Cityam 2012-03-15

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www.cityam.com
Issue 1,592 Thursday 15 March 2012
FREE
BUSINESS WITH PERSONALITY
Certified Distribution
30/01/2012 till 26/02/2012 is 98,573
TESCOS chief executive of UK operations
Richard Brasher is set to step down just one
year after taking the position, it is expected to
be announced this morning.
Group chief executive Philip Clarke will
assume responsibility for Tescos home opera-
tions.
Richard Brasher (pictured) joined Tesco in
1986 and was appointed to its board eight years
ago today, on 15 March 2004.
He took the helm of the supermarket giants
UK operations in March last year and was the
force behind Tescos Big Price Drop campaign,
launched last autumn, which led to the retail-
ers worst festive trading period in
decades.
In January Tesco released its first
profit warning in 20 years, admit-
ting that underlying profit in 2012
would be 450m lower than
expected.
The announcement sent its
shares plummeting 17 per cent, cut-
ting its market cap by 5bn in one day.
Tescos stock has failed to recov-
er from its January
plunge and remains
at a three-year low.
Brasher is the
third Tesco senior
executive to leave
the British company since former boss Sir
Terry Leahy left the group this time
last year.
David Potts, head of Tescos Asia
business, announced his retirement
in December just a few months after
Andrew Higginson, the retailers
executive director of banking and
online operations, said in August he
was leaving the company.
Tescos legal and corporate affairs
director Lucy Neville-Rolfe
plans to step down in
January 2013.
Analysts last night
questioned whether
Philip Clarke would
successfully juggle both Tescos group and UK
businesses, although Leahy ran both.
Retail analyst Nick Bubb tweeted, Its not
good when the CEO of a huge global group like
Tesco tries to micro-manage the UK business...
the cracks are showing, adding: Lucy Neville-
Rolfe would be a more obvious replacement for
Richard Brasher.
Bubb also called for Tim Mason, Tescos
deputy chief executive and the boss of its US
arm Fresh and Easy, to step into the Tesco UK
breach, tweeting: Tim Mason, your country
needs you.
It is not clear whether Brasher will leave
immediately, nor whether Clarke will fill the
vacant role on a permanent or interim basis.
Tesco declined to comment.
Tescos UK chief Richard Brasher set to step down
BIG government debts and a slower
than expected economic recovery have
seen the UKs outlook slashed by anoth-
er credit rating agency, in a major blow
to chancellor George Osborne.
Fitch announced last night that it was
revising the UKs outlook from stable to
negative, one week ahead of the Budget
placing pressure on Osborne to get the
public finances under control and
reform policies to boost economic
growth.
The verdict comes exactly one month
after fellow rating agency Moodys also
placed the UK on negative outlook.
The UK retains its gold-plated rating,
but the weaker outlooks suggest that it
could be under threat in the near future.
This is just another warning to any-
one who believes there can be deficit-
financed giveaways in next weeks
budget, a Treasury spokesperson said
last night.
Fitchs statement praised the coali-
tions efforts to rein in the govern-
ments huge annual deficit, yet warned:
The governments structural budget
deficit is second in size only to the US
and indebtedness is significantly above
the AAA median.
The governments own fiscal watch-
dog expects general government gross
debt to peak at the equivalent of 93.9
per cent of GDP in 2014-15, Fitch noted.
The public sector net debt measure is on
course to hit 78 per cent of GDP in the
same year. Net debt excluding financial
interventions is suspected to have
already passed the 1 trillion mark.
Fitch said that British banks are rela-
tively well placed to deal with potential
shocks, but that the UK economy was
still vulnerable to a hit from the
Eurozone debt crisis. The crisis is not
resolved and could once more intensify,
the note said.
Osborne had also faced criticism earli-
er in the day over a new plan to issue
extremely long term gilts to fund the
governments debts.
City economists said that the impact
of the treasurys plan to issue new 100-
year government bonds will be minimal
due to the Bank of Englands quantita-
tive easing (QE) programme.
Osborne will use the Budget to kick
off a study of demand for the issuance
of 100-year or perpetual gilts in an
attempt to lock in historically low
interest rates on state borrowing.
City analysts said that the plan was
sensible but that any benefit it could
bring is being far outweighed by QE.
Hendersons Simon Ward published a
new analysis yesterday showing that the
effective average maturity of Britains
debt stock has dropped by 2.2 years
since the Bank kicked off QE.
He said: QE is having a much bigger
impact in the other direction because
the Bank of England is taking long-term
bonds out of circulation and replacing
them with bank deposits. The effective
maturity of the UKs public debt has fall-
en substantially over the last few years.
Joanne Segar, chief executive of the
National Association of Pension Funds
(NAPF), also criticised the 100-year
bonds, saying they were too long for
most pension funds. Pension funds are
looking for 30, 40 and 50-year index-
linked debt, and would much rather the
government issue more of those.
ALLISTER HEATH: P2, JOBS RISE: P3
BY LAUREN DAVIDSON
RETAIL
NOW FITCH PLACES UK

ON NEGATIVE OUTLOOK
BY JULIAN HARRIS AND JULIET SAMUEL
UK ECONOMY
George Osborne was knocked by Fitchs negative outlook for the UK

GOLDMAN
FORCED TO
DEFEND
ITSELF
PAGES 2&6
News
2 CITYA.M. 15 MARCH 2012
NOTORIOUSLY private investment
bank Goldman Sachs was last night
forced to make public an internal
email reassuring its 30,000 employ-
ees, after a tumultuous day saw a dis-
gruntled ex-employee write a scathing
attack on the firm in the New York
Times newspaper, after he had
resigned.
The employees critique of the
bank, in which it was alleged that sen-
ior bosses regularly described clients
as muppets, was seized upon by rival
bankers only too pleased to denigrate
the bank they fear most in the finan-
cial markets. The article also
described the culture at Goldman
Sachs as toxic and destructive.
After a day of massively negative
publicity, Goldman Sachs top two
executives Lloyd Blankfein and Gary
Cohn emailed all staff, rejecting the
allegations made by its recent ex-
employee Greg Smith (pictured).
Instead, they highlighted recent sur-
veys that named the bank as a good
place to work and one that treated its
clients well.
Blankfein and Cohn said: Just two
weeks ago, Goldman Sachs was
named one of the best places to
work in the United Kingdom,
where this employee resides.
The firm was the highest
placed financial services
company for the third con-
secutive year and was the
only one in its peer group
to make the top 25.
We are far from perfect,
but where the firm has seen a
problem, weve responded
to it seriously and
substantively, the email continues.
However, around the City bankers
could hardly contain their pleasure in
watching Goldman Sachs reputation
being questioned.
That was a bulls-eye of a rant, said
one banker. It was almost like an
angry love letter.
Another banker said: This is big.
They will find it hard to deal with
this.
In his New York Times piece,
Smith, who worked in equity
derivatives, had described a
decline in culture at the
bank, which, he claimed,
had become increasingly
focused on making deci-
sions based on short-term
profit-making.
Outsiders said this observa-
tion might come as a blow
to Michael Sherwood,
the London-based executive who
many see as likely to replace Blankfein
in the next couple of years or so.
Sherwood is the last person to give
culture to that bank, said one banker.
The Goldman staff email offered a
route for employees to come forward
with any concerns they had about the
way the firm was run and it promised
that Smiths concerns, as articulated
in the New York Times article, would
also be looked at carefully.
It said that anybody that was
unhappy about issues about the way
the firm was being run had a mech-
anism for anonymously expressing
their concerns. We are not aware that
the writer of the opinion piece
expressed misgivings through this
avenue, however, if an individual
expresses issues, we examine them
carefully and we will be doing so in
this case. MORE: P6
BY DAVID HELLIER
BANKING
Rating blow must act as wake-up call

FIRST it was Moodys, now it is Fitchs
turn. Ahead of next weeks Budget, the
decision by the credit rating agency to
put the UK on negative credit watch
last night is another blow to George
Osborne, the chancellor, who had
made retaining Britains AAA-rating a
key priority. Fitchs decision puts the
chance of a downgrade at slightly over
50 per cent over the next two years.
I am no fan of the rating agencies,
but not for the usual reasons. Far from
being too harsh, or too ruthless, these
bodies are invariably too soft, too back-
wards-looking and cautious. Their
decisions are always months out of
date and they utterly failed during the
bubble. But Fitchs reasoning looks
plausible in this case. It highlighted
the risks posed to economic recovery
by ongoing financial tensions in the
Eurozone and against the backdrop of
a still large structural budget deficit
and high and rising government debt.
All of this makes sense.
The data is foggy and hard to deci-
pher; so it is tricky to predict what the
first quarters GDP performance will
be, let alone that of the remainder of
the year. Plenty of green shoots are vis-
ible but that has been the case for
two years now, and actual, official
recorded growth has disappointed.
But while the public finances have
been doing better than expected so far
this fiscal year, thanks to lower than
expected spending, the jobs market
remains stagnant, as yesterdays unem-
ployment figures showed, while wages
have taken a hit. Around 45,000 net
new jobs were created in the private
sector between November and January,
which wasnt great but nevertheless
enough to mop up the 37,000 jobs lost
in the public sector. But the surprise
was that pay rose by just 1.4 per cent
year on year in the three months to
January as a result of collapsing bonus-
es. This amounts to a large fall in real
terms, will hit spending and means
income tax receipts will disappoint.
Although Fitch did not put it in this
way, the UKs problems are simple: the
government is spending far too much
and the economy is not growing quick-
ly enough. The OECD estimates public
spending was a crippling 49.8 per cent
of GDP last year, following two years
where it was just above half. The gov-
ernments net debt will jump from
905.3bn in 2010-11 to 1.515 trillion by
2016-17, a massive increase.
Fitchs move came just 24 hours
after the chancellor had announced
plans for 100-year gilts, in an attempt
to lock in the UKs present unsustain-
ably low cost of government borrow-
ing. From the Treasurys narrow
perspective, such a move may make
sense yields would be artificially low
thanks to quantitative easing, slightly
easing the burden on taxpayers but it
reflects misplaced priorities. The gov-
ernment should be obsessed with lib-
erating the economy to boost growth
(and cut our scandalously high unem-
ployment) and with finding more sav-
ings in the public sector to cut the
deficit faster. It should not be
announcing with great fanfare fancy
debt schemes. It should be incentivis-
ing the creation of more wealth, not
endlessly seeking ways of taxing exist-
ing wealth.
There were other contradictions.
The government hates interest-only
mortgages but it thinks 100-year gilts
are fine. It rightly argues that large
deficits are morally wrong because
they lead to our children having to pay
for our profligacy. Yet it proposes a gilt
which will be repaid by our grand-chil-
dren and our great grand-children. No
wonder the public is confused.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
NEWS | IN BRIEF
Facebook traders charged by SEC
Two private funds established specifically
to acquire Facebook shares have been
charged by the Securities and Exchange
Commission for misleading investors and
pocketing undisclosed fees. The SEC
claims the fund managers Frank
Mazzola and Laurence Albukerk collec-
tively raised more than $70m. The
Commission also charged online trading
platform SharesPost, which has been facil-
itating private trading of Facebook stock,
for failing to register as a broker-dealer.
SharesPost will pay fines of $80,000 and
its chief Greg Brogger will pay $20,000.
Tube stops to have Wi-Fi
Londons commuters will be able to con-
nect to the internet while underground
from July when a Wi-Fi network is rolled
out across the Tube. Virgin Media will
sponsor free Wi-Fi during the Olympics at
80 of the London Undergrounds 270
stops. A further 40 stations will be added
to the network after the summer, when
passengers who are not Virgin mobile or
broadband subscribers will have to pay
on a use-by-use basis except for a new
travel information service which TfL will
provide for free.
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
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Stunned Goldman is forced
to fight for its reputation
FINANCIAL AUTHORITY URGED TO DROP
OPAQUE CHARGES
The new Financial Conduct Authority
should use its powers to remove
opaque banking charges and make it
cheaper for new lenders to enter the
market, a panel that represents the
interests of retail customers has
urged. In a paper to be published
today, the Financial Services
Authoritys consumer panel warns of
stagnant and ineffective competi-
tion in the current account market
that needs addressing urgently.
DROUGHT AND OIL PRICE RISE SET TO
DRIVE INFLATION
Food prices are set to surge as
droughts across England and the ris-
ing oil price drive inflation, analysts
are warning. Signs of growing infla-
tionary pressure, already evident at
the petrol pumps, come at a time
when British shoppers were expect-
ing a breather.
COALITION NOT SEEN AS BUSINESS
FRIENDLY
One in three of the UKs biggest com-
panies think that the coalition gov-
ernment is not business friendly,
according to the first FT/ICSA
Business Bellwether survey. By con-
trast, just 13 per cent believe the gov-
ernment is favourably disposed
towards business. The results, based
on answers from FTSE-350 company
secretaries, come as new proposals
from Vince Cable, business secretary,
to curb excessive executive pay have
already been attacked.
AIRPORT IN DISPUTE OVER GROWTH
PLAN
The operator of Luton airport has
stepped up its dispute with the local
council by announcing a rival expan-
sion plan to counter the councils
blueprint for growth.
AFTER LONE PRICE RISE, WILL BIG SIX
FOLLOW SUIT?
An independent energy supplier has
broken ranks to lift its prices.
Ovo Energy blamed higher wholesale
costs for its decision to increase its
duel electricity and gas tariff by 7.7 per
cent to 1,140 per year, equivalent to
81 per household. Analysts warned
that the Big Six energy companies
were likely to follow suit.
FSA CALLED TO ACCOUNT ON INTEREST
RATE SWAP CONCERNS
The chairman of the powerful
Treasury Select Committee has inter-
vened in the growing controversy over
the sale of complex derivatives by
investment banks to small businesses.
Andrew Tyrie said firms had attempt-
ed to raise the issue with the FSA and
he wanted to clarify what it had found.
BHP BILLITON PICKS LONDON FOR
TRADING UNITS
BHP Billiton, the worlds biggest
miner, is bringing key trading opera-
tions to the UK, a move seen as a vote
of confidence in Londons position as
a global centre for the natural
resources industry.
QATAR WEALTH FUND BUYS TWO PER
CENT OF FRANCES TOTAL
Qatars sovereign-wealth fund has
accumulated a two per cent stake in
French oil company Total SA over sev-
eral months, according to a person
familiar with the matter, the latest
sign of the tiny emirates buying
power in France.
EU SEEKS FACTS ON TELECOM
MEETINGS
The European Unions antitrust watch-
dog has requested information from
five of the regions biggest telecommu-
nications companies concerning meet-
ings they held to discuss standards in
mobile communications, an EU com-
petition spokesman said yesterday.
WHAT THE OTHER PAPERS SAY THIS MORNING
The new jobs website for London professionals
CAREERS.com
JOBLESSNESS fell again from its
November peak, new data showed yes-
terday, but youth unemployment hit a
new high.
Unemployment stood at 2.666m in
the three months to January, down
5,000 on the same period to December
and 19,000 a month earlier, figures
from the Office for National Statistics
(ONS) revealed, though the changes
are small enough that unemployment
held at 8.4 per cent.
Optimism among employers is by
no means strong, but it is starting to
return, said Yakub Zolynski from
recruiters Market Mavens.
Over the past month or so, more
companies have committed to taking
on senior staff, which bodes well for
employment numbers.
There was a large shift towards part-
time employment, which rose 59,000
while full-time employment fell
50,000. An additional 110,000 part-
time workers said they could not find
full time work, taking the total that
want to work longer hours to a record
1.38m.
Youth unemployment rose 16,000 in
the three-month period to 1.04m, or
22.5 per cent of economically active 16
to 24-year olds the highest level since
records began in the late 1980s,
prompting more calls for action from
George Osborne in his Budget next
week.
We cannot afford to see fresh
records broken in youth joblessness
with such depressing frequency, said
Brendan Barber, general secretary of
the Trades Union Congress.
Bold new measures such as a youth
jobs guarantee and tax breaks for
investment are needed to get our econ-
omy growing again.
Employment minister Chris
Grayling agreed, saying businesses
need support to keep creating jobs.
By gender, male employment fell
2,000 while an additional 10,000
women were in work in the three
months to January.
The private sector created 45,000
jobs in the final quarter of 2011, out-
stripping the 37,000 fall in public sec-
tor employment and leaving a
rounded gain of 9,000 jobs.
Of those public sector job losses,
33,000 were in local government,
while central government employ-
ment increased by 3,000 in the quarter
though the figures are slightly
skewed as academy school staff count
as central government employees,
pushing up that headcount and
diminishing local payrolls.
Over the twelve months to
December, public sector layoffs out-
stripped private sector job creation, as
270,000 state jobs were lost while pri-
vate employment rose by only 226,000
jobs.
FORUM: P25, VOICE OF THE CITY: P10
Jobs rise as
confidence
boosts hiring
FINANCIAL services workers saw
weekly pay fall in January as bonuses
came in far lower than last year, data
showed yesterday.
Wages in the industry fell to an
average of 592 per week, down one
per cent on the same month of 2011
figures from the Office for National
Statistics (ONS) revealed.
January was the first month of this
years bonus season in which the cash
was paid out, and they were down
22.8 per cent on the same month last
year.
Wage growth in the private sector
fell from 2.2 per cent to 1.7 per cent,
while in the government sector it fell
from 1.7 per cent to 1.3 per cent.
The small rises in pay are well
below the rate of change in consumer
prices, which rose 3.6 per cent in the
year to January, and retail prices
which rose 3.9 per cent.
Continued high prices are likely to
impact on the wider economy, econo-
mists warned.
Increases in consumer spending
are likely to be weak over the year as
real income erosions from inflation
continue and the persistently high
price of oil hits household budgets
through fuel costs, said the Centre
for Economics and Business Research.
MOTHERS DAY
SUNDAY 18
TH
MARCH
VISIT YOUR LOCAL STORE
ONE NEW CHANGE CANARY WHARF COVENT GARDEN KNIGHTSBRIDGE
OXFORD STREET RICHMOND WESTFIELD LONDON WESTFIELD STRATFORD CITY
PANDORA.NET
City bonuses tumble as price
rises keep outstripping wages
BY TIM WALLACE
UK ECONOMY
BY TIM WALLACE
UK ECONOMY
Economics
Employment minister Chris Grayling welcomed rising private employment Picture: GETTY
ANALYSIS l Male jobless rate is higher
Nov/Jan
2011
Feb/Apr
2011
May/Jun
2011
Aug/Oct
2011
Nov/Jan
2012
9.0
7.0
8.0
6.0
p
e
r
c
e
n
t
Men
Woman
ANALYSIS l Unemployment has begun to fall
Nov/Jan
2011
Feb/Apr
2011
May/Jun
2011
Aug/Oct
2011
Nov/Jan
2012
2,700
2,450
2,550
2,300
The labour market shows tentative signs of life
A

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a
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m
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r

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HERON has appointed Savills as the
leasing agent for the Heron Tower in
the City as the company kicks off a
new marketing campaign in May to
lease the remaining floors of the sky-
scraper.
Savills has won the prized mandate
after Heron decided last month to
shake-up its leasing teams as part of a
new drive to secure tenants for the
building, which is 50 per cent let.
Cushman & Wakefield one of
the two incumbent agents
alongside CBRE was
asked to re-pitch.
Cushman will
retain the man-
agement of the
building.
City landlords
have been hit by a
lack in demand
for office space, as
firms put off com-
mitting to new
space amid eco-
nomic uncertain-
ty.
The Heron,
completed last
year, is still look-
ing to lease floors
2-8 and the top
floors from 23-37.
Heron appoints
Savills for City
tower mandate
PROPERTY
News
THE NEW concourse at Kings
Cross station was unveiled yester-
day, marking the end of a five-
year makeover at the central
London station.
The steel and glass dome,
which weighs 1,700 tonnes, was
designed by architect John
McAslan to complement the rest
of the Grade I listed station.
Commuters will be able to
walk through the new wing from
next Monday.
Mayor of London Boris
Johnson and transport secretary
Justine Greening officially
opened the station yesterday
alongside Network Rail chief
David Higgins.
The new western concourse, at
a cost of 550m, is part of
Network Rails 2.5bn, 10-year
upgrade of the Kings Cross St
Pancras and surrounding area,
which runs until 2013. More
than 45m people travel through
Kings Cross station a year.
BY MARION DAKERS
TRANSPORT
Stunning new concourse at Kings Cross opens

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MPs told government agency UK
Financial Investments (UKFI) that it
is wrong to protect high pay at
state-owned banks RBS and Lloyds
in a treasury committee hearing
yesterday.
But executives at UKFI, which
manages taxpayers stakes in the
bailed-out lenders, declared that it
is precisely their role to provide a
nuclear deterrent against such
political meddling so as to preserve
value for the Exchequer.
UKFI chairman Robin Budenberg
said: We have a choice. We could
either pay the employees of RBS on
a basis that we consider competi-
tive albeit that I think across the
board in RBS pay is at the low end
of the competitive range or we
could do away with any pretence of
competitive pay. And my own view
is that that would not be in the
public interest. We might find one
or two people who would be pre-
pared to do that but you would
find it impossible to keep and
attract the sort of people you need
to run an incredibly complex
bank.
Andrea Leadsom MP fired back:
I completely disagree with you.
She said the proof is in the pud-
ding that RBS chief executive
Stephen Hester decided to waive
his bonus rather than quit his job.
But UKFIs Jim ONeil confirmed
that major private investors have
raised serious concerns with the
agency about how politicians are
damaging the value of their shares.
UKFI also revealed that the
advice fees it paid Deutsche Bank
for the 747m sale of Northern
Rock amounted to 1.84m and said
that building societies had been
put off bidding for the bank due to
regulatory confusion over how
they can raise capital.
UKFI clashes with MPs over top
level pay at state-owned banks
UKFI chair Robin Budenberg said pay
needed to be competitive
BY JULIET SAMUEL
POLITICS
News
NEWS | IN BRIEF
Shadow banking faces reform
The shadow banking sector continues
to pose risks to the UKs financial stabil-
ity, Lord Turner, chairman of the
Financial Services Authority warned
yesterday, as he insisted a fresh
approach to its regulation was neces-
sary. Turner, speaking to the CASS
Business school, said it was urgent that
the shadow sector, such as money mar-
ket funds aimed at retail investors,
were reformed in the same way as nor-
mal banks.
The sprawling array of non-banks that
extend credit and provide other bank-
like services are not something parallel
to and separate from the core banking
system, but deeply intertwined with it ...
We need to ensure that our regulatory
response appropriately covers shadow
banking as well as banks, Lord Turner
said.
RICHARD Siewert Jnrs appointment
as the new head of public relations at
Goldman Sachs was only officially
announced to staff on Tuesday.
But by yesterday morning the for-
mer press secretary to President Bill
Clinton was thrown into his first
fully-fledged firestorm.
In an unauthorised article for the
New York Times, Greg Smith, a
London-based employee who worked
in derivatives and who had been at
the firm for 12 years, said that the
environment at the firm had become
toxic and destructive.
Smith said that over the last 12
months he had seen five different
managing directors refer to their
own clients as muppets some-
times over internal e-mail.
There was talk yesterday that
Smith had felt bitter about the size of
his most recent bonus and others at
the bank pointed out that as a vice
president, he wasnt especially sen-
ior. But nobody could dismiss his
observations entirely.
Smith said in his article that he
was most disappointed by how the
culture of the firm had become
degraded under the leadership of
Lloyd Blankfein.
He wrote: The culture was the
secret sauce that made this place
great and allowed us to earn our
clients trust for 143 years. It wasnt
just about making money; this
alone will not sustain a firm for
so long.
Goldman Sachs, which later
sent an email to all its employ-
ees (bottom right) in a bid to
reassure them after the article
was published, said: We dis-
agree with the views
expressed....In our view, we will
only be successful if our clients
are successful. This fundamental
truth lies at the heart of how
we conduct ourselves.
One recruiter
warned that
Smiths bold
parting shot could make it tricky for
him to find a new employer.
If Smith is looking for a new job,
hes playing a very dangerous game,
said Dave Way of Marks Sattin.
Like most of the Citys major
employers, Goldman Sachs have a
strong network of alumni running
companies across the world who
could be bosses or clients for high-
level professionals changing
jobs. Those that didnt
leave for the same rea-
sons as Mr Smith may
not think his words
about their former
colleagues were
particularly well
chosen.
Top PR job at Goldman
was never going to be
a walk in the park
BY DAVID HELLIER
FINANCIAL
Focus on Goldman
TODAY is my last
day at Goldman
Sachs. After almost
12 years at the firm first
as a summer intern while at
Stanford, then in New York
for 10 years, and now in
London I believe I have
worked here long enough to
understand the trajectory of
its culture, its people and its
identity.
And I can honestly say that
the environment now is as
toxic and destructive as I
have ever seen it.
To put the problem in the
simplest terms, the interests
of the client continue to be
sidelined in the way the firm
operates and thinks about
making money.
Goldman Sachs is one of the
worlds largest and most
important investment banks
and it is too integral to global
finance to continue to act
this way. The firm has
veered so far from the place
I joined right out of college
that I can no longer in good
conscience say that I identify
with what it stands for.
Greg Smith
Goldmans new PR
boss Richard Siewert
Jnr has been thrown
in at the deep end
Dear all,
By now, many of you have read the submission in todays
New York Times by a former employee of the firm. Needless
to say, we were disappointed to read the assertions made by
this individual that do not reflect our values, our culture and
how the vast majority of people at Goldman Sachs think
about the firm and the work it does on behalf of our clients
We are far from perfect, but where the firm has seen a
problem, weve
responded to it seriously and substantively.
Thank you.
Lloyd C. Blankfein
Gary D. Cohn
NEW8 FROM THE
CTY OF LONDON
Get City news, info and offers at
www.cityoflondon.gov.uk/eshot
8tories supplied by the City of London
ADVERT8EMENT
Charles Dickens
lecture at
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enny Hartley, editor of 'The
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followed by a wine reception and
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Join Sonia Solicari,
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at 3pm for an exploration
of Keats and the cult of
the poet in early
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FREE with an admission
ticket to the House.
Lord Mayor Alderman David
Wootton leads a City of London
business delegation to Australia,
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to promote London and the UK's
financial services to business
leaders and policy makers.
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J
TOP staff at Barclays cashed in around
30m worth of shares this week, the
bank said yesterday, just weeks after it
revealed that chief executive Bob
Diamond took home pay, shares and
benefits totalling 17m last year.
Diamond sold 29,168 shares worth
nearly 70,000 as part of the firms
long-term share award schemes.
He also kept some 27,000 of the new
shares, taking his total holding above
13.23m.
But his payout yesterday was
eclipsed by BarCaps co-chief Rich
Ricci, who netted more than 9.7m by
selling all 4m shares awarded.
Fellow co-chief Jerry del Missier also
sold more than 4m shares, raking in
10.8m. BarCap generated half of
Barclays pre-tax profits in 2011.
Others who cashed in included
finance director Chris Lucas, who sold
613,536 shares; Barclays retail bank-
ing head Antony Jenkins who sold
nearly 789,231; and wealth manage-
ment head Thomas Kalaris who sold
471,187.
The share sales which reflect
awards to executives that the bank
has already announced took place
on 12 March, when Barclays share
price stood at 239.88p.
CABLES EXEC PAY PLANS: P10
Barclays execs are quids
in after 30m share sale
Barclays chief executive Bob Diamond sold shares given as long-term awards Pic: GETTY
BY MARION DAKERS
BANKING
News
NEWS | IN BRIEF
NAMA needs more property sales
Irelands state-run National Asset
Management Agency (NAMA) needs an
additional 4bn (3.3bn) of property
sales by the end of 2013 to meet a target
under the countrys EU-IMF bailout, said
the agencys chief executive yesterday.
NAMA, one of the worlds largest proper-
ty groups, has already approved sales of
over 7bn out of its 74bn portfolio of
land and development loans.
Coalition makes 200m IT savings
The government has managed to cut
200m in costs from its IT outsourcing
work by renegotiating its deal with
Gapgemini, cabinet secretary Francis
Maude said yesterday. He said the sav-
ings in the contract for work to 2017
showed how the government is
operat[ing] more like a good business.
A further 180m is expected to be saved
in other contract renegotiations this year.
LEGAL & General (L&G) posted the
biggest rise on the FTSE 100 after
the insurer said it would increase
its 2011 dividend by more than a
third to 6.4p.
The board justified the bumper
payout which reverses a cut
made during the 2008 financial cri-
sis on the basis that the company
enjoyed the combination of
growth and strong cash genera-
tion.
It still looks very positive for fur-
ther increases in future, L&G chief
executive Tim Breedon told
reporters yesterday.
Operating profit was up five per
cent to 1.06bn as sales gained
seven per cent to hit 1.9bn, assist-
ed by a 34 per cent jump in earn-
ings at its asset management arm.
Shares in L&G closed the day up
5.5 per cent at 134.3p, meaning
they have now gained an astonish-
ing 42 per cent in the last six
months. The insurer has been at
the forefront of an industry drive
to boost cash generation by reduc-
ing commission payments to bro-
kers and focusing on products that
require lower capital reserves.
Although the 2011 dividend is
covered 2.25 times by cash genera-
tion, L&G aims to move towards a
coverage ratio of two times.
Breedon said it could go even lower
if market and regulatory uncer-
tainties are lifted.
L&G leads FTSE 100
after dividend rise
BY JAMES WATERSON
INSURANCE
News
ALPHA Bank yesterday scrapped plans
to tie up with rival Eurobank, in what
would have been Greeces largest bank
merger in decades but instead became
a casualty of the countrys bond
restructuring.
Alpha Bank had said in January it
would put the merger, agreed in
August, on hold until the terms of
debt-crippled Greeces bond swap were
finalised.
As Greeces cabinet unanimously
approved the terms of its 130bn inter-
national bailout yesterday, Alpha Bank
said it had decided to go it alone.
The lenders had initially sought to
form the nations largest bank to cope
with a crisis that has caused rising bad
debts and prompted many depositors
to take their cash elsewhere.
Their share swap deal looked as if it
would hit the rocks when it became
clear that the Greek bond exchange
also known as private sector involve-
ment (PSI) would inflict a bigger hit
on their portfolios, and disproportion-
ately on Eurobank, which had roughly
double the exposure to Greeces sover-
eign bonds.
The market has known for weeks
that this merger effort had soured, an
Athens-based banking analyst said.
Todays development is them formal-
ly pulling out.
A spokesperson said Alpha Banks
board will convene a general share-
holders assembly where it will pro-
pose calling off the merger. Alphas
board meeting is set for 27 March.
The board will explain to share-
holders why the merger is no longer in
their interest, another Alpha Bank
official said.
Alpha Bank ditches
plan to merge with
Greeces Eurobank
BY HARRY BANKS
BANKING
ANALYST VIEWS: CAN LEGAL & GENERAL MAINTAIN ITS GROWTH?
MARCUS BARNARD
ORIEL
The outlook statement is upbeat
seeing further opportunities to grow in the
core UK despite the considerable changes
and challenges that lie ahead. New business
strain was helped by better terms in the
annuity market meaning net cash genera-
tion was 846m, up 11 per cent and four
per cent ahead of expectations of
817m. Target price: 162p. BUY.
KEVIN RYAN
INVESTEC
We continue to view Legal &
General as strategically challenged with just
13 per cent of profit generated outside the
UK. If Solvency II were to insist on signifi-
cantly higher levels of capital required for
writing annuities, we believe this would pro-
vide the company with a serious challenge.
Target price: 104p. SELL.
EAMONN FLANAGAN | SHORE CAPITAL

Legals reported a powerful set of 2011 results with the 35 per cent growth in the full year dividend, to
6.4p, the highlight. This finally lays to rest the ghost of the 2008 dividend cut and is supported by excellent cash
generation, IFRS operating profits and earnings. Legals sees little prospect of a rebound in real economic
growth in 2012 but remains confident of its own prospects in the risk, annuity and savings marketwe
tend to agree! Target price: 125p. BUY.
ANALYSIS l Legal & General Group PLC

p
8Mar 9Mar 12May 13May 14May
135.0
132.5
130.0
127.5
125.0
122.5
120.0
134.30
14 Mar
RESCUE could be on its way for Game
Group as private investment firm
OpCapita has offered to buy the strug-
gling video games vendors debt.
A source close to the proceedings
told City A.M. that OpCapita has
approached Games lenders a group
led by RBS with an offer to buy the
retailers debt and pay off in full its
overdue bills to suppliers.
Games troubles escalated recently
when major suppliers including
Nintendo and Electronic Arts refused
to sell their new releases to the video
games shop.
Game confirmed a third party has
shown interest in providing additional
funding for the company.
The third party is seeking a dia-
logue with the groups current
lenders, however there is no certainty
to the outcome.
RBS declined to comment on any
discussions with OpCapita.
On Monday Game, which will face a
quarterly rent bill in under two weeks,
cautioned investors that it could soon
crash into administration, leaving
shareholders with worthless stock.
Hillco and Walmart have been
named as potential saviours for Game,
which runs 1,270 stores across Europe
and Australia. Neither have comment-
ed on their intentions regarding the
British video games vendor.
Game shares rose 83 per cent, or
0.95p, to 2.1p yesterday.
BY LAUREN DAVIDSON
RETAIL
Lifeline thrown
at Game Group:
OpCapita offers
to buy its debt
Game, led by boss Ian Shepherd, could be saved if OpCapitas offer is accepted
VINCE Cables plans to crack down on
executive pay split opinion yesterday,
with shareholder groups welcoming
the proposals as business leaders
warned that the plans risk micro-
managing.
The business secretary yesterday
laid out plans to force firms to hold
binding votes on its future remunera-
tion and for golden parachute pay-
ments worth more than one years
salary, in a bid to curb spiralling pay at
the top of listed firms.
Lawyers, including Freshfields part-
ner Simon Evans, predicted that even
typical executive exit payments will be
caught under the proposed rules, and
could force firms to buy directors out
of their current terms of employment.
Cable also said a higher than nor-
mal portion of investors should be
required to approve future pay pack-
ets, to reflect the increasingly frag-
mented nature of the stock market.
But CBI director general John
Cridland said: The [threshold] would
be damaging, leaving decision making
about company strategy in the hands
of a minority of shareholders who may
not represent the wider group.
The Institute of Directors, which
supports more powers to curtail execu-
tive pay, also voiced concerns about
setting arbitrary thresholds.
But investor group PIRC said the
plans help foster a retooling of share-
holder rights in respect of pay.
PIRC and the National Association
of Pension Funds both pointed out
that shareholders already have some
binding powers.
WORLDSPREADS lost its chief execu-
tive yesterday as Conor Foley (pictured)
quit his role at the spread betting
house.
Worldspreads ex-boss Roger Hynes,
who moved from the financial servic-
es group to CMC Markets, will resume
his former seat on an interim basis.
The shift comes just two weeks after
Worldspreads released a profit warn-
ing due to an unusual pattern of
client trading. The company said it
anticipates a full-year loss due to a
combination of benign market condi-
tions and low volatility in certain
key markets.
Worldspreads chairman
Lindsay McNeile commented:
Whilst Conor has expressed his
desire to channel his personal
energies into other fields, we
are delighted that as the
largest individual shareholder
in the group he remains fully
supportive of our manage-
ments growth plans.
She welcomed Hynes back
to the spread betting compa-
ny, saying his insights and
reputation are unmatched
within the industry.
Niall OKelly, Worldspreads ex-
chief financial officer, departed
alongside Foley after announcing
at the end of February his res-
ignation.
Worldspreads said
CMC Markets veteran
Roger Hynes position
would be on an interim
basis while the firm
undertakes a global
search for a new chief.
Shares in the AIM-list-
ed company fell four
per cent to 35.5p.
FINANCIAL SERVICES
News
NEWS | IN BRIEF
Unite rejects Olympics Tube bonus
Unite the union yesterday rejected
London Undergrounds offer of an 850
Olympics bonus for its maintenance and
management workers. Unite said the
offer, which is still being considered by
transport union RMT, had strings
attached [that] are totally unacceptable
including a requirement to work flexibly.
Unite has also announced a ballot of
London bus drivers over their proposed
500 bonus to work during the Games.
SocialGo reduces its losses
SocialGo has unveiled a software
update which gives the social network
builder a closer integration with
Facebook and allows its users to create
a better featured and bespoke version
of a Facebook group. SocialGo, which
raised 1.63m of capital from two share
placings last year, reported revenues of
734,000. Its operating loss for the
year was 1.18m, down on a pro-rata
basis from a 1.07m loss in the nine
months before.
Correction
On Tuesday, City A.M. printed an article
entitled Gulf Keystone shares plunge,
which quoted a note from Seymour
Pierce analysts that included an interview
with chief executive Todd Kozel that it
said took place last weekend. Seymour
Pierce has since corrected the note to the
effect that the quoted interview actually
took place several years ago. We apolo-
gise for any confusion caused.
AT A GLANCE: CABLES EXEC PAY PLANS
CABLES PLANS FOR EXEC PAY
Business secretary Vince Cables consulta-
tion on executive pay published yesterday
set out plans that he hopes will give share-
holders more influence over executive pay.
BINDING YEARLY PAY VOTES
Cable wants an annual binding vote on
every listed companys future remuneration
policy. Because of the fragmented nature
of shareholders in UK-listed firms, the
report proposes a 75 per cent threshold.
PAST PAY ADVISORY VOTES
To keep tabs on how popular the resulting
pay packages are, Cable also sets out a
non-binding annual vote on the past years
remuneration. If this fails to pass 75 per
cent, the firm should give an explanation.
EXIT PAYMENTS WILL FACE A VOTE
Firms would also have to win a vote on exit
payments worth more than one years
salary. The report admits this could lead to
delays to payouts, but hopes the plans
prompt investors to voice concerns early.
MORE DETAIL AND TIMINGS
The government will later this year bring
out a more rigid guide to what companies
should include in their remuneration report.
Companies can submit responses until 27
April, and the government aims to bring
new rules into law by spring 2013.
www.RateSetter.com Customer Phoneline: 08442490115
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JOHNATHAN EVANS | SAMMONS ASSOCIATES
ROBIN CULLIGAN | PRICE FORBES AND PARTNERS
Im most concerned about youth unemployment to be
honest. I have siblings graduating university soon and
Im worried about them finding jobs.
NICK BROWN | ALLIANZ
Im not worried for myself, but I am worried about the
youngsters. I work with a lot of young people and I fear for
them. Theyre in debt from university and cant get jobs.
* These views are those of the individuals below and not necessarily those of their company
Worldspreads takes back old
boss as chief exec Foley quits
CITY VIEWS: ARE YOU WORRIED ABOUT UK
UNEMPLOYMENT?* Interviews by Kendal Gapinski
Yes, I am worried about the unemployment rate. At the end of
the day, the high unemployment rate is not good for anybody.
Cables plan
for pay votes
splits the City
BY MARION DAKERS
CORPORATE GOVERNANCE
Business secretary Vince Cable wants more shareholder power over pay Picture: GETTY
LEX
VAN DAM
RICHARD
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HEATH
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MAY 2012
Arriving
AFTER TWO YEARS OF
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WE ARE IN
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CITYA.M. 15 MARCH 2012
The Capitalist
L
ife in the Citys financial advisory
sector has been full of change late-
ly, especially at the firms which tai-
lor their expertise to the small to
mid-cap corporates.
Theres been a merging of Evolution
and Investec; theres a possible merger
between Canaccord and Collins Stewart
to come, with likely job cuts on the
cards; there have been job cuts this week
at Oriel Securities; and theres been the
merger of the Spanish group N + 1 and
Brewin Dolphins advisory business to
make N + 1 Brewin.
Now the Capitalist is hearing tales, sadly
uncorroborated, that N + 1 Brewin itself
could be looking at merging its opera-
tions with another.
Sources have suggested there have
been talks between it and Singer Capital
Markets but a phone-call to Singer chief
executive Tim Cockcroft leaves us none
the wiser.
Cockcroft, who is away from the office
nursing a sports injury, declined to com-
ment on market speculation.
Our sources suggest that if a deal went
ahead, Cockcroft, a former Peel Hunt
man, would be in charge rather than N +
1s James Cumming. Sadly Cumming
was unavailable for comment.
It would be very soon after the launch
of N + 1 Brewin for such a deal to be con-
templated but it is a fast-moving world
for the sectors top players at the
moment, whether theyre injured or not.
The Capitalist would love to hear more
from anybody who manages to eke out
some details.
13
N + 1 PLUS
ANOTHER
ONE.........
JP MORGAN STARTS
ITS MOVE
There was much clattering of chairs
and sideboards yesterday at JP
Morgans Aldermanbury offices in the
City of London as removal people began
the shift eastwards to the US banks
new London headquarters at
the former Lehman
building in Canary
Wharf. JP Morgan started
moving people last
month and has already
installed its name-
plate at the new
building.
Sources say it will contin-
ue moving people until the start
of the Olympics, after which there will
be a fortnights break before the move
is finally completed some-
time in the autumn.
Lets hope the client lift
at the new building is
blessed by the same
courteous butler-
dressed attendant to
assist clients along
their way in the firms
new shiny home.
Got A Story? Email
thecapitalist@cityam.com
City workers may have noticed a
rise in the number of lycra-clad
runners pounding the pavements dur-
ing lunchtime breaks, as the date of
the London marathon (22 April) draws
nearer.
Yet two Linklaters lawyers are
going far further: Richard Youle and
Peter Lewis are running the Marathon
des Sables next month, a gruelling 150
mile trek through the Sahara Desert.
Three charities will benefit from the
pairs arduous adventure Missing
People, Neuro Foundation, and the
Morocco-based Solidarite.
To contribute to their fundraising,
readers of the Capitalist can visit:
uk.virginmoneygiving.com/teamshuffle
News
ZYNGA is planning a secondary offer-
ing of $400m (255m) in a bid to keep
its current investors happy.
The social gaming company, which
listed for $10 a share in December,
wants its main shareholders to agree
to a longer lock-up period usually
six months in which they cant
offload their shares.
It could be trying to avoid the fate of
LinkedIn, whose stock dropped 14 per
cent in the days after its six month
period came to an end in November.
Zynga, which works closely with
Facebook, will not receive any pro-
ceeds from the offering.
PUB operator Marstons reported solid
trading yesterday despite a tough peri-
od for the leisure sector and said it
was looking ahead to a strong 2012.
Like for like sales over the last 23
weeks were up 3.5 per cent on last
year at the British brewer which has
2,150 outlets across the country as
food sales grew 3.9 per cent and drink
sales rose 3.4 per cent.
Although this is a slight decline on
the five per cent Marstons was up
over the Christmas and New Year peri-
od, it remains significantly ahead of
the industry, which fell 2.1 per cent in
January and 3.7 per cent in February
according to the Peach Tracker which
monitors sales of eating and drinking
out.
But pub operators remain on
unsteady footing ahead of next weeks
Budget which could add 10p or more
to the price of a pint.
Marstons chief executive Ralph
Findlay told City A.M., The beer duty
escalator, which rises tax by two per
cent over and above inflation, is huge-
ly damaging to the pub sector.
Its simply staggering how much
theyre taking out of the pub sector
and its not sustainable in the long
run. The situation cant afford to get
any worse.
But the pub and bar operator is
increasing its rate of investment, plan-
ning to open 25 new pubs this year
compared to 19 last year and 15 in
2010.
The Euro 2012 championship and
the Queens Jubilee are expected to
boost sales over the summer but
this also depends on the sunshine and
how well Englands football team
does, Findlay told City A.M.
Marstons, whose rivals include
Mitchells & Butlers, Greene King and
JD Wetherspoon, said sales of its own-
brewed beer, which includes Pedigree
and Hobgoblin beer, were up two per
cent.
Marstons up
despite fears
over Budget
EUROPEAN publishing group Mecom
reported a two per cent drop in rev-
enues to 1.06bn in 2011 as advertising
income fell seven per cent to 461.5m.
Pre-tax losses were 33.4m an
improvement on 2010s loss of 94.8m.
Mecom also said it had acquired
near total control of Wegener, its
Dutch regional newspaper unit that
accounts for 83 per cent of the groups
profit, by buying a 13.3 per cent stake
from Governance for Owners thereby
taking its holding to 99.7 per cent.
Mecom boss Tom Toumazis said the
company was considering delisting
Wegener from the Dutch exchange.
Mecom rocked
by low ad sales
Zynga: second
share offering
BY LAUREN DAVIDSON
LEISURE
TECHNOLOGY
MEDIA
ANALYSIS l Marston's PLC

p
102
101
100
99
98
97
96
99.70
14 Mar
BRITISH technology firm Smiths
Group yesterday reported a slight
increase in first-half pre-tax profit as
higher sales to the oil and gas industry
offset weakness at its detection busi-
ness, which has been hit by govern-
ment spending cuts.
Smiths detection unit, which
makes X-ray scanners used at airports
and advanced explosion scanners, has
been especially hit by delays in large
orders from government agencies
looking to cut public spending, and
the company warned this would likely
continue through the year.
The economic environment
remains uncertain and continued
pressures on government spending
are likely to affect some of our divi-
sions, Smiths said yesterday.
However, the company, which also
makes medical devices and fuel hoses,
said it saw further potential to grow
overall sales, and added it was confi-
dent of meeting full-year expectations.
For the six months ended 28
January, pre-tax profit rose two per
cent to 217m, beating estimates of
181.5m. Sales rose three per cent to
1.42bn, in line with estimates.
Smiths Group warns of the
impact from spending cuts
BY HARRY BANKS
TECHNOLOGY
Smiths Group boss Philip Bowman said revenues in its detection arm had fallen
FRENCH CONNECTION said yesterday
it was launching a review of its UK
operations after a disappointing per-
formance caused profits to slide by 32
per cent in 2011.
The group, whose eponymous
brand accounts for over 90 per cent of
its revenue, reported pre-tax profits of
5m in the year to the end of January,
in line with expectations after a profit
warning in November last year.
Chairman and chief executive
Stephen Marks, who founded the com-
pany in 1977, said after experiencing
the most difficult winter season in
all his years in the business, French
Connection would be reviewing its
operations to improve sales and mar-
gins.
We are very aware that there will
be no quick solutions and that
changes we make will take time to
have an impact.
Marks, however, was more upbeat
about the groups international opera-
tions and said it would look to expand
overseas this year and open more
stores in China, Hong Kong and India.
BY KASMIRA JEFFORD
RETAIL
GREGGS said it has introduced extra

promotions and discounts in its worst
performing regions to entice cash-
strapped customers, as sales slowed in
the first weeks of the year.
Chief executive Ken McMeikan said
the 1.8 per cent fall in like for like
sales in the first 10 weeks of 2012
reflected a four per cent drop in the
number of shoppers on the high
street.
While trading in London remained
positive, McMeikan said the company
was offering deals like two sausage
rolls for 1 in Scotland, the north east,
and the Midlands to boost trade.
He was speaking as the group
revealed a 1.1 per cent rise in pre-tax
profits to 53.1m in 2011.
Sales rose eight per cent to 701m
as meal deals and breakfast offers
proved popular with customers and it
sold a record 17.3m cups of coffee.
McMeikan said despite tough mar-
ket conditions the group was forging
ahead with 90 new store openings
this year, adding that the closure of
several high street retailers was in
some cases allowing the group to get
cheaper deals in new locations.
Greggs hopes special offers
will reverse its slowing sales
BY KASMIRA JEFFORD
RETAIL
HUGO Boss said sales growth would halve this year, cooled by a likely slowdown in red-
hot Chinese demand for designer labels. The German fashion house, controlled by private
equity house Permira, also announced plans to convert all its preference shares into ordi-
nary shares, rekindling speculation that the buyout firm could seek an exit soon. In
November Permira denied having any imminent exit plans. Picture: GETTY
News
RED-HOT GROWTH COOLS FOR HUGO BOSS
Slump in UK
hurts French
Connection
ANALYSIS l French Connection Group PLC
p
56
55
54
53
52
51
50.75
14 Mar
Another firm looks to Asia for growth
I
TS an increasingly familiar story.
A UK firm, starved of revenue at
home, looks east to expand, hop-
ing the growing middle classes
in India and China will pick up
where the British squeezed middle
have dropped out.
French Connections position at
the more expensive end of the high
street means it may be able to hang
onto the coat tails of demand for lux-
ury and heritage British brands such
as Burberry and Mulberry in expand-
ing Asian economies but has it
waited too long?
By saying its pulling back from
the UK, the company is ensuring all
eyes will be on domestic operations
for the next 12 months at least.
If it can juggle lease negotiations,
price tweaks and getting the product
range right at home while simulta-
neously expanding abroad, then per-
haps next year will bring the
profitability that Stephen Marks
forsees.
But right now, we wouldnt bet on
it.
BOTTOMLINE
Analysis by Elizabeth Fournier
GROWTH declined in the final quar-
ter of 2011 across most of the worlds
20 biggest economies, according to
research published yesterday.
Aggregate GDP growth slowed to
0.7 per cent, following a 0.9 per cent
expansion in the previous three
month period and taking growth for
the year as a whole to 2.8 per cent.
That represents a marked drop
from growth of five per cent in 2010,
and the quarterly growth is the
weakest since early-2009 when the
top 20 economies contracted by 1.6
per cent.
Indonesia led the field with
growth of 2.1 per cent in the fourth
quarter, closely followed by China, at
two per cent, and India at 1.8 per
cent.
The worst performances came in
Italy, where GDP contracted by 0.7
per cent, and Japan and the UK,
which both saw contractions of 0.2
per cent.
Brazils economy accelerated in
the quarter, reversing a 0.1 per cent
fall in the three months to
September to grow by 0.3 per cent,
while South Africas growth rate also
improved from 0.4 to 0.8 per cent.
EVERY major EU economy except
Germanys saw industrial production
fall in the year to January, official fig-
ures showed yesterday.
The data reflects output from facto-
ries, as well as other industrial activi-
ties such as mining.
Output fell 1.2 per cent in the 12-
month period in the Eurozone and
one per cent in the EU as a whole the
second consecutive fall after the 1.8
per cent and one per cent drops
respectively in the year to December,
Eurostat revealed.
Germanys industrial production
increased 1.6 per cent, while French
output dropped 2.2 per cent, Spains
4.2 per cent, the UKs 4.4 per cent and
Italys five per cent.
Energy output in the Eurozone
dropped 6.2 per cent, consumer
durables by 2.2 per cent and interme-
diate goods by 1.3 per cent, although
capital goods output rose 3.1 per cent.
However, there were some signs of
stabilisation in the monthly data.
Both the Eurozone and EU saw a 0.2
per cent rise in output in January com-
pared with December, with growth of
1.5 per cent in Germany and 0.4 per
cent in France, although Italian,
Spanish and UK output fell 2.5 per
cent, 0.2 per cent and 0.4 per cent
respectively. These figures do not pro-
vide much comfort and point to a rea-
sonably high chance that the wider
Eurozone economy entered a techni-
cal recession in the first quarter,
warned Capital Economics Ben May.
Weak factory
data fuels fear
of recession
Economic growth slows
across major economies
BY TIM WALLACE
EUROZONE
WORLD ECONOMY
Industrial production fell in most major European economies Picture: GETTY

Economics
16
ANALYSIS l EU industrial output
Jan
2003
Jan
2005
Jan
2007
Jan
2009
Jan
2012
110
105
100
95
90
85
THE US ECONOMIC recovery has been
frustratingly slow, despite recent
indications that growth was return-
ing, Federal Reserve chairman Ben
Bernanke (pictured) said yesterday, as
the USs trade position deteriorated.
New data showed the current
account deficit expanded unexpect-
edly in the final quarter of last year,
hitting $124.1bn (79.2bn) as
exports dropped and imports
rose. The deteriorating meas-
ure, which includes factors
like government transfers as
well as trade, showed a sharp
fall in the investment surplus.
Meanwhile, speaking to an
audience of community
b a n k e r s ,
Bernanke said
financial reg-
ulations like
Dodd Frank
were aimed
at larger
banks in an attempt to end the too
big to fail era, and that he is working
to clarify whether or not smaller
community banks will be hit by the
rules.
He said the goal is to prevent com-
munity banks from wasting time and
money trying to figure out if a new
regulation applies to them.
Although this change seems rela-
tively simple, we hope it will help
banks avoid allocating precious
resources to poring over supervisory
guidance that does not apply to
them, Bernanke told the
bankers.
Bernanke said the Fed is
also taking steps to improve
communications with small
banks in a bit to better under-
stand the challenges fac-
ing the industry,
including the cre-
ation of a subcom-
mittee to review
how community
banks are super-
vised.
Fed boss plays
down US GDP
growth spurt
A CONFUSING array of different lan-
guages used in financial communica-
tions increases risks and damages
competition, a top Bank of England
official said yesterday.
The Banks director for financial sta-
bility, Andy Haldane, said a global tag-
ging system for trades would make
markets safer and improve risk assess-
ment an area of confusion which
worsened the Lehman collapse.
His intervention backs moves by
leaders of the G20 economies to
endorse a global governance frame-
work for a legal entity identifier (LEI).
The aim is for each firm that trades
on financial markets to have its own
unique code, so it can be quickly recog-
nised when regulators want to check if
exposures are becoming risky.
Missing inventories and mistaken
counterparties could be all but elimi-
nated if financial firms information
systems spoke in a common tongue,
said Haldane.
Markets were unnerved when it
took regulators so long to find out who
was exposed to derivatives transac-
tions on the books of Lehmans.
It is clear these failures in data
infrastructure and aggregation were
not unique to Lehman. They were
endemic across the financial indus-
try, Haldane said.
Haldane: Better
data could stop
next Lehmans
BY TIM WALLACE
US ECONOMY
FINANCIAL REGULATION
News
EUROZONE INFLATION PICKS UP
INFLATION in the Eurozone rose from 2.4 per cent in the year to February 2011 to 2.7 per
cent a year later, Eurostat figures showed yesterday. Price rises accelerated in France,
from 1.8 per cent to 2.5 per cent, Italy, from 2.1 per cent to 3.4 per cent, and Germany
from 2.2 per cent to 2.5 per cent. However, the rise was not uniform with Spain seeing
inflation fall from 3.4 per cent to 1.9 per cent. Picture: GETTY
THE TAKEOVER battle for hedge fund
administrator GlobeOp was on a
knife-edge last night after SS&C
Technologies trumped a rival offer
from private equity firm TPG Capital.
American financial software firm
SS&Cs 485p-a-share cash deal, valu-
ing GlobeOp at 572m, has won
backing from the independent direc-
tors after beating the 435p cash
offer TPG had agreed last month.
GlobeOp shares rose 1.59 per
cent to 495p last night as the
market waited to see if TPG came
back with another bid for the
firm, which is based in London
and New York.
The US buyout firm,
which has $49bn of
assets under man-
agement, said it is
considering its
options and again
urged sharehold-
ers to take no action. Along with
its allies it has support covering 27.2
of GlobeOp shares.
SS&C, which is part-owned by pri-
vate equity firm Carlyle, believes it
can make cost-savings of at least
$25m within three years if it com-
pletes a deal, for which it needs to
win 70 per cent shareholder backing.
Chief executive Bill Stone (pic-
tured) told City A.M. a tie-up would
create a 500-strong new business
development team, make
lives easier for investors
and improve industry
transparency.
It would also create the
worlds third-largest hedge
fund administrator. Stone
plans to offer jobs to mem-
bers of GlobeOp man-
agement who
want to stay on.
G l o b e O p
a dmi ni s t e r s
$173bn in client
assets.
570m offer
puts GlobeOp
fight in a spin
US REPUBLICAN presidential candidate Rick Santorum won critical primaries in
Mississippi and Alabama in the early hours yesterday, narrowly defeating Newt
Gingrich and front-runner Mitt Romney. Santorums wins put pressure on Gingrich to
withdraw from the race, although he has pledged to continue campaigning until the
Republican convention in August. Despite Santorums wins in the deep south, Romney
continues to lead the Republican race, with a total of 494 delegates out of the 1,144 need-
ed to secure the presidential nomination. Picture: GETTY
BY PETER EDWARDS
M&A
News
CITYA.M. 15 MARCH 2012 19
SANTORUM WINS KEY PRIMARIES
BAIN Capital, the private equity
house co-founded by Mitt Romney,
has moved to defend its record of
investments after months of being
criticised as a corporate raider.
The firm wrote to investors after
Romneys former position at the
helm took on a high-profile role in
the race for the Republican nomina-
tion for US president.
Bain said it had created hundreds
of thousands of jobs in its 28-year his-
tory and that fewer than five per cent
of the companies in which it invested
had filed for bankruptcy.
PRIVATE EQUITY
Bain bites back

against critics
RUSSIAN billionaire Viktor
Vekselberg is considering suing
Rusal over accusations that he failed
to fulfil his duties as its chairman,
intensifying a battle with rival oli-
garch Oleg Deripaska at the worlds
largest aluminium producer.
The two billionaires have been
fighting over Deripaskas ambition
of merging the firm with Norilsk
Nickel.
Vekselberg quit as chairman on
Tuesday, criticising the management
of the heavily indebted company and
saying it was in deep crisis.
MINING
Rusal chairman
could now sue
GERMAN energy group E.ON yester-
day cut its dividend as it posted a net
loss of 2.2bn (1.8bn) for the year, its
first ever full-year loss.
The firm blamed the abrupt shut-
down of nuclear plants in Germany
and the lower price of wholesale gas
for the loss, which came despite a 22
per cent rise in sales to 113bn.
The companys energy trading divi-
sion made a 631m loss, compared to a
1.2bn profit the previous year.
In a statement entitled Past the
Worst, E.ON said it has made good
progress with its restructuring and
that operations outside of Europe
were reporting strong growth.
Chief executive Johannes Teyssen
said the firm was in talks with poten-
tial partners in India and Turkey.
It forecast underlying net income of
up to 2.7bn this year, and still plans to
pay a dividend of 1.10 a share.
In the UK, its retail business posted a
profit of 304m, down 7.6 per cent on
the previous year, despite the firm
gaining more than 12,000 new resi-
dential customers.
Other UK operations including
wind farms and gas storage earned
972m, down 4.4 per cent.
Even if E.ON was adversely affected
by a number of key issues such as gas
prices, the nuclear phase-out or depre-
ciations, we believe that the company
has a good starting base for a positive
development, said DZ Bank analyst
Hasim Senguel.
BY MARION DAKERS
ENERGY
UK COAL shares lost a quarter of their

value yesterday after it revealed it
could close the largest coal-producing
mine in Britain, the underperforming
Daw Mill mine, by early 2014.
UK Coal said it had suspended devel-
opments at Daw Mill beyond the end
of 2013 due to low productivity, but
retains the option to re-open the mine
.UK Coal, which acquired its assets
under a privatisation drive in 1994,
returned to profit last year, but has
said in recent months that Daw Mill
remains a concern.
It has begun talks with stakehold-
ers, including the government, the
Coal Authority and pension trustees
over the mines future. It is also in
talks with its banks to refinance debts.
Its shares closed 25.4 per cent lower
at 22p yesterday.
UK Coal warns Britains biggest
mine could be closed by 2014
News
CATHAY EARNINGS HAMMERED BY FUEL COSTS
HONG KONGS Cathay Pacific airline posted a 61 per cent drop in net profits yesterday,
blaming rising fuel prices and a decrease in cargo shipments. The airline made
HK$5.5bn (450m) in 2011, down from HK$14bn in 2010. The airline, one of the worlds
largest cargo carriers, reported an 8.6 per cent drop in its freight services while its
biggest expense, fuel, was hit by a price increase of 44 per cent. Picture: GETTY
ANALYSIS l E.ON
8Mar 9Mar 12Mar 13Mar 14Mar
18.5
18.25
18.00
17.75
17.50
17.25
17.00
16.75
18.14
14Mar
Yule Catto doubles its profits

British chemicals maker Yule Cattos
acquisition of German peer
PolymerLatex helped it to double its
2011 profit, despite several years of low
growth in western economies that con-
tribute to a majority of its revenue. Yule
Catto, whose chemicals are used by the
adhesive, textile, paper, and pharmaceu-
tical businesses, yesterday reported an
underlying pre-tax profit of 84.8m for
2011, compared with 42.6m in 2010.
Shares in FTSE 250-listed Yule Catto
soared more than nine per cent yester-
day.
Ferrexpo gains on new markets
Ukrainian iron ore miner Ferrexpo post-
ed a 37 per cent jump in 2011 pre-tax
profit to $801m (510.8m) yesterday,
at the higher end of expectations,
thanks to robust prices for the key steel-
making ingredient and an increase in
Asian sales that offset softer European
demand. The London-listed pellet pro-
ducer has been reducing its dependence
on its traditional European markets.
Vietnam pays off for Soco
Soco International's profit jumped more
than five-fold on the back of a key oil
field in Vietnam coming onstream last
year, and said it was confident of
achieving the field's targeted output by
the third quarter of this year. The group
reported a pre-tax profit of $158.6m
(101.2m) for 2011, compared with
$30.9m a year earlier.
BA drops Kingfisher alliance
British Airways yesterday said it has
suspended its code sharing agreement
with India's troubled Kingfisher Airlines.
Kingfisher Airlines is undergoing a
financial restructure, said Christopher
Fordyce, regional commercial manager
for south Asia at British Airways, with-
out elaborating the reason for the sus-
pension. Cash-strapped Kingfisher said
yesterday it will cut back its overseas
flights as the troubled carrier looks to
slash costs and attract funding from
wary bankers and sceptical investors.
SIG forecasts flat 2012 sales
Building products group SIG said yes-
terday that volumes would be at best
flat in 2012, but it expects new branch-
es and price increases to help it get
through a tough construction market in
Europe. The firm said its annual underly-
ing pre-tax profit grew 27 per cent to
81.7m.
NEWS | IN BRIEF
BY KENDAL GAPINSKI
MINING
E.ON upbeat
despite 2bn
annual losses
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News
Wall St sees
end of 5-day
winning run
T
HE S&P 500 broke a five-day
streak of gains yesterday as
investors found little reason to
extend a rally that took the
benchmark index to four-year highs.
Momentum continued in Apple, as
its shares climbed 3.8 per cent to
$589.58 following positive analyst
comment. Morgan Stanley and
Canaccord Genuity both lifted their
price targets to above $700.
Three stocks fell for every gainer on
the New York Stock Exchange, a sign
of investors pulling back from gains
that have lifted numerous blue-chips
to 52-week highs. Procter & Gamble,
hit a 52-week high at $67.95 before
dipping 0.1 per cent to close at $67.85.
The Dow Jones industrial average
rose 16.42 points, or 0.12 per cent, to
13,194.10 at the close. The Standard &
Poors 500 Index slipped 1.67 points,
or 0.12 per cent, to 1,394.28. The
Nasdaq Composite Index inched up
just 0.85 of a point, or 0.03 per cent, to
3,040.73.
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l G4S PLC
295.0
292.5
290.0
287.5
285.0
282.5
280.0
277.5
p
278.00
14 Mar
G4S
Exane BNP Paribas downgraded G4S from
outperform to neutral after the security
group posted a drop in annual profits.
Exane said the results, which included a
50m cost from last years failed merger
with Danish catering firm ISS, were unin-
spiring. It held the target price at 305p
but highlighted a loss of management
credibility after the ISS deal.
ANALYSIS l Moneysupermarket Com Group PLC
134
132
130
128
126
p
130.30
14 Mar
MONEYSUPERMARKET.COM
N+1 Brewin upgraded the price comparison
website from buy to add after it posted
a doubling in full-year profits as more peo-
ple used its online services. The broker
liked the firms save over 1,000 on your
household bills marketing campaign which
it said would increase awareness and use
of Moneysupermarket services. It held the
12-month target price at 140p.
ANALYSIS l Marston's PLC
102
101
100
99
98
97
96
p
99.70
14 Mar
MARSTONS
Peel Hunt switched from hold to buy
after the brewer and pubs group said prof-
its would meet expectations. The broker
raised the target price from 100p to 114p
and said the firms focus on on value and
service would help it to increase market
share in value food. It added: The shares
have been on the sidelines for too long and
the time is right for a fresh look.
OIL explorer Tullow Oils profits
surged last year thanks to the ramp
up of a major new field in Ghana
and the buoyant price of crude,
allowing the company to announce
a doubling of its dividend yesterday.
Tullow said pre-tax profits rose
499 per cent to $1.07bn (683m) in
2011, on sales revenues up 111 per
cent to a record $2.3bn.
Oil and gas production rose 35
per cent to average 78,200 barrels of
oil equivalent per day (boepd).
But output at the FTSE 100 firms
Jubilee field in Ghana was lower
than first expected, and the compa-
ny said it planned to work on the
field this year to improve output.
Tullow said it was now eyeing
start-up of its Ugandan fields in
2016, after delays to regulatory
clearance, but that it was working
on potentially transformational
exploration work in Kenya,
Ethiopia and Senegal this year.
The firm intends to spend $2bn
on development and exploration
this year, up from $1.2bn in 2011.
Analysts said the results were
around seven per cent ahead of
forecasts, but that lower produc-
tion outlook at Jubilee would keep
a lid on the share price for now.
The firm also announced that
Transocean non-executive director
and former National Grid finance
boss Steve Lucas will join its board
in May.
The firms shares rose 1.9 per
cent to close at 1,482p.
Tullow Oils
earnings rise
500 per cent
BY MARION DAKERS
ENERGY
ANALYSIS l Tullow Oil PLC

p
1,490
1,480
1,470
1,460
1,450
1,440
1,430
1,482.00
14 Mar
News
Barratt Developments
One of the countrys leading house-
builders has appointed Richard Akers as
non-executive director. Akers currently
serves as executive director of Land
Securities Group, which he joined in
1995. Previously he worked at AMEC
Developments. Akers is a member of the
Royal Institution of Chartered Surveyors.
Reed Smith
The US law firm has appointed Chris
Borg as partner in its London office. He
joins Reed Smiths growing energy and
natural resources and financial industry
group, as the company continues to add
to its financial services and commodities
trading services. Borg, a regulatory
expert, previously worked in the financial
markets and regulatory group at SNR
Denton.
Macquarie
Macquarie, the global financial services
group, has announced the appointment
of Arun Assumail as head of its new
commodity and investor products busi-
ness. Assumail will join Macquarie in
June 2012 after eleven years at Goldman
Sachs, where he was head of the com-
modity investors sales team. Macquaries
new division will offer bespoke beta and
absolute return commodity index prod-
ucts to institutional clients.
New Bridge Street
David Tankel is returning to the UKs
leading executive remuneration special-
ists, a subsidiary of AON. Tankel was a
partner at New Bridge Street
Consultants from 1992 to 2008 but left
in 2011 to lecture on the international
directors programme at Insead in
France. He will now focus on New Bridge
Streets FTSE 100 practice.
CITY MOVES | WHOS SWITCHING JOBS Edited by Tom Welsh
+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
May Gurney
May Gurney, the support services business, has
appointed Mark Hazlewood group finance direc-
tor. He joined May Gurney in November 2010 as
group corporate development director and led
the successful acquisition of both Turiff and
TransLinc. He has also held interim responsibility
as finance director of the groups regulated serv-
ices division. Hazlewood previously worked as a
chartered accountant at Coopers and Lybrand,
and has held senior positions at South
Staffordshire Water, Homeserve Emergency
Services, and Anglian Home Improvements.
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B
RITAINS top share index retreat-
ed yesterday, having flirted with
the 6,000 level due to a more
promising global economic out-
look and robust earnings, with heavily
weighted miners hit by concerns over
Chinese demand.
After five successive days of gains,
the longest winning streak since last
summer, the FTSE 100 ended down
10.48 points, or 0.2 per cent, at
5,945.43, after an intra-day peak of
5,989.07.
Miners were responsible for taking
the index into the red with 11.2 points
of downside, as they tracked copper
prices lower on uncertainty about the
outlook for demand from top con-
sumer China, which has tempered its
economic growth expectations.
Insurers fared well, led higher by a
7.2 per cent jump in Legal & General,
the top UK blue-chip riser, after it
unveiled forecast-busting full-year prof-
its and hiked its dividend by more than
a third.
L&G has reported a very good set of
FY results this morning with higher
than expected cash and dividend the
main highlights, BofA Merrill Lynch
said, repeating its buy rating.
Merrill said L&G shares had per-
formed well so far this year, up around
20 per cent, and it expected the stocks
re-rating to continue.
Peer Prudential, which posted solid
earnings on Tuesday, rose 2.9 per cent.
Neil Dwane of Allianz Global
Investors argued that UK equities, with
a current price/earnings ratio of around
11 times and a yield of nearly four per
cent, remain attractively valued.
With monetary easing in the UK
and globally showing no signs of abat-
ing and investors still hunting for
income, equities become, even after
the rise of the last three years, a safer
and safer place to invest, he said.
Miners put end to
FTSEs positive run
THELONDON
REPORT
8 Mar 9 Mar 12 Mar 13 Mar 14 Mar
6,000
5,800
5,850
5,900
5,950
ANALYSIS l FTSE
5,945.43
14 Mar
L
AW is bigger business than ever.
Freshfields employs 5,000 people and
has twenty-seven offices in sixteen
countries. Linklaters also has twenty-
seven offices in twenty countries. Its rev-
enues in 2010-11 were 1.2bn.
Of course, this is good news for lawyers.
But non-lawyers work for law firms too. Of
Freshfields 5,000 staff members, 2,000 are
business services professionals. Alongside
Linklaters 2,000 lawyers and 500 partners,
it has 2,000 non-legal professionals. These
arent low-level administrative roles but
highly-skilled, well-remunerated positions.
Job hunters shouldnt see law as opaque,
separated from their career prospects by
the expertise of its practitioners. Law is a
business like any other and, as a business,
it needs IT staff, HR managers, finance pro-
fessionals, and compliance experts. Given
the rapid and continuing growth of the
sector, it might be time to become one of
the increasing number of non-legal
employees working in the industry.
INTELLECTUAL HORSEPOWER
In fact, there are reasons, beyond econom-
ic necessity, to consider a career in a law
firm. Phil Jepson, chairman of legal
recruitment specialist Jepson Holt
Consulting, thinks they offer unique chal-
lenges for ambitious professionals.
Theyre high-quality environments,
youre surrounded by able and talented
people, brimming with intellectual horse-
power. Recent deregulation has made
these firms even more dynamic.
His enthusiasm is mirrored by Lucinda
Moule, managing director at Lawrence
Simons, another specialist legal recruiter.
Law may not offer the best work-life bal-
ance, but these businesses are exceptional-
ly profitable, often global, and allow
non-legal employees the chance to work on
an incredibly wide range of projects. For
recruiters, a previous post at a law firm is a
sign that the individual can work in a
highly-charged, business-focused and prof-
it-driven environment.
DISMANTLING BARRIERS
Some may assume that, despite these ben-
efits, non-lawyers can only rise so far in the
legal world. Legal partnerships are
designed to be managed and owned by a
group of legally-trained partners, and the
managing partner is invariably a lawyer.
But new legislation and new pressures are
allowing and forcing legal partnerships to
open up their top ranks to non-lawyers.
Recent reforms to legal practices allow
up to 25 per cent of all partners to lack
legal training. Moule says that, in practice,
these tend to be finance officers and oper-
ating officers, but theres no real limita-
tion. Internal opportunities for
advancement have vastly improved.
Jepson suggests that limits to promotion
may depend more on the organisational
culture of the particular law firm. Small or
mid-sized partnerships are more nimble
than larger competitors and have a greater
need to adapt. The pressure to expand, to
provide more cost-effective services to
clients, mean theyre keen to develop and
promote talented employees, whatever
their legal training. Even the relatively
well insulated magic circle or silver circle
firms are starting to adjust to a changing
market. Jepson predicts that divisions
between lawyers and non-lawyers will fur-
ther disintegrate as deregulation opens
up the industry to greater competition.
SMALL FIRMS, BIG OPPORTUNITIES
One poster-child for non-legal staff in law
firms is Dan Flint, HR director of
Simmons and Simmons. He joined after
stints at Accenture and Tate and Lyle.
Flint agrees that the increasing need to
run law firms as businesses, given their
size and complexity is driving clever
and talented non-lawyers to consider a
career in the legal industry. The indus-
try, itself, is changing to harness these
talents and give non-lawyers the greatest
opportunity to succeed.
Flint disputes the idea that law firms
have peculiar quirks that make them dif-
ficult for non-lawyers to navigate. Their
management structures, he says, are the
same as partnerships in any other indus-
try. Although there may be times when
its difficult to know which partner or
manager to obey, this is no different to
the informal and formal navigation of
relationships within any other firm.
In fact, Flint says that law firms, despite
being businesses like any other, are special
places with special opportunities for non-
legal staff. Simmons and Simmons, typical
in the industry, has a small number of
employees but great economic clout. He
says its comparable to working for a FTSE
100 company but with the intimacy of a
much smaller firm. In HR, he has the
money and time to innovate and develop
his role, but without the pressures of man-
aging hundreds of thousands of employ-
ees.
There are many ways to widen a job
hunt beyond the obvious options. One of
the most important is to probe beneath
the headline description of an organisa-
tions purpose. Sometimes the results can
be surprising and open up unique and
unexpected opportunities. As the legal
industry shows, unsophisticated assump-
tions can inhibit career development.
CAREERS.com
1,000
applications last
week
JOBSof theWEEK
W W W. C I T Y A M C A R E E R S . C O M
TODAY ON
CAREERS.COM
23
Litigation solicitor
Central London
70k-90k
An international law firm needs a litiga-
tion and dispute management solicitor to
join its offices in London. The successful
applicant will have extensive experience,
acquired at a recognised City practice.
www.cityamcareers.com/job/6991
Compliance director
Central London
80k-100k, plus bonus
A leading global services company needs
an experienced compliance professional to
provide monitoring and oversight for its
insurance activities. Applicants must be
able to provide staff training.
Pensions advisory associate
Central London
45k-55k
This leading independent corporate advi-
sory practice requires a qualified account-
ant with intense passion and commitment.
Responsibilities will include strategy for-
mulation and financial accounts analysis.
Jira support administrator
Central London
400-500 per day
A leading investment bank requires an
application support administrator, fluent
with the administration of Atlassian prod-
ucts. The successful candidate will have
strong architectural design experience.
Litigation partner
UK
Salary on application
This prominent City law firm, noted for its
banking and financial services practices, is
looking to strengthen its reputation by hir-
ing a financial services litigation specialist
with expertise in banking and funds.
Over
340
roles in accountancy
More than
300
jobs added in the last
seven days
Over
450
jobs in compliance
Over
180
legal roles
More than
50
jobs over 150k
More than
Its not just lawyers
who prosper in law
Opportunities for advancement are opening up, writes Tom Welsh
Scan here to go to
CITYAMCAREERS.COM Lawyers need non-lawyers to keep profits flowing Picture: GETTY
D
AVID Cameron and Barack Obama have
reaffirmed the special relationship
between Britain and America this
week. But let us be clear that one of
the issues on which our countries must be
united is the strategic importance of US debt
and the need across the Western world to
live within our means.
What happens in the US, still the worlds
largest economy by far, and how it handles its
debt crisis will have far-reaching implications
for us all.
Naturally, we in the UK are focused more
acutely on our own debt and the financial
challenges in the City that have propelled the
issue of bankers bonuses to the forefront of
debate. We are compelled to pay attention to
the burgeoning fiscal instability in Europe,
and ongoing financial bailouts. But arguably
one of the greatest strategic threats to
Britain, and indeed the world economy, is the
consequence of US debt creeping up to and
beyond critical levels. What is frightening is
that many voters, and more worryingly politi-
cians, do not seem to appreciate the severity
of the situation at hand.
Debt is a national security issue. Economic
wellbeing is the wellspring of global influ-
ence and the means by which we can afford
our military capabilities.
Given the financial situation left by the
last Labour government, the UK has had no
other choice but to reduce defence spending
as part of its deficit elimination strategy.
More recently, the US has embarked on
spending cuts to its defence programme
totalling $487bn over a decade yet the
deficit will remain and debt will continue to
rise inexorably.
History provides context to the current sit-
uation. By the end of WWII, US debt reached
its highest level in relation to GDP in the
countrys history, peaking at 121 per cent of
GDP in 1946.
Rapid, stable economic growth during the
1950s and 60s meant that, despite the escala-
tion of the Vietnam War, the space race and
public works projects, debt had fallen to 33
per cent of GDP by 1975.
By 1993, a combination of Reagan-era tax
cuts, Cold War defence spending, the Gulf
War and the recession of the early 1990s had
generated deficits that pushed debt to a 40-
year high of 72 per cent of GDP.
Surpluses during the early Clinton years,
partly thanks to reduced military spending
after the Cold War and to increased tax rev-
enues during the dot-com bubble, brought
debt down to a 15-year low of 55 per cent of
GDP by 2001.
Yet by early 2009 it was around 80 per cent.
Based on the 2010 US budget, it was estimat-
ed that total national debt would almost dou-
ble in dollar terms between 2008 and 2015
and grow to nearly 100 per cent of GDP.
However, some sources maintain that the 100
per cent ratio was reached in the third quar-
ter of 2011 and that this has risen to 115 per
cent today.
To reach anywhere near that debt level in
the twenty-first century, when it was last
encountered as a result of twentieth-century
total war, is something that should send
alarm bells ringing everywhere. Dealing with
such a vast debt is something that needs
immediate attention.
We also need to bear in mind that such
high debt levels are juxtaposed against the
expansion of emerging economies, including
China and India. The IMF forecasts 2012 GDP
growth at 8.2 per cent, 7 per cent and 3 per
cent for China, India and Brazil respectively,
compared with 0.6 per cent for the UK and
1.8 per cent for the US. Not only this, but on
IMF forecasts for purchasing power parity
(PPP), China, which was ranked as the second-
largest economy in 2009, would go from less
than two thirds the size of the US in 2009 to
over 90 per cent in 2015, if projections
become reality. Furthermore, Chinas debt as
a percentage of GDP is near a sixth that of the
US.
Friends and allies, especially in Asia, are
asking if America is still a basket in which it
is wise to put all their eggs or whether China
is a better long-term bet. Many wonder
whether the American political class will
have the courage to push through the neces-
sary austerity measures to ensure the coun-
try ends the decade with its economic
primacy intact.
A financial meltdown in the United States
will have a huge effect not only on Asia but
on Britain and Europe, as it will shape both
the global economic pattern and, for Britain,
the perceived strategic importance of our
most important ally.
You cannot be strong if youre broke. As
Americas trusted friend, it is our duty to
warn the US to bite the bullet on debt. Its pre-
eminence is at stake.
Liam Fox is the Conservative member of parlia-
ment for North Somerset.
24
The Forum
One of the greatest strategic
threats to Britain is US debt
creeping up to critical levels
It is in Britains interest to
encourage America to deal
with its soaring debt levels
cityam.com/forum
LIAM FOX
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.
25
A knowing state
[Re: Vince Cables vision for UK plc
neglects liberty, yesterday]
Jamie Whyte is right to sound
alarm bells at the threat of gov-
ernment interference in business.
Hes wrong to imply ministers
have no role in creating wealth.
Business leaders control many
levers, but most are in the hands
of Whitehall. We lack the skills to
meet the challenges of the twen-
ty-first century. Government must
correct this through education.
Government also creates the tax
and regulatory framework in
which business can thrive or be
stifled. With the right economic
vision, government can invest in
research and technology, and
incentivise investment in the areas
most likely to return dividends to
taxpayers. This cant be accom-
plished in a vacuum. Its vital the
government has an informed view
of the future to ensure the envi-
ronment is conducive to the needs
of business.
Sir Christopher Coville
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
BY EWAN WATT
The Forum
W
hen David
C a m e r o n
returns home
from his state
visit and wants another
dose of March Madness,
he need only glance
across the pond at the
Republican primary. The
contest is drawing to a
close, but in a manner thats painfully slow for the fron-
trunner, Mitt Romney.
Rick Santorum yet again proved the naysayers
wrong with a stunning double in the heart of Dixie to
add to his weekend victory in Kansas. If he wasnt
before, the former senator is now the undisputed
challenger to Romney. Of course, the Deep South was
never fertile ground for the Romney campaign.
Approximately eight out of ten voters in both states
describe themselves as evangelical, hardly familiar
members of the Romney coalition. In finishing third in
both, however, some talking heads are yet again high-
lighting that Romney cant seal the deal with the
base, despite only days before claiming that the con-
tests were entirely unwinnable.
Ever since Newt Gingrichs rambling tirade after
the Nevada caucuses, the former speaker has repeat-
edly stated that he would get back into the race
through pursuing a southern strategy, picking off
states in the old Confederacy by starting with
Georgia and culminating with a thumping victory in
delegate rich Texas. In losing to Santorum a candi-
date who awkwardly struggled to think up any ties to
the South Gingrich has fallen far short. The former
speaker is now in an increasingly perilous position.
As long as Sheldon Adelson is signing off on the
cheques, money for Gingrich wont be a problem. But
the Gingrich campaign now has the appearance of a
lost cause. From now on, every question he fields from
the media regarding policy, hell receive ten questions
on why hes not dropping out. Santorum will point to
Mississippi and Alabama and claim that if Gingrichs
supporters could rally behind a single candidate, they
could defeat Romney. And yet, with his ego, Gingrich
may feel that bowing out to Santorum, a former sen-
ator who lost his re-election by some 18 points, is
beneath him.
The headlines on Tuesday certainly pointed to an
impressive one-two punch for Santorum, but thats all
they were, headlines. This contest is ultimately a
game of numbers. In the past week, Santorum may
have won some races, but Romneys presence in every
state and territory has paid dividends in the pursuit of
delegates. The frontrunner not only emerged on
Wednesday morning with more delegates than
Santorum, but increased his pool of delegates
throughout the week. The Romney campaign will con-
tinue to roll out the message that not only is the fron-
trunner the best prepared to defeat Barack Obama,
but that hes also the only candidate who can now
mathematically sew up the nomination before the
convention. Santorum and Gingrich will struggle to
dispute this.
There will still be contests that Santorum and for
that matter, Gingrich can win to halt Romneys
momentum, but they are increasingly running on a
message of obstruction: that they are only in the race
to force a convention vote and stop Romney. Illinois is
already being billed as a must-win for Romney, anoth-
er Michigan or Ohio. A victory in the land of
Lincoln would not just increase Romneys runaway
delegate lead, but highlight that despite his Dixie dou-
ble, Santorum like Gingrich is still fighting a lost
cause.
Ewan Watt is a Washington DC-based consultant.
You can follow him on @ewancwatt
Romney still favourite
to win the nomination
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
Better IT skills
will allow the UK
to compete with
abroad on cost
Outsourced jobs
will return if we
improve training
Y
OUTH unemployment is at crisis levels,
yet we continue to outsource hundreds
of thousands of jobs. These jobs could
return to the UK and be carried out by a
workforce already competent in technology.
But, to do this successfully, we must change
how we prepare young people for work.
The UK IT outsourcing market is worth
41bn according to recent research from the
Business Services Association. The majority is
in labour costs, and the roles are typically
related to business services and undertaken by
people aged 20 to 30.
The business case for bringing these jobs
back onshore is strong. Continuing wage infla-
tion in offshore markets and increased travel
and communication costs make offshore serv-
ices less economically viable. Even in newer
markets like China, analysts predict that
wages will equal the US by 2015. New Call
Telecom, a broadband and telephone service
company, last year returned from Mumbai to
Burnley after cost analysis revealed it was
cheaper to operate in the Lancashire town.
Rapid IT advancements have made technol-
ogy part of the fabric of everything we do and
every young person is a competent user of
technology. In recognition of our changing
society, ICT education is to be phased out and
replaced by a computer science GCSE.
In the new curriculum, computer program-
ming must be minimised. Instead, we need
students who are aware of the role of informa-
tion technology in business and how it is
exploited how information systems are
designed, how businesses take manual
processes and use technology to automate
them, and how data is used, stored and man-
aged. The instigators of the change have high-
lighted an excessive focus on word processing
or spreadsheet applications. These skills
should be taught as practical tools for use in
English and maths, the subjects they support.
ADAM RIPLEY
Many young people leaving university have
little experience of the workplace and the
expectations employers have of them. This
means many companies need additional sup-
port staff to undertake basic tasks like project
administration. But todays school leavers can
be prepared for the new business environment
should the correct apprenticeship programme
exist to give them the basic training they need.
We successfully take graduates and under-
graduates through a foundation training pro-
gramme and engage them in basic project
services work, like testing software for our
clients. Clients must be receptive and support-
ive of this approach because often these servic-
es compete with their offshore service
provider. As the government already owns sev-
eral organisations that send jobs offshore, it
could create an economically viable scheme
for service providers, training companies and
enterprise organisations to recruit and develop
young people to do jobs that are currently leav-
ing the UK, or being done in the UK by tempo-
rary workers from abroad.
With the correct conditions this will create a
workforce to match the price and performance
capability of offshore and regenerate the UKs
business services market. Simultaneously, it
will reduce growing unemployment costs and
create a new generation of UK taxpayers.
Adam Ripley is chaiman of Certeco.
26
Wealth Management | Personal Finance
Five investment
myths dispelled
THE GLOBAL FINANCIAL CRISIS
WAS A BLACK SWAN
This is perhaps the biggest myth
about the crisis. By definition, a
black swan is an unprecedented
major catastrophic event. However,
there were many previous such
crises whose long history motivat-
ed the late Hyman Minsky writ-
ing in the mid 1980s to formulate
his market instability hypothesis
to explain past crises and predict
this one. Indeed, UK investors need
only to recall the early 1970s to
remember a time of even worse
markets when equity investors lost
74 per cent over a two and a half
year period and took over nine
years to recover.
DIVERSIFICATION DID NOT
WORK DURING THE CRASH
This myth is due to an exclusive
focus on equities. While its true
that equities lost value worldwide
during the crash, the same is sim-
ply not true across the asset class-
es. In fact, during the crash,
investors fled to safety and in so
doing drove up the price of high
quality sovereign bonds (especially
US Treasuries) causing asset class
diversification to work when it
was needed most. So while US
stocks lost 47 per cent of their
value for the year 2008, a portfolio
of 50 per cent US stocks, 40 per
cent bonds, and 10 per cent cash
would have lost a mere 16 per cent
of its value.
MODERN PORTFOLIO THEORY IS
DEAD
The essence of modern portfolio
theory (MPT) is that investors
should hold diversified portfolios,
such that reward cannot be
increased without an increase in
risk and visa versa. The limitations
of MPT as first formulated by
Harry Markowitz in 1952 lay not
in its principles but in the maths
that he used. The maths simply
could not handle the sort of
extreme events that occurred dur-
ing the crisis. In confusing the
maths with the principles, some
have declared MPT dead. Nothing
could be further from the truth. In
2012, we now have powerful
enough mathematics and comput-
ers to apply the principles of MPT
in light of the types of extreme out-
comes that markets produce from
time to time with the advantage of
far more robust models.
ASSET ALLOCATION SHOULD
BE USED TO BALANCE RISK
Noting that portfolios created
according to the principles of MPT
lead to portfolios in which equity
exposure is the primary source of
risk, some asset managers are
today switching to a risk parity
approach to asset allocation. In
this approach, an asset mix is cho-
sen to achieve a portfolio where all
asset classes contribute equally to
the overall risk; this, they point
out, is not the same thing as allo-
cating the portfolio equally among
the asset classes. Since this leads to
a low risk/low return portfolio, the
entire portfolio is then highly lev-
ered to goose up the expected
return. Why anyone thinks this is a
good idea in a post-crash world is
beyond me. What the risk parity
approach is missing is the fact that
the sources of risk are also the
sources of return. Since equities
remain the main source of long-
term growth, it follows that equi-
ties should be the main source of
risk.
FUNDAMENTALLY WEIGHTED
INDICES ARE BETTER THAN
MARKET-CAP WEIGHTED INDICES
Since equities are the main source
of growth for long-term investors,
it is no surprise that someone will
claim to have found a better way to
invest in them. One such claim is
that if we weigh stocks by funda-
mentals such as earnings, divi-
dends, revenues, etc, rather than
by market capitalisation, we can
create better index funds. However,
it turns out that this approach is
nothing more than placing a value
tilt on a portfolio. Since value tilt-
ed portfolios over the long run
tend to outperform the market, so
do these fundamentally weighted
index funds. The downside is that
these products also do poorly
when value investing in general
does poorly.
Paul Kaplan is the quantitative research
director of Morningstar Europe and
author of Frontiers of Modern Asset
Allocation, published by John Wiley &
Sons.
Lines are open Monday to Friday 7.45am 7pm. Calls may be recorded. Selftrade is a trading name of Talos Securities Limited and registered trade
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A S I s e r a h S
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.selftrade.co.uk/double

London Stock Exchange and PLUS Markets plc and is an HM Revenue & Customs Approved Plan Manager
authorised is 9LA), E14 London , Way Selsdon 2
Limited Securities alos TTa Boursorama. of mark
7.45am Friday to Monday open are Lines

London Stock Exchange and PLUS Markets plc and is an HM Revenue & Customs Approved Plan Manager
Services Financial the by regulated and authorised
(Registration Wales and England in incorporated is Limited
trading a is Selftrade recorded. be may Calls 7pm.

. London Stock Exchange and PLUS Markets plc and is an HM Revenue & Customs Approved Plan Manager
member a is 208271), No. Register (FSA Authority Services
Boatmans Address: Registered 4196325, No. (Registration
registered and Limited Securities alos TTa of name trading

the of member
House, Boatmans
trade registered
MORNINGSTAR EUROPE
PAUL KAPLAN
1
2
4
3
5
Financial wisdom hasnt been nullified by the latest crises
This isnt a black swan Picture: GETTY
LON GD ONCE FIX AM...........1662.00 -32.75
SILVER LDN FIX AM ..................32.16 -1.47
MAPLE LEAF 1 OZ ....................34.72 1.21
LON PLATINUM AM................1684.00 -14.00
LON PALLADIUM AM...............699.00 -1.00
ALUMINIUM CASH .................2187.00 21.00
COPPER CASH ......................8528.00 127.00
LEAD CASH...........................2121.00 36.00
NICKEL CASH......................19240.00 245.00
TIN CASH.............................23400.00 500.00
ZINC CASH ............................2079.00 52.00
BRENT SPOT INDEX................126.14 0.97
SOYA .....................................1348.75 18.25
COCOA..................................2392.00 -23.00
COFFEE...................................185.35 2.75
KRUG.....................................1712.00 -48.80
WHEAT ....................................170.25 1.25
AIR LIQUIDE........................................99.17 -0.45 100.65 80.90
ALLIANZ..............................................91.37 1.16 107.45 56.16
ANHEUS-BUSCH INBEV ....................54.80 0.47 55.19 33.85
ARCELORMITTAL...............................15.46 -0.05 26.40 10.47
AXA......................................................12.67 0.45 15.97 7.88
BANCO SANTANDER...........................6.21 0.04 8.42 4.94
BASF SE..............................................66.69 0.07 70.22 42.19
BAYER.................................................55.26 -0.37 59.44 35.36
BBVA......................................................6.50 0.01 8.81 4.94
BMW ....................................................73.45 2.71 73.85 43.49
BNP PARIBAS.....................................38.48 1.06 55.44 22.72
CARREFOUR ......................................18.93 -0.11 28.45 14.66
CRH PLC .............................................16.37 0.16 17.03 10.28
DAIMLER.............................................48.26 0.54 53.95 29.02
DANONE..............................................52.92 -0.38 53.46 41.92
DEUTSCHE BANK..............................38.17 1.27 44.56 20.79
DEUTSCHE BOERSE .........................48.57 0.20 57.68 35.65
DEUTSCHE TELEKOM.........................8.82 0.01 11.38 7.88
E.ON.....................................................18.28 1.20 23.54 12.50
ENEL......................................................2.85 -0.01 4.86 2.78
ENI .......................................................18.22 -0.09 18.48 11.83
FRANCE TELECOM............................11.28 0.02 15.98 10.92
GDF SUEZ ...........................................20.00 0.14 28.98 17.65
GENERALI ASS...................................12.90 0.24 16.44 10.34
IBERDROLA..........................................4.40 0.00 5.95 4.16
INDITEX ...............................................69.78 0.84 70.15 50.92
ING GROEP CVA...................................7.01 0.17 9.50 4.21
INTESA SANPAOLO.............................1.50 0.01 2.27 0.85
KON.PHILIPS ELECTR.......................15.89 0.20 23.48 12.01
L'OREAL..............................................89.57 -0.43 91.24 68.83
LVMH..................................................133.60 -1.00 135.20 94.16
MUNICH RE .......................................112.90 1.35 116.95 77.80
NOKIA....................................................3.77 -0.03 6.36 3.33
REPSOL YPF.......................................18.98 -0.53 24.90 17.31
RWE.....................................................36.15 0.40 48.28 21.15
SAINT-GOBAIN...................................36.84 0.64 47.64 26.07
SANOFI ................................................59.27 0.31 59.36 42.85
SAP......................................................53.88 0.40 54.23 32.88
SCHNEIDER ELECTRIC.....................51.02 -0.48 61.83 35.00
SIEMENS .............................................76.45 0.48 99.39 62.13
SOCIETE GENERALE.........................24.85 0.27 49.47 14.32
TELECOM ITALIA..................................0.87 0.01 1.15 0.70
TELEFONICA ......................................12.62 0.00 18.34 12.32
TOTAL..................................................42.70 0.05 43.73 29.40
UNIBAIL-RODAMCO SE...................153.25 0.25 162.95 123.30
UNICREDIT............................................4.06 0.01 12.44 2.20
UNILEVER CVA...................................25.92 -0.13 27.16 20.90
VINCI ....................................................40.27 0.27 45.48 28.46
VIVENDI ...............................................14.15 -0.19 21.37 13.54
VOLKSWAGEN VORZ ......................141.90 4.30 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5945.43 -10.48 -0.18
FTSE 250 INDEX. . . . . . . . 11750.29 0.22 0.00
FTSE UK ALL SHARE . . . . 3088.34 -4.32 -0.14
FTSE AIMALL SH . . . . . . . . 803.74 -2.89 -0.36
DOWJONES INDUS 30 . . 13194.10 16.42 0.12
S&P 500 . . . . . . . . . . . . . . . 1394.28 -1.67 -0.12
NASDAQ COMPOSITE . . . 3040.73 0.85 0.03
FTSEUROFIRST 300 . . . . . 1098.37 3.03 0.28
NIKKEI 225 . . . . . . . . . . . . 10050.52 151.44 1.53
DAX 30 PERFORMANCE. . 7079.42 83.51 1.19
CAC 40 . . . . . . . . . . . . . . . . 3564.51 14.35 0.40
SHANGHAI SE INDEX . . . . 2391.23 -64.57 -2.63
HANG SENG. . . . . . . . . . . 21307.89 -31.81 -0.15
S&P/ASX 20 INDEX . . . . . . 2537.00 19.40 0.77
ASX ALL ORDINARIES . . . 4375.60 39.10 0.90
BOVESPA SAO PAOLO. . 68257.22 -137.11 -0.20
ISEQ OVERALL INDEX . . . 3279.93 12.52 0.38
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 845.64 1.67 0.20
SWISS MARKET INDEX. . . 6300.43 40.41 0.65
Price Chg %chg
3M........................................................88.75 1.21 98.19 68.63
ABBOTT LABS ...................................58.93 0.70 58.98 46.29
ALCOA ................................................10.31 0.44 18.47 8.45
ALTRIA GROUP..................................30.10 -0.34 30.71 23.20
AMAZON.COM..................................184.59 1.20 246.71 160.59
AMERICAN EXPRESS........................54.25 1.48 54.45 41.30
AMGEN INC.........................................68.91 0.88 70.00 47.66
APPLE...............................................568.10 16.10 568.18 310.50
AT&T....................................................31.63 0.19 31.94 27.27
BANK OF AMERICA.............................8.49 0.50 14.43 4.92
BERKSHIRE HATAW B.......................80.76 1.22 85.52 65.35
BOEING CO.........................................74.31 0.71 80.65 56.01
CATERPILLAR..................................113.30 4.36 116.95 67.54
CHEVRON..........................................111.19 1.19 111.31 86.68
CISCO SYSTEMS................................20.22 0.39 20.49 13.30
CITIGROUP.........................................36.45 2.16 46.90 21.40
COCA-COLA.......................................70.25 0.10 71.77 61.29
COMCAST CLASS A..........................30.04 0.43 30.05 19.19
CONOCOPHILLIPS.............................77.76 0.45 81.80 58.65
DU PONT(EI) DE NMR........................52.68 1.48 57.50 37.10
EMC CORP..........................................29.62 0.59 29.68 19.84
EXXON MOBIL....................................86.86 1.31 88.13 63.47
GENERAL ELECTRIC.........................19.59 0.46 20.85 14.02
GOLDMAN SACHS GRP..................124.54 7.55 164.40 84.27
GOOGLE A........................................617.78 12.63 670.25 473.02
HEWLETT PACKARD.........................24.57 0.53 43.28 19.92
HOME DEPOT.....................................49.14 0.55 49.17 28.13
IBM.....................................................203.78 2.78 203.90 151.71
INTEL CORP .......................................27.49 0.51 27.50 19.16
J.P.MORGAN CHASE.........................43.39 2.85 47.80 27.85
JOHNSON & JOHNSON.....................65.33 0.23 68.05 55.76
KRAFT FOODS A................................38.52 0.40 39.06 24.30
MC DONALD'S CORP ........................96.78 0.12 102.22 72.89
MERCK AND CO. NEW......................38.28 0.18 39.43 29.47
MICROSOFT........................................32.67 0.63 32.69 23.65
OCCID. PETROLEUM.........................99.98 1.54 117.89 66.36
ORACLE CORP...................................30.13 0.42 36.50 24.72
PEPSICO.............................................64.34 0.40 71.89 58.50
PFIZER ................................................22.01 0.47 22.17 16.63
PHILIP MORRIS INTL .........................85.71 1.17 85.76 60.45
PROCTER AND GAMBLE ..................67.90 0.19 67.90 56.57
QUALCOMM INC ................................64.85 1.00 64.89 45.98
SCHLUMBERGER ..............................74.77 0.75 95.53 54.79
TRAVELERS CIES..............................58.41 0.80 64.17 45.97
UNITED TECHNOLOGIE ....................86.57 2.58 91.83 66.87
VERIZON COMMS ..............................39.48 0.16 40.48 32.28
VISA CL A..........................................117.27 0.74 119.36 70.45
WAL-MART STORES..........................61.00 0.32 62.63 48.31
WALT DISNEY CO ..............................44.01 1.67 44.13 28.19
WELLS FARGO & CO.........................33.33 1.82 33.58 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 ..................0.263 0.00
LIBOR Euro - 12 months ................1.491 0.00
LIBOR USD - overnight...................0.146 0.00
LIBOR USD - 12 months.................1.056 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.410 0.17
European repo rate.........................0.162 0.00
Euro Euribor ....................................0.318 0.00
The vix index ...................................15.31 0.51
The baItic dry index ........................844.0 7.00
Markit iBoxx...................................239.74 -4.08
Markit iTraxx..................................125.29 -8.77
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .316.1 1.9 340.8 248.1
Chemring Group . . . .437.0 4.2 736.5 368.8
Cobham . . . . . . . . . . .217.0 -0.7 236.5 165.9
Meggitt . . . . . . . . . . . .400.3 -7.8 408.1 304.9
QinetiQ Group . . . . . .152.7 0.7 153.2 101.5
RoIIs-Royce HoIdi . . .836.0 0.0 845.0 557.5
Senior . . . . . . . . . . . . .194.0 3.0 201.0 132.6
UItra EIectronics . . .1767.0 -7.0 1788.5 1305.0
GKN . . . . . . . . . . . . . .219.8 3.8 245.0 157.0
BarcIays . . . . . . . . . . .248.8 9.3 308.9 138.9
HSBC HoIdings . . . . .575.0 2.6 667.2 463.5
LIoyds Banking Gr . . .35.5 0.9 62.4 21.8
RoyaI Bank of Sco . . .26.6 0.8 44.4 17.3
Standard Chartere .1615.0 10.0 1690.0 1169.5
AG Barr . . . . . . . . . .1208.0 3.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .386.8 -3.0 444.0 289.9
Diageo . . . . . . . . . . .1537.5 -14.5 1560.5 1112.0
SABMiIIer . . . . . . . . .2645.0 -15.0 2689.0 1979.0
AZ EIectronic Mat . . .298.8 2.8 338.1 206.1
Croda Internation . .2219.0 -15.0 2254.0 1572.0
EIementis . . . . . . . . . .189.3 -6.8 196.6 107.5
Johnson Matthey . .2368.0 -35.0 2414.0 1523.0
Victrex . . . . . . . . . . .1356.0 -16.0 1590.0 1025.0
YuIe Catto & Co . . . . .228.9 18.9 253.0 148.0
C/$ 1.3030 0.0053
C/ 0.8313 0.0014
C/ 109.11 0.5435
/C 1.2030 0.0020
/$ 1.5675 0.0032
/ 131.30 1.0177
FTSE 100
5945.43
10.48
FTSE 250
11750.29
0.22
FTSE ALLSHARE
3088.34
4.32
DOW
13194.10
16.42
NASDAQ
3040.73
0.85
S&P 500
1394.28
1.67
Smith (DS) . . . . . . . . .183.7 0.0 186.0 113.3
Smiths Group . . . . .1089.0 -12.0 1340.0 869.5
Brown (N.) Group . . .233.3 1.4 304.5 227.0
Carpetright . . . . . . . . .651.0 1.5 749.0 375.0
Debenhams . . . . . . . . .74.8 0.3 75.5 51.2
Dignity . . . . . . . . . . . .833.5 -11.0 854.5 690.0
Dixons RetaiI . . . . . . .15.1 0.3 19.9 9.4
DuneImGroup . . . . . .506.0 14.0 554.6 383.9
HaIfords Group . . . . .302.0 -3.8 405.9 268.6
Home RetaiI Group . .115.0 5.0 228.5 72.5
Inchcape . . . . . . . . . .404.7 -13.5 426.0 268.1
JD Sports Fashion . .739.0 -41.0 1030.0 570.0
Kesa EIectricaIs . . . . .73.5 1.5 151.4 60.2
Kingfisher . . . . . . . . .295.0 1.0 298.2 217.0
Marks & Spencer G . .370.8 8.7 402.2 301.8
Next . . . . . . . . . . . . .2827.0 34.0 2853.0 1893.0
Sports Direct Int . . . .292.2 -1.4 296.1 180.0
WH Smith . . . . . . . . . .542.0 -5.0 559.0 433.8
Smith & Nephew . . . .628.0 -5.0 715.0 521.0
Synergy HeaIth . . . . .831.5 0.5 981.0 809.5
Barratt DeveIopme . .146.9 -2.4 151.2 67.5
BeIIway . . . . . . . . . . . .829.0 -17.5 858.0 540.5
BerkeIey Group Ho .1383.0 -23.0 1417.0 960.0
BaIfour Beatty . . . . . .289.5 0.0 348.6 214.6
CRH . . . . . . . . . . . . .1366.0 15.0 1687.0 1053.0
GaIIiford Try . . . . . . . .619.0 -1.0 629.0 332.8
Kier Group . . . . . . . .1228.0 -13.0 1489.0 1097.0
Drax Group . . . . . . . .533.0 7.0 581.5 371.9
SSE . . . . . . . . . . . . . .1330.0 18.0 1423.0 1189.0
Domino Printing S . .663.5 -6.5 701.5 434.3
HaIma . . . . . . . . . . . . .407.2 2.5 429.6 306.3
Laird . . . . . . . . . . . . . .201.3 1.5 207.0 127.9
Morgan CrucibIe C . .347.7 -3.7 360.0 224.0
Oxford Instrument .1238.0 28.0 1245.0 600.5
Renishaw . . . . . . . . .1487.0 23.0 1886.0 800.0
Spectris . . . . . . . . . .1823.0 22.0 1860.0 1039.0
Aberforth SmaIIer . . .656.0 7.0 714.0 494.0
AIIiance Trust . . . . . .378.0 0.0 392.7 310.2
Bankers Inv Trust . . .433.8 5.8 435.5 346.5
BH GIobaI Ltd. GB .1198.0 2.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.9 -0.0 12.2 10.4
BH Macro Ltd. EUR . . .19.7 0.0 20.2 16.3
BH Macro Ltd. GBP 2050.0 5.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.7 -0.1 20.2 16.2
BIackRock WorId M .703.5 -9.5 815.5 574.5
BIueCrest AIIBIue . . .165.0 0.2 176.2 160.6
British Assets Tr . . . .128.9 -0.1 139.4 109.0
British Empire Se . . .447.3 1.7 533.0 404.0
CaIedonia Investm .1558.0 26.0 1800.0 1337.0
City of London In . . .303.3 0.9 306.9 257.0
Dexion AbsoIute L . .140.6 0.7 150.0 130.0
Edinburgh Dragon . .253.1 0.8 253.1 201.4
Edinburgh Inv Tru . . .504.0 3.0 507.0 414.9
EIectra Private E . . .1697.0 2.0 1755.0 1287.0
F&C Inv Trust . . . . . .316.5 -0.2 327.9 261.5
FideIity China Sp . . . . .88.0 0.4 114.3 70.0
FideIity European . .1133.0 -19.0 1287.0 912.0
HeraId Inv Trust . . . . .525.0 0.5 545.5 419.0
HICL Infrastructu . . . .119.9 0.0 121.3 112.7
Impax Environment .102.9 -0.4 125.4 88.5
John Laing Infras . . .110.2 0.3 110.6 103.8
JPMorgan American .965.5 11.0 968.0 721.5
JPMorgan Asian In . .202.5 -0.3 244.0 170.1
JPMorgan Emerging .583.0 7.5 610.5 480.1
JPMorgan European .749.5 7.0 983.5 624.0
JPMorgan Indian I . . .388.4 0.4 459.0 313.1
JPMorgan Russian .604.0 6.5 741.0 415.1
Law Debenture Cor . .395.3 4.1 398.8 321.0
MercantiIe Inv Tr . . .1064.0 10.0 1119.0 823.0
Merchants Trust . . . .392.7 1.6 431.8 341.5
Monks Inv Trust . . . .343.0 1.1 367.9 298.1
Murray Income Tru . .674.0 0.0 676.0 568.0
Murray Internatio . .1004.0 2.0 1012.0 818.5
PerpetuaI Income . . .273.8 0.4 276.3 236.5
PersonaI Assets T .34690.0-240.0 35350.030210.0
PoIar Cap TechnoI . .388.0 5.0 389.2 299.5
RIT CapitaI Partn . . .1245.0 5.0 1360.0 1173.0
Scottish Inv Trus . . . .495.5 4.9 524.0 417.0
Scottish Mortgage . .709.5 6.5 781.0 565.0
SVG CapitaI . . . . . . . .295.5 16.5 301.9 165.1
TempIe Bar Inv Tr . . .947.5 -22.5 970.0 791.0
TempIeton Emergin .625.0 0.5 684.5 497.0
TR Property Inv T . . .159.8 0.9 206.1 136.2
TR Property Inv T . . . .71.9 -0.1 94.0 59.8
Witan Inv Trust . . . . .502.0 4.0 533.0 401.5
3i Group . . . . . . . . . . .213.5 3.5 301.1 166.9
3i Infrastructure . . . .122.2 0.0 125.2 113.4
Aberdeen Asset Ma .256.4 0.4 265.8 167.8
Ashmore Group . . . .377.7 -3.0 420.0 301.5
Brewin DoIphin Ho . .168.0 -2.1 176.5 113.7
CameIIia . . . . . . . . . .9847.5 62.510950.0 8800.0
CharIes TayIor Co . . .137.8 4.3 165.0 115.6
City of London Gr . . . .66.5 0.0 93.6 61.3
City of London In . . .362.0 5.8 440.0 304.3
CIose Brothers Gr . . .795.0 5.0 865.5 590.0
CoIIins Stewart H . . . .97.8 -1.3 99.3 48.5
F&C Asset Managem .73.0 1.0 81.7 56.1
Hargreaves Lansdo .478.1 -2.2 646.5 402.5
HeIphire Group . . . . . . .2.2 -0.1 16.0 1.4
Henderson Group . . .121.1 2.1 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . .403.0 9.0 541.5 311.6
IG Group HoIdings . .455.0 1.8 502.5 393.6
Intermediate Capi . . .286.4 3.9 345.0 197.9
InternationaI Per . . . .258.2 4.5 388.8 148.5
InternationaI Pub . . .120.7 0.0 121.5 108.6
Investec . . . . . . . . . . .405.2 -9.7 522.0 318.4
IP Group . . . . . . . . . . .119.5 2.0 119.5 36.0
Jupiter Fund Mana . .241.8 -3.2 318.3 184.9
Liontrust Asset M . . .108.0 -1.0 109.6 57.9
LMS CapitaI . . . . . . . . .58.3 0.0 64.8 54.0
London Finance & . . .19.5 0.0 23.5 18.1
London Stock Exch 1001.0 4.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .12.0 0.3 19.8 8.9
Man Group . . . . . . . . .142.3 2.8 259.6 104.5
Paragon Group Of . .192.9 4.4 206.1 134.6
Provident Financi . .1151.0 15.0 1164.0 915.0
Rathbone Brothers .1298.0 25.0 1319.0 977.0
Record . . . . . . . . . . . . .10.5 -0.5 35.5 10.3
RSM Tenon Group . . . .7.1 -0.1 41.8 5.6
Schroders . . . . . . . .1595.0 6.0 1906.0 1183.0
Schroders (Non-Vo .1281.0 5.0 1554.0 970.0
TuIIett Prebon . . . . . .344.2 5.7 428.6 262.3
WaIker Crips Grou . . .45.0 0.0 51.5 40.0
BT Group . . . . . . . . . .218.0 0.2 219.5 161.0
CabIe & WireIess . . . .32.5 0.0 50.5 31.3
CabIe & WireIess . . . .35.4 -1.5 63.9 14.2
COLT Group SA . . . . .99.8 -0.2 154.0 84.1
KCOM Group . . . . . . . .68.5 -1.0 84.0 58.5
TaIkTaIk TeIecom . . .140.6 -2.6 150.0 118.9
TeIecomPIus . . . . . . .656.0 -4.0 802.0 440.0
Booker Group . . . . . . .79.8 0.9 80.9 54.5
Greggs . . . . . . . . . . . .548.0 -10.0 563.0 445.0
Morrison (Wm) Sup .298.7 -4.3 328.0 268.5
Ocado Group . . . . . . .118.0 6.6 237.0 52.9
Sainsbury (J) . . . . . . .302.5 -2.2 362.8 263.5
Tesco . . . . . . . . . . . . .324.9 4.3 420.1 310.5
Associated Britis . . .1199.0 -20.0 1228.0 940.0
Cranswick . . . . . . . . .834.0 1.5 842.5 588.5
Dairy Crest Group . . .350.7 -2.6 409.7 311.0
Devro . . . . . . . . . . . . .326.9 -3.1 333.7 232.0
Tate & LyIe . . . . . . . . .717.5 0.0 722.0 520.0
UniIever . . . . . . . . . .2087.0 -19.0 2189.0 1796.0
Mondi . . . . . . . . . . . . .609.5 -8.0 664.0 413.5
Centrica . . . . . . . . . . .316.4 2.3 333.0 278.8
InternationaI Pow . . .368.8 0.3 370.4 279.4
NationaI Grid . . . . . . .659.0 2.0 660.5 543.5
Pennon Group . . . . . .734.5 3.5 740.0 584.5
Severn Trent . . . . . .1610.0 4.0 1615.0 1375.0
United UtiIities . . . . .627.0 5.0 637.0 551.0
Cookson Group . . . . .714.5 -8.5 731.6 395.8
Rexam . . . . . . . . . . . .423.7 0.7 427.6 299.8
RPC Group . . . . . . . .377.0 -5.0 393.2 231.5
Price Chg High Low
Bovis Homes Group .518.5 2.5 520.5 326.5
Persimmon . . . . . . . .673.5 -6.5 706.5 374.0
Reckitt Benckiser . .3523.0 -59.0 3625.2 3015.0
Redrow . . . . . . . . . . . .133.5 -1.2 139.4 103.5
TayIor Wimpey . . . . . . .52.3 0.2 53.3 28.7
Bodycote . . . . . . . . . .417.8 -8.7 432.8 225.6
Fenner . . . . . . . . . . . .477.3 -3.7 492.5 280.0
IMI . . . . . . . . . . . . . . .1008.0 -6.0 1119.0 636.5
MeIrose . . . . . . . . . . .414.2 3.8 418.2 268.0
Northgate . . . . . . . . . .238.2 -2.6 346.7 190.9
Rotork . . . . . . . . . . .2019.0 -40.0 2099.0 1501.0
Spirax-Sarco Engi . .2135.0 -49.0 2197.0 1649.0
Weir Group . . . . . . .1984.0 -8.0 2236.0 1375.0
Evraz . . . . . . . . . . . . .410.0 0.7 460.5 315.0
Ferrexpo . . . . . . . . . . .337.8 4.6 499.0 238.7
TaIvivaara Mining . . .271.0 -6.8 589.0 195.2
BBAAviation . . . . . . .213.7 -0.4 223.4 156.0
Stobart Group Ltd . . .137.0 1.0 152.8 112.0
AdmiraI Group . . . . .1186.0 1.0 1754.0 787.0
AmIin . . . . . . . . . . . . .349.6 6.0 427.0 270.6
BeazIey . . . . . . . . . . . .139.6 0.0 151.8 109.6
Informa . . . . . . . . . . . .443.6 -0.2 449.7 313.9
ITE Group . . . . . . . . . .240.3 3.1 258.2 157.7
ITV . . . . . . . . . . . . . . . . .87.9 1.1 88.2 51.7
Johnston Press . . . . . . .7.3 0.2 9.0 4.1
MecomGroup . . . . . .171.5 8.5 310.0 134.5
Moneysupermarket. .130.3 0.3 132.1 85.5
Pearson . . . . . . . . . .1220.0 -1.0 1255.0 1038.0
PerformGroup . . . . .310.0 -5.0 328.7 150.0
Reed EIsevier . . . . . .549.5 -1.5 578.0 461.3
Rightmove . . . . . . . .1387.0 -13.0 1446.0 933.0
STV Group . . . . . . . . .108.5 0.5 168.0 76.3
Tarsus Group . . . . . .142.5 -0.3 165.0 119.5
Trinity Mirror . . . . . . . .38.3 -0.8 54.3 37.5
UBM . . . . . . . . . . . . . .620.5 1.0 626.0 416.0
UTV Media . . . . . . . . .140.0 -2.5 150.0 92.5
WiImington Group . . .98.5 -2.8 157.0 78.5
WPP . . . . . . . . . . . . . .835.0 0.0 844.5 578.0
YeII Group . . . . . . . . . . .4.1 0.1 11.0 3.4
African Barrick G . . .415.5 -19.5 616.5 393.5
AIIied GoId Minin . . .126.0 1.7 263.3 34.4
AngIo American . . .2564.0 -42.5 3344.0 2138.5
AngIo Pacific Gro . . .333.8 -1.9 339.3 237.9
Antofagasta . . . . . . .1213.0 -28.0 1491.0 900.5
Aquarius PIatinum . .158.0 3.1 370.0 130.9
BHP BiIIiton . . . . . . .2000.5 -46.5 2631.5 1667.0
CatIin Group Ltd. . . .421.3 1.3 449.0 334.0
Hiscox Ltd. . . . . . . . . .420.4 5.4 424.7 340.5
Jardine LIoyd Tho . . .701.0 3.5 764.5 576.0
Lancashire HoIdin . . .766.5 -2.5 790.5 532.5
RSA Insurance Gro . .112.8 2.0 139.8 99.6
Aviva . . . . . . . . . . . . . .374.4 13.2 452.7 275.3
LegaI & GeneraI G . . .134.3 9.0 134.3 89.8
OId MutuaI . . . . . . . . .161.7 -2.5 165.1 98.1
Phoenix Group HoI . .570.0 -5.0 688.0 451.1
PrudentiaI . . . . . . . . .785.0 22.0 798.5 509.0
ResoIution Ltd. . . . . .283.2 14.1 316.1 229.5
St James's PIace . . . .360.0 8.0 376.0 294.0
Standard Life . . . . . . .246.0 7.5 247.1 172.0
4Imprint Group . . . . .270.0 0.0 295.0 200.0
Aegis Group . . . . . . .179.1 -1.4 183.1 115.7
BIoomsbury PubIis . .116.0 -0.8 138.0 91.3
British Sky Broad . . .695.5 -6.0 850.0 618.5
Centaur Media . . . . . . .40.5 -1.5 58.4 32.5
Chime Communicati .225.0 1.8 298.5 163.0
Creston . . . . . . . . . . . .62.5 1.5 121.0 47.0
DaiIy MaiI and Ge . . .445.4 2.4 516.0 343.4
Euromoney Institu . .793.0 38.0 793.0 522.5
Future . . . . . . . . . . . . . .12.3 0.0 26.5 8.3
Haynes PubIishing . .220.0 5.0 257.0 192.0
Huntsworth . . . . . . . . .47.5 -0.3 76.3 32.3
Bumi . . . . . . . . . . . . . .773.5 -0.32 788.0 752.5
Centamin (DI) . . . . . . . .83.0 -1.4 154.2 78.5
Eurasian NaturaI . . .671.0 -11.5 973.5 522.0
FresniIIo . . . . . . . . . .1793.0 -37.0 2150.0 1302.0
GemDiamonds Ltd. .248.5 -1.0 291.0 179.8
GIencore Internat . . .413.4 -4.9 531.1 348.0
HochschiId Mining . .493.2 -21.8 657.0 365.9
Kazakhmys . . . . . . . .943.5 -42.5 1493.0 730.0
Kenmare Resources . .52.4 1.9 61.5 31.0
Lonmin . . . . . . . . . . .1076.0 -8.0 1760.0 941.0
New WorId Resourc .456.6 -22.2 1060.0 409.4
PetropavIovsk . . . . . .625.0 -41.5 1073.0 543.5
PoIymetaI Interna . . .994.0 -16.0 1175.0 877.0
RandgoId Resource 6850.0-260.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3480.0 -53.0 4595.0 2712.5
Vedanta Resources 1391.0 -39.0 2518.0 928.0
Xstrata . . . . . . . . . . .1151.0 -14.0 1550.0 764.0
Inmarsat . . . . . . . . . . .470.4 1.0 628.5 389.3
Vodafone Group . . . .166.7 -4.1 182.7 155.1
Genesis Emerging . .518.0 1.0 548.5 424.0
Afren . . . . . . . . . . . . . .131.7 -1.4 171.2 73.6
BG Group . . . . . . . . .1541.0 22.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .499.1 0.2 504.6 363.2
Cairn Energy . . . . . . .336.3 2.9 531.8 291.9
EnQuest . . . . . . . . . . .127.3 -2.3 158.5 85.7
Essar Energy . . . . . .112.4 1.7 489.8 101.6
ExiIIon Energy . . . . . .213.4 -6.8 469.7 184.2
Heritage OiI . . . . . . . .162.2 0.4 318.8 158.0
Ophir Energy . . . . . . .433.9 -5.1 441.0 184.5
Premier OiI . . . . . . . . .424.3 3.8 520.5 310.0
RoyaI Dutch SheII . .2280.5 -0.5 2402.0 1883.5
RoyaI Dutch SheII . .2307.5 -2.5 2489.0 1890.5
SaIamander Energy .232.8 -0.2 317.6 182.3
Soco Internationa . . .339.9 12.1 400.0 278.0
TuIIow OiI . . . . . . . . .1482.0 28.0 1601.0 945.5
Amec . . . . . . . . . . . .1168.0 -3.0 1207.0 740.5
Hunting . . . . . . . . . . .928.0 -9.5 946.5 530.0
Kentz Corporation . .473.5 7.1 508.0 347.0
LampreII . . . . . . . . . . .339.3 0.1 395.2 220.7
Petrofac Ltd. . . . . . .1706.0 15.0 1719.0 1108.0
Wood Group (John) .728.5 -1.0 763.5 469.9
Burberry Group . . . .1547.0 -25.0 1600.0 1092.0
PZ Cussons . . . . . . . .321.8 2.8 387.9 285.0
Supergroup . . . . . . . .613.0 -14.5 1600.0 435.2
AstraZeneca . . . . . .2859.0 -26.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .360.7 -2.4 366.9 210.3
Genus . . . . . . . . . . . .1327.0 7.0 1368.0 853.5
GIaxoSmithKIine . . .1430.0 -12.5 1497.0 1138.5
Hikma Pharmaceuti .774.0 2.0 869.0 555.5
Shire PIc . . . . . . . . . .2228.0 -2.0 2300.0 1748.0
CapitaI & Countie . . .195.1 -2.5 203.7 153.4
Daejan HoIdings . . .2925.0 0.0 3038.0 2282.0
F&C CommerciaI Pr .101.8 -0.2 108.0 92.6
Grainger . . . . . . . . . . .115.3 -0.7 133.2 77.3
London & Stamford .114.5 -0.2 140.0 103.9
SaviIIs . . . . . . . . . . . . .392.8 -0.1 427.1 256.2
UK CommerciaI Pro . .73.0 0.2 85.5 65.1
Unite Group . . . . . . . .209.7 2.1 224.1 152.9
Big YeIIow Group . . .321.5 4.9 344.4 218.0
British Land Co . . . . .500.5 -1.5 629.5 444.0
CapitaI Shopping . . .347.0 -2.6 408.6 288.7
Derwent London . . .1822.0 25.0 1880.0 1400.0
Great PortIand Es . . .372.5 -0.7 445.0 312.9
Hammerson . . . . . . . .420.1 -8.9 490.9 345.2
Hansteen HoIdings . . .78.0 -1.0 89.5 68.0
Land Securities G . . .731.5 -8.5 885.0 612.0
SEGRO . . . . . . . . . . . .253.0 -0.8 331.3 195.0
Shaftesbury . . . . . . . .522.5 2.5 539.0 441.2
Aveva Group . . . . . .1686.0 -40.0 1799.0 1298.0
Computacenter . . . . .448.0 6.8 490.0 324.7
Fidessa Group . . . . .1648.0 12.0 2109.0 1444.0
Invensys . . . . . . . . . . .204.1 0.6 357.3 180.9
Logica . . . . . . . . . . . . .96.7 3.1 144.8 59.0
Micro Focus Inter . . .464.5 -6.7 476.8 242.9
Misys . . . . . . . . . . . . .325.0 -3.0 420.2 214.9
Sage Group . . . . . . . .298.9 -2.7 312.4 231.7
SDL . . . . . . . . . . . . . . .724.0 -25.0 756.3 586.0
TeIecity Group . . . . . .709.5 -7.5 725.0 450.5
Aggreko . . . . . . . . . .2304.0 -11.0 2341.0 1474.8
Ashtead Group . . . . .265.0 -5.2 275.5 99.4
Atkins (WS) . . . . . . . .794.0 0.0 820.0 490.2
Babcock Internati . . .757.5 -7.0 768.5 550.5
Berendsen . . . . . . . . .537.0 -3.5 568.0 402.7
BunzI . . . . . . . . . . . . .999.5 -0.5 1009.0 676.5
Cape . . . . . . . . . . . . . .469.0 4.0 591.5 295.0
Capita . . . . . . . . . . . . .745.5 -5.0 767.0 611.5
CariIIion . . . . . . . . . . .310.8 -4.0 403.2 281.0
De La Rue . . . . . . . . .952.0 -5.0 1001.0 730.0
DipIoma . . . . . . . . . . .422.0 7.0 425.5 263.5
EIectrocomponents .261.2 10.6 294.9 182.2
Experian . . . . . . . . . . .973.5 -1.5 979.0 665.0
FiItrona PLC . . . . . . . .455.4 -10.0 472.5 293.0
G4S . . . . . . . . . . . . . . .278.0 -5.5 292.1 219.9
Hays . . . . . . . . . . . . . . .87.3 1.3 119.6 58.9
Homeserve . . . . . . . .236.3 0.5 532.0 214.7
Howden Joinery Gr . .128.5 2.4 129.5 93.1
Interserve . . . . . . . . . .293.0 0.0 341.3 245.8
Intertek Group . . . . .2506.0 11.0 2521.0 1744.0
MichaeI Page Inte . . .478.1 -0.6 567.0 323.0
Mitie Group . . . . . . . .286.3 1.3 291.1 195.9
PayPoint . . . . . . . . . . .600.0 -6.5 613.1 395.0
Premier FarneII . . . . .228.8 13.4 301.0 144.5
Regus . . . . . . . . . . . . .112.0 0.0 119.0 64.0
RentokiI InitiaI . . . . . . .81.9 -0.7 100.9 58.2
RPS Group . . . . . . . . .234.1 2.2 253.0 156.6
Serco Group . . . . . . .536.5 -2.0 597.5 458.0
Shanks Group . . . . . .101.8 0.8 130.9 90.8
SIG . . . . . . . . . . . . . . .119.9 4.4 153.5 77.0
Travis Perkins . . . . .1080.0 -2.0 1096.0 715.0
WoIseIey . . . . . . . . .2498.0 27.0 2522.0 1404.0
ARM HoIdings . . . . . .566.5 -6.5 645.0 464.0
CSR . . . . . . . . . . . . . .258.2 2.5 391.4 154.1
Imagination Techn . .646.0 -6.5 670.0 296.9
Spirent Communica .158.0 4.3 159.5 105.8
British American . .3237.0 -8.0 3260.0 2300.0
ImperiaI Tobacco . .2547.0 -28.0 2599.0 1878.0
Betfair Group . . . . . . .900.5 14.0 1030.0 567.0
Bwin.party Digita . . .161.0 -3.5 204.0 100.6
CarnivaI . . . . . . . . . .2020.0 20.0 2642.0 1742.0
Compass Group . . . .661.0 -5.0 669.0 512.5
Domino's Pizza UK . .452.8 -4.5 526.0 377.0
easyJet . . . . . . . . . . . .454.3 13.1 478.4 302.5
FirstGroup . . . . . . . . .290.3 1.4 370.2 282.5
Go-Ahead Group . . .1304.0 4.0 1598.0 1190.0
Greene King . . . . . . .514.0 1.5 522.5 410.0
InterContinentaI . . .1485.0 -12.0 1508.0 955.0
InternationaI Con . . .172.6 2.2 258.7 132.0
JD Wetherspoon . . . .426.9 -8.1 468.3 380.5
Ladbrokes . . . . . . . . .157.8 -4.0 161.8 114.0
Marston's . . . . . . . . . . .99.7 0.3 112.0 84.6
MiIIennium& Copt . .510.0 9.0 540.0 371.2
MitcheIIs & ButIe . . . .277.6 1.6 336.8 215.6
NationaI Express . . .247.5 2.7 270.2 201.6
Rank Group . . . . . . . .132.6 0.6 153.7 109.5
Restaurant Group . . .300.5 -2.5 335.0 254.9
Spirit Pub Compan . . .60.3 -0.3 61.3 35.3
Stagecoach Group . .264.7 -3.5 287.4 200.0
TUI TraveI . . . . . . . . . .193.9 -2.1 250.0 136.7
Whitbread . . . . . . . .1718.0 -1.0 1740.0 1409.0
WiIIiamHiII . . . . . . . . .247.7 -1.5 252.4 176.8
Abcam . . . . . . . . . . . .344.3 0.3 460.0 320.0
Advanced MedicaI . . .83.0 0.3 96.0 64.8
AIbemarIe & Bond . .345.0 -7.5 400.1 281.0
Amerisur Resource . .25.0 -0.5 29.0 9.5
Andor TechnoIogy . .529.0 -1.0 685.0 387.1
ArchipeIago Resou . . .65.0 1.5 79.0 55.5
ASOS . . . . . . . . . . . .1706.0 -10.0 2468.0 1142.0
AureIian OiI & Ga . . . .19.0 0.0 77.0 16.0
Avanti Communicat .248.0 1.0 499.8 241.8
BIinkx . . . . . . . . . . . . . .74.3 -2.5 158.0 50.5
Borders & Souther . . .69.5 -1.5 80.5 43.5
BowLeven . . . . . . . . . .96.0 0.3 382.3 62.0
Brooks MacdonaId 1345.0 0.0 1372.5 940.0
CIuff GoId . . . . . . . . . . .90.8 -4.3 119.0 66.5
Cove Energy . . . . . . .215.0 6.0 242.0 61.0
Daisy Group . . . . . . .108.5 -0.5 127.0 88.0
EMIS Group . . . . . . . .465.0 -45.0 580.0 397.5
Faroe PetroIeum . . . .158.5 -2.0 183.3 130.0
GuIfsands PetroIe . . .152.8 -7.3 329.3 142.5
GWPharmaceuticaI . .93.1 -0.6 130.0 78.5
H&T Group . . . . . . . . .322.5 -3.5 395.0 285.0
Hargreaves Servic .1214.0 -26.0 1258.0 855.0
HeaIthcare Locums . . . .2.1 0.1 2.2 2.0
Immunodiagnostic . .365.0 3.9 1218.0 288.8
ImpeIIamGroup . . . .355.0 9.0 387.5 225.0
Iomart Group . . . . . . .133.0 0.0 151.0 85.5
James HaIstead . . . . .505.0 15.0 516.4 410.0
London Mining . . . . .290.8 -6.3 436.5 257.5
Lupus CapitaI . . . . . .126.0 -2.0 150.0 86.0
M. P. Evans Group . .450.0 6.0 475.0 371.0
Majestic Wine . . . . . .424.0 -5.0 510.0 315.0
May Gurney Integr . .284.4 -10.6 302.0 236.0
Monitise . . . . . . . . . . . .36.8 0.0 40.0 20.5
MuIberry Group . . . .1965.0 -19.0 1995.0 1290.0
Nanoco Group . . . . . . .72.0 -1.0 93.3 38.0
NauticaI PetroIeu . . .345.0 4.3 444.3 223.5
NichoIs . . . . . . . . . . . .647.5 13.5 655.0 410.0
Numis Corporation . . .95.0 -2.0 119.6 72.0
Pan African Resou . . .16.5 -0.3 18.3 9.5
Patagonia GoId . . . . . .38.5 -1.0 70.0 36.0
Prezzo . . . . . . . . . . . . .64.0 -3.0 71.5 53.5
Pursuit Dynamics . . . .84.9 9.9 392.0 67.0
Rockhopper ExpIor .368.5 1.3 393.5 141.0
RWS HoIdings . . . . . .532.5 4.8 540.0 370.0
Secure Trust Bank .1072.5 0.0 1072.5 755.0
Songbird Estates . . .112.0 0.0 160.3 103.0
VaIiant PetroIeum . . .532.5 -2.0 628.5 400.0
Young & Co's Brew . .667.5 0.0 712.0 565.0
YuIe Catto & Co . . . . .228.9 9.0
LegaI & GeneraI Gr . .134.3 7.2
Premier FarneII . . . . .228.8 6.2
Ocado Group . . . . . . .118.0 5.9
SVG CapitaI . . . . . . . .295.5 5.9
ResoIution Ltd. . . . . .283.2 5.2
Euromoney Institut . .793.0 5.0
Home RetaiI Group . .115.0 4.6
EIectrocomponents .261.2 4.2
BarcIays . . . . . . . . . . .248.8 3.9
PetropavIovsk . . . . . .625.0 -6.2
JD Sports Fashion . .739.0 -5.3
New WorId Resource 456.6 -4.6
African Barrick Go . .415.5 -4.5
Kazakhmys . . . . . . . .943.5 -4.3
HochschiId Mining . .493.2 -4.2
CabIe & WireIess W . .35.4 -4.0
RandgoId Resources6850.0 -3.7
EIementis . . . . . . . . . .189.3 -3.5
SDL . . . . . . . . . . . . . . .724.0 -3.3
Risers FaIIers
MAIN CHANGES UK 350
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Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
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FINANCIAL SERVICES
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FORESTRY & PAPER
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GENERAL RETAILERS
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REAL ESTATE INVEST. & SERV.
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TOBACCO
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AIM 50
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AUTOMOBILES & PARTS
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MINING
NONEQUITY INVESTM. COMM.
Tsy 5.250 12 . . . .101.12 -0.03 105.3 101.1
Tsy 9.000 12 . . . .103.34 -0.35 111.1 102.4
Tsy 8.000 13 . . . . .111.51 -0.06 116.9 111.3
Tsy 2.500 13 . . . .283.50 0.02 287.7 282.0
Tsy 4.500 13 . . . .103.94 -0.03 106.5 103.9
Tsy 5.000 14 . . . . .111.02 -0.15 112.9 109.3
Tsy 8.000 15 . . . .126.59 -0.30 129.2 123.8
Tsy 4.750 15 . . . . .113.79 -0.29 115.4 109.1
Tsy 4.000 16 . . . . .113.05 -0.45 114.7 105.6
Tsy 2.500 16 . . . .343.20 -0.13 344.2 318.0
Tsy 12.000 17 . . . .119.84 0.00 128.6 119.1
Tsy 1.250 17 . . . . .115.09 -0.36 116.6 108.4
Tsy 8.750 17 . . . .139.69 -0.97 141.9 133.3
Tsy 5.000 18 . . . .120.49 -0.79 122.5 110.6
Tsy 3.750 19 . . . . .113.54 -1.02 115.6 100.7
Tsy 4.500 19 . . . . .118.67 -0.94 120.7 106.5
Tsy 4.750 20 . . . .120.87 -1.08 123.5 107.7
Tsy 2.500 20 . . . .362.29 -0.63 367.1 322.1
Tsy 8.000 21 . . . .149.09 -1.19 153.4 134.8
Tsy 1.875 22 . . . .125.43 -0.76 129.1 113.3
Tsy 4.000 22 . . . . .114.76 -1.42 118.2 100.0
Tsy 2.500 24 . . . .324.30 -0.90 334.7 282.2
Tsy 5.000 25 . . . .125.61 -1.73 130.6 108.5
Tsy 1.250 27 . . . .121.45 -1.00 127.0 106.6
Tsy 4.250 27 . . . . .116.65 -1.90 122.7 99.1
Tsy 6.000 28 . . . .140.76 -1.87 148.0 120.7
Tsy 4.125 30 . . . .309.05 -1.13 322.8 268.3
Tsy 4.750 30 . . . .122.97 -2.12 130.5 104.3
Tsy 4.250 32 . . . . .115.48 -2.29 123.1 97.5
Tsy 4.250 36 . . . . .115.37 -2.59 123.9 96.8
Tsy 4.750 38 . . . .124.70 -2.70 134.2 105.0
Tsy 4.500 42 . . . .120.99 -2.94 130.8 101.3
% %
Wealth Management
Kendal Gapinski chooses the best super-compact netbooks on the market
Going ultrabook
Y
AHOO has recently gone to court. Its
case: a software patent claim against
Facebook, a distinctly profitable social
network on the cusp of floatation and at
the very centre of the social web. Yahoo was
once the Internet's most profitable search
engine, an original dotcom boomer from a time
when people said "cyberspace" and meant it.
Hard times have lead them to pursue a claim
that Facebook have been abusing Yahoo's tech-
niques for serving targeted advertising to users.
Software patents have been at the centre of
some heavyweight industrial disputes over the
last few months, though the patents them-
selves can seem rather insignificant. Apple is
currently locked in battle with Motorola,
Samsung and other phone manufacturers,
with one recently settled case being to do with
code for zooming in to photos. Samsung is
suing Apple right back, claiming they infringe a
patent that deals with displaying text mes-
sages.
To be granted a patent, you must have a
concrete invention, not an idea. Is a computer
program an idea or a patentable process?
Does our patent apply to the description of the
process, the code written by a human, or the
low-level instructions generated by the
machine? Can we enforce a patented proce-
dure across programming languages, across
computers with fundamentally different
modes of operation? Questions like these high-
light the inherent difficulties in patenting pure
information.
Traditional patents are generally considered
to be a good idea. But large technology com-
panies tend to take a nuclear approach to their
patent portfolio, accumulating weaponry to
match the potency of their competitors. This
results in stalemate and a state of Mutually
Assured Litigation.
Patents may be good for elaborate tin-
openers and chemical reactions but there is a
general feeling among experts that they are a
bad fit for software, to the extent that many
call for their abolishment. They cite the cre-
ative industries, another realm of pure infor-
mation, where copyright is successfully
employed to protect creators' rights. Indeed,
the most successful software litigation has
involved the rather more straightforward
crime of verbatim copying of computer code.
One radical approach that has gained signif-
icant traction over the last decade even
among behemoths like IBM and Microsoft is
that of Open Source software. A developer can
release their source code into the wild, with
few regulations on its use and support from a
large community of enthusiasts. So, instead of
ekeing out a living from sales, they can instead
reap the occupational benefits that come with
a reputation for expertise and craftsmanship.
Remember: the technologies underlying our
modern Internet were developed in academia,
where the free flow of ideas is prized above all.
Perhaps the antiquated mechanism of patents
should not apply to a field that is open and
unlimited by nature. A thought shared can
have repercussions far beyond the imagination
of its original thinker, and what is software but
pure thought? Rhodri is a full-time software
engineer for Softwire Ltd, and records next-
generation music as Uther Moads
TECH CORNER
Rhodri Karim
Why patents
for software
are tricky
Lifestyle | Technology
CITYA.M. 15 MARCH 2012 28
MacBook Air 1,399
The one that set many of the standards in the ultrabook mar-
ket, the extremely portable MacBook Air is 3mm at its thinnest
edge. Despite its small size, it has a powerful performance
thanks to its 1.8GHz Intel Core i7 processor and 4GB RAM. On
the outside, the unibody design is sturdy, yet sleek.
Samsung 9 Series Notebook
900X3A 1,300
Rivaling the MacBook Air, the Samsung Series
Notebook 900X3A is light and mobile with a
slim line body made of metal and glossy plastic.
It also has power with an Intel Core i5
2530UM processor. It comes with a higher res-
olution screen and an SD card slot, rivaling
many of its competitors. This ultrabook boasts
a long battery life, and at its thickest point is
merely 16.3mm.
HP Folio 13 $899.99 (570)
Despite its small size, the keyboard on
the HP Folio ultrabook is larger and more
comfortable than many competitors. It
also contains a memory card slot as well
as an Ethernet cable, meaning its great
for those who prefer a traditional laptop.
The body is made out of aluminum and
soft-touch plastic.
Samsung 9 Series Notebook
900X3A 1,300
Rivaling the MacBook Air, the Samsung Series
Notebook 900X3A is light and mobile with a
slimline body made of metal and glossy plastic.
It also has power with an Intel Core i5
2530UM processor. It comes with a higher res-
olution screen and an SD card slot, rivaling
many of its competitors. This ultrabook boasts
a long battery life, and at its thickest point is
merely 16.3mm.
Dell XPS 13 650
A bit bulkier than the others, the Dell XPS
13 measures 18mm thick at the back and
tapers down to 6mm in the front. It
weighs just under 1.4kg. The keyboard
and trackpad are similar to a typical
laptop, and are also backlit. Additionally,
the Dell XPS is less delicate than many
other ultrabooks thanks to its Gorilla
Glass cover for additional protection.
Acer Aspire S3 699
Another company looking to
catch on to the ultrabook trend is
Acer. The Aspire is 16mm at its
thickest point, with a width of
321mm and depth of 217mm.
The case is made of aluminum,
however, it lacks the unibody
design of many of its competitors.
Asus Zenbook UX21E 849
Cheaper than many of the other
ultrabooks out there, the Asus Zenbrook
measures 17mm at the back at its
thickest point, but tapers down to 3mm
in the front. This ultrabook is
particularly well-designed because it is
made out of one piece of aluminum. It
also packs a punch with a 1.6GHz Intel
Core i5 processor with 6 GB of RAM.
M
OTHERS DAY, lest you forget, is not just for
your own mother. Its also for the mother of
your child. So, once youve paid tribute to all
the hard work your own maternal unit has put
in over the years (and lets face it, to produce a child as
wonderful as you takes a lot of effort), spare a thought
for your partner if shes also given birth to your child. We
think jewellery is a good way forward for the special
mothers in your life: but so are Hummingbird Bakery
cupcakes, luxury candles, gorgeous clutch bags and
champagne. If youre keen for a more experience-based
Mothers Day, below weve provided six suggestions:
hardcore pampering options that still had availability
when we went to press yesterday. So if youve left it a bit
late, dont panic, get booking. Zoe Strimpel
30
Mums
the word
Lifestyle | Mothers Day Special
ASPINAL ABSTRACT POPPIES SILK
CHARMEUSE SCARF IN BORDEAUX
79, aspinaloflondon.com
and Brook St store
This Italian hand-woven scarf is feather
light and bang on trend with its coco-
phany of vibrant pastels.
WATERMAN EXPERT
DELUXE WHITE PEN
80-105, at
Selfridges
A classic and assertive
pen that means busi-
ness from the iconic
French brand. You can
buy it in fountain pen,
roller ball pen and ball-
point pen.
Book now: tasty treats and pampering
WILLIAM & SON
PYTHON PURSE
630, flagship.willia-
mandson.com and
Mayfair boutique
Absolutely impeccable
elegance in this large
python purse with zip
coin section, note and
credit card compart-
ments.
SHANTI SUNDAYS
HEART-SHAPED
MEDITATION
CUSHION
48, glowgetter.co.uk,
0845 643 0272
Great for yoga-mum-
mies: the buckwheat
hull filling helps shape
the contours of your
bottom which helps the
hips to release.
ASPINAL
MANHATTAN GREY
CLUTCH
295,
aspinaloflondon.com
and Brook St store
Handmade in Italian
Mock Croc Calf Leather
by a small Italian fami-
ly tannery, each bag is
lined in shimmering
contrast grosgrain.
HUMMINGBIRD BAKERY MOTHERS DAY
CUPCAKES
19.50 for six, 25 for a box of 12 minis, see
hummingbirdbakery.com for a location near you
The iconic symbol of yummy mummydom, these
cupcakes are also the best of the
ever-growing bunch.
VALENTINO
VALENTINA EAU DE
PARFUM
40-71, House of
Fraser and other
department stores
Italian floral meets
Oriental in this shame-
lessly but deliciously
feminine, youthful
scent.
FEMME DE CHAMPAGNE 2000
75, Harrods
This yellow-gold cuve carries fine
strands of bubbles revealing com-
plex notes of a lively maturity:
brioche, vanilla and woody aromas,
alternating with citrus fruits.
W&W STACK RINGS
3,500, at 19 Webbs
Road, Battersea; 020
7924 2386
Extremely pretty, but
also very elegant,
statement pieces by
British jewelers
Richard and Simon
Warrender. Available in
white, yellow or rose
gold.
NADIA NARAIN HOPE
CANDLE
30, glowgetter.co.uk,
0845 643 0272
Made by celebrity yoga
teacher, this refreshing
blend of basil oils his
just the mixture of
tranquility and uplift a
mother needs.
JO MALONE LONDON
BLOOMS
72, Harrods exclusive
Special for Mothers
Day, this gift contains a
Jo Malone limited edi-
tion London BLooms
fragrance nestling
among fresh flowers
arranged by artisanal
florists Wild At Heart.
l
Take Mum for a brunch with a
difference: tasty street food from
Bombay, Delhi, Madras or Calcutta at
Les Portes des Indes. Savoury potato
cakes with a spicy chick pea mash
and tamarind chutney; warm home
made bread with butter, served with
a spicy tomato and vegetable mash,
red onions and lime; and wheaten
egg wraps with spicy lamb or chicken
and mint chutney are on offer.
Theres face-painting to keep any lit-
tle ones busy while you hunker
down. 30 a head.
www.laportedesindes.com
l
High tea is always a delight. The
Waldorf Hiltons 1908 Mothers
Day Afternoon Tea (the Hilton was
built in 1908, the same year as
Mothers Day was made official),
includes a selection of old-fashioned
dishes, said to be popular in the early
1900s. If a tray of Bakewell tartlet,
lemon drizzle cake, a vanilla cup-
cake, chocolate macaroons, fruit
cake, buttermilk scones with clotted
cream and jam and a selection of tra-
ditional sandwiches sounds good to
you, your mum will probably enjoy it
too. Price: 19.08 (get it?). To book, email
reservations.waldorflondon@ hilton.com,
quoting MDP as reference.
l
Brasserie Joel, helmed by top
chef Joel Antunes, knows how to
say thanks to mum. Book Sunday
lunch at his restaurant in the Park
Plaza Westminster Bridge Hotel
London and the maternal unit gets a
complimentary three course meal.
For a further 85 (as opposed to the
usual 125), you can snag Mum a
Mandara Spa goody bag, which
includes a voucher for a complimen-
tary massage, champagne and fruit
platter, as well as a free gift. To book,
call 020 7620 7272,
www.brasseriejoel.co.uk.
l
The Four Seasons on Park Lane
has one of the most beautiful
spas in town: a glass enclosure with
phenomenal views. The Make a Day
of It package is the takes place in the
spas magnificent Sky Suite, begin-
ning with an 80 minute Swedish or
Aromatherapy massage for two. This
is followed by some relaxation time
perfect for taking in the panoramic
views across the London skyline. You
will then be invited to enjoy the
steam room, sauna (complete with
views of Hyde Park) the RainSky
shower and vitality pool and depend-
ing on how energetic youre feeling
the sky high fitness centre. Top it all
off with tea and cakes at the Four
Seasons Amaranto restaurant. From
385 for two people plus 150 for two
monogrammed spa robes. To book call 020
7319 5480 or go to
ourseasons.com/london/spa.
l
The spa itself isnt the most
beautiful in the world, housed
in the windowless basement of the
Third Space gym, but Payot is a good
French skincare brand and will make
your mother glow. The mothers day
promotion includes a 30 minute
back massage, 30 minute facials, ten
minute scalp massage and ten
minute foot massage. Includes com-
plimentary access to the ozone treat-
ed swimming pool, steam room and
sauna. 120 at the Third Space, Bulstrode
Place, W1U. www.thethirdspace.com.
l
K Spa in West London will offer
a 30 minute shoulder and back
massage and 30 minute Dry
Flotation experience in the double
treatment room, as well as access to
Londons only snow paradise in K
Spas unique wet spa (youll have to
go to find out what snow is),
express manicure and a glass of
chilled Prosecco followed by a light
spa lunch in the restaurant, Kanteen.
K was named best UK Luxury Hotel
Spa at the World Luxury Hotel & Spa
Awards 2011. 150 for two people. K West
Hotel & Spa, Richmond Way, W14. To book
go to www.k-west.co.uk.
T
E
R
R
E
S
T
R
I
A
L
MASTERCHEF: THE FINAL THREE
BBC1, 9PM
After eight weeks of competition, the
search for the countrys best amateur
cook reaches its climax. Last in the
series.
CORONATION STREET
ITV1, 8.30PM
The police quiz Peter about his story
after he confesses to killing Frank,
and Pauls new plan puts pressure
on Eileen.
MARYS BOTTOMLINE
CHANNEL4, 9PM
Retail expert Mary Portas sets up her
own business making knickers to
compete with the cheap briefs
produced in the Far East.
BBC1
SKY SPORTS 1
7pmLive Premier League Darts
10.30pmTime of Our Lives
11.30pmRingside 12.30amThe
Rugby Club 1.30amPremier
League Darts 5amPremier
League World 5.30am-6am
Americas Cup Uncovered
SKY SPORTS 2
6pmMasters Tennis 8pmLive
Masters Tennis 10pmWWE: Raw
12amWWE: NXT 1amPremier
League World 1.30amTime of
Our Lives 2.30amRingside
3.30am-4.30amThe Rugby Club
SKY SPORTS 3
7pmLive PGA Tour Golf 10pm
European Tour Golf 12amPGA
Tour Golf 3amRacemax 4am
Super Leagues Supermen
5am-5.30amNRL Fulltime
BRITISH EUROSPORT
7.30pmLive Snooker 10pmPoker
11pm-12.30amAlpine Skiing
ESPN
5.30pmLive UEFA Europa League
Football 8pmLive UEFA Europa
League Football 10.30pmOff the
Ball 11pmGoal! 11.30pmPress
Pass 2012 12amWinter X Games
1.30amUEFA Europa League
Highlights 3amOff the Ball
3.30amFreestyle FIS World Cup
Magazine 4amFIBA Basketball
4.30amNBA Action 5amGoal!
5.30am-6amOff the Ball
SKY LIVING
7pmCriminal Minds 8pmRinger
9pmThe Biggest Loser 10pm
FILMLove Actually 2003.
12.35amUnforgettable 1.35am
Bones 2.35amCriminal Minds
3.30amCSI: Crime Scene
Investigation 4.20amBones
5.10am-6amCSI: Crime Scene
Investigation
BBC THREE
7pmYoung Talent: Winners
Stories 8pmDont Tell the Bride:
Mothers Day Special 9pm
Pramface 9.30pmWhite Van Man
10pmEastEnders 10.30pm
Russell Howards Good News
11pmFamily Guy 11.45pm
American Dad! 12.30am
Pramface 1amWhite Van Man
1.30amDont Tell the Bride:
Mothers Day Special 2.30am
Russell Howards Good News 3am
Snog, Marry, Avoid? 3.30amRiots
and Revolutions: My Arab Journey
4.30am-5.30amYoung Talent:
Winners Stories
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pmRules of
Engagement 9pmHow I Met
Your Mother 9.30pmHappy
Endings 10pmThe IT Crowd
10.30pmPhoneShop 11pmPete
Versus Life 11.35pmRude Tube
12.10amThe Big Bang Theory
1amScrubs 2amHow I Met Your
Mother 2.25amRude Tube
2.50amRules of Engagement
3.10amGreek 3.55amUgly Betty
4.35am-6amSwitched
HISTORY
7pmAmerican Restoration
7.30pmPawn Stars 8.30pm
American Restoration 9pmIRT
Deadliest Roads: The Andes 10pm
Mud Men 11pmPawn Stars
11.30pmAmerican Restoration
12.30amPawn Stars 1amIRT
Deadliest Roads: The Andes 2am
Ice Road Truckers 3amMud Men
4amThe True Story 5am-6am
American Pickers
DISCOVERY
7pmBear Grylls: Born Survivor
8pmWheeler Dealers 9pm
Aircrash Confidential 10pm
X-Machines 11pmStan Lees
Superhumans 12amBear Grylls:
Born Survivor 1amAircrash
Confidential 2amX-Machines
3amWheeler Dealers
3.50amMythbusters
4.40amMark Williams on the
Rails 5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pm17 Kids
and Counting 9pmI Didnt Know I
Was Pregnant 10pmThe Real ER
11pmTrauma Unit 12amI Didnt
Know I Was Pregnant 1amThe
Real ER 2amTrauma Unit 3am
Supernanny US 4amA Baby
Story 5am-6amBabys Room
SKY1
7pmThe Middle 7.30pmModern
Family 8pmThe Simpsons 9pm
Glee: Guest starring Ricky Martin.
10pmHouse 11pmStella 12am
NCIS: Los Angeles 1amDog the
Bounty Hunter 1.30amRoad
Wars 1.55amThe Real A&E
2.50amUK Border Force 3.40am
Change the Day You Die 4.35am
Customs UK 5.05am-6amDream
Lives for Sale
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
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E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnders: BBC News
8pmWatchdog
9pmCHOICE MasterChef: The
Final Three
10pmBBC News
10.25pmRegional News
10.35pmQuestion Time:
11.35pmThis Week 12.20am
Skiing Weatherview12.25amSign
Zone: Homs: Journey into Hell
Panorama 12.55amSign Zone:
Countryfile 1.55amSign Zone:
Natural World: Grizzlies of Alaska
2.55amSign Zone: Antiques Road
Trip 3.40am-6amBBC News
6pmEggheads
6.30pmBritains First Photo
Album
7pmThe Hairy Bikers
Bakeation
8pmNatural World:
Madagascar, Lemurs and Spies
9pmWhite Heat
10pmThe Sarah Millican
Television Programme
10.30pmNewsnight: Weather
11.20pmThe Tube: Faulty
doors cause delays on the
Victoria Line.
12.20amBBC News
3.40amClose 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmOur Kids Rotten Teeth:
Tonight
8pmEmmerdale
8.30pmCHOICE Coronation
Street
9pmLove Life
10pmITV News at Ten 10.30pm
London News 10.35pmFor Better
for Worse 11.35pmThe Late Debate
12.05amThe Jonathan Ross Show
1.05amTake Me Out 1.55amThe
Zone; ITV News Headlines 3amOur
Kids Rotten Teeth: Tonight 3.25am
ITV Nightscreen 4.35am-5.30am
The Jeremy Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmLocation, Location,
Location
9pmCHOICE Marys Bottom
Line
10pmOur Man in Tenerife 11.05pm
Embarrassing Bodies 12.05am
Random Acts 12.10amCheltenham
Festival Highlights 12.40amChina:
Triumph and Turmoil 1.35amChannel
4 Presents Stephen Miller Part Two
1.40amThe Worlds Richest Teenager
and Me 2.35amStrange Little Girls
2.50amConfession 2.55amThe Bible:
A History 3.50amTime Team4.45am
Reaper 5.30am-6.10am90210
5.15pmLive UEFA Europa
League Football: Athletic
Bilbao v Manchester United
(Kick-off 6.00pm).
8.05pmFILMXXX: Action
adventure, starring Vin Diesel,
Samuel L Jackson and Asia
Argento. 2002.
10.25pmFILMThe Foreigner:
Action thriller, starring Steven
Seagal. 2003.
12.15amSuperCasino
3.55amHouse Doctor 4.20am
Wildlife SOS 4.45amWildlife SOS
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
23
24
14 19
29 27
14 15
3 11 6
20 15
45
13 10
14 22 5
13 15
10 30
26 12
9
6
28
16
43
21
23
9
11
8
4
29
7
9
30
7
24
12
42
12
24
6
8
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
L
C
U
O
V S
E
N
D

4
4

4

S T A L L S C A
E O A D D I C T
R O A N G T O
U G A E R I A L
M O S E S T Z L
T R A I N E E
M I G A N N U L
A C R O S S C E
Y F U A B L E
B A R R E D S C
E Y S H E I K H
3 9 8 4 9 2 7
1 2 4 5 3 7 3 9
3 5 7 8 9 6
6 8 7 9 2 7 5 9
2 4 3 6 1 2 1 8
1 8 1 3
1 4 2 3 2 5 1 7
5 8 9 7 8 6 4 9
5 6 1 5 4 3
4 9 3 6 7 8 5 9
1 7 2 9 1 2 5
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
AFTERGLOW
ACROSS
4 Floor consisting of
open space at the
top of a house (5)
7 Computer generated
image (7)
8 Attempted (5)
10 Radial member of
a wheel joining the
hub to the rim (5)
12 Reverential
salutation (3)
13 Transversely (9)
17 Immeasurably long
period of time (3)
19 Projecting bay
window (5)
22 Hurray! (5)
23 Ability to walk steadily
on the deck of a
pitching ship (3,4)
24 Demands (5)
DOWN
1 Semi-precious
stone with streaked
colouring (5)
2 Salted roe of a
sturgeon (6)
3 Largest of the
Dodecanese islands (6)
4 Top cards (4)
5 Country, capital
Lom (4)
6 Blanket (5)
9 Call forth (5)
11 Beforehand (5)
14 Internet photographic
equipment (6)
15 Moves along a
winding path (6)
16 Adult female (5)
18 Brag (5)
20 At rest (4)
21 Fewer (4)
31
CITYA.M. 15 MARCH 2012 Lifestyle | TV&Games
Chelsea legend Ron Harris (left) has a suite named after him. Pictured is the Vialli suite
Gunners
box clever
to pull in
the fans
CORPORATEHOSPITALITY
Olympics
are not the
only games
in town
32
A
s the Olympics come to town
it would be easy to forget that
there are dozens of other top
sporting corporate packages
available across London throughout
the year.
The sporting excellence which is
about to land in London from
around the world for the 2012
games serves to highlight what a
nation of sports lovers we are.
This special supplement will high-
light just some of the events which
would impress any client, from a day
at the races, to a polo match and, of
course, the nations number one
game, football.
The diversity of sports reflects the
international flavour of the capital
city and the variety of clients look-
ing for that special occasion.
Our spotlight on two polo
events in particular shows the
different type of sporting
events available.
As for football,
Londons top clubs are
geared towards ensur-
ing that business
people from across
the globe can get
a magnificent
view of the likes
of Robin Van
Persie and Didier
Drogba in the flesh.
These pages are a celebration
of what is on offer and a testament
to London as one of the worlds
sporting capitals.
Lets all celebrate the Olympics
and its own corporate hospitality
while remembering that there are
fun and games to be watched across
London throughout 2012.
Chelsea are clearly a club in
transition on the pitch and off
it: they are hatching plans for a
new stadium.
However, Stamford Bridge is not ready
for the scrap heap just yet if its corporate
hospitality is anything to go by.
A trip to the Ron Harris suite, in this
case for the visit of Valencia in the
Champions league, offers a top ringside
seat for a battle between two of
Europes footballing heavyweights. The
suite offers a lot more finesse than name
suggests (Harris was known as Chopper
for his uncompromising tackling) and is
formal but not stuffy. The pre-match
menu has the required variety to sug-
gest that an effort has been made to
shun the often trodden route at big
events of churning out standard mass
catering. The room itself is a low
ceilinged affair which is not the most
attractive but that is more than forgot-
ten amid the excellent service and pre-
footie buzz. At the Valencia game the
Harris suite was graced by a number of
familiar faces including West Brom man-
ager Roy Hodgson and Wigans Hugo
Martinez. There were plenty of good
wines and it was a top night all round.
For more on Chelseas packages go to:
www.chelseafc.com.
ARSENALS executives boxes
are among the best in
world football. The dining
experience offers a four-
course buffet served with drinks
before watching the action from a
private balcony.
New for this current season at
the Emirates is the Superbox
which offers more than three
times more space than a standard
executive box and the capacity for
24 guests.
Meanwhile the Club Level VIP
package enables supporters to
experience a matchday at
Emirates Stadium in the style the
Arsenal and visiting team
directors are accustomed to.
On arrival supporters enjoy a
champagne reception in the
directors box before dining in one
of the superb Club Level
restaurants.
At half-time and post-match
they will return to their table for
complimentary refreshments.
The Club Arsenal package
offers first-class cuisine before
watching the on-pitch action from
some of the best seats in the
stadium.
The Gallery package, only
available on selected games,
allows supporters to access the
platinum tier on Club Level
leading up to kick-off where they
will enjoy an informal hospitality
experience in an exclusive area.
Gallery supporters can also
enjoy a champagne reception.
Fulham FC offers a two-hour boat cruise ahead of some games, the next is Chelsea
AHEAD of Fulhams home
derby game against Chelsea at
Craven Cottage on 9 April, the
club are offering a two hour voyage
on a luxury river boat with food pro-
vided by Jamie Olivers Fabulous
Feasts event team.
The deal, for the game on the
Easter bank holiday Monday, also
includes a champagne
reception and, of course, a
ticket to the game at the
iconic stadium on the
Thames.
The boat trip is on
the clubs Silver
Sturgeon cruiser and
offers great views of
the Thames. The meal
includes drinks beers,
wines, spirits, tea and
coffee, and a cheese
course.
A match day
programme as
well as a
guest speak-
er are also included in the price of
275 (plus VAT) per person.
If you are a season ticket holder the
cost is 195 (plus VAT).
There is also a free entry into a
draw for a signed Fulham shirt.
Separately the club also has a range
of corporate hospitality packages.
Its executive suites offering a pri-
vate balcony that gives unrivalled
views over one of the Barclays
Premier Leagues most historic
grounds.
Separately there is also the
George Cohen restaurant which
offers a champagne reception
and a la carte meal as well as
some of the best seats in the his-
toric stadium.
For group bookings and bespoke
packages are available on request,
please call the hospitality
team for more informa-
tion on 020 8336
7555 or email hos-
pitality@fulham-
fc.com.
Why not mess around on river before footie
Chelsea package does Ron proud
ROOM WITH A VIEW
EXECUTIVE BOX
From 4,500+VAT for 10, 12 or
15 guests. Four-course buffet
served with drinks - private bal-
cony for game.
SUPERBOX
From 13,500+VAT for 24
guests. Offering more than three
times the space of a standard
executive Box and the capacity
for 24 guests
CLUB LEVEL VIP PACKAGE
From 4,000+VAT for eight
guests. Champagne reception in
directors lounge, pre-match four
course meal. Souvenir pro-
gramme and match day gift.
CLUB ARSENAL PACKAGE
From 350+VAT per person for
2-50 guests. Champagne recep-
tion, buffet, seat with excellent
views.
GALLERY PACKAGE
From 595+VAT per person for
up to 80 guests. Champagne
reception, three course buffet
before watching the game form
the upper tier.
SPECIAL
33
Gaucho Polo looks
for the white result
in internationals
T
he theme of the entire HPA
Gaucho International Polo
2012 event is a White Jeans
Party.
The idea is that white jeans are
synonymous with royalty, celebri-
ties, socialites and, of course, polo
players. Gaucho will be donating
1 to the British Forces
Foundation charity for every per-
son arriving in white jeans for the
event on 20 on 21 March.
Meanwhile, the Gaucho hospitali-
ty package includes a Veuve
Clicquot reception, followed by a
three course Gaucho lunch includ-
ing sommelier selected wines.
There is a reserved VIP seat wait-
ing in the 02 Arena to catch all the
sporting action while there is free
access to the after-party along with
a souvenir programme.
There is also access to the Wines
of Argentina tasting lounge.
The first polo match is between
Welbeck Group Ireland and
Auchentoshan Scotland followed
later by a clash between IG Index
England and Merchant Hub
Argentina. The cost of the hospital-
ity is 195 per person (plus VAT).
Meanwhile Band Bajofondo
Remixed will be performing sever-
al sets throughout the day.
Last year 7,000 people turned
out for the inaugural event the
biggest crowd at an indoor inter-
national polo tournament ever.
The pitch size is reduced to give
a more intense game and the seat-
ing is designed to get spectators as
close as possible to all the action.
At 9.45pm, after a tough days
play, the after party event starts
with dancing, Champagne and
cocktails.
For further details and to book the
hospitality package contact events and
marketing manager Elli Sallis on 020
8858 7711 or elli.sallis@gauchorestau-
rants.com.
General tickets are on sale though
Ticketmaster priced at 20, 30, 45,
50 and 65.
ATP tennis sees its world stars
sign up to return for 02 event
M
ost tennis fans would relish
the chance to see the
worlds top players slug it
out in a setting such as the 02. The
2012 Barclays ATP tournament in
London in November follows last
years massive success. The VIP
Suites, which are both spacious
and beautifully furnished, offer an
exceptional and unrestricted view
of the court a perfect place to wit-
ness the Murray return or the
Federer drop shot.
From the comfort and intimacy
of your private box you will be able
to enjoy. Complimentary drinks
from the bar and a selection of
gourmet dishes served by your own
dedicated box steward.
Boxes are available to purchase
without hospitality and are sold
for 15, 18 or 30 people.
Another option is the Advantage
package which offers table for a
group of eight to ten people. The
offer includes early VIP access to
the court, champagne, a two
course meal and souvenir pro-
gramme.
The Racquet Club deal includes
a light bite menu in an exclusive
sports bar area with wine beer and
soft drinks. It also includes
Category One seats in the arena.
The prestigious tournament has
been contested in major cities
around the world and has a rich
history dating back to the birth of
The Masters in 1970 in Tokyo.
The Masters, which was anchored
at New Yorks famed Madison
Square Garden from 1977 to 1989,
evolved into the ATP Tour World
Championships in 1990. German
cities Frankfurt and Hanover
shared the event through 1999 and
in 2000 the event was rebranded
Tennis Masters Cup. Federer lifted
back-to-back titles in 2010 and
2011, becoming the first player to
win the circuit finale six times. The
players aiming to take part this
year are Djokovic, Nadal, Federer,
Ferrer, Tsonga, Berdyc h, Fish and
Tipsarevic. The tournament will
take place 5-12 November.
For more information on hospitality at
this event contact the IMG sales team on:
020 8233 5888. Email: atptennis
@imgworld.com
Polo in the Park
is once again in
Mint condition
M
INT Polo in the Park is once
again holding a three day cele-
bration of international polo at
Hurtling Park.
The event made its debut in 2009 and
has since then become a popular event on
the London sporting calendar.
Six teams representing global cities will
play in the tournament.
Played over 8,9 and 10 June, the final
will be held on the last day and there will
be three matches every day.
Last year Abu Dhabi claimed victory in
the final over Team Gaucho Buenos Aires.
The event has tweaked the rules of normal
polo to make the event as exciting as possi-
ble for spectators. The main sponsors are
MINT a division of BROCK brokers. The
international business has offices in
Dubai, New York and Paris, and reflects
the international flavour of the polo
event. IGAL Index and City A.M. are among
the companies sponsoring teams in the
competition. Other event sponsors are
Harrods, Gaucho, Chesterton Humberts,
Audi, Vevey Clinquant and polo equip-
ment brand La Martina. The Friday is
dubbed City Friday when City workers
head to the event for drinking and net-
working as well as the polo. The event is
two-time winner of London Sport
Attraction of the Year at The London
Lifestyle Awards (2010 and 2011). Tickets are
now on sale at Ticketmaster and for corporate
hospitality packages call 0207 9365284 for more
information and to book.
Roger Federer was victorious last year
Abu Dhabi won last years final
The Gaucho Polo tournament at the O2 is encouraging spectators to wear white jeans for the event
CORPORATEHOSPITALITYSPECIAL
Investec Derby package sees fine
dining out of the Boisdale stable
34
T
he Boisdale Enclosure is one of
the most elite hospitality offer-
ings at any British Racecourse
and will be limited exclusively
to 180 guests on Investec Ladies Day;
Friday 1 June and Investec Derby Day,
Saturday 2nd June the first event of
the Queens Diamond Jubilee celebra-
tions.
The Boisdale Enclosure at Epsom
Downs Racecourse will be situated on
the finishing line adjacent to the
Queens Stand and will reflect the
Boisdale Groups trademark and rep-
utation for the finest whisky, cigars,
jazz and cuisine served within sump-
tuous and traditional surroundings.
Rupert Trevelyan, managing direc-
tor at Epsom Downs Racecourse said:
The partnership between the
Boisdale Group and Epsom Downs
Racecourse brings together two
brands renowned for offering a
unique and unparalleled experience.
The Boisdale Enclosure will
undoubtedly be the most sought
after and luxurious hospitality area
at any British Racecourse this sum-
mer.
The bespoke enclosure will include
a whisky and cigar bar and an all-day
complimentary champagne and oys-
ter bar. A three-course lunch will be
served inside the Pavilion which
boasts a private balcony directly over-
looking the finishing line.
Guests in the Boisdale Enclosure will
also enjoy live jazz on arrival which
will continue throughout the day
and after racing.
Last years Investec Derby whose
media partner is City A.M. saw a
thrilling race won by Pour Moi, rid-
den by Mickael Barzalona.
The 19-year-old French rider stood
in his riding irons and actually salut-
ed the crowd before the race was over.
Hospitality packages cost 675+VAT
per person for Investec Ladies Day
and 750+VAT per person for Investec
Derby Day.
Other hospitality on offer includes
the Derby Suite, located on the third
floor of the Queens stand and the
T
HE hospitality at Royal Ascot
for 2012 includes the Furlong
Club an area exclusively
for Grandstand admission cus-
tomers, which overlooks the final
furlong.
A relaxed sanctuary away from
the bustle of the Grandstand
Concourse, the Furlong Club will
feature elegant sofa-style seating
and a private decked terrace giv-
ing perfect views of the Royal
Procession and racing action.
With an extensive bar, TV
Screens, betting couriers and
daily tipsters its the ideal place to
spend the day in style.
Seafood specialists Caviar House
will provide the food.
There will be an exclusive bar
on Level 4 of the Grandstand
within the Royal Enclosure, and a
second outlet on the Grandstand
Lawns in the admission area.
Caviar House will also be serv-
ing a spoonful of their finest
caviar on top of champagne flutes
in the Mill Reef bar as you enter
the Royal Enclosure Gardens and
will feature in the Royal Enclosure
Seafood restaurant. For a chance
to enjoy the finest seafood in the
grounds of Ascot Racecourse,
Caviar House is also creating an
exclusive picnic for Royal Ascot
Racegoers.
Meanwhile Royal Ascot is
synonymous with sartorial
elegance and the finest
millinery. Straight-off-the catwalk
creations by the cream of British
design talent are shown at the
daily Royal Ascot Fashion Show in
the Bessborough Restaurant.
Vivienne Westwood, Matthew
Williamson and Stephen Jones
are among the stellar designers
who have shown at Royal Ascot
and organisers are working
closely with the British
Fashion Council and our
partners Fairmont Hotels &
Resorts, Toni & Guy and Piper
Heidsieck, to ensure that this
years shows are bigger and
better than ever. For details on
corporate hospitality packages for
Royal Ascot, 19-23 June, call 0844 346
0346 or email hospitality
@ascot.co.uk Royal Ascot is famed for its fine dining.
2011 Derby win-
ner Pour Moi rid-
den by Mickael
Barzalona and
(right) the scene
at Epsom.
Tattenham Straight Marquee pack-
age. There is also the Blue Riband
Room on the first floor of the
Queens stand and the Downs View
suite in the Duchess Stand, and a
Carluccios picnic package which
includes a Grandstand ticket. Prices
vary but all packages offer excellent
views of the action with top quality
food and drink at hand for racegoers.
For more information or to book call the
hospitality team at Epsom Downs
Racecourse on 01372 460 460 or email
Epsom.hospitality@thejockeyclub.co.uk
Hold onto your hats: Ascot hospitality going up a gear
Punter | Cheltenham
35
RACING TRADER BILL ESDAILE PREVIEWS THE JEWSON
AND THE PERTEMPS FINAL
S
OMETIMES the market can
overreact to negative vibes
about a particular horse and
Im hoping that will be the
case with in-form Donald McCains
PEDDLERS CROSS in this after-
noons Jewson Novices Chase.
Last seasons Champion Hurdle
runner-up had been seen as the
only realistic threat to Sprinter
Sacre in Tuesdays Arkle, before con-
nections opted last week to switch
and target this race instead.
Rumours about the horses wellbe-
ing had spread like wildfire in the
days leading up to the decision and
McCain came out publicly and said
that the horse hadnt really fired
since disappointing at Kempton
over Christmas.
The apparent logic other than
avoiding another meeting with the
seemingly unbeatable Sprinter
Sacre is that Peddlers will be far
better suited to the extra five fur-
long trip and a less frenetic pace. I
can understand that thought
process and, if hes as well as his
trainer now reports, he should take
plenty of beating.
Now, the fact remains that he was
a 3/1 chance for the Arkle less than
three weeks ago and he can be
backed this morning at 7/2 with
Coral for a weaker race (Grade Two
rather than Grade One) over a trip
that will suit him better. If hed had
a trouble-free preparation and had
targeted this race all along, Ive no
doubt hed be 7/4 rather than 7/2.
He is set to meet 11 decent rivals
this afternoon and regular follow-
ers of this column will already have
an each-way position on Nick
Williams For Non Stop at 12/1. Hes
half that price this morning and
showed his well-being with a great
run at Newbury last time. There is
just a niggling doubt as to whether
he is quite top class and Im not
sure hes good enough to repel an
in-form Peddlers Cross.
Champion Court brings solid
course form to the table, while
Solix has apparently been working
the house down at Seven Barrows.
Both should run solid races but also
may lack the necessary class.
That leaves Willie Mullins Sir Des
Champs as the most obvious danger
to my selection. If truth be told, Id
have probably sided with this one
each-way if hed still been available
at 8/1 like he was a few weeks ago.
The problem is that the money has
flooded in and he is now as short as
7/2 with Paddy Power. He won last
years Martin Pipe Hurdle over this
trip and is unbeaten over the bigger
obstacles.
However, Im pretty convinced his
trainer wanted to target the RSA
Chase yesterday as he looks crying
out for three miles. He needed every
yard of this trip 12 months ago and
there is just a danger he may not
have the gears to reel in Peddlers
Cross.
The Pertemps Final hasnt been a
great race for punters in recent
years with the last eight winners
being double-figure prices, includ-
ing two 50/1 shots. However, the
remarkable BUENA VISTA has won
this in each of the last two years
and he has every chance of replicat-
ing Willie Wumpkins achievement
of winning the race three years run-
ning.
David Pipes 11-year-old, who was
tipped up at 20/1 in this column
last year, has run at the Festival for
seven straight years and has never
finished worse than sixth. He is
only 2lb higher than last year and
has 10lb claimer Tom Bellamy in
the saddle. Previous Festival form is
always important and it would be
wonderful to see Buena Vista
land the prize again.
Pipe saddles the likely
favourite Our Father who could be
very well-handicapped. Hes only 4/1
on Betfair and with only four career
starts, Im just not sure if he has
enough experience for a rough
race like this. The yard had the
favourite in this race last
year, a similarly unexposed
type in the shape of
Chartreux, but he couldnt
live with his older stable-
mate.
Sonofvic represents Paul
Nicholls and hes another
who could be on a particularly
attractive mark. He wasnt beat-
en far by Grands Crus over fences
earlier this season and he won a
decent race at Ascot last season.
Willie Mullins is another train-
er who is always to be feared in
these big handicap hurdles and
when I was at the Cheltenham
weights lunch a few weeks ago, one
of the handicappers said he was
most scared of Mullins Sergeant
Guibs. The six-year-old has run a
couple of eye-catching races at
Punchestown on soft ground and
his French form suggests hell do
better on good ground. Hes anoth-
er, though, that lacks for experi-
ence and Id far rather a
battle-hardened handicapper than
an unexposed type in this race.
One that fits that bill is Eddie
OGradys CATCH ME, now owned by
JP McManus and ridden by AP
McCoy. JP always loves to have big
winners at this meeting and its
interesting that he bought this high
class hurdler just before the
Festival. The 10-year-old has run
some cracking races at Cheltenham
and finished sixth in the Champion
Hurdle in 2007. Take some of the
12/1 available with Coral.
Dont rule out Nigel Twiston-
Davies Kayf Aramis, who won this
race in 2009. Hes a huge price at
33/1 and Bellflower Boy is also quite
interesting down the foot of the
weights at 25/1.
Im at Cheltenham all week and
you can get my up-to-date views on
Twitter @BillEsdaile.
POINTERS...
PEDDLERS CROSS 1.30pm Cheltenham
BUENA VISTA e/w 2.05pm Cheltenham
CATCH ME e/w 2.05pm Cheltenham
ALREADY ADVISED
FOR NON STOP e/w 12/1
1.30pm Cheltenham
Picture: GETTY
Peddlers to silence
doubters in Jewson
MONEY BACK OFFER: Win stakes and win part of each-way bets refunded if your selection nishes second to OUR FATHER.
Max refund of 200 per customer. Bet 5 Get 5: Available on Mobile only. Available 8.30am-1.30pm 13th March-16th March.
Place a 5 win single on the rst race on any day at the Festival, to receive 5 credit in time for the last race. Credit must be used
by 9.30pmon day of allocation on specied events or it will be forfeited and customers will be ineligible for further credits. 50
NEW ACCOUNT OFFER: Available on mobile, online and by phone. New customers, 18s+ & UK residents only. Deposit and
stake up to 50 on any sporting event(s) to receive a matched deposit free bet on selected markets. Free bet stake not returned
with any winnings. Full terms at coral.co.uk/50tc. You will be charged the cost of a standard SMS by your mobile network
provider. Mobile service compatible with all internet enabled handsets. Bet Responsibly. Gambleaware.co.uk
Text MOBILE
to 65559
coral.co.uk
1700+ Shops
nationwide
0800 242 232
Mon-Sat from8.30am
5/1 Our Father
9/1 Sergent Guibs
10/1 Buena Vista
10/1 Sonofvic
12/1 Catch Me
12/1 Thehillofuisneach
14/1 Cape Tribulation
18/1 Across The Bay
18/1 Barwell Bridge
18/1 Prince Erik
20/1 Restless Harry
20/1 Russian War
20/1 Sir Kezbaah
22/1 Cantlow
22/1 Rick
25/1 Bellower Boy
28/1 Pettifour
28/1 Reindeer Dippin
33/1 Ashkazar
33/1 Houblon Des Obeaux
33/1 Kayf Aramis
33/1 Palace Jester
33/1 Pineau De Re
80/1 Scotsbrook Cloud
Each-way 1/4 the odds a place 1-2-3-4
PERTEMPS FINAL
3 Miles, Listed Handicap Hurdle, Cheltenham 2.05pm, Live on CH4
RYANAIR CHASE
2 Miles 5 Furlongs, Grade 1 Chase, Cheltenham 2.40pm, Live on CH4
9/2 Riverside Theatre
11/2 Somersby
6/1 Noble Prince
15/2 Medermit
8/1 Rubi Light
9/1 Albertas Run
12/1 Great Endeavour
14/1 Captain Chris
16/1 Poquelin
18/1 Blazing Tempo
22/1 Kalahari King
25/1 Little Josh
25/1 Realt Dubh
33/1 Forpadydeplasterer
Above 2 races: Non-runner money back. Rule 4 may apply.
Prices subject to uctuation.
OUR FATHER
MONEY
BACK
IF YOUR HORSE FINISHES 2ND TO....
PROMISE
50 FREE BET
FOR NEW CUSTOMERS
PLUS... BET 5 ON THE FIRST ON YOUR
MOBILE, GET 5 ON THE LAST
NEVER A QUARREL BET WITH CORAL
Each-way
1/3
the odds a place 1-2-3
Punter | Cheltenham
RACING TRADER BILL ESDAILE PREVIEWS THE RYANAIR AND BYRNE GROUP PLATE
T
HERE have only been seven run-
nings of the Ryanair Chase and
sponsor Michael OLeary wont be
happy that no horse from his
native Ireland has won this yet. They
arguably have their strongest hand this
time with last years Jewson winner
NOBLE PRINCE and the third home in
this race 12 months ago, Rubi Light.
We have already backed Noble Prince
at 7/1 ante-post and he is now 6/1 with
Coral. Paul Nolans stable are running
well and his Jewson win a year ago was
impressive. Hes been a tad disappoint-
ing so far this campaign, but this 2m5f
trip on good ground is exactly what he
wants.
Make no mistake about it, though, this
is one hot renewal of the Ryanair and I
honestly think if you ran the race seven
times youd get seven different results.
Riverside Theatre is the 9/2 favourite
with Coral and he won well at Ascot last
time. However, Ive never been convinced
that Cheltenham really suits him and all
seven winners of this race had previous-
ly won at the track. Nicky Henderson has
some big chances this week, but Id be
happy to lay the seven-year-old on
Betfair, as well as opposing him on the
win index with Sporting Index.
Albertas Run has won the last two run-
nings and also landed the RSA Chase
back in 2008. He comes alive at this
course and at this time of year, while
conditions should suit perfectly. That
said, hes a year older and this looks
probably the best Ryanair ever run so
hes going to have to put in a career best
performance.
Rubi Light is a big danger and hes
probably the best two-and-a-half mile
chaser in Ireland, but he does seem to
need cut in the ground and he isnt
going to get it. Hes out to nearly 10/1 on
Betfair and although I think hes a top
class horse, tomorrows conditions
arent going to play to his strengths.
Henrietta Knight has always held
Somersby in the highest regard and Ive
also always been a big fan of the horse.
Hes often played the bridesmaid, but
this is his trip and he won the Grade One
Victor Chandler Chase on his last start.
The problem with him is the price; if he
was 10/1 Id be backing him, but hes no
bigger than 7/1 and that is just too short
in such a hot contest.
Medermit goes well at the track and
ran a really strong race behind
Quantitativeeasing at this track in
December, although Im not sure hes
quite good enough, while the decent
record of Paddy Power Gold Cup winners
in this race means Great Endeavour
cant be overlooked.
However, the one horse who has the
potential to be much better than his cur-
rent odds is CAPTAIN CHRIS and he
should be backed each-way at a general
14/1. Philip Hobbs inmate landed the
Arkle last year and although he per-
formed poorly at the course in January,
something was clearly amiss. He was
being prepared for a Gold Cup bid and as
long as he doesnt jump too far out to his
right he has every chance of finishing in
the first three.
There has only been one winning
favourite of the Byrne Group Plate since
1981, so David Pipes SALUT FLO has it
all to do on the trends. I just have a feel-
ing he might be able to put an end to
that hoodoo, as he could be unbeliev-
ably well-handicapped. The Pipes always
have one massive plot at this meeting
and it was Junior in the Kim Muir last
year who demolished his rivals at a skin-
ny 100/30.
I remember thinking to myself why on
earth had I not backed it when he round-
ed the home turn with no dangers in
sight. Now, Im not saying Salut Flo will
win this by as big a margin, but a mark
of 137 could seriously underestimate his
chances. The Pipes think this is their
best chance of the week and I will be tak-
ing some of the 4/1 generally available.
We are already in a strong position in
this race as we have CRACK AWAY JACK
in the locker at 12/1 and he is now no
bigger than 7/1 with Coral. This is his
first season with Paul Nicholls and there
is no doubt that hes another who is
potentially very leniently treated. A win-
ner of the Fred Winter at the Festival in
2008 when trained by Emma Lavelle, he
has always looked as though hed make
up into a decent chaser and he holds
strong claims.
Ferdy Murphys Divers won the
novices handicap chase on the first day
of last years meeting and he should go
close with AP McCoy taking the ride. He
will love the ground and ran a stormer
in the Paddy Power Gold Cup earlier this
season. My worry is that Graham Lee
gets on with him very well and hes a
horse that needs to be nurtured into the
race. If pushed, Id probably just side
with Crack Away Jack over Divers in a
match bet with Sporting Index.
Last years winner Holmwood Legend
is respected for a yard that is already on
the scoreboard at this meeting thanks to
Hunt Ball, but he is now 15lb higher.
Venetia Williams is always respected in
this race and the progressive
Niceonefrankie wouldnt be without a
chance off just 10st2lb.
POINTERS...
CAPTAIN CHRIS e/w 2.40pm Cheltenham
SALUT FLO 4.00pm Cheltenham
ALREADY ADVISED
NOBLE PRINCE 7/1 e/w 2.40pm Cheltenham
CRACK AWAY JACK 12/1 e/w 4.00pm Cheltenham
Picture: GETTY
Captain Chris
has to be of
interest at a
massive 14/1
Punter | Cheltenham
RACING TRADER BILL ESDAILE PREVIEWS THE WORLD HURDLE AND THE KIM MUIR CHALLENGE CUP
Big Bucks set for
real test in pursuit
of fourth crown
T
HERE wont be a dry eye in the
house if the unbelievable Big
Bucks can become the first
horse ever to land the World
Hurdle for four consecutive years. If
he does win, it will be his sixteenth
victory on the bounce and hell equal
Sir Kens record that has stood since
the 1950s.
So, can Paul Nicholls nine-year-old
stable star finally be beaten? Well,
the bookmakers are certainly taking
no chances with Coral as short as 1/2.
If you are happy to back him at odds-
on then Paddy Power are prepared to
lay you 4/7. That may not look so
short around 3.30pm this afternoon!
One thing that is for sure is that
Big Bucks faces his toughest test to
date with certainly the best field in
terms of quality he has ever met over
timber. Grade One winning hurdlers
Oscar Whisky, THOUSAND STARS,
Voler La Vedette and Mikael
Dhaguenet are joined by the fast-
improving pair Dynaste and So
Young in a mouth-watering clash.
Now, the key to this years renewal
is that Big Bucks has more than one
genuine challenger and for that rea-
son I think he can genuinely be beat-
en. In fact, there is every chance that
he may not even trade as favourite at
one point in-running on Betfair. Yes,
his running style has been well-docu-
mented, but Oscar Whisky will travel
ominously well through to the sec-
ond last and I wouldnt be surprised
if the pair were separated by very lit-
tle in the market. That could well be
the time for backers to get with Big
Bucks on Betfair and layers to get
against Oscar Whisky who definitely
has stamina concerns.
The betting without Big Bucks
market catches my eye the most as it
depends on who is actually ridden to
beat the favourite and who is ridden
with constraint to come second.
Dynaste was a warm second favourite
behind Big Bucks at Ascot earlier in
the season, but an aggressive ride
meant he failed to even make the
frame.
For that reason, Im very interested
in Willie Mullins THOUSAND STARS
each-way at 9/2 with Coral. He loves it
around here having won the County
Hurdle a couple of years ago and he
finished a gallant fourth to
Hurricane Fly in last years
Champion Hurdle. Paul Townend
takes the ride on the eight-year-old
who flew home at Aintree over two
and half miles last season before
going on to win over a trip in excess
of three miles in France.
I expect Dynaste and then Oscar
Whisky to serve up serious chal-
lenges to the favourite, but the
advantage may sit with the horse
who challenges late and last and
that could well be a fast-finishing
Thousand Stars. He could easily beat
Big Bucks, but the safest option may
well be to side with him without the
favourite.
Sporting Index have a couple of
interesting match bets and reckon
Oscar Whisky will finish 2 3
lengths in front of Dynaste. That may
well be the case, but if pushed Id
rather be a seller and side with the
horse guaranteed to stay. Big Bucks
is expected to finish - 2 lengths in
front of the entire field and, as crazy
as it seems, Id rather be a seller there
too. If he does win, Im not sure hell
streak clear of this field. Hurricane
Fly showed on Tuesday that
Champions can have an off day,
although you have to go back to
November 2008 to find his last off
day and that was over fences!
Its paid in recent seasons to con-
centrate on those classier horses
towards the top of the weights in the
Kim Muir with Character Building
(2009) and Ballabriggs (2010) both
shouldering top weight to victory. In
fact, last years runaway winner
Junior still had 11 stone 6lbs in the
saddle, so its worth concentrating
on those at the top of the racecard.
Up The Beat is interesting on the
back of a really decent run at
Punchestown last month, but Id like
to see the Mullins team in better
form before siding with him. Exmoor
Ranger, the other joint top weight, is
respected but will need to brush up
his jumping.
The one that immediately catches
the eye is SUNNYHILLBOY, next in
the list and one with an excellent
course record. He was only just
touched off in the Festival Plate a few
years ago having won over hurdles
here. The money was down on him
when he slightly disappointed here
in December, but he has since
bounced back with a spin over hur-
dles. This has definitely been the tar-
get all season and I fancy hell go
close at 8/1 with Paddy Power.
As for the rest, Ill also be having a
few quid on Irish raider START ME
UP, who can be backed each-way at
16/1. Charlie Swan trains this fellow
for the Gigginstown Stud who hit the
cross bar here yesterday with First
Lieutenant and Four Commanders.
Nina Carberry takes the ride on
the eight-year-old who shaped pretty
well last time. He was travelling well
when badly hampered and pulled up
behind Bobs Worth in last seasons
Albert Bartlett and looks to relish the
good ground hell get tomorrow.
POINTERS...
THOUSAND STARS e/w
3.20pm Cheltenham*
SUNNYHILLBOY e/w 4.40pm Cheltenham
START ME UP e/w 4.40pm Cheltenham
*Without Big Bucks Big Bucks bids to land an historic fourth World Hurdle this afternoon Picture: GETTY
Sport
38
DISGRACED British heavyweight
Dereck Chisora has had his boxing
licence withdrawn by the British
Boxing Board of Control for his
actions before and after his defeat by
Vitali Klitschko in Munich last month.
Chisora slapped Vitali at the weigh-
in, spat water at his opponents broth-
er Wladimir before the bout and
brawled with David Haye after the
fight.
Dereck Chisora is not a fit and
proper person to hold a licence, said
BBBofC secretary Robert Smith.
Chisora, 28, who lost the WBC
heavyweight title bout on points, has
14 days to appeal against the decision.
Chisora loses his licence
BOXING
ENGLANDS Six Nations campaign can

only be rendered a success if Ireland
are beaten at Twickenham on
Saturday and even then Stuart
Lancaster would not be an automatic
choice to become head coach on a per-
manent basis, according to their for-
mer captain Martin Corry.
Under Lancaster England have
made significant progress since the
World Cup debacle under Martin
Johnson, with last weeks victory in
Paris providing the most compelling
evidence yet to suggest the current
incumbent should be hired by the
Rugby Football Union.
The Lancaster for England bandwag-
on has clicked into overdrive following
the landmark win at the Stade de
France, but Corry (right), who repre-
sented his country on 64 occasions,
argues the RFU cannot afford
to hand Lancaster the reins
based solely on the outcome of
the Six Nations.
Stuart has done well but the
decision now is can he take
the side to World Cup suc-
cess? Thats where we have
to be putting our target
now, he said. We cant
take the easy option and say
Stuart is in place so well
stick with him because the
players like him.
This is a pivotal decision
for the RFU and they have
to put total confidence in
the next guy. If they are rul-
ing out John Kirwan on the
basis of him not having
enough international
experience can they then
hand it to Stuart who has
less than John does?
On Englands Six Nations cam-
paign, Corry added: Ireland will
be key and you can sum up
Englands tournament based
on what happens against
them. You can see a pro-
gression but they
need to back up last
weeks display
which is the hard-
est thing for an
emerging side.
Martin Corry is
representing Team
England in the
DHL First Nation
Home Challenge in
aid of this year's
Sport Relief. For more
information on how to
represent your country, and
for behind-the-scenes access
to the teams visit www.first-
nationhome.com
BY JAMES GOLDMAN
RUGBY UNION
Results
FOOTBALL | IN BRIEF
Tevez could be back for Chelsea
FOOTBALL: Manchester City manager
Roberto Mancini has confirmed controver-
sial striker Carlos Tevez could return after
a five-month absence in next weeks clash
against Chelsea. City are in action at
Etihad Stadium tonight looking to overturn
a 1-0 first leg deficit against Sporting
Lisbon.
Real ease into quarter-finals
FOOTBALL: Former Manchester United
star Cristiano Ronaldo scored his 42nd
goal of the season as Real Madrid moved
into to the last eight of the Champions
League with a 4-1 win over CSKA Moscow.
Chelseas old
guard seal
Euro glory
CHELSEAS totemic captain John
Terry hailed the barnstorming
comeback that saw his side book
their place in the last eight of the
Champions League as his greatest
night in Europe.
Napoli arrived at Stamford Bridge
favourites to progress following
their 3-1 first leg victory and looked
like doing so when Gokhan Inlers
20-yard thunderbolt wiped out the
advantage Chelsea had built
through headers from Terry and
Didier Drogba either side of half
time.
Frank Lampards emphatic 75th
minute penalty sent an absorbing
contest into a period of extra-time
that yielded just the one goal
Branislav Ivanovics tie-clinching
effort but no end of drama.
Afterwards, Terry, who appeared
to assume the role of assistant man-
ager and bellowed instructions from
the touchline after he was substitut-
ed in the eighth minute of extra-
time, could not hide his satisfaction
at a performance that, in his view,
went a long way to dismissing the
notion that this Chelsea side are a
spent force.
This [European night] could top
them all for sure, said the former
England captain. The lads put in a
great display, really solid, really
resilient, with the firepower going
forward.
We proved were a team tonight.
That desire, that togetherness. We
showed what Chelsea are made of
tonight.
The match was also a triumph for
caretaker manager Roberto di
Matteo whose faith in the old guard
of Terry, Lampard and Drogba was
more than justified.
The Italian added: It was a fantas-
tic game, to watch as well. We knew
it would take a lot to go through,
the performance of the whole team
tonight was outstanding. I dont
think about myself, I just want to
win games for Chelsea. Thats all Im
focused on.
BY JAMES GOLDMAN
FOOTBALL
4
1
CHELSEA
NAPOLI
CITY A.M. VERDICT
Their defensive vulnerability aside, this was
the Chelsea of old, bullying their way back
into a contest they looked destined to lose
by some margin on the evidence of the
early exchanges. The decision to oust Andre
Villas-Boas suddenly looks a sage one.
MAN OF THE MATCH
He might be difficult to love, but its impos-
sible not to have the upmost respect for
Didier Drogba. Chelseas weapon of mass
destruction provided the knockout punch of
a performance that embodied a captivating
act of blue defiance.
KEY MOMENT
Petr Cech made two crucial early saves to
keep Chelsea in the tie but the whole mood
inside Stamford Bridge, not to mention the
complexion of the tie, was transformed by
Drogbas bullet near post header.
TALKING POINT
The Special One has been, gone and is pos-
sibly on his way back to west London. How
he, or whoever takes over at Stamford
Bridge, goes about replacing Drogba the
truly Irreplaceable One will go a long way
to determining their longevity.
GAME STATS
CHELSEA 4-1 NAPOLI
8 ATTEMPTS ON TARGET 5
9 ATTEMPTS OFF TARGET 11
12 CORNERS 8
52% POSSESSION 41%
2 YELLOW CARDS 3
0 RED CARDS 0
DUGOUT VIEW
Chelsea was clinical. They are a team
full of stars. We were unlucky not to
convert so many goal-scoring chances
we created in the first half.
Napoli manager Walter Mazzarri
MATCH ANALYSIS
BY JAMES GOLDMAN
Chelsea win 5-4 on aggregate
Englands Six Nations hinges
on Ireland result, says Corry
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Terry, Lampard and Drogba on the scoresheet as
Blues storm past Napoli and into the quarter-finals
39
FINIANS Rainbow capped a day to
remember for record-breaking train-
er Nicky Henderson by winning a dra-
matic and eventful renewal of the
Queen Mother Champion Chase on
day two of the Cheltenham Festival.
On the afternoon when Henderson
became the most successful
Cheltenham Festival trainer of all
time after Simonsig won the Novices
Hurdle, Finians Rainbow provided
the days highlight by holding off
Sizing Europe in a dramatic finish.
Wishfull Thinking crashed out
early in the contest, falling into a
group of spectators out in the middle
of the track, which forced the two
frontrunners to race around, rather
than over, the final fence.
Finians Rainbow (right), under the
guidance of jockey Barry Geraghty,
stayed on the stronger to win by one-
and-a-quarter lengths with Big Zeb a
distant third.
Geraghty said: Its a brilliant day -
you dream of days like this. Im gen-
uinely so delighted for Michael
Buckley (owner), he has a good team
of horses and hes been unfortunate
with Spirit Son getting injured.
Im speechless, to be truthful. Im
feeling remarkably emotional,
added Buckley. Its true to say I
wouldnt have any jumpers if it was-
nt for Nicky. Weve been together as
owner and trainer and friends since
the early 1980s.
I cant imagine doing it
with anyone else and
this is just
another notch
in his long
career. He
(Henderson) has
scooted past the
all-time record
as winning-
m o s t
trai ner
at the
Festival and
Im proud and pleased
to be part of the day.
Earlier in the day
the impressive
Simonsig justified his
burgeoning reputation
by providing Henderson
with his record 41st Festival
winner. After Cotton Mill, who was
sitting in second, refused at the sec-
ond-last obstacle Simonsig, partnered
by Geraghty, cruised to the finish to
win by seven lengths from Felix
Yonger, with Monksland another 11
lengths away in third.
Its lovely, but you feel a
bit overawed as youre talk-
ing about the legendary
Fulke Walwyn (former
leading Festival train-
er), said Henderson.
We have been very
lucky over the years
and I have some lovely
horses like this one.
Its all about teams and
Im grateful to them
all.
Of Simonsig,
He nde r s o n
added: Hes
got so much
talent, you
could easily
run him over
two miles.
Hes going to
go and jump
fences.
Hendersons perfect day is
capped by Finians Rainbow
BY JAMES GOLDMAN
HORSE RACING
FORMER world champion Lewis

Hamilton has been told he can forget
about joining Red Bull next season by
their team principal Christian Horner.
The new Formula One season gets
underway in Melbourne this weekend
with speculation already rife as to
where Hamilton will begin the 2013
campaign with his contract at
McLaren due to expire later this year.
Red Bulls Mark Webber, 36, is likely
to be considering retirement at the
end of this season and Hamilton has
been linked with the potential vacan-
cy. Horner, however, revealed yester-
day he would rather give a drive to a
rookie than employ Hamilton.
Its difficult to envisage Lewis in
our team. I think hes comfortable in
the environment he is in and were
certainly comfortable with the two
drivers we have, he said.
We also took a decision to invest in
youth and we have two exciting
youngsters entering GP racing who
are talented drivers, and deserve that
opportunity.
Webbers current team-mate
Sebastian Vettel, meanwhile, insists
he is still hungry for success and
primed to become only the third driv-
er in history to win three successive
Formula One World Championships.
I am still hungry, and I still get
upset when someone beats me
which is a good thing for sure.
FORMULA ONE
Lewis can forget Red Bull

Hamiltons contract with McLaren expires this year Picture: GETTY
CAN RUBY WALSH STEER BIG BUCKS
TO FOURTH WORLD HURDLE CROWN?
READ THE PUNTERS GUIDE TO DAY THREE OF
THE 2012 CHELTENHAM FESTIVAL: P35-37
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