list, visit www.a2dominion.co.uk.
Registered office: Capital House, 25 Chapel Street, London NW1 5WX.
O
v
e
r
7
0
%
s
o
ld
CQ London showhome
Living | Property
35
HAMPSTEAD VILLAGE
ADVANTAGES TO LIVING
NEXT DOOR IN NW3 P36
Ed Mead
DIRECTOR OF ESTATE AGENT
DOUGLAS & GORDON
Q.
We have an offer and are about
to exchange on our house, but at
the last minute our buyers have
asked for a price reduction. What are
our options?
A.
Sadly the England and Wales property
buying system allows, effectively, three
chances for a buyer to [re]negotiate a
price, once when the deal is agreed, again when
a survey or mortgage valuation is done and
again on exchange. When prices are rising its
often sellers who will be offered a higher price
by another buyer. Whats happening to you is
more common in a difficult market where buy-
ers having the whip hand. Protecting against
this isnt easy but sellers must have a selling
pack, including Title Deeds, sellers information
forms and service charge information, if appro-
priate, ready to go immediately a deal is
agreed. Nothing weakens your position more
than a buyer waiting three weeks for you to
send out a contract whilst your mortgagees
get your Deeds. A good solicitor is vital so
Aunty Mauds recommendation in Frinton is
probably not a goer. Agree a tightish time
frame for an exchange of contracts, say three
weeks max (remember mortgage valuers can
string out process so make sure your agent
keeps on top of this) and their solicitors
response will tell you all you need to know. If
the reduction is because of a mortgage down-
valuation theyre unlikely to offer that on
exchange, so if its last minute its probably a
try-on. Look at your situation, if you can match
the reduction on what youre buying then youre
no worse off. If your house has been difficult to
sell and the reduction is less than five per cent
then it might well be worth doing. Obviously if
you have an under-bidder or your agent is con-
fident there are other buyers you can afford to
be stronger in your response, but sadly, in this
market, thats unlikely.
Five reasons why Hampstead is still tops
- 90% of our Landlords return to us
- 7 Million worth of rent collected in 2010
- Over 75 years of experience within our team
- In-house full rental management and
refurbishment services available
- International database of clients and agent network
www.aylesford.com | rentals@aylesford.com | +44(0)207 351 2383
Bramerton Street | SW3 | 4 Bedrooms
2,300 per week
Kings Road | SW10 | 3 Bedrooms
850 per week
Rutland Gate | SW7 | 1 Bedroom
900 per week
1.HISTORY
To live in Hampstead is to share cob-
bled streets and gourmet bakeries
with the likes of Emma Thompson,
Ricky Gervais, Peter OToole and Judy
Dench. But the villages place in the
literary canon makes it one of the
most historically evocative places in
London. Keats lived next to South
End Green, while an epic dinner
party he, Charles Lamb and William
Wordsworth attended in Hampstead
became known as the immortal din-
ner. Conan Doyles Sherlock Holmes
and Oscar Wildes Dorian Gray fre-
quented opium dens here, while
Bram Stokers Dracula features a
famous description of the Heath. DH
Lawrences 1916 poem Parliament
Hill In The Evening is one of his
loveliest. Kingsley Amis, Agatha
Christie and poet John Betjeman
were also residents.
The density of blue plaques in all
fields astounds: Florence
Nightingale, Sigmund Freud and
Edward Elgar are a tiny smattering of
the luminaries from all fields who
lived here.
Hampstead was known for its
health springs: in 1700, trustees of
the spa-like and very fashionable
Hampstead Wells began promoting
the medicinal qualities of the chaly-
beate waters. Previously, the Vale of
Health a quiet area surrounding a
pond was thought to be an oasis
from the Plague. The air certainly
feels cleaner here.
2.BEAUTY
To walk through central Hampstead
is to be confronted with the most
attractive main roads in London.
Shops and cafes reside in imposing
brick houses, many of which have
ornate tracery and bear their history
with quirky charm. Heath Street and
Hampstead High Street, which
becomes Rosslyn Hill as it spills down
to Belsize Park, perfectly combine
leafy beauty with fresh air and a
sense of the past. Roads and passages
like Keats Grove, Back End, Judges
Walk, Holly Mount and Pilgrims
Walk are adorable.
3.FOOD
Hampstead has been known as a
wasteland for food. Until recently.
Now, the famous Hungarian cake
shop Louis and old Coffee Cup caf
have been joined by super-lush delis
including Ginger & Spice; Gails,
Melrose & Morgan and patisseries
Maison Blanc and the requisite Paul.
Theres even a non-fat frozen yogurt
place, Yogurtry, a favourite with the
villages yummy mummies and dad-
dies (and their well-heeled tots).
4.TRANSPORT
The overground at Hampstead Heath
will take you across London at speed
(ten minutes walk from the centre of
Hampstead Village), while the
Northern Line zips to Bank in 25
minutes. The 46 bus takes you to
Farringdon, while a 25 minute walk
will have you in Chalk Farm and
Camden.
5.THE HEATH
You can have your Royal Parks the
Heath is a gorgeous wilderness that
is like Eden in the summer (the
ladies pond is a scene of Sapphic bliss
on a July afternoon) and romantical-
ly blustery in winter. Its the best
place in London for family outings,
kite-flying (the top of Parliament Hill
is the kite epicentre); picnics;
canoodling; jogging; swimming and
views of the city.
Living | Focus On
A view down Hampstead High Street.
We continue this
weeks look at north
London by paying
homage to NW3s
nest enclave, says
Zoe Strimpel
www.apdinteriors.com
*Nationwide Building Society.
No need to move, improve
Tel. 020 7687 6288
Email. info@apdinteriors.com
Twitter. @andrewdunning
Web. www.apdinteriors.com
Then make the most of our special offer and have the home you
want this year without breaking the bank.
We can deliver a complete home renovation, extensions or loft/
basement conversions, interior design or the redesign of a single
room, without disrupting your busy life.
Increase the value of your home by up to 22%* by investing in any
one of our services. For a free consultation and to make the most of
our offer, quote APDCAM
Is your home looking tired?
In need of a makeover?
Need to entertain in a beautiful
new kitchen or lounge?
London Estate Agents | Investment & Development Consultants | Block Managers | Established 1982
STANHOPE PLACE, HYDE PARK, W2
3 Bedrooms 2 Bathrooms 2 Receptions Large
Patio Close to Hyde Park Good Transport Links
1,250 Per Week Unfurnished or Furnished
GLENTWORTH STREET, MARYLEBONE, NW1
2 Bedrooms Study Large Reception Bathroom
Cloakroom Porter
850 Per Week Furnished
MONTAGU ROW, MARYLEBONE, W1
2 Bedrooms 2 Bathrooms Mews Conversion
Separate Kitchen Close to Baker Street
PETO PLACE, REGENTS PARK, NW1
1 Bedroom Open Plan Kitchen Stunning
Bathroom Moments from Regents Park
HATHERLEY GROVE, BAYSWATER, W2
1 Bedroom High Ceilings Moments from
Westbourne Grove
020 3394 0029 kayandco.com |
Scan here to access our
mobile website
WELBECK WAY, MARYLEBONE, W1
3 Bedrooms 3 Bathrooms Garage Renovated
Close to Bond Street Station Oxford Street Nearby
1,600 Per Week Unfurnished or Furnished
HATHERLEY GROVE, BAYSWATER, W2
2 Bedrooms Separate Kitchen Spacious Reception
Walking Distance to Bayswater Underground Station
575 Per Week Unfurnished
Film
THE THING
Cert: 15
hhhii By Stevie Martin
R
evisiting one of the best-loved hor-
ror films of all time is usually a bad
idea. If John Carpenters 1982 ver-
sion passed you by, the updated pre-
quel is a great horror film, but if you saw
the original then prepare to be quite
shocked by the fact its not terrible.
First time director Matthijs van
Heijningen Jr offers a similar plot com-
plete with spruced up alien, new riffs on
famous scenes, and a look at what the
Thing got up to before descending on the
original film in the form of a dog that,
infamously, isnt really a dog.
Paleontologist Kate Lloyd (Mary
Elizabeth Winstead) is flown to the
Antarctic by Dr Sander Halvorson (Ulrich
Thomsen) and shown a spaceship that
crashed 100,000 years ago, as well as the
frozen corpse of the extra-terrestrial that
died while trying to crawl to safety.
Obviously, it's not quite as dead as every-
one believes with a tendency to absorb Dr
Lloyds colleagues, replicate their bodies,
live inside the replication and burst out in
a flurry of bloodied tentacles at inoppor-
tune moments.
The modernised, CGI-clad Thing is a
squirming mass of teeth, spines, claws and
pulsating organs, and its nothing like
youve seen before. Which is good, consid-
ering thats the whole point. Whats more,
with a bit of frankly disgusting alien giblet
dissection involving human corpses in
amniotic sacks, the genius of the alien hits
home. Carpenters technique left enough
in the shadows to maintain tension.
Heijningen Jr fills enough gaps to legiti-
mately add to the original.
Regardless of how carefully, for the most
part, Heijningen Jr treads (scenes unneces-
sarily taking place inside the spacecraft
aside) this is a remake of a film that didnt
need further explanation. Yes, it works, but
the constant homage paid to Carpenter
cant help but invite comparison and the
ominous, pointed hint at the beginning,
highlighting Lloyd as a woman trapped in
the middle of nowhere with a bunch of
Norweigan men, is never followed
through. Disregard your prejudice, howev-
er, and whats left is a great stand-alone
horror film, as well a good homage to a
classic that cannot be bettered.
Film
MARGARET
Cert: 15
hhhhi By Amy Higgins
K
enneth Lonergans Margaret is
about the growing pains of a hyper-
articulate, self-assured and typically
self-involved 17-year-old New Yorker,
Lisa Cohen (brilliantly played by a fresh-
faced Anna Paquin). Out shopping one
afternoon, she playfully distracts a bus
driver, inadvertently causing him to crash
and run over a pedestrian. Initially fudg-
ing the truth of the accident in order to
protect the driver, Lisa is torn apart by
guilt and frustration as she confronts
the fuzzy moral boundaries of the
adult world.
This is no ordinary coming-of-age,
American high-school movie:
Lonergans portrayal of the transi-
tion from innocence to experience
is bold and unremitting. The viscer-
al impact of the scene in which Lisa
holds the blood-splattered, dying vic-
tim (who is by turns confused, hostile
and terrified as she realises that she is
The Carpenter classic remake is a surprise hit, while a pre-True Blood Anna Paquin shines in Margaret
The Thing isnt new but its still scary
DANIEL KITSON LIVE AT THE CHAPEL
Im loath to recommend Daniel Kitsons night at
Union Chapel. Hes the best comedian most people
havent heard of, the guy you can wheel out in social
situations to make yourself sound more interesting
(pfft, you like Michael McIntyre? You really need to
check Kitson out). He hosts a night featuring turns
by Nick Helm, Marcel Lucont and Alex Horne.
COMEDY
3 DEC
THE KITCHEN SINK AT BUSH THEATRE
This endearing play based in the Yorkshire seaside
resort of Withernsea is a kitchen sink drama both
literally and metaphorically, with a blocked drain
taking a starring role. Its a story about the minuti-
ae of family life up north, where everything is
decaying, people drive knackered milk floats and
everybody dreams of a way out.
THEATRE
THROUGH
JAN
SWOON AT THE BLACK RAT PROJECTS
The Black Rat Projects is a Brick Lane gallery
tucked away so far under a railway arch youd never
find it unless you know its there. Its latest exhibi-
tion, Swoon: Murmuration, showcases the work of
renowned New York street and installation artist
Swoon. Her work brings a delicate touch to the art
form Banksy introduced to the middle classes.
ART
THROUGH
JAN
VERDI RETURNS TO ROYAL OPERA HOUSE
Verdis tragic three act opera, based on a play by
the son of Alexandre Dumas, returns to the Royal
Opera House. Richard Eyre takes few liberties,
allowing that material to speak for itself. Featuring
star turns from the likes of Ailyn Prez, Anna
Netrebko and James Valenti, this performance is
sure to hit the right note.
OPERA
2 DEC
SOMETHING FOR THE WEEKEND
BY STEVE DINNEEN
Lifestyle | Reviews
dying) in her arms, reverberates through-
out the rest of the film. It is played out in
Lisas brutal behaviour towards those
around her and towards herself, as she
wrestles with the compromised morality of
adult society and the realisation that jus-
tice is not always black and white.
Incidentally, the Margaret of the title refers
to the Gerard Manley Hopkins poem in
which a child of that name mourns the
passing of life.
There is a lot going on in this film, which,
with a running time of 150 minutes, is still
half an hour shorter than Lonergan would
have liked. Several subplots feel as though
they deserve to be films in their own right:
Lisas increasingly hostile relationship with
her mother (also brilliantly played by
Lonergans wife J Cameron Smith), her
mothers relationship with an opera-lov-
ing Columbian (Jean Reno) and her sex-
ual advances towards her geometry
teacher (Matt Damon). Mired in edit-
ing difficulties and legal tussles since
it was filmed in 2005, this slightly
unwieldy narrative bears the scars of
its fraught history. However it also
mirrors and intensifies the point
Lonergan is making about life; that is
unwieldy, complex, imperfect and
beautiful.
Adewale Akinnuoye-
Agbaje and Joel
Edgerton star in The
Thing (left). Anna
Paquin (above) plays
Lisa Cohen in
Margaret
Mark Ruffalo
(below) stars along-
side Anna Paquin in
Margaret
T
E
R
R
E
S
T
R
I
A
L
STRICTLY COME DANCING...
BBC2 , 6.30PM
Zoe Ball presents analysis of the
pro-celebrity couples progress ahead
of tomorrow nights movie-themed
quarter-final.
PETER KAYS TOP 43 GREATEST...
CHANNEL4, 9.00PM
The comedian introduces a countdown
of his favourite comedy moments,
featuring classic clips and archive
footage of his work so far.
ICE ROAD TRUCKERS...
CHANNEL5, 8.00PM
After a storm strands Dave Redmon,
Lisa Kelly and Rick Yemm in Keylong,
they face a perilous journey back over
the Rohtang Pass in the dark.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Football League
9.45pmFight Night Live 12am
Take It Like a Fan 12.30am
Premier League Preview1am
European Tour Golf 2.30am
Fight Night 4.45amSky Sports
Classics 5am-6amFootball
League Weekend
SKY SPORTS 2
6.30pmEuropean Tour Golf
8pmLive PGA Tour Golf 11pm
International One-Day Cricket
11.55pm-6amLive Test Cricket
SKY SPORTS 3
7pmTight Lines 8pmNFL 10pm
Take It Like a Fan 10.30pm
Premier League Preview11pm
Football League Weekend 12am
NFL: Total Access 1amTight
Lines 2amTake It Like a Fan
2.30amPremier League Preview
3amFootball League Weekend
4amTight Lines 5am-6amLive
European Tour Golf
BRITISH EUROSPORT
6pmLive Alpine Skiing 7.30pm
Live Alpine Skiing 9pmLive
Show Jumping 10.30pm
Biathlon 11.30pm-12.30am
Poker
ESPN
7pmLive FA Cup Football 10pm
Serie A 11.45pmESPN Press
Pass 12.15amWorld Rally
Championship 1.15amUFC
4.15amESPN Kicks: Extra
4.30amEuroleague Basketball
Magazine 5.00amICC Cricket
World Magazine 5.30am-6am
Premier League Preview
SKY LIVING
7pmCriminal Minds 8pmBones
9pmCriminal Minds 10pmJerry
Bruckheimers Chase 11pmBones
12amCriminal Minds 1amCSI:
Crime Scene Investigation
2.40amMaury 3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmTop Gear USA 7.45pm
Merlin 8.30pmWorlds Craziest
Fools 9pmHim & Her 9.30pm
Russell Howards Good News
10pmEastEnders 10.30pm
Family Guy 11.15pmAmerican
Dad! 12amMongrels 12.30am
Russell Howards Good News 1am
Him & Her 1.30amWorlds
Craziest Fools 2amSkin Deep:
The Business of Beauty 3.30am
Hot Like Us 4.30am-5am
Mongrels
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmDesperate
Scousewives 9pmFILMEver
After: A Cinderella Story 1998.
11.20pmMade in Chelsea End
of Season Party 12.25amThe Big
Bang Theory 1.20amScrubs
2.10amHow I Met Your Mother
2.35amGoks Clothes Roadshow:
Get the Look for Less 3.30am
Greek 4.10amRules of
Engagement 4.35amWildfire
5.15am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
Pub Dig 10pmAmerican Pickers
11pmHow Britain Was Built
12amPub Dig 1amAmerican
Pickers 2amHow Britain Was
Built 3amHeir Hunters 4am
American Pickers 5am-6am
Ancient Discoveries
DISCOVERY
6pmMythbusters 8pmWheeler
Dealers 9pmOne Man Army
10pmMagnetic Storm11pm
Stan Lees Superhumans 12am
Bear Grylls: Born Survivor 1am
One Man Army 2amSons of Guns
3amDeadliest Catch 3.50am
Wildest Africa 4.40amNasas
Greatest Missions 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pm18 Kids and Counting 8pm
Supernanny 9pmHappily Ever
Laughter 10pmSextuplets & The
City 11pmTrauma Unit 12am
Happily Ever Laughter 1am
Sextuplets & The City 2am
Trauma Unit 3amSupernanny
4amBaby Whisperer 5am-6am
Bringing Home Baby
SKY1
7.30pmFuturama 8.30pm
The Simpsons 9pmAn Idiot
Abroad 10pmA League of Their
Own 11pmThe Cafe 11.30pm
Brit Cops: War on Crime
12.30amRoad Wars 1amBig
Trouble in Thailand 2.40amThe
Chicago Code 4.20amChange
the Day You Die 5.10am-6am
My Pet Shame
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show: BBC News
8pmEastEnders
8.30pmThe Two Ronnies
Sketchbook
9pmHave I Got News for You
9.30pmLive at the Apollo
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton Show
11.20pmThe National Lottery
Friday Night Draws 11.30pmFILM
The Hand That Rocks the Cradle
1992. 1.15amWeatherview1.20am
Sign Zone: Question Time 2.20am
Sign Zone: Frys Planet Word
3.20am-6amBBC News
6pmEggheads
6.30pmCHOICE Strictly
Come Dancing It Takes Two
7pmHeir Hunters
8pmMastermind
8.30pmFILMThe Accidental
Husband 2008.
9.50pmCoast: The history of
Harlech Castle in Gwynedd.
10pmQI
10.30pmNewsnight
11pmThe Review Show
11.45pmWeather
11.50pmFILMThe Crossing
Guard 1995.
1.35amBBC News
3.20am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmWild Britain with Ray
Mears
8.30pmCoronation Street
9pmIm a Celebrity Get Me
Out of Here!
10.30pmITV News
11pmLondon News
11.05pmFILMFearless 2006
12.55amThe Zone; ITV News
Headlines
3.15amFILMColumbo: A Bird in
the Hand 1992 4.50am-5.30am
ITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks: Warren
plots to get rid of Brendan.
7pmChannel 4 News
7.30pmUnreported World
7.55pm4thought.tv
8pmCome Dine with Me
9pmPeter Kays Top 43
Greatest Comedy Moments
11.05pmCHOICE Peter Kay
Live at the Bolton Albert Halls
12.10amStand Up for the
Week 1amFILMFranklyn 2008
2.40amRandom Acts 2.45am
Shameless USA 3.40amMy Name
Is Earl 4.05amMy Name Is Earl
4.30amSt Elsewhere
5.20am-6.05amCountdown
6pmHome and Away
6.30pmHome and Away:
Bay Reporter
7pm5 News at 7
7.30pmFifth Gear:
5 News Update
8pmCHOICE Ice Road
Truckers Deadliest Roads:
5 News at 9
9pmFILMBlack Hawk Down
2001.
11.50pmInside Hollywood
12.05amSuperCasino 4.05am
Motorsport Mundial 4.30am
Fifth Gear 4.55amRough Guide to
Cities 5.10amMichaelas Wild
Challenge 5.35am-6amMichaelas
Wild Challenge
1 2 3 4 5 6
7
8 9
10
11 12 13
14
15 16
17
18 19 20
21 22
22 13 7
22 14
17 14
16 11
32 23
13 4
7 34
21 18
13 12
6 38
12 3 8
13
3
11
5
17
33
45
35
6
5
10
17
8
24
15
45
17
24
15
16
9
7
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
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
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 Mooring (5)
4 John Quincy ___,
sixth President of the
United States (5)
8 Epic tale (4)
9 Dwell (6)
10 Coat a cake with sugar (3)
11 King of the beasts (4)
13 Collapsible shelter (4)
14 Magazine article (7)
15 Encountered generally,
especially at the
present time (4)
16 Edge tool used to cut
and shape wood (4)
17 Bow (3)
18 Submerged (6)
19 Shades of colour (4)
21 Panorama (5)
22 Cat with a grey or tawny
coat mottled with black (5)
DOWN
2 Seventh letter
of the Greek
alphabet (3)
3 Apprentice (7)
5 Liquorice-avoured
herb (7)
6 Climbing plants that
produce fragrant
owers (5,4)
7 Large dog (5,4)
8 Pathological
hardening or
thickening of
tissue (9)
12 Action of attacking
an enemy (7)
13 Tube which conveys
air in and out of
the lungs (7)
20 Flow back (3)
C
C
R
S
U O
T
N
T
4

4
4

4
4
P L A I D S W A R M
O C I T N I
S H E L T E R Y E N
E T A T T
R U M M Y P A I N S
I M
M I L N E C R E S S
I I X H H
M A T C H A M B E R
E I E O A U
S N A R L S P R I G
2 1 3 4 8 6 9
8 4 6 9 7 6 1 2
9 3 8 5 9 7
3 1 4 3 1 7 2 5
7 5 3 8 9 6 4 9
2 6 3 9
9 7 7 6 2 8 3 9
6 8 5 9 7 4 1 2
6 1 2 3 2 8
1 3 2 5 9 8 6 7
8 9 3 1 7 2 4
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
EXPLOSION
SIN CITY
DOING IT IN STYLE
IN TOMORROWS
TRAVEL SECTION
Punter | Sport
40
Chelseas problems set to increase
SPORT TRADER BEN CLEMINSON AND BILL ESDAILE TEAM UP TO BRING YOU THIS WEEKS BEST FOOTBALL AND RACING BETS
A
NDRE Villas-Boas is a man under
pressure. Following a decent start
to the season, Chelsea have now
lost three of their last four games
across all competitions and their confi-
dence appears to be shot to pieces. I
havent seen such a disorganised Blues
defence for years and Liverpool made
them pay again on Tuesday night.
Newcastle have been excellent so far
this season. Alan Pardew wasnt a partic-
ularly popular appointment, but he has
done really well with a limited budget
and they got a fantastic point at Old
Trafford last weekend. The Magpies have
won four and drawn two of their six
home games this season and I just cant
work out why they are 3/1 with
Ladbrokes. St Jamess Park is a very diffi-
cult place to go and I wouldnt be back-
ing Chelsea at any price at the moment
they have to be a lay on Betdaq at around
even money.
It has been a poor week for Manchester
United with the draw against Newcastle
and then getting knocked out of the
Carling Cup by Crystal Palace on
Wednesday. Sir Alex Fergusons players
just dont look sharp at the moment and
they may struggle against Aston Villa
tomorrow evening.
Alex McLeishs side picked up a valu-
able point at the Liberty Stadium on
Sunday and the manager will be pleased
that they are back at Villa Park tomor-
row. Villa have only been beaten once on
home soil this season and they have
drawn seven of their 13 games. The last
three meetings between the sides in the
West Midlands have finished level and I
fancy another stalemate at 13/5 with
Paddy Power.
United havent been prolific in recent
weeks and Im sure McLeish will adopt
defensive tactics, so its worth selling
goals at 2.6 with Sporting Index. I also
wouldnt put anyone off taking some of
the 13/2 William Hill offer about a 1-1
correct score.
Steve Bruce finally paid the price on
Thursday for Sunderlands poor start to
the season. The Black Cats have been
tremendously disappointing and
Saturdays defeat against Wigan was
their sixth of the season. Its looking as
though Martin ONeill or Mark Hughes
will be next in the hot seat, but Eric
Black will be taking charge of the side
against Wolves on Sunday.
The last four games between these
teams have produced 19 goals and I fancy
that trend to continue. There have been
three or more goals in 17 of Wolves last
25 matches at Molineux and the same is
true in seven of Sunderlands last 10
home and away. Goals can be bought at
2.7 with Sporting Index and that looks
the correct call. I marginally favour the
Black Cats in the win market at around
2/1, but not enough to have a bet.
The Euro 2012 draw is made later on
today and Sporting Index have gone
down with their tournament win index.
At this stage I still favour Spain, but I
wont be getting involved for a few
months.
Wishfull Thinking looks a Champion bet in the Tingle Creek
NATIONAL Hunt racing fans are in for a
real treat tomorrow with high quality
televised action from both Sandown
and Aintree, with two races over the
historic National fences.
Sizing Europe, the reigning
Champion Chaser, is a warm order for
the Sportingbet Tingle Creek Chase at
Sandown (3.05pm) and is now as short
as 13/8 with the sponsors for the Grade
One contest. Henry De Bromheads
nine-year-old is a dual Cheltenham
Festival winner and both of those wins
have been over this minimum trip of
two miles.
The only real concerns are that he
can throw in the occasional below-par
performance and has never raced at
Sandown before. Now, there is no rea-
son to think he wont handle the track,
its just hell have to be on his A game
to reel in likely pace-setter WISHFULL
THINKING.
Regular readers of this column will
know that I advised backing Philip
Hobbs runner at 25/1 a few weeks ago
for the Champion Chase and hell be a
hell of a lot shorter for that two-mile
crown if successful tomorrow. The ques-
tion is whether hell have the necessary
pace to cope with the half mile drop
back in trip, but Im confident hes got
the aggressive manner and tactical
speed to cope.
He can be backed at 4/1 in places and
could represent a decent back-to-lay
proposition for Betdaq in-running
traders if winning the early duel for the
lead with Tataniano. Paul Nicholls frag-
ile chaser still has a lot to prove at this
level and may not be comfortable if he
doesnt get to the front.
The Betfred Becher Chase (2.10pm) is
the feature race of the day over at
Aintree and its hard to be confident as
you need plenty of luck over the
National fences. The two Im most inter-
ested in are the Irish raiders at the top
and bottom of the weights.
Dessie Hughes knows how to get one
ready for this famous Grand National
trial having won two of the last three
renewals and he looks set to rely on for-
mer Grade One Chase winner RARE
BOB. The stables Vic Venturi carried top
weight round here two years ago and
these fences could easily bring the best
out of Rare Bob. Hes a hugely talented
chaser on his day and if he enjoys him-
self, he may take some pegging back.
If he is to be reeled in, it may well be
by the in-form Noel Meades ANOTHER
PALM, who looks a progressive chaser
still running from what could prove to
be a lenient mark. Hell have no prob-
lem with the trip or ground and ran an
eye-catching second to Uncle Junior at
last seasons Punchestown Festival. The
two runs hes already had this cam-
paign would have put him spot on for
tomorrows assignment.
Ive had a good word for the Nicky
Henderson-trained MASTER OF THE
HALL who hopefully runs in tomor-
rows Betfred Bonus Chase (2.45pm). He
has apparently been working the house
down at Seven Barrows and should get
the small field he needs.
Finally, dont miss INCENTIVISE in
todays Devon Marathon at Exeter
(1.30pm). He loves a slog in the mud
and can land this off top weight with
the useful Jake Greenhall taking off 5lb.
You can follow me on Twitter @BillEsdaile.
POINTERS...
INCENTIVISE e/w 1.30pm Exeter (today)
ANOTHER PALMe/w 2.10pm Aintree (tomorrow)
RARE BOBe/w 2.10pm Aintree (tomorrow)
MASTER OF THE HALL 2.45pm Aintree (tomorrow)
WISHFULL THINKING 3.05pm Sandown (tomorrow)
POINTERS...
Newcastle at 3/1 with Ladbrokes
Draw in Aston Villa v Man United at 13/5 with Paddy Power
Sell goals in Aston Villa v Man United at 2.6 with Sporting
Index
Buy goals in Wolves v Sunderland at 2.7 with Sporting Index
Chelsea have struggled in
recent weeks.
Picture: ACTION IMAGES
Sport
email sport@cityam.com
FORMER England centre Will
Greenwood believes the Rugby
Football Union is right to delay nam-
ing a permanent successor to Martin
Johnson until after the Six Nations.
The RFU confirmed on Wednesday
its intention to appoint a caretaker
manager, which would seemingly
pave the way for former Italy head
coach Nick Mallett to take over ahead
of this summers tour of his native
South Africa.
With the RFU still searching for a
new chief executive, Greenwood, a
World Cup winner in 2003, believes it
makes sense to delay matters.
Its a great idea to get a caretaker
in while we wait for the appointment
of a new CEO, he told City A.M. at an
event to promote tomorrows Heroes
Rugby Challenge for injured service-
men and women. Weve got to get
the right man in the job, get the
process in place and get him sur-
rounded by the people he wants.
Greenwood believes the RFU cannot
afford to be parochial in its search for
a new chief executive and should ide-
ally appoint someone without a rugby
background.
He added: The CEO doesnt neces-
sarily need a rugby background in
fact I think it would better if he didnt
have one. Get in a powerful business-
man who knows how to purge and
transform an organisation that for
the most part is in good shape, but
one where its obvious certain areas
need tidying up.
We need to make sure the focus
isnt on the Saxons or the England
Under-20s, its about the being the
best. We need the top team. Its about
playing well and competing with
Australia, South Africa and New
Zealand. In our own hemisphere its
impossible to ignore the improve-
ment Wales have made and, for all
their struggles, France lost a World
Cup final by a single point.
Weve moved significantly down
the pecking order. The focus must be
to get the first team back at the top.
Greenwood:
RFU right to
wait for boss
Results
L<=8<LIFG8C<8>L<>IFLG<
Jkfb\%%%%%%%%%%%%%%%%%%%%% ' ( ;peXdfB`\m%%%%%%%%%%%%%%( (
Jares 8 Upsar Z8 (a)
8kk1)*#..+
DXZZXY`K\c$8m`m%% ' ) 9\j`bkXj%%%%%%%%%%%%%%%%%%%%%%( *
G N ; C = 8 >; Gkj
Jkfb\%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% , * ) ' 0 + , ((
9\j`bkXj%%%%%%%%%%%%%%%%%%%%%%%%%%% , * ' ) (' - + 0
;peXdfB`\m%%%%%%%%%%%%%%%%% , ( * ( + + ' -
DXZZXY`K\c$8m`m%%%%%%%% , ' ( + , (+ $0 (
>IFLGB
=:Kn\ek\%%%%%%%%%%%%% ' ( =lc_Xd%%%%%%%%%%%%%%%%%%%%%%% ' '
J+r|a 89 8kk1)(#'''
F[\ej\9B%%%%%%%%%%%%% ' ( N`jcXBiXbfn%%%%%%%%%%% ) )
G N ; C = 8 >; Gkj
=:Kn\ek\%%%%%%%%%%%%%%%%%%%%%% , + ( ' (* , / (*
=lc_Xd%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% , ) ( ) . + * .
N`jcXBiXbfn%%%%%%%%%%%%%%% , ) ' * - () $- -
F[\ej\9B%%%%%%%%%%%%%%%%%%%%%% , ( ' + . () $, *
:I@:B<K
=@IJK K<JK D8K:?E\nQ\XcXe[ m 8ljkiXc`X
(Br|s|+re). NeW Ze+|+r. o5 (5.O a1ers).
=@IJK FE< ;8P @EK<IE8K@FE8C9Xe^cX[\j_ m
GXb`jkXe (D|+|+). B+r|+es| 9 (JO.J a1ers, S|+||
Afr|| 5ZJ). P+||st+r 9J5 (Z5.4 a1ers). P+||st+r |e+t
B+r|+es| |] 5 W|c|ets.
>FC=
L9J ?FE> BFE> FG<E (|+r||r)-=`ijk ifle[ (O|r & lr|
ar|ess st+te, p+r O). -+ Rar] Vcl|ra], D+1| Harse],
A|1+ra Oa|ras (Sp+). -, V|ae| Are| J|mere/ (Sp+).
E<;98EB :?8CC<E>< (Sar O|t], Saat| Afr|c+)-=`ijk
ifle[ (Er ar|ess st+te, p+r Z). -/ O|+r| Sc|W+rt/e|
(Rs+), lee westWaa. -0 Ra|ert K+r|ssar (SWe). .' J+sar
Dafrer (USA), Or+eme VcDaWe|| (Nlr|), V+rt|r K+]mer
(Oer), la|e Dar+|, S|mar D]sar, K]arT+e K|m (Kar). .)
|r+rcesca Va||r+r| (lt+), Arers H+rser (Der). .+ D+rrer
O|+r|e (Nlr|).
KF;8PJ;@8IP
(|aat|+|| .45pm ar|ess st+te)
egfn\i=ffkYXccC\X^l\:_Xdg`fej_`g
Or]st+| P+|+ce 1 Der|] ....................................................................................
=8:lgJ\Zfe[Ifle[
||eetWaa Tr 1 Yea1|| (.JO).........................................................................
:cp[\j[Xc\9XebJZfkk`j_Gi\d`\iC\X^l\
Vat|erWe|| 1 H||err|+r ..................................................................................
IL>9PLE@FE
8m`mXGi\d`\ij_`g
NeWc+st|e 1 O|aacester (8pm) ....................................................................
TRAIN-ING | Rugby stars play at City station
PREMIERSHIP champions Saracens stunned onlookers at Liverpool Street Station yester-
day by practising at the busy City terminal. Players Mouritz Botha (with ball), Jacques
Burger and Kelly Brown put on line-out demonstrations and even roped in curious
passers-by for some impromptu training as part of the build-up to their Heineken Cup
clash with Ospreys at Wembley Stadium next week. Picture: SARACENS
BY JAMES GOLDMAN
EXCLUSIVE
Sport
42
ENGLAND chiefs have paved the way
for a spectacular U-turn over manager
Fabio Capello after admitting he
could stay on beyond next summers
European Championships.
The backtracking comes as England
today prepare to discover who they
will face at Euro 2012, when the draw
is made in Kiev this afternoon.
Both the Football Association and
Capello (inset) previously stated the
tournament would bring down the
curtain on the Italians mixed spell in
charge of the national team.
But uncertainty over the future of
Harry Redknapp, the overwhelming
favourite to succeed Capello, and a
dearth of other suitable English candi-
dates, which is the FAs preference,
has caused a softening of their
stance.
Lets worry about that
when it happens, said
Sir Trevor Brooking, the
FAs director of football
development. Fabios
contract ends in the
summer and the mind-
set is for change, but
you never say never.
Tottenham manager
Harry Redknapp is the out-
standing home-grown candidate
but faces a January trial over accusa-
tions of tax avoidance. The outcome
could determine whether he gets the
England job. Aside from Redknapp,
who steered Spurs into the
Champions League for the first
time, there is a chronic
shortage of successful
English bosses.
The FA will be wary
of appointing an up-
and-coming manager
following the disas-
trous tenure of
Capellos predecessor,
Steve McClaren, who
failed to qualify for
Euro 2008.
If we could get someone
home-grown it would send out
the right message, Brooking added.
But we dont want to lock it in. How
many candidates are there? I am sure
Harry Redknapp would be high in the
betting but we will look at it on merit
at the time. When it comes to the end
of the season it will be clearer.
BY FRANK DALLERES
FOOTBALL
Johnson missed a
clear chance
before being
shown a red card
Picture: ACTION
IMAGES
FA hints at U-turn over Capello as England
prepare to discover Euro 2012 opponents
FULHAM manager Martin Jol refused
to blame striker Andy Johnson after
his stoppage-time red card completed
a miserable Europa League night in
Holland for the Cottagers.
An 89th-minute winner from Marc
Janko condemned the west
Londoners to a defeat that leaves
them needing to win their final
group fixture against Odense to guar-
antee a last 32 place.
To compound the gloom, Fulham
lost winger Damien Duff and Mousa
Dembele to injury, before Johnson
earned a second yellow card for kick-
ing the ball away, meaning he will
miss the showdown against the
Danes in a fortnight.
It was probably not what you
want, a player sent off in the final
minutes out of frustration. It was a
second booking, and he knew that he
was booked. You need all your play-
ers, especially Andy Johnson, who has
scored goals in Europe, admitted Jol,
but he added: He did a very good job
for the team. There is no complaint
whatsoever with his attitude.
Jol, already deprived of several mid-
fielders and attacking players due to
injury, revealed Duff had suffered a
recurrence of a calf complaint and is
likely to miss Mondays Premier
League visit of Liverpool. Dembele is,
however, expected to recover to face
the Reds, the Dutchman added.
Dembeles injury contributed to
Twentes late winner, which came
when the dangerous Emir Bajrami
crossed from the right for towering
Austria forward Janko to tap his 17th
goal of the season past Fulham goal-
keeper Mark Schwarzer.
Fulham arrived knowing that three
points would send them through, but
offered little threat until after the
break, when Johnson squandered a
chance to give them an undeserved
lead. Bobby Zamoras challenge for a
loose ball caused a ricochet to fall
kindly to Johnson, only for him to
screw it several yards wide.
By then Twente were looking omi-
nous, Bajrami flashing a dipping
effort close to Scwharzers post and
then Luuk de Jong nodding Ola
Johns left-wing cross wide from an
inviting position.
Still Zamora could have pilfered vic-
tory for the visitors, had he diverted
Danny Murphys free-kick on target,
but Janko would have the final word
before Johnson invited suspension.
Late goal and
red card dash
Fulham hopes
of easy route
BY FRANK DALLERES
FOOTBALL
1
0
FC TWENTE
FULHAM
FC Twente 5 4 1 0 13 5 13
Fulham 5 2 1 2 7 4 7
Wisla Krakow 5 2 0 3 6 12 6
Odense 5 1 0 4 7 12 3
GROUP K
TEAM PLD W D L F A PTS
ENGLAND and Chelsea captain John
Terry faces an anxious wait to discov-
er whether he will be prosecuted over
allegations of racist abuse, after
police passed their file to the Crown
Prosecution Service.
Centre-back Terry has repeatedly
and emphatically denied aiming a
racial slur at QPR defender Anton
Ferdinand during the Blues 1-0
defeat in a fiery west London derby at
Loftus Road on 23 October.
The CPS will decide whether there
is evidence to prosecute Terry over
the coming weeks. The 30-year-old
was questioned under caution by
Metropolitan Police officers last
week.
The Football Association has also
launched an investigation into the
allegations levelled at Terry but is
waiting for police to conclude their
probe before reaching a decision.
If Terry is found guilty it would
severely jeopardise his status as
England captain. He was only rein-
stated in March, having been
stripped of the armband last year
over claims he had an affair with the
ex-girlfriend of national team-mate
Wayne Bridge.
The police and FA probes were
launched after members of the pub-
lic contacted them to complain about
the alleged abuse, footage of which
was quickly circulated on the inter-
net. England manager Fabio Capello
resisted calls from some pundits to
drop Terry for last months friendlies
against Spain and Sweden.
Terry has said: Ive seen that
theres a lot of comments on the
internet with regards to some video
footage of me during the game.
Im disappointed that people have
leapt to the wrong conclusions about
the context of what I was seen to be
saying to Anton Ferdinand. I would
never say such a thing, and Im sad-
dened that people would think so.
Terry has explained his comments
by arguing that it was a misunder-
standing. He has said he was not
shouting at Ferdinand, but asking
whether the QPR player thought he
had used the slur.
CPS mulling
Terry case
after police
pass on files
Terry was questioned under caution by
police last week Picture: ACTION IMAGES
Top seeds:
Poland, Ukraine, Spain, Holland
Second seeds:
Germany, Italy, ENGLAND, Russia
Third seeds:
Croatia, Greece, Portugal, Sweden,
Fourth seeds:
Denmark, France, Czech Republic,
Republic of Ireland
(One team will be drawn from each pot)
EURO 2012 | THE DRAW
BY FRANK DALLERES
FOOTBALL
43
G
OLD winning sprinter Marlon
Devonish has delivered a blow
to the British Olympic
Associations battle to uphold
its lifetime ban for doping by insisting
he does not mind competing along-
side previous offenders at the London
2012 Games.
The BOA is under intense pressure
to drop its controversial bye-law,
which precludes athletes found guilty
of a serious doping offence, such as
sprinter Dwain Chambers and cyclist
David Millar, from ever representing
Team GB at an Olympics.
Key to the BOAs argument is its
claim that the life ban has the support
of the vast majority of its athletes, but
Devonish who was stripped of a
World Championship relay silver
medal because of team-mate
Chambers use of banned substances
yesterday cast doubt on that by adopt-
ing a far more forgiving stance.
Our law needs to be consistent for
all athletes across the board,
Devonish told City A.M. at yesterdays
National Lottery Class of 2012 event.
Yes, Ive lost medals under those
circumstances, and I guess if they
were the only medals Id won Id be
extremely disappointed now, but
thats not my situation. I have many
medals, Ive moved on from it and Im
completely at peace with that.
Asked whether he would be happy
competing alongside previous offend-
ers at London 2012, he added: Yeah. If
they test positive again, theyre
banned for life. I believe in a second
chance.
The World Anti Doping Agency has
declared the BOAs unique stance
non-compliant, while its for-
mer head, Dick Pound, this
week labelled the
approach rogue.
BOA chiefs are
expected to take their
case to the Court of
Arbitration Sport in a
bid to obtain a conclu-
sive independent ruling
on the festering row.
It was CAS that
weakened the BOAs grip
in October, however,
when it decreed that a similar
rule imposed by the
International Olympic
Committee was unenforceable.
Devonish, who won 4x100 gold at
the 2004 Athens Games and hopes to
compete in the 200m as well next
summer in London, said he would not
mind if the BOA scrapped its contro-
versial rule.
He added: Denmark, Norway,
Canada and of course the UK had
the bye-law, and the other three
have dropped it. I have no
problem at all with being
consistent across the coun-
tries. It saves on unneces-
sary dramas.
The BOA last month
repeated its claim that the
bye-law is a clear expres-
sion of the will and commit-
ment of British Olympic
athletes. Sprinter Christian
Malcolm says he has not been
consulted, while marathon
world record holdfer Paula
Radcliffe has called the rule
unfair.
Over 1,200 elite British athletes ben-
efit from National Lottery funding,
supporting them for London 2012.
Lottery players are also investing
2.2 billion in London 2012 venues,
infrastructure and art and cultural
events. Find out more at www.lottery-
goodcauses.org.uk
SPORT | IN BRIEF
Villas-Boas: I wont be sacked
FOOTBALL: Chelsea manager Andre
Villas-Boas insists he does not fear the
sack even if his side are knocked out of
Europe against Valencia next week. The
Blues have lost three in five Premier
League games to slip 10 points behind
leaders Manchester City and suffered
back to back defeats in the Champions
League and Carling Cup. But he defended
his position again yesterday, saying he
would not become the latest managerial
casualty at Stamford Bridge because I
was brought in for a three-year project
and we believe in it.
Bresnan undergoes elbow op
CRICKET: England bowler Tim Bresnan
hopes to be fit for the Test series against
Pakistan in the new year despite under-
going elbow surgery yesterday. Yorkshire
paceman Bresnan had a fragment of
bone removed that irritated him in last
months one-day series defeat in India,
but is expected to be included next week
when selectors name the squad to face
Paksitan in the United Arab Emirates.
MATCH
ANALYSIS
BY FRANK DALLERES
KEY MOMENT
Andy Johnson was presented with a
gleaming opportunity to put Fulham in
front after 65 minutes, when the ball
broke to him eight yards out at a slight
angle, but the former England striker
could not adjust his feet quickly enough
and dragged his shot well wide. It only
got worse for Johnson, who was sent
off in stoppage time.
TALKING POINT
While most teams have played around
20 games this season, last night was
the 27th of an already gruelling cam-
paign for Fulham. With one of the old-
est squads in the top flight, Martin Jols
enthusiasm for a prolonged European
adventure must be increasingly tem-
pered by concerns that a repeat of the
2009-10 run to the final could burn
them out long before their rivals. And
while they remain only three points
above the relegation zone, they cannot
afford to let their performance dip.
GAME STATS
FC TWENTE 1-0 FULHAM
4 ATTEMPTS ON TARGET 0
6 ATTEMPTS OFF TARGET 3
6 CORNERS 0
60% POSSESSION 40%
0 YELLOW CARDS 1
0 RED CARDS 1
3 OFFSIDES 1
10 FOULS 12
0 SAVES 5
DUGOUT VIEW
It was a difficult match because
Fulham got back to their own game in
the second half. Twente had to be
patient and maintain the tempo, but
we didn't make the mistake of playing
long balls and deserved
the win with the late goal.
FC Twente boss Co Adriaanse on his
teams first win over English opposi-
tion in 13 attempts
MAKING THE GRADE | London 2012 hopefuls go back to school

BRITISH London 2012 hopefuls from every single Olympic and Paralympic sport dusted off their uniforms for a school photo-style shoot yesterday with four-time gold medallist Sir
Matthew Pinsent as headmaster. Arsenal footballer Kieran Gibbs (row three, far left), tennis star Elena Baltacha (row two, fifth from left), sprinter Marlon Devonish (row four, fifth
from right), long-jump specialist Chris Tomlinson (top row, fifth from right) and teenage weightlifter Zoe Smith (front row, far right) were among the 47 Team GB representatives who
posed for the National Lottery event at the City of London School. The Lottery is supporting all Olympic and Paralympic summer sports and is investing 2.2bn in London 2012 venues,
infrastructure and legacy. Picture: THE NATIONAL LOTTERY
Exclusive: Sprinter
tells Frank Dalleres
why dopers deserve
a second chance
Devonish: I lost medals to drug cheats
but dont mind BOA scrapping life ban
EXCLUSIVE: GREENWOOD
BACKS ENGLAND BOSS DELAY
FORMER RED ROSE STAR CALLS FOR
NON-RUGBY MAN TO RUN RFU: P41

Cityam 2011-12-02

Enviado por

Dados do documento

Descrição original:

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Cityam 2011-12-02

Enviado por

Direitos autorais:

Formatos disponíveis

FTSE 100 5,489.34 -16.08 DOW 12,020.03 -25.65 NASDAQ 2,626.20 +5.86 /$ 1.57 unc / 1.17 unc /$ 1.

/ 1.17 unc /$ 1.35 +0.01

STRIKE GETS RETAIL TILLS RINGING

UK green target on track

INVESTORS in Omega Insurance

SALARIES in European investment

LOOSER rules on state aid to troubled

RICHARD HUNTER| HARGREAVES

DAVID JEARY | INVESTEC

PHILIP DORGAN | PANMURE GORDON

SHAREHOLDERS in Fosters Group

BRITISH American Tobacco (BAT) yes-

RUSSIAN firm Polyus Gold is

GOLDMAN Sachs reckons a bet

some lingering drachma, last seen

Clarity looks a bit Better

BRITISH inhaled-drug specialist

MAKING THE GRADE | London 2012 hopefuls go back to school

Você também pode gostar